**REGISTERED CHARITY NUMBER: 1174479** ## **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31 August 2024** ## **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 2024** |||**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 2024** The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. 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 ## **Trustees** I Brief (resigned 27.6.24) J Barhorin M Reiner Y S Breuer M Goodman Page 1 **String of Pearls** ## **Report of the Trustees** **for the Year Ended 31 August 2024** **REFERENCE AND ADMINISTRATIVE DETAILS 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 2024. ## **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: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 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. 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 2024** |||31.8.24|31.8.23| |---|---|---|---| |||Unrestricted|| |||fund|Total funds| ||Notes|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Donations and legacies|2|484,670|599,929| |**EXPENDITURE ON**|||| |**Charitable activities**|3||| |Charitable activities||454,793|520,443| |Other||43,805|43,733| |**Total**||498,598|564,176| |**NET INCOME/(EXPENDITURE)**||(13,928)|35,753| |**RECONCILIATION OF FUNDS**|||| |Total funds brought forward||233,318|197,565| |**TOTAL FUNDS CARRIED FORWARD**||219,390|233,318| The notes form part of these financial statements Page 4 **String of Pearls** ## **Balance Sheet 31 August 2024** |||31.8.24|31.8.23| |---|---|---|---| |||Unrestricted|| |||fund|Total funds| ||Notes|£|£| |**FIXED ASSETS**|||| |Tangible assets|8|253,778|296,075| |**CURRENT ASSETS**|||| |Debtors|9|40,302|-| |Cash at bank||692|4,084| |||40,994|4,084| |**CREDITORS**|||| |Amounts falling due within one year|10|(48,785)|(34,991)| |**NET CURRENT ASSETS**||(7,791)|(30,907)| |**TOTAL ASSETS LESS CURRENT**|||| |**LIABILITIES**||245,987|265,168| |**CREDITORS**|||| |Amounts falling due after more than one year|11|(26,597)|(31,850)| |**NET ASSETS**||219,390|233,318| |**FUNDS**|13||| |Unrestricted funds||219,390|233,318| |**TOTAL FUNDS**||219,390|233,318| 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 2024** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) 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**|31.8.24
£
2,778
(918)
1,860
(5,252)
(5,252)
(3,392)
4,084
692|31.8.23
£
(1,517)
(1,046)
(2,563)
(5,125)
(5,125)
(7,688)
11,772
4,084| |---|---|---| 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 2024** |**1.**
**RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM**
**OPERATING ACTIVITIES**
31.8.24
£
**Net (expenditure)/income for the reporting period (as per the**
**Statement of Financial Activities)**
(13,928)
**Adjustments for:**
Depreciation charges
42,296
Interest paid
918
Increase in debtors
(40,302)
Increase/(decrease) in creditors
13,794
**Net cash provided by/(used in) operations**
2,778|31.8.23
£
35,753
42,296
1,046
-
(80,612)
(1,517)| |---|---| ## **2. ANALYSIS OF CHANGES IN NET DEBT** ||At 1/9/23|Cash flow|At 31/8/24| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cash at bank|4,084|(3,392)|692| ||4,084|(3,392)|692| |**Debt**|||| |Debts falling due within 1 year|(6,171)|-|(6,171)| |Debts falling due after 1 year|(31,850)|5,253|(26,597)| ||(38,021)|5,253|(32,768)| |**Total**|(33,937)|1,861|(32,076)| The notes form part of these financial statements Page 7 **String of Pearls** **Notes to the Financial Statements for the Year Ended 31 August 2024** ## **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 2024** ## **2. DONATIONS AND LEGACIES** |31.8.24
£
Donations
484,670
**3.**
**CHARITABLE ACTIVITIES COSTS**
Grant
funding of
activities
Direct
(see note
Costs
4)
£
£
Charitable activities
1,492
453,301
**4.**
**GRANTS PAYABLE**
31.8.24
£
Charitable activities
453,301
Total grants paid to institutions during the year was £374,879 (2023: £450,667).
Total grants paid is comprised as follows:
Give Youth A Break
Peninim Ltd
Yeshuos Shabbos
Other donations < £10,000
**5.**
**SUPPORT COSTS**
Finance
Other
£
£
Other resources expended
1,509
42,296|31.8.24
£
Donations
484,670
**3.**
**CHARITABLE ACTIVITIES COSTS**
Grant
funding of
activities
Direct
(see note
Costs
4)
£
£
Charitable activities
1,492
453,301
**4.**
**GRANTS PAYABLE**
31.8.24
£
Charitable activities
453,301
Total grants paid to institutions during the year was £374,879 (2023: £450,667).
