Charlty règl$tratlon nUMr 256893 THEARCHIE SHERMAII CHARITABLE TRUST ANNUAL REPORT AMD FINANCiAL STATEMEp¥rs FOR THE YEAR ENDED 5 APRIL 2024
THE ARCHIE SHERMAN CHARITABLE TRUST LEGAL AND ADMINISTRATNE INFORMATION Trust•o$ MJGee A H S Morgenlhau R Fre8dman A Slmon Charlty nUmr 256893 Prfnclpal addr•s$ 274a Kentish Town Road London NW5 2AA Audit TC Group 5th Fthr 3 Dorset Rlse London EC4Y 8EN Bankers Barclays Bank plc Carfliff Queen Sl Leicestor LE87 2BB Solkltt)rJ Nicholas and Co 10-12 Bourtet C1088 London W1W7BR
THE ARCHIE SHERMAN CHARITABLE TRUST CONTENTS Pagè Trustee8' reFKJrt Statement of trustees, respon$ibililies Independent auditorfs Taport Statement offinanual &tNities Statement of financial posibon Staternenl of cash llows 10 Notès lo the financAal statements
THE ARCHIE SHERMAN CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The tru3tees present their rewl and audit8d finanaal stat8mants for Ihg year $rKlgd SAwil 2024. The finanaal statements have prepared in ar[dance with the 8C(x)unling policies set %YJt kn note 1 to the ffinancial stalemenl$ and comply vith th• charivs trust doed, tha Charities Act 2011 and 'Accounting and Reporhng by Charities.. statenI of Recommended practi 8pplicable to chaiibes preparing Ihar actounts in ac£ordance wrth the Financial R9porting Standard applcablo in the UK and RebI of Ireland IFRS 102) (offedivo 1 January 20191.. ObJectlv•$ and actlvltles for the public bènofil The charivs short and long4emi objectives in¢hJde the suppyt of a vMde range of charftable organlsatk*ns 81 thè discretion of the tsuste8s and as sel out in the dedaration of trust. Th8 ot¥èctive of the (l)arity is to maintain, and wher8 p088ible lo IncTease. the level of incxjme and to dlstrlbute Ihe income to chosen Charitab beneficiaries exdLFsivaly to b8nefft gdu(stton and tralnin9, overseas aij, arts and cumure, hearth and general charitable purposes. The charitys overall strategy to achieve the objective is trff•ctivo mgn8gernenl of its property portfolio to ximise rentsl returns. The chaTity has no other significant activiti'es. The chartys resour are rewewe(l al lh¢ rpgular trusteg5' meetin9s lo alknv informed decisions to be made on grant ()mMItTnents. The charity makes sm8118nd large grants lo a wide variety of charities based in the UK and overseas. When the tharty is approached to assist with substantial capital ¢x tmjilding proj'ects, Ihe trustees undertake due diligence befo decldlng whether to make a commitment. Where the charity has made a mMItMant to maka payments over 88voral y&aTS, the trustees monitor the proJress of the project before releasing payrnents. The tharity has not made us¢ of any vohJnt¢er$ during Ihe year. The trustees rewew all commitments on a forwards five-year basis. In particular, Ihè charty •nl8red into thè following ojmmrftments: WIZO- £200,(X)O over 3 years lo the Adi CerTtre at the Belt Sherman Centre in Be'er Sheva. Jaffa Institute- $75.000 (Iver 3 years 10 5UPPOrt tho after h0o1 prowamme for fallSng students. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on publ bgngfit whgn rgvlgwing th9 charfty'$ aims and obl9¢11ves and In plannlng fubjro advitbs and s&tting th& grant making poll¢y for the yèar. AchIOrnnts and pgrformance Level of Income Overall. the charitys investmant incomo increased by £229.50312023.' iner&ased by £101,413) comparèd to thè previous year. Rental and olher property income recelvable Increased by £229.491 (2023.. increased by £101,410) vthilst inlerost reCVable increased by £12 12023: increased by £31. Notswthstanding the continued eireum$t8ncès prev8iling in the UK tommèreial propety market during the year, the trustees ar8 satisfied vAth tha rrom18nC8 of Ihe portfolio. Income Dislribuiitin DurlrrfJ the yeaf. 81.7%12023'. 195.6%) of the yearfs nel 5ncomlng rosources were distribul8d and commltt8d lo charitab18 ban&fiaari8s to bènèfit 8ducalion and trainiThJ. ovèrsaas aid, art and cumum, haatth And goneral tharmable Pur8, Including support and g0Veman costs allocated lo th08e ¢harit8trAe athhle8. Unr8Strictèd Funds Thè ch8rfty'$ finanelal t10n 8t the and of th& 0d w38 8nlrely sausfadory. The unresldded funds durfng the finanaal year increased by 1°h12023'. decrease of 5%) compared to the previc4Js year.
