Acumen Academy UK Report of the Tnjstees and Unaudited Financial Statements for the Year Ended 31 December 2024 Tharrty CommMior*rs Co Regisrered Charity No. 11856457
Charlty information Report of the Trustees Statement of finanual actiwties Balance sheet Notesto the accounts 6-12 Independent Examlnerfs Report 13
Truste Rebecca Easimond Sarah Farooq Duro Oye Dawdjerefny GrAd Katherine Osbom Katherine Parker (Appointed 2W05120241 John Stares IRÈsigned 3010912024} Programme Dlrector Benjarnin Lane Charlty Number. 1185457 Prfncipal Address: Aojmen Academy UK 5omerset Htyjse Strand London WI2R 1LA onkers Natwest Bank PIC POBox414 38 Strand London WC2H 5JB Independent Examlner Mrs J M Bennett Anderson BaTrDwdrff Ltmited 3 Klngfisher Court Bowesfield Park Stod(tron on Tees TS183EX Page 1
The Trustees presenttheir repor¢ togetherviith finanaal statements forthe Year Ended 31 December 2024 The Trustees have adopted the pr¢vi%ons of the Statement of Recommended Prattice150RP}-Accounting and Reporbng by Charitie< in preparing the annual report and finanoal statemerts ofthe charity. The finanaal statements have been prepared in accordance with the accounting wlicies set out in note5 to the c(ounts and complywtth the chartysgoverningdocumenL the Char[tI Aa 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice aWicabfe to dwritses preparing their accounts in accordance the Financwl Reporting Standard applcable in the UK and Republic of Ireland publisherj In October 2019. OBJEcfivES AND AcllviTIES The Chartys objects are to AQknn education. de10Pft and tralnlrg of indivlduab to enable them ro work for the benefit of 50aety and deliver progressive sooal thange in communities and organisations. The prfncipal artmty is to deliver leadership training through online and resmlential programm@s f(* those working to create social or envtronmental change, mainty Iharities, s(Ktal enterprises and otherpwpose4ed organisations. ACHIEIEMEiwfs AND PERFORMANCE The Charwty completed a comphensl¥e miew of the UK Felbyo Programme. resultlng in refinements to the selettion process, programrne contenL and facilitation approach. These improvements were successful implemented In the 20-24 Fellow5 Programme. thith supported a cohort of 17 Founders, CEOS, and Senior Leaders to Strengthen the leadership skilLs ar communSty netsvorks reqLured to addre55 entrenched Social chauenges in their communttiès. Anatysis and evaluation of the 202>24 Fell¢)ws Programme eMdenc&J: 100% of Fellows reported strengthened leadershlp abilttie> 94% reported improved capaatyto achieve organisational goa 88¥J reported deepened soaal IMpartvhin the(r communities. 100% stated the Fellowship provid a trusted community that 5UPPrts their work. Ajongslde the core programme. the Charrtyhas Continu to strengthen Yhe Foundrf- a range of opportuntties and events for programme alumni. Evaluadon of The Foundry In 202>24 showed: Over 9796 of Fello¥ reported that the Fellowship enabled them to build a trusted communty that supports their leadehIp joumey. offeringaccess to advice an(1 networks. Post-programme engagernent is high: 55% of Fellows have collaborated eath other. 75% have attended a Ftbundry session. arKI 60% have contributed to the sele(tiorb and delivery of ftjture programmes. Fellows are a(tivetyembedding tearningfrom the Fellowship intotheirvvider communitie5, organlsatlons. and institutsons. sharlng tools and practices with more than Z%X) people bcyond the Fellowship. Over 50% provide mentorship thin their communittes. and over 30% faabtste learning discussions based on Fellowship content. Collectivety, Fellowg initiats have impacted 23 rnillion lives across the UL. Educated over 155.0(K)young people. o Trained over 135.000 indmduals. Established over 8,QM)) pathrship Enabled over 50% of Fellows to encourage replication or open-source their ideas, Wlth 66% ¥¥orkingtg infiuence public poticy. The Charityalso completed a SucsSfvl OLrtreath campalgn forthe 2024-25 Fell0vhIp. engagingover 100pamer OrganitiOnS and 5peaknng direcrty with more than 250 social leaders to identsfy potential applicants for the next UK Fellows cohorL Page 2
