Company reglstratlon number 11263281 (England and Wal￿)
Charlty reglstratlon number 1180718 (England and Wal￿)
INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

INSTITUTE FOR THE FUTURE OF WORK
{IFOW)
LEGAL AND ADMINISTRATIVE INFORMATION
DrAlmafidon MBE
M E Dalton
S Khareghani
G J Nuttall OBE
D Barone Soares
Dr S Black
ProfG Neff
Charlty number
1180718
Company number
11263261
Principal Jddress
Somerset House
Strand
Lond
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Ind•pgndenl examlngr
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Bankern
Metro Bonk PLC
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1B5HA

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
CONTENTS
Page
Trusttss. report
Independent examingrfs rewt
12
statement of financlal activf(ies
13
she8t
14
ststement of cash flows
15
Note8 to the finan¢lal stalements
16-27

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 AUGUST 2025
The Trustees present their annual report and finanoal statements for the year ended 31 August 2025.
The financial statements have been prepared in accordanGe with the accounting policles set out in nol8 1 to th8
financial statement$ 8nd compty wth the tharity's memorandum and artides of association in￿rPorated 19 Marth
2018 as amended by cèrtificate of incorporation on change of name dated 30 May 2018, the Companies Act 2006
and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charth.es preparing
their accounts In accordance with the Finanual Rep)rtlng Standard applicable in the UK and Republic of Ireland
IFRS 1021 leffecllve 1 January 20191..
ObJ•ctlvè8 and adl¥ltlo8
The Ins￿t￿te for the Future of Work {IFOW) is an independent charitabl8 tru51 with a misson to shape a tsirer
futwe through bettgr work. Our goal is to help everyone flourish through this period of technological
transfomiation, and ow bglief is that creating, transitioning into, and sustslnlng good work is the best Way to
athle￿ thi$.
The charriable objecls of the organisalion, a$ Set out In the artlcles of incorporation, ore as follows..
To promtsle the educatlon of the publlc around chaTrJes to the worfd of work vlth partlcular but not exdu$ive
regard lo the impact of technology on work and society.
To prevent or relieve poverty in the conlgxi of the impact of technoloyy on work aTrJ society. with partlcular but
not exclusive regard to thos& in need by reason of youth. 4e, ilkheath, disability, financoal hardship or other
disadvantage.
To advance any such other charitsble purp08e8 as the trustees In their absolute disrydion detemne by, in
particular, but not exdusivaly..
il Research and poliw developmant
ill the development and testing ol new and improved way8 of wothng and support for work
iii) recommendations on improvin9 all aspec18 of work. and
iv) advocacy.
In addition, the Board of Trust88s resolved that the acts'vilies of the Chanty should Include.. work lo promote the
advan￿men1 of human rights, conffllct resolutlcfi or reconciliation or the promotton of rel¥lou8 or racial hamony
or equalty and diversity.
Notable Devfrlopmonts
There ccrtinue to be strong discourses around the new impacts of generatwe Al on sou6ty a8 a whole, and on
th6 labour market in particulgr. The govemment, which had recently taken office at Ihe end of the last repoiknng
Pgrlctrj, has con11nL￿d to commit to the idea of Al as a rout8 to gr￿¥th and woduclivity. and has bad(ed thi5 UP
with continugd ¢10sg work wrth US technology finns.
However. the h0[*d-fc￿ green shc¢ts of better growth for the economy as a wh¢Je have been elusive, and the
poIIUcal cllmale across lh8 country has refieded greater instability and tension globally- in part mat*ed by the re-
election of Donald Trump as US President in November 2024, him taklng office in January 2025. His policy of
threats of heavy tsriffs as a means of pre8sing for an 'America first. agenda In term8 of trade have caused
uncertainty and instability, with dlrect consequence for the UK, and lo the context wthln which IFOW ha5 been
working, with tri¢kle-d¢wn effects Into a tlghl labour market and a stagnant economic wcture, as well a$ incr8as8d
pressuro to ￿e￿0Y Al at pace. This sense of stagn¥t￿n and disenfranchisement has been attompanled by 8
charoing political landscape and growng sense of divislon across the country. somethin9 we hove witnessed In
eommunlty reseafch in projects through this reporting Peri¢XI.
Despite this wder turbulence and ¢hall&ng&s, IFOW has corrtiTrued to enjoy strong conneetlons across our
stakeholder groups and appetite for our policy approaches. In particular. wth the culmination of our Plssarld88
Revlew, we not only secured a senior govemment minbster to delfver a keynote address at our dosing conference
In January. bul - followro the release of the Final Rewrt - have cworwened a roundtable series DSIT on
Al ané the Future of Ktjrk, delivergd workshop$ for D￿. and worked wth the Al Secunty InstitLrte to implement
and integrate our ftameworks for automation into their econonmic modelling. We have a150 been working closely
th fimis to operationalise finding trom our research on peopltrcenlred technology adoptknn. and wlth young
people trom Iow4ncome backgrounds across dlfferenl part8 of the county in new spin-outs from the Revlew
focused on improving access lo better work.

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Ihjlth Ihg shape of the new padiament, and new rule5 around APPGS, there were scffle compliGation8 around
reconstituting the APPG on the FLrture of ￿tsrk. However, we had a Su￿eSSfiJl AGM in Octobgr 2024, wth new
officer8 dected and vAlh support from new partners. and were able to deploy SU￿88ful programme of evgnts and
roundtables.
Followlng the completion of the >year Pi5sarides Review, it was 8 g0(Kl opportunlty to refresh our Strategy. wlth the
creation of three new pillars lo guide our work, as well as key challenges and targets for our work. The contlnued
development of th18 has helped u$ to expand our vision for how we fr&me our work acro$$ aoveTnance, civil society
and industy. with a Mder foDJ5 on Ihe creation of 8 )lourishirvJ souety, and work as a site of catalysis for that, as
well as a le￿ through whlch ch8nge Can be obseryed.
Across thi5 work, we eC￿n￿e lo have Six groups of key stakeholders that we interact with a¢ros$ our plllars of
'peoplfrcentred technology. 'good trarAb'on$', and 'fiouri8hing places.:
Govemment Iwknrtllsing and ¢reating goc*J workl
Regulato￿ (steering and intervening lo proteci good wryk)
Industy Ideveloplng and modelling gotsj work)
Inve￿0￿ Ipriontising and requiring good work)
Academ￿ Iresearchlng the Impacts of technology on good work)
CNAI Soclety lengaglng and informing good workl
IFOWS work can be grouped under each of these three themes, and acb'vities are regularly reviowgd to ensure
Ih8t they fiJrther the aims and objecbves of the ¢)rganisation. The IFOW executive team meets regularfy lo refiect
on, refine and reformulate Ihe challenges that we seek to address. The IFOW Board pays due regard to guidance
issued by the Charity commis￿on In decrding what aGtivitie$ the tharty should undertoke, and regularfy review8
IFOW$ work lo ensur@ it refflects the Charity Commission's guidance on public b8ngfil.
Achlevements and perforniance
RunniThJ from Septomber 2024 to August 2025, the 202412025 Financial Year was a highly slgnifi¢ant for
IFOW, wlth the completion of the Nuffidd Foundation-funded Plssandes R￿eW Into the Future of Welb8ing -
thoLrt doubt the most imFJQrt8nt Pr￿ect In IFOWS Ilfe to date.
ongsid8 9 signtficgnt number of report OLrtputs. this also $8w a 5orie¥ of policy roundtables wrfth major
stskeholders in September 2024 - deploying IFOWS SPIA melhoddogy - and the ¢I￿ng conferenc8 of the
Rwew. which took place in The Shard and ac￿$8 multlple satelllte venues in January 2025.
The publicaticn of the final report from the Re￿eW and as80ciated finding$ then preapitated a ￿ne$ of
opportuniues for dlssemlnation, including work ¥￿th major govemmenl departments and opwrtunrtie8 for IFOW to
present at a number of hig￿prOfile events.
Other projects also saw IFOW operationalise findings from the Revlew Into work with fimis on responsible Al
adoption, with the Al Securlty Insutule with young people from low4ncome ba¢*grounds on access to better wo
and grgen jobs. and wrth key Stakeh￿derE across the creative indu8trfe8.
Our work vthh the CIPD saw new ¢)pportunities for us to ern￿OY expert researchers on Al impacts, Ir￿uding
Semeli Hadjiloizou. We ￿80 gxpanded our capabllttkqs In comms and events. upgrading the Comms Associ*
role to fu114ime.

