## **THE AURELIA FOUNDATION** 

**REGISTERED CHARITY NO: 1161851** 

**REPORT AND FINANCIAL STATMENTS FOR THE PERIOD ENDED 5 APRIL 2024** 



## **THE AURELIA FOUNDATION** 

## **TRUSTEES REPORT FOR THE PERIOD ENDED 5 APRIL 2024** 

Page 1 

The trustees present their annual report and financial statements for the year ended 5 April 2024.  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 £117,864 including Gift Aid tax relief. 

Income of £23,207 was generated from the investments, loans, and cash balances. 

The trustees provide grants to organisations in furtherance of the Foundation’s charitable objects.  During the year ended 5 April 2024 the Foundation donated £126,450 to a wide range of charities to support their ongoing projects. The Foundation supported Ukrainians evacuated from cities under siege by Russian forces, donating to Ukrainian Relief in Romania and Poltava Regional Public Health Charity Fund. The Foundation also supported MIND, helping and supporting those with mental health problems.  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_ 

It is the trustees’ duty to make investment decisions to further the charity’s purposes.  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 have delegated the ongoing management of the investment portfolio to Investment managers, engaging them to deliver on the investment policy. 

The trustees receive and review quarterly valuations and reports on the investment portfolio and 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 2024 (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 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 AlTi Wealth Management (UK) Ltd, 5[th] Floor, Nova North, 11 Bressenden Place, London SW1E 5BY 

Investment Managers: AlTi Wealth Management (UK) Ltd, 5[th] Floor, Nova North, 11 Bressenden Place, London SW1E 5BY 

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 2024 (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: 

- Select suitable accounting policies and then apply them consistently; 

- Make judgements and estimates that are reasonable and prudent; 

- State whether applicable accounting standards 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 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 12[th] December 2024 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 2024, 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: 

- examine the accounts under section 145 of the Charities Act, 

- 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 

- 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: 

- the accounting records were not kept in accordance with section 130 of the Charities Act; or 

- the accounts did not accord with the accounting records; or 

- 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 

13[th] December 2024 



## **THE AURELIA FOUNDATION** 

## **STATEMENT OF FINANCIAL ACTIVITY FOR THE PERIOD ENDED 5 APRIL 2024** 

Page 5 

||**Note**|**Unrestricted**|**Endowment**|**Endowment**|**Total funds**|**Total funds**|
|---|---|---|---|---|---|---|
|||**Funds**|**Funds**||**Year ended**|**Year ended**|
||||||**5 April**|**5 April**|
||||||**2024**|**2023**|
|||**£**|**£**||**£**|**£**|
|**Income:**|||||||
|Donations|2|24,114|93,750||117,864|116,253|
|Investment income||23,207||-|23,207|19,920|
|Total income||47,321|93,750||141,071|136,173|
|**Expenditure**|||||||
|Charitable activities|3|126,450||-|126,450|220,502|
|Other|4|16,493||-|16,493|16,291|
|**Total Expenditure**||142,943<br>||-<br>|142,943<br>|<br>236,793<br>|
|Net income/(expenditure)||(95,622)|93,750||(1,872)|(100,620)|
|Transfer between funds||100,000|(100,000)||**-**|-|
|Transfer|||||||
|Other recognised gains and|||||||
|losses:|||||||
|Net gains/(losses) on investments|5|-|149,782||149,782|(63,001)|
|(inc. foreign exchange gains and|||||||
|losses)|||||||
|Net movement in funds||<br>4,378|143,532||147,910|(163,621)|
|Total funds brought forward||109,279<br>|1,560,286<br>||1,669,565<br>|1,833,186|
|Total funds carried forward|7|113,657<br>|1,703,818<br>||1,817,475<br>|<br>1,669.565<br>|





