| Page | |
|---|---|
| Reference and administration details of the trust, its trustees and advisers | 2 |
| Trustee’s report | 3-5 |
| Independent auditor’s report | 6-8 |
| Financial statements | |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11-14 |
Aurum Kaleidoscope Foundation
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AU RUM KALEIDOSCOPE FOUNDATION
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Aurum Kaleidoscope Foundation (the "Charity") for the year ended 31 December 2023 set out on pages 9 to 14, which comprise the statement of financial activities and balance sheet and related notes, including the summary of significant accounting policies set out in note 1. The financial reporting framework that has been applied in their preparation is UK Law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
In our opinion:
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the financial statements give a true and fair view of the state of the Charity's affairs as at 31 December 2023 and of its incoming resources and application of resources including its income and expenditure for the year then ended;
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the financial statements have been properly prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and
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the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
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 ethical requirements that are relevant to our audit of financial statements in the UK, including the Financial Reporting Council (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
The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the Charity or to cease its operations, and as they have concluded that the Charity's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements ("the going concern period").
In our evaluation of the trustee's conclusions, we considered the inherent risks to the Charity's business model and analysed how those risks might affect the Charity's financial resources or ability to continue operations over the going concern period.
In auditing the financial statements, we have concluded that the trustee's 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 the date 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.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the Charity will continue in operation.
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| 2023 | 11 Aprilto 31 | ||||
|---|---|---|---|---|---|
| December | |||||
| 2022 | |||||
| Income Funds | Income Funds | Income Funds | Income funds | ||
| Unrestricted | Restricted | Total | Total | ||
| INCOME | £ | £ | £ | £ | |
| Note | |||||
| Donation income | 2 | 6,785,301 | 10,000 | 6,795,301 | 2,957,068 |
| Other - foreign exchange gain |
10,972 | 10,972 | |||
| TOTAL INCOME | 6,796,273 | 10,000 | 6,806,273 | 2,957,068 | |
| EXPENDITURE | |||||
| Charitable activities | 3 | 6,793,658 | 10,000 | 6,803,658 | 2,922,348 |
| Raising funds | 4 | 8,036 | - | 8,036 | 28,677 |
| TOTAL EXPENDITURE | 6,801,694 | 10,000 | 6,811,694 | 2,951,025 | |
| NET MOVEMENT IN FUNDS | (5,421) | - | (5,421) | 6,043 | |
| RECONCILIATION OF FUNDS: | |||||
| Total funds brought forward | 6,043 | - | 6,043 | ||
| TOTAL FUNDS CARRIED FORWARD | 622 | - | 622 | 6,043 |
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| CURRENT ASSETS | Note | ||
| Cashatbank | 18,421 | 14,028 | |
| LIABILITIES | |||
| Creditors falling due within oneyear | 6 | (17,799) | (7,985) |
| NET CURRENT ASSETS | 622 | 6,043 | |
| NET ASSETS | 622 | 6,043 | |
| CHARITY FUNDS | |||
| Unrestricted funds | 7 | 622 | 6,043 |
| TOTALCHARITYFUNDS | 622 | 6,043 |
Aurum Kaleidoscope Foundation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice ("SORP"): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. As per the SORP definition, the accounts have been prepared with Larger Charities disclosures included.
Aurum Kaleidoscope Foundation (the "Charity") constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in UK sterling, the functional and presentation currency of the Charity.
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 level of income and expenditure is sufficient with an income level of reserves for the Charity to be able to continue as a going concern.
INCOME
All income is recognised once the Charity has an entitlement to that income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
EXPENDITURE
All expenditure is recognised on an accruals basis when there is a legal or constructive obligation committing the Trustees to that expenditure.
Expenditure related to 'Charitable activities' comprises grants and donations made during the year. They are included in the Statement of Financial Activities when a firm commitment is conveyed to the recipient. Governance costs, if any, included within 'Charitable activities' include costs associated with meeting the constitutional and statutory obligations of the Charity, as opposed to the management functions inherent in raising funds.
Expenditure related to 'Raising funds' comprises the cost of generating funds and governance costs that have been apportioned to generating funds.
FOREIGN CURRENCY TRANSACTIONS
Assets and liabilities denominated in foreign currencies are translated into UK sterling at the rates prevailing at the Balance Sheet date. Income and expenditure are translated at the rate of exchange prevailing at the date of the transaction. Gains and losses arising from translation are included in the Statement of Financial Activities.
STATUS OF FUNDS
Restricted income funds relate to donations received through Give As You Earn ("GAYE") and are subject to
restrictive covenants imposed by donors.
Unrestricted income funds are available for use at the discretion of the Trustees in the general furtherance of the Charity's objectives.
All income and expenditure of the Charity has been included in the Statement of Financial Activities.
CASH AT BANK
Cash at bank comprises cash held in current accounts that is immediately available.
