THE PAULINE & HAROLD BERMAN CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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 2025
The trustees present their report and accounts for the year ended 5 April 2025. 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)".
Reference and Administrative Information
Principal Office
4 Woodtree Close, London, NW4 1HQ.
Trustees
Laurence Paul Markham Howard Spencer
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 the year grants were awarded to other organisations being themselves charitable by nature.
Public Benefit
The trustees have complied with section 17(5) of the 2011 Charities Act in having due regard for the Charity Commission's guidance on public benefit and taking that into account in their relevant decision making in upholding the trust's charitable purposes and acting in accordance with their aims and objectives in furtherance of the charity's objectives.
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 9 grants totalling £154,000 were approved compared with 9 grants totalling £197,000 in the previous year. 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 2025
Financial Review
The charity's incoming resources for the year amounted to £47,747 and included the receipt of an unrestricted voluntary donation of £30,000 from the Harold Berman Will Trust.
The charity is reliant on the income generated by its investments and the receipt of 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 fund raising and charitable activities. The unrestricted fund balance amounted to £514,416 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 people it may provide funding to other charities that support such beneficiaries. Through proportionate and reasonable due diligence, the trustees seek to ensure that other charities in receipt of their grant awards have due regard for their own safeguarding responsibilities 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.
3
THE PAULINE & HAROLD BERMAN CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2025
Statement of trustees’ responsibilities
The trustees are responsible for their periodic report and 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 and Wales requires the trustees to prepare financial statements for each financial reporting period which give a true and fair view of the charity's state of affairs, its incoming resources and the application of its resources.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the financial statements on the 'going concern’ basis unless it is inappropriate to presume that charity will continue its operations.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and ensure that their 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Board of Trustees on .\.!..1v/ie..22.508, and signed on their behalf by:
Laurence Paul Markham Trustee
4
UHY Hacker Young LLP 4 Thomas More Square QuadrantLondon EIW House YW
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THE PAULINE & HAROLD BERMAN CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAULINE & HAROLD BERMAN CHARITABLE TRUST FOR THE YEAR ENDED 5 APRIL 2025
I report to the trustees on my examination of the accounts of The Pauline & Harold Berman Charitable Trust for the year ended 5 April 2025, which are set out on pages 5 to 11.
This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(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.
Rachel Chim UHY Hacker Young LLP Quadrant House 4 Thomas More Square London E1W 1YW
Date: ...(2....Macdn....20.2
THE PAULINE & HAROLD BERMAN CHARITABLE TRUST
5
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| Note | £ | £ | |
| Income and endowments from: | |||
| Investments | 3 | 17,747 | 20,128 |
| Donations and legacies | |||
| Discretionary legacies | |||
| Harold Berman Will Trust | 30,000 | - | |
| Harold Berman Estate | - | 90,000 | |
| Total income | 47,747 | 110,128 | |
| Expenditure on: | |||
| Raising funds (investment management fees) | (5,502) | (5,709) | |
| Charitable activities | 4 | (161,380) | (204,140) |
| Total expenditure | (166,882) | (209,849) | |
| Net expenditure before gains / losses | |||
| on investments | (119,135) | (99,721) | |
| Net gains / (losses) on investment assets | 8 | (4,779) | 36,145 |
| Net movement in funds | (123,914) | (63,576) | |
| Reconciliation of funds | |||
| Total funds brought forward | 638,330 | 701,906 | |
| Total funds carried forward | £514,416 | £638,330 |
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 & HAROLD BERMAN CHARITABLE TRUST
6
BALANCE SHEET
AS AT 5 APRIL 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | Total | Total | |
| £ | £ | ||
| Fixed assets | |||
| Investments atmarket value | 6 | 486,743 | 604,918 |
| Current assets | |||
| Cash atbank | 7 | 41,559 | 69,773 |
| Debtors | 8 | 2,000 | 2,144 |
| 43,559 | 71,917 | ||
| Current liabilities | |||
| Creditors falling due within oneyear | 9 | (15,886) | (38,505) |
| Net current assets | 27,673 | 33,412 | |
| Total net assets | £514,416 | £638,330 | |
| The funds ofthe charity | |||
| Unrestricted funds | 514,416 | 638,330 | |
| Totalfunds | £514,416 | £638,330 |
The financial statements on pages 5 to 11 were approved by the Trustees on UI Wleeh 2b . and are signed on their behalf by:
Laurence Paul Markham Trustee
THE PAULINE & HAROLD BERMAN CHARITABLE TRUST
7
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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 financial 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.
