REGISTERED COMPANY NUMBER: 07465741 IEngland and Wales) REGISTERED CHARrrY NUMBER: 1140489 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE HENRY JACKSON SOCIETY Haines Watts Chartered Accounlanls & Slalutory Auditors Old Station House Stslion Approach Swindon Wiltshi SN13DU
THE HENRY JACKSON SOCIETY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trusto8s 1 to 8 Report of the Independent Auditors 9 10 12 Statement of Financial Activitios 13 ststement of Financlal Position 14 Statement of Ca$h Flow$ 15 Notes to th& Statement of Cash Flows 16 Notes to the Flnanclal Statemants 17 10 24
THE HENRY JACKSON SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements ol the charity for the year ended 31 De¢ember 2023. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounls in accordance with the Financial Reportlng Standard applicabl8 in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Page 1
THE HENRY JACKSON SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Organlsatlon Objectives The charity's objectives are lo advance the education of the pUblC in national and inlemalional political, social and economlc pollcy, including the promotion of research in any of those areas and the publication of the useful results of such research. Activities of the Charity The ¢harily works to bring together members of the public and acadernic, business, media and political leaders from all demographics through a series of themed lectures, meetings and events so that they can beller understand the nature of contemporary national and international affairs. Exlensiv? research covering a variety of national and international policy topics is also published ftsr the same purpose. Legal purpo$gs All of the charity's activities work towards achieving our18gal purpos6s educating the public on national and international political, social and e¢onotnic policy. Our 2023 achievements in the field ol research, our extensive events programme, our national and international media coverag& and education of the public. have ensured that these purposes were met. Main areas of activlty HJS'S work is focused into two main streams.. "Se¢uring our Societies" and 'Advan¢ing the Free Worfd.. "Securing our Societies" focuses on threats to free societies within the Wesl. while"Adv8ncing the Free World. examinès how thè enemies of the free world are operating inlernalionally. Building on from 2022's su¢cessftJl aclivily, the charity continued wilh a subject-based approach to policy and research projects which are ealegorised in different cenlres that work towards achievlng ils strategic objectives. In 2023. these were.. Cèntre on Radicalisation and Terrorism.. the UK'S leading centre on the subject, and ono of HJS'S key achievements, seeks to address the severe threat presented by Islamism and other forms of extremism, and lo challenge religious radicalisation and terrorism at horne and abroad. The Centre provides lop-qualily, in-depth research coupled with the &xecLJtion and implementation of largeled. tangible and irnpactful activities in relation lo the effects of violent and non-violonl exlremism. Cèntr• on Social and Political Risk.. established in 2018. is a citizen-focused, inleTnalional research ¢enlr6, which seeks to idantify, diagnose and propose solutions to threats to govemanco In liberal Western democracies. Centre for Asia Studies.. established in 2017, the centre provides an in-depth understanding of the structural shifts, regional complexities and historic tensions that exisl alongside the tremendous economic and social growth that traditionally characlerise the rise ol Asia" 11 has achieved global prominence because of ils work on understanding the nature of the threat posed internationally by the rise of a China governed by a Communist dictatorship. Centre for Global Brltaln.. established in 2017, the programme aims lo educate the public on the need for an open, ¢onfidenl and expansive British geostralegic policy in the twenty-firsl century drawing the Unlted Kingdom's unique strengths not only as an advocate for liberalisrn and national democracy, bul also a custodian of both the European and international orders. The centre's work is respe¢led across party lines and Ihroughoul academia. Centre on Russia and Eurasia Studies.. a long-running and very influential centre that undertakes in-depth, analytically focused research into domestic and foreign policy issues in Russia and the other post-soviel stales. Established in 2010, the programme's geographical scope has widened since 2014, mirroring the high level of importance attached lo the region. Cantre for the New Middle East.. designed lo provide opinion-leaders and policy.rnakers with the fresh thinking. analytical research and policy solution5 required lo make g60polilical pmgress in one of the world's rnost complicated and fluid regions. Established following the fallout from the "Arab Spring," 120101 the Centre monitors political, ideological. and military and security developments across the Middle East and provldes Informed assessments of their wide-ranging implications lo key decision makers. In addition lo research projects, the charity alsts has two divisions that support such aclivily.. Page 2
