[1xu9n Envdope ID. AD100D14.DFC4414A499&92830AF8E586 REGISTERED COMPAYI )' Nl IllBF.R.. 00931$47 (England and wleS) REGISTERED CHARITI. ILIIIBER.. 258390 REPORT OF THE TRL.STEES A ND FINIINCIAL STATEIIENTS FOR THE I'EAR ElDED31 MARCH 2025 FOR IrSTITIITE FOR EIIPLOYNIEYT SI'I'DIF.S A CONIPANI. LIIIITED B). GI-.4IUNTTr:L ChaTioI I IL)use LÉmited Chartered A¢¢i)unLants tsnd stslury AuditsTrr 44 Gr<ULd Paradc Braghtc)n
Docusign En¥eW ID. ADIODD14-DFC4414A499&9283W8E586 INSTITIITF FOR EMPLOI'Il1K'T STI.'DIES CONTENTS OF THE FINAI%CI..IL STATENIENT FOR THE YEAR ENDED 31 P+lARC.112024 Page Report of the Tru51et5 Rtport of the Independent Auditor5 9 10 11 Statcmcnf of Fin#n¢iAI Attivitit5 12 Balance Shee¢ 13 Cish Flo Statement 14 Yotes to the Cash Flo Slatement 15 o¢e$ 10 the Flnn¢ial Statements 16 ¢1) 27
[cuS1an En¥ebFÉ ID.. ND100D14-DFC4414A499>92830AF8E586 IYSTITiiTE F R &IpLo1.lFryT 5TI,DJES REC.i%fERED YI'IIBER.. 00931U7 REPORT OF THE TRI.'STEES FOR THE I'EAR EryDED31 Il IARCH 2025 The trusteLS ivhts dre aly) direclors of the C111. for ¢he purw)sts of the CnI)81eS Aci ?IXkn. present their re]x)rt the rinancial 5taiemenis ol- the chariti for the %Vdr ended 31 MarLh ?O?i. Tri¢ tsuslee5 have adopied Ihe pr()ki%ions or AcKI)unting and Rcwrting b). Charitie5'. Stalcm¢nt of Reeommended 113L'II(Y 3pplic4ble to charitics preprittg thesr accounis in acioTdanL¢ ii'lLh the Financial Retx)fling Stan(lard atvlicable in the I IK and Kepublic of Ircland 11.-RS 1021 l¢llecliNe l January 2019}. OWErfii'Es ANI'D klCTII'ITIES Objectives im5 The-l ru%iecs contirm that th. hai'e had due reganl io ihe Charili" CoThmissiiin's genejal guidance on public benefjt i14Jen r¢Ni¢iving the InstitUlL s aims and objeaives and in planning futUTt acÈivities The Insiilute tor F.rnplo%'meni gudit5 IIL%I. eslablished in 1969. is an in(w&nL aEX)litical. lnlernatiorI certlre vf research and Si"ILe in cmploi'mcnL laix)ur rnark¢E and human [cTre isSUCs I'he Insiituie's prinripal objectll'L is io 1p bring alx)ut sustainable tmproitmcnt in unploi mert wlici and hMan rwwr" managemcni. ThL LhoieL C)r typics atyj theme.s (?n iyhich the InlI(e iwrks i5 dire15 influ¢n(Kd b). current and emerging ed5 of rKilicJ-tndkLr5 and emplo)'in8 OTg3n15aEions. ThL Insiitule aitns to (b&SemIn .:he re5uIt5 of its work iiidelv. in line '1th it5 charitable objedii"cs. 'Ihe i%'ork ol. the Institute the g¢eral public. and iiidLY eco1)71. artd SOClLN". . helptng al lo increase undcrstandin¥ 3nd impK)i'e thci5ion-makin¥ public iM)dies un vmplLiin.eni land uncmploTrmenii i55ue& and bl io improiL humdn oUrCe manalemcni in emplo!"ing or8aniskll(M15. 1.he In1¢¢ 15 commilled lo ensuring that its Motk 15 boih u5etul land usedl. and aeLe%sible to a Hide audiencc. The Insiituie's me(lium-iern) SlrJtcao ' is mieiird ei'co. thre¢ fIt leats. T last re¥iei¥ 14.as compldeLI in ead). 2020, 2nd ilr key strJtegit privrities iihiLh inllucnceil busines5 planning durin8 ?0?4-?i iirre Lo.. M&intain TES'% w)sition a leading proN"ider of liK twblic tx)lie) Tf5Vdreh ei'aiuatiimj 00 areas relaled to ernplo)'mcnL education. ski115 and FIR mdndLietn¢nt a1 ]Marticc. (troii" our impact in our lour prioriii. dreak Ii'hich are wi'¢red in more dethil later in this rerx)]L Continlle iii adi'oeate for cN'ithrKc-iwsed polici. and PraLti [rticUlarl>. through our Trials Uni¢ and by working in partnhIp ii'ith'iihal i¥orks' Lntie5 and (xheT 5takehol&r5. Coniinuc lo impmwr ho lie iiDrk- as a icatn. I1[din ()n the WiOrilie5 idcnEif led in our Ini'estors in l)eople plan. FaLus on itnproi'ing at joining up our iarious l.¢aming aThJ D¢i¢lopmenL optMTrrnJniiies within IFS. C'iintinu¢ to ini'esi in and improie Lwr use of technolog%"_ Nl'ork i¥ith the Ini'oli"Lnent and Parttcipaiii)n Associati¢bn IIPA) io build on inrrca5ed s¢U and orgoni5ativt2al irIES rc3ulting Irom Ihe rttent Merer. Continue it> k tinancial sustainable. i%'iih L)tKrdling iTWtnc high than exrKndtture atxi ivith a for%¥ard order Ix)ok at a 'alue e.KL¢edino six tnonths of (1B LU)sts. Pa4e I
£k¢uslon Envekjpp ID.. AD10DD14.DFC4414U99&92830AF8E586
INSTIT(."TE FOK EMPI,OI',IIE)'I' STL DIF.S REGISTERED NI'.IIBER.. IM1931_417
REPORTOF THE TRI'STEES
FOR THE I'EAR ENDEDJI 11.4RCH 2024
OR1ECI1.s.4'D Acfii'iTIES
Achievemethts attd ,Ictii"ilie5
This ha5 b¢th a iLdf L)I- LL)niinued siabiliti groiith for IES and iii. haic conilnued ii) 81. Trur impacl in our priorii%'
are7%. inerLasL iiiir inLiTrtnc Iri)ni prL)i¢it% in theN¢ impruie hc)i% 11¢ iiork in1LrlI1. Ile ar¢ JIM) pleased io be able
io rL'wrt a smlill financial 5urplu5 lor our si.Kth SWLLS5iir !"car.
Our i¥'ork. this }tar i%"a5 gyided b). four priortii arvds as lollthis..
)l#kÉng work better - SupEN)rtino morL inLlusiie and LtTi'LtiiL PIC rnanaocmcni PrnLIicLS". IIY)Tking m.ith cThploN'cr5
and iioi'kforLe% lil impr(J%e i%()rk.Ivri¢ planning anJ <ki'eloFdncnL. Lree. leadeTShip. ¢mploiee rcicntion. emplo%'e¢ ioicL:
P<lrticipalit)n and indusirial rLlaiic)nb.- JnLI adii)LalinE Iiir tnurL i1}iLi% e pra¥liiLS til supwA hLalili tsnd lie111L JL i%'ork
Emplovment opportunih" for all - Il'ork-ing iii SUp)rt highLr TKJrtiiipalicTrn ii"ork- and impTOi ed reiLniion ai iiY)rk,. tu
addrLbS labour mtirkL%I in<'qutiliiiL'S and dis1LIle. and to tnL¢% Lhc'c05t5 01-ii"ork'ing' chJ]ILngL fi)r thi). ()n loii. incomc5
Improi'ing education And life chances
l)ur h&8 kK'en 4round li)ur pillars c)I' ILdminE suptM)rt. suptx)rl.
carecr %iiptKirt and tinala] Suprt. I4ith our ii"OTk leing and adi"i)caiing f(Trr rtlii appr()achc% to SUprt earl)" lear
dei'L'loptneni. %uptxirtinLT !{)une lL at kL! IX)int% ()]" [L$ll$lIn ItknjLuIth! thu MOA disadiantagLdl and suptM)rting
rtliirm5 to uur app)(1lh 10 aduli iontinuing ¢duiaii(
Preparing for the future- Ilelping io MCLI ihl r>prtUnItIeS and challen?cs In)m pUlatiOn asLin& FX>51-El]riil M'orkin&
ieLhnologiLal Lhanoe. hi brid i%ork and ihe irnnsiiion na ¥Rro= ar¥J using daLa and insighi to suprrfm public ]x)lic) anid
prdLI&Le dnd IIK MdLILltnI
On mAking v'ork better. thc kii fcu8 hth8 1)een ts) 4knortSira ihrou£h iiwk- IM)ii' improi.ing i¥orkplace practiccs is
good li)r busin¢55 ii¢ll Js Ihi. Iic)tk.Ivrie. This run ihrouoh our prn)ordmme lif eienis including i)ur annual Lonference
on Ll"ealing a sustaibIL i%ork.lorce as iiLII a5 pAijeci ii.iih tx)licirnaker& ctnpli)i"cr r¢pILn(allle Ix)dit%. and
emplo! ers lon indu51fiiil laITI)n$. Lfftrs. IILirkforcc plannino and d¢1 eloptRenL leadership dnd Iirgani5iiliiinJl LhJng¥L.
