**G & E Pollitzer Charitable Settlement Year ended 5 April 2021** **26 November 2021** ## **G & E Pollitzer Charitable Settlement** ## **Year ended 5 April 2021** ## **Contents** ||Page| |---|---| |Minutes of the Trustee meeting held on 13 October 2020|1 - 4| |Report to the Trustees of the G & E Pollitzer Charitable Settlement|5 - 6| |G & E Pollitzer Charitable Settlement – Financial statements for the year ended 5 April 2021|7 - 30| |Cash requirements for the year ended 5 April 2022|31| ## **Minutes of the meeting of the Trustees of** ## **The George and Esme Pollitzer Charitable Settlement (the Charity)** ## **held on Tuesday, 13 October 2020 at 10am via Zoom** **Present:** Mr R Pollitzer (RFCP) Mr B Pollitzer (BP) Mrs C Charles (CC) Ms F Pollitzer (FP) **In Attendance:** Ms C McAleavey (Farrer & Co) (CMM) Ms S Shah (Farrer & Co) (SPS) Mr J Sykes (Saffery Champness) (JS) Ms L Parrock (Saffery Champness) (LP) Mr L Shuall (Canaccord) (LS) ## **1. Minutes of the Meeting on 16 October 2019 and Matters Arising** - 1.1 The Minutes of the meeting on 16 October 2019 were approved. - 1.2 BP reported that the website project is on-going. He was also looking into the viability of making donations online but, at present, it is not possible for members of the public to validate account details, thus leaving the Trustees exposed to fraud. Further regulation from the payment services regulator is expected over the course of the next year. BP will continue to monitor the situation. In preparation, LP would look into C Hoare & Co’s requirements to allow online payments. ## **2. Investment Portfolio Review** - 2.1 LS took the meeting through the portfolio valuation and accompanying data/charts. Key points to note were: - 2.1.1 As at 30 September 2020, total portfolio value was £3.88m. This is a reduction of c5% compared with 30 September 2019 (£4.21m). The fall was almost wholly down to Covid-19. Although the portfolio had reduced in value, it had fared better than many and against the benchmark (the FTSE All Share) which had fallen by c14% over the same period. - 2.1.2 The relatively good performance is due to the portfolio’s exposure to overseas markets. Even where companies are listed in the UK, many of them are international in their outlook and do much of their business abroad. The benchmark (FTSE All Share) has been badly affected by the fall in value of companies such as HSBC, Shell, BP and tobacco 4146-7191-1720.4 1 Page 1 companies. LS commented that where business models are seen as outdated, the fall in value has been dramatic. Conversely, companies seen as strong have been valued optimistically. - 2.1.3 LS commented on some of the best and worst performing investments in the portfolio. Low performers were those directly and severely affected by the virus. Compass Group (-51% - a large contract food service company) has been forced to cut down its operations significantly. Melrose Industries (-47%), which provides equipment for power stations and aircrafts have found demand for their products much reduced. LS explained that he has sold the Settlement’s investments in a number of the worst hit companies, including banks and oil companies. In response to CMM’s question, LS confirmed that the entire holding of Royal Dutch Shell Plc has been sold from the portfolio (5,000 shares sold for £15 per share). - 2.1.4 On the other hand, technology stocks (Microsoft, Telecom Plus) have performed well. Again, this is due to the effects of Covid-19. Novo-Nordisk which specialises in diabetes medication (and is the world’s largest producer of insulin) continues to do well. They also have a number of initiatives to tackle obesity which are currently awaiting government approval. LS mentioned that Halma Plc (a group of safety equipment companies making products for hazard detection and life protection) is also doing well. The company has five different divisions and is well diversified. - 2.1.5 Investment sales. Much of the activity has been dictated by those businesses worst affected by the pandemic. For example, WH Smith was expanding quite rapidly in airports in the US but air travel has suffered badly. Elementis, which operates in the chemical sector, has an acquisition-led business model which is generally more sensitive to the effect of market cycles. LS has also sold shares in Associated British Foods. It owns Primark which, without any online business, is not performing at last year’s level. - 2.1.6 Investment acquisitions. Again, LS has sought to increase the portfolio’s exposure to technology stocks as well as healthcare and consumer staples. For example, he has bought shares in Domino’s Pizza which seems to be emerging from a difficult period. It had