THE ATLANTIC EDUCATION PROJECT
TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Charity Number: 1081459
THE ATLANTIC EDUCATION PROJECT CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
| 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 2022
The trustees present their report and accounts for the year ended 31 December 2022.
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:
• The Rt Hon David Cameron appointed - 1 June 2022 (Chairman) • Lord Powell of Bayswater KCMG retired - 31 July 2022
-
Lord Chadlington of Dean
-
Lord Marland of Odstock
-
Mrs M Allen
-
The Rt Hon Lord Howard of Lympne CH KC
-
Sir Evelyn De Rothschild
deceased - 7 November 2022
-
Sir David Geoffrey Manning GCMG KCVO
-
The Rt Hon Jack Straw
-
Baroness Fall
-
George Edward Bell Holding OBE appointed - 1 June 2022
-
• The Rt Hon Nicklaus Thomas-Symonds MP appointed - 1 September 2022 • The Rt Hon Lady May MP appointed - 1 September 2022
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 Ms Lara Moreno Perez 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)
In 2022, many of the restrictions relating to the pandemic had started to lift and so the charity’s operations were able to return to normal. However, the trustees continued to review and consider all relevant UK Government guidance in relation to COVID-19 and made the necessary logistical changes as appropriate.
1
THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022 the charity received donations of £119,751 (2021: £74,608).
REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS IN 2022
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, business, 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. Unlike in the previous year, it was not necessary to host any AP breakfasts online due to the coronavirus pandemic and so 2022 meant a return to normal practice of in-person events.
Following the difficult events of previous years, in 2022 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.
The Media Landscape
In January, Lionel Barber, spoke to Atlantic Partnership about his experience as the editor of one of the UK’s most influential newspapers, the Financial Times. Mr Barber spoke about the responsibility of the media to present issues to the public honestly and fully. He also discussed the current tendency for organisations to adopt ‘woke’ practices but cautioned that sometimes this can conflict with journalistic principles of impartiality. In May, Tim Davie, Director General of the BBC addressed Atlantic Partnership, to discuss the responsibilities of Britain’s public broadcaster. Mr Davie outlined the challenge of an organisation that needed to stay relevant in an increasingly competitive market while at the same time honouring the long-held principles in the Royal Charter that governs the BBC’s mission and purpose.
Defence and security
In May, General Sir Mark Carleton Smith addressed Atlantic Partnership to discuss the threats and challenges facing the UK and its allies. General Carleton Smith discussed his long experience in the British Armed Forces and explained both the strategic and operation aspects of the UK’s defence capabilities. In September, David Lammy the Shadow Foreign Secretary, spoke to us about the political considerations of the UK’s foreign policy and in particular what priorities he would bring if there was a future Labour government in the UK. Mr Lammy stressed the importance of international alliances like NATO and he 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.
2
THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
US Politics and Business
In July, US Supreme Court Justice Stephen Breyer spoke to Atlantic Partnership to discuss the US legal landscape. Justice Breyer reflected on his more-than 20 year career on the Supreme Court and discussed some of the high profile cases he had been involved in that had changed the cultural landscape of America. In March, Ambassador Philip Reeker the acting US Ambassador to the UK spoke to Atlantic partnership to reflect on the priorities of the US government. Ambassador Reeker reflected on the priorities of the Biden Administration both in terms of domestic policy and in foreign policy. And in October, the pollster and commentator Frank Luntz spoke to us about the trends of public polling he has observed in both the US and the UK, and what lessons can be drawn from them
Britain’s Intelligence Infrastructure
In November, Richard Moore, Chief of the UK Secret Intelligence Service addressed Atlantic Partnership to provide an overview of the role played by the UK intelligence services in keeping Britain safe. In the same month, broadcaster and author Ron Chrisie addressed us to discuss the results of the recent US mid-term elections that saw the Republican Party regain control of the House and the Democratic Party extend its majority in the Senate.