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
S1gnffi￿nl developments across our work inGluded..
Continued publication of m8jor research output8 from the Pis88rides Re￿eW into the Future of Work and
Wellbeing, funded by a £1.8m grant from the Nuffield Foundalion, which enjoyed coverage in the national
press and all(xved us lo deepen engagemgllt and wtential for impact across our stakeholder group8.
The C50sing Conference of the Pi88arides Review, which 88w Sir Patrlc* Vallance - Minister of Stale for
Science. Innovation and Technology
d8liver a keynote address, and major fvJure5 from across
academia, films and policy gather in The Shard in London and acro$s $atellfte venues in Comwall,
Manch8ster. Edinburgh and Cardiff to diseuss fts)dlngs from the Review.
A seriès of expert roundlables wth senior stakeholders in DSITto dI￿U$$ findings from the Review.
An all￿day workshop Y￿th senior leaders at to ijlscuss finding8 from Ihe Review, impllcatkns for
their work. Thls w88 organised in conjunction with lead economists at DW.
Conb'nued parliamentary work, wth SeSs￿n8 of the All Paity Parliamentary Group on ts Future of Work,
of whl¢h IFOW acts as Secretarial and Strategic Research Partner.
Fruition of gur major BRAID (Bridging Responsible Al DiMdesl project on the Impacl of Al on the LK
CraatlV8 Industries, working with the Turing Inslltute. Queen Mary University Lorbjon. and th& Unlverslty
of the AJts, London. This culminated in a series of launch events at SXSW London, and in p8rllamenl. as
V•EII as a webinar featuring key figures from acros$ the crealtve sector.
Work on three major new funded prolgcls.. Al Adoption In Organisations woioct wth the CIPD. the
Motivating Futures prolecl in partnership with the EY Foundatton, and the Flourish proied, funded by Ufi.
Alongside these major developments, IFOW Blw enjoyed opportunM&s to share findings frcth our at
numerous events hosled by 8 widg rang8 of organisations. These induded the Employment Lawyers Assoaation,
Anthropy UK al the Eden Project, the ACAS Conference 2025, the TUC conference In Bnghtm, techUK'8 wlicy
conference, Polrtico's Al ond Tech Summlt and the Health and Wellbeing ot Work conference. We were al80
delighted to be invited to attend a dosed roundt8ble %wth Sir Charfie Mayfièld lo feed Into thg Ke* Britain
Irking review.
In accordance wlh IFOWS charitable obiecttves, all ￿searCh reports ar￿ events (where possible) are made
publicly available via the IFOW web￿te. IFOW undertakes Folicy engagement and advocacy work that further its
thafitable objects, strtctly adhering lo relevant regulatory guKlance from the Charity Commission on the activities
of charitable think lanks, and on campaigning and polltlcal activity. IFOW b¥ independent of any Foltical paty, and
the organisalion is careful to ensure that engagement with pditical actors remains balanced awss polibcal
parties.

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST2025
The foll0v￿ng details thg actlvlues of the IFOW over the last financial year, within the 8truL#ure of the three core
IFOW pillars..
The flrst cue plllar of c4Jr work through this period cor￿emS the i88ue of new lechnologieg #nd IxJ5iness models
being designed in ways that challenge the traditional mechan18ms of good governance and meanlngful
countability. One of the key thing$ that we hav8 surfac&J through the Pi88arid85 Review is that t￿hnOlOgY
loption processes are not centred ¢)n peopl8, 18ading lo impacts on the conditions, desgn, experience and
qualty of work. We have been addressing this challenge through a number of different prolects.
The Final ReF4)rt of the Plssarldes Reviw aggregated findings flom across the different Workst￿*m8. Through a
new sooal and economic paradigm of Good WorK ri proposed a new model of humana¢entred automation,
comprehensive socio-technical approach that urbder5tands technolog￿1 transfomiation as highly interconnected,
arKI Inlerd8pendent vAth P•)dtreca>nomlc change.
Part of this work involved in-(kpth rase studles. whlch We￿ published in January 2025. These investigated how
workers across dwerse sectors were experiencing technology in their daily ro*, and its broader impact that this
wo$ having on I[￿ qualty. W￿kplaCe relatlon8hlps. and mental health. Based on in-depth focus groups wth 84
workers. the study hlghllghted the d￿ergent nature of technological thango-offerlng greater flexiknlity and
efflci¢n¢y but also exacerbating stress, job insecurity. 8nd social iso￿tion. Key findings revealed how •mollonal
responses to technology - rarvJing from anxiety lo empowement- We￿ $haping Prod￿livity and wellbeing. The
report ¢alled for policies and praclices to prioritise worker needs In tsslgning and deploying technology to foster
irtlusw8 workplaces.
A COn￿¢t¢d report, published ￿ December 2024 vlth fundlng from TN$t for London and led by IFOW Senior
Research Fellow, Professor Phoebe Moore, explored the growng issue of '8ffèctiv8 compLrting' _ systems that
8e&k to read workers, emotions, and use the8e reads lo feed algortihmlc management systems that may Impact
pay. hours or work conditions. This Is openlng a new frontier in surveillance and prfvacy concems. and has
slgnlflcant regulatory impliGations auoss domains, from definitions to IhB need for speafK, updated protecvon In
th hard and soft law.
Thls led dlredy to a major new proj8Ct in pathrshlp I￿1h the CIPD belng commissioned. Working dlrectty
wrth a number of fim8. thi8 has sought to understand the areas of HR, organisation stratsgy, and p￿pIe
devek*pment prath.ce cructal to sucee$sfvl Al implementation al Work. Publishing in 8pfMig 2026, this work alms to
t￿lId 8 deewr understanding of howAI Is or could be used by organisations, ond ils impact on work8rs.
IAbrk in this pillar has also ewored the imp8Ct8 on thè craative industriès. *thlch remain Such a powerhouse of
thg UK economy. Wth funding from BRAID. and working in partnership with the Turing Instttute and Queen Mary
Unlversty LorKlon, the CREAATIF project- Crafting ReSpon￿Ve A$ses5ments of Al Tech-lmpacted Futures- look
the Good Work Algorithmic Impact A8se88menl methodology that IFOW pbjneered and sought to apply this to
those working in the creatSve Industries, many of whom are In freelance roles, or roles hlghty exposed to
displacement by automation. The project ran a large survey, and - wth 8UPPOrt from key Un￿n$ - c￿nV&n￿d
workshops to list8n to th8 exp8ri8nces of workers across film. teleMsion. animabon, transla￿on, musl
perfomanee and writing. By this, it sought to bring the voices of creative workers Snlo the foreground. partieularly
wilhln policy guidance for tho UK labour context. Centrfng thelr expedences in this period of technologlcal
transfomation hopes 10 sustain a sector able to create hIg￿￿alitY creallv6 outputs whlle mlnlmi8ing averse
working eondib'on$ and job displacemgnl. We were delighbj to be InvW to present t￿5 %Ksrk at thg inaugural
SXSW event in Shoredltch, wth an expert panel on one of th&ir mainstages, featuring the writer Tracey Chevalier.
aulhor of Girl ￿th a Pearl Earring.
This work has also been extended by IFOW in a fvrther BRAI[￿￿nded projecl condLKted in partnership with the
Vinderoo Centre for Technology and Democrary. with IFOW Rasearch Fgllow Dr Clementine Collette explorfng
the irnpact of generative Al on the novel. ThroLtgh thls reporting period, Dr Collette convened exwi roundtables
to listen lo wr￿er5 across all genr8S. those in publishing, and those working in policy in DCMS and Dsrr. She 8180
¢onvened a day-long rxjlicy forum hosted by Jesus College. Cambridg$ in Jung 2025. Publication8 from Ihls work
will bè r6p)rted in thg next rgPOrtirvJ period.

