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2021-12-31-accounts

THE ATLANTIC EDUCATION PROJECT

TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Charity Number: 1081459

THE ATLANTIC EDUCATION PROJECT CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page
Trustees' Report 1 to 4
Legal and Administrative Information 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 11

THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their report and accounts for the year ended 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the charity’s trust deed, applicable law, and the requirements of the Charities SORP 2019 (FRS 102) and the Charities Act 2011.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was established by a charitable trust deed on 3 February 2000 and is registered with the Charity Commission for England and Wales (charity number 1081459).

TRUSTEES

The trustees who served throughout the year were:

(Chairman)

After the year end, the following changes were made to the Board of trustees:

(Chairman)

ORGANISATIONAL STRUCTURE

The Board of trustees meets twice yearly to administer the charity. The charity is managed by an Executive Director, Mr Nathan Gamester. The charity’s operations and its finances are supported by Mrs Joanna Neave and Ms Caroline Kemp.

The trustees' investment powers are governed by the Trust Deed. Trustees have the power to invest or re-invest all monies requiring investment or re-investment in such manner as the trustees from time-to-time think fit in their absolute discretion as if they were the absolute beneficial owners.

RISK MANAGEMENT

The trustees are responsible for identifying and reviewing the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable safeguards against fraud and error.

The trustees have reviewed the risks to the assets of the charity and are satisfied that sufficient controls are in place to manage these. The trustees review the portfolio with the asset managers on a half yearly basis and maintain an up to date list of the investments. Further, the asset managers are regulated by the appropriate authorities, which ensures that they accurately reflect the policy agreed by the trustees.

Coronavirus (COVID-19)

The trustees have reviewed and considered all relevant UK Government guidance in relation to COVID-19 and have made the necessary logistical changes as appropriate. The most significant change to the charity’s activities was to move some of the charity’s events to an online format during 2021. While this required a new approach, the video platform still enabled the charity to continue to reach a broad audience.

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FOR THE YEAR ENDED 31 DECEMBER 2021

THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT

OBJECTIVES AND ACTIVITIES

The charity advances education in national and international political, economic and trading matters.

Public Benefit

The trustees have given due regard to the Charity Commission's guidance [PB3] on reporting public benefit when planning the charity's activities.

Atlantic Partnership is a non-partisan organisation and does not seek to inculcate or promote a particular point of view. It is not a membership organisation and does not charge fees for participation in its events or remunerate its speakers. Its resources are correspondingly modest and raised principally from voluntary contributions from organisations and individuals who share its objectives. During the year ended 31 December 2021 the charity received donations of £74,608 (2020: £21,750).

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS IN 2021

Throughout the year, the trustees reviewed and considered all relevant UK government guidance in relation to COVID-19 and made necessary logistical changes as appropriate. The pandemic presented challenges which required Atlantic Partnership to amend its regular activity. This manifested in two specific ways: hosting events and fundraising.

Atlantic Partnership events bring together a broad and diverse range of individuals from a variety of organisations, viewpoints, and backgrounds. Guests at its events characteristically include leaders in government, the law, the media, Parliament, public policy, the military, and the police and security services. The purpose of the events is to give the guests the opportunity to listen to and debate with invited speakers and apply the lessons learned to their own fields in the broad areas of public policy and international relations.

Atlantic Partnership usually hosts approximately 10 in-person events every year which comprise a guest list of approximately 50-60 people. As a result of lockdown restrictions put in place by the UK government, it was not possible to host ‘in-person’ events for the majority of the year. The trustees therefore, decided to start the year in the same vein as the previous year, by hosting ‘virtual’ events using an online video platform. While this required a new approach, the video platform enabled the charity to continue to reach a broad audience. Of the seven events hosted in 2021, six were hosted virtually and one was in-person.

Despite these challenges, Atlantic Partnership was still able to continue its work of hosting breakfast seminars with the aim of civic education in the concepts of good governance and constructive relations between countries, especially but not exclusively those of the transatlantic community embracing Europe and North America.

