The Aimwell Charitable Trust ANNUAL REPORT AND FINANCIAL STATEMEF¥rs For the year ended 31 March 2022 Charity Number 1039415
The Aimwell Charitable Trust INDEX TO AFtNUAL REPORT AND FINANCIAL STATEMENTS 31 March 2022 Pa8¢ in Ret Sthtcrnent of Tntstees. Responsibilities Ind¢pendent AuditOT'S rewrt Stat¢Thcnt ofFiDancial Actsvilics Balan¢e SIKet io Ststement of Cash Ftows Accounting Policies 12- 13 Notrs to the Accounts 14_17
The Aimwell Charitable Trust TRUSTEES AND ADVtSERS TRUSTEES Iwc Kaye Steven Kaye Warren Roitrr GeotTr¢y Jayson Crni8 Cow8n 52 Cotthit Street London WIS 2YX AUDITOR RSM UK Audit LLP 25 F4rrin8don Str¢¢t tA)ndon EC4A 4AB PRJNCIPAL BANKERS Coutts & Co 440 Strand LdOn WC2R OQS J P Morgan Privaie BaDk 60 Vietoria EmbaTthent LondoJL EC4Y OJP Brown Shipley 2 M¢y)rgate London EC2R 6AG REGISTERED CHARrrY NUMBER 1039415 Page I
The Aimwell Charitable Trust TRUSTEES. REPORT The Trnskcs present their 2m]ual rep)rt )d fiDatt¢i81 stst¢ments of The Aimw¢ll Cbaritable Trust for the year ended 31 Mar¢h 2022. The fjnancial siatcrnents have beffl prwed in aCC(d with th¢ aceountingpolicies s outonpsgcs 12-13 of th¢ fiDatt¢ial 5tstementsandcomplywith thech2r]ty'STntdeE4 dCharLesAct20ll and Accountin8 Reporting by Charitics: Ststemem of Recommended Practice applicable to charities preparing accounts in accordance with the Fittancial RqM)tting Standard applicable itl th¢ LX and RUbliC or i]rland published on l January 2019. STRUCTURE GOVERNANCE AND MANAGEMENr The Aimwell Charitsble Tn¢ setupby Isaac atm)YOKaYe tobcDefitavarietyoforganiti0nsaIHlprOJects identified for supwrt by th¢ TTUStt¢s. It is governed bya Iked of Vatration dad 22rJY 2022 (preTriously by a Deed of Tnjst dated 12 May 1994). Jt is I¢5t¢ed with the Cblriry ComD]issi¢)n in ED8laod and Wales under number 1039415. The followin8 Tn hovehdd office since l AFfflI 2021 up to the date of this report Isw Kaye Steven Kay¢ Warren Roil¢r eotTrey Jayson Craig Cowan The Trus¢ has available. withoutchar8&the services0fawIadMij5tra1or¢p1oy0lbYa¢OMpYAUOCJatyJ with Isaac Kay¢. Herduties include thebandling of the Coest#t]8elle1 admirti5tsationrelatll)8togrants, but not paymcnts which can i)n]y be madc by the Trustees. The Tn]st'sAccountittg Pi)licy in tejation ts) Donated Goods aDd S¢rvi¢es 1$ set out ort Pagc 13. Trusttt appoiDtmeTrL iDduerfon •4d trninthg Th¢ Tn Deed provides for B millimum of 3 and a maximum of 8 Trustees. New Trustees are identified and 8ppoind by the rmining Truste¢s under th¢ werS giveD by the Trt deed Olle of the Trustre5 is made r¢5ponsible for the induction of the new Truste¢ which involyes awareness of a Tn¢.5 responsibilities. the gov¢rningdo¢utnenL adminlstrdtiveprocedtheb]st0ryalldpbl1oP4)ph1cal0pO0¢h0FthcTr15LAllcW Tnwee receives copiesof theprevl08Year'S aDnualrewJrt and accoLmts8Dd appropria lflets publÉshed bythe Charity Conjmission. Thc Trust¢es May aRInt nominees to bc Truste¢s by resotution of a m¢¢ting of th¢ Trustees. The Tn]stees are in Tegular coniact with eb other th]ring tbe year to learn about to)ical charity sector issue4 discus5 operational rnatte inc1ud1ng8rant-rnakx investsD¢ntstratw attd£naTrcialwfonnan¢¢. At leAce8 year the Truse$ meet to fornlY approve the Tntst'5 p)li¢ie& activities and Strdgi¢s. Risk mtt•gement TheTTUSteeshaYeexamin¢dthe majorrisks which the Tru5tf8c¢s adefirmthaI syknhaV¢E¢C establish to enable steps io be takert to manage these risks. The Trusttts ¢onsider that themain risk that the Tntst faces is the recovernbility of the investments held and whether they will Continue to generatc in¢orne in older to fvrther the Trust's obiediv£s via the grant makingpolicy. Tomana8¢ thts risk the TnLStees continuatlyreview the investment strategyoftheTrnst deterniinethe achievemen4 spread ofinVe5kn•c¢aDd8ntiClpatedperfomlance forthe forthCo1ngYtar. WheretheTnLoeesc0Dsideritaopriate. theynjake chartgesroth¢Trst'S1rtVC5tillents. The charityhasnot been affe¢trdbyCovid-19orothere¢onomic fac[5. Wbilstthethingofth¢recoveryfromthe ¢UTrent eco0]¢ Clinte is Uncertai the tnL¢ees th not cott%ider there to be a materia] risk to the charity (See Accounting Policies- Goin8 Concern). Conne¢¢ed rtY Aimwell LiveTpooI Limits¢ which w&8 inc04K Tn Eog]4nd & Waks on 25 January 2016 (company umber 09967013), wlLoIEy owned and ntrolled by the TnJL Its sole activity had been to hold an investmenl as nominee for the Tn]st which was repaid ID aprevious year. The ¢OTllpaDy was Struck off OD 21X June 2021 Pag¢ 2
