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 {App￿nIed 14 Decen*er 20231 G J Nuttall 08E D B¥ron• Soar•8 Dr S Bjack (4Dwnt•d 14 DeC￿￿r 20231 NW Cwmer CBE FREng Chair) Prof G Neff (Arpoinled 14 0e¢ernber 20231 Clwrtty numbor 1180718 Cornpny nwhbor 11263281 Prfnclp#l addrnBs So￿￿rset Hous• LorthJon W￿aR 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 8th￿11•s 13 BalBnc4 8lwet 14 Statemth ofca8h lknv 13 Nole8 tothe f￿￿cIal $tstmnl8 16-28 INSTITUTE FOR THE FUTURE OF WORK (IFOW) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The Tru#l895 wosentlhelr annual roptyt and ftnanc481 slalw?￿ts forthe yoai ended 31 Augus¢ 21Xk4. The fm8n¢ial ¥talements have bfren prepar¢d In arLOrdan￿ the actovnthg pollde8 sel out kn nots I to tha financi81 st•tsments and Goiiw wl¢h the c*ariVs memor8ndum and art￿kn$ of assodgtson I￿OrpCrted 19 March 2018 83 S￿￿nded by ¢ertffic•te of inc0T*ra1b￿ on change ol nArNJ dat•d 30 W 2018. tm Companie5 Act 2CpJ6 and'Acrx*unting and Ropo￿ng ty Chariles.. state￿￿1 of Re￿mmanded Prac11￿ 8ppllc&skn to chorfUès prapaAng tholr a¢￿￿nts In 8CCOTdance wAlh the Fina￿181 Repoi*ng appScab* In the UK aThJ Repthlc of Iffland IFRS 1021 lets￿￿e 1 January 20191". QbJ•cllvoB and a¢tlvltles The Instth f¢w th¢ Fulure ol Kbrk IIFOW is an kndep8nd•nl thail￿t4* 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 logetr*r. The thrftabk obied8 ofthe o￿nIs￿tiOn, 8$ *t oui In the artkles ol irwhxatlon. am as folh)ws: . To promots the educaibn of the around thanges to th¢ wrtd of ￿￿t￿lar bth ncl exdusNt r¢9ard to the hrg8cI oftechrjology on work and 60•. . To pTrvenl QT ye￿e¥e poverty kn tho ¢ontèxiolthe lryact oftechnology or* and so¢bty. th Par￿lar Lmjt exdu8ive ￿gard to those In nued by rea80Tr ofyouth. 8g8. I1￿•￿th. dsability, ffft8nd91 hardsh￿ or othEr disadvantagè. To advanc* any $u¢h ¢>ther ¢h8ritable purpo8e5 as the truslees In thelr absolute dISt7e￿On detemlne ty. In p8rt¢cular, but Th)t ￿Kd￿1Ve￿.. il Resè8rth and poty development lil Ihe deveWnRTht and lesong of new aTh improved vmys ofworklng and SUF4)Ortfrf th IMI r￿[r￿￿￿tio￿5 cffl knwovlng all aspects of*￿[￿, and iv} In addition, Ihe Df Trustees re80fved that Ihe orJMtb$ of th• Charfty ￿￿de". hvrk lo wryrKle tho dvanC*￿nI of hur(*n rights. c*JnfiiLS rexlulbjn w reconCl￿￿On 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 establ5h￿￿Trt of the Al Safety Insthui& (now, al lh¢ tlme of vthdng. th$ A S8oJrity Instttut¢l. whk4h IFOW ho8 been devebping CODr￿￿On$ wlth. Thè ¢onlnuiNJ energy 4tt0s9 govÉmft*n( lThJLtslry and thè média around Al h8s requlred u$ to foc¥5 much ofour research on labcmjr mathet impacts, 'good ￿tI[￿, and ￿￿llbe￿g ¢)n thi5 new technobgy Is w)tBra(aing w#h 1hese dJTh*nsloTrs. 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 E￿etIt￿ mgrkad f*8ffje In the UK pofitsol L8ndsca￿. Although ctsmni# towwds the end of Ihls rep￿￿r￿ perlod Iwth the new go¥rnnl conlng in and Ihen the sumrngr ￿￿1•M￿ntary follthslng soon after> Ihe run up to th* elo¢th￿ reshaped our IntwaLlkns wmh È8tnMn8tsr 88 extsttng wiqik*nshlps - whether Ih06e In pMr in the yewous *dnuNStrat￿n, OT opposit￿n - 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 hel￿n9 to bulkj a f81reT￿t￿re 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 cOn￿￿e to have ¥x grthJp¥ of key 8taktrhc4der5 th* w• Imeiaci with across our the￿￿$ of 'Changlng IAI)rt'. Ehrfllng P(￿r., and 'Prtorf14slnB PeO￿e,. Government Iprpjriiising and creallr*J good work Regul8torn l¥leering and inte￿enIng to wolecl good wort) Induwry Idevebping 8TrJ modelling good workl Inv8Stty3 Ipriorilislng and requirfng ggod workl A¢8demi8 (￿Se8T￿ln9 the irnpacts of tec*nolow on good wrykl Civrf sO￿ty l¢NJaging and infornyng good work) Ifows wort be grouped under each ol I￿68 three th$rns. and actlvfties •f• règulaty iov*wed to ertsure Ihpt they furthew the alm$ ¥nd oty"ectives of Ihè org#nis#Don. The IFOW èxetutiye learn meÈt$ regu18rty to rellect on, refine and rÈfCKM￿dIÈ challenges that we seek to address. The IFOW Board poys due rvgarij to g￿￿an Issued by Chaflty Comisskjn in deciding what Klivibes Ihe c*arily 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 perf￿j of cons01ida1￿ and developm•nt for IFOW. wllh sign￿rant new staff posts added and th6 reOrgan￿aikn of rc4es within the tearn thai these requlfed. NDtsbly, we emptyed Oknr Nash IDSIT l Googl•l gs He8¢6 of Othlopmènt, and Jo ma￿￿j11 IUKRII as Head of Partr)erSh￿s. We al¥0 br￿￿t tyi Mia Leslie from Ihe Publie Pro￿￿ lo our work ￿Al Govemance an¢J workphce Irryjacts olAI. g1s0 added mNe copadty In Commun￿￿ti￿ Zants Nkutr¢ne )InlThJ as C¢Jmms A680date. Sr9nifKant develcymwts a¢ross ¢M Wofk Induded.. Major ￿bI￿￿onI from the Pi¥¥8rides Review into the FU￿re and V4*tlWng, funded by a ei.8m grant from th8 Nuffield Foundalon. whkh an￿yèil coverage In the r￿t￿?