# **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**
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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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**George & Esme Pollitzer Charitable Settlement of 27 January 1960**
## **Trust summary**
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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
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Page 1
**George & Esme Pollitzer Charitable Settlement of 27 January 1960**
## **Trust summary**
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|---|---|---|---|---|---|---|---|---|---|---|---|
|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.|
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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
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## **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:
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 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**
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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
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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**
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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
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Page 11
**George & Esme Pollitzer Charitable Settlement of 27 January 1960**
## **Notes to the financial statements for the year ended 5 April 2023**
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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
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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|
|---|---|---|---|
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