Chvlty nwnb•r 1164654 COMry rnkl•tr•tlon Mmb•r CE000767 (Ery1• and W•l••} INSTrruTE FOR RESEARCH IN SCHOOLS ANNUAL REPORT AND AUDrrED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2023
INSTrruTE FOR RESEARCH IN SCHOOLS LEGALAND ADMINISTRATIVE INFORMATION Tunothy Etthvards I Ch8lr) Ann Mroz Rov ProfBuor Mtchael R81 Jill Dav PrcrfeB60r Oarna Jua <>xM1181knw Saly Wllllarr {R•8bJn•d 28Aprfl 2022) IRe8kdned 12 October Ch•lty numl*r 11848S4 Comp•Thy numb•r CE006767 R•gOBt•rnd offl Wellcoma Woifgon Buldng 165 IIM8n'8 Ga Landon SW7 SHO H8llBwoth FCA LynwMJ H(w• Kent 8R8 B•nk•rn BordAy8 Bank PLC 83 WgndBwoth HW Strèot London SW18 2PR Wdl Gol•h81 110 Fetter LAno London EC4A 1AY Cro881wi 81AC(l?Unnq star Hou star Hlll Rochestsr Kent ME1 1UX
INSTITUTE FOR RESEARCH IN SCHOOLS CONTENTS 10 11-20
INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES. REPORT FOR ThIE PERIOD ENDED 31 AUGUST 2023 The Tru8t88B [eBOnt thdr annuol rgport Ilnandal 3t419m trthe p8ri(J endod 31 Augu8t 2023. The financwl 8tst8m8nl8 have been prep8red In accoJd8nce wlh tho 0(xx)unlno tIdes Set Ixrt In note 1 to th8 nanc4al st8tern and oJ7Wy wtth tha tharlty (xjmpanls govemlrwJ d0Ment. the Cornpanbs A¢t 2CQ6 and 'Lwunllno Reporung by Charilies.. Stgtement of Rennded Practke appkablo to chaiitie8 preparing thdr a(£ounts In A¢oxdonce the Flnandal R•wkng Standar(l Hpplk8lAg In tr• UK aThJ Republlc of Irpland (FRS 102}" {88 amended for ac(x)unVng perlod8 MmencAn from 1 Jmnuary 20191 Slnc8 iha company qu8img& aB Srnall urJer 8eclhJn 383. thè $tr4tsglc wport roqulrad of medium laryJg cc¥npantes der The Companks Ad 2(J6 {Strat8glc Report and Dlrnctt*B Report) Regulalions 2013 Is not qulrnd. and iGll¥ltl•B IRIS almB lo changa thg In UK •d41k 80 that wlheth m••rth Jnd Innovalon ar• part of every young persc'S experterth. IRIS, hnp8ct frixn Sept8rnber 18t 2022- Augu8t 3111 2023 •8t out In our Impart Rowt vknlth (xn s.'Ilrèsèa hln Stratsglc Prlo Key Porfonnance IndScotoT l Out¢om• a• of 31•t Augv•t 2D23 Annual Objgctlvgs Student | 1500 Students laljng part In 1492 sludents have laken part In an IRIS gng•ggment prolect. wllh al l•asl 80% re8•aich pmlocl wlth 89% 01 studonts allenthng 8tal8 schools_ Numb•r of 1100 aCte school$, 1h 75% atten¢Jng & stale school. 104 schools ian a proleL1, wlth 87% of School• bekn9 8lat• schools. the8e Stale schoolB. 60% 012021122 8thooh to carry oul 1è88arth In 2022r23. 66% of the 2021122 ychoolB havo carrf8d out IRIS r•s•arch In 2022r23. Conf•ronc• activty 150 Art•facts 8ubmlttéd and pr8untgd 81 conferen. A totsl of 160 artefacts werg 8ubmltted lo conferen- 140 postorn and 20 esantations. Orfginal research 30% 01 al prolecls should b8 original r8se8rch. 27% of projects arg oWnal regèafth. 289 yludents took part in [earCh, an increase from 263 last acadeThdc ygar. 20 sthools look part In Origln81 Research. an Increase from 18 schools last academlc year. One student paper ha9 been accepted by the Joumal of Emerging Invésligalors.. A 8ocond papgr has be8n subinittgd lo Joumal of Chen4¢al Educallon. collaborgwon with aueeng. University Bellast. Publlcatlon¥ The publlcatlon of one IRIS research papei.
INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES. REPORT FOR THE PERIOD ENDED 31 AUGUST 2023 Longor T•rni Objectlves Collab)rate with partners to IRIS collatrfjrates wrth a range of partne maximise ¢)ur impact. to plan and delpler their work, some of which are oulthned below in the 'reiationships with wider nelworks, seth.on of the Annual ReporL IRIS also seeks to share the IMWrtan of real research in schools through thr nefvlljrks and with Partners. ' Publish, Promote and test the ', The Research & Innovats'on Framework use of the Research & was published in May 2022. InnovatiL FramvNork in A pikt of the Research & Innovab'on schools. Framework approach is currenty underway and will end in March 2024 This will help IRIS lo test the programme and infom future work Annual Impact Rep)rts are published and shared wthty. In 2023 IRIS added the 'Higher EdtKats'on Access Trarkef to their impact assessment, which will allow us to track impact over a longer time. Emb•ddlng a cultyr• ol Remarch & Inrbovatk>n M•asur• R•sults l Measure, record and share Ihe impact of research in schcrf)Is. Pthn• forfirtur• p•rl¢>d• Our flbTryeAr Btratryy {1 S•pl 202>Igust 314 20281 l•focw8d th8•0 four are. . R8uear¢h pruhth- p8 for w peo&l• lo tako part In ro88arch In i(tr)l¥ . R•a8arch Innovatknn PTowamnx- Emb&J a cthro cl r•ooirth knnovalkn In UK odK¢ls. bulldkng on the Pllot F¥w>Jramm8 . Colabornt8- wlth othern to ma¥lnl8e Impad . Measurg re8uK8- DemcfiBtratg Imp8Ctof resea knnovatk)n In achoo Stat•m•nt on compllnc• wlth Ch•rlty COMMI•0 guld•nc• on publ1¢ b•n•fft Vthen docJlThJ on mIeS and evty tho TnMteeB pay du• rngard to tho Chwlty cunm,8 guldan( on bengfl. IRIS prcwidi drnct support to t&aLerB ond 2thorl l••JeTr, and opptyWnllle• gludents to pArtldp8to . IRIS pTovkl88 highqudtty materfats onllne matsrfalB for 8tudants 8nd te . IRIS f8¢Altalos thg dov•kJpment of a llUre rf r990arth and InTh)valk)n kn Sch . IRIS lUate8 our wortthrough both knlwnol and extemal ev8luyilun 118• of Volunt••r• IRIS (k>•s not volunteern to tscilitots 18 worl beyond p8ther8hlp wlth (aOn5 8uth 9$ Un1vors&S and Indugtry.
INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES. REPORT FOR THE PERIOD ENDED 31 AUGUST 2023 Funth•l8lng In the flnandal perfrAI 1rtPyll 2022 to 31Augugt 2023 IRIS 88cured thg ft)llknll fundkng.. £1.7C(S.CQO Batt(¥ Ch&rflabl• TnJ8t- unre8trka8d I1n9 In supyt of the d8vek)pnnt and defvery L th& WO of IRIS £22,569 InnovaloUK- to aupyort th• de¥eloFfflonl and del¥01 our Fuknre Flghl •tsJdent reBearth pr48¢t 4th r parlnern atZerDAa wthlch %bll Irrto IhB 202&24 yo9r. £10,000 Royd So of Ch8mlsty- 10 4upprxl th• Furthor (are8rw FYagrnvThB Btud8nt rngèarth WOiB( In North6m {rend. £2.4 UnherBltyof L•ed•- to 8UPFrfXt a m•stwdaB8 al th• Un1vW olLeeth tr SI10n14 womng tho DNA Orlgaml dent T860arth FrfocL £1,800 Unl¥8rsNy of Oxford and Sdence aThJ Tethnok4y Farjlities Coundl - to wpport a rMst•rda8J at the Rutherford Lat for stud•nls workknq on the ATLAS 8tud•nl pro FIMnGhl R•vl•w In JanuAry 2023 IRIS movod Its thancFal yoar from 3111 Marth to 31AugU81 to aln wilh thg edOmIC yew. To achbove th18 the 2022-2311nando1 wa8 extend•d to 17 monlh8. endng 31 August 2023. Irts)m8 forth8 p1011 totslkd £1,736,W o11sth1th £38,280 wa• r•lMtsd to grants prdfvndlnq. Exp8ndAurn lor the perfod WA$ whln budget. ExndIrg IMTra8•d to £1.483,079. Th18 Inthd•J an Incrta8e ovw th8 rtod on 6qlorfM a8 IRIS nu1 to tho team to m8•t stratsuk and rnwnd damgnd. IRIS oTh1od tho finandDI wl¢•J vAtPÈ £539,4W ol unra•trt&8d lundB avalloN•. 021122 019120 01W19 pw¥JNure CharftEbl 1,481079 722,000 531.000 FuThJs at ar 8nd 547,$37 '202W23 waB 8 17 month porfc<l. Inty)m• arfg08 from drmallon8. wAnts and Int8rOBL ,000 76.000 403.tMyJ 158.Ll)O R•s•m pollty IRIS IB to W r¢m8 equal to 3 months axpdUr9. How w• •n•w• ¢)urbudg•t •llgnswtth our eh¥lt•bl• obJ•¢tlv•• In 202W23 IRIS'S prfnc¢)8180urr of Inci)me has bean the 8attcoth Ch8rftable Tm5L Durfng IRIS. Annual Str#l•gy Day, the Sgnlor team prOts and develops siralegy plaro SnY and approval by thè Trustees. Thè Senior ie8m thèn produce opornUonal plans th¥1 allgn the str8tegy, and tha bud90118 gel and 8pprovgd by Iha Tw6tge8 before finandd y•8r.
INSTrruTE FOR RESEARCH IN SCHOOLS TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2023 RkfaCtOw¥ and rnvl•w Tlust m8lntAln an up-ttrdate risk rngkter to gulde their stratagic and opwatiMo1 ded0Makjng for IRIS. They also apply mlugabcfi 8trategi88 fcy AJk¥ opwowtate. EnBurlng th8 safety of thè w)ung pec¢)b wlth18 8 top prfNity for IRIS. To m110 rf8k8. we lo¥ guldelln85 In Keeptno ChhJTen Sdt kn Educ4lk)n {KCSIEI and Conet rngufar safeguaffling traknkng lor 81aff and IRIS ha8 8180 hjonufiod a rt•k In {v MOlY M tho Battcock Charftable TN¥l to fund thdr wcrt Wa grn pweubvd Op[{UnI•S for ILw4erm dfvornllkth off1 S8•j partner8 aThJ fund•rn lo grow and prte thr over th8 next 15. 8tructhrn. gov•m•nc• m•Mgem•nt N•turfj of qov•rnlng dorumBnt Ind Iwwth• chirlty l• MMtliut•d The In811le for Rewrth In Sd8 IIRISI l• a rfjglstered chaTIty In 1164654) and Cherft•ble Org8nl8atlffi 00¥8med ty a con8OiuYon dated 10 Soptombgr 2015. R•crultm•Tht •nd •ppolnlrn•nt of tru•ts•• •rrfl dlr•¢toi•' Int•r••l• At th• and of Augu8t 20ZJ, IRIS h•$ 8 8oaYd 017 Trv8tO•B. TnMtee8 apOnl•d, aftero rnow1th7•nt Pr{h baaad a conBkler¥llon ofth8 qualMle8, ¢XPgrt188 and experf•n¢• n8•d by Iho Bowd. Th? Board ofTw8ts06 h08 Ihe power lo appolnl addttional TNstso$ 08 It 8ee8 fft. Indudlm and tr•lnlng oftru•t••• Tm8tW8 loiniThJ IRIS 8ubA8ct lo a DBS ¢hxk ond then underyo an Inductlon. The prUduro for the knthjcdon Ind tr8knSng of now Tru8tee8 varlos 8¢thlrMJ to IndIdUal n08d8 and fqrnllknrlty wlth the charlty, t1 nrym81 Indudes th& provlsth of a dèts118d InlorTnallon p8¢k. 8aleguarding tr8lnlnB one or rnoTe mogttr&8 wlth senior aiaff andlor other TMsio8s to wovlde furtr¢w brfoflng8. The Indu( Induda8 infoThalJon on lh& Govemanca ol the organlsalton, the fflost TeLt Fthwr¥J•l Report, and tho mknut•8 oflhe pro5 Trustee Meetlng. #• An llIn ofthe eypBctaUon• ofTwthoB. R•latlon•hlp