ODI Global Annual Report and Financial Statements Forthe year ended March 31, 2025
Table of Contents: Statementfrom the Chair ol ODI Global Board of Trustees.................................... Summary............................................................................................................ Our activities in the year ending March 31, 2025.. Objectives and activities. Purposes and aims . Public benefit. Strategic Report.. AchievementS8nd Pertormance............................................................................ Strate2yand KPIS.................................................................................................. List of ODI Global events 2024- 2025 Plans for future periods. .20 Financial reviewand operational performance.......... .21 Financialperformance and position.....................................................................21 Reserves policy..................................................................................................22 Investment policy . .22 ApproachtofundraisinE......................................................................................22 Principal risks and uncertainties. .23 Structure, governance and management............................................................ Group constitution.....................................................-................-.......................24 Otherconnected entities.....................................................................................24 The Board ofTrustees..........................................................................................24 Trustee recruitmentandtraining.......................-..........................-.......................24 Board Committees..............................................................................................25 Finance Audit and Risk Committee IFRACI .25 People, Remuneration and Organisational Development Committee IPROCI .25 Nominations and Board Effectiveness Committee INBECI.-..-..-...-......................... 26 ODI GlobalBoard Meetings8ttendance=...............................................................26 Organisationalstru¢tureand reporting.................................................................27 Sustainability .28 Setting remuneration .28
Dis8bled employees .29 Employee involvement........................................................................................29 Members, liability .30 Statement of Trustees, responsibilities in respect of the Trustees, Annual Report and the FinancialStatements.....................................................................................30 Reference and administration details .32 Independent auditors, report tothe members of ODI Global............................... 33 Consolidated Statement of Financi81 Activities (including income and expenditure accountl- for the year ended 31 M8rch 2025. -37 B818nce Sheet 8t 31 March 2025 . 38 Consolidated Statement of Cashflow- for the year ended 31 March 2025 . 39 Notes to the financial statements- for the year ended 31 March 2025....................... 40
Statement from the Chair of ODI Global Board of Trustees This past year, the world has been facing a uniquely complex set of Interlocking challenges.. a record 120 million people were forcibly displaced by conflict and Crisis, while 2024 set alarming new temperature records with climate disasters affecting every region. From Gaza to Sudan to Ukraine. escatating violence intensified human suffering while testing international systems. Global military spending exceeded $2 trillion as nations redirected resources from aid to security, with some countries like the US reducing development assistance lo address domestic priorities. Against this b8ckdrop of retre8ting gender rights, shrinking civi¢ sp8ce, and paralyzed multilateral systems, ODI Global's mission has never been more vital= harnessing evidence to advance equity and justice in our rapidly transforming world. In response to these challenges, ODI Global brought together UN and humanit8rian leaders to potLight impunityforw8r crimgs in Gaza. Our experts advised Somalia and Chad on 8ccessing climate finance to build resilience, while our research with refugee-led Drganizations contributed to several donors recognising refugee-led funding as a strategic priority. During Brazil's G20 presidency, we co-crealed thts NDB Reform Roadmap to onhanoe devtrlopment finance and provided research that was critical in establishing the Global Allianc8 to Fight Poverty and Hunger. AtCOP29, our advo¢a¢y helped direct pt Le8St half ofthe Loss and Damage Fund's initial $250 million to Small Island Developing States and Least Developed Countries. As we moved into 2025. our work continued to drive meaningful change= We supported Ireland's G20 engagement on Al and digital infrastructure policy, began shaping the UK'S and other donor governments, humanitarian strategythrough our work on'Donors in a Post Aid World, and a new Advisory Panel on the Future of Humanitarian Action. and provided evidence for environmental justice efforts in the Niger Delta. With established teams in Brussels and Washington, we strengthened partnerships across the Global South. significantly expanding our global reach. This growing engagement and presence is reinforced by our new brand identity. which embodies our commitment to equitable collaboration and locally driven solutions. As Chair. I'm proud of how ODI Global tLJrns rigorous research into tangible impact. Mythanks to our dedicated team and partners worldwide. In these uncertain times, we remain steadfast in our commitment to building a more just and sustainable future for all. Slr Suma Chakrabartl Chair ol the Board ol Trustees
Summary Our activities in theyear ending March 31. 2025 ODI Global delivers impact through research, advising and convening across a broad range of global affairs subjects, with 8 particular emphasis on furthering the lives 8nd livelihoods of the world's poor. The network consists of non-profit entities in London. Brussels and Washington, DC. a for-profit Global Advisory branch., strategic partnerships with think tanks especially in Africa- networks and consortia including the Humanitarian Practice Network I'HPN-I and the Active Learning Network for Accountability and Performance in Humanitarian Action l-ALNAP-I- as well 8S thematic f0¢81 points such as the recently launched Centres for Private Finance in Development and for the Geopolitics of Transition. ODI Glob81's rese8r¢h capacity is organised into seven progr8mmes, e8¢h with their specific areas of expertise. at the same time, an important part of ODI Global's value proposition ¢omes from its abilityto approach challenges in a multi-disciplinary, cross-programme manner. Since 1963, ODI Global has managed the ODI Fellowship Scheme, which has embedded more than 1,300young professionals in public sectoragencies around the world,. current Fellows serve in placements from Saint Lucia to the Solomon Islands, Uganda to Uzbekistan. In 2024. we received a record number ol applicatlDns- over 1,400 for 30 fellowships- resulting in the most diverse cohort of ODI Fellows ever recruited. Progress to diversify the fundingfor the programme continues with partnerships with th8 Global Green Growth Institula, the Governmtsnt of Kosovo, the Government of Timor Leste. Austr81ia's Department of Foreign Affairs and Trade IDFATI. among others. as well as renewed support from our longstanding champion, the UK'S Foreign. Commonwealth & Development Office IFCDOI. This year also marked the launch of the first off icial offshoot of the ODI Fellowship Scheme, the Mission 300 Fellowship, which will place 14 highly qualified citizens of Afri¢8n states in two-ye8r fellowship positions within 14 governments to help expand energy a¢¢ess across the African Continent. funded by the Rockefeller Foundation's RF Catalytic Capital IRFCCI. Objectives and activities Purposes and aims ODI Global is an independent global affairs think tank. We work to drive action on injustice and inequality through collaborative research and bold ideas that matter for people and planet. Our work is grounded in the belief that better evidence and inclusive dialogue can lead to.. better-informed decision-making improved policies stronger governance frameworks for sustainable investment and the enabling conditions for lasting social change. To achieve this, ODI Global undertakes two Core 8Ctivities=
the delivery of high-qu81ity, internetionally recognised research that informs the design of effective and equitable policy., and the convening of leadership to tackle the world's most pressing challenges through dialogue, insighl, and shared action. Public benef it In setting objectives and planning ODI Global's activities, the Trustees confirm that they have applied due regard to the Charity Commission's general guidance on public benefit when exercising any powers or duties to which the guidance is relevant. This year, our work has helped inform global policy conversations. challenge entrenched narr8tives, and inspire collective action on inequality. conflict. and climate justice. In 2024-25, we scaled up Dur public affairs and communications to deepen the impact of our research and position ODI Global as a trusted and visible source of evidence in a fast-changing global landscape. We hosted a new series of 'ln Conversation, events featuringfigures SLJch as Achim Steiner, Albin Kurti, and Rachel Kyte. spotlighting urgent debates-from debt distress to just transitions4nd making them accessible via our website. We also updated our brand, messaging and website in lints with our strategy, with ¥ stronger tsmphasis on impact storytelling, equity, and Southern voices. These efforts have advanced our mission to shape better policy and support more sustainable, inclusive global cooperation. Strategic Report The trustees. who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2025, in compliance with Section 414C of the Companies Act 2006. Achievements and Performance Strategy and KPIS ODI Global'$ five-year strategy for 2021-2025 sets out live global challenge artsas to guide research and the Drganisation's approach to decolonisation. The strategy also aims to strengthen ODI GIDbal's footprint across the world. The five areas are.. shaping the future of global cooperation,. tackling the climate, environment and biodiversity crisis,. fostering a more equitable and sustainable glot)alorder, with inclusive growth; and advancing progress on human rights, addressing CDnflict and promoting peace. The fifth challenge area digitalisation- is a cross-cutting theme. To assess progress in 2024125. ODI Global set Cross-institute research KPIS. reproduced in the box below. Each KPI speaks to more than one global challenge area and involves activities undertaken by different programmes. In the following, we report on achievements in relation to these KPIS, while bearing in mind how they map onto the global ¢hallenge areas lindi¢ated in the box).