The Aimwell Charitable Trust TRUSTEES, REPORT The objects of the Trust are maki08 avaijablc Id5 for the benefit of surh chatitsble Institutio or for such chsritsble PUTFM)ses. as th¢ TnL5t¢es shall decidc. The Trusrees identify or88ttis&ticKts and prOjts it withes to support and this generally atiKs from dircct 1cts rdther thaD SPulatIve appIltionS. Publle benefit Th¢ Trus¢ha5had regardtotheguidancecontaÈned intheCharityCommission'$gencral guidanceonwb]ict¢nefit when r¢vKewing its aims a] objectives and in pl8nDing fubjre activttie& lo particular the Tru5tecs Consider how plaun¢d activities Thill contribute to the al$ alld objectiyes they have set. The Trust furthers its cTrwitabl¢ p>S¢S forthe publi¢ tnefit thrwb itsgrattt.makingpolicy which aims at the carc of the youtt& sicl disabled aDd elderly th¢ furtherance of vderStdI[l8 arnont ¢OtllTnunities providing community prot¢¢tion al othersVICeS CrTr¢ maklng polky The Trust coJJsiders applicatioJJs frorn a varietyof charitableorRani5atsons for fIng by the TrusL Appii¢4tioDs are reviewedalld leve15 ofgtantspayable are decided uwibytheTTUStees. Atpresent theTn1ceS have nospecial grant makin8 sthemes orpriorities. Ivhere grant% includitigoverseas graoL%, arernade fOrsLf1¢dpu0st$, they The Trnets madedonations to46 charities durin8th¢course of they¢ar{2021: 43kd¢(ai15 ofwhichare sho in the accow)ts onpage 14 an¢ thmugh monitoring a[ reviewing theira¢tivitie4 are satisfi¢41 thatth¢ organi5ations supported provide a good alld valuable service ts) balefieiarie Theben¢fitsarede1iveredbytheTnt¢0nthf1nB toluL¥tional¢Sthb11sInentshbdethethIontOy0Ullg people andresearch oppTrrth]nities" andm8kinggrantstovarious¢haTÉtable or88nisations whichd¢liverthecareand other obj¢¢tiv¢s listed aFKv¢. Theestsblishmentsandorganisationssupported are monitorrd bytheTnMees bypersonal contsct with officialsof those organisation& review of the work actyally carrird out by ther atyl their publi%bed nwtrrial and reputstion. Ihjring the year there was income of £133.237 (2021.. 115,194) from Investmenl income" and expendithjtt of £1.132.325 (2021.. £1.(K14.581}. To8¢ther with iDvestmeDt 8ain of £530,946 {2021.. £IIX)4.839}, the overall d¢fi¢it of £468,14212021.' su1$ £l.115,452) b&8 redue*J unrestri¢t¢d fiJDds to £14.503211 (2021.. £14.971.353). There a no r&Stri¢t res¢rv¢s {2021.. £nil). Investment polley The Tnsstees considered the most appTtspri8ts Nblicy for inTKStitig funds Ij currently atm ty nwximise reb through maintsining a div¢r5ifJed wrtfolio. The Trustees ¢onsider the OD invesbnents in the year to be satisf8Ctory having rcgard to the prevailing investment thviroon)¢nL The ThL%¢¢$ revÉew inveSthlpolIeY during the cowscof theycar. Theyconsiderincome requirements along with the investmettt advisor's VI of the market pnispe¢ts. Th¢ Current objective is an oTrgoing retwo iti¢ludiTh8 itive51ment gal on the tthlio of between 5% and 8°A. The Trustees consider that the inv¢stmentperfornJatt¢etodate, from the ITorne andg8iThs fill7Dve$1w consistentwththis objective. Pag¢ 3
The Aimwell Charitable Trust TRUSTEES. REPORT Futtdr•tslDg *ctivid The Charity (loe5 not carry out fimdrnising activtties and ther¢fore dS notwoffk wrth trofessiollal or co]nmercial fimdtaisets and Iw not leived sny fi]ndrs ¢omplaiDts thwtDg the year (2021: none). R¢serYes pollty The reserves poli¢yalldlevelofTescrvesreflectsanticip#t&l fireadiSreVleedbYthcTnlsteCsduTin8the year. The Tn have concluded that the cLtrrt level of r¢%rves of £14,503211 (2021: £14,971.353) is satisfactory. The Trn#ees¢onsideraTmually the level ofreserves that it woutdbeappropriate forthe Trustto maintain. The aim of the Tntst¢es isto haver¢serve5 in due wJr5eprryJucin8 sufficient ineorne andgainsto fiEnd theprop05ed annual grantexpenditvrEwithoutthen¢edto obtsitt subsratttial SuprtfrOM donatioDs. To acjjievethiswithoutrestrickng the Tnt'S ability to make grants at the LThtrdt¢, the Tnhave setthe sum of £20.(K)O.(XM) 4sthetr resetves tsrgeL to k achicved by p]Ial growth and fi]rtherd0natiO although no specific timeframe is Set for this. KEY MANAGEMENT PERSONNEL REMUNERATION The Trustees consid¢rtheboord ofTTU5teesos compTi5in8 the keym8Da8emenlp¢rso]mel oftheTrust Èn dwgeof directing and cort¢rolling the Tnl andwith administrative lSnce. nTtuJin8 #nd optratin8 the Trust on a dayto day basis. AIITrust¢es 1ndtheirlS[htswy¢ of theiriime rely21noTnjStee OrotherremutionWaSpa1dIn the year. Dethils of Trustee expetises and rlat&l party tpansactions a di%l08ed in no¢ i i to the financial statements. Tnjstees are rquir¢d to disclose aUrel¢vattt interests alld giSterthern. Inaccordaneewith the Trust's
