George & Esme Pollitzer Charitable Settlement of 27 January 1960
Financial statements for the year ended 5 April 2023
Registered charity number 212631
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
----- End of picture text -----
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 LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Independent examiner Philip Evans FCA
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
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
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 £14,123 and outstanding at 5 April 2023 was £3,602.
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 agreed to make Charitable donations totalling £120,000 to various charities. 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.
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.
Page 4
George & Esme Pollitzer Charitable Settlement of 27 January 1960
Trustees' report
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
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 2023 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:
-
accounting records were not kept in accordance with section 130 of the 2011 Act; or
-
the financial statements do not accord with those records; or
-
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 and have come across no 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
George & Esme PollStzer Charltable Settltment of 27 January 1960 Indepertdent examlner's report Philip J Evans Bsc FCA on behalf of PJE Chartered Accountants 2 Oakfield Road Clifton Bristol BS8 2AL .13 01£04fv trjvl Pa8e 7
George & Esme Pollitzer Charitable Settlement of 27 January 1960
Statement of financial activity As at 5 April 2023
----- Start of picture text -----
General General
Fund Fund Total Total
Income Capital 2023 2022
Note £ £ £ £
Income and expenditure
Income resources:
Investment income 117,147 - 117,147 112,434
- -
Interest on bank and other deposits 1,377 1,377
-
Total incoming resources 118,524 118,524 112,434
Resources expanded
Direct charitable expenditure 2 (152,000) - (152,000) (120,000)
Management and administration of the charity 3 (4,303) (17,849) (22,152) (27,011)
Net incoming resources for the year (37,779) (17,849) (55,628) (34,577)
Gains on Investments
Realised - 119,026 119,026 85,521
Unrealised - (220,081) (220,081) 188,250
-
(101,055) (101,055) 273,771
Net movement in funds (37,779) (118,904) (156,683) 239,194
Balances brought forward at 6 April 2022 67,794 4,173,303 4,241,097 4,001,903
Balances carried forward at 5 April 2023 30,015 4,054,399 4,084,414 4,241,097
----- End of picture text -----
Page 8
George & Esme Pollitzer Charitable Settlement of 27 January 1960
Balance sheet
As at 5 April 2023
| Note Fixed assets Investments 4 Current assets Cash at bank Current liabilities Charitable donations made post year end Professional fees Net current assets 5 Total assets less current liabilities Financed by: Funds Unrestricted |
General Fund Income £ - 34,023 34,023 (2,000) (2,008) 30,015 30,015 30,015 |
General Fund Capital £ 3,947,414 114,427 114,427 - (7,442) 106,985 4,054,399 4,054,399 |
Total 2023 £ 3,947,414 148,450 148,450 (2,000) (9,450) 137,000 4,084,414 4,084,414 |
Total 2022 £ 4,163,024 209,865 209,865 (120,000) (11,792) 78,073 4,241,097 4,241,097 |
|---|---|---|---|---|
Page 9
George & Esme Pollitzer Charitable Settlement of 27 January 1960
Notes to the financial statements for the year ended 5 April 2023
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 2019 (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 After18 Chefs in Schools Leicestershire Cares Mersey Youth Support Trust Shropshire Youth Support Trust The Hive Avon The Sreepur Village Tushinde Children's Trust WeMindTheGap Total for category Carried forward |
2023 £ 5,000 5,000 5,000 5,000 5,000 5,000 - - 5,000 35,000 35,000 |
2022 £ - - - - - - 5,000 5,000 - 10,000 10,000 |
|---|---|---|
Page 10
