REGISTERED COMPANY NUMBER: 12436197 (England and Wales) REGISTERED CHARITY NUMBER: 1193597
Trustees’ Report and Audited Financial Statements for the Year Ended 31 December 2024 for Centre for Public Impact Europe
Centre for Public Impact Europe Contents of the Financial Statements For the Year Ended 31 December 2024
| Page | |
|---|---|
| Trustees’ Report | 1 to 9 |
| Auditor’s Report | 10 to 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Statement of Cashflows | 15 |
| Notes to the Financial Statements | 16 to 22 |
Centre for Public Impact Europe Trustees’ Report For the Year Ended 31 December 2024
The Trustees present their report, which is also a Directors’ report under company law, and audited financial statements for the year ended 31 December 2024.
The financial statements comply with the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (2nd Edition).
Reference and Administrative Information
Charity name: Centre for Public Impact Europe Charity registration number: 1193597 Company registration number: 12436197 Registered office and 3 More London Place, operational address: London SE1 2RE
Board of Trustees
The Trustees who served during the year and up to the date of approval of the financial statements:
| Larry Kamener | Chair |
|---|---|
| Edward R Rhys Jones | Company Secretary, to 17/12/2024 |
| Ruth G Kennedy | Resigned 28/09/2024 |
| Prof. P T Hart | Resigned 17/12/2024 |
| Peter Geluk | Appointed 25/11/2024 |
| Marisa Gerla | Appointed 09/09/2025 |
Senior Management Team
| Natalie Creary | CPIE Director (from 01/04/2024) |
|---|---|
| Richard Callaghan | Global Director of Finance (from 15/09/2024) |
| Sara Beth Mueller | Global Director of People, Culture, Finance and Operations (until 15/08/2024) |
| Harriet Hunter | Co-Programme Director of Scotland (until 15/12/2024) |
| Karen Lawson | Co-Programme Director of Scotland (until 10/07/2024) |
| Gwendolyn Casazza | Program Director Europe (from 03/06/2024) |
External Auditors - HW Fisher Audit, Acre House, 11-15 William Road, London NW1 3ER
Accountants - Chadsan, Castle House, Castle Street, Guildford, Surrey, GU1 3UW
Bankers - HSBC, 1 Centenary Square, Birmingham, B1 1HQ
Solicitors - Stone King, Boundary House, 91 Charterhouse Street, London EC1M 6HR
1
Centre for Public Impact Europe Trustees’ Report - continued For the Year Ended 31 December 2024
Structure, governance and management
Governing document
The Centre for Public Impact UK was incorporated on 31 January 2020 as a private company limited by guarantee, with no share capital. It is a registered charity with registered charity number 1193597 since 18 February 2021.
The objects of the Charity are for the benefit of the public to advance such exclusively charitable purposes as the Trustees may decide from time to time.
The Charity is governed by a Board of Trustees, who are also the directors of CPIE. Trustees set the strategic and policy direction, with day-to-day management functions being the leadership team's responsibility.
Related Parties
The Charity's sole member ("the Member") is the Centre for Public Impact, an independent not-for-profit foundation within the meaning of Articles 80 et seq of the Swiss Civil Code registered on the Swiss Federal Interior Department's Register of Foundations and at the Geneva Register of Commerce (IDE: CHE-172.995.978) based in Geneva, Switzerland (CPІ CH). CPIE's relationship with CPI CH consists of receiving operational and financial support through an annually renewed agreement.
Recruitment and appointment of Trustees
Persons may be appointed to be a Trustee by ordinary resolution or by written notice from the Member to the Charity specifying the name of the person to be appointed as a Trustee and the date of their appointment.
Trustees are appointed for three years and may be re-appointed for a further term or terms to a maximum of nine years' service.
The minimum number of Trustees is three, and no maximum number of Trustees may be appointed.
The recruitment of new Trustees follows an evaluation of the desired skills and experience of the Board, aligned with the Charity's evolving strategy.
On joining CPIE's Board, new Trustees receive a welcome pack with key documents and an induction programme which covers the Charity's values and purpose as well as information on the financial, governance and operational arrangements for the Charity. In addition, trustees receive insights into the Charity's work at its meetings and regular staff and leadership team briefings.
The Board meets two times per year, with occasional additional meetings as needed. The Trustee role is unremunerated, but Trustees can claim expenses where relevant.
Key management personnel
The Trustees have delegated authority to the Director of CPIE for the day-to-day management of the Charity. CPIE's leadership team during the year comprised the Director of Europe, three Directors of Programmes, plus the Global Director of Finance and Global Director of People, Culture, Finance and Operations.
