The Aimwell Charitable Trust ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2021 Charity Number 103941 S
The Aimwell Charitable Trnst INDEX TO ANNUAL REPORT AND FINANCIAL STATEMENrs 31 March 2021 Page in Report Trnstees and advisers Truste¢s' Rq)ort Stai¢m¢nt of Tru8tees' Responsibilities Independent Auditor's report Statement of Fin2n¢ial Activities Balance Sheet Statement of Cash Flows 10 A¢Gounting Poli¢L¢5 Notes to the Accounts 13- 16
The Aimwell Charitable Trust TRUSTEES AND ADVISERS TRUSTEES Isaac Kaye stell Kaye Warren Roiier G¢offr¢y Jaysort Craig Cowan PRaPAL ADDRESS OF CHARITY 52 Conduit Street London WIS 2YX AUDITOR RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB PRtNCIPAL BANKERS Coutts & Co 440 Strand London WC2R OQS BANKERS AND INVESTMENT ADVISORS J P MoTg&n Private Bank 60 Virtoria Embankment Lotjdon, EC4Y OJP Brown Shipley 2 Mwrgate London EC2R 6AG REGISTERED CHARtTY NUMBER 1039415 Page I
The Aimwell Charitable Trnst TRUSTEES. REPORT The TNstees present their annual report &nd financial statements of The Aimwcll Charitsble Tn]5t for the ye ended 3 I March 2021. The financial 8taTnents have been prepated in ac¢oidance with the accouttting policies set Ollt on pages 11-12 of the fijmncial statements and¢oTnply wilh the chartly's TrUStd the Charities Act2UI l and Accounting and RertIng by Charities.. Staiement of Rccommendcd Practice applicable to charities prep#ting aceounts in accordance with the Financial RepOrtg Stsndard applic8ble in the UK and Repllblic Of Ireland published on I" January 2019. STRucfuRE, GOVERNANCE AbTD MANAGEMENT Thc Aimwell Charitablt Trust was sct up by Iat and Myrna Kayeto benefila variety of organisations and projects identified forsupportbythe Trustccs. It IS 8ovemedby a Deed ofTtustdaied 12 May 1994. It isregitered with the Charity Commission in Ertgland and Wa1¢5 under nuTnber 1039415. The followittg Trustees have held office since l April 2020 up to the date of this Tq)Ort'. Isaac Kaye Steven Kaye Warr¢n Roiter Geoffrcy Jayso Craig CowaTL The Tn]sthas available, withoutcharge, the services of apersonal admiT2istratoreTnployed byacotnpany2s$0ciated witb Isaac Kaye. Hcrduties include the handlin8 of the coespondenceaRd Eeneral adTninistration relatingtogrants. but not pa)mei)t5 which can only bc made by the Trustees. The T$¢,5 Accounting Policy in rclation to Donated G(x)ds and Service5 15 sei oui on Page 12. Trustee appointment induction and tr#ining The Trt Dced provide5 for a minimum of 3 and a Maximu of 8 Trusiees. New Trustees arc identified and appoinled by the remaining Trustees under the powers gaven by th¢ Trust deed. Oll¢ of the Trustees is made responsible for the iiiduction of the new Tn]siee which involvcs 8waTerte55 of a Trustee's rcsponsjbilities. the goveTning document. administrative procedu$, the history atjdphilosophical approachof the Trnsi. ArtewTTUStee receiveg copies of thepreviousy¢ar's anTLual report and accounts and appropriate leaflets published by the Charity Cojnmission. The Trustres Tnay appoint noininees to be TTUStees by rtsolution of a meeting of the Trust¢¢s. TILe Trustces are in regular tontact wsih ea¢h other during the year to learn about topical charity sector issues. dis¢uss operational matters includInggrant-making, lllVCStment 5tratcgy and financial peTfoTmancc. Atl¢ast once a ye2r the TTUStecs meet to forn)ally appiove the Trust'5 policies. activities and Strategies. Risk mJnageTnent The Trustees have examincd the major risks which th¢ Trn8t fdces and¢onf]rn] that 5yStemshav¢ been tstablished to enable $p5 to be iakcn to manage these Ti5k5. The Trustees consider that the maIn risk that the Trust faces 1$ thc overabtljly of ihe invesllnenis held and whether they will Colliinue to generate income in order to further the Trust'$ objectives via the grant Jnaking policy. To manage this risk the Trnste¢s ¢ontinuallyreview the investment strategy oftheTrust to determine the achiev¢inenl, spieadof invesllMents.perforn)anr¢ andanticipatedperfomtsnce forthe forthcoingyear. Where thcTrustees consider It appropriate, they make ch2ng¢stotheTrust'5 invcsrjncnts. The charityh2snotbeen affeciedby Covid-19. Whilst the timing of the re¢overy from thepandemic isun¢ertain. the trustees do not consider there to be a material risk to the chariry (see Accollnting Policies- Going Conceml. Connected party Aimwell Liverpool Limited, which was incorporated in England & Wales on 25 lanuary 2016 {company number 09967013). is wholly owned and controlled by the Trust. Its sole activity had been to hold an investtnent, as nominee for the Trnst which was repaid during the PT¢VlOUS ycai. The comparty 15 now dormant and no consolidated accounts are prepared on th¢ grounds of it bcjng Itnmaterial to do 50 (se¢ Accounting Poli¢ie5- Basis of Accounting). Pag¢ 2