ernpli)N ev enLTa¥emeni attd i%ork'plaLC health). -rh¢ IPtr%'s Thelii"ork'5 haie irtcluded the Emplo%"ee Vi)ice 14ub. compi'ising
orkli)rLi rLprLsLnutiies and HR and l.'R pr&tilionLYS tA)m acros5 indusir¥ and Ihc Il'ork- Insiglii% Crfilup
cro&4-scctOTal group nf %¢nic)r IIR and F.R prnciitioner& uradcrnsLs ry)lii! make. In Lnable us io ideniili. kc! luiure
Irends and continue 10 dLieli>p supFK)rl 4nd iL¥S 10 iniluenle and a£kir¢s5 Ih¢se. ID i4iJ¢r iii)rk. are helpinq shapL IhL
dLbate and praLtiLYs aUnd ft
Drvjsyn En¥ekJpe 10." loODI4_DFcm14A4999283oAF8E6 INSTITUTE FOR EMPLOYIEhTSTUDIES REC.ISTERTr.D NiiflBER.. IMI9JI4¢7 REPORT OF THE TRLSTEES FOR THE I'EAR EPIDED 31 IIARCH 2025 0ECTI%"Es AND AcfiN'ITIES EdutAtion life chances.. ()ur sx)rtfolio of 1sDrk in the rthration and fdrli. i ears space has coniinued go from strengih to btrnngth. l4.iih a nicular fikus L)n caTI)' l'ears including thr(Mzgh thc cont1uatIOn of our iiDrk on Tips b? TL.iI Io improi"e parentdl 5UPtx)rt for child languaoL l&Lr[un publicauon OC udies includirtg flexiblc phonics. a ncw leaching iipproach= and the'fales Tuvlkil. In 1fv19 educalion. lie ¢%aluad hvA" addItK)n hciurs funding i¥as implemented in 1fv19 educaiion (o supwrt ltrJm¢Y5 lolloiiing ihe disruption ol- th¢ C oi"iu-19 pan¢kmic. examining its use. perceived impaci. and I¢50n5 for future (kli&en. Il'e Lonlind iiotk L() SUprt tM)IiL!' and thlii'cry ar(iund fi[ncEI 5UPPOrt for studLnt% ihrough the %tudcni InLomc and ENpenditure SuTh'th lor Englartd and wal and SUPFK)rted the dthelokxnenl of the le4LhL'r ivorkttsree i%ith our el"Val10n of li. Earl!" Larecrs l."ramcii'ork-. i%hitl 15 hal.ing 5igBificant impaLt in dcNeloping Ihe Lareers uftLr li?r teaiher& our %itsrk Iwking at thc broader pry)fessK)nal deN'clorrfneni nf iea¢heTS through a cohort stud%'. OUT NV(ITk in the carccrs srdLt supw)rts ihe life ehanccs of all indii idua15 Ihrough loLused PTL)je¢15 on kes. groups such a5 the cyaluation of %i)uth iransitions initi&tise5 funded . the Carecrs and LDteTprise C'ompanN. particular sectors suLh as Lon5truction i4'herL i%e thpl(Ying outreach ai¢ii ities tv diiersif!" Lhe tslent Trx)I for ihc Con%InlIn Indu.4trie5'1'rainin8 Boar(L tcgiotL5 throu8h our ii"(Itk" iiith M'eh( YorkshirL' Cumbbn¢d Authoriii LO help thLTh deiclop their All-age c.aerS Blueprint. Preparing for the future= Ihis ar ha5 gro1 in imrM)rtance during the i'ear. Wi¢uknrlv in our effo ¢0 tr). to influence thinking aTound cmploi'm¢nt. educa150n and skills in the P3rliameni. A5 neniione(L ollr Cvmmi55ion on the Fllture of Ernplo>ment Support I¢n a keN mean5 Ot. Ik)ing thik alongside the l!)A Wtrt In5j8his Group and our i)nguing ¢ngagemLnl ii'iih dccisii)n-mak-ers a[ rn11&. Oui PTL)j¥cI Iiork has als(i beei. incre&singl} f(ru5cd on thc future of ii'ork vith multiplc siudics for k¢. 5eaors of the worM)m%' i)n ltsiure sk.ills [ed& loiig-t¢rm 14Drklorce plning. and anticipating and respjnding io fuiure i¥0rorLe Lhallen8e% aod op]xYtunities. STRATEGIC REPORT FinHncial poslilo I'hc >Lar en(kd i Isi Mareh 202) r¢cor&d net in[¢ o¥ereiFnditurc ofbo.374. Tothl V£S Icimiprising unrestricted fund5 2nd rnstricied ttsnd51 noii. sia#d a¢ £1.579.718 rcseTr"LS wliLi [0%). B! o)mparison. thL prc%'ious riod cnded 3 1st fv13rch ?0?4 JEcord¢d inCUEne o¥"er nditre of £8i.?24. l otal income fvr the y[ en(kd 3 IA JMa¥rh 202) amovnicd £4.085.959 Comr 10 £4.IN.76 in ihe preiOuS perio Total eNndIture for thc year enikd 3] .Uarch 205 amoutttcd 10 £4.Oi5 485 L%)med 10 £3.921.538 in the pMious period. Investment polic}. objeclive5 ThL O¥L'rriding prinLipli' guiding thc inieAm2nt of surplus cash b8]a]]ce5 is the ptrKrn'lort of thc capitsl value of the The objectii ¢ lor ini'L%ttncnt pitrw)se5 IS li) achiei"e a g(MKI r¢lvrn i%hi15t minimibing risL I'his has t*¢n aehicved lry inN'e81ing cash in high inlerL%I dews11 aLLI)unts. The ai"crngc on ini"c51'.nenLS in th¢ N&9r ended 31 Mareh 20?5 was 2.7Vp l?0?4.. 1.8%) Page 3
Dowwgn Envelope ID. AD10DD14-DFC4414A-8995-92830AF8E586 NSTITI'TE FOR F.IIPLOI'NIFNT STI'DIL REGISTERED liIIIIBER: 00931417 REPORT OF THE TRIISTEES TrOR TIIF I'E.4RENDTr"D31 11.4RCII 202$ STRATECIC RFPORT Finantl4I1 re1.le Re5ev4'e5 policy 'I"hL In£iilute maintain5 reser%'es. ii'hieh Lm)mSe ¥L'5triLled funds 3tHI UllTestrictLxi Ins. Restricted fund5 lat¢ to granl-fund¢d PToj¢Lls. unre5triatd funds are Cldable ai the distteiion of the brd Mcmber5 and used in Ihe lurther2llC¢ ol'ihc Instituie's objeLiiies. The B()ard consi(k'r th¢ rc%'rs'e5 5uITiricni ¢0 prw"i(k for rhe InsTllUte'4 truiu rLNuircmenis. It is the Jx)licfv of the In5tilut¢ lo genLratL suificiLnt 10 maintain thrL io si.x mi)nihs' i)rn11ng li)5. The TLSCn C5 as at thc cnd ot. the )car arc £ l.i79.718. u)mprtsing unr¢51riii¢il lunds ol. Ll.714.71)8 and a Ll¢liLii vl-r¢Ari11ed luThd5 01-£13i.080. The huard ¢on5id¢rs that curwnt rcscncs are adcquaic 10 meei currcni nraIlryg ed& Future plans liink"ing ahcad. cnt¢r )(_{? in gnod Sha tinancialll IN"IEh a 51mng and c(Ycrlii"c teJJn. Ilniiever. lic arc cleur thal the ouilook lor the LK eLonomi' and public 11¢. rthiains uncertain. Ihc firsi change of ooiemment in 14 i'trJrs crcaicd unccrtaintl and disrupiiiln in tsur i%ork in the short lejyn. bul L)ur (hder BLN)k lvl I4ork. that lie haie alread) secured bul nol
'et dLliK"eredl reJnain5 relaiiivli" hLalih!. l.Th)king lurthcr ahead. Ihc CUTrcnt 4oicmmcnt %hould noii start io crcatc nciv opp(Jrtuniiie% oi'er thL CDmtng ! car5. gii.en thc likLl%" 1nCrn4d fthus tx)¢h JLtii"e suppl% %ide w)IiLies and i)n imprn)iing %'ork'place praLiice though lie aLknoi%leLlgT¢ funfiling Te5triLiions in LurrLni LwnomiL cliinaLL": i%'hilL in Ihe ii'ider eLonomi' li'e are eing incr¢as¢(l inlere%t dnd apptilL. In ISSULS an)und i&cYktOTce straieg%' and planning. liealih and "ellbcing at 141)rk. ¢qualili. dii'LYsiii and inclusion. and cThploi"Lr i"(iicc engag¢TnLDi a r¢suli lif changL% tx)ih in thc laE)ur markei and ihL likLl% direaion of pubiiL ]x)IiLTh. M'e rL'main i%ell plaLed io resrK>nd io thes¢ OPPOrtuniiies in th¢ eS dhead. STRUCTURE. GOI-ERNI AICE,IID lANAGEIE1T Governing document 'I'li¢ InAiLUl¢ lor Ltnplviment Siudi¢5 IILSI is a regisierd Charip" and COTnpJn!' limited b%. gUarane 8oNemed b). its Articl¢% ofAwciaiion daicd Oct{)[ ?OlJ. The Artiele5 of A&latIOn iiere amended in 2013 10 proi-ide for a single ii¢r ofgolernancc. Lhc Board of TTu$$. M¢mkr.R. earh ol'iih()m agrLT io coniribute £10 in the ci.eni (If thi Chariii iiinding up. are the Trus1ees of ihe Institule and shall admii to memiK'r5hip Tn aLLordaniL' Illih ihe p1 isions L)1 ihe ..Inicles. A Trustce shall hi)Id urfice lor a period uf Lhre¢ %¢drs is ¢ligible for re-cILXiiOn Pldr iha¢ Th) Tws¢¢ rna%' scr%c for mole Ihan nine ci)n%ecutii e l.ears ol otfice Re¢ruiillheni And appointment of nem tru5ttts As sel out in th¢ Arti¥l¢s ofAss(KialK)V. the Eloard of'l'TUStCe5 rna!" fTt)m lime io iÉme and at ani. tiTne Jpp)ini an> Ferson as a'l ruslee either to till a casual aCanC. OT . ii"a! of addilivn to Board. ()n aptK)intment each Truee is proi'ided ii"Lth NleTh)randum and Articles. artd a copl of C-ommi&sion publiL-Jlion ThL Essenil Truste<. NLII "I"ru5teC5 merl Iiiih the Cknair and Dirtc1(Ir#nd are ini iicd io Ihe In5tilul¢'s offices.
