Registered Charity Number: 1166422
Annual Report ofthe Trustees and Financial Statements For the Year Ended 31 March 2024
For
ASSOCIATI ON FOR RESEARCH ON BANKING AND THE ECONOMY (ARBE)
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ASSOCIATION FOR RESEARCH ON BANKING AND THE ECONOMY (ARBE) A Registered Charity Index to the Financial Statements For the Year Ended 31 March 2024 Page Report of the Truste¢s Statemen( of Financial Activiiiesllncome and Expenditure Account Balance Sheet Notes to the Financial Statements
Report of the Trustees for the year ended 31 March 2024 Th¢ Trustees of the chaTity have the pleasure to present the am)ual report with th¢ financial stakm¢nts of thc cllarity for the year ended 31 March 2024. The financial Slalements comply with the Charity Act 2011 and A¢counting and Reporting by Charities: Statement of Recommended Practic¢ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of tr¢land frRS 102) (effectivc l January 2015). Reference and Administrativt Det•lls Registered Charity number Registered office and operational address 1166422 3, The Square Winches S023 9ES Trnstees Dr Richard Werner Dr Plamen Ivanov tba HSBC 58 High Street W]n¢hcster S023 9BZ Strneturs Governance 2nd Mallagem¢Dt Governing Document ARBE is a registsTed charity with the Charity Commission. It is administer¢d and managed in accordance with the provision of its'collstitution" adapted on the 5 April 2016. Appointment of Trn$tees The &ssociation of the Trustees is requiTed to nSiSt of not less than three and a ntsximum of five members.
Trustees are appointment or reappoinied 8nnually at the Annual General Meeting (AGM). At each annual general mecling, the members may (subject to clause 35) by .%pecial resolution eletit any person (providing helshe is willin8 to act) to be a Trustee. Elected Trustees shall hold oifice for a three-yr terni until ihe completion uf the annual general mecting at the end of the term. At thi5 time, they shall retire from office, but shall Ihen be cligible lor re-election. Mxnagement of tkne Charity I'he Trustees shall convenc an AGM in each year. Not more than 18 monihs shall ¢lapse between one annual gcneral meeting and the next. The Trustecs are empow'ered to take steps to achieve the ¢haritsble objectives and make sound management ofits business. Additlonal Governanee All Trustees give their tirn¢ voluntsrily and receive no remunerations or other benefits. Objectives and Activitie5 The charity's objeclive is lo advance the education of the public in general (and particularly those intercsted in the economy and society) on the subject of the economy and society and to promote scicnlific research for the bcnetit of the public. This may include awarding scholah1p$, grants and organi5ing educational ev¢nts. Svmmary of the Main ActiTri¢ies In planning ac(ivities for the public benefit for the year, ARBE kept in mind the Charity Commi55ioTh's guidance on publi¢ interest at the trustees. meeting5. The focus ot its activitie5 remains on advancing education" make grants aDd donation to individuals and organisations; to provide services and adv(xacy, advice and InforntiOn. and to sponsor and undertake research. 'sk Management The major risk5 to which the Charity is exposed arc identified by the Truscees and renewed annually. Addition41 Details of Activi¢ies A great Contribution is made by the Trustees and member volwiteers. ARBE is grnlefvl for the many hours, volunteets have spenl in preparing and delivering seminars, research, presentations, confcrences. and evcnts. Without ihis valuabl¢ contribution of time, energy, and exp¢rtise, ARIIE would not have be¢n abl¢ to achieve so much. Activities expanded to widened eduLational programme at one of the world's leading universities. and lo include the publication of educational scholarly publications, via Quanthm Publishcrs LiTnite41. Summary of the Main Achievements ARBE ha5 built a r¢putation by organising scholarly conferences and organising educational programmes. including for central bankers and policy makers. This 15 alongside other suLcessfiil events including pres¢ntations. .seminars and research to bring together eminent researcher% policy-rnakers and industy l¢aders to dIU5S and exchange current issues in
