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The Polmax Charitable Trust 1187487
Receipts and payments accounts CC16a
For the period Period start date Period end date
To
from 22/08/2024 21/08/2025
Section A Receipts and payments
Unrestricted Restricted Endowment
Total funds Last year
funds funds funds
to the nearest £ to the nearest £ to the nearest £ to the nearest £ to the nearest £
A1 Receipts
Income from investments 8,268 - - 8,268 6,993
Interest received 1,553 - - 1,553 2,911
- - - - -
Sub total (Gross income for
9,821 - - 9,821 9,904
AR)
A2 Asset and investment sales,
(see table).
Sale of investments - - 57 57 1,333
Sale of Money Market Contract - - 25,000 25,000 -
- - - - -
Sub total - - 25,057 25,057 1,333
Total receipts 9,821 - 25,057 34,878 11,237
A3 Payments
Grants awarded 40,500 - - 40,500 10,000
Investment Manager Fees - - 232 232 210
Trust administration fees 4,417 - - 4,417 4,074
Cash Management Charge 66 - - 66 61
- - - - -
Sub total [ 44,983 ] - 232 45,215 14,345
A4 Asset and investment
purchases, (see table)
Investment purchases - - - - -
- - - -
Sub total [ - ] - - - -
Total payments 44,983 - 232 45,215 14,345
Net of receipts/(payments) - 35,162 - 24,825 - 10,337 - 3,108
A5 Transfers between funds 27,251 - 27,251 - -
A6 Cash funds last year end 8,316 29,728 38,044 41,152
Cash funds this year end 405 - 27,302 27,707 38,044
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CCXX R1 accounts (SS) 14/04/2026 1 ## **Section B Statement of assets and liabilities at the end of the period** |**Categories**
Signed by one or two trustees on
behalf of all the trustees
**B1 Cash funds**
**B2 Other monetary assets**
**B4 Assets retained for the**
**charity’s own use**
**B5 Liabilities**
**B3 Investment assets**|Signature
Capital account
Income account
**Details**
**_Total cash funds_**
(agree balances with receipts and payments
account(s))
**Details**
**Details**
Investment portfolio
Money Market Account
**Details**
**Details**|**Unrestricted**
**funds**
**Restricted**
**funds**
**to nearest £**
**to nearest £**
**-**
**-**
**405**
**-**
**-**
**-**
**405**
**-**
OK
OK
**Unrestricted**
**funds**
**Restricted**
**funds**
**to nearest £**
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Fund to which**
**asset belongs**
**Cost (optional)**
**Endowment**
**-**
**Cash Deposit**
**Account**
**-**
**-**
**-**
**-**
**Fund to which**
**asset belongs**
**Cost (optional)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Fund to which**
**liability relates**
**Amount due**
**(optional)**
**-**
**-**
**-**
**-**
Print Name
Monica Brown on behalf of Ludlow
Trust Company Ltd|**Endowment**
**funds**
**to nearest £**
**27,302**
**-**
**-**| |---|---|---|---| ||||**27,302**| ||||OK| ||||**Endowment**
**funds**
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**Current value**
**(optional)**
**491,884**
**-**
**-**
**-**
**-**
**Current value**
**(optional)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**When due**
**(optional)**
Date of
approval| CCXX R2 accounts (SS) 14/04/2026 2 ## **Trustees’ Annual Report for the period** ## **From 22 August 2024 To 21 August 2025** **Charity name: The Polmax Charitable Trust Charity registration number: 1187487** ## **Objectives and Activities** ||SORP reference|| |---|---|---| |Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|To hold the capital and income upon trust to
apply the income and all or such parts of the
capital at such time or times and in such a
manner to or for the benefit of such
exclusively charitable objects and purposes
in any part of the world as the Trustees may
in their absolute discretion think fit.| |Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.|Para 1.17 and
1.19|In furtherance of the charity’s objects for the
public benefit the trustees provide grants. In
determining the charity’s activities, the
trustees have had regard to the Charity
Commission’s guidance on public benefit.| |Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|| ## **Additional information (optional)** You may choose to include further statements where relevant about: SORP reference ||SORP reference|| |---|---|---| |Policy on grant making|Para 1.38|| |Policy on social investment
including program related
investment|Para 1.38|| |Contribution made by
volunteers|Para 1.38|| |Other||| ## **Achievements and Performance** ||SORP reference|| |---|---|---| |Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|During the year under review the charity
made grants to the following charities
totalling £40,500.