2
Centre for Public Impact Europe Trustees’ Report - continued For the Year Ended 31 December 2024
We review the pay of all staff including the senior leadership team annually. Any increases are made in accordance with any inflationary-related increases that have been recommended and approved by the Boards of CPI's Global organization as well as CPI Europe. Our remuneration policy is designed to standardise our compensation practices globally and are grounded in our core values. We benchmark salaries nationally and strive to be competitive in each country to promote maximum ability to recruit talent nationwide and support ease of mobility for our teams.
Objectives and activities
The reporting period marks the third year as an independent UK charity. The Charity was founded by the Centre for Public Impact, a Swiss charitable foundation established by the Boston Consulting Group.
Purpose
CPIE's purpose is to reimagine government so that it works for everyone.
We believe in the potential of government to bring about better outcomes for people. Yet, we have found that the systems, structures, and processes of government today are often not set up to respond to the complex challenges we face as a society.
That's why we have an emerging vision to reimagine government so that it works for everyone. Our vision is a new era in which government adapts to address the complex challenges we face, emphasises the value of human relationships, and optimises for learning rather than control.
We refine and promote our vision for government by acting as a learning partner for governments, public servants, and the diverse network of changemakers leading the charge to reimagine government. We work with them to hold space to collectively make sense of the complex challenges we face and drive meaningful change through experimentation.
There are many ways we work alongside partners. Some of the main ways we support them are:
-
Action research and storytelling : We push the boundaries of our current understanding, exploring new topics critical to the future of government. We share what we’re learning and tell the stories of the people spearheading change worldwide.
-
Capability building and transformation : We work alongside governments to help them build the mindsets, capabilities, tools and frameworks to lead in complexity. We support them in transforming structures and cultures to orient them towards learning and experimentation.
-
Supporting learning communities and spaces : We convene public servants to connect, share knowledge, and accelerate learning in response to complex challenges.
-
Partnering to deliver impact through innovation : We work with partners to design and deliver global philanthropic impact challenges to support systems and communities to deliver better outcomes through the transformative power of technology.
3
Centre for Public Impact Europe
Trustees’ Report - continued For the Year Ended 31 December 2024
Public benefit
The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard to guidance on public benefit produced by the Charity Commission and believe the undertaking of these activities fully meets the requirements that all the Charity's aims are for the public benefit.
The Trustees and management team consider carefully any new initiatives or changes to delivery models to ensure they meet CPIE's primary charitable purpose.
Our strategic aims:
Our aim in Europe is to support changemakers in and around government and the public sector to transform their thinking and practice. We believe this is necessary for CPI's vision for government to be realised, and, ultimately, for government to work better for everyone.
To help us achieve this aim, CPIE set the following four objectives for our work. These act as both our north stars (stating the change we want to help bring about in the world) and as entry points for us to start our work with partners and each other.
-
We support changemakers to reimagine relationships between government, communities and the planet.
-
We support changemakers to redesign public services and create a paradigm shift so that relationships are prioritised, learning is centred, and people's needs are put first.
-
We support the building of learning environments within organisations and across organisations.
-
As a team, we model the change we want to see in the world ; so we are continually learning and embedding our organisational values in our working culture, practices and programmatic work to build an environment that enables everyone to flourish.
Achievements & Performance
We advance our mission and vision through the following work programmes:
The application of AI and Advanced Technology for Social Good
Google.org AI Opportunity Fund: Supported by Google.org, this grant fund empowers workers and communities across Europe who are most vulnerable to workforce transitions driven by the rise of artificial intelligence. The fund backs a diverse network of social and public impact organisations, including nonprofits, social enterprises, trade unions, and public administrations across the EU27, UK, Turkey, and Ukraine. Together, these organisations aim to equip 20,000 individuals in 24 countries with foundational AI skills, building the confidence and motivation needed to navigate and thrive in an AI-enabled world.
Google.org Strengthening Democracy Impact Challenge: We co-designed a €15M Impact Challenge to identify and scale pioneering initiatives that strengthen democratic resilience. Working alongside civil society organisations and social innovators across Europe, we helped support projects that leverage advanced technologies and AI to foster more robust, participatory, and adaptive democratic systems.
Google.org Resilient Communities Research Sprint : This research initiative examined the key drivers of community resilience, uncovering the conditions that enable communities to withstand and recover from adversity. The findings provide valuable insights to inform future efforts to strengthen social and institutional ecosystems in times of crisis.