Twlth th• wld•r n•tWO and r•l•t•d pMII•• IRIS ij lInk•d wmh othorovJunl8allon8 In the STEM and 0call0n lar¥J8capo. Ourwork on Ihe R•wrch & knnov¥Uon Framthw)th has 10 8trong relatbn8hlp$ bBlng bulll wllh thr (xganl88llons SUL a$ STEM LgamlNJ, the A3soc4atkn of Sc18nce EducatN)n, tho 8rlll8h Sdenc A880datkin and Ihe Roy81 Socl8ty of Chemlsty. Work r)n Rasoarch Prrle¢ts In tha pa81 year has led to fundng, patherthlpa or work %sllh Innov8teUK. UKRI, STFC. th• J8m98 Webb sp T80), UK Sp, Tha Unl¥orn1ty of L4ods, Ihg Nalur81 Hlgtory MuBeum. the Unfvgrsty ofoxknd, tho C•ntre for Potsr Oba•pMUon and Mll111ng. Rull 4)ploton 8TrJ Unlvwslty Colknq¢ Lwtton. IRIS Is grat1 for Ihe I¥1 ofth? 8attcorA( Charltabkn Tw8L Tw was 4pproved by the Board ofTnMteeB. Tlmothy Edw•rd• I C
INSTITUTE FOR RESEARCH IN SCHOOLS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INSTITUTE FOR RESEARCH IN SCHOOLS Oplnlon Wa ha audted the finand818tatements of Inslltute fur RBsoarth In SchooL81th8 '¢h8rtty) for the perlc¥J 8ndod 31 August 2023 vthlth ¢omprfs& the ¥tstsmenl of )Inond818LtrItI8B, the $18lernent ol financkgl F#JSllI, th8 8talem•nt of (3Bh flows TrJte8 to the finandal ststernents. Indudlng 8lgnMkxnt 8o>)unllng pol8. The IlnwKyBI reF framoth that ha6 bggn appl1 In thglr préparalhjn IB appllc¥ble Lqw and Unltad Klngdm Acntthg StgrKl8rds, Indudlng Fln8nrJal ReFthirg StsndBrf 102 Th8 Fln8na"al Reportlng SIw•Iepp1lcabts In tho UK and Rapubllc of Ireland IUnlt•d Klrydom GanwaIA¢¢8pfyd Acc¥Juntlng Practlce). In wr OFInk, tho1kn8ncLql ststements: glve a tn and fglr Mow of the Ilab of the d1blO v)MP16 affalr• 88 at 31 2023 and of It8 Incryrlng rejrceS and P1¢aC of r8sourceB, forth8 Ihtsn ende•J.' have been prnpgrfy prepared In actxjrdance YAlh Unjtgd Klng¢hJm Gonoraty A¢cepted AXwn9 Praclk,' hwve bo•n propgred kn Kcord wlth Iho requir8m•nts olthe ConyAnlH 21M)6. Ba•1• for oplnlon W8 0)netaIl our audll In ac<¥rd4nrAJ wllh Intsmaknjl Standard8 on Audlllng (UK) IISAS (UK)) aFVNca9 law. Our IespcffibuIUP under ih080 8tAndard8 arg furth•r dgBuit¢d In the Audttort resp(SibIlIO8 Ihe audlt of lh• nn8nclal 8tatsm8nt8 of our r•tth. We are STh1ependl of the tharlty In a¢rdan(% th8 8lhl¢81 TequlrnmBnt• Ihel are rOvent to our audtt of th• flnancl818latwnents In th8 UK Indudlng th8 FRC'S Ethlcl Standard. and we have fulnll8d our othw 8thlcal r88FutylblllUe8 In 8cuxthnc¥ wlth th888 rnqukam8nts. l•Ve that the ¥udll eVkIon have obtalned18 8uffldgnl and appYoprf•ts to proNlde a bo81$ for our oplnion. Conclu•lon• I•111 to golng nc•M In audrtlng the fflnanrAal statents. we have cded that th• Th•1•o8' UB• ol the gdn9 COWTrAm bA8IB Qt acc(xmkng In thA prepqralknn oltr• knnclal •tatem8nts li •ppMdt0. Based on thè work have p•rfonnad, we hav• Mt klenlmod any Matsal uncert8lnlle8 rdatkna to 8vonts Cf oJndth>n8 thai, Indlvtdualty or lIey, Tnay ca8t 8lgnKfc¥nt dDubt on th¢ ¢harftls ablllty to conlnu8 a gokng con(m fora rtod of•1 l&aBt two8 from when tha Iln•nd•l statements aulh(Ml8ed for188U•. Our r•upon81bllltleA aThJ the reqFongSbllO•8 of the TnMtw t••llh ro8p8( to golng cOnM ar• 0•8crfb8d kn th# rdovant 88dion6 of IhL8 reporL Oth•r Inforni•tlon The othgr 1nfom1ay ¢•B ts lrf(melJon Incl kn the annual report olher than lh• flnJnclal statorr and our audbt¢yS Tepcrt thereon. The Trust8•B arn res[nSIb ts Ihe olher Infomialk)n contaln•J thift annual r¢port. Our oplrfon on the fln8rJclal 818t8ments do•y not ¢Thrlhe olher infcrfmallon 8nd w do not oxprg88 any fomi ol assur8ne8 ¢oncluBlon th¥rson. Our re8pon$lblllty i# to read the other InfoThnatton aThl. In drAng 80, C4Jnwdor wh&ther the othar Infomaticfj Is mat8Tlaty Incon&8tenl vAth the flnancial 8tatwn8nts knrwA8dgo obtajned In lh8 cour8e of th8 ?udi( or oth8nle appears to bo matsrlalty mlsetattrj. Ifwe kjenuty Bvch malerfal InL¥)nyistend•8 or gpp8rènt m&8tatements. we aro rffjulr&J to d•twmSne wheth8rlhi8 gNes rbBO to 8 materlal rrfs&8t8monl kn the fThndal 8tat•ments