tried to expand internationally which had not been successful and had difficult relationships with many of their largest franchisees. A new management team is now in place and much of the overseas investment has been sold. The new management team has repaired relationships with franchisees and is now hoping to expand in the UK. LS’s view is that the company should continue to grow and be cash generative. LS has also bought shares in Coca Cola which has a “lean” operating model whereby most of the packaging of the product is outsourced to local firms. Similarly, Intel shares were good value. Although the company has recently been challenged by its manufacturing capability, demand for its chips is still high. 4146-7191-1720.4 2 Page 2 - 2.1.7 Generally, although the virus has had a significant impact on markets, announcements from companies have been more positive than expected. Government stimulus programs have helped investors regain confidence. However, LS expects that the longer-term trend will be for economies to remain challenged and, therefore, growth to stay low for quite a long time. Having said that, once Brexit and the US presidential election have taken place, there may be more optimism in the new year. - 2.1.8 The likely fall in income over the 2020/21 year was discussed. CMM reminded the Trustees that a temporary drop in income is not a particularly significant cause for concern as the Trustees can always distribute capital in that particular year. If it becomes apparent that income levels will be depressed for a significant time the Trustees should consider if the level of donations should stay in line with previous years (by distributing capital) or if donations should be limited to available income (see further 5 below). - 2.2 RFCP observed that historically his policy was to pursue income in portfolios but both his and the global outlook has changed. High levels of income cannot be generated without an undue level of risk. He is now less concerned about the absolute level of income in any given year, preferring to focus on sensible investments which are likely to increase in value over time. He would be happy to sell investments standing at a gain to fund donations. He also noted that there was over £300,000 capital cash in the portfolio which could be used to top up donations if necessary. - 2.3 LS explained that in line with the investment policy statement, no investment represented more than 10% of the portfolio. The largest single investment is Experian representing 3.76% of the value of the portfolio. He also noted that the LSE 4.75% bond is investment grade but that the Tesco Personal Finance 5% bond is not rated by any of the major agencies (Fitch, Moody’s and S&P). The bond is currently rated BB+ and therefore falls outside of the charity’s “BBB and above” requirements. However, as this bond will be redeemed in November no action was necessary. - 2.4 There was some discussion about alternative investments. LS explained that these provided a good hedge to the risk in the equity portion of the portfolio. They also provided some exposure to investments which LS would not invest in directly on the Charitiy’s behalf, such as gold and index linked investments. - 2.5 LS is confident that although income had fallen, capital growth over the next few years should more than make up the deficit. He thought that all the companies in the portfolio would continue to pay dividends, albeit at a lower level than in the past. ## **3. Review of Investment Policy Statement (signed in October 2018)** - 3.1 After discussion, it was agreed that there was no change needed to the Investment Policy Statement and it would not be signed again. 4146-7191-1720.4 3 Page 3 ## **4. Accounts for the year ended 5 April 2020** - 4.1 JS took the meeting through the accounts for the year ended 5 April 2020 by reference to LP's report and to the Financial Statements **.** - 4.1.1 As previously discussed, income had fallen from £154,018 in 2019 to £140,466 in 2020. These figures were to 5 April. As noted above it was predicted that overall income would fall further in 2020/21. - 4.1.2 Donations had been £109,000 in 2020 compared with £176,000 in 2019. - 4.1.3 As at 5 April 2020, there was income of £67,989 available for distribution which had increased to £115,253 as at 9 September 2020. - 4.2 The Accounts were approved by the Trustees and it was agreed (as the meeting took place virtually) that RCFP and BP would sign the Accounts on behalf of the Trustees. CMM noted there was no Charity Commission requirement for Accounts to be signed. ## **5. Donations** - 5.1 The fall in income discussed earlier was re-visited. In response to CC’s question, JS explained