THE PAULINE & HAROLD BERMAN CHARITABLE TRUST 

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 5 APRIL 2024 



THE PAULINE & HAROLD BERMAN CHARITABLE TRUST 

## CONTENTS 

|Index||Page|Page|
|---|---|---|---|
|Trustees' report|1|-|3|
|Independent Examiner's Report||4||
|Statement of Financial Activities||5||
|Balance Sheet||6||
|Notes to the Accounts|7|-|11|





THE PAULINE & HAROLD BERMAN CHARITABLE TRUST 

1 

## TRUSTEES' ANNUAL REPORT 

## FOR THE YEAR ENDED 5 APRIL 2024 

The trustees present their report and accounts for the year ended 5 April 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". 

## Principal Office 

4 Woodtree Close, London, NW4 1HQ. 

## Trustees 

Laurence Paul Markham Howard Spencer Dudley James Stebbings (resigned 12 November 2023) 

## Independent Examiner 

Rachel Chim of 

UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London, E1W 1YW. 

## Accountants 

UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London, E1W 1YW. 

## Bankers 

Coutts & Co, 440 Strand, London, WC2R 0QS. 

## Investment advisors 

Rathbone Investment Management, 8 Finsbury Circus, London, EC2M 7AZ 

## Objectives and Activities 

The object of the trust is to apply the capital and/or the income of the trust fund for such charitable purposes as the trustees in their absolute discretion think fit. During this period grants have been made to other charitable organisations to advance the objective of the charity. 

## Public Benefit 

The trustees have complied with section 17(5) of the 2011 Charities Act, having due regard for the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives, when setting the grants making policy and in making awards. 

## Grant Making Policy 

Proposals for grants are generated internally. External applications for funding are not considered. The trustees' grant-making policy is set in accordance with the late settlors' wishes. 

## Achievement and Performance 

During the year the trustees awarded 9 grants totalling £197,000 compared with 11 grants totalling £223,500 in the previous period. The trustees consider that these represent an appropriate exercise of their discretionary powers. 



THE PAULINE & HAROLD BERMAN CHARITABLE TRUST 

2 

## TRUSTEES' ANNUAL REPORT 

## FOR THE YEAR ENDED 5 APRIL 2024 

## Financial Review 

The charity's income resources for the year amounted to £110,128 and included distributions from the Estate of Harold Berman. 

The charity is reliant on the income generated by its investments and further donations. 

## Investment Policy and Performance 

There are no restrictions on the trustees’ power to invest. The trustees' investment managers are mandated with the objective of achieving capital growth with a designated risk profile of 'medium to higher'.  The trustees consider that overall investment performance for the year was satisfactory 

## Reserves Policy 

The charity operates only in a grant making capacity, it is not a functional charity incurring fixed costs or other ongoing obligations. The trustees' aim is to maintain free reserves at a level that will provide sufficient to respond to applications for grants and ensure that there are sufficient funds available to cover its expenditure on charitable activities. The unrestricted fund balance amounted to £638,330 as at the year-end which may be used in accordance with the charity's objectives, at the discretion of the trustees. All of the investments held in fixed assets are redeemable at short notice. 

The trustees have discretionary power to accumulate the income of the charity as an accretion to the capital of the charity. 

## Structure, Governance and Management 

The trust is an unincorporated body, constituted under a trust deed dated 9 November 2005 and is a registered charity, number 1170764. The trust does not actively fundraise and maintains a careful stewardship of its existing resources. 

The power of appointing new or additional trustees is exercisable by the existing trustees. The trustees meet at such intervals as they consider appropriate being not less than once per annum. 

The charity has no full time or part time employees or volunteers to assist in the running of the charity, the daily administration being carried out by the trustees themselves. 

## Risk Management 

The trustees have reviewed the major risks that impact on the work of the trust. The systems that have been established enable the trustees to review and take necessary steps to lessen these risks. 

## Safeguarding 

Although the charity does not work directly with children or other vulnerable beneficiaries it does provide funding to other charities that do. The charity seeks to ensure, through proportionate and reasonable due diligence, that other charities take their responsibilities seriously and that safeguards are in place to protect vulnerable people. 

## Plans for the Future 

The trustees have no immediate plans to change any of the objects, activities or policies described above. 



