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← The Aitken Family Charitable Trust

2025-02-16-accounts

THE AITKEN FAMILY CHARITABLE TRUST

Trustees’ Report

and Unaudited Financial Statements

for the year ended 16 February 2025

Registered Charity Number 1168153

THE AITKEN FAMILY CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

CONTENTS

Page
Charity information 1
Trustees’ report 2
Independent examiner’s report 4
Statement of financial activities 5
Balance sheet 6
Satement of cash flow 7
Accounting policies 8
Notes to the financial statements 10

THE AITKEN FAMILY CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

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, corporated trustee. The directors of the corporate trustee, company no. 12492064, during the year under review:

Gary St John Collins Walter Duncan Coxon Ali Reza Sarikhani Ziba Christina Sakine Sarikhani Christopher Ian Thurlow Matthew Jon Wickers John Stephen Dennis (Resigned on 25 October 2024)

Principal office

Ludlow Trust Co Ltd Tower Wharf Cheese Lane Bristol BS2 0JJ

Registered charity number

1168153

Independent Auditor

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Banker and investment manager

Coutts & Co 440 Strand London WC2R 0QS

Page 1

THE AITKEN FAMILY CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

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 2025. 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 become a 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 of the 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 £868,576 (2024: £402,109) consisting of investment income of £72,292 (2024: £74,944) and transfers from the capital fund of £796,284 (2024: £327,165). Additions for endowment fund for the period totalled £nil (2024: £287,500) consisting of donations from settlor of £nil (2024: £230,000) and gift aid of £nil (2024: £57,500).

Charitable expenditure in the period comprised grants to charitable organisations totalling £780,000 (2024: £425,000) while support and governance costs amounted to £16,700 (2024: £18,111) with investment management fees of £11,920 (2024: £11,941) giving total resources expended of £808,620 (2024: £455,052).

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 2025 free reserves were a surplus of £89,540 (2024: £17,664).

PLANS FOR FUTURE PERIODS

The trustees intend to continue the charity’s grant-making activity.

Page 2

THE AITKEN FAMILY CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

TRUSTEES’ REPORT

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:

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

The charity remained below the threshold for audit in respect of the year under review and appointed Geoffrey Frost of Blue Spire Limited as examiner of the charity.

Approved by the trustees and signed on their behalf.

Monica Brown on behalf of Ludlow Trust Company Limited Trustee

Date 09 December 2025

Page 3

THE AITKEN FAMILY CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

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 2025 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

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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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

Geoffrey Frost BSc(Hons) FCA Blue Spire Limited, Statutory Auditor Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Date 16 December 2025

Page 4

THE AITKEN FAMILY CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

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
8
Net income/(expenditure)
Transfers between funds
11
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
11
Total funds carried forward
11		 Unrestricted
Funds
£
-
72,292
72,292
-
796,700
796,700
-
(724,408)
796,284
71,876
17,664
89,540		 Endowment
Funds
£
-
-
-
11,920
-
11,920
266,718
254,798
(796,284)
(541,486)
2,787,902
2,246,416		 2025
Total
Funds
£
-
72,292
72,292
11,920
796,700
808,620
266,718
(469,610)
-
(469,610)
2,805,566
2,335,956		 2024
Total
Funds
£
287,500
74,944
362,444
11,941
443,111
455,052
101,053
8,445
-
8,445
2,797,121
2,805,566

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 2025

BALANCE SHEET AS AT 16 FEBRUARY 2025

2025 2024
Note £ £ £ £
FIXED ASSETS
Investments - managed funds 8 2,178,517 2,582,158
Total fixed assets 2,178,517 2,582,158
CURRENT ASSETS
Cash at hand and in bank 162,218 229,652
Total current assets 162,218 229,652
CURRENT LIABILITIES
Creditors: amounts falling due within one year 9 4,779 6,244
Net current assets/(liabilities) 157,439 223,408
Total assets less current liabilities 2,335,956 2,805,566
Total assets/(liabilities) 2,335,956 2,805,566
THE FUNDS OF THE CHARITY
Expendable endowment funds 11 2,246,416 2,787,902
Unrestricted funds 11 89,540 17,664
Total charity funds 2,335,956 2,805,566

The notes on pages 12 to 16 form part of the financial statements.

09 December 2025

The financial statements on pages 7 to 16 we approved and authorised for issue by the trustee on ……………………………………. and signed on its behalf by:

………………………………………… Monica Brown on behalf of Ludlow Trust Cmpany Limited Trustee

Page 6

THE AITKEN FAMILY CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

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 2024
Cash and cash equivalents at 16 February 2025
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents at 16 February 2025
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		 £
£
(665,501)
(2,051,000)
2,721,359
(72,292)
598,067
(67,434)
229,652
162,218
162,218
162,218
£
£
(469,610)
72,292
(266,718)
(1,465)
(195,891)
(665,501)
2025
2025		 £
£
(16,148)
(1,353,723)
1,452,497
(74,944)
23,830
7,682
221,970
229,652
229,652
229,652
£
£
8,445
74,944
(101,053)
1,516
(24,593)
(16,148)
2024
2024		 £
£
(16,148)
(1,353,723)
1,452,497
(74,944)
23,830
7,682
221,970
229,652
229,652
229,652
£
£
8,445
74,944
(101,053)
1,516
(24,593)
(16,148)
2024
2024
(16,148)

