Financial Statements and Reports for the Year Ending 31 December 2025

Summary of Our 2025 Strategic Report

The Tony Blair Institute for Global Change has submitted its financial statements for the year ending 31 December 2025 to Companies House and is publishing them today, 8 October 2026, on this website. The full strategic report can be read in our financial statements.

The Partners for Governing in the Age of AI

As we approach our first ten years, TBI has established itself as one of the foremost institutes – in action and thought – in the world. Our founding mission is to work with leaders to help them deliver change for their people and meet the most critical challenges they face.

In every country, the leaders we work with are governing in a context of seismic geopolitical disruption; rising public anxiety about what the future holds; and an AI and technological revolution that is changing the course of human progress.

We have assembled the mix of capabilities and skills needed to support leaders to deliver change: country teams working at the centre of government; policy and government delivery experts; technologists; geopolitical analysts; management consultants; and data scientists all supported by central professional teams.

We place AI and technology at the centre of our work because of our conviction that AI and technology hold the key to the future. In 2025 we set an ambition for the Institute to be recognised as the partner for governing in the age of AI. To help the Institute meet this ambition, we undertook an organisational review and implemented a new, simpler operating model, including the creation of a new AI & Innovation function.

In 2025, we focused on securing more predictable, multi-year funding and actively managing our income mix across government partnerships, corporate clients and philanthropy. This provides the stability and flexibility needed to plan ahead and invest in priority areas. As a not-for-profit, we reinvest what we raise and earn into strengthening our resilience and delivery capability.

We had an average of 794 employees globally (786 in 2024) bringing a wide range of expertise and experience. In addition to our Global Headquarters in London, our colleagues are based in locations across Africa, the Americas, Asia, Europe and the Middle East. Our workforce comprises around 88 nationalities reflecting our commitment to hiring colleagues locally wherever possible.

Financial Review

The year to 31 December 2025 was one of continued income growth, improved operating performance and active management of the cost base as the Institute pursued its strategic priorities. The Group reported turnover of $182.3m (2024: $161.3m), an increase of $21.0m or 13 per cent, reflecting continued demand for the Institute’s work with governments, partners and donors.

Administrative expenses increased to $180.6m (2024: $162.9m), an increase of $17.7m or 11 per cent. This increase reflects, in part, investment made during the year to strengthen the organisation and position it for future growth. These changes are expected to support a more sustainable cost base, stronger organisational capability and the Institute’s ability to deliver effectively as its work continues to develop. The largest cost category remains people-related expenditure, reflecting the expertise required to deliver the Institute’s global portfolio. The Group recorded an operating surplus of $1.7m (2024: operating deficit of $1.6m) and a surplus before taxation of $2.2m (2024: deficit of $1.2m). After tax and currency translation differences, total comprehensive deficit was $3m (2024: deficit of $4.3m). The statement of financial position remains strong, with net assets of $30.1m at 31 December 2025 (2024: $33.1m) and net current assets of $28.2m (2024: $30.5m). Cash balances reduced to $16.0m (2024: $34.9m), reflecting the timing of receipts and payments across a growing global portfolio.