Acumen Academy UK
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2021
Registered Charity No. 1185457
ANDERSON BARROWCLIFF LLP Chartered Accountants
Acumen Academy UK
Contents
| Charity information Report of the Trustees Statement of financial activities Balance sheet Notes to the accounts Independent Examiner’s Report |
Pages 1 2 - 3 4 5 6 - 11 12 |
|---|---|
Acumen Academy UK
Charity Information
| Trustees: | Rebecca Eastmond |
|---|---|
| Batool Hassan | |
| Farrukh Khan | |
| John Stares | |
| William Work | |
| Programme Director: | Benjamin Lane |
| Charity Number: | 1185457 |
| Principal Address: | Acumen Academy UK |
| Somerset House | |
| Strand | |
| London | |
| WC2R 1LA | |
| Bankers | NatWest Bank Plc |
| P O Box 414 | |
| 38 Strand | |
| London | |
| WC2H 5JB | |
| Independent Examiner | Mrs J M Bennett |
| Anderson Barrowcliff LLP | |
| 3 Kingfisher Court | |
| Bowesfield Park | |
| Stockton on Tees | |
| TS18 3EX |
Page 1
Acumen Academy UK
Report of The Council of Management
The Trustees present their report together with financial statements for the Year Ended 31 December 2021.
The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 UK and Republic of Ireland published in October 2019.
OBJECTIVES AND ACTIVITIES
The Charity’s objects are to advance education, development and training of individuals to enable them to work for the benefit of society, and deliver progressive social change in communities and organisations. The principal activity is to deliver leadership training through online and residential programmes for those working to create social or environmental change, mainly charities, social enterprises and other purpose-led organisations.
ACHIEVEMENTS AND PERFORMANCE
The charity has adapted the design and completed the delivery of the 2020 Fellows Programme, designed to empower the cohort with skills and community needed to deepen their ability to build progressive social change in their communities and organisations. Further, the design, analysis and evaluation of quality and impact of this programme has been completed. In parallel, the charity has successfully implemented the 2021 Fellowship outreach and selection, working with over 250 partners and 70 evaluators to select the 2021 UK cohort – comprising 20 social leaders across the United Kingdom.
FINANCIAL REVIEW
The charity made a surplus of £93,111 (2020 £104,510) during the year on unrestricted funds and deficit of £105,678 (2020 surplus of £111,332) on restricted funds. The restricted funds at the year-end stood at £20,000 and the unrestricted funds were £183,275.
Reserves Policy
The charity maintains free reserves to:
-
provide a level of working capital that protects the continuity of our core work, including the costs associated with the outreach and recruitment cycle for the next cohort of UK fellows.
-
provide a level of funding for unexpected opportunities.
-
provide cover for risks such as unforeseen expenditure or unanticipated loss of income.
The trustees have determined that free reserves of the charity should cover 8 months of central running costs and the costs of the next outreach and recruitment cycle. This amounts to £130,000
At the year end the free reserves of the charity (unrestricted funds less amounts invested in fixed assets) amount to £182,483. In the event of not being able to raise future funding the current reserves would be used to complete the current programme, and the recruitment for any future programmes would be delayed until further funding was secured. The trustees are satisfied with the level of reserves.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Acumen Academy UK CIO was incorporated on 23 September 2019. The CIO started to operate on 1 January 2020.
Governing document
The Charitable Incorporated Organisation’s governing document is its constitution dated 19 September 2019.
Appointment and Recruitment of Trustees
Other than the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed as a properly convened meeting of the trustees. In selecting individuals for appointment as trustees, the charity has regard to the skill, knowledge and experience needed for the effective administration of the CIO.
Page 2
Acumen Academy UK
Report of The Trustees
Organisational structure
The Trustees hold quarterly Board Meetings where key decisions around governance are made and recorded in the minutes. The day to day running of the charity is dealt with by the Programme Director.
Trustee Statement
In setting our objectives and planning our activities, the trustees have given careful consideration to the Charity Commission guidance on public benefit.
Approved by order of the board of trustees on 28 June 2022 and signed on its behalf by
R Eastmond
Trustee
Date: 28 June 2022
Page 3
Acumen Academy UK
Statement of Financial Activities for the Year Ended 31 December 2021
| Note Income Donations & legacies 2 Other trading activities 3 Investment income – interest received Total Income Expenditure Charitable activities 4 Total Expenditure Net (Expenditure)/Income for the year Transfers between funds Net Movement in Funds Fund balances brought forward at 1 January 2021 Fund balances carried forward at 31 December 2021 11 |
2021 2021 Restricted Funds Unrestricted Funds £ £ 131,666 138,345 - 750 - 14 131,666 139,109 237,344 45,998 237,344 45,998 (105,678) 93,111 14,346 (14,346) (91,332) 78,765 111,332 104,510 20,000 183,275 |
2021 Total Funds £ 270,011 750 14 270,775 283,342 283,342 (12,567) - (12,567) 215,842 203,275 |
2020 Total Funds £ 374,679 1,000 91 |
|---|---|---|---|
| 375,770 | |||
| 159,928 | |||
| 159,928 | |||
| 215,842 - |
|||
| 215,842 - |
|||
| 215,842 |
The accompanying notes form part of these financial statements
Page 4
Acumen Academy UK
Balance Sheet for the Year Ended 31 December 2021
| Fixed Assets Tangible assets Current Assets Debtors Cash at bank and in hand Creditors: Amounts falling due within one year Net Current Assets Net Assets Funds Restricted Unrestricted Total Funds R Eastmond TRUSTEE |
Notes 8 9 10 11 |
2021 £ £ 792 - 212,572 212,572 10,089 202,483 203,275 20,000 183,275 203,275 |
2020 £ 1,992 223,794 225,786 11,260 |
£ 1,316 214,526 215,842 111,332 104,510 215,842 |
|---|---|---|---|---|
The accounts were approved by the Trustees on 28 June 2022.