Page 7

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

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 2025

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

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

THE AITKEN FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Unrestricted
Funds
£
Donations
-
Gift aid
-
-
2. Investment income
Unrestricted
Funds
£
Income from investments
63,046
Interest on cash deposits
9,246
72,292
3. Raising funds - investment management charges
Unrestricted
Funds
£
Fees paid to investment managers
-
-
4. Charitable activities
Unrestricted
Funds
£
Grants (see note 5)
780,000
Support and governance costs
Administrative management fees
15,080
Independent auditor's fees
-
Independent examiner's fees
1,620
796,700		 Endowment
Funds
£
-
-
-
Endowment
Funds
£
-
-
-
Endowment
Funds
£
11,920
11,920
Endowment
Funds
£
-
-
-
-
-		 2025
Total
Funds
£
-
-
-
2025
Total
Funds
£
63,046
9,246
72,292
2025
Total
Funds
£
11,920
11,920
2025
Total
Funds
£
780,000
15,080
-
1,620
796,700		 Unrestricted
Funds
£
-
-
-
Unrestricted
Funds
£
68,644
6,300
74,944
Unrestricted
Funds
£
-
-
Unrestricted
Funds
£
425,000
16,011
2,100
-
443,111		 Endowment
Funds
£
230,000
57,500
287,500
Endowment
Funds
£
-
-
-
Endowment
Funds
£
11,941
11,941
Endowment
Funds
£
-
-
-
-
-		 2024
Total
Funds
£
230,000
57,500
287,500
2024
Total
Funds
£
68,644
6,300
74,944
2024
Total
Funds
£
11,941
11,941
2024
Total
Funds
£
425,000
16,011
2,100
-
443,111

Page 10

THE AITKEN FAMILY CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

NOTES TO THE FINANCIAL STATEMENTS

5. Grants - to institutions (1 grant unless annotated)

no.
CWPLUS
First Story Limited
St Anne's College in The University of Oxford
2
St Paul's Girl's School
2
University of Oxford; Pandemic Science Institute
Worcester College, Oxford
2
6. Examiner's and auditor's remuneration
Unrestricted
Endowment
Funds
Funds
£
£
Auditor's fees - audit
-
-
Examiner's fees - examination
1,620
-		 2025
Unrestricted
Funds
£
no.
100,000
-
80,000
300,000
100,000
200,000
780,000
2025
Total
Unrestricted
Endowment
Funds
Funds
Funds
£
£
£
-
2,100
-
1,620
-
-		 2024
Unrestricted
Funds
£
50,000
15,000
85,000
50,000
150,000
75,000
425,000
2024
Total
Funds
£
2,100
-

7. Related party transactions

During the year under review Ludlow Trust Company Limited charged £15,080 (2024: £16,011 ) for administration services with £1,841 (2024: £1,968 ) accrued at the balance sheet date.

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.

8. 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		 2025
£
2,582,158
2,051,000
(2,721,359)
266,718
2,178,517
2,178,517
2,178,517		 2024
£
2,579,879
1,353,723
(1,452,497)
101,053
2,582,158
2,582,158
2,582,158

Page 11

THE AITKEN FAMILY CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

NOTES TO THE FINANCIAL STATEMENTS

9. Creditors: amounts falling due within one year

Accruals - auditor's fees
Accruals - accountancy fees
Accruals - IE's fees
Accruals - investment management fees
Accruals - administrative fees		 Unrestricted
Funds
£
-
-
1,620
-
1,841
3,461		 Endowment
Funds
£
-
-
-
1,318
-
1,318		 2025
Total
Funds
£
-
-
1,620
1,318
1,841
4,779		 Unrestricted
Funds
£
2,100
600
-
-
1,968
4,668		 Endowment
Funds
£
-
-
-
1,576
-
1,576		 2024
Total
Funds
£
2,100
600
-
1,576
1,968
6,244

10. Analysis of net assets between funds

Fixed assets
Current assets
Current liabilities		 Unrestricted
Funds
£
-
93,001
(3,461)
89,540		 Endowment
Funds
£
2,178,517
69,217
(1,318)
2,246,416		 2025
Total
Funds
£
2,178,517
162,218
(4,779)
2,335,956		 Unrestricted
Funds
£
-
22,332
(4,668)
17,664		 Endowment
Funds
£
2,582,158
207,320
(1,576)
2,787,902		 2024
Total
Funds
£
2,582,158
229,652
(6,244)
2,805,566

11. 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
£
17,664
72,292
(796,700)
-
796,284
89,540		 Endowment
Funds
£
2,787,902
-
(11,920)
266,718
(796,284)
2,246,416		 2025
Total
Funds
£
2,805,566
72,292
(808,620)
266,718
-
2,335,956		 Unrestricted
Funds
£
58,666
74,944
(443,111)
-
327,165
17,664		 Endowment
Funds
£
2,738,455
287,500
(11,941)
101,053
(327,165)
2,787,902		 2024
Total
Funds
£
2,797,121
362,444
(455,052)
101,053
-
2,805,566

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 2025

NOTES TO THE FINANCIAL STATEMENTS

12. Comparative 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
8
Net income/(expenditure)
Transfers between funds
11
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
11
Total funds carried forward
11		 Unrestricted
Funds
£
-
74,944
74,944
-
443,111
443,111
-
(368,167)
327,165
(41,002)
58,666
17,664		 Endowment
Funds
£
287,500
-
287,500
11,941
-
11,941
101,053
376,612
(327,165)
49,447
2,738,455
2,787,902		 2024
Total
Funds
£
287,500
74,944
362,444
11,941
443,111
455,052
101,053
8,445
-
8,445
2,797,121
2,805,566

Page 13

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2025

THE AITKEN FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

13. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

13. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
2025
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
2,178,517
2,178,517
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
2025
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
63,046
Investment management fees
(11,920)
51,126
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments
266,718
266,718		 2024
Total
Funds
£
2,582,158
2,582,158
2024
Total
Funds
£
68,644
(11,941)
56,703
101,053
101,053

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