that there was c£168,000 available for distribution in 2020/21. Of that figure, c£68,000 is carried forward from last year and the remaining £100,000 is the estimate of the total income which the portfolio will generate in 2020/21. - 5.2 The suggested list of donations came to a total of £110,000 (compared with £109,000 last year). Assuming the level of income did not drop further significantly, this would leave a further £58,000 to distribute. - 5.3 After discussion, the Trustees approved the suggested donations and resolved to review the position in March 2021 to see if further donations could be made at that stage. It was noted that the charity sector is struggling. The Trustees would aim to be generous. - 5.4 It was agreed that LP would prepare the donation cheques in the usual way and send them to RCFP and BP for signature. ## **6. Review of agents/professional Trustees** - 6.1 The Trustees confirmed that they are happy with the services provided by Canaccord, Saffery Champness and Farrer & Co. - 6.2 PJE (auditors) were discussed. There had been correspondence earlier in the year about changing auditors as PJE’s fees appeared to have increased. On closer inspection, the year on year increase was minimal and in any event, the firm had agreed to slightly lower fees this year. This would be kept under review. ## **7. Next Meeting** - 7.1 Tuesday, 12 October 2021 was provisionally agreed for next year’s meeting. 4146-7191-1720.4 4 Page 4 ## **Report to the Trustees of the George & Esme Pollitzer Charitable Settlement** **Financial statements for the year ended 5 April 2021** **31 August 2021** Page 5 **Report to the Trustees of the George & Esme Pollitzer Charitable Settlement** ## **1. Review of the financial statements for the year ended 5 April 2021** - 1.1 Statement of financial activities (page 8) - 1.1.1 The investment income in the year decreased by £17,561 compared to the previous year. - 1.1.2 There was a decrease in donations compared to the previous year of £4,000. - 1.1.3 Management expenses increased by £2,829 compared to the previous year. This was due to an increase in Canaccord fees by £1,329, Farrer & Co fees by £1,256, bank charges by £268 and a decrease in PJE fees by £24. - 1.1.4 Sales of investments made during the year ended 5 April 2021 realised net gains of £64,120. As at 5 April 2021 there were unrealised gains of £458,854. - 1.1.5 The net movements in funds for the year was £513,857. - 1.1.6 As at 5 April 2021 there was income of £80,222 available for donation. This had increased to £134,556 as at 31 August 2021. - 1.2 Balance sheet (page 9) - 1.2.1 The investments value as at 5 April 2021 was £3,915,725, this was an increase of £833,531 (27%) compared to the previous year. - 1.2.2 As at 31 August 2021 the market value of investments had increased by £379,855 to £4,295,580. - 1.2.3 As at 5 April 2021 there were no material investments, i.e. investments that represent more than 5% of the total market value of the investments. Page 2 of 2 [Filepath] Page 6 **Draft Financial Statements at 06 October at 12:00** ## **George & Esme Pollitzer Charitable Settlement of 27 January 1960** **Financial statements for the year ended 5 April 2021** **Registered charity number 212631** Page 7 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Contents** **----- Start of picture text -----**
Page
Trust summary 1 - 2
Trustees' certificate and Trustees' report 3 - 5
Independent examiner's report 6 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 14
Investment schedule 15 - 22
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Page 8 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Trust summary** **----- Start of picture text -----**
Date of settlement 27 January 1960
Settlor George Edward Percy Pollitzer
Trustees Richard Pollitzer
Catherine Charles
Joseph Benjamin Pollitzer
Frances Pollitzer
Beneficiaries This is a charitable settlement for the benefit of such charitable
institution or institutions as the Trustees from time to time think fit.
Accountants Saffery Champness LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Independent auditors PJE Chartered Accountants
2 Oakfield Road
Clifton
Bristol
BS8 2AL
Solicitors Farrer & Co LLP
66 Lincoln's Inn Fields
London
WC2A 3LH
Investment managers Canaccord
Talisman House
Boardmans Way
Blackpool
FY4 5FY
Trust period The period commencing on 27 January 1960 and ending on the date of
the expiration of the period of eighty years thereafter.
Registered charity number 212631
Taxation Not subject to tax
**----- End of picture text -----**
Page 1 Page 9 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Trust summary** **----- Start of picture text -----**
