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 L￿dOn 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'STn￿tdeE4 d￿CharL￿esAct20ll 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 R￿UbliC or i]rland published on l* January 2019. STRUCTURE GOVERNANCE AND MANAGEMENr The Aimwell Charitsble Tn￿¢￿￿ setupby Isaac at￿m)YO￿KaYe tobcDefitavarietyoforgani￿ti0nsaIHlprOJects identified for supwrt by th¢ TTUStt¢s. It is governed bya Iked of Vatration da*d 22r￿J￿Y 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 services0faw￿IadMi￿j5tra1or¢￿p1oy0lbYa¢OMp￿YAUOCJatyJ with Isaac Kay¢. Herduties include thebandling of the Co￿est￿#t￿]8elle￿1 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 8ppoin*d 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 adminlstrdtiveproced￿theb]st0ryalldpbl1oP4)ph1cal0p￿O0¢h0FthcTr15LAllcW Tnwee receives copiesof theprevl0￿8Year'S aDnualrewJrt and accoLmts8Dd appropria* l￿flets publÉshed bythe Charity Conjmission. Thc Trust¢es May aR￿Int nominees to bc Truste¢s by resotution of a m¢¢ting of th¢ Trustees. The Tn]stees are in Tegular coniact with e*b other th]ring tbe year to learn about to)ical charity sector issue4 discus5 operational rnatte￿ inc1ud1ng8rant-rnakx￿ investsD¢ntstratw attd£naTrcialwfonnan¢¢. At leA￿￿ce8 year the Trus*e$ meet to forn￿lY approve the Tntst'5 p)li¢ie& activities and Strd*gi¢s. Risk m*tt•gement TheTTUSteeshaYeexamin¢dthe majorrisks which the Tru5tf8c¢s a￿de￿firmthaI 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 forthCo￿1ngYtar. WheretheTnLoeesc0Dsiderita￿opriate. theynjake chartgesroth¢Tr￿st'S1rtVC5tillents. The charityhasnot been affe¢trdbyCovid-19orothere¢onomic fac￿[5. Wbilstthethingofth¢recoveryfromthe ¢UTrent eco￿0￿]¢ Clin￿te 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 prOj￿ts it withes to support and this generally atiKs from dircct ￿1￿cts rdther thaD SP￿ulatIve appIl￿tionS. 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¢ t*nefit thrwb itsgrattt.makingpolicy which aims at the carc of the youtt& sicl disabled aDd elderly th¢ furtherance of v￿derSt￿dI[l8 arnon￿t ¢OtllTnunities providing community prot¢¢tion al￿ others￿VICeS Cr*Tr¢ maklng polky The Trust coJJsiders applicatioJJs frorn a varietyof charitableorRani5atsons for f￿￿Ing by the TrusL Appii¢4tioDs are reviewedalld leve15 ofgtantspayable are decided uwibytheTTUStees. Atpresent theTn￿1ceS have nospecial grant makin8 sthemes orpriorities. Ivhere grant% includitigoverseas graoL%, arernade fOrs￿Lf1¢dpu￿0st$, they The Trn￿ets madedonations to46 charities durin8th¢course of they¢ar{2021: 43kd¢(ai15 ofwhichare sho￿￿ in the accow)ts onpage 14 an¢ thmugh monitoring a[￿ reviewing theira¢tivitie4 are satisfi¢41 thatth¢ organi5ations supported provide a good alld valuable service ts) balefieiarie Theben¢fitsarede1iveredbytheTn￿t¢0nth￿f1nB to￿luL¥tional¢Sthb11s￿Inents￿h￿b￿dethethIontOy0Ullg people andresearch oppTrrth]nities" andm8kinggrantstovarious¢haTÉtable or88nisations whichd¢liverthecareand other obj¢¢tiv¢s listed aFK*v¢. Theestsblishmentsandorganisationssupported are monitorrd bytheTnMees bypersonal contsct with officialsof those organisation& review of the work actyally carrird out by ther￿ atyl their publi%bed nwtrrial and reputstion. Ihjring the year there was income of £133.237 (2021.. 115,194) from Investmenl income" and expendithjtt of £1.132.325 (2021.. £1.