In 2024-2025 ODI Global designed, monitored and reported on a semi-annual basis cross- programme. KPIS defining the results it expected to achieve. These KPIS each impacted multiple challenge areas of the strategy lindicated in brackets for each KPII. 1. Driving inclusion and a new social contract globally, through a focus on agency, rights, norms and accountability (global challenge areas 1, 3 and 41 Focus 8reas.' gender rights 8 norms. demo¢r8¢y, digit81isation, 10¢81isation & agency. promoting peace, care economy 2. Tackling impunity in conflict, addressing fragility and building rgsilignce through joined up, politically informed crisis response drawing together humanitarian, development, climate. displacementlmigration and security approaches (global challenge areas 1, 3 £nd41. Focus areas.. collective humanit8ri8n. development and peace action,. effective engagement in fragile and conflict situations, displacementlmigration. 3. Reforming international and national finance to support development, ¢lim8te objectives and resilience at scale (global challenge areas 1, 2, and 31 Focus areas.. MDB reform, mobilising private finance. resilien¢e and loss & damage finance, new collective quantified goal. 4. Ensuring sociallyjust cllmate translilons Iglobal challenge areas 1. 2. 3 and 41 Focus areas.. just energy iransition platformsl¢ountry plattorms, gtrnder & socially just transitions, transboundary and local adaptation. 5. Supporting inclusive economic integration and transformation (global challenge areas 1 and31. Focus areas.. African trade integration. global value chains, country-level economic transformation. 6. Reimagining and reinvigorating global cooperation and rebalancing multilateralism to progress more equit8ble and effective global finance. trade. humanitarian, peace and security and climate agendas (global challenge areas 1, 2, 3 and 41. Focus areas.. reform of the humanitarian system. decolonising global financial governance. green squeezelgreen seize. navigating geopolitical friction. peacebuilding 8rchite¢ture review. empowering COP presidencies. 7. Creeting a ¢apable. well-governed institutional infr¥stru¢tur$, including for public finance ancl ttschnology Iglobal challenge areas 3 and 51. Focus areas: capacity-building in finance ministries, effective public service provision, digital publi¢ infrastructure. Challenge Areas and Priorities: ODI Global's Delivery on its Strategy ODI Glob81 works on a large number of individual research projects. Since the impact of thought leadership and convening can only ever be described in qualitative terms. it is not possible here to attempt a comprehensive account of ODI Global's impact. Instead, reporting on research KPIS is based on a SLJbset of projects and programmes our researchers consider to be partiCLJlarly significant in terms of impact. As such, reporting has a 'success bias.. nevertheless, the projects
and programmes described cover a substantial proportion of ODI Global's research OLrtput and therefore prDvide a meaningful representation DI impact. Reporting is organised by each KPI. 1. Driving Incluslon and a new social contract through a focus on agency, rights, norms and accountability In relation to KP11, research teams highlight work on refugees and migration and gender equality. Work on refugees and migratlDn focused on refugee-led organisations and social protection systems for migrants in the Gulf Cooperation Council IGCCI states. The fla ortforODI Global's work assessing the quality of funding to refugee-led organisations IRLOS) has had phenomenal pick-up since its publication in November 2023. Convening and dissemination continued across 2024125 to build uptake lover 6.000 views and more than 1,800 downloads as of April 20251, and the work reached a ILJrther 3.50D people through blogs, podcasts and events. In February 2025. ODI GIDbal surveyed a small group of key stakeholders on this agenda: 40Q/o of respondents agreed that funding RLOS was now a strategic priority for their organisation. in part due to this resear¢h and engagement. Almost 75% of stakeholders agreed that ODI Global had informed pob'cy decisions within their organisation- particularly around refugee inclusion and participation, local humanitarian leadership. aid decolonisation and accountability. In relation to migration, since 2021 we have worked closely with the International Labor Organisation IILOI Arab States Office to address the exclusion of migrant workers from social proteclion systems in the GCC by providing evidence, fostering dialogue and identifying pathways for reform. For the first time we were able to comprehensively show migrant workers. limited access to social protection, including healthcare and disability and other benefits, and the huge inequalitiesfaced by low-incomeworkers in particular. Followingdissemination at well- attended events and convenings, we received feedback- including a public acknowledgement atthe Global Forum on Nigration and Development IGFMDI-th¥t our presentation of the findings at the GCC Labour Bureau workshop helped to open up a constructive dialogue. The ILO used our work for ongoing engagement with several countries, including Oman, which has now announced new legislation ensuring greater access to social protection for migrant workers. Our work on gender equality has covered women-led organisations, gender rights and girls, education and feminist foreign policy. Since February 2024. ODI Global h8s p18yed 8n instrumental role in convening key 8¢tor8 to increase support for women-led organisations IWLOS) as crisis response 8Ctors. and to build consensus around the potential of feminist 2nd women's funds as key avenues for channeling tinance to them. Following a Wilton Park convening where ODI Global called for greater resources to WLOS, attendees. including the Equality Fund and the Alli8n¢e for Feminist Movements. formulated a proposalto found the First Response Fund IFRFI to support WLOS. ODI Global provided input on the proposal and related engagement. Subsequent convening aimed at increasing 8W8reness and visibility of the FRF. which has since received £1 million in seedlstart-up funding from FCDO and a commiLu]QDLot CAD10 million from GlobalAlfairs Canada. Ahead 0169" Session of the Commission on the Status of Women ICSW691 and in the wake of the aid cuts in the US and elsewhere, ODI Global hosted a high-level dialogue at a critical moment for gender rights. The discussion underscored the urgency of resisting gender backlash at the highest levels ol diplomacy and policymaking and provided an opportunity for civil society and feminist funders to challenge the governments in the room. The event was informed by ODI Global research, including on the rol cy, to
inform an evidence case for continued support to women's rights organisations. There was huge interest in the event. further solidifying ODI Global's thought leadership in this area and placing ODI Global at the centre of this detjate. This is an ongoing, long-term process,. ODI Global's impact will lie in gradually shaping mindsets and decision-making space. ODI Global's research on girls. education exposed the impact religious groups and gender- restrictive movements are having in countries across the world. Our work attracted extensive media coverage in The Guardian. the Conversation, GB News. La Sexts (Spainl. The Daily Guardian Ilndial and WION Ilndial. generated advocacy opportunities with the Global Education Partnership and United Nations Girls, Education Initiative IUNGEII,. and was featured at the UNESCO Global Education meeting and by the UK government. ODI Global published a fin81 brief in its Feminist Foreign Policy IFFPI series and was invited to attend and present at the Ministerial Conference on Feminist Foreign Policy in Mexico City. FFP research featured extensively in the position paper prepared by the Nexican government, UN Women and the National Institute for Women IINMUJERESI. framing the discussion and action on Countering backlash. funding feminist movements and humanitarian intervention. ODI Global's Chief Executive has also been invited by the WDrld Economic Forum (WEFI to become one of its six global Gender Parity Champions. While it is early days, and it is hard to assess ODI Global's ultimate impact. there has been a noticeable increase in the nLJmber of ollicial interventions associ8ted with ODI Global thought leadership. in¢lLJding in PLJbli¢ations SLJch as the'women 7, IW71 CommuniqLJe influencing the G7. 2. Tackling fragility and building resilience through joined up, politically informed approaches at the nexus of climate, security, displacement and migration In relation to KPI 2. our highlighted work is influencing development and climate finance in situations of fragility, Conflict and violence and spotlighting impunity in ¢onllict. In this spa¢e, we are also providing strategic policy advice to several bilateral agencies and multilateral organis8tlDns. ODI Global led and shaped convening on fragility, conflict, and violence IFCV) in global forums including at ministerial level atthe World Bank's Spring and Annual Meetings, the G7, the OECD, the United Nations Peacebuilding Architecture Review and in the context of the European Union strategy refresh. The UK and Germany commissioned ODI Global research aimed at informing multilateral strategy updates and EU approaches, while the Italian government invited ODI Globalto brief G7 countries on FCV Issues twice during its presidency. ODI Global has positioned itself over the past year as a key influencer of FCV policy direction, particularly within the World Bank and EU systems, and as a critical voice outside the OECD DAC. We have helped shape a UK/Belgium non-paper on FCV strategy and framed narratives influencing the donor consensus. Foundations have been laid for a like-minded shareholder coalition within the World Bank. ODI Global was instrumental in ¢re8ting the Improved and Equitable Access to Climate Finance Network- edvising governments in¢lLJding Chad and Somali8, coordinating letters to the World Bank. IMF, UN and COP29 presidencies, supporting the Communique and 18un¢h event. and promoting the Network in the medi8. The Network is part of ODI Global's longer-term work to scale up political momentum to tackle the conflict blind spot in climate finance which, at COP29, also included ODI Glob£l hosting two weeks of high-level conveningand eng8gementthrough the Climate. Peace and Transboundary Resilience Pavilion. The Network was launched at COP29 and ODI Glob81 is now working with countries to grow it and ensure it drives a paradigm shift on lot>bying on this issue at future COPS.
ODI Global has continued to shine a spotlight on thewidespread impunityforwar crimes in Gaza, including convening a closed-door roundtable with the Head of UN Human Rights in the Occupied Palestinian Territories IOPTI. publishing an Insight on the lack of recognition of Palestinian aid worker deaths, and hosting high profile public debates on the situation in Gaza which have featured the UN Special Rapporteur on the Rights of Palestinians, Francesca Albanese, and Amnesty International's Secretary General, Agnes Callamard. ODI Global's Chief Executive has also spoken at a much-profiled high-level event at the WEF Annual Meeting in Davos on the depth of the humanitarian crisis in Gaza. ODI Global's work on protecting civilians in conflict has had significant traction as part of a wider Policy push towards reducing the risks civilians lace. as well as helpingthem recoverfrom the effects of violence. As a result. ODI Global has been asked by the Swiss government to undertake analysis of developments in this area. ODI Global has provided a range of advisory services to Ireland. including in relation to Ireland's G20 engagement on Al and digital public infrastructure, and peace and stability programming. ODI Global's advice helped Ireland step up digital policy engagement and supported the creation of 8 joint Ireland/UK initiativ& on a World Bank FragilityTrust Fund. 3. Reforming international and national finance to support development, climate objectives and resilience at scale KP13 has been one of the areas of broadest ODI Global impact in 2024125, with highlighted work on Multilateral Development Banks IMDB) reform, the mobilisation of private capital, tackling debt, climate finance, insuring climate-vulnerable island states and shaping the Global Goal on Adaptation IGGAI. ODI Global prepared live technical studies and an overview paper at the request of Brazil's G20 presidency, identifying measures and putting forward recommendations to enhance the operatlDnal effectiveness of IMDB) and to evaluate their impact. In November 2024. the G20 endorsed an'MDB Roadmap,. outlining reforms aimed at making MDBs'better, bigger, and more effective,. Based on ODI Global's work on the Roadmap, as well as on the earlier G20 Capital Adequacy Framework Report. South Africa's G20 presidency asked for ODI Global's support lor various dimensions of the G20 Finance Track lincluding MDB reform and the cost DI capital). ODI Global's Managing Director was appointed to the G20 Africa Expert Panel. We have also produced influential work around the mobilisation of private capital. Our research on 'Th8 Future of European Institutional Investment in Emerging Markets and Developing Economies, aimed at prompting regulatory reviews and changing the way insiitutional invastors think about investing in emerging markets. ODI Global was heavily referenced in the UK Institutional Investor Group on Climate Change IIIGCCI report focused on the UK as a climate finance hub, and we have been invited to be part of the Task Force set up by FCDO to encourage UK pension fund assets to be invested in emerging markets and developing countritrs. Alongside this work on MDBS and private financing. we have been active on the debt agenda. At the request of the UK government, ODI Global undertook an analysis of the potential benefits lor negstive ¢onseqLJen¢esl of the UK adopting a law governing sovereign debt restru¢turing targeting private creditors. The piece. published in January 2025, had a direct influence on the Minister lor Development's decision not to support a Private Bill on the subject. The report was also discussed by influential industry groLJPS, including the Financial Markets Law Committee and the International Capital Market Association. Our broaderwork around debt includes co-hostingthe secretariat of the Expert Review on Debt, Nature and Climate. Established as a joint initiative ol the governments ol Colombia, Kenya, 10
