**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: 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 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 **String of Pearls** ## **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... Page 7 **String of Pearls** ## **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 **String of Pearls** ## **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... Page 9 **String of Pearls** ## **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... Page 10 **String of Pearls** ## **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... Page 11 **String of Pearls** ## **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. Page 12 **String of Pearls** ## **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