2025-09-30-accounts

CENTRE FOR ECONOMIC POLICY RESEARCH CEPR The Centre for Economic Policy Research Annual Report and Financial Statements Year Ended 30 September 2025 Charity registration number". 287287 Company registration number." 1727026

The Centre for Economic Policy Research Year Ended 30 September 2025 Contents Page Charity Reference and Administrative Details Trustees, Annual Report Ilncluding Directors, Report and Strategic Report} Independent Auditor's Report Statement of Financial Activities Ilncluding Income and Expenditure Account) Balance Sheets 4-13 14-17 18 19 Statement of Cash Flows 20 Notes to the Financial Statements 21-37

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 Charity registration number 287287 Company registration number 1727026 Trustoes Sir Charles Bean Ichairl Francis Bloch Iresigned 17 November 20251 Benolt Coeuré lappoinled 1 July 20251 Bronwyn Curtis John Finglelon Iresigned 17 November 20251 Olivier Garnier (resigned 8 October 20251 Ferdinando Giugliano Iresigned 17 November 20251 Patrick Honohan (resigned 17 November 20251 Signe Krogstrup (resigned 17 November 20251 Jean-Pierre Landau (resigned 8 October 20251 Klaus Regling Iresigned 17 November 20251 Anthony Venables Iresigned 30 June 20251 Andrew Woosey Honorary President and Founder Richard Portes Prgsident Beatrice Weder di Mauro Chief Executive Officer & Company Secretary Dr E M Ogden Registered office 1st Floor 2 Coldbath Square London EC1R 5HL Auditor PKF Lilllejohn LLP 15 Weslferry Circus Canary Wharf London E14 4HD Sollcltor Bates Wells 10 Queen Street Place London EC4R 1 BE Bankers Royal Bank of Scotland plc 48 Haymarket London SW1Y 4SE

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 The Trustees present their report and the audited financial statements of the Charity for the year ended 30 September 2025. The Trustees have adopted the provisions of the Statement of Recommended Practi 'Accounting and Reporting by Charities, {'SORP'I in preparing the annual report and financial statements of the Charity. The financial statements have been prepared in accordance with the accounting F)olicies set out in the notes lo the accounts and comply with the Charity's governing document, the Companies Act 2006, the Charities Act 2011 and the SORP applicable from 1 January 2019. This report focuses on the activities of CEPRIUKI, not of the CEPR Association which was established in November 2019 by CEPR to provide a vehicle for an expansion in France, including the ultimate relocation there of our headquarters. At the time the Trustees of the Charity established that this move was in the best interests of the Charity. The pandemic slowed the development of our French hub, bul the plans were finally realised in summer 2021 and a 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, Research and Spa￿, and the Région Ile-de-France, together with several private sector institutions. The Office of the President of the Republic, Emmanuel Macron, was a key supporter in enabling this expansion, as were Sciences Po, from whom CEPR are leasing offices close lo their own campus. The consortium agreement envisaged a three-year transition period from 1 October 2021 until 30 September 2024,. Paris became CEPR'S headquarters as of 1 October 2024, and the Association is now the main oversight body for the Centre. The French entity is now exercising sufficient control to be considered the parent company and accordingly consolidated accounts are not prepared and this report covers only the activities of the UK Charity. BebNeen Juty 2022 and November 2025, the Trustees of the UK Charity and the Members of the Association were identical. As part of the change lo the Association becoming the parent organisalion, in November 2025 many of UK Trustees resigned to provide further clarity that the Charity is a subsidiary of the Association. Further information on these changes is given on page 11 below. The UK Trustees have agreed that the Charity should make annual donations to the parent entity in support of ils activities and the donation for the year ended 30 September 2025 was £400,00012024.. £250,000). The level of donation will be reviewed on an annual basis. Trustees of the Charity The directors of the charitable company are its Trustees for the purposes of charity law, with the exception of the President who is a Company Law Member but not 8 Trustee. The Trustees who have served during the year and since the year end are as detailed on page 3 of the financi81 statements 'Charity Reference and Adminislralive Details,. Objectives and activities and policies adopted to further the objectives The Centre for Economic Policy Research (Centre or CEPRIUKI in this report) was established in 1983 10 '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 be￿een them,. The Centre is pluralist and non-partisan, and promotes independent, objective analysis and public discussion, bringing economic and social research to bear on the analysis of medium and long-lerm policy questions. To advance these objectives, the Centre has established an extensive ne￿Ork of researchers, based mainly within Europe, who collaborate through the Centre in a range of research projects and related aclivilies, including the dissemination of CEPR'S research lo private and public bodies and to the public at large. Al the end of September 2025, the Centre had 1,889 Research Fellows and Affiliates, spread across several hundred institutions and 35 countries. These researchers carry out research in areas ranging from open economy l Fomierly known as the Ministry of Higher Education and Research

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 macroeconomics and international trade lo economic history, industrial organisation and the economics of climate change. The Centre provides common services for ils network of researchers and for the users of ils research, and il obtains funding for the activities it develops. In particular, the Centre undertakes the following activities.. Development and obtaining funding of projects., Administration and execution of projects once funding has been obtained for them, and reporting lo the donors on the activities undertaken and expendilLJres incurred under the projects., Organising workshops and seminars lo promote scienlilic exchanges among researchers., and Dissemination of the results of the research lo a wide audience in the private sector, the research and policy communities, governments and civil society. There has been significant expansion in the volume of activities carried out under the auspices of the new UK Foreign, Commonwealth and Development Office IFCDOI project discussed below. The Centre organises workshops and conferences so that ils researchers may meet with fellow researchers land users of the research) in order to discuss and compare research findings. In the 2024-25 financial year these meetings took place both virtually and in person. Many workshops and conferences that would previously have been carried out by the UK Charity are now implemented via the parent company, the CEPR Association, and the activity is not included in these financial statements. The Centre also distributes the results of this research in the first Instan￿ through ils Discussion Paper series. These Discussion Papers are circulated widely to specialists in the research and policy communities and lo the private sector, so that the results of the research re￿1ve prompt and thorough professional scrutiny. Subscribers lo CEPR'S Discussion Paper series include university and college libraries, central banks, research institutions and private sector institutions. CEPRIUKI has a very large project funded by the FCDO where we organise the giving of grants. The Private Enterprise Development in Low Income Countries IPEDLI project was launched in 2012 and aims lo stimulate research on private-sector development in low-income countries. In spring 2020 this was followed by the Structural Trensformation and Economic Growth ISTEGI project. STEG is an academic research programme which provides a deeper understanding of the fundamental economic processes of structural change and productivity growth in low and middle-income countries. In April 2024 these two projects were brought together into a new Growth Research Platform, and two more elements were added." Reducing Conflict and Improving Performance in the Economy IReCIPEI and a Policy Response Window. More information on all these projects is given on pages 8 and 9 of this report. Public benefit statement The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. They have referred lo the guidance when reviewing their aims and objectives and in planning their future activities. 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 to produce excellent research that has policy relevance. 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 lo a wide audien￿ of policy makers in the public and private sectors through.. web-based vehicles including social media and email campaigns,. and

