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THE AITKEN FAMILY CHARITABLE TRUST
Trustees’ Report
and Financial Statements
for the year ended |6 February 2024
Registered Charity Number 1168153
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THE AITKEN FAMILY CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2024
CONTENTS
Page Charity information 1 Trustees’ report 2 Independent auditor's report 4 Statement of financial activities 7 Balance sheet 8 Satement of cash flow 9 Accounting policies 10 Notes to the financial statements 12
THE AITKEN FAMILY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2024
CHARITY INFORMATION
Trustees
Alexandra Rose Aitken Lucy Amelia Aitken Anna Jenny Aitken Peter James Aitken Katharine Georgina Aitken Jane Katharine Reid Aitken Ludlow Trust Company Limited Principal office Ludlow Trust Co Ltd Tower Wharf Cheese Lane Bristol BS2 OJJ
Registered charity number 1168153
Independent Auditor Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY Bankers and investment managers Coutts & Co 440 Strand London WC2R 0QS
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THE AITKEN FAMILY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2024
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 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT The 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. The power to appoint and remove trustees rests with the settlor trustees, or survivors of them, during their lifetime and subject to this is exercisable by the trustees from time to time.
On agreeing to becomea trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the constitution of the Trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
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 they have established effective systems to mitigate those risks.
OBJECTIVES AND ACTIVITIES
The charity’s objects are:
The Trustees shall hold the capital and income of the Trust Fund upon trust to apply 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 furtherance ofthe charity's objects for the public benefit the trustees shall provide grants. In determining the charity’s activities the trustees have had regard to the Charity Commission’s guidance on public benefit.
ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW
Incoming resources for the period totalled £402,109 (2023: £324,746) consisting of investment income of £74,944 (2023: £54,416) and transfers from the capital fund of £327,165 (2023: £270,330). Additions for endowment fund for the period totalled £287,500 (2023: £50,000) consisting of donations from settlor of £230,000 (2023: Enil) and gift aid of £57,500 (2023: £50,000).
Charitable expenditure in the period comprised grants to charitable organisations totalling £425,000 (2023: £267,000) while support and governance costs amounted to £18,111 (2023: £19,075) with investment management fees of £11,941 (2023: £12,626) giving total resources expended of £455,052 (2023: £298,701).
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. As at 16 February 2024 free reserves were a surplus of £17,664 (2023: £58,666).
PLANS FOR FUTURE PERIODS The trustees intend to continue the charity’s grant-making activity.
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Date 04 December 2024
THE AITKEN FAMILY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2024
INDEPENDENT AUDITORS’ REPORT
Independent Auditors’ Report to the Trustees of The Aitken Family Charitable Trust
Opinion
We have audited the financial statements of The Aitken Family Charitable Trust (the ‘charity’) for the year ended 16 February 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements: e give a true and fair view of the state of the charity’s affairs as at 16 February 2024, and of its incoming resources and application of resources, for the year then ended; e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e have been prepared in accordance with the requirements of the Charities Act 2011.
Other matter The financial statements of the charity for the year ended 16 February 2023 were not audited. Accordingly we make no comment nor draw any conclusions in respect of the year to 16 February 2023 though we have satisfied ourselves the opening balances of the current year do not contain any material misstatements.
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 trustees with respect to going concern are described in the relevant sections of this report.
Other information The other information comprises the information included in the trustees’ 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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THE AITKEN FAMILY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2024
INDEPENDENT AUDITORS’ REPORT
Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: e the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or e sufficient accounting records have not been kept; or e the financial statements are not in agreement with the accounting records; or e we have not received all the information and explanations we require for our audit.
Responsibilities of trustees As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included:
e Enquiry of those charged with governance around actual and potential litigation and claims and any instances of non-compliance with laws and regulations;
e Reviewing minutes of meetings of those charged with governance; e Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding
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Blue Sure; hinited.
& & & & *** # 287,500 287,500 50,000 # 2 74,944 74,944 54,416 ~~74,944 287,500 362,444. «104,416~~ # 3 11,941 11,941 12,626 4 443,111 # 443,111 286,075 ~~443,111 «1,941 «455,052 «298,701~~ - # 101,053 101,053 (145,624) ~~ (368,167) ~~ 376,612 ~~8445~~ ~~ (339,909) * 327,165 (327,165) # # (41,002) 49,447 8,445 (339,909) 58,666 2,738,455 2,797,121 3,137,030 *** ~~17,664~~ 2,787,902 ~2.805,566 “2,797,121
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|9|6,244|4,728|
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2024
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: e Raising funds; these include investment management fees charged by the charity's investment managers
e Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2024
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.
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& & & & & & # # # # 230,000 230,000 # 57,500 57,500 # 50,000 # 287,500 287,500 # 50,000 2024 2023 Endowment Total Unrestricted Endowment Total Funds Funds Funds Funds Funds & & & & & & 68,644 # 68,644 53,301 # # # 6,300 6,300 1,115 74,944 # 74,944 54,416 # charges 2024 2023 Endowment Total Unrestricted Endowment Total Funds Funds Funds Funds Funds & & & & & & # # 11,941 11,941 12,626 # #
& & & & & & # # 425,000 425,000 267,000 # # 16,011 16,011 18,295 # # # # 2,100 2,100 # # # # 600 # # # # 180 # #
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2024 2023
Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds
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2,100 2,100
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