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Main terms|Under|the Settlement the|Trustees have|unrestricted powers|to apply| |capital and income.| |Following the expiry of the Trust Period and in default of appointment| |the|Trust|Fund|is|distributable|to|such|charitable|institution|or| |institutions|as|the|Trustees|(or|a|majority|of|them)|in|their|discretion| |think fit.| |Additional information|In exercising their discretion, the Trustees are required to have regard| |to (but are not bound by) any wishes of the Settlor expressed to them| |in writing.| |The|power|of|appointing|new|Trustees|now|rests|with|the|existing| |Trustees, following the death of the Settlor and his wife.| **----- End of picture text -----**
The above is only a synopsis of the relevant terms of the Trust Deed(s) and before any appointment or other transaction requiring knowledge of the original and subsequent deeds are made, advice should be obtained by the Trustees. Page 2 Page 10 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Trustees' certificate** We approve the financial statements for the year ended 5 April 2021 on pages 8 to 22, and acknowledge our responsibility for them, for the appropriateness of the accounting basis and for the accuracy of the information from which the financial statements have been compiled. ………………………………………….. ………………………………………….. Richard Pollitzer Joseph Benjamin Pollitzer On behalf of the trustees On behalf of the trustees ## Date: ## **Trustees' report** The Trustees present their annual report and financial statements for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 10 and comply with the Charity's Trust Deed and applicable law. The Trustees have adopted the provisions of the Statement of Recommended Practice for Accounting and Reporting by Charities 2015 (FRS 102) in preparing the annual report and financial statements of the charity. ## **Trustees** The Trustees who have served throughout the financial year, unless otherwise stated, were: Richard Pollitzer Catherine Charles Joseph Benjamin Pollitzer ('Benjamin') Frances Pollitzer The statutory power of appointing new trustees applies to the Settlement and is exercisable by the continuing Trustees and the Retiring Trustee. ## **Reserves policy** The Trustees believe that reserves are sufficient for current purposes and these are reviewed on a regular basis. Page 3 Page 11 **Draft Financial Statements at 06 October at 12:00** ## **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Trustees' report** ## **Investment policy** There are no restrictions on the Trustees' powers to invest. The Trustees have delegated under section 11 of the Trustee Act 2000 full discretionary powers to the Investment Managers. Their policy is to seek to maximise total return, whilst maintaining the real value of the portfolio and not subjecting it to undue risk. The Trustees review the Investment Managers at their regular meetings, and their policy at least annually. ## **Governing document** The governing document is the settlement deed dated 27 January 1960. ## **Objectives** The charity is for the benefit of such charitable institutions, objects or purposes as the Trustees think fit. Policies adopted by the charity in order to achieve its objects have remained unchanged. ## **Related parties** Richard Pollitzer, a trustee, is an investment director of Canaccord (formerly Hargreave Hale). During the year their fees were £13,944 and outstanding at 5 April 2021 was £3,462. ## **Review of Achievements and further developments** The statement of financial activities for the year is set out on page 8. During the year the Trustees donated £105,000 as detailed on pages 10 to 13. The Trustees' aim is to distribute all the net annual income each year and consider further distributions from accumulated income and capital as appropriate. ## **Risk management** The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the return on investments, and are satisfied that systems are in place to mitigate their exposure to major risks. ## **Impact of Covid-19** Since March 2020, Covid­19 has been having a significant impact on the charity sector as a whole. The charity is expecting a decrease in investment income during the year ended 5 April 2021, together with a decrease in valuation of the investment portfolio. The situation remains uncertain and the Trustees will continue to monitor its impact upon the charity. Page 4 Page 12 **Draft Financial Statements at 06 October at 12:00** ## **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Trustees' report** ## **Public benefit** The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and setting it's grant making policies. The Trustees regularly receive donation