The accompanying notes form part of these financial statements.
Page 5 Acumen Academy UK
Notes to the Financial Statements for the Year Ended 31 December 2021
1 ACCOUNTING POLICIES
(a) General information and basis of preparation
The charity is a registered charity in England. The address of the principal office is given in the charity information on page 1. The nature of the charity’s activities are shown in the Report of the Trustees.
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 UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 UK and Republic of Ireland (FRS 102 published in October 2019 rather than the accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention. The charity currently has sufficient reserves to continue in operation. The Trustees therefore believe that it is appropriate to prepare the financial statements on a going concern basis.
The financial statements are prepared in sterling which is the functional currency of the charity, rounded to the nearest £.
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.
- (b) Income
Items of income are recognised and included in the accounts when all the following criteria are met:-
-
The charity have entitlement to the funds;
-
Any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity.
-
There is sufficient certainty that receipt of the income is considered probable; and
-
The amount can be measured reliably.
Income from other trading activities includes income recognised as earned (as the related goods or services are provided) under contract. There is no netting off within the accounts.
Donations are credited to income as they are received. Grants received are recognised as income for the period which they relate to.
Page 6 Acumen Academy UK
Notes to the Financial Statements for the Year Ended 31 December 2021
(c) Expenditure
All expenditure is accounted for on an accruals basis and is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount can be measured reliably. Irrecoverable VAT is included in expenditure against the relevant cost for which the expenditure was incurred. Expenditure is classified under the following headings:-
-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs which can be directly allocated to activities and those costs of an indirect nature.
-
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs.
-
Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.
(d) Fixed Assets
Fixed assets are stated at cost less accumulated depreciation. Assets costing less than £500 are not capitalised.
Computer equipment is depreciated on a 33% straight line basis to write off each asset over its estimated useful life.
(e) Debtors
Trade and other debtors with no stated interest rate and receivable within one year are recognised at the transaction price.
(f) Cash at bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
- (g) Creditors
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.
(h) 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering the funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
(i) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
- (j)
Pension Costs
The Company operates a defined contribution pension scheme for the benefit of its employees and contributions are charged to the SOFA in the year in which they are made.
Page 7 Acumen Academy UK
Notes to the Financial Statements for the Year Ended 31 December 2021
(k) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2
DONATIONS AND LEGACIES
| Garfield Western Gift Aid Mitsubishi National Lottery Funding Rank Foundation Rank Foundation – Time to Shine Programme Segelman Trust J&C Stares Sundry Donations The David Cock Foundation Work Family Strategic Giving Grant 3 OTHER TRADING ACTIVITIES Workshop income 4 CHARITABLE ACTIVITIES Costs directly allocated to activities: Salary costs Pension costs Programme delivery Cohort outreach and selection Acumen Programme Licence & support fees Other costs Support Costs allocated to activities Advertising Technology & software costs Recruitment Other Staff Costs Consultancy Repairs Insurance Bank Charges Depreciation Governance costs (note 5) Total |
2021 2021 Restricted Unrestricted £ £ - - - - 20,000 - 50,000 - - - 21,666 - 40,000 - - 25,000 - 845 - 50,000 - 62,500 131,666 138,345 |
2021 Total £ - - 20,000 50,000 - 21,666 40,000 25,000 845 50,000 62,500 270,011 2021 £ 750 2021 £ 141,411 5,550 85,360 2,048 26,241 15 260,625 11,828 1,192 - 2,118 4,143 - 125 3 524 2,784 22,717 283,342 |
2020 Total £ 50,000 12,500 20,000 60,000 70,000 1,992 50,000 235 59,952 50,000 374,679 2020 £ 1,000 2020 £ 102,838 3,747 11,683 3,049 27,702 209 149,228 3,682 927 1,217 509 524 163 161 10 273 3,234 10,700 159,928 |
2020 Total £ 50,000 12,500 20,000 60,000 70,000 1,992 50,000 235 59,952 50,000 374,679 2020 £ 1,000 2020 £ 102,838 3,747 11,683 3,049 27,702 209 149,228 3,682 927 1,217 509 524 163 161 10 273 3,234 10,700 159,928 |
|---|---|---|---|---|
| 2020 £ 102,838 3,747 11,683 3,049 27,702 209 149,228 3,682 927 1,217 509 524 163 161 10 273 3,234 10,700 159,928 |
Page 8 Acumen Academy UK
Notes to the Financial Statements for the Year Ended 31 December 2021
5 GOVERNANCE COSTS
| OVERNANCE COSTS | ||
|---|---|---|
| Accountancy - independent examination - other |
2021 £ 2,280 504 2,784 |
2020 £ 2,100 1,134 |
| 3,234 |
6 TRUSTEE REMUNERATION AND EXPENSES
None of the Trustees received any remuneration from the Charity. No expenses were paid to the Trustees during this year or the previous year.