themsolvos. If. b88ad on the wk have F¢rformgd, cUdI that there L8 a muterfal I61#tnt of thIB other Infomiauon. are reqred to r¥p¢xt that fL We hov• notNng to rom In r•g8rd. Oplnlon• on olh•r matt•rn ww¢rfb•d by th• Componl•• Acl 2006 Lwr opinlon, b88•d th8 vh)rk undertakan In the cours• ofour audlt.. the Informati( gfven In thè Ttea¥ rewt tho finarKaal pwiod for wfil¢* the stknrnents are prepared, whlch Indudes directors, r8POrt prepar8d for the purpos•8 of ClipanY kni, Is eon¥iBtent the financlal 5tstements', 8nd the dlrectors, report IneJud8d thIn Truateos, rnIrt has prnp4r8d In 4PF4kobb reqwr8m8nts.
INSTrruTE FOR RESEARCH IN SCHOOLS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO ThE TRUSTEES OF INSTITUTE FOR RESEARCH IN SCHOOLS Matt•rs on ThiEh •rw rnqulred to rnrt by •x¢•p¢l¢ h) th• ht of the km¥ledg8 understand of tho chwlty Its 8m11TMl oblalnod In the cows9 of th• wJl( we have not Idgnffied matarfd rniBststements In th8 dlroctorn. repxt in¢KKled vAthln the Tru8t888' rnp(YL WO trffjvg nothkng to report In resp¥d ofthe foNowJng m•tt•rn In relatKJn to Y+thich th8 Coryth88 A¢X 2006 wJlre u$ to rep)rt to you Of. kn jrop1on'. the glven In the andl 8tat8ments 18 InL¥xnt In My matwhl ro8p8ct with TN8Iws' Bufflcaent •¢xounVng r8¢Th18 have not been ,. or the fflnandal 8tatoments 8rB Mt In agr8emgnl lh• rncordu,. Lwrt8ln d18d06ur88 oftsu¥le8B' rvmun8fation spedfted by law ar8 not mado; OT wo hava not recelved th• Informglhjn ond 8Wanakn8 w• requlre for ouroudlt. Rwpon¥lbllttl•• ol Tnwt• A8 expLqined morn fijlly In th• 8tAtoment of Tru8to08' r•sw)nbIlll88, tho Trutt•••, vjkn are al80 the dtrectorn crf tr ¢h8rlty for the pU08e of c(xnpany law. Arn r88ponBlt48 lor thts preporthn of th8 finandyl 8th118 and for bdng 19118ft8d that tw glvg a true and f8lr th, and for such Int8mal contrd a8 thg Truthg dotermknolg nocowry to onabtg th8 0Pmtn of fin8ndo1 •tat4manta th8t are freo fr(Yn m8lertBI m189tstemenl. vkngthgr du• to fraud or rr. In prwarthg Iha flnenckql Bt8tsm•nts, lh8 Twsletrs ro r•sw>nbo for 868gBslro thè ch8rfty'B abillty to rlInu8 a golng rx)nrm. d18th8ing. a8 appllcabla, mailers relatsd lo golng tC•M 8TrJ uBlng Iho 9th9 concern b15 of 8cc4wnUng unthB th& Tm8t89$ elther Intgnd to ulat• Charitat company or to c•88e opornUon8. or hllva no reallBlk aliamatfva but to do 80. Audltot# rn•pon•lbllltkn frKth• dth• fln•nchl •tat•m•nl• We havo been •pntsd 88 8thJitoT undor 144 of tho ChawlUe• Ad 20118nd repct In 40x1nc9 wlh th• Acl 8nd rnknanl r•gulalK>n8 ffladg ty hovlTrJ •ff•rl theroundar. r ob•8 Arn to oblaln rea8able 8$u18n¢¥ 8brNJt vthether flnandal s18t•Ml8 as 8 whol8 AY• fr•• fmm m818rtal Mtal•ment. whol1r to fr81 cf evror, and lo Lq8U$ 8n Avdftorf8 rep¢)rt thgt Indudw our nb)n. Re8wn8bl8 8wr8nc1g 8 hlgh level ot atsur8n¢e but 18 not a guarantsè that an audlt conducted In ycrA)rd8n Ith ISAS IUK) 8h¥ay8 delect a mat8rfal rrisslatemenl when It èxlsl¥. Ml88t8ternents can Yrt8e from traud or •rr¢f ond arn wnsldered m8tertg1 W. Indlvk1uBIty or kn Ihe Bgllr8o8ta. they couhj reaBoll8bly bo 8xpoct8d to Inllu8nce tho econ¢mlc d•d8lon• of u8•rn tsk Ihe bty•l• of¥8 flnanuo18tatOTngnts. Tho oxtsnt to whkh our proc•r•• •r• c4pat48 of dotadjng wrngul•rttlo8, IrdIa fiaud.16 d¢l4ll•d b¢. A d88cdpkn of ow resprywl¢S 1$ avaNat>kn on the Fln•nd•l Rgwttng Cound'8 webth •t.' hilpsjl ¥PAW.frc.cKg.uklaLKlIt(Y8rewrmlt41thJ. Th18 d88<xlptkn fomx p•rt ol ouraudknrf$ rwrt. of our r• TNS rnport Ib made g)lely to the ¢h8rftabl8 companvs membe1¥, a8 a boty. In OCCOTdance vAth Chapter 3 of Port 16 of Iho CCpaleBAtl 20[. Our 8udSt thrk has b88D undgrtak8n so that mlght statg to the chor11ae rnmpan membws thLV m8ttèr8 we are requlred to jtste to thwn in an authtofx 8Th1 for no other pury)ose. To th• fuKa#t ¢xl4nt permltted by law. wo do not 8ccW or 86sume r84)On811MY to anyone othw Ihgn tho thaiitable LwmpAny and the ¢yJmpanY3 rnernbern as 8 t, for our audtt f(thL4 reprt or for the ophikn8 WO have formed.
