Charity number: 327414 THE ALDO TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 VINTv/MS
THE ALDO TRUST CONTENTS Page Reference and administrative details of the charity, its Trustees and advisers Trustees. report Independent examinerfs report Statement of financial activities Balance sheet 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 2024 Trustees A Heaton-Armstrong JG Wheatley P Crowe 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 Pl¢ Barclays Business Centre 9 High Street Colchester Essex C011DD Page 1
THE ALDO TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2024 to 31 December 2024. Objectives and activities a. Policies and obje¢tives 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 lo appropriate institutions and individuals. In setting objectives and planning for activities, the Trustees have given due consideration lo 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 £35,000 {2023'. £41,500}. Achievements and performance Review of activities Income from the inveslment portfolio and has been sufficient to maintain adequate cash funds in order to meel the charitls objectives. Fluctuations in the inveslmenl values during 2024 have resulted in unrealised gains £20,284 {2023.' unrealised gains of £117,031). As a result the trust has been able to support some new charities during 2024. 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 investments with a view to ensuring that the resetves of the charity are maintained at their current level. Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectalion that the charity has adequate resources to continue in operational existence for the foreseeable fulure. 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 unrestricled reserves at their current level {2024.. £1.277,775, 2023.. £1 ,281,632). This will enable the charity to fulfill ils objectives for the long-tem future. Page 2
THE ALDO TRUST TRUSTEES, REPORT ICONnNUEDI FOR THE YEAR ENDED 31 DECEhlBER 2024 Stru¢tsrn. gov•rnance and managernert The Aklo Trust a registerèd chanty. number 327414. and be constrtut8d Ltnder a Trust d88d d8ted 25 Febrnary 1987 b. Mqlhods ol appolntm•nt or el•eth>n of Trnsto88 Tha mana3¢menl of the Cbanty $19.1 oé Ihe Trustees who are deCt and ct>coted under the lemis of the Tn)$1008d St0t¢ment ol TruBtw¥' rfj•pon•ibilill•s The Trustèes are respongble for orepafing tho TnJst88s' report and finan81 ststements In 8CeA)rdance wilh appliCae and Urrted Kingdom Accounting Standards IUnrte(J Kngd(Yn Generalty Wted Accountin9 Practrl The law applKable to chanties in England & Wes rtyuir•s the Trustees kn prer4r8 finan¢o1 stements fr)r each financial year give 8 tn and fair of the stale ol affairs of the clarity and of Its incoming r8$0urces and applicab¢n of resourcs, Including rts Inc0 and exFendiwre. lor that period. In preporing thes8 finanrjal 5tstements. the Trustees are rwuwed to. seknt wrt3b¢e ac£ountsr¥J wlKies and tren apF4y Ihem a)nwstenty. observe the meth(5 and pnnciples of the ChathTres SORP IFRS 1021 rnake judgments and accouftting eslim8te$ that a reasonabè and pnjdent. stsie whether appli¢aNe UK AccounLng St2ndards IFRS 1021 have been fc4loed, sut4ecl lo any m8tenal departures dk8dos•S and eypkinthy in the finanual Statts.. prepa the finanoal 518tern& on the basL8 unkns rf Is Inwropnate lo pregJme that the charity conbnue in business Tho Trustee8 are rgsponsitye for iteeping adequate thIn11n9 recoids that ar9 sufluenl to shcA¥ a1 eXaIn Ihe cbantys transxtKJrs and discktse wrth wson8t>le accu0 at any time the financ1 po¥rtion of the chanty and •nakn them to ensure that financal Statements ccmxpty with the Charrtw Acl 2011. the Chanty IAc¢our.ts aTh¥ Repjrtsl Regulations 2008 and thè provi9gns of the Trust deed They ar& al S[)nsible for safeguarding the assets ol the tharty and hence lor takjng reaSonae sttrps lor ftte prevention and detection ol fr8ud and other Irregulafrties ed ty order of the rnemb8rs ol the #oard (A TN$t88s aTh) ggn on their teh811 by A H•atonAnn trong JG P Grow• Dat8 P3
THE ALDO TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examiner's report to the Trustees of The Aldo Trust I'the charity'l I report to the chartty Trustees on my examination of the accounts of the charity for the year ended 31 December 2024. Responsibilities and basis of report As the Trustees of the charity you are responsible for the preparation of the accoLsnts in accordance with the requirements of the Charities Act 2011 1.the 2011 Act'i. 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 14515)(bl of the 2011 Act. Page 4
THE ALDO TRUST INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 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 IFRS 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. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with Ihe 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 fom and conlent of accounts sel 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 l 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.. I I FCA 16Izoz 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 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from.. Donations and legacies Investments 50 44,728 50 44,728 41,846 Total income 44,778 44,778 41,846 Expenditure on: Charitable activities 46,548 46,548 51,078 Total expenditure 46,548 46,548 51,078 Net expenditure before net {losses)Igains on investments Net {losses}Igains on investments {1,7701 {2,0871 11,770> 12,087) (9, 232) 119,081 Net movement in funds {3,8571 13,8571 109, 849 Reconciliation of funds: Total funds brought forward Net movement in funds 1,281.632 (3,8571 1,281,632 {3,857 1, 171, 783 109, 849 Total funds Carried forward 1,277,775 1,277,775 1,281,632 Page 6
