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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 2023

FOR

ASPEN INSTITUTE UK

ASPEN INSTITUTE UK






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




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 2023


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 2023. 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 donations.

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 income exceeded expenditure by £189,914 ( £13,972 - 2022) 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. The charity has adapted to the times and will continue to offer a range of programmes, both virtually and in person so there are no issues to report in terms of the charity's ability to operate.

While the financial activities have been comfortable for 2022 - 2023, the Trustees recognise the next financial year brings more uncertainty.

ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 OCTOBER 2023


FINANCIAL REVIEW
Office Space

The trustees would like to thank both the Boston Consulting Group and Daniel J. Edelman Limited for providing office accomodation 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.

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 CEO and company secretary, Penny Richards 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
Francis House C/O Edelman UK
11 Francis Street
London
SW1P 1DE

Trustees
E Williams
Ms Z Koch Polk
T R Coppel
N Uddin
Ms M D Drew
Ms H Protheroe (resigned 15/3/23)
P P Mercier


ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 OCTOBER 2023


REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Gilmour Hamilton
Chartered Accountants
37 Portland Road
KILMARNOCK
Ayrshire
KA1 2DJ

Approved by order of the board of trustees on 26 June 2024 and signed on its behalf by:





E Williams - Trustee

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 2023.

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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of Scotland, which is one of the listed bodies.

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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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.








James H. Hamilton B.Acc CA

Gilmour Hamilton
Chartered Accountants
37 Portland Road
KILMARNOCK
Ayrshire
KA1 2DJ

26 June 2024

ASPEN INSTITUTE UK

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 600,148 315,818

Charitable activities 3
Leadership development 123,519 59,097
Total 723,667 374,915

EXPENDITURE ON
Charitable activities 4
Leadership development 533,753 360,943

NET INCOME 189,914 13,972


RECONCILIATION OF FUNDS
Total funds brought forward 113,534 99,562

TOTAL FUNDS CARRIED FORWARD 303,448 113,534

ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 10 3,004 4,282

CURRENT ASSETS
Debtors 11 67,700 41,100
Cash at bank 307,960 388,813
375,660 429,913

CREDITORS
Amounts falling due within one year 12 (75,216 ) (320,661 )

NET CURRENT ASSETS 300,444 109,252

TOTAL ASSETS LESS CURRENT
LIABILITIES

303,448

113,534

NET ASSETS 303,448 113,534
FUNDS 13
Unrestricted funds 303,448 113,534
TOTAL FUNDS 303,448 113,534

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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.


ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)

BALANCE SHEET - continued
31 OCTOBER 2023

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 26 June 2024 and were signed on its behalf by:





E Williams - Trustee

ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

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;
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.


ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

1. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



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.


ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. DONATIONS AND LEGACIES
2023 2022
£    £   
Donations 578,548 301,418
Fellowship donations 21,600 14,400
600,148 315,818

3. INCOME FROM CHARITABLE ACTIVITIES
2023 2022
Activity £    £   
Event contributions Leadership development 40,483 11,600
Professional fees Leadership development 83,036 47,497
123,519 59,097

4. CHARITABLE ACTIVITIES COSTS

Direct costs Support & Totals
governance
costs
(note 5)
£ £ £
2023
Leadership development 128,219 404,334 532,553
2022
Leadership development 57,510 303,433 360,943

5. SUPPORT COSTS

Management
2023 2022
£    £   
Leadership development 320,331 240,538
Governance costs 84,003 62,895
404,334 303,433
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
2023 2022
£    £   
Independent examination and accountancy 3,920 2,760
Support costs 80,083 60,135
84,003 62,895
Governance costs have been allocated to leadership development on the basis that allocation is consistent with use of resources.

ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 2,613 2,751
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 2023 nor for the year ended 31 October 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022.


8. STAFF COSTS
2023 2022
£    £   
Wages and salaries 314,580 212,806
Social security costs 29,314 19,775
Other pension costs 26,642 23,977
370,536 256,558

The average monthly number of employees during the year was as follows:

2023 2022
Management 2 1
Support 5 4
7 5

Two members of staff were paid more than £60,000.00 in the year.

Key management compensation

Total key management compensation for the year was £190,082 (£111,321 - 2022).


ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 315,818

Charitable activities
Leadership development 59,097
Total 374,915

EXPENDITURE ON
Charitable activities
Leadership development 360,943

NET INCOME 13,972


RECONCILIATION OF FUNDS
Total funds brought forward 99,562

TOTAL FUNDS CARRIED FORWARD 113,534

10. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 November 2022 8,489
Additions 1,335
At 31 October 2023 9,824
DEPRECIATION
At 1 November 2022 4,207
Charge for year 2,613
At 31 October 2023 6,820
NET BOOK VALUE
At 31 October 2023 3,004
At 31 October 2022 4,282


ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 54,477 41,100
Prepayments 13,223 -
67,700 41,100

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Social security and other taxes 10,428 9,352
VAT 998 -
Accrued expenses 11,378 16,241
Deferred income 52,412 295,068
75,216 320,661

13. MOVEMENT IN FUNDS
Net
At movement At
1.11.22 in funds 31.10.23
£    £    £   
Unrestricted funds
General fund 113,534 189,914 303,448

TOTAL FUNDS 113,534 189,914 303,448

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 723,667 (533,753 ) 189,914

TOTAL FUNDS 723,667 (533,753 ) 189,914


ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
At movement At
1.11.21 in funds 31.10.22
£    £    £   
Unrestricted funds
General fund 99,562 13,972 113,534

TOTAL FUNDS 99,562 13,972 113,534

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 374,915 (360,943 ) 13,972

TOTAL FUNDS 374,915 (360,943 ) 13,972

A current year 12 months and prior year 12 months combined position is as follows:

Net
At movement At
1.11.21 in funds 31.10.23
£    £    £   
Unrestricted funds
General fund 99,562 203,886 303,448

TOTAL FUNDS 99,562 203,886 303,448

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,098,582 (894,696 ) 203,886

TOTAL FUNDS 1,098,582 (894,696 ) 203,886

ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 October 2023.

15. ULTIMATE CONTROLLING PARTY

The charity is controlled by the trustees.