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 direet meetings with decision makers in groups of various sizes and formats, including through wider dissemination meetings. Although one of CEPRIUKI'S aims is to ft)ster research on policy issues, we take no institutional policy positions nor support particular political parties. CEPRIUK'S) research may include views on policy, but the Trustees of the Centre do not give prior review to its publications, and the opinions expressed in published research are those of the authors and not of CEPR. Strategic Report Development, activities and performance against objectives during 2024125 BebNeen 1 October 2024 and 30 September 2025, the Centre mel all its staled objectives and targets in terms of research meetings and dissemination. The CEPR group (the Association plus the UK Charity) organised 138 hybridlphysical conferences and research workshops12023-24". 1111, and 6 face-to-face dissemination meetings in Paris, Milan, New York, Stanford and London presenting CEPR reports and other important F)olicy-relevanl analysis12023-24". 121. In addition to face- lo-face meetings, CEPR organised 124 online seminar sessions12023-24". 1001 across 23 different academic webinar series 12023-24.. 201, and 4 online discussion meetings presenting CEPR reports and other important policy-relevant analyses to 8 global audience12023-24." 81. The costs of some of these workshops and conferences were covered by CEPR'S own funds and some were funded by extemal sources. There are also costs borne 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 to calculate. The Centre published 1,147 CEPR Discussion Papers 12023-24". 1,0531, which equates to an average of 96 Discussion Papers per month12023-24". 88 per monthl. The CEPR group issued numerous publications focusing on the policy implications of the Centre's research, including12023-24 figures in parentheses) nine Policy Reports, including Vox eBooks1101," and 12 Policy Insights1121, together with four issues of the journal Economic Policy 131. An important part of the dissemination process is the Centre's policy portal VOXEU, which since 2022 has been part of cepr.org, rather than a separate website. Launched In June 2007, Vox has become the premier Internel sile for analysis and discussion of key European and global policy Issues. Highlights from the CEPR network Paris Report 3 CEPR'S third Paris Re ort". Global Action Without Global Governan￿.. Buildin coalitions for climate transition and nature rèstoration was published in July 2025 and aims to offer a response to a sobering geopolitical reality". that the multilateral order is faltering just as the urgency lo address climate change and biodiversity loss reaches a critical juncture. The report was launched online and at several events, including at Les Renconlres Économiques in Aix-en-Provence in Juty 2025 and at an event in Paris in September 2025 held in collaboration with AXA. Trump and Tariffs In 2025, the CEPR community reacted to the world in turmoil due to the Trump adminislralion's tariffs with eBooks'. The Great Trade Hack by Richard Baldwin and The Economic Conse uences of The Second Trum Administration.. A Prelimina Assessment. The second eBook, edited by Gary Gensler, Simon Johnson, Ugo Panizza and Beatrice Weder di Mauro, is made up of forty chapters covering the economic consequences of the second Trump administration on a broad set of topics ranging trom Al to immigration, Climate, monetary policy, fiscal policy, the downsizing of government, research funding, USAID, healthcare, trade and the impact outside the US as seen from Europe, India, Mexico, China, emerging markets, Latin America and Ukraine. Given the fast- evolving landscape and frequent policy shifts, this is a living book, starting with a snapshot of the Current situation and projecting potential developments. The initial release took place in late June 2025, with an u dated edition ublished on 1 December 2025. The initial edition was written just after 100 days of the administration amidst great uncertainties inherent lo President Trump's style of governing and policy development.

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 A dedicated section was sel up on VOXEU on 'Trum and tariffs, that collates columns and any other output relating to the tariff announcements and wider reactions and implications. Research and Policy Nehvorks In 2024-25, we launched three new Research and Policy Ne￿orkS IRPNsl.' Longevity and Ageing led by Andrew J. Scoll (Ellison Institute of Technology and CEPRI, which hosted ils first conferences in June and J￿U . The RPN has also started a webinar series that began in November 2025. Growth, Innovation and Soclal Model in Europe led jointly by Alexandra Roulet IINSEAD and CEPRI and Philippe Aghion IINSEAD, Collège de France and CEPRI. Political Economy and Migration, led by Hillel Rapoport IParis School of Economics and CEPRI and Sandra Sequeira ILSE and CEPRI, launched in September 2025. Work on Geo6conomics and Security Recent events have made it clear that Europe will have lo rely more on itself in matters of defence and security and will have lo quickly build the capabilities needed lo defend itself and slep up support for Ukraine's fight for freedom. As before at critical junctures for war and peace, economists have an important role lo play., pressing questions concern the financing of joint European projects, a rapid increase of defence-induslrial capacity, as well as developing high-tech defence technologies. In order lo support European policy makers at this critical juncture with economic advice, we are combining the RPNS on Geoeconomics and on International Lending lo form a new RPN on Geoeconomics and Security, lo bring together scholars and policymakers lo study these challenges. CEPR Paris Symposium The annual Paris Symposium is CEPR'S flagship event. Lasting a week, it brings together the CEPR community of Distinguished Fellows, Research Fellows, Affiliates, and Associates from Programme Areas, Research and Policy Ne￿OrkS and other CEPR Initiatives. Each area gets the opportunity to plan a section of the programme, which allows participants to attend mU￿1ple parts and create an interdisciplinary environment. The meetings are of clear interest to policymakers, given CEPR'S focus on policy-relevanl research. In addition, publi¢ dissemination events and policy panels are also scheduled throughout the event on related topics of interest, so that a wider audience are engaged. The third edition look place in De￿mber 2024, hosted by the Collège de France. the Banque de France and Sciences Po. It started with two concurrent workshops.. the kICk￿ff meeting of the Al RPN and a workshop in honour of the late Philippe Martin. The Symposium itself included many keynotes and panels, and CEPR was honoured with a dinner speech delivered by Mario Draghi, the former Italian Prime Minister and President of the ECB. The speech was later published as a CEPR Polic Insi hl. Partnerships and collaboration In pursuit of ils charitsble objectives CEPR collaborates with a range of partner institutions and organisations in Europe and beyond. For example, many of the large-scale collaborative research projects undertaken by CEPR require close interaction 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 project-based initiatives, CEPR has developed and maintained a significant number of ,ne￿0rk-based, activities within ils wider 'virtual' network of academics. CEPRIUKI works closely with several public and private sector organisations, including the Bank of England and the UK FCDO, in staging joint workshops, seminars and other discussion and disseminalion-based activities. CEPR c(Fowns 8 joumal, Economic Policy, together with the Center for Economic Studies of the University of Munich ICESifol and the Fondalion Nationale des Sciences Politiques ISciencesPol, 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 Policy decided to change the joumal, reducing the number of issues each year from four to two and commissioning all the papers, rather than issuing calls for papers. The guiding principle for this change is to enhance the policy

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 relevance of the review, while at the same time keeping its academic rigour and the state-of-the-art quality of the papers. In ils new format, EP research will contribute lo the global public good of evidence-based policymaking. The management structure has been streamlined, with a single Managing Editor in charge of commissioning and thoroughly editing papers. The current Managing Editor is Sebnem Kalemli-ozcan, (Brown Universilyl, who commenced this new role in January 2025, and the new title of the journal will be Economic Policy.. Papers on European and Global Issugs. The first papers of the new form journal will appear in early 2026 and papers will no longer be published as a printed issue. bul rather will appear online as soon as they are ready to be published. These changes imply a significant drain on the finances of the journal, but al 3019125 the project had reserves of almost E1.12m1£976kl and we estimate that the journal has funding for al least four years operations of the new model, and before this point is reached new funding sources will be sought. Sources of funding Restricted Funding CEPRIUKI'S income for its charitable activities is a mix of 'reslricled' and 'unrestricted' funds. The restricted income, which is the main source of funding for the research grants that we administer, is derived predominantly from projects CEPRIUKI administers for the UK Foreign, Commonwealth and Development offi￿ IFCDOI. In spring 2024 FCDO'S funding lo CEPRIUKI 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 stsrted in 2011,. Slruclural Transformation and Economic Growth ISTEGI, which started in 2020., and Reducing Conflict and Improving Performance in the Economy I￿ReCIpE and the Policy Response Wndow, both of which commenced in spring 2024. Led by Chris Woodruff (University of Oxford), PEDL is a g￿nt￿1VIng initiative that aims lo stimulate ￿searCh on private-sector development in low-income countries ILICS). Academically the project has been a considerable success. as of September 2025, PEDL-funded projects have geneoted 267 working papers and 153 publications in peer-reviewed journals, including top economics journals such as the American Economic Review, the uarterl Journal of Economics, Econometrica, the Journal of Political Econom and the Review of Economic Studies. Furthermore, PEDL encourages ils grantees lo engage with decision makers- both in government and the private sector- lo increase the visibility and potential policy impact of their research, and more than 200 PEDL project teams are engaged in sustsined discussions or are closely collaborating with decision makers. In early 2020, CEPRIUKI was awarded a further project by the FCDO, STEG, which provides 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 DoLJg Gollin (Oxford University and Tufts) and Joe Kaboski INotre Dame University). As of September 2025, STEG-funded projects have generated 164 working papers and 29 publications in peer-reviewed journals, including top economics and field joumals such as the Joumal of Political Econom the Review of Economic Studies, and the Journal of Develo ment Economics. STEG is increasingly recognised as one of the most significant academic programmes studying slruclural transformation that is currently operating. as recenlty demonslraled by subslanlial additional financial support provided by the Gates Foundation and Open Philanthropy. The Gates Foundation provided $500,000 lo expand research on gender and economic transformation in low- and middle-income countries, with a particular focus on Sub-saharan Africa. Open Philanthropy commilled £100,000 lo support STEG in evaluating a proposed initiative that would extend large cash transfers lo every poor person in Malawi. the aim being lo inform the implementation and evaluation of cash transfer programmes., as part of this initiative, STEG also organised a workshop in Malawi in July 2025. The ReCIPE programme focuses on economic and growth Issues in conflict-affecled and fragile countries. Dominic Rohner (Geneva Graduate Institute, University of Lausanne and CEPRI is the Research Director, and Oliver Vanden Eynde (Paris School of Economics, CNRS 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 granl-giving function and emphasis on producing policy-relevant research. The first open calls for research proposals were launched in July 2025. In spring 2025 ReCIPE produced len Palhfinding Papers. Written by the programme's Theme Leaders on their respective themes, these papers summarise key policy questions, synlhesise the findings of relevant academic lileralure, and identify important eviden￿ gapslresearch questions that form the foundation of the ReCIPE