Docuspon Envebpe ID.. AD10DD14-DFCU14A-899>92830AF8E586 IN5TITLTE FOR EI¥IPLOYIIIENT STI'DIES REGISTERF.D YL'NIBER.. 00931U7 REPORT OF THE TRLISTEES FOR TIIE YE.4R EIYDED JI ,MARCH 21125 STRIIC.TIIRE, GOVEILNANCE AD IMANAGEI.IENT OrganisatkOII 'I'he Illmrd i)t"'l-rusiees matjages ihr bu5ine5s ofihe Instiiuie and ma%. exerc1 J]1 such rx)i%eis of the In#iiut as aTe r)oL bs. Ihe ALL VT bi. thc Articles. requircd io exereised Ety" the Subject nr¥rrthtle5S to the provisions of the Aci or the Arti¢l¢s. The Bii3rd ivhich hai'c lthi'een six and li meets four times a l'ear. A Director is app)inled by the Trusttts to manage the 0rntionS ot- Charii%". To facilitate operatioiis the Dirtaor lS d¢lrgatcd authority. for operational mallers. The B<xrd a1 the Chi¢l- r.Necutiie Otrjccr and managemertt i(wn. and atY)roirs ihe annual bu%in¢%s plan. hudgel and k¢& items of 5trdiL4%. Th¢ (ktsil¢d rule5 of ihL Mcmiyrs. Ttustees. th¢ Board and the Chi¢f F.xecutsfve OtTILtT are set out in ihL Articlc5 of As5(Kiation. Wriitcn Jrcords are kept of all thi5ions ma(k Buanl athd tnanag¢meni meeiings. lThe Bi)ard uf .1 rusiees met lour iimLS durin4 the %"ear an surrorted ihe In4ituie's managcment team in devel()ping it5 annual bu51ne55 plan and strawgic prioritick &$ I11 as adi.isng on ongvin8 orxrOLiI)nal i&sue5. Board members ThL' mcmbcr% of ihL LI(rd are as listrd un(kr t Refercnee and Admini5trati%e daails. All seThed on the Biurd thUghOut the pLriLKI. apart from DL'trt)Tth l-.rom and Emrna Ilughes %alle Mt¥lanJ5-Ilarneil i%"hu ji)ind on 5th June 2024 and Nusrat Flathiari i%hv juin¢d on 5th Junv 20?4 RandcL"p Kular i%ht) raircd 011 6th JuTrL 2U?4. For th¥ pllrryise5 of Compan) Laiv. all Memlkn ofihe tjoaftl are deqn¢d tis k Diretho]sof the Compan),. Kty management remuneration ThL Bodrd ib re5pun5ible fTrr %e¢iing the pa}" and Itration of ihe Insti(uie'5 ke¥" managemenl r$onCl. Lhe l•'el of ii'htLh is reK'ieis'¢d ann11. In Lomine tl) its Ikcision%. th¢ Iloard mai" scek aJi ice from e_Klunal indcpendent eApeL% and 'ill ai irs decision_s after tsking intu alln( thL 1[15 amd ialues of the Instituio thL sirate8ie plan and the abilii). io pal. individual cotntrtcncits and pcrlormanc¢. r¢muratIn lei"¢15 al Slmil.-b¢tstk and leliOn. These fa¢tOT5 are not txclu5i¥e and any deLiSiOn 711 inevitabJ}' include elancnt of disctetion . the B(b8rd. Pagt 5
DoGuwgn Envdcye ID." ADIODD14.DFC4414A4995.92830AF8ES86 INSTITIITE FOR E.MPLOI'NIENT STI'DIES REGi¥fERED NI.IIBER: 00931447 REPORT OF THE TRI,"STEES FOR TIIE I'Tr-AR ENDFD 31 11,IRCH 202 STRiicfi'.RE, GOI'ERNAP4C.E APID IIANAGEIIENT Risk mAnagtm¢D¢ Th¢ ttInber5 ol-lhc Board hai e iLlenlifi¢d major risks ro ii"hi¢h the InlIC is 8t iithich mighi imtmct on the In_%litute'5 abiliti io hle¥e Ily c)bjeiliie5. Theie include.. landging the ongoino iransiiion i(p the n¢ii" g(?Icmmeni and coniinlted ¥hangv5 in Ihe ec(inoms' and laknur market AiirALtin! tind retJiniDg kL'I stsl) 'I'hc need Inr el7LCli%c.%i stems for bu5tn¢55 o)nlinuil piamino and dau se¢urit Adaplino 10 and thkino tull adi aniage ol'atharKes in lecPMDIDl. and li_% Impact5 on holi. iir iiDrk. Th¢sL risk5 aty m()nilured on an ()ng4)ins trmsis b! Ihe manaoemeni ithi and r¢1 i¢'14ul bi. Ihe Board ai iis J¥ouliir m¢¢lings. The Board has estsblished [X)liLiL prvcedure5 and s%"5tems lo miiioaie dJ)se risk I'hc5c intcrnaj controls arc desi8ncd io pro%'id¥ rL-Jsonable. but not ab501ui¢. a55uranLr dgain51 umier1 miSSleMen1 or losk The InstilulL hd5 esbliShcd an on-Biiins pn)LL%% l()r idcniifi"irtg. LidluatinE tnanaging the Inslilule'5 k"0 risk"5. In ltliCular thL-rL are LILdr W0dr£S for.. linlAli1 rewrting. iiiihin a Lomprehertsii e finanLial plJnninLY aLLX)unlino frllm¢iiDrk-: and mi)nits)ring ot'business risks. 1% Ith kei risks iLkniilied anJ Terorted io ihe.¥lemkrs vl'thL Board. Vinancial risk management The LhdriLLble Lvmpan! ilSL'5 linLia1 InsiNmLni& c)Iher Ihan Ikriiaiiits. comprising LdSh and uiher li4uid resources ariiius oiher itLmlS Such as IrJdc dclxors and crcdiiors Ihai arisc dircal!" trom ILS 0[110$. 'lThe niain purpose lif Ihcse rinanLiJI instrumL'nis is to raise linanLL for ihL ihariLable CLvnpan!'s OtKraiions. T1 risks arisino Iroin thL Lhariiable LOpan),5 linanLial 1fistrumen drL intEfLSI fthL risk aTrJ li4uidii%" risk. 'lruskes rei'iui. and agree kx)licies lor managing each ol-tkse and Jre summarised beloii.. Inte$t r#te rjsk "I'he chariiahle cnmtvn%" IinancL'S ils orLraiions Lhn)ugh a miI1ure of taIn¢d and rcTaiD¢d ¢a%h %UTpIu8¢%. The htiritsbLL' Liimi%inN's LNposufc 10 InlCT151 rnte IIuLLU&ti(Ms on its Ix)rroii"ings is manaoed M. the of hith fixed and Liquiditv risk Thc charitable L()rnp)n% seek_% io manage linan¢iJl ensurin4 sullicieni liquiditi. is ai ailablc lo Ineel foreseeable nLcd% iii jniLs1 an% ¢ash asscLS 5alcl! and pniliidbli. 'll)i chariwhle cnmpan%'s )lIcI LhroughouL thc >"rar to ensuri iontinuii%" ot funding thTuuuh taIned Cash sllrplllse& C.'urrencv risk The charitsble Compan 15 L.XTX)d Lo minimal tran17() translation foreign exchange risk. The ch)rible Compan% s exposure t(1 ihesL is maNoed Ihrough lh¢ use ol-iwnk JLLounis in ihe swne CU"ncI. tern[5 ol. IhL Board monitor a wgular knsis ri5k-5 and the efT¢aii'enes% nf the SI"eM of intcrnal control 0rated REFERENCE AND AD%IINIST114TII'E DET,IILS Registered CompMth• number 009i1547 IEngland and 11 ales) Registered Chrltv number i8i90 Page 6
rKus4n en¥eb? ID.. ND10DD14-DFC4414A499&92830AF8E586 IPISTITLTTE FOR E%IPLOI'%IETrtt STLIDILS REGISTERED Yi UhlBER.. 110931547 RF.PORT OF'I-HF. TRIISTEES FOR'I'HL I EAR ENDED 31 11 1ARCH 21125 Rtgi$ttreql offite 3rd ri()or C'IN. Cjaie 185 1)i'k¢ Road Brighiun F.ast su* BN3 I'l'l. Trustees Ms R K Kular IrLsigned fi.'6120741 .1 R Greatrex (resigned 3112no?5} Ms K l)oc)le Ms S Cook IresignLd i1&20251 Ddn)L C BlaLk Ms L %teK%art Ms L (' Circgori" G 81¢¢1 M8 D K Fr05t lappoinicd i1&20241 N Hathiari lapwinied 41fv'?0?41 M5 L l. Ilu¥hLS13pwTrinted 41&.'20?41 Ms N fvlCrnanus-Il¢lt lapFAiintLd 416r20741 Compan>. Setreta Ms S L Anderson IrL'signi'd ?71(wV{1?51 Mr A F l.loN'd Idppointd ?7K6n02i Settlor St8tutorv Auditor Mark Paitrillge FCA Auditors Charioi Hc)use Limiied C.'hartered AL¢[nIan1S atxl Ststuton. Auditor 44 (irand Paradc Ilri8hlun BN2 L)QA Banke BarclJN's Il&nk Pl.C The 01(1 Bank Hi8h Sirt¥t Solicitors SIunL' King Lloundth. Flousc 91 C'harterhiiuse Street London Fel16HR Page 7
