THE AITKEN FAMILY CHARITABLE TRUST
Trustees’ Report
and Unaudited Financial Statements
for the year ended 16 February 2021
Registered Charity Number 1168153
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
INDEX
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Independent Examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Statement of cash flows | 7 |
| Accounting policies | 8 |
| Notes to the financial statements | 10 |
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDIED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
CHARITY INFORMATION
Trustees
Peter J Aitken (Setlor) Jane K Aitken (Settlor) Katherine G Aitken Anna J Aitken Lucy A Aitken from 20 August 2020 Coutts & Co to 05 July 2021
Ludlow Trust Company Limited from 05 July 2021
Principal office
Ludlow Trust Company Limited Trustee Department 1[st] Floor Tower Wharf Cheese Lane Bristol BS2 0JJ
Registered charity number
1145866
Independent Examiner
Geoffrey Frost Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Bankers and investment managers
Coutts & Co 440 The Strand London WC2R 0QS
Solicitors
TLT LLP One Redcliffe Street Bristol BS1 1TP
Page 1
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
THE AITKEN FAMILY CHARITABLE TRUST
TRUSTEES’ REPORT
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 16 February 2021. 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 Aitken Family Charitable Trust is a registered charity constituted under a trust deed dated 16 February 2016 and registered as a charity 11 July 2016.
The trust is controlled by the trustees (list provided on page 1). Trustees are appointed by the settlors during their lifetime and subject to that the trustees.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The charity is managed by the trustees, with all decisions taken by the trustees.
The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co’s systems and controls they have established effective systems to mitigate those risks.
OBJECTIVES AND ACTIVITIES
The charity’s objects are to the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of such exclusively charitable objects and purposes in any part of the world as the Trustees may in their discretion think fit.
In order to further the charity’s objects the Trustees make grants to charitable organisations for the public benefit. These grants are made to organisations whose core purposes meet the charity’s objects and the trustees consider in making these grants the charity is fulfilling its aims.
In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW
During the year under review the charity made grants in furtherance of the objects amounting to £880,000 (2020: £195,000).
During the year under review the charity received donations amounting to £300,000 (2020: £800,000) and gift aid of £200,000 (2020: £75,000) which has been added to the capital fund.
At 16 February 2021 the charity’s total funds amounted to £2,575,580 (2020: £2,685,938) with reserves a deficit of £959 (2020 surplus: £69,542). 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.
The trustees have continued their investment policy of holding funds in a mix of fixed interest securities and equities to provide income and maintain capital.
FUNDRAISING STANDARDS
The charity does carry out any fundraising activities from the public with grants made from income derived from capital and capital withdrawals.
Page 2
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
THE AITKEN CHARITABLE TRUST
TRUSTEES’ REPORT
PLANS FOR FUTURE PERIODS
The trustees intend to continue the charity’s grant-making activity in furtherance of the charity’s objects.
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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
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 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.
APPOINTMENT OF INDEPENDENT EXAMINER
During the year under review the charity remained below the threshold for audit and appointed Geoffrey Frost of Blue Spire Limited as examiner to the charity. Geoffrey Frost has expressed his willingness to continue as examiner to the charity for subsequent financial years where the charity remains below the audit threshold.
Approved by the trustees and signed on their behalf.
Julian Doughty on behalf of Ludlow Trust Company Limited Trustee
08 December 2021 Date
Page 3
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
INDEPENDENT EXAMINER’S REPORT
Independent Examiner’s Report to the Trustees of The Aitken Family Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 16 February 2021 which are set out on pages 5 to 14.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Insititute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do 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 no concerns and 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.