The Aimwell Charitable Trust TRUSTEES, REPORT OBIECTtVES AND ACTIVJTIES The objects of the Trust are making available fimds foT the benefit of such charitable instiwtion& or for such charitsble pu]poses, as the Tru5t¢es $hall decidc. The Trustees identify organi5ations and projects it wishes to suppon and this generally arises from direct conracts rather than bpeculative applications. Public benefit TheTnL%thas hadregard to the guidancecontatned inthe ChaTity Commission's8enerJl guidance ottpublicEenefit when reviewing its aim5 and objectives and in pla]]ning Mture activiiieg. In particular th¢ Trustees Gon5ider how pianrled actlVLties will cvntributc to the aims and objectives they have set. The Trust fi]rthers its charitable purpos¢s for the publi¢ benefit through its grant-making policy which aims 2t= the furtherance of education the care of the young, sick. disabled and elderly the thrth¢ran¢e of understanding amongst communities providing comjnunity proteciion and other services Grant makkng polity Thc Tn]5t considers applications from a variety of chaTitablc organisations for lld7g by th¢ Tn2St. Applications arereviewedand levels ofgrants payable aTe decided upon by the Trn8*es. Atpresentthe Trustees have nospccial grantmaking Schemes andpiiorities. Whcre grants, includittgoverseas grants. ate snade forspecifiedpurpose& they are monitOT¢d by the Tnte¢S to ensure that those puJpob¢s are adhered to. ACHIEVEMENTS AND PERFORMANCE The Trustees made donations 1043 charilics duringthe COut of theyear12020'. 41). details of which are sho iEJ the accountg on page 13 and, through monitoring and revicwing their activities, are satisfied that the organisations supported provide a 8oiid and valuable s¢rvice to their beneficiaries. Thebenefits are deliveredbyth¢ T$t contributing to educatiottzl establishment$whichprovide educationtoyoung people and research opportunities,. a#dmakin8grnntb to various ¢haritable organisation5 which dcliv¢rthe careand oiheT objectives listed above. The ¢sthblishment5 and organisations 5UPPOrted are tnollitored by the Trusteesby personal conractwith otTJ¢ials of those QTganisations, Teview of the work aGtually carried out by them, atKt their publish¢d material and reputation. FINANCIAL REVIEW Durittg thc year there was incomc of £397,04412020.. 350.257) from Jnve5ttnent income- and expendiruie of £1.004,581 {2020.. £985.027} resultin8 itt nel outgoings of £607,537 (2020.. £634.7701. Together with an irtV¢Stment gain of £1,722.989 {2020'. loss £376.43.1), the overall suTplu5 of £1,115,452 (2020.. defjcit £1.011,2031 hd5 increased unrestricted funds to £14.971.353 (2020.. £13.855,901). There are no restricted res¢rves12020.. £nill. Inv¢$tment policy The Tn]sle¢s considered the most appropriaie policy for it)vesting funds aTd wrrently aim to tnaximise retutns thrtsugh maintaining a diversified PL7rtfolio. The Trnstees consider th¢ ieturn on inv¢sth)ents in the year to be satisfactory having rcgard to the prevailing Inv¢stment envIrvrttllt. The Trustees meet tQ Teview investmettt policy during the Course of the year. They consider income requtTernents along with the investment advisor's view ofthe markei prospects. The current objective is an on-goirtg annual return, including invesrment gains on thc portfolio of between 5/0 and 8%. The TNstees consider that the investment perfomLqtt¢e to date. from the incoineandgains froTn funds invested, was con515tentwilh this objective. Page 3
The Aimwell Charitable Trust TRUSTEES, REPORT Fundrai$illg ¥ctivities Thc ChaTity doe% not LaTry Out fiJtsdTaising activitie$ and thettfore does not work with proftssional or ¢omrner¢ial fvndraisers and has not received any fundraising complaints during the year. Reserves policy The reserve% policy and level of resetves reflects anticipated futt]T¢ grants and is reviewedbythe Ttee$during the year. The Trustees have conclbded that the Current level of rescrves tsf £14,971,353 (2020.. £13,855,901) is satisfa¢LOry. The TTUSte¢s consid¢rannually the level of reseTves that it would b¢ appiopriate forthe Trustto maintain. The aim ofthcTn]stee5 is to have rt5erves itt due Course producing sufyicient income and gainsto fi]nd the proposed annual grant expendiwre. without theneed to obiaitL5ubstsntial 5UPPOrt fromdonations. To achieve this withoutr¢stri¢ting the Trust's ability to make granis at the cllryent rate, the TTUStees h8Y¢ set the sum Of£20.0,01X) as their resetves rget, to be achieved by capital growth and further donations. KEY MANAGEMENT PERSONNEL REMiJNERATION The Trustce5 consider the board ofTrusteesas comprising the key manag¢m¢nt personnel vf the Trust in charge of directing and controlling the Trust. and with administrdtive assistance, running and operating thc Trust on a day to daybasis. All Ttusieesattd tlLeiT