## **The AIM Foundation**
## **Annual Report and Financial Statements**
**For the Year Ended 31 August 2023**
**Charity Registered in England and Wales Number: 263294**
**The AIM Foundation** Contents For the Year Ended 31 August 2023
||Page|
|---|---|
|Reference and Administrative Details|1|
|Trustees’ Report|2 – 15|
|Independent Auditors’ Report|16 - 19|
|Consolidated Statement of Financial Activities|20|
|Charity Statement of Financial Activities|21|
|Balance Sheet and Consolidated Balance Sheet|22 - 23|
|Statement of Cashflows and Consolidated Statement of Cashflows|24|
|Notes to Financial Statements|25 - 45|
**The AIM Foundation** Reference and Administrative Details For the Year Ended 31 August 2023
|**Trustees**|Philippa Bailey|
|---|---|
||Sophie Jones|
||Caroline Marks|
||Joanna Pritchard Barrett|
||Alison Prout|
|**Charity Number**|263294|
|**Principal Address and Registered Office**|Goodwood House|
||Blackbrook Park Avenue|
||Taunton|
||Somerset|
||TA1 2PX|
|**Auditors**|Albert Goodman LLP|
||Goodwood House|
||Blackbrook Park Avenue|
||Taunton|
||Somerset|
||TA1 2PX|
|**Bankers**|Arbuthnot Latham|
||7 Wilson Street|
||London|
||EC2M 2SN|
|**Solicitors**|Farrer & Co|
||66 Lincoln Fields|
||London|
||WC2A 3LH|
|**Investment Advisers**|MICL Limited|
||Regus|
||Oxford House|
||12-20 Oxford Street|
||Newbury|
||Berkshire|
||RG14 1JB|
______________________________________________________________________________
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
The Trustees present their Report and Financial Statements for the year ended 31 August 2023. We are satisfied that the Financial Statements comply with the requirements of the Charities Act 2011, the Trust Deed as referenced below 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_ (FRS 102) – (Charities SORP (FRS 102)).
## **Structure, Governance and Management**
The AIM Foundation (AIM) is family grantmaking foundation established by a charitable trust deed on 3 September 1971. The Foundation was previously known as the Ian Roy Marks Charitable Trust and its name was changed by a Trustees' resolution to The AIM Foundation on 14 April 1993.
From 2008 to November 2023 the AIM Foundation owned 100% of the shares in a subsidiary company, Cytoplan Limited, the shares having been gifted to AIM by Ian Marks. Every year, depending on operating profits and the forward plans for the business, the Cytoplan Board approved donations from the business to AIM. These funds were used to make grants to organisations within the focus area of Nutrition for Health and Wellbeing. In the year ending 31 August 2023 a sum of £400,000 was transferred from Cytoplan Limited to The AIM Foundation.
AIM’s Founder Ian Marks died in 2018 and it became clear that the objects for the restricted fund declared in his letter of wishes in 1999 were not well aligned with the objects and strategy of the AIM Foundation. Therefore, the AIM Trustees decided that the objects associated with the restricted funds would be best served by a new standalone grant funding CIO. The Nutritional Wellbeing Foundation (NWF) was therefore registered on 14 July 2023 (Charity No. 1203987) with three initial Trustees, chaired by Caroline Marks.
On 30 November 2023, AIM transferred its shares in Cytoplan to the NWF and responsibility nutritional grant commitments made by AIM were taken on by the NWF in January 2024. Unspent reserves from the restricted fund were transferred to the NWF in early 2024. The intention is for the NWF’s grant making strategy to be reviewed in Summer 2024, once further new Trustees have been recruited.
AIM currently has five Trustees, three of whom are descendants of the Founder, Ian Marks, and two are independent Trustees, bringing expertise and experience in AIM’s targeted programme areas.
The Trustees who served during the year were:
- Philippa Bailey
- Sophie Jones
- Angela Marks (resigned 06/02/2023)
- • Caroline Marks Chair of Trustees
- Joanna Pritchard Barrett
- Alison Prout
The Trustees meet quarterly to set strategy and budgets, review finances, approve grants and discuss other governance matters. The Trustees give their time freely and receive no remuneration or other financial benefits, although they are entitled to be reimbursed for expenses directly.
The Trustees meet quarterly to set strategy and budgets, review finances, approve grants and discuss other governance matters. The Trustees give their time freely and receive no remuneration or other financial benefits, although they are entitled to be reimbursed for expenses.
During 2022/23 long-term succession planning and strengthening of the governance has continued. In January 2023 Sarah Irving was appointed on a self-employed basis as Foundation Manager. She brings experience of managing family foundations and has developed and improved our grant management, financial processes, policies and reporting.
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
AIM has programme subcommittees which are responsible for recommending grants to Trustees for approval within predetermined budgets. The subcommittees are comprised of the Foundation Manager, selected Trustees, third generation Marks family members, and external voluntary advisers with relevant expertise.
Engagement and involvement of the third generation was significant over the year, with them participating in programme sub-committees, meeting with grantees and attending Trustee meetings.
The Chair and the Foundation Manager took part in several network and training sessions organised by the Association of Charitable Foundations and Environmental Funders Network as well as collaborating with other Family Foundations and grant makers funding in similar focus areas. We continue to develop our grantmaking to align it with good practice as outlined in the Association of Charitable Foundations’ Stronger Foundations Framework.
## **Risk Management**
The Trustees have considered and identified the major risks faced by the Foundation and have put in place appropriate measures to mitigate against them. Internal controls and extensive use of a grant management database help to ensure the effective management and monitoring of the charity's operations.
## **Objectives and activities**
The Foundation’s objectives are to make grants to registered charities, or Community Interest Companies with charitable purposes. We seek to balance funding to address the underlying causes of social need, whilst also directly supporting those with immediate needs.
## **Grant Making Policy**
The Trustees’ policy is to provide core, unrestricted and project funding to organisations with charitable purposes.
We have regard to the Charity Commission's general guidance on public benefit when reviewing the grant making policy for the year. We support registered charities operating for public benefit and there is a clear policy of not supporting individuals.
AIM usually offers one-year grants in the first instance, but can offer multi-year funding as relationships develop. Our funding can be unrestricted, core or project funding. In some instances, we award development grants to cover the costs of developing an idea to proposal stage.
The following principles guide The AIM Foundation’s approach:
## **Respect for those working in the sector**
- we try and limit the time spent on proposals and reports;
- we only approach organisations and ask for their time when we think there is a strong likelihood that we will fund their work;
- we are driven by what organisations tell us they need;
- we make a £250 donation to any organisation on the rare occasion that they are invited to make a proposal which is then not successful. This is to acknowledge the time it takes to produce a proposal;
- we provide unrestricted funds where all the organisation’s work aligns with AIM’s priorities or where a strong relationship has been built. In other situations, funds will be broadly restricted – to fund a particular area of work but not tied to specific costs.
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
## **Openness**
- we share the likelihood of funding and details of our process with potential grantees;
- we publish all our grants on 360giving;
- we commit to letting grantees know when the funding relationship is coming to an end with as much notice as possible;
- we will introduce a mechanism for applicants to get in touch where they believe they are a strong fit;
- we conduct grantee surveys in order to learn and improve our grant making practice.
## **Collaboration**
We encourage our grantees to work together and support the costs of collaboration; we are keen to work with other funders.
## **Relationships matter**
We seek to build long-term relationships with those we fund. We hold initial conversations to learn about an organisations work; we aim to provide longer and less restricted funding over time; we provide continuation funding.
Our full Grant Making Policy is shown on our website.
A full list of grants is shown at the end of the financial statements.
## **AIM’s Funding Strategy**
AIM recognises that there are different ways to achieve social and environmental change and we seek to balance our funding across three funding objectives:
## **Changing the system**
Intervening at the level of the system, as change here can reach a larger number of people and make a lasting impact. This includes supporting work that changes policy, structures, mindsets, and practice including raising the voices of those under-represented, collaborations, awareness raising, campaigning, testing and spreading ways of working, and research. This type of work takes longer, is harder to achieve, and the result is uncertain. AIM recognises that it is more responsible to commit funding for a longer timeframe to achieve system change – stopping funding too soon could jeopardise previous year’s work. It is rarer to find Foundations prepared to do policy work.
## **Strengthening the sector**
Supporting infrastructure bodies that work to support and develop a sector. This includes supporting the professional development of practitioners, funding collaborative working, developing best practice and sharing learning. This work brings efficiencies as umbrella organisations co-ordinate, convene, offer support and advocate for several organisations at once.
## **Direct support**
AIM supports the direct work of charities which are often based in East Anglia, where the family has strong connections. It is hoped that the family will be able to visit these organisations and learn from meeting those working on the frontline. Funding this type of work helps AIM to get to know an organisation and understand the issues they seek to address. Developing this knowledge and understanding e.g. examples of good practice informs other funding decisions. Direct support projects can be effective during a shorter time scale.
In 2022/23 AIM’s funding concentrated on the following focus areas:
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
## **Early Years**
Focusing on early interventions that improve the emotional and social development of young children from vulnerable families.
## **Environment**
Restoring and protecting UK Rivers and Coastal Waters and Global Oceans and Coastal Waters. Priority areas are nature restoration when linked to carbon sequestration and working with communities.
## **Nutrition for Health and Wellbeing**
Increasing the understanding of nutrition and its importance for health amongst health practitioners.
## **Young People**
Improving their life chances, especially around the transition from school to employment, and their emotional and mental well-being. This includes early interventions that prevent issues from getting worse.
