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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 2025

FOR

ASPEN INSTITUTE UK

ASPEN INSTITUTE UK

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

| 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 2025

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 2025. 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.

ACHIEVEMENTS 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 income exceeded expenditure by £43,285 (expenditure exceeded income by £283,398 - 2024) 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.

ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 OCTOBER 2025

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.

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 Executive Director, Olivier Chapman who has responsibility for the 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

Trustees

E Williams

P P Mercier

Ms P M Richards

ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 OCTOBER 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Independent Examiner

Gilmour Hamilton LLP

Chartered Accountants

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

Approved by order of the board of trustees on 4 March 2026 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 2025.

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.

Neil J. Hamilton B.Acc (Hons) CA

Gilmour Hamilton LLP

Chartered Accountants

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

4 March 2026

ASPEN INSTITUTE UK

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 OCTOBER 2025

| 2025 |  | 2024

| Unrestricted |  | Restricted |  | Total |  | Total

| fund |  | fund |  | funds |  | funds

| Notes | £ | £ | £ | £ |

INCOME AND ENDOWMENTS FROM

Donations and legacies | 2 | 197,066 |  | - |  | 197,066 |  | 56,210 |

Charitable activities | 3

Leadership development | 123,816 |  | - |  | 123,816 |  | 152,448 |

Total | 320,882 |  | - |  | 320,882 |  | 208,658 |

EXPENDITURE ON

Charitable activities | 4

Leadership development | 277,600 |  | - |  | 277,600 |  | 492,056 |

NET INCOME/(EXPENDITURE) | 43,282 |  | - |  | 43,282 |  | (283,398 | )

RECONCILIATION OF FUNDS

Total funds brought forward | 20,050 |  | - |  | 20,050 |  | 303,448 |

TOTAL FUNDS CARRIED FORWARD | 63,332 |  | - |  | 63,332 |  | 20,050 |

ASPEN INSTITUTE UK (REGISTERED NUMBER: 11029944)

BALANCE SHEET

31 OCTOBER 2025

| 2025 |  | 2024

| Unrestricted |  | Restricted |  | Total |  | Total

| fund |  | fund |  | funds |  | funds

| Notes | £ | £ | £ | £ |

FIXED ASSETS |

Tangible assets | 10 | - |  | - |  | - |  | 448 |

CURRENT ASSETS |

Debtors | 11 | 11,228 |  | - |  | 11,228 |  | 5,550 |

Cash at bank | 124,558 |  | - |  | 124,558 |  | 127,183 |

135,786 |  | - |  | 135,786 |  | 132,733 |

CREDITORS |

Amounts falling due within one year | 12 | (72,454 | ) | - |  | (72,454 | ) | (113,131 | )

NET CURRENT ASSETS | 63,332 |  | - |  | 63,332 |  | 19,602 |

TOTAL ASSETS LESS CURRENT LIABILITIES | 63,332 |  | - |  | 63,332 |  | 20,050 |

NET ASSETS | 63,332 |  | - |  | 63,332 |  | 20,050 |

FUNDS | 13

Unrestricted funds | 63,332 |  | 20,050 |

TOTAL FUNDS | 63,332 |  | 20,050 |

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 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 2025

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 4 March 2026 and were signed on its behalf by:

E Williams - Trustee

ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

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 2025

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.

| 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 2025

2. | DONATIONS AND LEGACIES

| 2025 |  | 2024

£ | £ |

| Donations | 176,226 |  | 32,849 |  |

| Fellowship donations | 20,840 |  | 23,361 |  |

197,066 |  | 56,210 |  |

3. | INCOME FROM CHARITABLE ACTIVITIES

| 2025 |  | 2024

| Activity | £ | £ |

| Event contributions | Leadership development | 100,096 |  | 19,239 |  |

| Professional fees | Leadership development | 23,720 |  | 33,209 |  |

| Grants | Leadership development | - |  | 100,000 |  |

123,816 |  | 152,448 |  |

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 |  |

|  | 2025 |  |  | 2024 |

| £ |  |  | £ |  |

| Leadership development |  | 330,515 |  |  | 320,331 |

| Governance costs |  | 87,959 |  |  | 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

|  | 2025 |  |  | 2024 |

| £ |  |  | £ |  |

| Independent examination and accountancy |  | 5,330 |  |  | 3,920 |

| Support costs |  | 82,629 |  |  | 80,083 |

|  | 87,959 |  |  | 84,003 |

ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

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): |

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 448 |  | 2,556 |  |

7. | TRUSTEES' REMUNERATION AND BENEFITS

| There were no trustees' remuneration or other benefits for the year ended 31 October 2025 nor for the year ended 31 October 2024.

| Trustees' expenses

| There were no trustees' expenses paid for the year ended 31 October 2025 nor for the year ended 31 October 2024.