assistants give of theirtirne freely and no TNstee Droth¢r remutterationwaspaid i the year. Details of Trusiee expenses and lated party transactions ale disclosed itt not¢ I l io the financial statnienls. TNslc& required io dis¢los¢ all relevant intcrests and register thetn. In accordance with the Tnjst's poltcy they must make a disclosure of any decisions where a confii¢t of interest or loyalty arises. PLANS FOR FUTURE PERIODS The #im of the Truste¢s is to conlJnu¢ supponing the charitsble organisations which are currently 5upporied, provided theycontittue to deliverthe TTUSt's objectives. Considerationwillbegivert to othercharitsblcorganisatioos which the Trnstes belkeve will do $0 in the ffiture. The aim is io tontinue making grants at a similar level even ifthe 8rants may 5ignifJcanily exceed tbe incomegeneratedon theTrust's inv*¢ts, by drdwing oncapitaiat thistime. AUDITOR A resolution to Teappoint RSM UK Audit LLP, Chartered Accountants, as auditors will be put to a meeting of the Trnstte5. PROVISION OF INFORMATEON TO AUDITOR The Trustees who were in offjce onthe datc of approval of these financial statements have confirEned, as far as they are aware, that there is no relevant audit infoTmation whith has not been di5¢1os¢d to the auditor. Each of the T]ustees has confirmed that they have taken all the steps that they ought to hav¢ taken as Trustees in ord¢rto make thems¢lves aware of any relevant audit infom)ation and to establish th2t it has been communieatcd to the auditor. Page 4
The Aimwell Charitable Trust STATEMENT OF TRUSTEES, KESPONSIBILITIES The Trustees ale responsible foi Preparing th¢ Trusiee$' Repon and the financial statements in a¢¢ordance with applicable law and ilttited Kingdom Accountin8 Standards IUnit¢d Kingdo]n G¢n¢rally Accq)ted Accounting PraLtice). Th¢ law appli¢able to chatitie5 in Englartd & Wale$ requiFes the Twstee5 to prepare finane121 statements for each finantigl y¢ar which givc a true and fair vi¢w of the statv of affairs of th¢ Trust and of the incoming re%ources and application of iesources of the Trust for thai peri. In preparing thesc financial Starnents, th¢ Trnstees 8re required to.. le¢t suitable ac¢ountin8 y>licies and then apply them ¢onsistently,' observe the methods and principles in the Charities SORP.. mak¢ jud8mertts and estima*s that are reasonable and pn]derti.' stste whether applicable accounting standards have be followe(L $ubjeci to any material departures disclosed and explained ID the financial siatemcnts. and prep2r¢ the financial statements on the going cortGe]ll basis uttless it is inappropriate to presume that the Ttust will cootinue in business. The Trustees ar¢ re5ponsibl¢ for keepin8 proper accounting record5 that disclose with reasonable aceura¢y at any the finattcial p051tion of th¢ Trust and tnabl¢ them 10 ¢nsuie that the financial statement5 comply with the Charities Act 2011. the applicable Charities (Account5 and Reports) Regulaiions and the provision5 of the Trnsi deed. They are also re%pon5ible forsafegu8iding the Lqqeis ofthe Trnst and hettcc fortakingreasvnable stepsforthe pvention and d¢tection of fvud aTLd other irregularities. BY ORDER OF THE TRUSTEES Tnjstec Date.. 17 December 2021 frey gon Page 5
)EPENDEwf AUDITOR'S REPORT TO THE TRUSTEES OF THE AIMWELL CHARITABLE TRUST Opinion We have audited the fInancial statements of The Aimwell Charitable Trust (the '¢harity') for the year cled 31 March 2021 which compriscthe Si8t¢mentof Financial Aciivi11¢5, the Balattce Shcci. Sra*mcntof Cash Flows and not¢5 to the flnancial staÈment5. including significant accountittgpolicies. The financial reporting framework that has been applied in their preparation is applicable law and Unttcd Kingdom Accountin8 Standard5. including FRS 102'The Financial Rcporting Standardapplicable in the UKattd Republic of ITeland" (United Kingdom Generally Accepted A¢¢ounting Practice}. In our opinio]J the flnancial statements.. give g truc and fair view of the state of the Charity's affairs a5 at 31 MCh 2021 attd of its incoming Te50urees and #pplication of re$ource$ for the ycar then end¢d., have be¢nproperlyptepared ina¢¢ordancewiihUnitedKingdomGeneralty Acc¢ptedA¢countin8 Pra¢ti¢e.' and have been prepared in actordance with the requirements of the Charities Act 2011. Basi$ for oplnioll We have been appointed as auditors udeT section 144 of the Charities Act 2011 and rqK)rt in acroTdance with regulations n)ade under section 154 of that Act. We conducted our audit in accordance with International Standards on Alld2ting (iIK) IISA5 {UKI} and applicabl¢ law. OUT responsibilitiesunderihose standard82re furtherdescnbed intheAuditor'5 responsibilities for the auditof the financial statem¢nt5 Section of our Teport. We are indewideni of the chanry in accordance with the ethical