Acumen Academy UK Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023 -Copr ANDERSON BARROWCUFF uMrfED
Charity information Repcrt of the Twstees Statement of fimndal a¢tieS Balance sheet Notes to the accounts 6-12 Independent Examlnerfs Report 13
Trustee Rebecca Ea5tmond Bato¢A Hassan (Resigned 28102120231 Farrukh Khan {R18ned 30109120231 John Stares William Work Olesigned 30A)9r20231 Sarah FaroN)q (Appointed 01103120231 Duro (tye poInted 01103120231 ()avidJeremy Gold Wppointed 01103f20231 Katherine Parker (Appointed 20105r20241 KAtherine Osb¢)m IAppointed 0110612023) Programme Dlrertor Benjamin Lane Charfty Number. 1185457 Prindpal Address Acumen Academy UK Somerset House Strand London VIC2R I LA Bankers Natwest Bank Hc POBox414 38 Strand London WC2H 5JB Ihdependent Examlner Mrsj M Benr*tt Anderson Barr0VrFf timited 3 ngfisher Court Bchvesfield Park Stockton on Tees T518 3EX Page 1
The Tru5tee5 pre5erTttheir report together wth financial staternents forthe Year Ended 31 December 2023. The Trustees have adopted the prowsions of the Statement of Recommended Praalce {SORP)"Accounting and Reporting by Charitie¢ in preparing the annual report and finanoal statements of the charity. The financial stateMts have been prepared in accordance the &counting policies set out in note5 to the accounts and comptywth the charitys goveming dlMent. the Charitie5 Art2011 and Accounting and Reporting by Charities: 5taternent of Recommended Practice applicable to charities preparing their accounts in accordan h the Financial Rep)rting Standard applicable in the UK and Republic of [Land published In Ottober2019. OBJECTIVES AND ACTMTIES The Chartys objecrs are to advance educatio development and training of indivTrduals to enable them to work for the benefrt of society and deliver progresswe 50aal change in communities and oryanisations. The principal aCtlty is to delwer leadership training through online and re%dentlal programmes for those working to (reate social or environmèrrtal change. mainty char[rI social enterprfses and other wjrpose-led organlsations. ACHIEVEMENTS AND PERFORMANCE Thè charty delniered the 2022-23 Fellows Programm< designed to support a cohort of social lèaders wlth the leadershlp skills and communlty needed ro deepen their abilty to build progressive Social change in their communfdes and orsantsatlon& Programme desÈn Improvements were made based on 2022-23 Fellows Pmgramme delDiery and learning. In parallel. the charity has established a range of opportunities and events for pmgramme alumni IAKA The Foundry) and completed detsiled anatysis and evaluation of qualry and impact of the alumnl programming. Further, the tharfry wcce$shJl completed the 2023-24 Fell¢)w5hip outreach and selettion. worklng with over 350 outreath partners. FINANCIAL REVIEW The charlty made a deflclt of £24,921 P021" surplus £53A701 during the year on unrestricted funds and nil12022'. deficit £20,000) on restricted fijnds. The unrestricted funds attheyear-end stood at£211,82412022'. £236,745} and the restrirted fiJnds were nll (2021. £NID. Resetrv Pollry The charty maintslns free re5erve5 to: provlde a level of wortlng capttsl that protecrs the continuty of our core worl induding the costs associated with the outreach and recruitment cycle for the next cohort of UKfellows. provide a level of funding for uwected opportunitie provéde coverfor rtsks such as unfoeen expendtture or unantiapated105s of income. Thetrustees have determinedthatfree reserves of the tharityshould cover8 mont% of central running costs and the costs of the next OLrtreach and recruitment cycle. This amounts to £131,(KMJ. Atthe year erKI the free reserves of the charity (unresthcted fund5 less amounts Invested In fixed assets) amount to£210.59Q In the event of not beingableto raisefijture fundingthe current reswveswould bè used to complete the current pr¢)gramme. and the recruitment for any fure programmes would be delayed until further fiJnding was secured. The trustees are satisfied the ILYd of reserves. STRuURE. GOVERNANCE AND MANAGEMENT Acumen Academy UKaowas incorporated on 23 September2019. The ao started to operate on 1 January2020. Governlng document The Charitable Incorpor*ed Organisatlon's governing document Is Its consrtuttlon dated 19 September 2019. Page 2