France and Germany, the Reviewwas conducted byan independent group of experts drawn from both developed and developing countries. The two reports of the Expert Review were launched with ministerial-level participation atthe World 8ankllMF Annual Meetings in 2024 and the Spring Meetings in 2025, and the recommendations are gaining traction. In particular, the IMF and World Bank have reached out to both the independent experts and the secretariat to discuss reform of their Debt Sustainability Analyses. The report is in the work programme of the G20 International Financial Architecture Working Group. We have also been at the heart of the negotiations over the New Collective Quantified Goal on climate finance INCQGI, including through 8Ulhoring and commissioning research with Southern partners, Convening negotiators to provid8 a morts informal sp8c& for 8x¢h8nge and bridging of views. providing advice to clim8te envoys 8nd heads of delegation, and public engagement with media IThe Gusrdisn, Financial Times, BBC, New Humanitarian. Devex. Clim3tp Home, CarbonBriefl. The ODI Global team shaped key debates on a range of topics, including the transparency mech8nism, burden-sharing and the contributor base, and helped drafttextthat appeared in the NCQG decision reached at COP29. There is a particularlyclear line of sight between our work on enh8n¢ing access to international climate finance and the NCQG decision, which explains improved access for the first time and commits to undertake a special assessment of access. ODI Global worked with the Pacific Catastrophe Risk Insurance Company to develop its new premium subsidy allocation formula to enhance disaster risk financing for Pacific Island countries. More broadly, ODI Global's work shaped the discussions of the transitional committee for the new Fund for responding tD Loss and Damage. The new formula is being used to distjurse e9 million of climate insurance premium support to Pacific nations. ODI Global's work contrit)uted to the decision by the Loss & Damage Fund to spend at least hall of its $250 million resources in the world's most vulnerable states- Small Island Developing States ISIDSI and Least Developed Countries- by the end of 2026. Through support to the Alliance ol Small Island States IAOSISI, we also htslped strengthen SIDS, ¢apa¢ity to shape international frameworks and promote more equitable ¢limate policy 8nd finance. ODI Global led the diafting of AOSIS'S first and second submissions to the UAE-Belem Work Programme (which is tasked with developing indicators to measure progress on global climate 8dapt¥tionl', contributed text for AOSIS speeches,. and drafted proposed decision text for use in real-time negotiation. An ODI Global staff memb&r seNed as lead negotiator on climate finance forthe AOSIS, and ODI Global input was reflected in the final decision on the Global Goal on Adaptation adopted at COP29. 4. Ensuring socially just ¢lim8t* tran$ition$ In relation to KP14, research teams highlight work on locally led Climate solutions, including through country platforms, and environmental remediation. As part of the African Cities Research Consortium. ODI Glob81 is supporting commLJnity-based organisation$ 8u¢h as slum-dweller associations and women's trader ¢ooperatives to identify community-led climate solutions in Lagos, Harare. Nairobi. Accra and Kampala. These efforts are enabling community-led climate adaptation and mitigation projects to gain visibility and credibility with decision-makers. enabbng more just urban transitions. At the national level. ODI Global has researched and published extensively on Country platforms, including in the context of the Brazilian G20 presidency. An ODI Global steff member is Currently se¢onded160Qh FfEI into the South African Presidential Climate Commission to SLJPPDrtthe G20 Presidency to roll out country platforms at scale. It is too early to draw impact conclusions in this area, but it is worth 11
noting that in this major international initiative to amplify the voice of countries in the climate transition. G20 governments have been turning to ODI Global for intellectual and hands-on support. ODI Global produced 8 seminal report with rigorous data 8nd evidence on environmental damage and accountability in the Niger Delta. An ODI Global staff member is Chair of the Expert Working Group, Bayelsa State Oil and Environmental Commission, and the report has become critical reference in legal and advocacy processas. It has betsn rtslerenced in Shtsll's 2025 AGM, cited in high-profile legal cases and strategic litigation. such as in Bodo High Court by expert witnesses. and is helping reframe corporate accountability and environmentaljustice in Nigeria by ¢h8ngingthe narrative around divestmtsnt and environmental cost. 5. SupportinE inclusive economlc Integratlon and transformation In relation to KP15, we highlighl work on the 'Green Squeeze., implementation of the African Continental Free Trade Area IAfCFtAI, economic tr¥nsformation in Sri L8nka and the new strategic vision forTanzania. The impact ofthe Green Squeeze workstream has continued throughout 2024 and into 2025. ODI Global research has highlighted the concerns of poorer and climate-vulnerable countries regarding clashes with trade and climate governance. and disproportionate impacts and distributional issues. The research was quoted in prDminent media OLJtlets including the Economist and New York Times. With LSE Centre for Economic Transition Expertise ICETExl, ODI Global will continue addressing major research gaps in relation to trade-related carbon measures. especially for commodity-dependent exporters. We believe that ODI GIDbal's research has influenced a change in approach by the EU, including under the EU carbon border adjustment mechanism ICBAMI, and a delayto the deforestation regulaiion, to enable moretime for adaptation. In addition, the EU has develDped new partnership approaches to mutual decarbonisation efforts as part of a broader green diplomacy drive. ODI GIDbal's recommendations on the Enhanced Integrated Framework have enabled The Gambia to a¢¢ess Climate finance. ODI Global is an implementing partner of a UK-funded programme to support negotiations and implementation of the AfCFFA. ODI Global's work is focused on three themes national implementation committees, digital trade and investment-through short- and long-term expert advice, support forthe AtcA secretariat and policymakers in a range of African countries, and the provision of technical analysis. ODI Global's support was instrumental in concluding the AICFTA Protocol on Investment. It also led 15 African countries to take steps to align their investment policies with the AfCFfA, the creation of national implementation committees in four countries, digitaltrade protocols in fourcountries, and the draftingof theAfCFTA digital economy strategy for Nigeria. We also supported Ghana's action plans to implement three AfCFTA phase 11 protocols. In relation to specific countries. ODI Global conducted research into how best to transform Sri Lank8's e¢onomy to grow out of its debt trap. published 8 book of essays on the subject, engaged privately with key policy-makers (government. Central Bank. donors). held publi¢ meetings. assembled a range of local and international experts, and appeared in print and TV media. We are also a trusted partner to the government of Tanzania. organising high-profile workshops (with all Private Se¢retaries and Deputy Private Secretaries) 8nd dr8fting background documents to inform the drafting ofTanzani£'s new long-term planning document, TDV2050. 12
In both cases our work has had a notable impact. Sri Lanka's growth is rebounding faster than expected. our analysis, commentary and engagement contributed to well-informed decision- making on policies and may have helped improve economic governance by engaging policymakers around continued support for laws on public finance and central bank independence. In Tanzania. ODI Global's capacity-building for the planning commission. as well as the preparation of background documents as inputs into the draft. can reasonably be assumed to have enhanced the quality of the planning process and ofTDV2050. 6. Rebalancing and reinvigorating multilater81ism to progress global finance. trade, humanitarian, peace and security and climate 8gendas In relation to KPIS. research teams highlight work on reimagining donorship. the Global Alliance to Fight Poverty and Hunger, reform of the humanitarian system and international fisheries. ODI Global held two closed-door dialogues with bilateral donors to reimagine the role of 'Donors in 8 Post Aid World. These events, and the communi¢8tions issued, coincided with the demise of USAID and ODA cuts, allowing ODI Globalto take centre stage on these questions, influencing the debate and potentiallyfuture decision-making. It istoo e8rlyto draw Ctsnclusions on how ODI Global is influencing this agenda. but it is notable that donors have chosen ODI Global as a key partntsr for this dialogue, and the thinking emerging from it has informed ODI Glob81's strattsgic partnerships with Denmark, Ireland and Canada, and its interactions with the UK government. In April 2024, ODI Global delivered what was perhaps the principal paper informing the launch under the Brazilian G20 presidency of the Global Alliance to Fight Poverty and Hunger. Subsequently, working closely with Brazilian ministries and global stakeholders, ODI Globalwas asked to help design global mechanisms and conduct research on enhancing global coherence on policy and financing for SDGS 1 and 2. Our work influenced G20 positions on financing for poverty and hunger and helped frame the conversation around the creation of virtual resource pools rather than new funding structures. ODI Global also supported Brazil in shaping social protection strategies and influenced the High-Level Advisory Panel on the Social Protection Technical Assistance. Advice, and Resources FacilitylSTAARI. which is expected to drive continued policy alignment on social protectlDn. ODI Global has remained an influential voice within the humanitarian sector. We have been asked by the UK government to establish an inlernational Advisory Panel on the Future of Humanitarian Action, io engag& directlywith leading humanitarian donors and other key decision makers. The request is recognition of ODI Global's thought leadership and promises direct impact on funding and policymaking. Our ongoing work on protection, including leadingthe IASC Protection Policy Review, has helped increase recognition by key policy actors of the role that civilians play as agents of their own protection and of the need for safety and security to be seen as a cora element of humanitarian action. Our work on illegal, unreported and unregulated fishing. published as Fishusiness in early 2024, was the first comprehensive study to estimate the economic. employment and social impa¢ts of distant-water fishing businesses with 8 re¢ord of unsustainable or irregular pra¢ti¢es in five vulnerable countries.. Ecuador, Ghana, Peru, the Philippines and Senegal. The report's findings, which were socialised with policymakers and local NGOS through a series ol workshops. may have contributed to renewed scrutiny ol international fisheries agreements. For example. in May 2024 Senegalese President BassiroLJ Diomaye Faye proposed a review of all fisheries agreements to ensure they are more responsive to overtishing and its impact on small-scale fishers. The EU has expressed willingness to review its partnership with Senegal. referencing the 13
