REGISTERED COMPANY NUMBER: 11029944 (England and Wales) REGISTERED CHARITY NUMBER: 1186896
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
FOR
ASPEN INSTITUTE UK
Gilmour Hamilton Chartered Accountants 37 Portland Road KILMARNOCK Ayrshire KA1 2DJ
ASPEN INSTITUTE UK
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 15 |
ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 OCTOBER 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are:
To help people become better leaders, by becoming more aware and tolerant of other people's values, ideas and perspectives, and to recognise how they can contribute to positive change.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity attempts to bring people together from different back grounds and to promote diversity of thought on a number of issues. In order to do this events are held and participants are given the space and time to discuss a wide range of issues.
Aspen UK hosts both public and private programmes, which bring people together from diverse backgrounds and beliefs to debate political and social issues and challenge their own and each other's perspectives.
FINANCIAL REVIEW
Principal funding sources
The majority of the charity's income is derived from charitable activities.
Investment policy and objectives
The Trustees consider that the charity's funds should not be exposed to risk. Accordingly the charity has no investments.
Reserves policy
The Trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have at between three and six months of operating expenditure. The present level of reserves available achieves this aim.
The policy will be reviewed annually to ensure that the level of reserves remains appropriate, providing financial security and stability to the organisation while preparing and implementing plans for development and improvement of the charity's operations with any additional funds available.
Financial Review
The charity's expenditure exceeded income by £283,398 ( £189,914 - 2023) during the year. The Trustees will continue to take the necessary steps to ensure incoming resources are sufficient to cover resources expended on an ongoing basis.
Going concern
The Trustees feel that the current level of reserves are sufficient to ensure the charity remains viable over the next 12 months and there are no doubts regarding going concern.
Whilst the cost of living crisis in the UK has created uncertainty in the economy the charity remains able to attract donations and funding due to the forward thinking of management and the impact the charity is having. There are no issues to report in terms of the charity's ability to operate.
For the start of the 2024-25 financial year, the charity took the decision to reshape the staffing structure, to reflect a revised focus for the year ahead. This resulted in a reduction in the related cost for the 2024-25 financial period.
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ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 OCTOBER 2024
FINANCIAL REVIEW Office Space
The trustees would like to thank Daniel J. Edelman Limited for providing office accommodation to the charity for no consideration.
FUTURE PLANS
The charity intends to continue to offer the range of services and events currently offered.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Aspen Institute UK is a company limited by guarantee governed by its Memorandum and Articles of Association dated 29 August 2019. It is registered as a charity with the Charity Commission.
The liability of each member in the event of winding up is limited to £1.
Recruitment and appointment of new trustees
The members of the company appoint a board of directors (who must also be members of the company) to generally control and supervise the activities of the company. For the purposes of this report and the financial statements, members of the board of directors have been called "Trustees". The Trustees who served during the year and as at the date of approval of this Report are listed below.
Trustees of Aspen Institute UK agreed to focus the Institute's operations from 2024-25 on primarily leadership programmes, and particularly the Rising Leaders Fellowship. The structure of the Board of Trustees was revised from 16 September 2024, to reflect this focus. Thanks and gratitude are given to the outgoing trustees for their service.
Organisational structure
The board of directors (Trustees) of Aspen Institute UK are responsible for generally controlling and supervising the activities of the company and monitoring its financial position.The directors elect from among themselves a chairperson.