fTheT Appolntm•nt and Recruitment olTrustees Other than the first charity trustees, every trustee must be appDinted for a term of three years by a resolution passed as a property convened mÈetsng of the trustees. In selecting indMdua& for appointment as trustees. the tharity ha5 regard to the sk411, knowledge and experience needed for the effectNe administration of the CIO. Or8an15ational strurtur• The Trustees hold quarterty Board Meetiry where key decisions around govemance are made and recorded in the minutes. The day co day running of the tharity is dealtwith by the Programme Dlrettor. Trustee Statement In setting our objectives and planning our athttie& the trustees have glven careful consideration to the Charity Cownmission guidance on public benefiL 10r2024 Approved by order of the board of ¢waees on .............-..-........-.....-.-...-.... and %gned on its behaw by R Eastmond Trustee Page 3
Flnanclal Actlvlt 2023 2022 Total Funds Funds Funds Note Income Donations & legacies Other tradlng actswtses Investment Income- Interest receNed 171.000 327.783 400 236 Total Income 171605 328,019 Expenditure Charitable attivities 197.526 2933n 294,549 Totsl Expendlture 197.526 2933n 294,549 Net {Expenditureylncome for the year I net movement In funds (24.921) 124921) 33,470 Fun(1 balances brought forward at 1 January 2023 236.745 236.745 203,275 Fund balances carrled for*Ard at 31 December 2023 11 211A24 211.8 236.745 The accompanying notes fomi part of these finandal sratements Page 4
r Ended 31 2023 2022 Fixed A55ets Tangible assets 2,348 Current Assets Cash at bankand in hand Debtors 244213 2Z1181 244,213 Creditors: Amounts falllng due vrithin oneyear 10 9,816 Net CurrnntAssets 0¥4 234,397 Net Assets 211A24 236,745 Fund5 Restrlrted Unrestrlrted 211 236,745 Totsl Funds 11 211A24 236,745 R Eastmond Trustee 1(W2024 The accounts were approved bythe Trustees on.__............................................. The accomPanng notes fom) part ofthese financial statements. Page 5
to the Flnandal ts forthe r 2023 ACCOUPrnNG POLICIES lal Genwal Infornmtlon and basls of preparation The charfrty is a rsed tharity in England. The address of the principal office is given in the charty inforrnation on page 1. The nature of the charity5 actmties are shown in the Report of the Trustees. The charity constitutes a public benefft entity as defined by FRS 102. The financlal ststements hav¢ been prepared In accordance wrth Accounting and Rewrting by Charitie5: Statement of Recommended Practice applicable to chartties preparing thebr accounts in accordance with the Finanoal Reporting Standard applKable in the UK Republic of Ireland IFRS 1021 issued in October 2019. the nanCIal Reporting Stanéard applicable in the Unlte(l Kingdom and Republlc of Ireland IFRS 102}. the ChaiitiesAtt2011 and UK Genera1tykpted pract[ as Itapplles from l January 2015. The financial 5taternents have been prepared to and fairf view and have departe from the Charities {Accounts and Report5) RegulatIs 2008 only to the extert required to provide a true and fairvieW.This departure has invow followingthe Accounting and Reportlng by Charities: Statsment of Recommended Practice applicable to charitie5 preparing their accounts in accordance th the Financtal Reporring Stsndard applicable in the UK and Republic of Ireland (FRS 102 published in Occober 2019 rather than the accounting and Reporting by Charitie& Statement of Reccxnmended Practice effeciwe from 1 April 2005 whlch has since been withdrawn. The financial statements are prepared on a wng ioncern basis under the historical cost corwention. The charity currenty has sufficient reserve5 to continue In operation. The Trustee5 therefore believe that it is appropriate to prepare the finandal ststements on a going concern basL%. The finanthal statements A prepared in sterting whith is the fvnaional currency of the charty, rounded to the nearest L The signrficant accounting polides applle(I In the preparation of these financial statements are set out below. These policies have been consistenty applied to all years presented unless Othe[Se stated. (bl Incom• Item5 of Income are recognsed and included in the accounts when all the following criterla are met- The charity have enemet0 thefunds. Any perfom)ance condition5 attathed to the tterfs) of Inc¢xne have been met or are fulty %%ithin the control of the charity. There is suffKient laIntytlt reteipt of the income is considered probable,. and The amount can be measured rdiably. Income from other trading artmtyes includes IOme recognlsed as earned las the related gc4Jds or serwces are prded) under contract. There is rTro netting off within the accounts. Donations are credited to irKomeastheyarerecÈNed. Grat)ts receTved are recognlsed as Income forthe period which they reL4te to. Donated facllities are induded at the artual cosr orvalue to the charity. as described in Note 2. Page 6