INSTITUTE FOR RESEARCH IN SCHOOLS
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INSTITUTE FOR RESEARCH IN SCHOOLS
Louise Hallsworth (Senior Statutory Auditor) Baxter & Co
10 April 2024
Chartered Accountants Statutory Auditor
Lynwood House Crofton Road Orpington Kent BR6 8QE
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INSTrruTE FOR RESEARCH IN SCHOOLS STATEMENT OF FINANCIAL ACTivfnES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 AUGUST 2023 T(al LknrgrtfA•d ROB¢rtdod fund8 2022 nd• nd• 2023 2022 DonatJn8 1.700,orAJ 280 1.736.280 616.026 10 23.7fy) 639,725 10 Tot•1 Incom• 1.7cKJ.rJJo 36,280 1,736260 010.035 23.7 639,735 chartiab aclfvlU88 1.406,562 34.5W 1,441,152 704.316 17,323 721,039 Not Incom•ll•xp•ndlturn) f¢f th y•vl Not mo¥•m•nl In fvnd• 293,438 295,108 188,281> 6,37T <81,904) Fund bn¢xB a11 2022 287,979 8.377 294,358 378.280 378.280 Fund b•knne •1 J1 Auqu•¢ 2023 581 A17 8,047 589.484 287.979 8,377 294.358 Tho 8tatwMntcrf fln•ndAI ¢d01 #ll gakn8 ond Iow• rnLwnbB8d perfod. I Inoimo and •)wthiro dwl¥e from c¢ffilnulng adMI Th9 110tont of thorYJ81 A¢Ovltta8 alw c4Mnplu wmh th8 y0qraffi0nth ts An InLYxn• and exp•ndlbJM •ctoJnl urbjer th• Conp8nl&BAct 20rA. ' 2023 • 17 21)22 • 12 rnmth rtOd.
INSTrruTE FOR RESEARCH IN SCHOOLS STATEMENT OF FINANCIAL posmoN ASAT31 AUGUST2023 Augu•t 2022 Flx•d w•ts InIanglb aB8•ts TarqU8 as6et8 7,871 17.116 15,326 14,451 24.787 29.777 11 23,107 581,168 7,619 308,951 Cash at bank •rrfl In hond 584.275 318,570 CY•dltorn: •mount• l•lllng du• wllhln OM y••r 12 {19.$981 151.991) 284,579 Total ••••ts l••• curr•nt Il•blllll•• 589,464 294,366 lThcoffl• fund• Rè•trlctfjd fvnd8 UnrnBtrfd•d fund• 13 8.047 581,417 6.377 287,979 589.464 294,356 Tho L¥JmpAny b on¥ded to th8 exempuon from tho r•qukoment ojntalnod 477 Comp•nbg9 kt 2CQ8. for the erthd 31 AugU8t 2023. dko¢tCK8 •ckm4rf6dgè th ro¥poMlJllllleB for nptykng llh th• roqulromgnts of the Crylgs A¢1 2006 vAth rn8p8ct to 8r£¥)unilng r¢c¥xd8 8nd tho Paration of flrwldal 8laternents. Th• m¥mbw¥ h4 Mt wulrnj tho (1)mY to otlakn an audlt of Jt•flnwhSal 4lal•ments trth• pork)J In quwllon In wj>rdaO 98rkn 476. Th890 flnand81 slatements h8ve boen wepared In aCc4Xdan TAth tho opplt¢th t c<Mnpanh• 8ubM* to tho vnall CAynp•nhp¥ reglrne. I 20W. andal statements were approved by th• Trust on ........... .. TErnothy I Cha Company Rryi•tralloTh Mth CE005787
INSTITUTE FOR RESEARCH IN SCHOOLS STATEIAENT OF CASH FLOWS FOR 7HE PERIOD ENDED 31 AUGUST 2023 2023 Cath geraa froml(abgorb&J by) 16 2K2,eo8 {41.945) InTM•tlng •ctMtI•• Puwthaso oftsnglblg Ilx•d a8ta Inv•slmant Incom8 re1¥8 {10,591) 17.811) 10 110,5911 CI,8011 N•tu*h In Ilnanclng •thlll•• Il•t InH•wdld•¢rw•) In cuh Ind •h •qufval•nt• 251217 (49,7461 C08h 4nd •qubrnl•nl• al boglnnlng of WICKI 8.951 C••h •nd c•¥h •qulv•l•nl• •t •nd Irf pwlod 561,168 308,951 ' 2023 w•0 • 17 nwjnth Ped. ' 2022 wa• • 12 ffnIh pethjd. 10-
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2023 Accountlng pollcl Ch•rfty Infomiatlon InsfjIe for Rese9rth In SLLM)18 18 a private compony llmled by guarantee in(rfwatèd In Eryland and WA. The reter8d offlo• k% Well[8 WoK50n Wldlng. 185 Quoan'B Gate, LcdOn. SWT SHD. Th& flnandal statsments havo baon pmpgred kn 4coJrdanc4 vAlh Ag>Junflnq and Rep¥xOng by Charldo8: statement of Roced Practko applicable to tharNl85 pTepwirvJ acttnts in Ihe Flnandol Reporung Standgrd appliceble In th8 UK and R•pubUc of Ireland IFRS 102118ffedvg 1 January 2015) (Charfes SORP IFRS 10211. thg hnendel Repcthg Standard •wAl¢th In the UK Republc of Ireland IFRS 102) Bnd the Cornpanl&8 Act 2008. Th• In•lltut• For R608an In 8clKx>l& Iho dellnlllon of B publc ben¢ •nVty undor FRS 102. and liBbllM88 ay• inlU81ty recwni8ed at hIStOI 8t or Iransactk)n Va Unle othoNkn stated In the Tele¥ant 8ccounllng potlcy. ThB fmanclal 81at8mants brn prryared In •t•rtlng. l• th• fvnclbnBI I8n¢Y of th• ch•rtty. Myry •rMunl8 In thoBe IYnandBI 8t8t•mant8 Ar• roundod to th8 nearest £. 