requests which are considered periodically throughout the year. ## **Trustees Responsibilities in relation to the financial statements** Charity law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements, the Trustees are required to: - ­ select suitable accounting policies and then apply them consistently; - ­ observe the methods and principles in the Charities SORP; - ­ make judgements and estimates that are reasonable and prudent; - ­ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - ­ prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5 Page 13 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Independent examiner's report** I report to the charity trustees on my examination of the financial statements of the Charity for the year ended 5 April 2021 which are set out on pages 8 to 22. ## **Responsibilities and basis of report** As the charity's trustees you are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for the period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. ## **Basis of independent examiner’s report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusal items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** I have completed my examination. I confirm that no 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 accordance with section 130 of the 2011 Act; or 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the accounting requirements of the 2011 Act other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns, other than the matter set out below, 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 financial statements to be reached. Page 6 Page 14 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Independent examiner's report** ## **Matter of concern identified** The Trustees' view on the impact of COVID­19 is disclosed in the Trustees' report. However, not all future events or conditions can be predicted. The COVID­19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the charity. Philip J Evans BSc FCA (Senior Statutory Auditor) on behalf of PJE Chartered Accountants & Statutory Auditors 2 Oakfield Road Clifton Bristol BS8 2AL Date : …………………………….. Page 7 Page 15 **Draft Financial Statements at 06 October at 12:00** ## **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Statement of financial activity As at 5 April 2021** **----- Start of picture text -----**
General General
Fund Fund Total Total
Income Capital 2021 2020
Note £ £ £ £
Income and expenditure
Income resources:
­
Investment income 122,905 122,905 140,466
­ ­ ­
Capital introduced by Nigel Pollitzer 3,500
­
122,905 122,905 143,966
Interest on bank and other deposits ­ ­ ­ 134
­
Total incoming resources 122,905 122,905 144,100
Resources expanded
Direct charitable expenditure 2 (105,000) ­ (105,000) (109,000)
Other expenditure:
Management and administration of the charity 3 (5,672) (21,350) (27,022) (24,193)
(110,672) (21,350) (132,022) (133,193)
Net incoming resources for the year 12,233 (21,350) (9,117) 10,907
Other recognised gains and losses:
­ ­ ­ ­
Gains on foreign currency
Gains on Investments
Realised ­ 64,120 64,120 (253,315)
Unrealised ­ 458,854 458,854 (419,614)
­
522,974 522,974 (672,929)
Net movement in funds 12,233 501,624 513,857 (662,022)
Balances brought forward at 6 April 2020 67,989 3,420,057 3,488,046 4,150,068
Balances carried forward at 5 April 2021 80,222 3,921,681 4,001,903 3,488,046
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Page 8 Page 16 **Draft Financial Statements at 06 October at 12:00** ## **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Balance sheet As at 5 April 2021** **----- Start of picture text -----**
General General
Fund Fund Total Total
Income Capital 2021 2020
Note £ £ £ £
Fixed assets
Investments 4 ­ 3,915,725 3,915,725 3,082,194
Current assets
Cash at bank 83,972 11,512 95,484 413,972
83,972 11,512 95,484 413,972
Current liabilities
Professional fees 5 (3,750) (5,556) (9,306) (8,120)
Net current assets 80,222 5,956 86,178 405,852
Total assets less current liabilities 80,222 3,921,681 4,001,903 3,488,046
Financed by:
Funds
Unrestricted 80,222 3,921,681 4,001,903 3,488,046
