CENTRE FOR ECONOMIC POLICY RESEARCH CEPR The Centre for Economic Policy Research Annual Report & Consolidated Financial Statements Year Ended 30 September 2024 Charity registration number.. 287287 Company registration number.. 1727026 Contents Page Charity Reference and Administrative Details Trustees, Annual Report Ilncluding Directors, Report and Strategic Reporti Independent Auditor's Report Statement of Financial Activities Ilncluding Income 2nd Expenditure Aecountl Balance Sheets 4-17 18-20 21 22 Statement of Cash Flows 23 Notes lo the Financial Statements 24-42 Appendix 1: CEPR Members 43 The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 Charity registration number 287287 Company reglstratlon number 1727026 Trustees Sir Charles Bean Ichairl Francis Bloch (appointed 27 March 20241 Bronwyn Curtis Johanna Etner (resigned 15 March 20241 John Fingleton Olivier Garnier Ferdinando Giugliano Patrick Honohan Signe Krogstrup Jean-Pierre Landau Klaus Regling (appointed 1 Deeember 20231 Anthony Venables Andrew Woosey Honorary Presldent and Founder Richard Porte8 Presldent Beatrice Weder di Mauro Chief Ex8¢utlVg Offi¢ar & Company Socretary Dr E M Ogden Registered office 1st Floor 2 Coldbath Square London EC1R 5HL Auditor PKF Littlejohn LLP 15 Westferry c1￿u$ Canary Wharf London E14 4HD Solicitor Bales Well8 10 Queen Street Place London EC4R 1BE Bankers Royal Bank of Scotland plc 48 Haymarkel London SW1Y 4SE The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 The Trustees present their report and the audited consolidated financial ststemenls of the charity for the year ended 30 September 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice 'Accounling and Reporting by Charities, I'SORP'I in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the awounting policies set out in the notes to the awounts and comply with the charity's governing document, the Companies Act 2006, the Charities Act 2011 and the SORP applicable from 1 January 2019. Trustees of the charity The directors of the charitable company are its Trustees for the purposes of charity law. The Trustees who have served during the year and since the year end are as detailed on page 3 of the financial slalements 'Charily Reference and Administrative Oelails,. Objectives and activities and policies adopted to further the objectives The Centre for Economic Policy Research Icenlre or CEPR) was established in 1983 to 'promote and advance education for the public benefit in the efficient functioning of the national and international economy by conducting and promoting studies and research into open economies and the relations between them,. The Centre is pluralist and non-partisan, and promotes independent, objective analysis and public discussion, bringing economic and social research lo bear on the analysis of medium and long- term policy questions. In order to advan￿ these objectives, the Centre has established an extensive network of researchers, based mainly within Europe, who collaborate through the Centre in a range of research projects and related activities, including the dissemination of CEPR'S research to private and public bodies and lo the public at large. At the end of September 2024, the Centre had 1889 Research Fellows and Affiliates, spread across several hundred institutions and 35 countries. These researchers carry out research in areas ranging from open economy macroeconomics and intemalional trade lo economic history, industrial organisation an the economics of climate change. The Centre provides common services for its network of researchers and for the users of ils research, and it obtsins funding for the activities il develops. In particular, the Centre undertakes the following activities.. Development of projects and obtaining fLJnding for them., Administration and execution of projects once funding has been obtsined for them, and reporting to the donors on the activities undertaken and expenditures incurred under the projects., Organising workshops and seminars to promote seienlific exchanges among researchers., and Dissemination of the results of the research to a wide audien￿ in the private sector, the reSea￿h and policy communities, governments and civil society. There has been no change in these activities during the current financial year, although there has been significant expansion in the volume of events and publications produced by CEPR as a result of the Paris expansion, and the addition of a new UK Foreign, Commonwealth and Development Office {FCDOI project discussed below. The Centre organises workshops and conferences so that its researchers may meetwith fellow researchers land users of the research) in order to discuss and compare research findings. In the 2023-24 financial year these meetings took place both virtually and in person. The Centre also distributes the results of this research in the first Instan￿ through its Discussion Paper series. These Discussion Papers are circulated widely to specialists in the research and policy communities and the private sector, so that the results of the research receive prompt and thorough professional scrutiny. Subscribers to CEPR'S Discussion Paper series include university and college libraries, ￿ntral banks, research institutions and private sector inslitulions. In general, CEPR is a granl-tsker rather than a granl-m8ker, bul we have two projects where we oryanise the giving of grants, both funded by the UK FCDO. The first, and longest running, is Private Enterprise Dgvelopmenl in Low Income Countries IPEDL}. which aims to stimulate research on private-seclor development in low-income countries. The second project, which commenced grant-giving in spring 2021, The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 is Slruclural Transformation and Economic Growth ISTEGI is a five-ye8r academic research programme which will pmvide a deeper understanding of the fundamental economic processes of slruclural change and productivity growth in low and middle-income countries. In April 2024 these projects were brought together into a new Growth Research Platform, and two more elements were added.. a project on Reducing Conflict and Improving Perfom7ancg in the Economy IReCIPEI and a Policy Response Window. More information on all these projects is given on pages 7 an 8 of this report. Public benefit statement The Trustees confimi that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard lo the Charity Commission's general guidance on public benefit. They have referred to the guidance when reviewing their aims and objectives and in planning their future aclivilies. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. Public benefit is enshrined in CEPR'S purpose, which is lo produce excellent research that has policy relevan￿. The main activities that further the production of excellent research are as follows.. We organise workshops and seminars, both face-to-face and online, lo promote scientific exchanges among researchers., We publish a Discussion Paper series which is widely circulated in the academic world and beyond., The following activities help disseminate the policy relevant research to a wide audien￿ of policy makers in the public and private sectors through.. wel>based vehicles, especially through VOXEU. social media and email campaigns., and direct meetings with decision makers in gmups of varioLJS sizes and formats, including through wider dissemination meetings. Although one of CEPR'S aims is lo foster research on policy issues, we take no inslitulional policy positions nor support partieLJlar political parties. CEPR research may include views on policy, but the Trustee8 of the Centre do not give prior review lo its publications, and the opinions expressed in published research are those of the authors and not of CEPR. Move of Headquarters as of 1 October 2024 As previously reported, in November 2019 CEPR initiated the creation of an Association under French law, to provide 8 vehicle for an expansion in France. including the ultimate relocation there of our headquarters. The pandemic slowed the development of our French hub, but the plans were finally realised in summer 2021 and 8 consortium agreement with various partners was signed on 1 October 2021. The agreement confirmed a major expansion in our activities in Paris, with the financial support of the Banque de France, the Ministry of Finance, the Ministry for Higher Education and the Région lIe-de-Fran￿, together with several private sector inslilutions. The Elysée has been a key supporter in enabling this expansion, as have SciencesPo, from whom CEPR are leasing offi￿$ close lo their own campus. The consortium agreement envisaged 8 three-year transition peri(Kl from 1 October 2021 until 30 September 2024, which means that Paris became CEPR'S headquarters as of 1 October 2024. The Trustees of the UK Charity and the Members of the Association have been identical since July 2022. The Trustees of the Charity have established that this move is in the interest of the charity. Establishing the Paris Offi￿ and expanding our activities there dominated CEPR'S activities in 2023-24. Senior staff have spent a great deal of time recruiting staff, enhancing our activities and developing relationships with our new funders. The second flagship Paris Symposium took place very suc￿SsfUllY in December 2023 and the third took place in De￿mber 2024 and was generally felt to be the most successful yel. We have also expanded our dissemination activities in Paris. Historically CEPR has held dissemination events that enable new research results and their implications for policy lo be presented to a wider, non- specialist audience. often hosted by a CEPR member organisation. More infomialion about future activities in Paris is given on page 13. The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 Strategic Report Development, activities and performance against objectives during 2023124 Be￿een 1 October 2023 and 30 September 2024, the Centre mel all ils slated objectives and targets in terms of research meetings and dissemination. The Centre published 1053 CEPR Discussion Papers 12022-23.. 9411, which equates to an average of 88 Discussion Papers per month12022-23.' 78 per monthl. We organised 111 hybridlphysical COnferen￿S and research workshops12022-23'. 931, and 12 fa￿-to- face dissemination meetings in Paris, Berlin, Frankfurt, London, Brussels, Rotterdam and Washington DC presenling CEPR reports and other important policy-relevant analysis12022-23'. 91- In addition to fa￿-to- face meetings, CEPR organised 100 online seminar sessions across 20 different academic webinar series 12022-23.. 841, and eight online discussion meetings presenting CEPR reports and other important poli¢y- relevant analyses lo a global aUdien￿12022-23.' 181. The total number of meetings organised in 2023-24 is about three times higher than in the pre-pandemic period and reflects the Paris expansion. The Costs of some of these workshops and conferen￿$ were wvered by CEPR'S own funds al a total direct cost of £440,005 {2022-23: £251,4751- Some of these costs relate lo regular events that have been taking place for many years bul included within these figures is £312,08612022-23.' £120,712) spent on events which we were able to oryanise as a result of our increased French funding. These figures exclude the costs of CEPR staff lime in organising the meetings. A further £611,90312022-23'. £328,935) was spent on meetings funded by grants from other sources, including £134,57812022-23.' £22,795) claimed from the Région Ile de France for events organised as part of the Paris expansion. There are also costs bome by our various meeting hosts without whom our mission for academic research excellence would be diminished. These'in kind" donations are in many cases substantial and, given that CEPR has not covered the costs of the meetings directly, are difficult lo calculate. An important part of the dissemination prO￿sS is the Centre's policy portal VOXEU. Launched in June 2007, Vox has become the premier internet site for analysis and discussion of key European and global policy issues. The primary audience is economists in the private and public sectors, media and academics. In August 2022 w￿.ce and www.VoxEU.or were merged into one new site,. the resulting increase in traffic is reported below. During 2023124, CEPR issued numerous publications focusing on the policy implications of the Cenlre's resear¢h, including12022-23 figures in parenlhesesl five Policy Reports151', five Vox eBooks171', and 12 Policy Insights141, together with three issues of the journal Economic PoliGy131- In March 2024 CEPR launched a new Climate Change and the Environment Programme, led by Patrick Bolton and Mar Reguanl. This new programme, which also brought together the RPNS on Climate Change and on Sustainable Finance. held its first conference in Paris in September 2024. As part ofthis conferern￿, we held a half day of panels in partnership with the AXA Research Fund, one of CEPR'S founding Paris partners, at