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