## **THE AURELIA FOUNDATION** 

## **BALANCE SHEET AS AT 5 APRIL 2024** 

Page 6 

||**Note**|**5 April 2024**|**5 April 2023**|
|---|---|---|---|
|||**£**|**£**|
|**Fixed assets**||||
|Investments|5|1,783,422|1,642,982|
|**Current assets**||||
|Debtors|6|612|-|
|Cash at bank||37,341|31,508|
|**Total current assets**||37,953|31,508|
|**Creditors**: amounts due within||||
|one year:||||
|Accruals||(3,900)|(3,600)|
|Grant commitments||-|(1,325)|
|**Net current assets**||34,053|26,583|
|**Total net assets / Charity Funds**|7|£1,817,475|£1,669,565|



Approved by the trustees on 12[th] December 2024 and signed on their behalf by 

................................................... Mr M Cunningham 



## **THE AURELIA FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024** 

Page 7 

## **1. Principal Accounting Policies** 

## **a. Basis of accounting** 

The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

## **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 2024** 

Page 8 

|**3.**<br>**4.**<br>**5.**|**Charitable activities**<br>Donations<br>Ark House Rehab<br>Bethlehem Care and Hospice Trust<br>CFAB<br>Depaul International<br>Global Canopy<br>Hammersley Homes<br>Insulate Ukraine<br>James’ Place<br>MIND<br>Ockham’s Razor<br>Parkinson’s UK<br>Public Health Poltava Regional Charity<br>Rainbow Trust Children’s Charity<br>Simon Rivett-Carnac Trust<br>Turtle Key Arts Centre Trust<br>Ukrainian Relief in Romania<br>University of Oxford Development Trust – BrainWaves<br>Other donations of £3,000 or less: 2 (2023: 2)<br>**Other costs**<br>Investment management fees<br>Accountancy fees<br>Bank charges and interest<br>**Fixed Asset Investments**<br>Market value of investments at 6thApril 2023<br>Purchases<br>Sale proceeds<br>Investment gains/(losses)<br>Movement in investment cash<br>Market value of investments at 5thApril 2024<br>Total book cost|**2024**<br>**£**<br>-<br>5,000<br>-<br>-<br>-<br>-<br>-<br>15,000<br>5,000<br>-<br>13,250<br>7,200<br>-<br>62,500<br>10,000<br>5,000<br>3,500<br>________<br>126,450<br> <br> <br>**2024**<br>**£**<br>12,549<br>3,900<br>44<br>________<br>16,493<br>  <br>**2024**<br>**£**<br>1,642,982<br>268,730<br>(265,454)<br>150,032<br>(12,868)<br>________<br>1,783,422<br>  <br>1,412,215<br>|<br>_|
|---|---|---|---|





## **THE AURELIA FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024** 

Page 9 

|**5.**<br>**Fixed Asset Investments (continued)**<br>**Market value**<br>Cash and Equivalents (managed as part of the portfolio)<br>Real Assets<br>Equities<br>Fixed Income<br>Diversifiers<br>Longer Lockup Investment<br>Total market value of investments<br>**6.**<br>**Debtors**<br>Gift Aid repayment claim|**2024**<br>**£**<br>93,059<br>245,125<br>819,701<br>252,105<br>339,370<br>34,062<br>________<br>1,783,422<br>  <br>**2024**<br>**£**<br>612|**2023**<br>**£**<br>105,927<br>243,320<br>693,367<br>234,396<br>327,997<br>37,975<br>________<br>1,642,982<br> <br>**2023**<br>**£**<br>-|
|---|---|---|



## **7. Funds - analysis of Net Assets** 

|**Funds - analysis of Net Assets**|||||
|---|---|---|---|---|
|||**Expendable**|||
||**Unrestricted**|**Endowment**|**Total fund**|**Total fund**|
||**Income fund**|**fund**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Fixed asset investments|79,604|1,703,818|1,783,422|1,642,982|
|Net current assets|34,053|-|34,053|26,583|
||________|________|________|_______|
|Total net assets|113,657|1,703,818|1,817,475|1,669,565|



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. 

## **8. 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 (2023: £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 £7,200 during the period.  Mr Cunningham did not partake on the decision to make the donation, which was approved by the other trustees.