## **Family Fund**
In addition to the main four focus areas, AIM awards grants through its Family Fund. This enables members of the family to support a range of causes and helps AIM to learn about new areas of interest, whilst supporting valuable work in the community.
## **Restricted/Designated Funds**
AIM also has two specific designated funds:
## **Sustainable Wellbeing**
A legacy was given to AIM in 2022 with a particular designation that the funds be used to promote Sustainable Wellbeing. AIM’s ex-Trustee Nic Marks is responsible for proposing organisations to be supported from this fund.
## **The Sylvia Adams Trust**
The Sylvia Adams Trust closed in 2023 and, as part of this process, its trustees made restricted donations totalling £528,905 to the AIM Foundation with the intention that the funds be allocated to grants to organisations working in the early years sector. This sum has now largely been awarded, with just under £60,000 unallocated at year end.
## **Achievements and performance**
It is difficult to present meaningful aggregated data showing the overall impact of the work we have supported with our grants. This is due to the wide range of activities we have supported through our different strands and focus areas; the fact that we fully fund some activities and only contribute towards the costs of others; the different contexts in which the projects we support are working; and the differing needs of the people receiving support from those projects; and that some of our grants are unrestricted or broadly restricted.
However, below we have listed the organisations to whom we have awarded grants this year and their work that we are supporting.
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
## **Grants awarded during 2022/23**
Over the course of the year AIM awarded 20 new grants through its core funding programmes as well as a further nine though the Family Fund. Taken together, the grants awarded, many multiyear, totalled £2.108 million. The total paid out in grants over the year was £1.260 million.
The chart below shows the growth in grants paid out each year since 2018/19 and the pie charts show the split of payments by Focus Area and Funding Objective in 2022/23.
**Annual Grants Paid (£, 2018/19 to 2022/23)**
## **2022- 23 Grants (Split by type)**
## **By Focus Area By Funding Objective**
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
## **Early Years Grants**
## **Association for Video Interaction Guidance (AVIGuk) - £25,000 over one year**
AVIGuk works to promote the delivery and development of the effective, brief therapeutic intervention Video Interaction GuidanceTM (VIG) - a powerful strengths-based, brief intervention that promotes attunement, sensitivity, and mentalization in relationships between parents/carers and children. AIM’s second grant to AVIGuk is enabling them to fully embed the previously funded Data Collection System into VIG practice and provide the resources to analyse their growing database.
## **Parent Infant Foundation (PIF) - £120,000 over three years**
Parent Infant Foundation is committed to ensuring every baby has a loving and nurturing relationship laying the foundation for their emotional and physical wellbeing. AIM has been supporting PIF since 2019, and the latest multiyear grant awarded in June 2023 is unrestricted.
## **Grants made on behalf of the Sylvia Adams Charitable Trust**
AIM made the three grants below on behalf of Sylvia Adams, from funds donated to AIM when the charitable trust closed.
## **Cued Speech UK - £100,000 over one year**
Towards their choices Programme: A free six-week programme offered to parents of deaf children aged between 0 and 4 years of age in England and, designed to help parents navigate and explore the communication and language choices that are available to them.
## **Alstrom Syndrome UK - £340,000 over three years**
Towards the core costs of their Breaking Down Barriers Project - Understanding genetics together. They have created a network of over 60 organisations working together to address health inequalities to improve the lives of families from diverse and marginalised communities who are affected by genetic conditions.
**Wild Young Parents Project** - **£30,000 over one year**
Towards Building a collaborative network to create intergenerational change for young parent families.
## **Environmental Grants**
## **Association for Coastal Ecosystem Services (ACES) - £30,000 over one year**
AIM is supporting their long-running, leading-edge blue carbon project in the Mikoko Kenya Mangrove in southern Kenya, which strongly emphasises the principle of community justice in carbon projects.
**Blue Ventures - £30,000 over one year**
AIM is supporting Blue Ventures pioneering blue carbon work in West Africa, supporting coastal communities with the secure tenure, management and monitoring tools, livelihoods support, and equitable access to climate finance they need to steward mangroves sustainably.
## **Central Office of Public Interest (COPI) - £40,000 over two years**
AIM’s grant was towards the development of COPI’s creative campaign to raise public awareness of river pollution.
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
## **Environmental Funders Network - £1,000 over one year**
AIM supports the Network’s mission is to increase the overall level of financial support for environmental causes and to help environmental philanthropy to be as effective as it can be.
## **River Action - £30,000 over one year**
River Action is a UK-based environmental charity committed to addressing the severe problem of river pollution, particularly that caused by agricultural and food industry practices, and sewage discharge by water companies. This is AIM’s first grant to River Action, it is unrestricted and was awarded in July 2023.
## **Nutrition Grants**
During 2022/23 AIM made the nutrition grants shown below. As from January 2024 these grants are now being managed by the Nutritional Wellbeing Foundation.
## **Culinary Medicine UK - £120,000 over three years**
Culinary Medicine UK CIC was started as a non-profit organisation to tackle the problem of poor nutrition training for health professionals. They create innovative and engaging education for health professionals and health professional students that combine nutrition, health and culinary expertise to create nutrition education, events & practical digital resources in their kitchen-based classroom.
In 2022 they launched their online Culinary Medicine course for health professionals to complement their inperson teaching sessions at the central London teaching kitchen and have developed a health and wellbeing programme to support NHS staff. This grant continues CMUK’s work with health professionals.
## **Institute of Health Visiting (iHV) - £120,000 over three years**
Since 2020 AIM has been funding IHV with their work updating the ‘Healthy Weight, Healthy Nutrition’ Health Visitor Champion training, creating training to meet the needs of the wider early years workforce, developing a digital toolkit and expanding the programme to included oral health and physical activity.
In April 2023 a further three year commitment of £40,000 pa was made to build upon this success of maintaining the engagement of the workforce and developing and embedding the principles of effective practice in HWHN, physical activity and oral health across the UK, including the recruitment of new Champions and Ambassadors.
## **Nutritank - £120,000 over three years**
AIM has been funding the work of Nutritank CIC since 2019 that began with their work as medical students to organise nutrition for health and wellbeing events within universities. Over the past 5 years, they have successfully made nutrition and wellbeing education for health professionals accessible and affordable by offering free webinars and in person educational events.
This latest three year commitment was made to continue and develop Nutritank as a Continuing Medical Education provider for topics related to food, nutrition and lifestyle medicine.
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
## **School Food Matters - £100,000 over two years**
School Food Matters teaches children about food and aims to improve school children’s access to healthy and sustainable food.
AIM originally funded their Young Marketeers project, giving children the opportunity to experience the joy of growing fresh fruit and vegetables and developing their skills by selling their produce at London’s Borough Market. In addition, the funding contributed to the pilot programme of improving the food offer in breakfast and after school clubs, as well as helping schools to develop and implement school food policies that put children’s health first.
In January 2023 a further grant commitment of £100,000 over two years was approved to scale up this programme from 3 to 8 schools in Tower Hamlets, applying learning form the pilot phase and greatly extending their impact.
## **Sustain – Children’s Food Campaign - £94,998 over three years**
Sustain is an alliance of organisations and communities working together for better food, farming, and fishing. They advocate for food and agriculture policies and practices that have the health and welfare of people and animals at their centre.
In 2021 AIM awarded a grant of £25,000 to support campaigning for universal free school meals and healthy school meals. Sustain has gathered evidence for the benefits of universal free school meals and is working with key partners (#Feedthe Future campaign, Soil Association). They have raised the profile of this issue, but this has not yet swayed the government.
This latest grant further supports this campaigning work.
## **Young People Grants**
**Anna Freud - £105,000 over three years**
Anna Freud works to prioritise mental health and wellbeing of children and young people alongside academic attainment. AIM’s grant is towards their work in schools, where Anna Freud supports teachers and school leaders to embed good mental health at the heart of their school communities.
## **Impetus - £90,000 over 3 years**
AIM has been a long-time funder of Impetus and their work to transform the lives of young people from disadvantaged backgrounds, by making sure they get the right support to succeed in school, work and life. In October 2022 AIM awarded a new multiyear unrestricted grant, which is being used to support Impetus’s research and policy work.
## **Island Careers Partnership (ICP) - £15,000 over one year**
This small Isle of Wight charity builds links between education and business to help guide young people into the world of work. In July 2023 AIM awarded a core funding grant to support ACP’s recruitment of a part time administrator.
## **Place2Be - £100,000 over three years**
Place2Be is a children and young people's mental health charity working with pupils, families and staff in UK schools. AIM’s grant is supporting their Qualifying Programme, providing accredited training for people from diverse backgrounds to become in-school counsellors.
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
## **Sustainable Wellbeing**
## **Hot Or Cool – £295,000 over three years**
Based in Berlin, Germany, Hot or Cool uses science to push for systemic change to address the sustainability challenge. AIM supports their Sustainable Wellbeing Programme, and specifically the further development of the Happy Planet Index. This is a measure of sustainable wellbeing, ranking countries by how efficiently they deliver long, happy lives using limited environmental resources.
## **Family Fund**
## **Good Faith Foundation - £30,000 over 18 months**
Towards the welcome Hubs model developed in Bristol as part of the Local Homes for Ukraine. A wraparound community response for Ukrainians coming to the UK, designed to link local, volunteer-led groups to each other as well as to Local Authorities and the wider VCSE sector.