￿l Pres$ aThJ us to deepen er$ageN￿n¢ 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 ¢onbitr￿1ed towanls putting W wllhln tt* Responsble Al •fida acrojs gmrnment deparfrnents. Our porbarn*rtarywork. four sessions of Ihe All Paty P8rflon￿18ry Gmvp on the Fulure of Worl of which IFOW g¢As 8$ Se¢r*ri8l •rKI Strategi¢ R￿arCh 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• extre￿ety ¥vell allgnded. and Saw rooms 118ten to delalkd deb8le8 by major exFerts on wort and wd1bv￿g. 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 ReS￿n$5b￿ Al Sandbox and Regulator Plus Forum. vthlth fonn pat of delIV￿Ing our 9tr8tegy io 0p8r8tkjna￿8e *JUT research to help both and wulaiors wlh the de￿0Yr￿ent of Al and lgortthmte techne40g￿8 in ways that SUFPOrt good lobs. This has allowed us to èxlend our WDrk to $upportlhg rogulators and related partnershlp$, as YRII as Surf￿ r￿4 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 D￿desI 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 $edorfu UK PLC. INSTITUTE FOR THE FUTURE OF WORK (IFOW) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORD (CONTINLIED) FOR THE YEAR ENDED 37 AUGUST 2024 Fdbjwng the annountxrrth ofthe Inaugural Al S•lsty at Blet¢hhy Pgth to run In Nmrnhr 2023. IFOWvdS conc•med at Ihe lack offo¢LAS on worwace Impacts. Tbks prompted u¥ to organlse- at pace- A major plllar of the Al FriNJ• Sum￿*1, Meling th8 FuluTr ￿, at WaNlck 8uskness scho￿.5 ¢oThference suite in The Shard. Thls wa$ 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 r*gulation 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 Lil*ary, ond $I￿g media attenuon aTtyJnd th¢ WOTkthal IFOWwas dokng. In Scu￿anCe IFOWS tharftablè obj•clTrMs, al ￿arch reports and events (%there Fossibl8} 8re rn8de publlcty avAdable vla ihe IFOW webglte. IFOW undertake$ poky engagemèni and advow wtyk Ihat fvrther its charit4bb object8. StrlGIty ad￿riNd lo ￿le￿An1 regu￿tOry guld8nce from the Ch8rfty Comml8slon on the aetfvi1Ses of chaiiteble Ihink IAnkB, and on c4nyaLqnlng and pofiiul ¥dAiity. IFOW 1$ ￿d￿￿￿OnI of any po￿1C01 porty. and Ihe organisatim rs carefirf to en8w* Ihal engagemeni with polillc81 aL*Jrs remains bala(￿d au088 Fdtical The k)IIov4ing d•tall8 the of Ihe IFOW th• l?51 finjncknl Y￿r. 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 qU*￿ty 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 . Frc*p) 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 kn, a detailed local •n8tyst8 provlded kn Essex C(Wnty Coundl and Cornwall Chanknrol Commerce a$ they 80ught to uThJ•tsland the I￿1 prforftie6 ihai need8d to ￿ pul In place lo Ir￿r$￿Se the anMni of Good In area. The of w1b1￿￿￿Ort ha$ been hlghlh3hled by ￿AdIng regknnal é￿rK)M1$ts lkn Profe5scrf Phrfip Mccann ofAlliance Manche3ter 8uslness School. This new edllon of the Thne Series highlyms thai IA￿u￿11ty ift att8$8 10 g)od wth btheen Local AulhorfJes- @s well bet%%ten naffions, regions and Wnhin LwJon- wklening. The poor mot41ty betsveen goc*l work ￿thnets, and 'stragg*' is compounded by wldeftlNJ gaps Ij￿￿en these gTC4lPS. Thty wdenjng fv)hls lor regional Ibnal levels, 8nLI across Londons boroughs. li ako showad that ￿n￿OyM￿r￿'s l•rade.kng po$llN• ¢offdaion vrith pay ha¥lTrJ de￿upIed durlng thè pander￿& De$Me infiattenory pre88ures baginnlng to hll reaktomi Wa￿ ri685 In 2022, th15 ethuon ofthe Tmes series shows thst the ￿up1119 betr￿en errwoymnt levels 8TrJ rnedian pay ha8 been restored. Thos offered assurance for poowmaktts that the Iradltional, ¢Mnomlc wsdom that pay in¢r¢/￿ adveTsety affecl In¢ffjase$ In ernpknyry*nt is nol surwrted by these dats. Our over Ume our beJl8f thal Good Shoukl become a ond oveTarthlng WIGY obl8CtNo. It also poinls tuw*d8 L￿91 authM1kn8, maYC￿ end COn￿kned 811th￿t*S tsung sirnilar chel￿Nge$ b*n9 enyjwered to develop gnd iwyl￿t 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 en0X￿3@•4 lo see e￿dent£ th•t ourwowk atto88 Ihbstrninster OD Ihis rosutted in spauk Labour manlf85tg commilment to go)d lots, u$ln9 language that hod wt in a pre*leclk)n submisslon. The PIss8rfd•s R8view Hafftg s￿re￿ fvnthg from the Nuffiekl Ftyjndation in April 2021 to rKfflduca this thls pe￿d fmm S8pt8mbor 2023 toAygusl 2024 ha6 seen sustain8d. maiorpulputs o¢rDs¥ ¥llwortstrg8Thts. Thè flrst of these •￿￿ored th8 UKwvJe ￿l*j[e o*teChn￿￿￿tcaI transknnavon, anatys1s of anglng ￿118 dem•)ds the geogr•phlc dlffwenttaL In cfder to vnderstand how new techr￿[0￿1eS are d￿n90n9 and socw. rt Is ￿tal to und&%tand where thL8 techr￿109￿4l trBn81om)aiitin Is 8ppening. H￿ver, the eV￿enCe on how iechc4ogl8s are b8ing ￿e￿loped and adoplid in and across nlry has been spa￿. To t￿99 Ihls ￿p, Ihe Dlsnrytlon Index IDI) was pUb￿Shed In Apdl 2024. 