12 Gokng COnM At the Um8 Lrf Op9 tho •tal•m8nts. tho T•B hav• a rnalonablg •Kp•thdcm that t Chlty he• adwuato [0Ur(S lo atinu8 kn operaliond ax18t8nc4 fw th• fore8oeabl8 fulurn. Thus ts Tru•10•8 CA)ntlnuo lo adopl tho golng bB818 of8ccounlbng kn propartng lh8 fffian¢bl statem. 1.3 InrnIng r••oure Inc(Jm#1g rgraBn18ed vhn tho c418rfty b81ogalty lI1•d to It •ft•r any Fwfomwnc nl)n• havo been m•L tho an1n18 Lwn bg ffl088ur¢d rn11obty, qnd It18 wobAbkn that Inu>mo be rnrA¥Yd. Cash donallon8 ar8 rewnlmd on i¢¢elpt. Othor dcffi4tlon$ aro rned tho ch•rlty b••n r8 01thg dund(, unl8B8 Porfne• C4ndltk¥ r•Ire dofml of th• onp>Jnt. 1A R••our• •xp•Nl•d Eyndltw• l• re(a)gnl6•d thero • 1o9•l or Intr obllgakn lo trOrer eo)nomlc ben•fft to thkd party, It rd probatrltt that o tran8f¢r of econcffllc b8n81118 wlll be requtrod kn 98lU8ffl8nl and th8 nt of Ihg oblgatkjn (xn be meagured ro11gbty. ndKUrO Is dg881kn1 by ¥¢16vty. The costs of oach advty are m•Ja up of the totsl of coBt8 and shored ts)8ts. Includlng SUPFQrt uJAts in¥olv8d In undortaklng eath 8LMty. Dlred t>xts atlrfbuloble to 8 8hg]e adlvlty arn alknc#ted dlredly to that ACW. Shared cojls conlfftiule to morg than one actlvlty •nd $UPFtvt oJst6 ara nol attslbUtab to a 8lrwJlo a¢ll¥Aty 8rè appNIl0n tthan Iho88 athhle8 on 8 be818 ¢Ltent wlth th• u8• of resowceB. Central staff cos18 gr• allocatsd on the bag18 of lkn• •p8nl, and depr0 th8rog$ all¢Ka cffj th8 pOn of Ihè 88881,8 uso. FdralIng cos18 4re tIKJse incurred In seen0 voluntary aNbull0n8 And do not Indude tho 0)818 dl88omlnaUng Snfovmatlcffl In wpport ofthe tharf18t0 advftktr. Supwt cogtg ar8 IW c¢sts inojrred directy in support of expendituTe on the of the company And indud8 pYole(a manAg0m Card out 81 Heath]uartorn. Govern8n) c08ts are thos¢ Inojffed kn ¢xffinectknn vAlh odrnknl8lTrtK>n of the mPAnY ¥rKI mp1[an With C£st1bjllttn and staluw requtrgm8nts. Costs of gan8rall COBts In allracUThJ volunlAry Ln$. 8nd tlThe In(xThed In traillng a(aMtI88 that rn18e funds ChavltabJ8 actmleg 8nd Governan costs 8r8 ¢x>#t8 incurred on th8 ctsmpanys operathjns. Indudlng SUPP¢¥t Costs ar costs relaUThJ to th8 govgrnwc• ofthg ¢iYrwny appOned to charftAbb 8dl¥lkn. 11-
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2023 Accounllng polkh (Conilnuod) 1.5 Intanqlble lix•d a•••l• oth•r thn gooth•AII Intsn9lble 8880ts acqulred 8ep8ratstyfrom a bu8lne88 aro raoJgn180d at ¢Tht #nd arn Sthequty mo•sured at COBt1888 oLrumulat•d AmNti88tion gtxumulaled impalrmwt k)sze8. IntsngUe a88ets acqulr•d ijn ISIneBO combInOa aro recoJnlwJ 88p8ratdy fTom at the acquknttlon dats wharg it 18 PTc&8tAe th81 tha expo(a•d luluro economlc Èfjnefft8 that arè aitllbutabJ8 to t asuet 411 flow to the entlty and Ihè IA vakn ofthe aBBBt can b8 measured rdlabw. the Intsnglbje 61 artS•8 frrxn cartra(ual or cdher gaI W,. Ind the knIAnglbla asset IB P•bI•frorn Ihg enllty. Arnord8alon18 re(x4nSgod ¢0 08 to vntt8 off tho o)•t or valuatrjn ol aB18tsIS thek roulduol valw over their elul Il¥e8 on th• folky•Ang ballo8: W•bg• d8v•lopmenl 6 y•w 8tralght Ilno 1.8 TAoqlbl• Ilx•d ••••t• Tanglblg fixad 8a88ts are Inlualty fflur•d at coBt w)d Subeanty m9Ur0d al ¥1 or vduathjn. n8101 d8pr•datkJn and any Impo1entIo8BaB. Depredati Is rpo>Jnknd so a8 to wrfte off th• o)8t orvaluallu) of 090018 l•B8 the rnddu•l valu88 tholr uoelul Uw• on the follng baBeJ.' Plant and wulwnt 3 y•arn 8tralghl Iln 5 $tralght Iln• Th0 98ln or 108B th• dl¥Thd of an •1 IJ d01wmd a• dNf8ronc4 b•tr¢an th• 8ale c¢•8d$ and (tyng v81u8 of ts 8588[ 8nd18 reLY)gn•d In tho statement ollnandal acthllSe8. 