of Thè Cou FINANCIALREVIEW The tharity rnade a deficit of £109,892 C2023: deficit £24.9211 durlng thar on unrestricted fvnds and defici( of £NII (2023: £NiD on restritted funds. The unrthtcted funds at the yearend stood at £101,932 (2023.. £211024) and the restricted funds were £Nil (2023: £Nil). Reserves polity Re5eNes are that part of a charitys Un[iCted funds that are freety avallatde to spend oft any of the charttys purposes. Acumen Academy UK has the ambititin to maintain free unre¥ficted reservey. to prnvide 3 level of VrkIng capital that Fyotects the IDntinuty of our core wotk IncdIng the costs aoated Tmth the delNery ofthe programmes. to prodefUndlngfor po5sibfe opporbJnitie& RucfuRE 60VERNANCEAND MANAGEMENT A(urnenAcademy UK ao was IrKorporated on23 SWmber2019. The ao startedto operate on l Janvary2020. rJvernln8 document The Charitable Incorporated 0rgan1satiorfsg(rnIngdCtMff is rfs constitijllcm dated 19 September 2019. Appt)Intmen¢ and Remiltment of Tet5 other than the first chartty twstÈe5. every trustee Tllu5t be appoirrted for a terni of three years by a resolution passed as a properfy convened meeting of the trust In selecting Indknduals for appointrent as trustee5. the charity has regard to the skllL knedge and experleno needed forthe aYectNe administratkjn of the CIO. Orwlsatlonal structur• The Trustees hold quartety Board Meeungs key de(i*ons around governance are made and recorded In the mlnLtsS. The dayto day running ofthe tharity 15 deak with bythe Programme Dlrector. Thistee SLitement In settlng our oblecEwes and planning athitse& the trustees have (areful consideration to the Charty Commission guidance on public benefit. prttvÈd byorder of the board of tru5tee5 on and signed on Its beha R Eastrnond Trustee Date.. 13J10J2025 Page 3
2024 Restrkted Unrestricted Funts Fund5 2023 Total Funds Total Funds Note Income Donations & legacles Othertradlng acomties Investment income- interest recoived 124.198 156.198 266.846 4034 4.034 12D5 Total Income 000 128232 160.232 268,451 Expenditure Charttable athAti 238.124 270.124 293372 Total Expendlture 238.124 270.124 293.3T2 Net expendrture for the yearlnet movement In funds (109J92) {109.892) 124,921) Fund balances broughtfonvard at 1 January 2024 211.824 211.824 236.745 Fund balances carrfed torward at 31 December 2024 11 101.932 101.932 211,824 The accompanyng notes fom partofthesefinan(ial statements Page 4
31 2023 Flxed Assets Tangible a55ets 1.230 Cash at bank and in hand Debtors 16i6ff6 7.181 2U886 295 175.867 223.181 Credltors. Amounts falling vathln one year 10 74.941 11587 Net CurrentA55ets 210.594 NetAts 101.932 210,594 Funds Restricted unstrICted 101.932 210594 Totsl Funds 101 210.594 R Easth)nd Trustee 13110r2025 The accounts were approved tythe Trustees on.-.---.-.--.-._--.----- The accompa18 notes fomi partof these finandal statement Page 5
ACCOUNTING POUQES lal General Infomatlon arHI basi5 olpreparatlon The charty is a registered tharity in England. The address of the principal office is briven In the charity information page 1. The narure of the tharitys actiVFties are shown in the ReFK)rt of the Trustee& The chartty constttutes a public benefft entity as definal by FRS 102. The financlal statement5 have been prepared in accordance with Accounting Reporting by chariti.. Statement of Remmmended Practice appll(able to charitses preparing trir accounts in accordance with the nanoal Reporting Standard applicable in the UK and RepLJblic of Ireland (FRS 1021 Issued in Ortober 2019, the firn0a1 Reporting Standard applicable in the United ngdoM and Republic of Ireland IFRS 1021 the CharitiesAct201 