licy ihey must mk¢ a disclosurc of any decisions where a collfiict of interest or loyalty aris¢s. PLANS FOR FLrruRE PEoDs The alm of the Trusitts is io contimie SLLPFrf)rting the clwitable or8aTrisatioDs which are arnt]y sUPWrte(L provid they Continueto delivertheTnw'sobje¢tiv¢s. Cot)sidmtionwitlkgiventoother¢hATitsbleowisations which th¢Trust¢esbelieYe will do SOiTt thelle. Th¢4im Lstocontinuemakinggrantsatasimilarleydevffi ifthe gratlts m&ysignificantly exc¢edthe incomegettaatedon theTru5t's inve5ttncDts. bydTawingonc4pilal8tthislime. AUDITOR A resolution to reaoIt RSM UKAudit LLP. ChartoACUllty as auditors will beput to 4 meeting of th¢ Thlotts. PROVISJON OF INFORMATION TO AUDITOR Th¢TrUst1) were IDOffir¢ ¢Jnth¢dat of8pprovalofthcse fmancial Sthments haveconfirnt&t 45 farasthcy are aware. that there is no relevant audit infornjation which ha5 not i*en disclosed to the auditor. Ea¢h of the Ttust£¢s h&$ confLrn)¢d that they h&vetak¢naU th¢ steps thatthey oughtto havetaken as Trle£S in order to m8ke th¢mselv¢s aware of any rel¢vant audri infornwion aDd estsb]ish that it has been communicatrd to the auditor. Pa8e 4
The Aimwell Charitable Trust STATEME OF TRUSTEES. RESPONSIBILITIE8 The TTUSW arc responsJb]e for pr47anDR the Trustees" Rqkn ar th¢ fitw1rl stants in cordI¢ with applicabl¢ and United Kingdom Accou8 Statsd4rds {Unit•J King&)m G¢nu8lly Acc¢plcd Arcounting Practice). The law 4pplitAble to ehariiies in & Wales rrquiresthc Truts fina]J¢ial S4tsmettts foreach rsnartCl81 yearwhich giv¢a tN¢and fair view of thestst¢ of affairsof the Trustand ofthe incoming resources arkd application of re50urce5 of the TruA for that Irri. In preparinB tkne fllwcial 4atem¢n¢4 the Trusts 4r¢ reqUid., sel¢¢i suktable accolmting li¢jeS and the 8Eyly them constentty: State whether wli¢able a(118 $thd5 ha teen follorf &Jbj to any njateriil depart dilosed al explain in the fjnKial #atemen and prcpatethe financial the 8oinE ¢onccrn b•sisun1¢5S kt is inwroryi presume th* lh¢ will continu¢ in bu5 The Tnjstes are wnsible for keeping prop¢r accourttiThg re£ords Ihatdisclos¢ wtth r¢050nableaccur8cy at any time the fiw¢ial [sItiOn of th¢ Tru aNI cnable them enwjre the fuwicial Aatements c4)mply with the Chatitieg Aa 2011. th¢ applicable Charities IA¢rwits Remi Re8ulations and the provision5 of the Trust Thry aJsorestth$ibiefors4feguardingtheassetsoftheTruA aodbenceforukifjgrewnablestepgforth¢ preventi(YA and detech.on of fnud Lthr IrgUIltieS BY ORDER OF TRUSTEES . 20 0¢bEr2022 Pagc 5
INDEPENDEKf AUDrroR'S REPORT TO THE TRUSTEES OF THE ADdWELL CHARITABLE TRUST Oplnlon We hav¢ audital the financial Statem of The Aimwcll CThatitsble Trust (the '¢hlty.) foT the year ended 31 March 2022 which comprisethe StstemetttofFinancial Activitie4th¢Balanee SheeL Ststement of Cash Flowsand notes to the finaDcial statements. irt¢luding 5LwJifi¢antac¢ountingpolicies. Th¢ finaneial reporting framework that bas been applied in theirprepardtion isapplicable law and United Kingdorn Accountillg Stsndards. including FRS 102'The FinatJCi3] Rep)rtin8 Standard appiicableiD th¢UKaDdRcpublic of lffland-(UntteJ Kin8dom Generally Accepted A¢counting Pradieel. In our opiDion the financial statemeDL' give a true and fair view orth¢ stste of the charity's affai as at 31 MaTL 2022 attd of its incorning resources attd wlieation of r&%our¢ts for the year then endol" have been prepared in aLYordantt with the reqUIrts of the Chariti&% Ath 2011. Basls for OPTlliOn We hav¢ bEen appointcd as auditor5 under sedion 144 of Ihe Cb8fitic5 Act 2011 alld rcrK)n in accordance with regulatithJ$ Tnade under section 154 of that A¢L We Conthted ouraudit in ac¢ordancewith Int¢MatIo Stsndatdstht AuditinB (UK) QSAs(UK)) 8ndappli¢ble law. (knrresponsibilities underthose slathdardsarefwtlrdCscridi theAtyJitor.sresTrnStbi11ties fortheauditor the financial staiements section of our We are Èndewldent of tbe charity in accordance with the ethtcal r¢quirements that e relevant to our audit of th¢ fina1] statem¢tLts in the UK including the FRC'S Ethical Standardandwe havefulfilled ourotherethical responsibilities ina¢kn withtherequtrtments. We believe that th¢ oudit evidthce