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Page 9 Page 17 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Notes to the financial statements for the year ended 5 April 2021** ## **1 Accounting policies** ## **Basis of accounting** The financial statements have been prepared under the historical cost convention and is in accordance with the applicable accounting standards. In preparing the financial statements the charitable settlement follows best practice as laid down in the Statement of Recommend Practice for Accounting and Reporting by Charities 2015 (FRS 102) and applicable UK accounting standards and the Charities Act 2011. ## **Investment income** Investment income is accounted for on its receipt and is shown net of any tax deduction. ## **Expenditure** Donations made are accounted for on payment. Other expenditure is recognised when incurred. ## **Investments** Investments are included at market value. ## **Fund accounting** Unrestricted funds are those which are available for use at the discretion of the Trustees in furtherance of the general objects of the charitable settlement and which have not been designated for specific objects. ## **2 Direct charitable expenditure** |**Grants and donations**
**Income**
**Parenting, the family & children's work**
Better Lives Foundation
One­Eighty
Peeple
**Total for category**
Carried forward|**2021**
**£**
­
5,000
5,000
10,000
10,000|**2020**
**£**
5,000
­
­
5,000
5,000| |---|---|---| Page 10 Page 18 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Notes to the financial statements for the year ended 5 April 2021** **----- Start of picture text -----**
Grants and donations (continued) 2021 2020
£ £
Brought forward 10,000 5,000
Armed forces
Felix Fund ­ 5,000
Horseback UK 5,000 ­
Just Rifles Charitable Trust 5,000 ­
­
Mission Motorsport 5,000
­
Reading Force 5,000
­
Scotty's Little Soldiers 5,000
The Veterans Contact Point ­ 5,000
­
Wings for Warriors 5,000
Total for category 10,000 30,000
Disabled & Elderly
­
AbilityNet 10,000
­
Computers for the Disabled 5,000
­
The CRUMBS Project 5,000
­
Grateful Society 5,000
­
InterAct Stroke Support 5,000
­
Music in Hospitals and Care 5,000
Total for category 20,000 15,000
Homelessness
­
Hot Line Meals Services (London) 5,000
­
Total for category 5,000
Carried forward 40,000 55,000
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Page 11 Page 19 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Notes to the financial statements for the year ended 5 April 2021** **----- Start of picture text -----**
Grants and donations (continued) 2021 2020
£ £
Brought forward 40,000 55,000
The community & environment
­
Bag Books 4,000
­
The Bread and Butter Thing 5,000
The Chesterfield Canal Trust ­ 5,000
Clean Rivers Trust ­ 5,000
­
Cycle­R 5,000
Dartmoor Preservation Association ­ 5,000
­
Electronic Village 5,000
­
Little Ouse Headwaters Project 5,000
­
The New Bridge Foundation 5,000
­
The No Way Trust 5,000
­
Recycling Unlimited 5,000
Thames Rivers Trust ­ 5,000
­
Vauxhall (City) Farm 5,000
Total for category 35,000 29,000
Education
STEM Inclusion Foundation ­ 5,000
­
Total for category 5,000
Carried forward 75,000 89,000
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Page 12 Page 20 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Notes to the financial statements for the year ended 5 April 2021** **----- Start of picture text -----**
Grants and donations (continued) 2021 2020
£ £
Brought forward 75,000 89,000
Other material grants
All Stars Youth Club ­ 5,000
­
Humanity First 5,000
­
Hywel DDA Health Charities 5,000
­
London Youth Support Trust 5,000
The Porthcurno Collections Trust 5,000 ­
­
Yorkshire and Humber Ecological Data Trust 5,000
Total for category 10,000 20,000
Health & Medical Research
­
Royal College of Nursing ­ COVID­19 Healthcare Support Appeal 5,000
­
The Hydration Foundation 5,000
Simien Mountains Medical Services 5,000 ­
Wales Air Ambulance 5,000 ­
­
Total for category 20,000
Total for the year 105,000 109,000
3 Management and administration of charity
General General
Fund - Fund - Total Total
Income Capital 2021 2020
£ £ £ £
Farrer & Co ­ 3,626 3,626 2,370
Saffery Champness 4,620 3,780 8,400 8,400
PJE 720 ­ 720 744
Canaccord ­ 13,944 13,944 12,615
Bank charges 332 ­ 332 64
5,672 21,350 27,022 24,193
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Page 13 Page 21 **Draft Financial Statements at 06 October at 12:00** **George & Esme Pollitzer Charitable Settlement of 27 January 1960** ## **Notes to the financial statements for the year ended 5 April 2021** |**4**
**Investments**
Market value 6 April 2020
Additions
Disposals
Net unrealised gains / (losses)
Net realised gains / (losses)
Market value 5 April 2021
Historical cost 5 April 2021|**2021**
£
3,082,194
1,037,476
(726,919)
458,854
64,120
3,915,725
2,686,346|**2020**
£
4,010,488
910,270
(1,165,635)
(419,614)
(253,315)
3,082,194
2,258,576| |---|---|---| There are no material investments ie, they represent more than 5% of the total market value of investment assets. ## **5 Creditors** |Farrer & Co
Saffery Champness
PJE
Canaccord|**General**
**Fund -**
**Income**
£
­
2,310
1,440
­
3,750|**General**
**Fund -**
**Capital**
£
204
1,890
­
3,462
5,556|**Total**
**2021**
£
204
4,200
1,440
3,462
9,306|**Total**
**2020**
£
­
4,200
720
3,200
