Charity number: 1039415 THE AIMWELL CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE AIMWELL CHARITABLE TRUST CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent auditors. report on the financial statements Statement of financial activities 10 Balance sheet ststement of cash flows 12 Notes to the financial statements 13-21
THE AIMWELL CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Isaac Kaye, Chair Steven Kaye Warren Roiter Geoffrey Jayson Craig Cowan Charity registered number 1039415 Principal office 50 Weymouth Mews London W1G7EH Independent auditors BKL Audit LLP Chartered Accountants 35 Ballards Lane London N3 1XW Bankers Coutts & Co 440 Strand London WC2R OQS Bankers & Investment advisors J P Morgan Private Bank 60 Victoria Embankment London EC4Y OJP Brown Shipley 2 Moorgate London EC2R 6AG Page 1
THE AIMWELL CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2024 to 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 13-14 of the financial statements and comply with the charity's Trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 1st January 2019. Objectives and activities a. Policies and objectives The objects of the Trust are making available funds for the benefit of such charitable institution or institutions, or for such charitable purpose or purposes, as the Trustees shall decide. The Trustees identify organisations and projects it wishes to support and this generally arises from direct contacts rather than speculative applications. b.Public benefit The Trust has had regard to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing its aims and objectives and in planning future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives they have set. The Trust furthers its charitable purposes for the public benefit through its grant-making policy which aims at.. the furtherance of education the care of the young, sick, disabled and elderly the furtherance of understanding amongst communities providing community protection and other ServIS c. Activities undertaken to achieve objectives The Trustees make donations to charities which provide education to young people, research opportunities., or deliver care and other of the charity's objectives. The establishments and organisations supported are monitored by the Trustees by personal contact with officials of those organisations, review of the work actually carried out by them, and their published material and reputation. d. Grant-making policies The Trust considers applications from a variety of charitable organisations for funding by the Trust. Applications are reviewed and levels of grants payable are decided upon by the Trustees. At present the Trustees have no special grant making schemes or priorities. Where grants, including overseas grants, are made for specified purposes, they are monitored by the Trustees to ensure that those purposes are adhered to. Page 2
THE AIMWELL CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance a. Main achievements of the Charty The Trustees made donations to 33 charities during the course of the year (2024.. 36), details of which are shown in the accounts on page 17, and, through monitoring and reviewing their activities, are satisfied that the organisations supported provide a good and valuable service to their beneficiaries. The benefits are delivered by the Trust contributing to educational establishments which provide education to young people and research opportunities- and making grants to various charitable organisations which deliver the care and other objectives listed above. The establishments and organisations supported are monitored by the Trustees by personal contact with officials of those organisations, review of the work actually carried out by them, and their published material and reputation. Financial review . Review During the year there was income of £608,142 (2024.. £828,515) from Investment income- and expenditure of £760,291 {2024'. £1,073,858). Together with an investment gain of £82,099 (2024.. loss of £89,197), the overall deficit of £70,050 (2024: £334,540) has redUd unrestricted funds to £13,548,590 (2024: £13,618,640}. There are no restricted reserves (2024.. £Nil). b. Investment policy The Trustees considered the most appropriate policy for investing funds and currently aim to maximise returns through maintaining a diversified portfolio. The Trustees consider the return on investments in the year to be satisfactory having regard to the prevailing investment environmenL The Trustees meet to review investment policy during the course of the year. They consider income requirements along with the investment advisorfs view of the market prospects. The current objective is an on- going annual return, including investment gains on the portfolio of beeen 5 % and 8 %. The Trustees consider that the investment perfomiance to date, from the income and gains from funds invested, was consistent with this objective. Fundraising activities The Charity does not carry out fijndraising activities and therefore does not work with professional or commercial fundraisers and has not received any fijndraising complaints during the year (2024.. none). Page 3