4
Centre for Public Impact Europe Trustees’ Report - continued For the Year Ended 31 December 2024
Communities Health and a Culture of Care
Healthcare Improvement Scotland (HIS): launched the People-Led System Transformation (PLST) programme to explore how people-led models of care can be embedded and scaled across community settings. The programme brings together emerging Human Learning Systems (HLS) experiments and existing transformation initiatives to support more person-centred, adaptive approaches to improvement in health and social care. It focuses on five priority areas: substance use transformation, mental health and substance use, specialist healthcare settings, new models of care including ethical commissioning and board governance using HLS.
Exploring a different approach to public management
We help organisations and partners adopt a Human Learning Systems (HLS) approach to public management, transforming how they work by putting learning at the heart of their practice. CPIE has played a leading role in developing the HLS approach and deepening understanding of how it can improve public services and deliver better outcomes for people.
HLS Funders Group : CPIE co-designed the Human Learning Systems Funders Group Programme in partnership with Climate-KIC, bringing together funders who are reimagining how funding can support learning, adaptation, and complexity. We facilitated early conversations to surface shared values, needs, and ambitions, and co-created a prototype learning journey tailored specifically for funders. Through this programme CPIE and Climate-KIC will act as a convenor creating opportunities for funders to explore new ways of working.
HLS Sunderland ICB : As a Learning Partner to the Sunderland Health & Care Alliance, CPIE supported the exploration and application of Human Learning Systems and the Liberated Method. We facilitated development sessions, helped identify a starting point, and guided the creation of a collaborative group. CPIE also supported the first Human Learning Cycle, providing critical friendship, organisational development, and leadership learning to help staff navigate complexity and embed new habits. This work enabled ICB staff to develop proposals to extend the approach across other service areas.
Hunter Foundation / Clackmannanshire Council : CPIE partnered with leaders in Clackmannanshire to support and document the growth of the Family Wellbeing Partnership, a locally driven approach to public service transformation rooted in HLS. Working alongside practitioners, families, and community members, we explored what it takes to build a more relational, responsive, and collaborative system. Our role included facilitating reflection and learning, shifting power dynamics, engaging political leaders, nurturing shared values across sectors, and enabling distributed leadership. Through this work, CPIE helped create the conditions for a new kind of public service, one grounded in relationships, community voice, and real-time adaptation.
Building capacity and sharing learning in HLS: We continue to strengthen capacity at both community and leadership levels by sharing knowledge and hosting spaces to reflect on and apply HLS in practice:
-
Improvement Cymru : Supporting communities and leaders across Wales to build capacity for service transformation. We share knowledge, deliver training, and create spaces for reflection on how HLS approaches can improve services and outcomes.
-
Itla Children’s Foundation Finland Study Visit : CPIE worked with Itla Children’s Foundation, a Finnish nonprofit dedicated to improving the wellbeing and future prospects of children and families to curate events that foster the exchange of good practice between the UK and Finland.
5
Centre for Public Impact Europe Trustees’ Report - continued For the Year Ended 31 December 2024
Nurturing Innovation in Public Leadership
EU Health Union Fellowship
An EU programme funded by HADEA and DG SANTE, led by BCG in partnership with CPIE. The fellowship aims to strengthen Member States’ understanding of EU policy—how it is developed, how change is implemented, and how success is evaluated. It also seeks to overcome barriers to implementation and foster a collaborative community across Member States, enabling shared learning and stronger alignment on health priorities.
Innovation Procurement Hubs (IPH)
An EU-funded initiative led by BCG in partnership with CPIE, designed to position innovation procurement as a strategic tool for tackling complex societal challenges. The programme addresses the barriers small and medium-sized enterprises (SMEs) often face in accessing public procurement opportunities. It maps innovation procurement practices across the EU and delivers tailored support to public authorities. This includes establishing new Innovation Procurement Hubs, strengthening the capacity and impact of existing ones, and guiding public bodies to innovate their procurement processes for greater social impact.
Strengthening and reimagining relationships between government and communities
We support organisations to work better together and with their communities, to enable improved public services.
GLA New Deal 4 Young People: CPIE partnered with the Greater London Authority (GLA) to lead the evaluation of the Mayor’s New Deal for Young People, a major investment in mentoring across London. Using a Transformative Evaluation, a participatory approach rooted in the youth sector, CPI worked with young people and mentoring organisations to co-design and deliver a multi-phase evaluation that included peer research, creative storytelling, and capacity-building. The goal was to surface insights, amplify lived experience, and shape future mentoring policy and practice.
Plans for the Future
In the years ahead, the Charity will continue to collaborate with local governments and philanthropic organisations to empower changemakers in government and public service, ensuring government works better for everyone. In 2025, we’ll be strengthening our partnerships while also broadening and diversifying our income streams.