George & Esme Pollitzer Charitable Settlement of 27 January 1960
Notes to the financial statements for the year ended 5 April 2023
----- Start of picture text -----
Grants and donations (continued) 2023 2022
£ £
Brought forward 35,000 10,000
Disabled & Elderly
-
North Tyneside Disability Forum 5,000
-
Total for category 5,000
Homelessness
-
Fresh Start (Scotland) 5,000
-
Greenwich Night Shelter 5,000
-
Only a Pavement Away 5,000
-
North Worcestershire Basement Projects 5,000
The Bus Shelter Dorset 5,000 -
The Bus Shelter MK 5,000 -
-
Vision Care for Homeless People 5,000
Total for category 20,000 15,000
Carried forward 60,000 25,000
----- End of picture text -----
Page 11
George & Esme Pollitzer Charitable Settlement of 27 January 1960
Notes to the financial statements for the year ended 5 April 2023
----- Start of picture text -----
Grants and donations (continued) 2023 2022
£ £
Brought forward 60,000 25,000
The community & environment
-
Bradford Community Kitchen 5,000
-
Bridging The Gap (Manchester) 5,000
-
Choice in Hackney 5,000
East London Waterworks Park 5,000 -
-
Footprints in the Community 5,000
-
Free The Way 5,000
-
Golden Opportunities Skills & Development 5,000
-
Sheppey Matters 5,000
-
Sherborne Community Kitchen 5,000
-
The Young Barnet Foundation 5,000
-
Tooting Community Kitchen 5,000
-
West London Equality Centre 5,000
-
Windmill Hill City Farm 5,000
-
Young Ealing Foundation 5,000
Total for category 50,000 20,000
Education
Level Trust - 5,000
-
Quest for Learning 5,000
-
Total for category 10,000
Carried forward 110,000 55,000
----- End of picture text -----
Page 12
George & Esme Pollitzer Charitable Settlement of 27 January 1960
Notes to the financial statements for the year ended 5 April 2023
| Grants and donations (continued) Brought forward Other material grants Action Through Enterprise Afghanistan and Central Asian Association African Children's Fund HACRO JCORE (Jewish Council for Racial Equality) Kent Refugee Action Network Project Colt Quetzal Raising Futures Kenya Resolve Street Doctors Suffolk Refugee Support The limehouse Project The Kinetic Science Foundation The Word Forest Organisation Turkey Mosiak Foundation Total for category Health & Medical Research Arian Teleheal Foundation For Women's Health Research And Development The Community Heartbeat Trust The Max Perutz The Virtual Doctors Total for category Total for the year |
2023 £ 110,000 - - - 5,000 2,000 - 5,000 5,000 - 5,000 - 5,000 - - - 5,000 32,000 5,000 5,000 - - - 10,000 152,000 |
2022 £ 55,000 5,000 5,000 5,000 - - 5,000 - - 5,000 - 5,000 - 5,000 5,000 5,000 - 45,000 - - 5,000 5,000 10,000 20,000 120,000 |
|---|---|---|
Page 13
George & Esme Pollitzer Charitable Settlement of 27 January 1960
Notes to the financial statements for the year ended 5 April 2023
3 Management and administration of charity
| Farrer & Co Farrer & Co - overprovision for prior year Saffery LLP PJE Canaccord Bank charges 4 Investments Market value 6 April 2022 Additions Disposals Net unrealised gains/(losses) Net realised gains Market value 5 April 2023 Historical cost 5 April 2023 |
General Fund - Income £ - - 3,240 700 - 363 4,303 |
General Fund - Capital £ 1,200 (2,424) 4,950 - 14,123 - 17,849 |
Total 2023 £ 1,200 (2,424) 8,190 700 14,123 363 22,152 2023 £ 4,163,024 815,637 (930,192) (220,081) 119,026 3,947,414 2,968,806 |
Total 2022 £ 3,624 - 7,200 780 14,985 422 27,011 2022 £ 3,915,725 692,721 (719,193) 188,250 85,521 4,163,024 2,964,335 |
|---|---|---|---|---|
There is one material investment that represents more than 5% of the total market value of investment assets.
5 Creditors
| General Fund - Income £ Charitable donations made post year end 2,000 Farrer & Co - Saffery LLP 1,350 PJE 658 Canaccord - 4,008 |
General Fund - Capital £ - 1,200 2,640 - 3,602 7,442 |
Total 2023 £ 2,000 1,200 3,990 658 3,602 11,450 |
Total 2022 £ 120,000 3,624 3,000 1,500 3,668 131,792 |
|---|---|---|---|
Page 14