Charlty re8istr•tlon number 1164654 Cumparry reglstration nurnber CE005767 (England and Wales) INSTITLrrE FOR RESEARCH IN SCHOOLS ANNUAL REPORT AND FIMANCIAI sfATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
INSTITUTE FOR RESEARCH IN SCHOOLS LEGAL AND ADMINISTRATIVE INFORMATION Trustees Tlmothy Edwards I Chairl Humphrey Battcock Ann MrDZ Rev Professor Mlchael Rei5$ Jlll Davies Dame Madelelne Atkins Sally Wllliam5 IReslgned 12 October 20231 Charlty number 1164654 cOmTry humber CE005767 R•8lst•r•d offl¢e Wellcome Wolf50n aulldlng 165 Queen'5 Gate London SW75HD AudltOffS Loulse Hallsworth FCA Baxter & Co Lynwood House Crofttrn Road Orpington Kent 8R6 8QE Bankers Barclays Bank PLC 83 Wand5WQrth Hi8h Streèt Wandsworth London SW18 2PR Sollcltors Well Gotshal Manges 110 Fotter Lane LDndc*n EC4A IAY Accountants TC Group Stsr House Star Hill Rochester Kent MEI IUX
INSTirrE FOR RESEARCH IN SCHOOLS coTrirENTS Pa Trustees, report ststement of Trustees, re5ponslbllldes Independent auditor's report 8-10 ststement of financSal a¢tivlttes li statement of financSal posltlon 12-13 Statement ol cash flows 14 Notes to the flnan¢ial statements
INSTITLffE FOR RESEARCH I•J SCHOOLS TRUStEES' REPORT FOR THE YEAR ENDED 31 AUGUST2024 The Trustees present their annual report and financial Statements for the year ended 31 August 2024, and note that the 2023 figures flect a 17-month accounting period. The financlal statements have been prepared In accordance with the accounting policles Set out in note I to the finontlal statements and comply wlth the charity company's governln8 document, the Companies Att 2006 and "Accountlng and Reporting by Charitie5.' Statement of Recommended Practtce applicable to charities pEparing thelr accounts in accordance wlth the Financlal Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commencing from l January 20191 Slnce the company qualifle5 as small under sectfon 383, the strateglc report fequired of medlum and large companies under The Companles Act 2rx)6 Istrateglc Report and Dlrector's Aeportl Re8ulatfjons 2013 is not reqvlred. Oblectlves and artlvltl•s IRIS aims to change the culture in UK educatton so that authentic research and innovatron are part gf every young person's experlence. IRIS, impact from September 1st 2023 - August 3tst 2024 year is Set out in our Annual Impact Report whlch can be vlewed here
INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST2024 ur alnst our Strnteglc Prlorlty Key Perfomianc• Indlotor Outcome as of 31st Au8USt 2024 Annual Oblètdves Student •n8a8ement 1500 students taking part in a project. with at least 85% ttending state schools, 1923 students have taken part in an IRIS research project wlth 86% of students attendlns state school. Number At least 100 active schoo15 which are broadly representative of types of schools across the UK. By july 2024 this will include 5tste tunded 5¢hool Sn Wales gnd a special provision school. 101 athve 5¢hotsls. Including two special schools. We did not manage to secure a Welsh school. of Schoo15 Retentlon Achieve a school retentr'on rate of at least 75% by july 2024. 69% retendon rate161 schools have ¢ontinued to work with IRIS this year, and we know further 11 schools are doln8 their own STEM research, Independent of IRIS) Confer•ncé ilthvltv 160 artefact5 submitted and presented at conference. A total of 220 artefacts were submitted to ¢onference- 200 posters and 20 presentattons. At least 450 students to attend IRIS student conferences In lune 2024. 637 student5 attended the IRIS studènt rèsearch conference5 in June 2024. Orlglnal researth At least 300 students tarrying out Orlglnal Research In the academic year September 2023 to Au8USt 2024. 444 students carried out OTl8inal Research in the academlc year September 2023 to August 2024. Publlcatlons he publication of one tudent research paper in an academic journal Dr slmilar. Two papers published involvingthe research of over 30 students.
INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES. REPORT FOR THE YEAR ENDED 31 AU6UST2024 LongerT•rm Obleth¥es Embeddlng a iulture of ',re5earch & ,Innovation Collaborate with partners to maximtse our Impact. IRIS collaborates wlth a range gf partners to plan and deliver their work, some of which are outlined below in the Annual Report. IRIS also Seeks to share the importance of real research In schools through thèlr networks and with Partners. Publish, promote and test the use of the Research & Inntsvation Frarnèwork in school5. The Research & Innovatton Framework was published In May 2022. A pilot of the Research & Innovatton Framework approach ended In March 2024, and ,Involved around 2500 Students. The results ol this pllot are under evaluatlon and wlll help IRIS to inform luture work. Measure Results Imeasufe, record and share the impact of research in s¢hoDIs. Annual Impact Report5 are published and shared widely. In 2023 IRIS added the 'Hi¥her Educatfon Access Tracker, to thelr impact assessment, whlch will allow us to track. Impact on youn8 people over a longer Yme. Plans for luture perlods Our live-year strategy illl Sept 2023. August 31" 2028115 focused on these four areas. Research Prglects Provide transformatlve opportun[eS for youn8 people to take part In research in schools Research and InnovaYon- Embed a culture of research and Innovafjon In UK schools. bulldin8 on the Pllot Programme Collaborate- work wlth others to maxlmlse Impact Measure re5uIts- Demonstraté the impact of research and Innovation In schools Statement on compllance wh Charlty Commlsslon guldan¢e on publlc benefft When deciding on activitie5 and events, the Tru5tee5 pay due regard to the Charity Commission'5 guidance on public benefit. IRIS provides direct support to teachers and school leaders. and opportunities for students to patticipate In authentic research 1RIS provlde5 hlgh-quallty materla15 and online materlals for 5tudent5 and teachers IRIS facilltstes the development of a culture of research and innovation in schools IR15 evaluates our work through both internal and external evaluation activlfjes.
INsllTUTE FOR RESEARCH IN SCHOOLS TRUSTEES, REPORT FOR THE YEAR ENDED31 AUGUST2024 Use of Volunte•Ys IRIS does not use volunteers to facilitate rrs work, beyond partnership work with organisations such as universltie5 and Industrv. Fundralslng In the fi'nancial perlod I. September 2023 to 31. August 2024 IRIS secured the following funding-. £1,520.000 Battcock Charltable Trust- unrestrlcted fvndin8 In support of the development and delery of the work of IRIS £13,028 InnovateUK - to support the development and delivery of our Future Fll8ht student research project with our partnèrs at ZeroAvla. £1,0 Unlversity of Oxford- to 5UPPQrt a ma5ter¢la5s at the Rutherford Appleton Laboratory for students workln8 on the ATLAS student research prolect. £750 Sclence and Technglogy Facllldes C¢uncll - to SUPPOrt a mastercla55 at the Ruthèrford Appleton Laboratory lor students work5ng on the ATLA5 student research project. Fln•ndal R•vltw Income for the year totslled £1.537,855 of whlch £14,803 was related to 8rants and project fundin8. Expenditure for the year wa5 Wlthin budget. Expenditure decreasèd to £1,354,656. This included an Increase over thè perSod on salarles as IRIS Contfnued to bulld the team to méet strateglc objectives and respond to demand. IRIS ended the ff nanclal period with £771,878 of unrestrl¢ted funds avallable. 2023124 2022123. 2021122 2020121 2019120 Expendllure Charitable Activides Net Fund5 at year end on £1,354,656 £1,441,152 £722,000 £531.000 £606,000 £772.633 £589,464 E294,(0 £376,000 E403,CMJO * 2022123 was a 17 month period Income arises from donations, grants and Interest. Reserves pollcy IRIS policy Is to hold reserves equal to 3 months expenditure. How we ensure our budget allgns wlth our charltsble oblectfves In 2023124 IRIS'S principal source of Income has been the Batt¢ock charitable Trust. We hold an Annual Strategy Day at the start of the year at which the Senior Leadership team presents and develops 5trate8y plan5 for scrutiny and approval by the Trustee5. The Senlor Leadership team then produce operational plans that ali8n with the strategy, and the budget Is set and approved by the Trustees. The Trustees view the delivery of the operational plans and the associated budget wlth the Director and the Senior Leadership team at each Trustees meeting.