THE ARCHIE SHERMAN CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Rental income is Ihe main source of incoming resour(s. The prevailing market c>Jnditions have a significant èffg¢t on Income generated, and conditions during the yaar continued to bo drffi¢utt wilh commercial properties fferfng from lower rental yiekjs as a resutt of a continued decline in the popularlty of UK hkJh streets. The trustoès att8mpl to rnitigate these effects by negotiating rent wrfh &w8ting and new lenants to ensurè a sadsfactory in¢ome f(x Ihe INSI while rec4Jgnising the reality of tough e¢Momic conditions t>Jrrenlly facirKJ l¥nants. The percentage of funds distributed and Ixjmmitted to charitable causes wll vary from year lo year because tha trustees, grant making docisions baswj on eslimales and proigdion$ of inwmè receivable which arg nattjrally subject lo change. Tho trust$ aro responsible for monitoring the Investment management and gov8mance costs in order to maxirnise funds available for charitable purposes. Financial re¥i•w The Statement of Financi81 Aclivthes, sel out on pagg 8 of thg financial stat8ments, show8 how the chariV8 incomSNJ resou$ have been expend6d during the year ended 5April 2024. Th¥ ¢harity continues to ho a substantial fund basa from which the income g¢norated 18 distributed through grant maknng actlvmfes. Thè chariws assets are hel¢J order to generate Incomg for Charitab donations. The main asset of the ¢hanty 18 a portfolio of cornmerryal properties. The fair valuo of the investment propety Portlolio was assgssed by M J e as al 5 Aprfl 2024. l incoming resources, vthich arg a key perf0mnce Indicator. avallaUe for distribution during Ihe year waro £1.142.772 12023.. £894,735). These were used to fund charitablg oxpenditure and govemance (Thts totalling £934,15312023.' £1,748,267). At 5 April 2024 the (*arlty hekl net assets of £18,222.98312023: £18,076,245). Projected grants payable over tho n8xt flve years which the Charity had committed to by the year end aro approximately £1.082.91512023= £1.242,2471 in total and at 5 April 2024 had been fully acuuntsd a8 grant mmltm$nts payable. knvostrtwnt policy The trustees fonow a polky of maximising tho relurn on investsnents whlle ensuring acceptablg levels of risk and rfthere is to bè a material financial inv$$tmen( the extsnl to which this will have soclal, environmental and ethical impacts is ¢onsidgred. The trustees meet regularty to dlscuss whether perfomian¢e has been matehod to objectives. Pollcy on rns•rves Reseryes conSt of unrestricted funds. It is the policy of th9 charity to distributo up to 1% of net income. In addition to any undistrrbuted unrestrlcted funds. at the discretion of Ihe trust88s. tiquid lund5 ar¢ malnlained al a level which is considered ad8quale lo cover short temi requlremenls. The total fvnds al the year ond are £18.222,98312023'. 18.076,2451, which include £1.262,072 12023.. £1,522,859) of cash. The charftys availabl8 funds at the year end were £56,44612023."1£87,2771. The charity has no desiqnated funds, hoVer it does have various grant commitrnents payable 0r the nexl 1 to 5 years tolalliig £1.082.915 12023.. £1,242.2481, resuhlng in a nét tash position of £179.15712023'. £280,611). Risk manag•m•nt The trustees have assessed the major risks to which tha charity is exposed, and aro satisfied that systoms are In place to mitigate gxposuro to tha major rLsks. Risk assessments are carried out in order to asc8rtain the likelihood of a risk event occurring, of ils potential impact, and whether 8ny ¢08t effective mlligating action may be taken. Potential risks have been identified and aré rewewed on a r8guk8r basis.