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 programme. All Pathfinding Papers were published in a special issue of Economic Polic in September 2025. In support of this publication, the Theme Leaders presented their papers with discussants at the Economic Policy Workshop of the special issue, held in Venice in June 2025. The fourth FCDO initiative under the GRP is the Policy Response Window IPRW), which involves synthesising existing research in development economics and disseminating it on the VoxDev online platform Isee below and htt s".Ilvoxdev.or 11, as well as providing short-tem expert advice lo FCDO requests on topics related to the PEDL, STEG, and RECIPE projects and other issues. The PRW allows research conducted under CEPR'S projects and by CEPR'S broader nets￿ork to be consolidated and disseminated to policymakers and academics. Unrestricted Funding The CEPR group's 'unrestricted' funds come from two principal sources - membership fees from central banks, corporate, international and governmental and non-governmental organisalions, together with income from the sale of publications Imainty academic Discussion Papers). The majority of membership fees are now received by the parent entity bul the UK Charity retains some legacy funding. We also receive contributions lo our administrative and management costs lor'overheads'l from our'restricted, project activities. These funds typically support our ongoing office, administrative and personnel costs (including staff dedicated to running these projects). CEPR'S impact In keeping with the ethos of the Charity, the key objective of CEPR since its inception in 1983 has been lo promote research excellence with policy relevan the aim being to inform the public debate on important e¢onomi¢ issues. To this end. the CEPR researchers who make up our network collaborate on the production, funding and dissemination of research forming a 'prodU￿r$, cooperative, where the whole 15 greater than the sum of the parts. While the Centre has no in-house researchers, it acts as a'think-nel, of researchers who are deeply involved in basic research as well as in the ana￿$1$ 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. CEPR'S leadership plays a key role in ensuring the high quality of the Cenlre's workshops, conferences and 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 testimony to the Centre's commitment lo research excellence. Ten CEPR Research Fellows have won the Nobel Prize for Economics". Paul Krugman (City 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", Daron Acemoglu IMITI, Simon Johnson IMITI and James A. Robinson IChic8gol in 2024", and most recenlty Philippe Aghion IINSEAD and Collège de Fr8ncel in 2025. The Yrjo Jahnsson Prize is awarded every second year by the European Economics Association IEEAI to an outstanding young European economist. Since its inception in 1993, all winners of the prize have been CEPR Research Fellows, including the winners of the 2025 prize, Julia Cagé (Sciences Pol and David Yanagizawa- Drott Iuniversity of Zurich). The EEA also awards the Birgit Grodal Award on a biannual basis to a European-based female economist who has made a significant contribution to the economics profession. All five recipients of the prize lo date have been CEPR researchers. including the 2024 winner, Michèle Tertill (University of Mannheiml, for her significant contributions lo research on Family Macroeconomics, an area of research that seeks to understand the aggregate implications of economic interactions within households.

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 Policy relevance and dissemination CEPR is committed 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 gel the results into the hands of decision-makers. Because CEPR draws on such a large and widety dispersed network of researchers, the Centre can produce a wide range of research that not only addresses key European and global policy issues but also reflects a broad spèctrum of individual viewpoints and perspectives drawn from civil society. Output The CEPR groLJP has a wide-ranging dissemination programme which includes several different types of output.. reports on different aspects of economic policy, published annualty as part of a series., CEPR Policy Insights., VOXEU eBooks', VOXEU columns., and audio and video output. The UK Charity carries out a great deal of dissemination of GRP output, much of which is achieved through VoxDev. Established in 2017 as a collaboration between CEPR, the International Growth Centre al LSE and the PEDL programme, VoxDev is now funded through the Growth Research Platform by the FCDO. The additional funding received through the Growth Research Platform has allowed it lo expand the library of VoxDevLits, living literature reviews, to cover all poliey-relevant topics in development economics, and there are currently 20 additional VoxDevLils underway, as well as updates to already published Lils. VoxDev also hosts events, including internal events for policymakers al development institutions, launch events for VoxDevLit releases, and panel discussions on important topics in development. In the future, VoxDev plans to host capacity building events for students Iboth one-off and courses), and lo organise an annual online development economics conference. Links with Policy Makers CEPR continues to have strong links with UK policy makers through its close partnerships with the Foreign Commonwealth and Development Office, and the Bank of England. CEPR researchers have been active in advising UK policy makers on the most effective strategies to deal with current issues in economic policy-making. Three of the external members ofthe Bank of England's Monetary Policy Committee are affiliated to CEPR". Swati Dhingm (Research Fellow in CEPR'S International Trade and Regional Economics programmel", Alan Taylor (Research Fellow in the Macroeconomics and Growth and International Trade and Region81 Economics programmesl and Catherine Mann ICEPR Distinguished Fellowl. Furthermore, Dennis Novy, a Research Fellow in the International Trade and in the Political Economy programme, was recently appointed Chief Economist of the FCDO. Various CEPR Research Fellows are in positions of leadership in governments and intemalional organisalions around the EU, including Beala Javorcik, Chief Economist of the EBRD and Programme Director of CEPR'S International Trade and Regional Economics programme., Philip Lane, Chief Economist of the ECB and Research Fellow in the International Macroeconomics and Finance programme", Pierre-olivier Gourinchas, IMF Chief Economist and Research Fellow in the International Macroeconomics and Finance programme," Agnès Benas5y- Quére, Deputy Governor of the Banque de France and CEPR Distinguished Fellow,. and Isabel Schnabel, ECB Board member and a Research Fellow in the Financial Economics programme. Plans for the future In 2025-6 CEPRIUKI will continue lo work with the UK FCDO to implement the Growth Research Programme and lo support FCDO'S work in developing countries. We will seek additional funding for the GRP in order to mitigate some of the effects of the reduction in FCDO funding given the reduction in the UK aid budget. 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 governed 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 pmvides that the Centre is not permitted lo attempt to influence legislation by propaganda or otherwise and is not permilled to participate directly or indirectly or 10