THE AIMWELL CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 d. Reserves policy The reserves policy and level of reserves reflects anticipated future grants and is reviewed by the Trustees during the year. The Trustees have concluded that the current level of reserves of £13,548,590 (2024.. £13,618,640} is satisfactory. The Trustees consider annually the level of reserves that it would be appropriate for the Trust to maintain. The aim of the Trustees is to have reserves in due course producing sufficient income and gains to fund the proposed annual grant expenditure, without the need to obtain substantial support from donations. To achieve this without restricting the Trusts ability to make grants at the current rate, the Trustee have set the sum of £20,000,000 as their reserves target, to be achieved by capital growih and further donations, although no specific timeframe is set for this. . Going concern The trustees do not believe there is a material uncertainty over going concern due to the level of unrestricted reserves and the fact that the vast majority of expenditure is grants paid on a discretionary basis. The value of the charity's investment portfolio at 31st December 2025 is £13.5m, of which £974k is cash held on account. If neSsary, the charity could pause the discretionary approval and payment of grants to compensate for any loss of income or recall the investment funds to cover any expenditure. Therefore, the trustees are comfortable that the charity's reserves will ensure it is able to meet their debts as they fall due for a period of at least 12 months from the date of approval of these accounts. Accordingly, the trustees do not consider there are material UnrtaInt]eS and continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees Responsibilities. Structure, governance and management a. Constitution The Aimwell Charitable Trust was set up by Isaac and Myma Kaye to benefit a variety of organisations and projects identified for support by the Trustees. It is govemed by a Deed of variation dated 22nd July 2022 (previously by a Deed of Trust dated 12 May 1994). It is registered with the Charity Commission in England and Wales under number 1039415. The following Trustees have held office Sin 1 April 2024 up to the date of this report.. Isaac Kaye Steven Kaye Warren Roiter Geoffrey Jayson Craig Cowan The Trust has available, without charge, the services of a personal administrator employed by a company associated with Steven Kaye. Her duties include the handling of the Corresponden and general administration relating to grants, but not payments which can only be made by the Trustees. Page 4
THE AIMWELL CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management (continued) b. Methods of appointment or election of Trustees The Trust Deed provides for a minimum of 3 and a maximum of 8 Trustees. New Trustees are identified and appointed by the remaining Trustees under the powers given by the Trust Deed. One of the Trustees is made responsible for the induction of the new Trustee which involves awareness of a Trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Trust. A new Trustee reiVeS copies of the previous yearfs annual report and accounts and appropriate leaflets published by the Charity Commission. The Trustees may appoint nominees to be Trustees by resolution of a meeting of the Trustees. The Trustees are in regular contact with each other during the year to leam about topical charity sector issues, discuss operational matters including grant-making, investment strategy and financial performan. At least once a year the Trustees meet to formally approve the Trusfs policies, activites and strategies. c. Risk Management The Trustees have examined the major risks which the Trust faces and confirm that systems have been established to enable steps to be taken to manage these risks. The Trustees consider that the main risk that the Trust faces is the recoverability of the investments held and whether they will continue to generate income in order to further the Trust's objectives via the grant making policy. To manage this risk the Trustees continually review the investment strategy of the Trust to detemiine the achievement, spread of investments, performance and anticipated performance for the forthcoming year. Where the Trustees consider it appropriate, they make changes to the Trust's investments. d. Pay policy for key management personnel The Trustees consider the board of Trustees as comprising the key management personnel of the Trust in charge of directing and controlling the Trust on a day to day basis. All Trustees and their assistants give of their time freely and no Trustee or other remuneration was paid in the year. Details of Trustee expenses and related paty transactions are disclosed in note 8 and note 15 to the financial statements. Trustees are required to disclose all relevant interests. In accordance with the Trusys policy they must make a disdosure of any decisions where a conflict of interest or loyalty arises. Plans for future periods The aim of the Trustees is to continue supporting the charitable organisations which are currently supported, provided they continue to deliver the Trusts objectives. Consideration will be given to other charitable organisations which the Trustees believe will do so in the future. The aim is to continue making grants at a similar level. Page 5
THE AIMWELL CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, induding its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistentty., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disdose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that inft)rmation. Auditors The auditors, BKL Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Geoffrey Jayson Trustee Date: 2910112026 Page 6