THE ARCHIE SHERMAN CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Plan$ for thg fvtur¢ The future plans 8nd obj8ctwès of the charty are to maintain and where possible to inctsase the level Of income or funds and to distribute the income or fvnds to clM)san charitable benaficlarl. To Ènsup that future plans and objectives are set, revi8wed, and on tsrget. truslegs hold regular meetings to compare and discuss the budgelgd and actual intr)meldistributions an¢J wher8 n?Sary $0ok couns81 from professional ath50rs. Slructur8, gQ¥Vomanco and managom•nt The charty was gstablished by a tharilabl8 Irust 11ged on 3 April 1967, The trustees who served during the year were: MJGee AH S Morgenthau R Freedman Asimn The ptrwor to appoint new or additlonal trustses is ve8t8d in th8 trus9. In èx8reising this power, Ihe trustees would use Ihelr ovm network of wnlacts, including famlly members, to identfy suitable candidates Fossessing Ihe necessary knOwdge and skills 10 act 8$ trust88$. Trustees are expected to Klentify I[r tralnStwJ needs aNI tl tske measures to ensurg th81 thèse needs are meL Th8 charity has four Irustee$ iftcludlng a chartered accountsnt and a solicllor. Day to day matters are handled at the charity's office and tsgular maetiThJs of the Iruslees aro held. Tha trustees revlew all cnmmitments o fOrard five-year basis 80 that ngw projocts can be undertaken and i1m? is made available. In 1997 th& ttjstegs mad8 charitable setuements of £50 0h to ¢stsbllsh throe new charitable trusts. Tbw) of these trusts, the J8cqueline & Michael Gee Charitsble Trust 8nd the Diana and Alan Morgenthau Charitable Trust are controlled by the trustees M J Gee and A H S Morgenthau respectivety and their wives. Tho tharitys property prfolio1$ managed on a profeSonal basss by AJchl& Shemwn Administrallon Lknilwj of vthKh M J Gee ¢8 a director 8n¢J 8(le shareholder. The trustees ha not reeAivèd any ramuneralion duriro tho yoar. Delalls of expenses. fees and rèlatsd paty transadn$ are disckjsed in rte8 8 and 21 10 tho financial slatemenls. On behaw oflhe boarf of trustees MJGee Trusl89
THE ARCHIE SHERMAN CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5APRIL 2024 The trustses are r•sponsible for preparing the Trustees, Rawrt and the financkql statements in accordance with appllcalle kgw and Unlte(J Kirb2dL¥n Accounlng Slondards Iunited lfjngdom Generally Accepted Ac¢ountirrfJ Practiol. The Law applicablg to charitie8 in England aThJ Wales requlres the Irustses to prepare financkql statements for each financial year which give a true and fair viw of th& stats of affairs of the charity an¢J of tho incoming resourc8s and application of rgsourc8s of the tharity for that year. In preparirg these finanek41 statements, the trustees wuired to.. - sd&et $ui18bltt ac4x*Jnling polictes and Ih&n apply them consislenuy. - ¢)bserve the melhods and princ4pJes in th9 Charilies SORP FRS102,' - make judgements and estimats8 that are reasonab and prudent., - stats whether applicable accounting slandards have been followed, sublect to any material d¢partures dlsdosed and explalned in the finandal ststernents: and - prepare tt)6 financ1 Statements on golng ¢orKem basi5 unl8$$ it 1$ Snappr¢priate to presume that the charity wlll continu8 in operation. The trustees are responsib for k8èpiThg sufficient accounting rteord$ that disclose vmh reasonable accuracy at any time th8 ffinan¢lal posllbn of the tharity and enablè them to ensure that the finanal stslem&nts comply thè Charities Act 2011. the Charity (Accounts and Rer>ortsl Regulations 200B and tha provtsSons of the Iwst deed. They are also responsible for safeguardiThJ the assets of the charity and hence fc< taknng reasonabk steps for the preventi¢)n and d&t8ctron of fraud and other rregularibgs.
