2023-12-31-accounts

Charity number: 327414

THE ALDO TRUST UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

VENTHAMS

THE ALDO TRUST

CONTENTS

a

	Page
Reference and administrative details ofthe charity, its Trustees and advisers	1
Trustees’ report	2-3
Independent examiner's report	4-5
Statement offinancial activities	6
Balance sheet	7
Notestothefinancialstatements	8-16

THE ALDO TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees	A Heaton-Armstrong
	O Wheatley (resigned 11 September 2023)
	JG Wheatley
	P Crowe (appointed 11 September 2023)
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
	CO11DD

Page 1

THE ALDO TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the charity for the year 1 January 2023 to 31 December 2023.

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 £41,500 (2022: £28,000).

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 2023 have resulted in unrealised gains £117,031 (2022: unrealised losses of £182,190). As a result the trust has been able to support some new charities during 2023, and total donations have increased in comparison with the prior year.

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.

b. Reserves policy

It is the policy of the charity to maintain unrestricted reserves at their current level (2023: £1,281,632, 2022: £1,171,783). This will enable the charity to fulfill its objectives for the long-term future.

Page 2

THE ALDO TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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);

• e 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.

----- Start of picture text -----
Approved by order of the members of the board of Trustees and signed on their behalf by:
| 4 m~ | (, A A
flor Wot lode (A woe
A Hea on-Arm trong . JG Wheatley
P Crowe
Date: O\i 1 Opay 5A | YNLOpvdy7
----- End of picture text -----

Page 3

THE ALDO TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Independent examiner's report to the Trustees of The Aldo Trust (‘the charity’)

| report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2023.

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’).

| 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 | 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 2023

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.

| 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.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. 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.

| 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 | might state to the charity's Trustees those matters | am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, | 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.

----- Start of picture text -----
Signed: 2 Ui =
----- End of picture text -----

Stuart Harrison

Dated: 7 [03[2or%e 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 2023

		Unrestricted	Total	Total
		funds	funds	funds
		2023	2023	2022
	Note	£	£	£
Income from:
Investments	3	41,846	41,846	47,053
Total income		41,846	41,846	47,053
Expenditure on:
Charitable activities	5	51,078	51,078	37,304
Total expenditure		51,078	51,078	37,304
Net (expenditure)/income before net gains/(losses)
on investments		(9,232)	(9,232)	9,749
Net gains/(losses) on investments		119,081	119,081	(182,298)
Net movement in funds		109,849	109,849	(172,549)
Reconciliation of funds:
Total funds brought forward		1,171,783	1,171,783	1,344,332
Net movement in funds		109,849	109,849	(172,549)
Totalfundscarriedforward		1,281,632	1,281,632	1,171,783

Page 6

THE ALDO TRUST

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023

			2023		2022
	Note		£		£
Fixed assets
Investments	9		1,226,548		1,123,617
			1,226,548		1,123,617
Current assets
Cash at bank and in hand		58,684		51,766
		58,684		51,766
Creditors: amounts falling due within one
year	10	(3,600)		(3,600)
Net current assets			55,084		48,166
Total net assets			1,281,632		1,171,783
Charity funds
Restricted funds	11		-		-
Unrestricted funds	11		1,281,632		1,171,783
Totalfunds			1,281,632		1,171,783

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

} A Non, hee. oO ( win Bios Heatoh-Armstrong ~ JG Wheatley P Crowe

Date: Ol 05] JOU,

Page 7

THE ALDO TRUST

1. General information

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

The Aldo Trust is a registered charity, number 327414, and is constituted under a Trust deed dated 25 February 1987.

1. Accounting policies

2. 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 2023

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 2023

3. Investment income

	Unrestricted	Total	Total
	funds	funds	funds
	2023	2023	2022
	£	£	£
Income from local listed investments	41,439	41,439	46,821
Investment income - foreign listed investments	-	-	202
Investment income - local cash	407	407	30
	41,846	41,846	47,053
Total2022	47,053	47,053

Page 10

THE ALDO TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Analysis of grants

