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2024-12-31-accounts

AOUK & I

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Charity registration number 1190596

AOUK & I

I N D E X P A G E
________________
TRUSTEES’ ANNUAL REPORT 1 - 4
INDEPENDENT AUDITOR’S REPORT 5 - 7
STATEMENT OF FINANCIAL ACTIVITIES 8
BALANCE SHEET 9
CASH FLOW STATEMENT AND NOTES TO THE CASH FLOW STATEMENT 10
NOTES TO THE FINANCIAL STATEMENTS 11 - 19

AOUK & I

TRUSTEES’ ANNUAL REPORT

The trustees present their report together with the financial statements of the charity for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s constitution, the Charities Act 2011 and 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 published in October 2019.

OBJECTIVES AND ACTIVITIES

The charity’s principal objectives are the further education and training of all those engaged in the management of disorders of the musculo-skeletal system and to promote and co-ordinate clinical research in disorders of the musculo-skeletal system and their treatment and to publish the results of such research.

The research fund provides grant support to third parties undertaking research projects that relate to the charity’s objectives. Grants are awarded at the discretion of the board of trustees.

AOUK & I continues to support a personal development programme aimed at allowing those engaged in the charity’s objects to visit centres of excellence for further educational purposes.

The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.

ACHIEVEMENTS AND PERFORMANCE

AOUK & I continues to support the course programme administered by the AO Foundation with course support and membership services. AOUK & I’s education work closely with the AO Foundation to ensure the contents of the courses adhere to the current clinical requirements of our participants. Additional funds are provided to support courses as required where it is deemed beneficial to the charity in achieving its objectives. Support has been given towards developing online blended learning courses.

Significant grants have been given to important and relevant research projects.

It is AOUK & I’s intention to continue to support vital learning and research programmes for medical professionals.

FINANCIAL REVIEW

Reserves policy

At 31 December 2024, AOUK & I had total reserves of £1,703,923 (2023: £1,582,411) of which a total of £51,142 (2023: £30,858) was designated to the Research and Development fund. This leaves a balance of unrestricted funds of £1,652,781 (2023: £1,551,553).

The Charity’s free reserves are £1,651,083 (2023: £1,549,723).

The trustees consider that the present level of reserves is required because at present the AOUK & I is grant funded by a single donor. This carries an inherent risk of reduction or cessation of funding.

Reserves are held to mitigate that uncertainty so that the Charity can continue to meet its charitable objectives.

AOUK & I

TRUSTEES’ ANNUAL REPORT (Continued)

Investment policy

The investment policy is reviewed annually by the trustees and takes account of recent demands for funds and the quality of the funding applications. The trustees consider the income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. This strategy is set within an overall policy which states that funds are to be invested in a combination of cash deposits with instant access and a share-based fund.

PLANS FOR FUTURE PERIODS

Charitable activities in education of healthcare professionals involved in the management of disorders of the musculo-skeletal system will continue. We are exploring new initiatives in raising awareness of the educational opportunities available.

AOUK & I will also continue to support research in this field.

Trustees will always consider new ways in which to meet the charitable objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is governed by its constitution dated 28 July 2020.

Appointment of trustees

There shall be at least three trustees each appointed for a term of four years by a resolution of the trustees. Where a trustee vacancy arises, the remaining trustees identify suitable candidates to cover experience and expertise to assist in meeting the objects of the charity. Information concerning the charity and the role of the trustees is given to new trustees on their appointment. No individual may be appointed as a trustee of the CIO if he or she is under the age of 16 and at least one of the trustees of the CIO must be 18 years of age or over.

Structure and management

The board of trustees aim to hold at least two ordinary meetings in each year. Any trustee may call a meeting of trustees. Every matter shall be determined by majority of votes of the trustees present and voting on the question. The chairperson of the meeting shall have the casting vote.

The trustees have formed a broadly based Management Committee to advise and support them in the work of the charity.