Our work with Google.org on the AI Opportunity Fund is enabling us to equip underserved workers, those most vulnerable to AI transitions, with essential foundational skills. We’ll also continue supporting the Boston Consulting Group in delivering the Health Union Fellowship programme and driving innovation through the Innovation in Procurement Huba Initiative.
Climate remains one of the defining challenges of our time. Over the next twelve months, we will deepen our collaboration with CPI’s Climate Change Initiative to expand CPIE’s work programme for reimagining climate action. Alongside this, we are laying the foundations to help governments better understand the opportunities and challenges of integrating AI in public services to improve access, experiences, and outcomes for communities most affected by government decisions.
6
Trustees’ Report - continued For the Year Ended 31 December 2024
Centre for Public Impact Europe
We’re also advancing our work on reimagining relationships between governments and the communities they serve. By sharpening our expertise and forging new partnerships, we aim to inspire governments and public institutions to consider how they may need to adapt to demonstrate their trustworthiness and build authentic, meaningful connections with nonprofits and local communities. At the same time, we are exploring how to support government partners to cultivate the commitment, infrastructure, and resources needed to learn with and from communities.
Financial Review
The Charity is funded by philanthropic organisations and public sector entities. Total income raised in the period was £2,964k (2023: £3,825k). All income was unrestricted. Total expenditure was £2,919k (2023: £3,530k). All expenditure in 2024 was unrestricted (2023: £3,508k unrestricted; £22k restricted). As a result, the charity’s surplus for 2024 was £44k (2023: £295k) which increased unrestricted reserves.
In this period, our programmatic activity has been funded through service contract income from public sector, private sector and philanthropic organisations.
We take an incremental lockstep approach to expenditure, increasing programme staffing resources once additional revenue is confirmed. This is a critical part of the Charity’s financial risk management process.
Going concern
Trustees continue to consider that the Charity is a going concern and able to meet its debts as they fall due, based on the following analysis:
-
Budgets and forecasts for 2025 and 2026 are based on known and secured sources or with further additional income targets that are considered to be achievable
-
The charity has limited fixed costs, no long-term liabilities and all costs are under the control of the Charity’s Trustees and management, enabling responsiveness to any further downturn
-
CPI CH and other regional CPI entities act as a funder of last resort in the event of financial uncertainty.
As of the date of signing these financial statements, the Trustees’ forecasts indicate that CPIE will be able to maintain liquidity for a period of at least one year following the date of signing these financial statements and will therefore be able to continue to operate as a going concern. The Trustees consider that no material uncertainty exists in relation to going concern for CPIE.
Reserves policy
Trustees agreed a new reserves policy in September 2021, which incorporates a risk-based approach. The policy identifies the risk factors for which reserves are retained, the process for estimating the level of reserves required against each risk area and the circumstances under which reserves may be built above the minimum reserves level for future investment.
Total free reserves at the end of the year are £557,000. The assessment of the minimum unrestricted free reserves level required, based on the assessment of risks, is between £400,000 and £600,000. The trustees and management have determined that the organisation's current reserves indicate a stable level of financial health.
7
Centre for Public Impact Europe
Trustees’ Report - continued For the Year Ended 31 December 2024
Risk management
We have a risk management process to enable our Trustees and management to assess the risks facing the organisation and to devise and implement strategies and controls to mitigate or address these risks.
We maintain a comprehensive risk register. Our risk register is reviewed regularly by our Chair and senior management team and annually by the Trustees.
The areas considered by our Board to be high risk, and our strategy for meeting them, are outlined below:
Unrestricted funding targets not being met
-
We have a clear fundraising proposition centred around our mission to reimagine government so that it works for everyone through sensemaking and action-learning activities
-
We have regular conversations with existing and prospective funders
-
We use our networks to raise CPIE’s profile with potential funders
Not demonstrating an arm’s length relationship with Boston Consulting Group (BCG)
-
Contracts are put in place when collaborating with BCG on programmatic activities
-
BCG offers all CPI entities preferential rates when using them as subcontractors on projects
-
Trustees not connected to BCG are consulted when we partner with BCG
Disclosure of Information to the Auditor
So far as each person who was a Trustee at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is not aware. Having made enquiries of fellow Trustees and the auditor, each Trustee has taken all the steps that he/she is obliged to take as a Trustee in order to make himself/herself aware of relevant audit information and to establish that the auditor is aware of that information.
Statement of Trustee’s Responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including income and expenditure for that period.
8
Centre for Public Impact Europe Trustees’ Report - continued For the Year Ended 31 December 2024
In preparing these financial statements, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently
-
Make judgements and estimates that are reasonable and prudent
-
State where applicable that UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue operations.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In preparing this Trustees’ report, advantage has been taken of the small companies’ exemption, including the option not to produce a strategic report.