we have obtsined ts sufficient and appn)priate to provide a basis for ouropinion. Conclusloll$ rel8tthg to gokng concer• In auditing the fuwjcial statement% wc have conclllded that the InL' we of the 80iug con¢¢rn basis of ac¢ountin8 in the pwarntiOA of the finartciai statements is appropriat. Bued on th¢ work w¢ hAVC ptrbrme& have w¢ identified any mArial unccrtaintie5 relating to events or Gondition5 tha¢IndiduaI1yOTcolle1YeIy. maycast significantdoubton th¢chariry's4bilityto continue&saEoing oncern for a period of at lea4 n¥eive months from the finawia] statements are aUthled for issue. OurTesFK)nsibiliiies andthe ft5wTr•ilitiesofth¢¢ruSteeswithr&srKdlogoiD8C(mcemaredeÈEnbedtrttheTelevot Sections of this report. Other inforni•tioD Thr otherinformation ¢ompris¢sthe infOrntIon includalin theTnth' RqKwrotherth2n thefin2nc1 st8tenMts and our auditor's report thereort. The trustee5 are responsible for the othcr infomtstEon contalned within th¢ Ttuses' Repor( Our opinion OD the finaneiat stslcmts dLU not Ver the other iLftirmation anQ we do not express any foTrn of 2S5urance ¢ODclusion thereo Our resp)TJsibility is to read the other infornution 8rf ith 1n8 . coDsid¢r 7wheth¢r the other iaOll is m&lerially inconsisDt with the financial ststements or our knowledge obtained in the course of the audit or otherwis¢ appears to be rn8terially misststed. If we identify such material inconsi5tencie$ or appkrent material tnisstatements, we ar¢ requirtil to deter¢ svhether thi5 v¢S rise to a material m15ststement in the financial statementsthemsetves. If, basedon the workwehavep¢rfornoi wc c1)n¢ludeththQ?1s matrrtal missratement of this other ÉDfornJOtion. we are rcquirol re1 that facL We have nothing to rctA)rt in this Te8a Page 6
INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE ADdWELL CHARITABLE TRUST Matters on which we #re rtqulrtd to report by exeeitsi We haye nothin8 to rqxirtTlI respeil of tke followtD8mattcr8 whu¢the Charities Act2011 r4uiresus to rwtto you if, in our opinion: Rep)r4 or sufficient a¢1]nting rewnJ5have ]M)t beal kepL or the fi#ancial statements ar¢ not in agret1th the accouniing recirth at¥1 or RupoDslbllttkn of trletS As explatned more fully intheStaieMe ofTnJste¢s' r¢stms1ilyts¢s setoutonpdge 5. thetrustees ar¢ responsible forthepreparntionofthe fancial sthtern¢ntsand forlxing SisfiedthatthCygIVc aTht fairview. andforsuch in¢enJal ntrol as thetnJste¢s detem]iDe is necessaryto ¢#abk the trfepatationof financi #aments thataTe free from m8Wial misststm¢n¢ whether due fraud orerror. In pr¢parin8 thefinattci81 statement4 the trlls¢xs ar¢rwnsible fora&%tsstngthe ¢haTrty'sabrlity to ntinue &8a going concenL disclosin& as 8pplic4ble, rnatter5 related to going concern and using the 80ing c4)n¢ern basis of accounting unlets the trustees either innd to liquid the charity or to ce&se ratiOn or have llo tealisti¢ alternative but do so. Audfror'j respoD5ibllltles forthe aDdtt of (be fillantknl $tstemellts Our objectives are to obtain re&8oTtable 8&wrance ai¥>ui whetherthe fmartcial stat¢mellts 85 a whole are free from tiJat¢rial mis51atenML whether du¢ to fraud or etror. and iksue an #uditor's retK>rt that Includes our opinion. Rewnableassurall¢¢i5 ahigh level ofa55uran¢e. butis I1( aguardntee thatan audit c0ttthted in acwrdanc¢ with ISAS IUKI will Always det¢ct a Aterial Tni&%thm¢ni wh¢n it exists. Miststements Can aris¢ from fraud or etror and are considered rnaterial if. individually or Inthe aggre8a they could rewnably be exp¢¢ted to influence the economic dectsions of users tsken on the of these ruWla] ststemenL The extent to the •udit w•$ eoDshl¢rtd ¢•pIordetetthI irrtgulridty iDcl•dtug frMd trregulariti¢s instances of 00nlianCe with taw$gndregulatioDS. Theobirctiyes of our auditare obtatn sutTicientappropria¢eauditevideDc¢regarding con]pliaeW1th laws 8ndre8u]ationsthathavek dir¢ct¢ffcctonthe deterniination of material amounts and disclosurcs in the fLnan¢ial stat¢ment% to perfomi audit proccdures to help identify instht)eesofnott-¢oMplian¢¢withothIaWts alUL$zOn5 tha1mayhavcamateri¢frectOttthc financia] Slatem¢nty aod to r¢s)nd appropriatety identified or siwected non-cop1lallCe with ]aw5 and regulations identified during the audit. In relatio to frau the obie¢tives of our audit are to identify and assess the risk of rnrial misstatement of the financial stAtements due to fraud. to obtstn sufficieni appropriate audit evtdence