Geoffey Frost BSc(Hons) FCA Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Date[08 December 2021]
Page 4
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Total EXPENDITURE ON: Raising funds - Investment management fees 3 Charitable activities 4 Total Net gains/(losses) on investment assets Net income/(expenditure) Transfers between funds 12 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 12 Total funds carried forward 12 |
Unrestricted Funds £ - 39,363 39,363 - 881,920 881,920 - (842,557) 772,056 (70,501) 69,542 (959) |
Endowment Funds £ 500,000 - 500,000 28,130 - 28,130 260,329 732,199 (772,056) (39,857) 2,616,396 2,576,539 |
2021 Total Funds £ 500,000 39,363 539,363 28,130 881,920 910,050 260,329 (110,358) - (110,358) 2,685,938 2,575,580 |
2020 Total Funds £ 875,000 40,279 |
|---|---|---|---|---|
| 915,279 | ||||
| 24,025 195,780 |
||||
| 219,805 | ||||
| 153,681 | ||||
| 849,155 - |
||||
| 849,155 1,836,783 |
||||
| 2,685,938 |
None of the charity's activities were acquired or discontinued during the above two financial years.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
Page 5
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
BALANCE SHEET AS AT 16 FEBRUARY 2021
| Note FIXED ASSETS Investments - managed funds 9 Total fixed assets CURRENT ASSETS Cash at hand and in bank Total current assets CURRENT LIABILITIES Creditors: amounts falling due within one year 10 Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year - grants payable Total assets/(liabilities) THE FUNDS OF THE CHARITY Expendable endowment funds 12 Unrestricted funds 12 Total charity funds |
£ £ 2,312,929 2,312,929 268,055 268,055 5,404 262,651 2,575,580 - 2,575,580 2,576,539 (959) 2,575,580 2021 |
£ £ 2,071,014 2,071,014 619,174 619,174 4,250 614,924 2,685,938 - 2,685,938 2,616,396 69,542 2,685,938 2020 |
£ £ 2,071,014 2,071,014 619,174 619,174 4,250 614,924 2,685,938 - 2,685,938 2,616,396 69,542 2,685,938 2020 |
|---|---|---|---|
| 2,685,938 - |
|||
| 2,685,938 | |||
| 2,616,396 69,542 |
|||
| 2,685,938 |
The notes on pages 10 to 14 form part of the financial statements.
08 December 2021
The financial statements on pages 5 to 14 we approved and authorised for issue by the trustee on ……………………………………. and signed on its behalf by:
…………………………………………
Julian Doughty on behalf of Ludlow Trust Cmpany Limited Trustee
Page 6
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
STATEMENT OF CASH FLOWS
| Note Net cash flow from operating activities (see below) Cash flow from investing activities Cost of fixed asset investment additions Proceeds on sale of fixed asset investments Interest and dividends Net cash flow from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 17 February 2020 Cash and cash equivalents at 16 February 2021 Cash and cash equivalents consist of: Cash at bank and in hand Cash and cash equivalents at 16 February 2021 Reconciliation of net income to net cash flow from operating activities Net income for the year Adjusted for: Interest and dividends (Gains)/losses on investments Increase/(decrease) in creditors |
£ £ (330,170) (1,454,029) 1,472,443 (39,363) (20,949) (351,119) 619,174 268,055 268,055 268,055 £ £ (110,358) 39,363 (260,329) 1,154 (219,812) (330,170) 2021 2021 |
£ £ 736,700 (1,454,467) 1,155,130 (40,279) (339,616) 397,084 222,090 619,174 619,174 619,174 £ £ 849,155 40,279 (153,681) 947 (112,455) 736,700 2020 2020 |
£ £ 736,700 (1,454,467) 1,155,130 (40,279) (339,616) 397,084 222,090 619,174 619,174 619,174 £ £ 849,155 40,279 (153,681) 947 (112,455) 736,700 2020 2020 |
|---|---|---|---|
| 736,700 |
Page 7
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
THE AITKEN FAMILY CHARITABLE TRUST
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Aitken Family Charitable Trust is an unincorporated association constituted under a trust deed. 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.
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:
● Raising funds; these include investment management fees charged by the charity's investment managers
● 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.
Page 8
THE AITKEN FAMILY CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
ACCOUNTING POLICIES
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
Investments held in foreign currencies
Where investment assets are held in a foreign currency they are translated at the prevailing rate at the balance sheet date and any gain/loss on exchange rate movements is included in the statement of financial activities in the other recognised gains and losses section.