bankin& finance. financial markets, central banking eLonomic% financial regulation. asset managemen¢ risk mateMent, new fimancial %rvices and policy. Financial Revfftew The Statement of Financial Activities (SOFA) including inci)me and expenditure is designed to include all incoming resources receivable in th¢ year irrespective of when actual spent. The principal SOUT¢es of funding were from grants. donations alld educational servi¢es. and book sale& which amounted to £22292 in the yfdr. ARBE h&s moved away from its position of relying solely on donations and grants. It has generdted in¢ome from donations of £7.400 Trn th¢ year. Jt hcld £18,068 in Royal Mint. Charity's Policy on Reserves ARBE held c2sh at bank and in hand of £63,186. all of which wer¢ unrestri¢ted fimds. These funds were held in order to meet any unforesecn expenditure that may (xcur. It aim5 to hold at least £50,000. The free reserves were £79,403, which comfortably cover¢d up the totsl expenditure of £27.841 during the year. Plan for the Futsr¢ Periods The Tn believe that the charity continues to strengthen its sound financial basis to build for tbe fiiture. It holds a small fund to help sound students who would otherwise slThJggle to meet the cost of university fees. ARBE has successfully stepped up its educational activities in a way to genernte revenues to fiwther enhance its educational mission. There well advan¢ed plans to expand edu¢ational publishing to include scholarly journals. Most of the income is applied to charity-r¢lated activiti¢s and fund-rdising activities with the main costs being other expenditure such &s professional services for trnining. website design and multimedia. Alongside this. th¢ charity has given out grants and scholarship to academic sound students. The following reporting year is l(Kiking promising it continues to develop its existing activities to fiuther its cbarity aims for the benefits and intsr¢5ts of society. ststement of Thistees Responsibilities The Trustees e responsible for preparing the Trusfres. annual report and the Financial Statements in accordance wlth applicable law and Uniied Kingdom Accounting Standards (United Kingdom G¢nerallyAcceptedAccounting Practice). The trustees are required to prepare financial statemcnts for each y¢ar which give a tTue and faiT view of the stale of affairs of the charitable of its income and expenditure of the period. In preparing these fInancial statements, the TNstees are required to: Selt suitsblc accounting polici¢s and then apply thern consistently. . Observe the mcthods and principles in the Chariltes SORP. . Make judgements aDd estimates that a reasonable and prudent. . Preparc the financtal statements on a going concern basis unless it is inappropriate to presume that the Charity will continue to operate"
State whether applicable UK accounting srandards h&ve been followe subject to any material departures dtsclosed and explained in the financial statements; The Truslees are responsible for keeping proper accounting records that disclose with reasonable ac¢uracy at any tim4 ihe financial position of the charity enable them to ¢nsur¢ that the finaniial statements Loniply with the Lll( generally accepted accounting principl¢s or practice. They ar¢ also r¢sponsibl¢ for safeguarding the assets of the charity and hence for tsking reasonable steps for the pr¢v¢ntion and delection of tTaud and other irregularities. They are also responsible for th¢ maintenance and integrtry of the fu]au¢ial infomalion included on ihe charity's websile. Ststement a8 to Dlsclosllre of Information to our IDdependeDt Eminer So far as the trusfres are aware, thcre is no relevant infomation of whsch the charity's independent eX]iner is unaware, and each trnstee has taken all the steps that Ihey oughi to have laken as a ttustee in order to makc them aware of any cxaminaiion infornlation and to establish that the charity's independtht ¢xaminer is aware of that infom]aiion. The Trustees declare that th¢y hav¢ approved the Tnjstees, annu&l rcport &s above. sign on behalf of the charity's Trustees Signatures.. Full Name.. Richard Werner Trugtee Position-. Date: 14 January 2025 Signalure.q'. Full Name: Dr. Plamen Ivanov Posilion- Trugtee 14 January 2025 Date.. Signatur¢s: Full Name." Position- Date..
ARBE -A Registered Charity
Statement of Financial Activities (lncluding In come and Expenditure Account) For the Year Ended 31 March 2024
| Income | |||
|---|---|---|---|
| Income and Receipt ofEndowment | |||
| Income from Donations and Legacies | Note I | 7,400 | |
| Income from CharitableActivities | Note2 | 22,292 | |
| Tota! Income | 29,692 | ||
| Expenditure | |||
| Expenditure on Raising Funds | Note3 | 11,243 | |
| Expenditure on Charitable Activities | Note4 | 16,251 | |
| Other Expenditure | Note 5 | 347 | |
| Tota! Expenditure | 27,841 | ||
| Net Surplus | 1,851 | ||
| Net Movement in Funds | 1,851 | ||
| Reconciliation of Funds | |||
| Tota! Funds Brought Forward from 2023 | 79,403 | ||
| Tota! Funds Carried Forward | 81,254 |
The statement offmancial activities includes ali gains and losses recognised in the year. Al! ofthe above income and expenditure were generated from continuing operations.
