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← The Aldama Foundation

2024-04-05-accounts

THE ALDAMA FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

THE ALDAMA FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

Page
Trustee's Annual Report 1 - 3
Independent Auditor's Report 4 - 5
Statement of Financial Activities 6
Balance Sheet 7
Cash Flow Statement 8
Schedule of Investments and Income 9 - 10
Notes to the Financial Statements 11 - 16

THE ALDAMA FOUNDATION

TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024

The Trustee is pleased to present its report together with the financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

Objectives and activities

The Trustee may pay or apply the unrestricted capital and income of the Charity to or for such charitable institutions or purposes as the Trustee in its absolute discretion thinks fit.

The Trustee carries out these objectives by regularly considering appeals from other charities and making policy and funding decisions.

Public Benefit

The Trustee confirms that it has complied with the duty in section 17 of the Charities Act 2011 and has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the donations policy for the year. The benefit that arises is the provision of funding to organisations that demonstrate charitable purpose.

Achievements and performance

During the year the Trustee made grants totalling £1,004,572 [2023: £594,663] in furtherance of its objectives and continues to make grants to charitable organisations both on a one-off and recurring basis. The larger grants awarded during the year are stated in the notes to the financial statements.

The Trustee is pleased with the progress made in the financial year ended 5 April 2024 and looks forward to expanding its work with many other charities in the years to come.

Financial review

The Trustee received £111,174 in investment income in the current year [2023: £55,856] and the Trustee has achieved its intention of spending the income on charitable activities.

Net outgoing resources for the year were £163,737 [2023: incoming £81,079]. In addition the Trust realised a gain on investments of £175,103 [2023: gain £359,297] and made an unrealised gain of £173,251 [2023: loss £603,985]. The net incoming movement on funds was £184,540 [2023: outgoing £163,609].

Investment policy

The Trustee has instructed the Investment Manager that the portfolio is to be invested to produce a suitable mixture of income in order that the level of grants may be maintained and capital growth to secure the future of the Charity over the coming years. The Trustee is confident that the future income stream is secure.

The investment policy is monitored by regular investment reports and meetings with the Investment Manager. A breakdown of the investments held during the financial year ended 5 April 2024 can be seen on page 9 - 10.

Risk Management

The major risks to which the Charity is exposed have been identified and steps taken to mitigate those risks.

The main risk to the Charity concerns the investments held. The Trustee has mitigated this risk by engaging Cazenove Capital to manage the investments and monitor the portfolio and financial risks to the Charity. The Trustee regularly reviews the valuation of investments and the income stream generated.

The Trustee has satisfied itself that the trust is a going concern and has adequate resources to continue in operational existence for the foreseeable future. The charitable activities are funded by the investment portfolio and although Covid-19 did have a negative impact on this, the portfolio has recovered with sufficient value to support continued grant making.

THE ALDAMA FOUNDATION

TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024

Reserves policy

It is the intention of the Trustee to sustain the unrestricted funds at a level which will provide sufficient funds for the level of grants paid and to cover the Charity's management and administration costs.

At the Balance Sheet date the unrestricted reserves amounted to £3,340,374.

Future Plans

The Trustee does not envisage any material change to the operation of the Charity in the long-term and the investments will continue to be managed on a similar basis as they are now. Notwithstanding this, the Trustee remains flexible in terms of the type of organisations it supports.

Structure, governance and management

The Trust has charitable status and was set up by Clare Kirkman and James Kirkman by Deed dated 25 September 2008.

The management of the Charity is vested in the Trustee and they actively review the perceived major risks which the Charity faces and the Trustee is satisfied that the systems are in place to mitigate those risks.

The Trustee has received appropriate briefing on its responsibilities under the law relating to charities and its duty to ensure that its charitable activities are for the public benefit. The appointment of new trustees is vested in the Settlors during their lives. The selection of future trustees will have regard to the skills, knowledge and experience needed for the effective administration of the Charity. Induction and training for trustees is provided where relevant.

