THE AITKEN FAMILY CHARITABLE TRUST
Trustees’ Report
and Unaudited Financial Statements
for the year ended 16 February 2026
Registered Charity Number 1168153
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2026
CONTENTS
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Independent examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Accounting policies | 7 |
| Notes to the financial statements | 9 |
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2026
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, corporate trustee. The directors of the corporate trustee, company no. 12492064, during the year under review and up to the date of approval:
Gary St John Collins (Resigned on 31 March 2026) Walter Duncan Coxon Ali Reza Sarikhani Ziba Christina Sakine Sarikhani Christopher Ian Thurlow Matthew Jon Wickers Alexander Edward Mulroe (Appointed on 1 April 2026)
Principal office
Ludlow Trust Co Ltd Tower Wharf Cheese Lane Bristol BS2 0JJ
Registered charity number
1168153
Independent Examiner
Katie Wilson FCA 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 2026
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 2026. 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 on 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 £85,998 (2025: £868,576) consisting of investment income of £52,554 (2025: £72,292) and transfers from the capital fund of £33,444 (2025: £796,284).
Charitable expenditure in the period comprised grants to charitable organisations totalling £20,000 (2025: £780,000), while support and governance costs amounted to £15,848 (2025: £16,700) with investment management fees of £10,308 (2025: £11,920) giving total resources expended of £46,156 (2025: £808,620).
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 2026 free reserves were a surplus of £139,690 (2025: £89,540).
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 2026
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:
-
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
The charity remained below the threshold for audit in respect of the year under review and appointed Katie Wilson 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 27 July 2026
Page 3
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2026
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 2026 which are set out on pages 5 to 12.
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:
-
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
Katie Wilson FCA Blue Spire Limited, Chartered Accountants Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Date 28 July 2026
Page 4
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2026
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Investments 1 Total EXPENDITURE ON: Raising funds - Investment management fees 2 Charitable activities 3 Total Net gains/(losses) on investment assets 7 Net income/(expenditure) Transfers between funds 10 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 10 Total funds carried forward 10 |
Unrestricted Funds £ 52,554 52,554 - 35,848 35,848 - 16,706 33,444 50,150 89,540 139,690 |
Endowment Funds £ - - 10,308 - 10,308 110,237 99,929 (33,444) 66,485 2,246,416 2,312,901 |
2026 Total Funds £ 52,554 52,554 10,308 35,848 46,156 110,237 116,635 - 116,635 2,335,956 2,452,591 |
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 |
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 2026
BALANCE SHEET AS AT 16 FEBRUARY 2026
| Note FIXED ASSETS Investments - managed funds 7 Total fixed assets CURRENT ASSETS Cash at hand and in bank Total current assets CURRENT LIABILITIES Creditors: amounts falling due within one year 8 Net current assets/(liabilities) Total assets less current liabilities Total assets/(liabilities) THE FUNDS OF THE CHARITY Expendable endowment funds 10 Unrestricted funds 10 Total charity funds |
£ £ 2,282,766 2,282,766 175,178 175,178 5,353 169,825 2,452,591 2,452,591 2,312,901 139,690 2,452,591 2026 |
£ £ 2,178,517 2,178,517 162,218 162,218 4,779 157,439 2,335,956 2,335,956 2,246,416 89,540 2,335,956 2025 |
£ £ 2,178,517 2,178,517 162,218 162,218 4,779 157,439 2,335,956 2,335,956 2,246,416 89,540 2,335,956 2025 |
|---|---|---|---|
| 2,335,956 | |||
| 2,335,956 | |||
| 2,246,416 89,540 |
|||
| 2,335,956 |
The notes on pages 9 to 12 form part of the financial statements.
27 July 2026
The financial statements on pages 5 to 12 were approved and authorised for issue by the trustees on ……………………………………. and signed on their behalf by:
………………………………………… Monica Brown on behalf of Ludlow Trust Company Limited Trustee
Page 6
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2026
THE AITKEN FAMILY CHARITABLE TRUST
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Aitken Family Charitable Trust is an unincorporated charity 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.
The charity qualifies as a smaller charity under the Charities SORP (FRS 102) and has therefore not prepared a statement of cash flows.