need to address overfishing and Illegal, Unreported Unregulated IIUUI fishing- issues directly highlighted in ODI Global's report. 7. Creating a capable. well-governed institutional infrastructure, including for public finance and technology Work in relation to KP17 has focused on improving fiscal systems in Africa. Our influential work on tax PDlicymaking is now engaged in Kenya and Nigeria lin additional to Uganda and Rwandal to advise tax policy units on the use of evidence for better and more equitable tax policies. Engagement is also touching on public finance and technology. In November 2025, ODI Global and its partner CABRI Icollaborative Africa Budget Reform Initiative) convened an International Conference in South Africa on 'Public Finance in the Digital Era, with over 120 attendees in person land more than 400 online). showcasing progress on leveraging digitalisation lor public finance management and government operations. ODI Global is also supporting the World Bank in its project'Reimagining Public Finance, with a view to developing detailed gLJidelines on how the Bank CDLJld best support such endeavours in its lending and technical assistance. The work will conclude next year. Demand for research and especially the cross-African exchange of evidence is promising, and we will derive more systematic impact statements in future, as well as reflecting on Dur experience on Domestic Revenue Mobilisation in the context of the negotiations forthe 4th International Conference on Financing lor Development held in Seville in July 2025 IFFD41. Public Affairs and Communications We have continued to strengchen our convening agenda. building Dn the momentum of previous years and deepening our global reach. Between April 2024 and April 2025, our events featured an exceplional line up of high-level speakers and guests, including Mark Nalloch-Brown, former President of the Open Society Foundation$ and UN Deputy Secretary-General., H.E. Albin Kurti. Prime Minister of KDSOVO. Achim Steiner. Administrator of the United Nations Development Programme.. Rachel Kyte. UK Climate Envoy. Ibrahima Cheikh Diong. Executive Director. The Fund for Responding to Loss and Oamage. and Francesca Albanese, UN Special Rapporteur on the situation of human rights in the Palestinian territories. Our strategic partnerships with leading global institutions-including the World Trade Organisation. the African Development Bank, the European Investment Bank. the World Economic Forum, and UN Women-have amplified critical dialogues, from advancing resilience in Africa to resh8ping financial systems for gender equality- Over the past year, the Think Change podcast has hosted some of the most influential voices shaping global policy. From the corridors of power to frontline response, these conversations have provided unique insights into the urgent challenges and shifting dynamics of international cooperation. Guests such as Alvaro L$rio, President of IFAD. Monic8 Colomgr, Ambassador at Large for Financing for Development, Ministry for Foreign Affairs, European Union and Cooperation, Spain,. and Pamela Coke-Hamllton. Executive Director of the International Trade Centre, unpacked how food systems, development finance, and trade can be harnessed to support more resilient 8nd equitable growth in 8 time of cascading crises. Global politics and multilateral reform featured prominently. with thought-provoking contributionsfrom Lord Mark Malloch-Brown. a key advisortothe Bretton Woods at 80 initiative. 14
Ambassador Antonlo Patrlota. Brazil's Ambassador to the UK and former Brazil's Foreign Minister, Linda Yueh. Fellow in Economics, University of Oxford, and Professor Carlos Lopes, one of Africa's leading development thinkers. Their reflections on shifting power b81an¢es and the evolving rDle DI global institutions offered a timely provocation for a development sector in transition. Meanwhile, frontline perspectives, such as those of Hamlsh Young, UNICEF'S Senior Emergency Coordinator in Gaza, Hanna Serwaa Tetteh, UN Special Envoy of the Secretary- General for the Horn of Africa, and Omima Omer JabaL and Nuha Yousif from Sudan's Emergency Response Rooms. brought critical visibility to conflicts often sidelined in global debates. With voices ranging from Afua Hirsch, whose journalism explores identity and inequality, to Jeremy Bowen, BBC'S International Editor, and Hiba Morgan, Reporter, Al lazeera English, the podcast bridged politics, policy, and people's lived realities. Across these diverse conversations. Think Change continued to challenge conventional wisdom. elevate under-represented perspectives, and amplify the bold ideas needed to tackle today's most complex global challenges. List of ODI Global events 2024-2025 April 2024 17 April 2024 17 April 2024 17 April 2f)24 17 April 2024 rr 17 April 2024 nt rm 17 April 2024 19 April 2()24 InStitutionLaddres5In% looOCUrit 22 April 2()24 23 April 2f)24 yond sutvlv wellbelng Is 24 April 2024 25 April 2024 30 April 2024 15
May2024 07 May 2024 mm ni 09 May 2024 09 May 2024 tB n inn tiv EMI rm in 09 May 2024 15 May 2024 20 May 2024 21 May 2024 21 May 2024 ODI In nv n wlth M rk Mall h- 23 May 2024 24 Mey 2024 Book Launch: Why PoliticianLLiLAbout Tr bln kl 27 May 2024 28 M8y 2024 June 2024 19 June 2024 idgnce-ba89d practice 21 June 2024 28 June 2024 in July2024 16July2024 September 2024 16
09 September 2024 12 September 2024 24 wwin inn tti riti 12 September 2024 17 September 2024 17 September 2024 Jusi green trade and IndustrSal transltSon 18 September 2024 23 September 2024 Ilbeln 30 September 2024 October2024 01 October 2024 17 October 2024 23 October 2024 24 October 2024 ckllng the Vlclous Clrele: Launch of the nterim Re ort of the Ex ert Review on November2024 04 November2024 in iv P2 07 November2024 07 November2024 tin 12 November2024 The Cllmate, Peace and Transboundary 17
13 November2024 14 November2024 Th 15 November2024 16 November2024 18 November2024 18 November2024 18 November2024 19 November2024 19 November2024 Ihe Climate. PeaoLand Transboundary 20 November2024 20 November2024 lossons on backlash and resisianco 21 November2024 21 November2024 Resilignce Pavilion at COP29: Day 11 21 24 November2024 December2024 02 December 2024 18
10 December 2024 11 December 2024 January2025 21 January 2025 21 January 2025 22January2025 aotlon to tackle ihe erlse$ of today and 23January2025 30January2025 Revolutlon and rupiure. humanltarlanlsm February 2025 04 February 2025 Iltivinginclu8iveand sustainable gconomi tr nsformatlon- dma 06 February 2025 12 February 2025 DI Global In heikh Dion nv n wlth hlm 13 February 2025 18 February 2025 in th in March 2025 04 March 2025 05 March 2025 19
10 March 2025 17 March 2025 19 March 2025 20 March 2025 26 March 2025 HNPW_ 20 eutrallty 27 March 2025 27 March 2025 HNPW 2025 - The Impact of narratlves on 31 March 2025 Plans for future periods In 20225, ODI Global's communications work will continue to drive delivery of the organisatlDnal strategy by amplifying our research. supporting Dur cross-programme KPIS, and reinfor¢in¥ ODI Global's position as a leading voice on global ¢hallenges. CommLJni¢ations will contribute to the live types of outcomes ODI Global seeks 8cross its work.. better-informed decision-making, improved policies, stronger governance, frameworks for sustainable investment, and enabling conditions for social change. We will continue to integrate communications closely with programme activity, drawing on our strengths in thought leadership, convening. digital storytelling, and audience engagement. Our priorities for the year are.. Targèting kèy audiènets: ODI Global will strengthen its engagement with governments. policymakers. donors, strategic partners, and global media through tailored content, high-profile convenings, and visible thought leadership. This will include targeted outreach to new funders and deepening relationships with existing one$, supported by a Sironger focus on show¢8sing programme outcomes and impact- includingthe launch ol an annual impact statement to serve as both a reflection tool and a marketing asset. 20
Maxlmlslngkey moments: In 2025, communications have aligned with key global moments-such as the World Economic Forum in Davos and the World BankllMF Spring Meetings in Washington- positioning ODI Global 8tthe heart of major internationaldebates. We will ¢ontinueto deliver high-impact "Gold Moment" campaigns. including around COP30 in Brazil, to amplify ODI Global's insights through Compelling video, data storytelling, and public engagement that Connect global policy with &xpert analysis and lived experience. Strengthening internal collaboration: We will implement internal communications initiatives to improve cross-institute knowledge-sharing, build staff capacity in media and public engagement. and promote real- world impact stories from our research. Bulidlng our brand and advanclng decolonlsatlon: ODI Global will strengthen its global relevance by centring communications 8iound equity, inclusion and the perspectives of the Global South. This includes developing human-centred narratives. visuals and social media content that reflect our commitment to decolonised approaches. Domonstrating ¢ommuni¢•tions valu¢: Wewill monitor and report on communications performance across reach, engagement, and influence, ensuring ourwork is aligned with ODI Global's KPIS, as set out in the section above, entitled "Challenge Areas and Priorities= ODI Global's Delivery on its Strategy" By aligning communicatlDns across ODI Global's thematic agenda and delivering strategically to priority audiences. we will ensure Dur research and insights inform those best placed tD shape outcomes. This will be particularly important in the context of a rapidly evolving international and multiiateralorder. where shifting power dynamics and the potential emergence ol new coalitions. financing models. and decision-making mechanisms are redefining the architecture of global cooperation. ODI Global's communications will play a critical role in navigating this transition. helping to position the organisatlDn at the forefront of these debates and ensuring our contributions influence the direction of change. Financial review and operational performance Financial performance and position During the year ending 31 Narch 2025, ODI Global received income of £34.8 million12024: £29.9 million). an impressive increase of 16% in a ¢hallenging environment. refle¢ting ODI Glob81's stiong capacity for fundraising and focus of ths programme teams. ODI incurred expenditure of £34 million12024.' £31.2 million), and there were realised and unrealised investment gains of £50k. The majority1890hl of ODI Global's income is generated from charitable research and the Fellowship scheme, with a further 10% contributed byODI Global'stradingsubsidiary ODI Global Advisory. A small amount of income is generated from investments, as well as the hire of our venue and audio-visual services. ODI Global 's financial position for the year ending 31 March 2025 is net assets of £11.2 million 12024.. £10.4 million). Unrestricted funds have decreased to £4.3 million following an unrestricted 21
deficit of £584k12024'. £1.3m surplus), noting that £1.1 m of the 2024 surplus related to the release ol the provision relating to the pension deficit. The deficit for thisyear is due in part to the loss of USAID funding in January 2025 as well as a reflection of the increasingly challenging funding environment and ability to recover the full costs on funded work. There were also some exceptional items in relation to central costs dLJrinE the year. ODI Global made a 6Yo pay award to eligible staff on 1 April 2024, and on 1 April 2025 pay progression was paid to staff who were eligible on either 1 Apri12024 (back dated) or 1 April 2025. Following the launch of thtr ntsw finance and projtsct management system in Novambor 2023, which was delivered Dn time and within budget. ODI Global's human resource team launched four new platforms duringthe year. In line with ODI Global's 2021-2025 Strategy. fundraising efforts increasingly targeted strategic partnerships with more flexibility and closer alignment. Several multiyear strategic grants were secured during the year. The lease on the current office in Blackfriars. London ended in july 2025 and ODI Global have transitlDned to a new premises at Four Millbank during July 2025. The move is cost neutral, and the improved location with the accompanying good quality convening space is central to the success of ODI GlobaL's way of working as it facilitates attracting critical mass participation at our events. Reserves policy The Trustees have established a risk-based reserves policy. which sets reserves besed on en assessment of ODI Global's financial risks related to its programmes, projects, and fundraising efforts. The Trustees regularly evaluate the level of reserves, using Charity Commission guidance. The most recent review was in July 2025. The policy contains a detailed assessment of the various risks laced by ODI Global. including income risk. pension affordability. reliance on key donors and delivery risk. The trustees have estimated that free reserves, defined as unrestricted funds less those designated or represented byfixed assets should be in the region Df £3.5m to £5.5m. Our general resetves as 0131 March 2025 were £4.2 million, within the range of the taoet. Investment policy ODI Global's investments are managed by Meridiem Investment Management Ipreviouslyveritas Investment Limited). Funds are held in a variety of market investments and are being managed in accordance with the risk, liquidity and ethical requirements of ODI Global. As of 31 March 2025, the investment portfoliow8s valued at g2.2 million12024.. £2.6 million), reflectinga sale of £500k in May 2024. Investment performance is regularly reviewed by the TrLJStees against a benchmark of CPI +3%. The Investment Managers have achieved this benchmark, and the trustees are satisfied with the investment performance. Further details of the investments can be found in note 13 to th& financial Statements. Approach to fundraising The charity is aware of the Charities (Protection and Social Investment) Acl 2016 and theTrustees support the aims of this legislation. Most of the charity's incom& comes from other charitable and statutory bodies. The charity undertakes very little direct fLJndraising activity involving individual donors. The charityverifies the origin Df unsolicited donations and legacies. The charity does not share with or purchase any donor data from third parties. In 2023-24 the charity did not 22
