REGISTERED CHARITY NUMBER: 1174479
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2023
for
String of Pearls
Martin+Heller 5 North End Road London NW11 7RJ
String of Pearls
Contents of the Financial Statements for the Year Ended 31 August 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Cash Flow Statement | 6 | ||
| Notes to the Cash Flow Statement | 7 | ||
| Notes to the Financial Statements | 8 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
String of Pearls
Report of the Trustees
for the Year Ended 31 August 2023
The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was established to advance in life and help young people by making grants to educational institutions or paying for activities which develop their skills and capabilities. The charity also supports the relief of poverty in the local community.
Public benefit
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.
FINANCIAL REVIEW
Reserves policy
The charity does not maintain a reserves policy, as reserves are utilised when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objectives and the trustees consider the financial position of the charity to be satisfactory.
FUTURE PLANS
There are no significant future developments to report.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Decision making
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Induction and training of new trustees
It is not the intention of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment, induction and training procedures.
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1174479
Principal address
87 Hamilton Road London NW11 9EE
Page 1
String of Pearls
Report of the Trustees for the Year Ended 31 August 2023
Trustees
I Brief (resigned 27.6.24) Mrs S C Muster (resigned 14.12.22) J Barhorin M Reiner Y S Breuer M Goodman
Independent Examiner
A Heller FCA Martin+Heller 5 North End Road London NW11 7RJ Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... J Barhorin - Trustee
Page 2
Independent Examiner's Report to the Trustees of String of Pearls
Independent examiner's report to the trustees of String of Pearls
I report to the charity trustees on my examination of the accounts of String of Pearls (the Trust) for the year ended 31 August 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
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.
A Heller FCA
Martin+Heller 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
String of Pearls
Statement of Financial Activities for the Year Ended 31 August 2023
| 31.8.23 | 31.8.22 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 599,929 | 475,921 |
| EXPENDITURE ON | |||
| Charitable activities | 3 | ||
| Charitable activities | 520,443 | 512,355 | |
| Other | 43,733 | 44,379 | |
| Total | 564,176 | 556,734 | |
| NET INCOME/(EXPENDITURE) | 35,753 | (80,813) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 197,565 | 278,378 | |
| TOTAL FUNDS CARRIED FORWARD | 233,318 | 197,565 |
The notes form part of these financial statements
Page 4
String of Pearls
Balance Sheet 31 August 2023
| 31.8.23 | 31.8.22 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 8 | 296,075 | 338,371 |
| CURRENT ASSETS | |||
| Cash at bank | 4,084 | 11,772 | |
| CREDITORS | |||
| Amounts falling due within one year | 9 | (34,991) | (115,603) |
| NET CURRENT ASSETS | (30,907) | (103,831) | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 265,168 | 234,540 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 10 | (31,850) | (36,975) |
| NET ASSETS | 233,318 | 197,565 | |
| FUNDS | 12 | ||
| Unrestricted funds | 233,318 | 197,565 | |
| TOTAL FUNDS | 233,318 | 197,565 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Barhorin - Trustee
The notes form part of these financial statements
Page 5
String of Pearls
Cash Flow Statement
for the Year Ended 31 August 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.8.23 £ (1,517) (1,046) (2,563) (5,125) (5,125) (7,688) 11,772 4,084 |
31.8.22 £ 4,827 (1,174) 3,653 (4,996) (4,996) (1,343) 13,115 11,772 |
|---|---|---|
The notes form part of these financial statements
Page 6
String of Pearls
Notes to the Cash Flow Statement for the Year Ended 31 August 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest paid (Decrease)/increase in creditors Net cash (used in)/provided by operations |
31.8.23 £ 35,753 42,296 1,046 (80,612) (1,517) |
31.8.22 £ (80,813) 42,296 1,174 42,170 4,827 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1/9/22 Cash flow At £ £ Net cash Cash at bank 11,772 (7,688) 11,772 (7,688) Debt Debts falling due within 1 year (6,171) - Debts falling due after 1 year (36,975) 5,125 (43,146) 5,125 Total (31,374) (2,563) |
31/8/23 £ 4,084 4,084 (6,171) (31,850) (38,021) (33,937) |
|---|---|
The notes form part of these financial statements
Page 7
String of Pearls
Notes to the Financial Statements for the Year Ended 31 August 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short Leasehold Property - Straight line over 10 years
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 8
String of Pearls
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
| 2. DONATIONS AND LEGACIES 31.8.23 £ Donations 599,929 3. CHARITABLE ACTIVITIES COSTS Grant funding of activities Direct (see note Costs 4) £ £ Charitable activities 2,716 517,727 4. GRANTS PAYABLE 31.8.23 £ Charitable activities 517,727 Total grants paid to institutions during the year was £450,667 (2022: £415,860). Total grants paid is comprised as follows: Etc Youth Ltd Give Youth A Break Peninim Ltd Seaquins (Westcliff) Yeshuos Shabbos Other donations < £10,000 |
2. DONATIONS AND LEGACIES 31.8.23 £ Donations 599,929 3. CHARITABLE ACTIVITIES COSTS Grant funding of activities Direct (see note Costs 4) £ £ Charitable activities 2,716 517,727 4. GRANTS PAYABLE 31.8.23 £ Charitable activities 517,727 Total grants paid to institutions during the year was £450,667 (2022: £415,860). Total grants paid is comprised as follows: Etc Youth Ltd Give Youth A Break Peninim Ltd Seaquins (Westcliff) Yeshuos Shabbos Other donations < £10,000 |
31.8.22 £ 475,921 Totals £ 520,443 31.8.22 £ 510,197 |
|
|---|---|---|---|
| 12,000 | |||
| 27,100 | |||
| 98,204 | |||
| 16,244 | |||
| 266,200 | |||
| 30,919 | |||
| 450,667 | |||
continued...