Other family fund donations
- Little Village HQ - £1,000
- Atlantic Salmon Trust - £1,000
- Friends of St Nicholas Field (St Nicks) - £1,000
- Campaign Against Living Miserably - £1,000
- Country Trust- £10,000
- British Red Cross - £1,000
- The Silver Line C/O Age UK - £1,000
- Young Epilepsy - £1,000
## **Financial Review**
The results include the audited financial statements of Cytoplan Limited and its wholly owned subsidiaries, Nature’s Own Limited and Biogrow Limited. The results of the subsidiaries are detailed in Note 4.
A Gift Aid payment of £400,000 has been made from Cytoplan Limited to The AIM Foundation.
The consolidated deficit for the year is £659,194 (2022: £866,864 deficit).
The charity’s own deficit for the year is £1,317,670 (2022: £1,407,205 deficit). The deficit in both entities is due grants to committed to but not yet paid as noted.
The charity has awarded grants in this period (including future year commitments) of £2,198,242 (2022: £1,027,095), and physically made grant payments of £1,260,307 (2022: £986,499), further details of which are set out in Note 23.
Total funds have decreased in the year by £659,194 so that consolidated funds are £14,907,299.
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
## **Reserves Policy**
The Trustees aim to hold sufficient reserves to make grants in line with the charitable objectives. The annual grants are paid from the gift aid restricted donations from Cytoplan Limited, restricted fund donation from Sylvia Adams Trust and investment income, supported by the charity’s unrestricted reserves as we see fit.
The Trustees have agreed that the reserves position is strong and flexible enough for future years’ grant making. Future Grant making budgets are currently being reviewed with members of the third generation of Marks Family and are likely to be decrease in line with the returns being achieved on our investment portfolio. Future grants can be drawn from cash and investment reserves.
The charity’s unrestricted funds of £8,805,559 are represented by investments.
## **Investment Policy**
The Trustees have received, adopted and endorsed the Financial Review written on our behalf by our investment manager, MICL Limited.
## **Quoted Investments**
The investment policy for the charity portfolio is to achieve a total return from both income and capital growth, whilst employing a medium-risk investment strategy.
The portfolio largely invests in equities via collective investment schemes such as unit trusts and open-ended investment companies. These vehicles provide investment diversification which partially mitigates investment risk. The funds held on the portfolio are operated by reputable fund management groups, and managed by talented investment managers, who in turn are supported by analysts and risk management teams in many cases. All the investment funds held on the AIM portfolio are regulated by the Financial Conduct Authority (FCA).
During the year ended 31[st] August 2023, there were no remittances made from the AIM portfolio. Income generated by the investments is not reinvested. The performance of the portfolio and asset allocation is reviewed quarterly by the trustees with the portfolio manager and performance is compared against the ARC Sterling Balanced Charity benchmark (which includes reinvested income). MICL Limited currently also reviews portfolio performance against the MSCI Global Growth (Total Return) benchmark which is an equitybased index that reflects the present asset allocation of the AIM portfolio more accurately.
There has been a 40-year duration bull market in bond and fixed interest securities and especially so since the Great Financial Crisis in 2008 which led to quantitative easing and near zero interest rates. For this reason, bond investments became expensive with low yield and have been excluded from the portfolio until recently. During 2022/23 the interest rate cycle has turned resulting in substantial losses for bond and fixed interest investors. For the first time in many years bond and fixed interest investments offer good value which will be reflected in the AIM portfolio.
It has not only been bond and fixed interest markets that have suffered during 2022/23. With the exception of commodity and energy related investments, most sectors suffered steep losses, including equity markets. The investment manager has recommended to the trustees in previous years that they maintain cash outside the portfolio sufficient to meet the charity’s commitments over a 2-year period. In the event of a severe equity market dislocation this is an effective way of mitigating market risk i.e. avoiding the need to sell investments at distressed prices.
There has been an investment return on the AIM portfolio during the year ended 31[st] August 2023 of 0.38%. This follows several years of strong investment returns. Profits were taken on the AIM portfolio towards the end of 2021 and proceeds of sales, together with contributions from Cytoplan and the repayment of a property loan, have bolstered the Foundations cash position, going into 2023.
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
## **Stewardship of Investments**
In August 2022 the percentage of specific sustainable investment funds held on the portfolio amounted to 86% of the total portfolio and in August 2023 was 84%. This figure includes those funds that have been labelled ‘sustainable’ or equivalent, such as WHEB Sustainability Fund, and also funds actively pursuing responsible investment policies, such as JP Morgan Emerging Markets Fund. Most fund management groups now operate an ESG policy, which is reflected in the investment selection processes of the equities held across portfolios.
It should be understood that frequently, companies that are considered suitable for inclusion in portfolios due to ESG mandates, are to be found in growth sectors of the markets. Over recent years, the very low interest rate environment has favoured growth style investments. During 2022/23 the position has reversed as interest rates have risen. Over the longer term this should not be an issue for the AIM portfolio although during 2022/23 valuations of growth style companies have fallen quite significantly.
## **Settlement Terms**
The initial terms of the settlement are such that the Trustees may pay out or apply the income and the whole part of the capital of the trust fund to charitable bodies for charitable purposes. The Trustees have wide powers of investment and to that end the Trustees employ MICL Limited (the fund manager) to invest the capital of the Foundation on the world’s stock markets, including funds and investments with a social, ethical and environmental mandate. The Trustees have provided the portfolio manager with full discretion over the management of the AIM Foundation portfolio. The performance of the investments is monitored closely both by the portfolio manager and the Trustees on a quarterly basis.
The Trustees have assessed the major risks to which the Foundation is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
In late 2023 the Trustees undertook a thorough review of their investments and this resulted in the adoption of a revised investment policy statement, which provided clarity around risk and return objectives and incorporating a number of stated ESG objectives.
As a result, the Trustees made the decision to move AIM’s investment portfolio to Cazenove’s pooled sustainable charitable Muti-Asset Fund and this was completed in March 2024.
## **Cytoplan Limited Corporate Responsibility Report**
The Trustees have received, adopted and endorsed the Cytoplan Limited report written on our behalf by the executive team.
## **Our Ethos**
Cytoplan’s mission is to impart knowledge to individuals so that they are empowered to make informed choices in the field of nutrition. We are a force for good within the market, successfully maintaining our reputation of doing things in the right way for over 30 years. Our endeavours are driven by our principles, not the search for profits. These principles encompass a passion to optimise people’s health, ethically and sustainably.
One of the main outcomes of intensive farming over the last decades has been the loss to people of many nutrients. In supplying “Food State” and wholefood products, and our extensive compilation evidencing “the Nutrition Gap” as it exists in the Western world, we believe we help redress this nutrition imbalance in people in the best way possible. More recently we have become aware of the Phytonutrient gap which is far greater than the vitamin and mineral gap with respect of its impact on human health, and at this time we are the only company focussing on bridging both the vitamin and mineral gap and the phytonutrient gap with both information and products that meet all needs.
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**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
Our unique Food State and wholefood nutrients, where vitamins and minerals are grown into food and food concentrates in processes that replicate natural growth, are also environmentally friendly. We endeavour to evolve, whilst maintaining consistency with our principles. In respect of this, we are now looking at incorporating biodynamic ingredients into our products as this has not been done before and biodynamicallygrown nutrients will be higher in valuable phytonutrients than standard or even organically-grown crops. It also appears that most biodynamic growing in the UK is presently run off the back of social enterprises which are concurrently looking to educate (mainly underprivileged children and adults) on the value of good food to health and how to grow and cook food for optimum nutritional value. This seems to open the door for us to evolve our products and potentially extend our charitable activities into this area too. We are hoping to purchase some organic or biodynamic land in the Malvern area to be used for product growing and R&D to help further quality nutrient-dense ingredients in our products.
## **Performance Overview**
The financial year turnover finished at £9.2 million which is a YOY increase of 1.3%.
Consumer and Practitioner remain the core of the business, responsible for 44% and 29% of sales respectively, both areas experienced growth in sales in sales (0.22% and -0.15%). During the year we recruited 28k new customers which is -3% down on the previous year. Existing customers 44k was 3% up. Our product margins continue to perform well, averaging 69% over the year, due to robust management of suppliers and a considered cost-plus pricing strategy.
## **Trends**
The demand for Vitamin D seems to have dropped a little since Covid where it was at an all-time high, but people still seem to realise how important it is particularly during the winter. There have been new entrants in the market over the last 2 years and the market has become more competitive as many companies try to maintain their revenue performance. A consequence of this has been more price-led promotions within the market and higher costs associated with digital marketing channels such as paid search.
With the cost of living crisis and the huge amount of information available online, we believe fewer people are going to see nutritional therapists, this may well have impacted practitioner's clinics as we have seen many well-qualified practitioners leaving the industry for more reliably paid work, this could have influenced the number of practitioners running clinics in the current environment. But more recently we have noticed people are beginning to spend again with more confidence and less caution and we believe this is in part due to the well-heeled “thinking” population who are our customer base, who realise that health should be top of their list of priorities in life.
## **Financial or Operational Risks**
Our product risks have reduced considerably over the past few years. We have traditionally sold unique products, some of which sat in a “grey area” of legislation this aspect of our business has always carried a risk. However, as time has gone on UK authorities now consider our products grandfathered into the legislation, so our risk in this respect has reduced considerably.
We are also better supplied with ingredients that whilst being unique are also either easy to grow or to acquire so our supply chains are resilient. All supplement companies share equal risk with the different aspects of supplement legislation in different member EU states – our risk is now the same as all other companies.