8,120| |---|---|---|---|---| Page 14 Page 22 George & Esme Pollltzer Charitable Settlement of 27 January 1960 Investment Schedule For the year ended 5 April 2021 Holdln8 6 April 2020 6 Aprll 2020 Book Value Profit Holdlng IILvs51 5 Aprll 2021 5 Aprll 2021 5 Aprll 2021 8ookCost Marketvalue QUan￿ty Cost Date Quantlty Proreed5 DateNet Incorne 3m Company Common USDO.01 700 76,420.00 1210612020 1210912020 1211212020 97,5561210312021 691.08 674.74 646.72 700 76,420.Lk) 625.95 Ordlnary 5 15122P 3,500 60,865,00 3010612020 3.500 66,116.53 5,251.53 Ordlnary USOO.25 0310212021 1,350 I(M).908.66 1.350 100,908.66 96,8￿29103/2olI 1,854.90 8.75% Cumulative Irrd Preference G8PI 42,000 50,4Tr).000810712020 li,￿0 18,353.10 3010612020 1,837.50 83,9703111212020 2,362.50 54,000 68,753.10 Aviva 6.125%-FRN Sub Perp GBPIOOOO'regs' 70,000 67,550.00 0810712020 70.000 78,30D.62 10,750.62 Bun21 Ordlnary GBPO.32142857 2,500 38.750.003011012020 1.3(M) 31.718.84 1611112020 89,f420710112021 895.00 3,800 70,468.84 600.40 Bupa Finance 6.12$%-￿r Gtd Sub 8ds Perp GbplOOO'reg5 60,000 57,6(M).00 1610912020 so,000 60,(KK).00 2,4￿.00 161Qa/2020 3,675.(M) Page 15 Page 23 George & Esme Pollltzer Charitable Settlement of 27 January 1960 Investment Schedule For the year ended 5 April 2021 Holding 6 Aprll 2020 6 Aprll 1020 ook Value Profit Holding IILossl 5 Aprll 2021 5Aprll 2021 5Aprll 2021 Book Cost Marketvalue Quanyty Co# Qu8nl(ty Pro¢eeds DaieN¢i Income Coca-cola Consolidated Inc Common Stk USDI 2,100 75,106,00 2411112020 2,100 82,947.42 7,841.42 0110712020 0111012020 583.89 560.25 Coca-cola Hb¢ Ag Ordlnary CHF6.70 2411112020 4,5C 101.L67.37 4,500 101,167.37 104,085 Crènswlck Ordlnary GBPO.10 3010612020 2411112020 2,2(M) 500 79.952.92 18,797.94 0410912020 97,5242910112021 961.40 2,700 98,750.8f 504.90 Dlaseo Ordlnary GBPO,28 1011108 4,500 110,610.00 091{￿12020 1,233.45 135,2930811012020 1,911.15 4,500 110,6lO.fy) Domlno's PIz2a Group Pl¢ Ordlnary G8P0.￿)S2o833 3010612020 2411112020 26.((M) 81.518.54 19,885.57 1810912020 1,445.60 32,000 101,404.11 111,296 European A55et5 Trust Nv EURO 10 85,000 65,620.00 1810512020 85,000 74,53S.22 8,916.22 301(NI/2020 1,491.75 Ordlnary USDO.10 5,000 105,7(Ml.00 2911012020 1,000 28,114.50 6,974.50 2410712020 1,303.20 101.8fy)0510212021 427.01 4.000 84.560.Th) Page 16 Page 24 George & Esme Pollltzer Charitable Settlement of 27 January 1960 Investment Schedule For the year ended 5 April 2021 Holding 6 Aprll 2020 6 Aprll 1020 ook Value Profit Holding IILossl 5 Aprll 2021 5Aprll 2021 5Aprll 2021 Book Cost Marketvalue Quanyty Co# Qu8nl(ty Pro¢eeds DaieN¢i Income OTdlnary GBPO.25 7,000 104,258,00 0910412020 1,610.Tr) 0910712020 1,330.(M) 0811012020 1.330.00 89,4181410112021 1,330.(M) 7,000 104,258.00 Halrna OrdlDary GBPO,10 6,000 113,370.00 2911012020 1,000 23,587.25 4,692.25 0111012020 121,8500510212021 597.60 5,000 94,475.CM) 343.50 Ordlnary USDO.50 10,767 42,767,00 0810712020 10.767 40,470.11 12,296.891 Common USDO.001 2710512020 0310212021 1,6Tr) 81.564.52 0110912020 0111212020 93,3680110312021 330.( 16,821.15 333.96 2.000 98,385.67 418.4 Intertek Group OTdinary GBPO.01 1.400 62.412.00 1110612020 1.002.40 80,0520811012020 478.80 1,400 62,412.(M) LaDca5hire Holding Com Stk USD 0.5 10,000 58,850.003011012020 2411112020 12,904.60 15.L44.68 0510612020 90.3701110912020 811.72 14.000 86.899.28 381.55 Page 17 Page 25 George & Esme Pollltzer Charitable Settlement of 27 January 1960 Investment Schedule For the year ended 5 April 2021 Holding 6 Aprll 2020 6 Aprll 1020 ook Value Profit Holding IILossl 5 Aprll 2021 5Aprll 2021 5Aprll 2021 Book Cost Marketvalue Quanyty Co# Qu8nl(ty Pro¢eeds DaieN¢i Income London Stock Exchange Group 4.75% Mln 02111121 G8PIOO 50,000 50,250,00 0410512020 1,187.50 SI,1￿021111202o 1,187.50 50,000 50.250.00 Mlcrosort Corp Common U5DO.0000062S 640 80,336.0024IL112020 130 20.942.60 1110612020 1010912020 1011212020 134,9601110312021 217.50 214.75 228.91 770 101,278.60 260.94 Mondl PIC Ordlnary EUAO.20 4,400 53,834,002411112020 1,2th) 20.145.01 5.600 73,979.01 105,5042910912020 1,978.38 Ordlnary G8PO.12431289 9,167 77,168.00 1910812020 2,933.44 79,1481310112021 1,558.39 9,167 77,168.(M) National WE51min5ter bank 9% Ser'a'non-cum Preference GBPI 60,000 71,7(Ml.00 1610412020 2,700.(M) 96.5401611012020 2.700.th) 60.000 71.700.(M) Novo-Nordlsk As DKKO.2 Ser'b, 1,900 93,710.002411112020 20,S29.84 1810812020 113,1363010312021 1,115.84 543.49 2,300 114,239.84 Page 18 Page 26 George & Esme Pollltzer Charitable Settlement of 27 January 1960 Investment Schedule For the year ended 5 April 2021 Holding 6 Aprll 2020 6 Aprll 1020 ook Value Profit Holding IILossl 5 Aprll 2021 5Aprll 2021 5Aprll 2021 Book Cost Marketvalue Quanyty Co# Qu8nl(ty Pro¢eeds DaieN¢i Income OTdlnary GBP12.50 300 123,(h)),00 1610412020 1710712020 0911012020 13S,6(M)0810112021 420.Tr) 420.