•
Girls Day School Trust
•
Grand Prix Trust
•
Education For All Morocco| |**Additional information (optional)**
You may choose to include further statements where relevant about:||| |Achievements against
objectives set|Para 1.41|| |Performance of fundraising
activities against objectives
set|Para 1.41|| |Investment performance
against objectives|Para 1.41|| |Other||| ## **Financial Review** |**Financial Review**||| |---|---|---| |Review of the charity’s
financial position at the end
of the period|Para 1.21|At the end of the reporting period the charity
had free reserves of £405 (2024: £8,316).
In addition to the free reserves the charity
has bank balances of £27,301 (2024:
£29,727)
and
investments
valued
at
£491,884 within the expendable endowment
fund which can be released to support the
activities of the charity.| |Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|The Trustees pursue a policy of maintaining
a free reserve available to be spent in the
furtherance of the charity’s objectives as
well as covering future needs, opportunities,
contingencies and risks.| |Amount of reserves held|Para 1.22|| |Reasons for holding zero
reserves|Para 1.22|| |Details of fund materially in
deficit|Para 1.24|| |Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|| ## **Additional information (optional)** ## You may choose to include further statements where relevant about: |The charity’s principal
sources of funds (including
any fundraising)|Para 1.47|| |---|---|---| |Investment policy and
objectives including any
social investment policy
adopted|Para 1.46|| |A description of the principal
risks facing the charity|Para 1.46|| |Other||Expendable endowment funds are those
which are required to be invested to produce
income, but which may be transferred to
unrestricted funds at the discretion of the
trustees in order that they may be expended
in furtherance of the charity’s objectives.
Unrestricted income funds are available for
use at the discretion of the trustees in
furtherance of the general objectives of the
charity and which have not been designated
for other purposes.| ## **Structure, Governance and Management** |Description of charity’s
trusts:||| |---|---|---| |Type of governing document|Para 1.25|Trust deed dated 21 August 2019| |How is the charity
constituted?|Para 1.25|Trust| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|Trustees are appointed by the trustees from
time to time.| ## **Additional information (optional)** |You may choose to include further statements where relevant about:|You may choose to include further statements where relevant about:|You may choose to include further statements where relevant about:| |---|---|---| |Policies and procedures
adopted for the induction
and training of trustees|Para 1.51|| |The charity’s organisational
structure and any wider
network with which the
charity works|Para 1.51|| |Relationship with any related
parties|Para 1.51|No trustee received any remuneration or
was reimbursed any expenses in the year
under review.
Ludlow Trust Company Ltd was paid £4,484
for
trust
administration
and
cash
management fees during the year under
review. These fees are authorised under
clause 6 of the trust deed.
In accordance with clause 6.4 (a) of the
Trust Deed Duncan Llowarch and Natalia
Grinkova have declared that as their
daughter attends Putney High School, part
of The Girls Day School Trust, and the
school for which funding was intended,
there was a perceived conflict of interest
and as such they would not therefore take
part in consideration of the proposed grant.