Reference and administrative information

A registered charity, registered with the Charity Commissioners for England and Wales as number 1126791.

Principal Office: 4th Floor, 7 Swallow Street London W1B 4DE

The Trustee is Dickinson Trust Limited. The Directors of Dickinson Trust Limited are: The Hon H M T Gibson (Chairman) The Viscount Cowdray The Hon C A Pearson The Hon P N Gibson The Hon B C Gurdon Mr J R E Smith Mr R C P Troughton (Retired 13 June 2024) Mrs S J Burrell Mrs C A Bullough (Appointed 30 August 2024) Mr S J Atkinson Mrs F A Rice Mr M P Harris Mr K Wright

Solicitors: Currey & Co LLP 33 Queen Anne Street London W1G 9HY

Auditors: Martin and Company Audit Limited 25 St Thomas Street Winchester Hampshire SO23 9HJ

THE ALDAMA FOUNDATION

TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024

Banker: Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA

Banker: Schroder & Co 1 London Wall Place London EC2Y 5AU

Investment Manager: Cazenove Capital 1 London Wall Place London EC2Y 5AU

Statement of Trustee's Responsibilities

The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustee must not approve the financial statements unless it is satisfied that they 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 trustee is required to:

The Trustee is responsible for keeping adequate accounting records which are sufficient to show and explain the charity's transactions and 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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. It is 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.

24 October 2024

Approved by the Trustee on ____ and signed on its behalf by:

Dickinson Trust Limited

Director

THE ALDAMA FOUNDATION

INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 5 APRIL 2024

Opinion

We have audited the financial statements of The Aldama Foundation (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence 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 concern 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 concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustee is with respect to going concern are described in the relevant sections of this report.

Other information

The trustee is responsible for the other information. The other information comprises the information included in the trustee's annual report, other than the financial statements and our auditor's report thereon.

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.

In connection with our audit of the financial statements, 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 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 in relation where the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 5 APRIL 2024

THE ALDAMA FOUNDATION

Responsibilities of trustees

As explained more fully in the Statement of Trustee's Responsibilities, the trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustee determines 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 trustee is 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.

Our 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 a Report of the Independent Auditors 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:

We obtained an understanding of the legal and regulatory framework applicable to the charity via discussions with the trusteeand our previous knowledge of the charity. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the Charities Act 2011, the Charities SORP (FRS 102) and Financial Reporting Standard 102. The charity complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.

As part of our planning process we assessed susceptibility of the charity's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of The Aldama Foundation are revenue recognition and eligibility of charitable giving. The trustee confirmed no actual, suspected or alleged cases of fraud.

Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing the income and gains on the investments, the income on investment property and the charitable donations made.

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.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Martin and Company Audit Limited

Chartered Accountants and Statutory Auditors

Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 25 St Thomas Street SO23 9HJ

Date: 24/10/2024

THE ALDAMA FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

2024
Note
Unrestricted
funds
£
Income from:
Donations and legacies
4
764,741
Investments
5
111,174
Total
875,915
Expenditure on:
Raising funds
6
1,803
Charitable activities
7
1,037,849
Total
1,039,652
Net income/(expenditure)
(163,737)
Other recognised gains/(losses):
Gains/(losses) on investment assets
11
348,354
Gains/(losses) on foreign currency
(77)
Net movement in funds
184,540
Reconciliation of funds:
Total funds brought forward
16
3,155,834
Total funds carried forward
3,340,374		 2024
2023
Total
Prior year
funds
total funds
£
£
764,741
655,392
111,174
55,856
875,915
711,248
1,803
2,164
1,037,849
628,005
1,039,652
630,169
(163,737)
81,079
348,354
(246,670)
(77)
1,982
184,540
(163,609)
3,155,834
3,319,443
3,340,374
3,155,834

