Chotlty rngl•htk)n rMMib•r 1180718 (England and Walè•l Company rng18tr411on Thonber 11263261 INSTITUTE FOR THE FUTURE OF WORK (IFOW ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
INSTITUTE FOR THE FUTURE OF WORK (IFOW) LEGAL AND ADMINISTRATIVE INFORMATION Tru¥toè Sir C Plssarld•s IPr8vkAJs C& Chsir) DrA knafidon IA8E M E Dalton S Khareghg {AppnIed 14 Decen*er 20231 G J Nuttall 08E D B¥ron• Soar•8 Dr S Bjack (4Dwnt•d 14 DeCr 20231 NW Cwmer CBE FREng Chair) Prof G Neff (Arpoinled 14 0e¢ernber 20231 Clwrtty numbor 1180718 Cornpny nwhbor 11263281 Prfnclp#l addrnBs Sorset Hous• LorthJon WaR 1LA Fwdfjsh Riverbank I$0 2 SvAn Lan8 Loftdon EC4R 3TT Indepond•rtt •xwnin•r Rogers Spenor Newst•ad House Pdh8m Road Notb'ngham NGS1AP Bankers Metro 88nk PLC 1 SouthanW Holbom LoTrJ¢n WC1B SHA
INSTITUTE FOR THE FUTURE OF WORK {IFOW) CONTENTS Pag• TW$te, Independent exanlnerfs report 12 Statemerf offmndRI 8th11•s 13 BalBnc4 8lwet 14 Statemth ofca8h lknv 13 Nole8 tothe fcIal $tstmnl8 16-28
INSTITUTE FOR THE FUTURE OF WORK (IFOW) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The Tru#l895 wosentlhelr annual roptyt and ftnanc481 slalw?ts forthe yoai ended 31 Augus¢ 21Xk4. The fm8n¢ial ¥talements have bfren prepar¢d In arLOrdan the actovnthg pollde8 sel out kn nots I to tha financi81 st•tsments and Goiiw wl¢h the cariVs memor8ndum and artkn$ of assodgtson IOrpCrted 19 March 2018 83 Snded by ¢ertffic•te of inc0Tra1b on change ol nArNJ dat•d 30 W 2018. tm Companie5 Act 2CpJ6 and'Acrxunting and Ropong ty Chariles.. state1 of Remmanded Prac11 8ppllc&skn to chorfUès prapaAng tholr a¢nts In 8CCOTdance wAlh the Fina181 Repoing appScab In the UK aThJ Repthlc of Iffland IFRS 1021 letse 1 January 20191". QbJ•cllvoB and a¢tlvltles The Instth f¢w th¢ Fulure ol Kbrk IIFOW is an kndep8nd•nl thailt4 Irust ¥th a mlsslon lo shw a fokr fulure through belier wort. goal is a good Bodety in whic everyo flourfsh through tNs te¢hookgic41 revolution, an¢J c[ belief 18 that ¢reatifig and sustainirtg work is the best way to aehleve thls. 80 that Innovalhjn 8nd SC#1 good 8dvaw logetrr. The thrftabk obied8 ofthe onIstiOn, 8$ t oui In the artkles ol irwhxatlon. am as folh)ws: . To promots the educaibn of the around thanges to th¢ wrtd of tlar bth ncl exdusNt r¢9ard to the hrg8cI oftechrjology on work and 60•. . To pTrvenl QT yee¥e poverty kn tho ¢ontèxiolthe lryact oftechnology or and so¢bty. th Parlar Lmjt exdu8ive gard to those In nued by rea80Tr ofyouth. 8g8. I1•th. dsability, ffft8nd91 hardsh or othEr disadvantagè. To advanc any $u¢h ¢>ther ¢h8ritable purpo8e5 as the truslees In thelr absolute dISt7eOn detemlne ty. In p8rt¢cular, but Th)t Kd1Ve.. il Resè8rth and poty development lil Ihe deveWnRTht and lesong of new aTh improved vmys ofworklng and SUF4)Ortfrf th IMI r[rtio5 cffl knwovlng all aspects of[, and iv} In addition, Ihe Df Trustees re80fved that Ihe orJMtb$ of th• Charfty de". hvrk lo wryrKle tho dvanCnI of hur(n rights. cJnfiiLS rexlulbjn w reconClOn or the of 1¢$ ff rncial hamitjy equBIty and dNersty. Not&bte Developrnents FollovAng th•AI Safety Sumrnll In November 2023. there have been skJnlficant dev¢k)pments in the UK di5D)ur5e about Al - especialty generaiwe Al - and rt5 Irrya(as upon work. ThL8 also saw the establ5hTrt of the Al Safety Insthui& (now, al lh¢ tlme of vthdng. th$ A S8oJrity Instttut¢l. whk4h IFOW ho8 been devebping CODrOn$ wlth. Thè ¢onlnuiNJ energy 4tt0s9 govÉmftn( lThJLtslry and thè média around Al h8s requlred u$ to foc¥5 much ofour research on labcmjr mathet impacts, 'good tI[, and llbeg ¢)n thi5 new technobgy Is w)tBra(aing w#h 1hese dJThnsloTrs. Th13 has been wtkularfy rnarked In the reseor¢h dlreclfiDft of t1 Pi588rtdes Reviw. whlch )nlinued to de¥Elop strongtythls year saw major and narrknth8prt wblKathin$ aLYoss s our TrPOfL Ihwtr hxs bg8n a GèMr81 EetIt mgrkad f8ffje In the UK pofitsol L8ndsca. Although ctsmni# towwds the end of Ihls repr perlod Iwth the new go¥rnnl conlng in and Ihen the sumrngr 1•Mntary follthslng soon after> Ihe run up to th elo¢th reshaped our IntwaLlkns wmh È8tnMn8tsr 88 extsttng wiqiknshlps - whether Ih06e In pMr in the yewous dnuNStratn, OT oppositn - louk oft new fac4ts. Inyortanlly. thL8 ho8 coinraded Mih NI8s •Tound Ihe of Pa Parfk?mentsry Groups IAPPGsl, %thlch led - followlng e very busy over Ihls 2023124 - to a need to nsider howwe WOLld re81(gn IFOW8 WO kn thi5 area as we headed to t ofthis reF<>rting perfc•J. Our Sirotegy- ouulned kn great8r detail in the last has helped us lo focus ow woth across governan, sod¢ty oftd industry as we segkto fulm our mls81on of heln9 to bulkj a f81reTtre of better %?.
INSTITUTE FOR THE FUTURE OF WORK (IFOW> TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED FOR THE YEAR ENDED 31 AUGUST2024 A¢J0¥8 ihls woth, we cOne to have ¥x grthJp¥ of key 8taktrhc4der5 th w• Imeiaci with across our the$ of 'Changlng IAI)rt'. Ehrfllng P(r., and 'Prtorf14slnB PeOe,. Government Iprpjriiising and creallrJ good work Regul8torn l¥leering and inteenIng to wolecl good wort) Induwry Idevebping 8TrJ modelling good workl Inv8Stty3 Ipriorilislng and requirfng ggod workl A¢8demi8 (Se8Tln9 the irnpacts of tecnolow on good wrykl Civrf sOty l¢NJaging and infornyng good work) Ifows wort be grouped under each ol I68 three th$rns. and actlvfties •f• règulaty iovwed to ertsure Ihpt they furthew the alm$ ¥nd oty"ectives of Ihè org#nis#Don. The IFOW èxetutiye learn meÈt$ regu18rty to rellect on, refine and rÈfCKMdIÈ challenges that we seek to address. The IFOW Board poys due rvgarij to gan Issued by Chaflty Comisskjn in deciding what Klivibes Ihe carily shoukl undertake, and regulaty rewthvs IFOWS WO to ensu it fetsc$ Ihe Chaity comm$$.3 9uidar(e QD pubFc benèffil. A¢hlevem•nts and perft)mwnce Summ Running f¥om Septenkn 2023 to Augusl 2024. 2023r2024 FinanGial Year was a perfj of cons01ida1 and developm•nt for IFOW. wllh signrant new staff posts added and th6 reOrganaikn of rc4es within the tearn thai these requlfed. NDtsbly, we emptyed Oknr Nash IDSIT l Googl•l gs He8¢6 of Othlopmènt, and Jo maj11 IUKRII as Head of Partr)erShs. We al¥0 brt tyi Mia Leslie from Ihe Publie Pro lo our work Al Govemance an¢J workphce Irryjacts olAI. g1s0 added mNe copadty In Communti Zants Nkutr¢ne )InlThJ as C¢Jmms A680date. Sr9nifKant develcymwts a¢ross ¢M Wofk Induded.. Major bIonI from the Pi¥¥8rides Review into the FUre and V4tlWng, funded by a ei.8m grant from th8 Nuffield Foundalon. whkh anyèil coverage In the rt?l Pres$ aThJ us to deepen er$ageNn¢ and wlentiol for IrY¥)8¢18cw¥8 our atskeholdw groups Hosting and ojrating ol the UK'S Al Fthgè Summm lull- confererKe on the FLrhwè of WNk. buirt wound the Ihenx of pood t)rk. wllch ¢onbitr1ed towanls putting W wllhln tt Responsble Al •fida acrojs gmrnment deparfrnents. Our porbarnrtarywork. four sessions of Ihe All Paty P8rflon18ry Gmvp on the Fulure of Worl of which IFOW g¢As 8$ Se¢rri8l •rKI Strategi¢ RarCh Partner. Packed Inio 4 year Iruneated by the Ekdk)n (where APPG6 are dknsofved Immedlatsty thal lh¢ eleclknn 18 annountsd. and crmjkl onty be reujnstituted onc• partlanwnt had been recoTrvenedl, Ihe5e wer• extreety ¥vell allgnded. and Saw rooms 118ten to delalkd deb8le8 by major exFerts on wort and wd1bvg. the UK'S oducbvity puzzle. and fthiTrkvel engagement ofwuker's vokes. We suec¢¥sfvlly drafted suppcthd labkng ofa nunthr ofwobkng amendments in key area$wlth crosswty $UPFryI The launch of our ReSn$5b Al Sandbox and Regulator Plus Forum. vthlth fonn pat of delIVIng our 9tr8tegy io 0p8r8tkjna8e *JUT research to help both and wulaiors wlh the de0Yrent of Al and lgortthmte techne40g8 in ways that SUFPOrt good lobs. This has allowed us to èxlend our WDrk to $upportlhg rogulators and related partnershlp$, as YRII as Surf r4 insighls. Tho dtrvelopmènt and sharirwJ ol practkal resources aTrd twls, frjr èxarrpk, lOn 9uhJes on a$$essin9AI lryact8. Partnershlp on a mar)T BRAID 18rklgin9 Responslbl• Al DdesI project on Iho imp&1 of Al on the UK Crealive Indusfrfe¥, wothSng the Turkng Institthe. Oueen Mary University Lond¢)n, and the LlnN¢rsity of the Awls, London. This saw ¥Ycrtshops and prfmary reg8arch Its better how generalvg tools are Snyactin9 Worters in thi8 very $gnrftant $edorfu UK PLC.