INSTITUTE FOR THE FUTURE OF WORK
{IFOW)
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Supporting all of this on p&)pl&centred technology, the All Paty Parllamentary Group on Ihe Future of Work
of which IFOW acts as Secretariat and Str8tegic R8search Partner- convened a session on 5th June 2025 to
(tiscuss the impact of Al on the creative industn'es. Thls generated huge inlerest and led to extremdy moving
storf9s belng shared by those whose livelihoc¥Js have alr9ady seen significant impacts. This $e$$ion was Chaired
by Lord Jim Knight, and also fealured Lord Jim Knight, P8uI W Fleming, General Se¢xetary ol Equlty UK,
Professor David Leslle, Dlreclor of Elhtcs and Responsible Innovation Research at The Ajon Turing Institute,
NICO￿ Solomon OBE. Sollcilor and independent Gonsullant to creators, fomier Chair of the Creators, Rights
Alliance and former Chief Execuuvo of the Society of Authors, Linlon Stephgns, Classical Musician and
Broadcaster for BBC Radio and TV. and Dgbgrah Vmlliams OBE, Data Governano Coach and Futurist.
The Final Repcft of the Pissarides Review was publl8hed In January 2025 and was very well received. Thls led to
numerous engagements with key stakeholders in a Chatham House style. lea¢th'ng to a wlde range of applications.
I￿uding- In thls raporting period..
Close work wlh Senior pollcymakers and key stakeholders in a series of fve workshop8 curaied and co-
hosted by IFOW for and wlth DSIT. Other departments attended regularfy including HMT, OfE, DWP. Th8
ffinal session was attended by Secfetary of State for DSIT and Minssler for Al, listed a$ official
engag8m@nts taking place MaY￿UlY 2025. A s&parate remote event to disseminate finding$ wa$ held for
DLUHC which wa5 not working wlh the other departments In this area at the time of the seminars.
A whole day bespoke workshop convoned by chief economlsts at DWP lo explore implithion8 of tha
Revlews findings for th￿r work across the Dep8rknent- both internally and extemally.
Ongoing work wth thg AISI, Including the adoption of the automatwJn arthgtyp8s as a framework in
major study eworing the impads of LLMS on demand for labour, through an RCT whlch examined the
impact on timeliness and qualty of people. people augmented by LLM'8, and LLMS only at ONET
activities.
Ongolng work through our Regulaty Sandtox to develop better Al govem•n¢e mechanisms to SUPFQrt
people-cgnlrod approaches. This was also a forum lo dis5gminat8 findirvJ$ to major regulators of work
lures including ICO, EHRC, DRF. BSI and others.
The DSIT seminars were partlculady slgnfficant. as Ihey spoke to IFOWS Work Infiuenc?ng policy disGussion$.
Though these Govered work across other ￿lIarS of IFOWS work. for simpliaty they are aggregated hera".
Roundlab￿ 1 (April 20251- expk)ring Al's potential Impact on werk and labour martets.
Understanding how best to monitor the impact of Al on the labour market in ￿01 time to Improve the
government'8 ￿tL￿lOnal awareness ond preparedness.
Roundtable 2 {April 2025}- Equipping the workers and employers of the future.
What skills vAlI the UK'$ fLrture workforce need to thrive in the Al-era and how VAII th08e charyJ8 as Al'8
a￿1￿leS advance?
How can we ensvreequitsbleaccess to retralnlng and upskilling opwrtunilies, parts'cularfy for
dlsadvanlaged groups?
Roundtable 3 (Aprfl 2025)- Champlonlng regicnal apFwathe$
Vvhat are the unique opportunttle8 presented by Al odoption in labour markets In regions acr055 the UK?
Vthat role should unlverslties as anchor inslitulions play in cults'vats'ng particular Al-r8lat•J $kn11s
specialism5?
RoundIa￿e 4 (May 2025}-A safety nel forAI Iran8(tlon8
Vlmlle the overall net impact Al wll have on employment Is still unclear, the polenb'•l for rapid and
slzeable labour market transfomation ungmployment creates a significant risk for the UK economy.
Roundtable 5 Imay 2025}- Monltorbng Al's Impact on Ihe18bour market
Understanding hitjden, changing and future Impacts and likely requirements for pollcy appr¢)gchgs
and intervention in 8 h￿)hlY di$ruplive future.

INSTITUTE FOR THE FUTURE OF WORK
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FOR THE YEAR ENDED 31 AUGUST 2025
Plllar 2: Good TfaMltlons
Thbs 8eeond pillar of IFOW is ccncemed the crltScal lack of insight into thg nature and pthtial for good work
transitions, both within and ￿e￿en jobs. In parkn"cular, this means working to improve the re¢ognitr'on and
development of ￿￿￿¢.$ skills and Capa￿'11t￿e8 and 'matthlng' of workers to good, fvture jckn8.
Ono of tho key reports relevant tr) this pillar published as part of the Pissarides Revlew fcKu8ed on thg CaP8blI￿.&8
that wthers are able to draw on 88 they navigate work tranytion$. For the first time. this report ewored the
di5trfbut4on of ￿Pabl1ttIes across the UK workforce, revealing eribeal disparibes and highlighting opportunities to
anhano worker resilK9nce and wellbelng In pedods of transition. 11 used survey data from over 5,000 employees
to evaluate ￿pabill￿e$ such as slabilty, autonomy. attachment, and achievement. applwng the ICECAP-A
framework to wovide a nuanced under8tandlng of worker axp6rienee$. 11 uncovered significant di5partti9$ In
capabilty levels, highlighth'ng inequalities across age, ethnicty. and edutstion. Importantly. il a150 fourKI that
worl(erE exposed lo atharKed technolog￿ like Al and robotics face di5ruptlons to traditional capsbilty dynamics,
emphasising the critical role of Institutlonal framewort(s ané Supportive HR Practices In promoting resilience and
8quty. A key finding highlighted the posibve impaLt of institutional sUppOrt￿y￿ as HR practices, unions, and
workpla¢e pcdicie￿-(￿ employees, capabllllles, offedng a vltal avenue for resilience amid rapid tethnological
di8ruption. These gjpport mech8nism8 were ts)n8istently associated wth tthr outcomes. undorfining their
Importance for on equitable future of work.
n earfier publiG*ion on the changing Skills demar￿5 being se8n the UK - reported In th8 last Porfc4J -
g8ve rise to a new partnership wth the EY Foundats"on. The Motivating Futures project sought to Ur￿l￿and how
to Improve Iran$itk)n$ for young people from low-income backgrounds. Based on a wde review of If(eratur8, and
workshops with young paople, il showed how lesson8 In motlvatlon cO￿d be a vital component In hdplng those
trom low-1￿0m8 backgrounds access better wcffk in this age of Al labour market disruption. As evidenced in our
Pissarides Review. better technical th'lls and 'AI literacy, alone WAII not be enough for young people from low-
income backgrounds to thrfve. Intrinsic motivation and sdf-agency are bttomirrfJ incr90$ingly important for you
people to adapt and SLKceed in this fast*volving and technologi8ing lab)ur market. I￿lIe the findings Sndleated
that many young people exhibit strong intrTrnsic or Irrternal motlvation linked lo thelr values and Id8ntity. the
research also revealed that. if young pgople are lacking this. it can hold them back from building fulfilling caraars.
Yel evidence Ind￿aleS that while young thildren genorally start with similar levels of intrinsic motivatlon, It often
erode5 more quKkly over tlme for Children from low-in￿rne backgrounds. This Is a critlc*l insight because this
group of young people are more likely to feel excluded from nfjw18aming opportunrties, as those presented
by Al. Right at the end of thi3 reporting p¢riod, members of the IFOW team created a pilot InléNonJon- based on
insights from this research- to 'shift the dial, on motivation for young peoF4e. This was deployed through August
2025, and the results of this- and 8 comprehenS￿e revlew of eareers supp)rt structures for young people - wll
be P￿lished in the ngxt reportlng perfod.
Two events for our APPG on the Future of Work were pwb'nent to this issue of tra￿￿tiOn￿. On 27th March 2025,
Lord Jim Knight Chaired 8 panel examining ts evolving landsca￿ of employment rights in the UK as the
Employment Rights Bill progressed through Parflament. An expert panel - induding Professor Slmon Deakin
{Professor of Law at the UnSversty of Cambridge), Dom Amstrong (Head of Pollcy, Communty Union)
representstives from Prospect Union end the law fim Simmons and Simmon$- ex￿ored the gaps pollcy
intentions and implementation, emerging challenges, and the road ahead. Thi$ looked to surface eleM￿ts of the
rte PaFer that wuld be missng from the Bill. whlch MPS or groups could ¢onlinue lo l¢)bby for, and what
emarging challenges might requlre protections not yet covered vAthln the legislative framework as workers across
the comtry $•• chang9$ in work and ways of working.
Secor*Jty. on Aprll 24th 2025 the gioup met to COn￿der how- as industn.es evolvo and technology re$hapos jobs-
we ensure that vhjrkers and businesses have Ihe skills they need to thrfve. Thi8 covered the viS￿n fr)r the new
eated Skills England, the importance of Ilfe-long learning lo good tran8ition8. and polldes that mlght be needed
to futurfrproof the UK'S Workfo￿?. Lord Jim Knight- APPG CrTrChair- was joined by Lauren E¢ts8rd8- MP for
Rochester and Strood, Donna Ford-Clark8 - VP of Vocational Qualifica*'ons and Portfolio at Pearson, Simon
Parkinson - Chlef Executlve and General Secretary of the Workers Educaknonal Assocoatlon. Dan Hwl - Head of
Pollcy aThJ PublicAffairs at BCS. Th8 Chartered Inslitute tor IT and Llthe Crowley- Senic* Skn'll8 Pc4icyAdwsor at
the CIPD.