(K14.581}. To8¢ther with ￿ iDvestmeDt 8ain of £530,946 {2021.. £IIX)4.839}, the overall d¢fi¢it of £468,14212021.' su￿1￿$ £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 I￿j 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 inveSth￿lpolIeY 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 IT￿orne andg8iThs fill￿7Dve$￿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 d￿S notwoffk wrth trofessiollal or co]nmercial fimdtaisets and Iw not le￿ived sny fi]ndr￿s ¢omplaiDts thwtDg the year (2021: none). R¢serYes pollty The reserves poli¢yalldlevelofTescrvesreflectsanticip#t&l fi￿re￿a￿diSreVle￿edbYthcTnlsteCsduTin8the year. The Tn￿ have concluded that the cLtrr￿t 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 Sup￿￿rtfrOM donatioDs. To acjjievethiswithoutrestrickng the Tn￿t'S ability to make grants at the LThtrdt¢, the Tn￿￿have 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 Tn￿l andwith administrative ￿lS￿nce. nTtuJin8 #nd optratin8 the Trust on a dayto day basis. AIITrust¢es 1ndtheir￿lS￿[htswy¢ of theiriime r￿ely2￿1noTnjStee Orotherremu￿tionWaSpa1dIn 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 m*k¢ a disclosurc of any decisions where a collfiict of interest or loyalty aris¢s. PLANS FOR FLrruRE PE￿oDs 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 the￿ll￿e. Th¢4im Lstocontinuemakinggrantsatasimilarleydevffi ifthe gratlts m&ysignificantly exc¢edthe incomegettaatedon theTru5t's inve5ttncDts. bydTawingonc4pilal8tthislime. AUDITOR A resolution to rea￿oI￿t RSM UKAudit LLP. Charto￿AC￿U￿￿llty as auditors will beput to 4 meeting of th¢ Thlotts. PROVISJON OF INFORMATION TO AUDITOR Th¢TrUst￿￿1￿) were IDOffir¢ ¢Jnth¢dat of8pprovalofthcse fmancial Sth*ments 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 Tr￿le£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¢ fitw1r￿l st*an￿ts in *cordI￿¢ with applicabl¢ and United Kingdom Accou￿8 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 Trus*ts 4r¢ reqUi￿d￿., sel¢¢i suktable accolmting ￿li¢jeS and the￿ 8Eyly them con*stentty: State whether wli¢able a￿(￿11￿8 $￿thd5 ha￿ teen follorf &Jbj￿ to any njateriil depart di*losed al￿ explain￿ in the fjn*Kial #atemen￿ and prcpatethe financial the 8oinE ¢onccrn b•sisun1¢5S kt is inwroryi￿ ￿ presume th* lh¢ will continu¢ in bu5 The Tnjstes are wnsible for keeping prop¢r accourttiThg re£ords Ihatdisclos¢ wtth r¢050nableaccur8cy at any time the fiw¢ial [￿sItiOn of th¢ Tru￿ aNI cnable them ￿ enwjre the fuwicial Aatements c4)mply with the Chatitieg Aa 2011. th¢ applicable Charities IA¢rwits ￿ Remi Re8ulations and the provision5 of the Trust Thry￿ aJsorestth$ibiefors4feguardingtheassetsoftheTruA aodbenceforukifjgrewnablestepgforth¢ preventi(YA and detech.on of fnud Lthr I￿rgUI￿ltieS 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 '¢h￿lty.) 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 reqUIr￿ts 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 Conth￿ted ouraudit in ac¢ordancewith Int¢MatIo￿ Stsndatdstht AuditinB (UK) QSAs(UK)) 8ndappli¢*ble law. (knrresponsibilities underthose slathdardsarefwtl￿rdCscri￿di￿ theAtyJitor.sres￿TrnStbi11ties 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¢ fina￿1￿] statem¢tLts in the UK including the FRC'S Ethical Standardandwe havefulfilled ourotherethical responsibilities ina¢kn withthe*requtrtments. 