THE ARCHIE SHERMAN CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THEARCHIE SHERMAN CHARITABLE TRUST Opinion We have audited th6 financial statements of The Archie Sherman Charitable Trust Ith8 'chariVI for the year ended 5April 2024 which comprise the statement of financial actIves. the statement of financial position, the staternenl of cash flows and the notes tr) the financial statemenis, including a summary of signrficanl accounting poliaes. The financial reporting framework that has l)een applied in their preparalion is applicable law and Unit&J Kingdom AccI)unng Standards, includlng FlnancAal Reputsng Standard 102 Thg Flnanclal Reportlng Standard appI&ble In th8 UK and R8publK ollr8land {Unit8d KiThJdom Generalty Accepted Accounting Practice). In our oplnh)n. th8 Ilnan(#al statements.. give a true and fair wew of the stat8 of the charfS affalrs as at 5Aprfl 2024 and of its Sncomlng resources an application of resources including its income and expenditure. for the year thèn ended,. h8v8 been proOy pr8par8d in acc(dance with Unlterj KlwJdom Generally Aceepled Ac¢ounting PractSce' and havo bgen pr9par9d in a¢cordancg with the requlrements of the Charities Act 2011. Basls for oplnlon We conduded our audit in accordance wth Intemaltonal Slandards on Audibng (UK) IISAS {UKII and applicable L8w. Our responsibilities under those slandards are further described in the Auditorfs responsibilities for the audit ol the finanaal slal8m8nts sedion of our r•port. We are independent of the charity in accordance swth the ethical requirements that are relevant to our audit of the financAal ststements in the UK, induding the FRC'S Ethlcal Standard, and we have luffilled our other gthical responsibilities In accordance with these requirements. We belleve that the audit evidence we have obtained is sufficient and approwlats lo prode a basls forour opinion. Conclusions rglaling to going Concern In audlting the financial stslemenls. we have concluded that the trusle8s' use of th8 going concem basis of autIng In Ihè pr8paratltsn of thè finanaal statements is appropriate. Based on the vK)rk we have perf0md, wg have not Id¢ntIfi any m8t•rial uncgrt8inti¥$ lating to evants or eondOUon8 that, InLIMdu8lly or collèctively, may Cast signifi¢anl doubl on chority's alIty to cxjntinue as a going Cn¢6M for a period of at leasl e1ve months from when the financial staternents are authorised for issue. Ir responsibilities and the responsibilities of the trusle8s wlh respect to golng conc8m ar8 descrfbed In the r8bv8nt sè¢tk)ns of this r8port. Othor information The olhar infomiation ¢omprisas thè inf0Mtth included in the annual report other than the finarla1 statements and our 8uditorfs report thereon. The trustees are Tesponsible for the other information contain&J hthIn the annual report. Our opinion on the finanaal statements ¢Joes not (x>veT tho other information and wo do not 8xpr•ss any fomi of assurance ¢on¢lu$ion Ihereon. Our iesponslbilty is to read the other infonmatton and. in doing so, consider vtheth8r the other Inf0mtIon Is matsrially inconsistent with Ihe finan¢kg1 slalemenls or our knowgdgg obtalngd In the course of the audit. or olherwse appears lo be matedally mlsstated. If we identify such merk?l inconsistenaes or apparenf material misstatements, we are required to detennine whether this gives ri88 to a tnatèriql misstatement In the financial statements themselves. If. based on the work wo havè performed. wè concludè that th8r8 is a material misstatement of this other inlomiath)n, we are required to r&port th81 fad. hav& nothing lo rep(xl in this regard. Matt•rs on whlch w• are requlrod to roport by 0xpIloTh We have nothing lo report in respèct of Ihe follovAng matlgrs in r81otion lo vthich tho Charilies {AccLJunts and Report81 Regulations 2(NJ8 require us lo rgport lo you ff, in OUT opinion.. thg inf¢)m)atlon ulvgn In the finandal stateménts 15 irnSiStenI in any material respect wrfh the trustees. report; or sUffiat accounting records have not been kept., or Ihe finanThal statements are not in agemant the accounting T8cords and retums" or we have not received all the InfO"0n and explanations we require for iyjr audit.
