2025-04-05-accounts - The George And Esme Pollitzer Charitable Settlement

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GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2025

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

I N D E X

Year ended 5 April 2025

	Page
Trustees’ report	2
Independent examiner’s report	5
Statement of financial activity	6
Balance sheet	7
Notes to the financial statements	8

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

T R U S T E E S ’ R E P O R T

Year ended 5 April 2025

The Trustees present their annual report and financial statements for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out note 1 of the financial statements and with the 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 (FRS102) effective 1 January 2019.

Structure, governance and management

The Trust is an unincorporated charity, constructed under a trust deed dated 27 January 1960 and is a registered charity, number 212631.

Responsibility for the induction of any new Trustee, which involves awareness of the history and approach of the charity and an understanding of a Trustee’s duties, lies with the Trustees. A new Trustee would receive copies of the previous year’s accounts.

The Trustees who have served during the year and since the year end are set out on page 3. The Trustees meet at least half-yearly to assess and deal with individual grant applications.

Objectives and Activities

The broad object of the Charity is for the Trustees, at their absolute discretion, to apply capital and income to or towards or for the benefit or furtherance of charitable institutions.

The Trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.

Grant making policy

The Trustees’ general grant making policy is to make donations to registered charitable organisations (not individuals) which support a wide range of causes. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when making such grants.

Investment policy

The Trustees have noted the statutory duty of care required by the Trustee Act 2000, in relation to their holding suitable investments and the need for diversification of investments so far as is appropriate to the circumstances of the trust.

The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash. In order to meet these objectives, the Trustees have appointed Canaccord Genuity Wealth Management as their agent to manage a diversified portfolio of suitable investments on a discretionary basis.

The Trustees have selected a balanced investment objective with low to medium risk within an equity context. The composition of the portfolio is unrestricted except that there should be no investment made in derivatives, options, futures and contracts for differences nor in securities not quoted on a recognised stock exchange and investment in hedge funds will be on an advisory basis only in accordance with the terms of the agreement with Canaccord.

The proportions invested in equities, fixed income stocks and cash shall be reviewed from time to time with the investment managers in order to consider the ongoing suitability and diversification of the portfolio. The Trustees will regularly consider the need to revise this investment policy statement.

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 5 April 2025

Review of Achievements and further developments

The statement of financial activities for the year is set out on page 6. During the year the Trustees agreed to make Charitable donations totaling £2,000 (2024 - £78,500) to various charities. Whilst the Trustees' aim is to distribute all the net annual income each year and consider further distributions from accumulated income and capital as appropriate, it was not possible to do so in the current year. The Trustees intend to distribute the surplus arising in the following financial periods.

Reserves policy

The Trustees believe that reserves are sufficient for current purposes and these are reviewed on a regular basis. At 5 April 2025 free reserves amounted to £4,544,771 (2024 - £4,454,745).

Related parties

Richard Pollitzer, a Trustee, is an investment director of Canaccord Genuity Wealth Management. During the year the Trust was charged fees of £15,629 (2024 - £14,962) and outstanding at 5 April 2025 was £3,826 (2024 - £3,870).

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.

Key management personnel remuneration

The Trustees consider the board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and operating the charity on a day-to-day basis. All Trustees give their time freely and no Trustee remuneration or expense reimbursements were paid in the year.

Reference and administrative details

Established by Trust deed: 27 January 1960 Charity number: 212631 Settlor: J S F Pollitzer (deceased) Trustees: R F C Pollitzer J B Pollitzer F Pollitzer Investment advisors: Canaccord Genuity Wealth Management 9[th] Floor 88 Wood Street London EC2V 7QR Bankers: C Hoare & Company 37 Fleet Street London EC4P 4DQ

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 5 April 2025

Accountants and Independent Examiner: G Smye-Rumsby FCA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS Solicitors: Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LH Registered Address: Dixon Wilson 22 Chancery Lane London WC2A 1LS

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.

I declare in my capacity of charity Trustee that:

The Trustees have approved the report above and have authorised me to sign it on their behalf.

R F C Pollitzer Chair of the Trustees 5 February 2026

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

I N D E P E N D E N T E X A M I N E R ’ S R E P O R T

Year ended 5 April 2025

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF J S F POLLITZER CHARITABLE SETTLEMENT

I report to the Trustees on my examination of the accounts of the Trust for the year ended 5 April 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’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.

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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am a partner has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

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:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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.
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 accounts to be reached.