which leading academics, policymakers and private sector practitioners discussed issues relating to Iunlinsurability and climate risk, and the role of climate finance in transilioning lo a sustainable, greener economy. Partnerships and collaboration In pursuit of ils charitable objectives CEPR collaborates with a range of partner institutions and organisations in Europe and beyond. For example, many of the large-s¢ale collaborative research projects undertaken by CEPR require close inlerartion and collaboration with university departments across Europe., joint workshops, conferences, training programmes and a range of dissemination activities are organised and undertaken cooperatively. As a result of these types of projecl-based initiatives, CEPR has developed and maintained a significant number of 'network-based' activities within its wider'virtual, network of academics. CEPR works closely with a number of public and private sector organisalions, including European ￿ntral banks, ¢orpor8te bodies, government departments and the European Commission, in staging joint workshops, seminars and olher discussion and disseminalion-based activities. CEPR manages the Euro Area Business Cycle Network IEABCN.. htt s.'Ileab¢n.or 11, a forum linking academic researchers and researchers in central banks and other policy institutions involved in the empirical analysis of the euro area business cycle. It is funded by 20 European central banks, including the European Central Bank, plus the European Commission. the European Investment Bank and the South African Reserve Bank. The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 CEPR cwwns a joumal, Economic Policy, together with the Cenler for Economic Studies of the University of Munich ICESifol and the Fondalion Nationale des Sciences Poliliques ISciencesPo}, published by Oxford University Press. Over the decades, Economic Policy has published some of the most widely cited studies on financial crises, deregulation, unions, the euro, unemployment and other pressing topics. Papers in the journal are sought from leading academic economists all over the world, with the brief of illuminating topical policy issues by combining the insights of modern economics with the best available evidence. In 2024 the owners of Economic PoliGy decided to change the journal, reducing the number of issues each year from four lo two and commissioning all the papers, rather than issuing Calls for papers. The guiding principle for this change is lo enhance the policy relevance of the review, while at the same lime keeping its academic rigour and the state-of-the-art quality of the papers. In its new format, EP research will contribute lo the global public good of evidence-based policymaking. The management structure will be streamlined, with a single Managing Editor in charge of commissioning and thoroughly editing papers, an there will no longer be Senior Editors. The incoming Managing Editor is Sebnem Kalemli-ozcan, {Brown University), who COMMen￿d this new role in January 2025, and the new title of Ihejournal will be Economi Policy.. Papers on European and Global Issues. In addition to our close relationship with SciencesPo, CEPR is working on strengthening our relationship with other French 8cademic institutions. In June 2024 we collaborated with the Paris School of Economics in organising the sewnd PSE-CEPR Policy Forum, which was devoted lo the discussion of emerging issues among leading researchers and policymakers, reaching a large audien￿ that induded government officials and legislators, the media and academics. This second edition had the theme of "Exploring the Science of the Brazil G20'. Building A Just World and a Sustainable Planet" and featured keynotes from Abhijil Baneriee, Esther Duflo and Gabriel Zucman. CEPR organised daily presentslions and poster sessions for thirty young researchers around the same themes, and also a VIP breakfast for funders and supporters, at which Esther Duflo spoke. We are currently working on organising the 2025 edition, which is likely to focus on labour economics. Sources of funding Restrieted Funding CEPR'S income for its charitable activities is a mix of 'reslricted' and 'unreslricted' funds. The restricted income, which is the main source of funding for the research grants that CEPR administers, is derive predominantly from projects CEPR administers for the UK Foreign, Commonwealth and Development offi￿ IFCDO). In spring 2024 FCDO'S funding lo CEPR was extended and restructured into the Growth Research Platform IGRPI, which now includes four large research projects.. Private Enterprise Development in Low Income Countries ￿PEDLI, which started in 2011., Structural Transfomialion and Economic Growth {STEGI, which started in 2020,. and Reducing Conflict and Improving Performance in the Economy IReCIPEI and the Policy Response Window. both of which commenced in spring 2024. PEDL is a granl-giving initiative that aims lo stimulate research on private-seclor development in low- income countries ILICS). As part of the PEDL initiative, CEPR runs a programme of Exploratory Research Grants IERGS), which are smaller grants {be￿een £10,000 and £40,000) which are designed lo attract new entrants lo the field and to fund potentially promising avenues of research which have not yet been lesled in larger research proposals.11 also runs a larger grants programme, called Major Research Grants IMRGSI. There have been 47137 ERG and 10 MRGI stsndard rounds of funding through to September 2024, in addition lo 25 {22 ERG and 3 MRGI special rounds (specifically for researchers from LICS., for PhD students,. for research related to climate change,. for research on the impacts of COVID-19,' for development finance,. and focused on collaboration between early career researchers from LICS and high- income counlriesl. PEDL also ran two special 'scale-up' rounds aimed al providing extra funding to promising ERGS. In total, as of30 September2024 PEDL has awarded 306 ERGS, ofwhich 270 have been completed. sin￿ the first round of MRGS in the autumn of 2012, PEDL has awarded a total of 64 major grants across thirteen rounds, including three special rounds on development finance, with an average size of around £250,000. So far, PEDL-funded projects have generated 200 working papers and 152 publications in peer-reviewe journals, including lop economics journals such as the American EGonomic Review, the Quarterly Joumal of Economics, EGonometrica and the Journal of PolitlC81 Economy. As part of ils effort lo disseminate the findings from awarded projects to the wider policy and research community, PEDL also publishes short The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 policy briets called Research Notes. As of September 2024, PEDL has published 155 Research Notes, including 21 on the impacts of the Covid-19 pandemic. PEDL encourages ils grantees to engage with decision makers- both in government and the private sector- to increase the visibility and potential policy impact of their research. A survey conducted in September 2024 indicated that 217 PEDL project teams are engaged in sustained discussions or are closely collaborating with decision makers. In early 2020, CEPR was awarded a further project by FCDO, Structural Transfom7alion and Economi Growth ISTEG, hlt s'.Ilsle .ce r.or a five-year academic research programme which wll provide a deeper understanding of the fundamental economic processes of structural change and productivity growth in low and middle-income countries. The programme is led by Doug Gollin (Oxford University and Tufts) and Joe Kaboski {Nolre Dame Universilyl. There have been seven (SRGI standard rounds of STEG funding through lo September 2024, in addition to seven special rounds specifically for PhD students. In total, as of 30 September 2024, STEG has awarded 92 SRGS and 84 PhD grants. Larger Research Grants ILRGS) are awarded following a stringent evaluation process,. as of 30 September 2024, there have been four rounds of LRG funding awarding a total of 27 grants averaging just under £100,000. The ReCIPE programme focuses on economic and growth issues in conflict affected and fragile countries. Dominic Rohner IHEC Lausanne, University of Lausanne and CEPRI is the Research Director, and Oliver Vanden Eynde IPSE and CEPRI is the Head of Engagement. Building on the successes and learnings from the PEDL and STEG projects, ReCIPE is structured in a similar way with a core grant giving function and emphasis on producing policy-relevant research. The first year of the pmject provides an opportunity to map research frontiers and identify evidence gaps., lo lake stock of available data and to begin the process of expanding data collection where needed., to select priority countries for research and for policy engagement,. and to bring togelherthe key $18keholders- researchers, policy makers, development funding institutions and others - in order to identify important research questions that Can be feasibly answered. The first round of calls for proposals will take place in Spring 2025. The fourth FCDO initiative under the GRP is the Policy Response Window IPRWI, which involves synlhesising existing research in development economics and disseminating it under the VoxDev (see.. htl s.'Ilvoxdev.or 11 online platFomi, as well as providing short-lerm expert advice lo FCDO requests on topics related to the PEDL, STEG, and RECIPE projects, as well as broader economic focuses of CEPR. The PRW will allow research conducted under CEPR'S projects and research from CEPR'S broader network to be consolidated and disseminated among policymakers and academics. Unrestricted Funding CEPR'S 'unrestricled' funds come from two principal sources membership fees from central banks, corporate, intemalional and governmental and non-governmental organisations, together with income from the sale of publications (mainly academic Discussion Papers)- We also receive contributions to our administrative and management costs lor 'overheads'l from our 'restricled' project activities. These funds typically support our ongoing offi￿, administrative and personnel costs lincluding staff dedicated lo running the projects}, together with our unfunded research inilialives (such as our annual Programme Symposia events), one-off research and dissemination activities. A list of CEPR supporters is given in Appendix 1 on page 43. A breakdown of CEPR'S income for the 2023-24 financial year is given below.. The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 CEPR UNRESTRICTED INCOME 2023-2024 Other prolert overh France Publlc funding (Region, MESR, BdeF. Bèrcyl GRP/pEDLISTEG overheads France private funding IA Generall, Merldlaml Publication income I salès Global membership programme CEPR'S impact In keeping with the ethos of the charity, the key objective of CEPR Sin￿ ils inception in 1983 has been to promote research exTrllence with policy releVan￿- the aim being to infomi the public debate on important economic issues. To this end, the CEPR researchers who make up our network collaborate on the production, funding and dissemination of research- forming a 'producers' cooperative, where the whole is greater than the sum of the parts. While the Centre has no in-house researchers, it acts as a 'lhink-nel' of researchers who are deeply involved in basic research as well as in the analysis of policy options and outcomes. Research excellence For over four decades CEPR has played a key role in establishing the scientific excellence of economics in Europe. Together with the Vice-Presidents, the Directors of each of the Cenlre's Programme Areas are all leaders in their fields. With the CEPR leadership, they play a key role in ensuring the high quality of the Centre's workshops, conferences 2nd publications, as well as ensuring that CEPR researchers meet high standards in terms of publication output. They also play a catalytic role in launching research initiatives and moving CEPR researchers into promising new areas. The scientific honours that have been awarded to its Fellows bear leslimony to the Centre's commitment to research excellence. Nine CEPR Research Fellows have won the Nobel Prize for Economics.. Paul Krugman Icily University of New York) in 2008., Christopher Pissarides ILSEI in 2010- Jean Tirole (Toulouse School of Economics) in 2014,. Abhijil Banerjee IMITI, Esther Duflo IMITI and Michael Kremer (Harvard) in 2019., and Daron Acemoglu IMITI, Simon Johnson IMITI and James A. Robinson (Chicago) in 2024. The Yryo Jahnsson Prize is awarded every second year by the European Economics Association IEEAI to an outstanding young European economist. sin￿ ils In￿PtIon in 1993, all winners of the prize have been CEPR Research Fellows, including the winners of the 2023 prize, Jan De Loecker IKU Leuvenl and Kalina Manova (University College London). The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 The EEA also awards the Birgil Grodal Award on a biannual b8SlS to a European-based female economist who has made a significant contribution lo the economics profession. All five recipients of the prize lo dale have been CEPR researchers, including the 2024 winner. Michèle Tertill, for her significant contributions in the area of Family Macroeconomics, an area of research that seeks lo understand the aggregate implications of economic inleraclions within households. In November 2022 CEPR'S VI￿-President, Hélène Rey {London Business School) was elected future President of the European E￿nOmiC Association, a position she will hold in 2025. CEPR Networks and Initiatives In autumn 2018 CEPR launched a new mechanism for the undertaking of collaborative research, Research and Policy Networks (RPNS), the main aim being to stimulate researeh on a particular issue by building a community of interested researchers. An RPN consists of 15-30 experts who have an interest in a topic of high policy relevance and who want lo work together for a period of al least three years. CEPR currently runs 12 RPNS, the most recent of which, on Longevity {led by Andrew Scott from LBS} and on Al, led by Anton Korinek (University of Virginial, were launched in autumn 2024. More information on the RPNS can be found at hll s.'Ilce r.or Iresearehlresearch- olic -networks- We continue to work to further increase the number of women involved in CEPR'S network, as part of the eeonomies profession's bmader objeelive to strengthen the role of women in economics. This is discussed in more detail on page 15. Policy relevance and dissemination CEPR is commilled to enhancing the quality of policymaking in Europe and beyond. 