## **THE ATLANTIC EDUCATION PROJECT**
# **TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS**
# **FOR THE YEAR ENDED 31 DECEMBER 2023**
**Charity Number: 1081459**
**THE ATLANTIC EDUCATION PROJECT CONTENTS OF THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
||**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 12**|
**THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
The trustees present their report and accounts for the year ended 31 December 2023.
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 Baroness May of Maidenhead
(Chair)
- The Rt Hon Lord Howard of Lympne CH KC
- Lord Marland of Odstock
- Lord Chadlington of Dean
- Mrs M Allen
- Baroness Fall MBE
- Sir David Manning GCMG KCVO
- The Rt Hon Jack Straw
- George Holding OBE
- The Rt Hon Lord Cameron of Chipping Norton
- The Rt Hon Nicklaus Thomas-Symonds MP
resigned - 13 November 2023 resigned - 5 July 2024
## **ORGANISATIONAL STRUCTURE**
The board of trustees meets 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 respectively.
The trustees' investment powers are governed by the Trust Deed. Trustees have 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.
1
**THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 2023 the charity received donations of £89,375 (2022: £119,751).
## **REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS IN 2023**
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 recent years, it was not necessary to host any AP breakfasts online due to the coronavirus pandemic.
In 2023 Atlantic Partnership was 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.
## **Technology and Media**
In January, Sir Nick Clegg, President of Global Affairs at Meta addressed Atlantic Partnership to discuss the advancement of technology and the role of major tech companies in society and culture. Mr Clegg spoke about the rise of AI and how he believes this could shape our lives. The discussion which followed touched on issues of privacy and regulation and the overlap with national security. On a similar theme, in September, Daniel Ek, the Founder of Spotify, spoke to Atlantic Partnership about the importance of competition and entrepreneurship – and how some major technology companies could be blocking smaller businesses from innovating.
## **Defence and Foreign Policy**
In March, UK Defence Secretary Ben Wallace, spoke to Atlantic Partnership about the UK’s defence priorities. Mr Wallace focused his remarks on the ongoing war in Ukraine and outlined the importance of Britain’s continued support towards the country following Russia’s illegal invasion. In June, we were delighted to welcome our founding patron Henry Kissinger, who spoke to us following his 100th birthday. Dr Kissinger gave a wide-ranging address covering global affairs, the role of China on the world stage, and the importance of embracing technological advancements such as AI.
2
**THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Defence and Foreign Policy - Continued**
In October, General David Petraeus and historian Andrew Roberts spoke to Atlantic Partnership about the history of conflict, tracing the long history of warfare through the ages. During the presentation Professor Roberts provided the historical narrative while General Petraeus added texture and detail from his time in active service in the US military.
## **Global Geo-Politics**
In March, former Australian Prime Minister Kevin Rudd addressed Atlantic Partnership on the rise of China and the importance of diplomacy in international relations. And in November, we were joined by foreign policy advisor Fiona Hill who gave a wide ranging talk on global security and foreign affairs.
## **US-UK Relationship**
US Ambassador to the UK Jane Hartley spoke to Atlantic Partnership in November to reflect on the priorities of the US government. Ambassador Hartley outlined the US Administration’s ambitions both in terms of domestic policy and in foreign policy. In May, Jeb Bush addressed Atlantic Partnership offering reflections on the US political landscape providing his own reflections and predictions for the US Presidential election.
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 2023 included:
|**Date**|**Speaker**|
|---|---|
|January|TheRtHonSir NickClegg,President ofGlobal Affairs,META|
|March|TheRtHonSir Ben WallaceKCB, UKSecretary ofStatefor Defence|
|March|Kevin Rudd,Australian PrimeMinister 2007-10|
|May|JebBush,43rd Governorof Florida|
|June|HenryKissinger,Diplomat andAuthor|
|September|Daniel Ek,FounderofSpotify|
|October|General DavidPetraeus andProfessor Andrew Roberts|
|November|FionaHill,Foreign AffairsAdvisorandAuthor|
|November|JaneHartley, USAmbassadorto the UK|
|December|TheRtHon Lord SebastianCoe CH KBE,President of WorldAthletics|
## **FINANCIAL REVIEW**
The charity relies on donations and investment income.
The results for the year and financial position of the charity are shown in the attached financial statements.
Voluntary income of £89,375 (2022: £119,751) was received during the year, which includes reclaimable Gift Aid of £3,875. During the year, investment income of £2,724 (2022: £1,948) was also received.
Total resources expended increased by only 0.7% on the previous year from £88,844 to £89,480. This is in line with expectations.
The cash position at the end of the year was £101,093 (2022: £94,744).
## **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 £516,881 (2022: £472,190) of which £96,539 (2022: £93,790) related to free reserves. The unrestricted fixed asset investments of £420,342 (2022: £378,400) could also be realised if circumstance ever required.