Page 9
String of Pearls
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
5. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Finance | Other | Totals | |
| £ | £ | £ | |
| Other resources expended | 1,437 | 42,296 | 43,733 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 475,921 |
| EXPENDITURE ON | |
| Charitable activities | |
| Charitable activities | 512,355 |
| Other | 44,379 |
| Total | 556,734 |
| NET INCOME/(EXPENDITURE) | (80,813) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 278,378 |
| TOTAL FUNDS CARRIED FORWARD | 197,565 |
continued...
Page 10
String of Pearls
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
8. TANGIBLE FIXED ASSETS
| COST At 1 September 2022 and 31 August 2023 DEPRECIATION At 1 September 2022 Charge for year At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 11) Other creditors 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 11) 11. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years |
Short leasehold £ 422,964 84,593 42,296 126,889 296,075 338,371 31.8.23 31.8.22 £ £ 6,171 6,171 28,820 109,432 34,991 115,603 31.8.23 31.8.22 £ £ 31,850 36,975 31.8.23 31.8.22 £ £ 6,171 6,171 6,171 6,171 25,679 30,804 |
Short leasehold £ 422,964 84,593 42,296 126,889 296,075 338,371 31.8.23 31.8.22 £ £ 6,171 6,171 28,820 109,432 34,991 115,603 31.8.23 31.8.22 £ £ 31,850 36,975 31.8.23 31.8.22 £ £ 6,171 6,171 6,171 6,171 25,679 30,804 |
Short leasehold £ 422,964 84,593 42,296 126,889 296,075 338,371 31.8.23 31.8.22 £ £ 6,171 6,171 28,820 109,432 34,991 115,603 31.8.23 31.8.22 £ £ 31,850 36,975 31.8.23 31.8.22 £ £ 6,171 6,171 6,171 6,171 25,679 30,804 |
|
|---|---|---|---|---|
| 84,593 42,296 |
||||
| 126,889 | ||||
| 296,075 | ||||
| 338,371 | ||||
| 31.8.22 £ 6,171 109,432 |
||||
| 115,603 | ||||
| 31.8.22 £ 36,975 |
||||
| 31.8.22 £ 6,171 |
||||
| 6,171 | ||||
| 30,804 |
continued...
Page 11
String of Pearls
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
12. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | |||
| At 1/9/22 | in funds | At 31/8/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 197,565 | 35,753 | 233,318 |
| TOTAL FUNDS | 197,565 | 35,753 | 233,318 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 599,929 | (564,176) | 35,753 |
| TOTAL FUNDS | 599,929 | (564,176) | 35,753 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | |||
| At 1/9/21 | in funds | At 31/8/22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 278,378 | (80,813) | 197,565 |
| TOTAL FUNDS | 278,378 | (80,813) | 197,565 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 475,921 | (556,734) | (80,813) |
| TOTAL FUNDS | 475,921 | (556,734) | (80,813) |
continued...
Page 12
String of Pearls
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | |||
| At 1/9/21 | in funds | At 31/8/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 278,378 | (45,060) | 233,318 |
| TOTAL FUNDS | 278,378 | (45,060) | 233,318 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,075,850 | (1,120,910) | (45,060) |
| TOTAL FUNDS | 1,075,850 | (1,120,910) | (45,060) |
13. RELATED PARTY DISCLOSURES
Mr I Brief is also a director of Peninim Limited.
During the year, donations to Peninim Ltd amounted to £98,204.
As at the balance sheet date, the balance owing to Peninim Limited was £1,551 (2022: £71,072).
Page 13
String of Pearls
Detailed Statement of Financial Activities for the Year Ended 31 August 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Charitable activities Consultancy fees Sundries Grants to institutions Grants to individuals Support costs Finance Bank charges Bank loan interest Other Short leasehold Total resources expended Net income/(expenditure) |
31.8.23 £ 599,929 599,929 1,495 1,221 450,667 67,060 520,443 391 1,046 1,437 42,296 564,176 35,753 |
31.8.22 £ 475,921 475,921 1,230 928 477,860 32,337 512,355 909 1,174 2,083 42,296 556,734 (80,813) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 14