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THE AURUM CHARITABLE TRUST
Trustees’ Report
and Financial Statements
For the year ended 31 May 2024
Registered Charity Number 1121227
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THE AURUM CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees Mrs E Jack Mr R Jack Mr A Mitchell Principal office Springfield Rookery Hill Ashtead Surrey KT21 1HY
Charity registered number 1121227
Independent Auditor Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Solicitors TLT Solicitors One Redcliffe Street Bristol BS1 6TP
Bankers Coutts & Co 440 The Strand London WC2R 0QS
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THE AURUM CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
TRUSTEES’ REPORT
The Trustees present their report and the financial statements of the charity for the year ended 31 May 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
Structure, governance and management The Aurum Charitable Trust is a registered charity constituted under a Declaration of Trust dated 20 September 2007 and is registered with the Charity Commission (no. 1121227). The trust was established with an initial gift from Roderick and Elizabeth Jack who have continued to make gifts to the charity.
It is controlled by a board of trustees who manage all aspects of the trust’s affairs and in whom vests the power to appoint new trustees. The trustees aim to meet at a minimum twice a year.
Any new trustee will receive a comprehensive induction to the charity and will receive materials to allow them to understand the charitable purposes, the financial position and current issues of the charity.
The day-to-day management and operations of the charity have been vested in one of the trustees who has experience of grant-making. There are no personnel employed by the charity.
The only related parties are the trustees. Details of the related party transactions are given in the notes to the accounts.
The trustees have assessed the maior risks to which the charity is exposed, including those relating to its investments and finances, and they have established effective systems to mitigate those risks. Objectives and activities
The charity's objects are to further such objects or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit.
This may include support to registered charities and other non-profit making bodies.
In considering how best to achieve these objectives the trustees have had regard to the guidance on public benefit issued by the Charity Commission and, in their opinion, the charity’s activities are wholly for the benefit of the public. In furtherance of its objectives, the charity makes grants to a number of charitable organisations and bodies. In the opinion of the trustees, by making grants to charitable organisations which are themselves for the benefit of the public, the charity fulfils its obligation to deliver public benefit in furtherance of its objectives.
Grant-making policy With very few exceptions, the trust’s geographic focus is the United Kingdom. The trustees have implemented a strategic approach to their grant-making, focusing on the criminal justice system, refugees and asylum seekers, the environment and the arts.
The trust takes a proactive approach to identifying organisations for funding and is unable to consider unsolicited applications. Before considering grants, the trustees carefully research and identify suitable candidate charities. Prior to any formal decision, the trustees will meet with management. Grants are usually made on an unrestricted basis. Any that are awarded for multiple years are only payable subject to receiving satisfactory reports on the prior year. The charity may provide repeat funding to existing grantees at the discretion of the trustees subject to on-going monitoring and review.
The trustees retain an advisor on an annual basis to assist with the identification of potential grant recipients, due diligence and on-going monitoring.
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THE AURUM CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
TRUSTEES’ REPORT
Fundraising standards information
The charity does not actively raise funds from the general public, with its activities supported by income generated from its investments and further donations by the settlor trustees.
Achievements and performance
During the year under review the charity made 41 (2023: 40) grant payments to charitable causes totalling £1,268,608 (2023: £1,130,200) as set out in note 12 to the financial statements. It had outstanding commitments at the year-end for future payments of £242,500 (2023: £476,000).
Over the period, the charity awarded 32 (2023: 28) new grants totalling £1,035,108 (2023: £989,200).
The trustees are satisfied that the nature and scope of grants made fully reflect the purposes of the charity and that the objectives for which it was created continue to be achieved.
Financial review
Expenditure totalled £1,098,183 (2023: £1,054,940) including £1,035,108 (2023: £989,200) of new grants to beneficiaries. Total incoming resources for the year ended 31 May 2024 was £1,098,183 (2023: £1,054,940) consisting of investment income of £214,827 (2023: £71,866) and transfers from the endowment fund of £883,356 (2023: £979,655). Additions from the settlors for the endowment fund for the comparative year totalled £3,419.
The trustees’ policy on reserves is to seek to distribute or commit the income arising in each financial year. Given the availability of the expendable endowment fund the trustees do not consider that the charity needs to maintain any significant free reserves although they recognise that such reserves will arise from time to time.