THE ALDO TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Noto Fixed a888ts Investments 10 1.225.082 1,226.548 1,225.082 1.226.548 Currnnt assets Cash at bank and in hand 56,293 58.684 56.293 58,684 Creditors.. amounts falling due within one year 11 (3,600) (3,67) Net current assets 52,693 55,084 Total net assets 1,277.775 1,281,632 Charity funds Restricted funds Unrestricted funds 12 12 1.277,TlS 1,281,632 Totsl fund8 1.277,775 1,281,632 The financial ststements were approved and authorised for issue by the Trustees and signed on their behalf by.. A Heato 8trong JG heatley Dats: Page 7
THE ALDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information The Aldo Trust is a registered charity, number 327414, and is constituted under a Trust deed dated 25 February 1987. 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 IFRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair. view and have departed from the Charilies (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 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charities= Slatement of Recommended Practice effective from 1 April 200S 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 othewise 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 in¢ome will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investmenl 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 lo 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 ¢osts attributable to a single activity are allocated directly to that aclivity. 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 2024 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 instnjment and are initially recognised at their Iransaction 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 'Gainsl(Lossesl 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 les5 from the date of acquisition or opening of the deposit or similar a¢¢ount. 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 ofthe 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 stalement 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 unrestricled funds which are available for use at the discrelion 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 2024 Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 50 so Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from local listed investments Investment income - local cash 44,419 309 44,419 309 41,439 407 44,728 44,728 41,846 Total 2023 41,846 41,846 Page 10
THE ALDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysis of grants Grants to Institutions 2024 Total funds 2024 Total funds 2023 Rehabilitate persons held for trial or after conviction 35,000 35,000 41,500 Total 2023 41,500 41,500 The Charity has made the following material grants to institutions during the year.. 2024 2023 Name of institution Duke of Edinburgh's Award Prisoners Education Trust Women in Prison The Burnbake Trust Prisoners Abroad 4,000 4,000 4,250 2,500 4,000 5,000 5,000 2.000 750 4, 500 5, 000 5, 250 3, 000 4, 000 5, 000 5, 000 3, 000 1,000 2, 000 750 1,000 1,000 1,000 Haven Distribution Fine Cell Work The Hardman Trust Life Cycle Recoop Baco Bounce Back Borderline Books Rehabilitation Culture CIC 750 1,000 1,000 750 35,000 41,500 Page11
THE ALDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Rehabilitste persons held for trial or after conviction 46,548 46,548 51,078 Total 2023 51,078 57,078 Summary by expenditure type Other costs 2024 Total 2024 Total 2023 Rehabilitate persons held for trial or after conviction 46,548 46,548 51,078 Total 2023 51,078 51,078 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total fvrpds 2023 Rehabilitate persons held for trial or after conviction 35,000 11,548 46,548 51,078 Total 2023 41,500 9,578 51,078 Page 12
THE ALDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of support costs Rehabilitate persons held for trial or after conviction 2024 Total funds 2024 Tot81 funds 2023 Independent examiner's remuneration Trustees expenses Sundry Investment management fees 3,600 3,000 292 4,656 3,600 3,000 292 3, 600 3, 750 4,656 2, 228 11,548 11,548 9, 578 Total 2023 9,578 9, 578 Independent examiner's remuneration The independent examinerfs remuneration amounts to an independent examiner fee of £1,200 (2023 - £1,200), and accounting of £2,400 {2023- £2,664). Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 December 2024, expenses totalling £3,292 were reimbursed or paid directly to 3Trustees (2023 - £3, 750 to 2 Trustees). Page 13
THE ALDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Fixed asset investments Listed investments Cost or valuation At 1 January 2024 Additions Disposals Revaluations 1,226.548 217,992 1202,371) 117,087) At 31 December 2024 1.225,082 Net book value At 31 December 2024 1,225,082 At 31 December 2023 1,226,548 11. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 3,600 3, 600 Page 14
THE ALDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Statement of funds Statement of funds - current year Balance at 31 Gainsl December {Lossesl 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds General Funds - all funds 1,281,632 45,352 {46,549) (2,660> 1,277,775 Statement of funds - prior year 8alance at 31 December 2023 Balance at 1 January 2023 Gains/ (Losses) Income Expenditu Unrestricted funds General Funds all funds 1, 171, 783 47,846 (51,078) 119,081 1,281,632 13. Summary of funds Summary of funds - current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Income Expenditure General funds 1,281.632 45,352 146,549> (2,660) 1,277.775 Summary of funds - prior year Balance al 31 December 2023 Balance at l January 2023 Gains/ (Losses) Income Expenditu General funds 1, 171, 783 41,846 (57,078) 119,081 1,281,632 Page 15
THE ALDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets 1,225,082 56,293 {3,600) 1,225.082 56,293 13,600) Creditors due within one year Total 1,277,775 1.277,775 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 1, 226, 548 58, 684 (3, 600) 1,226,548 58, 684 (3, 600) Total 1,281,632 1,281,632 15. Related party transactions During the year the charity paid £48 (2023.. £750) to Owen Wheatley, £3,224 (2023.. £3,000) to Anthony Healon-Armslrong and £20 {2023'. £Nil) to Pauline Crowe, 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