INSTITUTE FOR THE FUTURE OF WORK (IFOW) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORD (CONTINLIED) FOR THE YEAR ENDED 37 AUGUST 2024 Fdbjwng the annountxrrth ofthe Inaugural Al S•lsty at Blet¢hhy Pgth to run In Nmrnhr 2023. IFOWvdS conc•med at Ihe lack offo¢LAS on worwace Impacts. Tbks prompted u¥ to organlse- at pace- A major plllar of the Al FriNJ• Sum1, Meling th8 FuluTr , at WaNlck 8uskness scho.5 ¢oThference suite in The Shard. Thls wa$ a huge surxes6, wlth èxpert panèl$ of a¢ademlcs and Inthstry18ads being jowied by those who were on the frmt Ilne of experknong imparls to discus8 how Ai 18 eurmtty changlng worf(. v4hat rgulation Is needed to 'mak8 the fulure and sector focus sesdons dolrKJ de6p dl¥es Into heallh and Ihe ¢realNe kndustrte$. Th1$ fed Intrj a makn se55ion at Ihe hJ Fnnge Sumryit at thtt Brib$h Lilary, ond $Ig media attenuon aTtyJnd th¢ WOTkthal IFOWwas dokng. In ScuanCe IFOWS tharftablè obj•clTrMs, al arch reports and events (%there Fossibl8} 8re rn8de publlcty avAdable vla ihe IFOW webglte. IFOW undertake$ poky engagemèni and advow wtyk Ihat fvrther its charit4bb object8. StrlGIty adriNd lo leAn1 regutOry guld8nce from the Ch8rfty Comml8slon on the aetfvi1Ses of chaiiteble Ihink IAnkB, and on c4nyaLqnlng and pofiiul ¥dAiity. IFOW 1$ dOnI of any po1C01 porty. and Ihe organisatim rs carefirf to en8w Ihal engagemeni with polillc81 aLJrs remains bala(d au088 Fdtical The k)IIov4ing d•tall8 the of Ihe IFOW th• l?51 finjncknl Yr. wrfhin the slnpaur¢ of the three co IFOWthemes'. Therne: ch ni IFOW has t>)nlknuad wts wlh MP¥ and olher key slakthkjers to ensure thai VANk (In parttojlar, access to good qUty lobs) Is a central Part ol d15cowse, especaalty In the fftng context olAI and autOrn8tioD thelrlmp8cts cffl Vért and exp•¢# ofiL r Al-Pa Pa APPG on the F ct¥rtinued to build h6 repuiab.on a8 a key parfiamentsry hub. The Futurt of Kbrk Rev that Ctrchair Matt MP had infumed Piime Minislef Sunak he would undert•k8 through Ihe APPG coukl not be vhfjiten up or fom• coffrf)lètod duè to th? General EI¢ciwJn. However, four very strong se8skni8. wllh key pollw weas Identmed Bnd frarwd. wete ctmpleted through . Frcp) the Summit to the RoBdAh&ad, looked at the Implcalksns ofth8 Al Sofoty &trmrnit and saw our C Chalr, Lor(l thKJhl, ioinad by Tennlson <Conn8rtsd ty Dalal, Chlo8 Smth MP (Fowmer Sei¥etary ol State, Department for Sclence. Innovallon oThJ Terndwl. Nimn¥ Patel (techUKI. Matt D4¥S (Ma Lovelace In8tibJtel and Rath81 CoklirJJtt CE (PronsNT1oub1&l . Lrstènfftg to th• vcvt¥s d wort•rn. look8d to ?xpkn• what the re9tory, govemance aTrJ besl fr8rnerJrks coukl lts)k Nke to make sur8 that the vol9 of wortern art heard, based on the survey of 50CQ UK workers ¢dUCted as W ththe Hssarldes Review. . Tedpndo9y wortprs. welthKw saw Nancy <W)at Wt¢k5 1AèU Centre for We1kngI, Proftssor Jolene Skordis {Di•¢tor of UCLS C for Global Health Econornksl. Prolessoi Francks Gre IProf¢5wr of and Educ8tion Econoe$ 8t UCL'S Instrtute of Educationl. Professor Helen Bevan. (Professor of Praclice for Heatth and Sc¢ial ca see knprovement at Try1ck Busln6$5 s¢101) and 88 Burchell (Professor In the Soctal Sckgnces. University of ¢8mbridgel debate the wdlb&Tha Irryatts of new th)54Jae lechnologle4 ffiformed ty rk publtshBd from the Ptss8Yidgs ReI8w. . Addren9 the UK$ prCJUptsZzlÈ. Conside the Com¢¥ que8tioTr of UK PTrxtiKtMty. what should done to inwove it. Anno Th)mas, Fs)uTrJing Co-Thrector of IFOW was Ic4ned by IFOWS ern0MS ld, Dr Bertha Rohenkohl, Anna Leach ID8wty Chlef Econom1 at Ihe CBII. Profew SSmon Deakin IPrthssor of Law at C8mbri&3è UnNÉrsityl, Profe880r Phlllp m¢cn (Chair of Urban and Reoal EcononKs 8t 1¢¢ Manchestgr Busi1% and Dr Daniel sus5[1 ISènEor Re8•)r¢h Associate 91 the Inslilute Ethlcs In Al at Oxford Unlverslly.) IFOW has akno &Ylaborated on events BrKI ¢[nCeS led by partner$ others. indudlng the Al and conference hosted by thè Ox&)rd Intemel lThstitthe In Septemir 2023. thp first UK&$& MIT Tech nIefr¢0. Speaking •¢ panels during paty conferences through the autumn 012023, Ihp major H¢alth and Wellbn9 Conferen¢e In March 2024, workshops held in lIatrath0n wth DIGIT Digital Fulures of WO Resoart Centrg. presenthy ot London Teth Week, C(4nwBII Chambar of ComThvc• and lortechUK alrj olhers.