THE PAULINE & HAROLD BERMAN CHARITABLE TRUST
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2024
Statement of tn18te¢s' resiKiii8ibilitie8
The trustees are responsible tor their peri(xlic report and financial statements in accordance with
applicable law and United Kingdom Accounting Standards Iunited Kingdom CJenerAlly Accepted
Accounting Practi¢¢).
The law applicablc to ¢hatitiVi ui En¥land and Wales requires the trustees to prepare financial
statements for each financial reporting period which give a true and fair view of the charitys stats of
affairs, its incoming resources and the application of its resources.
In pre.p8ring thege finan¢ial statements. tho trustCC8 arc rcquircd to:
select suitable accounting policies and then apply them enngigtently:
observe the methods And principles in the Charities SORP;
- make judgements and ¢stimat¢s that arc reasonable and pruden(
ilate wheiher appllcable accounting standards have been followe￿ subject to any material departures
disclosed and explained in the accounts. and
pr¢pare th¢ financial ststsments on the 'going concern, basis unless it is inappropriate to pr¢sum¢ that
charity will continue its operntions.
The trustees are responsible for keeping .8ufficient Rcoounting reeords that disolose with rca30nabl¢
accuracy at any time the financial position of the charity and ensure that their financial statements
cnmply with the ChArities Act 2011, the Charity <A¢￿Unts and R¢yuitb) R¢gulatlons 2008 and the
provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and
tt&ins rcasonablc st¢P5 foi tli¢ pi¢v¢nLiun and deteciion of fraud and other irregularities.
Approved by the Trustees on Z
-.2024 and si￿¢d on their behalf by:
Laurence Paul Markbam
Trustee
DAte-.

UHY
UHY Hackeryoung LLP
Quadrant House
4 Thomas More Square
London Elw IYW
THE PAULINE & HAROLD BERMAN CHARrrABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE PAULII¥4E & HAROLD BERMAN CHARITABLE TRUST
FOR THE YEAR ENDED 5 APRIL 2024
I report to the trustees on my cxamination of the accounts of The Pauline & Harold Bemian Charitablc Trust
for the year ended 5 April 2024, which are sei oui on pages 5 to I l.
This report is made solely to thc charity's trustecs. as a bLNJy. in accordance with section 145 of the Charities
Act 201 l. My examination has been undcrtakcn so that I might slate to the charity's trustecs thosc matters I
am required to state to thcm in an independent examinef s report and for no othcr purpose. To the fullcst
extent perniitted by law, I do not accept or assume respongibility io anyone other than thc charity's trnstecs as
a body, for my examination, for this rcport. or for the opinions I havc forn￿d.
Responshbilitles and basis of report,
As the charity trustees of thc Charity you arc responsible for the preparation of the accounts in accordancc
with thc requiremcnls of the Charitics Act 2011 ('the Act.).
I rcport in rcspect of my examination of the Trustec's accounts carricd out under section 145 of the 2011 Act
and in carrying out my examination I havc followcd all the applicablc Directlons given by thc Charity
Commission undci scction 145(5)(b) of th¢ 201 l Act.
Independent examiner's statement
I have complctcd my cxamination. I confirni that no material matters havc come to my attention in
connection with the examination giving me causc to believe that in any material rcspcct:
( l ) accounting records were not kept in respect of the Trust a5 requircd by scction 130 of the Act; 01
(2) the accounts do not accord with those records: or
(3) the ac¢ount5 do not comply with the applicable requirements concerning the fonn and contcnt
of accounts set out in thc Charities (Accounts and Reports) Regulations 2008 othcr than any
requircmcnt that the accounts give a 'true and fairf view which is not a maller considcrcd as part
of an indcpcndcnt examination.
I have no concerns and have come across no other matters in connection with tbe examination to which
attention should be drawn in this report in order to cnable a proper understanding of the accounts to be
reached.
Rachel Chim
UHY Hacker Young LLP
Quadrant House
4 Thomas More Square
London Elw IYW
Datc: .*. DuLW)ty. 2024