Risk management

The trustees actively review the major risks which the charity faces on a regular basis. The trustees have examined operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.

AOUK & I

TRUSTEES’ ANNUAL REPORT (Continued)

CHARITY INFORMATION
Charity name AOUK & I
Charity number 1190596
Principal office Marlborough House
York Business Park
Nether Poppleton
York
YO26 6RW
Trustees Ian Pallister (resigned 7 April 2025)
Ian Sharp
Iain McFadyen
John Quinlan
Susan Deakin
Pauline Johnston
Sorrel Langley-Hobbs
ADVISERS
Auditors Fortus Audit LLP
Equinox House
Clifton Park
Shipton Road
York
YO30 5PA
Principal Bankers Lloyds Bank plc
Pavement
York
YO1 9LB
Investment Managers Walker Crips Group Plc
Old Change House
128 Queen Victoria House
London
EC4V 4BJ

AOUK & I

TRUSTEES’ ANNUAL REPORT (Continued)

Trustees’ responsibilities in relation to the financial statements

The trustees are responsible for preparing the Trustees’ Annual 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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the Charity’s constitution. 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.

The trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to the auditors

We, the trustees of the Charity who held office at the date of approval of these financial statements as set out above each confirm, so far as we are aware, that:

Approved by the trustees and signed on their behalf.

…………………………………………………… John Quinlan Senior Trustee Date: 7 April 2025

AOUK & I

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF AOUK & I

Opinion

We have audited the financial statements of AOUK & I (the Charity) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, cash flow statement 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:

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 provisions available to smaller entities, in the circumstances set out in note 17 to the financial statements, 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’ Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

AOUK & I

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF AOUK & I (Continued)

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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of financial statements and for being satisfied that they 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 145 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 a Report of the Independent Auditors 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Charities Act 2011) and the relevant tax compliance regulations in the UK.

We understood how the charity is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

AOUK & I

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF AOUK & I (Continued)

We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the charity has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Fortus Audit LLP Statutory Auditor Equinox House Clifton Park Shipton Road York YO30 5PA

Date: 15 April 2025

Fortus Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

AOUK & I

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Designated Total Total
Note Funds Funds 2024 2023
£ £ £ £
INCOME
Charitable activities:
Grants receivable 220,826 42,870 263,696 276,955
Investments 2 47,368 - 47,368 49,493
Other 190 - 190 551
Interest 1,069 - 1,069 2,024
_ ______ _ _
Total income 269,453 42,870 312,323 329,023
_ ______ _ _
EXPENDITURE
Cost of raising funds:
Investment management fees 15,645 - 15,645 12,868
Charitable activities 3 234,404 26,153 260,557 301,832
_ _ _ _
Total expenditure 250,049 26,153 276,202 314,700
_ _ _ _
Net income / (expenditure) before gains or losses 19,404 16,717 36,121 14,323
Net gains / (losses) on investments 8 85,391 - 85,391 44,662
_ _ _ _
Net income / (expenditure) 104,795 16,717 121,512 58,985
Gross transfers between funds (3,567) 3,567 - -
_ _ _ _
Net movement in funds 101,228 20,284 121,512 58,985
Fund balances at 1 January 2024 1,551,553 30,858 1,582,411 1,523,426
__ _ __ __
Fund balances at 31 December 2024 1,652,781 51,142 1,703,923 1,582,411

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains or losses recognised in the year.

Analysis of the previous year by fund is summarised on note 15 of the financial statements.

AOUK & I

BALANCE SHEET AS AT 31 DECEMBER 2024 AT 31 DECEMBER 2024
Note 2024 2024
£ £ £ £
FIXED ASSETS
Investments 8 1,596,933 1,476,962
CURRENT ASSETS
Debtors 9 32,992 23,649
Cash at bank and in hand 100,079 125,464
_ _
133,071 149,113
CREDITORS:amounts falling
due within one year 10 (26,081) (43,664)
_ _
NET CURRENT ASSETS 106,990 105,449
__ __
TOTAL ASSETS LESS CURRENT LIABILITIES 1,703,923 1,582,411
__ __
THE FUNDS OF THE CHARITY:
Unrestricted funds 11 1,703,923 1,582,411
__ __
1,703,923 1,582,411
__ __

The notes at pages 11 to 19 form part of these financial statements.