8. | STAFF COSTS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 100,211 |  | 318,359 |  |

| Social security costs | 4,601 |  | 30,360 |  |

| Other pension costs | 2,253 |  | 34,650 |  |

107,065 |  | 383,369 |  |

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

| 2025 |  | 2024

| Management | 1 |  | 3 |  |

| Support | 1 |  | 3 |  |

2 |  | 6 |  |

| One member of staff was paid more than £60,000.00 in the year.

| Key management compensation

| Total key management compensation for the year was £85,158 (£269,560 - 2024).

ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

| Unrestricted |  | Restricted |  | Total

| fund |  | fund |  | funds

£ | £ | £ |

| INCOME AND ENDOWMENTS FROM

| Donations and legacies | 56,210 |  | - |  | 56,210 |

| Charitable activities

| Leadership development | 117,448 |  | 35,000 |  | 152,448 |

| Total | 173,658 |  | 35,000 |  | 208,658 |

| EXPENDITURE ON

| Charitable activities

| Leadership development | 457,056 |  | 35,000 |  | 492,056 |

| NET INCOME/(EXPENDITURE) | (283,398 | ) | - |  | (283,398 | )

| RECONCILIATION OF FUNDS

| Total funds brought forward | 303,448 |  | - |  | 303,448 |

| TOTAL FUNDS CARRIED FORWARD | 20,050 |  | - |  | 20,050 |

10. | TANGIBLE FIXED ASSETS

| Computer

| equipment

£ |

| COST

| At 1 November 2024 and 31 October 2025 | 9,824 |  |

| DEPRECIATION

| At 1 November 2024 | 9,376 |  |

| Charge for year | 448 |  |

| At 31 October 2025 | 9,824 |  |

| NET BOOK VALUE

| At 31 October 2025 | - |  |

| At 31 October 2024 | 448 |  |

ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 | 2024 |

£ | £ |

| Trade debtors | - |  | 3,600 |  |

| Prepayments & accrued income | 11,228 |  | 1,950 |  |

11,228 |  | 5,550 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 | 2024 |

£ | £ |

| Social security and other taxes | 2,295 |  | 3,026 |  |

| Accrued expenses | 24,350 |  | 8,843 |  |

| Deferred income | 45,809 |  | 101,262 |  |

72,454 |  | 113,131 |  |

13. | MOVEMENT IN FUNDS

| Net |  |

| At |  | movement |  | At |

| 1.11.24 |  | in funds |  | 31.10.25 |

£ | £ | £ |

| Unrestricted funds

| General fund | 20,050 |  | 43,282 |  | 63,332 |  |

| TOTAL FUNDS | 20,050 |  | 43,282 |  | 63,332 |  |

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

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 320,882 |  | (277,600 | ) | 43,282 |  |

| TOTAL FUNDS | 320,882 |  | (277,600 | ) | 43,282 |  |

| Comparatives for movement in funds

| Net |  |

| At |  | movement |  | At |

| 1.11.23 |  | in funds |  | 31.10.24 |

£ | £ | £ |

| Unrestricted funds

| General fund | 303,448 |  | (283,398 | ) | 20,050 |  |

| TOTAL FUNDS | 303,448 |  | (283,398 | ) | 20,050 |  |

ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

13. | MOVEMENT IN FUNDS - continued

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

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 173,658 |  | (457,056 | ) | (283,398 | ) |

| Restricted funds

| Dulverton Trust | 35,000 |  | (35,000 | ) | - |  |

| TOTAL FUNDS | 208,658 |  | (492,056 | ) | (283,398 | ) |

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

| Net |  |

| At |  | movement |  | At |

| 1.11.23 |  | in funds |  | 31.10.25 |

£ | £ | £ |

| Unrestricted funds

| General fund | 303,448 |  | (240,116 | ) | 63,332 |  |

| TOTAL FUNDS | 303,448 |  | (240,116 | ) | 63,332 |  |

| 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 | 494,540 |  | (734,656 | ) | (240,116 | ) |

| Restricted funds

| Dulverton Trust | 35,000 |  | (35,000 | ) | - |  |

| TOTAL FUNDS | 529,540 |  | (769,656 | ) | (240,116 | ) |

ASPEN INSTITUTE UK

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

14. | RELATED PARTY DISCLOSURES

| There were no related party transactions for the year ended 31 October 2025.

15. | ULTIMATE CONTROLLING PARTY

| The charity is controlled by the trustees.