re8ardiTJg the &85essed risks of material Mi&ateMent thie to fraud through desi8ning a[ implcmenting appropriate spOnSe& and to rcspond appropriately th fraud or s• fraLMI identifi¢d durtiig th¢ audiL However. it is the primary resFo]bt11ty of manwenL with the oversight of those CP¢4] with governance, to ¢[)re that the entity's operation$ areeondu¢d ID a¢cordan¢e with theprovision5 of laws and rEgUlatio$ and for the prevention and detection of fraud. In idetttifying al &%se&sin8 risks of material rnisststhent in res of irffegulariti¢8 includTng fra the audit eD8ageTn¢nt team.. obtained anuDder5tand]ng ofth¢ttabeOfthc sector. lthe1e88lS[*lreBUjdtOryfrsm1< thatthe charity opmtes in and Ik)w the cbarity i% ¢y)mplyinB with the le1 and regulaknry frameworL' Page 7
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ADdWELL CHARITABLE TRUST of the risks of irre8vlariti¢s iticluditig any known acts. s• or alleg instsnees of frau4. diSCssed matters aErt)ut non-cornpliancc with laws and regulations aTMI howfralld rnightocaw including assessment of how and wher¢ the fJnancÈal sthtemcnts may k wceptible to frauiL AsareSultoftheseprocedwe¢ldCftherno$t5I8nrfiCan1 ]aws attdregu]ationsdWhaveadtlrnpa¢Ionth¢ financial statements areFRS 102. Cbarities SORPIFRS102kCknritiesAct2011.th¢clwity'sgovemiTrgdcthmen( andtsx legislation. We perforniaud]tpto¢¢dUrestts detect non-complianceswhtch mayhwe atnatrrial impaeto the financial sthtcm¢ntswhi¢hincludedr¢vicwingthe financialsMemmtsincludin8theTnts' Rem remaining alertto allyneworunUa1 tMsaCtio which MaynotbeinxcordwwlthdgoVcrnill8 dMients. inspecting ny ¢orresrM)ndence with locd tax authortti¢& The most Si8nificant 18w5 and gulatIO that have iDdirect imPgL# on the fiD8ti¢ial stat¢ments are those in relatiort to the use of oversea5 8r8nts paid (The Moncy LauDderirt& Terrorist Financing and Transf¢r of Fund5 Regulations 2017. the Briiw Act 20101. We pthrnwj audit prikn to inquire of management gnd thos¢ charged with governance whether the charity is in compliance with these law and regulations at)d in5pe¢ted correspondence with grdllt recipi¢nts to ¢twre COlltsDls over mOnirIng of grdnts ate operating efftively. The audit ¢nga8em¢ntteam identified the risk of maDaBement overyide of ¢ontro]s 85 the area whrre the financial ststements were most susceptible to materia] misslatementdue io fraud Audit prO¢thf0nned included but we01 lll)Jitedtotesting manual journal entries ar¥J0theradJll5trnetyCvaIua1lngthelwJness rationa]einrc]ation tr) any signifLcatt4 unusual transa¢tioDS and tranwtions thtred into Outside the nornMI course of busine5S. challenging judgments aud ¢S¢imat¢s. A fither de5CriPtion of our restM)n5ibiliti¢s for the audit of the financial statements 15 provided on the Fit)8ncial Reing Council's websi* at httyJiwww.frc.or8.ukl8uditOf5responsibilities. This dcscription fornts part of our audstOf'$ TeporL Use ofour report This report is made soletyto the chaTity'51nL8tee5a5a F#)dy. in a¢¢ord8ncewith the Charities Act201 l. Ouraudit work has be¢n Wldertaken so that we mighi 5tat¢ to the charity's trustces those matters we are required to stste to m in an auditor's report and for no oth¢r purtA)se. To the fullest extent p¢rniitted by law. we do not wt OT &ssun]e responsibility io anyotte otherthan the ad the clwity's InJ5tees as a IW. forouraudit work. for this repo¢ or for the opiDions we have forn)>l PSM UK LLP RSM UK Audit LLP Story Auditor Chanered Aecountartts 25 FaryingdoA Street Lffi]don EC4A 4AB 08111122 RSM UK Audit LLP is eligiblc to a¢t as an auditor to ternjs of section 1212 of the Companies Act 2006. Page 8
The Aimwell Charitable Trust STATEME[ OF FINANCtAL ACTtvmEs for the year ended 31 March 2022 Uore8trictyJ Unrestrieted 2022 2021 INCOME FROM: Inv¢5thMts 133237 115.194 133237 115.194 Raisin8 fijnds Charitabk activiti&s (11,051) (1.121274) {13.720) (990,861) TOTAL (1.132.325) (1.004.581) NET OUTGONGS AND NET MOVEMEFIT IN FUNDS BEFORE GAINS AND LOSSES ON INVESTMENTS {9)9.088) (889.387) Net gains on investma 530.946 2.(N,839 NET (EXPENDITUREYINCOME AND MOVEMENf IN FUNDS (468,142) 1.115.452 RECONCJLIATION OF FUNDS Totsl fiind8 brou8bt fonvard 14,971.353 I3,855.91 TOTAL FUNDS CARRJED FORWARD io 14.503.211 14.971.353 The Statement of Financial A¢tiviths incluths all Ic&ses reco8DJ*J in the ye8r. The notes on pagcs 12 to 17 forni part oftlK5¢ (x)Unt& Pa8e 9