11 does this by facilitating the participation of the best economists in policy debates and working hard to get the results into the hands of decision-makers. Because CEPR draws on such a large and widely dispersed network of researchers, the Centre can produTr a wide range of research that not only addresses key European an global policy issues but also reflects a broad spectrum of individual viewpoints and perspectives drawn from ryvil society. Output There are five main elements of our policy output.. reports on different aspects of economic policy, published annually as part of a series,. CEPR Policy Insights- VOXEU eBooks', VOXEU columns,. and audio and video output. The Geneva Re orts on the World Econom are annual monographs focusing on refomi of international financial and monetary systems. Launched in 1999 by the International Centre for Monetary and Banking Studies IICMBI in cooperation with CEPR, each report is wrillen by a team of internationally known economists. In September 2024 we published the 27th Geneva report: Much Money, Little C8Pltal, and Few Reforms.. The 2023 banking turmoil, by Ignazio Angeloni, Slijn Claessens, Amit Seru, Sascha Steffen and Bealri Weder di Mauro. The report analyses the deeper weaknesses that led lo the 2023 banking failures and provides related policy insights. Complementing other analyses, the report assesses whether reforms to dale suffice lo deal with a changing environment and ongoing structural changes, and what additional reforms may be necessary, also given longer-term trends and the need to review issues holistically. While the specific causes of bank vulnerabilities differ between jurisdictions, many of the report's lessons apply more generally. In June 2019 CEPR launched a new report series, The Future of Bankin , jointly with the IESE Business School in Bar￿IOna, and supported by Citi, and the sixth report in this series, Banking Tum70iI and Regulatory Reform, by Viral Acharya, Elena Carfetti, Fernando Resloy and Xavier Vives was published in June 2024. In 2021, we developed a framework agreement to collaborate more deeply with The Leibniz Institute SAFE I'sustainable Architecture for Finance in Europe.) at the Goethe University Frankfurt. The collaboration 10 The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 has as a goal to promote joint academic and policy initiatives, and lo provide a regional plattorm for CEPR Researchers to deepen their local lies into the academic and policy communities and to organise events lo disseminate research and policy reports, briefs and eBooks. SAFE and CEPR jointly run together the CEPR RPN European Financial Architecture, which also organises joint webinars several times a year. As part of this collaboration, in April 2024 we published a report in collaboration with SAFE in Frankfurt, on Ukraine's Reconstruction.. PoliG O tions for Buildin an EffeGtive FinanGial Architecture. This report, the latest CEPR contribution to the pressing debates surrounding Ukraine's future, addresses a major precondition for the country's reconstruction and development.. a healthy and widely trusted financial system. The team of authors - which Combines leading Ukrainian economists with experts from CEPR'S Research Policy Network on European financial architecture starts from the stslus quo of Ukraine's banking and capital markets, and suggests policy options for improving effectiveness and increasing international trust in the system. The report was launched in late April 2024, initially in the form of a press launch with Jan Krahnen and Alexander Rodnyansky. Later the same day, they were joined by Yuriy Gorodnichenko, Sergiy Nikolaychuk, Ilona Sologoub and Marlene Rosemarie Madsen, who discussed the book at a public launch in Frankfurt. CEPR Polic Insi hts pi are lightly argued policy essays aimed al economists working in govemments, international organisalions, the private sector, aeademies and the media. They provide a more in4epth analysis than that in a Vox column, bul not as developed a8 would be the case in a report or eBook. They are an effective way of widely disseminating a short piece of researeh and are thus becoming a publication vehicle of choice for policy-relevant pieces of output from lop economists. In 2023-24 12 Pls were published. A full list of PIS can be found at htt s=Ilce r.or Ljblicationsl olic -insi hts- ers. VOXEU eBooks colleel the thinking of worfd-leading eeonomisls, practitioners and specialists to shed light on pre88ing economic problems and to suggest solutions. The pioneering format allows the right people to address the right questions al the right time and the resulting publication is distributed freely on www.VoxEU.or . This CEPR innovation has been imilaled by think tanks across the globe. There were five VOXEU eBooks prodU￿d in 2023-24. A full list can be found at htl s.'Il l ublicationslbooks-and-re orts VoxEU.' as mentioned above, the Centre is also active in fostering web-based dissemination and policy debate via VOXEU, whose goal is lo raise the level of the policy debate by making it easier for researchers lo draw out the policy implications of their research and ensuring that this work is more ac￿sSible to professional economists and the interested public in government. the private sector, academics and journalism. Following a major retooling of our IT systems, which modernised and streamlined our websites, shifted our data to cloud-based storage, and introduced 'Hub', a new one-slop shop for users to update their profiles, submit papers, register for events and apply for grants, recent work has been directed more towards oplimising the performance of these new systems, extending their functionality and integrating our non- website dissemination better in order to increase output whilst reducing time spent. We are building a dissemination database which swrftly links all CEPR researchers (and authors from outside the network} and their research to papers, columns, videos. and events and to the CEPR network behind it, with multi-level lagging that categorises by broad research area, individual topics, country- relevance elc. This enables us to respond rapidly to developing situations ulilising lists of relevant past and current content. VOXEU continues to thrive and draw readership within the main ce r.or website. In the past 12 months, we have had over 4.6 million visitors on cepr.ory and 6.3 million pageviews on ￿pr.0rg, out of which 4 million pageviews were for VOXEU content within cepr.org. We have recorded almost 28k eBook downloads in this period. Interesting, one eBook which continues to be of interest in terms of the numbers of downloads Is Economics in the Time of Covid, which was the fifth most popular eBook in 2023-24., the most popularwas M In The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 The landscape of social media dissemination has changed rapidly in recent months and the movement of users away from XITwitter, which began in 2023 has become much more prOnoUn￿d. In response to this, we have been building audience on other platforms, notably Bluesky, where al least a portion of the economics related conversation has moved. CEPR continues lo explore partnerships with media oullels. One such initiative with Les Echos proved fruitFul in 2023124 and we expect lo renew this in 2025. Other options for working with Italian and German press partners are under consideration. In 2024 we have been partnering with a new Italian monthly economics journal, Eco, helping them lo provide an English version of each edition. We have dramatically increased ouraudio and video production and in the 2023-24 financial year published over 50 podcasts and over 50 videos and webeasts. Audio and video oulpul has its own page on the new website Ihtt s'.Ilce r.or laudio-and-videol, and is now far more visible than previoLJsly which in itself is driving further growth. VoxDev Originally a collaboration between CEPR, the International Growih Centre at LSE and the PEDL programme. VoxDev is now funded through the Growth Research Plafform by the Foreign, Commonwealth & Development Offi'ce. The Editori81 Board is made up of Michael Callen ILSEI, Slefano Carla (Warwick), Cesi Cruz (Michiganl, Martina Bjorf(man-Nyqvist Istockholm School of Economics), and is supported by a member of CEPR staff, Oliver Hanney. the VoxDev Managing Editor. Robin Burgess ILSEI and Chris Woodruff (University of Oxford and the Scientific Co-ordinator of the PEDL project) sit on the Management Committee with Tessa Ogden ICEPRI. Since ils eslablishmenl in June 2017 VoxDev has published 945 articles, 258 audio ple￿$, 129 videos and 12 VoxDevLits. With the additional funding received through the Growth Research Platform ils aim is to expand the library of VoxDevLits to cover all policy-relevanl topics in development economics, and there are currently 17 additional VoxDevLils underway, as well as updates lo already published Lits. VoxDev has also started hosting events, including internal events for policymakers al development institutions and launch events for VoxDevLit releases. In the future, VoxDev plans to host capacity building events for students (both one-off and courses), and to organise an annual online development economics conference. Since inception VoxDev has had over 2.7 million pageviews from 1.35 million users. Ils podcasts have been listened lo 183,000 times, and there are 17,700 followers on Twitter, 10,300 on Facebook and over 3,000 on Linkedln, with almost 4,700 individuals signed up to receive the weekly newsletter. Links with Policy Makers CEPR continues to have strong links with UK policy makers through ils close partnerships with the Department for Intemalional Trade, the Foreign Commonwealth and Development Office, and the Bank of England. CEPR researchers have been active in advising UK policy makers on the most effeelive strategies to deal with Brexit. We also have very stmng conneelions with EU policy makers {governments and central banks) and with the European Central Bank and European Commission. As a result of our Paris expansion, CEPR has developed strong links with French policy makers, including with CEPR Distinguished Fellow Agnes Bén8ssy-Quéré, fom)er Chief Economist of the French Treasury and now Deputy Governor of the Banque de Fran￿,. with Olivier Garnier, Director General for Economics and International Relations at the Banque de Fran￿., and with Benoit C￿Ure, President of the Autorité de la Concurrence. Various CEPR Research Fellows are in positions of leadership in govemmenls and international organisations around the EU, including Beala Javorcik, Chief Economist of the EBRD and Programme Director of CEPR'S Intemalional Trade and Regional Economics programme,. Philip Lane, Chief Economist of the ECB and Research Fellow in the International Macroeconomics and Finan￿ programme,. Pierre- Olivier Gourinchas, IMF Chief Economist and Research Fellow in the International Macroeconomics and Finance progr8mme, and Isabel Schnabel. ECB Board member and a Research Fellow in the Financial Economics programme. 