THE ASSOCIATION FOR CULTURAL EXCHANGE LIMITED
Latest income
£7.6m
Latest spending
£7.7m
Registered
1980
Accounts read
FY2024
Financial health, per its FY2024 accounts
The accounts state that the Group's free reserves were £2,067,434 at year-end, which is in line with the trustees' upper target of £2,000,000. The charity is self-funding and does not receive significant external funding or public subsidy. The trustees confirmed that the group has sufficient resources to support its activities and meet liabilities as they fall due.
What the accounts disclose
Highest-paid employee band: £90,001 - £100,000 — above the median for charities its size (£76k)
“In the band £90,001 - £100,000 1”
Per its FY2024 accounts as filed with the Charity Commission.
Reserves policy: minimum of 12 months; desirable to hold £2,000,000 (held: £2.1m)
“The trustees aim to maintain free reserves at a level and with such liquidity as to enable support to be provided to all elements of the Group for a minimum of 12 months. The trustees forecast this to be in the region at least £1,000,000. They consider that it is desirable to hold £2,000,000 to provide significant resilience against most risks.” — page 11
Per its FY2024 accounts as filed with the Charity Commission.
Payments to trustees: Three trustees received fees and expense reimbursements for services rendered in their capacity as tour directors.
“Three trustees, who independently act as tour directors for Tours, received remuneration from Tours in the year in respect of tour directors’ fees.”
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Charity recharged subsidiary ACE Cultural Tours Limited £30,000 for rent, heat, light and power.
“During the year, the Charity recharged its subsidiary, ACE Cultural Tours Limited, £30,000 (2023 £30,000) in respect of rent, heat, light and power expenses.” — page 52
“As a result of the Covid-19 pandemic, the Charity loaned £1,000,000 to ACE Cultural Tours Limited in 2022. During the year, £250,000 of this loan was repaid. The loan incurs interest at a rate of 3% per annum and £7,539 (2023 - £18,745) was charged during the year.” — page 52
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Charity loaned £1,000,000 to ACE Cultural Tours Limited; £250,000 repaid in year; £7,539 interest charged.
“During the year, the Charity recharged its subsidiary, ACE Cultural Tours Limited, £30,000 (2023 £30,000) in respect of rent, heat, light and power expenses.” — page 52
“As a result of the Covid-19 pandemic, the Charity loaned £1,000,000 to ACE Cultural Tours Limited in 2022. During the year, £250,000 of this loan was repaid. The loan incurs interest at a rate of 3% per annum and £7,539 (2023 - £18,745) was charged during the year.” — page 52
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Charity recharged subsidiary Stapleford Granary Limited £10,000 for rent.
“During the year, the Charity recharged its subsidiary, ACE Cultural Tours Limited, £30,000 (2023 £30,000) in respect of rent, heat, light and power expenses.” — page 52
“As a result of the Covid-19 pandemic, the Charity loaned £1,000,000 to ACE Cultural Tours Limited in 2022. During the year, £250,000 of this loan was repaid. The loan incurs interest at a rate of 3% per annum and £7,539 (2023 - £18,745) was charged during the year.” — page 52
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Three trustees received fees and expense reimbursements for services as tour directors.
“During the year, the Charity recharged its subsidiary, ACE Cultural Tours Limited, £30,000 (2023 £30,000) in respect of rent, heat, light and power expenses.” — page 52
“As a result of the Covid-19 pandemic, the Charity loaned £1,000,000 to ACE Cultural Tours Limited in 2022. During the year, £250,000 of this loan was repaid. The loan incurs interest at a rate of 3% per annum and £7,539 (2023 - £18,745) was charged during the year.” — page 52
Per its FY2024 accounts as filed with the Charity Commission.
Year-over-year changes
- Top pay band moved from £80,001 - £90,000 (FY2023) to £90,001 - £100,000 (FY2024).
Structured financials (annual return, FY ending 31/12/2025)
Total income
£7.6m
Total spending
£7.7m
Cost of raising funds
£7.1m
Reserves (reported)
£7.4m
Employees
4
Register events
- Received assets from another charity (09/05/2017)
Trustees
- Lesley Thompsonchair
- Chloe Shaw
- IVOR JOHN ANTHONY HARRISON
- Paul Jackson
- Peter McPartland
- Sue Grace
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2025 | £7.6m | £7.7m |
| 31/12/2024 | £7.5m | £7.4m |
| 31/12/2023 | £6.4m | £6.3m |
| 31/12/2022 | £4.6m | £4.4m |
| 31/12/2021 | £1.7m | £2.0m |
Common questions
Is THE ASSOCIATION FOR CULTURAL EXCHANGE LIMITED financially healthy?
The accounts state that the Group's free reserves were £2,067,434 at year-end, which is in line with the trustees' upper target of £2,000,000. The charity is self-funding and does not receive significant external funding or public subsidy. The trustees confirmed that the group has sufficient resources to support its activities and meet liabilities as they fall due. Its FY2024 accounts were audited by Peters Elworthy & Moore.
What does the highest-paid employee of THE ASSOCIATION FOR CULTURAL EXCHANGE LIMITED earn?
Per its FY2024 accounts, the highest-paid employee was in the £90,001 - £100,000 band.
Funders of similar charities
| Funder | Similar charities funded | Amount to them |
|---|---|---|
| ROYAL COMMISSION FOR THE EXHIBITION OF 1851 | 1 | £810k |
| THE THOMPSON FAMILY CHARITABLE TRUST | 1 | £250k |
| THE SACKLER TRUST | 1 | £50k |
| MANCHESTER CITY GALLERIES TRUST | 1 | £36k |
| THE SIR JOHN RITBLAT FAMILY FOUNDATION | 1 | £5k |