Day to day responsibility for the provision of services is given to the Director, Olivier Chapman who has responsibility for the day to day operational management of Aspen Institute UK, and ensuring that projects continue to develop in line with best practice.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
11029944 (England and Wales)
Registered Charity number
1186896
Registered office
27 Kings Road Hitchin SG5 1RD
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ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 OCTOBER 2024
Trustees
E Williams Ms Z Koch Polk (resigned 16/9/24) T R Coppel (resigned 16/9/24) N Uddin (resigned 16/9/24) Ms M D Drew (resigned 16/9/24) P P Mercier Ms P M Richards (appointed 16/9/24)
Independent Examiner
Gilmour Hamilton Chartered Accountants 37 Portland Road KILMARNOCK Ayrshire KA1 2DJ
Approved by order of the board of trustees on 24 February 2025 and signed on its behalf by:
E Williams - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASPEN INSTITUTE UK
Independent examiner's report to the trustees of Aspen Institute UK ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Neil J. Hamilton B.Acc (Hons) CA
Gilmour Hamilton Chartered Accountants 37 Portland Road KILMARNOCK Ayrshire KA1 2DJ
24 February 2025
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ASPEN INSTITUTE UK
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 56,210 Charitable activities 3 Leadership development 117,448 Total 173,658 EXPENDITURE ON Charitable activities 4 Leadership development 457,056 NET INCOME/(EXPENDITURE) (283,398) RECONCILIATION OF FUNDS Total funds brought forward 303,448 TOTAL FUNDS CARRIED FORWARD 20,050 |
Restricted fund £ - 35,000 35,000 35,000 - - - |
2024 Total funds £ 56,210 152,448 208,658 492,056 (283,398) 303,448 20,050 |
2023 Total funds £ 600,148 123,519 |
|---|---|---|---|
| 723,667 | |||
| 533,753 | |||
| 189,914 113,534 |
|||
| 303,448 |
The notes form part of these financial statements
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ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)
BALANCE SHEET
31 OCTOBER 2024
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 448 CURRENT ASSETS Debtors 11 5,550 Cash at bank 127,183 132,733 CREDITORS Amounts falling due within one year 12 (113,131) NET CURRENT ASSETS 19,602 TOTAL ASSETS LESS CURRENT LIABILITIES 20,050 NET ASSETS 20,050 FUNDS 13 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - |
2024 Total funds £ 448 5,550 127,183 132,733 (113,131) 19,602 20,050 20,050 20,050 20,050 |
2023 Total funds £ 3,004 67,700 307,960 375,660 (75,216) 300,444 303,448 303,448 303,448 303,448 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)
BALANCE SHEET - continued
31 OCTOBER 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 24 February 2025 and were signed on its behalf by:
E Williams - Trustee
The notes form part of these financial statements
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ASPEN INSTITUTE UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Aspen Institute UK is a company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given on page 3 of these financial statements. The nature of the charity's operations and principal activities are set out in the charitable activities section of the trustees report.
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to the UK and Republic of Ireland (FRS 102 (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention and are presented in pound sterling (£) which is the functional currency of the charitable company and rounded to the nearest £.
The significant account policies applied in the preparation of these financial statements are set out below.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
-
the requirements of Section 7 Statement of Cash Flows;
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the requirement of paragraph 3.17(d).
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in respect of the provision of events is deferred until the criteria for income recognition are met.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and includes irrecoverable value added tax.
Employee benefits
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
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ASPEN INSTITUTE UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Computer equipment - 33.33% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets, including trade debtors and other receivables, are recognised at transaction price less any impairment.
Cash represents cash in hand and at bank.
Short term trade creditors are measured at transaction price.
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.
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ASPEN INSTITUTE UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
| 2. DONATIONS AND LEGACIES Donations Fellowship donations 3. INCOME FROM CHARITABLE ACTIVITIES Activity Event contributions Leadership development Professional fees Leadership development Grants Leadership development |
2024 £ 32,849 23,361 56,210 2024 £ 19,239 33,209 100,000 152,448 |
2023 £ 578,548 21,600 |
|---|---|---|
| 600,148 | ||
| 2023 £ 40,483 83,036 - |
||
| 123,519 |
4. CHARITABLE ACTIVITIES COSTS
| Direct costs | Support & | Totals | |
|---|---|---|---|
| governance | |||
| costs | |||
| (note 5) | |||
| £ | £ | £ | |
| 2024 | |||
| Leadership development | 73,582 | 418,474 | 492,056 |
| 2023 | |||
| Leadership development | 129,419 | 404,334 | 533,753 |
5. SUPPORT COSTS
| Management | Management | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Leadership development | 334,779 | 320,331 |
| Governance costs | 83,695 | 84,003 |
| 418,474 | 404,334 | |
80% of support costs have been allocated to leadership development with the remaining 20% allocated to governance costs on the basis that allocation is consistent with use of resources.