THE HENRY JACKSON SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 HJS offers a diverse programme of events that highlight ils research projects, featuring high-profile and dynamic speakers from various sectors and beliefs, fostering a platform for open debate. As the leading policy events provider in Weslminster, a reputation earned over many years, HJS ¢onlinues lo host a signili¢anl number of events. These evènts are offered in various lormals-online, hybrid, and in-person-bringing together prominent figures, human rlghts advocates, and survivors of oppressive regimes. The global impact has been substantial. with widespread positive feedback. Cornmunications.. Our media relalions. web, and social media presence effectively promote our research and event programs on both national and international levels, conlribuling Its public education through the widespread dissemination of information. The charily has consislenlly outperformed 115 own expectations in generating rnedia coverage and expert commentary, a teslamenl lo the exceptional quality of ils research. Objectives for 2023 The charity's objectives for the year focused on enhancing Its capacity to educate the public on national and international political, social, and economic policies. To achieve this, we aimed to broaden the scope of our academic research, events. and media presence across diverse export communities. In addition lo S1ngthen1ng our research centres, we sought to improve our operational capabilities to support our growing research base, while amplifying ou¥ influence and impact. Stralagies for achlevlng 2023 oblgctlves In 2023, HJS employed a variety of approaches, including remote and office-based work, whilo ¢nhan¢ing collaboration with Colleagues in Parliament to exlend our outreach. We inlegraled traditional media efforts with a more strategic use ol social media, resulting in a broader audience and increased impact. Our comprehensive programme of proactive and reactive events and reports addressed contemporary global Challenges, notably the ongoing Conflict in Ukraine and the events in the Middle East after the tragedy of the October 7th attacks in Israel. Drawing on our esiablished expertise in Russia and Eurasia, we provided delaiFed analysis and coverage of the situation. Additionally, we launch&d the Ukrainian Diaries event series and reported on the evolving conflict in Gaza, demonslraling our capaclty lo adapt to, and rellecl upon, significant inlernalional developments. Furthermore, we reaffirmed our commitment lo a sel of Core values that guide our work". intogrity and trLJSt, civility and openness. teamwork and collaboration, rigour and Couraga. as well as originality and impact. These principles have been adhered to IhroughDuI our operations, ensuring that our activities remain aligngd with our mission and uphold the highest standards. 2023 main achievements and performance Throughout the year, HJS continued lo focus on pSSing global challenges. We maintained our rigorous analysis of Russia's ongoing aggression towards Ukraine, Chinese infiltration into our universities and societies, and Iran's persislenl nuclear ambitions. Our reports anticipated and dissected these geopolitical devtrlopmenls with precision, showcasing our established expertise. By providing education about Vladmir Pulin's actions, China's propaganda laclics. and Iran's nu¢lear pursuits before they fully unfold on the global stage. we have been able lo underscore the accuracy and relevance of our insights. In addilion to our research, HJS intensified efforts lo shift public focus toward often-overlooked issues. Our educational inilialives achièved notable success, with eight policy recomrnendalions from our research being incorporated inlts the UK'S legislative agenda. These included new measures regulating public bodies, involvement in bDycoII and sanctions campaigns. enhanced espionage laws lo address foreign interference, a British Bill ol Rights to prevent lerrorists from evading deportation through false human rights claims, and a govemmenl commitment lo improving antisemitism education in schools. We also pioneered further research into the growing issue of anli-Hindu s&nlimenl in the UK, further diversifying our areas of focus. One partiCLJlarly notable highlight was the launch Df our Young Thought Leaders Programme. established lo identty, celebTale, and cullivale emerging lalenl. The alumni of 2023 award was Sophia Browder with her insightful report on political poisonings. with the event chaired by Baroness Kennedy KC. This recognition has helped solidify the risin9 profile and relevance of our research and inilialives. Page 3
THE HENRY JACKSON SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Undoubtedly however. the stand-out su¢cess of the year was the launch of the inaugural Re8gan-Jackson Security Dialogue, which saw HJS partner with the Ronald Reagan Presidential Foundation and Inslilule to bring together delegations ol US Congressional l&aders and British Parliamentarians for two days of discussions in Cambridge. The Dialogue was headlined by Sir Richard Moore, Chief of the Secret InleS1igence Servlce, and is intended to become an annual event. Al the end of the year, HJS also announced an association agretsment with the Harry S. Truman Presidenti81 Library & Museum, to continue ils policy of working with US institutions of a similar mindset. In 2023, wa achieved 322 tier-one media hits, regularly appearing in major broadcast outlets includin9 the Telegraph, Sky, BBC, Ihg Times, France 24, the Daily Mail. the Guardian, Fox. LBC, GB News, Talk TV, the Spectator, Bloomberg, alld others. Our evenls programme continued lo thrive, featuring 68 events hosted al the HJS office with live-streaming capabilities and additional fyvants organised al Parliament. This extensive programme alltswtrd us to presfjnl our research and insights lo thought leaders, opinion formers, and the public. The shift lo include online Contributors enabled us to attract high-calibre audiences and engage global expertise mDre regularly. We also launched our Countering Disinformation Project, aimed at tackling disinformation and safeguarding democratic discourse, further