THE PAULINE & HAROLD BERMAN CHARITABLE TRUST 

5 

## STATEMENT OF FINANCIAL ACTIVITIES 

## FOR THE YEAR ENDED 5 APRIL 2024 


**----- Start of picture text -----**<br>
2024 2023<br>Unrestricted Unrestricted<br>funds funds<br>Note £ £<br>Income and endowments from:<br>Investments 3 20,128 18,485<br>Legacies:<br>Harold Berman Estate 2 90,000 64,995<br>Pauline Berman Estate 2 - 11,633<br>Total income 110,128 95,113<br>Expenditure on:<br>Raising funds (investment management fees) (5,709) (6,136)<br>Charitable activities 4 (204,140) (230,340)<br>Total expenditure (209,849) (236,476)<br>Net expenditure before gains / losses<br>on investments (99,721) (141,363)<br>Net gains / (losses) on investment assets 8 36,145 (77,901)<br>Net movement in funds (63,576) (219,264)<br>Reconciliation of funds<br>Total funds brought forward 701,906 921,170<br>Total funds carried forward £638,330 £701,906<br>**----- End of picture text -----**<br>


All recognised gains and losses have been included in the Statement of Financial Activities and are derived from the continuing activities of the Charity. 



THE PAULINE & ￿oLD BERMAN CHARITABLE TRUST
BALANCE SHEET
AS AT S APRIL 2024
2024
Total
2023
Total
riot¢
Fixed 2￿￿et*
Investments at market valu¢
604,918
634,398
Current 9gAetA
Cash at bank
Debtors
69,773
2,144
74,799
979
10
71,917
75,778
Lurrent lfiabilitles
Creditors falling due within one year
Net eurrent assets
(38,505)
(8,270)
33.412
67,508
Total net assets
£638,330
£701,906
The funds of the chgrity
Unrestricted tunds
638,330
701,906
Totsl funds
£638.330
£701,90b
The financial stat¢rnents on pages 5 to l I were approved by the Tr￿sts¢S on 2.9. w..￿ 20? 414
and are signed on their behalf by:
L<iurenc¢ Paul Markham
Trustee

THE PAULINE & HAROLD BERMAN CHARITABLE TRUST 

7 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 5 APRIL 2024 

## 1 Accounting policies 

## Charity information 

The Pauline & Harold Berman Charitable Trust is a Charitable Trust established under the terms of its constitutional trust deed dated 9 November 2005. 

## 1.1 Accounting convention 

These financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102. 

These financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. 

These finanocial statements have been prepared under the historical cost convention unless otherwise stated in the corresponding notes, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below. 

## 1.2 Going concern 

At the time of approving these financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Consequently the trustees continue to adopt the going concern basis of accounting in preparing their financial statements. 

## 1.3 Charitable funds 

All funds are unrestricted. Both the capital and income of the charity can therefore be applied at the discretion of the trustees in furtherance of the charitable objectives of the trust. 

## 1.4 Income recognition 

All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt (so it is probable that the income will be received) and the amount of income receivable can be measured reliably. Income and donations and legacies is recognised when the charity has entitlement to the funds. Investment income is accounted for on the basis of net amounts receivable. This is normally when the investment managers are notified of the interest receivable or dividend declared. Any tax deducted and recoverable will be recognised in the trustees' financial statements when it is repaid by HMRC. 

## 1.5 Expenditure recognition 

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. 

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust. 

These financial statements include a provision for the cost of their preparation and independent examination. 



THE PAULINE & HAROLD BERMAN CHARITABLE TRUST 

8 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 5 APRIL 2024 

## 1 Accounting policies (continued) 

## 1.6 Irrecoverable VAT 

Irrecoverable VAT is charged against the category of resources expended respectively. 

## 1.7 Charitable activities 

Expenditure on charitable activities includes grants and support costs. 

Support costs are allocated equally across each category of grant making activity and comprise management and administration expenditure relating to charitable activities. Support costs are detailed in note 6. 

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. 

## 1.8 Cash and cash equivalents 

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 

## 1.9 Financial instruments 

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

## Basic financial assets 

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 

## Basic financial liabilities 

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 

## 1.10 Investments 

Investments are initially recognised at transaction value and subsequently at the balance sheet date.  Listed investments are re-measured at fair value using the closing mid-market value as at the balance sheet date. 