INSTtruTE FOR RESEARCH IN SCHOOLS TRUSTEES. REPORT FOR fHE YEAR EPIDED 31 AU6UST2024 Rlsk factors and re¥lL¥ Trusteés maintain an up.to-date risk re8lSter to guide their strateglc and operational decision-maklng for IRIS. They also apply mltrgatton stiategies for risk5 a5 appropriate. Prlncipal r15k5 Ensuring the safety of the youn8 people we work wlth Is a top Prlorlty for IRIS. To mltlgate risks, we follow 8uldellnes in Keepln8 Chlldren Safe Educatton IKCSIEI and conduct regular safeguardln8 tralnln8 for staff and trustees. IRIS has also identified a risk In relying prirnarlly on the Bèttcock Charitable Trust to fund their work. We are pursuing opportunitles lar long-term diversification of lunding and seeking partners and fundèrs to grow and promote thelr work over the next flve years. Structure. 8o¥ernante and rnana8Èment Nature of 8ovemlng do¢ument and how the ¢horlty15 constltuted The Instttute for Research in Schoo15 IIRISI is a re815tered charity Ino. 11646541 and Charltable Incorporated Organisayon governed by a constttu0n dated 1" September 2015. Recvultment and appolntment of trustees and dlrectors. Interests At the end of Au8ust 2024, IRIS ha5 a Board of 6 Trustees. Trustees are appolnted, after a recruitment process b85ed on a consideration of the qualities, expertise and èxperience needed by the Board. The Board of Trustees ha5 the power to appolnt addldonal Trustees as It see5 fit. Inductlon and tralnln8 ol trurtees Trustees lolnlnB IRIS are subject to a DBS check and then undergo an Inducon. The procedure for the Sndu¢tton and trainin8 of new Trustèes varies accordlng to Individual needs and familiarity with the charlty. bLrt norrnallv includes ihe provision of a detailed informatlon pack, safeguarding training and one or more meetlngs with senior staff and/or other Trustees to provide further brielings. The Induction includes informatton on the Governance of the organisatfon. the most recent Flnancial Report, and the minute5 of the prevlous Trustee Meeting, a5 well as an outline ol the expectations of Trustees. Relationshlp wlth the wlder n•twork and related partle5 IRIS is well-linked wlth other organisation5 in the 5m and education landscape. Our work on the Resear£h & Innovayorn Framework has led to Strong relationships being bullt with other organisafjons such as STEM Learrning, the Asgociadon of Science Educadtsn, the British Science Association and the Royal society of ChemSstry. Work on our Research Prolects In the past year has led to funding, partnerships or work wlth InnovateUK, UKFII. the STFC, the James Webb Space TelescDpe, UK Space, The Univer51ty of Leeds, the British Sclence Association, the Royal Mlcroscopical So¢lety, ZeroAvla, the Natural Hlstory Museum, the Universlty of oxford, the Centre for Polar Observation and Modelling, Rutherford Appleton Laboratory and the David Shepherd Wildlife Foundatlon. IRIS is 8rateful for the continued support of the Battcock Charitable Trust.
INsrtruTE FOR RESEARCH It4 SCHOOLS TRUSTEES, REPORT FOR ThE YEAR ENDED31 AUGUST2024 The rus s, report was approved by the Board of Trustees. Tlmothy Edwards I ChaSrl Trustee Dated..
INSTITirrE FOR RESEARCH IN SCHOOLS STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGU5f2024 The Trusteès, who are also the directors ol Institute for Research In Schools for the purpose of company law, are re5ponslble for preparlng the Trustees, Report and the fi'nancial statements in accordante wSth applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accountin8 Prackncel. Company Law requires the Trustee5 to prepare hnancial 5t3tement5 for each flnancial year which gNe a true and fair view of the state of affairs of the charity and of the incomlng resources and appllcadon of r&ources, includin8 the income and expenditure, of the charrtable company lor that year. In preparing these financlal statement5, the Trustees are requlred to.. select 5ultable accountin8 pollcles and then apply them con515tently,' observe the methods and prlnclples In the Charltfes SORP,. makeludgernents and estfmates that are reasonable and prudent,. stste whether appllcable UK Accounting Standard5 have been followed, 5ublect to any material departures dlsclosed and explained in the Anan¢lal statements,. and prepare the financial statement5 on the golng concern basls unle$5 bt Is Inappropriate to presurne that the charlty wlll ConnUe in operauon. The Trustees are re5ponslble for keepin8 adequate accOunn6 records that disclose wlth reasonable accuracy at any tfme the linancial p05ifjon of the charlty and enable them to ensure that the financial statement5 comply with the C¢mpanies Act 2006. Thèy are also responsible for safe8uardSn8 the assets of the charity and hence for taking reasonable steps forthe preventton and detecfjon of fraud and other Irre8ularldes.