l and UKGenerallyAccepted practi a5 (t applie5 from 1 January 2015. The financial statements have been prepared to give a true and falrf Mew and have departed from the Charities IAccounts and Reports) Regulations 2008 only to the extent required to provide a true and fairvlevl. Thi5 departure has Invoed followingthe Accounting and Reporting by Charities: Statemenr of Recofflmended practi appllrable to charities preparing thelr accounts in accordance swth the financial Reporting Standard ap1(able in the UK and Republic of Ireland IFRS 102 published in Ottober 2019 rather than the accounting and Reporting by Charities: Ststement of Re(mended Practi effe¢tive from 1 April 25 which has since been withdrawn. The finanoal statements are prepare(l on a going concem basts under the historical cost convention. The charity currentyhas SLfficFent reserves to continue in operation. TheTrustees therefore believe that r( is appropriate to prepare the firkinrial statements on a going concern basis. The financial statements are prepared in steding which is the functional currency of the charw. rounded to the nearestL The significant accounting wjlioes applied in the preparation of these financial 5tstements are set out below. These polioes have been cOrlsEetty applied to all years presented unless othernise ststed. Ibl IrKome Iterns of income are recognised and induded in the accounts when all the followng crfterla are met:. The charity the entitlement to the fiJnds Any performance condtfiorG attached to the fcemlsl of income have been met or are fully [hIn the corrtrol of the charity. There is sufficient certaintyth receipt of the incorne is considered probable; and The amourtcan be meayJred reliabty- Income from othertrading activit5 indudes income recogni5ed as earned las the related goods or servic& are prowdedl under contracL There is no netting off within the accounts. DonatTons arecredited toincome astheyare receNed. Grantsrecerved are recogni5ed as incorne forthe peri(Kl byhich they relate to. Donated faciltties are induded ar the acu1 c05t orvalue to the (harity, as described Note 2. Page 6
Ic) Expenditure All expendlture is accounred for on an accruals basis and if recognised once there is a legal or cOnstructe obligation to rnake a payment ro a third paty. it probable that Settlement will be required arKlthe amountcan be rnered rdlabty. IrrecoverableVAT is included in expendtture against the relevant COStforwhich the expendrture was incurred. Expendiwreis dassified under the followng heading&- Charitsbje expendtture comprises trse costs incurred tythe charfty in the delniery of Its attiwties. Itindudes both costs which can bedirectyallocated rooctivities and thosecosts of an Indirett nanjre. Jpport Costs a those fiJnctlons that assist the work of the charity but do not directly undertske charitsble activities. SupFKIrtCOSts include d£OffiCe£05S finance. personnd. payrdl and govemance cosr& Govemance costs are those incurred in (onnectron yth compliance with constttutlonal and StrdtLrtw requirements. (di Fixed assets are stated at cost less accumuLed depreaation. Assets cosknng $thaTr £500 are not capitalised. Computer equipment is depreciated on a 33% StraEht line basis to write off each asset over its estimated usefijl Ilfe. {el Debtors Trade and other debtors with no stated interest r&e and receNable wtthin one year are re(ognised at the transaction prtce. In Cash at bank Cash at bank and $h In hand include5 cash and sh¢rtterm highty liquid irNescmentswth a short mawrity of three months or kn from the date of acquislEron or opening of the deposit or similar accounL (gl Creditors Creditors and provisions are recognised wherethe charfty ha5 a presentoblrgatton sUltIngfrOM a past eventthat wll probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimared reliably. Creditors and provisions are normally recognised at