DOCu9n En¥ekye ID.. ADIODD14_DFC44?4A4995.9283(WF8ES86 IYSTITlI'fF. FOR E%1PLOI'IIENT STIIDIES RECISTERED NLI,IIBER: 00931447 REPORT OF THE TRI'STEES FOR TEIE I'EAR E.NDED 31 )T.-IRCII 202 REFERENCE AND ADlIN[sTTI%'E DETAILS Institute direttur STA TEIKr OF TRlisfEES' RESPONSIBILITIES The irnstL'.s li%h(i ar¢ alEo ihc dirli}r5 nl- In£tiiuic lor l--m0ment udies for ib¢ puJrrt)%5 of companj la) are resp()n5iblc for prcparing ihe RL'wrt ot- Ihc Trusiix's and thL' finanLial in acrordancc iiiih applicahlL laiv and Ilniied Kingdorn Alcouniing %iandards (L'nilL KIn)M erlIN .4ccepled AiLI)unting PraLIiCL'I. cOmnN. lai4' requires the fftisiees to prep finarKial %thiemenis fiTrr trdLh fitunLiJI lear. Undcr that laii.. the trn%tee% have ele¥tl IÉ) prcrarL thL Iinanlial %talLmLnis In dLLcirdJncL' lllth I'niled kin£dc?ni lienerall! ALLeNed Accounting PrddiL&' IlJnilcd Kingdom Accouniing %tsndards and aprlicablc laii'i. UndLf LompEin% ltii%" tht triisl&S musi not appA)i"e the linanLitiI skntemenis wilts5 ¢k'% dre s(Ili5fied that ihLi gil'e a LDJC and tair iicii ol. Ihe stale ol- ailairs i)r the chariublc ci)mron! and ill. Ihl inc(vning rLx)uThc% and appli11(1 of Te%ources. including the in¢i)me and eNpenditUTe. of the charitable ci)mpani for thai nn(l In prLTJaring ihvse finanLÈuI 5tstL'mcnt& thc Irustees dre required t sclcct ullab]e accnuntinE D)lirii% and thi'n Jppli IhLml LOnSl%tetttl%': i)bserKe the metFK)ds and priniiples in the C-Ikiriiie5 SORP: mdkejudgementS Lind esiimaiL% Ihai are re&%iinable and pnE&nL siaie 14'hdher applicablL accouniing stan(knTd5' Iwi¢ ixx'n folli)14td. Subje li) ani. material thsx]rture% dilod an e.xplained in IhL tinancial &atetnL'n. PILP(ue the financial 5UtLrynen15 on the going L4)ncern basis unless IL 15 lnappnTrit pre5uine ihai ihc charitable LL)mpank Iiill ci)niinue in busincs5. The tru51ees are reswnsible for keepin& pn)per CoUn1]ng records iithich disrlos¢ iiith r&tson2ble aceurac). at anj lime ihe rinanLi81 FK)silioti ol. thL' charIiable compani- and lo LTJbl¢ them in ensure thai the financial sthiemcnis compl> i¥ith ihe C-omrllnies .4it 21)06. 1.hei arc al&i rLS)S1bI¢ for lLeuardIn0 Ihc aSSCLS of the Llklrithle i(ItRPdn! anLI htn¢L li)r tJk'in8 re)nable steps for Ih¢ pr¢i¢niiun 'tell1l)n ol-IrJuJ c)Iher itreRularilici. In so far a5 thc trust¢e$ ai*aTe'. thLfc 15 no r¢l¢N'aDt audit infom)aiioTh of %ihich the chatitsbli. Ivtntxm%'$ audi¢ors arc unai4"are: and thL' trusiecs hai'e tsk.en till SILVS thai ihei iiughi tc? h#i"e tttkL w make ihemselie5 alvar¢ of an). Tel"#ni audii infiirrnaLii)n to establish lha¢ the auditUTS arc a%iare ot'Lhat infonnation. AUDITORS The audilcTrrs. Ch%riol H(x)se l.imiied. iiill prO[sed tor r¢-3p)IniMenl * IhL lorthcoming Annual (icncral Me(Xing. RcFK)rt nf t n................................... trusie irntin£ a straiegic rewrL apprviL'd bi ory ol-the Eoard L)rtru51e¢5. 35 ihe Lompan) directs)rs. . and siqn¢d on the Ixmrd's bL'haIl'.. $bJDEdbY-. 785?BFD Ms k Poole- Trustee Pag¢ 8
t)owsvJn EnVee ID.. ADfODD14.DF414A-899928JDAFBESB6
RFPORT OF'fiiE INDEPEDFNT.41"DIToRs TO TIIE.IIEMBERSOF
INSTITLITE FOR IP+lPLOI'IIENT STLIDIES
Opinion
We have audiied the fitwi¢ial stslanertts of Inmilutc fly ETnplo!'meni Studies the 'charithble comrAns"'I for the vear end
31 March •025 iihiLh Lu)mprise lh¢ StalLmnLE ul- FinanLial .QLtiiilie5. Ihe Le She¢t. the Cash Floii, S[nent and
not¢5 10 thc tinancial staicmeni.%. inLluding sUtntnaTh" ol'5ignificJni ry>licies.'I"he tinancial rcwfting Irameiiork
that has Ln applied in iheir prL'tk%ration is aFylicablL laii" and Linited Kingd.)m Aecounling andardS IUni¢ed Kingdom
Generally Accepted Accountin8 Pr&tittl.
In uur vpinion thc financial siaLLmLnts-.
8iie a tru¢ and fair i'lL'l4' Ot- thL SthLe of charitsbl< Lxyntmm's affair4 as at J l March ?025 and of ils. ina)tning
rcUrCtiS and applica¢i(?n ot-rLx)UTces. includino ILS inctsme and ¢indItu. lor the i'¢ar then cnikd=
hac Eeen pr(VLrlk pr¢par¢d in accordancc il'ith L'niLcd Kingdom fjcncrall)" Accepted Accounling Praaice: and
hd%'e pttpar¢d in aLcordantt ii'ith the rL'4uir¢YTrLDts of thc Com[leS Aci ?1.
B#si5 for opinion
We conduaed our tiudit in acrLirdancL Il'jth Intemaiiotul L(lat on Audilin )
ILK) IISAS IliK)l
rKusbn En¥eknpe ID". AD10DD14-DFCH14A-899&92830AF8E586
REPORT
F THE IINDEPEP4DENT
'DITORS TO THF. )ITr-.IIBF.RSOF
IST[1.[1TE TrOR E.lPL01'.l1ElT STI DIES
MAtt£r¥ whith we xre required to report bv eicepiiott
In the li¥tht vfthl knoilliOc and uttdL'r.%tandin£ i)f Ihe chariiabli, COT% and its eni itt)nmelll obtained in Ihe ofthe
audit. II'L hill"e nvl iJenlifie(I maiL'rial missthiemenL% in the RcrKJrt of the Tru5tirs.
'e hai ¢ nothing to rerK)rt in rl..%li of the lolloiiing matters the C'ornF&inies Aci ?(K)6 tyquires us Io Teport to i'ou if.
adLNiiiaie acc(>tsnting haie Frt'n kerA or teLum5 *tequale f(K our audii hai'e niii b¥en receii'ed from branLhes
noi IlSllLd hi. u%.- i)r
thL' linancial siaiLmLnts tirL' niil in a2rccnieni ii'iih Ihi acctsunting rwnTd5 athj reiums.. or
Lertain di5¢10sur¢s 1)l-Irusi¢Ls' remunertiiiun SPLtified bi lJi4" . noi ma(Ee= or
'c haNe noi reLLxNed JI the ¥nfornwtion and Lxplanaiions 14t rL'quire for ouraudiL
Responsibtlltles oftru5tets
A5 cNplaincd mi)rL lull! In IhL Si<LtnLnt vf Trustees, Respin.%ihiliiiek ihe IruslLXS JtL' dlsu ihe JirLXrs uf the
charithblL LN)mpJnN fi)r thL PuSc5 Ot compani laii"l arL' rcsrA)nsible fi)r the pr¢paration ol'ihL lsnanLial tate[nents and lor
ing satisfied ihal Ihel ¥T ti'e a itwe and fa. ir KiL'¥i. and fL)r SULh inlLrrMI Lunirol as Lhc irnstees dderminc 15 nccessan. to
cnablc ihe prepIrAtion ul- lin¢]01_talU¢nl thai Lir¢ Iree Irom Materi 1n1sstsThetti. iihetheT du¥ l(} Irdud Lir ei'ror.