INSTJTLtrE FOII RESEARCH IN SCHOOLS INDEPENDENT AUDITOR'S REPORT TO THE TRusfEES OF INSnTUTE FOR RESEARCH IN SCHOOLS Oplnlon We have audlted ihe fln3ncial statements of Institute lor Research in Schoo15 Ithe 'charity'l for the year endèd 31 August 2024 which comprise the statement of linancial actlvities, the statement of fi'nanclal posiknon. the statement of cash flows and notes to the flnancial statements, including 518nlfi.cant accounttng policies. The flnancial reporting frarnework that has been applied in their preparation is applicable law and United Kin8dom Accounting Standards, includlng Flnancial Repordng Standard 102 The Flnoncial Reporting 5tLrndord ¢7ppIict7ble in thg UK und Republic of IrelunL4 (United Kin8dom Generally Accepted Accounhng Practicel. In our opinlon. the fi'nancial Siaieménts.. Ive a true and fair view of the state Of thè charitable company's affairs as at 31 Au8USt 2024 and of Its IncomSng resources and applScation of resources, for the year then ended,. have been properly prepared in accorflance with United KSn8dom Generally Accepted Accoundng PraCce. and have been prepared in accordance with the requlrements of the Ctsmpanles Act 2006. 8a515 for oplnlon We conducted our audit in accordance with InternatTonal Standards on Audits'ng IUKI IISAS IUKII and applicable law. Our responslbillttes under those Standards are further descrlbed in the Audltor's responslbllits'es for the oudlt of rhefinunclal statements section of our report. We are independent of the charity in accordarte with the eihi¢al requlrements that are relevani to our audlt tsf the flnanclal statements In rhe UK, Including the FRC5 Ethlcal Standard, and we have fulfilled our other ethical responsibllities In accordance wlth these requirenwnts. Wt believe ihat the audlt evidence we have Dbtalned 15 sufficient and appropriate to provlde a basls for our oplnion, Con¢luslons relattng to 8oln8 ¢on¢•m In audldng the flnanclal Statements. we have concluded that thE Trustees, use of the golng concem basls of accoundng in the preparayon of the financlal statements is appropriate. Based on the wor* we have performèd, we have not idendfled any rnaterlal uncertainties relating to events or condlttons that, Indivldually or collectively, may cast $18nificant doubt on thc charltV'5 abillty to conttnue as a 8olng concern for a period of at least twelve months from when the linancial statements are authorised for issue. Our responsibiliknes and the responsibilitie5 of the Trustees with respect to 8olng concern are described in the relevant sections ol this report. Other Informatlon The other Informatlon comprlses the Informatton Included in the annual report other than the finartial statements and our auditor's rèport thereon. The Trustees are responsible for the Dther information contained within the annual report. Our oplnSon on the finarkclal statements does nol coverthe other information and we do not express any fgrm of assurance concluslon thereon. Our responsibility is to read the other infOrr4ti9rn and, in dolng 50, consider whether the other informaOn is materially Incctnslstent with the financSal StatentS or our knowlèdgè obtained in the course of the audit, or othEfwi5e appears to be materially misstated. 11 identifv 5u¢h material Inconsistencies or apparent material mi55tatements, we are required to determine whether this gives rise to a material mi55tatement in the financial statements thewn5elves. If, based orb the work we have performed, we conclude that there is a material misstatement of this other information, we are requKed to report that fact. We have nothing tts report In this regard.
INSTuTE FOR RESEARCH IN SCHOOLS INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRu££s OF INSTITUTE FOR RESEARCH IN SCHOOLS Matters on whlch we ar• requ5r•d to report by •xceptio We have nothin8 to report in respect of the following matters In relatfon to which the Charities (Accounts and Reports) Regulatlons 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconslstent in any material respert with the Trustees, report,. or sufficient accounts'ng record5 have not been kept,. or the linanclal statements are nor in agreement with the ac¢ountin8 records,. or we have not Tecelved all the information and explanattorbs we require for our audlt. Responslbllltles of Trustees As explained more fully in the Statement of Tru5tees' responsibilitie5. the Trustees, who are also the dlrectors of the charity for the purpose of company law, are responsible for the preparatton of the financial statements and for being sadsfied that they give a true and falr view, and for such internJl control as the Trustees determlne is necessary to enable the preparatton of flnancial statements that are free fro)m material misstatement whether due to fraud or error. In preparing the linancial statement5, the Trustees are responsible for as5esslng the charity's ablllty to conts'nue as a golng concern, dlscloslng, as applicable, matters related to goln8 concern and uslng the golng concern basi5 of aCcounn8 unless the Trustees either intend to liquidate the charitable company or to Cease operadon5, or have no realisdc altèrnattve but to do 50. Audltor's responslbllltles for the audtt of the 1Snan¢lal statements We have been appointed as auditor vnder Secon 144 of the Charltles Art 2011 and report in accordance with the Act and relevant regULaonS made or having effett thereunder. Our oblectlves are to obtaln reasonable assurance about whether the financial Statements a5 a whole are free from material misstatement. whether due to fraud or error, and to issve an auditor's report that includes our opiniorn. Reasonable assurance is a high level of assurance bul Is not a 8uarantee that an audlt condjcted in accordance with1SA5 IUKI wlll always detect a materlaS mis5tstement when it exists. Mi55tatement5 (an arise from fraud or error and are consldered material if, individually or in the a88regate, they could reaSonaY be expected to influence the economlc decislons of users tsken on the basls of these financlal stsiement5. The extent to which our procedures are capable of dete¢tlng Irregularlfjes, Including fraud, Is detalled below. A further descripts'on of our responsibllitieg is available on the Financlal Reporting Council's webslte at.. https'./l www.frc.org.uklauditorsresponslbi1Sttes. Thi5 descrlptton fofrns part of our auditor'5 report. Use of our repoTI This report 15 made $01ely to the charitable company's members, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006charity's trustee5, as a body, in accordance wlth part 4 of the CharitiE IAccount5 and Reports) Reguladons 2008. Our audlt work ha5 been undertaken so that we mlght state to the charfty's trustees those matters we are required to state to them in an auditor'5 report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibllity to anyone other than the charity and the charlty's trustees a5 a body. for our audit work. for this report, or for the opinions we have formed.