The Directors’ and Trustees’ Report on pages 1-9 was signed on behalf of the Directors and Trustees by:
Larry Kamener
Larry Kamener (Chair) Date 29 Sep 2025
9
Auditor’s Report to the Members of Centre for Public Impact Europe For the Year Ended 31 December 2024
Centre for Public Impact Europe
Opinion
We have audited the financial statements of Centre for Public Impact Europe (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cashflows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
10
Centre for Public Impact Europe
Auditor’s Report to the Members of Centre for Public Impact Europe - continued For the Year Ended 31 December 2024
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
-
the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report included within the trustees' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime.
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
- We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
11
Centre for Public Impact Europe
Auditor’s Report to the Members of Centre for Public Impact Europe - continued For the Year Ended 31 December 2024
-
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011, Companies Act 2006.
-
We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
-
Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
-
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
-
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
-
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
-
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
-
Testing key income lines, in particular cut-off, for evidence of management bias.
-
Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted and restricted funds.
-
Obtaining third-party confirmation of material bank balances.
-
Documenting and verifying all significant related party transactions.
-
Reviewing documentation such as the charity board minutes, for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Carol Rudge (Senior Statutory Auditor) for and on behalf of HW Fisher Audit Carol Rudge Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER 29 Sep 2025 United Kingdom
12
Centre for Public Impact Europe Statement of Financial Activities
(Incorporating an Income and Expenditure Account) For the Year Ended 31 December 2024
| Year Ended 31.12.24 Total INCOMING RESOURCES Note £ Income and endowments from: Donations and legacies 2 692,923 Charitable Activities 3 2,270,770 Total 2,963,693 RESOURCES EXPENDED Expenditure on: Raising funds 13,811 Charitable activities 2,905,385 Total 4 2,919,196 NET MOVEMENT IN FUNDS 44,497 RECONCILIATION OF FUNDS Funds brought forward 512,595 Funds carried forward 557,092 |
Year Ended 31.12.23 |
Year Ended 31.12.23 |
|
|---|---|---|---|
| Unrestricted £ 1,167,331 2,657,799 3,825,130 11,331 3,497,269 3,508,600 316,530 196,065 512,595 |
Restricted £ - - - 21,761 - 21,761 (21,761) 21,761 - |
Total £ 1,167,331 2,657,799 3,825,130 33,092 3,497,269 3,530,361 294,769 217,826 512,595 |
|
13
Centre for Public Impact Europe Balance Sheet At 31 December 2024
| CURRENT ASSETS Note Debtors 8 Cash at bank and in hand CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Restricted funds 11 Unrestricted funds Total funds |
2024 £ 3,087,373 6,984,649 10,072,022 (9,514,930) 557,092 557,092 557,092 - 557,092 557,092 |
2023 £ 723,541 105,868 829,409 (316,814) 512,595 512,595 512,595 - 512,595 512,595 |
|---|---|---|
Registered Number: 12436197
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
29 Sep 2025
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Larry Kamener Larry Kamener (Chair)
14
Centre for Public Impact Europe Statement of Cashflows For the Year Ended 31 December 2024
| 2024 | 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Cashflows from operating activities | £ | £ | |||||||
| Operating surplus for the financial year | 44,497 | 294,769 | |||||||
| Adjustment for: | |||||||||
| Loss on disposal | - | 39,792 | |||||||
| (Increase)/ Decrease in debtors | (2,363,832) | 177,569 | |||||||
| Increase /(Decrease) in creditors | 9,198,116 | (1,261,263) | |||||||
| Net cash from operating activities | 6,878,781 | (749,133) | |||||||
| Cashflows from financing activities | |||||||||
| Repayment of loan | - | (200,000) | |||||||
| Net cash from financing activities | - | (200,000) | |||||||
| Net increase/(decrease) in cash and cash equivalents | 6,878,781 | (949,133) | |||||||
| Cash and cash equivalents at the beginning of the | year | 105,868 | 1,055,001 | ||||||
| Cash and cash equivalents at the end of the year | 6,984,649 | 105,868 | |||||||
| Analysis of changes in net cash | 01/01/2023 | Cashflows | 31/12/2023 | Cashflows | 31/12/2024 | ||||
| Cash at bank and in hand | 1,055,001 | (949,133) | 105,868 | 6,878,781 | 6,984,649 | ||||
| Intercompany loan | (200,000) | 200,000 | - | - | - | ||||
| Net cash | 855,001 | (749,133) | 105,868 | 6,878,781 | 6,984,649 |
15
Centre for Public Impact Europe Notes to the Financial Statements For the Year Ended 31 December 2024
1. ACCOUNTING POLICIES
Charity information
Centre for Public Impact Europe is a charitable company limited by guarantee, incorporated in England and Wales. The company’s registered office address is 3 More London Place, London, SE1 2RE.