8 1001 des19r￿d to measure the cwctty of regton¥ to In new tethndogle8 and Ihe fa¢*orn thot •ftable to dopt and inte9rats new t8thnobg￿S. Led ty IFOW Prncip81 E¢Momkit Dr Bertha Rohenkohl, •J¥J •mgokng dale from a knidè TaTrye of publlc and prNate sources, the DI p￿￿•$ 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, I￿n9 inrficators across Ihe lerhnol)gy fewth- fri)m I￿￿tr￿￿t. irfftaslwetfft and Ihe innOvatic￿ e￿SYsteM 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-fo￿￿d 8rtatysls of the implKaMs of tM"s work. hIgh1￿h1￿0 the urgenl need for a rer*wal of our regitinal iMOV*tb)n ecosystem. 6cffj*thln9 that has wovided a wtsl foundabtsn for th8 re8t of the work of the Re*Tpw. Thg olsw￿ lThJ•x InleTacttve Report ￿￿Ched as part th LOnth￿ Tech ￿tek in rrld- June at Imperi&l College's kHub c*ntre Irs I￿rte Cty. Th55 W86 otteNJed by a htyahsuallty •udknco of acaderrlcs, flrm I*￿•r6 and pc41cyThkers. whh a ths¢u￿0n hosted by P¥of*ssor Slr Chr&topher Pissarfd•& Or Jonathan Clarke and Phl Smllh. lea(Is the D]glfal Sk11￿ co￿￿1. 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 CoM￿￿r¢￿ and Ftrtures of Work group •trfftJul the ImpWc4lton$ of the DI dalg for Comwall and Ihe l$le$ of Solty. and I￿1 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 Cen*T• lor Etonornk Perf(¥mance. Then, uslng onllne ¢Jots from Adzuna 8boul ol nlllknrf6 of job ads. the Olj Skills New s￿￿$ repM w8s pu￿Ished 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 prow9￿￿5 Ihat be t￿nI•l to ￿￿15, llnr$ atxl the UK ben&ffl and ihrlve i) Ilmes of c4mtlnuts￿ kamln9 and skllls deVekJp￿*￿t.' Thi8 novel an8ly$l8 8urfaeed rtch ffindlngs eround the chafi￿.ng skilts WJr8 acmss the UK. It shw￿d how IT skrfls ore ra￿dty emergfflg and then bÈ(x)nNno obsolele, IheTE Is a huge d6ffwenc* In p¥￿ and Trdx of ski15 ¢harvJe acr08S CWJP8t1￿S. oTrJ htx¥ the lrnponancè of InterPe￿Onal skills cknnllnLES to endwe, wilh skits mrie¥ on the iwease. In Jurw. fhl$ woth wa8 further enrthed ty t￿ pubficolon of a brand clusterin9 anatysls in Pattem$ of OcrJJr•nt Sk(Ils in UK Job AdY￿s. ThIB work 81I)wed fo¥ On￿y￿S 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 $kilb are connectsd across the gkills n¢fv4Vk. In Septembw 2023, publleation kn the 8erKgnd wortstr￿M of thè Revlew - IopJ8*3 on fflnns - began a king P9p8r Brlefsng by Protss6￿ James Hèyton on thg Adoption of Al and Aulon7atlon In UK Flrrr6 and the Conseqy9nre¥ for Jobs- ba88d OD a surffj of 1000 UK fim￿. Th1# d¢lNered n￿lor fwHfing3 on howfwrn4￿P dopllon of lethnolr*aies can lead to bèit8r ￿b6 al￿ sklL8. and ga¥• a sdK1 r¥58ar¢h basi$ to 5UPPJrt htgh- Involven￿nI HR philosopNes, *Athich supwrt dIMen￿On$ 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 put41cal￿n of Ihe Case SbJdl65 r•wL Th15 ftyjnd that worker6 are onty rarety loslng th811 $ to automaikn - but Ihat nattjre of Ihelr wuk ts Chan￿ng sign￿tanty, wth dfv8rgtnt impacts on dmferenl )ple in dthrent roles. Moreovw. one worker beglns using a new techrW. the impgc15 on adjacent w0￿er$ ￿ t* profound- bth ar8 nQt aw$ constdered. Through Irfrdepth intèNitr*s vith thtts• vthin9 awss surgery, polidry, manufataurkig. markgting. charitse8. and agricutture. it added to k1￿￿￿ge on how to prtrafftss adt*tiort In ways that supwt inn*)¥a￿0Th. vthile 5UStaining hi9hquaAty job8. shi115, and worters, Y￿rIb91n9. Tlws ¢oTe theme of wellbeiTrJ i¥ al kn he￿ of Ihe IIN'Td w0￿8trearn of the Rev18w, and Ihfs r8portkng perlod saw gnlficant PLblcations. basad on anètyses of a suNèy of Sc￿0 UK èrnpW. 