In preptsrin the financial stat¢mLnTS. Ihc rrustec5 arc rcspon5ible for assessing ihc chaTitable LIITllPilnl 5 3biliD' to continue
a5 J gi)ing Ll)nLertL di.Rcl()sin4. as JppliL7hle. [ndIle relJie<l 1%) g()ingy L{)nL¢m an(1 usino ihe ooinLi cunLern or
accouniino unlLl% IhL trUSt¢es eithLr ini¢nd io liquidaie IhL charitsbte ¢thnpanN i)r to C ()ration OT haie no realistic
alictmatiic bui to th) so.
Our responsibilitie5 for the of ihe finatF¢ial slatemtnis
C)ur ohjcLti%LS &fL tl) obiain rsOnabl¢ a55urancL" aboui iihLxher the financial sthteinenis as a i%hole are trcc from material
mi&%tstL'menL iiheLh
Envekn ID.. AD100D14-DFC4414IA4995-92830AF8E586 REPOR'f OF"fHE INDEPENDENT.41'DITORSTOTHE IIEIIBERSOF INSTITUTE FOR EIPLo,1E)T STLDIES We in5cled the mineS ofmÉtings ofilKKse ¢hJrged i%ith goi"eTnancL and rnade direct ewuirics of managcment and thr board vf irust¢f5 concerning the charii)'s rdicies and prnxedures JL118 10.. Identilj'ing. evaluatiThg. aThl compliing i%ith laii's and SU]tiOns Jnd M'hdher thcy iNere awarc of anN' Jll5tance5 01-non-compliance: Detcrting and rcsponding io ihc risks of fraud and MthethcrtkJ' kni'e knowled8e of an!. acl1. stsspected. or alleged Iraud: The internal contro15establishEd mitigate risks Teled rdj (br non-Cl)mpliatKe ii.ith laiv5 and regulations. In addr¢55ing the risk of fraud thn)ugh TnanagLThCm oi'erridc of ntsl& tl¢d the appropriaieness of joumal rntrie and oiher adjusiments. a55e&scd i4'hLther the jlldg¢menlS tnadL" in rnak'ing accou11ing esiiTnatL'5 ilere indieatiic oca wt¢ntial bias and iested signifi&1 tronCli05 that ivcre unusual orth05e ihe n(wmal c]e ofbusine55. W¢ also discussed and rEvieM'cd ihe charii)" s business mo(kl and fotM*d tAaniiin8 lo assess goin! concem cornmunicaied appliLttbl¢ laiis and regUlatith ihroughwi audit [M and remained alert i() an¥ irtdicatlOn5 of non-Lompliance throughoui ihc duilil. revIeL¥l ihc financial 4aiment di10sr£S and iest¢d these to supp)ning d()tumenialion to assess complsdrK¢ 'ith appliLable 13IIs and rek?ulthivns. C arried oui subs"16niii'e tL'sLine on InLL)me aThd elnditre Re"pcrtomied reconcilialions of¢ontrol acc(MJni& and lulaLLd iithis such as ¢precIatin Because of thc inhererti limitaiions of an dudiL ihere is a risk ihaL Il"c i¥'ill noi all iuegulariLie& including those leading lo a maleridl mi5Statemeni in the fin¢la1 sIlyents or tn-compli2lc Ii'ith rcgulaiion. Thi5 risk inif¢¢lSes thc motL' Ihjt compliatL¢ iyith a laii or re4ulaiii)n 15 remuitd from the ekcnts and tr3nwtion5 rcflected in ihc linan¢ial 51atcmLnls. as li'e ii'ill be le5 likel!" 10 Eteome aiiBre ot instsn¢-s of non-complianc¢.'I'he risk is 2151) greater gOTding irrcoulJritics nccurring due to fraud rai[ ihan error. frauc i1.0] cs inlentional conccalrnLnl. forgery, collusi(TrtL l)mi&¥ion tsr misrepresentriior) A turther dLxription of our rC5Slbl1itic5 for audit ofthe linancial 5ts1cmLllts is I[ed on the Financia] Retx>rting CounLiI'y %iebssiL al lIV.1rc.0r@.u'dUdIt0r%WS[x)n5i6IllIies. Thi5 &5criwion lonns part of our Report ofthe Indepcndcnt Audiiors. Use of our report -I'his rLPi)rt is made )1¢1} tv the Lhariiable o)Ittn'S mLYn1 &5 a tM)di": in aceor(knnce ilith Chapler 3 of Part 16 of the co[nnic$ .4cl 2(Kh5. audit iii)rk. has tren un(krtakcn s() that iir mighi s1C io ihe charitable coinFdllv's members Ih05L mtler5 ile . rn'quired 10 %thtc (hLTh ITr an audiior%' reEK)rt dnd tIlT no ijther purwkse. To thc fullcst Cxtent MIllIed b}. lail. M'e do nol aciLyi VT dSSume rL'.%tK)ll5ibiliti io an!"onc oth¢r than ihe Lhar.'table companj and the charitable wT[lny'S rnembers as ? th.. for nur audtt il'ork.. Ii)r ihis I¥rL vr for th¢ opinions iir h,.Il'e fotmed. (JIT Pthtridgc 18cniTrr Siai Audiwr) fi)r anLI on behalf ul-Charii)t I Iou5e I.imited (.'hartL'fL'd A¢l(nIlS ar¥J StatOr5. Auditor 44 (jTiind l)ar&J¢ Briuhtsin J3N2 WA Dale.. Pagell
r>)wwgn Envepe ID". ADIODD14.DFC4414A499>92830AF8E586 . TITL.TE FOR Ef*lPLOI'IIF.I STA TLINIEIYT OF FIYANC.-IAL Acfii-ITIES INC'ORPOR4TING.4N IIC'OIIF. .IND EXPF.NDITI'RL.4CC.OI"liT FOR I'llb" I'EAR ENDED 31 .11,IRCH 2024 1025 Total funds L'nrcmricied runJs R¢siTiCted funds Toial funds Noies IIlCOlI IE AliD F.N'DOII'IIEYTS FROII Charitable acrivities PrOlLls C'i)rrK)rJte memhership PubliLaiiorts ).1gU.YY4 79?.j68 J.98J. j6? 63.¥?4 5i6 3.861.755 5i6 424 Invcsimcnt income Other income 27.737 21.145 2.465 Total 3.?93.391 79?. j68 4.08i.959 4.(K>4.762 EIPLIDETI'.RE O ChAritabl¢ activi¢ie5 ?.48J.9j6 708.46) 863.164 47.1?0 708.465 3 ?19.7¥2 ?()1.7i6 MJnagL'mLnt & Adminislrntion Total 3.19?4? 863.166 4.Uii.i8i 3.921.538 YET IINCOIIEIIEIPENDITL REI IIM).970 146.480} 171).i961 4().4110 30.374 TraTLsfer5 b¢tween funds 15 Net moi'tment in funds 54.490 30.374 83.224 RECONCILIATION OF FLINDS I'ciial lunds brought tOnN2rd 1.660.i08 I110.9) 1.549.344 1.466.120 TOTAL FUNDS C.4RRI£D TrORII'ARD -714.798 I lJi.080} 1.579.718 l.i49.344 The noies fomi ofihese rtnancial 5tatcrn¢nts Ptioe l?
