## **THE ATLANTIC EDUCATION PROJECT** # **TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS** # **FOR THE YEAR ENDED 31 DECEMBER 2024** **Charity Number: 1081459** **THE ATLANTIC EDUCATION PROJECT CONTENTS OF THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ||**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 2024** The trustees present their report and accounts for the year ended 31 December 2024. 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 and since the year end 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 - Baroness Fall MBE Baroness Fall MBE Resigned - 15 July 2025 • Sir David Manning GCMG KCVO • The Rt Hon Jack Straw • Mrs M Allen • George Holding OBE • Dame Karen Elizabeth Roxburgh Appointed - 1 June 2025 • Lord John Francis Spellar Appointed - 1 June 2025 • The Rt Hon Nicklaus Thomas-Symonds MP 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 Lauren Beadle 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. ## **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 2024** ## **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 2024 the charity received donations of £102,500 (2023: £85,500). ## **REVIEW OF DEVELOPMENTS, ACTIVITIES, AND ACHIEVEMENTS IN 2024** 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 speakers and apply the lessons learned to their own fields in the broad areas of public policy and international relations. Atlantic Partnership hosts approximately 10 in-person events every year which comprise a guest list of approximately 50-60 people. In 2024, 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 seminars and debates. ## **Global Politics** In February, Sir Danny Alexander, spoke to Atlantic Partnership setting out his perspectives about the global financial landscape with a particular focus towards Asian economies. As Vice President of the Asian Infrastructure Investment Bank (AIIB), Sir Danny spoke about the role of Asian economies in global finance and trade and discussed the opportunities and challenges for western nations. In March, José Manuel Barroso addressed Atlantic Partnership to discuss the European political landscape as well as his role as Chair of GAVI the Vaccine Alliance. As the former Prime Minister of Portugal and President of the EU Commission, Mr Barroso provided a fulsome analysis of European politics and its impact on the UK. He also highlighted the importance of global health, in particular vaccinations, and the vital work undertaken by global heath organisations in addressing pressing health emergencies. ## **The Economic Outlook** Governor of the Bank of England, Andrew Bailey, addressed Atlantic Partnership in April to provide reflections on the UK economy and the role of the Bank of England in setting monetary policy. Similarly, in November, we heard from Director of the Institute for Fiscal Studies Paul Johnson, who reflected on the first Budget of the new Labour Government. Both speakers discussed the wider economic environment including macro-economic trends that influence both fiscal and monetary decision making of elected politicians and central banks. 2 **THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Security and the Special Relationship** In May, Director of the UK Security Service (MI5), Sir Kenneth McCallum, addressed Atlantic Partnership providing reflections on the UK security environment. Sir Kenneth gave a wide-ranging talk on the current security landscape covering both traditional threats as well as newer issues such as cyber. Political strategist Jim Messina spoke to Atlantic Partnership in July to give his views on the upcoming US Presidential Election including the impact this might have on US-UK relations. Mr Messina reflected on his role as a strategist in previous Presidential Elections to provide an analysis of what we might expect in the November 2024 election. In October, Rt Hon Nick Thomas-Symonds MP addressed us, offering his reflections on the priorities of the new government of which he is a part. As Minister for the Cabinet Office and Paymaster General, Thomas-Symonds provided a wide ranging assessment of the Labour government's ambitions. Our final speaker of the year was Sir Jeremy Hunt who addressed Atlantic Partnership in December to speak about the UK economic outlook and the foreign policy environment. Sir Jeremy reflected on his experience as both Foreign Secretary and Chancellor of the Exchequer. A full list of our patrons, panellists, and trustees can be found on our website. In addition, the website provides a selection of articles, speeches, and media appearances of our patrons, chairmen, and panellists (www.atlanticpartnership.org). Our season of breakfast meetings for 2024 included: |**Date**|**Speaker**| |---|---| |February|Sir DannyAlexander,VicePresident,Asian InfrastructureInvestmentBank(AIIB)| |March|JoséManuel Barroso, Chair, GAVItheVaccineAlliance| |April|Andrew Bailey, Governor,TheBankof England| |May|Sir Ken McCallum,DirectorGeneral, Security Service (MI5)| |July|Jim Messina,PoliticalStrategist andAuthor| |October|TheRtHon Nick Thomas-SymondsMP, Cabinet OfficeMinisterandPaymasterGeneral| |November|PaulJohnsonCBE,Director,TheInstitutefor FiscalStudies| |December|TheRtHonSirJeremyHuntMP,FormerUK ForeignSecretary| ## **FINANCIAL REVIEW** The charity relies on donations and investment income, including dividends and bank interest. The results for the year and financial position of the charity are shown in the attached financial statements. Voluntary income of £103,375 (2023: £89,375) was received during the year, which includes reclaimable Gift Aid of £875. During the year, investment income of £5,413 (2023: £2,724) was also received. Total resources expended decreased by 15.1% on the previous year from £89,480 to £75,998 whilst total income increased by 18.12%. This has contributed to a net income of £66,970 (2023: £44,691). The cash position at the end of the year was £129,012 (2023: £101,093). ## **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 £583,851 (2023: £516,881) of which £127,721 (2023: £96,539) related to free reserves. The unrestricted fixed asset investments of £456,130 (2023: £420,342) could also be realised if circumstance ever required. 