REGISTERED CHARITY NUMBER: 1174479
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2025
for
String of Pearls
London Accounting Group Ltd
String of Pearls
Contents of the Financial Statements for the Year Ended 31 August 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Cash Flow Statement | 5 | ||
| Notes to the Cash Flow Statement | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
String of Pearls
Report of the Trustees for the Year Ended 31 August 2025
The trustees present their report with the financial statements of the charity for the year ended 31 August 2025. 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1174479
Principal address
87 Hamilton Road London NW11 9EE
Trustees
J Barhorin M Reiner Y S Breuer M Goodman
Independent Examiner
A Heller FCA London Accounting Group Ltd
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Trustee
Page 1
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 2025.
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
London Accounting Group Ltd
Date: .............................................
Page 2
String of Pearls
Statement of Financial Activities for the Year Ended 31 August 2025
| 31.8.25 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 598,975 EXPENDITURE ON Raising funds 3 1,004 Charitable activities 4 Charitable activities 618,290 Other 43,682 Total 662,976 NET INCOME/(EXPENDITURE) (64,001) RECONCILIATION OF FUNDS Total funds brought forward 219,390 TOTAL FUNDS CARRIED FORWARD 155,389 |
31.8.24 Total funds £ 484,670 - 454,793 43,805 498,598 (13,928) 233,318 219,390 |
|---|---|
The notes form part of these financial statements
Page 3
String of Pearls
Balance Sheet 31 August 2025
| 31.8.25 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 9 211,482 CURRENT ASSETS Debtors 10 31,752 Cash at bank 3,205 34,957 CREDITORS Amounts falling due within one year 11 (69,838) NET CURRENT ASSETS (34,881) TOTAL ASSETS LESS CURRENT LIABILITIES 176,601 CREDITORS Amounts falling due after more than one year 12 (21,212) NET ASSETS 155,389 FUNDS 14 Unrestricted funds 155,389 TOTAL FUNDS 155,389 |
31.8.24 Total funds £ 253,778 40,302 692 40,994 (48,785) (7,791) 245,987 (26,597) 219,390 219,390 219,390 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
Page 4
String of Pearls
Cash Flow Statement
for the Year Ended 31 August 2025
| 31.8.25 | 31.8.24 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 8,683 | 2,778 |
| Interest paid | (786) | (918) | |
| Net cash provided by operating activities | 7,897 | 1,860 | |
| Cash flows from financing activities | |||
| Loan repayments in year | (5,385) | (5,252) | |
| Net cash used in financing activities | (5,385) | (5,252) | |
| Change in cash and cash equivalents in | |||
| the reporting period | 2,512 | (3,392) | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 2 | 692 | 4,084 |
| Cash and cash equivalents at the end of | |||
| the reporting period | 2 | 3,204 | 692 |
The notes form part of these financial statements
Page 5
String of Pearls
Notes to the Cash Flow Statement for the Year Ended 31 August 2025
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | |||
|---|---|---|---|
| 31.8.25 | 31.8.24 | ||
| £ | £ | ||
| Net expenditure for the reporting period (as per the Statement of | |||
| Financial Activities) | (64,001) | (13,928) | |
| Adjustments for: | |||
| Depreciation charges | 42,296 | 42,296 | |
| Interest paid | 786 | 918 | |
| Decrease/(increase) in debtors | 8,550 | (40,302) | |
| Increase in creditors | 21,052 | 13,794 | |
| Net cash provided by operations | 8,683 | 2,778 | |
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year |
31.8.25 £ 3,205 (1) |
31.8.24 £ 692 - |
| Total cash and cash equivalents | 3,204 | 692 |
3. ANALYSIS OF CHANGES IN NET DEBT
| Net cash | At 1/9/24 Cash flow £ £ |
At 31/8/25 £ |
|---|---|---|
| Cash at bank | 692 2,513 |
3,205 |
| Bank overdraft | - (1) |
(1) |
| 692 2,512 |
3,204 | |
| Debt | ||
| Debts falling due within 1 year | (6,171) - |
(6,171) |
| Debts falling due after 1 year | (26,597) 5,385 |
(21,212) |
| (32,768) 5,385 |
(27,383) | |
| Total | (32,076) 7,897 |
(24,179) |
The notes form part of these financial statements
Page 6
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Notes to the Financial Statements for the Year Ended 31 August 2025
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.
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.
2. DONATIONS AND LEGACIES
Donations
31.8.25 31.8.24 £ £ 598,975 484,670
continued...