At one time we also relied heavily on food state and wholefood products – which were unique to us - and there was a risk that if the supply chain broke down that could pose a risk. But over time we have managed to have a broad range of products by buying raw materials from many different places and all our unique products can now be replicated with materials from other supply chains. So, this is another former risk area that is being managed successfully. We are also operationally sound with excellent contract manufacturers who can adequately deal with our capacity.
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Page 13
**The AIM Foundation** Trustees’ Report For the Year Ended 31 August 2023
Our building at Spring Lane is not well thermally insulated, as a result, we are monitoring humidity and temperature as we can move finished stock to Hanley Swan during the worst of the winter weather, or heat in the summer. As we hope to have a bespoke new building in June-24, this risk should be mitigated soon.
## **Our Environmental Policy**
At Cytoplan we are environmentally conscious, and we have an ongoing commitment to progressive changes.
We have been dedicated to finding an eco-friendly alternative to our recyclable pots that also maintains longterm product integrity, searching for a solution that mirrors our company values and doesn’t compromise on product quality. We introduced our plastic-free, biodegradable and compostable pots, made from natural, sustainable sugar cane in 2021 but have had to remove them as they proved to be more permeable than PET or glass or HDPE. We have explained this to our customers. It is worth noting that consumer expectations are ahead of both market supply and infrastructure to support change in the UK, so at this time, we have opted for recyclable PET and Glass, whilst we continue to search the globe in the hope of finding home-compostable solutions that protect product integrity. We are committed to reducing our environmental impact, we pack our products in either cardboard or paper envelopes and minimal packaging is employed, all cardboard is made from recycled materials and our packaging material is made from potato starch.
## **Our Educational Ethos**
Through our blogs, we seek to give good information to help people make their own informed choices leading to self-empowerment for their health. We continue to offer educational webinars on a regular basis both for practitioners and consumers and these are always well-received and appreciated. We offer personal health advice to customers by phone and email.
We are currently working on a programme – Prevention of Cognitive Decline – to share diet and lifestyle protocols with our customers to help them retain optimum cognition for as long as their genetic potential. This work is being done in conjunction with Professor Dale Bredesen who pioneered the first work on the Reversal of Cognitive Decline and continues to do this mainly in the USA, with a view to expanding to the UK this year.
## **The Well-Being of Cytoplan Staff**
We value our staff and their loyalty and contribution. We also offer bespoke health testing and referrals to professionals where needed or requested to help staff have the best health advice and options available. Each year we offer up to £250 per person on any complementary therapy. We always offer monetary rewards to staff who go beyond the call of duty. There is an annual company-wide bonus scheme depending on profits. Other benefits include 5 free products per month and encouragement of healthy lifestyles. We offer access to online GP appointments as well as mental, emotional and practical help whenever needed on an individual basis. We retain the services of an EAP service provider for our staff.
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**The AIM Foundation** Trustees' Report For the Year Ended 31 August 2023
## **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 including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 income and expenditure 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 judgments and accounting 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, and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which 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/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.
The Trustees' Report was approved by the trustees on 30.04.2024 and signed on their behalf by:
C D Marks - Trustee
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**The AIM Foundation** Independent Auditors' Report to the Trustees and Members For the Year Ended 31 August 2023
## **Opinion**
We have audited the financial statements of The AIM Foundation (the 'parent charity') and its subsidiaries (the ‘group’) for the year ended 31 August 2023, which comprise the consolidated and parent charity Statement of Financial Activities, the consolidated and parent charity Balance Sheets, the consolidated and parent charity Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted Accounting Practice, 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:
- give a true and fair view of the state of the group’s and of the parent charity's affairs as at 31 August 2023 and of the group’s incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the 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 when the original 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 the report.
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**The AIM Foundation** Independent Auditors' Report to the Trustees and Members For the Year Ended 31 August 2023
## **Other information**
The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees’ Report;
- sufficient accounting records have not been kept;
- the financial statements are not in agreement with the accounting records and returns; and
- we have not received all the information and explanations we require for the purposes of our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities set out on page 15, the trustees are responsible for the preparation of the 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 group and parent 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 parent 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 the Charities Act 2011, Section 151 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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**The AIM Foundation** Independent Auditors' Report to the Trustees and Members For the Year Ended 31 August 2023
Irregularities including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlines above, to detect misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
## **The extent to which the audit was considered capable of detecting irregularities including fraud**
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charity through discussions with management, and from our commercial knowledge and experience of the charity and grant making sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, fundraising regulator, anti-bribery and data protection legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation, claims and breaches of relevant legislation; and
- reviewing correspondence with the Charity Commission and other relevant regulators including the charity’s legal advisors and insurers.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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**The AIM Foundation** Independent Auditors' Report to the Trustees and Members For the Year Ended 31 August 2023
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the group and parent charity’s members, 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 group and parent charity’s members and 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 group and parent charity and the group and parent charity’s members as a body and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Albert Goodman LLP, Statutory Auditor
Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX
Date: 31 May 2024
Albert Goodman LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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**The AIM Foundation** Consolidated Statement of Financial Activities For the Year Ended 31 August 2023
|**Unres-**
**tricted**
**£**
**Income**
_Income from other trading activity:_
Commercial trading operations
4
9,201,133
Donations and legacies
-
Investment income
3
178,520
Other income
-
**Total income**
9,379,653
**Expenditure**
_Expenditure on raising funds:_
Commercial trading operations
4
8,142,773
Investment management costs
67,637
Expenditure on charitable
activities
5
1,797,247
**Total expenditure**
10,007,657
Net (losses)/gains on
investments
11/14
(120,096)
**Net (expenditure)/income and**
**net movement in funds**
(748,100)
**Reconciliation of funds**
**Notes**|**Unres-**
**tricted**
**£**
**Income**
_Income from other trading activity:_
Commercial trading operations
4
9,201,133
Donations and legacies
-
Investment income
3
178,520
Other income
-
**Total income**
9,379,653
**Expenditure**
_Expenditure on raising funds:_
Commercial trading operations
4
8,142,773
Investment management costs
67,637
Expenditure on charitable
activities
5
1,797,247
**Total expenditure**
10,007,657
Net (losses)/gains on
investments
11/14
(120,096)
**Net (expenditure)/income and**
**net movement in funds**
(748,100)
**Reconciliation of funds**
**Notes**|**Res-**
**tricted**
**£**
-
528,906
-
-|**2023**
**Total**
**£**
9,201,133
528,906
178,520
-|**Unres-**
**tricted**
**£**
9,080,971
681,258
77,457
511|**Res-**
**tricted**
**£**
-
-
-
-|**2022**
**Total**
**£**
9,080,971
681,258
77,457
511|
|---|---|---|---|---|---|---|
||9,379,653|528,906|9,908,559|9,840,197|-|9,840,197|
|||-
-
440,000|8,142,773
67,637
2,237,247|8,050,336
72,071
1,068,415|-
-
-|8,050,336
72,071
1,068,415|
||10,007,657|440,000|10,447,657|9,190,822|-|9,190,822|
||(120,096)|-|(120,096)|(1,516,239)|-|(1,516,239)|
||(748,100)|88,906|(659,194)|(866,864)|-|(866,864)|
|Total funds brought forward|15,566,493|-|15,566,493|16,433,357|-|16,433,357|
|**Total funds carried forward**
17 14,818,393|||||||
|||88,906|14,907,299|15,566,493|-|15,566,493|
||||||||
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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**The AIM Foundation** Parent Charity Statement of Financial Activities For the Year Ended 31 August 2023
|**Unres-**
**tricted**
**£**
**Income**
Donations and legacies
-
Investment income
168,147
Other income
-
**Total income**
168,147
**Expenditure**
_Expenditure on raising funds:_
Investment management costs
67,637
Expenditure on charitable
activities
5
1,166,999
**Total expenditure**
1,234,636
Net (losses)/gains on
investments
11
(109,839)
**Net (expenditure)/income and**
**net movement in funds**
(1,176,328)
**Reconciliation of funds**
Total funds brought forward
10,663,145
**Total funds carried forward**
17
9,486,817
**Notes**|**Unres-**
**tricted**
**£**
**Income**
Donations and legacies
-
Investment income
168,147
Other income
-
**Total income**
168,147
**Expenditure**
_Expenditure on raising funds:_
Investment management costs
67,637
Expenditure on charitable
activities
5
1,166,999
**Total expenditure**
1,234,636
Net (losses)/gains on
investments
11
(109,839)
**Net (expenditure)/income and**
**net movement in funds**
(1,176,328)
**Reconciliation of funds**
Total funds brought forward
10,663,145
**Total funds carried forward**
17
9,486,817
**Notes**|**Res-**
**tricted**
**£**
928,906
-
-|**2023**
**Total**
**£**
928,906
168,147
-|**Unres-**
**tricted**
**£**
681,258
77,404
511|**Res-**
**tricted**
**£**
450,000
-
-|**2022**
**Total**
**£**
1,131,258
77,404
511|
|---|---|---|---|---|---|---|
||168,147|928,906|1,097,053|759,173|450,000|1,209,173|
|||-
1,070,248|67,637
2,237,247|72,071
903,415|-
165,000|72,071
1,068,415|
||1,234,636|1,070,248|2,304,884|975,486|165,000|1,140,486|
|||-|(109,839)|(1,475,892)|-|(1,475,892)|
||(1,176,328)
10,663,145|(141,342)
1,239,365|(1,317,670)
11,902,510|(1,692,205)
12,355,350|285,000
954,365|(1,407,205)
13,309,715|
|||1,098,023|10,584,840|10,663,145|1,239,365|11,902,510|
||||||||
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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Page 21
**The AIM Foundation** Balance Sheet and Consolidated Balance Sheet As at 31 August 2023
|**Notes**
**Fixed assets**
Intangible assets
9
Tangible assets
10
Investments
11
**Current assets**
Stock
12
Debtors
13
Other financial assets
14
Cash at bank and in hand
**Liabilities:**
Creditors: amounts falling due within
15
one year|**Group**
**2023**
**£**
84,277
374,005
10,194,120
10,652,402
1,235,842
380,018
859,368
5,238,909
7,714,137
(2,847,973)|**Charity**
**2023**
**£**
-
-
11,104,120
11,104,120
-
-
-
947,707
947,707
(1,466,987)|**Group**
**2022**
**£**
146,849
449,585
9,852,900
10,449,334
2,263,370
353,311
804,299
3,905,314
7,326,294
(1,519,070)|**Charity**
**2022**
**£**
-
-
10,762,900|
|---|---|---|---|---|
|||||10,762,900|
|||||-
-
-
1,666,242|
|||||1,666,242
(526,632)|
||||||
|**Net current assets**|4,866,164|(519,280)|5,807,224|1,139,610|
|**Total assets less current liabilities**
Creditors: amounts falling due after
one year
15
Provisions: Deferred taxation
16a
Provisions: Pension Liability
16b
**Net Assets**
**Funds:**
Unrestricted funds:
Designated funds
General funds
Restricted funds
**Total funds**
17|15,518,566
(9,125)
72,829
(674,971)
**14,907,299**
386,258
14,432,135
14,818,393
88,906
**14,907,299**|10,584,840
-
-
-
**10,584,840**
386,258
9,100,559
9,486,817
1,098,023
**10,584,840**|16,256,558
(10,950)
59,488
(738,603)
**15,566,493**
681,258
14,885,235
15,566,493
-
**15,566,493**||
|||||11,902,510
-
-
-|
|||||**11,902,510**|
|||||681,258
9,981,887|
|||||10,663,145
1,239,365|
|||||**11,902,510**|
||||||
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Page 22
**The AIM Foundation** Balance Sheet and Consolidated Balance Sheet As at 31 August 2023
The notes on pages 25 - 45 form part of these accounts.