requirements th&t are Fel¢vant to our audit of the firtdncial statements in thc UK, including tlie FRC'S Ethical Standardandwe have fulfIlledourothcrethital resJx>nsibilitie5 in accordanty¢ with these requiremcnts. We bclieve thai th¢ audit ¢vidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conelusions relating to going eon¢¢rn In auditing the fjnancial stat¢meni$, we have concluded that thc trustees. use of the going concern basis of accountiTag in the preparation of the fin3ncial statement5 is appropriat¢. Based on the work we have perfomed. we have not identified any material uncertainties relating to events or conditions thaL individllally orcolltiveIy, may cast significant doubt on the charity'sability to coniinu¢as agoing concern for a period of at least tw¢lve months from when the financial stat¢rnent5 arc auihoTised for issue. (hrespOnsIbl11t1¢Sand theresponsihilities oFthetn]steeg with re5pecttogoing¢onc¢rnaredescribedittth¢ rclcvant 5¢ctions of this report. Otkner inform&tlon Theotherittfonnation compris¢5the infoTmation included in th¢ TrustCe5' RqK>rtotherthanthe financial Statemenrs and OUT auditor's report thereon. The trustces are responsible foT the other inforniation eontain¢d within the Trustees, Report. Our opinion on the financial slaiements does not cover thc other information and, we do not express any foTm of assuran¢e ¢onclusion th¢Teon. Our responsibility is to Tead the otheT infornOn and. in doing so. Gonsider wh¢theT the other infonnation is aterially inconsistent with th¢ fanCial statements or our knowledge obtained in the course of the audit or oth¢rp¥isc appeaTS to be maitrially inissi&ied. If we identify such material incollslstenties or apparent matrial missiaie]nenis. we are Tequired to determine whether this 8ivcs rise to a maierial misstatement in the financial statetnentsthemselves. If. based thcwork w¢ haveperfomi¢d, we concludethat tjiere is a mdterial mis%tatement of this otiier information, we are requiTed to report that fact. We havc nothing to report in thi5 regard. Page 6
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE AIMWELL CHARITABLE TRUST M%tters on which w¢ are requlred to report by exceptlo We havettothing to report Jn respectof the following matters wh¢re the ChaTiti¢s Act 2011 requiresus to report to you if. in our opinion.. the infomiation given in the financial sratements is inconsistettt In any matenal respect with the Thstees. Report. or sufficiettt accounting records hav¢ oot been kept. or the finan¢ial statcmertts are not in agreeinenl with the accounting records and returns,. or we have not received all the inforn)ation and ¢xplanation5 we require foT our audit. Respon$ibilitie5 of trknst¢e5 As explained more fvlly in thestatementof Trustees, respoDsibilitie$ s¢touton page 5, thctrllst¢¢sate responsible forthe prep2r2tionof the financial Statements and forbeing Satisfied that they give atrue and fairview. and for$u¢h intCTnal control as the trUSe$ determine is ne¢e5sary to ertable the preparation of firtancial statements tiiat are free from matCTial mtsstaitment. whether due to fraud or enor. Inpreparing the finAncial statsments. thc truste¢s are responsible for assessing the charity's ability to continue as a going concern. disclosing, as appli¢able. matttrs related to going concem and using the going conc¢m basis of accounting unless the ttU5tees either intend to liquidate thc charity or to c¢ase operations, or have no realistic alternative but to do so. Audltor'5 responslbllltles for th¢ #udit of tht fin#nciAI ststements Our obj¢¢tive5 are to obtain reasonable assunknce about whether the firtancial statements as a whole are free from material misstatement, whelhci due to fraud vi etTor, and ro issue an auditOl'5 report that includes OUT opinion. Reasonable assurance isa high level ofassurancc, but is not a guarant¢¢ Ihai an auditconducted in accordance with ISAS WKI will always detect a material misststcment when it exists. Misstatemettts ran arise from fraud or ¢rroi and are considered maler131 if. individually VT in ihe agBTegaic. they could r¢asonabty be expected to influence the ¢Gonomic detisions of Us5 on the ba515 of these finanLial statements. Th¢ ¢xtent to wblch the audlt wa$ ¢onsidered eop*bk of dtt¢¢ting irregularities, illeluding fraud ITr¢gularities aTe inststtcts of iion-compliance with law$ and Tegulatiotts. The objectives of our audit are to obtain sufficient appropriateauditevidenc¢ regarding compliance th laws and regulations that have a direct efft¢tonthe detennination of matrrial amounts gnd disclosuT¢S in the financial statements, to perforni audit prOClureS to help Identify InstancL% oftton-compliancewithotherlaws andreguiationsthat may have a material cffectoa thcffftanc2al Statements, and to respond appropriakly to identifjed