INSTITUTE FOR THE FUTURE OF WORK IIFOW) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR ThTE YEAR ENDED 31 AUGUST2024 7h8 Good W IAonl In Apftl 2024, IFOWwbllshed the Ihiid annual u dale of the Go¢JJ Kbrk Montlor , the Irst hotTs¢ ?Vre of the avallabllty of g¢)d In tach Ixal aulhcrity area ol Enghnd outstde London. Tht& 2024 blreaticffi bui on prior editft$. ttsing an anaty$i$ of Irends In access to good work o¥¢r a Ihtsteenar Ferlod. Thls m6asure 1$ across six dIMerS- unemrloyment rate. fotee pathIon. pgrc•n18ge of peoplts in 'fwtine' wrk. pwtntsge of peopkn in pmfesxhinal or nrfal or%upgtkJns. medlan Y aTrJ perc•n¢age ol people worknng 8atnfafAory ~ an(1 Is belng used by rngk)ng1 bad8r8. In c4n$ultslbn vrtth IFOW. lo local fiAvre ol work polloes. For exan4>kn, a detailed local •n8tyst8 provlded kn Essex C(Wnty Coundl and Cornwall Chanknrol Commerce a$ they 80ught to uThJ•tsland the I1 prforftie6 ihai need8d to pul In place lo Irr$Se the anMni of Good In area. The of w1b1Ort ha$ been hlghlh3hled by AdIng regknnal érK)M1$ts lkn Profe5scrf Phrfip Mccann ofAlliance Manche3ter 8uslness School. This new edllon of the Thne Series highlyms thai IAu11ty ift att8$8 10 g)od wth btheen Local AulhorfJes- @s well bet%%ten naffions, regions and Wnhin LwJon- wklening. The poor mot41ty betsveen gocl work thnets, and 'stragg' is compounded by wldeftlNJ gaps Ijen these gTC4lPS. Thty wdenjng fv)hls lor regional Ibnal levels, 8nLI across Londons boroughs. li ako showad that nOyMr's l•rade.kng po$llN• ¢offdaion vrith pay ha¥lTrJ deupIed durlng thè pander& De$Me infiattenory pre88ures baginnlng to hll reaktomi Wa ri685 In 2022, th15 ethuon ofthe Tmes series shows thst the up1119 betren errwoymnt levels 8TrJ rnedian pay ha8 been restored. Thos offered assurance for poowmaktts that the Iradltional, ¢Mnomlc wsdom that pay in¢r¢/ adveTsety affecl In¢ffjase$ In ernpknyrynt is nol surwrted by these dats. Our over Ume our beJl8f thal Good Shoukl become a ond oveTarthlng WIGY obl8CtNo. It also poinls tuwd8 L91 authM1kn8, maYC end COnkned 811thtS tsung sirnilar chelNge$ bn9 enyjwered to develop gnd iwylt local Fulure ol WO strategies coveriro the dirnen8bn5 ofthe Good Monilor. This has been a focus for IFOW through thls rèwung ped(#J as we have made the case for good and the bnp)rtanc4 ofgoodjobs. We were en0X3@•4 lo see edent£ th•t ourwowk atto88 Ihbstrninster OD Ihis rosutted in spauk Labour manlf85tg commilment to go)d lots, u$ln9 language that hod wt in a preleclk)n submisslon. The PIss8rfd•s R8view Hafftg sre fvnthg from the Nuffiekl Ftyjndation in April 2021 to rKfflduca this thls ped fmm S8pt8mbor 2023 toAygusl 2024 ha6 seen sustain8d. maiorpulputs o¢rDs¥ ¥llwortstrg8Thts. Thè flrst of these •ored th8 UKwvJe lj[e oteChntcaI transknnavon, anatys1s of anglng 118 dem•)ds the geogr•phlc dlffwenttaL In cfder to vnderstand how new techr[01eS are dn90n9 and socw. rt Is tal to und&%tand where thL8 techr1094l trBn81om)aiitin Is 8ppening. Hver, the eVenCe on how iechc4ogl8s are b8ing eloped and adoplid in and across nlry has been spa. To t99 Ihls p, Ihe Dlsnrytlon Index IDI) was pUbShed In Apdl 2024. 8 1001 des19rd to measure the cwctty of regton¥ to In new tethndogle8 and Ihe fa¢orn thot •ftable to dopt and inte9rats new t8thnobgS. Led ty IFOW Prncip81 E¢Momkit Dr Bertha Rohenkohl, •J¥J •mgokng dale from a knidè TaTrye of publlc and prNate sources, the DI p•$ 8 deep dfv8 into Ihe prlmary compJn?nts of ted)nologiral transfomwoon, our adinw for K 8nd thè vhdè4anging sodal and wellbeing consequencth of tL 11 provides an overyiew of the scale aTrJ trojeiaoriè$ of tèthftologhxl b¥nslom1atic 8c¥oss the counlry, In9 inrficators across Ihe lerhnol)gy fewth- fri)m Itrt. irfftaslwetfft and Ihe innOvatic eSYsteM to odur4tioTr. Support¢ng this was • accompanylrrfj Technlcal Report and Dashboard - alNing policyrn?kers lo •¥plore the dataset and trerKts al Itse IBvels. and acmss different dlmenslons of th• Indgx. tt was atso followed up an Inter8Ctfve. pol1ry-fod 8rtatysls of the implKaMs of tM"s work. hIgh1h10 the urgenl need for a rerwal of our regitinal iMOVtb)n ecosystem. 6cffjthln9 that has wovided a wtsl foundabtsn for th8 re8t of the work of the ReTpw. Thg olsw lThJ•x InleTacttve Report Ched as part th LOnth Tech tek in rrld- June at Imperi&l College's kHub cntre Irs Irte Cty. Th55 W86 otteNJed by a htyahsuallty •udknco of acaderrlcs, flrm I•r6 and pc41cyThkers. whh a ths¢u0n hosted by P¥of*ssor Slr Chr&topher Pissarfd•& Or Jonathan Clarke and Phl Smllh. lea(Is the D]glfal Sk11 co1.
INSTITUTE FOR THE FUTURE OF WORK {IFOW) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI (coKfiNUED) FOR THE YEAR ENDED 31 AUGUST 2024 Tlls work sow IFOW b&ng irtvled to Comwall In June lor an exlend&d (llscJJsslon wilh their Chamter of CoMr¢ and Ftrtures of Work group •trfftJul the ImpWc4lton$ of the DI dalg for Comwall and Ihe l$le$ of Solty. and I1 dats Vhot &)n't bè irl8gr8ted into the nalbnal datsset as tt wasnl eenslstenty avail8tr4e acrnss all regh)nsl att¥r¢d Iho pKiIKg on t¢chnolo9lcal translomwbon. AIBO put4lshed In thls tAth¥tre¥rn durkng Ihi$ ryrting perfo(1 were major new analysgs of ¢haryJkn9 sktls demand$ •cross th8 UK. This began wtth Leanlng to Grtw. HI to Situate a SklL8 Strategy In an Et4Jnomlc Strategy. wa8 publlshed with Ihe CenT• lor Etonornk Perf(¥mance. Then, uslng onllne ¢Jots from Adzuna 8boul ol nlllknrf6 of job ads. the Olj Skills New s$ repM w8s puIshed In Febwary. A8 Prof98s0r Stettsn Machln, Dlredor of the Certfe for Econorrlc Perforrnan¢o. noled, 'Ihis anatysts is uudal lor oryone Invow in shaping tho educallon and trnlnlng prow95 Ihat be tnI•l to 15, llnr$ atxl the UK ben&ffl and ihrlve i) Ilmes of c4mtlnuts kamln9 and skllls deVekJpt.' Thi8 novel an8ly$l8 8urfaeed rtch ffindlngs eround the chafi.ng skilts WJr8 acmss the UK. It shwd how IT skrfls ore radty emergfflg and then bÈ(x)nNno obsolele, IheTE Is a huge d6ffwenc In p¥ and Trdx of ski15 ¢harvJe acr08S CWJP8t1S. oTrJ htx¥ the lrnponancè of InterPeOnal skills cknnllnLES to endwe, wilh skits mrie¥ on the iwease. In Jurw. fhl$ woth wa8 further enrthed ty t pubficolon of a brand clusterin9 anatysls in Pattem$ of OcrJJr•nt Sk(Ils in UK Job AdYs. ThIB work 81I)wed fo¥ OnyS of the cTror#xJThenrA of sldlls that go beyond ¢yp8rt categorfsation alone. hkJNighlir¥J ranges of skills thal arn bèing d¢manded ov•r tim#, 8nd the ways In vthic in(JvAdual skais arxl caustets of $kilb are connectsd across the gkills n¢fv4Vk. In Septembw 2023, publleation kn the 8erKgnd wortstrM of thè Revlew - IopJ83 on fflnns - began a king P9p8r Brlefsng by Protss6 James Hèyton on thg Adoption of Al and Aulon7atlon In UK Flrrr6 and the Conseqy9nre¥ for Jobs- ba88d OD a surffj of 1000 UK fim. Th1# d¢lNered nlor fwHfing3 on howfwrn4P dopllon of lethnolraies can lead to bèit8r b6 al sklL8. and ga¥• a sdK1 r¥58ar¢h basi$ to 5UPPJrt htgh- InvolvennI HR philosopNes, Athich supwrt dIMenOn$ ofour GO[ IAINk Charter. Th1518uneh was supportèd by mgdLq coverage from The Guardlan, whk vKote a fidl coveisng Ihe rep)Ifs findings and InteNewed Prfes8or James Hayton for it. The eThY of Ihls rgFrfJrtJ'no saw the second major oulput from llFis wcrktham, wilh thè put41caln of Ihe Case SbJdl65 r•wL Th15 ftyjnd that worker6 are onty rarety loslng th811 $ to automaikn - but Ihat nattjre of Ihelr wuk ts Channg signtanty, wth dfv8rgtnt impacts on dmferenl )ple in dthrent roles. Moreovw. one worker beglns using a new techrW. the impgc15 on adjacent w0er$ t profound- bth ar8 nQt aw$ constdered. Through Irfrdepth intèNitrs vith thtts• vthin9 awss surgery, polidry, manufataurkig. markgting. charitse8. and agricutture. it added to k1ge on how to prtrafftss adttiort In ways that supwt inn)¥a0Th. vthile 5UStaining hi9hquaAty job8. shi115, and worters, YrIb91n9. Tlws ¢oTe theme of wellbeiTrJ i¥ al kn he of Ihe IIN'Td w08trearn of the Rev18w, and Ihfs r8portkng perlod saw gnlficant PLblcations. basad on anètyses of a suNèy of Sc0 UK èrnpW. 