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 7
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2026
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 8
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2026
THE AITKEN FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
1. Investment income
| Unrestricted Funds £ Income from investments 43,389 Interest on cash deposits 9,165 52,554 2. Raising funds - investment management charges Unrestricted Funds £ Fees paid to investment managers - - |
Endowment Funds £ - - - Endowment Funds £ 10,308 10,308 |
2026 Total Funds £ 43,389 9,165 52,554 2026 Total Funds £ 10,308 10,308 |
Unrestricted Funds £ 63,046 9,246 72,292 Unrestricted Funds £ - - |
Endowment Funds £ - - - Endowment Funds £ 11,920 11,920 |
2025 Total Funds £ 63,046 9,246 |
|---|---|---|---|---|---|
| 72,292 | |||||
| 2025 Total Funds £ 11,920 |
|||||
| 11,920 |
3. Charitable activities
| Grants (see note 4) Support and governance costs Administrative management fees Independent examiner's fees |
Unrestricted Funds £ 20,000 13,688 2,160 35,848 |
Endowment Funds £ - - - - |
2026 Total Funds £ 20,000 13,688 2,160 35,848 |
Unrestricted Funds £ 780,000 15,080 1,620 796,700 |
Endowment Funds £ - - - - |
2025 Total Funds £ 780,000 15,080 1,620 |
|---|---|---|---|---|---|---|
| 796,700 |
4. Grants - to institutions (1 grant unless annotated)
| no. CWPLUS St Anne's College in The University of Oxford St Paul's Girl's School University of Oxford; Pandemic Science Institute Worcester College, Oxford |
2026 Unrestricted Funds £ no. - - 2 - 2 - 20,000 2 20,000 |
2025 Unrestricted Funds £ 100,000 80,000 300,000 100,000 200,000 |
|---|---|---|
| 780,000 |
5. Examiner's remuneration
| Examiner's fees - examination | Unrestricted Funds £ 2,160 |
Endowment Funds £ - |
2026 Total Funds £ 2,160 |
Unrestricted Funds £ 1,620 |
Endowment Funds £ - |
2025 Total Funds £ 1,620 |
|---|---|---|---|---|---|---|
Page 9
THE AITKEN FAMILY CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2026
NOTES TO THE FINANCIAL STATEMENTS
6. Related party transactions
During the year under review Ludlow Trust Company Limited charged £13,688 (2025: £15,080 ) for administration services with £1,792 (2025: £1,841) 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.
7. 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 |
2026 £ 2,178,517 521,971 (527,959) 110,237 2,282,766 2,282,766 2,282,766 |
2025 £ 2,582,158 2,051,000 (2,721,359) 266,718 |
|---|---|---|
| 2,178,517 | ||
| 2,178,517 | ||
| 2,178,517 |
8. Creditors: amounts falling due within one year
| Accruals - IE's fees Accruals - investment management fees Accruals - administrative fees |
Unrestricted Funds £ 2,160 - 1,792 3,952 |
Endowment Funds £ - 1,401 - 1,401 |
2026 Total Funds £ 2,160 1,401 1,792 5,353 |
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 |
9. Analysis of net assets between funds
| Fixed assets Current assets Current liabilities |
Unrestricted Funds £ - 143,642 (3,952) 139,690 |
Endowment Funds £ 2,282,766 31,536 (1,401) 2,312,901 |
2026 Total Funds £ 2,282,766 175,178 (5,353) 2,452,591 |
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 |
Page 10
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2026
THE AITKEN FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
10. 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 £ 89,540 52,554 (35,848) - 33,444 139,690 |
Endowment Funds £ 2,246,416 - (10,308) 110,237 (33,444) 2,312,901 |
2026 Total Funds £ 2,335,956 52,554 (46,156) 110,237 - 2,452,591 |
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 |
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.
11. Comparative statement of financial activities
| Note INCOME AND ENDOWMENTS FROM: Investments 1 Total EXPENDITURE ON: Raising funds - Investment management fees 2 Charitable activities 3 Total Net gains/(losses) on investment assets 7 Net income/(expenditure) Transfers between funds 10 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 10 Total funds carried forward 10 |
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 |
Page 11
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 FEBRUARY 2026
THE AITKEN FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
12. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
| 12. Financial instruments The carrying amounts of the charity's financial instruments are as follows: |
|
|---|---|
| 2026 Total Funds £ Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments 2,282,766 2,282,766 The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: 2026 Total Funds £ Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income 43,389 Investment management fees (10,308) 33,081 Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Net gains/(losses) on investments 110,237 110,237 |
2025 Total Funds £ 2,178,517 |
| 2,178,517 | |
| 2025 Total Funds £ 63,046 (11,920) |
|
| 51,126 266,718 |
|
| 266,718 |
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 12