THE ALDAMA FOUNDATION

BALANCE SHEET AS AT 5 APRIL 2024

Note 2024 2023
Total Prior year
funds funds
£ £
Fixed Assets:
Investments 11 4,442,005 4,334,278
Total Fixed Assets 4,442,005 4,334,278
Current Assets:
Cash at bank 12 647,940 680,735
Total Current Assets 647,940 680,735
Liabilities:
Creditors: Amounts falling due within one year 13 (914,571) (839,179)
Net Current Assets or Liabilities (266,631) (158,444)
Total Assets less Current Liabilities 4,175,374 4,175,834
Creditors: Amounts falling due after more than 1 year (835,000) (1,020,000)
Total Net Assets or Liabilities 3,340,374 3,155,834
The Funds of the Charity:
Unrestricted funds 16 3,340,374 3,155,834
Total Charity Funds 3,340,374 3,155,834

Approved by the Trustee on ____ and signed on its behalf by: 24 October 2024

Dickinson Trust Limited

Director

THE ALDAMA FOUNDATION

CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2024

Note 2024 2023
Total Prior year
funds funds
£ £
Cash generate from operating activities:
Net cash provided by (used in) operating activities 17 (384,519) (631,972)
Cash flows from other sources:
Dividends, interest and rents from investments 111,174 55,856
Proceeds from sale of investment 2,052,719 1,824,557
2,163,893 1,880,413
Application of cash:
Purchase of investments (1,812,169) (958,078)
(1,812,169) (958,078)
Net increase/(decrease) in cash (32,795) 290,363
Cash at bank and in hand less overdrafts at the beginning 680,735 390,372
of the year
Cash at bank and in hand less overdrafts at year end 18 647,940 680,735

THE ALDAMA FOUNDATION

SCHEDULE OF INVESTMENTS AND INCOME FOR THE YEAR ENDED 5 APRIL 2024

Holding
Market Value
06 April 2023
06 April 2023
£
Cazenove Capital Portfolio
GAM
FCM Cat Bond Inc Shs USD
Gam Funds
Gam Funds Gam Gbl Divsfd Instl GBP Dis
GAM Star
Asian Equity - GBP - Dis
GAM Star
Capital Appreciation US Equity
Gryphon Investment Funds
East River Fund
19,020.00
4,334,278
JP Morgan Liquidity Funds
GBP Liquidity E
Cazenove Capital Portfolio
4,334,278		 Additions
Cost
£
35,339.30
305,007.69
113,992.70
310,400.83
22,971.77
989,050.00
1,776,762.29		 Disposals
Proceeds
£
35,392.10
305,007.69
113,992.70
310,400.83
439,645.40
812,950.00
2,017,388.72		 Profit
Holding
Book Value
Market Value
(Loss)
05 April 2024
05 April 2024
05 April 2024
£
£
£
52.80
175,141.63
17,195.40
2,368,662.00
4,266,005
(91.10)
176,000.00
176,008.90
176,000
175,103.33
2,544,670.90
4,442,005		 Percentage
of total
96.04 %
3.96 %
100.00 %		 Gross
Income
£
73,751.18
22,621.78
96,372.96

THE ALDAMA FOUNDATION

SCHEDULE OF INVESTMENTS AND INCOME FOR THE YEAR ENDED 5 APRIL 2024

Holding Market Value Additions Disposals Profit Holding Book Value Market Value Percentage Gross 06 April 2023 06 April 2023 Cost Proceeds (Loss) 05 April 2024 05 April 2024 05 April 2024 of total Income £ £ £ £ £ £ £ US Dollar United States Dollars - Capital 0.99 1 35,407.02 35,331.23 (76.61) US Dollar 1 35,407.02 35,331.23 (76.61) TOTAL: 4,334,279 1,812,169.31 2,052,719.95 175,026.72 2,544,670.90 4,442,005 100.00 % 96,372.96

THE ALDAMA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1 Statutory Information

The Aldama Foundation is a registered charity. The registered number and principal office address can be found in the Report of the Trustee's.