or suspected non-compliance with laws and r¢gulations Idenlifi¢d duriJJM the audit. In relation to fraud. th¢ obje¢tives of our audit are to identify and &$$¢ss the risk of niaterial m1$5taten)ent of the rinancial starements due 10 fraud, to obtsin sutTici¢nt appropriate audit evidencc regarding the asse$5ed risks of mateTial misstateTn¢nt duc to fraud thrO8h designing and implemeniing appropriat¢ responses and to respond appTopriately 10 fraud or suspected fraud identifled during the altdit. However, it is the primary responsibility uf managemen¢ with the over5Lght of those charged with govern2n¢e, to en5urc that the entity's operations are conducted in accordance with the provisions of laws and regL]lations and for the prevcntion and detcctiort of fvaud. In identifyitig and assessin8 risks of material mi55tatem¢nt in respect of iryegulariiie5, includin8 frau( the audit engagernent team.. obtained anundeTStandin8 of the ttUre ofthe sector, including th¢legal and regulatory framework, thatthe charity operatcs in aDd how the chaTity is complying qth the legal and gUlatOry framework. Page 7
INDEPENDENf AUDITOR'S REPORT TO THE TRUSTEES OF THE AIMWELL CHARITABLE TRUST inquired ofmanage]nent. 2ndthose charged wthgovernance, abouttheirown identificationgndgssessment of thc ritsks of irregul&riue$, including any known acnjal, suspected or alleged insLqnce5 Of fraud. dis¢u55ed matters about non-¢ompliance with laws and regulation5 and how fraud might occur including assessment of how and where the fjnancial statements may be susceptibl¢ to fraud. As #result of theseproccdureswe considcr themost significant laws and regulations thathaye a direct impacton the fillancial staiements are FRS 102, Charities SORP IFRS 102), ChariticsAcl 2011. the charity'5 govemingdocumcn¢ and tsx legislation. We performed audilprocedure5 to detettnon-complianc¢swhich mayhave a material impacton the financial ststemeTitswhich includedreviewingthe fanCial ststemcnrsittcludingth¢Trustee£' Report, Temaining alert to anynew orunusual transactIOTiS which may notk inaccord2nce with the govemingdocuments, inspecting any corr¢spond¢nce with local tax authorities. The moÈt significant laws and regulaiiolls that have an indir¢ct imp2¢t on the finzntial statement$ art those in Telatioll to the use of oVee&S grants paid (The Money LaundeTin& Tcrrorist Financing and Transfer of Funds Regulativn5 2017, the Bribery Aci 2010). We perfoTtn¢d audit prDLeduTes to inquire ofmanagement #nd those Chaiged with governance whether the charity is in ¢ompliance with these law and regulations and inspected correspondence with grant recipients to ensure controls oveT moniring of grants ar¢ op¢rdting effectively. The audit engagement team identified Ilie risk of anagement oveTride of controls as the area where the financial state]nents were m05t 5usceptiblc to material misstatement due to fraud. Audii prweduTes performed includcd bui were not limiied tu te5tinEmanual jou]nal entries and other adjustments, evaluaiing th¢ businessrdtiotwle in relarion to any si8nificant, unusual transactions and tranbactiolls cntered into outside the nonmal courst of business challen8in8 judgments and estimate5. A further dcscripiion of our respon%ibilities for the audit of the financial statements is prolded on the Finttncial Repvrting Council's website ai http:Ilwww.frc.org.uklaudiiorsresponsibilities. Thi5 description fornjs part of our auditor's report. Use of our report This report is made solely to the charity's ttuste¢s as a body, in accordancc with the Charities Acl 2011. Our audii work has been undertaken so th21 we tnight state to the ¢h4rity's tnlslees those matters we arc required to state to them in an auditor's report and for no olh¢r PuoSe. To the fullest extent permitted by law, we do not accept or assume re5ponsibiliry io anyone othcr than the Charity and the charity's tnlee$ a5 a IK>dy, for our audit work, for this r¢port, or for the opinions we have formed. ksm &tK LLP RSM UK Audit LLP Statutory Audii(J[ Chbrtered Accountants 25 Farringdon Street London EC4A 4AB 21 st December 2021 RSM UK Audit LLP is eligible to act as an audstor in ternis of section 1212 of the Companies Act 2006. Page 8
The Aimwell Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2021 Note Unrestricted 2021 UnTe5trictsl 2020 INCOME FROM.. Inve5tment$ 115.194 350,257 TOTAL 115,194 350,257 EXPENDIfuRE ON.. Rai5Lng funds Charitable activities {13,7201 (990.861) {19,786) {965,2411 TOTAL {1,004,581) 1985,027) NET OUTGOINGS AND NET MOVEMENT IN FUNDS BEFORE GAtNS AND LOSSES ON JNVF.STMENTS {889.387) (634,770) Net gainsl{losses) on investsnents 2.004,839 {376,433) NET JNCOMEIIEXPENDITURE) AND MOVEMENT JN FUNDS ,115,452 (1,011,203) RECONCILJATION OF FUNDS Total funds brought foTward 13,855,S(>l 14.867,104 TOTAL FUNDS CARRIED FORWARD 10 14,971,353 13,855,901 The Stat¢ment of Financial Activiti¢s include5 all gains and losses recognised in the year. The notes on pages 12 to 16 fonn part of these accounts. Page 9