The accounts were approved by the trustees on 7 April 2025 and signed on their behalf by:

…………….…………………………………… John Quinlan

…………….…………………………………… Susan Deakin

AOUK & I

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
Note 2024 2023
£ £
Cash flows from operating activities:
Net cash provided by / (used in) operating activities 1 (38,173) 9,745
Cash flows from investing activities
Dividends and interest from investments 47,368 49,493
Proceeds from sale of investments 204,421 296,468
Purchase of investments (237,054) (351,267)
Movement in cash provided by / (used in) investing activities (1,947) 16,708
_ _
Net cash flows from investing activities 12,788 11,402
_ _
Change in cash and cash equivalents in the year (25,385) 21,147
Cash and cash equivalents at 1 January 2024 125,464 104,317
_ _
Cash and cash equivalents at 31 December 2024 2 100,079
 125,464
NOTES TO THE CASH FLOW STATEMENT
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2024 2023
£ £
Net income / (expenditure) for the year 121,512 58,985
Adjustments for:
Net losses / (gains) on investments (85,391) (44,662)
Dividends and interest from investments (47,368) (49,493)
(Increase) / decrease in debtors (9,343) 65,867
Increase / (decrease) in creditors (17,583) (20,952)
_ _
Net cash provided by / (used in) operating activities (38,173)
 9,745
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2024 2023
£ £
Cash at bank 100,079
 125,464

AOUK & I

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

GENERAL INFORMATION AND BASIS OF ACCOUNTING

The Charity is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission in England and Wales. The address of the registered office is given in the charity information on page 3 of these financial statements.

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 (FRS 102), 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 Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the 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 (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared under the historical cost convention modified to include certain items at their fair value. The financial statements are prepared on a going concern basis.

The financial statements are prepared in sterling which is the functional currency of the Charity.

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.

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.

JUDGEMENTS AND ESTIMATES

The preparation of the financial statements require management to make judgements, estimates and assumptions that affect the amounts reported. These estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

FUND ACCOUNTING

The Charity maintains a designated fund which is to be used for research and development purposes.

Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

Designated funds are funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

AOUK & I

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (Continued)

INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of the income can be measured reliably.

Investment income is recognised as the Charity’s right to receive payment is established.

EXPENDITURE

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of charitable activities are those costs incurred directly to meet the objects of the Charity. Support costs are allocated to the various activities on a percentage basis based on the direct charitable expenditure incurred by each activity. Governance costs are those in connection with constitutional and statutory requirements.

GRANTS PAYABLE

Grants payable to third parties are within the charitable objectives. In line with section 7 of the Charites SORP;

FOREIGN CURRENCY

Transactions in foreign currencies are translated into sterling and accepted at the rate of exchange ruling at the date of receipt or payment.

OPERATING LEASES

Rentals payable under operating leases are charged to the SOFA as incurred over the term of the lease.

INVESTMENTS

Investments are stated at fair value. Aggregate realised and unrealised gains and losses are shown separately in the SOFA as net gains / (losses) on investments.

DEBTORS AND CREDITORS

Debtors and creditors are recorded when receivable or payable.

FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

AOUK & I

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. INVESTMENT INCOME

Unrestricted Unrestricted Designated Designated Total
Unrestricted		 Designated Designated
Total
Funds Funds 2024
Funds		 Funds 2023
£ £ £
£		 £ £
Dividends - equities 31,383 - 31,383
35,095		 - 35,095
Interest - securities 15,985 - 15,985
14,398		 - 14,398
______ ______ ______
______		 ______ ______
47,368 - 47,368
49,493
 -
 49,493
3. CHARITABLE ACTIVITIES
Note Unrestricted Designated Total
Unrestricted		 Designated
Total
Funds Funds 2024
Funds		 Funds 2023
£ £ £
£		 £ £
Educational activities 168,765 - 168,765
161,622		 - 161,622
Fellowship 3,900 - 3,900
3,720		 - 3,720
Grants payable - 26,153 26,153
-		 64,719 64,719
Annual meeting 42,461 - 42,461
48,432		 - 48,432
Governance costs 5 19,278
 - 19,278
23,339		 - 23,339
_ ______ _
_		 _ _
234,404 26,153
 260,557
237,113
 64,719
 301,832
Grants payable are for research projects that relate to the Charity’s objectives and are analysed as follows:
2024 2023
£ £
Grants to institutions:
- Nottingham University (3 grants) 24,870 -
- Queen Mary Hospital 2,740 -
- University of Oxford (2023 unclaimed) (5,000) -
- 2023 Grants to institutions (9 total) - 61,500
______ ______
22,610 61,500
Grants refunded by institutions:
- Harvard University (24) -
- University of Nottingham - (1,363)
______ ______
22,586 60,137
Grants to individuals - 1,000
Support costs 3,567 3,567
Bank fees - 15
_ _
26,153
 64,719

AOUK & I

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. SUPPORT COSTS

SUPPORT COSTS
Total Total
2024 2023
£ £
Administration management 24,971 24,971
Web and computer costs 7,390 7,200
General administration 22,529 15,013
______ ______
54,890 47,184

ALLOCATION OF SUPPORT COSTS


Direct cost
Support
of activities
costs
£
£
Educational activities
121,445
47,323
Fellowship
3,900
-
Grants payable
22,585
3,567
Annual meeting
38,461
4,000
_
__
186,391
54,890


GOVERNANCE COSTS

Unrestricted Designated
Funds
Funds
£
£
Amounts paid to auditor in
In respect of:
- Audit fees
5,635
-
- Accounting and other services
1,470
-
Trustees’ meetings
12,173 -
_
____
19,278
-		 Total
Direct cost
Support
2024 of activities
costs
£
£
£
168,768
122,005
39,617
3,900
3,720
-
26,152
61,152
3,567
42,461
44,432
4,000
__
_
_
241,281
231,309
47,184



Total Unrestricted Designated
2024
Funds
Funds
£
£
£
5,635
4,620
-
1,470
1,332
-
12,173
17,387
-
_
_
____
19,278
23,339
-		 Total
2023
£
161,622
3,720
64,719
48,432
_
278,493

Total
2023
£
4,620
1,332
17,387
_
23,339

5. GOVERNANCE COSTS

AOUK & I

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. STAFF COSTS AND TRUSTEES EXPENSES

There were no employees during the current or previous period.

No trustee, or any person connected with them, received remuneration in the current or previous period.

Four trustees (2023: five) received reimbursement for meetings expenses totalling £1,381 (2023: £2,294).

7. NET INCOME / (EXPENDITURE)

Net income / (expenditure) is stated after charging:

8.

Operating lease rentals
FIXED ASSET INVESTMENTS

Fair value at 1 January 2024
Additions
Proceeds from sales
Realised net gains / (losses)
Unrealised gains / (losses)
Movement in cash account
Fair value at 31 December 2024
Investments at fair value comprise:

Listed investments
- Equities
- Securities
Cash within investment portfolio

Historical cost of listed investments at 31 December 2024		 2024
£
6,792

2024
£
1,476,962
237,054
(204,421)
6,912
78,479
1,947
_
1,596,933

2024
£
1,135,894
440,862
20,177
_
1,596,933

2024
£
1,538,496
 2023
£
6,792
2023
£
1,394,209
351,267
(296,468)
11,998
32,664
(16,708)
_
1,476,962