engage with independent professional fundraisers and did not receive any complaints in relation to fundraising or raise any matter with regulators. Princi pal risks and uncertainties ODI Global maintains a risk register lor the main charity and its trading subsidiary. Each risk and its mitigating action are owned by 8 memt>er of the Senior Leadership team, who discuss risk regularly at their weekly meetings. A Risk Steering Group with cross-organisation membership convenes regularly to discuss existing and new risks. The Trustees review the risk register annually. This process is supported by the Finance, Risk and Audit Committee, which assesses risk 8t its quarterly meetings. The Trustees consider the key risks facing ODI Global are.. Polltical landscape This reflects the very signific8nt risk to ODI Global's ability to achieve its goals to address global challenges due to significant shifts in critical assumptions about liberal values and the world order. These shifts have been visible in various quarters and among certain groups of states. political actors and organisations for some time. However, the Trump Administration's actions since 20th January 2025. have had a disproportionate impact on the global system and the political risks to ODI Global's work is now of a severity that needed to be reflected and treated separately as a risk to be managed. The mitigatlDn in place includes lil the protection of the independence of the ODI Network's research by upholding the highest stand8rds of rese8r¢h ethics,. lill ensuring plurality of perspectives and voices invited to participate in ODI Network convenings. liiil ¢ontinuingto base all policy advice on dala and evidence,. livl extending reach and demonstrate evidence of non- partisanship with progress on equitable partnerships,. Iv) continuing to make research 8nd knowledge to address global challenges available to policy makers and influent1818¢tors in the system. and Ivil supporting new coalitions committed to rights-based change based on justice, equality and ending persistent cycles of discriminatlon. It should also be noted that the drasti¢ changes in the global context have also Created opportunityfor ODI Global. as parties are turning to ODI Glob81 to help understand the changes. reimagine internationalcooperation 8nd redesign £pprDachesto humanitarian and development assistance. Cyber securlty Cyber security rtsmains a high priority. ODI Global has multiple mitigation actions in place to ensure a high level of cyber security. ODI Global has achieved the more rigorous Cyber Essentials Plus Certification and have enforced multi-factor authentication. In addition. penetration testing is done annually through the University of Wales Trinity St David School of Applied Computing. Cyt)ersecuritydevelopment is reportedto the FRAC on a regular basis. Unfortunately, ODI Global was subject to a cyber incident in December 2024. Preliminary investigation results indicate no data theft took place and no damage vvas created. A final Investigation report will be released in late 2025. ODI Global has notified and cooperated with th8 ICO and the Charity Commission and acted in line with their rscommendations throughout. This includes upgrading our tsndpoint protection system and implementing increased vulnerability scanning throughout all devices. 23
Afflllate entltles The ODI network contains two aff iliate entities: lil ODI Europe which was incorporated as an international non-profit organisation in BeLEium in 2021. and lill ODI Global Washington. a 501 Icl3 tax-exempt entity in Delaware. While they are independent entities with a board of directors, they share the mission and aims of ODI Global. The establishment of both entities was a key part of its 2021-25 strategy. However, with the changes in the political landscape and heightened financi21 LJn¢ertainty ODI Global is considering how bestto ensure that its network 18 resilient and sustainable Structure, governance and management Group constitution ODI Globalwas founded in 1960 and is a company limited by guarantee1006618181 registered as a charity12282481. The Charity has a wholly owned trading subsidiary, ODI Global Advisory Limited107157051. Both the Charity and the trading subsidiary have a Memorandum and Articles of Association. Other connected entities ODI Europe is an International Non-Profit Association l°INPA"I registered in Brussels. Belgium (Enterprise Number.. 0766.908.4271. INPAS are structured with two bodies: the GeneralAssembly and Board of Directors. ODI Europe is governed by Articles of Association. ODI Global Washington is a 501lcll31 public charity. and obtained tax-exempt status in December 2024 IEIN 93-33887871. As a public charity, ODI Global Washington has a board of directors and is governed by a set of bylaws. While ODI Europe and ODI Glob81 Weshington ere form8lly independent entities, the aims and objectives of both entities are aligned with those of ODI Glot)al. and their operations are closely integrated. To support and strengthen this alignment and integration, some ODI Global trustees are cross-deployed to the boards of ODI Europe and ODI GlobalWa8hington. The Board of Trustees ODI Global is governed by a Board of up to 12 Trustees. The overarching purpose of the Board is to maintain the values of the organisation and to setthe overall strategy and direction. The Board meets quarterly, monitors the performance and management of the organisation and appoints the Chief Executive. The Chair of the Board is Sir Suma Chakrabarti. Trustee recruitment and training Under ODI Global's Articles of Association. Trustees can serve three terms of three years each and can be re-appointed to a fourth term under exceptional circumstances having regard to their special skillset and/or knowledge. In practice, Trustees c8n expect to serve two terms which can 24
then be extended depending on the current composition, t)alance of skills, consideration of succession and trustee performance. This latter is assessed annuallythrough a rigorous process led bythe Chair of the 8oard. includingfeedb8¢kfrom the organisation's Senior Leadership Team. ODI Global aims to maintain a balance amongTrustees to include research. academic. business and political expertise and knowledge. as well as diversity. Trustees are both Charity Trustees and Directors under company law. To maintain an effective Board with the appropriate diversity, skills and experience, the Board undertakes an annual review of its composition. At present the Board has 11 Trustees and trustee succession planning this year is underway to ensure continuing support of the leadership aims and governance ol ODI Global. The Board remains committed to compliance with the Charity Governance Code. Following the annual self-assessment in july 2024 against the seven principles of the code, the Board agreed several changes to its recruitment processes and ways of working. Thereafter the Board undertook annual self-assessments of its effectiveness reflecting on its remil, widening its locus from trustee recruitment to enhancingthe efficacy and governance of the board. The Board also 8n8bles a triennial external reviewto monitor its performance against the seven principles of the Code. The last was commissioned by the Board and implemented by the National Council on Voluntary Organisations INCVOI with its report considered bythe Board in july 2024. The Board held its annu81 Away Days in May 2024 which addressed the Bo8rd and governance committees. priorities and Chair's evaluation. Board Committees The Board of TrLJStees has three committees that report to it, all ol which have written terms of reference. The committees form an integral part ol the governance of the charity overseeing the chaiity's resourctss and pioviding expert recommendations to the Board of Trustees: Finance Audit and Risk Committee {FRACI FRAC meets quarterly and oversees ODI Global's financial reporting. internal controls, auditing processes, end risk management to ensLJre integrity, compliance, and effective risk mitigation. FRAC membershlpas of31 March 2025: Marc Berryman (Chairl Helen Alderson Dominic Mcvey Rosita Najmi (independent member) Amanda Rowlatt Fiona Thompson People, Remuneration and Organisational Development Committee {PROCI PROC meets quarterly and oversees employee-related policies. remuneration. and organisatlDnal development to ensure effective human resource management and alignment with strategic goals. PROC membership 85 of31 March 2025: 25
Hannah Meadley Roberts Ichairl Jess Ayers Marc Berryman Ithe Chair of FRAC is a designated member of PROCI Eka Ikpe Nominations and Board Effectiveness Committee INBECI NBEC mtsets quarterly and is responsible for overseeing the selection and appointment of board and committee members. and ensuring the board operates effectively through regular evaluatlDns and development initiatives. NBEC Membership as of31 M8rch 2025: Helen Alderson Ichairl Eka Ikpe Sum8 Chakrabarti Fiona Thompson Attendance duringthe year at Board and Committee meetings is illustrated in the tables below. ODI Global Board Meetings attendance: Attendance key: Y: Full attendance N: No attendance X: Not8 member P>: Partial attendance.1>50% of meeting) P<: Partial attendance.1<50% of meeting) MAY 24" JULY 24 SEPT 24 DEC24 MAR 25 Trust88S Chakrabarti, Suma (Chairl Alderson, Helen Ayers, Jess Berryman. Marc D8ccord, Yv88 Ikpe, Eka Kyle, Rachel Mcveyy Dominic Meadley.Roberts. Hannah Severlno. Jean-Ml¢heL Sharpe, Sam Rowiatt, Amanda Thomp50n, Fiona *AnnualBoaid Retreat Finance. Risk. and Audit Committee attendance.. JUNE24 SEPT24 NOV24 IAN25" FEB25- MAR25 Members Berryman. Marc Ichalrl Sharpe, Sam 26
Alderson. Helen M¢Vey Dominic Ngjmi, Rosita Ilndep9nd9rrtl RowiBtt. Amanda Sharpe. Sam Thompson. Fiona People, Remuneration, and Org8nisational Development Committee attendance.. IULY24 SEPT24 NOV24 OEC24 MAR2S Members Meadley-Roberts. Hannah (Chairl Berryman, Marc Ikpg, Ek8 Sharpe, Sam Nominations and Board Effectiveness Committee attendance: MAY24 NOV24 FEB25 NAY25 Mombor8 Alderson, H9lgn IChgir} Daccord, Yves Chakrabarti, Suma Ikpe. Eka Kyte, Rachel Thomp$on, Fiona Organ isational structure and reporting The ODI Global Board of Trustees sets strategic direction. ensures leg81 compliance, and oversees the charity's performance. The Board delegates certain areas of oversight to the Nominations and Board Effectiveness Committee- the Finance, Risk and Audit Committee and the Personnel, Remuneration, and Organisational Development Committee. Executive management of the organisation is delegated to the Chief Executive and the Senior Leadership Team ISLTI. The Senior Leadership Team is responsible lor the day-to-day running of ODI Global, the implementation of policy and ensuring that goals and objectives are attained. The members of the SLT during the period were.. Chief Executive Deputy Chief Executive and Managing Director Chief Fin8n¢ial Officer Sara Pantuliano Hans Peter Lankes Amy Rodwell 27