6erle6 01 focus gmups. The flrsl publlcalon - led ty IFOW8 Prfnewl sodolog￿t. Dr fvtsgdalena Soffla, èxarnined the extent to vkn erathns wrth w*placo tethnoljgles were ImpaclÈr#J ¥wrk8rs' quallty of life. Thls was a groundbre￿￿9 new 8tudy, 6mptylng lorthe Ikst the rnost wldety accepted. l￿tt￿lmen$10naI mwure of heaMh4elat8d qualty ol fe and wellbeing, Euroaol EQ-SD4L. In the past, can￿￿ts of wellbeing had lended to be p)orty ￿ncePtUar190(l. sumng In. for examp￿. gBn•ral findings about 'strés8' 'bunpJut bul kn$¥aht knto thg ¢gUStr8 Qf consequerres of Ihal 81ffjsg. h￿d￿l0￿911y, rrnst past Btudles had tAken a Very narr¢W vl&¥ of leKhnolw types. maknng it ¢Jiffwll to d￿ent￿ngle 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 dIffe￿nI tschnolow.. of Ib w86 ¢orTslated wth frequ￿ry ol iTrtera¢tlon wlth n￿•r w￿p1aCe lechnokng188 suth a5 wearnNas. rethtlcs, ￿ and ML 501tswe and - Importantty, and supporlkvJ *47rk ¢kJne In the $uNey- that pe￿￿ed ￿9h1$ at work. and HR phlloBoph*s had a poSit￿e ts)rrela￿n Mth qu81ty ol Ime. This was follu•n¢J by lurther anatyslB that extended Ihls to ¢>)ver ideas ofjob 9uala¥. These Olltputs werè eoverwj sl￿fiC￿nt￿ in the press, vilh a main arbde in The I)Jarthan Ihen belng up by other oullets. and genoraltng sl9nlfkant aiientK)n onllne, Includ￿9 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 Inv1￿tr"On8 of the work for ptt¢llc ￿11¢y. Media iThtervith¥s wère also g8neTated. with Dr Magdo￿n8 Soffia wakmg a￿ul 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 p￿T IFOW8 strateg1¢ ￿mmitmen1 to shllbn9 power centres on wort lo strengt￿n 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 del￿rIhIl. In•th bTieltn95 on good wjrk *Ere dr¢￿ole(l to 811 parllam8nl8ry ￿Tr￿IdateS In the sun￿1 2024 edon8 Letters b) 811 naw ministers, othllnlr¥J Ihek ¢ro$s)nts&Jution8 to parli￿ent￿ debates. In¢Yuthng.' Dat8 IU8e andknc•s81 Bll, clau￿ 80 Lords debate on Al wula1k Cre•th Industr￿9 rwndl4tle . Amanth￿l$ to the DlOtal Mgrk6ts •TrJ Coryelkn BN Goc¥l ￿Al9￿1Th ImpadAsse3&nent &ndR•swJ*lkleAI Sandbox Central to Ihis w￿k of shHllr¥J power by promotlng gngo9pTh*nt of workers ￿ the deslgn. development an d¢rAoyment of Ihèie sybtems has been the cLffitinued impact ol Ihe put4icallon ol our G¢)c¥J Work Agorlthrn Impact As$•$¥r￿an1 {GWAIAI. Deslgned to help Émploy8f3 and englneers SnwJl¥e workers and their representatives In thè de51gn. development 8nd depk1ym￿* of akJoritth¥c systerTh8 so that risks are anttlpaled and m8naged.'good we4k' is promo*d, Ihe law Is CoM￿led with, Innovalhe 8pprDB¢hes are unls>thl and uust in tethn¢)b)9y 55 IXJIL In this psthl ￿ hwe Iwked to howlhls nxtho(kJlogy can ￿ applie(l in prnctice. In FebNgry 8nd March 2024, Kester Brewin arwl DrhbwJail Gilbert de[Ner￿ kn4V days ol traknlng on the use oftht GWA￿t0 6UPPOrt advisors and then bU￿TreSS leaders 8eross Surrty and H8mpshire. Thls required the rrndularl8atiM of the mateTial a practul ¥￿rkshoP, ￿ Ihat began ￿th the rè¥earth basis the wowk- based on the ￿m￿ye1 ms••rth froffl c￿1 Pissai*Je¥ R9￿ew- 8nd foroood WO￿ in 8n age ofAI. The wo(kBhops ￿re ethmaty reca￿d. 8Tha havè lad kn furttler 8ngagemeThl wfjlh nmi$ partwtsng in the S8n(tJoK, a6 well 86 wovldlig lfty)rtont feedback into oui Regulator P￿$ Foyum. In W of 2024, ￿ offlc*lly launL**d our SandL*)x at g pa(aed event at The S￿rd. Thls featured a hi9h.level paneb wilh represent8lNe$ frtsm DSIT. the and the Rtspon&t4t Te¢hnoh)ay Adoption Unit. 89 well as presentskn at<•ul th? oJrKept ty OrA)by Gilbert andAnna Thoma5. San(1￿x?$ ar• wiwiY*nlal •nvironments thal thne a ￿3h1 on govern￿E0, regulation and ts wtyk that firms (kl ￿th tèthnologlgs dl Inieract to gNe the best outeorr*6. IFOW has developed a Re3￿<￿￿ble Al Sandbox In order to hdp both Govemrnenl and industy n8￿gate thk8 new terraln of AJ adopt'on. vhh a prTrlnTrJvatien approach thal ￿s0 supporf8 Good Kbrk- 8nd Ihus budds a larnrfuture for all. Vniqudy, thls IFOWS cuttKig4dge research Into the developrwt and rogulauon ofA and tethnologw. Thls was launthed in paraFlel io the 5tren9thenlng of our Regulator Plus Forum, whith gathers actorn from regulators ond Dther todSe5 tooether frorn across lh¥ A eiy)system io hety) shape Al adoption. The fonjffl has w0￿ed aCtsVe￿ wrth repre¥erTbt¢￿s from DSIT. the ICO. Ihe EHRC. CDEI the Offto Al. as well As tha CIPD, IOSH. techUK BCS. Vk hav¥ bunt cfi thos launth Ihrcts3h tho perkjd rbthtuRd rola￿1)nShi￿ wlth busine88es lo F4)l our Sandbox work wkh them. Le$lte. from the Publ￿ Law Pr0￿Cl, wa8 wnpkjyod lo work ￿ this. and key progress on thls has been xen. vthith falls Inio the next reporting perfod. INSTITUTE FOR THE FUTURE OF WORK (IFOW) TrUSTEES' REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Crealed wlth fvndlng fr(*n th* Alex Feny Fwnd8tlDn. the GWAIA mefvdolbtyy was tr8Dsfgted Inlo