enhancing our capacily lo address contemporary challenges. HJS produced 20 research publications in 2023. These ranged from in-depth reports lo shorter policy papers 9eared towards making policy-relevanl recommendations and are listed here: Is Western Neglect Responsible for Pro-Russian Sentiment in Hungary and Serbia The United Kingdom and the Paciflc.. Po8slble Paths for Active British Engagement Anti-Hindu Hate in Schools Research Collaboration with High-Risk Countries.. What Does the UK Public Think? Winning the Peace.. Why Britsin and the Wesl Musl Act Now lo Help Rebuild Ukraine Strengthening US-UK Relations lo Counter China's Growing Geopolitical Ambitions A Duty to Protect., The Failure of UK Sanctions Against Iran and the Necessity of Proscribing the IRGC A Vital Partnership.. How Slrenglhened UK-Taiwan Ties Can Help Mainiain Stable Cross-strail Relations Briiain's New Blasphemy Police? Understanding Islamist Anli.Blasphemy Action in the UK Winter is Coming.. How the UK Should Respond to Russia's Weaponisation ol Energy Sources this Winter The Rise of Conflict-Relaled Sexual Violence by Non-slale Actors Why is the UK Still Party to the Iran Nuclear Deal?: Practical Applications for the Future of the JCPOA A Weaker Russia and the West's Opportunity in the South Caucasus Securing Religious Freedom.. Why British Leadership on FORB Should Be A Legal Duty UK Energy Trilemma.. The Impad of Gas Supply on Energy, Climate. and National Security Russia and the Anti-westem Axis Musl be Militarily Defeated.. Shtfting the Western Consensus Toward Ending Russia's Military Threat lo Ukraine and the West Getting a Fool in the Door.. Creating Future Russia Now studying Abroad to Serve China.. Research on the Systematic Threats of CSSAS in the UK Investigating the Use of Poison as a Melhod of Political Repression Ukraine's Nuclear Shadow.. National Security Implications lor NATO and thè UK Measur¢$ to a$sess success The charity critically assesses ils success against ils objectives. Main key performance indicators include.. the number ol guests al events, inleraclion with officials and policy-makers, the number of reports. the number of printed and online rnedia placements, the number of broadcast appearances, social media following, the number of individual and corporate members and the retention of donors plus dev8lopm8nt ol new streams of funding. These are measured on a monthly basis and reported lo the Trustees al regular intervals. Public beneflt The Trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission. Page 4
THE HENRY JACKSON SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT Financial position Total income in the year increased by £216,733 to £1,210,247 compared with £993,514 for the prior year. Key Incom8 remained as donations from Henry Jackson Inc and 3rd party donations. The total expenditure for the year increased from £1,041,093 for the prior year to £1,071,357 for 2023. The charity rosults show a surplus of £138.890 for the year12022'. £47.579 delicill. The unreslricled funds increased lo £143,26612022.. £4,3761- Freo reserves al 31 December 2023 amounted lo £132.70512022'. £nill. Reserves policy The charity aims lo hold levels of reserves of al leastlhree months operating expenses. This level is maintained in years the accounts have lower froe reserves indicated by an external guarantee providing access lo lurth8r funds if required, thereby sa115fying going concern crileria.11 is not th8 intention of the Trustees lo accumulate reserves and the Trustees seek lo apply all funds 8bove the required lovel in accordance with the charivs staled objectives. Three months operating expenses are in the region of £270k. at present the level of free reservès Is below this desired level. Futur8 plans The charity expects to be able lo continue ils organisalional advancement in 2024. This will be 8¢hievgd by: expansion of our donor base., increasing our income through our individual and corporate mernbership programm8 and evonls sponsorship,. improving our influence with increased parliamentary and civil servant engagement. and furthering our impact with heightened media engagement. HJS has hired its first Director of Development lo help assist reaching these goals. Organisalional exce118n¢e, regulatory compliance and business improvement remain high in our priorities, with processes and policies being reviewed as appropriale. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing docurnent The charity is controlled by ils governing docurnenl, a deed of trust. and conslitules 8 liMed Company, limited by guarantee, as defined by the Companies Act 2006. Charity ¢onstttullon The company Ino. 74657411 was incorporated on 9 December 2010. On 18 February 2011 the Trustees of the unincorporated The Henry Jackson Society Project lor Democr8li¢ Geopolili¢s (UK registered charity number 11139481 transferred its assets. subject to ils liabilities, lo The Henry Jackson Society la company limited by guarantee - UK registered charity number 11404891, a successor corporate charity with the same ch8dtable objectives. HJS is established as a charitable company limited by guarantee and is a registered Charity with the Charity Commission INO 11404891. The Charity's affairs are governed by ils Memorandum and Articles of Associ81ion which allows lor any 8clivilias ¢overed by th8 charity's objeclivas with no restrictions. In the event of the company being wound up the maximum amount each member will contribute is £1. The trustees, who are also the directors for the purpose of company law, and who served during the year, were.. Mr Stuart Caplan Mr Graham Defries Dr Alan Mendoza Mr David Rasouly Profassor Brendan Simms Recruitment and appointment of new trustees Trustees ar$ selected by those Iruslees who are serving at the lime of selection. New trustees are selected on the basis of the added experience that they can bring to the Board. On selection. Trustees 8fe provided with Charity Commission documentslion and guidance and havg inducts'on meetings with key management staff. Page 5