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Plllar 3: Flourfshlng Pla¢98
Thls third pilar of our work is GOn￿Med wllh ereatlng Innovation system$ lo create good work aTrJ enable peoFAe
and places lo fflouri8h. 1113 based facing the challenge of lrnproving the capabilities of institutions for systematic,
8ustaine(l and induslve growth and inmvation poficy.
In July 2025, IFOW published the fourth annual update of the the first hc4i8tic
measure of the availability of good work In each local aulhoTity area of England outsid8 London. Work from the
Pissarides Review found that technological transformation is having profound and incTeasin9 impacts on good
work - impacts that are often masked by headling ¥tati3tics. The Review also found that gcod quality work
mediates better outcomes from Al and aLrtomatson. and that Indicators of go¢)d work can serve as measures and
proxies for well-funclloning local innovation e¢osy$tem8 and Inclusive growth. Our Good Work Monitor Ihergforg
has matured in the context of this review to become a means by which PTogress on key finding$ can be
monitored. Our 2025 8dlJon- Incorporating data from 2009 up lo 2024 - built on annual releases lo reveal good
work trends over a 15-year period, allowing economic shc¢k$ arKI regional ¥a￿ation lo be situated in a longer-
temi contexl. Alongsidg the Disruption Index (released as pgrt of the Pissarides Revlewl, the Good ￿fi￿k Monitor
Time Series tracks the environment in which work is created and shaped, distributed and disruplod, and begins lo
show the likely outcomes of tethndogical IransformaJon, on current trajeclories. To enhance this Picture and
support delfvery of the government's Industrial Strategy, this 2025 edition of the Good ￿)rk Monitor added an
analysis using Ihg most current, availab￿ data on PToduc*ivity.
Togelhei. ¢￿r analyses Invlled challenge to seve￿1 persisting assumpwons.. that employment levels and job
quality, faimess and growth are somehow incompallble,. that grovth may result in fewer jobs or fewer gc*)d qualrty
lobs., and that the acceleration of Al adOptiC￿ and aLrtomation wll not aulomali¢ally lead to good jc*)s or other
good outcome5. then indic8te(I how these ¢hallerKJes wwld be uilical to effective dellvery of the growih
mis￿on and the Industrial Strategy.
In March 2025 we putrAls}￿d a '
Re
' in collaboration the UnNerW of Exeter's Penryn
campus, Comwall Council, Com¥Yall Chamber of Commerce and other loeal stakehokjers. This f￿USed work from
our G(x)d Wcfk Monitor into thè le¢al context of Comwall and the I￿e8 of Scilty. It revealed that N%hile the region
has made S￿nifiCent stride5 in implanentiNJ gcod work principles, there are dgeper structural ecorK¥nic
challenges to be addressed to ensure Sustained and equltabl& growth and18sting job quality improvgman15. It was
rel&as8d to accompany the Disruption Index Spodighl Rgpgrt Ihat wa5 commissioned as part of our Pl￿￿￿e5
Review. Using ￿$8 Studies and loc£1 expertise, it ouuined Comw811'8 labour market dynamics and hcvl seasonal
Iluctuations arKI market conditions remain obstades to f88ter change. Thi8 work represented a new area of
opportunity for IFOW, offerfng focused analysis using our datasets. Thls Is somelhing that we are keen to explo
further in the next reporting perfod.
Another dimension to our more place-focused work Is In the Flourish projecl, which we have been undertaking with
fijnding from Ufl's VocTeth Challenge fund. Grounded In re8earch findings from our Plssarides Revlew- esp8aally
th08e cffl netsvork8 of skills - we have been developing ways to help people aGGess training and y￿rk opportunities
In the green sgctor, wllh a key focus orb periphefalised economies.. Comwall and Grimsby. The growth in green
jobs pres8Jnls a strategic opportunity for UK regions. bul current skills shortages have been creating bottlenecks for
achieving the govemmenl's Industrlal ambitions. The Flourish Fw'ect Seeks lo addr8s5 these ¢hallerrfJes. by
focusing on three stskeholder yroup8. Flrstty. there are Job Seekers and Leamers, who face struggl95 to navigate
online [8￿r¢8$ to find, understand, and pursue local enlry-level positi'ons with vocational training. Secondly.
Employers and Training Providers, who fae* difficulties attr￿ting, engaging and retaining local job seekers th)
po$se$s thg right mix of qualific8tions, aptitude, and mtstNation. Flnally. Regional Stakeholders. vthere govemment
and policymakers lack clear visibility of programmes in their are88 that alyn with green industry goals, and can
struggle to Coordinate effe￿velY t*ts¥een trainiThJ centres, pl￿ders, and emptoyers. Wrth the projèct kicking off at
the beginning of 2025. through this reportlng period, the team have been working on the ground in Cornwall and
Grim¥by to understand the particular challenges in those areas. We have used Communrty Re8earchers - young
people embedded in communrties lo expk)re research wthin tr￿1r peer groLVS- lo gel a8 close as po88ibK8 to those
who we would like to have improveil information and access to jobs in the green Sector. Thls has helFed us to
develop a deeper understanding of thg complexities and Ilved reali118s of priority c¢horts in each region rglatfjd to
pathways Into green lobs, includiThJ young ￿pple, those who are 'NEEf. potential 'job switchers,, 8nd people who
are currenlly 'economically inactiv8'. Our approach has centred empathy, participatory engagement at a ￿mmunty-
vel, 8lhnographic methods le.g. al lob centres and job dubs), user 1ftteN￿, and u8er testing.

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Alongside u$er r¢sear¢h, we have aiso undertaken a comprehen&ve prOgraMft￿ of stakeholder engagem￿t.
talklng to bu31nesses, tralning providers and other key stakeholders li each ragion, suth as Job Cethe and local
counci18. This IS to enable u# to id8ntty product requirgment8 for bu8ine88es and contribute to our commor¢ial
objectives related 10 5UStalnabllHy. The end goal - vthich we are aiming for in thé n8xt r8POrting Feriod - 1$ to
develop the Fk)uri8h platform, and towards this the team have undertaken a compRl*nsive UX (user eyperfencel
process through design-thinking workshops.
External prolllo and communlcatlons
IFOWcontinues to enjoy a 8trong profile extemally ar¥J l¢xJk51o share Its work strategI￿lIY across ￿re audience8
of politlC8, academia and business through a variety of ¢hanng15.
As already di8CU88ed around our work 7thth DSIT, dosed meetings io share our work vAth policy leads in
government departments, govemmenl and shadow t•4ms, regional leaders, c-sulte business leaders. academlc8
and ovil %)ciety repr8senIa￿Ves remaln a core way for u$ lo wmmunicate our mission and bulld supwt for IL
Soclal media Impact has contlnued to grow over Ihe repoiting pericd. Our Linkedln fdlowgrs grew by over 1000
durlng Ihls tlme. ropresentlng nearly 28% growth. ￿hIeVed around 45000 oryank Impresglons,
correspondlng to the number of Ilmas IFOW ￿$t5 We￿ se8n by Linkedln members, without a sponsorshlp push.
This refiects a hSghly engaged audience. as we ¢ontinue seeking to be Ihe govto hub on the fvture of vK*rk.
Mearmhile, our Bluesky account grew to over 1000 followers and continues lo conne¢l an engaged audlence
vtho regularfy repost IFOW t￿tent. We have continued to hold the line on not using X through this rep¢Jrting period.
and feel that more recent events have vindicated this approath, especlalty In ￿eW of our Charl￿ble object lo
promote harmony arKI gquallty.
Ifislts to the IFOW website Show 43.6k unique visitois, representing a sustained postion followi￿j a year of huge
growth in the previous period. Page views refiected strong conlinuty, sitting at 94.8k over Ihe period. Mews per vi$il
and vlgtl duratlon were all up. refiecting a strenglhenlng engagement the site. Unsurprfslngty, our top page wa$
the IFOW landing page. and the Final Rep)rt ofth8 Pissarides Revlgw was our most viewe(l fypjrt.
Subscn"ption$ to our monthly neyrtfetter have continued to grow. galnlry 160 new subscrlbers, ending the period
with a total of 2738 subscrfbers, and 'open' rates have been pleasiroly suslalned wrth thi5 gro￿ arKI stsnd at
around 40% - substantially rn0￿ than the 'toptier' score of 30% expect&J natlonally and mean for Mailchimp of
just over 20%. The fo￿al we have been using continues to draw in audlences 1ooknng for a dig88t of what is
happenlng In the Future of Work spaee, and covers an introductory overview piece, a deeper dive into some
current re8earch and then a list of interesting reads and forthcoming events.
Our Unke(Iln newsletter has sèen impressN• growth, with, on average, 70 new sub￿berS per month over the
second half of the reporting period, ending wlh a total of 2074 subscribers. ￿ feel that this has represented a
shift towards Linkedln as more people have migrated away from platforms such as X. and our dgcision to engage
in thi8- and host a ver3lon of our nth¥￿etter there, as well as on Mailthimp- was warranted.
We al80 enjoyed further press and media ¢ov&rag8 arKI aGtivitles across Ihg rgporting peric¥J. particularfy In Fxlnt
and online media.
In JanLTrary 2025, the Pissarides Review received strong attention in print and online medio, indudlng features in
the Guardian and Business Matters on the potential for new technologies to widen existing inequalities in the UK,
a8 well as 8 lon9er-form feature in the Financial Times'working It, new￿elter.
Print and online ￿verage of IFOWS partnership with the CIPD on the Innovate UK BridgeAI-fund8d project has
also been notably strong, as covared in, among other publications, Personnel Today.