INlTuTE FOR RESEARCH IN SCHOOLS IIIDEPENDENT AUDITOR'S IIEPORT ICONTINUEDI TO THE TRUSTEES OF INSTITufE FOR RESEARCH IN SCHOOiS Louls• Ha115WOrth Isenlor Statutory Audiloil Baxter & Co 9 May 2025 Chartered Attountants ststutory Audltor Lynwood House Crofton Road Orpin8tor* Kent BR68QE 10-
INSTrruTE FOR RESEARCH IN SCHOOLS STATEMENT OF FINANCtAL A1VITIEs INCLUDING INCOME ANO EXPENOITURE AccouNr FOR TIIE YEAR ENDED 31 AUfjU5TZ024 Unr•stricted Restrlcted fufids funds 2024 2024 Totsl Unrestricted funds 2023 Restrlcted funds 2023 Totsl 2024 2023 Notes Income from: Donajons 1.523.052 14.803 1,537,855 1,700,0 36,260 1,736,260 Charitable act1¥1e5 1,331,818 22,838 1,354,656 1,406,562 34,590 1,441,152 Net Incomlnll {outgolngl resourc•s before transfers 191,234 18,0351 183,199 293,438 1.670 295.108 Gross Iransfers between fund5 17731 773 Net Incomellexpendlture) for the year/ M¢t movem•nt In funds 190,461 17,2621 183.199 293,438 1,670 295,108 Fund balances at I September 2023 581,417 8,047 589,464 287,979 6,377 294,356 Fund balan¢•s at 31 August 2024 771,878 785 772,663 581,417 8,047 589,464 The statement of financial activlttes includes all gaSns and I0eS recognlsed in thÈ year. All income and Èxpendlture derSve from contfnulng activlfjes. The statement of financial actrvitles also complles with the requlrements for an Income and expendlture account under rhe Companies Act 2006. ' 2023 w85 a 17 month perfod, 2024 was 8 12 month perkjd.
INSTITUTE FOR RESL4RCH IN SCHOOLS srATEMENT OF FINANCIAL POSITION ASAT31 AUGUST2024 2024 2023 Notes Flxed assets Intangible assets Tangible assets 3,892 14,691 7,671 17,116 18,583 24,787 Current asset5 Debtors Cash at bank and In hand io 22,091 781.015 23,107 561,168 803.106 584,275 Credltors: amounts falllni due wlthln one li 149,0261 ljg,5981 Net currant a55ets 754,080 564,677 Total ass•ts less current Ihblllllei 772,663 589,464 Net •ss•ts 772,663 589,464 The fundj of th• tharlty Restrlcted income funds Unrestrlcted funds 12 785 771,878 8,047 581,417 772,663 589.464 The tompany Is entled to the exempOn from the audlt requlrement contalned in sectlon 477 of the Companles Act 2006 for the year ended 31 August 2024. However, an audit ha5 been carrled out in accordance with sertton 144 of the Charltles Aci 2011. The d1CtorS acknowledge their responslbllities for complying with the requirements of the Companies Act 2006 with respect to accountlng cordS and the preparatton of financial ststements, These flnanclal statements have been prepared in accordance with the provision5 applitable to companies sublert to the small companle5 regine. 12
INSTITufE FOR RESEARCH IN SCHOOL5 STATEMENT OF FINANCIAL posrrioN ICONTINUEDI ASAT31 AUGUST2024 Ig Th15. The clal ststement5 were approved by the Trustees on ................. Tlmothy Edwards I Chairl TNst•• Company reglstratlon number CE005767 (England and Wales) 13-
INSTITUTE FOR RESEARCH IN SCHOOLS sTATEmETr OF CASH FLOWS FOR THE YE4R ENDED 31 AUGUST2024 2024 2023 otes C•sh flows Irom operatlng actlvltles Cash generated from operation5 16 223,363 262,808 Investlng actlvhle5 Purchase of tsn8lble fixed asset5 13,5161 110,5911 Net cash used In Inwsttng acttvltles 13.5161 110,5911 Net cash used in flnan¢lni actlvitle5 Net In¢r•ase In cash and Cash equlvalents 219,847 252,217 Cash and cash equivalents at beglnnlng of year 561,168 308,951 Cash and ush oqulv•l8nts at end of year 781,015 561,IS8 2023 was a 17 month perlod. * 2024 was a 12 month perlod. 14-