THE ARCHIE SHERMAN CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (cOlNUED) TO THE TRUSTEES OF THE ARCHIE SHERMAN CHARITABLE TRUST R•sponslbllltl•s of trust••s As explainod more fijlly Sn tho Statomont of Tw$t&es' Rgsponsibilthe$. the irustee5 are responsible for the preparnth'on of the financial statements 8nd for bèing $atisfi&d that they give 8 true and fair view. and for such internal contToI as the trustees deleimine is necessary to enabb the preparatx)n of financial stslements that a fre8 from material misslatemenl, whether to fraud or orror. In preparing the financ¥al stalemènls. the trustees are responsible for assessing th8 charity's ability lo continue as a 90in9 eoncarn. disclosing. as applicable. matters related to going ccncern and using the going concem basls of accountiro unless the trustees eSthgr intend lo IkJaI? the tharfty or lo ¢e8se opei81ions, or have no realistic artwriative bul to do 80. Audttorfs responslbllltles for the audlt of the flnan¢ial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in aco)rdance vitth thè Act and relevant regulaUons made or havlng effect Ihereunder. Our objectives are to obtain reasonable assurance at)out whether the finanual statèmènts as a whole are free from material misstalement, Wther due to fraud or grror. and to Issue an audilorfs report that indudes our opinion. Reasonable assurance is 8 hh level of assufarKe but is not a guarantee that an audit conduded aordance with ISAS IUKI will aNv8ys detsct 8 material misststement %then it exists. Misstatements can arise from fraud error and aro nSIdered material rf, iThJNidually or in the aggregate, they could reasonably be expected lo influenGe the eoJnomic deasions of users taken on the basis of these firbancial statements. The extent to whlch the audlt was considered capable of detectlng Irregularltl•s Includlng fraud Irregularltle5, InGludln9 fraud, are instanc&8 of nonmplIanCe laws and regulaOn$. We design procedures in line with our responsibilities, ouuined above, to detect irrtrgulariti&s, including fraud. Thg nsk of not detecting a nwterial misstatement due to fraud is higher than the risk of not dèteel'ng onè rèsultiftg from error. as fr8ud may knvolvo dgliberate concealment by. for axample. forgery or intsntion81 misrèpresentations, or through collusion. The extent to which our proGedures are ¢xpable of detecting irregularitvJ. including fvaud is detailed below. Hovr. Ihe primary r8sw)nsibility for the prevenlkn and detscloon of fraud rests with tsolh those charged with govemance of Ihfr gntsty and management. r approach as follows.. We obtained an understsnding ofthe legal and regulatory framewots that are appli(sblè to thè Ch8rlty and d8temin8d that thè most SnIfiCant are that relate to thg reporting framework being the Ststement of R8commeThJ8d Practica appll¢ablg to tharibes preparing their accounts in accordan with the Financial R&porting Sland8rd applicable In the UK and Republic of Iland {FRS102). the Charitab ¢ompanWs Memorandum and Articles ofAssoaation and the CharitsesA¢t 2011. We undgrslood how the charfty b complylng with those frameworks by making enquiries of management and seeking representations from those charged wlth swemancè. We (rjrrgboiated our understanding by r8vlewltYJ supportin9 documentation Including trustees meeting minutes and Correspondence wlth regulatory bodies. We assessed Ihe SLweptibility of the tharity's financial statsments lo material misstatement. including how fraud mkJht (xcur by ¢on$idering the risk of management override of intemal control and by designating income recognitson as a fraud rS$k. Wo perlom)ed joumal eniry testing by speafic risk eritexa. wlh a focus on joufflals indi¢ats'ng large or unusual transactions based on our undètstanding ol the charity. We tested i)mploten&ss ol Inixjme Ihrough substantive tests performèd. analytlcal rowgw procedures and cul off lesls on the incomts r6¢ognised. Basgd on Ihls understanding we deslgned our audit proc8dur8S to Identty nompli8ne8 wilh such laws and regulation3. Our prodr&S involved enquiries of management ar those charged wth govemance, review of legal and profeonal expènses and remew of trnstee meeting minutes. The Chanty is a regulalerl entity under the superviston of the Charilies Commissh)n. As suth. the Sen stalutoryAudilor considered &Xn8Ce and expertise of the eng&Jement team to ensure that thè taam h8d the appropriate competence and capabilthès.
