THE AURELIA FOUNDATION
REGISTERED CHARITY NO: 1161851 REPORT AND FINANCIAL STATMENTS FOR THE PERIOD ENDED 5 APRIL 2022
THE AURELIA FOUNDATION
TRUSTEES REPORT FOR THE PERIOD ENDED 5 APRIL 2022
Page 1
The trustees present their annual report and financial statements for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out on page 7 note 1.
Objectives and Activities for the Public Benefit
The objects of the Foundation, as set out in the Trust Deed, are such exclusively charitable purposes as the Trustees may from time to time decide.
The trustees identify projects and organisations they wish to support and so the Trust does not make grants to people or organisations that apply speculatively. The Trust also has a policy of not responding to any correspondence unless it relates to grants it has agreed to make or to the general management of the Trust.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future donations. Each application is considered on its merits and the trustees also consider the purposes for which the application has been made to confirm that the public benefit requirement has been fulfilled.
Achievements and performance
The Foundation received donations of £109,606 including Gift Aid tax relief.
Income of £13,811 was generated from the investments and cash balances and there were realised and unrealised gains on investment values of £115,260
The trustees provide grants to organisations in furtherance of the Foundation’s charitable objects. During the year ended 5 April 2022 the Foundation donated £190,500 to a wide range of charities to support their ongoing projects. The Foundation supported Ukranians evacuated from cities under siege by Russian forces, through donating to Ukranian Relief in Romamia. Other grants benefitted the disabled, disadvantaged and socially excluded people by furthering their participation in the arts, and children, their carers and vulnerable adults, living in poverty facing many life crises.
The objective is to distribute 5% of the Foundation’s assets each year to charities based in the UK in line with the recommendations of the trustees.
Financial Review
Investment Policy and Performance
The trustees have set a policy that the expendable endowment fund is invested to maximise the total return on funds within the constraints of a medium to low risk portfolio. The trustees receive and review quarterly valuations and reports.
The trustees seek the bankers to be the custodians of the investment portfolio. It is the trustees’ duty to produce a balanced investment strategy.
The trustees are satisfied with the overall performance, investment strategy and value of the investment portfolio.
Risk management
The trustees have considered the major risks to which the Foundation is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Foundation is not a functional charity but a grant-maker which also reduces the risk.
THE AURELIA FOUNDATION
TRUSTEES REPORT FOR THE PERIOD ENDED 5 APRIL 2022 (continued)
Page 2
Financial Review (continued)
Reserves Policy
The trustees have no policy of retaining significant reserves, other than to ensure that sufficient funds are held at any one time to cover the likely donations of the next three months, although this is not essential since the trustees have the power to use the Expendable Endowment Fund if required for grant making purposes.
Plans for the Future
The trustees intend to continue to distribute the Funds of the Foundation in line with their objects and are confident that they will be able to maintain the strength of the Trust as a grant making charity through sound investment management.
Structure, Governance and Management
The Aurelia Foundation (formerly known as The Cunningham Foundation) is an unincorporated registered charity, established by Deed on 12th March 2015. Under the terms of the Deed, the trustees have an absolute discretion to pay or apply the Trust Fund and Income thereof for the benefit of, or in furtherance of any charitable object or purpose as set out in the Deed.
The trustees meet twice a year to discuss policy and administrative matters and to discuss and approve any grants made by the Foundation.
The trust deed provides for a minimum of two and a maximum of eight trustees. Where there is a requirement for new trustees, these would be identified and appointed by the existing trustees.