3 **THE ATLANTIC EDUCATION PROJECT TRUSTEES' REPORT** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Investment Policy** The trustees have appointed Arbuthnot Latham Fund Managers to acquire and dispose of investments, as the trustees require. The investments are held to generate income, which is to be applied to meet 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: 31 October 2025 4 **THE ATLANTIC EDUCATION PROJECT LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024** **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 Baroness Fall MBE Resigned - 15 July 2025 Sir David Manning GCMG KCVO The Rt Hon Jack Straw Mrs M Allen George Holding OBE Dame Karen Elizabeth Roxburgh Appointed - 1 June 2025 Lord John Francis Spellar Appointed - 1 June 2025 The Rt Hon Nicklaus Thomas-Symonds MP Resigned - 5 July 2024 **Charity Number** 1081459 **Principal Address** 78 Belgrave Road London SW1V 2BJ **Independent Examiner** Martyn Smith BA (Hons) FCA 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 2024, 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. Martyn Smith BA (Hons) FCA Fawcetts LLP Chartered Accountants Windover House St. Ann Street Salisbury SP1 2DR Date: 31 October 2025 6 ## **THE ATLANTIC EDUCATION PROJECT STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
2
3
**EXPENDITURE ON:**
**Raising funds**
4
**Charitable activities**
Consultancy fees, cost of functions and other expenditure
4
Governance costs
4
4
**Net gains / (losses) on investments**
Realised
Unrealised
7
**NET INCOME**
**RECONCILIATION OF FUNDS:**
**Total funds carried forward at 31 December 2024**
**Total expenditure**
Investments
**Total income**
Total funds brought forward at 31 December 2023
**NET MOVEMENT IN FUNDS**
Investment managers' fees|**2024**
**Unrestricted**
**Total**
**£**
**103,375**
**5,413**|2023
Unrestricted
Total
£
89,375
2,724| |---|---|---| ||**108,788**|92,099| ||**2,537**
**72,261**
**1,200**|2,188
86,092
1,200| ||**75,998**|89,480| ||**6,872**
**27,308**|1,376
40,696| ||**34,180**
**66,970**|42,072
44,691| ||**66,970**
**516,881**|44,691
472,190| ||**583,851**|516,881| 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 2024** |**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**|**2024**
**£**
**456,130**
**4,750**
**129,012**
**133,762**
**6,041**
**127,721**
**583,851**
**583,851**
**583,851**|2023
£
420,342
3,875
101,093| |---|---|---| |||104,968
8,429| |||96,539| |||516,881| |||516,881| |||516,881| 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: 31 October 2025 The notes form part of these financial statements 8 **THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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** All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be 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 include the costs attributable to the charity's compliance with constitutional and statutory requirements, including independent examination and strategic management. ## **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 2024** ## **2. DONATIONS AND LEGACIES** |Donations
Gift Aid receivable
**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
IT, postage, and stationery
Bank charges
Governance costs
Independent examiner's fees|**2024**
**£**
**102,500**
**875**
**103,375**
**2024**
**£**
**5,388**
**25**
**5,413**
**Total**
**2024**
**£**
**2,537**
**-**
**18,000**
**26,500**
**27,635**
**124**
**2**
**72,261**
**1,200**
**75,998**|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
949
4| |||86,092| |||1,200| |||89,480| ## **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 (2023: None). 10 **THE ATLANTIC EDUCATION PROJECT NOTES TO THE FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **6. EMPLOYEES** There were no employees during the year (2023: None) and consequently there were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **7. FIXED ASSET INVESTMENTS** |Market value at 1 January 2024
Disposals at carrying value
Acquisitions at cost
Change in value
**Market value at 31 December 2024**
**Historical Cost**
**At 31 December 2024**
At 31 December 2023
**8.**
**DEBTORS**
Gift Aid receivable
**9.**
**CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR**
Independent examiner's fees
Investment management fees
IT expenses
Function balances|**2024**
**£**
**4,750**
**4,750**
**2024**
**£**
**1,200**
**639**
**407**
**3,795**
**6,041**|**Total**
420,342
(86,727)
88,335
34,180| |---|---|---| |||**456,130**| |||**288,749**| |||280,269| |||2023
£
3,875| |||3,875| |||2023
£
1,200
598
283
6,348| |||8,429| ## **10. RELATED PARTY TRANSACTIONS** During the year the charity received donations totalling £Nil (2023: £10,000) from related parties that were given free of any conditions. 11