GOVERNANCE COSTS
| GOVERNANCE COSTS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Independent examination and accountancy | 5,330 | 3,920 |
| Support costs | 78,365 | 80,083 |
| 83,695 | 84,003 | |
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ASPEN INSTITUTE UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
5. SUPPORT COSTS - continued
Governance costs have been allocated to leadership development on the basis that allocation is consistent with use of resources.
6. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 2,556 | 2,613 |
| Hire of plant and machinery | - | 5,315 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023.
8. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Management Support |
2024 £ 318,359 30,360 34,650 383,369 2024 3 3 6 |
2023 £ 314,580 29,314 26,642 |
2023 £ 314,580 29,314 26,642 |
|---|---|---|---|
| 370,536 | |||
| 2023 2 5 7 |
Three members of staff were paid more than £60,000.00 in the year.
Key management compensation
Total key management compensation for the year was £269,560 (£190,082 - 2023).
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ASPEN INSTITUTE UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 600,148 Charitable activities Leadership development 123,519 Total 723,667 EXPENDITURE ON Charitable activities Leadership development 533,753 NET INCOME 189,914 RECONCILIATION OF FUNDS Total funds brought forward 113,534 TOTAL FUNDS CARRIED FORWARD 303,448 10. TANGIBLE FIXED ASSETS COST At 1 November 2023 and 31 October 2024 DEPRECIATION At 1 November 2023 Charge for year At 31 October 2024 NET BOOK VALUE At 31 October 2024 At 31 October 2023 |
Restricted Total fund funds £ £ - 600,148 - 123,519 - 723,667 - 533,753 - 189,914 - 113,534 - 303,448 Computer equipment £ 9,824 6,820 2,556 9,376 448 3,004 |
Total funds £ 600,148 123,519 |
|---|---|---|
| 723,667 | ||
| 533,753 | ||
| 189,914 113,534 |
||
| 303,448 |
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ASPEN INSTITUTE UK
| NOTES TO THE FINANCIAL STATEMENTS-continued FOR THE YEAR ENDED 31 OCTOBER 2024 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes VAT Accrued expenses Deferred income 13. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Dulverton Trust TOTAL FUNDS |
At 1.11.23 £ 303,448 303,448 Incoming resources £ 173,658 35,000 208,658 |
2024 2023 £ £ 3,600 54,477 1,950 13,223 5,550 67,700 2024 2023 £ £ 3,026 10,428 - 998 8,843 11,378 101,262 52,412 113,131 75,216 Net movement At in funds 31.10.24 £ £ (283,398) 20,050 (283,398) 20,050 Resources Movement expended in funds £ £ (457,056) (283,398) (35,000) - (492,056) (283,398) |
|---|---|---|
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ASPEN INSTITUTE UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.11.22 £ Unrestricted funds General fund 113,534 TOTAL FUNDS 113,534 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 723,667 TOTAL FUNDS 723,667 |
Net movement At in funds 31.10.23 £ £ 189,914 303,448 189,914 303,448 Resources Movement expended in funds £ £ (533,753) 189,914 (533,753) 189,914 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.11.22 £ 113,534 113,534 |
Net movement in funds £ (93,484) (93,484) |
At 31.10.24 £ 20,050 |
|---|---|---|---|
| 20,050 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Dulverton Trust TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 897,325 (990,809) (93,484) 35,000 (35,000) - 932,325 (1,025,809) (93,484) |
|---|---|
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ASPEN INSTITUTE UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 October 2024.
15. ULTIMATE CONTROLLING PARTY
The charity is controlled by the trustees.
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