THE ARCHIE SHERMAN CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TOTHE TRUSTEES OF THEARCHIE SHERMAN CHARITABLE TRUST A further descrfption of our responsibilities for the audit of the ffinancial stslernents is located on the Financial Reporiing Coundl's website aL' h(jh.frc.org.kIauditorSponslbs1Iks. Thls desttbplion forms part of our audilorfs report. Use ot our report Thls report is made solety to the charitls trustees. Ms o body. in ac¢ordan¢e Vth part 4 of the Charities (Accounts and Raportsl RèguLgtions 2008. Our audit work has been undertaken so that we rnight state to the charity's trustees those matters we are required lo state to them in an auditors. report and for no other purpose. To the fijllesl extent pemiitted by law. wè do not accept or assume responsibility to anyone other than the charity and the charily's trustees as a body. for our audit work, for Ihbs repor( or for the opinions we have formed. fc& TC Group a8loilio2g ststutory Au¢frtor Slh Floor 3 Dorset Rise London EC4Y8EN TC Group is eligible for appointment as auditor of the charity by Vir of Its 8lgblllty for appolntmgnt a8 auditor of a ompany under section 1212 of Ihe Companies Act 2006.
THE ARCHIE SHERMAN CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5APRIL 2024 2024 2023 Ineom• fr¢>m: Investment Income 1,407.338 1.177,835 Ralslng (unds 264,566 283.100 N•t IncomSng r•sourc•s 1.142.772 894,735 Chailtable acuvl Education and training erseas ald Arts and culbJr8 and g$n&ral ¢hwitable causes Heallh 166.719 63,327 596,042 108,065 1.130,082 21.525 278.241 318.419 Total charitabl• eXndItur• 934.153 1,748,267 Total èxp•ndlture 1,198,719 2.031.367 Net galnsll10s6¢$1 on investments 12 161.881} 241,198 Nèt m¢)vemgTht in fvnds 146,738 {612.334} FUNJ balances al 6 Awil 2023 18,076245 18,688.579 Fund bJlanc•s at 5Awll 2024 18,222,983 18.076.245 The statement of finan¢lal a¢tMties includos all 9ain$ and losses recognls8d In the year. The statement of flnanclal actlvlttes indudes all gains and losses recognisod in Ihe year. AJI incom8 and gxpgndllure derive from fx>ntinuing acttvilies.
THE ARCHIE SHERMAN CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS AT 5APRIL 2024 2024 2023 Fixed assets Inveslmgnl properli9 Investments 13 14 17,090,161 1,076,376 17,182,668 979,854 18,166,537 18.162,522 Current assets Trade and other receivables Cash at bank and In hand 15 413.486 1.262,072 123.743 1,522,859 1,675.558 1997.696) 1.646.602 {920,2721 Currgnt liabiliti 16 Net cunt assets 677.862 726,330 ToLIl assèts l•s$ ¢urr•nt Ilabllltl•$ 18,844,399 18.888.852 Nonwcurrent liabllltiès 17 1821,416) 1812,6071 Net asJets 18.222.983 18.QT6.245 lTr¢ome funds Unrestricted funds 18,222,983 18,076.245 18,222,983 18,076,245 The notes on pages 11 to 23 form part of thes8 fmanaal statements The finandal statements were approved by the Trustegs on . MJGèo Thist••
THE ARCHIE SHERMAN CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Noto$ Cash flovrn from opgrating activit1•$ Ca8h absorbed by operations 22 (1.602.229) 11,054.8891 InstIng actFvltl•s Improvements to investment prwrty Invèstmgnt income receNed 165,896) 1.407,338 143.601} 1.177,835 N•t ¢aJh generated from Inv•stlng actlvltlo$ 1,341.442 1.134,234 cash us•d in financing aetlvltl•s Net IdecToas•ylner•ase In cash and cash •qulvalents 1280,7871 79,345 Cash and cash equlvalents at boglnnlng of year 1,522,859 1.4143.514 Cash and ¢•sh •quival•nts at end of y•ar 1,262,072 1,522.859 10-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charlty Inlomiallon The AJchie Sheman Charrtable Trust 1$ a <arity regisler¢d in England Wale5. Thè charity's prfncipal address 1$ 274a Kentlsh Town Road. London, NW5 2AA. 1.1 Accountlng nYOnt10n The financial st8t&ments havg been prepared in aCCrdance the charitys Twst Deed, the Charfues Act 2011 and 'A(tounting and Repo.ng by Charities.. Stalernent of Recommended Pradl¢o applicable to charities preparing their 8ccounts in accordance with Ihe Financial Reporting Standard p1¢ab in thè UK and Republic of Iland (FRS 1021 leffedve 1 January 20191.. The charity Is a Public Befil Entity as defflned by FRS 102. The financial statements have departed from the Chariti$s (Accounts and Reports) Regulations 2008 only lo the ext8nl required lo providg 8 true and fair view. This departUTe has invdved following th$ stst@mt of Recommendèd Pr8Ctiee for charrtj'es applying FRS 102 rather Ihan the version of the Statement of Recomrmnded Practice which Is roferT9d to In the Regulations t)ul which has Sin bggn Yathdrawn. The financial statements are prepared In sterllng. which is the fvnctional currerw of charity. Monotsry amounts in these financial statements are rounded lo Ihe nearest £. The finanryal slalemgnts have been prepared under the historical cost convention. modified to includo thè revaluation of freehold prop8TUes #nd lo indude investment propertvès and certain financial I[truMents al fair value. The principal accounting Folicies adopted aro $91 out b8h)w. 12 Golng con¢•rn At the tsme of appromng the finandal statements, the tru51ees have a reasonablè èxpeclation that th8 charity has adequate resources to C4)ntinue in op8ratlonal existen for the foreseeablg fuiur8. Thus the trLtstses )nthnuè to adopt the going conrn basi¥ of accounting in preparin9 the financAal statements. 1.3 Ch•rltsbla fvnds The charitls unr•stridad funds are attributabb to tha original anUnt setlled on the tharity, subs8quent sètllomants, accumulated realised 8nd unraalised caytal gainslbsses and undtstributéd In(x)me. Unrestricaed funds are available for use Èt the discretion of the Iru3te8s in furih8rancè of their charitable obpctives unless the funds have begn d8$igned for olher purp0595. 1A Incoming r•$ouru$ Invgstmènt income is earned through holdings of assets for inve51menl purposes sv¢h as shares and propety. In(x)me includ8s Interest an¢J rent and Is rgcognised when the amount can be m&asurod r8liabty. Intere* income is recognised using the effective interest method and rwtsl income is recognised a8 the eh8rWs right to receNe payment is established. 1.5 Resources expended Exp&ndilure on grants is reeor(led on¢e th9 charty ha5 made an uncondi1ional commilmenl to pay the grant and this is communicated lo the bén8fici8ry or the grant has been p81d. whlchever is the earller. Othèr expenditure is indudod In tho financial staternents on an accruals basis. Charbtsble octivibes indud8 expendlture associated wfth grants Paya10, support fJ)sts and gov8manc8 costs. Support costs include staff. office and other costs inoJrred the njnning of the ¢harty. Gov8manea costs indude those in(wrred in the govemance of th8 th8rity 8nd assats and are primarity 85SOClated wth constitutional and statutory requirements. SUprt costs and governancè ¢osts hav8 been apptI)ned ag8lnst èadi individual charitable actity.