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 intervene in any political campaign on behalf of, or in opposition to, any candidate for public office. CEPR research may include views on policy, bul the Trustees of the Centre do not give prior review to its publications and CEPR lakes no institutional positions on economic policy matters. In autumn 2025 the Trustees decided that in order to reflect the change of headquarters and the subordination of the UK Charity to the French Association, the number of Trustees of the UK Charity should be reduced, and the o sub-commillees, the Finance, Audit and Risk Committee IFARCol, and the Appointments and Remuneration Committee IARCol should become sub-commillees of the French Association rather than the UK Board of Trustees. Only the Chair of the Association (Professor Sir Charlie Beanl, the Chair of FARCO (Andrew Wooseyl, Bronwyn Curtis and Benolt Coeuré remain as Trustees. Role of the Trustees The Trustees meet quarterly to provide advice on management and policy issues. Recruitment and induction of new Trustees We seek lo recruit Trustees lo the Board of CEPRIUKI from a wide range of backgrounds (for example, in terms of gender, age and location). At 30 September 2025 189/0 of CEPR'S Trustees were female and 73P/o were based outside the UK. Potential new Trustees of CEPR receive a letter of invitation from the Chair, which contsins 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, elc., 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 office. 11 is explained that the Trustees are responsible to the Charity Commission for England and Wales for the Centre's activities. sin￿ the Centre is also a limited company, the Trustees are Directors of the Company and so legally responsible for the conduct of the Centre'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 procedures for meetings etc. They are also sent the current set of audited accounts. New Trustees are provided with the Charity Commission guideline document Responsibilities of Ch8rily Trustees (CC3)," and all Trustees are provided with the Charity Commission documents Internal Financial Control for Charities [CC8) and the Hallmarks of a Well-run Charity (CCIO). New Trustees are encouraged lo seek any clarification on any matter from the Company Secretary or President. New Trustees are then formalty appointed by resolution of the Members for an initial term of four years, renewable Ilwicel by resolution of the Members for a further four years. Changes in Trustees During the year ended 30 September 2025 one new Trustee was appointed IBenoit Coeurè on 1 Juty 20251- In addition, Anthony Venables resigned on 30 June 2025. Appointment of CEPR leadership The President is appointed by the Board of the Association, following a proposal from ARCO, which is now constituted under the auspices of the Association rather than the Charity. The President reports lo the Trustees on matters that directly affect the overall fi'nances of the UK Charity. The day-104ay management of the CEPR group's operations is led by the CEO, Tessa Ogden, who heads the current permanent London and Paris stsff. Environmental. social and governance considerations In recent years CEPR has devoted considerable attention lo its ESG responsibilities. In the environmental sphere, we stopped printing Discussion Papers in 2018, and now very rarely print reports and eBooks. Our carbon footprint from flying fell dramatically during the pandemic but has since risen again. In an attempt lo reduce the number of

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 flights, we have recently amended our travel guidelines and now ask participants to travel by train where possible if the journey can reasonably be made within six hours. The CEPR group is implementing a new Carbon offset policy for travel reimbursements. Under this new policy, CEPR will purchase carbon offsets - primarily through the European compliance market- for reimbursed flights. Participants will bè invited to contribute lo these offsets through a small deduction from their travel reimbursement 1É20 for short-haul flights and É50 for intercontinental flights), with the option lo opt out or to indicate that they have already independently offset their travel. We will monitor the effectiveness of this policy in the year ahead. CEPRIUKI has a flexible working policy in which staff are only required lo be at the office two days per week and can work from home for the rest of the week. This strategy reduces c8rbon emissions related lo commuting. Remuneration policy for key management personnel The Board had previously established a sub-commillee of Trustees {ARCol 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 lo agree on the appropriate salary increases for the CEO and CFO, who in turn set the remuneration of the rest of the staff. As discussed above, these committees will be conslituled under the parent company with effect from early 2026., their remit will be extended lo also cover the UK entity. Financial review (including reserves policy) At 30 September 2025, the UK Charity held funds lotalling £1,808,32612024 - £1,690,991). Of this, £1,213,261 12024 - £1,254,813) represented accumulated donations, subscriptions and membership fees for general funds, of which £52,355 was held in a designated reserve fund12024- £133,119) and restricted funds of £595,06512024 £436,178) were held for specific, on%oing projects. Reserves policy The Trustees have reviewed the reserves policy for the Charity and have agreed that CEPRIUKI should hold unrestricted reserves for the following PUfFioses". 1. To enable the organisalion lo operate at full capacity for four months, even if all income were to ￿aSe, recognising that shifts in support do occur and that four months of leeway would enable the organisation to identify new emergency funding sources, and that it would be necessary for the organisalion to continue to operate at near lo 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 to cease, and the Trustees so ordered. Based on the above, the Trustees believe that, al the balance sheet date, the Charity needed to hold approximately £780,000 in reserves to meet the slated obligations. Al 30 September 2025, the Charity had unreslricled reserves of £1,160,90612024 - £1,121,694) and a designated reserve of £52,35512024- £133,119). 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 lo miligale those risks. A risk register is maintained and reviewed on a six- monthty basis. The Risk Register looks at various risks under the headings.. Governance., Operational,. Financial., Environmental and External., and Regulatory Complian￿. Particular attention Is given to those risks Judged to carry the highest likelihood of Occurren￿ andlor have the greatest severity of Impact. InGr&as8 in political and &Gonomic unGertainty.' Given that CEPRIUKI receives substantial funding from the UK FCDO, we are exposed to the risks of political and economic instability in the UK, including the recent reductions in aid spending. 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 (United Kingdom Generally Accepted Accounting Practicel- 12

The Centre for Economic Policy Research Trustees, Annual Report (Including Directors, Report and Strategic Report) Year Ended 30 September 2025 Company law requires Trustees lo prepare financial ststemenls for each financial year which give a true and fair view of the slate of the affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial stalemenls, the Trustees are required to.. Select suitable accounting F)olicies and then apply them consislenlly," Observe the methods and principles in the Charities SORP., Make judgements and estimates that are reasonable and prudent., Slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slatemenls., and Prepare the fi'nancial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the eharilable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to the auditors We, the directors of the company who held Offi￿ al the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that. There is no relevant audit information of which the company's auditors a￿ unaware", and We have taken all the steps that we ought to have taken as directors in order to make oursefves 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 ReFX)rt included therein, in our capacity as company directors. Signed on behalf of the board". 2510212026 Sir Charfes Boan. Chairman Date.. 13

The Centre for Economic Policy Research Independent Auditor's Report To The Members Of The Centre For Economic Policy Research Oplnlon We have audited the financial statements of The Centre for Economic Policy Research Ilhe 'charitable company I for the year ended 30 September 2025 which comprise the Statement of Financial Aclivilies, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of I￿land (United Kingdom Generalty Accepted Accounting Praclicel- In our opinion, the financial statements.. give a true and fair view of the slate of the charitable company's affairs 8S 8t 30 September 2025 and it's incoming resources and application of resources, including ils income and expenditure, for the year then ended", have been properly prepared in accordance with United Kingdom Generalty Accepted Aceounting Practice, and have been prepared in aecordance with the requirements of the Companies Aet 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial stslemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng 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 charitable company's ability to continue as a going concem for a period of at least Iwelve months from when the financial statement5 are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other information The other information Comprises the information included in the Trustees, Annual Report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the Trustees, Annual Report. Our opinion on the financial statements does not cover the other Information and. except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion the￿on. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the fi'nancial ststements or our knowledge obtained in the course of the audit, or otherwise appe8rs to be materialty misstated. If we identify such material inconsistencies or apparent matèri81 misstatements, we are required lo determine whether this gives risè to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is 8 material misstatement of this other information, we are required to report that fact. We have nothing to rèport in this regard. 14

The Centre for Economic Policy Research Independent Auditor's Report To The Members Of The Centre For Economic Policy Research Opinions on other rnatters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. 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 slalements are prepared is consislenl with the financial statements, and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstalemenls in the strategic report or the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company, or retLJrns adequate for our audit have not been received from branches not visited by us," or the 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. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the charitable compsny financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Charitable Company financial stslements, the trustees are responsible for assessing the charitable company s ability to Continue as a going concern, disclosing, as applieable, matters related lo going concern and using the going concern basis of aceounling unless the Iruslees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative bul to do so. Auditor's responsibilitios for the audit of the financial ststements 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 misstalemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will a￿ayS delecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irr￿ularl11eS, 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 reasonabty be expected to have a direct effect on the financial slatemenls. We obtained our understanding in this regard through discussions with management, sector research and application of cumulative audit knowledge and experien￿. 15