6erle6 01 focus gmups. The flrsl publlcalon - led ty IFOW8 Prfnewl sodologt. Dr fvtsgdalena Soffla, èxarnined the extent to vkn erathns wrth wplaco tethnoljgles were ImpaclÈr#J ¥wrk8rs' quallty of life. Thls was a groundbre9 new 8tudy, 6mptylng lorthe Ikst the rnost wldety accepted. lttlmen$10naI mwure of heaMh4elat8d qualty ol fe and wellbeing, Euroaol EQ-SD4L. In the past, cants of wellbeing had lended to be p)orty ncePtUar190(l. sumng In. for examp. gBn•ral findings about 'strés8' 'bunpJut bul kn$¥aht knto thg ¢gUStr8 Qf consequerres of Ihal 81ffjsg. hdl0911y, rrnst past Btudles had tAken a Very narr¢W vl&¥ of leKhnolw types. maknng it ¢Jiffwll to dentngle these Ilnks. ThL8 work addressed boih of those w•aknp88es. Findlngs wgre slgnikant. artd ineludod Ihal slgnSfKanl variaucffl In enytye88' qualty of was cvThelated ¢0 inpna¥ed le¥o19 of exFQ5ure to dIffenI tschnolow.. of Ib w86 ¢orTslated wth frequry ol iTrtera¢tlon wlth n•r wp1aCe lechnokng188 suth a5 wearnNas. rethtlcs, and ML 501tswe and - Importantty, and supporlkvJ 47rk ¢kJne In the $uNey- that peed 9h1$ at work. and HR phlloBophs had a poSite ts)rrelan Mth qu81ty ol Ime. This was follu•n¢J by lurther anatyslB that extended Ihls to ¢>)ver ideas ofjob 9uala¥. These Olltputs werè eoverwj slfiCnt in the press, vilh a main arbde in The I)Jarthan Ihen belng up by other oullets. and genoraltng sl9nlfkant aiientK)n onllne, Includ9 Inlbjentlat ¢onvnentato Thg T¢pulatloTr ofthe grwi over thli lrnè, wNh mJotir¥Js to d18CUU t1 work requested by the Oyrtmènl for Educadon. the Department for Wuk and Perflons and Ihe C&Wnel Offi. These precipitated fruithjl dts¢JJsslons around thè Inv1tr"On8 of the work for ptt¢llc 11¢y. Media iThtervith¥s wère also g8neTated. with Dr Magdon8 Soffia wakmg aul ts Revlvw on ABC in Australia in M¥y 2024. and Kesl•r on rtN Bu1)esS in June.
INSTITUTE FOR ThE FUTURE OF WORK
(IFOW)
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED)
FOR THE YEAR ENDED 31 AUGUST2024
Th•m•: Shlftlng pT
IFOW8 strateg1¢ mmitmen1 to shllbn9 power centres on wort lo strengtn acu)UAtsbllity and safeguard gcthj
Ihrough transition. We look to deveh)p slandardg and regul8llJn th81 proled good wc4k. work for n
kntherety good automatton Is pronJ)led thmugh govemarKe of re$pLm$kn Al. and to increas•
parti¢JpatSon among ow stakelKilders lo help u8 delrIhIl.
In•th bTieltn95 on good wjrk Ere dr¢ole(l to 811 parllam8nl8ry TrIdateS In the sun1 2024
edon8
Letters b) 811 naw ministers, othllnlr¥J Ihek ¢ro$s
INSTITUTE FOR THE FUTURE OF WORK (IFOW) TrUSTEES' REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Crealed wlth fvndlng fr(n th Alex Feny Fwnd8tlDn. the GWAIA mefvdolbtyy was tr8Dsfgted Inlo hyo fvrther outpul& Good A[gOM1C Imp8dAssessrntnl.' g Partnersthp ApprooGh ¢)ffers comwehènsive guidance that l&ys out the legal underpknnkng for and how it can utsd In edlecte t8fgalnkng. This was written fdltyvlng a workshop aThJ CouMation wtth Ihe Al Wothing GffJUP and torne1n of the TUC Task FoTce on Al Bln. The guk1grbct hh1)hts the GWA can be Integraied Into ¢wll8dve barga1n9, technology agretmenls. aT%I lth other type8 cl rf8k 8SBwMI to help untona gel Invod, onllclpate. act and monitoT Ihe n>)¥t slgntfic4n¢ effects of W 81 ¥Jrk. In parallel to this. a slnylified Guide for Ropmn1alfv•s was odwed y1h fvndln9 fromthe TUC, •nd offered a 51gpby-step gulde lo UNdert8n9 8 GWAIA. Thome: Prforftlslng 0p Central lo IFOW$ rk is a c4)rrrfnAmenl lo tenO lo the ewS of those ebjsest to thg ty(As that we are exploring and trkkng swg that thelr experfenca 55 understood. The Good M3orrthmie Impaet Assessment process Is now Ing tterated 8cr08s drff8rnnt sectors, and ihl$ can be flone wilh <¥nren¢# as th& basls has been estgblished kn Ihfjs reportlno perlcJ with puMeaan$ acros$ woth5treams three Irom the Pl6sarpJes Rev. A6 noted in the last r•p)rt, th• Cap8bliksApprooth has become a 0wl9 1olthstc# ofwork In Ihe PI$sorfth5 Revlvw. Th offers a tens Ihough a Iwjs on hurrffjn-centrgd automabon can be uftdorstood. Th• anaS[S of the Survey of so UK yke[S. and 8ssoeWèd locus gmups, ho$ reinfoTced Ihis sinc the pubthtstion of Reframlrt9 Skills Explaineral Capa15 Llerature Revlw end ofthe last reporilng perfod. Orfglnalty 08 a trarnrk ts) a66ess howwell are +JeNeJoF4ng, IFOWha$ focused on applylng It to il questlon ol engagh)g a rTr)dem workforc in transltbn. one Ythe autcffiation has Ihe potential to erther augTrnt or dtrrtlnlsh peoplè's and ol tk. Recent nsearckn from drtlenI di$cipfiThes - CmI¢S, Mor90m8nt. P8ychob)gy, heollh 8NJ ojryutvr - h83 begun to alwJn around the lrnportan of shap¢ng auiomation to augmenl hurnan pabl•S 8nd affimi humBn agenw. Importanvy for ¢wr emphas& on priorlllsing peopl&'6 gxFerience in the ccfitBXt of sc¢Nechfft41 naturt of aut0rrtatn. the CapabiltyAppro81 hWJNKJhts the vasl pemiut0lk) offered ty autornaibn. and Our agenLy to choose whith of th&s& oro worlh pursulng. In more than one stsn5e, It remlnds us that Ihouhl be ?ble to 8hape Dtsr own fvtures. Thts In fresh perspedve on hty¥ we Val humyn skNL8. 8N161tes Ènd è4>etsnce. RefoeusiThJ on F•oF4e's potsnlial. thThces, and v8lu•s is one way ofoFening nvwcgnvernaions ab1vt we Yo and reward kn hwr•n acuvty. Th18 haB tégn ewnd8d re8•arth wtyk in Ihi8 repoitiro period, wrfh no[ aptslkjns of eopobifities to and sysfeTheyeI thinklng d•v•leyod. wthlch VAI sb3nlllcanty Influenc8 the shape of the Final R¢ of Ih? Plssaths Reww- s11 agenda n)re vldely- tn the n6xt repor¥ro perfod. The CREAATIFPrqort In September 2. IFOW (¥e8ted and hosted An event at Somernet Htyjse to l)etter uTrJerstan¢J the UK ¢tI¥0 hjustry was fig Inwded by generallve Al, and tho i86ue8 arwjnd Al govemance that We perbnent Thls allentsd ty mony from the Somer$et House uealve CDMmlHy. and helped Sw1a tha need lor spe(1 Itention to Ih65 parUgJJaT8eclor. TN8 1&1 lo our 0e•jerSp ol lh8 CREAATIF ICreaOrvJ RE8porriNe Al knd TethrH)109y-Iw•d Fuiuw) project. Ihe Injtlute, UAL, and Ou8•n Mary Universty Loft6)n. Thr6 convened an expert group- induding Professor Dawd Le$¢ from Turfng, Dr Aoffe K*)nk8 It1 QMUL, Dr Peaks Krnfft from UAL, Alex brovm. Manager of lh8 QM Centre lor croat Cdlaboratbn and Dr Kthk¢ from Turirg. are keen to noie In th15 report the out5t8nding 0)ntrutiOn thal Mike rnade lo thls proJed. and to th91d of Al govemance and pwath¥. Mike - an IFOW Rgsearth Fellow - died vw sudderdy In thts svmmr of 2024. He was an exCeonal ac8derrt Mln 4nd prathtioner, and ir$8pir8ts"onal friènd of IFOWwho Temain¥ much rr155ed.
INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORT) (ConNUED)
FOR THE YEAR ENDED 31 AUGUST2024
To galher researc for the project. Ihe CREMTIF learn convened threè rkshOpS, whh pawticipants gathrnd from
acf05s ing, translaloTh, VCe acling. tlatre, rnuc, de0 and fdm pro(kMAlon, dest9Th and anlmatron. ckne of
Ihese was onne, and thg other were In-por80n. The wo trE s4)pc¥l¢d by the Soc ofAuthors, I
Mu8Kns Unton, Equty. BECTU and the Creative DiversSty Neiwoth. Th8 proi8cI akn Voded • survey that wa
di8tntArted nationaly. Tr workshop5 re lhl lust tcwarts the end of thL8 fèporfw pè, but have 9ener¥ted-
along with the survey and researth rewew- output¥ hbduthng a rte Paperthal will be L8unched In 2025 8t high-
profi evants. The prd atso host. Fn ec4lab)ralion wllh Som¢rsel Hou$e. Ihe onty Gera1 El8c15on husting8
aimed specifitalty at ad
INSTITUTE FOR THE FUTURE OF WORK (IFOW) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Fin11 r•vl•w At the end of the reporting perfiod on 31" August 2024. IFOW rwnains a slable fin¢1 po5rtlor rgfècllTrJ wiJonl rnanagenI of fvnds ond a c)mmKmenilo ¢Je16Trg Its ¢h8rtt8blè obl8ctive6 effidenlty. TDtal Income foi the year •mount¢d to £977.733 12023.. £880.Cfj11, on hK¥ea6e of £97,672 compared to the prevK)u8 year. Ino)me wa5 derw from gran15 and donations. Total expenditure for the year was £1.C¢712o23.. £929.711), a decr•w 01£121.844 tr)ryad to th• yethus year. Al yeai-eTrd. the thArity he totsl reseNes of £419,937. Tlw arè unraS1 rèserves, providing lIetillfy for opbrational and $tiatsgi¢ needs. The th•dty's tolal •$$8 siood at £587,849 Indudkng cash. inve51ments, an6 tsnglbl& fld assets. Liobaiffje5. sIl- and lor-Mi obllg8llon8, totalled £174,613 resulling wi a r•t asset posrtl of £413,23e. IFOW has ¢y)nUnued w0th1 towards dev8kJplng a dlveTre ar¥J r4JStaln8bfe fundlng base. Thls has been $1gnhlcantty l)oosted ty the £1.3m Nuffjdd Foundation strat4ic gran( although a trfoad donor pool rwnalns an Imperafvè to ensure IFOWran fvnd the fiole strategy. Th? orgarrisalt¢n i¥ alw grntelul lor the $upM of Ofant funding from fru$t for lOn, open Sodety FourKlalkn. Joseph Rowntrée Charltable Tw8t and ICO. Further detsil on Ihe purpose of these $bfjCled funds can bè frlld in nDte 13 to the s)nts. I r8sts5ct•d fvnding L8 used sOty for 13 intended purpose. IFOW researth pmgfarnk$ ore IrKIoFendenl from all unreslrithed fvndthg th8 organlsalton face08. and cosen solety on thdrrelevance to IFOWS [on. The trustees salsW wth fin8n¢¥o1 heatth of the chan at the end ol the reportlng pertod. Stratsgic plannlng conllnues to ensurg sustainabS111 y. and efforts to diver5ty incornè streams a )gOing. Thè thartty rerrnins Welo$10ntrd to rne8t It8 oblectbves and reSpd to emerging chaInge$ In the ctxTrng yegr. The truslees conffirrn tw Ihey have conslderod the cadty'8 financJal poswon. r¢stsNg8, and rfsks ar boll•¥e thè (arty rem81ns g golng cthitsm for thè forè59&obie future. Pollty r8king knto conslderation the 9u1dance IBBued ty Chaflty Comths$h?n, th FK)Iy ofthe IFOWlrustees is to hDld suffirient funds in reseNe kn cover three nwith6 of IFOWS foteeasted total OFwo1ing expendilure. or 25% 01 toial annual planned op•rallng 0xporttyre. Thls dwsen lev81 of reserves wlll alkjw IFOW to meet lis Ilabglties in lh$ e¥enl of a reduclon In irKome, whlst erffjurlng th81 the majority of fvnds are dlrected lowards 8dv8nclng the charitable purp)ses of the trganlsation. Th1¥ reserves target wll r8m8in vnder review tythe Iw8lees throughout the yearand 7MII reeWed amually. IFOW ckJ58d lh• 202&24 finala1 hohjing r•8•$ of £420K 411 of IB uN•strkted. Trustees snsiderlhesé Tr¥e Ie1$ to be 8dequ8t8 to tynd the act1$ of the ¢hJrlty forthe knrèseÈ8ble futur•. Prfndpal rlsk4 and uncertalntlu and Jummiry ol plan¥ and gtrat•glg$ for maniglng th• rl8 IFOW k8 constsnly ¥irivin9 lo pttain a sat of diverst and long-tem incom• strearrn. Tho finance sutpcommfttee I¥e up of PresentativeS from both the 8Dard and $laff team) mee16 oncè every tsvo nvilhs to discuss this do$1, ty dJ$¢ty Inspeeung the fundlng pipeline, always belng aw8re ol the three mnlhs reserves Wky. IFOW ns bgth a risk rn9Ost8r and business eontinulty plan, both of which are revlewed ai Board Iwel FRr year- these document th¢ maSn Sk5 and planned rn(1198Jons tor several potentlal scenar5 Such •$ ftnantyal 8uJtsinAbilty. g0vem•n. keyyr80n rlsk and IT 8ecurity.