THE HENRY JACKSON SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisallonal structure The charitable company is administered by the Board of Trustees which Is Ils governSng body. The Bgard meeis regularly lo discuss and formulate policy which is then implemented by the professional team. Trustees are appointed to the Board in accordance with the Articles of Association. Decisions made by the Board are informed with Ihts ielevanl data and inlortnalion and regular portS from our prolessiDnal staff and taken on a majority vote basis. Operational decisions are delegated lo the Exe¢utive Direclor, or other members of the Senior Management Tearn. The setting ol pay an(t rerlluneralitsn of the charity's key management personnel is based on industry benchmarks and is reviewed on an annual basis. The scale and nature of volunteer actlvity One of the charity's proudest achievements since its inception has been the way Il has been able to utilise the help of hundreds of volunteers through ils internship programme. 2023 proved lo be no exception, and we wère able to continue a high standard of internships, giving volunteers an opportunty lo participate in the lifg of a think tank. In 2023, HJS offered a range of engaging internships. and work experfence opportunities aimed al politically minded. self-molivaled individuals with a wide variety of skills. Interns were taken on a full-time or part-time basis, to SLJII their requirements. The intern roles occupied throughout 2023 were communications assisianl, general assistant, events assistant and several r¢search assislanis suppDrting our different research cenlres. All volunteers were offered accttss lo internal training progr8mmes and tho opportunity to be mentored by senior researcher or member of the management team. Thesg young and bright students from diverse backgrounds join HJS for programmes of various18ngths. in 2023, from dozens ol UK universities providing a direct link for HJS to the UK educational sector, fulfilling HJS'S key obje¢live lo advance the ttducab'on of the public in national policies and international affairs. The internship progratn has successfully conlinu8d lo include rem(>te volunteering, where interns support HJS rgsearch fellows online, thanks lo following ol strict online safety protocols and cyberse¢urily poli¢ies. While virtual intemships may not be as immersivè as office-based experiences, they attract geographi¢alSy dSversg and international candidates, providing broader perspectives and enhancing the charity's effectiveness. In total, 33 interns took part in HJS'S placement scheme. In 2023, HJS maintained ils high internship numbers while choosing a higher calibre of candidates and continues lo offer remote options, providing flexibility lo accommodate students, varying schedules and locations. Subsldiary a¢tlvity The subsidiary undertaking, Strategic Analysls Llmiled, did not trade during the year. Rlsk manag8m8nt The Board of Trustees is responsible for the management of risks faced by the charity. Risks are identrfied, assessed. miligaled and controls established. The principal risks and un¢ertainlies lacing the charity and the stralegies for managing the risks are. Loss of income due to withdrawal of support frorn donors the or9anisalion continually Ilaistss with existing donors and also reaches out lo pol&nlial new ones al every possible opportunity. The sècurity ol staff and premisas - tha office s6curity is as tight as could reasonably be 8xp&cted and the risks are discussed with staff and advice offered. Cyber-security risk if systems fail lo meet operational need andlor a losslcorruption of data occurs cyber security and aulhorisalion procedures are regularly appralsed and measures lo secure and protect data are implemented. The management of risks is driven by the risk management policy. Consequently, the Trustees are satisfied that the rnajor risks identified have been miligaled appropriately and there 8re no major threats. Page 6
THE HENRY JACKSON SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07465741 IEngland and INalesl Registered Charlty number 1140489 Ragist8r8d office 20th Floor Millbank Tower 21-24 Millbank London SW1P 4QP Auditors Haines Walls Chartered Accountants & Slalulory Auditors Old Station House Slalion Approach Swindon Wiltshire SN1 3DU STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees Iwho are also the directors of The Henry Jackson Society for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Siandard applicable in the UK and Republic ol Ireland.. Company law requires the trustees to prepare financial slalgments for each financial y&ar which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, induding the income and expenditure, ol the Charitable company lor that period. In preparing those fin8ncial slalements, the Irusle8s are required lo select suitable accounting policies and then apply them CDnsistentty', observe the rnelhods and principles in the Charity SORP., make judgements and eslimates that are reasonablg and prudent., stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalements., prepare the financial slalements on the going ¢oncern basis unless it is inappropriate lo presume that the charitsble company will continue in businèss. The Iruslees are responsible for keeping proper accounting records which dlsclose wllh reasonable accuracy al any lime the financial position of the charitable company and lo enable them lo ensure that the financial $1819menls Comply with the Companies A¢1 2006. They are also responsible lor safeguarding the assets of the charitable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no rel8vanl audil inforrnalion of which the charitsble company's auditors are unaware., and the Iruslees have tsken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Page 7