The Centre for Economic Policy Research Independent Auditor's Report To The Members Of The Centre For Economic Policy Research We determined the principal laws and regulations relevant to the charitsble company in this regard lo 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 procedures to ensure the audit team considered whether there were any indications of non-compliance by the charitable company with those laws and r￿Ulations. These procedures included, but were not limited to enquiries of management, review of minutes and review of legal and regulatory correspondence. We also identified the risks of material misstatement of the financial statements due lo 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. Consideration of the group structure and idenlilicalion of the entity exerting control,. there is a fraud risk in revenue recognition relating to manual journal entries posted which are outside the normal course of business, which we addressed through reviewing journals and agreeing a sample lo supporting documentation. 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 Corresponden￿ 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 slated 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 recognised as liabilities at the year end. As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included but were not limited to.. the lesling 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 limitslions of an audit, there is a risk that we will not delecl all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional GOn￿alment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres onsibililieshtt '.IhMMM.frc.or -uklauditorslaudit- assurancelauditor-s-res onsibilities-for-the-audit-of-lhe-fildescri tion-of-lhe-audilor's-res onsibilities- forhtt s.Ilwww.frc.or .uklauditorslaudit-assurancelstandards-and- uidance12010-ethical-Standards- for-auditors- . This description forms part of our auditor's report. 16

The Centre for Economic Policy Research Independent Auditor's Report To The Members Of The Centre For Economic Policy Research Use of our report This report is made solety lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to 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 permitted by law, we do not accept or assume responsibility lo anyone, other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Alastair Duke (Senior Statutory Auditor) For and on behalf of PKF Littlejohn LLP Statutory Auditor 15 Westferry Circus Canary Vvharf London E144HD Dale.. 27 February 2026 17

The Centre for Economic Policy Research Statement Of Financial Activities Year Ended 30 September 2025 2025 2024 Unrestricted funds Restricted funds Total The Charity Total Total The Charity The Group Note General Designated Income and endowments from.. Donations and legacies Chaiitable acbvities Investrnents Other Income Total ineomè and endowments 50.226 352,564 48.208 580,685 6,453,812 6,504.038 352,564 48.208 580,685 5.439,559 7.751,693 369,700 389,700 88,64fj 105.541 525,088 1,031,683 6,453,812 7,485,495 6,422,993 8,226,934 Expendlture on.. Raising funds 2,616 2,616 6,161 10,240 Charitable a￿1VilIeS 989.855 80,764 6,294.925 7,365,544 7.579,094 8,651.926 Totsl expenditur 992,471 80,764 6,294.925 7,368,160 7.585,255 8,662.166 Net lexpend1tu￿I1lncOme Transfer be￿een funds Net movement In funds 39.212 180,7641 158,887 117,335 11,162,2e21 1435,2321 21 21 39,212 180,7e41 158,887 117,335 11,162,262) 1435,2321 Reconciliation of funds.. Total funds brought fotward 21 1,121,694 133,119 436,178 1,690,991 2,853,253 3,611,536 Total funds carried forward 21 1,180,906 52.355 595,065 1,808,326 1,890,991 3,176,304 All income and expenditure derive from continuing aclivilies. The statement of financial activities includes all gains and losses recognised during the year. The accompanying notes form part of these financial stalemenls. 18

The Centre for Economic Policy Research Balance Sheet As at 30 September 2025 2025 The Charity 2024 Note The Charity The Group Fixed assets Intangible assets Tangible assets 51,096 85,769 81,860 14,446 81,860 35,643 136,865 96,306 117,503 Current assets Debtors Cash al bank and in hand 16 1,458,849 2,831,485 702,897 3,055,312 1,042,117 4,247,091 4,290,334 3,758,209 5,289,208 Creditors: amounts falling due within one year 17 12,350,916) 11,895,567) 11,962,450) Net Current as$et$ 1,939,418 1,862,642 3,326,758 Total assets less current 2,076,283 1,958,948 3,444,261 Provisions for liabilities and charges 20 267,957 267,957 267,957 Net assets 1,808,326 1,690,991 3,176,304 Charity Funds Restricted funds Unrestricted funds Designated funds 21 21 21 595,065 1,160,906 52,355 436,178 1,121,694 133,119 802,544 2,240,641 133,119 Total charity funds 1,808,326 1,690,991 3,176,304 The financial stslements were approved and authorised for issue by the Board on 25 February 2026. Signed on behalf of the board of trustees Ivoo 2510212026 Andrew Woosey, Trustee The accompanying notes form part of these fi'nancial stalemenls. Company registration number.. 1727026 19

The Centre for Economic Policy Research Statement of Cash Flows Year Ended 30 September 2025 2025 2024 Note The Charity The Charity The Group Cash loulllin flow from opemting activities 1181,7491 1343,3991 32,016 Net cash flow (used inyprovided by operating activities 1181,7491 1343,3991 32,016 Cash flow from investing activities Payments lo acquire tangible fixed assets Receipts from sale of tangible fixed assets Dividends, interest and rents received from investments 190,286) {12,7361 1,315 88,646 128,7901 1,481 105,541 48,208 Net cash flow (used In)Iprovlded by Investlng activities 142,0781 77,225 78,232 Change in cash and cash equivalents in the year 1223,8271 1266,1741 110,248 Cash and cash equivalents at 1 October 2024 3,055,312 3,321,486 4,136,843 Cash and cash equivalents at 30 September 2025 2,831,485 3,055,312 4,247,091 Cash and cash equivalents consist of: Cash at bank and in hand 2,831,485 3,055,312 4,247,091 Cash and cash equivalents at 30 September 2025 2,831,485 3,055,312 4,247,091 The accompanying notes form part of these financial stalemenls. 20

The Centre for Economic Policy Research 1 Summary of significant accounting polieies lal General infomiation and basis of preparation 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 conslilutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Slalement of Recommended Practice 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 had effective control until 30 September 2024. With effect from 1 October 2024, control transferred to CEPR France and as al 30 September 2025, there is no requirement to 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 to September 2027, the amount of cash held and the level of general reserves in concluding that CEPR can meet ils liabilities as they f811 due, for a period of al le8St 12 months from the anticipated signing dale of the financial statements. 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 sel out below. These policies have been consislenlly applied lo all years presented unless otherwise staled. Ibl Funds Unrestricted funds are available for use al the discretion of the Trustees in furtheran￿ 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. Reslricled funds are funds which are lo be used in accordance with specific reslricb'ons 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 specifi'c fund. The aim and use of each reslricled fund are set out in the notes lo the financial statements. {cl Income recognition All incoming resources are included in the Statement of Financial Activities ISoFA} when the charity is legally enliiled lo the income, after any performance conditions have been met, when the amount can be measured reliably and when it is probable that the income will be received. Income from donations and subseriptions is recognised on receipt, unless there are conditions attached lo the donation that require a level of performance before entillemenl Can be obtained. In this case income is deferred until those conditions are fulty met or the fulfilment of those conditions is within the control of the charity and il is probable that they will be fu￿illed. No amount is included in the financial statements for volunteer lime in line with the SORP IFRS 1021. The charity re￿iVeS government grants in respect of certain research activities. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been mel, il is probable that the income will be received and the amount can be measured reliably. If enlillemenl is not mel, then these amounts are deferred. Investment income includes interest income, which is recognised when receivable. Idl Expenditure recognition All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, il is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings.. 21

The Centre for Economic Policy Research Raising 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. Charltable actlvltles (Research and Dlssemlnatlonj The direct costs of rese8rch undert8ken, and the dissemination of that research through meetings and publiealions, and the proportion of the overheads of CEPR required lo support those activities. Grants payable lo third parties are included in expenditure on charitable activities. Vvhere unconditional grants are made, these amounts are recognised when a conslruclive 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. lel Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, govèrnance costs, and project management costs. They are incurred directly in support of expenditure on the objects of the charity- lthere support costs cannot be directly attributed to particular headings, they have been allocated lo cost of raising funds and expenditure on charitable activities on 8 basis consistent with use of the resources. The analysis of these costs is included in note 7. (l) Intangible fixed assets Costs of website development are capilalised when they meet the criteria for recognition as an asset, being that il is probable that future economic benefits will flow lo the entity li.e. the website is income-generalingl and the cost can be measured reliably. Website development costs are slated at cost less accumulated amortisation and accumulated impairment losses. Website development costs are amorts'sed over their estimated useful life of five years, on a straight- line basis. Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, Ljseful life or amortisalion rale are amended prospectively lo reflect the new circumstances. The assets are reviewed for impairment if these factors indicate that the arrying amount may be impaired. (gl Tangible fixed assets Tangible fixed assets are staled 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 Duration of the lease Computer equipment 33.33°/0 & 20°h per annum Fixtures and fittings 20D/o per annum (h) Debtors and creditors receivable I payable within one year Debtors and c￿ditOrS with no stated interest rate and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditu￿. {il Provisions Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably eslimaled. til Leases Rentals payable under operating leases are charged lo the SOFA on a slraighl-line basis over the period of the lease. Ikl Forelgn currency Foreign currency transactions are initially recognised by applying lo the foreign currency amount the spot exchange rate between the functional currency and the foreign cutrency al the dale of the transaction. 22