12 The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 Plans for the future CEPR will continue to seek fLJnding for ils ongoing research and dissemination activities and will seek to increase both the number of central bank and corporate members and the average level of subscriptions. In 2024-25, part of our operational focus will be on the consolidation and expansion of our operations in Paris. We are also increasing our on the ground" activities in Paris and held a very successfLJI third Paris Symposium in December 2024 attended by almost 500 academics, FX)licymakers and interested parties. In London we have decided lo move lo smaller offices, given the reduced number of staff in London. The move look pla￿ in late Februarylearly March 2025. We will continue our focus on the economics of climate change. Work has commenced on the third Paris Report which will focus on 8ecelefftting the climate transition and protecting nature. This includes looking at where we currently stand, including the gaps in emissions and biodiversity loss., what is happening on the policy front (including adaplationl and why it is not enough., scaling up from north to south and integrating carbon and nature finance., the design of carbon and nature markets and the interaction between climate and nature,. and implementation, with perspectives from China, India, the US and the EU, together with the necessary reform needs of the Paris agreement and the governance of forest preservalionlresloralion and of O￿anS. The report will be published in summer 2025. In late autumn 2024 we established an RPN on Artificial Intelligence led by Anton Korinek (University of Viryinial, which held its first workshop in December 2024 al the Collège de France, during the CEPR annual Symposium. In eady 2025 we launched a new RPN on Longevity and Ageing, led by Andrew J. Scott (London Business Schooll- structure, governance and management The Centre for Economic Policy Research is a registered charity (No. 2872871. It is also a company registered in England {No. 17270261 and limited by guarantee. The activities of the Centre are govemed by ils Memorandum and Articles of Association and the Trustees of the charity are elected by the Members of the limited company. The Cenlre's Memorandum and Articles of Association provides that the Centre is not permitted to attempt to influence legislation by propaganda or otherwise and is not permitted lo participate directly or indire¢tly or intervene in any political campaign on behalf of, or in opposition lo, any candidate for public offi￿. CEPR research may include views on policy, but the Trustees of the Centre do not give prior review lo its publications and CEPR lakes no institutional positions on economic policy matters. The Trustees of CEPR have been pursuing a fom)al expansion of the companylcharily operations into France. This course of action is considered to be in the best interests of the UK charity and achieves the objectives of the Charity. The UK charity was the main operational enlily until 30 September 2024, but the Trustees of the UK charity agreed that steps should be taken, with effect from 1 October 2022, to begin transferring some of the London activity to Paris. Accordingly, some elements of the UK restricted funds and related balances were transferred to Paris with effect from 1 October 2023 and most ofthe membership income has been invoiced from Paris in the year ended 30 September 2024. Paris became the main operational entity in October 2024. Role of the Trustees The Trustees meet quarterly to provide advi￿ on management and policy issues. There are sub-commillees of Trustees to provide more scrutiny in key areas and lo allow the full Board lo devote more time lo strategic issues. These sub-commillees are the Finance, Audit and Risk Committee IFARCol, ofwhich the members are Andrew Woosey {Chairl, Bronwyn Curtis and Charfes Bean, and the Appointments and Remuneration Committee IARCO), of which during 2023-24 the members were Tony Venables (Chair), Patrick Honohan and Jean-Pierre Landau. FARCO met four times during the financial year. In September 2024 ARCO agreed the level of staff bonuses and the total size of the salary budget for 2024-25. 13 The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 Recrultment and Inductlon of new Trustees We seek lo recruit Trustees from a wide range of backgrounds (for example, in terms of gender. age and location). Al 30 September 2024 17010 of CEPR'S Trustees were female and 580/0 were based outside the UK. Potential new Trustees of CEPR, identified by the existing Trustees, receive a letter of invitation from the Chair, which contains the following information.. A description of the work and activities of the Centre, its current focus and position in terms of its development strategy and future plans, etc., A description of the status of CEPR, i.e. as an educational charity and a limited company., A description of the role and responsibilities of the Trustees, including the duration of term of offi'ce. It is explained that the Trustees are responsible to the Charity Commission for England and W81es for the Cenlre's activities. Since the Centre is also a limited company, the Trustees are Directors of the Company and so legally responsible for the conduct of the Cenlre's business and its solvency., and A description of the role of the Members of the limited company. Other relevant material is also sent with the letter. If the invitation is accepted the new Trustee is then sent the CEPR Memorandum and Articles of Association by the Company Secretary, which outlines in more detail the role and powers of the Board and Members, as well as the prO￿dureS for meetings elc. They are also sent the current sel of audited accounts. New Trustees are provided with the Charity Commission guideline document Responsibilities of Charity Trustees (CC3)', and all Trustees are provided with the Charity Commission documents Intern81 Financial Control for Charities (CC8) and the Hallmarks of 8 Well- run Charity (CCI0)- New TrLJStees are encouraged to seek any clarification on any matter from the Company Secretary or President. New Twslees are then formally appointed by resolution of the Members for an initial temi of four years, renewable (twi￿) by resolution of the Members for a further four years. Changes In Trustees During the year ended 30 September 2024 Iwo new Trustees were appointed (Klaus Regling on 1 December 2023 and Francis Bloch on 27 March 20241. In addition, Johanna Etner resigned on 15 March 2024. Appolntment of CEPR leadershlp The Trustees are responsible for the appointment of the President and for setting their remuneration. The President reports lo the Trustees on matters that directly affect the overall finances and direction of CEPR. The President appoints the Vice-Presidenls,' the Chair of the Appointments Commillee., leaders of CEPR Ne￿OrkS, the CEPR Co-chair of Economic Policy; the Editor of VoxEU,' and the Chair of the EU Business Cycle Dating Committee. The President also appoints the CEO and the Chief Financial Officer. CEPR'S President is supported by four Vice-Presidents.' Maristella Bottieini Iuniversita Bocconil is Vice- President for Researcher Appointments,. Ugo Panizza (Graduate Institute Geneva) is Vice-President for New Ventures,. Hélène Rey (London Business School) is Vice-President, Special Projects, wlh a particular focus on women and younger researchers,. and in February 2024 Antonio Fatas was appointed Vice- President for Programmes and Dissemination. The President also appoints a Programme Directorfor each programme lo provide inlellectLJal leadership and maintain quality. In February 2024 Mar Reguant, who was previously a Vice-President for Climate, moved to jointly lead the new Climate programme area, together with Patrick Bolton. ThedaY-t￿daymanageMentOfcEPR's0peraIlons is led bylhe CEO. Tessa Ogden, who heads the current permanent London staff of 12 full lime and four part-time people, and the Paris staff of 16. In addition there is one member of the London staff who is seconded lo Paris. Environmental, social and governance considerations In recent years CEPR has devoted considerable attention to its ESG responsibilities. In the environmental sphere, we slopped printing CEPR Discussion Papers in 2018, and now very rarely print CEPR reports and eBooks. Our carbon footprint from flying fell dramatically during the pandemic but has since risen 14 The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 again. In an allempt to reduce the number of flights, we have re￿ntlY amended our travel guidelines and now ask participants lo travel by train where possible if the journey can reasonably be made within six hours. CEPR has a flexible working policy in which staff are only required to be al the Offi￿ twolthree days per week and can work from home for the rest of the week. This strategy redU￿S carbon emissions related to commuting. We have pushed hard lo increase the involvement of women in the CEPR network, induding the Women in Economics initiative which is discussed below. Remuneration policy for key management personnel The Board has established a sub-committee of Trustees IARCO) to deal with personnel issues, including the appointments and remuneration of the President and Chief Executive Officer. The President consults with the Chair of ARCO to agree on the appropriate salary increases for the CEO and CFO, who in turn set the remuneration of the rest of the staff. Appointment of researchers At the end of September 2024 there were 1889 Research Fellows and Affiliates. CEPR sets high standards by having a rigorous and transparent appointments process based on publication records, nomination recommendations and citations in marginal cases. Each Programme Area has an Appointments Committee, which meets every two years and is made up of the Pr￿rarnrne Directorlsl, the President (currently the chairl and Marislella Botticini, VP for Appointments. Well in advance, members of the Programme are asked to nominate candidates at the Research Affiliate Iresearchers who are within seven years of the award of their PhDI and Research Fellow levels. The Committee then considers the merits of all the nominated candidates. The successful candidates, at both levels, are appointed for a foLJr-year term. For Research Fellows, this term can then be extended indefinitely, provided that they have been involved in CEPR'S activities. Research Affiliates can be extended for a further Ihre&year period, at the end of which they are either promoted to Researth Fellow or their CEPR affiliation is ended. There were no appointments meetings in 2023-24 as they now lake place every two years- the next meetings will be in October 2025. Since 2015, CEPR has aelively promoted the participation of women in CEPR'S aelivities and in our leadership. Marislella Botticini is CEPR Vice-President with responsibility for researcher appointments, with the remit of paying particular attention to gender and seniority balance. At the end of September 2024, almost 47Q/o of CEPR'S research affiliates were female, and just over 240/0 of Research Fellows. We will continue to monitor the progress of women within the profession and will publish data on this with the aim of improving the outcomes. We have formalized our effort to improve female representation in the economic profession more genemlly with the creation of the Women in Economics Initiative. Led by CEPR'S Vice-President, Hélène Rey, this initiative aims lo redress gender imbalances in the economic profession, partnering with CEPR member organisations to promote women within the field. The initiative currently consists of a number of event series. The WE_ARE - Women in Economics.. Advancing Research in EGonomiGS seminar series was estsblished in 2020 with the aim of having a forum where junior women can present their work and get constructive feedback from their peers and from senior economists. The series brings together junior and senior women in economics and contributes to building an active and cooperative CEPR women in economics community. There is now a dedicated web efor this series on cepr.ory.11 has held over 70 webinars to date. Since late 2021 CEPR and the ECB have been organising annual WE ARE IN Macroeconomics and Finance conferences, with the aim of bringing together female experts lo present and discuss new research on macroeconomics and finan￿. It also fosters interactions between junior and senior female economists across academia and policy inslilutions. The most recent event was held al the Banco de Espana in September 2024. 