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 mA*rial unccrtaintie5 relating to events or Gondition5 tha¢Indi￿duaI1yOTcolle￿1YeIy. maycast significantdoubton th¢chariry's4bilityto continue&saEoing oncern for a period of at lea4 n¥eive months from the finawia] statements are aUth￿l￿ed for issue. OurTesFK)nsibiliiies andthe ft5wTr•ilitiesofth¢¢ruSteeswithr&srKdlogoiD8C(mcemaredeÈEnbedtrttheTelevo￿t Sections of this report. Other inforni•tioD Thr otherinformation ¢ompris¢sthe infOrn￿tIon includalin theTnth' RqKwrotherth2n thefin2nc1￿ st8tenMts and our auditor's report thereort. The trustee5 are responsible for the othcr infomtstEon contalned within th¢ Ttus*es' Repor( Our opinion OD the finaneiat stslcm￿ts 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 i￿￿a￿Oll is m&lerially inconsis*Dt 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¢ludeth￿thQ?1s￿ matrrtal missratement of this other ÉDfornJOtion. we are rcquirol ￿ re￿1 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 agre￿￿￿t￿1th the accouniing recirth at¥1 ￿ or RupoDslbllttkn of tr￿letS As explatned more fully intheStaieMe￿ ofTnJste¢s' r¢stms1￿ilyts¢s setoutonpdge 5. thetrustees ar¢ responsible forthepreparntionofthe f￿ancial sthtern¢ntsand forlxing S￿isfiedthatthCygIVc aTht fairview. andforsuch in¢enJal ￿ntrol as thetnJste¢s detem]iDe is necessaryto ¢#abk the trfepatationof financi￿ #a*ments 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 in*nd 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 $tstemellts Our objectives are to obtain re&8oTtable 8&wrance ai¥>ui whetherthe fmartcial stat¢mellts 85 a whole are free from tiJat¢rial mis51atenML whether du¢ to fraud or etror. and ￿ iksue an #uditor's retK>rt that Includes our opinion. Rewnableassurall¢¢i5 ahigh level ofa55uran¢e. butis I1(￿ aguardntee thatan audit c0ttth￿ted in acwrdanc¢ with ISAS IUKI will Always det¢ct a A￿terial Tni&%th*m¢ni wh¢n it exists. Miststements Can aris¢ from fraud or etror and are considered rnaterial if. individually or Inthe aggre8a￿ they could rewnably be exp¢¢ted to influence the economic dectsions of users tsken on the of these ruW￿la] ststemenL The extent to the •udit w•$ eoDshl¢rtd ¢•p*I￿ordetetthI irrtgul*ridty iDcl•dtug fr*Md trregulariti¢s instances of 00n￿lianCe with taw$gndregulatioDS. Theobirctiyes of our auditare ￿ obtatn sutTicientappropria¢eauditevideDc¢regarding con]plia￿eW1th laws 8ndre8u]ationsthathavek dir¢ct¢ffcctonthe deterniination of material amounts and disclosurcs in the fLnan¢ial stat¢ment% to perfomi audit proccdures to help identify instht)eesofnott-¢oMplian¢¢withoth￿IaWts al￿￿UL￿$zOn5 tha1mayhavcamateri￿¢frectOttthc financia] Slatem¢nty aod to r¢s￿)nd appropriatety ￿ identified or siwected non-co￿p1lallCe 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 rn*rial 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 a￿l &%se&sin8 risks of material rnisststhent in res￿ of irffegulariti¢8 includTng fra￿ the audit eD8ageTn¢nt team.. obtained anuDder5tand]ng ofth¢ttab￿eOfthc sector. l￿￿￿￿the1e88lS[*lreBUjdtOryfrsm￿￿1< thatthe charity opmtes in and Ik)w the cbarity i% ¢y)mplyinB with the le￿1 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. diSC￿ssed 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 AsareSultoftheseproced￿we¢￿ldCftherno$t5I8nrfiCan1 ]aws attdregu]ationsdWhaveadt￿lrnpa¢Ionth¢ financial statements areFRS 102. Cbarities SORPIFRS102kCknritiesAct2011.th¢clwity'sgovemiTrgdcthmen( andtsx legislation. We perforni￿aud]tpto¢¢dUrestts detect non-complianceswhtch mayhwe atnatrrial impaeto the financial sthtcm¢ntswhi¢hincludedr¢vicwingthe financialsMemmtsincludin8theTnts' Rem remaining alertto allyneworun￿Ua1 tMsaCtio￿ which Maynotbeinxcordwwlthd￿goVcrnill8 d￿Mients. inspecting ny ¢orresrM)ndence