Total grants paid is comprised as follows:
Give Youth A Break
Peninim Ltd
Yeshuos Shabbos
Other donations < £10,000
**5.**
**SUPPORT COSTS**
Finance
Other
£
£
Other resources expended
1,509
42,296||31.8.23
£
599,929
Totals
£
454,793
31.8.23
£
517,727| |---|---|---|---| ||||26,900| ||||66,028| ||||253,500| ||||28,451| ||||| ||||| ||||374,879| ||||| ||Other
£
42,296||Totals
£
43,805| ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. continued... Page 9 **String of Pearls** **Notes to the Financial Statements - continued for the Year Ended 31 August 2024** ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |||Unrestricted| |---|---|---| |||fund| |||£| ||**INCOME AND ENDOWMENTS FROM**|| ||Donations and legacies|599,929| ||**EXPENDITURE ON**|| ||**Charitable activities**|| ||Charitable activities|520,443| ||Other|43,733| ||**Total**|564,176| ||**NET INCOME**|35,753| ||**RECONCILIATION OF FUNDS**|| ||Total funds brought forward|197,565| ||**TOTAL FUNDS CARRIED FORWARD**|233,318| |**8.**|**TANGIBLE FIXED ASSETS**|| |||Short| |||leasehold| |||£| ||**COST**|| ||At 1 September 2023 and 31 August 2024|422,964| ||**DEPRECIATION**|| ||At 1 September 2023|126,889| ||Charge for year|42,297| ||At 31 August 2024|169,186| ||**NET BOOK VALUE**|| ||At 31 August 2024|253,778| ||At 31 August 2023|296,075| continued... Page 10 **String of Pearls** **Notes to the Financial Statements - continued for the Year Ended 31 August 2024** |**9.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| |---|---|---|---|---| ||||31.8.24|31.8.23| ||||£|£| ||Other debtors||40,302|-| |**10.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| ||||31.8.24|31.8.23| ||||£|£| ||Bank loans and overdrafts (see note 12)||6,171|6,171| ||Other creditors||42,614|28,820| ||||48,785|34,991| |**11.**|**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE**||**YEAR**|| ||||31.8.24|31.8.23| ||||£|£| ||Bank loans (see note 12)||26,597|31,850| |**12.**|**LOANS**|||| ||An analysis of the maturity of loans is given below:|||| ||||31.8.24|31.8.23| ||||£|£| ||Amounts falling due within one year on demand:|||| ||Bank loans||6,171|6,171| ||Amounts falling between one and two years:|||| ||Bank loans - 1-2 years||6,171|6,171| ||Amounts falling due between two and five years:|||| ||Bank loans - 2-5 years||20,426|25,679| |**13.**|**MOVEMENT IN FUNDS**|||| ||||Net|| ||||movement|| |||At 1/9/23|in funds|At 31/8/24| |||£|£|£| ||**Unrestricted funds**|||| ||General fund|233,318|(13,928)|219,390| ||**TOTAL FUNDS**|233,318|(13,928)|219,390| continued... Page 11 **String of Pearls** **Notes to the Financial Statements - continued for the Year Ended 31 August 2024** ## **13. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|484,670|(498,598)|(13,928)| |**TOTAL FUNDS**|484,670|(498,598)|(13,928)| |**Comparatives for 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| |Comparative 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| A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|| ||At 1/9/22|in funds|At 31/8/24| ||£|£|£| |**Unrestricted funds**|||| |General fund|197,565|21,825|219,390| |**TOTAL FUNDS**|197,565|21,825|219,390| continued... Page 12 **String of Pearls** **Notes to the Financial Statements - continued for the Year Ended 31 August 2024** ## **13. MOVEMENT IN FUNDS - continued** 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|1,084,599|(1,062,774 )|21,825| |**TOTAL FUNDS**|1,084,599|(1,062,774 )|21,825| ## **14. RELATED PARTY DISCLOSURES** Mr I Brief is also a director of Peninim Limited. During the year, donations to Peninim Ltd amounted to £66,028. As at the balance sheet date, the balance owing from Peninim Limited was £40,302 (2023: £1,551 creditor). Page 13 **String of Pearls** ## **Detailed Statement of Financial Activities for the Year Ended 31 August 2024** |**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 (expenditure)/income**|31.8.24
£
484,670
484,670
560
932
374,879
78,422
454,793
591
918
1,509
42,296
498,598
(13,928)|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| This page does not form part of the statutory financial statements Page 14