No (c) Expendlture l expendlture ts accounted for on an accruals basis and is recognLsed On there is a legal or (or[rUtte obligation to make a payment to a thlrd party, it is probable that settlementwll be required and the amourt can be measured rdiabty. IrrecoverabloVATls induded in expenditure againstthe relevant costforwhi£h the expenditurewds incurred. Expenditure is dassified under the following headings:. Charitable expenditure comprises tFw)se costs incurred bythe charw In the delNery of Its artitieS. It includes both costsvthichcan be direrttyallocated to attivities andthose costs of an indirect nature. Support costs are those funthons that a5Si5t the %wJrk of the charity but do not directty undertake charitable artkntles. Supportcos15 indude back office costs. finan personnel. payroll and governance co Govemance costs are those incurred in connettion with compliance th consiitutsonal and StUtOry requirements. Id) Fixed Assets Fvxed assets are stated at CO I accumulated depreciation. Assets costing less than £500 a not capitalised. Computer equipment is depreclated on a 3A straight line basi5 to write off each asset over its estimed usefvl IWe. (el Debtors Trade and other debtors wlrh no stated irterest rate and receivable wthln one year are recognised at the transaction price. If) Cash at bank Cash at bank and cash in hand indudes cash and shortterm hightyliquid investmentsmth a short maturtry of three months or less from the date of acqui5itton or openlng of the deposit or similar accounL Creditor5 Creditors and provisions are recognised where the charity has a present obllgatlon resultingfrom a past event that ¥MII probably result in the transfer of funds to a thlrd pary and the amount due to settle the obligation be meawre(l or estirnated reliably. Creditors and pmM5ions are nornialty recognised at their settlement amount (hl Fund antIng General ndS are unrestrirted fvn(ts are avaiLible for use atthe discretion of the trustees in furrherance of thÈ general obJectNes of the charity and vthich have not been designated for other wrpose Restrirted funds are ftJn(ts thi(h are to be used in accordance wth specific restrittions imposed by donors or thch have been raised bythe tharity for particular putTr05e5. The c05t of raising and administering the funds are charged against the spectflc fund. The alm and use of each restritted fvnd is set out in the note5 to the financial statements. Flnanclal Instrtftmnts The charity onty has financial assets and finandal IL3bllldes of a kind thatqualify a5 ba5icfinancial instwments. Basic finanoal I[ments are initslty recognised at transaction value and sub5equenty measured at thrsetemerrt Value. o'i Pension Costs The charity operates a defined contribution pension scheme forthe benefit of tts employee5 and contributions are charged to the SOFA in the year in which theyare made. Page 7
nclal State forthey Ikl Golng concern The financial statewnents have been prepared on a golng concem basts a5 the trustees believe that no material uncertainties est The trustees have considered the level of fijnds held and the expected level of income and expendtture for 12 rnonths from authorising these financial statements. The budgeted income and expenditure is Sufficient with the level of reserves for the charty to be able to contlnue as a going concern. DONATIONS AND LEGACIES 2023 Restrlrted Vnre5trlrted 2023 Total 2022 Total Garfield Westem GiftAid National Lottery Funding Rank Foundation Segelman Trust J&C Stares Sundry Donatlons The Dd Cock Foundation Work Famity Strategic Ging Grant Donated facilithes 31000 11500 40.0 60.wo 30,rx)o 5Q,000 3.283 50,000 50.000 60.OIKI 25.000 50.000 SD.000 50.000 171.0fy) 327,783 In 2022 £162,QKJO ofthe Income wa5 restricte(l and £165.783 was unrestrirted. The charity uses office space provided by a trustee of the charrty free of charge. The valuatlon of the donated facilities is an estimate based on the open marketvalue of similarfacolltye OTHER TRADING AcfMTIES 2022 Workshop Income 400 Page 8
the Financlal Statements for CHARITABLE AcnvmES 2022 Costs dlrectly allocated toactivitse Salary costs Pension costs Programme delNery Cohort outreach and sdettion Acumen Programme Licence & support f Direct consukancy 120.712 137.217 5,753 86,938 1433 29,313 11,330 91388 3204 271984 Support Costs allocated to actmtles Advertising Technology & Sorvare costs General costs Rent Other Staff costs Consultancy Insurance Bank Charges Depreaation Govemance costs (note 5} &088 1.442 70 716 6.6 4A45 4,886 147 218 1.118 10.646 1.020 3.466 33.302 21.565 Total 293.372 294,549 In 2022 £182,[ of the expenditure was restricted and £111549 was unre5tr1rted. GOVERNANCE Costs 2022 Accountancy - independent examination . other 1520 1.226 2,860 606 Legal fee5 10.646 3,466 TRUSTEE REMUNERATION AND EXPEP4SES None of theTru5teesreceNedanyrernunerationfrom thecharity. No experse5were pald totheTrLLStees during this year or the pr£wious year. Page 9