1.7 FIMn¢l•l In•trum•nt• Tho charlty ha$ •bcj lo apply IhB pthns of S8dlon 11 Flnandal Inrml. •Thl 12 '0thgr Flnandal In8trum•nts 198U88' of FRS 102 to 811 of118 flnandal In8tNmont8. Ftn8nclal 5n8trumnts ¥rn ro¢x4jn In th& thArW8 belenco jheot ¥then th• th8rlty boLrn Party kn th• cthtra¢tu81 yovl8kn6 of tho In¥trum8nt. Fknon( 8B8•ts and 11gbllhlo8 aro tho not arno)tr w•wted In the fin8ndo1 l•ments, them 18 0 18gg1ty enforceab rfght to 80t off the reo)gnl8gd gfThJunts and thern Is an Intontk¥) to 8Otll• on nel b•818 or lo reallse Iho a888t And seido the Ilybillty slmultaMouBty. B•*k Iln•n¢l•l•4B•fs 88C flnandal 888ets. vthlth Ivthde dablors 8nd and b8rf( bal8nce8, InllY rnewuTed et tran3th priry kndudlng tr8nBpdKm LThls and Bre jub88qu carrled 8t 8mr116ed cost Using th• eff8LYfv8 Intsre8t method Unl tha 8rrang8m8nl CA)nsltutes g flnancing trnLI10n, where the tran8adkJn18 m8asur&J al the present value of the )lJlure recelpts dIScVrj at 8 martot rgte of Intore8L Hnandal a588ts dassmled as rocelv8W¢ wlthln one year are notanSed. 12-
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2023 Aetountlng polld (ContlDu•d) Ba Ilnandg1118bllM&s, Indudlng uedtlorn and benk k)ons are Inlllully rwnlBed at tran8•on wice unle the arrangement Cn$11bJteS a ffn8ndng tronuacuon, whoro the debt In61rnmenl 18 mwur•d at tho w88ant v4tyJo of the fu18 payThnts dI8Untsd at a rnrkel of Inttre8t. Fwiclal labil$ a• p•yab within LTh yaar ara not am89d. Trnd8 ryodltorn qre obllgatkTh to pay trgoodB or ••r¥I8 that h4¥0 boon aU1 In th oythgry cw8e of cwr8tknna from uppIr. hJTr)unts payable are d&sshl8d Ix[9nt 118tylWies rf payment b8 due ithin om year or 1•88. Jf Mt. thgy we presented aj nonrrent 11gblUll•s. Ttado arg recwLfod knbllaly 01 tramadon fv ond 8ub6equenty measured at 8nNll8ed ts)8t U8kng the effectfve Interest m8thod. Paymonts to dollned contr11On ratkenwl b•r•fft •¢h•mw •r• tharg•d aB 8xpen80 ag thoy fvl du•. lj Fund •ccountlng Gen8r81 fund8 ar• urmlrl¢AJ fvrM11 whith are a¥18ble 81 th• d8uBtkn ol the Tru8t868 furfhwunca of Ihg goneral Obj ofthg lmPanY end wNo have not ten dejlllnat fr0thgr pur[. Roetrt¢Xed fiJrKIvs •r• fvnd6 ••thl¢h ere to be uJed Sn acLxxd8ncè th ydftc ré8trlc1kJ ImpD8ed by dOr8 or whkb h8¥e be•n by tho c4Jmpany for partkular puws. The costs of ralslrwJ 8nd admln16terfng Su fund8 •re ch•rge(l agaln•t thg ycmlc fund. Th• 8hm ond of oeth r¢8bked thJThl18 t ¢)ut in tho lo Ihe flnqnclal stat•ment8. 13-
WSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR fHE PERIOD ENDED 31 AUGUST 2023 Totsl u0¢18 R88tricted fun fvnd• 21Y22 OonatkJn8 Gwt Irmxm 1.700.0 1,7.0() f),(j0 16,025 38,260 23.7CKI 39,725 1,7.000 38.280 1,736.280 816.025 rJ.7LKI 639.725 Donthn• Dwllons frorn Ind4 1.700,1klD 1.700.10 800,LI)O 8CQ,WO 1,7CKJ,C#)O 1,700.OCKJ 800,000 Ornnt Incoffl• Unfvoty of Kent Sd88 & Tothnolr4108 FgdlhleB W8lc4ymo TNgt of 8rf8tol Unfvgrnlty of Manch•stsr Royal SrKty ol Chgm Unlvwilty rf La•d8 Unfvernltyof Oxford 8,1500 1S,025 15,IY2S 1.(M)O 15,780 16,780 15.780 16.780 7,W20 36.280 16,26 23,700 39,726 . 2023 w48 a 17 month trfK#J ' 2022 wa8 a 12 pe Total Unr••trlct•d fund• Bank hiler8Bt 10 -14-
INSTrruTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS ¢CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2023 2023 915.582 103.B87 53,318 618.817 15,383 Travel aThJ sub618ten CharttsblB dc&11 Mavketirvj c08t8 Computer and wabth o)•t8 staff iralnlng Oth•r olhc• ¢oJl¥ In•urnnce Curf9rCeS m•dny 39.4142 $8.541 13,117 13,300 17,117 91.783 3.710 792 632 SO.801 24.512 44,730 8n 874 9,787 25,138 3.513 876 236 L•pal and profo88kThl 1,361,722 888.803 Support ¢¥xlB (888 note 5} G(Nemanca c4)Bts {880 not• S) 89.580 9.870 29,676 1,441.152 721,839 AMly•l• by fvnd Unrp8trlc*ed lund& l,4L,562 704,316 17.323 1A41,152 721.639 ' 2023 wats a 17 rthxl . 2022 wa8 0 12 parlod 15-