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 AtceuntlnK pollcles Charlty Infomiation Institute for Research In Schools is a private company limited by guarantee intorporated in England and Wales. The reglstered office 15 Wellcome Wolfson 8ui5din8, 165 Queen's Gate, London, SW7 SHD. 1.1 Accountlng conventlo The financial Statements have been prepared In accordance wlth Accounting and Reporting by CharitES.' Statement of Recommended Practrce applicable to charitfes preparin8 their accounts in accordante with the Financlal Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021 leffecttve l January 20151 (Charitie5 SORP IFRS ID211, the Financial Reportin8 Standard applicable in ihe UK and Republlc of Ireland IFRS 1021 and the Companles Art 2006. The Institute For Rèsearch In Schools meets the definlfjon of a publlc benefit entyty under FRS 102. Assets and Ilablllties are inidally recoBnised at hlstoii¢al cost or transacdon value unless otherwlse stated In the relevant accoUnn8 poll¢v. The financlal ststement5 are prepared In 5terlin& which is the functtonal currency of the charlty. Monetary amounts in these financial statements are rounded to the nearest E. 1.2 Goln8 con¢*rn At the time of approvSng the financlal Statements, the Trustees have a reasonable expectation that the charlty has adequate resources to conttnue In operattonal exlstence for the foreseeable future. Thus the Tru5tee5 continue to adDPt the goin8 concèrn basis of accoUnng in preparin8 the financial statements. 1.3 In¢omlng r•sourtes Income is recognised when the charity is legalty entitled to It after any performance conditions haje been met, the amounts Can be measured reliably, and it Is probable that Income wlll be recelved. Cash donatlons are COgnIsed on recelpt. Other dOaon$ are recognised once the charlty has been notified of the donation, unless performance condiuons requlre deferral of the amount. 15-
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 Accountln8 policies Icontlnuèdl 1.4 Resources •xpended Expenditure Is recognised once there Is a legal or constructive obllgatton to transfer economlc befit to a thlrd party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligatlon can be measured rellably. Eypendlture is tlassified by actlvity. The costs ol each activity are made up of the total of direct CD5ts and shared costs, including support costs involved in undertaklng each activity. Direct costs attributable to a slngle activlty are allocated dlrecrly to thar activlty. Shared costs whlch contribute to more than one activity and support cost5 which are not attributsble to a slngle activiry are apporttoned between those activlttes on a basls con51Stent wlth the use of resources. Central staff costs are allocated on the basi5 of me spent, and depreciation char8es allocated on the porkn'on of the asset'5 Use. Fundralsln8 Costs are those incurred In seeklng voluntary contrIbuon5 and do not Include the co*s ol di55emlnating information In support of the charitable acttvltie5. Support C05t5 are those costs Inwrred directly in support of expendlture on the oblécts of the company and include project management Carrled out at Headquarters. Govèrnance costs are ihDSe Incurred In ConnecOn wbth adminlstration of the company and compliance wlth const(tutr'onal and sratutory requirements. Costs of 8enerattt)g funds are costs incurred in attrarting voluntary income, and those Incurred In Iradln8 athvides that ralse fund5. Charltable acttvlties and Governance ¢05ts are costs incurred on the company's uperations. includng support costs and ¢osts relating to the 8overnance of the company apportsoned to charltable acdvlttès. 1.5 Intanglble flxed a55ets othor than 8oodwlll Intanglble assets acquired separately from a business arè recognised at cost and are subsequently measured at C05t le55 accumulated amortisation and accumulated impairment105ses. AM0satiOn is recognlsed so as to wrlte off the cost or valuadon of assets less their residual values over their useful lives on the followlng bases: Web51te development 5 year stralght line 1.6 Tanglble flxed assets Tangible fi'xed assets are inifjally measured at cost and subsequently measured at Cost or Valtion, net of depreciation and any irnpairment105ses. Depredaoon Is reco8nlsed SL) a5 10 write off the Cost or v31vatr.on of assets le55 their sIdUal values over their useful lives on the following bases.. Plant and equipment Computer5 3 years straight Ilne 5 yèars straight Ilne The gaSn (Trr loss arislng on the disposal of an 355et Is determined as the dlfference bètween the sale prtsceeds and the carrying value of the asset. and is recognised in the statement of tinancia13rtivffjes.