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 2022 included:
| Date | Speaker |
|---|---|
| January | Lionel Barber,Editor of the Financial Times 2005-2020 |
| March | Ambassador PhilipReeker,Chargé d’Affaires ad interim,US EmbassyLondon |
| May | Tim Davie CBE,Director General of the BBC |
| May | General Sir Mark Carleton-Smith,Chief of the General Staff |
| June | AnthonyGardener,US Ambassador to the EU(2014-17) |
| July | Justice Stephen Breyer,Justice of the US Supreme Court |
| September | David LammyMP,Shadow Foreign Secretary |
| October | Frank Luntz,US Pollster and Commentator |
| November | Ron Christie,Author and Former Senior White House Advisor |
| November | Richard Moore,Chief,Secret Intelligence Service |
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 £119,751 (2021: £74,608) was received during the year, which includes reclaimable Gift Aid of £1,250. During the year, investment income of £1,948 (2021: £2,099) was also received.
Total resources expended increased by 81.7% on the previous year from £48,904 to £88,844. This was primarily due to costs associated with a full calendar of in-person events after the Covid-19 pandemic.
The cash position at the end of the year was £94,744 (2021: £56,191).
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 £472,190 (2021: £489,872) of which £93,790 (2021: £57,846) related to free reserves. The unrestricted fixed asset investments of £378,400 (2021: £432,026) could also be realised if circumstance ever required.
3
THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
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
27 October 2023
4
THE ATLANTIC EDUCATION PROJECT LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022
| Date of Trust | 3 February 2000 |
|---|---|
| Trustees | The Rt Hon David Cameron |
| The Rt Hon Nicklaus Thomas-Symonds MP | |
| The Rt Hon Lady May MP | |
| George Holding OBE | |
| Baroness Fall | |
| The Rt Hon Jack Straw | |
| Sir David Manning GCMG KCVO | |
| 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 2022, 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:
-
Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
The accounts do not accord with those records; or
-
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
30 October 2023
6
THE ATLANTIC EDUCATION PROJECT STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
| 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 2022 Total expenditure Donations Investment income Total income RESOURCES EXPENDED Fund balances at 31 December 2021 NET MOVEMENT IN FUNDS Investment managers' fees NET INCOMING RESOURCES BEFORE OTHER RECOGNISED GAINS AND (LOSSES) |
2022 2021 Unrestricted Unrestricted Total Total £ £ 119,751 74,608 1,948 2,099 121,699 76,707 2,477 2,440 84,465 44,895 1,902 1,569 88,844 48,904 32,855 27,803 (2,910) (205) (47,627) 66,045 (17,682) 93,643 489,872 396,229 472,190 489,872 |
|---|---|
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
7
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 |
2022 £ 378,400 1,181 94,744 95,925 2,135 93,790 472,190 472,190 472,190 |
2021 £ 432,026 4,525 56,191 |
|---|---|---|
| 60,716 2,870 |
||
| 57,846 | ||
| 489,872 | ||
| 489,872 | ||
| 489,872 |
The financial statements were approved and authorised for issue by the Board of Trustees and were signed on its behalf by:
Lord Marland of Odstock
Trustee
27 October 2023
The notes form part of these financial statements
8
THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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.
9
THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2. VOLUNTARY INCOME
| Donations and gifts Gift Aid 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 Travel expenses |
2022 £ 118,500 1,250 1 119,751 2022 £ 1,856 92 1,948 Total 2022 £ 2,477 15,000 26,500 42,965 84,465 437 1,350 8 107 1,902 88,844 |
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 |
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 (2021: None).
10
THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
6. EMPLOYEES
There were no employees during the year (2021: None) and consequently there were no staff costs for the year ended 31 December 2022 nor for the year ended 31 December 2021.
7. FIXED ASSET INVESTMENTS
| Market value at 1 January 2022 Disposals at carrying value Acquisitions at cost Unrealised gain/(loss) on revaluation Market value at 31 December 2022 Historical Cost At 31 December 2022 At 31 December 2021 |
Total 432,026 (68,108) 62,109 (47,627) |
|---|---|
| 378,400 | |
| 275,118 | |
| 278,374 |
8. DEBTORS
| Gift Aid receivable Prepayments CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR Independent examiner's fees Investment management fees Expenses |
2022 £ - 1,181 1,181 2022 £ 1,200 599 336 2,135 |
2021 £ 1,125 3,400 |
|---|---|---|
| 4,525 | ||
| 2021 £ 2,220 586 64 |
||
| 2,870 |
9. CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR
10. RELATED PARTY TRANSACTIONS
During the year the charity received donations totalling £20,000 from related parties that were given free of any conditions.
11