Chief People Off icer Michelle King (until 31 October 20241 Chief Operations Off icer Marvin Barrios Imember as of 22 July 20241 Chief Strategy and Governance Officer Sandra Pepera (member es of 19 August 20241 With the SLT. the Direciors of Programmes, Director of HR. Head of Global Se¢urity, Directors of the Entities and Legal Counsel make up the Leadership Team ILD and are a vital component of the organisation's managementlramework. Theyare at the forefront of ODI Global's mission and business and are responsible for much of the organisation's direct fundraising, research and advisory support and line management of research staff. Sustainability ODI Global's long-term direction is to lead new thinking and future agendas to deliver transformationalchenge and ¢re8te 8 globalsense of resilient, just and equitable prosperity- This me£ns that environmentalstewardship must be integr81to allour business practices. operations and activities. As part of our environmental sustainability strategy. we are committed to.. Reducing our greenhouse gas IGHGI emissions as much as possible, mostly through rtsducing per capita transport-related emissions by 50% by 2030. Tracking and publishing ODI Global's GHG emissions, to measure our progress. Reducing unsustainable consumption of resources at our London office, including making vegetarian catering the default, and reducing plastic in our procurement processes. In alignment with our ongoing sustainability obiectwes, we continue to make measurable progress in reducing our environmental footprint. Forthe reporting year ending March 2025 IApril 2024 to 18nuary 20251. we successfully recycled a tot81 of 3.080 kilos of materials. represeniing an aver8ge monthly recycling rate of 308 kilos. This demonstrates a continued improvement when compared to the previous reporting year Ilanuary to December 20231. during which 3.360 kilos were recycled at an average of 280 kilos per month. These figures reflect the organisation's Consistent efforts to enhance its waste management and re¢y¢ling performance over time. See further detail in our Setting remuneration We undertake annual benchmarking against comparable organisations to ensure that ODI Global remains competitive. This exercise covers all staff, including executive remuneration, and is undertaken by Reward Connected. Thtr results of the benchmarking are analysed alongside our internal operational performance to understand the remuneration options available. These form the basis of the recommendations discussed by SLTand the Board. Salaries for senior staff are then discussed at the PROC. 28
The organisation retrospectively reintroduced payprogression forthose eligible in 2024 and 2025 after tt was paused in 2023. The pay policy is currently being reviewed. This includes a proposal to allow for an enhanced level of pay progression for exceptional performers above that which would normally be given to eligible staff and a move away from UCEA benchmark towards an Organisational pay uplift based on ODI Global's Financial stabilitythrough its operationalsurplus. We are undergoing consultation with the Union on this revised policy. Disabled employees We have policies and procedures to support the recruitment, retention, and employment of individuals with disabilities. ensuringfull and lair consideration based on their skills and abilities. ODI Global collaborates with a third-party occupational health provider to ensure that all employees have access to specialized advice and that management receives clear. recommended 8djustments with 8 people-focused approach. We strive to maintain employment for those who become disabled. providing appropriate retraining arrangements as needed. Our ODI Global off ices are fully accessible to all employees and visitors. We are committed to increasing th& disclosure of disabilities amongst our staff mtsmbers and providing thts rslev¥nt support. As of April 2025, 6 employees have di$¢losed a disability. down from the 9 employees the previous year. We are also committed to enhancing Dur support t)y introducing further initiatives to assist colleagues with disabilities. Employee involvement ODI Global places significant emphasis on its employees, involvement in all levels of the organisatlDn. Colleagues are kept informed of issues affecting the organisation through SLT'S weekly updates, as well as formal and informal meetings. Monthly staff meetings are held to discuss matters of current interest and concern. Each is 'hosted' by a team from across the organisatlDn on a voluntary basis. Additionally, st8ff feedback was e)rtensively sought on operational and people issues facing the organisation through a series of workshops held on the staff away day. Additionally, the human resoLJr¢e function has esteblished several working groups with colleagues across ODI Global to revise the organisation's values. develop a training programme for decolonisation and advance the organisation's diversity and inclusion efforts. This has underpinned the development of new policies and practices to facilitate cultural change. Additionally, staff were surveyed on their perceptions of the human resource function and thtsse findings informed the 2024 People and Culture Strategy and p18n. Going forward, there will be a monthly HR Forum with staff to enhance communication and feedback directly with Staff. A system for staff to provide anonymous f&edba¢k will also be introduced. HR will also undertak& a HR Systems survey to und&rstand th& effectiveness ofthe 3 systems that were launched in 2024-25 (the systems are Personio for employee records, Lattice for performance management. and Pinpoint for recruitment). 29
HR will also launch a Performance Management/ Managers survey to understand employees, experiences with performance management at ODI Global, including their perspectives on leadership and our processes. There will also be 8 full Staff Engagement Survey later in the year. Members. liability The Members of the charitable company comprise the Trustees and in the event of the Charity being wound up, the currentTrustees, and those who have left the Board in the previous year, are required to Contribute an amount not exceeding £1. Statement of Trustees, responsibilities in respect of the Trustees, Annual Report and the Financial Statements The Trustees are responsible for preparing the Trustees, report and financial statements in accordance with 8ppli¢able law and United Kingdom A¢¢ounting Standards. Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the affairs of the group; the incoming resources and their application, including the income and expenditure of the group. In preparingthese financial statements, theTrustees have- sele¢te¢ suitable a¢¢ounting policies and then applied them consistently. observed the methods and principles in the Statement of Recommended Practice (Accounting and Reporting by Charities). made judgements and estimates that are reasonable and prudent: and noted that applicable UK Accounting Standards have been followed and any material departures disclosed and explained in the financial statements and prepared the financial statements on the going concern basis. The Trustees are responsible lor keeping adequate accounting records that disclose with reasonable accuracy at any time the financial PDSltion of the Charity and enable them to ensure thatthe financial statements complywith the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and the Group and for taking reasonable steps for the prevention and detection ol fraud and other irregulerities. Each of the Truslees confirms that: so far as theyare aware. there is no relevant audit information of which the Charity's auditor is unaware, and that thtsy have laken all the Steps that they ought to have taken as a TrLJStee to make themselves aware of any relevant audit information 8nd to establish that the Charity's auditor is aware of that information. This confirmation should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. Th& Trustees are also responsible for the maintenance and integrity of the Charity and financial information included on the ODI Globalwebsite. Legislation in the United Kingdom governingthe preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Trustees. report has given a comprahensive account of how ODI Glot>al used high-quality applied research. pra¢ti¢81 policy advi¢e and poli¢y-fo¢used discussion and debate to promote 30
poverty reduction, the alleviation of suffering and the achievement of sustainable livelihoods, in line with ODI Global's 2021-25 strategy. The Trustees. Report was approved by the Trustees on 14 July 2025 and signed on their behalf by: Ckakkobarti Sir Suma Chakrabarti. Chair 31
Reference and administration details ODI Global Registered office Website 203 Blackfriars Road, London, SE1 8NJ Ernail Company registr8tion Charity registrEtion B08rd of Trustees 0066181B IEngl8nd and Wales) 228248 IEngi8nd and W8lesl Sir Sum8 Ch8krab8rt1 (Chairl HelenAlderson less Ayers lappointed 01 February20251 M8rc Berrym8n Yves Daccord Iretired 15July 20241 Ek8 Ikpe Rachel Kyte Ir8tirÈd 18 Octobtr 20241 Dominic Ncvey Hann8h Meadley-Roberts 18Èn-Michel Severino Amanda Rowlatt (appointed 01 lanJ8ry 20251 Sam Sharpe (retired 31 Decetnb8r20241 FionaThompson Sars Pantuliano Chief Executrrfe Companysecretary 001 GlobalAdvi&ory Ltd Amy Rodwell Registered offic8 Company registration BoErd of Directors 203 Blackfriars Road, London, SE1 8NJ 07157505 IEnglBnd and Wales) Per Hegg8nes IChEir, independenii Narc Berryman Ireappoinied 01 M8rch 20251 Sutna Chakrab3rti (appointed 01 March 20251 Sar8h Cottle (independent. 8ppointed 01 Febru8ry20251 Dominic NcV8y Shruti Mehrotra (independent, 8PPOlllted 01 lanu8ry 2025 Bnd r8tir8d 04July20251 Rosita Najmi lindependentl Sam Sharpe (retired 31 December 20241 FionaThompson Amy Rodwell Companysecreiary Advlsei8 Haysmac LLP 10 Queen Street PLace London EC4R IAG Nation81 Westminster Bank plc Comtnercial Banking 3 Floor Cav811 Hou58 28 Charingcross Road London WC2H ONN Neridiem Investmtnt Management LLP Riverside House 2a Soulhwark Bridge R08d Lonoon SE1 9HA Auditors B8nk8rs Investment managers 32
Independent auditors, report to the members of ODI Global Opinion We have audited the financi81 st8tements ol ODI Globalforthe yearended 31 March 2025, which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Cash Flow Statements and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 the Financial Reporting Standard appli¢8bl& in the UK and the Republic of Ir&Land (United Kingdom Generally Accepted Accounting Practicel. In our opinion, the financial statements.. 1. give a true and fairviewof the state of the group's and of the parent charitable company's affairs as of 31 March 2025 and Df the group's and parent charitable company's net movement in funds, including the income and expenditure, for the year then ended 31 March 2025. 2. have been properly prepared in accordance with United Kingdom Generally Accepted AccoLJnting Practice. and 3. have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit of the financial statements section of our report. We are independent of the group in accordanca with the ethical requirements that are r&lov8nt to our audit ol 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 suffi¢ient and appropriate to provide a basis for our opinion. Conclusions relatingto going concern In auditing the financial statements, we have concluded thal the trustees. use of the going concern basis of accounting in the preparation ol the financial statements is appropriate. Based on the workwe have performed, we have not identrfied anymaterial uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least bNelve months from when the fin8nci¥l 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 informgtitsn The trustees are responsible for the other information. The othtsr information ¢omprises the information included in the Report of the Trustees. Our opinion on the financial statements does not coverthe other information and, exceptto the extent otherwise explicitLy stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent 33
with the financial statements, or our knowledge obtained in the audit or otherwise appearsto be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude thatthere is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the informalion given in the Report of the Trustees (which includes the strategic report and the directors, report prepared forthe purposes ol company lawl IDr the financialyear lor which Ihe financial statements are prepared is consistent with the financial statements.. and the str8tegi¢ report and the directors, report included within the Report of the Trustees have been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the group's Charitable comp8ny and its environment obtained in the course of the audit, we have Not idenlified material misstatements in the Report of the Trustees (which incorporates the strategi¢ report and the directors, report). We have nothing to report with respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in Dur opinion.. sdequate accounting recoids have not been kept by the parent charitable company., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures ol trustees, remuneration specified by law are not made.. or we have not received all the intormation and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained mDre lully in the trustees, responsibilities statement. the trustees IwhD are also the directors of the charitable company lor the purposes ol company lawl are responsible lor the preparation of the financial statements and for being satisfied that they give a true and fair view, and lor such internal control as the trustees determine is necessary to enable the preparation ol financial statements that are frets from m8tari81 misstatement, whether due to fraud or error. In preparingthe financial statements, the trustees are responsible for assessingthe group's ancl the parent charitable company's ability to continue as a going concern. disclosing. as applicable. matters related to gDing concern and using the going concern basis ol accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternalive but to do so. Auditor's responsibilities for the 8udit of the financi8L statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether dLJe to Ir8ud 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 IUKI 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 influ&nce the economic decisions of users taken on the basis of thes& financial statements. 34