Where the charity holds interests in offshore reporting or non-reporting funds as defined by HMRC, any Excess Reportable Income (ERI) notified by fund managers is regarded as a UK tax construct that does not give rise to cash or an enforceable receivable for the charity. Accordingly, ERI is not recognised as investment income within the charity’s Statement of Financial Activities (SoFA). The impact of any such undistributed returns retained within the investment fund is reflected within the SoFA through fair‑value movement within net gains/losses on investments.
Where a disposal between coupon dates arises in respect of an investment in gilts or corporate bonds, proceeds are split between the clean price (capital) and accrued interest (income) thereof. Accrued interest is recognised within the SoFA under 'income from investments', calculated in accordance with market conventions (and for index-linked gilts, incorporates the relevant indexation lag). Any movement in the clean price upon the disposal of such investments is recognised within the SoFA under 'net gain/loss on investments'.
THE PAULINE & HAROLD BERMAN CHARITABLE TRUST
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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
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.
THE PAULINE & HAROLD BERMAN CHARITABLE TRUST
9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
1.9 Financial instruments (continued)
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.
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 ** | Investment income | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Income from listed investments | 17,448 | 19,539 | |
| Interest from cash deposits | 299 | 589 | |
| £17,747 | £20,128 | ||
| **3 ** | Expenditure on charitable activities | 2025 | 2024 |
| £ | £ | ||
| Grants awarded (see note 4) | 154,000 | 197,000 | |
| Governance costs (see note 5) | 7,380 | 7,140 | |
| £161,380 | £204,140 |
4 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.
THE PAULINE & HAROLD BERMAN CHARITABLE TRUST
10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
| **4 ** | Grant making activities (continued) | |||
|---|---|---|---|---|
| Grants awarded by category: | 2025 | 2025 | 2024 | |
| £ | £ | £ | ||
| Health and Social Welfare | ||||
| Norwood (2 grants) | 40,000 | |||
| St Lukes Hospice | 25,000 | |||
| Grief Encounter | 20,000 | |||
| Jewish Care | 15,000 | |||
| Corinne Burton Memorial Trust | 5,000 | |||
| 105,000 | 167,000 | |||
| Education: | ||||
| Gesher | 30,000 | |||
| Kisharon Langdon | 15,000 | |||
| Echoes Theatre Company Limited | 4,000 | |||
| 49,000 | 30,000 | |||
| Total grants awarded during the year | £154,000 | £197,000 | ||
| **5 ** | Support costs | Total | Total | |
| 2025 | 2024 | |||
| Governance costs | £ | £ | ||
| Accountancy fees | 5,460 | 5,280 | ||
| Independent Examiner's fees | 1,920 | 1,860 | ||
| £7,380 | £7,140 |
No cost were incurred in respect of grant making activities during the reporting year.
No staff were employed by the charity during the financial reporting year; the administration of the charity being undertaken by the trustees.
| **6 ** | Fixed asset investments | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Market value at 5 April 2024 | 604,918 | 634,398 | |
| Additions to investments at cost | 33,951 | 84,027 | |
| Disposal proceeds | (147,347) | (149,652) | |
| Realised gain on disposal of investments | 3,468 | 7,591 | |
| Unrealised (loss)/gain on revaluation of investments | (8,247) | 28,554 | |
| Market value at 5 April 2025 | £486,743 | £604,918 |
THE PAULINE & HAROLD BERMAN CHARITABLE TRUST
11
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
| **7 ** | Analysis of current assets | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Cash at bank | |||
| Coutts & Co | |||
| - Current account | 28,113 | 62,113 | |
| Rathbones Investment Management | |||
| - Income Accumulation account | 12,849 | 5,957 | |
| - Income account | 597 | 1,047 | |
| - Capital account | - | 656 | |
| Total cash | £41,559 | £69,773 | |
| **8 ** | Debtors | 2025 | 2024 |
| £ | £ | ||
| Accrued income | 2,000 | 2,144 | |
| Total debtors | £2,000 | £2,144 | |
| **9 ** | Analysis of liabilities | 2025 | 2024 |
| £ | £ | ||
| Creditors falling due within one year | |||
| Accountant's fees | 10,740 | 5,280 | |
| Independent examiner's fees | 3,780 | 1,860 | |
| Investment manager's fees | 1,366 | 1,365 | |
| Charitable grant awards | - | 30,000 | |
| Total liabilities | £15,886 | £38,505 |
10 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.
11 Related party transactions
During the year the charity received a discretionary legacy from the Harold Berman Will Trust of which Laurence Paul Markham and Howard Spencer are trustees.