At 31 May 2024 the charity’s free reserves were £nil (2023: £nil). The nil balances at the balance sheet dates is the result of the timing of expenditure recognition and the transfer of funds from endowment to unrestricted funds.
Plans for future periods The charity will continue to provide grants to charitable organisations in furtherance of its objectives as and when appropriate beneficiaries are identified.
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 Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: e select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charities SORP; e make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose 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.
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THE AURUM CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
TRUSTEES’ REPORT
Appointment of independent auditor
During the year under review the charity exceeded the audit threshold and appointed Blue Spire Limited as auditors to the charity. Blue Spire Limited have expressed their willingness to be reappointed as auditors should the charity remain over the audit threshold.
Approved by the trustees and signed on their behalf.
EligabAh Jack
99 january 2025
Trustee Date
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Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
THE AURUM CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
INDEPENDENT AUDITOR’S REPORT
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of 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 concern 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.
Auditor’s 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 regulations made under section 154 of that Act.
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 auditor's 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Charity and the sector in which it operates, we identified that the principal laws and regulations that directly affect the financial statements to be the Charities Act 2011. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment funded grantmaker there is a limitation to areas most likely to have such an effect with compliance with charity law the only area. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included: ¢ Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; ¢ Reading minutes of meeting of those charged with governance ¢ Challenging assumptions made by management in their significant accounting estimates in particular those relating to provisions.
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 is available on the FRC's website at: ~~https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor~~ This description forms part of our auditor’s report.
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Blue Spire humited
& & & & ! ! ! 1 3,419 ! 2 214,827 214,827 71,866 ! ~~214827 s~<“it~“~~ ‘ ~~é‘i SBT[7285]~~ 3 1,098,183 ! 1,098,183 1,054,940 ! ~~~1,098,188 st~<Cs~t‘:;‘S;«C9B«BB_S«5 4,94~~ , ! (69,213) (69,213) 33,976 ~~ (883,356) (69,213) ~~ (952,569) ~~ (945,679)
! ! !
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!
~~ ! 5,976,909 5,976,909 6,929,478
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| 31 May | 2024 | 31 May | 2023 | |
|---|---|---|---|---|
| Note | & | & | & | & |
| , | 2,010,712 | 2,030,769 | ||
| 2,261 | 3,087 | |||
| 4,208,536 | 5,373,422 | |||
| 4,210,797 | 5,376,509 | |||
| 6 | 244,600 | 402,800 | ||
| 3,966,197 | 4,973,709 | |||
| 5,976,909 | 7,004,478 | |||
| 8 | ! | (75,000) | ||
| 5,976,909 | 6,929,478 | |||
| 11 | 5,976,909 | 6,929,478 | ||
| 11 | ! | ! |
::::::::::::::::
& & & &
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& & & &
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
ACCOUNTING POLICIES
General information, scope and basis of the financial statements The Aurum Charitable Trust is an unincorporated charity constituted under a deed of settlement. The address of the principal office is given in
the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
Reclassification
In preparing the financial statements for the year to 31 May 2022 the interest paid on foreign currency holding has been reclassified as an element of expenditure rather than as negative income as it was reported previously.
Incoming resources All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings: e Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand and cash balances held within the interest-bearing cash deposits.
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
ACCOUNTING POLICIES
Fund accounting Unrestricted income funds 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.
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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& & & & & & ! ! ! ! 3,419 ! ! ! ! ~~me 8~~ 31 May 2024 31 May Unrestricted Endowment Total Unrestricted Endowment Funds Funds Funds Funds Funds & & & & & & 214,827 ! 214,827 71,866 ! 214,827 ! 214,827 71,866 ! 31 May 2024 31 May Unrestricted Endowment Total Unrestricted Endowment Funds Funds Funds Funds Funds & & & & & & ! ! 1,035,108 1,035,108 989,200 ! ! ! ! 3,160 ! ! 60,975 60,975 60,780 ! ! 2,100 2,100 1,800 1,098,183 ! 1,098,183 1,054,940 ! 31 May 2024 31 May Unrestricted Endowment Total Unrestricted Endowment Funds Funds Funds Funds Funds & & & & & & 2,100 ! 2,100 1,800 ! 2,100 ! 2,100 1,800 ! 31 May 2024 31 May Unrestricted Endowment Total Unrestricted Endowment Funds Funds Funds Funds Funds & & & & & & ! !