Each seminar provides an opportunity for the speaker to give an overview of his/her area of expertise followed by a robust debate in which the invited speaker answers questions from the assembled guests. Information about the events is available to the public on our website.

There follows a headline summary of the speeches and debates.

Global and National Security

In January, Sir Alex Younger addressed Atlantic Partnership to discuss the threats and challenges facing the UK and its allies. One of the core themes discussed by Sir Alex was the growing significance of cyber security to the UK’s intelligence/security landscape. Sir Alex also touched on the importance of diplomatic relations and the work of diplomatic personnel in fostering security and political relationships between nations.

In June, Dame Cressida Dick, London Metropolitan Police Commissioner, addressed Atlantic partnership and discussed the important role played by frontline police officers in keeping London safe. Dame Cressida discussed recent challenges her police force has faced and outlined the proactive role she is taking to address issues within the force.

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THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The US Political and Media Landscape

In March, BBC North America Editor, Jon Sopel, spoke to Atlantic Partnership about his experience on the frontline of a dramatic chapter in America’s recent political history. Mr Sopel drew on his experience following the US Presidential election to highlight some trends in US political landscape most notably the highly polarised nature of US political discourse. Mr Sopel concluded by discussing the ways in which the close ties that exist between the US and the UK have adapted and evolved in response to the changing domestic political situations in both countries.

UK Public Health and Coronavirus

In March, the former UK Foreign Secretary and Health Secretary, Jeremy Hunt MP, addressed Atlantic Partnership to discuss the UK Government’s response to the pandemic. Mr Hunt drew on his experience as Health Secretary to discuss the handling of the vaccine roll-out and the procurement of protective equipment for frontline health workers. Mr Hunt also reflected on his time as Foreign Secretary to discuss the security and diplomatic consequences that may occur as a result of the pandemic.

Britain’s Role on the Global Stage

In April, Foreign Affairs Advisor to the Prime Minister, Professor John Bew, addressed Atlantic Partnership to discuss the UK Government’s recently published Integrated Review. Professor Bew explained that this was a significant foreign policy document because it attempted to define the UK’s strategic role on the world stage following its departure from the EU. Professor Bew noted that the Integrated Review aimed to maintain the established ‘rules-based’ international order while also forging a more proactive approach that works for the UK’s long-term interests and values.

UK Foreign Relations

In June, Atlantic Partnership hosted the Shadow Foreign Secretary, Lisa Nandy MP, who explained the nuances of the Labour Party’s foreign policy including the priorities it would pursue should there be a change of government. Ms Nandy touched on the importance of debate and discourse in politics and in wider society so issues can be discussed civilly and tolerantly. Ms Nandy noted that Britain’s foreign policy objectives have changed since Britain left the EU and that it was important to look to the future, not the past, to forge a path forward.

US Politics and Business

In October, Atlantic Partnership met in-person for the first time in nearly two years to listen to Stephen Schwarzman, Founder of investment firm Blackstone. Mr Schwarzman discussed his history in business as well as his involvement in US politics. In addition to speaking about his first hand experience, Mr Schwarzman also provided an assessment of US politics reflecting on the connected social changes that have taken place in America in recent years too.

A full list of our patrons, panellists and chairmen can be found on our website. In addition, the website provides a selection of articles, speeches and media appearance of our patrons, chairmen and panellists (www.atlanticpartnership.org).

Our season of breakfast meetings for 2021 included:

Date Speaker
January Sir Alex Younger, Chief, SecretIntelligence Service2014-20
March JonSopel,BBCNorth America Correspondent
March JeremyHuntMP,FormerUK HealthandForeignSecretary
April ProfessorJohn Bew,Foreign AffairsAdvisorto thePrimeMinister
April Dame CressidaDick,London Metropolitan Police Commissioner
June LisaNandyMP, Shadow ForeignSecretary
October StephenSchwarzman, Chairmanand CEOBlackstone Group

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THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL REVIEW

The charity relies on income through donations, investment income, and bank interest.