THE HENRY JACKSON SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 AUDITORS The auditors, Haines Watts, will be proposed for re-appoinlmenl al the forthwming Annual General Meeting. ReF)orl of the Iruslees. incorporating a strategic report. approved by order ol the board of Iruslees. as the company direelors, on 18 September 2024 and signed on the board's behalf by.. Mr D Rasouly- Trustee Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE HENRY JACKSON SOCIETY Opinion We have audited the finan¢ial stslemenls of The Henry Jackson Society Ilhe'charilable company'l for the year ended 31 De¢embei 2023 which comprise the Slalemenl of Financial Aclivilies, the Slalemenl of Finallclal Position, the Slalemenl of Cash Flows and notes to the financial statements, including a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted A¢¢ounting Practicel, including Financial Rgporting Standard 102 The Financial Rgporting Standard applicable in the UK and Republie of Ireland,. In our opinion the financial slalemenls-. give a true and fair view of the state of the charitable company's affairs as al 31 December 2023 and of its incoming r8sourc@s and application of resources, including ils income and expenditure, for tha year than end&d., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Slandafd 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland,; and have been preparad in accordance with the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and appli¢abl¢ law. Our responsibilities under those standards are further described in th& Auditors. responsibilities for the audit of the financial slalements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fUilled our other ethical responsibililies in accordance with these requirements. We believa that the audit evidencg w8 havg obtained is SLJfficient and appropriale to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that the Iruslees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on th8 work we have performed. we have not identified any material uncertainties rèlating lo events or conditions th81, individually or collectively, may cast significant doubl on the charitable company's abilty to continue as a going concern for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the reSevanl sections of this pOrt. Other Information The trustees are responsible for the other informatlon. The other information cornprises the information illcluded in the Annual Report, olherthan the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover th¢ other information and, ex¢epl lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibilrty is to read the other information and. In doing so, consider whelher the other information is materially inconsislènl with the financial statements or our knowledge obtained in the audit or olh8rwise appear5 to be materially misslaled. If we identify such material inconsistencies or apparent material misstalemenls. we are required lo determine whether this gives rise to a material misslatemenl in the financial stalemenls themselves. If, based on the work we have performed, we conclude that therg is a matorial misstat&m8nt of this other information, we are required lo report that lacl. We have nothing lo report in this regard. Comparative Figures The comparative figures for 2022 are unaudited. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE HENRY JACKSON SOCIETY Opinions on other matters prescribed by th& Companie5 Act 2006 In our opinion, based (>n the work undertaken in the course of the audit.. the information given in the Report ol the Trustees for the financial year for which the finan¢i81 statements are prèpared is consistent with the financial slalemenls.. and the Report of the Trustees has been prepared in a¢cordance with applicable legal requirements. Matters on whl¢h we are required to rgport by exception In the light ol the knowledge and understanding of the charitable company and its environment obtained in the Course of the audit, we have not identified material misslalemenis in the Report of the Trusletss. We have nothing to rBport in rèspect of the following matters where the Companies Act 2006 requir6s us lo report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us.. or the financial statemenis are not in agreement with the accounting records and relums., or rtain disclosures of Iruslees, rernuneration specified by law are not made., or wo hava not received all the information and explanations we require for our audit. Responsibilities of trustegs As explained more fully in th8 Statement of Trustees, Responsibilities, the trustees Iwho are also the dir&ctors of the charitable company for the purposes of company law} are responsible for the preparaliDn of the financial slalemenls and for being satisfied that they give a true and fair view, and for such inlemal control as the Iruslees determine is necessary lo enable the preparation of financial statements that are free from material misslaletr)enl, whether duè lo fr8ud or error. In preparing the financial slalements, the Iruslees are responsible for assessing the charitable Company's ability to conlinue as a going concem. disclosing. 85 applicable, matters related to going concem and using the going con¢ern basis of accounting unless the Iruslees either intend to liquidale the ¢h8rilablo company or lo cease operations, or have no realistic allernalive but to do so. Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE HENRY JACKSON SOCIETY Our rèsponsibilitiès for the audit of the financlal statements OLJr obje¢tives are lo tsblain reasonable assuran¢e about whether the financial stslements as a whole ar& free from fflalerial misstatement, whether due lo fraud or error, and to iSSLJe a Report of the Independent Auditors that includes our opinioll. Reasonable assurance is a high level of assurance, bul is not a guaranl&e that an audit conducted in accordance with ISAS IUKI will always delecl a material misstalemenl when il exists. Misstalements can arise from fraud or error and are considered material if. individually or in the aggregat&. they could reasonably be expected to influence the econornic decisions of users taken on the basis ol these financial stalemenis. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory framework applicable to both the charity itself and the industry in which il operates. We identified areas of laws and regulations that could reasonably be expected lo have a material effe¢l on the financial slalements from our sector experience and through discussion with the trustees and other management. The most significant were identified as the Companies Act 2006. UK GAAP IFRS1021, Charity SORP and relevant tax legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included.. making enquiries of Iruslees and managemenl as lo where they consider there lo be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud., obtaining an understanding of the internal controls established to miligale risks related to fraud or nDn- compliance with laws and regulations., assessing the design effectiveness of the controls in place lo prevent and detact fraud., assessing the risk of management override including idenlifying and lesllng lournal entries.. challenging the assumptions and judgements made by management in ils significant accounting gsllmalès. Despite the audit being planned and conducted in accordance with ISAS IUKI there remains an unavoidable risk that material misstatements in the financial slalements may not be deleGted owing lo inherent limitations of the audit. and that by their very nature. any such instances of fr8ud or irregularity likely involve collusion, forgery, intentional misrepresenlalions, or the override of internal controls. A further description of our responsibilities lor th& audit of the financial slalemenls is located on the Financial Reporting Council's website al www.frc.org.uklauditorsresponsibllilies. Thls description forms part of our Report of th6 Indep&n¢Jenl Auditors. Page11
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE HENRY JACKSON SOCIETY Use of our report This report is made solely lo the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 01 Ihe Companies Act 2006. Our audit work has been undertaken so Ihal we might state to the charitable company's members those matl8rs we aro required to stala to them in an auditors, report and for no olh&r purpos8. To the fullest extent permilled by law. we do not accept or assume responsibility lo anyone other than the charitable company and the charitable companls members as a body, for our audit work. for this report, or for the opinions we have formed. Susan Plumb ACA (Senior Statutory Auditor) for and on behalf of Haines Watts Chartered Accounlanls & Slalulory Auditors Old Station House Slalion Approach Swindon Wiltshirg SN1 3DU Dale.. Page 12
THE HENRY JACKSON SOCIETY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total fijnds 2022 Total funds Unreslricled fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1.196,099 1,196,099 981,365 Other trading activities Investment income 14.143 14,143 12,144 Total 1,210,247 1.210,247 993,514 EXPENDITURE ON Charitable activities Charitable activities 1,071,357 1.071,357 1.041,093 NET INCOMEIIEXPENDITUREI 138,890 138,890 147,5791 RECONCILIATION OF FUNDS Total funds brought forward 4,376 4,376 51.955 TOTAL FUNDS CARRIED FORWARD 143,266 143,266 4,376 The notes form part of these financial slalemenls Paga 13
THE HENRY JACKSON SOCIETY STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unrestricted fund Reslrieled fund Notes FIXED ASSETS Tangible assets Investments 10,560 10,560 12,565 10.561 10,561 12,566 CURRENT ASSETS Debtors Cash al bank 13 38,287 178,563 38,267 178,563 50,109 80,327 216,830 216.830 130,436 CREDITORS Amounts falling due within one year 14 169,7731 169,7731 1114.4561 NET CURRENT ASSETS 147,057 147.057 TOTAL ASSETS LESS CURRENT LIA81LITIES 157,618 157.618 28,546 REDITORS Amounts falling due after more than one year 15 114,3521 114,352} 124.1701 NET ASSETSIILIA81LITIESI 143.266 143,286 4,376 FUNDS Unreslricled funds 18 143,266 4,376 TOTAL FUNDS 143,256 4,37S The financial slalemenls were approved by the Board of Trustees and aulhorised for issue on 181h September 2024 and were sign&d on ils behalf by.. Dr A L Mendoza- Trustee Mr D Rasouly- Trustee The notes form part of these financial slalements Page 14
THE HENRY JACKSON SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating actlvltlgs Cash generated from operations 110,960 25,529 Net cash provlded by operating activities 110,960 25,529 Cash flows from investing activities PLJr¢h8se of tsngible fixed assets Interest received {2,9111 14,7041 Nel cash u88d in investing activities 4,6991 Cash flows from flnanclng actlvltles Loan repayments in year 9.818 9,300 Nel cash used in financing activities 9,8181 9,300 Change in cash and cash equivalents in the reporting period Cash and cash equival&nts at the beginning of the r&portSng period 98,236 11,530 80,327 68,797 Cash and cash equ5val8nts at the end of the reportlng pèrlod 178,563 80,327 The notes form part of Ihesg financial statements Page 1S
