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2023-07-31-accounts

Company registration number: 02852355 Charity registration number: 1040218

Polack’s House Educational Trust

(A company limited by guarantee) Annual report and financial statements

for the year ended 31 July 2024

Polack’s House Educational Trust

Contents

Page
Reference and administrative details 1
Trustees’ report 2 to 4
Independent examiner’s report 5
Statement of financial activities 6
Balance sheet 7
Statement of cash flows 8
Notes to the financial statements 9 to 15

Polack’s House Educational Trust

Reference and administrative details

Charity name Polack’s House Educational Trust
Charity registration number 1040218
Company registration number 02852355
Registered office 32 College Road
Clifton
Bristol
BS8 3JH
Trustees M A Ziff
M D A Black, Chairman
O F Meyohas
J A Saipe (Resigned 18 November 2024)
J W Glassberg
Independent examiner Mr R Cadwallader FCA
Accountant Milsted Langdon LLP
Chartered Accountants
Winchester House
Deane Gate Avenue
Taunton
TA1 2UH
Investment Advisor Evelyn Partners Financial Planning Limited
45 Gresham Street
London
EC2V 7BG
United Kingdom

Page 1

Polack’s House Educational Trust

Trustees’ report for the year ended 31 July 2024

Structure, governance and management

Governing document

Polack’s House Educational Trust (the “Trust”), a company limited by guarantee operated under its memorandum and articles of association, is governed by a council of management composed of governors (the “Trustees”). The names of the Trustees are set out on page 1 of this document.

Recruitment and appointment of new Trustees

New Trustees are appointed by the Trustees after reviewing their skills and experience.

Trustee induction and training

The Trustees are familiar with the work of the Trust. New Trustees are offered training to familiarise themselves with the Trust, its objectives, and the context within which it operates.

Organisational management

M.D. Black carries out the day to day running of the Trust with the Trustees meeting at least twice a year. Support is provided to the Trust by Clifton College (the “College”).

The Trustees have established an investment committee (the “Investment Committee”). The members of the Investment Committee are O.F Meyohas (Chairman) and M.A. Ziff. The Investment Committee has powers to invest and manage the assets and investments from time to time of the Trust; appoint and supervise investment managers; and deal with related matters. The Investment Committee reports to the Trustees. The Trustees have appointed Evelyn Partners Financial Planning Limited (“Evelyn”) (formerly Tilney) to manage the investments of the Trust. The performance of Evelyn in managing the investments of the Trust is reviewed by the Trustees at meetings of the Trustees. Evelyn have continued as investment managers to the Trust.

Risk management

The Trustees have conducted a review of the major risks to which the Trust is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the Trust faces. Internal control risks are minimised by the implementation of procedures for the authorisation of all transactions and projects. These procedures are periodically reviewed to ensure that they continue to meet the needs of the Trust.

Objectives and activities

Objectives

The prime objective of the Trust is to provide educational support, by way of scholarships and bursaries, for Jewish boys and girls at the College.

The Trustees review the aims, objectives, and activities of the Trust each year. The review looks at the outcomes of each key activity and the benefits they have brought to those groups of people the Trust is set up to help. The review also helps the Trustees to ensure that the aims, objectives, and activities of the Trust remain focused on the Trust’s stated purposes. The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Page 2

Polack’s House Educational Trust

Trustees’ report for the year ended 31 July 2024

Financial review

During the financial year the Trust received funds of £19,793 (2023: £45,463) and expended £81,579 (2023: £121,439). Net gains on investments amounted to £55,542 (2023: loss £25,865) resulting in a net shortfall of £6,244 (2023: £101,841). During the year £69,765 (2023: £109,326) was spent in support of pupils. A further £2,024 (2023: £1,901) was spent on charitable activities including support costs. Receipts of £8,893 were from interest and dividends (2023: £10,563) and £10,900 (2023: £34,900) were from donations. The principal items of expenditure (other than scholarships) were the fees payable to the investment managers. At the end of the financial year the investments held by the Trust were valued at £842,631 (2023: £789,652), an increase of £52,979 (2023: -£136,604) from the opening position. The value of the scholarship and bursarial support committed by the Trust until all beneficiaries are scheduled to leave the College is estimated to be approximately £198,846 (2023: £176,176) at current fee levels.

Reserves Policy

The Trustees review the reserves and the reserves policy annually.

Reserves are retained to meet commitments in respect of scholarship and bursarial support and to ensure that the Trust has the necessary resources to meet its objectives in the future.