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
IFOW were also invited lo contributs to print and online medi8, especially on issue8 8round potenlial labour
market disruption lo enlry-level jobs and opportunrties. IFOW contributed multiple articles to different ouuets on
these topics. including a piece on skills, capabilities, and graduates to Lumin8le magaine, and a grnilar wticle on
young people and the changing skills landscape for the Edge Foundation's Skills Bulletin. Interest in the entry-
level labour market also extended to an IFOW interview on graduate recrultmenl for the CIPO Work Magazine that
goes out to all expert HR professionals, and a slalement in a Financbal nmes article tilled 'ls Al killing graduate
jobs?, This FT article generated signlfic8nl further speculative interest frc*n the Telegraph on the origins, ujrrenl
work. and upcoming IFOW publications, which we have looked lo build on in subsequent months.
IFOW diredors have been featured across different broadcast media channels, typically invited eommenl on
relevant national poliey developments, as well as to discuss IFOW work directly. On BBC channels like BBC 5
Live, BBC London. BBC Radio Ulster, and BBC Radio London, IFOW has ¢omment8d on developments like the
Governmenfs TechFirsl schools programma and Al Action Plan, how Al is changing graduate jobs, as well as
broader workplace transitions, principles of 'GoDd Work, and other findings ol the Pissarides Review on
technology adoption 8nd innovalicfi.
Among other academic contributicfjs. partiwlarly notable was a mention in Capabilities and Human Development
Joumal of IFOWS Final Report of the Pissarides Review as a key contribution lo the study of work-related
capabilities and its intersection with technological innovation. IFOW has also offered supportive quotes for other
relevant reports, such as for the Lbyd's Register Foundation's Global Emdence Safety Centre.
IFOW continues lo recewe a large number of speaker requests from a wide range of organisations. Ov8r this
rgporting period, this has included invilakn.ons lo contribute to the FT Women in Business Summit, ￿ HR Forum,
PCS Conference, Politico and Al Tech Summit, and Anlhropy UK, as well as events by TechUK, University Alliance,
York Festival of Ideas. LSE, UCL, SXSW, ACAS. Employment LawyerS'AS8￿lakn0n, New St8te$man. and DSIT and
DWP.
Flnanclal revlaw
Al the end of the repc*tlng perfod on 31st August 202S. IFOW remains In a stable finantial positicn, rellecting
prudent management of funds and a commitment to doliv8ring its charitabbg objectives a￿len￿y.
Total income for the year amounted to £993,111 12024.. £977,733>. an InC￿aSe of £15.378 compared lo the
prevbous year. Income was primarity derived from grant8 and donations. T¢)tal expendfilure for the Y￿ was
£1.030,46912024= £808.0671, an increase of £222.402 compared to the previous year.
Al yeaf-end, the charity held total reswvgs of £382,579. 01 which £1,464 is reslrlcted and £381,115 are
unrestricted reserves, providing flexibility for operats.onal and strategic needs.
The charity's total assets st(K)d at £469,499 indudlng cash, investments, and tanglble fixed assgts. knablliligs,
Includlng short- and long-temi obligation5, tolalled £104,462 resuWng in a net asset position of £382,579.
IFOW has continued workirvJ towards daveloping a diverse and sustalnable fundlng base. A broad donor po
remains an imperative to ensure IFOW can fijnd the whole slralegy. The organisalion Is 8180 grateful for the
support of grant funding from Tfust for London. Joseph Rownlree Charrtable Trust. Nuffield, CIPD, Friends
provident, ￿git, IRC4HR and Alex Ferry. Further delall on the purpose of these restricted funds ￿ be found in
nolg 16 to the accounts.
All restn'cle(I funding 1$ used solety for Ils Intended purpose. IFOW research progr8mme8 are independent from all
uniestricted fvnding the OTganisation recelves and chosen solely on their relevance to IFOWS missitjn.
The truste85 are satisfied with the financial health of tho charty at the end of the repoiknng period. Slrateglc
planning Continues lo 8nsure sustainability, and efforts to diverstfy Income streams are ongoing. Tr ¢harTty
mains well-positboned lo meet Its objectives and respond lo emerglng challenges in the Goming yèar. The
trustees confirm that they have consldered the charity's fina￿101 po&b"on, reserves, and risks and believe the
charity ￿MainS a going eoncern for the foreseeable future.

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST2025
Reserve• Pollcy
Taking into con¥idgratKJn the guidance18sued by the Charity Commi88ion, the poliw of the IFOWtrustee8 Is to hold
sufficient funds in r8sèrvÈ lo ¢over th￿e morths of IFOWY forecasted total oparating •xpenditure. or 25°A of total
annual planngd operallng expenthture.
Thls chosen levgl of reserves will allow IFOW to meet its liabiliti9s in the event of a redudbjn in income. whlst
onsuring that the majortty of funds are dliected towards advan￿￿9 the Charitable purposes of the organisation. Thi$
reseNe$ target will remain undar T8MiOW by Ihg Iruslggs throughout the year and wlll be reviewod fjnnualty.
IFOW dosed the 202425 financkgl year hdding reserves of £363k. of whlch £2k 18 re$lTiCted, ths remaining £381 k
is unre51ricted. induding £17.542 of ffixed assets. The Trustees consider these reserve Iwels to be adequate to
fijnd the activities of the charlty for th• fore$eeable ￿ture.
Prnelpal risk* and uncert4intie8 and Summary of plan8 and stratsgl•s for man•glng the rlsks
IFOW is constantly striwng to attain a s81 of dl¥eTre and long-temi incoTh stream5. Thg finance sUb-￿mMittee
(rnade up of represenlatNes from both tho Board and stsff leaml meets once every two m(mlhs lo discu55 this
desire, by closely in$pe¢tiNd the funding pipeline. a￿ays belng aware of the three months ￿serveS policy. IFOW
maintains a risk ragi$t¢r whid) 1$ ￿vieWed annually al Board level. A$ part ¢)f rfsk Manag￿ent, this dowm9nts
the maln rf8ks arn1 planned mrtigalionts acmss seNEral potential scengri0$. in¢ludlng financial sustainabilty.
govemnce, key-person risk, and IT $8curliy.
Plan8 for futurè perSods
IFOW has incorporated the Bubsidiary. IFOW projects Itd, on 23fd JU￿ 2025. to permit wider impact and reath
againyt our strategic obi8Ctiv8s. whi18 containing ri$
structuro. go¥•rn•n¢o and manag•m•nt
IFOW 18 a charitable company limited by guarantee, Incorporated on 19 Mar¢h 2018 and registered as a charlty on
15 November 2018.
IFOW was established under a memorandum of associ8tKtn which established the objects and powers ol the
charitable company and Is govemed undor it8 artic￿8 ol association. IFOWS name changed from The FLrture of
Vvork on 30 May 2018. when IFOWwas granted institute status.
AJI trustees glve Ihelr1Sm& voluntarfly and receive no benefits ffom the tharty.
The Trustee8. who are also the dlrectors forlhe PLwpose of ¢ompany law, and who 8eNed durirwJ th• yaar and up to
the date of signature olthe ffinanGI￿ $ts1omgntS Wgre..
r C Pi888ride8 {P￿￿u8 c￿ Chair)
DrA Im8fidon MBE
M E Dalton
S Khareghani
G J NLrttall OBE
D Barone Soares
Dr S Black
Nwcllmer C8E FREng (Acllng Chalr)
Prof G Neff
(Resigned 1 February 2025)
(Resigned 28 February 2026)
10-

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGusf 2025
Appolntmènl R•moval and Me•tlng of ThMt••s
Candidates for trustee position$ •r• a5S8588d by incufflbent tru51ees and meet infomally with senior management.
Recommended ¢andldales are ¢onsidered by all incumbent tru81ees and are appolnted by Unanimous approval of
al trustees, with no maximum limit on the numb9r of trustees thal can b8 appointed. Correspondingly, a trus18e can
be removed by a resolution ￿SSed unanimously by the othèr tru$lee8. All tw8lees are members 8nd Oirectors of
Ihe charity for Companies Hou9& purposes.
IFOWS affairs are normally conducted und8r the supefwsion and leadership of its Co-Dire¢*ors, Anna Thomas and
Dr Abigail Gilbert. Trustee meellngs are held quartedy, and staff members are in frèquent ¢ommuntC8tion ￿￿th the
truslges througholrt the year and maintain a cbse workthg rel*Son$hip tog8th8r.
Key Management P•rnonno1
The management of IFOW is lod by Co&Director8 Anna Thom•s and Or Abigail Gdbert. The Co-Dire¢tor¥ are
responsible for d8y-ltrday managament. R8sponsibililies are delegated by thg Co-Directors to the managemtnt
team.
Arrnngements for 8•ttlng pay and rgmun•rntlon of key manag•m•nt ￿rnon￿l and any ￿nChmarks.
parnmgtgrs or crlterla usod
The salaries of all IFOW staff are benthmarkg11 ag￿n$t oqulvalgnl research organis¥lions wthln the third $fj¢tor.
R￿Ul1Ment is carefulty managed to lake bpnGhmarking into consideration, as well as the overall budget to hand. An
annu81 rèviw process is in place, which links perfofmance and development to Bny changes in staff remuneratlon.
Finaly, IFOW has an Intgmal banding system to ensure thal ¥ll people at the same 18vel aro paid fai￿ withwi eath
band.
Trust99 Inductlon and Training
As and when new Trustees ar& recruited, a ful induction into th6 ¢harlly 18 plannod. Thls Includes, but is not limited
to, providing key po]i(4es and pro¢odurg$ an(1 training on these as appropriate.
Funds hold As eu8todSan tru8te•
Neither IFOW nor any of 118 tru8tees ara ¥ting as custodian Iruslee&
The Trustees. report was approved by the Board of Trustees.
DrAlm
Tru$tèt
don MBE
14 May 2026
11