The Aimwell Charitable Tnt BALANCE SHEEr at 31 March 2022 .Vtwes 2022 FIXED ASSETS Invcslmellts 14365248 14.9?5.8?0 CURRENT ASSETS D¢btOTS Cthi at bank al in hd 7J70 141593 7J70 50J43 LIABILMES Creditors.. falling duewithin oneycar NET CURRENf ASSETS 149,963 57.713 112.(m) 111180} 137.963 45.533 NET ASSETS 14J03211 14.971 J53 FUNDS 10 14.$03.211 14.971.353 TOTAL FUNDS OF THE TRUST 14503211 14.971.353 Th¢ Financial Stst¢mthtsLYL FAge$ 9 to 17 wor 4yovtyJ •ThIth(rIsed for issue by thc Tntst¢cs on 20 Octob armi sigD¢d on their belf ty: notrs on ps8es 12 to 16 form Fxrtofthe8e PaBc 10
The Aimwell Charitable Tnt STATEME OF CASH FLOWS for the year ended 31 March 2022 2022 2021 NET CASH USED BY OPERATING ACnVTrtES Net movement in furyts Deducvadd back: Illterest showm irt invesiing activities Net {gainsM0&8es on investtnellts De¢r¢as¢ itj debtors {468.142) 1,115,452 (133237) 1348,680) (115.1931 (2,451.186) 7.984 (4,020) (180) (950239) (1,446,963) CASH FLOWS FROM INVESTING AcrJvmEs lttterest and dividends Proc¢eds from sale of tYesleAts Ci)si of addittons to investments Movements in short tem) deposits 133237 622.$66 115,193 4.571,385 (1.734,661) (1.490,630) 2.197.557 1.042.489 1.461287 CHANGE IN CASH AND CASH EQUIVALEFifs IN 92250 14,324 Cash ad cuh equiValts brThWt f¢)rwaYd CASH AND CASH EQUIVALENTS CARRIED FORWARD 50.343 36.019 142.593 50.343 Page 11
The Aimwell Charitable Trust ACCOtrKriNG POLICIES Year cnd¢d 31 March 2022 BASIS OF ACCOtrNrtNG Theaccounts (fjnancial slaiements)havebeenprep8reduDderthehistori¢al L¥MconventiffiwithitemSrecojs8tcogt0r transaction Yalue unle&8 otherwis¢ sthted in the relev8nt notqs} trp thes¢ accotsttts. The financial srat¢ments hav¢ been prtpaTed in accordance with the Stttrmentof Re¢onllll¢ndcd Practi¢e-A¢counting aDd Rew>rting bychariues preparing theiraccountslnardancelththe Finartcial ReTm Standardapplicablein theUK and Republi¢oflrei8TMI (FRS 1021 I¢dOn l January 2019. andtheFiuancial RwTtiD8Standardapp]icoblexti UK¥dR¢publl¢0flr¢1•lld{FRs 1021 aNt the Charities Act 2011. The Trust constitytes a public benefit artity as defIn by FRS 102. The Tn]st 1$ a cbaritv registered Tn En8land and Wales (Glwity number 1039415). The prtll¢ipal addrtss is 52 Conduit Str¢¢L Lond(rfL WIS 2Y The finanrial ststementsalcteI 5riin& whi¢h i8th¢fUnctiO currencyofth¢ TDJSt Mon¢tarytnnts rn these financial staternents are rouDded to the £1. Aimwell Liverp1 Limited: Aimwell LiverwK)l Limited whi¢h was incoryornted in E818nd & Wales (eompany rtuth 099670131 on 25 January 2016, as a wholly owned and controlled by the TnLSL Its sole activity was to hold all investsll¢n( as nomtn¢e for the Trus¢ whÈch tepgid during a pmious y¢8r. The company is now th>rnwit and stwck off on 21X June 2022. Thea¢counLS havebeenprwedtoglyeaknad faiWvi¢wandh8vedqMrted frrJntheCharities(Accc#Jntsand Ryrts) Regulations 2008 only to the ¢xient required w provi(k a tr aajd fair vicw-. This deparD]re has ittvolved following the knounting andRwrtin8 bycbaritics". ststmetttofRecomPla¢flceaFOlI{ZbleCharItiCsp[eprlllgth¢ir8cC0Unts i ac¢oTdancewith theFinancial Rep)rting Standard 102publishedoll l January2019 rathttthanAccountin8ondRwrting by Chariti¢s'. Stat¢rnent of Recollunelld Pracuce eff¢¢tive l April 215 Trth"¢h h&$ sincebeen withdt&wn. GofNG CONCERN The tr¢5 do not believe thae is a ]Daterial ullcertainty over80ing con¢m thi¢ to th¢ leyel of ullre5trict reserves d the fact that the majority of expetrjiture ts grdllts paid a discretionary basi& The value of the chariws inve5th)¢nt portfolio at 31" August 2022 ts £14.7m. of which over £5.5rn is cash Iteld on xcounl If eSSry, the charity could pause the dJs¢retionary approval ar#1 p8yrnt of 8rants to ¢OTnpeDsate forwy loss of income or re¢all the invesknent funds to cover Y eXpdItre. Therefote. the trustees are comfortablethatthc clJarity'5 rcsetva4witleDsr¢ittsablewrneettheird¢bts8s theyfall duefor aperiodof at least 12 months from the dateofapptovalofthese&counts. Aecordingly.thetrusteesdonotconsidertherear¢ rnarertal uncertaintics and continueto adopithe goiDgcon¢ern b&sts inptepryth¢ fiDallCi 5tatem¢nts &$ outlined in the Ststemeni of Tnth Responsibilities. The following accountin8w¥li¢ifshav¢ irenapplied ¢(1¢nY indealiti8wilhitetDS whichareeonsideredmateridtothe fina¢11 5tat¢mcnts. COME Ail in¢tsme isr¢WgDi(IetheTs1hlSentiect10the1ncoMe, it ispr(bablc thatthein¢oTnewillberec¢ivedandthe amtsutLto£inGome r¢¢eivabl¢ call bemea5ured reliably. Dividend income is included in thc ac¢ountswhenthe inv¢stments Concerned are quoted 'ex-dividend'. All other illcome is included in the aceounts on o 1Vable basis when the SORP income re¢0)itio1) criteria of entitlemenc probkniiity and rneasurnthi have I¢n meL Interest on fundsheld on dwitistncluded 1*h]vable and theamthmtrnn berneasu reliablybythe Tn. this is Trom]allyupon notifi¢ationofthe illterestpaidorpayable bythebank. Dividendsarerecognised oncethedividendhasbeen declar and notific¥i¢)n h&8 tten re¢¢ived of the dÉvidend d. Page 12