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 irregulaiities, including fraud. The eKtent to which our procedures are capable of detecting irregularities, inclLJding fraud is detailed below.. Based on our Ljnderstandingof ihe group and the environment in which it operates. we identified that the principal risks of non-compliance with laws and regulations related to charity and company law applicable in England and Wales. and we considered the extent to which non- Compliance might have a materi81 effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011 and consider other factors such as payroll tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financialstatements lincludingthe risk of override of controls) and determined thatthe principal risks were rel8ted to the improper recognition of revenue and management bias in 8ccounting estimates. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and tax authorities., Discussions with m8n8gement in¢lLJdin¥ ¢onsideration of known or suspected instances of non-compliance with laws and iegulation and fraud., Evaluating management's controls designed to prevent and detect irregularities.. Identifying 8nd testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions., Reviewing the ¢ut-off of income recognised to Consider whether income had been recognised in the correct accounting period,. and Challenging assumptions and judgements made by management in their critical a¢¢ounting estimates including those related to the recognition of income and the recognition of provisions lincluding those related to the defined benefit pension scheme liability and the bad debt provision). Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-CDmplian¢e with regulation. This risk increases the more that compliance with a law or regulation is ramoved from the events ind transactions reflacttsd in the fin8nci81 ststements, aswe will be less likelyto become aware of instances of nDn-compliance. The risk is also greater regarding irregLJlarities occurring due to fraud rather than error, as fraud involves intentional ¢once8lm8nt, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit ol the financial statements is located on the Financial Reporting Council's website at.. www.fr kl 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 01 Part 18 of the Comp8nies Act 2006. Our Buditwork h8s been undertaken so thatwe might state to th& charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do nDt accept or assume responsibility to anyone other than the charitable company and the charitable ¢ompany's members, as a body, for our audit work. for this report, or for the opinions wts have formtsd. 35
Adam Halsey (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmac LLP London EC4R 1AG Date 28 August 2025 36
foth•y•¥r•rtdtd al MiithlQ25 ReÈtridEd nie5tnEted ReiicLed Totsl 1015 £'u Incomfrom 28.4 26.272 OthqiinGDm 297 28,444 34 ExpendltuYe¢n 24980 3W4 2.942 2942 Totgl¢Npendltur¢ befwepenylondeft¢4trE1W0Th 26.980 541 6.3 26.980 341 NetlnroMebeforetr&n5ter¥&ndlnwesttggkn5llS) L464 1.2 Tot&lfund5broughtfDr¥aid&tlN¥l 4.2 IOJ74 rot¥lfundsurrfedforw•Td•tal 4282 iu 5A72 10.374 ThF nVtF&DnPèK954Uto64tDWrtDfthesVt1nc1I5l0tTnts 37
8aLgnieShe8t-&ttheyearendBd.. a15t Mawch 2015 tafflp8ny llr.. 661818 Chality 2025 Gloup 2025 Charity 2024 £'ooo Gr 2024 £.0 ote5 Flxed assets 12 13 100 2,193 100 2,193 78 2.618 78 2,618 129a 129a 2,696 2,696 Currenr455ets Debtors 14 10,836 597 1493 9.918 1.397 1.237 10.268 1,397 1,819 597 1539 J3,926 14,738 13.484 Credftovs 15 15,ts)11 14,6871 15,8C61 Netcuirent aets 8.925 8.925 7.678 7,678 Arnountsfallin4due in mDrethanoney8ar Total netassets 11.218 11.218 10.374 10.374 Represented bv.. UniestrKted funds DIgnated funds 18 78 4.È24 78 4,824 4,2$2 4,282 4,2$2 4,282 4,902 4,gD2 Re5tiirtedfund5 18 6,936 6.936 5,472 5,472 11.218 11.218 10.374 10.374 The not on pages QO to 64form wrt olthese linanclal statements. Approved and authorised lor 155ue bythe Boird ofTrustees on 14July1015 and signed on rheir behilf by.. Chakkabarti SirSumd Chakrabèrti. Chair 38
ODI Global eonsolidated Cash flow statement fty thè yèar anded 31 Marth 2025 2025 £'ooo 2024 È'ODD Notes Cash flow5 from opèratlng act1¥1&$.. Net cash provided by I Iu8ed inl optrrating a¢tiviti88 15301 Cash flov from investing activities.. Dividends and interest frryn investments Disposal of Investments Purchase of Fixed Assets Disposal of Fixed Assets 61 500 11001 Ngt cash provldod by I Iusod inl Inv•stlng aetlvitlos 450 61 Chango In eash and cash equlvalents In tho reportlng porlod 1801 12,9501 Not08 to ¢on801idat•d c88h flow8t8ttrment A. Recon¢lllatlon ol not In¢orno1 lexpendiiurol to ngt ca$h flow from opgratlng actly1•S Net In¢omo I l•xpenditur•l for th8 reporting p8rSod, ¥dJu8t6d for.. Nei cash provided byllused Inl operating acbvities Depreciation Dividends Br Interest receivable Investment managementfees IlnGreaselldecrease in debtors Increase I Idecreasel in credrtors 78 1501 12SI 78 510 Net cash provided by I lused inl operating activities At 31 Mar 2025 £'ooo Changes in Year 31 Mar 2024 £'ooo B. Analysis of changes in cash and cash equivalents Short-term depc>sits (less than three monlhsl Cash al bank and In hand 597 2,539 18001 720 1.397 1.819 Towi ¢88h and $h 8qulv8lonts 3,136 1801 3,216 39
pIGb]I -2yiJrs nEmefilsIhÈUÈTsoLt)]]tr4uo. IDR 40
pIGb]I badeknihÈIolhlI&é]¥. 41
ODI Global Notes rothefinanclal staternents forthe yearended 31 March 2025 Incyrnelrom re5ewrch 3rtwlt1e54d the Fellow5hipsfhemE Income lor the year is broken down asfollows.- 2025 2024 £'ooo Research grant5 & proiectfinance Fellow5hip5cheme 32,t190 373 27.434 2,373 Group Search grants and project flnance receivable 34A63 29,807 113801 31P83 26.272 42
ODI Global Notes to tho financlal statoments for the year ended 31 March 2025 Income from research activitie5 and the Fellowship scheme The following fundèrs rèquestèd thatthèir resèarch grants bè notèd in the accounts. Tho amount may not bo the same as recognised in thè Statements of Financial Adivities. FUNDER Prolect Name Agulh?sApplied Knowledge Forest Finance Agulhas Applied Knowledge ICAI Agriculture review- ICAI 3 CN 42 BMZ- Bunde5minisrerium fur wirrsch?ftliche Zusammen?rbeit und Enrwicklung Brit15h Academy Brit15h Red Cross British Red Cross Brit15h Red Cro95 In¢ome 24-25 £ 17.388 3.312 BMZ G20Task Force Reporr British Academy Heritage Adaptation to Clim3te Change 42,588 27,034 7,500 69,946 6,760 12,545 52,114 34,200 3.808 18,856 167,373 209,091 84.180 2,920,565 884,343 70.704 62,236 158,095 2,285,608 52.QNJO 51,624 494,342 144,286 99,344 BRC Managing narratives Ukraine ALNAP Income- NG05 24-25 ALNAP SCLR Pooled Funds120251 DFAT CliTnate Financè Review ALNAP- DEC ALNAP Income- N505 24-25 ECF Kazakhstan Phase 2 ALNAP- FCDO GAGEllrish Embassy." FGM and CM Y4 ALNAP Incorne- Donor5 24-25 GAGE Y8 GAGE Y9 Women Led Organis3tions- FCDO Good Hum8nit8rian Donor5hip review PHENOMENAL FCDO Support to Fpllowship SchÈmÈ 2022 FCDO Rwanda post fellowshlp FCDO Chin8 EnergyTransition DFAT Austrèli Disasters Emergency Commlttee DRC D?nish Refugee Council ECF ELRHA EMBsy OF IRELAND European Commission FCDO FCDO FCDO FCDO FCDO FCDO FCDO FCDO FCDO FCDO Fondation Botnar RESI (Phase 31 Botnar.. Adolescent Mental Health & Tech Fondation Chanel FPS Kingdom Of Belgium Gates Foundation G8tes Found8iion Gates Foundation Global Affairs Canada IDFATDI Global Affairs Canada IDFATDI Global Affairs Canada IDFATDI Global Affairs Canada IDFATDI Global Alllance For Improved Chanel 2024-2029- Putting Gender Equality at the Centre of Climate Action ALNAP Income- MFA BelgiLJm BMGF International Finance BMSF 4.0- Country Finance Supportin8 more flexible and re5POn5ive public finance 5VStem5 HPG IP- Inc- Global Affairs Canada GAC Sanctions GAC3 ALNAP incoffle- Donors 24-25 773,264 42,706 879,719 397,188 148,084 144,557 49.938 415,020 55,(M)5 CAS Small Projects HPG IP- Inc- IKEA Foundation Horizon G545 2.250 3W,QOO 33,352 IKEA Foundation Innovate UK IOM International Organlsatlon For Migration ALNAP Incorne- NGOS 24-25 Irish Aid Strategic P3rrner5hip 2024-2025 HPG IP- Inc- IKEA Foundation Mercy Corps F8irShare Iv Report ALNAP Income- NGOS 24-25 ALNAP Income- MFA Denmark Danish MFAStrategic Partnership 2024-2027 HPG IP- Inc- Danish MFA ParhfinderslNYU Dissemination Granrjustice Financing 22.LKIO 743,076 187,904 37,0 io.wo 31.065 408,876 223,674 51.112 Merty Corps Mercy Corps MFA Denmark MFA Denmark MFA Oenm3rk New York UniversltylNYUI Centre Norwegian Agency for Development Cooprtn HPG IP- Inc- NORAD 176,395 Oxtsm NOVIB Oxfatll UK Humanitarian System Transformation through Local Humanitarian Leadership HPG IP- Inc- Oxfam UK PACT India Project AliÈning Migration M3nagèment BSI-Liberia 2024 Extension 245.108 io,wo 323,671 40,709 732.703 395,314 265,713 224,004 95.334 PRIO SIDA MALI gIDA gweden SIDA Sweden Stichting Benevolentia HPG IP- Inc- Swedish SIDA ALNAP Income Sid3 Financing refugee leadership and agency
ODI Global Not88 to tho flnanclal 8t8tèm&nt8 forihe year endèd 31 Mard) 2025 Stlchting European Climate Foundation gtichtin8 Europe3n Climate Foundation 9wiss Agency DÈv&CoopÈration Swiss Agency Dev&Cooperation The Norwegian Ministryof Foreign Affair Trademark Afritè UNFPA HQ LJNICEF HQ USAID ECF Financing Transitions in Turkey 104,726 ECF- JETP Country P13tforrn5 ALNAP- SDC ALNAP Income- Donors 24-25 20,769 84,107 HPG IP- Inc- Norway MFA TMEA-ODI pÈrtnÈrship ALNAP Income- UN donors 24-25 ALNAP intome- UN donors 24-25 179,648 109,317 4.190 8,030 1,148,048 1,858,250 1,421,099 16.wo 24,927 11,272 76,440 7,787 USAID GELI Executive Programme HPfj ALNAP 13.25 U5AID iwird 7208HA23CAOW33 Welltome Trust Climète Finanteand Health U5AID WELLCOME Trust World Food Programme World Food Programrne ALNAP Income- UN donor5 24-25 WVI Vulnerability HPG Ip- Int- WVI
ODI Global Notr$ to the Ilnan¢lal $tatem¢nts forthe ye#rended 31 Marc 2025 4 In¢omfr¢m ¢radlng $vts$ldlary Th8 Charty has a ytholty oyffléd subshliary, ODI Gh)bal Advisory Limi. whith Is Incotporaiéd the UK. Iléng48s In acbvilythal furthers the mlSSlDn and objects of the Chanty A surnmary of the full trad resutt of thB CoMpY Is shown In nate B tD th8 buta breakdowm of Ihe re5eBrrth inGDme Df ODI GIDbal Adv150ry Limiied 15 pfDvided beknw". 2025 E'OQO 2024 £'ooo R9$eah grani$ and proJe¢i flnan PublICaTr5ad otherincome J.380 27 3.535 27 Total Income trom TRding Sub611ry J,407 3,802 45
ODI Global Notr$ to the Ilnan¢lal $tatem¢nts forthe ye#rended 31 Marc 2025 S ExpndlW 2025 e'ooo 2024 È'ooo al ReSrCh and digJOtninatio Direct proiBCtcosts staff costs Inote9 Ternrary staff Re5earGh fee5 payableto Wn5Uthtsad reLrytEd cos15 Knowledge exEange and dis5eThinats)n $J)68 8.766 10.847 tstherth)5ts 1.340 24,528 23,315 6.083 Support Costs allocatsjn Inote 71 Group researc Fellowshy co$ts 20.391 Chanty rer£ and di65emin81ion olforMation ¢os 28,750 26.082 bl FeloYAhip 4ctMtie¥ SErbico¥ Suppkmentalion award costs $14ff costs InDte91 Support m5t5 4IIoGatsJn Inote 71 Other t05ts 990 200 122 693 80 2.324 Total challtable expenditur8 J1,074 28.994 8 Gov•rnanc• cost8 2025 E'OQO 2024 É'ooo Slakntory audrt Non staiutoryaudit 44 38 Legal fé8s Othercosts Z96 226 7 support 2025 E'OQO 2024 É'ooo staff costs Inot891 staff Dverheads Prernises DEpreci£tiD Governance (note 6 Otherubsts 3,762 J97 1,068 78 296 1,686 383 1.082 226 7,277 Th8 aboye support costs are appollioffl8d io Charitab actilIeS on tha ba8 ot numb&r of mèmbers amployad by ea activityasfolknws 8pport wsisal1wan 2025 E'OOO 2024 £'ooo Suppon costsallocatsDn. R8s8arth and dissemina ofinfomiation 7,155 122 6,083 80 7.277 6.163 46