The reserves consist of cash and liquid investments and are all unrestricted funds.

The investment assets of the Trust are managed by Evelyn, who produce regular reports to the Investment Committee.

The assets of the Trust, together with the income received, can be used and are used for scholarship and bursarial support and other educational projects that will benefit Jewish pupils at the College and related matters.

Investment policy

The Trustees instructed Evelyn to manage the portfolio on a lower risk basis and this has continued. Evelyn reduced the exposure of the portfolio to equities and, within that, reduced the exposure to UK equities. The portfolio continues to have a low exposure to duration and credit risk.

Web site

The Trustees launched a website in 2013 to promote the activities of the Trust, which can be found at: www.polackshousetrust.org. The Trust receives support from the College in the administration of the website.

Requests for support

During the year the Trustees received and considered requests for scholarships and bursarial support. The Trustees also considered other ways in which to support Jewish pupils at the College through religious services and other activities.

Page 3

Polack’s House Educational Trust

Trustees’ report for the year ended 31 July 2024

Future prospects

The Trustees have asked the College to inform the Trustees of any Jewish pupils or potential pupils who would qualify for scholarship or bursarial support and who may wish to seek the support of the Trust.

During the year the College has engaged part time help to support and enhance the Jewish activities and education carried out at the College.

Trustees’ responsibilities in relation to the financial statements

The Trustees, who are directors of the Trust for the purpose of company law, are responsible for preparing the annual report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 Trust and of the incoming resources and application of resources, including income and expenditure, of the Trust for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust 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 Trust and financial information included on the Trust’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Trustees and the Council of Management and signed on its behalf by:

M D A Black Chairman

Date: 29 April 2025

Page 4

Independent examiner’s report to the Trustees of

Polack’s House Educational Trust

I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 July 2024 which are set out on pages 6 to 15.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitable company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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:

  1. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

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

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

R Cadwallader FCA Milsted Langdon LLP Chartered Accountants Winchester House Deane Gate Avenue Taunton TA1 2UH

Date: 29 April 2025

Page 5

Polack’s House Educational Trust

Statement of financial activities (including income and expenditure account and statement of comprehensive income) for the year ended 31 July 2024

----- Start of picture text -----
|||||| |---|---|---|---|---| |Total|Total| |Unrestricted|Funds|Funds| |Funds|2024|2023| |Note|£|£|£| |Income and endowments from:| |Donations and legacies|2|10,900|10,900|34,900| |Investments|3|8,893|8,893|10,563| |-----------|-----------|-------------| |Total income|19,793|19,793|45,463| |-----------|-----------|-------------| |Expenditure on:| |Raising funds|4|9,790|9,790|10,212| |Charitable activities|4|71,789|71,789|111,227| |-----------|-----------|-------------| |Total expenditure|81,579|81,579|121,439| |-----------|-----------|-------------| |Net (losses)/gains on investments|55,542|55,542|(25,865)| |Net income/(expenditure) and|------------|-----------|------------| |net movement in funds|(6,244)|(6,244)|(101,841)| |------------|------------|-------------| |Reconciliation of funds| |Total funds brought forward|868,184|868,184|970,025| |------------|-------------|-------------| |Total funds carried forward|861,940|861,940|868,184| |------------ -------------- --------------|

----- End of picture text -----

The Statement of Financial Activities includes all gains and losses in the year. All incoming resources and resources expended arise from continuing activities.

The notes on pages 9 to 15 form an integral part of these financial statements.

Page 6

Polack’s House Educational Trust (Registration number: 02852355)

Balance sheet as at 31 July 2024

2024 2023
Note £ £ £ £
Fixed assets
Investments 7 842,631 789,652
Current assets
Cash at bank and in hand 21,169 80,272
Creditors: Amounts falling
due within one year 8 (1,860) (1,740)
------------- -------------
Net current assets/(liabilities) 19,309 78,532
------------- -------------
Net assets 861,940 868,184
------------- -------------
The funds of the Trust:
Unrestricted funds 10, 11
Unrestricted income fund 861,940 868,184
------------- -------------
Total Trust funds 861,940 868,184
------------- -------------

For the financial year ended 31 July 2024, the Trust was entitled to exemption from audit under section 477 of the Companies Act 2006 and section 144(2) of the Charities Act 2011.