theirsetttement amounL {h) Fund accountlns General fvnds are unrÈstrirted funds vthich areavailable for Llse at the discretion of the trustees in fvnherance of the general objectives of the drity and which have not been designated for other purposes. Restrirted fiJnd5 are fvnds 7thith areto be used in accordan with specific resrrictions imposed by donors or which have been raised by the charity for particLrLir purposes. The cost of raising and administering the fiJnds are charged against the specinc fund. The aim and use of each restritted fvnd Set out in the notesto the financlal statements. Financlal Instruments The charity onty has financial assets and finanaal liabilitiesof a ktnd thatqualify as basic financial Instrurnen Basic finanoal instruments are initially recognised at transattion value and subSequenY measure(J at their settlemen¢value. PerLsion Costs The charity operates a defined corftributyon penson scheme for the benefft ofits employees and contribuknons are tharged to the SOFA in theyear in whi(h theyare made. Page 7
Ik) Golng concern The financial statements been prepared on a goirg concem basts as the trLStees believe that no material uncertainties e$L The trustee5 have considerÈd the level of fijnds held and the expecred level of income and expenditure for 12 months from authorising these financial Statemen The budgeted income and expendtture is suffioÈnt with the level of reserves for the charfty to be abte to continue as a gng concem. DONATIONSAND LEGACIES 2024 Restricted Unrestricted 2024 Total 2023 Total Garffeld Western Rank Foundatlon Segelman Trusr J&C Stsre5 5urKlry Donations The Damd Cock Foundation Work Family Strategic Givrng Grant Donateé facllitres Lumen Fund. Inc 32,OOf) 60,000 40,000 25.000 40,000 24993 50.01)D 50,000 50,OOD 6.000 124.198 156.198 266,846 In 2023 É95N6 of the income was restritted. and £171.0(K) syds unrestritted. Ir) the prior year. the charity used office space prowded by a trustee of the charity free Df charge. Th@ valuation of the donated facilittes is an estimate based on the open market value of similar faolities. OTHER TRADING ACTMTJES All Unrestrl(ted 2023 Workshop Income 400 400 Page 8
CHARITABLE AcrivrriES 2024 2023 Costs dlrectly allKated to activttk Salary cosrs Pension ct)sts Programme delivery Cohort outreach and Se1On Acumen Programme kncence & support fees threct consultar 134A55 5.686 80.692 1.702 120.712 8266 91388 3,204 24.855 36,5(#) 247.790 36.500 Support Costs allocated to activities Technology & software costs General costs Rent Other Staff costs Consuttancy Insurance Bank Charges Depreciation Governance costs (note 51 776 6.oc 6,695 6,205 218 7.927 974 1,118 10,646 11.764 Total 270.124 293.372 In 2023 £95.846 of the expendittjre was resthtted and £197526was unrestricted. GOVERNANCE COSTS 2023 Accountancy - independent examination - other 3.OLKI 1.sn 390 2.520 1,226 Legal fees 4.968 10.646 TRUSTEE REIIUNERATION AND EXPENSES None of theTrusrees recewed anyremuneratsonfromthecharity. No expenses were paid tothèTrustees durÉng this year or the premous year. Page 9
EMPLOYEE INFORMATION Staff costs are as foll0v- 2023 Wages & salarie5 NatFoNal Insurance Pension cosrs 126.fK 112,677 8,035 8,266 5.686 140,541 128,978 The number of employees whose remuneration lexduding national IrL£uran contrfExrttonsl exceeded £6Q),000 was as follows:. 2024 2D23 70,CK)1- 80.( The average number of employees wa&- 2024 2023 Direct Key management personnel The charty consider5 the Key Management Personnel to be the Trustees and the Programme Dirertor. The salary of the key rnanagement personnel (Induding pension contributions and ernployerfs National Insurance amourts to £84.716. TANGIBLE FIXED ASSETS Computer Equlpment Total Cost 1 January 2024 Addrtions Disposals 4165 750 (834} 4165 750 (834) 31 December 2024 4081 4.081 Depredatlon rought forward Charge for year Elimination on dtsposal 1935 974 1834) 1935 974 (834) At 31 December 2024 1075 3,075 Net Book Value 31 December 2024 1.006 Net Book Value 31 December 2023 1230 1,230 DEBTORS 2023 Other debtors 7.181 295 Page10