The Centre for Economic Policy Research Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are trans18ted using the closing mte. {11 Employee benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are enlilled are recognised al the undiscounted amount expected to be paid in exchange for that service. The charity makes contributions to the pensions of staff members based on qualifying periods of service. Contributions are expensed 8s they become payable. (ml Tax The charity is an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010. It therefore meets the definition of a charitsble company for UK corporation tax purposes. Inl Jointly controlled operations The charity's share of ilsjoinlty 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 2025 The Charity 2024 The Charity The Group Memberships Central Banks Corporates Inslilutionsllndividuals Public seetor funding Private sector funding Grants 12,678 37,548 21,432 51,487 26,920 423,839 278,377 176,752 513,712 513,712 project related funding (see note 2a) 6,453,812 5,339,720 5,845,301 6,504,038 5,439,559 7,751,693 The Charity's income from donations and legacies for the yearwas £6.504,03812024- £5,439,559) of which £6,453.812 12024 - £5,339,720) was attributable lo reslricled funds and £50,225 12024 £99,839) was attributable to unrestricted fLJnds. 2 lal Grant Income - Project related funding 2025 The Charity 2024 The Charity The Group International Macroeconomics International Trade Public Economics & Political Economy Financial Economics Industrial Organisation Development Economics Non-specific Project activity Slruclural Transformation and Economic Growth 155,285 8,521 87,181 8,304 44,535 53,950 1,968,130 373,946 29,000 1,058,749 1,968,130 ISTEGI Private Enterprise Development in Low-lncome Countries IPEDLI Growth Research Programme IGRPI Region Ile de France 1,075,922 2,163,318 2,163,318 3,945,195 1,179,272 1,179,272 176,805 6,453,812 5,339,720 5,845,301 Income from Project related funding was fully attributable to reslricled funds in both the current and the prior year. 23

The Centre for Economic Policy Research Incomo from charitable activities 2025 The Charity 2024 The Charity The Group Income from publications sales Income from jointly controlled operation 258.939 93,625 352,564 274,664 95,036 369,700 274,664 95,036 369,700 Income from charitable activities was fully attributable to unrestricted funds in both the current and the prior year. Incomo from invostments 2025 The Charity 2024 The Charity The Group Interest- deposits £48,208 £88,646 £105,541 Income from investments was fully attributable to unrestricted funds in both the current and the prior year. Other income 2025 The Charity 2024 The Charity The Group Staff costs recharged to group undertaking £580,685 £525,088 Expenditure Analysis 2025 Grant funding of activities (note 91 staff costs other direct ost$ Support o$ts (note 71 Total Direct costs of fundraising Research & dissemination Jointly controlled operation 2,616 2,454,791 364,873 29,570 2,816 7,335,974 29,570 2,812,292 1,704,018 Total resources expended year ended 30 Sept 2025 2,812.292 1,704,018 2,486,977 364,873 7,368,160 £6,294,925 ofthe above costs were atlributsble lo restricted funds12024.. £6,135,844) and £1,073,235 were attributable to unrestricted funds12024'. £1,449,411}. Expenditure Analysis 2024 Grant funding of activities (note 91 Staff costs Other direct costs Support costs Inote 7} Total Direct costs of fundraising Research & dissemination Jointly controlled operation 6,161 2,095,234 310,903 71,449 6,161 7,507,645 71,449 3,507,578 1,593,931 Total resources expended year ended 30 Sept 2024 3,507,578 1,593,931 2,172,844 310,903 7,585,255 24

The Centre for Economic Policy Research Allocation of support costs Support costs Governance Finance (see note 81 eosts IT costs Office costs Total Support costs Research & Dissemination Year lo 30 Sept 2025 (The Charity) Year lo 30 Sept 2024 (The Charity) Year lo 30 Sept 2024 IThe Group) 30,805 27,072 99,632 28,157 15,878 60,025 83,149 222,762 364,873 87,649 180,304 310,903 109,924 370,061 639,642 Finance costs include a loss on foreign exchange of £19,22812024'. loss £7,568), see note 10. No support costs have been allocated to the activity of raising funds in 202512024". £nill due to the low level of direct expenditure in that area. Governante costs 2025 The Charity 2024 The Charity The Group Auditors, remuneration Inote 101 Meetings Legal & professional costs 14,000 3,560 13,245 15,310 2,620 9,142 31,646 6,394 61,592 30,805 27,072 99,632 Analysis of grants 2025 Grants to institutions Grants to individuals Total Exploratory Research Grants IERGS) Major Research Grants IMRGS) Small Research Grants ISRGS) Large Research Grants ILRGS) GRP Exploratory Research Grants IERGS) GRP Major Research Grants IMRGSI GRP Small Research Grants ISRGS) GRP Large Research Grants ILRGS) GRP Compact Research Grant ICRGS) 104,014 708,871 60,334 165,559 156,668 236,263 33,870 535,951 73,764 108,794 212,808 708,871 267,780 165,559 352,348 236,263 258,948 535,951 73,764 207,446 195,680 225,078 2,075,294 736,998 2,812,292 25

The Centre for Economic Policy Research Recipients of grants to institutions". GRP GRP SRGS GRP ERGS STEG SRGS PEDL ERGS CRGS LRGS MRGS LRGS MRGS American Universit ARCED Foundation Bocconi Universit Boston Universit BRAC Institute of Govem8nce and Dev. CEMFI Colle io Cado Alberto Columbia Universit CDEP Consumer Insi hts Cornell Universit Duke Universi D adic Research Im act5 Econ. Research South Africa Euro ean Universit Institute Fondation Nat. des ScienTrs Politi ues Fondation pour I'institut de haut. etu. Internat. et du Dev. Fundacio d'Economia Analitic2 German Inst. for Glob. & Area Studies Good Business Lab Foundation Harvard Universit Innovations for Povert Action Institute for Fin. Manag. and Research IFMR Instrtute for Fiscal Studies Intern. Growth, Res. and Eval. Center Lahore School ol Economics London Business School London School of Economics Mass8chu5etts Inst. of Technolo Monash Univer51t National BLJreau of Econ. Res. NBER Nov School of Business and Economics Oxford Centre for Islamic Studies Oxford Poli Mana ement Ltd Ni Oxford Univeisi Piomisin t Consultin Research and Ada tive Monitorin Sa ienza Universi of Rome Toulouse School of Economics Trinit Colle e Dublin Universil of Antwer Universit ol Bristol Universit ol California, Berkele Universit ol California. San Die Universil ol California. Santa Cruz Universit of Chica Universil of Minnesola Universit of Ro¢hestei Universit ol South Australia Universit ol St. Gallen Universit ol Vir Universit of Washin sala Universitet Vyxer Research Management Information Technolo Consultanc Yale Universi in Cairo 99,480 6,852 87,499 9,908 37.109 2,394 -3,835 18,420 10.000 46,606 65,554 ERSA 15,992 59,954 67.609 37,870 14,531 9,275 54,983 122 089 50.553 11.794 9,998 49,944 53,973 4,730 17.733 MIT 435 10,000 7,128 44,129 35.667 31.920 Labs 49,498 9.750 15.463 34.089 55,000 2e,153 115515 12.622 4,000 7,703 2,509 ton 12,350 58,420 19,446 11,872 569,821 15,383 392,931 60,174 225,893 73,764 812,885 26