Approved by the Board for issue on 30.04.2024 and signed on their behalf by: _MCr� CChS\.V\O_ C D Marks - Trustee
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**The AIM Foundation** Consolidated and Parent Charity Cash Flow Statement For the Year Ended 31 August 2023
**----- Start of picture text -----**
Group Charity Group Charity
2023 2023 2022 2022
Note £ £ £ £
Cash flows from operating activities
Net income/ (expenditure) for the year (659,194) (1,317,670) (866,864) (1,407,205)
Adjustments:
Amortisation of intangibles 9 62,572 - 63,132 -
Depreciation 10 114,412 - 142,950 -
Loss on investments 11/14 120,096 109,839 1,516,239 1,475,892
Revaluation of investment 11 (131,583) (131,583) - -
Loss on sale of assets 6,608 - - -
(487,089) (1,339,414) 855,457 68,687
Working capital adjustments:
(Increase) / decrease in stocks 12 1,027,528 - (481,532) -
(Increase) / decrease in debtors 13 (26,707) - 45,085 -
(Decrease) / increase in creditors 15 1,327,078 940,355 (314,600) 40,200
(Decrease) / increase in provisions & deferred tax 16 (76,973) - (73,242) -
Net cash provided by operating activities 1,763,837 (399,059) 31,168 108,887
Cash flows from investing activities:
- - -
Acquisition of intangible assets (40,386)
Acquisition of tangible assets 10 (38,832) - (69,813) -
- - -
Proceeds from sale of tangible assets 3,066
Acquisition of fixed asset investments 11 (1,698,862) (1,698,862) (1,300,777) (1,300,777)
Proceeds from sale of fixed asset investments 11 1,379,386 1,379,386 2,059,378 2,053,924
Acquisition of current asset investments 14 (75,000) - (300,000) -
Net cash flow from investing activities (430,242) (319,476) 348,402 753,147
Net increase/(decrease) in cash
and cash equivalents 1,333,595 (718,535) 379,570 862,034
Cash and cash equivalents at 1 September 3,905,314 1,666,242 3,525,744 804,208
Cash and cash equivalents at 31 August 5,238,909 947,707 3,905,314 1,666,242
**----- End of picture text -----**
______________________________________________________________________________
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**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **1 General information**
The AIM Foundation is a private trust, registered as a charity. Details of the charity including the registered office is shown in Reference and Administrative details in the Trustees Report.
## **2 Accounting policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## a **Basis of preparation**
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments.
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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2011.
The trustees have assessed the charity’s activities with regard to the Charity Commission’s guidance on public benefit. The AIM Foundation meets the definition of a public benefit entity under FRS 102.
The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the charity’s ability to continue as a going concern. Grants are awarded only when there are sufficient reserves and income, therefore the Trustees consider that the going concern assumption remains appropriate.
The functional currency of The AIM Foundation is considered to be Pounds Sterling as that is the currency of the primary economic environment in which the foundation operates.
## b **Group accounts**
These financial statements consolidate the results of the charity and its wholly owned subsidiaries, Cytoplan Limited, Nature’s Own Limited and Biogrow Limited, on a line by line basis. The subsidiaries are registered companies incorporated in England and Wales.
In the parent charity financial statements, the investment in subsidiaries is accounted for at cost less impairment.
## c
## **Funds structure**
The restricted fund represents assets held for a specific purpose. Please see note 19 for more details.
Unrestricted funds comprise accumulated surpluses and deficits on general funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Designated funds comprise income received for a purpose that has been designated by the trustees. Please see note 19 for more details.
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**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## e **Income**
All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income:
- Donation and legacies is received by way of donations and gifts and is included in full in the Statement of Financial Activities, when receivable.
- Grants where entitlement is not conditional on the delivery of specific performance by the charity are recognised when the charity is entitled to the grant.
- Income from trading activities is included in the SOFA in the period to which it relates.
- f
## **Financial instruments**
Financial assets and liabilities are recognised/(derecognised) when the charity becomes/(ceases to become) party to the contractual provisions of the instrument. The charity holds the following basic financial assets and liabilities:
- Short term debtors and creditors: Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.
- Fixed asset investments qualifying as basic financial instruments: Non-basic equity investments are measures at fair value through income and expenditure.
Other financial instruments not qualifying as basic:
- Convertible loan stock has been recognised as a non-basic investment. All non-basic investments are carried at fair value except to the extent that a reliable measurement of fair value cannot be established, in which case the investment is carried at cost less impairment.
## g
## **Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings which aggregate all costs related to the category. Grants payable represent amounts committed for charitable purposes to institutions in the financial period.
## h
## **Intangible assets**
Intangible assets are amortised straight line over the useful life of the asset.
Computer software and consultancy - 15% reducing balance.
## i **Fixed assets**
Tangible fixed assets costing more than £500 are capitalised and included at cost including any incidental expenses of acquisition.
- j
## **Depreciation**
Depreciation is calculated so as to write off the cost of an asset over its useful economic life of that asset as follows:
|s follows:||
|---|---|
|Leasehold buildings|straight line over 5 to 25 years|
|Fixtures and fittings|straight line over 3 to 25 years|
|Plant and machinery|straight line over 3 to 10 years|
|Motor vehicles|straight line over 3 to 5 years|
|Computer equipment|straight line over 3 to 5 years|
Produced by Albert Goodman LLP
Page 26
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## k **Fixed asset investments**
Investments which are publicly traded are recognised initially at fair value which is normally the transaction price (but excludes any transaction costs). Subsequently, investments which are publicly traded are held at market value, with all realised and unrealised gains and losses passing through the SOFA.
Investments which are not publicly traded are held at cost less impairment.
- l
## **Gains and losses**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
- m
## **Stocks**
Stock is included at the lower of cost or net realisable value, after making due allowance for obsolete and slow-moving items. Cost comprises all direct expenditure including variable overheads.
- n
## **Operating lease agreements**
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
-
## **Defined contribution pension costs**
The trading subsidiaries operate a defined contribution scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the Statement of Financial Activities (SOFA). The charity itself has no employees.
- p
## **Other pensions**
The subsidiary company has an unfunded pension obligation to a director. The financial statements include a provision for the expected cost of providing this pension, based on the annuity rates prevailing at the balance sheet date.
- q **Irrecoverable VAT**
Irrecoverable VAT is charged as a cost within the Statement of Financial Activities.
## **3 Investment Income**
|Income from listed investments
Interest receivable|**Unrestricted**
**2023**
**£**
148,660
29,860
178,520|**Unrestricted**
**2022**
**£**
76,743
714|
|---|---|---|
|||77,457|
||||
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 27
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **4 Investment in subsidiaries**
## **Cytoplan Limited/Nature’s Own Limited/Biogrow Limited**
The parent charity holds 100% of the issued share capital and 100% of the voting rights of Cytoplan Limited (company number 01493205).