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& &
2,030,769
49,507
(351)
(69,213)
2,010,712
(69,213)
(69,213)
31 May 2024 31 May
Total
Funds
& &
2,100
242,500
244,600
year
31 May 2024 31 May
Total
Funds
& &
!
!
31 May 2024 31 May
Endowment Total Unrestricted Endowment
Funds Funds Funds Funds
& & & & & &
! 2,010,712 2,010,712 ! 2,030,769
244,600 3,966,197 4,210,797 477,800 4,898,709
! !
(244,600) (244,600) (402,800)
! ! ! !
(75,000)
! !
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& & & & & & ! ! (69,213) (883,356) ! ! ! 214,827 (1,098,183) 883,356 ! 214,827 (1,098,183) (69,213) Year ended 31 May 2023 funds Total Total Net gains/ Transfers Total incoming resources (losses) on between carried resources expended investments funds forward & & & & & & ! ! 33,976 .#'#"())/ ! 75,285 (1,054,940) ! #'#"()) ! !
| & | & | & | & | |
|---|---|---|---|---|
| ! | 40,000 | (40,000) | ! | |
| ! | 25,000 | (25,000) | ! | |
| ! | 25,000 | (25,000) | ! | |
| ! | 50,000 | (50,000) | ! | |
| ! | 10,000 | (10,000) | ! | |
| ! | 30,000 | (30,000) | ! | |
| ! | 25,000 | (25,000) | ! | |
| ! | 30,000 | (30,000) | ! | |
| ! | 100,000 | (50,000) | 50,000 | |
| 7,500 | ! | (7,500) | ! | |
| ~~7,500~~ | ~~335,000~~ | ~~(292,500)~~ | ~~50,000~~ | |
| ! | 35,000 | (35,000) | ! | |
| 100,000 | 100,000 | ! | (50,000) | 50,000 |
| ! | 10,000 | (10,000) | ! | |
| 50,000 | ! | (50,000) | ! | |
| ! | 50,000 | (50,000) | ! | |
| ! | 50,000 | (50,000) | ! | |
| ! | 10,000 | (10,000) | ! | |
| ! | 20,108 | (20,108) | ! | |
| ~~150,000~~ | ~~150,000~~ | ~~175,108~~ | ~~(275,108)~~ | ~~50,000~~ |
| ! | 15,000 | (15,000) | ! | |
| ! | 60,000 | (30,000) | 30,000 | |
| ! | 10,000 | (10,000) | ! | |
| ! | 15,000 | (15,000) | ! | |
| ! | 25,000 | (25,000) | ! | |
| ! | 60,000 | (60,000) | ! | |
| ! | 10,000 | (10,000) | ! | |
| 50,000 | ! | (25,000) | 25,000 | |
| ! | 30,000 | (30,000) | ! | |
| ~~50,000~~ | ~~225,000~~ | ~~(220,000)~~ | ~~55,000~~ | |
| ! | 3,000 | (3,000) | ! | |
| ! | 50,000 | (50,000) | ! | |
| ! | 100,000 | (50,000) | 50,000 | |
| 25,000 | ! | (25,000) | ! | |
| ! | 50,000 | (50,000) | ! | |
| ! | 50,000 | (50,000) | ! | |
| ~~25,000~~ | ~~253,000~~ | ~~(228,000)~~ | ~~50,000~~ | |
| ! | 25,000 | (25,000) | ! | |
| 100,000 | 100,000 | ! | (100,000) | ! |
| 62,500 | ! | (25,000) | 37,500 | |
| ! | 10,000 | (10,000) | ! | |
| 50,000 | ! | (50,000) | ! | |
| 15,000 | ! | (15,000) | ! | |
| 16,000 | 2,000 | (18,000) | ! | |
| ! | 10,000 | (10,000) | ! |
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!
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& & &
!
1 3,419 3,419
!
2 71,866 71,866
!
—75,2850 SSCS, 285
3 1,054,940 ! 1,054,940
!
~1,054,940 —~SCS;« 054,914
, ! 33,976 33,976
“33,976 .#'#"())/ ~~ (945,679)
#'#"()) .#'#"())/ !
!
(945,679) (945,679)
!
7,875,157 7,875,157
«6,929,478 ! «6,929,478
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