It was confirmed that as the funds were to
be used as bursaries for pupils whose
families could not afford fees, there would
be no benefit to Duncan, Natalia, or their
daughter.| |Other||| ## **Reference and Administrative details** |Charity name|The Polmax Charitable Trust| |---|---| |Other name the charity uses|| |Registered charity number|1187487| |Charity’s principal address|Ludlow Trust Co Ltd, Tower Wharf, Cheese Lane, BRISTOL,
BS2 0JJ| ||| ## **Names of the charity trustees who manage the charity** |1
2
3|**Trustee name**
Ludlow Trust
CompanyLimited
Natalia Grinkova
Duncan Francis
Llowarch|**Office (if any)**|**Office (if any)**|**Dates acted if not for whole**
**year**|**Dates acted if not for whole**
**year**|**Name of person (or body) entitled**
**to appoint trustee(if any)**| |---|---|---|---|---|---|---| |||||||| |||||||| |||||||| ||Corporate trustees–names of the directors at the date the report was approved
**Director name**
**Gary St John Collins**
**Walter Duncan Coxon**
**Ali Reza Sarikhani**
**Ziba Christina Sakine**
**Sarikhani**
**Christopher Ian Thurlow**
**Matthew John Wickers**
**John Stephen Dennis**
**(Resigned 25/10/2024)**|||||| ||**Director name**|||||| ||**Gary St John Collins**|||||| ||**Walter Duncan Coxon**|||||| ||**Ali Reza Sarikhani**|||||| ||**Ziba Christina Sakine**
**Sarikhani**|||||| ||**Christopher Ian Thurlow**|||||| ||**Matthew John Wickers**|||||| ||**John Stephen Dennis**||**(Resigned 25/10/2024)**|||| Name of trustees holding title to property belonging to the charity **Trustee name Dates acted if not for whole year** ## **Funds held as custodian trustees on behalf of others** Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets ## **Additional information (optional)** ## **Names and addresses of advisers (Optional information)** |**Names and addresses of advisers (Optional information)**|**Names and addresses of advisers (Optional information)**|**Names and addresses of advisers (Optional information)**| |---|---|---| |**Type of adviser**
**Name**
**Address**||| |**Investment Managers**|Coutts & Co|Coutts & Co, 440 Strand, London, WC2R
0QS| |**Bankers**|Coutts & Co|Coutts & Co, 440 Strand, London, WC2R
0QS| |**Accountants**|Charter Tax Consulting
Limited|8th Floor, 1 Southampton St, London
WC2R 0LR| |||| ## **Name of chief executive or names of senior staff members (Optional information)** ## **Exemptions from disclosure** Reason for non-disclosure of key personnel details ## **Other optional information** ## **Declarations** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** **Signature(s) Full name(s)** Monica Brown on behalf of Ludlow Trust Company Ltd **Position (eg Secretary, Chair, etc) Date** **Document Activity Report** **Document Sent** Wed, 15 Apr 2026 09:12:44 GMT **Document Approval Status** Approved **Approval Activity Summary** Monica Brown Approved Wed, 15 Apr 2026 11:11:18 GMT **Document Activity History** Document history shows most recent activity first **Date Activity** Wed, 15 Apr 2026 11:11:08 GMT Monica Brown viewed the document You can verify that this is a genuine Portal document by uploading it to the following secure web page: **http://tcgroup.accountantspace.co.uk/messages/VerifyDocument** **Independent examiner's report on the accounts** **Section A Independent Examiner’s Report** **Report to the trustees/** Charity Name Polmax Charitable Trust **members of On accounts for the** 21[st] August 2025 **Charity no** 1187487 **period ended (if any) Set out on pages** Financial statements page 1 - 2 Trustee report page 3 - 11 (remember to include the page numbers of additional sheets) I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the period ended 21/08/2025. - **Responsibilities and** As the charity trustees of the Trust, you are responsible for the preparation **basis of report** 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 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 which gives me cause to believe that in, any material respect: - accounting records were not kept in accordance with section 130 of the Act or - the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. **Date:** 15/04/2026 **Signed: Name:** Ian Rodd **Relevant professional** BSc FCA FCCA **qualification(s) or body (if any): Address:** TC Group 115 – 119 Holdenhurst Road Bournemouth BH8 8DY 1 **IER** **Section B Disclosure** Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners). **Give here brief details of any items that the examiner wishes to disclose** . n/a 2 **IER**