15 The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 Financial review (including reserves policy) At 30 September 2024, the Group held fLJnds totalling £3,176,304 (2023 - £3,611,536). Of this, £2.373,760 12023 - £2,368,321) represented accumulated donations, subscriptions and membership fees for general funds, of which £133,119 was held in a designated reserve fund12023 - £163,883) and restricted fLJnds of £802,54412023 - £1,243,215) were held for specific, on-going projects. Reserves policy The reseNes policy at present reflects the position in the parent charity. The Trustees have reviewed the reseNes policy for the parent charity and have agreed that CEPR should hold unrestricted reserves for the following purposes: 1. To enable the organisalion lo operate at full capacity for four months. even if all income were lo ase, recognising that shifts in support do occur and that four months of leeway would enable the organisalion lo identify new emergency funding sources, and that il would be necessary for the organisalion lo continue to operate at near to full capacity during this time. 2. To enable the organisalion lo meet its statutory obligations and wind up in an orderly fashion if all income were lo cease, and the Trustees so ordered. Based on the above, the Trustees believe that, al the balance sheet dale, the Charity needed to hold approximately £800,000 in reserves lo meet the slated obligations. At 30 September 2024, the parent charity had unrestricted reserves of £1,121,69412023- £1,457,068) and a designated reserve of £133,119 12023 - £163,883). Risk management The Trustees confirm that they have reviewed the major risks to which the charity is exposed and are satisfied that appropriate action has been taken to miligale those risks. A risk register is maintained and reviewed on a six-monlhly basis. The Risk Register looks al various risks under the headings- G0veMan￿., Operational., Financial,. Environmental and External,. and Regulatory Compliance. Particular attention is given to those risks judged to carry the highest likelihood of Occurren￿ andlor have the greatest severity of impact. Foreign Exchange.. CEPR is subject lo exchange rale fluctuation risk as a large portion of its income is denominated in euros. In the year to 30 September 2024, there was a foreign exchange loss of £45,252 (year lo 30 September 2023.. loss of £7,368), mostly due lo the forex effect of consolidation. Since the eslablishmenl of the Paris office a greater proportion of our activities have been denominated in euros, and thus our forex risk has been reduced, but we continue to monitor the situation closely. Increase in political and economic uncertainty (political and economic instability, Ukr2ine, inflalionl.. Given that CEPR receives substantial funding from French public sector institutions we are somewhat exposed to the risks of political and economic instability in France and across Europe more generally. We are investigating ways of ensuring that our French funding is more secure and less subject to political fluctuations. While the geopolitical situation continues to be worrying, it also provides the Centre with new research and policy topics that need analysis Statement of Trustees, responsibilities The Trustees (who are also directors of The Centre for Economic Policy Research for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of the affairs of the Group and of the incoming resources and application of resources, including the income and expenditLJre, of the charitable company for that period. In preparing these financial statements, the Trustees are required lo.. Select suitable accounting policies and then apply them consistently., Observe the methods and principles in the Charities SORP., Make judgements and estimates that are reasonable and pNdent', 16 The Centre for Economic Policy Research Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 30 September 2024 State whether applicable UK Aceounling Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and Prepare the financial ststemenls on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records Ihal disclose with reasonable ac¢ura¢y at any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply wilh the Companies Acl 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and delecb.on of fraud and other irregularities. Disclosure of information to the auditors We, the directors of the company who held office al the date of approval of these Financial Statements as sel out above each confirm, so far as we are aware, that.. There is no relevant audit infomialion of which the company's auditors are unaware., and We have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. In approving the Trustees, Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors. Signed on behalf of the board= Slr Charles Bean. Chalmian Date.. 23 June 2025 17 The Centre for Economic Policy Research Consolidated Statement of Financial Activities Year Ended 30 September 2024 INDEPENOENT AUDITOR'S REPORT TO THE MEMBERS OF THE CENTRE FOR ECONOMIC POLICY RESEARCH Oplnlon We have audited the financial slalements of The Centre for Economic Policy Research Ilhe 'parent charitable company'l for the year ended 30 September 2024 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated and Parent Charitable Company Balan￿ Sheets, the Consolidated Cash Flow statement and notes lo the financial statements, including significant accounting policies. The financial reporting framewort( that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and RepubliG of Ir8land (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial statements.. give a true and fair view of the slate of the group's and the parent charitable company's affairs as at 30 September 2024 and of the group's incoming resources and application of resourTrs, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally A¢￿pted Accounb'ng Practi￿., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the group's or parent charitsble companys ability lo continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going con￿rn are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the Trustees, Annual Report, other than the financial stalemenls and our auditor's report thereon. The trustees are responsible for the other information ¢onlained within the Truslees, Annual Report. Our opinion on the financial statements does not Cover the other informalion and, except to the extent otherwise explicitly slated in our report, we do not express any form of assuran conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material Inconsisten¢ies or apparent material misstatements, we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on othor mattgrs prescribgd by tho Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. 18 The Centre for Economic Policy Research Consolidated Statement of Financial Activities Year Ended 30 September 2024 the information given in the trustees, report, which includes the strategic report and the directors, report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consislenl with the financial statements., and the strategic report and the directors, report induded within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the Iruslees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial statements are not in agreement with the accounting records and returns., or certain disclosures of Iruslees, remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit. Rgsponsibilitigs of trustegs As explained more fully in the trustees, responsibilities statement, the Iruslees Iwho are also the directors of the charitsble company for the purposes of company lawl are responsible for the preparation of the group and parent charitsble company financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial slalemenls that are free from material misstslemenl, whether due lo fraud or error. In preparing the group and parent charitable company financial stalemenls, the Iruslees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the group or the parent charitable company or to cease operations, or have no realistic allernalive bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo Influen￿ the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with18ws and regulations. We design pmcedures in line with our responsibilities, outlined above, to detect materi81 misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the group and the sectors in which il operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, sector research and application of CLJmLJlative audit knowledge and experience. We determined the principal laws and regulations relevant to the group and parent charitable company in this regard to be those arising from the Companies Act 2006, Charities Act 2011, Financial Reporting Standard 102, the Charities SORP and relevant employee legislation. We designed our audit prO￿dureS lo ensure the audit team considered whether there were any indications of non-complian￿ by the group and parent charitable company with those laws and 19 The Centre for Economic Policy Research Consolidated Statement of Financial Activities Year Ended 30 September 2024 regulations. These prO￿dureS included, but were not limited lo enquiries of management, review of minutes and review of legal and regulatory correspondence. We also identified the risks of material misstatement of the financial ststements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that there was a potential for management bias in.. there is a fraud risk in revenue recognition relating lo manual journal entries posted which are outside the nomal course of business, which we addressed through reviewing journals and agreeing a sample to supporting documentslion. The timing of recognition of income from grants. We addressed this through review of all material grant agreements to ensure correct treatment under the Charities SORP, including consideration of the accounting period in which income should be recognised; judgements made around recoverability of debtors. We addressed this through examination of post year end cash received, review of correspondence with debtors and discussion of recoverability with management., the allocation of support costs against charitable activity categories. We addressed this through reviewing the method used for reasonableness, and re-performing the calculation lo ensure il had been performed accurately in line with the staled method., and the completeness and timing of recognition of grant expenditure. We addressed this by reviewing all grant agreements, considering the timing of recognition of expenditure against the requirements of the Charities SORP, including the disclosure of commitments which have not been reeognised as liabilities al the year end. As in all of our audits, we addressed the risk of fraud arising from management override of controls by perfomiing audit procedures which included bul were not limited to.. the testing of journals., reviewing accounting eslimales for evidence of bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial statements or non-complian￿ with regulation. This risk increases the more that ￿MplIan￿ with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of InStan￿S of non-complian￿. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional Con￿alment, forgery, collusion, omission or misrepresenlation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at-. htt s'.Ilwww.frc.or -uklauditorslaudit-assurancelstandards-and- uidance12010-ethical-standards-for-auditors- - This description forms part of our auditor's report. Use of our report This report is made solely lo the charitable companls members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charitable company s members those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility lo anyone, other than the charitsble company and the charitable company's members as a body. for our audit work, for this report, or for the opinions we have fom)ed. Alastair Duke (Senior Statutory Auditor) For and on behalf of PKF Littlejohn LLP Statutory Audltor 15 Wesfferry Circus Canary Wharf London E14 4HD Dale.. 0612412025 20 The Centre for Economic Policy Research Consolidated Statement of Financial Activities Year Ended 30 September 2024 2024 2023 Unrestricted funds Restricted funds Total Total Note General Designated Income and endowments from: Donations and legacies Charitable activities Investments 1,906,392 369,700 105,541 5.845,301 7,751,693 369,700 105,541 7,244,238 379,640 19,737 Total Income and endowments 2,381,633 5,845,301 8,226,934 7,643,615 Expenditure on: Raising funds 10,240 10,240 10,670 Charitable activities 2,335,190 30,764 6.285,972 8,651,926 7,008,951 Total expendlture 2,345,430 30,764 6.285,972 8,662,166 7,019,621 Net lexpendlturelllncome Transfer between funds Net movement in funds 36,203 130,7641 {440,6711 {435,2321 623,994 21 21 36,203 130,7641 {440,6711 1435,2321 623,994 Reconclllatlon of funds.. Total funds brought forward 21 2,204,438 163,883 1,243,215 3,611,536 2,987,542 Total funds carrled fonyard 21 2,240,641 133,119 802,544 3,176,304 3,611,536 All income and expenditLJre derive from continuing activities. The statement of financial artivilies includes all gains and losses recognised during the year. The accompanying notes fom part of these financial statements. 