Reference & Administrative Information
Charity Registration Number - 1161851
Trustees: Mrs C Cunningham Mr M Cunningham Mrs M Wynne Finch
Trust correspondent:
Mr M Cunningham, c/o Holbein Partners LLP, 58 Grosvenor Street, London, W1K 3JB
Bankers:
Lombard Odier, 3 Old Burlington Street, London, W1S 3AB
Solicitors: Forsters LLP, 31 Hill Street, London, W1J 5LS
Accountants:
S P Redrupp Limited, 10 Dover Road, Poole, BH13 6DZ
THE AURELIA FOUNDATION
TRUSTEES REPORT FOR THE PERIOD ENDED 5 APRIL 2022 (continued)
Page 3
Statement of Trustees Responsibilities
It is a requirement for the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the trust and of the result for the year then ended. In preparing those financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue in being.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with relevant legislation. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 30[th] November 2022 and signed on their behalf by
.................................................... Mr M Cunningham
THE AURELIA FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE AURELIA FOUNDATION
Page 4
I report on the financial statements of the Trust for the year ended 5[th] April 2022, which comprise Statement of Financial Activities and Balance Sheet, with the related notes.
This report is made solely to the Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trustees as a body, for my work or for this report.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S P Redrupp FCA S P Redrupp Limited Chartered Accountants 10 Dover Road, Poole, BH13 6DZ
30[th] November 2022
THE AURELIA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITY FOR THE PERIOD ENDED 5 APRIL 2022
Page 5
| Note | Unrestricted | Endowment | Total funds | Total funds | |
|---|---|---|---|---|---|
| Funds | Funds | Year ended | Year ended | ||
| 5 April | 5 April | ||||
| 2022 | 2021 | ||||
| £ | £ | £ | £ | ||
| Income: | |||||
| Donations | 2 | 15,856 | 93,750 | 109,606 | 116,250 |
| Investment income | 13,811 | - | 13,811 | 15,603 | |
| Total income | 29,667 | 93,750 | 123,417 | 131,853 | |
| Expenditure | |||||
| Charitable activities | 3 | 190,500 | - | 190,500 | 119,636 |
| Other | 4 | 17,062 | - | 17,062 | 14,966 |
| Total Expenditure | 207,562 |
- | 207,562 |
134,602 |
|
| Net income/(expenditure) | (177,895) | 93,750 | (84,145) | (2,749) | |
| Transfer between funds | 200,000 | (200,000) | - | - | |
| Transfer | |||||
| Other recognised gains and | |||||
| losses: | |||||
| Net gains/(losses) on investments | 5 | - | 115,260 | 115,260 | 332,112 |
| (inc. currency forward contracts) | |||||
| Net movement in funds | 22,105 |
9,010 | 31,115 | 319,363 | |
| Total funds brought forward | 81,544 |
1,720,527 |
1,802,071 |
1,482,708 | |
| Total funds carried forward | 7 | 103,649 |
1,729,537 | 1,833,186 |
1,802,071 |
THE AURELIA FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2022
Page 6
| Note Fixed assets Investments 5 Current assets Charity loans Debtors Cash at bank 6 7 Total current assets Creditors: amounts due within one year: Accruals Net current assets Total net assets / Charity Funds 7 |
5 April 2022 £ 1,675,249 125,000 3,161 33,376 161,537 (3,600) 157,937 £1,833,186 |
5 April 2021 £ 1,684,622 - 18,750 102,299 121,049 (3,600) 117,449 £1,802,071 |
|---|---|---|
Approved by the trustees on 30[th] November 2022 and signed on their behalf by
................................................... Mr M Cunningham
THE AURELIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
Page 7
1. Principal Accounting Policies
a. Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments, which are included at market value. They are also prepared in accordance with Accounting and Reporting by Charities: the Charities Statement of Recommended Practice (Charities SORP 2019 – Second Edition) and FRS102, the Financial Reporting Standard applicable in the United Kingdom. The trust constitutes a public benefit entity as defined by FRS 102.
b. Going concern
The trustees have reviewed the charity’s financial position, plans, reserves and risk management and believe the Charity has adequate resources to continue operations for the foreseeable future and therefore support the preparation of these financial statements on a going concern basis.
c. Income recognition
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 receivable can be measured reliably.