THE HENRY JACKSON SOCIETY NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Nel incomellexpendlturel for the reportlng perlod la5 per the statement of Financial Activities) Adjustmènts for.. Depreciation charges Interest received Decrease in debtors IDecreaseyincrease In creditors 138,890 147.5791 4.916 151 11.842 44.6831 4.188 151 43,405 25,520 Net cash provided by operations 110.960 25,529 ANALYSIS OF CHANGES IN NET FUNDS Al 111123 Cash flow At31112123 Not cash Cash al bank 80,327 98.236 178.563 80,327 98,236 178,563 Debt Debts falling due within 1 year Debts falling duts after 1 year 110,0001 24,170 110,0001 14,3521 9,818 34.170 9,818 24.3521 Total 46,157 108,054 154,211 The notes form part of these financial slatemenis Page 16
THE HENRY JACKSON SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Bas1$ of prèparlng the flnan¢lal statements The financial slalemenls of the charitable company, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'A¢¢ounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing Iheii accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 7021 {effe¢live 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, and the Companies Acl 2006. The financial slalements have been prepared under the historical wsl Convgntion, with the gxceplion of invostments which are included at market value. The financial slalements are prepared in sterling, which is the ftjnctional currency of the entity and is rounded lo the nearest £. Golng concarn Al the lim8 of approving the a¢countS. the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for Ihe foreseeable future. as the Iruslees expect lo continue ID receive donations from major donors. The charity relies on continued support from Henry Jackson Society Inc, a US enlily and sees no reason why this support will nol continue for Ihe next 12 months. Thus the Trustees, continue lo adopt the going concern basis of accounting in preparing the accounts. Income All income is recognised in the Slalemenl of Financial Activities once the charity has enli118menl lo the ftjnds, il is probable that Ihe income will be received and the amount can be tlleasured reliably. Expenditure Liabilities are recognised as expandilure as soon as there is a legal or ¢onslrLJ¢tivg oblig81ion committing the charity to that expenditure, 11 Is probable that a transfer of e¢tsnomi¢ benefits will be roquirgd in settlement and the amount of the obligation can be measured r&li8bly. Expenditure Is a¢counled lor on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where costs cannot be directly altribuled to particular headings they have been allocated lo activities on a basis consistenl wilh the use of resources. Tanglblo flxed ass•ts Depreciation is provided al the following annual rates in order lo write off each asset over its estimated useful life. Fixtures & ff(lings 25% slraighl line Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unreslricled funds can be used in accordance wilh the Charitable obje¢lives at the discreliDn of the Iruslees. Reslrictsd funds can only be used for particular reslricled purposes within the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to thè financial statements. Pen$lon eost$ and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable lo the charitable company's pension scheme are Charged lo the Statement of Financial Activities in the period to which they relate. Page 17 continued...
THE HENRY JACKSON SOCIETY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- continu8d Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event Ihal will probably result in the transfer of funds lo a third party and the amoLJnl dLJe lo settle the obligation ¢8n be measured or estimated reliably. Creditors ar8 re¢ognised al Ih8ir s&ttlem8nl amount. DONATIONS AND LEGACIES 2023 2022 Donations Membership fees Donation from HJS Inc Other incorne 526,696 27,053 555,173 87,177 413,334 38,034 352,584 179,413 1.196,099 981,365 OTHER TRADING ACTIVITIES 2023 2022 Rentsl income funds 14.143 12,144 INVESTNENT INCOME 2023 2022 Deposit account interest CHARITABLE ACTIVITIES COSTS Support cos15 {see note 61 Direct Costs Totals Charitable aclivlties 1,003,481 67,876 1,071,357 SUPPORT COSTS Governance costs Other Totals Charitable activities 52.400 15,476 67.876 Page 18 continued...
THE HENRY JACKSON SOCIETY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS - contlnued Support cosis, includod in the above, are as follows= 2023 Charitable activities 2022 Total activities Staff costs- support Office costs Legal and professional staff costs - governance Auditors, remuneration Independent Examiner's fee 32,381 13,931 6,088 6,476 9,000 28,230 31,943 10,864 5.646 2.100 67,876 78,783 NET INCOMEIIEXPENDITUREI Nel incomellexpendilurel is stated after chargingllcredilingl.. 2023 2022 Independènt Examinerfs fee Auditors, remuneration Depreciation - Dwned assets 2,100 9,000 4.916 4.188 TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslees, remuneration or olh8r ben8fits for the year ended 31 Dgcember 2023 nor for the year ended 31 December 2022. Trustees. expenses There were no Iruslee8' expenses paid for the year ended 31 December 2023 nor for the year ended 31 Decernber 2022. STAFF COSTS 2023 2022 Wages and salaries Social security costs Oth&r pgnsion costs 576,075 1,473 10,081 502,445 54.064 8.094 647,629 564,603 The average monthly number of employees during the year was as follows.. 2023 10 2022 10 Number The number of employee5 whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2023 2022 £140,000. £149,999 £150.000-£159,999 Page 19 continued...