21 The Centre for Economic Policy Research Balance Sheets As at 30 September 2024 The group 2024 The charity 2024 Note 2023 2023 Fixed assets Intangible assets Tangible assets 14 15 81,860 35,643 115,971 28,490 81,860 14,446 115,971 12,851 117,503 144.461 96,306 128,822 Current assets Debtors Cash at bank and in hand 16 1,042,117 4,247,091 1,102,734 4.136.843 702,897 3,055,312 1,048,640 3,321,486 5,289,208 5,239,577 3,758,209 4,370,126 Creditors: amounts falling due 17 11,962,450} within one year 11,772.5021 {1,895,5671 11,645.6951 Net current assets 3,326,758 3,467,075 1,862,642 2,724,431 Total assets less current liabilities 3,444,261 3,611,536 1,958,948 2,853,253 Provisions for liabilitlgs and charges 20 267,957 267,957 Net assets 3,176,304 3,611.536 1,690,991 2,853,253 Charlty Funds Restricted funds Unrestricted funds Designated funds 21 21 21 802,544 2,240,641 133,119 1,243,215 2,204,438 163,883 436,178 1,121,694 133,119 1,232,302 1,457,068 163,883 Totsl charity funds 21 3,176,304 3,611,536 1,690,991 2,853,253 The financial statements were approved and authorised for issue by the Board on 23 June 2025. Signed on behalf of the board of trustees Andrew W005ey IJ n 24, 2025 12:31 GMT+II Andrew Woosey, Trustee The accompanying notes foTm part of these financial statements. Company registration number.. 1727026 22 The Centre for Economic Policy Research Consolidated Statement of Cash Flows Year Ended 30 September 2024 2024 2023 Note Cash loulyin flow from operating activities 22 32,016 788,106 Net cash flow {used inllprovided by operating activities 32,016 788,106 Cash flow from investing activities Payments to acquire intangible fixed assets Payments to acquire tangible fixed assets Receipts from sale of tangible fixed assets Dividends, interest and rents received from investments 128,790} 1,481 105,541 118,3871 19,737 Net cash flow provided byllusgd in} invosting activitigs 78,232 1,350 Change In cash and cash equlvalents In the year 110,248 789,456 Cash and cash equivalents at 1 October 2023 4,136,843 3,347,387 Cash and cash equlvalents at 30 September 2024 4,247,091 4,136,843 Cash and cash equivalents consist of: Cash at bank and in hand 4,247,091 4,136,843 Cash and cash equivalents at 30 September 2024 4,247,091 4,136,843 The accompanying notes fom part of these financial statements. 23 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 1 Summary of slgnlflcant aecountlng pollcles (al General Infomiatlon and basls of preparatlon The Centre for Economic Policy Research is a non-profit-making company limited by guarantee, incorporated on 26 May 1983 in the United Kingdom and is registered as a charity (No. 2872871. In the event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities is detailed in the Trustees, report on page 2. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019. In November 2019, The Centre for Economic Policy Research established a Non-Profit Association, also called Centre for Economic Research ICEPR France, RNA no. W751254631. SIRET no. 898411806000181 over which it has effective control. As at 30 September 2024, there is a requirement lo consolidate the reports of both CEPR UK and CEPR France. The financial statements are prepared on a going concern basis under the historical cost convention. The Trustees have considered projections lo September 2026, the amount of cash held and the level of general reserves in concluding that CEPR can meet its liabilities as they fall due, for a period of at least 12 months from the anticipated signing date of the financial statements. These financial statements consolidate the results of the charitable company and its wholly owned subsidiary CEPR France on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial slalements. Balances between the two enlilies are disclosed in the notes of the charitable company's balance sheet. A separate stslement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantsge of the exemptions afforded by section 408 of the Companies Act 2006. The deficit in the parent charitable company in the year was £1,162,26212023- surplus of £406,135). The financial statements are prepared in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislenlly applied lo all years presented unless othenmise slated. {b) Funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds are in support of CEPR'S systems and infrastructure development and to provide funds lo kick start promising new research initiatives. Restrieled funds are funds which are to be used in aceordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are sel out in the notes to the financial slatemenls. 24 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 Ic) Income recognltlon All incoming reSoUr￿S are included in the Statement of Financial Activities ISOFAI when the charity is legally entitled lo the income, after any performance conditions have been mel, when the amount can be measured reliably and when il is probable that the income will be received. Income from donations and subscriptions is recognised on re￿IPt, unless there are conditions allached lo the donation that require a level of performance before entitlement can be obtained. In this case income is deferred until those conditions are fully met or the fulfilment of those condilions is within the control of the charity and it is probable Ihal they will be fulfilled. No amount is included in the financial statements for volunteer time in line with the SORP IFRS 1021. The charity re￿iVeS govemment granls in respect of certain research aclivilies. Income from govemment and other grants are recognised at fair value when the charity has entillemenl after any performan Conditions have been met, it Is probable that the income wll be re￿iVed and the amount can be measured reliably. If entillemenl is not met, then these amounts are deferred. Investment income includes interest income, which is recognised when r￿1Vable. (d) Expendlture recognltlon All expenditure is accounted for on an accnjals basis. Expenditure is recognised where there is a legal or constructive obligation to make payments lo third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is calegorised under the following headings: Ralslng funds The direct costs of fundraising activities and the proportion of the overheads of CEPR required lo support them. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Charitable activities (Research and Dissemination) The direct costs of research undertaken, and the dissemination of that research through meetings and publications, and the proportion of the overheads of CEPR required lo support those activities. Grants payable lo third parties are induded in expenditure on charitsble activities. Where unconditional grants are made, these amounts are recognised when a constructive obligation is created, typically when the recipient is notified that a grant will be made lo them. Vvhere grants are conditional on performance, then the grant is only recognised once any unfulfilled conditions are outside of the control of the charity. {e) Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitsble activities and include office costs. governance costs, and project management costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable 8Ctivities on a basis consistent with use of the resources. The analysis of these costs is included in note 6. 25 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 (f) Intanglble flxed assets Costs of website development are capilalised when they meet the criteria for recognition as an asset, being that it is probable that future economic benefits will flow lo the enlily {i.e. the website is income- generalingl and the cost can be measured reliably. Website development costs are slated at cost less accumulated amortisalion and accumulated impairment losses. Website development costs are amortised over Iheir estimated useful life of five years, on a straighl-line basis. Where factors, such as technological advancement or changes in market pri￿, indicate Ihal residual value or useful life have changed, the residual value, useful lrfe or amortisation rale are amended prospertively to reflect the new cir¢umstanTrs. The assets are reviewed for impairment if these factors indicate that the carrying amount may be impaired. (gl Tangiblo fixed assets Tangible fixed assets are slated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset Capable of operating as intended. Depreciation is provided on all tsngible fixed assets, al rates calculated lo write off the cost, less estimated residual value, of each asset on a systematic basis over ils expected useful life as follows.. Leasehold improvements Computer equipment Fixtures and fittings Duration of the lease 33.33 /0 & 20,/0 per annum 200/g per annum (h) Debtors and credltors recelvable I payable wlthln one year Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impaimient are recognised in expenditure. (11 Provlslons Provisions are recognised when the charity has an obligation at the balance sheet dale as a resLJIt of a past event, it is probable that an OLJfflow of economic benefits will be required in settlement and the amount can be reliably estimated. til L8as8s Rentals payable under operating leases are charged to the SOFA on a straighl-line basis over the period of the lease. {k) Foreign Gurrgncy Foreign currency transactions are initially recognised by applying lo the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the Iransaclion. Monetary assets and liabilities denominated in a foreign currency at the balance sheet dale are translated using the closing rate. (11 Employee beneflts When employees have rendered service to the charity, short-temi employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. 26 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 The charity makes contributions to the pensions of staff members based on qualifying periods of seNice. Contributions are expensed as they become payable. {m) Tax The charity is an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to Pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010. It therefore meets the definition of a charitable company for UK corporation lax purposes. (n) Jolntly controlled operatlons The charity's share of its jointly controlled operation is included in the Statement of Financial Activities ISOFAI and balance sheet under the gross equity method of accounting. Income from donations and legacies 2024 2022 Membershlps Central Banks Corporates Institutionsllndividuals Public sector funding Private sector funding Grants 423,839 278,377 176,752 513,712 513,712 354,219 317,416 151,111 521,966 565,463 project related funding (see note 2a) 5,845,301 5,334,063 7,751,693 7,244,238 Income from donations and legacies for the year was £7,751,693 12023 £7,244,238) of which £5,845,301 12023 £5,334,063) was attributable to restricted funds and £1,906,392 12023 £1,910,175) was attributable to unrestricted funds. 2 lal Grant Income - Project related funding 2024 2023 International Macroeconomics International Trade Public Economics & Political Economy Financial Economics Industrial Organisalion Development Economics Non-specific Project activity Slruclural Transformation and Economic Growth ISTEGI Private Enterprise Development in Low-lncome Countries IPEDLI Growth Research Programme IGRPI Region Ile de France 155,285 160,454 15,171 8,521 87,181 8,304 44,535 53,950 1,968,130 2,163,318 1,179,272 176,805 74,479 12,915 71,822 2,206,870 2.684,124 108,228 5,845,301 5,334,063 Income from Project related funding was fully attributable lo restricled fvnds in both the current and the prior year. 27 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 Income from charltable actlvltles 2024 2023 Income from publications sales Income from jointly controlled operation 274,664 95,036 369.700 281,227 98,413 379,640 Income from charitable activities was fully attributable to unrestricted funds in both the current and the prior year. Income from Investments 2024 2023 Interest- deposits 105,541 19,737 Income from investments was fully attributable to unrestricted funds in both the current and the prior year. Expendlture Analysls 2024 Grant fundlng of actlvltles {note 81 Staff costs Other dlrect costs Support costs Total {note 6} Direct costs of fundraising Research & dissemination Jointiy controlled operation 10,240 2,275,821 639,642 71,449 10,240 8,580,477 71,449 3,507,578 2,157,436 Total resources expended year ended 30 Sept 2024 3,507,578 2.157,436 2,357,510 639,642 8,662.166 £6,285,972 of the above costs were 8ttribul8ble lo restricted funds12023.' £5,049,799) and £2,376,194 were attributable to unrestricted funds (2023.. £1,969,822). Expenditure Analysis 2023 Grant funding of activities {note 8) staff costs other direct osts Support costs Total Direct costs of fundraising Research & dissemination Joinuy controlled operation 10,670 1,570,625 601,860 75,739 10,670 6,933.212 75.739 2,863,382 1.897,345 Total resources expended year ended 30 Sept 2023 2,863,382 1,897,345 1,657,034 601,860 7,019,621 28 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 Allocatlon of support costs Support costs Governance (Soe not8 7} Finance osts IT osts Office ost$ Totsl support osts Research & Dissemination Year lo 30 Sept 2024 Year to 30 Sept 2023 99,632 107,725 60,025 21,608 109,924 124,955 370,061 347,572 639,642 601,860 Finance costs include a loss on foreign exchange of £45,25212023.. loss £7.3681- note 9. No support costs have been allocated to the activity of raising funds in 202412023.. £nill