The Centre for Economic Policy Research Analysis of grants 2024 Grants to institutions Grants to individuals Total Exploratory Research Grants IERGS) Major Research Grants IMRGS) Small Research Grants ISRGsl Large Research Grants ILRGSI 206,574 1,469,998 184,722 538,734 543,684 750,258 1,489,998 748,588 538,734 563,866 2,400,028 1,107,550 3,507,578 Recipients of grants to institutions.. STEG ISRGS) STEG ILRGS) PEDL IERGS) PEDL IMRGS) ARCED Foundation Bocconi University Boston University CEMFI Centre of Economic Research Pakistan Consumer Insights Cornell University Developrnent Data Lab In¢ Duke University Dyadic Research Impacts Fondation Nationale des Sciences ues Fondation pour I'institut de haut. etu. Internat. et du Dev. German Institute for Global and Area Studies Good Business Lab Foundation Groningen University Harvard Imperial College of S￿ence, Technol & Medicine Innovations for Poverty Action Institute for Financial Management and Research IFMR Institute foi Fiscal Studies International Foundation for Research and Education JPAL South East Asia JPGSPH BRAC University Lahore School of Economics London School of Economics Massachusetts Institute of Technology MIT McGill University Mon8sh University National Bureau of Economic Research NBER Notre Dame Novafrica 37.499 31,679 32,000 13,325 19,998 2.848 40,000 18,128 14.986 127,667 67,720 14.966 15,860 31,8CM) 82,103 10,0(M) 18,638 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 82,517 12,636 49,474 50,820 3,737 10,000 86.140 41,576 4,015 17,264 NYU Abu Dhabi Oxford University The American University in Cairo Trinity College Dublin -1,247 25,155 48.284 15,995 109,418 14.107 27

The Centre for Economic Policy Research Recipients of grants to institutions Icont.): Universitat Auttsnoma de Barcelona University of Antwerp University of Bath University of California Universlty of Chicago University degli Studi di Napoli Partheno University of Fribourg Universlty ol Minnesota University ol Portsmouth University of South Australia University ol St. Gallen University of Toronto University ol Viiginia University ol Warwick University ol Washingttsn Yale University -7,200 7,350 9,613 14,559 118,644 171,895 412,635 4,338 4.998 52,791 18,333 7.703 23,256 3.481 31,897 3,481 12,599 31,957 60,0(M) 538,734 16,499 1,469,998 184.722 206,574 The grants to institutions detailed in the bNo tsbles above derive from the grant-giving initiatives that CEPR administers for the Foreign, Commonwealth & Development Office Isee pages 8 & 91. In April 2024 FCDO'S funding to CEPR was extended and reslruclured into the Growth Research Platform IGRPI, which now includes four large research projects.. PEDL, STEG, Reducing Conflict and Improving Performance in the Economy ￿ReCIpE), and the Policy Response Window. For all these initiatives the grants IMRGslERGs for PEDLIGRP, SRGslLRGs for STEGIGRP and for 2025 GRPICRGS for ReCIPE, which allocated its first grants in summer 2025, are given lo the above-named inslilutions, however the funding is largely spent in the target, low-income countries. 10 Net income forthe year Nel income is slated after charyingllcredilingl.. 2025 The Charity 2024 The Charity The Group Amortisalion of intangible fixed assets Depreciation of tangible fixed assets Operating lease rentals- premises ALJditors' remuneration UK audit services UK non-audit services French audit services to subsidiary Foreign exchange losses 30,764 18,963 68,263 34,111 9,660 75,865 34,111 20,156 188,720 14,000 9,700 15,310 7,225 15,310 7,225 16,336 45,252 19,228 7,568 11 Trustees. and key management personnel remuneratlon and expenses The trustees neither received nor waived any remunerats'on during the year12024.' £nill. The total amount of employee benefits lincluding pension contributions and employers, national insurance contributions) received by key management personnel during the year was £533,81312024.' £510,787). CEPR considers ils key management personnel lo comprise the roles of the President, Chief Executive offi￿r, Chief Finance Officer and Chief Operating Officer. 28

The Centre for Economic Policy Research The following trustees, expenses were reimbursed or paid directly on their behalf during the year". 2025 2024 2025 2024 The The The The The The Company Company Group Company Company Group Number Number Number Travel and accommodation 373 304 2,733 Included in above is £nil12024 £nill which has been paid directly lo third parties. 12 Staff costs and employee benefits The average monthty number of employees and full lime equivalent IFTEI during the year was as follows". 2025 2024 2024 The The The The Charity Charity Charity Charity Number FTE Number FTE The Group Number The Group FTE Charitable activities Support ServI￿S 14 12 14 25 11 22 19 17 20 33 17 29 The total staff costs and employee's benefits were as follows.. 2025 The Charity 2024 The Charity The Group Wages and salaries Social security Pension eonlribulion eosts 1,150,495 131,828 63,650 1,114,251 109,915 61,419 1,540,162 252,969 88,560 1,345,973 1,285,585 1,881,691 Consultancy fees and other salary costs to project related staff 358,045 308,346 275,745 1,704,018 1,593,931 2,157,436 There were no termination payments in the year12024'. £2,308). The number of employees who received total employee benefits (excluding pension contributions and employers, national insurance conlributionsl of more than £60,000 in the year is as follows.. 2025 2024 The Charity The Charity The Group £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £120,001- £130,000 £140,001- £150,000 £150,001- £160,000 29

The Centre for Economic Policy Research 13 Related party transactions Trustees of CEPR UK are also Trustees of the French Association. With effect from 1 October 2024, CEPR France is the parent entity and CEPR UK is the subsidiary entity. At the end of the financial year, 30 September 2025, CEPR UK had a nel creditor balan￿ with CEPR France of £228,15312024'. £151,094). 14 Intangible fixed assets The charity Website & digital platform development Total Cost: Al 1 October 2024 Additions AI 30 September 2025 Depreciation.. Al 1 October 2024 Charge for the year AI 30 September2025 Net book value- AI 30 September 2025 At 30 September2024 176,138 176,138 176,138 176,138 94,278 30,764 125,042 94,278 30,764 125,042 51,096 51,096 81,860 81,860 The group Website & digital plarform development Total Cost: Al 1 October 2023 176,138 176,138 Additions AI 30 September2024 Depreciation.. Al 1 October 2023 176,138 176,138 60,167 34,111 94,278 60,167 34,111 94,278 Charge for the year AI 30 September 2024 Net book value: AI 30 September2024 AI 30 September 2023 81,860 81,860 115,971 115,971 30

The Centre for Economic Policy Research 1 S Tangible fixed assets The charity Leasehold improvements Cornputer Fixtures & equipment fittings Total Cost: Al 1 October 2024 Additions Disposals At 30 September 2025 68,843 66,355 168,8431 66,355 68,709 11,425 17,5591 72,575 18,559 12,506 {14,2921 16,773 156,111 90,286 190,6941 155,703 Depre¢latlon'. Al 1 October 2024 Charge for the year 68,843 7,641 54,593 9,661 18,229 1,661 141,665 18,963 On disposals At 30 September2025 68,8431 7,641 7,5591 56,695 114,2921 5,598 190,6941 69,934 Net book value: AI 30 September2025 AI 30 September 2024 58,714 15,880 14,116 11,175 330 85,769 14,446 The group Leasehold Improvements Computer equipment Fixtures & fittings Total Cost: Al 1 October 2023 Additions Disposals AI 30 September 2024 68,843 89,017 28,200 18,3711 108,846 18,681 590 176,541 28,790 18,3711 196,960 68,843 19,271 Depreciation.. Al 1 October 2023 Charge for the year 68,843 61,177 19,780 18,031 376 148,051 20,156 On disposals AI 30 September2024 16,8901 74,067 16,8901 161,317 68,843 18,407 Net book value: AI 30 September 2024 AI 30 September2023 34,779 27,840 864 35,643 28,490 650 31