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
INDEPENDENT EXAMINER'S REPORT
TOTHE TRUSTEES OF INSTITUTE FOR THE FUTURE OF WORK
I rwrt lo the Trustsè8 on my examlnation of the flnanclal statements of Insbtule for the Future of Work (the
charity) for the year ended 31 August 2025.
R•8p•nslbllItl￿ and bas￿ of roport
As 1he Trustees of the charity (and also its directors for the purposes of company lawl, you are responsitle for
the preparation of the finanaal stal&ments In a¢cordanc& wrfh the requirements of the Companies AGI 20C6.
Having satlsffitd myse￿Ihat the financia statementB of the charNy ara Thjt requlrad to be audited under Part 16
of the Companies Act 20￿ and are eligible for independent 9xaminalion, I report in respect of my examination
of the ¢harity's financial statements carried out under sedion 145 of the Ch8rilies Act 2011. In carrying out my
examination I have folowed the Directksns gN&n by the Charity Commi55ion urKler section 14515}tb) of the
cho1itwArt 2011.
Ind*pnd•nt examinerf$ itatsment
Since the charity'$ gro$$ incoma &X¢¥¥d￿ £250,000, the independent examiner must be a rnember of a body
lislod In sec*on 145 of the Ch8rllies Ad 2011. 1 confirm that l am qua1ffj￿d Its undertake tho examinalKin
be¢8uw l am 8 member of the In*itutt of Chartered Accountants In England and Wal&s. whth is one of the
listed bodi¥s.
I have complatsd my examlnatlon. I confirn Ihat no matters hove ￿me to my attention in connection wlth tho
examinotion gi￿ng m8 CBUSg to that in any matèri81 rèspect..
#ccounling records were not kept in resped of the tharity as requi￿ by s•¢tbn 386 of thè Compani•s
Ad 2¢X6.
the financial ststements do not accord wlh those re(xJrds.' or
the financlal slalements do not cOM￿Y wtth the accounllng requirements of seclion 396 oflha Companles
Act 2(Th other than any rnqulrem8nl that the finanaal Slat6mènts gfv8 * Irua and fail view. vthich 18 not a
matter ￿nSidered ¥8 part of an independent examination.. or
IFW financial $tsl&ments have n¢1 been prepared in accordance with the methods and prIncI￿aS of the
Statement of Recommended Practice for accounting and reporting by charities apKAi¢able lo charities
preparing their finan￿al 3taternenls in accordance with the Finandal Reporting Stsndard 8ppli¢able in the
UK and Republic of Ireland {FRS 102}.
I have no concerns and havo eom• auos$ no oth¥r Matte￿ in COnnect￿n wilh the eXaMinat￿n to which
attention should be drawn In this rewrt in oriler to enable a propel understandlng of the financAal statgments to
be reo¢hed.
Lisa Johnyton FCA
for and on behalf of
Rogers Sp8n¢¢r
Chart8rod Accountants
Newslead House
Pelh8m Road
Nottingham
NG5 1AP
Dat&J. ly.. MhY...2.É6
12-

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST2025
Unr96tr1cted R•$trlet•d
fund$
funds
2025
2026
Total Unmtrictsd RHtrf¢tod
fvnd$
funds
2024
2024
Total
2026
2024
Notss
Income from.
Donab"ons and ltyacios
51.099
942,012
993,111
125,699
852,034
971,733
Ex
ndltur•
Raising funds
3.050
3,050
14,3SO
14,350
Charltablg ac¢iwti85
87,008
940,411
1,027,419
40.727
752,990
793,717
Total •xp•ndliur•
90.058
940.411
1.030.469
55,077
752.990
808.(￿7
N•t loutgolngvlncom•ng
ouv¢•s b•foro trafi8fgrs
(38,959)
1.601
{37.3S81
70,622
169,686
Gross transler8 between
funds
137
(1371
199.044)
Not1oxp•ndhur•Vln¢om• for
the yearl
Net mov•m•nt In funds
136,8221
137,358)
169,866
169,666
Fund balances al 1 S•pt•mb8r
2024
419.937
419.937
250.271
250,271
Fund balanc•• at 31 Augugt
2025
381.115
382.579
419.937
419.937
Th• statement of finanrAal activil*s indudas all gains and10s8es recognised in the year.
The slatemenl of flnandal artivrties includes all gains and lossas recognised in the year. All in¢ome and expenditure
derive from continulng 8¢Xivities.
The statement of financial aclivities also eomplles with the requirements for an Income and expgndilure a￿OUnt
UrKler1￿ Companles Act 2006.
13-

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
BALANCE SHEET
AS AT31 AUGUST2025
2026
2024
Noi••
Fix•d amets
Intangib￿ assets
Tangible as￿1$
Inve$lmgnl$
10
11
12
9.077
8.465
6,701
17,543
6,701
Curmnt a880ts
Debtors
Cash at bank and in hand
13
287.199
182.3
148,670
439.179
469,499
587.849
Crndltor•: falling wllhln
one year
14
1104.483>
{174.813)
Not curr•nt agvts
365.036
413,236
Totsl #￿ttl le88 curr¢nt Ilabllltles
382,S79
419.937
Th• fund8 of th• charlty
Restrided income fiJnd$
Unrestricted funds
381,115
419,937
382,S79
419,937
The company is 8nbd8d to the exemption from the audit requirement contained in sectlon 477 of the Companie$ Act
2CI)6. for the year ended 31 Augu812025.
Th• dirertors aeknowtèdge their responsibilities for complying Mth the requlrements of the Companies Acl 2006
wlth rospèct to accounting recordB and the pr•paration of financial stslèments.
The members have not required the company to oblaln an audtt of tts financial slalements for the year in quast￿n in
accordanca with section 476.
These financial staternents have b88n PT8pargd in ac¢ordan(* wllh the provisions applKable to companies subje
to the small companies regime.
14 May 2026
The financial statemants ￿r* approved by the Truste85 1)n .........................
DrAlm
BE
Company registration number 11263261 (England and Walas
-14-

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
2025
2024
Nole•
Cash flo￿ from op•rating o¢tivltl•s
Cash labsort)ed byllgeneratsd from
operations
{243,387)
277,617
Inv•sllThg actlvltl•s
Purchase of intangible assols
Purchase of langlble fixed a568ts
(9.2991
(4,1931
(3,1981
Net ¢asfv used In I￿￿$tIng a¢tlvl¢l•s
(13.492)
(3,1981
N•t Id•crnaMllincf•a•e in c••h #nd e•sh
•qulv•l•nts
{256.8791
274,419
Cash and cash ¢quiv8lents at beginnlng of year
439,179
164.760
Cash and cash •quiv•lents at•nd of y••r
182.300
439,179
15-

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
A¢¢ounting polklvJ
Charlty Inforniatlon
In$litute for the Future of W)rk is a private c*)mpany limited by guararrte• incorpor*ed in England and Wales.
Thè registered offic8 is Fi8ldfi8her, Riverbank House, 2 Swan Lane. Londcn. EC4R 3Th.
1.1 Basls of preparatlon
The financi81 stat8ments have prepared In accordance wrth the tharity'$ governing doujment, the
Companie$ Act 2006 and 'Accounting and Reporting by Charitie8'. Statement of Re￿mmended Practice
applicable lo charities preparing their accounts in accordance ￿th the Fina￿la1 Reporting Standard
applicabla in the UK and Rgpublic of Ireland IFRS 1021 {effective 1 January 20191". The chartty Is a PU￿5¢
Beneffl Entty as defined by FRS 102.
The fina￿al statements are prepared In 8terllng. whlch 18 the fundon81 ¢UTrerw of th8 charity. Nknnelary
amoun15 in those ffinandal statements are rounded lo Ihe nearest £.
The financial statements have been prepared under the hiskncal cost conventlcfi. The prin¢ipal xcounting
poli￿eS adopted 8re sel out below.
1.2 Golng concem
At the time of apwoving ihe flnancial Statements, the Tru5tee8 have a reasonable expectatlon that the eharity
has adgquate re80urces to contlnue in operational exi8tenc8 fc* the f¢￿Seea￿e future. Thus the Tnstees
continue to adopt the goin9 wn¢ern basi$ of aG¢o￿tIng in prfjparing the finandal statements.
1.3 Charltgble funds
Unrestricted funds are available for usg at the dlscretlon of the Truslees In fijrtherance of their charftable
oblttlves.
Restrfcted fijnds are subject to SFecffic condttlons by donors or grantors as lo h)w they may be used. T
wrposes and uses of the restricted funds are set out in the notes to the financial slalements.
1A Incom
Income is recognised when the tharity is legally entitled to il after any perforniart￿ ￿ndItionS have been met,
the amounts can bg measured rellably, arKI It Is probgble that In￿me wlll be received.
Ca$h donations are recognised on receipt. Olher donations are reo)gnised once the charity has been notified
of the donation, unless performancg condit￿n5 require deferral of the amount. In¢¢mo lax rocoverable In
relation to donati¢)n$ received under GiftAid or deeds of covenant is recognised at the tlme of the donation.
Legacies are recognised on receipt or otherwse rf th6 charty has been notlffied of an impending distrlbutknn,
the amount is known, and receipt is expeeted. If the amount is not known. the legacy is treated as a
conlingent asset.
16.