due to the low level of direct expenditure in that area. Governance costs 2024 2023 Auditors, remuneration Inote 101 Meetings Legal & professional costs 31,646 6,394 61,592 21,670 103 85,952 99,632 107,725 Analysis of grants 2024 Grants to Institutions Grants to Individuals Totsl Exploratory Research Grants Major Research Grants Small Research Grants Large Research Grants 206,574 1,469,998 184,722 538,734 543.684 750,258 1,469,998 748,588 538,734 563,866 2,400,028 1,107.550 3,507,578 Recipients of grants to institutions.. Small Research Grants Larga Research Grants Exploratory Research Grants Major Research Grants ARCED Foundation Bocconi University 805ton University 37,499 31,679 32,000 13,325 19,998 CEMFI Centre of Economic Research Pakistan Consumer Insights Cornell University Development Data Lab Inc Duke University 2,848 40,000 18,128 14,986 127,667 29 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 Reclplents of grants to Instltutlons Icont.).. Dyadic Research Impacts Fond81ion N8lion81e des Sciences Politiques Fondation poui I'institut de haut. 8tu. Internat. et du Dev. German Institute for Global and Area Studies Good Business Lab Foundation Groningen University Harvard Imperial College of Scienoe, Technology & Mgdioine Innovations for Poverty Action Institute for Financial Managerrent and Research IFMR Institute for Fiscal Sludies Intemational Foundation for Research and Education JPAL South East Asia JPGSPH BRAC University Lahc)re School of Economics London Sohool of Economics Massachusetts Institute of Technology IMITI McGill University Monash University National Bureau of Economic Research NBER Notre Dame Novafric8 NYU Abu Dhabi Oxford University The American University in Cairo Trinity Gollege Dublin Universitat Autonoma de Bar￿lOna University of Antwerp Univetsity of Bath University of California University of Chicago University degli Studi di Napoli Parthenope University of Fribourg University of Minnesota University of Portsrmoulh University of South Australia University of St. Gallen University of Toronto University of Virginia University of Warwick University of Washington Yale University 14,966 67,720 15.860 31,800 62,103 10,000 18,é38 9,438 29.991 7.642 29,345 78,198 7,599 6,556 9,998 10,378 31,621 20,169 3,161 48,000 62,517 12,636 49,474 50,820 3,737 10,000 86,140 41,576 4,015 17,264 -1,247 25,155 48,284 15,995 109,418 14,107 -7,200 7,350 9,613 14,559 118,fA4 171,895 412,635 4,338 4,998 52,791 18,333 7,703 23.256 3,481 31,897 3,481 12,599 31,957 60.000 538.734 16,499 1.469,998 184.722 206,S74 30 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 Analysls of grants 2023 Grants to Institutions Grants to Individuals Total Exploratory Research Grants Major Research Grants Small Research Grants Large Research Grants 145,248 974,289 164,809 521,627 502.848 648,096 974,289 719,370 521,627 554.561 1,805,973 1,057.409 2.863,382 Reclplents of grants to Instltutlons.. Small Research Grants Large Research Grants Exploratory Research Grants Major Research Grant$ Innovations for Pove Action Econinsight Centgr for Dgvglopment Research University of Warwick Bocconi Universit Oxford Universi London School of Economics Paris School Df Economios University of St. Gallen Data lor Public Policy Collegio Carlo Alberto Imperial College of Scien￿, Technology & Medicine Royal Holloway, University of London Intemational Foundation ft)r Research and Education University of Naples Institute of Statistical, Social and Economic Research Institute for Financial Management and Research IIFMRI NYU Abu Dhabi -11,548 104,864 45,542 3,753 8,594 7,473 7,449 24,740 4,310 69,035 44,514 8,859 4,695 27,907 6,418 18,807 15,365 4,131 1,167 8,686 59,998 9,240 Novafrica Yale University Development Data Lab Inc Dyadi¢ Research Imp8Gts University of Calrfornia University of Calrfomia, San Diego University of Calrfomia, Berkeley University of Chicago University of Cape Coast Universidad de Los Andes University of Virginia London Business School Universite de Fribourg MGGill University Centr8 of Econornic Research Pakistan Boston University Notre Dame 41,432 100,276 24,977 24,943 4,999 72,695 103,122 26,229 41,057 58.401 26,376 1,628 31,897 21,016 19,993 8,412 6,145 39,192 10,000 8,031 31 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 Recl lents of rants to Instltutlons Ecole Normale Superieure de Lyon Lahore School of Economics National Bureau of Economic Research NBER Universitat Autonom8 de Bar￿Iona Groningen University Massachusetts Institute of Technology MIT Trinity College Dublin Intemational Food Policy Research Institute IIFPRII University of Chicago Booth Good Business Lab Foundation University of Turino Bamard College ARCED Foundats"on Monash University University of Bristol JPAL South East Asia JPGSPH BRAC University Fondalion Nationale des Sciences ues cont. 15,000 13,994 86,566 7,200 9,552 52,641 53,755 83,083 134,756 1,548 1,700 6,480 27,409 67,499 29,403 15,978 15,391 15,860 164,809 521,627 145,248 974,289 The grants lo institutions detailed above derive from the granl-giving initiatives that CEPR administers for the Foreign, Commonwealth & Development Office Ipage 7 & 81. The first initiative, PEDL, aims lo stimulate research on private-sector development in low-income countries and while the grants IERGS, MRGSI are given to the above institutions, the funding is largely spent in the target, low-income country. The second initiative, Structural Transformation & Economic Growth (STEGI aims lo provide a better understanding of structural change, productivity and growth in low and middle-income countries and, like PEDL, while the grants ISRGS) are given to individuals and institutions, the funding is largely spent in the target lowlmiddle-income country. In spring 2024 FCDO'S funding to CEPR was extended and restructured into the Growth Research Platform IGRPI, which now includes four large research projects.. PEDL, STEG, together with Reducing Conflict and Improving performan￿ in the Economy ReCIPEI and the Policy Response Window, both of which commenced in April 2024. ReCIPE will commence grant giving in summer 2025. Net income for the year Net income is stated after chargingllcredilingl.. 2024 2023 Amortisalion of intangible fixed assets Depreciation of tangible fixed assets Operating lease rentals- premises equipment 34,111 20,156 188,720 35,228 17,647 160,803 1,219 Auditors. remuneration UK audit services UK non-audit seNices French audit seNices lo subsidiary Foreign exchange losses 15,310 7,225 14,780 6,830 16,336 45,252 6,890 7,368 32 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 10 Audltors. remuneratlon- Group audltors The Group auditors, remuneration amounts to audit fees of £15,31012023'. £14.8701 and other setvices of £7,22512023- £6,830). 11 Trustees. and key management personnel remuneratlon and expenses The trustees neither received nor waived any remuneration during the year12023.' £nil}- The total amount of employee benefits lincluding pension contributions and employers, national insuranTr contributions) re￿IVed by key management personnel during the year was £510,78712023 - £476,055). CEPR considers its key management personnel lo comprise the roles of the President, Chief Executive o￿l￿r, Chief Finance Officer and Chief Operating Offi￿r. The following trustees, expenses were reimbursed or paid directly on their behalf during the year.. 2024 Number 2023 Number 2024 2023 Travel and accommodation 2.733 178 Included in above is £nil12023 £nill which has been paid directly to third parties. 12 Staff costs and employee beneflts The average monthly number of employees and full lime equivalent IFTEI during the year was as follows.. 2024 Number 2024 FTE 2023 Number 2023 FTE Charitable activities Support services 25 22 23 20 33 29 30 26 The total st2ff costs and employee's benefits were as follows= 2024 2023 Vvages and salaries Social security Pension ¢onlribulion costs 1,540,162 252,969 88,560 1,373,727 178,688 74,534 1,881,691 1,626,949 Consultancy fees and other salary costs to project related staff 275,745 270,396 2,157,436 1,897,345 33 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 There was a lerminalion payment of £2,308 in the year {2023: £1,327). The salaries and related costs of staff in France amounted to £800,19612023.' £413,372). The number of employees who received total employee benefits (excluding pension contributions and employers, national Insuran￿ conlributionsl of more than £60,000 in the year is as follows.. 2024 2023 £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001 - £100,000 £110,001- £120,000 £120,001- £130,000 £140,001- £150,000 13 Related party transactlons Trustees of CEPR UK are also Trustees of the French Association. At the end of the financial year, 30 September 2024, CEPR London had 8 net creditor balance with CEPR France of £151,094 {2023'. net debtor £83,551). 14 Intanglble flxed assets The group and charity Wobsitg & digital platform development Total Cost: Al 1 October 2023 Additions AI 30 September 2024 176,138 176,138 176,138 176,138 Depreciation.. Al 1 October 2023 Charge for the year AI 30 September 2024 60,167 34,111 94,278 60,167 34,111 94.278 Net book value: AI 30 September 2024 AI 30 September 2023 81,860 81.860 115,971 115,971 1 S Tangible fixed assets The group Leasehold Computer Fixtures & improvomgnts equipmgnt fittings Total Cost: Al 1 October 2023 Additions Disposals AI 30 September 2024 68,843 89,017 28,200 8,371 108,846 18,681 590 176,541 28,790 18,3711 196,960 68,843 19,271 34 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 Depreciation: At 1 October 2023 Charge for the year 68,843 61,177 19,780 18,031 376 148,051 20,156 On disposals At 30 September 2024 6,890 74,067 16,8901 161,317 68,843 18,407 Net book value: AI 30 September 2024 At 30 September 2023 34,779 27,840 864 35,643 28,490 650 The charity Leasehold Computer Flxtures & Improvements equlpment flttlngs Total Cost: Al 1 October 2023 Additions Disposals At 30 September 2024 68,843 64,127 12,574 7,992 68,709 18,396 163 151,366 12,737 7,992 156,111 68,843 18,559 Depreciation: At 1 October 2023 Charge for the year On disposals At 30 September 2024 68,843 51,735 9,369 6,511 54,593 17,937 292 138,515 9,661 6,511 141,665 68,843 18,229 Net book value: At 30 September 2024 AI 30 September 2023 14,116 12,392 330 14,446 12,851 459 16 Debtors The group 2024 The charity 2024 2023 2023 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 185,303 562,855 48,686 100,679 80 553,452 509,673 183,487 2,087 353,393 12,838 843,976 2,087 537,792 1,042,117 1,102,734 702,897 1,048,640 Prepayments include a rent deposit of £nil12023'. £22,989) falling due after one year. 35 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 17 Credltors: amounts falllng due wlthln one year The group 2024 The charity 2024 2023 2023 Trade creditors Amounts owed to group undertakings Other lax and social security Other creditors Joinuy controlled operation Inole 17al Accruals and deferred income {nole 19} 631,142 527,340 510,046 251,773 108,504 9,760 522,519 492,965 509,822 99,937 85,409 20,016 475,346 455,165 151,864 11,470 522,519 645,455 109,535 20,478 475,346 639,803 1,962,450 1,772,502 1,895,567 1,645,695 17{al Jolntly controlled operatlon CEPR is a co-owner of the joumal Economic Policy which was co-founded by CEPR and the Maison des Scien￿$ de I'Homme some thirty years ago. Economic Policy is owned by.. CEPR., the Cenler for Economic Studies ICESifol al the University of Munich., and the Fondalion Nalionale des Sciences Poliliques (Scien￿$ Pol. The journal is published by Oxford University Press and it is the leading review in Europe for economic policy analysis. 11 contains papers that are specially commissioned by the editors lo provide timely and authoritative analysis of the choices confronting policymakers. Economic Policy is considered lo be a jointly controlled operation as defined by charities FRS102 SORP and as such CEPR'S share of income generated and expenditure incurred for this activity has been reported in the statement of financial activities, and respedive share of assets and liabilities reported in the balan￿ sheet. Financial information for the jointly controlled operation is as sel out below.. Economlc Pollcy Journal 2024 2023 Income Expenditure 285,108 {214.3481 295,239 1227,2181 Surplus 70,760 68,021 CEPR'S share of income generated of £95,03612023.' £98,413) and expenditure incurred of £71,449 12023.. £75.7391 is included within amounts reported on the SOFA. 36 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 Economlc Pollcy Journal 2024 2023 Cash & ReseNes b￿d - amount payable to co-owners Annual surplus 475,346 70,760 429,999 68,021 Funds available 546,106 498,020 CEPR'S share of annual resull1113} 123,5871 122,6741 Amount payable to ¢Owowners 522.519 475,346 Amounts reported as creditors on the balance Sheet includes £522,51912023.. £475,346) which represents amounts held within cash by CEPR as a result of administering the activity but payable to the other co-owners of the joumal. 