Nature’s Own Limited (company number 02401115) and Biogrow Limited (company number 12025572) are wholly owned subsidiaries of Cytoplan Limited. The registered address of the wholly owned trading subsidiaries is: Unit 8 Hanley Workshops, Hanley Road, Hanley Swan, Worcester, WR8 0DX. The wholly owned trading subsidiaries are incorporated in the United Kingdom. The principal activity of Cytoplan Limited and Nature’s Own Limited is the supply of vitamin, mineral, and enzyme preparations. The principal activity of Biogrow Limited is the growing of non-perennial crops. Nature’s Own Limited is currently dormant. The pro forma consolidated results for Cytoplan Limited and Biogrow Limited are as follows:
|**2023**
**£**
Turnover
9,201,133
9,201,133
Cost of sales, distribution and admin expenses
(7,858,706)
Operating profit / (loss)
1,342,427
Profit / (loss) on disposal of tangible fixed assets
6,608
Loss on financial assets at fair value
(10,257)
Interest receivable
10,373
Taxation
(290,675)
Exceptional items
-
Gift aid to parent charity
(400,000)
Retained profit / (loss) for the year
658,476
**The assets and liabilities of the subsidiaries were:**
Intangible assets
84,277
**Summary profit and loss account**|**2023**
**£**
Turnover
9,201,133
9,201,133
Cost of sales, distribution and admin expenses
(7,858,706)
Operating profit / (loss)
1,342,427
Profit / (loss) on disposal of tangible fixed assets
6,608
Loss on financial assets at fair value
(10,257)
Interest receivable
10,373
Taxation
(290,675)
Exceptional items
-
Gift aid to parent charity
(400,000)
Retained profit / (loss) for the year
658,476
**The assets and liabilities of the subsidiaries were:**
Intangible assets
84,277
**Summary profit and loss account**|**2022**
**£**
9,080,971|
|---|---|---|
|||9,080,971
(7,968,616)|
|||1,112,355
(98)
(40,347)
53
(81,622)
-
(450,000)|
|||540,341|
|||146,849|
|Tangible fixed assets|374,005|449,585|
|Current assets
Creditors: amounts falling due within one year
Total assets less current liabilities
Creditors: amounts due falling after one year
Deferred taxation
Pension liability
Aggregate share capital and reserves|6,766,430
(1,380,986)
5,843,726
(9,125)
72,829
(674,971)
5,232,459|5,660,052
(992,438)|
|||5,264,048
(10,950)
59,488
(738,603)|
|||4,573,983|
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 28
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **5 Charitable activities**
**----- Start of picture text -----**
Total Total
2023 2022
£ £
Grants payable (see note 22) 2,198,242 1,027,095
Bank charges 90 -
Membership fees 1,777 3,693
Governance costs - Audit and accountancy 9,960 9,000
Other fees and expenses 27,178 28,627
2,237,247 1,068,415
**----- End of picture text -----**
In 2023, £1,070,248 of the grants payable are in relation to restricted funds, with the balance of £1,127,994 being in relation to unrestricted funds (2022 - £165,000 of grants payable related to restricted funds). Within this restriction, £630,248 (2022 - £165,000) is in relation to funds received from the subsidiary company, so only applicable within the charity accounts, leaving a restricted fund expenditure of £440,000 (2022 - £nil) showing in the group accounts.
## **6 Staff costs**
**----- Start of picture text -----**
2023 2022
£ £
Wages and salaries 1,605,375 1,669,701
Social security costs 130,172 134,059
Pension costs 174,223 131,838
Staff redundancy costs 10,400 20,000
1,920,170 1,955,598
**----- End of picture text -----**
The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows:
## **Employee numbers**
|**Employee numbers**|||
|---|---|---|
||**2023**|**2022**|
||**Number**|**Number**|
|Subsidiaries|48|49|
There were no employees of the charity in either period. Trustees are not remunerated. Two trustees were reimbursed expenses of £1,426 (2022: one Trustee reimbursed travel expenses of £163). The trustees consider the Board of Trustees to comprise all of the key management personnel and therefore there is no key management personnel remuneration to be disclosed (2022: none). Total staff costs include redundancy costs of £10,400 (2022: £20,000).
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 29
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
The number of employees (all employed within the trading subsidiaries) whose annual employee benefits (excluding employers pension contribution) exceeded £60,000 were:
|£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000 - £109,999|**2023**
**Number**
-
2
1
-
1|**2022**
**Number**
1
1
1
1
1|
|---|---|---|
||||
## **7 Net income/ (expenditure) for the year**
This is stated after charging:
|This is stated after charging:|||||||
|---|---|---|---|---|---|---|
||**Charity**||**Subsidiary**||**Total**||
||**2023**|**2022**|**2023**2|**2022**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Amortisation of intangible assets|-|-|62,572|63,132|62,572|63,132|
|Depreciation of tangible assets|-|-|114,412|142,950|114,412|142,950|
|Interest payable|-|556|-|-|-|556|
|**Current auditors’ remuneration for:**|||||||
|Audit services|5,040|6,900|9,660|11,830|14,700|18,730|
|Accounting services|4,920|2,100|4,220|7,110|9,140|9,210|
||||||||
## **8 Defined contribution pension scheme**
The subsidiary company operates a defined benefit pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amount to £174,223 (2022: £131,838). Contributions totalling £14,227 (2022: £12,630) were payable to the scheme at the end of the year and are included in other creditors.
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 30
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **9 Intangible Assets**
|**9**
**Intangible Assets**|||
|---|---|---|
|**Group**
**Cost**
Additions
At 31 August 2023
**Amortisation**
At 1 September 2022
Charge for the year
At 31 August 2023
**Net book value**
At 31 August 2023
At 31 August 2022
At 1 September 2022|**Computer**
**Software**
**£**
379,089
-
379,089
232,240
62,572
294,812
84,277
146,849|**Total**
**£**
379,089
-|
|||379,089|
|||232,240
62,572|
|||294,812|
|||84,277|
|||146,849|
||||
There are no intangible assets held by the parent charity.
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 31
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **10 Tangible fixed assets**
|**Improvements**
**Group**
**to leasehold**
**properties**
**£**
**Cost**
At 1 September 2022
294,416
Additions
-
Disposals
-
At 31 August 2023
294,416
**Depreciation**
At 1 September 2022
218,655
Charge for the year
36,677
Depreciation eliminated on disposal
-
At 31 August 2023
255,332
**Net book value**
At 31 August 2023
39,084
At 31 August 2022
75,761|**Improvements**
**Group**
**to leasehold**
**properties**
**£**
**Cost**
At 1 September 2022
294,416
Additions
-
Disposals
-
At 31 August 2023
294,416
**Depreciation**
At 1 September 2022
218,655
Charge for the year
36,677
Depreciation eliminated on disposal
-
At 31 August 2023
255,332
**Net book value**
At 31 August 2023
39,084
At 31 August 2022
75,761|**Plant and**
**equipment**
**£**
618,697
38,832
-|**Motor**
**vehicles**
**£**
27,999
-
-|**Total**
**£**
941,112
38,832
-|
|---|---|---|---|---|
||294,416|657,529|27,999|979,944|
||218,655
36,677
-|266,339
72,135
-|6,533
5,600
-|491,527
114,412
-|
||255,332|338,474|12,133|605,939|
||39,084|319,055|15,866|374,005|
||75,761|352,358|21,466|449,585|
||||||
There are no tangible fixed assets held by the parent charity.
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 32
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **11 Fixed assets - Investments**
**----- Start of picture text -----**
Marlborough
Unlisted Consultants
investment (listed) Total
Charity £ £ £
Market value b/fwd 910,000 9,852,900 10,762,900
Additions - 1,698,862 1,698,862
-
Disposals (1,379,386) (1,379,386)
Revaluation - 131,583 131,583
Realised gain/(loss) on
-
disposal 582,854 582,854
-
Unrealised gain/(loss) (692,693) (692,693)
At 31 August 2023 910,000 10,194,120 11,104,120
Group
At 31 August 2023 10,194,120 10,194,120
At 31 August 2022 9,852,900 9,852,900
Historical cost
At 31 August 2023 910,000 8,806,998 9,716,998
At 31 August 2022 910,000 7,773,085 8,683,085
**----- End of picture text -----**
The value of the listed investments at 31 August 2023 was £10,194,120 (2022: £9,852,900). All listed investments are listed in the UK stock exchange and are valued at market value.
**12 Stocks**
|Finished goods|**Group**
**£**
1,235,842|**2023**
**Charity**
**£**
-|**Group**
**£**
2,263,370|**2022**
**Charity**
**£**
-|
|---|---|---|---|---|
||||||
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 33
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **13 Debtors**
**----- Start of picture text -----**
2023 2022
Group Charity Group Charity
£ £ £ £
Trade debtors 213,388 - 197,535 -
Other debtors 166,630 - 155,776 -
- -
380,018 353,311
14 Other financial assets
2023 2022
Group Charity Group Charity
£ £ £ £
Current asset investments
Cost or valuation 804,299 - 550,000 -
- -
Fair value adjustments (10,257) (40,347)
Additions 75,000 - 300,000 -
- -
Disposals (9,674) (5,354)
- -
859,368 804,299
**----- End of picture text -----**
The current asset investment is valued at cost less impairment.