2023
£
1,129,895
328,838
18,229
_
1,476,962

2023
£
1,491,114

AOUK & I

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9.
DEBTORS
Other debtors
Prepayments
Accrued income
10.
CREDITORS
Trade creditors
Accruals
Grants payable
11.
UNRESTRICTED FUNDS
General fund
Designated fund:
Research and
Development fund		 Fund at
01.01.2024
£
1,551,553
30,858
__
1,582,411
 2024
£
-
2,870
30,122
__
32,992

2024
£
2,954
10,387
12,740
_
26,081

Net gains /
(losses) on
Income
Expenditure investments
£
£
£
269,453
(250,049)
85,391
42,870
(26,153)
-
_
_
____
312,323
(276,202)
85,391



 Transfer
£
(3,567)
3,567
______
-
 2023
£
-
3,054
20,595
__
23,649
2023
£
2,400
8,264
33,000
_
43,664

Fund at
31.12.2024
£
1,652,781
51,142
_____
1,703,923

The Research and Development fund was set up to support research activities and personal development. Grants are made from this fund to institutions undertaking relevant research and development projects. The obligation to pay a grant does not arise until the relevant project commences at which point the grant can be claimed by the beneficiary.

Transfers between funds are in respect of support costs relating to the Research and Development fund.

AOUK & I

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

UNRESTRICTED FUNDS – Prior Year

Net gains /
Fund at (losses) on Fund at
01.01.2023 Income Expenditure investments Transfer 31.12.2023
£ £ £ £ £ £
General fund 1,491,332 269,107 (249,981) 44,662 (3,567) 1,551,553
Designated fund:
Research and
Development fund 32,094 59,916 (64,719) - 3,567 30,858
__ _ _ _ ______ __
1,523,426
 329,023
 (314,700)
 44,662
 -
 1,582,411
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Designated
Total		 Unrestricted Designated
Total
Funds Funds 2024 Funds Funds 2023
£ £ £ £ £ £
Fixed assets 1,596,933 - 1,596,933 1,476,962 - 1,476,962
Cash 53,933 46,146 100,079 65,606 59,858 125,464
Other current assets/(liabilities)
1,915		 4,996 6,911 8,985 (29,000) (20,015)
__ ______ __ _ ______ __
1,652,781 51,142 1,703,923 1,551,553 30,858 1,582,411

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

13. COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024, the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Within 1 year 2024
£
1,698
 2023
£
1,830

AOUK & I

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. COMPARATIVE STATEMENTS OF FINANCIAL ACTIVITIES

Note
INCOME
Charitable activities:
Grants receivable

Investments
2
Other
Interest
Total income
EXPENDITURE
Cost of raising funds:
Investment management fees
Charitable activities
3
Total expenditure
Net income / (expenditure) before gains or losses
Net gains / (losses) on investments
8
Net income / (expenditure)
Gross transfers between funds
Net movement in funds
Reconciliation of funds
Fund balances at 1 January 2023
Fund balances at 31 December 2023		 Unrestricted
Funds
£
217,039
49,493
551
2,024
_
269,107
_
12,868
237,113
_
249,981
_
19,126
44,662
_
63,788
(3,567)
_
60,221
1,491,332
__
1,551,553
 Designated
Funds
£
59,916
-
-
-
_
59,916
_
-
64,719
_
64,719
_
(4,803)
-
_
(4,803)
3,567
_
(1,236)
32,094
__
30,858
 Total
2023
£
276,955
49,493
551
2,024
_
329,023
_
12,868
301,832
_
314,700
_
14,323
44,662
_
58,985
-
_
58,985
1,523,426
__
1,582,411

AOUK & I

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. RELATED PARTY TRANSACTIONS

Transactions with trustees are detailed in note 6.

17. NON-AUDIT SERVICES PROVIDED BY THE AUDITOR

In common with many charities of our size and nature, we use our auditors to assist with the preparation of the financial statements.