INSTITUTE FOR THE FUTURE OF WORK (IFOW) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Struthrnl gov•mafl¢e and m8nagoment IFOW Is a rx¥np8ry Ilnlted by guaraniee. Incorporaled on 19 Mar( 2018 and relstered as a chaty on 18 Novamber 2018. IFOW w?$ eslabllsheil under a merTr)Tandum ol as50dalion vthkh established I obj8cts and powers of the •rlt¥ble ccryany and Is govemed under Its artictes of 88sociation. IFOW$ thanged from The Fulure of brk on 30 May 2018, vthen IFOWw8s grnntod in5b.lute stolug. Al tnJ8tees give thrti vduntafily and welve no b•nefrts from th8 tharty. ThB Trust8es. tAIK> tre also the for IhB pwpose ofojmpwy I. ar %tho seNed duiwig the yrand up lo the dat• of81gn8ture ofthg finan1 stateTrts wwe.. Sw C Pbsarfd85 IPre¥ious Ctr Chatr) DrA Imamon MBE M T chvry MEDAtt S Khar¢ghanl G J Nuttall OBE D Bar0 Soares Or S Bla( NWCnmerCBE FREn9 (Acting Cl4lrl Prof G Neff IR•signed 6 Marth 20241 {inied 14 Oecwrt)er20231 IApOnbd 14 O¢c4rnber 20231 pwyntsd 14 Deeember20231 Appolntm•nt, R•moval and •Wno of Thot• Candi1ot¢$ for trustee sItiOnS are assessBd by Inent tru$tee$ and meet InfonDalty wth Se01 rnnagennL Reojmmènded candhlates are eort1ded by all inujnknnt trustees and are aPted by unanimous approv of all trustèes. whh no rlwxlmum Iln on Ihe number of tmstees thal can be apwnt&d. Corièspor¥Jin9ty, a trustee can be removed by a rescdulion pawd unanirnously by the otr tru5tee& All trustees are membars artd Diredors of th8 tharlty foi Comp8nles House pu5. IFOWs affair3 are nonnalty conducled underthe super¥islon and leadershwJ ol Its ¢o-DLI0[. Anna Thcinas and Dr Abl98il Gilbprt. Twstee webng8 ¥¢ hew qu8rtety. pnd 6taff mb[S are In freqlt rthnnwnlcats.on wAlh the trustses throughout Ihe year and rnainlain 8 ¢b$g rèlAtionshlp tegther. K¢y M9•M•nt Pern0nn•l The rnanagemenl of IFOW Is 18d ty CTrtXre¢t8 Am8 Thonw5 8ThJ Dr Atdo811 GllberL The Co&Directots ar¢ respon8&51g for dato• management R¢¥ponilrtv are deltyated ty the cDIreDT5 to Ihe rnawemeni Arrnngements for ttIng p•y •nd rgrnungratlon of key rnanaqom•nt perBonnel and any benthmarks rnm•t•r• or ¢ritsria u¥ed The salèries of 811 IFOW slaff bencthmed against equivent rese8¥ch OrganisanS and thinktanks in the Ihlrd sector. R8eruitm8nt is ¢arefvJlty mènaged tts tdkè benthm#Tklng irrto condration. as well as thg overau ldget to hand. An annual review proL¥55 i& in whi¢h links pethrnanc• and developnnt to any thaftges kn ¥tsff rÈmunerntion. Finali¥, IFOW has an irrtemal banding 8ysiem to ensure that all peop al the 8aTh 18v81 are paij fairty within each band. 10-
INSTITUTE FOR THE FUTURE OF WORK (IFOW) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORD (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Thi•lee Inductlon arKI Tralnlng As when Trustee$ •r¢ rec¥ulled. a fvll lTrauLlon Inio the carfty Is Flanned. Thls includes. bul Is not rnIted to, promding key pcldes ané procedure8 and trIlTrg onthe8e as aFale. Fund* hokl •• custodlan truot•O IFOW nor oftts INstg8s ore actlny as oJ$t(¥llBn twslees. The Trusl¢e8' port was approved by Board ofTfusle•s. NW Cltrmr CBE FREng chr) Date.. 11
INSTITUTE FOR THE FUTURE OF WORK (IFOWI INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSTITUTE FOR THE FUTURE OF WORK I report to th8 Tnjstses on my of the financial slatemort8 of Irljite for Iha frjlure of ¥h)rk (th8 ehjrityl forthe year ended 31 Augusl 2024. R•8ponblbllll•• •nd ba•1¥ of t•port As Ihe Thxtees of the ehority (and 0180 fts dreeicts th• puwposes ofcompany law), you ate respon) for ihe pr•par4tson of the ffinanc481 siai¢ment6 In accordanc4 the requnrnents ofthe compon Ac ZCrf)6. H8¥lng Sl$fd mysewthat the flnandal slatements oflhe cwty ale nol required to be 8vdited under Part 16 oflhg canS Ad 20Cfj and are dlglble for lrnlependent examinat. l tsport ITr rÈ8pect of my examin of lh¢ caW8 fknantial 3laleThnts cafrtod out und?r ¢tion 145 of thg Charftkn8 Ad 2011. In carrylng ovl 8x8minal I havè follo the Direction$ given by the CIHrty com45St0n vndw secllon 145{5)(bl of Ihe Ch4fitiesh£t 2011. Independ•n¢ •x4mln•fs stst•mnt Sknco Ihè ¢harltys gross exceeded £250.OW. the Independent exarnlner must be 8 merrkner of a boty ILsied In secfjon 145 of CrI)eS Act 2011. I r4)nfimi Ihat l am qualffi$d lo undertake the ex8minaDon bec4usfr l a member of the A8sockgbon gf Chartor•d Cerffi•d A¢[nt& 1( Is one ol the IJBled I h#¥0 ctsmF4otsd my exanwltition. I confirn that no mallows have (x)rre to my allenlth lft ¢onwrAlon knith ¢ywrninai#)n giv rng cause to bell•ve Ihat In gry materfal $ti acu)unting records w•rn not kgpl In respe¢l of the tharty ps requlred ty secllon 2B6 of Ihe Cornp8n A(4 2008. the ftnandal statenrts ¢Jo Th)t accord vAth those reg)rds'. the finandal stslements do ncl ¢orTyly wlth the accoJTrllng requorrnts of ¥cii(m 396 ofthe Companjes Ad 2006 olhor than •w requnffnI that the Ilnangal sts(ements g4ve a true and fair VIN, which 1$ not nwlter consh1ered as part of an Indep8ndènt 8xamination,' or the hn¥nci818latements have not been rmtpared in acMrdarKe wlth lh8 methods and prfnclples of the Stat8ment of Recornnwded PrncaKe for acv)unting and feporfng ty ehames 8ppltC4bf• lo rhant prewing tIr statements in aLnt vAlh Flnancial Reporung Slandard 9pp1rb1e In the UK and Rep11 cl IFRS 1021. I have no concems and have com& aLYOS6 no othor mthrs In C4)n10n th the examination to which attenyon shouk1 b8 drawn I Is rBport In order to en8 a proper ur¥JefStan<llng of Ihe financlal stalewerrts to be r9h8O. 8ley FCCADChA for aThJ on beh4fof Rer5 Sp2nter Charted Accomtsnts Nwtead Hous• Pelham Road ngham NG5 1AP 27/s12 12-
INSTITUTE FOR THE FUTURE OF WORK (IFOWI STATEMENT OF FINANCIAL ACTIVlnES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2024 Unresirfcled R•8trleted fund8 fvnds 2024 2024 Total Unrnslrfct•d Ro¥tsktsd lun funds 2023 2023 Totsl 2024 2023 Ine(xnè and ndovfft•nt8 from." CtJnaUon$ aThJ lagxies Other inccffle 88.199 37.SC¥) 852,034 940.233 37,SC<I 846.887 .687 33.374 33,374 T¢)141 Incom• 125,899 852.034 977,733 33,374 84e.687 880,081 ndl Reisiry fitnds 14.3SO 14.350 Chafftthe acthryli88 40,727 752.9 793.717 18,215 910,B96 929,111 Tolol •xpendlts• $5,077 752.990 808.087 18,61S 910,898 929.711 Net Incomlngl(oulgolngl 70,622 99,044 189.e86 14,$59 184,2091 (40.6} Gro transfer8 t¢b¥egn frjnds 199,044) Nèt In¢omo1(•xpendl[O) for theyearf N•t mov•mwrt In funds 169,666 1eg.e88 14,559 164209) {49.8801 Fund art•s at 1 September 2023 ,271 250271 235.712 64209 299,921 FuThl b#knnce• •t 31 Augu$t 2024 419,937 41937 29)271 250.271 The staiement offmaneial acbvth5 Ind all ga5 and108se8 recognlsed In th$ r. The stsknment offmandal acuvltles Indth all galns 8ThJ losses recognij In Ihe year. Incom8 End expenthiur¢ dprrwo IrDrn conbnuin9 JCIMI. Thts statement crf Mgnejal acllvtiw atso eomWie8 with the reqUirents IOT an and p¢aU[B accounl thiderth8 Compani85 2008. 13-
