Financial Statements and Reports

Summary of Our 2024 Strategic Report

The Tony Blair Institute for Global Change has submitted its financial statements for the year ending 31 December 2024 to Companies House and is publishing them today, 2 October 2025, on this website. The full strategic report can be read in our financial statements.

TBI, a not-for-profit organisation, works with political leaders around the world to reimagine the state for the 21st century. Our mission is to equip political leaders to achieve more for their people and deliver lasting impact. We do this by bringing world-class expertise to advise on strategy, policy and delivery, with technology as the enabler across all three.

In 2024 our growth continued at a measured pace as we expanded our global footprint, with a presence in more than 40 countries at the end of the year. More than 90 per cent of our 122 active projects involved providing transformative, technology-driven support on strategy, policy and delivery to the highest levels of government. Our senior global experts worked hand in hand with embedded country teams and political leaders, providing incisive, high-impact support.

We had an average of 786 employees globally, bringing a wide range of expertise and experience; our international staff work in our global headquarters in London and in locations across Africa, the Americas, Asia, Europe and the Middle East. We were delighted to welcome former Prime Minister of Italy Matteo Renzi as Strategic Counsellor, joining former Prime Minister of Finland Sanna Marin and former UK Chief of the Defence Staff General Sir Nick Carter, who all bring deep experience and targeted strategic counsel to political leaders. Our workforce comprises around 80 nationalities reflecting our commitment to hiring colleagues locally wherever possible.

Reimagining the State for the 21st Century

Our central thesis of the Reimagined State argues that the 20th-century model of government is no longer fit for purpose and that political leaders must now lead a deliberate reimagining of the state for the AI era. This is not a question of whether AI will transform governance, but who will shape that transformation, and to what end. Our vision is both radical and practical: a new operating system for the state that is adaptive, innovative and relentlessly focused on outcomes for citizens.

Our purpose remains to help governments deliver on their biggest priorities, whether that is attracting investment, creating jobs, building critical trade infrastructure, helping citizens enhance skills, extending health care to rural areas or improving education outcomes. But our evolving conviction is that to meet these ambitions faster, better and more cost-effectively than ever before, technology must be at the heart of how governments operate and serve.

Tony Blair is the Institute’s Executive Chairman. He receives no remuneration for his work on behalf of the Institute, to which he devotes the majority of his time. Mr Blair is the sole subscribing member of the Company.

Financial Review

As a not-for-profit, we are able to work in the most challenging contexts and on the most transformative projects because our focus is on the reform programmes of leaders rather than profits. A diversified funding model is central to our long-term sustainability, strengthening our independence and resilience, while enabling us to invest flexibly in the areas of greatest need and opportunity.

At the consolidated level, turnover increased to $161.3 million (2023: $145.3 million) while consolidated operating expenses increased to $163 million (2023: $152.8 million), with the largest driver of increased expenditure being staff costs to deliver our growing portfolio of high-impact work. The Institute has continued to grow in 2024 and started operations in eight new countries. With our growth ambition, we aimed to roughly break even in 2024 and are pleased to report a small deficit before tax of $1.2 million for the year (2023: $7.3 million deficit). After adjustments for foreign exchange and taxation, the Institute recorded a total deficit of $4.3 million (2023: $2.2 million). As of 31 December 2024, the net asset position of the group has decreased to $33.1 million (2023: $37.4 million), reflecting the overall performance of the group for the year ended 31 December 2024. As of 31 December 2024, the Group’s reserves stood at $33.1 million and the Group reports healthy cash balances of $34.9 million.