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ARBE - A Registered ChArity Bal&nte Sheet for tb¢ Year Ended 31 March 2024 Total Funds ur llt Investmeni Note 6 18068 Cash at Bank 51514 Cash in Safety 11672 Total C&5h * Bank 8nd An Hand 81254 NoD-Current s¢ Investment in College Pres5 100 Total N¢t Assets 81354 The Fll hari 81254 Share Capttal Totsl Chydrity Unrestricted Funds 100 354 The Trustees acknowledge thcir rcypon5ibility lo comply with the Charity Act 201 l and Accounting and Reporting by Charities.. Statement olRecommcnded Practice applicable to charitie5 preparing their accolmts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (¢ffectivc l January 2015). The Truste¢s declare that they have approved the balance sheel a5 aiKyve. Th¢ financial slatements were approved by the Truste¢ on 20 February 2023. Signed on behalf of the charity's TriistLL%. Signature Full Name: Richard Werner Trudtee Position: Dat¢: 14 January 2025 The notes on ihe following pages fonn part of these financial stsiernenls.
ARBE-A R¢gistered Charity Notes to Financia] Statements for the Year Ended 31 Mareh 2024 Ineome f m Dona sand aeies Note I Donations and Grants 7,400 Ineome f m CharitxbleActRVitIts Note 2 Programme FeeSd¢#t10n Service Fees nditsre on R2fi In 22,292 Note 3 Travel and Marketing nditsre Cba 11,243 ble etivitios Note 4 Donation 1,513 Office Expenses General Expenses erE 12.988 1,750 Note 5 MIS Expenses Bank Charges Cllrrejjt A&srt 347 Note 6 Investment 18068 Remuneration and Benefi Note 7 No Trustee received any Muneration during the yeaT to 31 Match 2023. No Trustees were reimbursed for ant eXlS¢S incurTed in the year. cco Poliei Not¢ 8 The financial staiements wert prepared in accordance with Accountins and Rq)orting by Charities: Statement of R¢wmmended Practice applicable to chasities in accordan¢e with the Financial Reporting Stsndard in the UK and Republi¢ of Ireland (FRS 102) (Effective I January 2015)(Charifies SORP FRS 102). Fundi ccoun Note 9 Untestricted fund5 are available for use at the discretion of the TnW in fiwtherance of the gencral objective of the chlty. At the present time there are no restricted funds.
Income Note 10 All incomc is includcd in the Statement of Financial Activilie5 when the Charity is entitled to the income and the amount can be quantified with reasonable a¢cura¢y. Voluntarv incomc is received by way to dunations and grants and included in gull in the Sta*ment of Financial Activities whcn receivable. Donations and grants are accounted for when r¢ceived or notified. Income from charilable activities and olher income is accounted on a receivable basis. Ex Cndlture Notell F.xpenditure is accounted for on an accrual basis. Expenditiire inrludcs any VAT which cannot bc recovered and is reported as part of the ¢xp¢ndiiur¢ lo which is relates. Charitsble expcnditure comprises those costs inCued by the charity in the delivery of its aLlivitie5 and services for its benefiiiari¢s. Governance costs include those costs associated with meeting the constitulional and Matulory requiremcnts of the Charity and costs linked to thc StraSiC management of the C'harily. All costs allocated between the expenditLwe categories the Statement of Financial A1vItieS on a basis designrd to reflect th¢ us¢ of the resource. Taxatio Note 12 The chdrity 15 exempt from corporation tax. Cash Fl Note 13 The charity is exempt from producing a cash flow statement under FRS 102. Ban ill HaDd Note 14 Interest bearing deposit accounts have been in¢luded in the financial statem¢nts Rs a CUTrent £61.335 total cash in safety and in the bank were hcld An order to meet any unforeseen expenditure that may occur. Amongst there are £11,672 cash held in safety because the trustees believe ihat ARBE should not invest all ils resources in loans to banks as tt would less credible when it conducts research and policy advice in favour of maintaining ¢&sh. Rela LoaD Note 15 C.oll¢ge Press Limited In the ¢ourse of ihc ycar, ARBF. Contributed £959 towards the ai)ove domiant company to further its Charitable education in the publishing of learned journals and otb¢r publications. Onc ofthe trustees is also a dire¢tor of College Press. -10-
Inves Note 16 Fixed asset investments are included in the fmÉmcial statements at market value. Investment (Royal Mint) is a commodity and is accounted for at the lower of cost and net realisable value. the course ofthc year, ARBE held £18,068 in Royal Mint in th¢ ch&ity's safety. Colle e Press Limited Registered office: Nature of business: 3, The Square. Winchester S023 9ES Book publishing cl of shares: Holding loo Ordinary shaTes of £1 t Balance Sbeet Even Note 17 There are no significant IN)st balance sheet events. tima ntrollin Note 18 The clwity is controlled by its Trustees. Prepared by Mandair & Co Signatures: Full Name.. MAPIDAIR 8 CD t•AITEF.EI A.'r_."illTAITg 84 _LDE= F.UA SO¥ittAMP7611 Position: Date". 11-