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcl•s (Continued) 1.6 Inve$tmont prop•rtl•s Invastm8nt proporty. which is property held to earn rent818 andlor for capital apprect8tion, is measured using the fair value model and statèd at its fair value as at the reporting end dale. The surplus or deficit ¢ revaluallon Is recognised In net Incomellexpendir0I lor the year. 1.7 Non<urr•nt Inv•stm¢nts Fixed asset investmènts ar¢ a form ol basic finanaal In$bumenl and are inib'alty recognised at their transaction value and subsequenljy méasured al their fair value as al the balanc* sheet date u&ThJ thg ¢Ing quoted market price. The st81emenl of finanaal activib.ès indudes the net gains and losses arising on revaluation and dlsposals thi¢)ughoul the year. A subsidiary is an entity controlled by the charity. Contrd is the F43w$r lo govem the financial ar operating pojicies of the entity so as lo obtsin benefits from its a¢tivities. 1.8 Ca$h and ¢a¥h equlvalents Cash and cash equlvalents indude cash in hand. daposits hold at call banks and other short-tomi Ilquld Investments wllh orSglnal maturitbs of three months or less. 1.9 FlnanGlal Instruments charity has elected lo apY the prow8ions of Section 11 'Baslc Financial Instrumènts. gnd Sectlon 12 'Othef Finanual Instruments Issues. of FRS 102 10 all of its finanThal instruments. Financial instruments are recx)gnised in the charivs statement of financial p0SOn when the charty bofx)me8 party lo the contractual provisions of the instrumgnl. Finandal 8888ts and liabilities are offseL with th8 nat amounts pwented in lh• fin8ncial statements. when there is a allY enforcfjab right lo set off the recognised amount8 and there is an inlenlion to settle on a nel basis or to realise Ihe asset and settle the liability simultsneousty. Basle Iln•n¢ialassots Basic finarrial assets, vthich indude trad6 and other receivables and tash and bank balances, ara Inla1 maasured at 1ranSath' price includlng transaction wsls and are subsgquentty carrled al amorb'sed cost using the effective interest method the arrdngement constitutes a finaniang transaction. where the transaction is measured at Ihe present valug of the future re¢eipls discounlad al a market rate of Intsrest. Fknawal assets das8rfled as receivoble wmhln one yeBr are not amortis8d. Bask flnan¢lal Ilabilities Bas 17nanoal liabilits, in¢luding oiher payables. are initially recognised at Ir8nsaclion price unless the arrangement constitutes a financing transaction, whar8 the debt instrumnl is measured al the present value of the fvlure r&¢olpts discountod at a market tate of inleresL FinancSal liabilities dassffi as payable wlthin one year are not am0Sed. Debt instrufflents are subsequently carried al amorttsgd cost, Using thè gffecuve interest rats mothod. Amounts payabl8 ar8 clqssified as ctlrrenl liabifities rf p8yThent is due wilhin ce year or18s$. Ir not, they are presgnted as n<Trent liabilib'es. DeY8cognlllon of financlal Il•bilities Finanaal 118bililies are dere¢ognised wh9n the charity's contrathal oblKJation8 expire or arn dis¢harg8d or can(¥ll. 12-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 5 APRIL 2024 Aecountlng pollcl•s ICoTrtinu•dl 1.10 Employee benefits The cost of any unuseil hollday &ntsV8ment Is recognised in the period in which the gmpbyeg's 8er*ice8 are recelved. Temilnation beneffts ore recognised immediately as an expens8 Ythen the charity is ¢Jemonstrabty commltted to terminate the employment of an 9mployee or lo provide lemiination benefits. 1.11 Forelgn exehange Transactions deTh)minated in foreign currendes 8re lerded al the rate rulng at the date ofthe transaction. Monetary assets and liabilitses denominatad in foreign uJrrencAes are translated into steding al Ihe rates of exthanp ruling at the balance sheet date. DIfferen8 arising on cfjmmitments In for¢lgn currencies are allo¢ated agolnsi the r61evant heading under charitabl0 8¢tiviti&s. Dilferonces on bank balances are included vAth support costs. 1.12 Charltabl• commltm•nts Charitable commitments are providad as liabilities, discounl8d al an appropriate rate, and Shown as grants payable where they are legally or conslructs'vety binding. The excess of charltable ¢x)mmilm8nls pald over the discounted comrnitménts previously provided are tre81 as unvlndSng tharges and Inchjded as part of grants payable. Crltlul a¢¢ountlng •stlmates and Judg•m•nts In the applcation of the charivs accounting poliaes. the Iruslees are required lo make ludgements. eimate$ and assumpt'ons aul the carrying amount of assets and liabilities that are not rgadily apparent from other sources. The estimatej and 8SSOa8ted assumptions are based on historical experience and other factors that are considered to be rebvanL Actual rgsutts may differ from these estimates. The estimatgs and underlwng assumpts'ons 8re reviewed on an ongobng basis. Revlslons lo accounting eslimales are recognSsed in the period in whith th8 estimate is revised where the reviSn aff8cts only that pericAJ. OT in the period of the rèvision and fLthre peritsd¥ where the revlslon