Donations are recognised when the Trust has been notified in writing of both the amount and the settlement date. Gift aid reclaimable on donations to the charity is included with the amount received.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend date. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
d. Expenditure recognition
Donations are recognised in the year in which they are approved and such approval has been communicated to the recipients, except to the extent that they are subject to conditions that enable the Foundation to revoke the award. All expenditure is accounted for on an accruals basis.
e. Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.
f. Foreign Exchange
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transactions. Balances and investments denominated in foreign currencies are translated into sterling at the rate ruling at the balance sheet date. Exchange gains or losses are taken to the Statement of Financial Activities and are included within gains and losses on revaluation.
2. Donations
Donation income is received from individual donors and includes Gift Aid where applicable.
THE AURELIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
Page 8
| 3. 4. 5. |
Charitable activities Donations CFAB Give A Future Oleg Memorial Fund Rainbow Trust Children’s Charity Shipibo Amazon Appeal St Basil’s The London Early Years Foundation The Rugby Portobello Trust The Wheelyboat Trust Turtle Key Arts Centre Trust Ukrainian Relief in Romania Westminster Roman Catholic Diocese Trust (St Patricks) Other donations of £2,000 or less: - (2021: 1) Other costs Investment management fees Accountancy fees Bank charges and interest Fixed Asset Investments Market value of investments at 6thApril 2021 Purchases Sale proceeds Investment gains/(losses) Movement in investment cash Market value of investments at 5thApril 2022 Total book cost |
2022 £ 2,500 - 7,000 62,500 - 7,500 10,000 10,000 7,500 62,500 21,000 - - _ 190,500 2022 £ 13,432 3,600 30 _ 17,062 2022 £ 1,684,622 295,234 (377,151) 115,075 (42,531) __ 1,675,249 1,284,954 |
_ |
|---|---|---|---|
THE AURELIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
Page 9
5. Fixed Asset Investments (continued)
| 5. | Fixed Asset Investments (continued) | 2022 | 2021 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Market value | |||||
| Cash and Equivalents (managed as part of the portfolio) | 19,738 | 62,269 | |||
| Real Assets | 196,401 | 156,468 | |||
| Equities | 863,212 | 929,854 | |||
| Fixed Income | 215,143 | 326,517 | |||
| Diversifiers | 344,390 | 177,962 | |||
| Longer Lockup Investment | 36,365 | 31,552 | |||
| __ | __ |
||||
| Total market value of investments | 1,675,249 |
1,684,622 |
|||
| 6. | Charity loans | 2022 | 2021 | ||
| £ | £ | ||||
| Amounts due within one year | 125,000 | - | |||
| 7. | Debtors | 2022 | 2021 | ||
| £ | £ | ||||
| Gift Aid repayment claim | 3,161 | 18,750 | |||
| 8. | Funds - analysis of Net Assets | ||||
| Expendable | |||||
| Unrestricted | Endowment Total fund |
Total fund |
|||
| Income fund | fund | 2022 | 2021 |
||
| £ | £ | £ | £ |
||
| Fixed asset investments | - | 1,675,249 | 1,675,249 | 1,684,622 |
|
| Net current assets | 103,649 | 54,288 | 157,937 | 117,449 |
|
| __ | __ | __ | _ |
||
| Total net assets | 103,649 | 1,729,537 | 1,833,186 | 1,802,071 |
All funds held by the Foundation are unrestricted and available to the Foundation to apply for the general purposes of the Foundation as set out in its governing document.
9. Related party transactions and trustee’ expenses and remuneration
The trustees all give freely their time and expertise without any form of remuneration, other benefit in the cash or kind or reimbursement of expenses.
Donations include £93,750 (including gift aid where applicable), gifted by trustees (2021: £93,750).
Mrs C Cunningham is also a trustee of Turtle Key Arts Centre Trust, which was in receipt of a donation of £62,500 during the period. Mrs Cunningham did not partake on the decision to make the donation, which was approved by the other trustees.
Mr M Cunningham is also a trustee of Rainbow Trust Children’s Charity, which was in receipt of a donation of £62,500 during the period. Mr Cunningham did not partake on the decision to make the donation, which was approved by the other trustees.