Charity number: 327414
THE ALDO TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE ALDO TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 16 |
THE ALDO TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
| Trustees | A Heaton-Armstrong |
|---|---|
| O Wheatley | |
| JG Wheatley | |
| Charity registered number 327414 Principal office Manor Fields Estate Office Manor Fields London SW15 1DB Accountants Venthams Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB Bankers Barclays Bank Plc Barclays Business Centre 9 High Street Colchester Essex CO1 1DD |
Page 1
THE ALDO TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2022 to 31 December 2022.
Objectives and activities
a. Policies and objectives
The principal objective of the charity is to provide protection of the mental and physical health and relief of individual poor persons who are or have been held in detention pending their trial or after conviction, and to assist in the rehabilitation of such persons, through making grants to appropriate institutions and individuals.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
Income is generated primarily from gains made on the investment portfolio as well as a small number of donations received and bank interest received.
c. Main activities undertaken to further the Charity's purposes for the public benefit
The trust makes lump sum donations to other charitable organisations working in the detention sector. Such grants amounted to £28,000 (2021: £31,500).
Achievements and performance
a. Review of activities
Income from the investment portfolio and has been sufficient to maintain adequate cash funds in order to meet the charity's objectives. Fluctuations in the investment values during 2022 have resulted in unrealised losses of £182,190 (2021: unrealised gains of £121,130). The donations made have have fallen slightly in comparison with the previous year. It is the charity's policy to increase grants where feasible. However, due to the fact that a number of charities were not in a position to apply for their grants by the year end, the total of grants made in 2022 was £10,000 less than it would otherwise have been. It is anticipated that the total of grants made in 2023 will be significantly higher than in 2022.
b. Investment policy and performance
it is the policy of the charity to invest in low to medium risk, mainly FTSE 100 Investments, with a view to ensuring that the reserves of the charity are maintained at their current level.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 2
THE ALDO TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
b. Reserves policy
It is the policy of the charity to maintain unrestricted reserves at their current level (2022: £1,171,783, 2021: £1,344,332). This will enable the charity to fulfill its objectives for the long-term future.
Structure, governance and management
a. Constitution
The Aldo Trust is a registered charity, number 327414, and is constituted under a Trust deed dated 25 February 1987.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ A Heaton-Armstrong
................................................ O Wheatley
................................................ JG Wheatley
Date: 5 April 2023
Page 3
THE ALDO TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Independent examiner's report to the Trustees of The Aldo Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Page 4
THE ALDO TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Stuart Harrison
Dated: 5 April 2023 FCA
Venthams
Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB
Page 5
THE ALDO TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 6 Total expenditure Net income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ - 47,053 47,053 37,304 37,304 9,749 (182,298) (172,549) 1,344,332 (172,549) 1,171,783 |
Total funds 2022 £ - 47,053 47,053 37,304 37,304 9,749 (182,298) (172,549) 1,344,332 (172,549) 1,171,783 |
Total funds 2021 £ 7 43,570 |
|---|---|---|---|
| 43,577 | |||
| 39,672 | |||
| 39,672 | |||
| 3,905 117,475 |
|||
| 121,380 | |||
| 1,222,952 121,380 |
|||
| 1,344,332 |
Page 6
THE ALDO TRUST
BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Fixed assets Investments 10 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
51,766 51,766 (3,600) |
2022 £ 1,123,617 1,123,617 48,166 1,171,783 - 1,171,783 1,171,783 |
39,276 39,276 (3,600) |
2021 £ 1,308,656 |
|---|---|---|---|---|
| 1,308,656 35,676 |
||||
| 1,344,332 | ||||
| - 1,344,332 |
||||
| 1,344,332 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ A Heaton-Armstrong
................................................ O Wheatley
................................................ JG Wheatley
Date: 5 April 2023
Page 7
THE ALDO TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. General information