hyo fvrther outpul& Good ￿￿￿A[gO￿￿M1C Imp8dAssessrntnl.' g Partnersthp ApprooGh ¢)ffers comwehènsive guidance that l&ys out the legal underpknnkng for and how it can ￿ utsd In edlect￿e t*8fgalnkng. This was written fdltyvlng a workshop aThJ Co￿uMation wtth Ihe Al Wothing GffJUP and torn￿e1￿n of the TUC Task FoTce on Al Bln. The guk1grbct h￿h1￿)hts the GW￿A can be Integraied Into ¢wll8dve barga￿1n9, technology agretmenls. aT%I *lth other type8 cl rf8k 8SBwM￿I to help untona gel Invo￿*d, onllclpate. act and monitoT Ihe n>)¥t slgntfic4n¢ effects of W 81 *¥Jrk. In parallel to this. a slnylified Guide for Ropm￿n1alfv•s was odwed y￿1h fvndln9 fromthe TUC, •nd offered a 51gpby-step gulde lo UNdert8￿n9 8 GWAIA. Thome: Prforftlslng ￿0p Central lo IFOW$ ￿rk is a c4)rrrfnAmenl lo ￿ten￿O lo the ￿ewS of those ebjsest to thg ty(As that we are exploring and tr*kkng 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 <¥nr￿en¢# as th& basls has been estgblished kn Ihfjs reportlno perlc*J with puMea￿an$ acros$ woth5treams three Irom the Pl6sarpJes Rev*. A6 noted in the last r•p)rt, th• Cap8bliksApprooth has become a ￿0w￿l9 1olthstc￿# ofwork In Ihe PI$sorfth5 Revlvw. Th* offers a tens Ihough a Iwjs on hurrffjn-centrgd automabon can be uftdorstood. Th• ana￿S[S of the Survey of so￿ UK y￿ke[S. and 8ssoeWèd locus gmups, ho$ reinfoTced Ihis sinc* the pubthtstion of Reframlrt9 Skills Explainera￿l Capa￿1￿5 Llerature Revlw end ofthe last reporilng perfod. Orfglnalty 08 a trarn￿rk 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 augTr*nt or dtrrtlnlsh peoplè's and ol ￿tk. Recent nsearckn from drtle￿nI di$cipfiThes - *C￿mI¢S, Mor￿90m8nt. P8ychob)gy, heollh 8NJ ojryutvr - h83 begun to alwJn around the lrnportan of shap¢ng auiomation to augmenl hurnan ￿pab￿l￿•S 8nd affimi humBn agenw. Importanvy for ¢wr emphas& on priorlllsing peopl&'6 gxFerience in the ccfitBXt of sc¢Nechfft41 naturt of aut0rrtat￿n. the CapabiltyAppro81* hWJNKJhts the vasl pemiut0lk)￿ offered ty autornaibn. and Our agenLy to choose whith of th&s& oro worlh pursulng. In more than one stsn5e, It remlnds us that ￿ Ihouhl be ?ble to 8hape Dtsr own fvtures. Thts In fresh perspedve on hty¥ we Val￿ humyn skNL8. 8N161tes Ènd è4>etsnce. RefoeusiThJ on F•oF4e's potsnlial. thThces, and v8lu•s is one way ofoFening nvwcgnvernaions ab￿1v￿*t we Yo￿ and reward kn hwr•n acuvty. Th18 haB tégn ewnd8d re8•arth wtyk in Ihi8 repoitiro period, wrfh no￿[ aptslkjns of eopobifities to and sysfeTh￿eyeI thinklng d•v•leyod. wthlch VAI sb3nlllcanty Influenc8 the shape of the Final R¢￿￿ of Ih? Plssaths Reww- s￿11￿ agenda n*)re vldely- tn the n6xt repor¥ro perfod. The CREAATIFPrqort In September 2￿. IFOW (¥e8ted and hosted An event at Somernet Htyjse to l)etter uTrJerstan¢J the UK ¢￿￿tI¥0 hjustry was ￿fig Inwded by generallve Al, and tho i86ue8 arwjnd Al govemance that We￿ perbnent Thls allentsd ty mony from the Somer$et House uealve CDMml￿Hy. and helped Sw1a￿ tha need lor spe(1 Itention to Ih65 parUgJJaT8eclor. TN8 1&1 lo our 0￿e•jerS￿p 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)ntr￿utiOn 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 exCe￿onal ac8derrt M￿￿l￿n 4nd prathtioner, and ￿ ir$8pir8ts"onal friènd of IFOWwho Temain¥ much rr155ed. INSTITUTE FOR THE FUTURE OF WORK (IFOW) TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORT) (Co￿nNUED) FOR THE YEAR ENDED 31 AUGUST2024 To galher researc* for the project. Ihe CREMTIF learn convened threè ￿￿rkshOpS, whh pawticipants gath*rnd from acf05s ￿ing, translaloTh, V￿Ce acling. tl*atre, rnu￿c, ￿de0 and fdm pro(kMAlon, dest9Th and anlmatron. ckne of Ihese was on*ne, and thg other ￿ were In-por80n. The wo* ￿trE s4)pc¥l¢d by the Soc* ofAuthors, I Mu8K*ns Unton, Equty. BECTU and the Creative DiversSty Neiwoth. Th8 proi8cI akn Vod￿ed • survey that wa di8tntArted nationaly. Tr* workshop5 ￿re l*hl lust tcwarts the end of thL8 fèporfw pè￿￿, but have 9ener¥ted- along with the survey and researth rewew- output¥ hbduthng a ￿rte Paperthal will be L8unched In 2025 8t high- profi￿ evants. The pr*d atso host￿. Fn ec4lab)ralion wllh Som¢rsel Hou$e. Ihe onty Ge￿ra1 El8c15on husting8 aimed specifitalty at adrt for Sod81 rrnJLa Impacl ha$ ￿)ntInU9d to over yeor. our ￿'nkedkn folh)vRrn grew by 1.78Q and sittsng at 3699 followeT8 In tothl. acNeved 44765 tre also the for IhB pwpose ofojmpwy I￿. ar￿ %tho seNed duiwig the y￿rand up lo the dat• of81gn8ture ofthg finan￿1 state￿Trts wwe.. Sw C Pbsarfd85 IPre¥ious Ctr Chatr) DrA