The Aimwell Charitable Trust AccouwfING POLICIES Year ended 31 March 2022 EXPENDrruRE Liabilities are rec¢)gnised ¥s expenditure as 5fA)nas theff is a le8al or COtrctive obligation cotnrnitting the Trustto that expenditure. 11 is pr(thble that settlerncnt will be required Ij th¢ amount of the obligation ean be me&qtred reliably. All ¢xpertditure is aGcountyl for ¢m an acrnthls basis. All expenses including supwrt costs and governance costs are allocated to dritable exidINe. Costs of raising fiJD(Ls ¢OTnprise those eosL8 diThdy attrtbulable to managing the investsnentportfolio attd rdising investmentincomc. c•5 ofelwitabletivitiesincludegrdnts made andgovernanc¢cost& Grants payabl¢ arepayrnent to third parti&5 in the fi]rthemce of thecharitsble objects of the Tn the case of all unconditional gnt offerthis is accrncd otKe the recipient has been notified of the8rant award. The rtotificati¢)n give5 the recipiertta reasonableexpectstionthattheywillreceive theone yearormulti-yesrgrdnt. GThntaw#rdsthatar¢subje¢ttoth¢ recipient fvlfil]itig perfomwKe conditions are onty aectud when the recipient has becn notifi of the gr8llt and Any remaining unfiElfJll¢d condition atia¢hiDg to that graiii is outside of the control of the Tn]st. Govemance costs compnse the costs of goveEnallce of theTrust including constitional and stattth)ry cos Jrrttoverdble VAT is ¢barged a8ain5t th¢ exFtndityre hudiDg for which it wa5 tncmThL obje¢ts. FOREIGN CURRENCIES Transactions inforeigncutrenaesarerecorW therOrexChlll8ernl1ngatth¢dtcof thetsansa¢tion. Monetaryassets and liabilitiesdenominatcd Inforei currenciesAretratts]4tcdusingthe rateofexch8ngenlgthebalanC¢$he¢tdateat1 the gains or10&4es are inelllded itl the Ststem¢llt of Financial Activities. Listed investsnents ate inckthd the balance shea at fair valll¢, beingquoted mark¢tpri¢eat the c105e of business at the year end. Unquod Investsnents •]d Investments by way of Seaed loans are Valu at COSL All goins and Ios5esaretaka to the StatementofFimncial Aoivitiesas theyaris¢. Re41ised gainsand losy¢soD inv¢sth]ertt are calculatedas the difference beNeenSa]eSprts andth¢iropeningcaTryingvalues ortheÈtpwrh&se value ifwuired sub$equentto the fS(day0fthe fmancial year. UnreA]isedgaiDS and lO&are¢81tU18l¢d a8 the differettc¢betweenth¢ fair value at the year end aTtd their ¢aTryiD8 valu¢. keaiil and wJtealis¢d investhjent g8iDS and10sses ate cornbined in the SeMent of Financial Activities. NATED GOODS AND SERVICES The Trustre¢eiYes administrative suptrfTrrtand investt)]entadvite througbg c0mpanyas50ciatWith 15aacKay<aThL8t¢¢. Th¢ value of this 5uprx)rt 15 considerd to r¥X matuial is uttable to be reliably qu8lltifi and a¢cordingly is not recogrtised in these fLnanciAI statements. FINANCIAL INsTRus The Tn]sthÈselectedto apply theprovision50fSe¢tion I l Financia] Insthjments" and Section 12 -Oth¢rFinatt¢ial Inskn¢nts Issu¢s", ofFRS102 infulL to all ofitsfinancial irtstruments. Finan¢iAI insthjmthts are¢]Lfied•rtdaeeotrd for according to the substan¢e ofthe Contractu[rangtaSfjDattc1aI asw orfinanciat liabi]xties. The TnOnlY ]Jss basic fxnancia] inStruts. Finall¢ial A&sets and Liabijxties Basic finart¢ial assets#ndliabiliti¢5, whi¢h inCludearlled ite andaccruaJ4 areTtsitiallyMeS&ttranS&¢ts¢)nprl¢c including tTansaction costs and are subsequently carried * amorttsed cosL CRificAL AccouNfiNG ESTIMATES AND ASSUMplloNS Accounting estimaies andiudgements ate continually evalua1 are based on bistoric41 ¢xperien¢e atld oth¢r facr& including expe¢tstioDs of fvbjre events that belicved to be re4soTthle under the circumstances. The Tnjst nJak¢s G%tim8*5 and assuillptions concerning the futute. The resulting accotsnting esttmits at)d assumptions will. by definitio seldom equal the related a¢1 reIts. The Tnstes do ttot coDsid¢r there to b¢8ny significant a¢¢4)unting cstimatrs or assumptions andiudgements wlKn preparin8 the financial ststements. Pa8¢ 13