The members have not required the Trust to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by the Trustees on 29 April 2025 and signed on its behalf by:

M D A Black Chairman

The notes on pages 9 to 15 form an integral part of these financial statements

Page 7

Polack’s House Educational Trust

Statement of cash flows for the year ended 31 July 2024

2024 2023
£ £
Reconciliation of net movement in funds to
net cashflow from operating activities:
Net movement in funds (6,244) (101,841)
Adjustments for:
Losses/(gains) on investments (55,542) 25,865
Dividends and interest on investing activities (8,893) (10,563)
Increase/(decrease) in creditors 120 120
------------ -------------
Cash (used in)/generated from operating activities (70,559) (86,419)
------------ -------------
Cash flows from investing activities:
Dividends and interest from investments 8,893 10,563
Purchase of investments (220,008) (281,002)
Proceeds from sale of investments 222,571 391,741
------------- --------------
Net cash provided by investing activities 11,456 121,302
------------- --------------
Increase/(decrease) in cash and cash equivalents (59,103) 34,883
Cash and cash equivalents at beginning of reporting period 80,272 45,389
-------------- ---------------
Cash and cash equivalents at end of reporting period 21,169 80,272
-------------- ---------------
Reconciliation of net cash flow to movement in net funds
Net increase/(decrease) in cash and cash equivalents in the year (59,103) 34,883
------------- --------------
Changes in net funds arising from cashflows (59,103) 34,883
Movement in net funds in the year
Net funds at the start of the year 80,272 45,389
------------- -------------
Net funds at the end of the year 21,169 80,272
------------- -------------

All of the cash flows are derived from continuing operations during the above two periods.

Page 8

Polack’s House Educational Trust

Notes to the financial statements for the year ended 31 July 2024

1 Accounting policies

Basis of preparation

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 2006.

Polack’s House Educational 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 notes.

Going concern

The trustees consider there are no material uncertainties about the Trust’s ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of the assets held by the Trust.

Income and endowments

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. No gifts in kind were received during the year (2023 – £nil).

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when:

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the bank.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Raising funds

These are costs incurred in attracting voluntary income and the management of investments.

Page 9

Polack’s House Educational Trust

Notes to the financial statements for the year ended 31 July 2024

……….continued

Charitable activities

Charitable expenditure comprises those costs incurred by the Trust in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.

Governance costs include the costs of the preparation and examination of the statutory accounts, the costs of Trustee meetings and the cost of any legal advice to the Trustees on governance or constitutional matters. These costs are included within charitable expenditure.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the Trust, and which have not been designated for other purposes.

Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Designated funds are unrestricted funds set aside at the discretion of the Trustees for specific purposes.

Currently the Charity only has general funds.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Actives as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Taxation

The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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.

Page 10

Polack’s House Educational Trust

Notes to the financial statements for the year ended 31 July 2024

……….continued

Creditors and provisions

Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recorded at transaction value and subsequently measured at the carrying value plus accrued interest less repayments.

2 Donations and legacies

2
Donations and legacies
Unrestricted Total Funds Total Funds
Funds 2024 2023
£ £ £
Donations from individuals 10,900 10,900 34,900
------------- ------------- -------------

The income from donations and legacies was £10,900 (2023: £34,900) of which £10,900 was unrestricted (2023: £34,900) and £nil was restricted (2023: £nil).

3 Investment Income

Unrestricted Total Funds Total Funds
Funds 2024 2023
£ £ £
Income from investments 8,893 8,893 10,563
------------- ------------- -------------

Investment income was £8,893 (2023: £10,563) of which £8,893 was unrestricted (2023: £10,563) and £nil restricted (2023: £nil).

Page 11

Polack’s House Educational Trust

Notes to the financial statements for the year ended 31 July 2024

……….continued

4 Expenditure

4
Expenditure
Charitable
Basis of Raising
activities		 Total Total
Allocation funds (unrestricted) 2024 2023
£
£		 £ £
Direct Costs:
Scholarships Direct -
69,765		 69,765 109,326
Portfolio management Direct 9,790
-		 9,790 10,212
Marketing and events Direct -
-		 - -
------------
-----------		 ------------ -----------
9,790
69,765		 79,555 119,538
------------
-----------		 ----------- ------------
Support Costs:
Bank charges Direct -
3		 3 17
------------
-----------		 ---------- ----------
-
3		 3 17
------------
-----------		 ----------- -----------
Governance:
Independent Examiner’s fee Direct -
2,021		 2,021 1,884
------------
-----------		 ---------- -----------
------------
-----------		 ---------- -----------
Total expenditure 9,790
71,789		 81,579 121,439
------------
-----------		 ----------- -----------

Expenditure on raising funds was £9,790 (2023: £10,212) of which £9,790 was unrestricted (2023: £10,212) and £nil was restricted (2023: £nil).