1fr11TUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINAKIAL STATEMENTS {CQNTINUEDI FOR THE YEAR ENDED31 AUGUST2024 Accountini pollcles (Continued) L7 FlnantSal Instruments The charity has elected to apply the provision5 of Sethon 11 'Basic Financial Instrument5, and Seth"on 12 'other Financial Instruments Issues, of FRS 102 to all ol Its linanclal instruments. Flnantial instruments are recognised in the charrty's balance sheet when the charity becomes party to ihe tontrattual provlslons ol ihe instrument. Flnanclal assets and Ilabllldes are offset. wlth the net amount5 presented Sn the financlal statements, when there 15 a legally enforceable Tight to Set off the re¢ognised arnounts and there is an intention to settle on net ba$15 orto realise the asset and settle the liabllity simultaneously. 8051cylnondal assets Baslc financlal assets, which Include debtors and cash and bank balances, are InStially measured transacknon prlce intluding tr3nsattlc*n costs and are subsequently carried at amordsed c05t Using the effecdve Interest fftethod unle55 the arrangement con5tttutes a linaniin8 tran5actt'on, where the trarwctlon Is measured at the present value of the future recelpt5 di5ctrunted at a rnarket rate of interest. FirBnclal assets classifi'ed a5 receivable within one year are not amorknsed. BaslcJlnanclol Ilobllllles Basi¢ financial Ilabilitiès, Includln8 credltors and bank loans are inidally recognised at transacticjn prlce ynle55 the arran8ement ConstuteS a flnanclng transaction, where the debt In5trurnent Is measured at the present value of the future payrnents discounted at a market rate of interest. Financial liabllltfe5 cla55lfied as payable within one year are not amortised. Trade Credito are ObligClns to pay for goods or services that have been acquired in the ordinary ¢ourse of operadons from suppliers. Amounts payable are cla5slfied 35 current Ilablllfjes if payment Is due within one year or less. If not, they are presented as non-current liabille5. Trade creditors are recognised Initially at transaOn prlce and subsequently measured at amortised cost uslng the effecttve Interest method. 1.8 Retlrement beneflts Payments to deffned contrlbution retirement benefit schemes are charRed as an expense a5 they fall due. 1.9 Fund accoundng General funds are unrestricted fund5 which are available for use at the discretion ol the Trustees In furtherance of the general oblecttves of the company and whlch have not been deslgnated for other purposes. Restricted funds are fund5 whlch are to be used IN accordance with speclfic restrlctions imposed ty donors or whi¢h have been raised by the company for particular purposes. The costs of raising and administering such fund5 are Charged against the speclfi'c fund. The alm and use of each re5trlcted fund 15 set out in the notes to the financial statements. 17
INsfiTUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED31 AUGUSf2024 Donatlons Unrestrlcted Restrlcted fund5 funds Totsl Unrestricted Restricted fvnds funds Total 2024 2014 2024 2023 2023 2023 Donafjons Grant Income 1.523,052 1,523,052 14,803 1,700,000 1,700,000 36,260 14,803 36,260 1,523,052 14,803 1,537.85S 1,700,000 36,260 1,736,260 Oonatlons Donations from Individua15 1,523.052 1,523,052 1,700,000 1,700,000 1,523,052 1,523,C152 1,700,000 1,700,000 Grani Income University of Kent S¢lence & Technolo8les Faclllties Councll MartTn Keat UnSverslty of Manchester Royal Soclety of Chemlstry Innovate UK UnSversity of Oxford 6,500 6,500 750 25 750 25 600 600 15,780 15,780 9,980 2,400 1,000 9,980 2,400 1,000 13,028 I.OL 13,C¢28 I,cKJo 14,803 14,803 36,260 36,260 * 2023 was a 17 month perlod 2024 was a 12 month perlod 18-
INsTUTE FOR RESEARCH IN SCHOOLS NOTESTO TrIE FINANCIAL STATEMENT5 ICONTINUEDI FOR THE YEAR EhlDED 31 AUGUST2024 Charltable aetlvities 2024 2023 Staff costs Travel and subslstence Research cost5 Marketin8 Costs Computer and webslte costs Staff tralnlng Other office costs Insurance Conference5 and MeenE rooms Project materials Legal and profèsshonal Glfts Contracted staff Other charltable expendlture 901,970 84.382 54,814 21,876 47,247 19,040 9,072 15,306 93.182 588 792 66 39,396 7S 915,582 103,887 53,318 39,442 58,541 13,117 13,300 17,117 91,783 3.710 792 532 50,601 1,287,806 1,361,722 Support costs (see note 41 Governance costslsee note 41 57,850 9,000 69,560 9,870 1,354,656 1,441,152 Analysls by lund Unrestrlcttd funds Restrirted funds 1,331,818 1,406,562 22,838 34,590 1,354,656 1,441,152 2023 wa5 a 17 month perlod 2024 was 3 12 month period 19-