Notes 31 DectmbÈr 20 EMPLOYEE INFORMATION Staff costs are as follo.- 2022 Wages & salaries National Insurance Penslon costs 111f17 035 127A51 9,766 5,753 128.978 142,970 Thè number of emplow whose remuneration (exduding national Insurance contributions) exceeded £60,000 was as follo- 2023 2022 70,001- 80,C The average number of employees was:_ 2023 2022 Direct Key management personnel The charty considers the Key Management Personnel to be the Twstees and the Programme Direttor. The salary of the key management personnel (including nSIOn contributions and employers National Insurance amounts to £84,929. TANGIBLE FIXED ASSErs Computer Equlpment Total Cost 1 January 2023 Addtrlons 4165 4.165 31 DKqrnb•r 2023 4165 4.165 Depre¢latlon Brought forward Charge foryear 117 1.118 717 1.118 At 31 December 2023 1935 1935 Net Book Value 31 December 2023 1.230 1230 Net Book Value 31 December 2022 2348 DEBTORS 2023 2022 Other debtor5 295 Page 10
to the Fl ed 31 Dec 10 CREDITOR&" AMOUNTS FALLING DUEwmiiN ONE YEAR 2022 Trade credf(ors AccTua15 and defeed income Social securrty and othertaxes Other creditors 3.193 1850 70 3.100 6,273 373 3.140 11517 9,816 11 ANALYSIS OF CHARITABLE FUNDS Balance 1 January Incomlng Resources Resources Expended Balance 31 December 2023 Unrestrlrted Funds 236.745 171605 1197,526) 211.824 Restrlrted Funds Mitsubishi National Lottery Funding Garfeld Western Sales Force Rank Foundation 31CI)O (3ZOOO} (3N61 {60.OCNII Totsl (95.8461 Total funds 236.745 26&451 {293.372} 211.824 JI of the restricted funds were to set up the FdlovaS programme and to providethe training for the 2022 and 2023 cohort5. 12 ANALYSIS OF NEf ILSSEfs BEfwEEN FUNDS Unrestrlrted Funds Re5tr1rtad Funds Total Tangible Fed Assets CurrentAssets Uabilkles 1.230 223.181 1115871 223,181 11Z58n 211.824 211.824 13 PENSION cosrs The charity operate5 a contributory pènsion stheme. It a defined contributions scheme and Contributior are charged tothe SOFAastheyare paid. The chargeforthe yearwas £8.26612022: £5.7531. Page11
14 RELATED PARTY TJIANSACTIONS Durlng the year the tharity receNed a £50,rx(I donation from Work Famity Strategic GNin& a fami organisation in whtth one of the trustees Willtam Work is invofved in. A trustee of the chartty. Rebecca Eas¢mond. prodeS office space to the tharity. wthout tharge. to the value of £6,000 per annthn. She Is aly) a trustee In The Davld Cock Foundation and The Segelman Trust both of which rnade donations to the charrtythisyear1£50,OCKI and£40,0(Kl respectNety). She also serves on the Acumen Fund Inc global athsory board. fv£umen Academy UK is a regional affiliate of the Acumen Fund Inc and Is licenced to adMinertheAcUMen Fdlowship and Leadershlp programmes in the UL Batool Hassan. a truste¢ held a senior pOS0Th. the Dittor of Leadership. wthln Acumen Fund Inc. Funding froml&C Stares of which John Stares is a member was also received this yeartotslling £25.000. No other related patytransa(Dons Cued during the year. Page12
the TrnsteÈs I report to the charttytrustees on my exarnination of the accounts of the CJ)arty for the year ended 31 December 2023 which are set out on pages 4 to 11. Responslbllltles and basis of rnport As the charltys trustees you are responsible for the preparation of the accounts In accordance with the requirements of the Charities Act 2011 ftheAcn. I report in respect of ry exaMInaOn of yDur chariiys accounts as carried out undersectlon 145 of theAct and in carrying out my examination I have followed all the applioble directions given ty the Charty Commission under sectlon 1451Sllbl of the ACL Independent examlnerfs statement I have completed my examination. I conffimi that no matter5 have come to my attention in connectton with the examination Ing me cause to beliwe that in ary material resp accounting records were not kept in respett of the charity as required by sectlon 130 of the 4¢ or the accounts do not accord Vaith those 0rd¥ or the accounts do not compty with the applicable requiremerts cDncerning the form and content of accounts set out in the Charltles (Accounts and Report5) Regulations 2Crf)8 other than any requirement that thè accounts give a 7rue and fair e¥r vthich is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters In connection ryththe exarnination to which attention should bedrawn In thls report In orderto enable a proper understandingof the accounts to be reached. J M Bennett FCA Anderson Barrawclrff knmited Chartered Accountsnts 3 Kingfisher Court Bowesfield Park Stockron on Tees T518 3EX 15 OchJbe 201 Pase13