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Accountlng poll¢l•s
Icontlnued)
1.5 Expenditurn
Liabilities are recogni58d as soon as there 18 a legal or constructive obligaticffi commiibng the tharity to th&
expenditure. All expendrture is accounted for on a cash basi$ and h8$ been cl8ssMed under heading8 that
aggregate all thg costs related to the category.
Cost of raisiThJ fvnds relate to th06e Spe￿fiC costs Incurred in organisin9 and staging fundTaising events and
S8eklng voluntary contributions together with attributable support costs.
Chatitsble expendlture comprises those costs 1ft￿rred by the charlty In tt)8 delivery of it¥ ￿tiVitieS and
serv1￿5 for ils beneficlaries. It includes both costs that can be allocated direcuy to suth ac*vilies arKI Iho$g
costs of an Indired nalure ngcessary lo suppeyi them.
Support costs include central functlons and have been allocated to activty wsl ¢alegories on a tes18
consistent the use of re¥ources, for example. 811ocatlng property costs by floor areas. or per capits. staff
costs by the time Spent ond other costs by Ihelr usage.
Govemance cost5 comprisa those costs assoliated with meeting the eonstoiutlonal and strategic requlrements
of the charity and the audlt fees and costs linke(I lo strategic management of the charity.
1.6 Intanglble fixed 08sets other than goodwlll
Intangible assets wuired separately from a bU￿nesS are recognised al cost and are $ub8equently mèasured
al cost less accumLtlated amortisation and aeeumulaled Impalm)ent Ios8es.
Intangible assets acquired on bu$ine$$ Combinations are recognised 88parately from go¢thAII at the
acquisition date where rt is probable that the expected future economic benefits that are attritsutab￿ lo the
asset wll flow to the entty and the fair value of the asset can be measured reliably.. the Inlanglble asset arfses
from contractual or other legal Nghts., and the intangible asset15 separable from the enlly.
Amortisalion 1$ recognlsed so as lo wrlie ¢)ff the cost or valuation of assets less their residual values ov8r their
useful lives on the following bases..
Patents & Ilcences
10 Year3 stra￿h1 line basis
1.7 Tanglble flxed assets
Tangible fixad assets are initi81ty measured at cost and subsequently meawred 81 Cost or valuation, nel of
depreciatlon and any impaimient losse8.
Depr8cialiori is recognised so as lo write off thg Gost or valuation of assets less their resdual values over their
useful lives on the fdlowing bases..
Fixtures and frtts'ng¥
Comptjters
30 % Reducing Balance
30 % Reducing Balance
The gain or loss arising on the disposal of an a58et is detennined as the rjrfference betsveen the salg proc88ds
and the carrying value of the asset, and Is recognised in the slalemenl of finanual activities.
1.8 Flx•d asset Investments
Fixed asset investmerts are initially measured at transaction prfce axduding tran8xt1￿ costs, and are
subsequenuy measured al fair value at each reporting dale. Changos in fair value are recognised in nel
incom&llexpenditurel for the y8ar. Tran88ction costs are expensed as ineurred.
A sub￿diary Is an entity controlled by the charity. Control is the power to govem the financial and orwating
policies of the entlty 80 as lo obtain benefits from ils aGtivitie$.
17-

INSTITUTE FOR THE FUTURE OF WORK
{IFOW)
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
AG¢ountlng pollcl•s
IContlnu•dl
1.9 1mpa1rn￿￿t of flxed a$s•ts
Al each reportlng end dat8, the tharity rewews the corying amounts of Its tanglble and int#ngible 838ets to
determine whether ther& 18 any indication that those assets have SLrffered an impaimènl Ios6. If any su
indication exists, the recoverable amount of the assgt is estimated in crder to detemlinp the extent of the
impaiThent loss lif any).
1.10 Taxatlon
As a registe￿￿ charlty, Ihè company is exempt from income and o)rporation tax lo thg extent that its incom$
and galns are applied lo Charitable purwJ8e only.
1.11 Employe• b•n•lSts
The cost ol unused holiday entitlem8nt 18 recognised in the period In Ihe employee's 8erviees 8re
re¢eived.
Temilnatlon beneffts are re¢ognised immediately as an expense when the charNy 1$ *Jwnonslrably committed
to terminate the employment of an employee or to tyovide ternin81ion beneffts.
Crltlcal a¢¢ountlng estlmatss and Judgements
In the applicati￿ of the thartys accounting policies, the Tw5te8s arg requlred to make judgemwrts,
estimates and 888umptions about the carrying amount of assets arKI Ilabllilies that are not readity 4iparent
from other sources. The estlmate8 and 8SSOCiated assumption$ a￿ ￿Sed on hi8torlcal experien￿ and other
factors that are consdered to be relevant Actual resum¥ may differ from these esllmates.
The estimates and undertying a$8umptions are revfiewed on an ongolng basis. Rewsion5 to accountirvJ
estimates are recognised in the parlod In ￿lch the estimate is revised where the r￿slon affe¢ts ￿tY that
perh￿, or in the period of the rewsion and future period5 where the revision affects both current and fu￿re
period5.
18-

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Donations and legacl•s
UnMtrlct•d Restrlcted
lund#
funds
2025
2026
Total Unrestricted Restdcted
funds
TrJs
2024
2024
Total
2025
2024
Donations and glfts
Grants
1.099
50,000
48,165
893,847
49,264
943,847
88,199
37,500
88,199
852,034 889.534
51.099
942,012
993,111
125,699
852.034 977,733
Donatlofis and glfts
Patrons, Circle Members
Braid
Speaker fae for conference
Br8athe donation$
APPG
Other
54.000
54,000
9,832
9,832
750
349
38,333
750
349
38.333
34.199
34,199
1,099
48.165
49.264
88,199
88,199
Grants r¢coSvable for
corg actlvltles
Inthallo Foundation
Trust tor London
AISI
Digit
Brald
Joseph Rovmlree
Nuffield
Nuffield Contqnuatoon
Friends Provident
IRC4HRIAFF
UFI Vocteth
EY Foundation
Evaluation AGcelerator
Fund
Worfd Openn88s re￿rt
CIPD
50,000
50,000
37,500
195.350
21,484
30,000
30,000
57,500
37,500
195,350
21,464
57,500
47,614
47,614
87,553
87,553
57.320
57,320
541,581 541,581
28,660
49.593
78,432
30,233
26.667
101.329
77,314
28,660
49,593
78,432
30.233
26.667
101,329
77.314
60,486
60,466
7.500
7,500
40,803
30,000
176,702
40,603
30,000
176,702
50,000
893,847
943,847
37.500
852,034 889,534
19-

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Ralslng funds
Unrestrlcted un￿strICted
funds
fund8
2025
2024
Fundrai
in
Fundraislng consullan¢y
3,050
14,350
3.050
14,350
Charltable actlvltles
2026
2024
Staff costs
Depreciation and Impalmient
R8nt
Meeting room hiro
Research costs
StatKJnery & prinling
Travel & Subsistence
Sub8crlption8
Bank charges
General expenses
Other legal & professional
Consultancy
Insurance
Content pr¢)ductlon
Recruitment
555,605
2,650
24,474
437.158
1,604
12,807
1.200
7,614
6,287
1.426
8.172
314
5,026
7,718
81,055
1,934
219,265
21,034
S,855
4.771
8,709
579
15.029
18,291
318.556
2.896
39,147
li
719
1,579
1,024,179
791,137
Share of govornance costs (see note 8)
3,240
2.580
1.027,419
793.717
Anatysls by fund
Unrestrlcted ftJnd8
Rftstrithd funds
87.008
940,411
40,727
752.990
1.027,419
793,717
-20-

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Governance costs
202S
2024
Accountancy F8e5
3,240
2,580
3,240
2.580
Governance costs in¢lud&s payments to the Independent examiners of £3.24012024.' £2,580) for indgpendent
examination fe8s.
Tru$tses
None of the Truste8$ lor any persons connected wth th8ml received any remuneration or benetlts fnm the
chority during the ye8r.
Employ•es
Tho average monthly numb8r of employ8es durfng the year bYdS'.
2025
Numb•r
2024
Number
11
Employment costs
2025
2024
e8 and salaries
Swal Security costs
other pan￿on costs
495,333
48,￿8
11.304
390,155
37.974
9.027
555,605
437,156
R•muneratlon and kgy management pèrnonnel
Th8 r8muneraUon ol key management personnel Is as follo￿.
Aggregate compensation
129,7
126.149
There were no employoes wh058 annual remuneration was £60.000 or more.
Taxatlon
The tharty is exempt from tax8tK*n on its activities bec9usÈ all Its Income Is applled for tharitable purpose6.
-21