INSTrriTrE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2023 2023SurrfJLYi <>Mman 14.190 14.190 Los6 cffl dbpo8al of assets 1.391 1.391 36.8Sg 17,9 10.805 10,151 10.605 10.991 Attounllng f888 Ind8p•nthnt examknotk 17,120 870 1,&20 Audl fo0 9,000 69.5 79,4? 29,578 32,036 ' 2023 w88 8 17 nKinth perfcJ ' 2022 w80 8 12 perirmy Nono of tho ThJ8t8•8 (or Obry perw ¢cono¢t thom) TlId any reMarvI10n or n011t8 Imm the c*artty dwlTrJ th• porktyJ. Durfn9 IM Fthlod, one r•Inld £173 tr trA¥81 •xpww812022. £nlll. raga numborol amploy888 durtTrJ the pethjd wa#: Mumb•r Ilumhr 12 11 755,081 75,067 85.434 426,450 41.692 50,876 Sodal 8t1 ¢A)8t• Other p6n8kJn c08ts 915.582 518,817
INSTrruTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2023 Employ {ContlThu•dl The numberrferfpbye8B whJs8 anal remunwth waB m¢xe th8n £60.C Nuth Numbv £80.CM)O.£70.c £YO.001-£80.( ' 2023 w4• 9 17 Mrth p. ' 2022 wa$4 12 T•xlon Th? thwlty ] exempt from tax on Ir8 and galnB fallkng wlthkn 505 of Ihg TLxeBAct 1988 or 80cthn 252 of Ihg T8xaYoTh)f Charyeablo Galn8 Ad 1992 ID tonI that th•49 ar8 applied to Its chaiitablo rPrth. lrf•nglbl• flx•d a•••l• Co•t At 1 2022 22,106 132101 At 31 Aug¢ 2023 18.896 At 1 Awll 2022 AmortlBakn chwg•d for Iha perfod e,781 8,263 11.819) Al 31 knJu•t 21Y23 C•rylng •mounl Al 31 August 2023 7,671 At 31 2022 15.328 17-
INSTrruTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE PERIOD ENDED 31 AUGUST 2023 10 T•nqlbl• Ilx•d ••MI• •qulpn•rt At 1 2022 Addkkn8 20,874 31,813 10,591 {8041 52.687 10.591 <804) At31 AuwBt 2023 20,874 41.0 62AT4 D•prn¢l&tlon •nd lrnpqlrnmrt Al 1 Aprfl 2022 Dopr¢d8tlon Charg In Ihe pewhjd Elhnlnated In r•8pect of dlfjpoBal8 20.874 17,052 7.927 1495) 37,928 7,927 (4951 At 31 Augu•t 2023 20,874 45.358 Carrylnq •mounl Al 31 AwJuil 2023 17,118 17.118 Al 31 Mwch 2022 14.451 14A51 Amounts falllng du• wtthln on• yw: 23,107 7.819 12 Cr•(IRorn: •fflount• f•lllng du• *4th1n on• y•v 2023 13.018 Tr¥d• uadltorn 1,971 1,7C 15.921 AIXnlS and defwrnd kn¢>)mg 27, 19,596 S1.991 -18-
INSTrruTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGusf2023 13 R••trlot•d fthd• M•nt In funds Movungnt ln fvnd8 31 AUgt Royal So of ¢1ty Henry Royc8 Instlt Sdence &TechrKlcw FadlUe8 Une[SHY 01 Kent Urfvgr8My of Oxfcrd Urfverslty of LeBd8 {4,043) (13280) 3,8 {8,310) 5,547 2,500 15.7 {8cx)) {8.500) (1.000) 4rxi) 115.780) 15.780 {17X3) 6.3TI 38.260 134.590) 8.047 Royal Sod•ty of Ch•mlty H•nry Royco IrAtliuts Henry Royce Insoiute PYD¥I IRIS ftytho ¢knlW olthe IMS DNACWY w(* 19-
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUEO) FOR THE PERIOD ENDED 31 AUGUST 2023 14 Analy•lB of rt••t& b•twe•n funds Tol•l nd# 2023 fund• 2023 fund• fun Fund balances at 31 Augu8t 2023 are roprwnt8d by.. Intangble Ilxed Tanglblo aseets CuTront 88Mt8lOL•bJllle•) 7,671 17,116 5S6.830 7.671 15.328 17.116 14,451 564.677 258202 15.328 14.451 264,579 8.047 8,377 581.417 8.047 589,464 287.979 6,377 294,356 lo R•Fat•d pllrty tr•n••cllo Th• Charttabl• coMY rnc•lv8d donatkn Inm8 dudrwJ tho wlL*J anlIng to £1,700,0 from the Battcod( Chorflabl8 Tru8112022 - £8CQ.OC¥)l. The B8tl¢ock Charltsbb Tru81 IB • relatsd by vlrtrjo of Humphroy Battcod( belw a Iw8tee olthe Tru8t. No amounts wore due to the Chgrttabki Cornpany at th• •1 10 C••h q•n•r•t•d from ap•rntson• 2W42 SurFI{do1kIt1 tr th• poilod 206,108 {81.gMI Adluulment¥ tr. Inv881monl IrKc41w r8cagnl8ed In Btstwn•nt of Ilnan(llll Lojs on dIB[SaI ol Irrtjnb 88fjOtB t)8wedalton and Impolmiwrt oftanglblo fLx•d (101 1,391 14,190 Moveffwnts In wtyklng C•F4tal.' {Ire880ydecleaSO In debto IDoLYeay•yknm8e In cJ•dltorB 115,4881 132,3931 5.692 25A57 282.808 141,9451 ' 2023 w88 8 17 month perkA4 . 2022 12 mnth perhJd