L63n Envek)pe ID." A010DDII-DFC44T4A4995-92830AF8E586 INSTITIITE FOR ENIPLOI'NIENT STLDIES RECISTERED N'L.IIBER= Ib0931.517 ALANC.F. SHEET 31 f¥lARCII 2023 2025 2024 As resthied Unrestricted nds Restricd funds Tothl funds funds Noies FINEDASSETS Tangibl¢ )5SCts 10 16.993 16.993 22.090 CURREYT ASSETS Debtors Cash at bank and in hand 1 ?46.471 l.11?.680 1 ?46.471 1.112.680 -35¥.535 .i12.631 2.3i9.lil ?.359.151 2.871.166 CREDITORS Amount% lallin¥ duc M'ithin one i'edr 1661.346) Ili5.0801 1796.426) I l.J32.3(X)I NET CI1IiRENT ASSETSIILIABILITIESI 1.697.80i I l i5.0801 1.562.725 1.538.¥66 TOTAL ASSET5 LESS CLIRRENT LIABILITIES 1.714.798 {li5.0801 l.i79.7111 1,560.956 PROVISIOPIS FOR LIABILITIES 14 NET.4SSETS 1.714_798 i lii.O¥OI l.i79.718 l.i49.J44 15 Unre51fiLILd lunds.. (jCllLral liind Rc5tricied fund5 1.714.798 1.660.308 TOTAI. FIIYI DS 1.579.718 l.i49.344 11 Dember 2025 The fIALl} statLm¥nt5 MLYe appr()i"ed . Board of TnJste¢s and authorixr(I for issue on ............................................. and werc 5iBned on its irhall-bi= Swjntdby". Po&L K Poole - Trust¢e The rkxes r(wm tort of5¢ flnancial 5tst¢ments Pagc 13
Drug Envelope ID". AD100014-DFC4414A499&92830AF8E586 INSTITL',TE F OI'IIEYt STIIDIF.S .tI.SH FLOII. STATENIENT FOR THE I'EAR ENDED31 1l1.4RC.H 202 ?0?5 2024 Not¢5 Cash nows from optrxting activitie5 C'ash gcncrateJ Irotn ti1)n.% 14i0.488 272.6821 Nel cash used in operatin8 aCllI ities 1430.4881 ?7?.68?1 Cash flows from xnl'esting acflvlties PurLhas¢ of tangible fi.¥eif asse15 IniLfLSt rLLeii-ed 15.0.151 ?7.7j7 Nct cash PTth'id¢d inieMing ociii iues 30.ii7 6.4?4 Change in cash and rash cquivalEnt5 in the reportin% period C*5h ajjd cash cquii'alellts at the beglthtting of the reporting period li99.9511 1266.?581 l.i12.631 1.778.889 C#5h and ¢2$h e4uivglents at the end of the reporting ptriod 1.11?680 .512.631 1The note5 fTrmi of-1 financial stateTHenL Pag¢ 14
Chxugn EThVek) ID. AD10Do10FcM14A-8g9&9283oAF8E58s INSTITI,'TE bOR EIPLo%.lEr STLDIES NOTES TO THE ASH FLOlI' gr,ITEIllLliT FOR TIIE I'EAR ENDED 31 %IARCH 2025 RECOYCILIATION OF NET INCOhlE TO NETCASH FLO1 FROII OPERATIPIG ACTII'ITIES 025 2024 Net income for the reporting Peri {¥$ per the St¢tmtpt of Finan¢i¥l AttItIeS) Adj¥%imet)t$ for- l)cpreciatii)n ehaTgcs Int¢r¢5t rLcLiILxi Ivi"etnent ill 15iLin for liabiliiies I)eerLV5eJlincrcascl in dehors Decrease in tredii() 30.374 83,224 10.132 135.57?) 10.900 (27.7.17) 1.612 12W.8571 149.X?41 li3i.8741 Net C05h u5¢d in operations 14iO.4881 127?.682) ANALI'SIS OF CHANGES ITr4 NET FLYDS Ai 114Q4 Cash flow. At 3113125 Net cash Cash at bank and in hand -jl?.6jl 1399.951) 1,112.680 .i12.631 399.9511 ].11?.680 Tot*1 -jl?6Jl 1399.9511 The £5 forni financial stawThfnts Page15
Docusign Envebpe ID.. loDo14-DFcHl4A-899&g283OAF8E58
INSTITI.'TE FOR E[PL
T ST(IDIE5
OTES TO THfr, FIN'ANCI.4I. STATE1Ts
FOR TIIE I'E.4R EYDED JI %IARC-11202
JICCOLl%I 'TIN'G POLICIES
BAsis of prepxring the stalernents
-h¢ linJnLial 51aiLmLni.& i)i- Ihl iharitsblL Ll)mp)n!. iihich is a public kneftL Llllill. Under 111? hai e been
prLped irt aLLurdaniL' Iiiih lh¢ ChJriiie5 SURP IFRS 10?1',ILLuniln and RLFKining M. C-hariiic%'. Staicmcni of
IlciiiminenÉkLI PrdLIILL JrpliLdblL Lhariiie5 prepating iheir aiiounis in decorALe ii.ith t. Fin4llLldl R¢pv)rting
landard applicablc in IhL I',k and RLpublTL Ot" Iftland {FIi% 10?> lelTeciiie l Januan ?0191'. FinanLial RepL)rting
Sianlknrd 10? 'ThL' FindnLidl RvDirting SianiL¥rd applicable in Ihe LIK and Rcpuhlic of Irel. and thc Lotnpanie5
ALI ?006. The 12nancial SEatL'mLnES hJie prepJred unJer hiS?rIcal Lvsl LN>niention.
The Lhariti tneth5 ihtr (kfjniiiun ora public Ix'nefii LnLiii as dL'fined bi FRSIO)
-I'hc finala1 siaiemertts arc prLVIrL in iiljich is the n¢t10al currrnci" of ihc entiij and are rounded io
Ihe neast p)und.
Ai ihc timc ol- apwo%'in8 ihc tirtarKial eMen1& ihe iru51ecs haic a rca51)nable c.Ll811i)n ihat the chariti has
adequatc reUrCeS io coniinue in eii5tencc for ihe tore5eeable futu. and on thai basis thc eharit). 15
C57l.rVlf Iv gyoin¥i Lvncem.
Income
Inv(ImL' 15 1"¢¢XILinised iihl'n IhL' ib1% has LntlLILmLni io IhL fundk an! r[0Mance eondiiions attachcd lo the
inLumL' haiL' been mei. li is proikibil ihat the iThiume iiill be reieii.ed and that the amount measured reliablv.
Project income. ii'hich T¢pnLts Jmi)uns reLeiiablL' bi thL compani In ihe ordinari. a)urse of operaiiuns lor
erKiLes proi ided. is dLLX)uni¢d liir in ihe lear iu iihich IE rLIatL. ..Ini iTrLivnc lh relatL% L() iltsrk ti) k. cairied out
in future Ferind% is therCtO (krem. ConirdCL arc full!" rccogni5cd in tk Y10d in i¥hiLh thL*' are forcwn.
For iran11n5 ii'hLre the In5titule LS d
DoCug Enweknpe ID.. ADloDD1FCml4A-tsg9283ONF8E586 INSTITUTE FOR EIPLO}.lNT STI-:DIES NOTES T()'I'HE F INANI C'IAL S-I'A-I'kNI LINTS- Continued FOR TIIE YEAR EryDED 31 IllARCII 2025 ACCOUTriTIliG POLICIES- tontlnutd Expenditure Depreciation and renl pavable hal'e Ixxn apwrtion(xl Imwjon thE arca of the riKbrnS used for Institute'5 aetii'ities and stail.wsts art. alluLaled accordin4 ts1 th¢ emplo!¢¢s' Iv. All otk.r Costs are app)nioned oth k consisient appropriate tth the IDStitutc's cIrCMan¢Cs. Tangibk fiieil assets ReLO¥tnilii)n [neasuCnt FixLxl assets are me&%wed * c05t accumulated &preciatiot) anil ttnN" aLrurnulthd itnpairnicni1055CS. Asscts iviÈh a in excc55 of £51X) inkndcd io t¢ of ongoing use are capitali5ed as fixed &ssets. l)eprLiaiiun is Calculated io iiTite ihe Ix)s1 of fumiiure. fiiting4 and e4UiPtnent bi. equal annual instslments OV IhLir c1Cted urUI li&es. Thtte tre 3 l.ears for compur hardi¥-ate. 50ftii7re and otTicc cquipment: 5 I'eaTS lor c)ffiLe fumiture and the iel¢phone sI"srcm.' and IQ !'eiU5 for oflELT fii-oui t4)% or o&er ihc period of LhL ILa&e erc this is shorter. Taxation 'I'he C'harit%" 15 CC?n5id¢r¢d io pass th¢ sts sei oui in Parn4rdph I S(hedule 6 Finance Aci ?QIO therefo it Ml't Ihc detiniiiort i)l- a charimble LVtn¥Mni for L',K C'orwrdiivn f<lN pr)Se5. Accordingl%' Ihe Chariis. is )tenlialli ¢.Kem from thNalion in respLt of income OT capiial gn5 r£17 ed li ithin cat¢gorie5 col'ered bv Chapt¢r 3 Pirl I I c'urrdlsn T&K ALI ?010 or SLYiion ?)6 of the l axauon of i"hiwgcablc Gains Aci 1991 to the cxient ihai such incom¢ or gains are aprAicd cxrlu5i&el)' io charildbie Fumd a¢countiDg [Inre%trictL"d lunds arr incominq tesource5 reeeiied foT ¢Ildi[u on The genera] ohjtttive5 of the Charitv. Resiricled funds rl'la iu grani-tunded woj¢as ii'hich ma!" ffll). io for the purky)se of the sranis. I"ransfi'rs blIl. rc5tTkcied lund.% and Unrencted tunds P[r5ent the fin Ik.fi¢il lor re%idual surplus) on grant fundcd Jgr¢¢men15 Cutnpleted and LI()d an ihc finan¢iJJ }"ear as Is ]lld in ihc 8ranl agreemenl. Forelgn curreThcies A_%%LI% liabilitlL'.% in lorei8n curr¢ncics are translatrd intrTr stCTJing :..1 th¢ ¢5 of exchange rnling ai the ba]anLe sheLSt dai¢. Transacii{Trn5 in forL'iSry currcniies arl ints) sierliJ'.¥ di the ra ofexLhange Nling at Thc date of transaction. E.Kchange dilletynces arc iak"¢n Irb attouni in arri¥ing at t., operdlin£ r¢suli. Operating lease pavments .1 c)liil pa! rnenis under i)peraiino leases are chaFgcd to the a*meni ()r rinancial aail'iiies vn a strdight linc ba51S oNcr Irase ILMI. ContributlQ115 to ptn$ion funds "I hc ii)mFkLni" 5yartlLIPtile& in ii%o ti'rt5 of tnSion schLYne.' The IES Stxkeholder Retiremtnt Bentfits Scheme 'I'hi% 1% a d¢lin¢d Ll)ntribuiions SLherne and L(InlribuiiiYLS are ¢FAr8ed io the Semen1 or rindncia] iKtiN'ities in the in Hhich ihci fr1 duL'. Page 17 conlinued...
D(Kuggn Envelw ID.. A0100D14-DFCH14A4995-92830AFBE586
IIYSTITI'TE FOR EIPl,
.)T STIIDIES
NOTFS TO THE FJN.4NCI.4L STATEIIEINTS-
FOR THE I'E.4R ENI)FI) 31 11.4RC'H 202$
ACCOUNTIYC. POI.IC-IF.-4. continued
Th¢ Universities Super*ttrtuitioD Sch¢rnt
-I"his is a defined k'nclil sch¢mc iihich 1.% exicmalli (undL and o)niraLied Liul (Trf thc SialL' Seu)nd Pension IS?PI.