THE AIMWELL CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE AIMWELL CHARITABLE TRUST Opinion We have audited the financial statements of The Aimwell Charitable Trust (the 'charity'} for the year ended 31 March 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting practi). In our opinion the financial statements-. give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended- have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practi., and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going conrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees viith respect to going concern are described in the relevant sections of this report. Page 7
THE AIMWELL CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE AIMWELL CHARITABLE TRUST (CONTINUED) other inforniation The other information comprises the infomiation included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infomiation given in the Trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept" or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees. responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors. report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The exient to which our prOdureS are capable of detecting irregularities, Page 8
THE AIMWELL CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE AIMWELL CHARITABLE TRUST (CONTINUED) induding fraud is detailed below.. Enquiring of management and those charged with governan around actual and potential litigation and claim Reviewing board meeting minutes of meetings of those charged with governance., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management override of controls, including testing of joumal entries outside the nomial course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or -uklauditorsres onsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charity's trustees, as a body. in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not acpt or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. EEL Atidit LLP BKL Audit LLP Chartered Accountants Statutory Auditor 35 Ballards Lane London N3 1XW Date: 2910112026 BKL Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 9
THE AIMWELL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 As restated Total funds 2024 Unrestricted funds 2025 Total funds 2025 Note Income from: Investments 608,142 608,142 828,515 Total income 608,142 608,142 828,515 Expenditure on: Raising funds Charitable activities 3,689 756,602 3,689 756,602 5, 033 1,068, 825 Total expenditure 760,291 760,291 1,073,858 Net expenditure before net gainslllosses) on investments Net gainsl(losses) on investments {152,149 82,099 (152,149) 82,099 (245,343) (89,197) Net movement in funds 170,050) {70,050) (334, 540) Reconciliation of funds: Total funds brought fomard Net movement in funds 13.618,640 170,050 13,618,640 (70,050) 13,953,180 (334, 540) Total funds carried forward 13,548,590 13,548,590 13,618,640 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 21 form part of these financial statements. Page10
THE AIMWELL CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Investments 13,501,197 13,593,466 13.501,197 13,593,466 Current assets Cash at bank and in hand 59,393 37,174 59.393 37,174 Current liabilities Creditors.. amounts falling due within one year 10 (12,000) (12,000) Net current assets 47,393 25,174 Total net assets 13,548,590 13,618, 640 Charity funds Unrestricted funds 12 13,548,590 13,618,640 Total funds 13.548,590 13,618,640 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Geoffrey Jayson Trustee 2910112026 The notes on pages 13 to 21 form part of these financial statements. Page11
THE AIMWELL CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 As restated 2024 2025 Cash flows from operating activities Net cash used in operating activities 1760,291) (1,252,252) Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of investments 608,142 828,515 1,271.501 666,478 1737,855) (1,9T7,605) 1359,278) 1, 757,855 Purchase of investments Movements in short term deposits Net cash provided by investing activities 782,510 1,275,243 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 22.219 22.991 37.174 14,183 Cash and cash equivalents at the end of the year 59,393 37,174 The notes on pages 13 to 21 form part of these financial statements Page 12
THE AIMWELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Aimwell Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initialty recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income re1vable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity- The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity- Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising fijnds indudes all expenditure incurred by the Charity to raise funds for its charitable purposes and indudes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1 A Interest receivable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Charity-, this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page13
THE AIMWELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 1.5 Investments Fixed asset investments are a fomi of financial instrument and are initialty recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Lossesl on investments, in the Statement of financial activities. 1.6 Cash at bank and in hand Cash at bank and in hand indudes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has reIVed as advanced payments for the goods or ServIS it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability- The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 1.8 Financial instruments The Charity only has finanaal assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exptIOn of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.9 Fund accounting General frjnds are unrestricted fijnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page 14