…………….. G SMYE-RUMSBY FCA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS

5 February 2026

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

S T A T E M E N T O F F I N A N C I A L A C T I V I T Y

Year ended 5 April 2025

Note Income and endowments from: Investments 2 Totalincoming resources Expenditure on: Raising funds Charitable activities 3 Total expenditure Net expenditure before gains on investments Gain on sale of investments 4 (Loss)/gain on revaluation of investments 4 Netincome and net movement in funds Fund balance brought forward at 6 April 2024 Fund balance carried forward at 5 April 2025	2025 Total Funds £ 120,416 120,416 15,629 7,560 23,189 97,227 58,957 (66,158) 90,026 4,454,745 4,544,771	2024 Total Funds £ 107,359 107,359 14,962 94,524 109,486 (2,127) 141,889 230,569 370,331 4,084,414 4,454,745

All amounts are in respect of continuing activities.

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

B A L A N C E S H E E T

At 5 April 2025

Note Fixed assets Investments 4 Current assets Cash at bank Current liabilities Creditors: Amounts falling due within one year 5 Net current assets Total assets less current liabilities The funds of the charity: Unrestricted funds	Total 2025 £ 4,388,107 168,650 168,650 (11,986) 156,664 4,544,771 4,544,771 4,544,771	Total 2024 £ 4,425,774 41,721 41,721 (12,750) 28,971 4,454,745 4,454,745 4,454,745

The financial statements on pages 6 to 11 were approved by the Trustees on 5 February 2026 and were signed on their behalf by:-

R F C Pollitzer - Trustee

J B Pollitzer - Trustee

F Pollitzer - Trustee

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2025

1. Accounting policies

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention, with the exception that investments are included at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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 and the Charities Act 2011.

The trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. There are no significant areas of judgement and key assumptions that affect items in the accounts. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets.

(b) Funds structure

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

(c) Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and amount of income receivable can be measured reliably.

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared, and the notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

(d) Expenditure recognition

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 settlement will be required, and the amount of the obligation can be measured reliably.

(e) Trustees

None of the Trustees were reimbursed for expenses or received any remuneration during the year (2024 - none).

(f) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing mid-market value. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments.

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2025

1. Accounting policies (continued)

(g) Realised gains and losses

All gains and losses are included net in the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

2. Investment Income Income from investments Interest on bank and other deposits	2025 £ 118,914 1,502 120,416	2024 £ 105,726 1,633
		107,359

3. Charitable activities Grants made: Parenting, the family and children’s work The Cottage Community Disabled and elderly Beyond the Wall Homelessness 240 Project Ace of Clubs Clapham The community and environment Bold Tendencies Community Interest Company Deki Limited Essex and Sussex Rivers Trust Food Behind Bars Lower Ure Conservation Trust National Manuscripts Conservation Trust National Tremor Foundation Charitable Trust Rodley Nature Reserve Trust Carried forward	2025 £ - - - - - - - - - - - - - - - -	2024 £ 5,000 5,000 5,000 5,000 5,000 5,000 10,000 7,500 5,000 5,000 5,000 5,000 5,000 5,000 5,000 42,500

(continued)

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2025

3. Charitable activities (continued) Brought forward UK Harvest Health & Medical Research SeeKenya Spinal Muscular Atrophy UK Other material grants Employment Resource Centre West Coast Wheelchair Rugby Club Total donations paid Support costs allocated to charitable activities: Accountancy fees Legal fees Independent examination fees Bank charges Total expenditure on charitable activities			2024 £ 4_2,500_ -
			42,500
			5,000 5,000
			10,000
			1,000 5,000
			6,000
			78,500
			11,610 3,120 962 332
			94,524

4. Summary of Investments Market value at 6 April 2024 Additions Disposals Gains on sale of investments (Loss)/gain on revaluation of investments Market value at 5 April 2025 Investments at market value comprised of: Listed investments	2025 £ 4,425,774 674,428 (704,894) 58,957 (66,158) 4,388,107 3,245,088	2024 £ 3,947,414 699,796 (593,894) 141,889 230,569
		4,425,774
		3,216,596

GEORGE & ESME POLLITZER CHARITABLE SETTLEMENT OF 27 JANUARY 1960

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2025

5. Creditors Accountancy fees Legal fees Independent examination fees Investment management fees	2025 Total £ 7,380 - 780 3,826 11,986	2024 Total £ 6,180 1,920 780 3,870
		12,750

6. Related party transactions

The Trustees received no remuneration or reimbursement of expenses incurred in the current and prior years.

7. Financial assets and liabilities

The following are financial assets that qualify as basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price:

Financial assets Fixed asset investments	2025 £ 4,388,107 4,388,107	2024 £ 4,425,774
		4,425,774