Imamon MBE M T c￿hvry 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 In￿￿￿ent tru$tee$ and meet InfonDalty wth Se￿01 rnnagen*nL Reojmmènded candhlates are eort1de￿d by all inujnknnt trustees and are aP￿ted 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 ot￿r tru5tee& All trustees are membars artd Diredors of th8 tharlty foi Comp8nles House pu￿￿￿5. IFOWs affair3 are nonnalty conducled underthe super¥islon and leadershwJ ol Its ¢o-D￿LI0[￿. Anna Thcinas and Dr Abl98il Gilbprt. Twstee w*ebng8 ¥¢ hew qu8rtety. pnd 6taff ￿￿mb￿[S are In freq￿lt rthnnwnlcats.on wAlh the trustses throughout Ihe year and rnainlain 8 ¢b$g rèlAtionshlp tegther. K¢y ￿M9•M•nt Pern0nn•l The rnanagemenl of IFOW Is 18d ty CTrtXre¢t￿8 Am8 Thonw5 8ThJ Dr Atdo811 GllberL The Co&Directots ar¢ respon8&51g for da*to• management R¢¥pon*ilrtv are deltyated ty the c￿DIre￿DT5 to Ihe rnawemeni Arrnngements for ￿ttIng p•y •nd rgrnungratlon of key rnanaqom•nt perBonnel and any benthmarks rnm•t•r• or ¢ritsria u¥ed The salèries of 811 IFOW slaff bencthm￿ed against equiv*ent rese8¥ch Organisa￿nS and thinktanks in the Ihlrd sector. R8eruitm8nt is ¢arefvJlty mènaged tts tdkè benthm#Tklng irrto con￿d￿ration. as well as thg overau l￿dget to hand. An annual review proL¥55 i& in whi¢h links pethrnanc• and developn*nt to any thaftges kn ¥tsff rÈmunerntion. Finali¥, IFOW has an irrtemal banding 8ysiem to ensure that all peop￿ al the 8aTh* 18v81 are paij fairty within each band. 10- INSTITUTE FOR THE FUTURE OF WORK (IFOW) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORD (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Thi•lee Inductlon arKI Tralnlng As when Trustee$ •r¢ rec¥ulled. a fvll lTrauL*lon Inio the c*arfty Is Flanned. Thls includes. bul Is not ￿rnIted to, promding key pcldes ané procedure8 and trI￿lTrg onthe8e as aF￿￿ale. Fund* hokl •• custodlan truot•O IFOW nor oftts INstg8s ore actlny as oJ$t(¥llBn twslees. The Trusl¢e8' ￿port was approved by Board ofTfusle•s. NW Cltrmr CBE FREng ch￿r) Date.. 11 INSTITUTE FOR THE FUTURE OF WORK (IFOWI INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSTITUTE FOR THE FUTURE OF WORK I report to th8 Tnjstses on my of the financial slatemort8 of Ir￿lji￿te for Iha frjlure of ¥h)rk (th8 ehjrityl forthe year ended 31 Augusl 2024. R•8ponblbllll•• •nd ba•1¥ of t•port As Ihe Thxtees of the ehority (and 0180 fts dreeicts th• puwposes ofcompany law), you ate respon*)￿ for ihe pr•par4tson of the ffinanc481 siai¢ment6 In accordanc4 the requnrnents ofthe compon￿ Ac* ZCrf)6. H8¥lng S￿l$f*d mysewthat the flnandal slatements oflhe cwty ale nol required to be 8vdited under Part 16 oflhg c￿an*S Ad 20Cfj and are dlglble for lrnlependent examinat￿. l tsport ITr rÈ8pect of my examin of lh¢ c*aW8 fknantial 3laleTh*nts cafrtod out und?r ￿¢tion 145 of thg Charftkn8 Ad 2011. In carrylng ovl 8x8minal￿ I havè follo￿￿ the Direction$ given by the CIHrty com￿45St0n 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 C￿rI)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 staten*rts ¢Jo Th)t accord vAth those reg)rds'. the finandal stslements do nc*l ¢orTyly wlth the accoJTrllng requ*orr*nts of ¥cii(m 396 ofthe Companjes Ad 2006 olhor than •w requnff￿nI 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 tI￿r statements in aL￿￿￿nt* vAlh Flnancial Reporung Slandard 9pp1r￿b1e In the UK and Rep￿11￿ cl IFRS 1021. I have no concems and have com& aLYOS6 no othor mthrs In C4)n￿￿10n ￿th the examination to which attenyon shouk1 b8 drawn I Is rBport In order to en8￿￿ a proper ur¥JefStan)ntained kn sec￿Th 477 of ihe Co￿￿n￿All 20C6. forthe year ondgd 31 August 2024. The drtdors HckTrJwledge their respomibifrbes for o)nwtylng wllh the W￿ren￿nIS of th• CoN4)ani•s Act 201 wlth rgspoct to a¢counthry records preparalknn of ffin8rKial statsrnenls. The mefttrr8 have not reqiiT&J the ￿mp￿ry to obtaln an Audrt of it8 flnanclal 6t81¢m￿S foflhe y￿r in quesoon arxordance wlth se(Ik)n 476. Thèse 1knan￿1 ststements have been prepared in wJrd8ncA ¥Wh the provllon8 8tvli¢able to r¥)mponio$ 3ublect to th8 Sm￿1 eornpanies rome. 2s/sJz The fina￿18[ statsm8nls were approvod by theTn￿ on........................ Nwcliwner C8E FREng (Actkng CNr) Comparry roglstr8lbn nunknr 11263261 IEnBland and ￿10$) 14- INSTITUTE FOR THE FUTURE OF WORK (IFOW) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 C4Bh flowB from op•r￿n￿ a¢tS¥lti Cash g$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 203￿25 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 w￿k IB a prhate cornparry limlled ty gutrnitee 1r￿rportt￿J In Ewdland and ￿es. Th8 regl8leTed off¢8 Is F￿ldfiSher. Rlverbank House, 2 Swan L￿e, London, ECAR 3Th. 1.1 Accounling ¢onv•ntlon The finandal slaterr￿ntS have been PTepwed In acxoTd8nck wlth the goveming docJJment. the Ccryanies Acl 20tN8 and 'Ae¢ounling Rewrthig by Charities.. St8teThEnl of Recomm&nd8d Pract￿8 aFpllcable to C￿rI¢￿ Preparing Ihelr account$ in 8¢u)rdanc¢ with the Fln8ndal Reportlng Standard appltcawe In th* UK and Repu￿.¢ ol Ireland IFRS 1021 (effective 1 Jan￿ry 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? fina￿181 $iaknT£nts have been prepwed under th8 hthrical thst cfjnverf￿. The prmcipal ac£ou iae8 8¢Jopted are $81 tyjt bebw. 1.2 Golng ￿nCeM At the Ilme 0f0pp￿n9 fina￿￿71 ¥tptsnRnts. tho TNsts8s tta￿ a wsonabl& exF•Ctation that thg has adeou*e resour￿ to conilnue In operalonal ex161ench fr>r IP* forasèeabje fvtur6. ThuB fv Trusts conlrnug lo a¢S)pt the golNJ f))ncem bas15 of 8cciJuntkng In preparfng the fmnckql statemenls. 1.3 Charttabk fundj Unre3tri(ae¢J lunds are av8llatle for at the dls(¥8tsn of Iho Trustso$ In fjjrtherancè of thelr L*arftabte objectives. Re8tritled frJnd$ are subkd to Sp6(i￿ ￿ndI￿OnS 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 recOg￿sed vJh8n thè dwrity Is legal￿ en￿1￿ to ft after any pertonr0n￿ wndilTr?ns have teen m￿. a￿￿￿ts 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 notif*d ol thè dOn￿on, unkn58 perlom)ance ￿nd￿￿On$ rgqulre deleffol of Ihe emunt. I￿rne tax reco¥erabkn re￿Ilon lo dLMalons reeefved under Grf1￿￿ or deeds of cgvenant is recogni5e(181 the tirr¢ ol donalim. L?gac￿$ aro rewgnbsfjd on rn¢•iM ry Othe￿*se W Ihe ctsrity has been Mtir￿d of an impending dlstdbulion, the arnount L8 known, and ￿tt1pt L8 •xr*cted. If the arrKI￿1 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¢co￿tIng 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$ing and 8t8ging kndraiging events and seetring voluntarycontr4bulknn$ together*lth aMbLrtablo 6UFWt eosts. Charllable expenditure CA)mpii8es those ujsts Ir￿U￿ed by Ihe thaiity in Ihe ddfvery of Its a¢tivli*s 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 Con￿￿nI 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 tst￿r o)sis ty tt￿1[ uswae. GovemBne¢ costs 0)riW• those co* asscK4aied vAth madng th• ox$fftulonal and slraiegK requ*erneTrts ofthe d￿rity 8nd the audlt 4nd Inked to strateE4c managernentolv￿ thority. 1.6 Tawlbt• fi￿ a••et• TangIb￿ fixèd a88ets are in6I81ty mèasured al ￿$t and $ubwuenUy moosured al cost or valuatKin. nèt of depre¢iabon and any knpair￿nt It¥￿¥. Depredation i$ rnc4ni8ed 80 as tovrril8 off Ihe g)6t or valuaiTh of assets less lh￿r ￿[dUal values over their Useful li¥85 ￿ Ihe following ba FLxtures and Computers 30 % Rgfluixng Bala￿¥ 30 % Red￿ar￿ Balarr Th• gakn or ID8¥ arising on the dlsposal of Dn osset Is detemiln8d 88 the drference beiw*8n ihe sale p[we￿I and thè e3rryir4J value of the asset, and Is recognlsed In the ststemertof fin8TKAI aLl1¥it￿s. 1.7 Impalm?¢nt of15x•d At oach rBPDrtkng end dale, th8 ¢harty re¥Jews the c¥rrylng araounts of fa tangIb￿ &88ets to ¢knIe￿in* there ts atry indKatson that those as8et8 have sUffe￿d 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 aPpl￿d 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)gni￿d 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 W￿￿￿tIng 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 r￿eWed on an ¢JwlrrfJ ba6L8. RevlBlons to aco)u esUmateB are recognlsed in Ihe pertod Sn vthich th8 estimhte is re*iyed Wthe￿ the ￿¥￿ton affecis onty that perfc•J, or In the PO￿0d of the revI￿on ond firture F¢rfods where ihe ￿￿510n affects t¥)th Qufrenl and ththire pe￿c￿$. INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS (COP￿INUED FOR THE YEAR ENDED 31 AUGUST 2024 Donatloni •nd leoaei•% Unre*trfcted R•strfeted lunds lund8 Totsl Restricted funds 2024 2024 2023 D￿1￿jnI and gms Gr8nts 88,1tr3 88.199 852,034 846.687 852.034 88,199 852,034 940,233 &46.e87 OonatlorA and glfts Palmns, Clr¢le Mernbers Other 34,199 34,199 88.109 88,199 Gr•nts r￿1¥9b1e lor ¢otg •￿¥￿0￿$ 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 unre￿￿1*d lur￿9 fijnds 2023 APPG Income Olher GroN Incom 16,SOO 16.874 37,600 37,$00 33.374 Ratslng fvnd• Unre8trfct•d Unre8trtaed lund8 2024 F￿d[al$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$e8 Olher bgal 8 PTofessiting1 Co￿Ulten In6UTgr Contgnl prOd￿U¢ 437.156 370,355 1.778 11,481 12.807 1.200 7.814 8,287 1.426 6.172 314 5.028 7,718 81.055 18.845 107.071 2.976 2.619 314 1.779 979 104,771 375 294,368 1.995 219,285 1.579 791.137 925.271 Share ofgov8manc8 ￿StB note n 3,840 793.717 929.111 ATraly•ls by fund Unrestrthd Resttsted knds 40.727 752.990 18215 910.886 793.717 929.111 Gov•man¢• 2024 2023 )untsn¢y FM6 2.560 3,840 Govemance costs payrwrti to the indepeTrJent exarnIne￿ of£2.58012023.' £2.400} for Ind¢pendent exattlrtation fees. 21- INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Ngt movement tn funds 2024 2023 Tho net mov*Th￿nI In [￿￿$ is statad after tharg1ngllrJed￿ngl. 