2 Accounting Policies

a) Basis of financial statements preparation

The financial statements of the charity, which is a public benefit entity, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been removed.

The Trustee considers that there are no material uncertainties about the Trust's ability to continue as a going concern.

b) Nature of funds

All funds held are unrestricted and the Trustee is free to use them in accordance with the charitable objects.

c) Fixed asset investments

Investments are stated at market value at the Balance Sheet date. Overseas investments are translated into sterling at the rates ruling at the year end. The Statement of Financial Activities (SOFA) includes the net gains and losses on revaluation and disposals throughout the year.

d) Income

Income is recognised in the SOFA once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

e) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

f) Charitable grants

Grants payable are recognised in the SOFA when they are approved by the Trustee and the recipient has been informed of the amount to be paid.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

THE ALDAMA FOUNDATION

g) Foreign currencies

Transactions denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the date of the transaction. At the Balance Sheet date monetary assets and liabilities denominated in a foreign currency are translated at the rate ruling at that date. All exchange differences are dealt with in the SOFA.

h) Irrecoverable VAT

Irrecoverable VAT is written off to the same expense category in which the actual expenditure was incurred.

3 Remuneration of Trustees

In the financial year to 5 April 2024 the Trustee did not receive any remuneration or have its expenses reimbursed by the Charity. Dickinson Trust Limited charged administration expenses of £30,649 [2023: £30,442].

4
Donations and legacies
Stocks and shares gifted by Settlors
5
Investment income
Income from investments
Gross bank interest
US Dollar deposit interest
6
Expenditure on raising funds
Investment management fees
7
Charitable activities
Direct costs
Support costs
(see note 8)
(see note 9)
£
£
Charitable expenditure
1,004,572
33,277		 2024
£
764,741
764,741
2024
£
96,373
14,786
15
111,174
2024
£
1,803
1,803
2024
Total
£
1,037,849		 2023
£
655,392
655,392
2023
£
49,507
6,302
47
55,856
2023
£
2,164
2,164
2023
Total
£
628,005

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

THE ALDAMA FOUNDATION

8 Direct costs

The Charity undertook no direct charitable activities but awarded grants to a number of institutions in furtherance of its charitable objectives. These are as follows:

Francis Crick Institute
World Monuments Fund
Fare Share
Trussell Trust
National Portrait Gallery
SAVE
Other grants (equal to or individually less than £20,000)
Total for the year
Analysis of grants made
Grants to
Grants to
institutions
individuals
£
£
Advancement of education
4,600
-
Advancement of health or the saving of lives
335,000
-
Advancement of citizenship or community development
20,000
-
Advancement of the arts, culture, heritage or science
389,972
-
Advancement of environmental protection or improvement
10,000
-
Relief of those in need, by reason of youth, age, ill-health,
disability, financial hardship or other disadvantage
245,000
-
1,004,572
-
9
Support costs
2024
£
Administration expenses
30,649
Bank charges
218
Portfolio Stewardship fees
2,410
33,277		 £
325,000
225,000
120,000
120,000
52,500
25,000
867,500
137,072
1,004,572
Total
£
4,600
335,000
20,000
389,972
10,000
245,000
1,004,572
2023
£
30,442
7
2,893
33,342

During the year administration expenses of £30,649 were charged by Dickinson Trust Limited (trustee). The amount of £2,500 plus VAT was charged by Martin and Company Audit Limited for their Independent Audit of these Financial Statements

10 Staff costs

There are no employees so consequently no staff costs have been incurred.

THE ALDAMA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

11 Fixed asset investments 2024 2023
£ £
Market value brought forward 4,334,278 5,445,445
Additions 1,812,169 958,078
Less disposal proceeds (2,052,719) (1,824,557)
Net gains/(losses) on investments 348,277 (244,688)
Market value carried forward 4,442,005 4,334,278
Geographical analysis 2024 2023
£ £
United Kingdom investments 4,442,005 4,334,278
4,442,005 4,334,278

The investments were revalued each year up to 5 April 1999. Therefore, there is no historic cost figure available. The book value of the investments at 5 April 2024 was £2,544,671.