ifrJsrtTUTE FOR RESEARCH IPJ SCHOOiS NOTES TO THE FINANCIAL STATEMENTS ICONTINUEOI FOR THE YEAR EP4DED31 AUGUST2024 Support tosts Support Governance costs Costs 2024 Support Governancé costs costs 2023 Depreciation Other office costs ACCOUnng fees Audlt fee 9,720 39,281 8,849 9,720 39,281 8,849 15,581 36,859 17,120 15,581 36,859 17,990 9,000 870 9,000 S7,850 66,850 69,560 9,870 79.430 2023 was a 17 rnonth perlod 2024 was 3 12 month perSod Truste•9 None of the Trustees lor any persons Connected wilh them) feceived any remuneratton or beneflt5 from the charlty during the year. Durin6 the perlod, one trustee wa5 reimbursed £220 for travel eMpenses12023 . £1731. Employees The average monthly number of employees during the year was: 2024 Numb•r 2023 Number Employees Is 12 Employment Costs 2024 2023 Wages and Salae$ Social 5eturSty costs Other pen51on costs 739.335 78,908 83,727 755.081 75,067 85,434 901,970 915,582 2024 was for a 12 month period, 2023 was for a 17 month perlod ThoLJgh 2023 wa5 a 17 month period, remuneration wa5 considered over a 12 month period In both case5. -20-
INSTtfuTE FOR RESEARCH IN SCHOOLS NOTES TO ThE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDE031 AUGUST2024 Employws {Contlnuedl The number of employees whose annual remuneiation was more than £60,000 15 a5 follows, 2024 Numb•r 2023 Numbér £60,000 . £70,CKK) £70,000 - £80,0(7 £90.IM . £IOD,IJOO Taxatlon The charlty Is exempt frtsm tsx on Income and 8alns lalling within sectTon 505 of the Taxes Act 1988 or se(on 252 of the Taxation Chargeable Galns Act 1992 to the extent that these arè Applled to Its ctrFrltable objetts. IntanbI• fix•d assets W•b51t¥ d•v•lopm•lll Cost At I September 2023 and 31 August 2024 18,896 Amortlsallon *nd Impalrrn•nt At I September 2023 Amorttsatlon charged for the year 11,225 3,779 At 31 Au8USt 2024 15,004 Carrylng amount At 31 Au8ust 2024 3,892 At 31 August 2023 7,671 21
IfrJSTITUTE FOR RESEARCH IN SCHOO NOTES TO THE FINANCIAL 5fATEMENTS ICOfrJTINUEDI FOR THE YEAR ENDED31 AUGUST2024 Tan8lbl• Ilx•d assets Plont and •*lpment Cost At I September 2023 Additlon5 2074 41,600 3,516 62,474 3,516 At 31 August 2024 20,874 45,116 65,990 Depreclation and Impalrni•nt At 15eptember 2023 Depreclation char8ed In the year 20,874 24,484 5,941 45,358 5,941 At 31 Au8U5t 2024 20.874 30,425 51,299 Carryln8 amount At 31 Au8u5t 2024 14,691 14,691 At 31 Au8USt 2023 17,116 17,116 10 D•btoYs 2024 2023 Amounts tslllni due wlthln on• yqar. Prepayments and accrued Income 22,091 23,107 11 Cradltors.. amounts fallin¥ due wlthln on• year 2024 2023 Other taxation and social securlty Trade creditor5 Other creditors Accrua15 and deferred income 20,821 3,460 11,531 13.214 1,971 1,706 15,921 49.026 19.598 -22-
Ln l i!
INSTrriffE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAi STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 13 Unrestricted funds The unrestrlctecl funds of the charity compr15e thè unèxpended balances of donations and grants which are not subject to specifi'c CondIonS by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestrScted funds by the trustees for speciflc purposes. IncomlnB resour¢•s Resources •xpertded Transfer5 At 31 August 2024 ptember 2023 General fund5 581,417 1,523,052 11,331,8181 17731 771,878 Prevk+us perlod: Ati September 2022 Incomln8 resources Rèsources expend•d Tr*nsfers At 31 AuBust 2023 General fund5 287,979 1.700,OCK) 11,406.5621 581,417 14 Analysls of net a$5ets tset•n funds Unrestrlcted funds 2024 Restflcted funds 2024 Totsl 2024 At 31 Auiust 2024: Intanglble fixed assets Tanglble assets Current assetsllllabllits'esl 3,892 14,691 753,295 3,892 14,691 754,080 785 771,878 785 772,663 Unrestrl¢ted fvnds 2023 Restrlcted lunds 2023 Total 2023 At 31 Au8USt 2023: Intangible fixed assets Tangible asset5 Current a55etsllliablllOesl 7,671 17,116 556,630 7,671 17,116 564,677 8,047 581,417 8.047 589.464 -24-
IfrISTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 AUGUSf2024 15 Related party Iransattlohs The Charitable Company recelved donatfon Income during the perlod amount6n8 ro £1.520,OCK) from the 8attcoek Charitable Trust12023 - £1,700,000). The Battcock Charitsble Trust is a related party by virtue of Humphrey BattcDck being a trustee of the Trust. No amount5 were due to the Charbtable Company at the year end. 16 Cash 8•n¢ratèd from operatlons 2024 2023 Surplus for the year 183,199 295,108 Adjustmènts for.. (Galnllloss on dlsposal of Intanglble assets Depreciadon and impairment of tangible flxed assets 1,391 14,190 9,720 Movement5 in workinB Capltal.. Decrease/lincreasel in debtors Increa5e/lde¢rÈasèl In credltors 1.016 29,428 115.4881 132,3931 Cash gen•r•led from t)peratlons 223,363 262,808 2023 was a 17 month perlod 2024 was a 12 month perlod -25.