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 rev￿r*r$bon or beneffts from the charity durfrrfJ the year. C P1558rides, one ofthe Tnsstees. was appolrted as a consuttant lorthg chwity £20,8W P023: £20.8001 in expenses for cLJnsu]IAncy seNk86 on the Nufftel& Pr*¢l. 10 Employee¥ Th8 avwage WKJnlNy nwmber ofemptyee$ duthg the year w88.. 2024 Number 2023 Numb•r Employment co8ts 2024 2023 88 and salade8 S￿181 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 M￿age￿nI PQTsonnel18 8$ Ic4k)￿. Aggreaalo o)mpen$gtton 128,149 54.520 There we employe￿ wtrK¥se annu81 remunerotion was £60.c￿ or mo￿. 11 Taxatlon Thè eharty Is exernpt from tsxal•)n on its 8¢tivthes t4¢aU￿ all its incon*15 Sp￿￿d tr charitabk purpostt. INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 T•ngllJl•flx•d 4¥0ts FIKIUM •nd Compu* At I September2023 Adthtions 1.524 11,879 3.198 13A03 3,198 Al 31 August W24 1,524 15.077 16,801 D•preclatlon and Impalrnionl AI 1 Sewmber 2023 D8predalon Clwged kn the 12 7.060 1.518 At 31 Amgusl 2024 8.578 Carrylng •mount Al 31 August 2024 202 8.499 6.701 At 31 Aug￿ 2023 4.818 5.106 13 D•btOfS 2024 2023 Amounts f•lliry du•*lthln year. Trade dpbtors Prnpoynwnts 8nd Kixued Inttsme 87.671 60.999 218.343 148,670 218.343 14 Cr•dltorn'. amounts fJllkng due thlthln ono y*•r 2024 2023 Othertaxallon and sooal securty Trnde creditors CAhercred(tors ArxNak and delerred 13.507 63.7 32C 94.104 11.378 50,292 2.146 74,122 174.613 137,938 15 Delerred I￿O￿e 2024 XJ23 Other deferred income 52.786 11.867 Defwred 18 [￿lude(l h) the ffinandal Statsmants as follm.. INSTITUTE FOR THE FUTURE OF WORK (IFOW) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 AUGUST2024 16 DofonBd Incom• Icontlnuedl 2023 Bal8rKo 8$ 811 Ath>)unl def8nwd in year An￿￿nt 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 b*nces of th)nglbJis and grants held on tDJ subieGI to S￿¢¥fiC cond￿On¥ by dortors as to howthey nw be used. Mo¥•m&nl In funth mo¥W￿nI In fund• 15•pt•mbBr zozz our¢•• •XPEndÈd I September rn¥ourw wppn¢l• ZJ $1 Augu TNst fr*r Lond¢) Open sc￿8ty Foundatksn Joseph 155.OC¢I) 67.500 {57.5001 6,123 18.1231 CharIla￿9 Tn￿t NuTrkl Bratd Frfends 57,320 541.S81 87.553 1$7.320} IS41,581} 187,5531 22XJ 47,936 170.4591 717,71r2 19,926 (717.7￿2} 161,6121 180,4661 147,614) Dwjit 41ffj86 47.614 642(fd 846.687 (910,8961 852.034 (862.0341 lor London Th15 fundkng supports Ihe odv8nCemè￿ and iMpler￿¢￿tIOn of IFOWS S￿01 pow innovatlon framework thrnugh the ex¢¢uts)n of targeted polKy knitsatives ar￿ progr￿Me$. It 81so ama￿•S th• dtssemthat4)n of ￿￿￿orbs to prDmoig fairer and more equ￿tle ￿n￿RIonS wjthln Lont1on's rètall aThJ tTall6POrt sectors. Found*tlon 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¢$pon#e lo ftrture olwork chalkt¥Jes. JoB8ph Charil4ble Fundlng b ￿Ing SO￿ io devolop progressive legal and cuporate rèspwsibm￿6s aimed at ensurin9 that Artlfi(aal Intelligence. Machine Leaming, Bn¢J algorithrrlc systems deployed In the workpla¢e suppofl and empu•M wcrfkus, ratherthan dninlsh thew orvalue in the 017A￿r￿. Nulllold This grBnt SUFP)rt3 a eompr•h8nsi4* Inva￿vdatiCn iti the effeds of rnw knhnol¥le$ on and wellbelng a¢FfJ55 sys1em￿. organisalional. and indlvidugl dIm￿￿10n¥. conthl>ukng to Ihe broa(ler under8tsnling of the Éoc1o*L￿onlc 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¢t￿l9 algOnlhm￿ irrpact 8isessmpnts alipned Yrtth the wir*les of goc*J wor Digit In cdlaWalw)n the UK ¥c8d*￿¢ $￿tOr. wjhcl 8lm$ to foskr a we114nl¢ytred and ￿￿nC&bo￿l 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$trScted funds of the chwty cornprtBe Il* unexpended bakqnces of donatlons and gr8ntsvthlc* or¢ t subject to speofic Omd￿on$ by donors and grantors as lo lThlh8y MAY be used. These indud d&s￿dn1ted 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¢I￿abSorbId by) 0￿ratIOnS 277,617 1137,141)