18 Operating leases Total future minimum lease payments under non-cancellable operating leases are as follows.. Premises 2024 Equipment Premises 2023 2023 Equipment 2023 Not later than one year Later than one and not later than five years 66,056 184,592 65,332 66,056 249,924 19 Deferred Income The group Under 1 year The charity Under 1 year At 1 October 2023 Additions during the period Amounts released to income 321,020 305,354 1321,020) 202,883 221,885 1202,8831 At 30 September 2024 305,354 221,885 Income has been deferred lo recognise annual subscriptions for discussion papers over the period to which the subscription relates allocate restricted funds income to future periods where funding has been re￿iVed in advance of ants'cipated expenditure 37 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 20 Provlslon for Ilabllltles and charyes The group & charity Al 1 October 2023 Addition in the year 267,957 At 30 September 2024 267,957 During the year the charity was notified by a donor that il expected lo recover funds from a previously delivered programme. The charity is not in agreement with the conclusions drawn and intends to continue lo dispute the findings issued. 21 Fund reconclllatlon - The group Unrestricted funds 2024 Balan￿ at 1 October 2023 Balance at 30 Sept 2024 Income Expenditure Transfers General Designated 2.204,438 2,381,633 12,345,430) 163,883 30,764 2,240,641 133,119 2023 Balance at 1 October 2022 Balance at 30 Sept 2023 Income Expenditure Transfers General Designated 1,769,606 2,309,552 11,874,720) 258,985 95,102 2,204,438 163,883 Restricted funds - The group 2024 Programme Balance at area 1 October 2023 Balance al 30 Sept 2024 Income Expenditure International Macroeconomics Public Economics & Political Economy Industrial Organisalion Financial Economics Development Economics CorelNon-specific Region Ile de France STEG GRP PEDL Total 53,163 155.285 1158,1201 50,328 8,521 18,5211 22,470 249,673 8,304 {14,9601 87,181 1143,2701 44,535 144,5351 53,950 194,5041 176,805 1176,8051 1,968,130 {1,968,1301 1,179,272 {1,068,2321 2,163,318 2,608,895 5,845,301 6,285,972 15,814 193,584 9&10 179,700 139,146 111,040 292,632 802,544 738,209 1,243,215 38 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 2023 Programme Balan￿ at area 1 October 2022 Balance al 30 Sept 2023 Income Expenditure International Macroeconomics International Trade Industrial Organisalion Financial Economics Development Economics CorelNon-spectfic Region Ile de France STEG PEDL Total 80,286 160.454 1187,5771 53,163 15.171 115,1711 15,3121 74,479 166,7221 12,915 118,6681 71,822 135,8401 108,228 1108,2281 2,206,870 {2,206,8701 2,684,124 2,405,411 5,334,063 5,049,799 27,782 241,916 5,753 143,718 22,470 249,673 9&10 179,700 459,496 958,951 738,209 1,243,215 Fund descrlptlons al Unrestricted funds Unreslricled funds represent accumulated donations, subscriptions and membership fee income for general use. The designated funds are in support of CEPR'S systems and infraslruclure development and to provide funds to kick stsrt promising new research inilialives. bl Restricted funds Restricted funds on each of the funds above comprise monies received for specific projects within economic research and are used to finance research, meetings, publications elc. For the year ended 30 September 2024, expenditure exceeded income by £440,671. There is a balance of £802,544 in our restricted funds which represents project funds still to be disbursed. £436,178 of these funds were held by the UK charity at 30 September 2024. This balan￿ is made up of a variety of dtfferent projects, some of which are relatively small. In addition, there is income and expenditure on annual symposia which CEPR organises for each programme area,. a large part of the expenditure on these meetings is funded from CEPR'S own resourTrs. The signtficant projects within each programme area are.. EABCN.. provides a forum for the better understanding of the business Cycle in the euro-area, by linking academics and researchers in Trntral banks and other policy institutions involved in its empirical 8nalysis. 6. Household Finance Initiative.. addresses issues in the analysis of household finance. Think Forward Initiative.. aims to uncover actionable insighls to drive innovalion and to improve people's financial lives. BARREPS.. a new series of reports on The Future of Banking which forms part of the IESE Business School's Banking Initiative. 11 was launched in October 2018 and is supported by Citi. g. GENREPS.. a series of reports which since 1999 have provided innovative analysis on important topical issues facing the global economy. 10. RPN CC.. The network seeks lo foster a dialogue among academics and policy makers about the optimal policies to deal with fighting climate change, both in terms of mitigation and ad8Ptalion. PEDL.. a grant-giving programme funded by FCDO which addresses issues relating to private enterprise development- see page 5 of the Trustees, report. STEG.. Slnjclural Transformation and Economic Growth ISTEGI is a five-year academic research programme which will provide a deeper understanding of the fundamental economic processes of 39 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 structural change and productivity growth in low- and middle-income countries - see page 6 of the Trustees, report. GRP.. In spring 2024 FCDO'S funding to CEPR was reslruclured into the Growth Research Platform IGRPI, which now includes four large research projects.. PEDL, STEG, together with Reducing Conflict and Improving Performance in the Economy IReCIPEI and the Policy Response Window, both ofwhich commenced in April 2024. ReCIPE will commence gmnl giving in the area of conflict in spring 2025. Region Ile de Fran￿.. represents grant monies claimed for expenditure in the year ended 30 September 2024. Analysis of group net assets between funds Unrestricted funds Restricted funds Total 2024 2023 2024 2023 2024 2023 Fixed assets Net current assets Provisions for liabilities and charges 117,503 144,461 2,524,214 2,223,860 1267,9571 117,503 802,544 1,243,215 3,326,758 1267,9571 144,461 3,467,075 Total 2.373,760 2,368,321 802,544 1,243,215 3,176,304 3,611,536 Analysls of charlty net assets between funds Unrestrlcted funds Restrlcted funds Total 2024 2023 2024 2023 2024 2023 Fixed assets Net current assets Provisions for liabilities and charges 96,306 128,822 1,426,464 1,492,129 1267,957) 96,306 436,178 1,232,302 1,862,642 1267,957) 128,822 2,724,431 Total 1,254,813 1,620,951 436,178 1,232,302 1,690,991 2,853,253 22 Reconclllatlon of net Income to net cash flow from operatlng actlvltles 2024 2023 Net {expenditurell income for year 1435,2321 623,994 Dividends, interest and rents from investments Amortisalion of intangible fixed assets Depreciation 2nd impairment of tangible fixed assets Decreaselllncrease) in debtors Increase in creditors Provision for liabilities and charges 1105,5411 34,111 20,156 60,617 189,948 267,957 119,737} 35,228 17,647 {180,8891 311,863 Net cash inflow from operating activities 32,016 788,106 40 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 23 Penslons and other post-retlrement beneflts Defined contribution pension plans The charity operates defined contribution pension plans for its employees. The contributions recognised as an expense during the year were in relation lo 18 employees12023.' 221 and amounted to £61,41912023'. £59,061). 24 Related party transactions and ex gratia payments Information aboul related party transactions and outstanding balances is outlined below.. Outstanding balan￿$ Income Expenditure Commitments Beatrice Weder di Mauro, President & Diroctor 30 September 2024 30 September 2023 The amounls reported above relate lo Swiss employer social costs. 20,000 18.677 25 Financial instruments The charity holds a number of financial assets Ifor example debtors and cashl and financial liabilities (for example creditors) which meet the definition of basic financial instruments under the FRS 102 SORP. Details of the measurement bases, accounting wlicies and carrying values for these financial assets and liabilities are disclosed in notes above. 26 Capital commitments At the b21anee sheet dale the group 2nd charity had no capital eommitmenls12023= £0} 27 Contingent assets and liabilities At the b21anee sheet dale the group 2nd Charity had no contingent assets or liabililies12023.. £01 28 Subsldlary undertaklng The charitable company maintains effective control over CEPR France, an Association registered in France. The Association number is 89841180600018 (Numero Sirell and Charity (Association} number is W751254631. The registered Offi￿ address is 27 Rue Saint Guillaume, 75337 Paris. The subsidiary is used for charitable activities in Europe. For 2024 and 2023, all activities have been consolidated on a line by line basis in the statement of financial activities. The charity's Trustees are also Trustees of the subsidiary. 41 The Centre for Economic Policy Research Notes to the Financial Statements Year Ended 30 September 2024 Summary of the results of the subsidiary is shown below. 2024 2023 Income Administrative expenses Surplus for the financial year 3,296,146 2,763,603 532,543 1,471,604 1,323,309 148,295 Reserves Igenerall 2024 2023 Brought forward Exchange adjustment Surplus for the year 664,611 126,9941 532,543 1,170,160 503,403 12,913 148,295 664,611 The aggregate of the assets, liabilities and funds was.. 2024 2023 Assets Liabilities Total funds 2,613,355 11,443,195) 1,170,160 3,068,977 12,404,366) 664,611 29 Parent charlty The parent charity's gross income and the results for the year are disclosed as follows- 2024 2023 Gross in¢ome (Deficitllsurplusl for the year 6,422,993 11,162,262) 6,658,629 406,135 30 Post balan¢9 shogt ovgnts There are no post balance sheet events to report. 42 The Centre for Economic Policy Research Appendix 1: CEPR Members as of 301912024 CEPR'S membership income is diversified across central banks, corporate, intemational and non- governmental organisalions and the new French Founding Partners. CEPR is grateful for the continLJed support and participation of the following members in 2023-24= French Founding Consortium AXA Research Fund Banque de France Ministry of Higher Education and Research IMESRI Ministry of the Econorny and Finance IBERCYI Région Ile de France Partners BNP Paribas European Central Bank Generali Meridiam Société Généiale Premium Members Banca d'ltalia Bank of England Bank for Int8rn8tional Settletllents Barclays Citadel Deutsche Bundesbank DG ECFIN European Banking Authority European St8bility Mechanism International Monetary Fund Millennium RIETI Rokos C8pital Management Schweizerische Nab"onalbank Suomen Pankki Sveriges Riksbank UBS Uniciedit World Inlell8cIu81 Property Organisalion Standard Members Banca Nationala a Romaniei Banco de México Banco de Portugal Bank of Canada Bank of Israel Banque Nationale de Belgique Caixabank European Investment Bank Federal Reserve Bank of San Fran￿Se0 Intesa Sanpaolo Lieluvos 88nk8s Magyar Nemzeti Bank Moneiary Authority of Singapore Norges Bank OECD OestBrrgichisohg Nationalbank PIMCO Seolabanki Islands South African Reserve Bank Turkiye Cumhuriyet Merkez 88nkasi World Bank Central Bank of Ireland CPB Netherfands Bureau ft)r EwnoTnic Policy Analysis Danmarks Nationalbank De Nederlandsche Bank Department for International Business and Trade DG Joint Research Centre European Bank for Reconstruction and Development European Fiscal Board Donatlons National Institute of Public Finance and Policy, India 43 CEPR Consol financial statements 2024 - final Final Audit Report 2025-06-24 Created.. 2025-06-24 By.. Nadine Clarke lr￿L9rk8@c￿pr.or9￿ Status.. Signed Transaction ID.. CBJCHBCNABPA5qdC7qdRZCFLrQXnrQKWxsyDCs2-xVWa "CEPR Consol financial statements 2024 - final" History Document created by Nadine Clarke (nclarke@￿pr.orgl 202S06-24- 11..20..52 AM GMT Document emailed to crbean@outlook.com for signature 202M&24- 11".20..58 AM GMT Document emailed to aduke@pkf-l.com for signature 202M6-24- 11."20.'59 AM G Document emailed to awoosey@btinternet.com for signature 202S06-24- 11..20..59 AM GMT Email viewed by awoosey@blinlernet.com 202M&24- 11".30.36 AM GMT Signer awoosey@btinlernet.com entered name at signing as Andrew Woosey 202M6-24- 11.'31.'25 AM G Document e-signed by Andrew Woosey lawoosey@blinternel.com) Signature Dale.. 2025-06-24- 11..31..27 AM GMT- Time Source.. server Email viewed by crbean@oullook.com 202M&24- 11".52.38 AM GMT Signer crbean@oullook.com entered name at signing as Charles Bean 202M6-24- 11.'53.'42 AM Gfwrr Document e-signed by Chades Bean Icrbean@oullook.com) Signature Dale.. 2025-06-24- 11..53..44 AM GMT- Time Source.. server Email viewed by aduke@pkf-l.com 202M&24- 1."13."48 PM GMT Adobe Acrobat Sign Signer aduke@pkf-l.com entered name at signing as Alastair Duke 202&06-24- 1.16.35 PM GMT Document e-signed by Alastair Duke laduke@pkf-l.coml Signalure Dale.. 2025-06-24- 1.'16..37 PM GMT- T1￿￿ sour￿.. server Agreement completed. 202M&24- 1."16."37 PM GMT Adobe Acrobat Sign