CREDITORS
Creditors are recognised when the Charity is subject to a legal or constructive obligation that commits the Charity to incur expenditure. Such liabilities are recognised at historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. Creditors are derecognised when the obligation is discharged, cancelled or upon expiry.
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| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Donations | 6,795,301 | 2,957,068 | |
| Total | donations and legacies | 6,795,301 | 2,957,068 |
| 3. | CHARITABLE ACTIVITIES |
| Charitable activities’ during the year were made | up of the following: | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| GRANTS MADE | |||
| Donee | Registered charitynumber | ||
| Synchronicity Earth | 1132786 | 4,183,722 | 747,851 |
| The Seneca Trust | 1137147 | 2,431,452 | 1,056,377 |
| International Union forConservation of Nature | 1154517 | 82,243 | 83,535 |
| Buglife - The InvertebrateConservation Trust |
1092293 | 50,000 | 50,000 |
| Vision Bermuda | n/a | 39,958 | - |
| Africa Nature Investors Foundation | n/a | 16,283 | - |
| Synchronicity Foundation | n/a | - | 942,345 |
| Bermuda Zoological Society |
n/a | - | 42,240 |
| Total charitable activities | 6,803,658 | 2,922,348 |
| The cost associated with ‘Raising funds’ during the year was as | follows: | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Audit fees | 7,799 | 7,985 |
| Bank charges | 237 | 184 |
| Foreign exchange on expenses | - | 20,508 |
| Total cost of generating funds | 8,036 | 28,677 |
Aurum Kaleidoscope Foundation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. CREDITORS
All creditors are due within one year of the Balance Sheet date:
| Accruals Restricted grant commitments Total creditors 7. STATEMENT OF FUNDS Movement in funds for the year and the prior period wa CURRENT YER Unrestrictedincome funds Restricted income funds Totalfunds PRIOR PERIOD Unrestricted income funds Restricted income funds Totalfunds |
s as follows: Fund balance 01-Jan-23 £ 6,03 2023 2022 £ £ 7,799 7,985 10,000 17,799 7,985 Income Expnditure Total of funds 31-Jan-23 £ 6,796,273 10,00 £ (6,801,694) (10,0 ) £ 622 |
2023 2022 £ £ 7,799 7,985 10,000 |
|---|---|---|
| 17,799 7,985 |
||
| 6,03 6,806,273 (6,811,694) 622 |
||
| Fund balance 11-Ar-22 £ Income Expnditure Total of funds £ £ 2,957,068 (2. 951,025) 31-Jan-22 £ 6,03 |
||
| 2,957,068 (2,951,025) 6,03 |
7. STATEMENT OF FUNDS
Movement in funds for the year and the prior period was as follows:
8. RELATED PARTY TRANSACTIONS
The Trustees did not receive any remuneration, benefits in kind or reimbursement of expenses at any time during the year.
Aurum Fund Management Ltd. ("AFML"), an investment management company incorporated in Bermuda under registration number 19795 and located at Aurum House, 35 Richmond Road, Hamilton, Bermuda. AFML may have significant influence over the Charity due to the level of donation income AFML has provided.
The members of the Charity are shareholders of AFML. Mrs Weingartner, Miss Bennett and Mr Hill are employees of Aurum Research limited ("ARL"). Miss Bennett and Mr Hill are directors of Aurum Funds limited, a subsidiary of AFML.
During the year, the Charity received donation income from AFML of £6,782,779 (2022: £2,956,984), from ARL, a subsidiary of AFML, of £100 (2022: £50) and from employees of ARL of £12,522 (2022: £Nil). At 31 December 2023, no amounts were due to or from either AFML, ARL or employees of ARL (2022: £Nil).
9. STAFF
The Charity does not employ any staff.
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Aurum Kaleidoscope Foundation
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10. FINANCIAL INSTRUMENT DISCLOSURE
The Charity is exposed to the following risks arising from financial instruments: market and liquidity risks.
Market risk
Market risk is the risk that the market price of the financial instrument will fluctuate due to changes in foreign exchange rates, market interest rates, market factors specific to the security or its issuer or factors affecting all securities traded in the market.
Foreign exchange risk
The Charity receives donation income and make grants denominated in US dollars which gives rise to foreign exchange risk but is managed through a natural hedge. At 31 December 2023, £8,271 (45%) (2022: £13,978, 99%) of 'Cash at bank' was denominated in US dollars. If the US dollar rate moved by 1%, the Charity's unrestricted reserves would increase or decrease by £83 (2022: £140) as applicable.
Liquidity risk
Liquidity risk is the risk that the Charity will not be able to meet its financial obligations as they fall due. The Charity manages liquidity risk on an ongoing basis and by carefully monitoring cash flows due in day-to-day business. All the Charity's liabilities are current in nature and will be settled within 12 months of the Balance Sheet date.
11. SUBSEQUENT EVENTS
No events have occurred in respect of the Charity subsequent to 31 December 2023 that may be deemed relevant to the accuracy of these financial statements.
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