The Aimwell Charitable Trust BALANCE SHEET al 31 Mawh 2021 Notes 2021 2020 FIXED ASSETS Investments 14,925.820 13.820,728 CURREKI ASSETS Debtors Cash at bank and in halld 7,370 50,343 15.354 36,019 LIABILITIES Creditors.. amounts fallillg due within one ycaT NET CURRENT ASSETS 57.713 51,373 {12,180} 116,200) 45,533 35,173 NET ASSETS 14,971,353 13.855.901 FUNDS Unrestncted fU[S 10 14.971 J53 13,855.901 TOTAL FUNDS OF THE TRUST 14,971,353 13,855,901 Thc Financial Statements on pages 8 to 16 were approved and authorised for i8sve by the Trnstees on 17 DeCem1r 2021 and Signed ot) their behalf by,. TNstee The notes on pa8es 12 to 16 form part Of these a¢¢ount$. Page JO
The Aimwell Charitable Trust STATEMEN[ OF CASH FLOWS for the year ended 31 Nlarch 2021 2021 2020 NET CASH USED BY OPERATtNG ACTIVITJES Nct movement in funds D¢duct12dd back.. Interest shown in investirtg activities Net {gainsFlvsses on investmcnts Decrease ijj debtors (D¢creas¢llIncrea in creditors 1,115.452 (1.011.203) 1350.257) 545.930 15,309 6,600 12.451,186) 7.984 14.020) 11.446,963) 1793.621) CASH FLOWS FROM INVESTING ACTIVITIES J#ter&st and dividends Proceeds from s&le of invcstments Cosi of additions to investments 115,193 4,571,385 (3225.2911 350,257 2,431,315 {2,035,848) 1,461.287 745,724 CHANGE tN CASH AND CASH EQUIVALENTS IN THE YEAR 14,324 (47.8971 Cash and cash equivalents brought forward 36,019 83,916 CASH AND CASH EQUIVALENTS CARRIED FORWARD 50.343 36,019 P&ige 11
The Aimwell Charitable Trust ACCOUNTING POLICIES Year ended 31 March 2021 BASIS OF ACCOUNTTNG The accounts (financial stsiements) have been preparedunderthe historical cost convention itcm$r¢co8niscd atcostor transaction value unless othetwise sk2¢ed ill the relevant notelsl to these arcounts. The financial statemcnts have been prepared in x¢cordance with the Siatement of Rccommended Practice- A¢¢ounting and Rq)orting by Charities preparing theiFaccounts in accordattcewitli Ihc Financial Reporting Stand2Td applicable in the UK and Republic tsfITeland IFRS 1021 issued on l January 2019. and the Financial R¢porting Standard appli¢able in th¢UK and Republic of Irel&nd{FRS 1021 and the chariti A¢t 2011. The Trust consiitt]t¢5 a public benefit entiry as defined by FRS 102. The Trust is a ¢harity regisieied in England and Wales {ch8rity number 1039415). The principal address is 52 Cimduit Stre¢t. London. WIS 2YX. The financial Statements areprepared in 5terliJJ8. which i8 the functlonal cuttencyof the Trust. Monetsry aTnounts in these fINancial siatements are routt(ted to the nearest £1. Aimwell Liveryool Litt)ited.. Aimwell Liverpool Limited. which was incorrorated ill England & Wales (company numbei 099670131 on 25 January 2016, is wholly owned and controlled by tbe TnL£t. Its sole attivity was to hold an investtnent. as nominee for the TtU5L which was repaid during a previous yeaT. The cojnpany is now dormant and no ¢ons01idatcd accounts are prepared ox tbe grounds of it bcing Immaterial to do so. Theaccounts havebeen prepared to give a'trueand fair" viewAnd have departed fromthecharities IA¢¢ountsandRq)orts) Regulations 2008 only to the extcnt required to provide a-trne and fair view" Thi5 departure has involved following th¢ AccountingandRcportingbyCharities." StalementofRecommendedPractic£ applicabletocharitie5preparingtheirac£ounts in ac¢oTdance with rhe Financial Reporting StandaTd 102 pub115hed on l January2019 rathetthan A¢¢ountingand Reporting by Charities.. StaMent of Recommended Practice effe¢live l April 2005 which has since been withdrawn. GOtNG CONCERN Thc trustees do not belieye there is È mat¢rial unccrtaiJ)ty over going Concern, due io the level of unrestricted SerVeS knd the fact that the vast majority of expenditure 1% grants paid on a discretionary basis. The value of the ¢hariry'% investmtnt portfolio at Noven)ber 2021 is £14.5m. of which over £7Tll 15 cash held on account. Jf necessary, the charity ¢ould pause the discretionary approval and payment of grattts to compensat¢ for any loss of income or Tecall the investhient funds to cover any expenditure. Therefore, the trustees are con)fortable thatthe charity's reserveswill ensure it is abl¢ toendure the crisis. Ac¢ordingly, the ttUStees do ttoi cunsider there arc material unceTtailltieg continue to adopt the going conc¢m basi5 in preparing the fitJan¢ial statcmcttts as outlined in th¥ Statement of Ttustees Responsibilities. The following accountingpolicies have b¢¢n applied consistently ind¢alingwith items whichare ¢onssderedmateria] tothe financial statements. COME All income is recognised onc¢ the Trust has ¢ntidement to the income. it is probzble tlidt the income will bere¢eivedand the amountof income rcceivable can be measuTed Teliably. Dividend income is included in thcaccounts when thc Investrnents concemed are quoted 'ex-dividend' All other IncoTh¢ is included in the accounts on a receivable basis when the SORP income COgnItion cri*ria of entitlemenL probability aTLd measurement have been met. Intereston fund8 held on deposit is included when receivable 2nd the amount ran be measuTed lIablY by the Tt. Ihi5 IS norn1]Y uponnotificatiort ofthc inwestpaid orpayable by the bank. Dividends are recogni$ed Ollce the dividcndhasbe¢n declared and notsfication has been received of the dividelld due. Page 12