1.1. Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2. Incoming resources
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Income relating to funded projects is recognised in accordance with the stages of work completed and to the extent that the amounts can be measured reliably, and it is probable that income will be received.
Income relating to recharged expenses is recognised in line with the recognition of the related expenses to the extent that the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount.
Where payments are received in advance, any unrecognised amounts are held as deferred revenue until such time as it can be recognised.
Where the charity receives grant funding as an agent on behalf of another organisation, the amounts received and subsequently paid are not recognised as income or expenditure in the Statement of Financial Activities. Such transactions are disclosed separately in the notes to the accounts, in accordance with the Charities SORP (FRS 102).
1.3. Resources expensed
Expenditure is recognised in the period in which it is incurred.
Costs of raising funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Costs of charitable activities comprise all expenditure identified as wholly or mainly attributable to achieving the objectives of the charity. These costs include staff costs, other costs wholly or mainly attributable to charitable activities, and an apportionment of governance and support costs.
Where relevant, expenditure is allocated to a charitable activity on a percentage basis. The percentage allocated to an activity is derived from its use of the charity's direct resources during the year.
1.4. Taxation
The charity is exempt from corporation tax on its charitable activities.
16
Centre for Public Impact Europe Notes to the Financial Statements – continued For the Year Ended 31 December 2024
1.5. Going concern
Trustees continue to consider that the Charity is a going concern and able to meet its debts as they fall due, based on the income targets in 2025-2026 which are considered to be achievable.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences arising on monetary items are detailed as support costs under expenditure on charitable activities on the Statement of Financial Activities.
1.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets with a value of greater than £5,000 are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives.
1.8. Charitable funds
Restricted funds comprise all restricted funds received and include grants which must be applied for specific purposes.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.9. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.10. Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
17
Centre for Public Impact Europe Notes to the Financial Statements - continued For the Year Ended 31 December 2024
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.11. Value Added Tax
Value Added Tax is recoverable by the charity and as such, the recoverable amount is included in the Statement of Financial Position as a debtor.
1.12. Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no critical accounting estimates and judgements for the year ended 31 December 2024.
1.13. Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS & LEGACIES
| Year Ended | Year Ended | |
|---|---|---|
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Donations from parent | 692,923 | 1,167,331 |
Included in the above figure in 2024 is a Gift in Kind of £15,184 (2023: £nil). The donation was of consulting services to support background research and impact evaluation for our Google.Org projects.
18
Notes to the Financial Statements - continued For the Year Ended 31 December 2024
Centre for Public Impact Europe
3. CHARITABLE ACTIVITIES – INCOME & EXPENDITURE
| Year Ended | Year Ended | |
|---|---|---|
| 31.12.24 | 31.12.23 | |
| INCOME | £ | £ |
| Government innovation and digital transformation | 1,230,055 | 1,841,420 |
| Exploring a different approach to public management | 160,908 | 553,543 |
| Building leadership mindsets and learning networks | 31,426 | 14,577 |
| Advancing climate action | 171,776 | 209,309 |
| Strengthening relationships between government and communities | 676,605 | 38,950 |
| 2,270,770 | 2,657,799 | |
| EXPENDITURE | Year Ended | Year Ended |
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Government innovation and digital transformation | 1,724,395 | 2,971,690 |
| Exploring a different approach to public management | 125,328 | 398,705 |
| Building leadership mindsets and learning networks | 14,583 | - |
| Advancing climate action | 196,182 | 59,844 |
| Strengthening relationships between government and communities | 844,897 | 67,030 |
| 2,905,385 | 3,497,269 |
In 2024 management reassessed the classification of program work activities to better reflect the current work of CPI Europe. Comparative data has therefore been reanalysed.
4. EXPENDITURE
| Salaries, taxes and benefits Consultants Travel Project expenses Communications Support and governance costs |
CPI-E £ 1,567,314 374,396 70,281 4,337 - 239,125 2,255,453 |
Year Ended 31.12.24 CPI Swiss Total £ £ 488,567 2,055,881 - 374,396 5,684 75,965 - 4,337 24,998 24,998 130,683 369,808 649,932 2,905,385 |
CPI-E £ 1,577,695 229,049 113,565 5,095 87 375,173 2,300,664 |
Year Ended 31.12.23 CPI Swiss Total £ £ 811,245 2,388,940 - 229,049 47,741 161,306 770 5,865 74,270 74,357 262,579 637,752 1,196,605 3,497,269 |
|---|---|---|---|---|
CPI Europe is part of a global organisation and provides support to its parent CPI, based in Switzerland. These costs, representing the salaries and associated costs of staff working in these supporting roles, are disclosed above.