THE HENRY JACKSON SOCIETY NOTES TO THE FINANCIAL STATEMENTS- continuod FOR THE YEAR ENDED 31 DECEMBER 2023 STAFF COSTS - continuad Kgy managgmenl personnel include all persons thal have aulhorlty and responsibility lor planning. dirtscling and controlling the activities of the Charity. The lolal compensation paid lo key management personnel for services provided to thè charity was £243.03912022.. £201.8551. 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslri¢ted Reslricltsd fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 981,365 981,365 Other trading activities Investment income 12,144 12,144 Total 993,514 993,514 EXPENDITURE ON Charitable activities Charitable activities 1,041,093 1,041,093 NET INCOMEIIEXPENDITURE 147,5791 147,5791 RECONCILIATION OF FUNDS Total funds brought forward 51.955 51,955 TOTAL FUNDS CARRIED FORWARD 4,376 4,376 11. TANGIBLE FIXED ASSETS Fixtures and fittin9S COST At 1 January 2023 Additions 27,792 2.911 At 31 December 2023 30.703 DEPRECIATION Al 1 January 2023 Charge for year 15,227 4.916 Al 31 Dernber 2023 20,143 NET BOOK VALUE At 31 December 2023 10,560 At 31 December 2022 12,565 Page 20 continued...
THE HENRY JACKSON SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continugd FOR THE YEAR ENDED 31 DECEMBER 2023 12. FIXED ASSET INVESTMENTS Shares in group undertaking MARKET VALUE Al 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 De¢emb61 2023 Al 31 December 2022 There were no investment assets outside the UK. The company's investments al the balanco sheet date in the share capital of companies include the following.. Strateglc Analysis Limited Registered office.. United Kingdom Nature of business= Management consultancy activities Class of share.. Ordinary shares holding 100 2023 2022 Aggregate capital and reserves 131,6851 131,6851 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors Amounts owed by group undertakings othgr debtors VAT 190 2,790 1,168 6,275 27,844 8,619 2.790 1.168 6,564 30,968 Prepayments and accrued income 38,267 50,109 Page 21 continued...
THE HENRY JACKSON SOCIETY NOTES TO THE FINANCIAL STATEMENTS- cont5nued FOR THE YEAR ENDED 31 DECEMBER 2023 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Bank loans and overdrafts (see note 161 Trade creditors Socia1 security and other taxes Other creditors Accruals and deferred income 10,000 4,935 23,097 2,286 29,455 10,000 20,843 17.960 1,699 63,954 69,773 114,456 Included in a¢¢ruals and deferred income is £20.87812023 £51,314) of deferred incorne that related to income lor 2023. 1 S. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Bank loans15ee note 161 14,352 24.170 16. LOANS An analysis of the maturity of loans is given below.. 2023 2022 Amounts falling due within one year on demand.. Bank loans 10,000 10,000 Amounts falling between one and two years.. Bank loans - 1.2 years 1 D,OOQ 10,000 Amounts falling due between b0 and five years.. Bank loans - 2-5 years 4,352 14,170 17. LEASING AGREEMENTS Minimum lease payments Iland and buildings) under nOn-ncelIable operating leases fall due as follows.. 2023 2022 Within one year B&tween on8 and five years 63,050 84,067 63,050 63,050 147,117 Page 22 continued...
THE HENRY JACKSON SOCIETY NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 DECEMBER 2023 18. MOVEMENT IN FUNDS Nel mtsvemenl in funds Al 31112123 Al 111123 Unrestricted funds General fund 4,376 138,890 143,266 TOTAL FUNDS 4,376 138,890 143.266 Nel rnovement in funds. included in the above are as follows.. Incoming resources Resc>urc&s expended Movement in funds Unrestricted funds General fund 1.210.247 11,071,357) 138,890 TOTAL FUNDS 1,210,247 1,071,357) 138,890 Comparatives for mov&m8nt In funds Net movement In funds Al 31112122 At 111122 Unrestricted funds General fund 51,955 147,5791 4,376 TOTAL FUNDS 51,955 47,5791 4,376 Comparative nel movement in funds, Included in the above are as follows: Incoming resourc8s Resources gxpèndgd Movement in funds Unrestrlded funds General fund 993.514 11.1)41,0931 147,579} TOTAL FUNDS 993,514 1.041,0931 47,5791 Page 23 continued.
THE HENRY JACKSON SOCIETY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 18. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows.. Nel movement in funds Al 31112123 Al 111122 Unrestrictod funds General fund 51,955 91,311 143,266 TOTAL FUNDS 51,955 91,311 143,266 A current year 12 months and prior year 12 months combined nel movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 2,203,761 12,112.450) 91,311 TOTAL FUNDS 2.203 761 2,112,4501 91,311 19. RELATED PARTY DISCLOSURES Dr Alan Mendoza, a Iruslee, received remuneration during the year of £176.928 12022 £168.8511, including £1,320 12022 £1,320) of pension contributions and £20,012 12022 £18,008) employer's national insurance for his role as Executive Director of the charity, in accordance with the charity's governing documenl. No other Iruslees received remuneration or were reimburseé expenses for their role as Iruslees. Included in debtors Inole 7 31 Is an amount due of £2,790 {2022 £2.7901 from the charity's 100% owned subsidiary Strategic Analysis Limited. Page 24