The Centre for Economic Policy Research 16 Debtors 2025 The Charity 2024 The Charity The Group Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 784,526 174,341 10,254 489,728 48,686 100,679 80 553,452 185,303 12,838 843,976 1,458,849 702,897 1,042,117 17 Creditors.. amounts falling due within one year 2025 The Charity 2024 The Charity The Group Trade creditors Amounts owed to group undertakings Other lax and social security Othèr creditors Jointly controlled operation Inole 17al Accruals and deferred income Inole 191 816,128 402,494 84,447 9,582 650,629 387,636 510,046 251,773 108,504 9,760 522,519 492,965 631,142 151,864 11,470 522,519 645,455 2,350,916 1,895,567 1,962,450 17(al Jointly controlled operation CEPR is a co-owner of the ioumal EGonomiG Policywhich was co-founded by CEPR and the Maison des Sciences de I'Homme some thirty years ago. Economic PoliGy is owned by.. CEPR., the Center for Economic Studies ICESifol at the University of Munich., and the Fondalion Nalionale des Sciences Poliliques (Sciences Pol. The journal is published by Oxford University Press and it is the leading review in Europe for economic policy analysis. It contains papers that are specially commissioned by the editors lo provide timely and aulhoritalive anatysis of the choices confronting policymakers. Economic Policy is considered to 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 respective share of assets and liabilities reported in the balance sheet. Financial information for the jointly controlled operation is as set out below". Economic Policy Joumal 2025 2024 Income Expenditure 280,875 188,7101 285,108 1214,3481 Surplus 192,165 70,760 CEPR'S share of income generated of £93,62512024.' £95,036) and expenditure incurred of £29,570 12024.. £71,449) is included within amounts reported on the SOFA. 32

The Centre for Economic Policy Research Economic Policy Journal 2025 2024 Cash & Reserves blfwd - amount payable to Cowowners Annual surplus 522,519 192,165 475,346 70,760 Funds available 714,684 546,106 CEPR'S share of annual result11131 164,0551 123,5871 Amount payable to Co-owners 650,629 522,519 Amounts reported as creditors on the balance sheet includes £650,62912024.' £522,519) which represents amounts held within cash by CEPR as a result of administering the activity but payable to the other co-owners of the journal. 18 Operating leases Total future minimum lease payments under non-cancellable operating leases are as follows.. Premises 2025 Premises 2024 Not later than one year Later than one and not later than five years 56,340 198,307 38,119 254,647 38,119 19 Deferred income 2025 Under 1 year 2024 Total Al 1 October 2024 Additions during the period Amounts released to income 221,885 165,874 1221,8851 202,883 221,885 1202,8831 At 30 September2025 165,874 221,885 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 received in advance of anb'cipated expenditure 20 Provision for liabilities and charges The Charity At 1 October 2024 and 30 September 2025 £267,957 In September 2024 the charity was notified by a donor that it expected to recover funds from a previously delivered programme. The charity is not in agreement with the conclusions drawn and intends to continue to dispute the findings issued. 33

The Centre for Economic Policy Research 21 Fund reconciliation Unrestricted funds- The Charity 2025 Balance al 1 October 2024 Balance al 30 Sept 2025 Income Expenditure Transfers General Designated 1,121,694 1,031,683 133,119 992,471 80,764 1,160,906 52,355 2024 Balance al 1 October 2023 Balance al 30 Sept 2024 Income Expenditure Transfers General Designated 1,457,068 1,083,273 11,418,647) 163,883 30,764 1,121,694 133,119 Unrestricted funds- The Group 2024 Balance al 1 October 2023 Balance al 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 Restrlcted funds-The Charlty 202S Balance at 1 October 2024 Balance at 30 Sept 2025 Income Expenditure Development Economics CorelNon-specific PEDL STEG GRP Total 373,946 1185,0971 17,8751 11,180,524> {1,058,7491 3,862,680 6,294,925 188,849 24,631 188,030 32,506 292,632 1,075,922 1,058,749 3,945,195 6,453,812 111,040 436,178 193,555 595,065 2024 Balan￿ at 1 October 2023 Balance at 30 Sept 2024 Income Expenditure Intemational Macroeconomics Industrial Organis81ion Financi81 Economics Development Economics CorelNon-specific PEDL STEG GRP Total 53,163 153,1631 22,470 249,673 122,4701 1249,6731 129,0001 1136,2811 12,608,895> 11,968,130 1,068,232 6,135,844 29,000 1 S8,787 738,209 32,506 292,632 2,163,318 1,968,130 1,179,272 5,339,720 111,040 436,178 1,232,302 34

The Centre for Economic Policy Research Restricted funds- The Group 2024 Balan￿ at 1 October 2023 Balance al 30 Sept 2024 Income Expenditure International Macroeconomics Public Economics & Political Economy Industrial Organisation 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 87,181 44,535 53,950 176,805 1,968,130 1,179,272 2,163,318 5,845,301 114,9601 1143,2701 144,5351 194,5041 1176,8051 11,968,130) 11,068,232) 2,608,895 6,285,972 15,814 193,584 179,700 139,146 111,040 292,632 802,544 738,209 1,243,215 Fund doscriptions 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. bl Restricted funds Restricted funds on each of the funds above comprise monies received for specific projects within economic research and are used lo finance research, meetings, publications etc. For the year ended 30 September 2025, income exceeded expenditure by £158,887. There is a balance of £595,065 in restricted funds which represents project funds still to be disbursed. The Majority of this balance is made up of FCDO projects and related initiatives as described earlier in this report Analysls of charlty net assets between funds Unrestricted funds Restricted funds Total 2025 2024 2025 2024 2025 2024 Fixed assets Net current assets Provisions for liabilities and charges 136,865 96,306 1,344.353 1.426,464 1267,9571 1267,g571 136,865 96,306 436, 178 1,939,418 1,862,642 1267,9571 1267,9571 595,065 Total 1,213,261 1,254,813 595,065 436,178 1,808,326 1,690,991 35

The Centre for Economic Policy Research Analysis of group net assets between funds Unrestricted Funds Restricted Funds Total 2024 2024 2024 Fixed assets Net current assets Provisions for liabilities and charges 117,503 2,524,214 1267,9571 117,503 3,326,758 1267,9571 802,544 Total 2,373,760 802,544 3,176,304 22 Reconciliation of net income to net cash flow from operating activities 2025 The Charity 2024 The Charity The Group Net lexpendilurell income for year 117,335 11,182,262) 1435,2321 Dividends, interest and rents from investments Amortisalion of intangible fixed assets Depreciation and impairment of tangible fixed assets Lossllprofitl on FA disposal Decreaselllncreasel in debtors Increase in creditors Provision for liabilities and charges 148,2081 30,764 18,963 {88,6461 34,112 9,660 1105,5411 34,111 20,156 165 345,743 249,872 267,957 1755,9521 455,349 60,617 189,948 267,957 Net cash loufflowllinflow from operating activities 1181,7491 1343,3991 32,016 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 to 18 employees12024." 181 and amounted 10 £63,65012024". £61,419>. Related party transactions and ex gratia payments 24 Information about related party transactions and outstanding balances is outlined below.. Outstanding balances Income Expenditure Commitments Beatrice Weder di Mauro, President & Director 30 September 2025 23,000 30 September 2024 20,000 The amounts reported above relate to Swiss employer social costs. 36

The Centre for Economic Policy Research 25 Financial instruments The charity holds a number of financial assets (for example debtors and cashl and financial liabilib'es Ifor example creditorsl which meet the definition of basic financial instruments under the FRS 102 SORP. Details of the measurement bases, accounting policies and carrying values for these fi'nancial assets and liabilities are disclosed in notes above. 26 Capital commitments Al the balance sheet dale, the charity had no capital commitments IGrouplcompany 2024.. £01. 27 Contingent assets and liabilities Al the balance sheet dale, the charity had no contingent assets or liabilities (Grouplcompany 2024.. £01. 28 Parent undertaking Until 30 September 2024, the charitable company maintained effective control over CEPR France, an Association registered In France. The Association number Is 89841180600018 (Numero Siretl and Charity (Associationl number is WT51254631. The registered office address Is 27 Rue Saint Guillaume, 75337 Paris. From 1 October 2024 effective Control switched to Paris and the charitable company is now a subsidiary of CEPR France and consolidated accounts are not required. The parent entity financial statements can be found here.. htt s."Ilwww. ournal-officiel. ouv.frl eslassociations-detailryannoncel? .id=id".898411806 30092024 For 2024 all activities were consolidated on a line by line basis in the ststemenl of financial activities. The charity's Trustees are also Board Members of the parent entity. 29 Post balance sheet events There are no post balance sheet events to report. 37