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
NOTES TO THE FINANCIAL STATEMENTS ICOMTINUED)
FOR THE YEAR ENDED 31 AUGUST2025
10 InLingibl• flxed assots
Pthnts &
Cost
At 1 September 2024
Additions- separalety acqulred
9,299
At 31 August 2025
9,299
Amortlsatlon and Impalrnient
At 1 September 2024
Amortisat¢on charged for the year
222
At 31 August 2025
222
Carylng amount
At 31 August 2025
9,077
At 31 August 2024
11 Tanglbh flx•d assets
Flxtur•* arml C<>mputers
ffttln
Totsl
Cost
At 1 September 2024
Addlllons
1,524
15.077
4.193
16.801
4.193
At 31 August 2025
1.524
19,270
20.794
Dopreclatlon and Impalmient
At 1 September 2024
Depreciation charggd in the year
1,323
60
8,580
9,903
2,428
At 31 Augu81202S
1,383
10,946
12,329
Carrylng •mount
At 31 August 2025
141
8,324
8.465
At 31 August 2024
202
6,499
6.701
-22-

INSTITUTE FOR THE FUTURE OF WORK
{IFOW)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
12 Fixod a￿¢t Investsn•nts
othor
Investments
Cost or valuatlon
At 1 September 2024
Addlllons
At 31 August 2025
Carrylng amount
Al 31 August 2025
At 31 August 2024
2025
2024
Other inveslmenls comwtse..
Note5
Inv88trnents in 8ubsidiarie6
19
13 Debtors
2026
2024
Amount¥ falling due wlthln one yMr:
Trade dèbti)rs
Prepayments and accru￿1 income
116,790
170.409
87,671
60.999
287,199
148,870
14 Crodltors: amounts fvlllng du• wlthln one yoar
2025
2024
Oiher taxation and soual 3ecJJnty
Trade ¢redit¢)rs
OtheT creditors
Accruals and defeffed income
27,340
7.247
8,808
63,￿8
13,507
63,796
3,206
94.104
104.463
174,613
16 Deferred In¢ome
2026
2024
Other d8ferr8d income
35.129
52,786
Deferred inty)me is induded in the financlal statements as fdlows:
-23-

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
16 Defevred Income
Iconllnued)
2025
2024
Balanca a$ at 1 April
Amwnt deferred in year
Amount ￿leaSed in year
52,786
35.129
(52,786)
11.887
52,786
111,667)
Balance as at 31 March
35,129
52.788
16 Restrlcted fvnd¥
Th8 restrithd funds of th6 charity compri09 the unexpended balances of donatlon8 and grants held on trust 8ubje¢t to q)e¢ifiG
onditions by donors as to how they may be used.
Movement In fund8
Movoment In funds
8alanc• at
Incomlrq Re*our￿•
Balancg at
Incomlftg R•soU￿•S
1 Soptwnbor rgJour¢os •Xpen(￿ I S•pt•mb•r rB8our
•xp•nd•d
2023
2024
Trnrtf•r¥ 8rtlo￿ at
31 Augwt
2025
Trust for LoTrJon
V¥brld Openne88
r8port
Joseph Rowntree
Charitable Trust
Numeld
CIPD
Braid
Frfend$ Provident
Digit
Evalualion
Accelerator Fund
Nuffièld
Continuat
IRC4HRIAFF
UFI v￿Teth
EY Foundation
APPG
AISI
57,500
IS7,500)
37.500
(37.5001
30,000
(30,000)
57.320
541.581
{57,320}
{S41,581)
28.660
49,593
178.703
9,832
30,233
21,464
(28,680)
(49.456)
1176,703)
{9,832}
(30.233)
(20,000)
(1371
87,553
60,466
47,614
{87,553}
{60,468}
{47,614)
1,464
40.603
(40.603)
78,432
26.867
101,328
77,314
38.333
195,350
(78,432}
(26,687)
1101,328)
(77,314)
(38,333}
1195.350)
852.034
{852,034)
942,012
{940,411)
11371
1,464

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
16 R•strict•d funds
Icontlnuodl
Trust for London
This fundlng 5UPPOrts the advancement and implementab'on of IFOW8 so￿al wjlicy innovatiw framework through the execution
of tsrgelèd policy initkqtives and pllot PTogrammes. It also enables the dlssemination of insights $0lutions to promote tsirer
and mgre equitsble work conth"lions ￿thin London's retail and transport sedors.
Worfd Oponnoss R•port
A chaplerfor an open access book on data and trada.
j￿•ph Rowntree Charltsble T￿￿t
Funding is being sought to devglop yogr8ssive legal and corporate responslbllltbes aimed at ensuring that Artrficial Intelligence.
Machine Learning, and algorithmlc systems deployed in the Wofkplace support and empower workers, ralher than dimini$h their
roles or value in the fvture of work.
Nufflgld
This grant supports a CoMp￿hen$1Ve investigab'on into the effec15 of new technologies on work and wellbèing acro88 8y8temlc.
organisattonal. and IndI￿dUal dimensions. conlrilxrting to the broader understanding of their soGio-ewnomiG impacts.
CIPD
A¢tion research into the'8R's' as a method to focus on leè design through Al adoptlon.
Brald
Thi8 inf(iative fc¢use8 on examining effeGtive responses lo the implication¥ of generative Al on the creative industriO$, Wth the
alm of shaping Informed, futurfrTeaty strategies and policios.
Frlend$ Provid•nt
This projecl explores Ihe evolving relallonshlp beknn emerging technologies and work by identifying automation archetypes
and devdoping robust frameworks for conductSng algorithmic impact assessments alignod with the principles of g¢xd work.
Dlglt
In collaboration wth the UK academic Sector. this proje¢t aims lo fostsr a well-lnformed and evidenGfrbased FL)lty dialc4ue on
the future of work. grounded In Interdisaplinary researth and real-world data.
TFL Contlnuatk*n Grant
Core support to ensure the rights and interests of economically marginaliwj wthers are representwj in national policy
conversations.
Nuffield Contlnuatlon Qrant
Work to deliver th￿e additic￿81 working pap¥s uslng the findings and work conducl8d in the orlgln81 review.
IRC4HIUAFF
Research on the distribution of automation impacts and rolg of perceNed rights as a moderator.
Ull VocT¢¢h
A Parti￿Pat0ry action re68arch project to advan￿ uptake of green jobs In depdved communities through a novel matching tool.
EY Found•tlon
A study into intrinslc moti¥ation in marginaliaed young people.
APPG
Work to supwt tt)eAII Party Parfiarr*ntary Group on the Future of ￿tsrk.
AISI
Delivery of research cn the impact of LLM'S on the UK Labour morket.
Evaluatlon Accolorator Fund
An gvaluation ofAI adoption in the public sector.
-25-

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17 Unrgslrlthd fund8
unrestricted funds of the charity comprise the unexpgndgd balances of donatk)ns and grants whith are
not subj'ect lo conditions by donors and grantor$ as to how they may be used. Thèse indude
des6gnated funds which have ken set a￿de tyjt of unrestricted furmls by Ihe trustees for spe¢ific purposes.
At1
Incomlng R•source8
3gpt•mber rnsources
exp•nded
1024
TransfoV8 At 31 Augu8t
202S
General funds
419,937
51,099
(90.058)
137
381.115
Pr•vlous year.
At1
S•pt•mb•r
2023
Inry>mlng Rgsourcgs
rnsourcès
•xpended
Transfern At 31 August
2024
250,271
125.899
42.525
(97,602}
418,495
1,442
General funds
99.044
250,271
125,699
(55,077)
99,044
419,937
18 AnalyBiB of net assots betwwn funds
Unrostrfcted
fund6
2026
Rntrl¢tod
funds
2025
Total
2025
At 31 August 2026:
IrrtangitAe fixed assets
Tangible assets
Investments
Curmt as8etsl{liabilities)
,077
8.465
9,077
8.465
363.572
365,036
381,115
382,579
Unrestrlct•d
funds
2024
Restrlcted
fund8
2024
Total
2024
At 31 August 2024:
Tangible assets
Current assetsllliabiliti8s)
6.701
413,236
6,701
413,236
419.937
419,937

INSTITUTE FOR THE FUTURE OF WORK
(IFOW)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19 Subsldlarlès
These ffinanaal statements are separate Gharity finan¢lal statements for Institute for the Future of Work.
Details of the charity's subsidianes at 31 August 2025 are 8$ follows..
Namo of undertaklng
R•gl8torod
offlce
Naturo of buslness
Class of
% Held
•hares held Dlr•¢t Indlrgrt
IFOW Projects Ltd
England and
Woles
t>omant company
Ordlnary
100.00
IFOW Projects Ltd wa8 Incwrated on 23 July 2025 arKI has remalned dormant througtKJuI the period to 31
ALVUSt 2025.
20 Cash genernled from operatlon8
2025
2024
(Defic4t)Jsurpus for the year
{37,358)
169,666
Adju31ments for.
Depreaation and impaimienl of tsThJlble fflxed assetg
2,650
1,604
Movements in working captsl..
{Increase}Idecrease in debtors
IDecrea581lincrease in ¢Jeditor8
(138,5281
(70,1501
69,672
36.675
Cllsh (absorbed tyVg•n¢rat¢d from operatlons
(243,386)
277,617
-27-