Net gains/(losses) on investments includes realised gains for the year of £175,103 [2023: gain £357,315] and unrealised gains on revaluation to market value of £173,251 [2023: loss £603,985].

12
Cash at bank
Royal Bank of Scotland
Schroder & Co
13
Creditors: Amounts falling due within one year
Trustees' fees
Payments due to charities
Portfolio Stewardship Fees
14
Creditors: Amounts falling due after more than one year
Payments due to charities		 2024
£
43,342
604,598
647,940
2024
£
2,161
910,000
2,410
914,571
2024
£
835,000
835,000		 2023
£
30,599
650,136
680,735
2023
£
6,286
830,000
2,893
839,179
2023
£
1,020,000
1,020,000

THE ALDAMA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

15 Commitments made Annual value Number Total
£ of years £
No conditions attached:
Francis Crick Institute 65,000 5 325,000
Francis Crick Institute 60,000 1 60,000
Trussell Trust 80,000 1 80,000
Fare Share 120,000 1 120,000
Science Museum 100,000 2 200,000
World Monuments Fund 100,000 2 200,000
Royal Botanic Gardens Kew 50,000 2 100,000
Institute of Cancer Research 60,000 1 60,000
National Gallery 225,000 2 450,000
University of Cambridge 50,000 3 150,000
1,745,000
Conditions attached:
World Monuments Fund 25,000 no limit set n/a
Sir John Soane Museum 9,250 no limit set n/a
Deccan Heritage Gallery 5,000 no limit set n/a
Pallant House Gallery 1,000 no limit set n/a
Camden Music Trust 5,000 no limit set n/a
SAVE 25,000 no limit set n/a
Royal College of Music 14,500 no limit set n/a
AIDS Ark 10,000 no limit set n/a
Sussex Community Foundation 10,000 no limit set n/a
16 Movement in funds 2024 2023
£ £
Unrestricted funds:
Balance brought forward 3,155,834 3,319,443
Net movement in funds 184,540 (163,609)
Balance carried forward 3,340,374 3,155,834
Net movement in funds included in the above are as follows:
Gains and Movement
Income Outgoings losses in funds
£ £ £ £
Unrestricted Funds 875,915 (1,039,652) 348,277 184,540

THE ALDAMA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

17 Reconciliation of net income/(expenditure) to net cash flow from Operating Activities

2024 2023
£ £
Net income/(expenditure) (as per the Statement of Financial Activities) (163,737) 81,079
Adjustments for:
Dividends, interest and rent from investments (111,174) (55,856)
Increase/(decrease) in creditors (109,608) (657,195)
Net cash provided by/(used in) Operating Activities (384,519) (631,972)

18 Reconciliation of net income/(expenditure) to net cash flow from Operating Activities

Reconciliation of net income/(expenditure) to net cash flow from Operating Activities
Cash at bank and in hand 2024
£
647,940
647,940		 2023
£
680,735
680,735

19 Related Party Transactions

During the year the Charity incurred fees of £2,410 [2023: £2,893] from Millbank Financial Services Limited ('MFS') for their Portfolio Stewardship service. The Hon H M T Gibson, The Hon C A Pearson and Mr M P Harris (Directors of The Dickinson Trust Limited) are Directors of MFS.

It should also be noted that a sibling of The Hon H M T Gibson, the father of Mrs C A Bullough and the mother of Mr R C P Troughton (Director of The Dickinson Trust Limited) are also Directors of MFS, namely The Hon W K Gibson and Mrs S H Troughton respectively.

Mr R C P Troughton retired as Director of Dickinson Trust Limited on 13 June 2024.

During the year James and Clare Kirkman (Settlors) donated investments valued at £764,741 to the charitable trust.