The Aimwell Charitable Trust ACCOUNTINCF POLICIES Year ended 31 March 2021 EXPENDITURE Liabilitieg are recognised as expenditure as sotsn a5 there 15 a legal or ¢onsttuctive obligAIIoTi CDmmittillg the T]ust to that expenditure, it Is probable that settlcjnent will be rcquiT¢d and the amount of the obligation can be measured ]rliably. All expenditure is accounted for tsn an a¢cnMls basis. All expenses irtcluding support ¢ost5 and gover]vance costs are allo¢at¢d to charitable eXpendire. Costs of raising funds comprisc those costs directly attributable to managing the inve81mentportfolio and raising investment intome. Costs of ChitableaCtiVjttt91ncIudegrnnts rnadt and governance costs. Grznts payable are payjnentmade to rhird parties irt the furthcrance of the charitable objects of the Trust. In the case of an vttLonditional gTant offer this is a¢Lrued once the recipient has been notified of the grartl award. The ttotificatiort gives the recipi¢nt a reasonable ¢xp¢ctalion thatthey wtll re¢¢ive Iheone yearorTnulii-yeaigrani. Grant awards th2taTesubjectiothe recipiettt fvlfilling perforn]ancc conditions are only a¢rTued when the recipieni has been notified of the grznt and any remaining unthlfilled condition attaching to that grant is outside of the control of the Tw5t. Governance costs compris¢ the costs of governance ofthe Trust including constitutional and sL8tutory costs. Irrecoyerable VAT is charged against the expenditute heading for whi¢h it was incurr¢d. The fund5 comprise unrestricted funds which the Trustees are free to use for any purFose in furtherance of ihe charitable objects. FOREIGN CURRENCIES Transactions in fortign Cu¢ll¢l¢S aT¢ recordcd at therate of ¢xchange ruling 81 the date ofthe transaction. Monetaryas8ets and liabilities denominated in foreign currcncies are translated usingthe rat¢ofexchange Nlingat th¢bajan$heCt datealld the gains Dr105ses are included in the SrateJoent of Financial Activiti¢s. INVESTMENTS Listed investments are includ¢d in the balance sheet at fair value. being quood market price at the close of business at the year end. Unquoted Investments and Investments by way of secured loans valued ai cost. All gainsand losses aTe takento the Statement ofFinancial Activities a5 theyartse. Realised gains and losses on inves(mellt are calculated as the differenccbelween salesproceeds and their opening caryingvalues or theirpurchase value ifacquired $ubsequentto thc fir.8tday ofth¢ fmancial year. uJeall$ed gains and losses are calculated asthcdiffeTence betwectt th¢ fair value at the year end and their caTrying value. Realised and un#115¢d investment gaiijs and losses are combined in the Statement of Fi]tsncial Activitie$. DONATED GOODS AND SERVICES The Trnsti¢¢eives admini%trative supportattd investment advite throu8ha company associated with Isaac Kaye. a TNsiet. The value of this support 15 consid¢r¢d to not be material and is unable to be reliably 4[Itified and accordingly is not recogniscd in these fitjancial statements. FtNANCIAI. INSTRUMENTS The TTUSthaseleeted to apply the provi5ionsof Section I I 'Basic Financial Ins(rnm¢nts" and Scction 12 '0ther Financial Ingtruments Issues", ofFRS102 in fijll, to all of its financial in5trumcnts. Financial instruin¢tstb classified and accounted fora¢cording to the substsnce of the contractual 2tTangem¢ntas fInancial assets or financial liabilitie5. The Tn]%t onlyhas basic fanCIal instruments. Financial Assets and Liabilities Basic finan¢ial a55ets and liabilities. which in¢lude accruedincome and accwals. are initially measured at transaclionprite intlllding trattsaction costs and at¢ subsequently ratTied ai amoriised c05t. CRJTICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS Accounting estimates and judgements are continually evaluated and are bas¢d on historiral experience and oth¢r factors. including expectslions of fvture events that are believed to bc rea8onablc under the ¢iTcumsiances. The TNst makes ¢Stimatcs and Èssumptions concerning the futUTe. The resulting accounting estimates and assumptions will, by definition, seldom equal th¢ related acnMI results. The TTUStee5 do not tonsider there to be any signifi¢Ant accounting cstiinates or assumption5 and judgements when preparing the financial statements. Page 13