THE AIMWELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income Unrestricted funds 2025 Total funds 2025 Income from Investments Interest income 583,613 24,529 583,613 24.529 608,142 608,142 As restated As restated Unrestricted Total funds funds 2024 2024 Income from Investments Interest income 780,657 47,858 780,657 47,858 828,515 828,515 Expenditure on raising funds Fundraising trading expenses Unrestricted funds 2025 Total funds 2025 Investment management fees and bank charges 3,689 3,689 Page15
THE AIMWELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds (continued) Fundraising trading expenses (continued) Unresfricted funds 2024 Total funds 2024 Investment management fees and bank charges 5, 033 5, 033 Anatysis of grants Grants to Institutions 2025 Total funds 2025 Grants, Supporting good causes 744,002 744,002 Grants to Institutions 2024 Total funds 2024 Grants, Supporting good causes 1,056,699 1,056,699 During the year, the charity made 26 grants totalling £744,002 (2024. 36 totallng £1,056,699) to a variety of charities in accordance with the grant making policy. All grants were made to institutions. A full list of grants paid is available on request in writing from the charity's principal address which is shown on the page detailing administrative information. Page 16
THE AIMWELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Anatysis of grants (continued) The Charity has made the following grants in eXsS of £50,000 to institutions during the year: 2025 2024 Name of institution British Friends of the Hebrew University Community Security Trust The Portland Trust United Jewish Israel Appeal 140,090 100.000 78,223 236.800 256,457 100, 000 t 62, 822 230,000 555,113 749,279 Other grants to institutions 188,889 307,420 744.002 1, 056, 699 Anatysis of expenditure on charitsble activities Summary by fund type Unrestricted funds 2025 Total 2025 Supporting good causes 756,602 756,602 Unrestricted funds 2024 Total 2024 Supporting good causes 1, 068, 825 1, 068, 825 Page17
THE AIMWELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Anatysis of expenditure by activities Grant funding of activities 2025 Support costs 2025 Total funds 2025 Supporting good causes 744,002 12,600 756,602 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Supporting good causes 1,056,699 12, 126 1, 068, 825 Anatysis of support costs Supporting good causes 2025 Total funds 2025 Audit fees 12,600 12,600 Supporting good causes 2024 Total funds 2024 Audit fees 12,009 117 12,009 117 Legal fees 12.126 12, t26 Page18
THE AIMWELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Auditors. remuneration 2025 2024 Fees payable to the Charity's auditor for the preparation and audit of the Charity's annual accounts 12.600 12,000 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Fixed asset investments Listed Cash held investments on portfolio Total Cost or valuation At 1 April 2024 Additions Disposals Revaluations Foreign exchange movement 12.978,749 614.718 13.593.467 737,855 2,143,813 2,881,668 {1.273,468) (1,782.569) 13.056.037) 106,552 106,552 (22,486) (24.453) 11,967) At 31 March 2025 12,527,202 973,995 13,501,197 Net book value At 31 March 2025 12.527,202 973.995 13.501.197 At 31 March 2024 12,978.749 614, 718 13,593,467 10. Creditors: Amounts falling due within one year 2025 2024 Accruals and deferred income 12,000 12,000 Page19
THE AIMWELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Prior year adjustments A prior year adjustment has been raised to amend the dassification beeen income and net gainsllosses on investments, in relation to income received from income bearing fijnds. Income from investments is now correctly recorded as £828,515. with the net loss on investments being £89,197. The charity's funds have not been impacted by this prior year adjustment. 12. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Gainsl {Losses) Income Expenditure Unrestricted funds General Funds- all fijnds 13.618.640 608,142 (760.291) 82,099 13,548,590 Statement of funds - prior year As restated Gains/ (Losses) Balance at 31 March 2024 Balance at As restated 1 Apnl 2023 Income Expenditure Unrestricted funds General Funds 13,953. 180 828, 515 (1, 073, 858) (89,197) 13,618,640 Page 20
THE AIMWELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Reconciliation of net movement in funds to net cash flow from operating activities As restated 2024 2025 Net expenditure for the year (as per Statement of Financial Activities) (70,050) (334,540J Adjustments for: Losses on investments Dividends, interests and rents from investments (82,099) 1608,142) (89,197) (828,515J Net cash used in operating activities 1760,291) (1,252,252) 14. Analysis of cash and cash equivalents 2025 2024 Cash in hand 59,393 37,174 Total cash and cash equivalents 59,393 37,174 15. Anatysis of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 37.174 22,219 59,393 37.174 22,219 59,393 16. Related party transactions During the year, the charity made 6 grants of £455,113 (2024= £649,279) to charities of which certain Trustees are also trustees. The grants of £140,090 (2024.. £256,457), £78,223 (2024.. £162,822} and £236,800 12024.. £230,000) respectively were paid to British Friends of the Hebrew University, The Portland Trust and United Jewish Israel Appeal. Page 21