In 2024 management reassessed the categories of costs used to summarise our work to better describe the work undertaken at CPI Europe. Comparative data for notes 4 and 5 has therefore been reanalysed.
19
Centre for Public Impact Europe
Notes to the Financial Statements - continued For the Year Ended 31 December 2024
5. SUPPORT AND GOVERNANCE COSTS
| . SUPPORT AND GOVERNANCE COSTS | |||
|---|---|---|---|
| Year Ended | Year Ended | ||
| 31.12.24 | 31.12.23 | ||
| Support costs | £ | £ | |
| Office costs | 37,156 | 80,688 | |
| HR costs | 61,929 | 59,697 | |
| Management fee | - | 158,666 | |
| IT costs | 147,636 | 202,296 | |
| Insurance | 19,372 | 15,111 | |
| Bank fees | 3,142 | 360 | |
| Unrealised currency (gains)/losses | (4,637) | 3,409 | |
| Realised currency losses | 11,376 | 21,808 | |
| 275,974 | 542,035 | ||
| Governance costs | |||
| Audit | 50,500 | 55,577 | |
| Accounting fees | 30,123 | 18,490 | |
| Legal fees | 13,211 | 21,650 | |
| 93,834 | 95,717 | ||
| 369,808 | 637,752 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the years ended 31 December 2024 or 2023.
7. STAFF COSTS
| . STAFF COSTS | ||
|---|---|---|
| Year Ended | Year Ended | |
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Wages & salaries | 1,251,494 | 1,339,349 |
| Benefits | 23,007 | 22,160 |
| Social security costs | 193,702 | 116,334 |
| Pension costs (defined contribution scheme) | 99,111 | 99,852 |
| Total staff costs | 1,567,315 | 1,577,695 |
The basis of preparing the comparative information for 2023 has been amended to more accurately show salaries, related benefits, tax and pension benefit costs.
The number of employees whose employee benefits (excluding employer pension costs) exceed £60,000 was:
| Band | Year Ended | Year Ended |
|---|---|---|
| 31.12.24 | 31.12.23 | |
| £60,000 to £69,999 | 6 | - |
| £70,000 to £79,999 | 2 | 3 |
| £80,000 to £89,999 | 2 | 4 |
| £90,000 to £99,999 | 3 | 2 |
| £100,000 to £109,999 | - | 2 |
| £120,000 to £129,999 | 1 | - |
| £190,000 to £199,999 | - | 1 |
The basis of preparing the comparative information for 2023 has been amended to more accurately show salaries excluding pension costs.
20
Centre for Public Impact Europe Notes to the Financial Statements – continued For the Year Ended 31 December 2024
| The total amount paid to key management personnel (includes trustees and senior management) | for their work was: |
|---|---|
| Year Ended | Year Ended |
| 31.12.24 | 31.12.23 |
| £ | £ |
| 346,064 | 505,263 |
The average monthly number of staff employed by Centre for Public Impact Europe during the year was 18 (2023: 20).
During the year the organization made redundancy payments totalling £Nil (2023: £196,594). In the prior year, the organization made redundancy payments totalling £196,594 to three individuals who left the organization. Each payment consisted of a compensation payment for loss of office and, in two cases, a payment in lieu of serving a notice period. All amounts were paid by that year end.
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Intercompany debtors VAT Accrued revenue Prepayments |
Year Ended 31.12.24 Year Ended 31.12.23 £ £ 105,279 116,653 295,952 484,605 16,605 14,805 44,630 97,442 2,624,907 10,036 3,087,373 723,541 |
|---|---|
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Intercompany creditors Deferred revenue (note 10) Accrued expenses Other taxes and social security Other creditors |
Year Ended 31.12.24 Year Ended 31.12.23 £ £ 23,292 59,048 102,893 161,147 9,268,897 - 60,690 38,369 48,821 45.599 10,337 12.651 9,514,930 316,814 |
|
|---|---|---|
During the year, the charity acted as an agent in administering grant funds on behalf of Google Ireland Limited. Funds of €800,000 were received on December 19 2024 and, in accordance with our contractual obligations were passed on to The Organisation for Economic Co-operation and Development (OECD). These funds were paid to the OECD on December 20 2024.