7 EMPLOYEE INFORMATION
Staff costs are as follows:-
| Wages & salaries National Insurance Pension costs The number of employees whose remuneration (excluding national insurance contributions) exceeded £60,000 was as follows:- 60,000 – 70,000 70,001 – 80,000 The average number of employees was:- Direct |
2021 £ 131,006 10,405 5,550 146,961 - 1 2021 3 |
2020 £ 98,491 4,392 3,747 106,630 1 - 2020 2 |
|---|---|---|
The average number of employees was:-
Key management personnel
The charity considers the Key Management Personnel to be the Trustees and the Programme Director. The salary of the key management personnel (including pension contributions and employer’s National Insurance amounts to £77,503.
8 TANGIBLE FIXED ASSETS
Cost 1 January 2021 and 31 December 2021 Depreciation Brought forward Charge for year At 31 December 2021 Net Book Value 31 December 2021 Net Book Value 31 December 2020 |
Fixtures & Fittings £ 1,589 273 524 797 792 1,316 |
Total £ 1,589 273 524 797 792 1,316 |
|---|---|---|
Page 9 Acumen Academy UK
Notes to the Financial Statements for the Year Ended 31 December 2021
9 DEBTORS
| Accrued income 10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals and deferred income Social security and other taxes Other creditors |
2021 £ - 2021 £ 61 2,574 7,081 373 10,089 |
2020 £ 1,992 |
|---|---|---|
| 2020 £ - 2,436 8,391 433 |
||
| 11,260 |
11 ANALYSIS OF CHARITABLE FUNDS
| Balance | Balance | ||||
|---|---|---|---|---|---|
| 1 January | Incoming | Resources | 31 December | ||
| 2021 | Resources | Expended | Transfers | 2021 | |
| £ | £ | £ | £ | ||
| Unrestricted Funds | 104,510 | 139,109 | (45,998) | (14,346) | 183,275 |
| Restricted Funds | |||||
| Mitsubishi | 20,000 | 20,000 | (20,000) | - | 20,000 |
| National Lottery Funding | 31,332 | 50,000 | (95,678) | 14,346 | - |
| Rank Foundation Covid Recovery | |||||
| Fund | 10,000 | - | (10,000) | - | - |
| Segelman Trust | 50,000 | 40,000 | (90,000) | - | - |
| Rank Foundation - Time to Shine | - | 21,666 | (21,666) | - | - |
| Total | 111,332 | 131,666 | (237,344) | - | 20,000 |
| Total funds | 215,842 | 270,775 | (283,342) | - | 203,275 |
The money received from Mitsubishi is to be spent on the 2022 Cohort.
The monies received from Rank Recovery Funds were to provide additional funding to ensure inclusive delivery of the 2020 programme, specifically additional interpreter support required due to Covid-19 programme change.
The money received from the Rank Time to Shine Programme were for the salary costs of a placement worker to assist with the residentials.
All of the other restricted funds were to set up the programme and to provide the training for the 2020 and 2021 cohort.
Page 10
Acumen Academy UK
Notes to the Financial Statements for the Year Ended 31 December 2021
12 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted Funds £ Tangible Fixed Assets 792 Current Assets 192,572 Liabilities (10,089) 183,275 |
Restricted Funds £ - 20,000 - 20,000 |
Total £ 792 212,572 (10,089) 203,275 |
|---|---|---|
13 PENSION COSTS
The Company operates a contributory pension scheme. It is a defined contributions scheme and contributions are charged to the SOFA as they are paid. The charge for the year was £5,550 (2020: £3,747).
14 RELATED PARTY TRANSACTIONS
During the year the charity received a £50,000 donation from Work Family Strategic Giving, a family organisation in which one of the trustees, William Work is involved in.
A trustee of the charity, Rebecca Eastmond, is also a trustee in The David Cock Foundation and The Segelman Trust, both of which made donations to the charity this year (£50,000 and £40,000 respectively). She also serves on the Acumen Fund Inc global advisory board. Acumen Academy UK is a regional affiliate of the Acumen Fund Inc, and is licenced to administer the Acumen Fellowship and Leadership programmes in the UK.
Batool Hassan, a trustee, holds senior position, the Director of Leadership, within Acumen Fund Inc.
No other related party transactions occurred during the year.
Page 11
Acumen Academy UK
Independent Examiner's Report to the Trustees
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2021 which are set out on pages 4 to 11.
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 your charity’s accounts as 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 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.
J M Bennett FCA Anderson Barrowcliff LLP Chartered Accountants 3 Kingfisher Court Bowesfield Park Stockton on Tees TS18 3EX
Date: 18 July 2022
Page 12