Expenditure on charitable activities was £71,789 (2023: £111,227) of which £71,789 was unrestricted (2023: £111,227) and £nil was restricted (2023: £nil).

5 Related party transactions

Key management personnel (Trustees of the Trust)

No remuneration or other benefits or expenses were paid to any of the Trustees for the year ended 31 July 2024 nor for the year ended 31 July 2023. Donations of £nil (2023: 10,000) were received without conditions from a trustee during the year.

6 Taxation

No tax charges have arisen in the Trust.

Page 12

Polack’s House Educational Trust

Notes to the financial statements for the year ended 31 July 2024

……….continued

7 Investments held as fixed assets

Investments held as fixed assets
Investments
£
Market value
As at 1 August 2023 789,652
Disposals at carrying value (224,730)
Additions 220,008
Unrealised gains/(losses) 57,701
-------------
As at 31 July 2024 842,631
-------------
Net book value
As at 31 July 2024 842,631
-------------
As at 31 July 2023 789,652
-------------
All investment assets were held in the UK

Investments

Included in the investments which have a carrying value of £842,631 (2023 - £789,652) are listed investments on a recognised stock exchange which had a market value of £841,082 (2023 - £783,126) at the end of the year. The balance in investments is a cash balance maintained by the investment manager on behalf of the Trust.

Material Investments held at 31 July 2024

Value
£
UK (GOV OF) 0.125% 23/03/2026 GBP1000 52,292
INSIGHT GLOBAL II HIGH GRADE ABS B GBP 69,020
M&G UK INFLATION LINKED CORP BOND PP GBP DIS 46,635
MI TWENTYFOUR INVESTMENT FUNDS DYNAMIC BOND I ACC 72,970
VONTOBEL FUND TWENTYFOUR ABST RETURN CREDIT AQNG GBP 44,834
FINDLAY PARK FD IC AMER I USD DIS 43,399
BROWN ADVISORY FUNDS GLOBAL LEADERS SI GBP INC 42,342
LINK FUND SOL LTD TROJAN S INC 53,214
CG ABSOLUTE RETURN GBP M 57,444

Page 13

Polack’s House Educational Trust

Notes to the financial statements for the year ended 31 July 2024

……….continued

8 Creditors: amounts falling due within one year

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Accruals and deferred income|1,860|1,740| |------------|------------| |1,860|1,740| |------------|------------|

----- End of picture text -----

9 Members’ liability

The Trust is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Trust in the event of liquidation.

10 Analysis of funds – current year

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Other| |At 1 August Incoming|Resources|recognised At 31 July| |2023 resources|expended Transfers gains/losses|2024| |£|£|£|£|£|£| |General Funds| |Unrestricted income fund|868,184|19,793|(81,579)|-|55,542|861,940| |------------- -------------|-------------|-----------|------------ -------------| |Total|868,184|19,793|(81,579)|-|55,542|861,940| |------------- -------------|-------------|-----------|------------- -------------| |Analysis of funds – prior year| |Other| |At 1 August Incoming|Resources|recognised At 31 July| |2022 resources|expended Transfers gains/losses|2023| |£|£|£|£|£|£| |General Funds| |Unrestricted income fund|970,025|45,463|(121,439)|-|(25,865)|868,184| |------------- -------------|-------------|-----------|------------ -------------| |Total|970,025|45,463|(121,439)|-|(25,865)|868,184| |------------- -------------|-------------|----------|------------- -------------|

----- End of picture text -----

Page 14

Polack’s House Educational Trust

Notes to the financial statements for the year ended 31 July 2024

……….continued

11 Net assets by fund – current year

Unrestricted Total Funds Total Funds
Funds 2024 2023
£ £ £
Investments 842,631 842,631 789,652
Current assets 21,169 21,169 80,272
Creditors: Amounts falling
due within one year (1,860) (1,860) (1,740)
------------- ------------- -------------
Net assets 861,940 861,940 868,184
------------- ------------- -------------
Net assets by fund – prior year
Unrestricted Total Funds Total Funds
Funds 2023 2022
£ £ £
Investments 789,652 789,652 926,256
Current assets 80,272 80,272 45,389
Creditors: Amounts falling
due within one year (1,740) (1,740) (1,620)
------------- ------------- -------------
Net assets 868,184 868,184 970,025
------------- ------------- -------------

Page 15