10. DEFERRED REVENUE
| 0. DEFERRED REVENUE | ||
|---|---|---|
| Year Ended 31.12.24 | Year Ended | |
| 31.12.23 | ||
| £ | £ | |
| Balance brought forward | - | 1,403,183 |
| Payments received | 9,319,970 | - |
| Income recognised against contracts | (51,073) | 1,403,183 |
| Balance carried forward | 9,268,897 | - |
21
Centre for Public Impact Europe Notes to the Financial Statements – continued For the Year Ended 31 December 2024
As per note 1.2, income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income relating to funded projects is recognised in accordance with the stages of work completed and to the extent that the amounts can be measured reliably, and it is probable that income will be received. Where payments are received in advance, any unrecognised amounts are held as deferred revenue until such time as it can be recognised.
11. CHARITY FUNDS
| Fund name | Balance at 01.01.23 |
Income | Expenditure | Balance at 31.12.23 |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Restricted funds | 21,761 | - | (21,761) | - |
There were no restricted fund movements in the current year.
12. RELATED PARTY DISCLOSURES
Transactions and balances with parent entity
During the year, a total of £692,923 (2023: £1,166,790) of costs were recharged to Centre for Public Impact, the parent and independent not-for-profit foundation identified in the Trustees’ Report. In addition, expenses of £102,893 (2023: £161,147) were recharged from Centre for Public Impact.
During the year, included within debtors was a balance of £175,719 (2023: £28,543) relating to expenses recharged to Centre for Public Impact. Within creditors was a balance of £102,893 (2023: £161,147) relating to costs recharged from this same entity.
Transactions and balances with group entity
During the year, a total of £419,713 (2023: £488,953) of costs were recharged to Centre for Public Impact North America Inc, a 501(c)(3) related organisation based in the US. At the year end, included within debtors was a balance of £120,233 (2023: £204,062) relating to expenses recharged to Centre for Public Impact North America Inc,.
13. PARENT ENTITY
The Parent entity of Centre for Public Impact Europe is Centre for Public Impact (Registered office: 10 Rue de Rive, Geneva 1204, Switzerland), an independent not-for-profit foundation within the meaning of Articles 80 et seq of the Swiss Civil Code registered on the Swiss Federal Interior Department’s Register of Foundations and at the Geneva Register of Commerce (IDE: CHE-172.995.978) based in Geneva, Switzerland (CPI CH). The consolidated accounts can be found at 10 Rue de Rive, Geneva 1204, Switzerland.
22
Issuer
HW Fisher
Document generated Mon, 29th Sep 2025 9:21:03 BST
Document fingerprint c41e8c1dacf7b1430ff9ee10c783d4de
Parties involved with this document
Document processed
Party + Fingerprint
Mon, 29th Sep 2025 17:51:37 BST Mon, 29th Sep 2025 18:02:02 BST
Audit history log
Date
Mon, 29th Sep 2025 9:21:03 BST Mon, 29th Sep 2025 9:21:03 BST Mon, 29th Sep 2025 9:21:03 BST Mon, 29th Sep 2025 14:17:42 BST
Mon, 29th Sep 2025 16:15:24 BST
Mon, 29th Sep 2025 16:15:26 BST Mon, 29th Sep 2025 17:50:47 BST Mon, 29th Sep 2025 17:50:58 BST Mon, 29th Sep 2025 17:51:37 BST Mon, 29th Sep 2025 17:51:38 BST
Mon, 29th Sep 2025 17:51:38 BST Mon, 29th Sep 2025 17:52:34 BST Mon, 29th Sep 2025 17:56:08 BST Mon, 29th Sep 2025 18:02:02 BST Mon, 29th Sep 2025 18:02:02 BST
Larry Kamener - Signer (ded6cfbff6de3f46a31b03dcac4bce38) Carol Rudge - Signer (095a8cc4c33b1713c1b90c56959103ed) Action Envelope generated by Stephanie Chan (185.105.75.178) Document generated with fingerprint 6ee9debea6a10a09c1fc76ea78011e9a (185.105.75.178) Document generated with fingerprint ab2bb67c57b45d44c027d84c3acd02a3 (185.105.75.178) Document generated with fingerprint c41e8c1dacf7b1430ff9ee10c783d4de (89.150.28.98) Sent the envelope to Larry Kamener (kamener.larry@advisor.bcg.com) for signing (185.105.75.178) Document emailed to kamener.larry@advisor.bcg.com Larry Kamener opened the document email. (104.28.129.25) Larry Kamener viewed the envelope (139.28.85.13) Larry Kamener signed the envelope (139.28.85.13) Sent the envelope to Carol Rudge (crudge@hwfisher.co.uk) for signing (139.28.85.13) Document emailed to crudge@hwfisher.co.uk Larry Kamener opened the document email. (161.123.238.194) Carol Rudge viewed the envelope (185.105.75.178) Carol Rudge signed the envelope (89.150.28.98) This envelope has been signed by all parties (89.150.28.98)