	Grants to	Total	Total
	Institutions	funds	funds
	2023	2023	2022
	£	£	£
Rehabilitate persons held for trial or after conviction	41,500	41,500	28,000
Total 2022	28,000	28,000
The charity has made the following material grants to	institutions during the year:
		2023	2022
		£	£
Name of institution
Duke of Edinburgh's Award		4,500	-
Prisoners Education Trust		5,000	4,000
Women in Prison		5,250	4,250
The Burnbake Trust		3,000	3,000
Prisoners Abroad		4,000	4,000
Haven Distribution		5,000	-
Fine Cell Work		5,000	5,000
The Hardman Trust		3,000	3,000
Life Cycle		1,000	1,000
Recoop		2,000	2,000
Baco		750	750
Bounce Back		1,000	1,000
Borderline Books		1,000	-
Rehabilitation Culture CIC		1,000	-
		41,500	28,000

Page 11

THE ALDO TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Analysis of expenditure on charitable activities

Summary by fund type

	Unrestricted
	funds	Total	Total
	2023	2023	2022
	£	£	E
Rehabilitate persons held for trial or after conviction	51,078	51,078	37,304
Total 2022	37,304	37,304
Summary by expenditure type
	Othercosts	Total	Total
	2023	2023	2022
	£	£	£
Rehabilitate persons held for trial or after conviction	51,078	51,078	37,304
Total2022	37,304	37,304

6. Analysis of expenditure by activities

	Grant
	funding of activities	Support costs	Total funds	Total funds
	2023	2023	2023	2022
	£	£	£	£
Rehabilitate persons held for trial or after
conviction	41,500	9,578	51,078	37,304
Total2022	28,000	9,304	37,304

Page 12

THE ALDO TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Analysis of expenditure by activities (continued)

Analysis of support costs

	Rehabilitate
	persons
	held for trial
	or after conviction	Total funds	Total funds
	2023	2023	2022
	£	£	£
Independent examiner's remuneration	3,600	3,600	3,864
Trustees expenses	3,750	3,750	4,000
Sundry	-	-	156
Investment management fees	2,228	2,228	1,284
	9,578	9,578	9,304
Total2022	9,304	9,304

1. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £1,200 (2022 - £1,200), and accounting of £2,400 (2022 - £2,664).

1. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - ENIL).

During the year ended 31 December 2023, expenses totalling £3,750 were reimbursed or paid directly to 2 Trustees (2022 - £4,000 to 2 Trustees).

Page 13

THE ALDO TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Fixed asset investments

			Listed
			investments
			£
	Cost or valuation
	At 1 January 2023		1,123,617
	Additions		20,155
	Disposals		(36,305)
	Revaluations		119,081
	At 31 December2023		1,226,548
	Net book value
	At 31 December2023		1,226,548
	At31 December2022		1,123,617
10.	Creditors: Amounts falling due within one year
		2023	2022
		£	£
	Accrualsanddeferredincome	3,600	3,600

Page 14

THE ALDO TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Statement of funds

Statement of funds - current year

					Balance at
	Balance at 1				31
	January			Gains/	December
	2023	Income	Expenditure	(Losses)	2023
	£	£	£	£	£
Unrestricted funds
General Funds- all funds	1,171,783	41,846	(51,078)	119,081	1,281,632
Statement offunds - prioryear
					Balance at
	Balance at				31
	1 January			Gains/	December
	2022	Income	Expenditure	(Losses)	2022
	£	£	£	£	£
Unrestricted funds
GeneralFunds-allfunds	1,344,332	47,053	(37,304)	(182,298)	1,171,783

12. Summary of funds Summary of funds - current year

						Balance at
;		Balance at 1				31
		January 2023	Income	Expenditure	Gains/ (Losses)	December 2023
		£	£	£	£	£
	General funds	1,171,783	41,846	(51,078)	119,081	1,281,632
	Summary offunds- prioryear
						Balance at
		Balance at				31
		7 January			Gains/
		2022	Income	Expenditure	(Losses)	2022
		£	£	£	£	£
	Generalfunds	1,344,332	47,053	(37,304)	(182,298)	1,171,783

Page 15

THE ALDO TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted	Total
	funds	funds
	2023	2023
	£	£
Fixed asset investments	1,226,548	1,226,548
Current assets	58,684	58,684
Creditors due within one year	(3,600)	(3,600)
Total	1,281,632	1,281,632

Analysis of net assets between funds- prior year

Analysis of net assets between funds-- prior yearyear
	Unrestricted	Total
	funds	funds
	2022	2022
	£	£
Fixed asset investments	1,123,617	1,123,617
Current assets	51,766	51,766
Creditors due within one year	(3,600)	(3,600)
Total	1,171,783	1,171,783

14. Related party transactions

During the year the charity paid £750 (2022: £1,000) to Owen Wheatley and £3,000 (2022: £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