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 34
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **15 Creditors: Amounts falling due within one year**
|**2023**
**Group**
**Charity**
**£**
**£**
Trade creditors
364,684
-
Other taxation and social security
515,016
-
Other creditors
123,708
-
Multi year grant commitments
1,449,753
1,449,753
Accruals and deferred income
394,812
17,234
2,847,973
1,466,987
**Creditors: Amounts falling due in more than one year**
**2023**
**Group**
**Charity**
**£**
**£**
Accruals and deferred income
9,125
-
9,125
-
**16 a) Provisions - Deferred taxation**|**2023**
**Group**
**Charity**
**£**
**£**
Trade creditors
364,684
-
Other taxation and social security
515,016
-
Other creditors
123,708
-
Multi year grant commitments
1,449,753
1,449,753
Accruals and deferred income
394,812
17,234
2,847,973
1,466,987
**Creditors: Amounts falling due in more than one year**
**2023**
**Group**
**Charity**
**£**
**£**
Accruals and deferred income
9,125
-
9,125
-
**16 a) Provisions - Deferred taxation**|**2023**
**Group**
**Charity**
**£**
**£**
Trade creditors
364,684
-
Other taxation and social security
515,016
-
Other creditors
123,708
-
Multi year grant commitments
1,449,753
1,449,753
Accruals and deferred income
394,812
17,234
2,847,973
1,466,987
**Creditors: Amounts falling due in more than one year**
**2023**
**Group**
**Charity**
**£**
**£**
Accruals and deferred income
9,125
-
9,125
-
**16 a) Provisions - Deferred taxation**|**Group**
**£**
208,293
242,797
214,283
511,818
341,879
1,519,070
**Group**
**£**
10,950
10,950|**2022**
**Charity**
**£**
-
-
-
511,818|
|---|---|---|---|---|
|||||14,814|
||||||
|||||526,632|
|||||**2022**
**Charity**
**£**
-|
|||||-|
||||||
|At 1 September 2022
(Charge)/credit for the year
At 31 August 2023|**Group**
**£**
59,488
13,341
72,829|**2023**
**Charity**
**£**
-
-
-|**Group**
**£**
47,002
12,486
59,488|**2022**
**Charity**
**£**
-
-|
|||||-|
||||||
Deferred taxation arises in respect of fixed asset timing differences and in relation to the provision for the pension liability for corporation tax purposes in Cytoplan Limited.
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 35
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **16 b) Provisions - Other pension liability**
|At 1 September 2022
Charge/(credit) for the year
At 31 August 2023|**Group**
**£**
738,603
(63,632)
674,971|**2023**
**Charity**
**£**
-
-
-|**Group**
**£**
799,359
(60,756)
738,603|**2022**
**Charity**
**£**
-
-|
|---|---|---|---|---|
|||||-|
||||||
## **17 Funds**
|**2023**
**Unrestricted funds**
**Restricted funds**
Sylvia Adams Trust
Charity - designated
Charity - general
**Funds analysis - group**
**Total funds**
Subsidiaries|**Opening**
**balance**
**1 Sept 2022**
**£**
9,901,252
681,258
4,983,983|**Incoming**
**Resources**
**£**
168,147
-
9,211,506|**Outgoing**
**Resources**
**£**
(2,009,884)
(295,000)
(7,702,773)|**Investment**
**Movement**
**£**
(109,839)
-
(10,257)|**Closing**
**balance**
**31 Aug 2023**
**£**
7,949,676
386,258
6,482,459|
|---|---|---|---|---|---|
||15,566,493
-|9,379,653
528,906|(10,007,657)
(440,000)|(120,096)
-|14,818,393
88,906|
||**15,566,493**|**9,908,559**|**(10,447,657)**|**(120,096)**|**14,907,299**|
|||||||
|**2023**
**Unrestricted funds**
**Restricted funds**
Sylvia Adams Trust
**Total funds**
**Funds analysis - charity**
Charity - general
Distributions from subsidiary
Shares in subsidiaries
Charity - designated|**Opening**
**balance**
**1 Sept 2022**
**£**
9,981,887
681,258|**Incoming**
**Resources**
**£**
168,147
-|**Outgoing**
**Resources**
**£**
(939,636)
(295,000)|**Investment**
**Movement**
**£**
(109,839)
-|**Closing**
**balance**
**31 Aug 2023**
**£**
9,100,559
386,258|
||10,663,145
-
910,000
329,365|168,147
528,906
-
400,000|(1,234,636)
(440,000)
-
(630,248)|(109,839)
-
-
-|9,486,817
88,906
910,000
99,117|
||1,239,365|928,906|(1,070,248)|-|1,098,023|
||**11,902,510**|**1,097,053**|**(2,304,884)**|**(109,839)**|**10,584,840**|
______________________________________________________________________________
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Page 36
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
|**2022**
**Unrestricted funds**
Charity
Subsidiaries
Total unrestricted funds
**Total funds**
**Funds analysis - group**
Charity - designated|**Opening**
**balance**
**1 Sept 2021**
**£**
12,439,715
-
3,993,642|**Incoming**
**Resources**
**£**
77,915
681,258
9,081,024|**Outgoing**
**Resources **
**£**
(1,140,486)
-
(8,050,336)|**Investment**
**Movements**
**£**
(1,475,892)
-
(40,347)|**Closing**
**balance**
**31 Aug 2022**
**£**
9,901,252
681,258
4,983,983|
|---|---|---|---|---|---|
||16,433,357|9,840,197|(9,190,822)|(1,516,239)|15,566,493|
||**16,433,357**|**9,840,197**|**(9,190,822)**|**(1,516,239)**|**15,566,493**|
|||||||
|**2022**
**Unrestricted funds**
**Restricted funds**
Shares in subsidiaries
Distributions from subsidiary
**Total funds**
Charity - designated
**Funds analysis - charity**
Charity - general|**Opening**
**balance**
**1 Sept 2021**
**£**
12,355,350
-|**Incoming**
**Resources**
**£**
77,915
681,258|**Outgoing**
**Resources **
**£**
(975,486)
-|**Investment**
**Movements**
**£**
(1,475,892)
-|**Closing**
**balance**
**31 Aug 2022**
**£**
9,981,887
681,258|
||12,355,350
910,000
44,365|759,173
-
450,000|(975,486)
-
(165,000)|(1,475,892)
-
-|10,663,145
910,000
329,365|
||954,365|450,000|(165,000)|-|1,239,365|
||**13,309,715**|**1,209,173**|**(1,140,486)**|**(1,475,892)**|**11,902,510**|
|||||||
In 2022, the charity received £681,258 from a Trust, in which the charity held a life interest. This life interest was realised during the prior year, and the Trustees have elected to designate the receipt from this Trust to providing grants to institutions with sustainable wellbeing outcomes.
The charity owns 100% of the issued share capital of Cytoplan Limited which in turn owns 100% of the issued share capital of Nature’s Own Limited and Biogrow Limited – see note 4 for more details.
The restricted fund comprises of:
- Sylvia Adams Trust – During 2023, the charity received distributions from a charity that was winding down. Funds received are to be used to fund specific organisations, within the objects of the charity, as set out by the donor charity – the Sylvia Adams Trust.
- The shares held in Cytoplan Limited, held at the cost of the shares at the date of the gift. The amount is held in a restricted fund due to restrictive conditions imposed by the donors.
- The distributions from Cytoplan Limited are also held in a restricted fund, to be used on grants specifically to assist with nutrition, as specified by the donor of the shares.