with locd tax authortti¢& The most Si8nificant 18w5 and ￿gulatIO￿￿ that have iDdirect imPgL# on the fiD8ti¢ial stat¢ments are those in relatiort to the use of oversea5 8r8nts paid (The Moncy LauDderirt& Terrorist Financing and Transf¢r of Fund5 Regulations 2017. the Briiw Act 20101. We pthrnwj audit prikn to inquire of management gnd thos¢ charged with governance whether the charity is in compliance with these law and regulations at)d in5pe¢ted correspondence with grdllt recipi¢nts to ¢twre COlltsDls over mOni￿rIng of grdnts ate operating eff￿tively. The audit ¢nga8em¢ntteam identified the risk of maDaBement overyide of ¢ontro]s 85 the area whrre the financial ststements were most susceptible to materia] misslatementdue io fraud Audit prO¢th￿f0nned included but we￿￿01 lll)Jitedtotesting manual journal entries ar¥J0theradJll5trne￿tyCvaIua1lngthelwJness rationa]einrc]ation tr) any signifLcatt4 unusual transa¢tioDS and tranwtions thtred into Outside the nornMI course of busine5S. challenging judgments aud ¢S¢imat¢s. A fither de5CriPtion of our restM)n5ibiliti¢s for the audit of the financial statements 15 provided on the Fit)8ncial Re￿ing Council's websi* at httyJiwww.frc.or8.ukl8uditOf5responsibilities. This dcscription fornts part of our audstOf'$ 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 a￿d 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 S￿￿tory 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 I3,855.9￿1 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 Tn￿t 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 h￿d 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 •ThI￿th(rIsed for issue by thc Tntst¢cs on 20 Octob armi sigD¢d on their bel￿f ty: notrs on ps8es 12 to 16 form Fxrtofthe8e PaBc 10 The Aimwell Charitable Tn￿t 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 t￿Yes￿leAts Ci)si of addittons to investments Movements in short tem) deposits 133237 622.$66 115,193 4.571,385 (1.734,661) (1.490,630) 2.197.557 1.042.489 1.461287 CHANGE IN CASH AND CASH EQUIVALEFifs IN 92250 14,324 Cash a￿d cuh equiVal￿ts brThWt f¢)rwaYd CASH AND CASH EQUIVALENTS CARRIED FORWARD 50.343 36.019 142.593 50.343 Page 11 The Aimwell Charitable Trust ACCOtrKriNG POLICIES Year cnd¢d 31 March 2022 BASIS OF ACCOtrNrtNG Theaccounts (fjnancial slaiements)havebeenprep8reduDderthehistori¢al L¥MconventiffiwithitemSreco￿js￿8tcogt0r transaction Yalue unle&8 otherwis¢ sthted in the relev8nt notqs} trp thes¢ accotsttts. The financial srat¢ments hav¢ been prtpaTed in accordance with the Stttrmentof Re¢onllll¢ndcd Practi¢e-A¢counting aDd Rew>rting bychariues preparing theiraccountslna￿rdance￿lththe Finartcial ReTm Standardapplicablein theUK and Republi¢oflrei8TMI (FRS 1021 I￿￿¢dOn l January 2019. andtheFiuancial RwTtiD8Standardapp]icoblexti ￿￿UK¥￿dR¢publl¢0flr¢1•lld{FRs 1021 aNt the Charities Act 2011. The Trust constitytes a public benefit artity as defIn￿ by FRS 102. The Tn]st 1$ 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 ststementsalct￿e*I￿ 5*riin& whi¢h i8th¢fUnctiO￿ currencyofth¢ TDJSt Mon¢tarytn￿nts rn these financial staternents are rouDded to the £1. Aimwell Liverp￿1 Limited: Aimwell LiverwK)l Limited whi¢h was incoryornted in E￿818nd & 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 havebeenprwedtoglyeakn￿a￿d 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". ststmetttofRecom￿Pla¢flceaFOlI{Zble￿CharItiCsp[ep￿rlllgth¢ir8cC0Unts i ac¢oTdancewith theFinancial Rep)rting Standard 102publishedoll l January2019 rathttthanAccountin8ondRwrting by Chariti¢s'. Stat¢rnent of Recollunelld￿ Pracuce eff¢¢tive l April 2￿15 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 ￿eSS￿ry, the charity could pause the dJs¢retionary approval ar#1 p8yrn￿t of 8rants to ¢OTnpeDsate forwy loss of income or re¢all the invesknent funds to cover ￿Y eXp￿dIt￿re. 