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.
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.
Page 9
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
NOTES TO THE FINANCIAL STATEMENTS
1. Donations and legacies
| Unrestricted Funds £ Donations - Gift aid - - 2. Investment income Unrestricted Funds £ Income from investments 38,934 Interest on cash deposits 429 39,363 3. Raising funds - investment management charges Unrestricted Funds £ Fees paid to investment managers - - |
Endowment Funds £ 300,000 200,000 500,000 Endowment Funds £ - - - Endowment Funds £ 28,130 28,130 |
2021 Total Funds £ 300,000 200,000 500,000 2021 Total Funds £ 38,934 429 39,363 2021 Total Funds £ 28,130 28,130 |
Unrestricted Funds £ - - - Unrestricted Funds £ 39,406 873 40,279 Unrestricted Funds £ - - |
Endowment Funds £ 800,000 75,000 875,000 Endowment Funds £ - - - Endowment Funds £ 24,025 24,025 |
2020 Total Funds £ 800,000 75,000 |
|---|---|---|---|---|---|
| 875,000 | |||||
| 2020 Total Funds £ 39,406 873 |
|||||
| 40,279 | |||||
| 2020 Total Funds £ 24,025 |
|||||
| 24,025 |
4. Charitable activities
| Grants (see note 5) Governance costs (see note 6) |
Unrestricted Funds £ 880,000 1,920 881,920 |
Endowment Funds £ - - - |
2021 Total Funds £ 880,000 1,920 881,920 |
Unrestricted Funds £ 195,000 780 195,780 |
Endowment Funds £ - - - |
2020 Total Funds £ 195,000 780 |
|---|---|---|---|---|---|---|
| 195,780 |
Page 10
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
NOTES TO THE FINANCIAL STATEMENTS
5. Grants - to institutions (1 grant unless annotated)
| Chelsea and Westminster Hospital; COVID-19 Fund Chelsea and Westminster Hospital; CWPLUS First Story Limited St Anne's College Oxford St Pauls Girls School University of Oxford; Coronavirus Research Fund 3 grants University of Oxford; St Annes College Worcester College |
2021 Unrestricted Funds £ 200,000 100,000 15,000 85,000 50,000 300,000 30,000 100,000 880,000 |
2020 Unrestricted Funds £ - 100,000 15,000 30,000 50,000 - - - |
|---|---|---|
| 195,000 |
6. Governance Costs
| Legal fees Independent examiner's fees |
Unrestricted Funds £ 300 1,620 1,920 |
Endowment Funds £ - - - |
2021 Total Funds £ 300 1,620 1,920 |
Unrestricted Funds £ - 780 780 |
Endowment Funds £ - - - |
2020 Total Funds £ - 780 |
|---|---|---|---|---|---|---|
| 780 |
7. Examiner's remuneration
| 7. Examiner's remuneration | ||||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | £ | £ | |
| Examiner's fees - examination | 1,620 | - | 1,620 | 780 | - | 780 |
8. Related party transactions
Fees payable to Coutts & Co, which was a trustee of the charity, are included under raising funds and governance costs and are authorised under section 6 of the trust deed. At the balance sheet date £3,784 (2020: £3,470) was accrued in respect of these fees.
The charity has no employees, with all administration being carried out by the trustees. No trustees received remuneration nor expenses in the year under review or the comparative year.