10 CREDITORS: AMOUNTS FALUNG DUE VrnIIN ONE YEAR 2023 Trade creditors Accruals and defeed Income 5(xial securityand othertaxes Other creditors Deftrred income 3.956 3.047 1938 15,000 50.0 3.193 2,850 3,404 3,140 74941 12.587 The derred irKome relatesto grantfunding recewed relating to the foll¢)wngyear. 11 ANALYSIS OF CHARifABLE FUNDS Batance Balance 1 January Incoming Resources 31 Decemljer Unrestrlrted Funds 211.824 128.232 1238.1241 101.932 Restrlrted Funds Garfield Westem 311X)O (31Cl Total 31OC(J (310001 Total fund5 211024 160.232 1270,1241 101.932 All the restritted nd$were to set up the Fdlosy5 programme and to pmvide the training for the 2D23 and 2024 cohort5. 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Fund$ Funds Total Tangllble Fixed Assets CurrentAssets Liabillttes 175,867 r14,9411 175.867 (74.941) 101.932 101.932 13 PENSION cosrs The charity operate5 a contributory pension scheme. It Is a defined contributtons scheme and contributiOn5are charged to the SOFA astheyare paid. Th chargeforthe yearwas £S,68612023.' £82661. Page11
14 RELATED PARTI TRANSAcfioNS A trustee Df the tharity, Rebecca Easrmond is a trustee in The Davlé Cod( FoLtndation and The Segelman Trust. both of s¥hlch made donations to the charitythi5 year1£50.01)O and £40,000 respectivelyl. She aLs0 serves on the Acumen Fund Inc gobal a(knsory board. Acumen AernY UK is a regional affiliate of the Acumen Fund Inc and is licenced to adminlster the Acumen fetlowship and Leadership prograrnmes in the UK kumen Furtd Inc donated £9205 as a contritrHJtion to ConsuancY and facrlitation in the year. Funding fromJ&C Stares. of vthichjohn Stares is a member was also recewed thisyeartotslllng £24.993. During the year£2(M) ha5 been paKJ to Dawd Gobj. a trustee. for team mentorship and coachin& Thls has been paid at the nom)al market rate. Dtjring the year £1,005 was paid to Duro (ty¢ a trustee. This rete5 to consuMa¥Ky work done ft)r the harity. This has been paid & normal market rate& No other related parry transactions occurred during theyear. Page 12
I repoft to the tharitytrustees on my examinatton of the accounts ofthe Charityfortheyear ended 31 December 2024 which are set out on page5 4t0 11 Responsibilitie5 and basls of report As the charws trustees you are responsible for the prepararion of the accounts In accordance the requirements of the Charitie5 Att 2011 llhe Acry I report in respètt of myexamination of your chariws accounts as carried out under secLion 145 of the Acr and In carryiro out my examination I have folkswed all the ap1(able dirertlons bTrven by the Charity Commission under settlon 1495Xb) of the Att. Independent examinerfs s&itement I have completed my examinatlon. I confirTh that no matters hwe come to my attentlon In CnectIOn wtth the examination gfving me cause to believe that in ary materlal Spe£t accountlng records were not kept in respect of the charityas required by section 130 of the A¢ or the accounts do not accord 4wth those records or the accounts do not compty wth the applicable requirements conceming the form and content of accounts set OLrt in the Charibes (Accounts and Reports) Regukts"ons 2008 other than any requirement that the accounts g5ve a Irue and fair vthich is not a matter considered a5 Part of an independent examination. I have no concems and have come acr15 no other matters in connection wtth the examination to whlch attention should be drawn in this report in order to enable a proper undersranding of the accounts to be reached. J M Bennett FCA Anderson Barrowcliff Umited Chartered Accountsnts 3 Ktngfisher Court BOwe$fId Park Stockton on Tees TS18 3EX Date.. -.l..+..l.i.o..1.2.5...._.............-.. Page13