THE PAULINE & HAROLD BERMAN CHARITABLE TRUST 

9 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 5 APRIL 2024 

## 1.11 Realised gains and losses 

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value or their acquisition cost if acquired during the current 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. 

## 2[Donations and legacies] 

No donations were received during the current year. Legacies of £90,000 (2023: 64,995) from the Harold Berman Estate and £nil (2023: 11,633) from the Pauline Berman Estate were received during the year. 

|3 Investment income<br>Interest from cash deposits<br>4 Expenditure on charitable activities<br>Income from listed investments<br>Support costs (see note 6)<br>Grants awarded (see note 5)|2024<br>£<br>19,539<br>589<br>£20,128<br>2024<br>£<br>197,000<br>7,140<br>£204,140|2023<br>£<br>17,959<br>526<br>£18,485<br>2023<br>£<br>223,500<br>6,840<br>£230,340|
|---|---|---|



## 5 Grant making activities 

During the year the charity awarded grants to a number of charitable institutions in furtherance of its charitable activities. The charity did not engage in direct charitable activities or award grants to any individual person or persons. 

|Grants awarded by category:<br>Health and Social Welfare<br>Norwood<br>Nightingale Hammerson<br>Jewish Care<br>St Lukes Hospice<br>Grief Encounter<br>Cicra<br>Corinne Burton Memorial Trust<br>Jewish Child's Day<br>Education:<br>Gesher<br>Total  grants awarded during the year|2024<br>£<br>40,000<br>30,000<br>30,000<br>30,000<br>20,000<br>10,000<br>5,000<br>2,000<br>30,000|2024<br>£<br>167,000<br>30,000<br>£197,000|2023<br>£<br>202,500<br>21,000<br>£223,500|
|---|---|---|---|





THE PAULINE & HAROLD BERMAN CHARITABLE TRUST 

10 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 5 APRIL 2024 

|6 Support costs<br>Accountancy fees<br>Independent Examiner's fees|Management /<br>Governance Administration<br>Total<br>costs<br>costs<br>2024<br>£<br>£<br>£<br>5,280<br>-<br>5,280<br>1,860<br>-<br>1,860<br>£7,140<br>£-<br>£7,140|Total<br>2023<br>£<br>5,040<br>1,800<br>£6,840|
|---|---|---|



## 7 Staff costs 

No staff were employed during the period by the charity, the daily administration of the charity being carried out by the trustees. 

|8 Fixed asset investments<br>Market value at 5 April 2023<br>Additions to investments at cost<br>Disposal proceeds<br>Realised gain/(loss) on disposal of investments<br>Unrealised gain/(loss) on revaluation of investments<br>Market value at 5 April 2024<br>9 Analysis of current assets<br>Cash at bank<br>Coutts & Co<br>- Current account<br>Rathbones Investment Management<br>- Capital account<br>- Income account<br>- Income Accumulation account<br>Total cash<br>10 Debtors<br>Accrued income<br>Total debtors|2024<br>£<br>634,398<br>84,027<br>(149,652)<br>7,591<br>28,554<br>£604,918<br>2024<br>£<br>62,113<br>656<br>1,047<br>5,957<br>£69,773<br>2024<br>£<br>2,144<br>£2,144|2023<br>£<br>780,937<br>88,730<br>(157,368)<br>(10,003)<br>(67,898)<br>£634,398<br>2023<br>£<br>55,953<br>888<br>783<br>17,175<br>£74,799<br>2023<br>£<br>979<br>£979|
|---|---|---|





THE PAULINE & HAROLD BERMAN CHARITABLE TRUST 

11 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 5 APRIL 2024 


**----- Start of picture text -----**<br>
11 Analysis of liabilities 2024 2023<br>£ £<br>Creditors falling due within one year<br>-<br>Charitable grant awards 30,000<br>Accountant's fees 5,280 5,040<br>Independent examiner's fees 1,860 1,800<br>Investment manager's fees 1,365 1,430<br>Total liabilities £38,505 £8,270<br>**----- End of picture text -----**<br>


## 12 Trustees' remuneration 

No trustee or any person connected with a trustee has received or is due to receive any remuneration for the year directly or indirectly from the charity's funds. 

No trustee has been reimbursed for expenses during the year.