The results for the year and financial position of the charity are shown in the attached financial statements.

Voluntary income of £74,608 (2020: £21,750) was received during the year, which includes reclaimable Gift Aid of £1,135. During the year, investment income of £2,099 (2020: £2,564) was also received.

Total resources expended increased by 8.7% on the previous year from £44,995 to £48,904. This was primarily due to costs associated with reintroducing in-person events following the COVID-19 pandemic.

The cash position at the end of the year was £56,191 (2020: £25,383).

Reserves Policy

The trustees' policy on the funding of reserves is based upon the Charity Commission document CC19 and therefore recognises the need to hold reserves in order to deal with adverse changes in the levels of income and expenditure in future years. At the year end, total unrestricted funds amounted to £489,872 (2020: £490,052) of which £57,846 (2020: £29,871) related to free reserves. The unrestricted fixed asset investments of £432,026 (2020: £366,358) could also be realised if circumstance ever required.

Investment Policy

The investment policy is decided upon by the trustees, in accordance with the terms of the governing document. The trustees have delegated day-to-day responsibility for investments to Arbuthnot Latham & Co Limited. The investments are held to both generate income and achieve long-term capital growth, with ad hoc withdrawals made as and when required by the trustees in accordance with the charity's objects. The trustees have considered the most appropriate policy for investing funds and it is felt that maintaining liquidity is of prime importance.

ON BEHALF OF THE BOARD OF TRUSTEES:

Lord Marland of Odstock

Trustee

6 October 2022

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THE ATLANTIC EDUCATION PROJECT LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021

Date of Trust 3 February 2000
Trustees The Rt Hon David Cameron
The Rt Hon Nicklaus Thomas-Symonds MP
Lady Theresa May MP
George Holding
Baroness Fall
The Rt Hon Jack Straw
Sir David Manning GCMG CVO
Sir Evelyn de Rothschild
The Rt Hon Lord Howard of Lympne CH KC
Lord Marland of Odstock
Mrs M Allen
Lord Chadlington of Dean
Charity Number 1081459
Principal Address 15 St George Street
London
W1S 1FH
Independent Examiner Nicholas JonesFCCA
Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR
Bankers Arbuthnot Latham & Co Limited
Arbuthnot House
7 Wilson Street
London
EC2M 2SN
Investment Advisors Arbuthnot Latham & Co Limited
Arbuthnot House
7 Wilson Street
London
EC2M 2SN

5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ATLANTIC EDUCATION PROJECT

I report to the charity trustees on my examination of the accounts of The Atlantic Education Project for the year ended 31 December 2021, which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. The accounts do not accord with those records; or

  3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Nicholas Jones FCCA

Fawcetts LLP Chartered Accountants Windover House St. Ann Street Salisbury SP1 2DR

28 October 2022

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THE ATLANTIC EDUCATION PROJECT STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Note
INCOMING RESOURCES
Incoming resources from generated funds
2
3
Costs of generating funds
4
Charitable activities
4
Governance costs
4
(Losses) / Gains on investment assets - Realised
- Unrealised
Fund balances at 31 December 2021
Total expenditure
Donations
Investment income
Total income
RESOURCES EXPENDED
Fund balances at 31 December 2020
NET MOVEMENT IN FUNDS
Investment managers' fees
NET INCOMING / (OUTGOING) RESOURCES BEFORE OTHER
RECOGNISED GAINS AND LOSSES		 2021
Unrestricted
Total
£
74,608
2,099		 2020
Unrestricted
Total
£
21,750
2,564
76,707 24,314
2,440
44,895
1,569		 2,163
41,500
1,332
48,904 44,995
27,803
(205)
66,045		 (20,681)
(1,910)
43,436
93,643
396,229		 20,845
375,384
489,872 396,229

All income and expenditure derives from continuing activites.