The Aimwell Charitable Trust NOTES TO THE ACCOUNTS Year ended 31 March 2021 Unrestricted Unrestricted Funds Funds 2021 2020 NET tNCOME IS STATED AFTER CHARGING.. Auditor's r¢tnuneraiton lin¢lusivc of VATI CuTr¢nt ycar Unde]providcd 12) pr¢vious year 12,180 3,608 9,600 786 15,788 10,386 INVESTMENT tNCOME Dividends Bank interest Othcr intcrest Other in¢om¢ 72,749 12,474 29,971 145.945 69,134 135,178 15,194 350,257 COSTS OF RAlStNG FUNDS AND OTHER EXPENSES Inv¢stsnent Thanagemcttt fees and bank chatges 13.720 19,786 13.720 19,786 There were no employees during the year12020-nonel and therefoie no employees Trceived benefits of more than £60,000. CHARITABLE ACTIVITIES_ GRANTS PAYABLE The charities receiving grants in excess of £50,WO are 2$ follows- Britlsh Friends of the Hebrew University Portland Trust United Jewish Israel Appeal Community Secuiiry Trust Jewish CÉtre Kessler Foundation 229.441 157,028 75,000 100,(K)O SO,0 249,563 155,379 100,000 50,000 50,000 £10,000- £50,000.. 19 gJyDts12020..191 £ 5.000- £10,000.. 4 grant812020'.4) Less than £5.000.. 15 grants12020..12} 317,996 21.000 24,530 290,6(M) 31,465 18.530 974,995 15.806 945.537 19,704 Govem2n¢e costs {note 51 990.861 965,241 A full list of grants paid is available on request In writing frorn th¢ Trust's principal address which ss shown on page l. All wdnt¥' wete to instimiiL)ns as w&s the Gasc in 2020. Page 14
The Aimwell Charitable Trust NOTES TO THE ACCOUNTS Year ended 31 March 2021 Unrestricted Urestricted nds fiinds 2021 2020 CHARITABLE ACTIVITIES - GRANTS PAYABLE- conlirtued A]Yalysis of ihe total amount of grants paid by type of activity.. Education Welfare Hcalthcare and other 0/. 340/ty 53Yo 330/. 14010 iooy. IIK>Y4 GOVERNANCE COSTS Auditors. remuncration Legal and professional fees 15.788 78 IOJ86 9.3 18 15,866 19.704 GAINS AND LOSSES ON INVESTMENfs AND OTHER ASSETS Gainslllossesl on investments Other Ilossesll82ins on foreign exchgnge 2,799.225 {794 J861 (719,4001 342.967 2,(K)4,839 1376,4331 INVESTMENTS Market value brought forward Additions at cost Disposals at cost Chat)8e in market value 7,328,231 8.576.670 1.734,661 1,626.029 {2.396.9721 (2,188,002) 276 772 Ca$h held 6,942.692 7,328,231 7,983.127 6.492,497 Market valu¢ ¢a]Tied forward 14,925,819 13.820.728 UK secuTitie8 Overs¢as securiti¢s Market value of inv¢stments Cash held 2,090,052 3,404,977 52 6,942,692 7.328,231 7983 127 6492497 Total assets held for investh)ent 14,925.819 13,820,728 HistOTi¢al c05t of invtSbneEJt 13,840.343 13,108,667 Page 15
The Aimwell Charitable Trust NOTES TO THE ACCOUNTS Year ended 31 March 2021 Unrestricted veStrICted funds 2020 2021 INVESTMENTS- continued Investments fall into the following cAt¢gories'. Quoted S¢¢uritie5 Unquoted sritIes Bonds Drawdown Funds 2.801,029 40,000 256,286 3,845,377 2,515.336 1,282.836 502.613 3,027.446 6,942.692 7.328,231 In order to obtain a return ¢105C to their targ¥ts, the Trllsi has invested in a variety of bonds. funds and other securities, reconm)ended by Cxpcrt advire. These investments arc s¥le¢i¢d on tbe basis of the reputation and past perforniance of the providers and the underlying sccurity of the a&sets hcld. Tlie undrawn ¢onimilmettis on certain of the drawdown fidS are covered by the held for irtv¢stment. DEBTORS Accrued income 7,370 15,354 7,370 15,354 CREDITORS.. Amounts fallitlg due within one year AccnlS 12.180 16.200 12.180 16.2 10 STATEMENT or FUNDS Unre$tri¢td fuTNIs Opening Income fxpenditure Inv¢sttneRt Gains Closing Funds Year ended 31 Mar¢h 2020 14,867.104 247.479 1985.027) {273.655) 13,855,901 Year ended 31 Mar¢h 2021 13,855,901 397,044 (1,004581} 1,722.989 14,971.353 Page 16
The Aimwell Charitable Trust NOTES TO THE AccouNrs Year ended 31 March 2021 I I RELATED PAR TRANSACTIONS The Trustees all give freely of their time and expeTtis¢ without any form of remuneration or other benefii in cash OT kind12020.. £Rill. No exnSeS were reimbursed to any of thc Trustees in the y¢ar12020.. £nill. Isaac K8ye is a Trnst¢¢ of the British Friends of HebTew University {BFHtD, to whom grants totalirtg £229,44112020.. £249.563) We paid in tht year. No amouzJt5 were due to or from British Friends of Hcbttw Universiry IBFHU) as at the year ¢nd (2020.. £Nil). 12 ANALYSIS OF REMUNEIL4TION TO KEY MANAGEMENT PERSONNEL There are no employees. The Trust considers its keymanagcment personnel to comprise the TTustees. The total cmploym¢nt bcnefits including pension conthbutions of the key managementpersoknnel were £nil12020 £nil}. 13 FINANCIAL tNSTRUMENrs The canyingamountof the Trust's financial instruments held at fairvalll¢at 31 March wete £6.942,69212020.. £7.328,231). Page17