INSTITUTE FOR THE FUTURE OF WORK (IFOW) BALANCE SHEET ASAT 31 AUGUST 2024 2024 Fix•d a¥¥ets Tanble assets 12 6,701 5,106 Curnnt ua•ts 13 148,670 439.179 218,343 164,780 Cèsh 8t bank ar in hand 587,849 363,103 Crndtor¥: amounls f•lling due Thlthln OM year 14 1174.6131 (137,938) Net ¢umt 8g•ets 413.236 245.165 Total •Mets 1088 current Ilabllltl•8 419.937 250.271 Th• lund8 ofth? ctr•rlty UnR51rtted funds 418.937 250.271 419.937 250,271 The company 1$ ented lo thè tr¥ery1 from tt* audit reqUIrenI ¢>)ntained kn secTh 477 of ihe ConAll 20C6. forthe year ondgd 31 August 2024. The drtdors HckTrJwledge their respomibifrbes for o)nwtylng wllh the WrennIS of th• CoN4)ani•s Act 201 wlth rgspoct to a¢counthry records preparalknn of ffin8rKial statsrnenls. The mefttrr8 have not reqiiT&J the mpry to obtaln an Audrt of it8 flnanclal 6t81¢mS foflhe yr in quesoon arxordance wlth se(Ik)n 476. Thèse 1knan1 ststements have been prepared in wJrd8ncA ¥Wh the provllon8 8tvli¢able to r¥)mponio$ 3ublect to th8 Sm1 eornpanies rome. 2s/sJz The fina18[ statsm8nls were approvod by theTn on........................ Nwcliwner C8E FREng (Actkng CNr) Comparry roglstr8lbn nunknr 11263261 IEnBland and 10$) 14-
INSTITUTE FOR THE FUTURE OF WORK (IFOW) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 C4Bh flowB from op•rn a¢tS¥lti Cash g$nornled frorfabsubed by) 277,617 1137,1411 Invuung actlvFt1•8 Purehase otlar¥JUe fix•d ass•ts 13.1981 {1,8241 W•1 ca8h ua•d In Investing •ctNIUe (3.198} (1,6241 Net IncroagWld•¢r•a881 In and Cash •qulvalents 274,419 1138.765) Co¥h and cash owfvaknts 81 b4iMhB ofyear 164.7PAI 20325 Ca•h and cash •quivRlents It •nd of ygar 439,179 164.780 15-
INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountkng poll¢l•8 Chlrtty inlormlltlgn Institute lor the fijlurn Df wk IB a prhate cornparry limlled ty gutrnitee 1rrporttJ In Ewdland and es. Th8 regl8leTed off¢8 Is FldfiSher. Rlverbank House, 2 Swan Le, London, ECAR 3Th. 1.1 Accounling ¢onv•ntlon The finandal slaterrntS have been PTepwed In acxoTd8nck wlth the goveming docJJment. the Ccryanies Acl 20tN8 and 'Ae¢ounling Rewrthig by Charities.. St8teThEnl of Recomm&nd8d Pract8 aFpllcable to CrI¢ Preparing Ihelr account$ in 8¢u)rdanc¢ with the Fln8ndal Reportlng Standard appltcawe In th UK and Repu.¢ ol Ireland IFRS 1021 (effective 1 Janry 20191.. The eh8ty is a Pubr Benèfft Enttty as d&fined ty FRS 102. Th8 finandal stslemert8 are prepared in stsrfing. whith 1$ Ihe fiJnctiMal curnncy of th• tharty. Klonetsry amounts in these nanciBI 81at•m8nls are rwThJ•d tolh• ne?rest£. Th? fina181 $iaknT£nts have been prepwed under th8 hthrical thst cfjnverf. The prmcipal ac£ou iae8 8¢Jopted are $81 tyjt bebw. 1.2 Golng nCeM At the Ilme 0f0ppn9 fina71 ¥tptsnRnts. tho TNsts8s tta a wsonabl& exF•Ctation that thg has adeoue resour to conilnue In operalonal ex161ench fr>r IP forasèeabje fvtur6. ThuB fv Trusts conlrnug lo a¢S)pt the golNJ f))ncem bas15 of 8cciJuntkng In preparfng the fmnckql statemenls. 1.3 Charttabk fundj Unre3tri(ae¢J lunds are av8llatle for at the dls(¥8tsn of Iho Trustso$ In fjjrtherancè of thelr Larftabte objectives. Re8tritled frJnd$ are subkd to Sp6(i ndIOnS by donors or grarstors as to )w Ih¢y MBY be v8¢11. Th9 PUTPO8es an(J uses of the re4rtded funds are setoui in the notes to the finan¢&?1 ststements. 1A Ineorne Income is recOgsed vJh8n thè dwrity Is legal en1 to ft after any pertonr0n wndilTr?ns have teen m. ats be measvred rnlothty, and It16 probable that Ino)rn0 Y•lll be recknd. Cash don81itsn$ 8re recognised on pl O¢her donatlons are ra¢ognlsed c4Ke the (ar6ty has been notifd ol thè dOnon, unkn58 perlom)ance ndOn$ rgqulre deleffol of Ihe emunt. Irne tax reco¥erabkn reIlon lo dLMalons reeefved under Grf1 or deeds of cgvenant is recogni5e(181 the tirr¢ ol donalim. L?gac$ aro rewgnbsfjd on rn¢•iM ry Othese W Ihe ctsrity has been Mtird of an impending dlstdbulion, the arnount L8 known, and tt1pt L8 •xr*cted. If the arrKI1 is trm¥n, Ihe legw Is troat¢d as contlngenl ass•L 16-
INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A¢cotIng pDllei88 Iconllnuo 1A Expendltsrre Lknblliles are recognised Bs soon as Iher• Is a 1•901 or constru(aive rtJllgatkJn cwmlting the tharity lo the èxpendthro. Al eyndllwe Is acLOUt)tod for on a Gosh ba¥ls and has been das81 untler he8tlng8 thèt aogregate all the co8ts lated to the ¢8teg0ry. Cosf of rof4ng fjjnds ieLqte to Ih08e 8pedlk knujrred In organl$ing and 8t8ging kndraiging events and seetring voluntarycontr4bulknn$ togetherlth aMbLrtablo 6UFWt eosts. Charllable expenditure CA)mpii8es those ujsts IrUed by Ihe thaiity in Ihe ddfvery of Its a¢tivlis and 8ep4kè¥ for Sts bgnelc¥arfe5. M Inthdes bolh costs that ¢an be aLk)>ed diredty to such adlvltks ènd th0$8 Costs of 8Tr indlred naturè neGes6ary to 8UPPOrt Itrthi. Support in¢Jude r2nlral functbn$ 4nd h8v¢ been alocaled lo acaivlty cost eategories on a basil ConnI wlih the use ol rosource8. tsr examp. allocating pro¥rty co8t3 ty fioor w•as, or per capfta. slaff costs ty Ihe Iln spent¥nd tstr o)sis ty tt1[ uswae. GovemBne¢ costs 0)riW• those co asscK4aied vAth madng th• ox$fftulonal and slraiegK requerneTrts ofthe drity 8nd the audlt 4nd Inked to strateE4c managernentolv thority. 1.6 Tawlbt• fi a••et• TangIb fixèd a88ets are in6I81ty mèasured al $t and $ubwuenUy moosured al cost or valuatKin. nèt of depre¢iabon and any knpairnt It¥¥. Depredation i$ rnc4ni8ed 80 as tovrril8 off Ihe g)6t or valuaiTh of assets less lhr [dUal values over their Useful li¥85 Ihe following ba FLxtures and Computers 30 % Rgfluixng Bala¥ 30 % Redar Balarr Th• gakn or ID8¥ arising on the dlsposal of Dn osset Is detemiln8d 88 the drference beiw8n ihe sale p[weI and thè e3rryir4J value of the asset, and Is recognlsed In the ststemertof fin8TKAI aLl1¥its. 1.7 Impalm?¢nt of15x•d At oach rBPDrtkng end dale, th8 ¢harty re¥Jews the c¥rrylng araounts of fa tangIb &88ets to ¢knIein there ts atry indKatson that those as8et8 have sUffed an impairment loss. N any sud) IndKation e$ts, ths retsJver?bkn arTrwnt of th¥ 8$sttt Is esurnatsd In crfder to dstermine the extgnl of the lryalm*nt 1088 Of any). 1.8 Taya¢lon As a regLsteted thwity. the conyrry Is exwnpt Ir(rfn kncom& and ¢(Kpornllon to the extent that It5 IrKom? and g81ns are aPpld lo th8ri18blè puwpo66 1.9 Employee bgnofit6 Thg cost of any unused hollday enwllerronl IB In thg period th leh Ihe erTWoyèe'$ ser¥ic•s are Termlnotion benefits are re0)gnid inethetety as an expense when the charity 15 demn¥lraL4y cornnllted to terTh¥naie the employment of an wnployee orki &Yovide lernation bon8fils. 17-
INSTITUTE FOR THE FUTURE OF WORK (IFOW NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2024 Crftlc•l WtIng e#flmate• and ludg•m•nts In the appllrailjn of tha thori$ arxounting polK(es, the Tntstees are rwtred to make judgements, estimates Bnd assumptions bboul the carrying arTr)unt ol ass•is ond ablilw that arn not readily apparenl from other sour¢¢i. The ests"matss and 8sSOCAted as$uny¢bJrts ara basèd on hL8torfcal trxperfert? and other f8ciors that wnsidered to be relevarf. Actual result$ rnay drfferfrom these estir. Th8 gsllmates and underfykn9 assufWkJn5 are reWed on an ¢JwlrrfJ ba6L8. RevlBlons to aco)u esUmateB are recognlsed in Ihe pertod Sn vthich th8 estimhte is reiyed Wthe the ¥ton affecis onty that perfc•J, or In the PO0d of the revIon ond firture F¢rfods where ihe 510n affects t¥)th Qufrenl and ththire pec$.
INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS (COPINUED FOR THE YEAR ENDED 31 AUGUST 2024 Donatloni •nd leoaei•% Unre*trfcted R•strfeted lunds lund8 Totsl Restricted funds 2024 2024 2023 D1jnI and gms Gr8nts 88,1tr3 88.199 852,034 846.687 852.034 88,199 852,034 940,233 &46.e87 OonatlorA and glfts Palmns, Clr¢le Mernbers Other 34,199 34,199 88.109 88,199 Gr•nts r1¥9b1e lor ¢otg •¥0$ Twstfor London OF¢n Sockty Fwnthlion 57.500 57.SCO 8,123 47,614 B7.553 57.320 541.581 47.614 a?53 57,320 541.581 Brald Jos•ph Rowrthe Nuffidd 47.936 717.702 19.926 FrierKt$ Provident 60,466 852.034 852,034 846.687 19-
INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Olh•r In¢ome UN•eted unre1*d lur9 fijnds 2023 APPG Income Olher GroN Incom 16,SOO 16.874 37,600 37,$00 33.374 Ratslng fvnd• Unre8trfct•d Unre8trtaed lund8 2024 Fd[al$ing consultancy 14a50 14.350 -20-
INSTITUTE FOR THE FUTURE OF WORK {IFOW) NOTES TO THE FINANCIAL STATEIIIENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGusf2024 Char3tsts10 a¢tlvlt 2023 Staff cijsls D8prnu81ion 1 impahmert Rent Ral¢8 Meeting mom hlrè Re8earch ¢osts Stsbonery & nI[vd Travel & Subilsien SubsrAipthons Bank charges GenBral exF¢n$e8 Olher bgal 8 PTofessiting1 CoUlten In6UTgr Contgnl prOdU¢ 437.156 370,355 1.778 11,481 12.807 1.200 7.814 8,287 1.426 6.172 314 5.028 7,718 81.055 18.845 107.071 2.976 2.619 314 1.779 979 104,771 375 294,368 1.995 219,285 1.579 791.137 925.271 Share ofgov8manc8 StB note n 3,840 793.717 929.111 ATraly•ls by fund Unrestrthd Resttsted knds 40.727 752.990 18215 910.886 793.717 929.111 Gov•man¢• 2024 2023 )untsn¢y FM6 2.560 3,840 Govemance costs payrwrti to the indepeTrJent exarnIne of£2.58012023.' £2.400} for Ind¢pendent exattlrtation fees. 21-
INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Ngt movement tn funds 2024 2023 Tho net movThnI In [$ is statad after tharg1ngllrJedngl. F88s payable fe the independenl ex8rran0ts. olthe charitys finanLial Itsternents Depredation of owned t8ngth fixed assets 1,604 1,778 None of the Trust•es lor any persons oMnectEd wAth them) recdved Y revrr$bon or beneffts from the charity durfrrfJ the year. C P1558rides, one ofthe Tnsstees. was appolrted as a consuttant lorthg chwity £20,8W P023: £20.8001 in expenses for cLJnsu]IAncy seNk86 on the Nufftel& Pr¢l. 10 Employee¥ Th8 avwage WKJnlNy nwmber ofemptyee$ duthg the year w88.. 2024 Number 2023 Numb•r Employment co8ts 2024 2023 88 and salade8 S181 securfty (>)sts Oth•r panston co&ts 390,155 37,974 9,027 331.372 31,746 7.431 437.156 370,355 Romunerntion •nd kny monymgrht pernonnpl rwwneTrtlon of key MagenI PQTsonnel18 8$ Ic4k). Aggreaalo o)mpen$gtton 128,149 54.520 There we employe wtrK¥se annu81 remunerotion was £60.c or mo. 11 Taxatlon Thè eharty Is exernpt from tsxal•)n on its 8¢tivthes t4¢aU all its incon*15 Spd tr charitabk purpostt.
INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 T•ngllJl•flx•d 4¥0ts FIKIUM •nd Compu At I September2023 Adthtions 1.524 11,879 3.198 13A03 3,198 Al 31 August W24 1,524 15.077 16,801 D•preclatlon and Impalrnionl AI 1 Sewmber 2023 D8predalon Clwged kn the 12 7.060 1.518 At 31 Amgusl 2024 8.578 Carrylng •mount Al 31 August 2024 202 8.499 6.701 At 31 Aug 2023 4.818 5.106 13 D•btOfS 2024 2023 Amounts f•lliry du•lthln year. Trade dpbtors Prnpoynwnts 8nd Kixued Inttsme 87.671 60.999 218.343 148,670 218.343 14 Cr•dltorn'. amounts fJllkng due thlthln ono y*•r 2024 2023 Othertaxallon and sooal securty Trnde creditors CAhercred(tors ArxNak and delerred 13.507 63.7 32C 94.104 11.378 50,292 2.146 74,122 174.613 137,938 15 Delerred IOe 2024 XJ23 Other deferred income 52.786 11.867 Defwred 18 [lude(l h) the ffinandal Statsmants as follm..
INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 AUGUST2024 16 DofonBd Incom• Icontlnuedl 2023 Bal8rKo 8$ 811 Ath>)unl def8nwd in year Annt r•k•Èied In y•ar 6.123 11,667 (8.123) 52,786 (11,6671 Balan 8$ at 31 March 52.786 11.867 -24-
INSTITUTE FOR THE FUTURE OF WORK {IFOW) NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 18 Re•trlctsd fundo Th• restfkted funds of the charity ¢cffjpiiw Ihe unexpenthd bnces of th)nglbJis and grants held on tDJ subieGI to S¢¥fiC condOn¥ by dortors as to howthey nw be used. Mo¥•m&nl In funth mo¥WnI In fund• 15•pt•mbBr zozz our¢•• •XPEndÈd I September rn¥ourw wppn¢l• ZJ $1 Augu TNst frr Lond¢) Open sc8ty Foundatksn Joseph 155.OC¢I) 67.500 {57.5001 6,123 18.1231 CharIla9 Tnt NuTrkl Bratd Frfends 57,320 541.S81 87.553 1$7.320} IS41,581} 187,5531 22XJ 47,936 170.4591 717,71r2 19,926 (717.72} 161,6121 180,4661 147,614) Dwjit 41ffj86 47.614 642(fd 846.687 (910,8961 852.034 (862.0341 lor London Th15 fundkng supports Ihe odv8nCemè and iMpler¢tIOn of IFOWS S01 pow innovatlon framework thrnugh the ex¢¢uts)n of targeted polKy knitsatives ar progrMe$. It 81so ama•S th• dtssemthat4)n of orbs to prDmoig fairer and more equtle nRIonS wjthln Lont1on's rètall aThJ tTall6POrt sectors. Foundtlon Thè pl of Ihe grnnf 18 lo SUPiKlrt the Insthuts for thè FIrtU Of Work IIFOWi to devebp four thmli Oreas of wi its r¢$pon#e lo ftrture olwork chalkt¥Jes. JoB8ph Charil4ble Fundlng b Ing SO io devolop progressive legal and cuporate rèspwsibm6s aimed at ensurin9 that Artlfi(aal Intelligence. Machine Leaming, Bn¢J algorithrrlc systems deployed In the workpla¢e suppofl and empu•M wcrfkus, ratherthan dninlsh thew orvalue in the 017Ar. Nulllold This grBnt SUFP)rt3 a eompr•h8nsi4 InvavdatiCn iti the effeds of rnw knhnol¥le$ on and wellbelng a¢FfJ55 sys1em. organisalional. and indlvidugl dIm10n¥. conthl>ukng to Ihe broa(ler under8tsnling of the Éoc1oLonlc lrnpacts. Brnld TIMS lftMafve on examwilng eired1 resrnns9s to the irylica16ons t)f generntive Al on lh¥ creatNe industrigs. the aim of sh&pitvJ infDrmed. fvlutV-¥gady 5trale9ie8 and [e$. Frknid8 Provldert Thls wolect eWoTes the evdvlng r(b)nShI1 behveen oThrgho tBchnok)gies and work by idenlifyin9 aulomathcn wthetypes and dev8k)piny Toknt Irameworks tr condu¢tl9 algOnlhm irrpact 8isessmpnts alipned Yrtth the wirles of gocJ wor Digit In cdlaWalw)n the UK ¥c8d¢ $tOr. wjhcl 8lm$ to foskr a we114nl¢ytred and nC&bol dlAI e on the lulurè olwoT*. rounded In Interdiscwina restr•rth and reakworfd dats. .25.
INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 17 Unr•8trlct•d lund The unre$trScted funds of the chwty cornprtBe Il unexpended bakqnces of donatlons and gr8ntsvthlc or¢ t subject to speofic Omdon$ by donors and grantors as lo lThlh8y MAY be used. These indud d&sdn1ted wthlch have been set askle Olrt of unroslrfthd fvTh0s by the tnjstègs lor purpo8e8. At1 Ineomlng Re80urc•8 Septembpr ro8ourc•s oxp•ndel 2023 Trnn$fvrs At 31 AugU¥t 2Q24 General funds 250,271 125,&J9 418,4SS 250.271 125,699 155,077) 419.937 Pr#vlou8 year. Incomlng Ro$wrc•s S•ptembor re8owroes expended Trnnsl•rs At 31 August 2023 General lund8 235,712 33,374 118.815) 250.271 18 Relat•d p•rty transactlons C Plssarhjes one of the Tnjstees, was appolnted as a ts)nsuManl for fv charity as Ihe Lead Inve&igator on the Nuffield profvd that ccfflrnenced in 2021. Durfng thè y•tr. £20.8( 12023.. £20.800) vms sp8nt for h consumanq $8M¢e$ on the Nuffield ryoiwA. 10 Ca•h w)orat•d from oporntlon• 2024 2023 surp1w1lde} forlho yew 169.e (49.6501 Adlustments fN.' DopfwwKJn and knpwm8nt oftsnglbl8 fixéd 8SS•t8 1.778 M¢)vements In worklng capNal.' De¢fèattrllknrth8$el in d¢blors Inc¥ease in credrtorn 69.872 36.675 1153,3211 64,052 Cash generntod Ir¢IabSorbId by) 0ratIOnS 277,617 1137,141)