The Fund is i alued L'l Lr¥ Ihr¢L i.ears b! a professiunall!" qualiticd intyrtdcnt actuar)" v£ing thc pn)j¢Llcd unit
meth()d. th¥ rdk5 Ot. coniribuiion pd! dble being Ik.tutnined b! IhL Trust
QcLIgn Envew ID.. AD10DD14OFCU14A499&92830AF8E586 Ih"STJTITTE FOR Er]PLOYlEYT STL'DIES NOT&-S TO TIIE FINANCIAL STATE%IENTS- FOR THE I'EAR ENDED31 MARCH 1025 CHARITABLE,IcfiviTIES COSTS Sup]xJrt costs Isee notr51 C'05ts Tota15 l?rojcctS Man(Igerncnt & A¢knini5trntion 3.147.1?0 3.347.1ty0 708.465 708.465 J.147.120 708.46) 4.U55.585 SLIPPORT COSTS Management Managemenl & Aikninisir4lion 708.4()5 NET INCOPlE/ILXPEliDITURE) Net i)mY/(£lirel is after ch21n9'(Credi[ingI= 2024 DeprLYiatino- oiined as5 Auditors, tcmuncrativn - Audii 5Lrn'i¢eS Auditors. rLmuneTdtion- non audit TriC¢S IU.132 10.911 6.500 4.8(>D TRIISTEES. RFILNFK4T[0N AND BEYEFITS During tht or. trust. Emma Si¢iiarL paid £l.(MM) for subtsiThtrdd iiDrk fvr profLssional services 120?4: £3.0001. Tru5tees' expell5es During thc >'ear orK tTus¢ee reimbursed £lJl for tra%'el exrn5ts 12024.. No trustees w¢r¢ reiTnbursed for elPLTdilurcl. Pagc 19 continued...
Docun Enwbpe ID.. ADIODD14-DFC4414A.899>9283W8E586 INSTITUTE FOR EIIPI.OTr'IIENT STI'DIES OTES TOTHE FIISANCIAL STplTEIIENTS-¢olltillued FOR THE I'EAR ENDF'D31 IIARCII 202 STAFF COSTS 2025 W28cs and Salarics ocial SccuriTh" c0515 Pension costs ?.278.008 •34.951 4)7.002 ? 098.984 I S6.6?6 2.969.1)6 ?.()J6.3?4 The ai"erage mDnthli rtUmr of emploi"ec5 during the i'LYr a5 follo%i"s'. ?()?5 2024 Tothl Thc nutnbcrot etnplui"eL% lilK) emplwee nefits ILNLludino cmploier siOn costs) e1cLdl £60.IX)O Iiys.. 21)? j £(711.IKII 1711.(XXI £711.(Y)1- £80.Ixx> £80.001- £IJ).(xxI £QO.IK)I - £iIKI.(KX) Pensiun conirilyjiions ol- £54.821 1?0?4.. £61.6361 iiere m&Je b%" IIK compaThN" dyrin8 thL ).r on irhalf of highcr paid Lmpli)iees. During the l'trar 4 1?O?4= 41 Mgher paid stsfi- iiere accruino knettts under tk delined n¢firS s¢h¢me. and no emplc))ees i?0?4.- n()ncl iiere accruing Ix'neliis unthr Ihc Lry)tnpam'.% d¢fined ci)nthbution schemcs. Management PersOnr1. are considered io IK the and the leadcrship teatn. rctii&iJ rL'murterdtion lincluding emploier5 nationol iosllrJnce ar¥J 1510 cvntriiAJiionsl amourning ts7 £489.277 1*1}?4.. £498.1641. Page 20 continue(l...
Do[s¥Jn Enveknpe ID.. AD10DD14-DFC4414A499&92830AF8E586 INSTITUTE FOR EhlPLOYN1E,YT STiiDIES TES TO THF FIP4ANCI.4L STATEfvIEPTS- ¢oniinued FOR THE YEAR ENDED31 flARCII 202 COMPARATJN'ES FOR THE STATEIEYToF FIN.4liCIAL ACTII'ITIES-AS RESTATED IjnrcsL0d R£ori¢ied funds funds Totsl INCOIME AD EINDOII'TrIEliTS FROhl Charitable xttivities Projccts CorrK)raie memtrRrship Publications .954.831 93.701 4?4 (kn.923 3.861.755 93.701 424 lrtiestsn¢ni income C)IhLr inLI)me 27.73) 27.737 21.145 TotAI ¢XK).92i 4.004.762 EXPENDITIIRE OTra Chritble aetivitie5 ProjeLL .lanag¢ment & Athninislration .015.391 3.219.782 7111.756 701.7)6 Tot*1 .015.391 3.9?1.538 ,'r 1Tr4COMEIIEXPEYI DIT(IREI Transfers betwt¢n funds 191.690 11.544 1108.466) 11.5441 83.224 P4et movement in fund5 ?03 ?j4 {120:010) 83.224 RECONI CILIATIOY OF FliP4DS .1 i)ul lund& brought iorwdrd -457.074 9.046 1.466.120 TOTAL FUNDS CARRIED FORWARD .660J08 110.9641 1.549.J44 Page21 ontinued...
DsIgn Envelope ID.. A010DD14_DFW14A-899&92830AF8E586 INSTITLITE FOR E.IIP OI')IENT S'ri".DIES OTES TO THE Tr IN.4NI CIAI. STATEIIE%TS- rontinued FOR THE I'FAR P'NDED 31 11.4RI'H 202 io. TANGIBLE FIIED.4SSETS rixtUTC and At l .Qpril ?11?4 A(l(liiion5 176.01 i.035 Al 31 fvlarch 10?5 DEPRECI.4TIO. Ai l .Pri] ?11?4 Charge for ie 153.976 10.132 At 31 Klarch 20?5 164.108 NET BOOK VALUE Al 31 NlaiLh ?02) 16.993 Ai 31 Wldrch ?0?4 2?.090 DLB'foRS- A1 101,"NTS FALLIIG DI'E II'ITHIY OYE I'EAR ?025 -I'rade deor5 l?rcpa!mcnt5 a¢ttued income 666.1 ?5 5¥0.346 6?7.6?7 7.10.9118 1 ?46.471 .i5¥.5i) Pag¢ , eonLinued...
DotyJsvJn Envek)pe ID.. AD10DD14DFC4414A499>92830AF8ES86 IIISTITUTE FOR EIIPLOI'II IEYL r STLDIES NOTES TO TIIE FIli.4NCIAL STATEIENTs- continued FOR THE YEAR ENDED31111.4RCII 2025 12. CREDITORS: AMOLIliTS FALL1Tr4G DUE W'ITHlTr4 OliE I"EAR 2025 20?4 Trade ereditors 79.585 84.084 6.484 7.256 90.70i 88.314 174.444 89.619 3.979 893,738 117,162 'A"r (hhLr tTedil(11S PaN'mcnt% rttei%'ed in ad%'anL ALcTU<ils (Ind defe¢ inLom¢ A¢rTu¢d ex[55¢5 796.426 1,332.100 13. LEASING ACREEI¥IENTS Minimum Icase ).MentS undcr non-cancellatrAe 0[18 l¢as¢5 fall duc Is folloi%s: ?025 2024 Wiihin one Bctilrcn one and fkve *car5 72.717 ?44.009 57.?46 316.726 316.726 373.972 14. PROVISIOPIS FOR LIABILITIES 2025 21124 Prui'ision5 Page 2) coniinued...
Docusn En¥eh)re IO". AD10DD14.DFC4414A499&83OAF8ES6fj INSTITL TE FOR EMPL I'.IIE%T STI-DIES NOTES TOTHE FINALIAL.TATE.IETS- continutd FOR THE Tr'EAR EIDED31 l,RCH 2025 15. -MOTr'ENIENT IN FL':YDS TraSfer5 tn01"e¢Dl tn At tunds Llnre5trirted fund5 (icneral trund l.(rf)OJ08 1011.9711 {46.4801 1.714.798 Restricted fund5 ..dLicaiic)n I:ndoii'meni The PeL¥lL CentrL abTdn FIntinLl FaimE&S Tmst Youih l.utur¢ Foundaiion Lid CampTrkll CthllaiK>rati 1'h¢ Sution I'ru51 Naiional Instituie of Feonornic & knal Rc5carch Oaisb) Foundaiion Nation31 Institu1¢ tor I lealth Rea[ch Joseph RoiintrL'L F()und&iion LrnIng & Wotk Inoitute 164.(>441 14.1791 110.4891 i?R.i(rf) 41.6n6 4.179 10.490 {34.447 7.280 14.419) 16)81 144.7441 4.419 6)8 15.y5• 113.4981 19?7 {4.08?1 lJ3.5J2) 12.027) 1?.574 2.574 13.750) 4301 (3041 170.5(KIl 4().480 TO'I'AL FLNDS 1.549J44 iO.i74 1.579.718 Net moi'emeni in tijnds. Includ in the atK)ie are &s folloiis.. InLC)Enin2 reSLwries ReUrCeS MoNL'tn¢nl in I'und Llnrestri¢ted fund5 tienLral fun 3.293.391 13.191.421 I,910 Rt5trirted funds Education l-.ndiiiimeni fund abrdn FinanLial Trairness-frust Youih l.utLEre lounda¢ion l.td Pyalionul Instiiuie ot EcorKTrmi¢ &. S{l1 R¢s¢ar¥h Cial%bN' 1.oUndl0 Joseph Ri)i%n1. Foun(L'ili()n L*trnin¢ &. M'ork Instilule 80.9?? 55.i54 11119.082 (47.8641 1368.5631 I?8.1() 10.490 134.4471 19i.9611 lJ.¥951 li4.9iil 184.8441 113.4981 19?71 13.7501 i041 ?.968 184.i411 79?.568 1863.1621 170.5961 TOTAL FUTr4DS 4.U8i.9i9 14.055.583) 30.)74 Paoe ?4 ¢oniinued...