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*¢n￿Y indealiti8wilhitetDS whichareeonsideredmateridtothe fina￿¢1￿1 5tat¢mcnts. COME Ail in¢tsme isr¢WgDi￿(I￿etheT￿s1hlSenti￿e￿c￿t10the1ncoMe, 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 CO￿￿tr￿ctive obligation cotnrnitting the Trustto that expenditure. 11 is pr(thble that settlerncnt will be required I￿j 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 d￿ritable ex￿idI￿Ne. Costs of raising fiJD(Ls ¢OTnprise those eosL8 diThdy attrtbulable to managing the investsnentportfolio attd rdising investmentincomc. c•￿5 ofelwitable*tivitiesincludegrdnts 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 g￿nt 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 consti￿tional and stattth)ry cos Jrrttoverdble VAT is ¢barged a8ain5t th¢ exFtndityre hudiDg for which it wa5 tncmThL obje¢ts. FOREIGN CURRENCIES Transactions inforeigncutrenaesarerecorW ￿ther￿OrexChlll8ernl1ngatth¢d￿tcof thetsansa¢tion. Monetaryassets and liabilitiesdenominatcd Inforei￿ currenciesAretratts]4tcdusingthe rateofexch8ngen￿l￿g￿thebalanC¢$he¢tdateat￿1 the gains or10&4es are inelllded itl the Ststem¢llt of Financial Activities. Listed investsnents ate inckthd the balance shea at fair valll¢, beingquoted mark¢tpri¢eat the c105e of business at the year end. Unquo*d Investsnents •]d Investments by way of Sea￿ed loans are Valu￿ at COSL All goins and Ios5esaretaka to the StatementofFimncial Aoivitiesas theyaris¢. Re41ised gainsand losy¢soD inv¢sth]ertt are calculatedas the difference beNeenSa]eSpr￿ts andth¢iropeningcaTryingvalues ortheÈtpwrh&se value ifwuired sub$equentto the f￿S(day0fthe fmancial year. UnreA]isedgaiDS and lO&￿are¢81tU18l¢d a8 the differettc¢betweenth¢ fair value at the year end aTtd their ¢aTryiD8 valu¢. keaii*l and wJtealis¢d investhjent g8iDS and10sses ate cornbined in the S￿eMent of Financial Activities. NATED GOODS AND SERVICES The Trustre¢eiYes administrative suptrfTrrtand investt)]entadvite througbg c0mpanyas50ciat￿With 15aacKay £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) 345.1￿3 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 Trt￿t'S prxn¢ipal addrt5s whi¢h is Sl￿wn 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, reM￿￿tiOn I*gal and profc&sional fe¢s 12.949 1.734 15.788 78 14,683 15.806 GAINS AND LOSSES ON INvESTmE￿irs AND OTHER ASSErs Gains on investhjents Other gaIn￿(lOS￿8) 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 v￿ue 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 His￿rICal 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 investtn￿ts 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¢¢n￿lS 12.LKKI 12.180 12.1MKI 12,180 10 STATEMENT OF FUNDS Ut)re5tricted funds Clo$iTt8 Funds Gains Year ended 31 Ma￿L 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 WEtr￿￿t w fonn of rem*ner2tion or other ben¢fit in e*sh 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 Pen￿0￿ contributi￿5 of the key managementperso￿l were £nil (2021 £nill. 13 FINANCIAL INSTRUMENTS Th¢ canying amount of the Tntst's financi￿ ith5trll￿be1ddt fair yah￿ at31 March 2022 wett £8,579.679 (2021.. £6.941692). Page17