(M) 420.00 300 123,000.(K) 420.(M) Pruijendal G8PO.05 6,000 55,212.00 0310212021 8,000 69,572.65 14,360.65 1510512020 1,250.40 2810912020 250.20 Re£kltt Bencklser Group PIC Ordlnary GBPO.10 1,500 93,780,00 2810512020 1,524.00 97,4402910912020 1,09S.(M) 1,500 93,780.(M) GBPO.1444 5,000 84,325.002411112020 I,i(M) Ig,627.94 2810512020 1,605.(M) 111,9050210912020 680.00 6.100 103,952.94 OTdinary GBPO.10 2.300 86.503.00 1610412020 4.081.81 126,017 1710912020 2,754.02 2,300 86,503.(M) Rit Capita1 Partners Ordlnary GBPI 6,000 94,440.00 3010412020 1,050.(M) 143.4fy)3011012020 1.050.(h) 6.000 94.440.(h) Page 19 Page 27 George & Esme Pollltzer Charitable Settlement of 27 January 1960 Investment Schedule For the year ended 5 April 2021 Holding 6 Aprll 2020 6 Aprll 1020 ook Value Profit Holding IILossl 5 Aprll 2021 5Aprll 2021 5Aprll 2021 Book Cost Marketvalue Quanyty Co# Qu8nl(ty Pro¢eeds DaieN¢i Income Roche Holdings A8 Genu55cheine No Parvalue 420 113,124,002411112020 80 20,184.27 500 133,308.27 117,2232210312021 2,280.99 Ruffer Investment Co Red Ptg Pref Shs GBPO.0001 55,000 122,650.00 0911012020 Is7,3￿26103/2Q2x 522.50 55,000 122.650.00 522.50 5e8ro PIC Ordlnary GBPO.10 15,000 IIL,810.00 2911012020 3.000 26,471.96 4,109.96 0110512020 2,160.00 113,8082410912020 1,035.00 12,000 89,448.00 Smllh & Nephew Ordlnary US00,20 8,500 115,855.00 0610512020 1,586.10 115,515 2811012020 940.95 8,500 115,855.fy) Smifhs Group PIC Ordlnary GBPO.375 7,000 74.235.00 7.000 74,235.(M) 109,6202011112020 2,450.00 Spectrls OTdinary G8PO.05 2810112021 3.260 I(M).510.05 3.260 IfJ).510.05 Lll.329 Tate & Lyle Ordinary GBPO.25 12,000 73,728.002411112020 19,610.66 3110712020 2,496.(M) 114,8100610112021 1,056.00 15,000 g3,338.66 Page 20 Page 28 George & Esme Pollltzer Charitable Settlement of 27 January 1960 Investment Schedule For the year ended 5 April 2021 Holding 6 Aprll 2020 6 Aprll 1020 ook Value Profit Holding IILossl 5 Aprll 2021 5Aprll 2021 5Aprll 2021 Book Cost Marketvalue Quanyty Co# Qu8nl(ty Pro¢eeds DaieN¢i Income OTdlnary GBPO.05 5,400 67,71f,002411112020 1,300 19,259.03 3110712020 1,620.Tr) 84,g561111212020 1,809.00 6,700 96.975.03 Tes¢o Ordlnary GBPO.05 34,000 76,126.0024IL112020 20.675.65 1510212021 43.000 96,801.65 0310712020 2,210.00 2711112020 1,088.Tr) Te5CO Ordlnary GBPO.0633333 1510212021 33,947 9S,801.65 33,947 96,801.65 77,3652610212021 21,899.90 5% Nts 2111112020 G8PIOO'3 regs, 80,000 78,880.00 2311112020 80,000 80,IM)O.00 1,120.00 2110512020 2,000.(M) 2111112020 2,000.00 Travelle￿ Companles Inc Com NPV 1,000 76.461.00 3010612020 3010912020 3111212020 108.9323110312021 577.92 552.52 522.88 1.000 76.461.(M) 518.76 Page 21 Page 29 George & Esme Pollltzer Charitable Settlement of 27 January 1960 Investment Schedule For the year ended 5 April 2021 Holding 6 Aprll 2020 6 Aprll 1020 ook Value Profit Holding IILossl 5 Aprll 2021 5Aprll 2021 5Aprll 2021 Book Cost Marketvalue Quanyty Co# Qu8nl(ty Pro¢eeds DaieN¢i Income OTdlnary GBPO.031111 2,900 117,073,00 0410612020 1,048.06 0910912020 1,072.42 2011112020 1.086.34 116,6241710312021 1,090.40 2,900 117,073.(K) Common Stk USDO.C4>)1' 18/OS12020 2411112020 520 80,970.14 19.481.46 0110912020 0111212020 100,37S0110312021 98.44 120 104.89 640 100,451.60 123.63 TOTAL.. 3,082.194.00 1,037,476.19 726,918.91 64,120.26 y,456￿71.54 3,91S,725 122,9)4.74 Page 22 Page 30 G & E Pollitzer Charitable Settlement and GEP Pollitzer Family Settlements ## G & E Pollitzer Charitable Settlement Cash requirements as at 31 August 2021 |Cash balances at 31 August 2021
C Hoare & Co
Canaccord
Total cash balances at 31 August 2021
Estimated expenditure for 2021-22
October 2021
Canaccord fees
Saffery Champness fees
November 2021
Farrer & Co fees
January 2022
Canaccord fees
Equus fees
Tax payable by 31 January 2022
February 2022
PJE fees
Bank charges @ £30 per month (September 2021 - March 2022)
Total estimated expenditure for 2021-22
Income distributions / charitable donations
Charitable donations
Monthly standing orders for September 2021 to April 2022
Estimated discretionary distributions in November 2021
Total income distributions / charitable donations
Total
Income based on estimated yield for the year (per Canaccord valuation) less income already received in
2021-22
Estimated cash balances at 5 April 2022
Capital cash required from Canaccord to C Hoare & Co|Income
Capital
£
£
130,942
(16,277)
3,615
828
Settlement
Charitable| |---|---| ||134,557
(15,449)| ||(3,492)
(2,310)
(1,890)
(3,420)
(3,533)
(750)
(210)| ||(3,270)
(12,335)| ||(120,000)
-
-| ||(120,000)| ||11,287
(27,784)| ||56,087| ||67,374
(27,784)| ||| ||21,587
(21,587)| Page 31