The Aimwell Charitable Trust NOTES TO THE AccouFrrs Year ended 31 March 2022 UDrestricted UntrICted Funds Fund5 2022 2021 NET INCOME IS STATED AFfER CHARGtNG: Audilor's jrmullerdtioo (inclusive of VATI Underprovisions 14.010 (1.0611 12,180 3.608 12,949 15.788 STMENT NCOME Dividends Bank interest Other interest 113,572 4.965 14.7¢X) 72,749 12,474 29.971 133.237 115.194 COSTS OF RAtSJNG FUNDS AND OTHER EXPENSFS tnv¢stmen¢ t)MDa8¢mellt fees 8nd cbatges 11,051 13.720 11.051 13,720 Thtte were tto anployS duringthe year (2021-fy)tte) 8lld therefoye no ¢mploy¢es rec¢iv&l FKn¢fits of more than £60,(K*). CHARTfABLE AcT1vrrs. GRANTS PAYABLE Th¢ ChltieS re¢¢iving gr8nts in excw of £50.1KM) aTe as ftillow8- British Friends of the HebT¢wUniv¢r5ity Port]and Tnjst United Jewish IsrHtI Appeal Comrnuttity S¢curity Tn1 wtzo (UK) J¢wKsh Car¢ 223,102 144.944 127. 229,441 157.028 75,O¢N) 100.000 00,(xI 50.(KKI 50.OIK> £IO.O(M)_ £50.¢XM): 20 8r8nts {2021:19) £ S.IXK)- £10,0.. 6 grants (2021..4) Less than £5.¢XK>: 14 8fdnts (2021.15) 345.13 33.5(K) 21082 317,996 2J,(KX) 24,530 Governance costs (not¢ 5) ,106.591 14,683 974.995 15.866 1.121274 990,861 A full Jist of grants paid is available on request in wriliDB from the Trtt'S prxn¢ipal addrt5s whi¢h is Slwn on pa8e l. All 8rants were to itstitutiottg 85 W&8 thc case in 2021. Page 14
The Aimwell Charitable Trust NOTES TO THE ACCOUTrTrs Year ended 31 March 2022 funds 2022 2021 CHARfTABLE ACTEvrtlES. GRANTS PAYABLE-continwed Analysis of th¢ to amount of gr8ntspAid by type of adivity. Education Welfare Healthcare and other 6/1 34QA 60A 34% 6% IIW/o 10(Vo GOVERNANCE COSTS Auditors, reMtiOn I*gal and profc&sional fe¢s 12.949 1.734 15.788 78 14,683 15.806 GAINS AND LOSSES ON INvESTmEirs AND OTHER ASSErs Gains on investhjents Other gaIn(lOS8) on foteigu cxchange 95.354 435J92 2,799.225 (794J86) 530.946 2,(K>4,839 INVESTMENTS Market value brought fThard Additions At cost DisEK)sals at cost Chattge in mthet vue 6,942.692 7.328.23J 1.734,661 (6(KI24D (2.396,972} Cash held 8,579.678 5.785.570 6,942.692 7.983,127 Math vakne CaTTicd fornard 14.365,248 14,925,819 2.601.328 2,090.052 852 6,942.692 Mark¢t v&lue of Knvesttllellts C85h held 8J79,679 Totsl assets held for investst 14J65,248 14.925.819 HisrICal Cost of investment 13.644.799 13.840.343 Page 15
The Aimwell Charitable Trust NOTES TO THE ACCOUNTS Year ended 31 March 2022 Unrestricted UDf¢stricted fiLnds 2021 2022 Investments fall into the following c4tegori." Unqu0 Securitics 2,760236 S0.¢XM) 242,4(K) 5.527.043 2.801.029 40,0(XJ 256286 3.845,377 Drnwdown Funds 8579.679 6.942.692 In order to obtsin a reblln close to thcirtsrgct& th¢ ThL3t has invest&l in a variety of bonds, funds and other securities. recommended by expert advice. These investtnts a 5elec¢ed on the b&8is of the reputation 2nd past perf0rnm¢ of the providers and the underlying security of the &ss¢ts hel& The unth854m COTDmitsnents 011 certain of the drawdown fi]nds are covercd by the cash held for investment. DEBTORS 7.370 7J70 7J70 7J70 CREDITOBS.. Amounts falling due within One year A¢¢nlS 12.LKKI 12.180 12.1MKI 12,180 10 STATEMENT OF FUNDS Ut)re5tricted funds Clo$iTt8 Funds Gains Year ended 31 MaL 2021 I3.855.1 115.194 (1,(8]) 2,¢IM,839 14.971,353 Year¢nded 3 1 Match 2022 14.971 J53 133237 (1.132J25) 530.946 14.503211 Page 10
The AimweII Charitsble Trust NOTES TO THE AccouTrrrs Year ¢nded 31 March 2022 I I RELATED PARTY TrANSACTtONS The Trustecs all give freety of th¢ir lim¢ and WEtrt w fonn of remner2tion or other ben¢fit in esh orkind (2021: £nil). No expeose5 w¢Ke reÉmburs•J to any of the Trustees ift the y¢Hr {2021: £nill. Isaac Ka i5 8 Trnstee of the Britisb Frie1 of Hebrew Univasity (BFHUI to whom grants totaltng £223,102 {2021.. £229.441) were paid in the year. S*ven Kay¢ is a TTUStee tsf Unikd Jewish Israel Appeal to whom grants totslirtg £1279(M) (2021". £75,(KX)) wete paid in the year. No atyounts were due to or from either of th¢se chArities as atthe ycaT eud (2021: £Kil). 12 ANALYSIS OF REMUNERATION TO KEY MANAGEMEpif PERSONNEL There are no employe¢s. The Tn]st¢imsiders its key m8D2gementrmonnel tocompri5ethe Trustecs. The totsl employmentbenefits including Pen0 contributi5 of the key managementpersol were £nil (2021 £nill. 13 FINANCIAL INSTRUMENTS Th¢ canying amount of the Tntst's financi ith5trllbe1ddt fair yah at31 March 2022 wett £8,579.679 (2021.. £6.941692). Page17