3
**THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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
Date: 30 October 2024
4
**THE ATLANTIC EDUCATION PROJECT LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Date of Trust**|3 February 2000||
|---|---|---|
|**Trustees**|The Rt Hon Baroness May of Maidenhead|(Chair)|
||The Rt Hon Lord Howard of Lympne CH KC||
||Lord Marland of Odstock||
||Lord Chadlington of Dean||
||Mrs M Allen||
||Baroness Fall MBE||
||Sir David Manning GCMG KCVO||
||The Rt Hon Jack Straw||
||George Holding OBE||
|**Charity Number**|1081459||
|**Principal Address**|LVMH House||
||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||
||20 Finsbury Circus||
||London||
||EC2M 7EA||
|**Investment Advisors**|Arbuthnot Latham & Co Limited||
||Arbuthnot House||
||20 Finsbury Circus||
||London||
||EC2M 7EA||
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 2023, 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
Date: 31 October 2024
6
## **THE ATLANTIC EDUCATION PROJECT STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
2
3
**EXPENDITURE ON:**
**Raising funds**
4
**Charitable activities**
Consultancy fees and cost of functions
4
Governance costs
4
**Net gains / (losses) on investments**
**NET INCOME**
**OTHER RECOGNISED GAINS / (LOSSES):**
Gains / (losses) on revaluation of investments
**RECONCILIATION OF FUNDS:**
**Total funds carried forward at 31 December 2023**
**Total expenditure**
Investments
**Total income**
Total funds brought forward at 31 December 2022
**NET MOVEMENT IN FUNDS**
Investment managers' fees|**2023**
**Unrestricted**
**Total**
**£**
**89,375**
**2,724**|2022
Unrestricted
Total
£
119,751
1,948|
|---|---|---|
||**92,099**|121,699|
||**2,188**
**85,139**
**2,153**|2,477
84,465
1,902|
||**89,480**|88,844|
||**1,376**|(2,910)|
||**3,995**
**40,696**|29,945
(47,627)|
||**44,691**
**472,190**|(17,682)
489,872|
||**516,881**|472,190|
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 2023**
|**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**|**2023**
**£**
**420,342**
**3,875**
**101,093**
**104,968**
**8,429**
**96,539**
**516,881**
**516,881**
**516,881**|2022
£
378,400
1,181
94,744|
|---|---|---|
|||95,925
2,135|
|||93,790|
|||472,190|
|||472,190|
|||472,190|
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
Date: 30 October 2024
The notes form part of these financial statements
8
**THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 2023**
## **2. DONATIONS AND LEGACIES**
|Donations
Gift Aid receivable
Gift Aid - HMRC interest
**3.**
**INCOME FROM INVESTMENTS**
Income from listed investments
Interest receivable
**4.**
**TOTAL EXPENDITURE**
**Raising funds:**
Investment managers' fees
**Charitable activities:**
Consultancy fees
Payments to J Neave
Payments to L Perez
Payments to N Gamester
Cost of functions
Governance costs
IT, postage, and stationery
Independent examiner's fees
Bank charges
Travel expenses|**2023**
**£**
**85,500**
**3,875**
**-**
**89,375**
**2023**
**£**
**2,084**
**640**
**2,724**
**Total**
**2023**
**£**
**2,188**
**2,500**
**16,500**
**26,500**
**39,639**
**85,139**
**949**
**1,200**
**4**
**-**
**2,153**
**89,480**|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|
## **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 (2022: None).
10
**THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **6. EMPLOYEES**
There were no employees during the year (2022: None) and consequently there were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **7. FIXED ASSET INVESTMENTS**
|Market value at 1 January 2023
Disposals at carrying value
Acquisitions at cost
Change in value
**Market value at 31 December 2023**
**Historical Cost**
**At 31 December 2023**
At 31 December 2022|**Total**
378,400
(78,975)
80,221
40,696|
|---|---|
||**420,342**|
||**283,495**|
||275,118|
|**8.**
**DEBTORS**
Gift Aid receivable
Prepayments
**9.**
**CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR**
Independent examiner's fees
Investment management fees
IT expenses
Function balances|**2023**
**£**
**3,875**
**-**
**3,875**
**2023**
**£**
**1,200**
**598**
**283**
**6,348**
**8,429**|2022
£
-
1,181|
|---|---|---|
|||1,181|
|||2022
£
1,200
599
336
-|
|||2,135|
11
**THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **10. ALLOCATION OF THE CHARITY NET ASSETS**
The net assets are held as unrestricted funds:
|Unrestricted funds
Total|Fixed
Assets
£
420,342
420,342|Net Current
Assets
£
96,539
96,539|Creditors
more than
one year
**Total**
£
**£**
-
**516,881**
-
**516,881**|
|---|---|---|---|
_Prior year net assets held for the various funds were as follows:_
|Unrestricted funds
Total|Fixed
Assets
£
378,400
378,400|Net Current
Assets
£
93,790
93,790|Creditors
more than
one year
**Total**
£
**£**
-
**472,190**
-
**472,190**|
|---|---|---|---|
## **11. RELATED PARTY TRANSACTIONS**
During the year the charity received donations totalling £10,000 (2022: £20,000) from related parties that were given free of any conditions.
12