[bCUÈn En¥ekn ID.. AD100D14-DFCM14A-8995-92830AF8E586 INSTITUTE FOR EIPLO),lE STLDIES 40TFS TO TIIE FINANCI.4L STATE.IIEYTS- Continued FOR THE I'EAR E%4DED31 NIARCH 2025 15. I¥IOVEMENT Ipi FLIYI DS- ¢ontiDued Comparativu for movement in As Restattd Net nioi'ement in tunds TraThsfeJs Al 3113ll4 Ai 114123 funds [Inrestricted fknthd5 CienerJl fund 1.457.074 191.69) 11.544 1,660.308 Restricted fund5 EduL-aiiun Endoi)meni futKI IILdlih Foundaiion Cen1 for l.itera. in Primar%. Fdu¢ion 11.769 3.426 16? 775} 164.11441 (J.4261 (6661 Thc l)eLpIL ('Lntrc abrdn Finaneial Fairnc55 Trust Yi)uth l.'utur¢ Foundation l.ld 1?.079) 63) 1.5001 14.1791 110.4891 117.5771 (15.18? 6.0?8 (6.0?81 c'aMClI CollatK)rnti The Suiton Trust Natiundl Inrlitute ofEcorK)mÉL &. Soctal Rek'arch GatsL71 Fouttd&i(Tr National InstitUlL Ii)r Health Res¢arch L&uning & WoJ* InLI1(C 4aOI 173 4.419 C)5 487 121 11)7 116.Oi91 {i.1001 (?.j741 1261 Ili.9521 .5741 1126) 9.046 1108.4661 TOTAL FL TriDS I.4().[?0 1.549..744 Page 2) continucd...
Doths¥Jn Enveknpe ID.. A0100D1¢DFC4414A499>92830AF8E586 IPISTITL TE F T S"TiIDI ES NOTES TO THE FIN.I,%1.'1.4I. ST.4TEII ENTS- totttithued FOR THE I'E.4R FNI)F.D 31 IlI,IRC'H 202 lo1.EIENT I.Y fr LIDS- continued Cumkwatii'e net moi'emertl in lu[$. illilude(l in the aix)ie are as follthis= Ineomin8 r¥.)u[c¢S Resaurcts c.xpcnded Moi'emeni Ilnrt5trict¢d fund5 CiLnLral lun i.097.%i8 12.906.148) 191.690 Resiritted fllnd5 EduLatiun F.ndiiiiment fuThJ 'I'hc Pceple L'enire abrdn Financial fairne%s Tru Youth Fuiure Foundaiion Lid LampbL"II C-L)Iltsburaiion -1 he %u(liin I ru Natii)nal Instiwlc of r.Co[l[liC &. S(Kial Rcsearch Cia15b) loundatiiin Naiic)nal Institulc IL)r I Italth Researth LLrnin¥ & Wvt&. Institu 406.890 34.ii7 57.6): 57.¥.14 74.477 30.804 1469.1711 13) 8)71 168.7761 177().0161 170.1761 i(1.0911 162.2751 11.50UI 173 4.76i ?l.4j6 70.8721 (??. j)61 I IX.7?il 1? 600} 116.0591 12.5741 906.9?4 I l.Q15.i(X)I 1108.4661 TOTAL FI',N4DS 4.D04.76: li.9?1.5381 Gtxnt Fund¢r GtxTht Desc TkL' TaL.s Tm&x. nfitanre rew£eE ard 5(KwI &Ktknirnt ihrnuBhiliikJ- kd Lyal F(NJTthti)n t(Jn FAirN¢s Tribl I'o1h FullC.5 L nl iiwITTu55 [Le Pi&x aj f¥a$thlli 11 Ir¢sear¥haS Ra0(¢[(dTr (Rcfi ofself-eiDpb¥wn¢ YThJih Fthwe% F¢AaTRI) I. Yuuih Firtwes l.ld fN [".i]&Ne.4in'.he%es Is Yothh Fi#we5 L uathi Iff¢Llt55 Irialrf'Ty h kw.. a g-TryvMh rrfiwmMkr¢ rof¢f4s khrtnTQLi Ihre¢ i¢ IeS rRr iieek" iiKh atsJa¥TililKS SiyrKlrt ¢arN &.1¢knynI m areas kke lfiern¢¥. LarÉuJge. nunkra¢¥. )nd Tly Nat1 In5we F.%2kn11)nof Athksk"ts kMTWTrt f An RblL Pr0E[anJ Iv_i._yI*4}. Workts lreri5 &xml Car¢ Catch l-fflicr5alxTrL% IAnEiD£C (L I.-CIL CS5 ci"akniK resLarih vnhiouno etrykn. er5 forenykn..¢TS 10 Naial Irbill1¢ fly Htatth4NI Care search Page 16 ntinu¢J..
twvan En%b)p8 ID.. ND10DD14OFC4414A499&92830AF8E INSTITUTE FOR EMPLOYIIF.PiTSTIIDIES OTES TO THE FINANCIAL STATEIIENTS- ¢oniinued FOR THE YEARENDED31 lAR(H 2025 16. RELATED PARTY DISCLOSI'.RES During thL )"W 5aiu invoice5 of£103.34? 120?4.. £63.7881 ii¢r¢ TJid organi5alions w'ith 4thrttlor5 in comjnon iiith the Charily. Trnn5afflions are l2rri out ai aTTll5 Icnsth and at m8rk£i ralc. 17. LIABILITY OF lElBF.Rs Diiring the }LW I? memitTr IU4: 9) hal'c each unthrthk-É)J io Lonknhute an aTnouni not exc¢%din8 £10 in ihc Ci'cnl l-lhc c()MnN being 14uund up. 18. PENSION SCHEI¥IES 'rhL In5titutc tArticipad in iN"p¢s of nSiOn sckme5 durin8 Lhe lear. I'he lirst hcmc t}. j5 a stsk-eholdcr deli Colltribulion (lireci biyJefiL schemes. The to $10 cost to thc ¢OTnpany tor thL5 heme for the I"¢nded J l March 202) £10.80i12024.. £9.3331. Thc £econd hemL prvl ides h¢n¢fits based on a CarLer.4ierJg¢ Sdl4Th. The cOntritiOn ras fr Januar). 2014 arc 14.i/ts (If t.loab1C salarie$ for tIL' ¢tnplob"¢r and 6.5 for She emplc?Ne¢. 'I'he to1 rension Losi fc)r Ihe LOtnp&nv fvr this CarL'r..lierag¢ 5ihcme for i.r en(kYl i l %laich ?O?i Itas £44i.86i (•0?4 £349.3861. The In.s1ituie has i7 12024.471 emplo%'Lts it) Uni%"ersilie5 SUrnnuatiOn %chem¢g IU551. Hisioricall% iherL' also a final pensionable laTh sehLMe but thi5 closed clIr¢I 3151 MaTch 2016. The mL¥niK'rs Imi'¢ iransferred kn the C'areer A%¢raoe ScMe aFx>ie. ThL Inllute tiCIpat¢S in Ihe Ilnii'er5ilies Su[rrannui SL'hevnL5 Ifinal %alaTh and career ai'eraBel. are detined EK'nLlit schem¢s 14.hich arL Lonlracled i)Ul i)f ilk. SiatL' SeL-Imd Pension IS?Pl. The &%%ets ()f thc schcrnes arc held in a $L.rate Trustee-admsnistercd lund. li is nvl p)&sibl£ io idefflili each in5tiluiion's share of the und¢rl>'ing Is dnd liabiliti¢5 iifilk" SLheme% Jnd hence conLribuiions the 5chanes are aOllted for as il'thL iere delin¢(I coniribution SLh¢rnes. 'I'he amouni LlkirgL'd io inLome and eXpr]re a(1 ]rprc5cnts ihe wntributions Fya!'ablLTh li) IhL' 5ch¢m¢s in rcspeLi olthe alrin11n8 rLriLML 'I"h¢ laiesi iriennid] %"aluaiion E(x)k place as * il %larch ?0?3. calculaTing that a heme SUTplvs of £7.4 billion. This repreYnL gn impn)iemcnt of £?1.5 billic)n us.er the thrcc i'edfs SllJLt Ihe pro'ious ia]uation. 'I'hc Occupationa] Prnsion5 Schcmes IFJnploTreT Detdl Re£aLln5 ?fr)5 and the (knipational Pen05 8ehLne$ IF.Tnplo>'er Debi (Amendmenii RLEulations ?(Mli {thL "I mplu)¢r D¢bL Re8s"l a debi Iknoii"n a4 ll "*rtion 7) dL4A"I UFon an "emploimenr-CCSsatlOll Llix) an cmpli)I"CT cea5 10 emplo!. at least ()ttL' PLrson ii.ho 1% adii'c mcmbcr ot. a r¢n.sii)n xlK-tnL' and & lia5l vne other P101.cr ci)niinu¢b io crnplos actile memirr51. A tIc)n 7) dL4)i is i)n the cnsi ol- SL¥IIFillE memkrs, tterIts b) purLhdsing an inu11>, polici from dn insuraniY iompan%" and mai Signifi1 Page ?7