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Notes to the Financial Statements - continued for the Year Ended 31 August 2025
3. RAISING FUNDS
Raising donations and legacies
| Fundraising costs Support costs CHARITABLE ACTIVITIES COSTS Direct Costs £ Charitable activities 2,535 GRANTS PAYABLE Charitable activities Total grants paid to institutions during the year was £496,398 (2024: £374,879). Total grants paid to individuals during the year was £119,357 (2024: £78,422). |
31.8.25 £ 667 337 1,004 Grant funding of activities (see note 5) £ 615,755 31.8.25 £ 615,755 |
31.8.24 £ - - - Totals £ 618,290 31.8.24 £ 453,301 |
|---|---|---|
4. CHARITABLE ACTIVITIES COSTS
5. GRANTS PAYABLE
6. SUPPORT COSTS
| Raising donations and legacies Other resources expended |
Finance £ 337 786 1,123 |
Governance Other costs £ £ - - 42,296 600 42,296 600 |
Totals £ 337 43,682 44,019 |
|---|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2025 nor for the year ended 31 August 2024.
continued...
Page 8
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Notes to the Financial Statements - continued for the Year Ended 31 August 2025
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||
|---|---|---|
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 484,670 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Charitable activities | 454,793 | |
| Other | 43,805 | |
| Total | 498,598 | |
| NET INCOME/(EXPENDITURE) | (13,928) | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 233,318 | |
| TOTAL FUNDS CARRIED FORWARD | 219,390 | |
| 9. | TANGIBLE FIXED ASSETS | |
| COST | Short leasehold £ |
|
| At 1 September 2024 and 31 August 2025 | 422,964 | |
| DEPRECIATION | ||
| At 1 September 2024 | 169,186 | |
| Charge for year | 42,296 | |
| At 31 August 2025 | 211,482 | |
| NET BOOK VALUE | ||
| At 31 August 2025 | 211,482 | |
| At 31 August 2024 | 253,778 | |
continued...
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Notes to the Financial Statements - continued for the Year Ended 31 August 2025
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.25 £ Other debtors 31,752 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.25 £ Bank loans and overdrafts (see note 13) 6,172 Trade creditors 2 Other creditors 63,664 69,838 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.8.25 £ Bank loans (see note 13) 21,212 13. LOANS An analysis of the maturity of loans is given below: 31.8.25 £ Amounts falling due within one year on demand: Bank overdrafts 1 Bank loans 6,171 6,172 Amounts falling between one and two years: Bank loans - 1-2 years 6,171 Amounts falling due between two and five years: Bank loans - 2-5 years 15,041 14. MOVEMENT IN FUNDS Net movement At 1/9/24 in funds £ £ Unrestricted funds General fund 219,390 (64,001) TOTAL FUNDS 219,390 (64,001) |
31.8.24 £ 40,302 31.8.24 £ 6,171 - 42,614 48,785 31.8.24 £ 26,597 31.8.24 £ - 6,171 6,171 6,171 20,426 At 31/8/25 £ 155,389 155,389 |
|---|---|
continued...
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Notes to the Financial Statements - continued for the Year Ended 31 August 2025
14. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 598,975 TOTAL FUNDS 598,975 Comparatives for movement in funds At 1/9/23 £ Unrestricted funds General fund 233,318 TOTAL FUNDS 233,318 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 484,670 TOTAL FUNDS 484,670 |
Resources Movemen expended in funds £ £ (662,976) (64,001) (662,976) (64,001) Net movement At in funds 31/8/24 £ £ (13,928) 219,390 (13,928) 219,390 Resources Movemen expended in funds £ £ (498,598) (13,928) (498,598) (13,928) |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/9/23 £ 233,318 233,318 |
Net movement in funds £ (77,929) (77,929) |
At 31/8/25 £ 155,389 155,389 |
|---|---|---|---|
continued...
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Notes to the Financial Statements - continued for the Year Ended 31 August 2025
14. 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 | 1,083,645 | (1,161,574) | (77,929) |
| TOTAL FUNDS | 1,083,645 | (1,161,574) | (77,929) |
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2025.
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Detailed Statement of Financial Activities for the Year Ended 31 August 2025
| Detailed Statement of Financial Activities for the Year Ended 31 August 2025 |
||
|---|---|---|
| 31.8.25 | 31.8.24 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 598,975 | 484,670 |
| Total incoming resources | 598,975 | 484,670 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Fundraising costs | 667 | - |
| Charitable activities | ||
| Consultancy fees | 1,100 | 560 |
| Sundries | 1,435 | 932 |
| Grants to institutions | 496,398 | 374,879 |
| Grants to individuals | 119,357 | 78,422 |
| Support costs | 618,290 | 454,793 |
| Finance | ||
| Bank charges | 337 | 591 |
| Bank loan interest | 786 | 918 |
| Other | 1,123 | 1,509 |
| Short leasehold | 42,296 | 42,296 |
| Governance costs | ||
| Accountancy fees | 600 | - |
| Total resources expended | 662,976 | 498,598 |
| Net expenditure | (64,001) | (13,928) |
This page does not form part of the statutory financial statements
Page 13