There were no other recognised gains or losses other than those stated above.

The notes form part of these financial statements

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THE ATLANTIC EDUCATION PROJECT BALANCE SHEET

31 DECEMBER 2021

Note
FIXED ASSETS
Investments
7
CURRENT ASSETS
Debtors
8
Cash at bank and in hand
CREDITORS: AMOUNTS DUE WITHIN ONE YEAR
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
Unrestricted funds
TOTAL FUNDS		 2021
£
432,026
4,525
56,191
60,716
2,870
57,846
489,872
489,872
489,872		 2020
£
366,358
6,278
25,383
31,661
1,790
29,871
396,229
396,229
396,229

The financial statements were approved and authorised for issue by the Board of Trustees on 6 October 2022 and were signed on its behalf by:

Lord Marland of Odstock Trustee

The notes form part of these financial statements

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THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) effective 1 January 2019, the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The charity does not meet the definition of a larger charity under the Charity SORP and is therefore exempt from the requirement to prepare a cash flow statement.

The financial statements are prepared on a going concern basis. The financial statements are prepared in Sterling (£) which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

1.3 INCOMING RESOURCES

Voluntary income includes donations which are recognised as incoming resources when received.

Investment income is credited to the Statement of Financial Activities in the period in which it is receivable. All other income is credited in the period in which it is received.

1.4 RESOURCES EXPENDED

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category.

Governance costs consist of costs not directly attributable to direct charitable expenditure, but which are in respect of the general administration of the charity and overall management of the funds.

1.5 INVESTMENTS

Fixed asset investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Unrealised gains and losses are recognised in the Statement of Financial Activities. Realised gains are the difference between disposal proceeds and carrying value and are recognised in the Statement of Financial Activities under gains and losses on investments.

1.6 TAXATION

The charity is exempt from corporation tax on its charitable activities.

1.7 DEBTORS

Debtors are measured at their recoverable amount.

1.8 CREDITORS AND PROVISIONS

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2. VOLUNTARY INCOME

Donations and gifts
Gift Aid receivable
Gift Aid - HMRC interest
3.
INVESTMENT INCOME
Income from listed investments
Interest receivable
4.
TOTAL RESOURCES EXPENDED
Costs of generating funds:
Investment managers' fees
Charitable activities:
Payments to J Neave - consultancy fees
Payments to N Gamester - consultancy fees
Cost of functions
Governance costs:
Postage and stationery
Independent examiner's fees
Bank charges		 2021
£
73,473
1,125
10
74,608
2021
£
2,073
26
2,099
Total
2021
£
2,440
15,000
26,500
3,395
44,895
360
1,200
9
1,569
48,904		 2020
£
21,000
750
-
21,750
2020
£
2,539
25
2,564
Total
2020
£
2,163
15,000
26,500
-
41,500
276
1,050
6
1,332
44,995

5. TRUSTEES

None of the trustees (or any persons connected with them) neither received nor waived any remuneration during the year and none of them were reimbursed any expenses (2020: None).

10

THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

6. EMPLOYEES

There were no employees during the year (2020: None) and consequently there were no staff costs for the year ended 31 December 2021 nor for the year ended 31 December 2020.

7. FIXED ASSET INVESTMENTS

Market value at 1 January 2021
Disposals at carrying value
Acquisitions at cost
Change in value
Market value at 31 December 2021
Historical Cost
At 31 December 2021
At 31 December 2020
8.
DEBTORS
Gift Aid receivable
Prepayments
9.
CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR
Independent examiner's fees
Investment management fees
Expenses		 2021
£
1,125
3,400
4,525
2021
£
2,220
586
64
2,870		 Total
366,358
(68,576)
68,199
66,045
432,026
278,374
272,523
2020
£
2,438
3,840
6,278
2020
£
1,020
586
184
1,790

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