Page 11
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
NOTES TO THE FINANCIAL STATEMENTS
9. Fixed asset investments - managed funds
| 9. Fixed asset investments - managed funds | ||
|---|---|---|
| Market value brought forward Additions at cost Disposals at proceeds Gain/(Loss) on revaluation Market value carried forward Asset distribution Listed investments |
2021 £ 2,071,014 1,454,029 (1,472,443) 260,329 2,312,929 2,312,929 2,312,929 |
2020 £ 1,617,996 1,454,467 (1,155,130) 153,681 |
| 2,071,014 | ||
| 2,071,014 | ||
| 2,071,014 |
10. Creditors: amounts falling due within one year
| Accruals - Professional fees Accruals - management fees |
Unrestricted Funds £ 1,620 - 1,620 |
Endowment Funds £ - 3,784 3,784 |
2021 Total Funds £ 1,620 3,784 5,404 |
Unrestricted Funds £ 780 - 780 |
Endowment Funds £ - 3,470 3,470 |
2020 Total Funds £ 780 3,470 |
|---|---|---|---|---|---|---|
| 4,250 |
11. Analysis of net assets between funds
| Fixed assets Current assets Current liabilities |
Unrestricted Funds £ - 661 (1,620) (959) |
Endowment Funds £ 2,312,929 267,394 (3,784) 2,576,539 |
2021 Total Funds £ 2,312,929 268,055 (5,404) 2,575,580 |
Unrestricted Funds £ - 70,322 (780) 69,542 |
Endowment Funds £ 2,071,014 548,852 (3,470) 2,616,396 |
2020 Total Funds £ 2,071,014 619,174 (4,250) |
|---|---|---|---|---|---|---|
| 2,685,938 |
12. Analysis of net movements in funds
| Total funds brought forward Total incoming resources Total resources expended Gains/(losses) on investments Transfers between funds Total funds carried forward |
Unrestricted Funds £ 69,542 39,363 (881,920) - 772,056 (959) |
Endowment Funds £ 2,616,396 500,000 (28,130) 260,329 (772,056) 2,576,539 |
2021 Total Funds £ 2,685,938 539,363 (910,050) 260,329 - 2,575,580 |
Unrestricted Funds £ 29,643 40,279 (195,780) - 195,400 69,542 |
Endowment Funds £ 1,807,140 875,000 (24,025) 153,681 (195,400) 2,616,396 |
2020 Total Funds £ 1,836,783 915,279 (219,805) 153,681 - |
|---|---|---|---|---|---|---|
| 2,685,938 |
The transfer of funds from the expendable endowment fund to unrestricted general fund was implemented by the trustees in order to provide resources for grant awards in furtherance of the charity's objectives as authorised by clause 2.3 of the trust deed.
Page 12
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
NOTES TO THE FINANCIAL STATEMENTS
13. Comparative statement of financial activities
| Unrestricted Endowment Funds Funds Note £ £ INCOME AND ENDOWMENTS FROM: Donations and legacies 1 - 875,000 Investments 2 40,279 - Total 40,279 875,000 EXPENDITURE ON: Raising funds - Investment management fees 3 - 24,025 Charitable activities 4 195,780 - Total 195,780 24,025 Net gains/(losses) on investment assets - 153,681 Net income/(expenditure) (155,501) 1,004,656 Transfers between funds 12 195,400 (195,400) Net movement in funds 39,899 809,256 RECONCILIATION OF FUNDS Total funds brought forward 12 29,643 1,807,140 Total funds carried forward 12 69,542 2,616,396 13. Financial instruments The carrying amounts of the charity's financial instruments are as follows: 2021 Total Funds £ Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments 2,312,929 2,312,929 The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: 2021 Total Funds £ Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income 38,934 Investment management fees (28,130) 10,804 |
2020 Total Funds £ 875,000 40,279 |
|---|---|
| 915,279 | |
| 24,025 195,780 |
|
| 219,805 | |
| 153,681 | |
| 849,155 - |
|
| 849,155 1,836,783 |
|
| 2,685,938 | |
| 2020 Total Funds £ 2,071,014 |
|
| 2,071,014 | |
| 2020 Total Funds £ 39,406 (24,025) |
|
| 15,381 |
Page 13
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2021
NOTES TO THE FINANCIAL STATEMENTS
13. Financial instruments (continued)
| 13. Financial instruments (continued) | ||
|---|---|---|
| Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Net gains/(losses) on investments |
260,329 260,329 |
153,681 |
| 153,681 |
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
Page 14