The Aldo Trust is a registered charity, number 327414, and is constituted under a Trust deed dated 25 February 1987.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Aldo Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 8
THE ALDO TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
2.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 9
THE ALDO TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
3. Income from donations and legacies
| Unrestricted funds 2022 £ Donations - Total 2021 7 |
Total funds 2022 £ - 7 |
Total funds 2021 £ 7 |
|---|---|---|
4. Investment income
| Unrestricted funds 2022 £ Income from local listed investments 46,821 Investment income - foreign listed investments 202 Investment income - local cash 30 47,053 Total 2021 43,570 |
Total funds 2022 £ 46,821 202 30 47,053 43,570 |
Total funds 2021 £ 43,377 163 30 |
|---|---|---|
| 43,570 | ||
Page 10
THE ALDO TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5. Analysis of grants
| Grants to Institutions 2022 Total funds 2022 £ £ Rehabilitate persons held for trial or after conviction 28,000 28,000 Total 2021 31,500 31,500 The Charity has made the following material grants to institutions during the year: 2022 £ Name of institution Duke of Edinburgh Trust - Prisoners Education Trust 4,000 Women in Prison 4,250 The Burnbake Trust 3,000 Prisoners Abroad 4,000 Haven Distribution - Fine Cell Work 5,000 The Hardman Trust 3,000 Life Cycle 1,000 Recoop 2,000 Baco 750 Bounce Back 1,000 28,000 |
Total funds 2021 £ 31,500 |
|---|---|
| 2021 £ 4,000 3,000 3,500 3,000 2,000 5,000 5,000 2,000 1,000 1,500 500 1,000 |
|
| 31,500 |
Page 11
THE ALDO TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2022 £ Rehabilitate persons held for trial or after conviction 37,304 Total 2021 39,672 Summary by expenditure type Other costs 2022 £ Rehabilitate persons held for trial or after conviction 37,304 Total 2021 39,672 |
Total 2022 £ 37,304 39,672 Total 2022 £ 37,304 39,672 |
Total 2021 £ 39,672 |
|---|---|---|
| Tota 2021 £ 39,672 |
||
7. Analysis of expenditure by activities
| Rehabilitate persons held for trial or after conviction Total 2021 |
Grant funding of activities 2022 £ 28,000 31,500 |
Support costs 2022 £ 9,304 8,172 |
Total funds 2022 £ 37,304 39,672 |
Total funds 2021 £ 39,672 |
|---|---|---|---|---|
Page 12
THE ALDO TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Independent examiners remuneration Trustees expenses Sundry Investment management fees Total 2021 |
Rehabilitate persons held for trial or after conviction 2022 £ 3,864 4,000 156 1,284 9,304 8,172 |
Total funds 2022 £ 3,864 4,000 156 1,284 9,304 8,172 |
Total funds 2021 £ 3,686 4,500 (14) - 8,172 |
|---|---|---|---|
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,200 (2021 - £1,200) , and accounting of £2,664 ( 2021 - £2,486 ).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 December 2022, expenses totalling £ 4000 were reimbursed or paid directly to 2 Trustees (2021 - £4500 to 2 Trustees) .
Page 13
THE ALDO TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
10. Fixed asset investments
| Cost or valuation At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 Creditors: Amounts falling due within one year 2022 £ Accruals and deferred income 3,600 |
Listed investments £ 1,308,656 2,091 (4,832) (182,298) 1,123,617 1,123,617 1,308,656 2021 £ 3,600 |
|---|---|
11. Creditors: Amounts falling due within one year
Page 14
THE ALDO TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
12. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2022 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,344,332 | 47,053 | (37,304) | (182,298) | 1,171,783 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2021 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,222,952 | 43,577 | (39,672) | 117,475 | 1,344,332 |
13. Summary of funds
Summary of funds - current year
| General funds | Balance at 1 January 2022 £ 1,344,332 Balance at 1 January 2021 £ 1,222,952 |
Income £ 47,053 Income £ 43,577 |
Expenditure £ (37,304) Expenditure £ (39,672) |
Gains/ (Losses) £ (182,298) Gains/ (Losses) £ 117,475 |
Balance at 31 December 2022 £ 1,171,783 |
|---|---|---|---|---|---|
| Balance at 31 December 2021 £ 1,344,332 |
|||||
| Summary of funds - prior year | |||||
| General funds |
Page 15
THE ALDO TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 1,123,617 Current assets 51,766 Creditors due within one year (3,600) Total 1,171,783 |
Total funds 2022 £ 1,123,617 51,766 (3,600) 1,171,783 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 1,308,656 39,276 (3,600) 1,344,332 |
Total funds 2021 £ 1,308,656 39,276 (3,600) 1,344,332 |
|---|---|---|
15. Related party transactions
During the year the charity paid £1,000 (2021: £1,500) to Owen Wheatley and £3,000 (2021: £3,000) to Anthony Heaton-Armstrong, as trustees. These payments were in respect of their time spent managing and administering the charity, and for the reimbursement of expenses, in accordance with the Trust Deed.
Page 16