ODI Global Notr$ to the Ilnan¢lal $tatem¢nts forthe ye#rended 31 Marc 2025 8 ODIGlobal AdVory Llmftod 001 Global owns 8ntiré cllèd up shar& c3pilal of ODI Global Advisory Limrt8d. a tradlng company r918[8d In England and vtsie$,Company Registrèiion Number 71S7505, IncwoRteJ on IS Febwary 2010. A Summary ol Ihe trading $It6 01 ODI Global Adiry80ry Limitsd for th@ y8ar énd8d 31 March 2025 ar8 b8law I1 tsm8b profits 8ach y8ar ar8 dislnbut8d to th Chanty. 2D25 e'ooo 2024 £'ooo Income 3.407 3.562 Gro$$ profll Admin1ti Èxpenses 474 246 0ra119 pfDII Other 1nlereslGP1¥eb1e 51ThilarincomE Piofiion oknary a¢iwrt¢$ belutax TaxetiDn 465 229 229 229 GfftdOatlCn tD parent undertaking At31 Marth 2025. thetDlalcapilaland resetves Of the companywas£10 12022 £101. • Staff ¢gsts and Tw$tr¢s' rwnunerawon 2025 È'ooo 2024 E'QOO èl Slaff cosls Ihgy93rwgr9 aSfOl.' Wages alld sabnès Redutsaanty and lemall paymenis Soual securty costs cosls DV8rn8nton USS p3Stsetvic8 coston p8nsions 10,320 47 1&56 9,314 53 1.596 10.905 Témpor and olherstatfcosls 302 13.343 bl 5teff costs byfunclion (excluding temporary staff)wa5asfolWS RE5Earth and FelW1p 5theme Research suppQt Supporf Movernent USS p45t5etVi tEn510llS 7fj$ 7.4B3 3.7$2 13,D41 10,WS cl The numbèr 01 empbyees who earned £60.000 per annum or MO lin¢ludin9 iaxabk en¢t5 but ex¢ludin9 empbyer pension cDnlr1buDnS1dUrfng th9 yearwa$ a$fo8.. 2025 2024 20 £60,001 £70.0ty) £70,001 £10.0th) £80,001. £90.0th) Èg0,ODI t100,th)D £IW 001-£110,000 25 g Staff ¢wt and Tw$tr¢s' rpmuneratlon Pens Costs Inthde a relea8e In respect Df the pensiDn deficil of£nl12024 £1.173.957I a5 Duoined In Noie 17. Thetolalamwnl Employ9g tnefll$ 10 6enlor Magement p9rsonnd th9 year lkncludkng paymThis to Ihg pD$lon $¢h9n19sI lQtaW t673,145 12024.. 2513,6981. dl Th8 low number0f8M0YéS r8c&ivlng r&mun8ralloll th8 y8ar. anaSed byfunclloll.wasastol&' 202$ No. 2024 No Research and Felbwsnip stheme Re$earth Supp¢rf Suppo 42 47 59 243 235 47
ODI Global Notr$ to the Ilnan¢lal $tatem¢nts forthe ye#rended 31 Marc 2025 ei The ÈvetÈ¢e nUmberOfeM0YÈes dunngthe year. anètyd byfunc.aS aSfOIOwS. No. No R8S8arth and Félknwship Rasgarch Supp Suppon 32 55 45 Drtg th9 year. £nil gAPQn$9$ wa$ rèlmbursod lo Domlnic fvlcVgy12024. £7201 for allondln9 9V9nts and moeiings. 2741 mbursedto SumanlTa Chakrabarti12024 £281 forattending event5 and meetings £296wa5 reimbursed io Yves DaGcord12024 Gh)bal Advisory Incurréd of£l.659 12024. EI,2451 for 8Mp8nsés from P8rH&99éll8s io att&nd év8nts and M88tlng8 No payrnent5 were made 10 Èny tslee as remunErtts)Tr. nofdid any tstee retsi iEnefftS from e0Yent l ora rBlated entty ND oth8r payMtSw& mad8 io anyTtust8eS th8 y8ar8nd8d 31 March 2025. The TN$iee$ have tsken out TN$iee indemnity insuratsce 10 ¢4v¢r the liablity ol Ihe Tru$ie¢s by vlrtje ol any wle ol Law would othenYis8 3ttath lo th8M In r8sp8ct ofany néglig8nc8. d8fautt. br&ath Of tstor br8ach of duty of %thich they may guilty In rÉ4Ètion to ODI CknbÈl. 48
ODI Global Notr$ to the Ilnan¢lal $tatem¢nts forthe ye#rended 31 Marc 2025 10 Npt movementinfundy 2025 £'ooo 2024 £'ooo Th1$1$ si¥ted Jfter¢h¥rglng'. -¢ntYarSlalutory audil SeIc8£-0DI Global -CUTrBniyo¥siaiury au¢il seIC9$-0Dl Llmlig -Oth&raudlland accDunliThg serwices 36 D8pr8aatiDn 78 78 -EqUipMl 11 T•xAtion The ¢haY 6 ? re91$19r9d ¢harlly and Iherefore It 1$ not bab for lax tax on Income dedved Irom 11$ drilable Èrtivibes. as Ilfa115 Wlthin the vnOuS exÈmplitsn68vIlb1etO ts015teredth&itiÈ5. ThB SUbdIary. ODI r4obaAdvorylIThrted. Ostributes itstaxableprofits. Ifany, to ODI each year. 49
ODI Global Notes to the financial statements for the year ended 31 March 2025 12 Tanglble Flx&d Assets Leasehold Furniture Comput¢r Computer Improvomgnts & Fittings Equipmont Software £'ooo £'ooo £'ooo £'ooo Group and Charty Totsl £'ooo C08t Al 1 April 2024 Additions Disposals Al 31 March 2025 1,140 100 637 679 527 2,983 100 1,240 637 679 527 3,083 Depreciation Al 1 April 2024 Charge for year Disposals At 31 March 2025 1,062 78 637 679 527 2,905 78 1,140 637 679 527 2,983 Net book values At 31 March 2025 At 31 March 2024 100 78 100 78 13 Investments 2025 £'ooo 2024 £'ooo Group and Charity Listed investments.. Market value al the start of the year Cost of new investments Investment management fees paid from the F)OrttolKJ Dividends and fixed interest receivable Unrealised and realised gainslllossesl on investments Disposals in year 2,618 2,377 1251 50 1251 49 217 (5001 Market value al the end of the year 2,193 2,618 Historical cost of listed investments al 31 March 1,700 1,992 The listed investments are held with a fund manager, who has authority lo buy and sell shares and bonds subject lo the restrictions as noted in the organisalion's investment policy. The market value of the portfolio, including ils cash balance and any accrued income, held by the investment manager on behaw of the organisation was £2,192,738 al 31 March 2025. Al 31 March 2025 the Charity owned 10 £1 shares, being the entire called up share capital, of ODI Global Advisory Limited, which is in¢otpor8ted in the UK. As this is the lolal value of the Unlisted Investments, il does not affect the consolidated figures. ODI Global Advisory Ltd engages in activity that furthers the mission and objects of the Charity. A summary of the financial results of the company is shown in Note 8. 50
ODI Global Notes to the financial statements for the year ended 31 March 2025 14 Debtors Charity 2025 £'ooo Group 2025 £'ooo Charity 2024 £'ooo Group 2024 £'ooo Grants receivable and accrued income Other debtors Prepayments Amount due from subsidiary 8,975 222 431 1,208 10.932 237 433 7,846 26 305 1,741 9,925 38 305 10,836 11,602 9,918 10,268 1 S Croditors Charity 2025 Group 2025 Charity 2024 Group 2024 £'ooo £'ooo £'aoo £'ooo Trade Creditors Social security and other taxes Deferred income 1,840 415 666 2,080 2,147 453 1.027 2.186 2,526 409 2,852 443 140 518 Accruals and other creditors 1,799 1,993 5,001 5,813 4,874 5,806 16 Deferred income Deferred income arises when the organisalion receives funds which do not meet the conditions required for them to be recognised as income. Where such funds are received they are recognised as cash with a corresponding liability within creditors. As the recognition criteria is mel the funds are released lo income. Charftv 2025 Group 202S Charifv 2024 Group 2024 Deferred income as al 1 April Release during the year Income deferred in the year 140 11391 665 518 14311 940 69 540 18081 879 11,3491 1,327 Deferred income as al 31 March 666 1,027 140 518 17 Provisions and liabilities As a result of adopting FRS 102, the organisation is required to recognise a liability relating to the delicils within the USS pension scheme of which it Is a member. The value of the provision is calculated based upon the present value of the organisation's future contributions towards the deficit recovery plans". These contributions are sel by the scheme administralois and are included wrthin the annual contributions payable, ss follows.. USS.. The deficit recovery plan, based on the previous actuarial valuation, was lo run until 2031. Of the employer contribution of 18Q/o. 2.1 Q/0 went towards reducing the deficit. The liability was calculated based on salary growth of 2.fi a year and a discount rale of 4°k. As a result of the 2024 valuation the scheme was valued as being in a sutplus position 8nd therefore, as of 1 January 2024, there are no deficit recovery contributions. 51
ODI Global Notes to the financial statements for the year ended 31 March 2025 Provisions continued Charity 2025 £'ooo Charity 2024 £'ooo Opening pension provision al 1 April Provision utilised during the year and unwinding of discount factor Pension provision as al 31 March 1,174 { 1,1741 52
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ODI Global Not totheflnJn¢lal ststements forthe yearended 31 Mar(h 2025 N2 ThthISJJchJnrEJhwCvtsndEdthtUr1ECO0iÈ1llbllfsrcCEn1rEHurt&nJplEmUplHPEl UtsknallPMlidsChJr EVUoI 58
ODI Global Not totheflnJn¢lal ststements forthe YEarended 31 Mar(h 2025 FIn9lU1•1hIPi8in FoROFwndll5n LNe0[prttsrunl GAGEIlthhErn5Y FGMindtMY4 HoJpuIbJ24lcDiOba1slcErthIP IkE4FundEtsfbalDwE lETPCWtF1l(llrrn5 59
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ODI Global Not totheflnJn¢lal ststements forthe YEarended 31 Mar(h 2025 WDrnEn-lEdDrtannllfm.(MdEnC*Q1lrnptsdtsUtWIlOmdytn1rld 61
ODI Gkjbal Note5 tothÈ finahual statèments forthe year ended 31 March 2025 Lee£0mmItMents At 31 Marth 2025 th& Charity had lotsl ¢ommilm8nl¥ under a nonncelIae operabng as set Dul b81(w. 2025 2024 Group and charfty £'ooo Land and buildings Operating lea5e5 payment5which are due.. fter 5year5 - between 2 and S years -withiD l yehr 153 608 153 Equipment operating lease5 payments which are due.. after 5year5 between 2 and S year5 wrth regard tothe lease for land and building5. the adual payment bythe ChBrity in the yearto 31 March 2025 will drfferfrom the charge tothe The lease for land and buildings ¢ontsins pr¢visiDn for PEriodi¢ rent reviews. Such È reviewwasfinalised in 2018t¢ take effe¢tfrom i April 2018 The commitments contalmed In ihe note above are based on the values known at the b3lance sheet date. Pen51ons Retirement benefits lor employees are provided by two independently admimlstered schemes ISAUL and USSI. which are funded bycontributionsfrom employer5 and employee5. ContributlOn5 tothe 5chemesare charged tothe statement of financiil activitie5 SQ 35 to spread the cost of the pension5 over the employees. working lives. employer pension s(hemES. Ariordingly. we have taken idvantage of the exemplion In FR$ 102 ind hive aciounted forthe contributlQn5 tothe A multi-employer Scheme isa Scheme for entitie5 not under cornmon control and represent5. typically. an industry-wide xheme such a5 that provided by both SAUL and USS. TheatCOuntingfDr3 multi-employer schÈmewhere the employer has Èntered into an agreement with the schÈmeth3t the extent thattheyrelate tothe deficit) the re5ulling expense is rerogni5ed in profit or1055. benefit5. accounts for the scheme as If It were a defined contribution s(heme. A5 a result, the amounrcharged lothe incorne and expendiiure account 62
ODI Gkjbal Note5 tothÈ finahual statèments forthe year ended 31 March 2025 PerL%ion continued The Unl¥er51tles Superannuatlonscheme (USSI ODI Global particlpates In the Unlver5111esSuperannuaiion Scheme (the scheme). The scheme was a defined beneflt only pension 5cherne until 31 Mirch 2016 which wasconlracted out of the State Second Pension ISIPI- The a55et5 of the xheme are held In a sepatetrS1ee-adM1niStEred fund. The directors are satisfied that the schÈme provided by USS meetsthe definition of a multimployer scheme and hastherefore recoEnised IhÈ Following the triennial valu3tiDn of the stheme in 2014, ODI Global entered intoan 3Ereement (the Retovery Plan) which quIred tontributions from ri5ingfrom the agreement. which wa5 expeited to run until 2031. The latest availablefull iituarial valuition of the Scheme wasit 31 Mah 20231"thevaluation date'l. which wa5 carried out usingthe projeded unit meihod. Since ODI Global cannot identify Its 5hareof Scheme 355e15 and liabiliiies, the following dis(losure5 reflett those relevani forthe 5chemeas a whole. The 2023 valuaiion wa5 a valuation for USS underthe scheme-5pecificfunding regirne Introduced bythe Pen510n5 Act 24. which require5 schemes to billion. Full detai15 of the valuation are availableonthe US5 website.. https.'IIwww.u55.co.uklabout-U5/valuation-3nd-fuTrdin812023-valu3tion Z023 Z017 SchÈme assÈts £73 Ibn £65.7bn £7 4bn iii% £6D.Dbn £67.5bn FRS L02total schÈme Surpluslldèficitl FRS IOZTotalfundinBle¥el 89% superann110 arranKementsof thE Vniverytyof London ISAUII The Charity a150 Participates in the Superannuation Arrangemen15 of the University of LondoD"ISAUL'I. which 153 centralised defined benefit 5(heme and 15 [ontraded-oul Trfthe Second Stite Pension Ipriorto April 20161. SAUL 15 In independently maniged pension xherne for non-lradetnii staff Trf Revalued Earnings ICAREI. thit ernployer, may be5pfEad a¢rD5S the rnaining parti¢ipatingemployer5 and refie¢tEd In the next actuarial valuation. SAUL'S Statutory funding objertive is to have Sufficient and appropriate assets to mÈet the tosts inturrÈd bytheTruStee in pÈyingSAUL'S bÈnefits as nd benefi15 already in payrnent and continueto be paid and for(omrnitmentswhich arisefrom Member5 accrued pension rights to be met. TheTechnical Provisions assumptions Include appropriate rnargins to allow for the po55ibility of event5 turning outworseihan experned. However.Ihe funding method and Èssumptions do not completely removÈ the riskthÈt thÈ TethnitÈl Provisions Could be insuffitient to provide bÈnefitS in futu. POSltion. refletting changing In the rnarket conditions. ia5h flow InformatioD and new ac(rual of benefit5 are being carried out between formal 63
ODI Gkjbal Note5 tothÈ finahual statèments forthe year ended 31 March 2025 perL%ionsc(tirtd the scheme and the 2023 valuaiion befound at www.saul.org.uk 21 Relatèd party tran$a¢tlon$ H Alrjerson was pald £40,11712024'. £20,426) for consultancy fees lorODI Global prolects"BHA Flnancial Atcess" and 'GACSanctions" The Èharity'strading Subsidiary ODI Global Advisory Limited #ift aids3lIable profitsto the parÈnt charity. The amount of profit #enettted by ODI Global Advi50ry lorthe year is £4,541. rÈ5tri¢ted grant In each dirÈ¢tion for lOurceS bought and 501d, 3$ well as 8 Co inve5tmentfrOm ODI Global to ODI Europè ODI Globil Washington Is an earlier stageand all Income and expendlture Wasacconted for wlthin ODI Glo1. 001 Global Washlngton became operatlonal Shortly after the yearend. Further details of both entitie5 are Set out on page 14 of the annual report