______________________________________________________________________________
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Page 37
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
**----- Start of picture text -----**
18 Analysis of group net assets between funds
2023 Unrestricted Restricted Total
funds funds funds
£ £ £
-
Fixed assets 10,652,402 10,652,402
Current assets 7,625,231 88,906 7,714,137
-
Other net current liabilities (2,847,973) (2,847,973)
-
Long term liabilities (9,125) (9,125)
-
Provisions - pension liability (674,971) (674,971)
-
Provisions - deferred taxation asset 72,829 72,829
14,818,393 88,906 14,907,299
2022 Unrestricted Restricted Total
funds funds funds
£ £ £
-
Fixed assets 10,449,334 10,449,334
-
Current assets 7,326,294 7,326,294
-
Other net current liabilities (1,519,070) (1,519,070)
-
Long term liabilities (10,950) (10,950)
-
Provisions (738,603) (738,603)
-
Provisions - deferred taxation asset 59,488 59,488
-
15,566,493 15,566,493
**----- End of picture text -----**
Produced by Albert Goodman LLP
Page 38
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **Analysis of parent charity net assets between funds**
**----- Start of picture text -----**
2023 Unrestricted Restricted Total
funds funds funds
£ £ £
Fixed assets 10,194,120 910,000 11,104,120
Current assets 759,684 188,023 947,707
Other net current liabilities (1,466,987) - (1,466,987)
9,486,817 1,098,023 10,584,840
2022 Unrestricted Restricted Total
funds funds funds
£ £ £
Fixed assets 9,852,900 910,000 10,762,900
Current assets 1,336,877 329,365 1,666,242
-
Other net current liabilities (526,632) (526,632)
10,663,145 1,239,365 11,902,510
**----- End of picture text -----**
|**19**
**Financial Instruments**|
|---|
|**Categorisation of financial instruments**
|
|**19**
**Financial Instruments**
**Categorisation of financial instruments**
|**19**
**Financial Instruments**
**Categorisation of financial instruments**
|**19**
**Financial Instruments**
**Categorisation of financial instruments**
|**19**
**Financial Instruments**
**Categorisation of financial instruments**
|
|---|---|---|---|
|**Group**
**£**
**Financial assets**
Financial assets measured at fair value through
income and expenditure account
10,194,120
Financial assets measured at amortised cost
6,346,247
16,540,367
**Financial liabilities**
Financial liabilities measured at fair value through
income and expenditure account
674,971
Financial liabilities measured at amortised cost
2,292,876
2,967,847|**2023**
**Charity**
**£**
10,194,120
947,707
11,141,827
-
1,466,987
1,466,987|**Group**
**£**
9,852,900
4,932,495
14,785,395
738,603
1,239,620
1,978,223|**2022**
**Charity**
**£**
9,852,900
1,666,242|
||||11,519,142|
||||-
526,632|
||||526,632|
|||||
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 39
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
|**2023 - Group**
Financial assets measured at fair value through
income and expenditure account
Financial assets measured at amortised cost
Financial assets measured at fair value through
income and expenditure account
Financial liabilities measured at amortised cost
**2023 - Charity**
Financial assets measured at fair value through
income and expenditure account
Financial assets measured at amortised cost
Financial assets measured at fair value through
income and expenditure account
Financial liabilities measured at amortised cost
**2022 - Group**
Financial assets measured at fair value through
income and expenditure account
Financial assets measured at amortised cost
Financial assets measured at fair value through
income and expenditure account
Financial liabilities measured at amortised cost
**2022 - Charity**
Financial assets measured at fair value through
income and expenditure account
Financial assets measured at amortised cost
Financial assets measured at fair value through
income and expenditure account
Financial liabilities measured at amortised cost|**Income**
**£**
148,660
29,860
-
-
178,520
**Income**
**£**
148,660
19,487
-
-
168,147
**Income**
**£**
76,743
714
-
-
77,457
**Income**
**£**
76,743
661
-
-
77,404|**Expenditure**
**£**
67,637
-
-
-
67,637
**Expenditure**
**£**
67,637
-
-
-
67,637
**Expenditure**
**£**
72,071
-
-
-
72,071
**Expenditure**
**£**
72,071
-
-
-
72,071|**Net gains**
**£**
-
-
-
-
**Net gains**
**£**
-
-
-
-
**Net gains**
**£**
-
-
-
-
-
**Net gains**
**£**
-
-
-
-
-|**Net losses**
**£**
(120,096)
-
-
-|
|---|---|---|---|---|
|||||(120,096)|
|||||**Net losses**
**£**
(120,096)
-
-
-|
|||||(120,096)|
|||||**Net losses**
**£**
(1,475,892)
-
-
-|
|||||(1,475,892)|
|||||**Net losses**
**£**
(1,475,892)
-
-
-|
|||||(1,475,892)|
||||||
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 40
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
## **20 Other financial commitments**
At 31 August 2023, there were total commitments under non-cancellable operating leases as set out below:
**----- Start of picture text -----**
2023 2022
Group Charity Group Charity
£ £ £ £
Amounts payable:
- -
Within one year 111,529 131,876
- -
In two to five years 1,228 109,797
- - - -
Over five years
- -
112,757 241,673
**----- End of picture text -----**
## **21 Related party transactions**
The charity has taken advantage of exemptions in FRS 102 “Related party disclosures” from disclosing transactions with other members of the group.
The charity’s policy is that, where trustees or their immediate family have a connection with recipient organisations, they should declare their interest. There are no related party transactions requiring disclosure (2022: none).
## **22 Post balance sheet events**
On 30 November 2023, the charity transferred its shareholding in the subsidiary, Cytoplan Limited (and subsidiary companies) to the Nutritional Wellbeing Foundation, a charity registered in England and Wales (number 1203987). The unspent balance from the restricted funds for the subsidiary companies (comprising shares and distributions) were transferred to the Nutritional Wellbeing Foundation following the share transfer, along with grant commitments from these funds. More information is available in the Trustees Report.
Produced by Albert Goodman LLP
Page 41
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
**----- Start of picture text -----**
23 Grants payable to institutions
2023 2022
£ £
Nutrition and Wellbeing
Changing the System
Nutritank 75,000 41,000
-
Lord Rana Foundation Charitable Trust 53,000
Sustain 33,495 25,000
School Food Matters 62,500 37,500
The Food Foundation - 25,000
-
Culinary Medicine 6,000
Strengthening the Sector
-
Best Beginnings 30,000
Institute of Health Visiting 40,000 34,660
Culinary Medicine 40,000 35,000
Sustainable Well-being
Changing the System
Hot or Cool Institute 100,000 -
Young People
Changing the System
Impetus-PEF 30,000 55,000
Young Minds Trust 30,000 25,000
-
MAC-UK 60,000
Youth Access 30,000 25,000
-
Centre for Mental Health 40,250
Strengthening the Sector
-
Anna Freud Centre 35,000
-
42nd Street 21,540
-
Place2Be 50,000
Direct Support
-
Island Careers Partnership 15,000
Youthscape 35,000 35,000
The Children's Society 30,000 25,000
The Kings's Trust (previously Prince's Trust) 25,000 25,000
Family Fund
-
The Country Trust 10,000
-
Inside Out Community Arts and Mental Health 1,000
Early Years
Changing the System
Parent Infant Foundation 31,312 32,999
**----- End of picture text -----**
Produced by Albert Goodman LLP
Page 42
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|**_Strengthening the Sector_**|||
|Best Beginnings|43,000|47,000|
|Association of Video Interactive Guidance|25,000|-|
|Cued Speech|100,000|-|
|Alstrom Syndrome|57,000|-|
|Wild Young Parents Project|30,000|-|
|Institute of Health Visiting|45,000|40,000|
|Association of Infant Mental Health|-|25,000|
|Home Start UK|35,000|35,000|
|**_Family Fund_**|||
|Home Start Isle of Wight|-|1,000|
|Little Village HQ|1,000|-|
|**Environment**|||
|**_Changing the System_**|||
|Beaver Trust|30,000|30,000|
|Blue Marine Foundation|-|33,550|
|Synchronicity Earth|25,000|25,000|
|Central Office of Public Interest|10,000|30,000|
|River Action UK|30,000|-|
|Blue Ventures|30,000|-|
|Environmental Funders Network|1,000|-|
|**_Direct Support_**|||
|Big Give|-|31,500|
|Esmee Fairbairn Foundation|-|100,000|
|ACES|30,000|-|
|**_Family Fund_**|||
|Snape School Parent and Staff Association|-|1,000|
|Friends of St Nicholas|1,000|1,000|
|Atlantic Salmon Trust|1,000|-|
|**Other Support**|||
|**_Strengthening the Sector_**|||
|Good Faith Foundation|30,000|-|
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 43
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
|The Outward Bound Trust
International Rescue Committee
The Christie Charitable Fund
Campaign Against Living Miserably
Young Epilepsy
**_Grants paid in year_**
**_Less grants awarded in previous years:_**
**Young People**
Young Minds Trust
Impetus-PEF
Youth Access
42nd Street
Youthscape
The Children's Society
**Nutrition**
Culinary Medicine UK
Lord Rana Foundation
Nutritank
School Food Matters
Institute of Health Visiting
Culinary Medicine UK
**Early Years**
Parent Infant Foundation
Best Beginnings
Institute of Health Visiting
Home Start UK
**_Strengthening the Sector_**
**_Strengthening the Sector_**
**_Changing the System_**
**_Changing the System_**
**_Direct Support_**
**_Strengthening the Sector_**
The Kings's Trust (previously Prince's Trust)
**_Changing the System_**
Charlie Waller Trust
**_Family Fund_**
British Red Cross
Silver Line
Suffolk Community Foundation|**2023**
**2022**
**£**
**£**
1,000
1,000
-
1,000
-
3,000
-
5,000
-
1,500
-
1,000
1,000
1,000
1,000
-
1,000
-
1,260,307
986,499
(25,000)
(25,000)
-
(25,000)
(20,000)
-
-
(21,540)
(35,000)
-
-
(25,000)
(25,000)
(25,000)
-
(6,000)
-
(53,000)
(35,000)
(41,000)
(12,500)
-
-
(34,660)
-
(35,000)
(31,318)
(25,016)
(43,000)
-
(40,000)
(40,000)
(35,000)
-|
|---|---|
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 44
**The AIM Foundation** Notes to the Financial Statements For the Year Ended 31 August 2023
|**Environment**
Sychronicity Earth
Beaver Trust
**_New grants awarded but not paid:_**
**Young People**
Youth Access
MAC-UK
Impetus
Place2Be
Anna Freud Centre
Youthscape
The Children's Society
**Nutrition**
Nutritank
School Food Matters
Sustain
Culinary Medicine UK
Institute of Health Visiting
Northumbria Healthcare Foundation Trust
Real Farming Trust
**Early Years**
Parent Infant Foundation
Alstrom Syndrome
Best Beginnings
Home Start UK
**Environmental**
Synchronicity Earth
Beaver Trust
**Sustainable Wellbeing**
Hot or Cool Institute
**_Changing the System_**
**_Strengthening the Sector_**
**_Changing the System_**
**_Changing the System_**
**_Direct Support_**
**_Strengthening the Sector_**
**_Changing the System_**
**_Strengthening the Sector_**
**_Other_**
**_Changing the System_**
**_Changing the System_**|**2023**
**£**
(25,000)
(30,000)
-
30,000
60,000
50,000
70,000
-
60,000
115,000
50,000
61,503
80,000
80,000
40,000
250
120,000
283,000
-
-
-
-
195,000
2,198,242|**2022**
**£**
-
-
50,000
-
-
-
-
70,000
-
35,000
12,500
-
-
-
-
-
6,312
-
43,000
70,000
50,000
60,000
-|
|---|---|---|
|||1,027,095|
______________________________________________________________________________
Produced by Albert Goodman LLP
Page 45