aff8cls both CUTrenl and fure K•y source$ of e$timatlon nrtaInty The estim8le$ 8nd Assumptions which have a Significant risk of ¢ausin9 a material adjutstrnent lo the ¢8rying amount of assets and liabilitiès as follDWS'. V•luailon of Inv•stm•nt properties Investmenl Prop8•S are recognised at falr value. wth thanges in fair value being recognSsed through profft or loss. The Investment propethes are staled at the lrnstees, valuation on an open market basis. There is an inevitable degree of judggment invofved and value can only uMimat8ly reliably tested in the rnarkèt Inv¢$tyn•nt Ineomg 2024 2023 Rental and other prOty Income Interest receivable 1.407.323 15 1,177,832 1.407,338 1,177.835 13-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Ralslng funds 2024 2D23 PTcyerty related costs 264,566 283,100 264,566 283.100 Propety r8laled costs cornprise £133.646 12023.. £126,000) of managernent fees together with other OP8ty rolated exp9ndlture of £130,92012023: £157,100). Charitabl• activiti•s Educatlon Ov¢w$ Arts and and hlnlng ald culture and g•noral charltablo uses Total 2024 Total 2023 Grant fundiThJ of admties (see note 61 155.529 512.965 93.002 815,996 1.617,516 F¢xeign exchange Share of support costs {s88 note 71 sha of govemance (see note 71 {13,9971 (13.9971 7,391 14,946 5.238 49.300 8.938 78,422 82.920 10241 3,589 33.777 6,125 53.732 40.440 166.719 63,327 596,042 108,065 934,153 1,748.267 Analysls by fund Unr¥slricted furHts 166.719 63,327 596.042 108,065 934.153 166.719 63.327 s,042 108,CISS 934,153 FOF the year •nd•d 5 April 2023 Unrestrictad funds 1.130.082 21.525 278,241 318,419 1,748,267 1.130.082 21.525 278,241 318.419 1,748,267 14-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable Educatlon 0rs•aS Arts and and tralnlng ald eufture and ggnernl ¢haritsble ¢auses Health Totsl 2023 Grants to institutions= Yad Vashgm UK Foundation The Diana and Allan Morgenthau Charitable Trust The Jawuttline 3nd Michael G* Charitable Trust The Rosatyn and Nlchola5 Spn'nger Charitsble Trust Yad Vashem - Cyber Security Jowsh Child's Day- Tho Nelanya Foundation Jewish Child's Day Yemin Or(le- Renov8tg Children's House Jewish Care Royal Opera House Covenl Ganlen FotJnd8tion The Royal National Th88lre Norw(xxl Rgven5WQfxI Nightingale Hammerson Communty Security Trust Youth Allyah - Chllj Rescue (Yomin Ordo) nd8boum& Productlons Llmlted The British Friends of the Jaffa Instthle Shaare Zedek UK The Royal Academy of 3,681 3,681 60,000 60.000 45.000 45,OtKI 45.0 45.000 50.000 45,000 115.085 10.000 31,615 31.615 16,819 16,819 37,500 447,152 37,500 37,5C 8.650 8,650 8.250 20.000 20,0 1 S,lJOO 15,0 20.000 30,QOO 15,1)JO 15.000 15.OCM) 15,000 15,LKJO 15.wo 10,1)00 10,1XX) 2,1¢)0 2.100 2.100 25,475 25,475 20,9)2 6.100 213.354 20,502 17,000 17,lJ)Q 17,000 103,727 UK Friends of l.D.C. Carrfgd forward 284,840 88.2 393.342 1,175,268 15-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payabl• (Contlnuod) Education Oversea$ Arts and and tralnlng ¥ld ¢ultur* and n•ral charitable causes Health Total 2023 Bryght forward 20.500 284,840 88,002 393.342 1,175,268 TelAviv University Trust Tel Avfv FOUndaOn T&lAviv Unlverslty- Renovate Laboratories My Israel Ben Gurlon un1v9lty Foundatit The B•lsizé Squarg SynagogueAnnual Israel Appeal Sav8 a Chikf8 Heart Magen Davld Adom UK tTC The Israel Tennis Club The Cèntral British Fund for World J8wsh Reliel B'nai B'rith Hill Foundatson Britssh Emunah Fund UK Frionds of Israel Sport Centra for th8 Disabled Garsington Opera Reichman Univorstty Sland with Us The Bnti3hAssaf Harofe Hospital wizo The Jaffa Institute 14.132 10.trfJo 14.132 10,000 372,628 5.000 34,500 10,000 10.000 5.000 2,217 20,(#JO 2.217 20,000 10,000 33,075 17.000 5,000 10.000 10,000 10,000 10.000 5,000 5.000 46.900 7.500 7.500 5.000 200,625 36,780 2,625 36.780 155,529 54.500 512,965 93,002 815,996 1.617.516 16-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Support Costs Support Gov•rnanc• costs 2024 2023 Slaff costs Office sefwe charges Travelling Cfv8rs8as reprn111Ves Other costs 43.327 12,726 43,327 16,970 41,331 18,668 2,730 26,262 4,244 22.270 99 22,270 99 Audit fg9S Accountancy Legal and prof888ional Insurance 7.000 23.360 16.800 2.328 7,000 23.360 16,800 2,328 7,000 25.400 1,685 2.188 78.422 53.732 132,154 123.360 Anatysed tetween Charitable active3 78.422 53,732 132,154 123,360 Offlce service charrjes payabb of £16,97012023.. £16,668) havo bggn all01d belwe8n support costs175%) and govem•nce ry)sts125%1 b8sèd on an estimate of usage. The total support governance (x)sts attributablè to charitable titse$ are apportioned pro rats to the cost of grants. Trust••8 None of the trustees {or any p9r50ns connected with them) recelved any rgmungratK*n or benefits Irom the d)arfty during the ye8r. AudltofB remuneratlon The 8naty81$ of audltorfs remuneration is as folows.. Fws payable to th• charity's audittx: 2024 2023 Audit of the CharitS annual acrounts 7.1)00 Nonvaudit s•rvic•s All other non-audit servi 23.360 25,400 17-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 10 Employus NuMr of mip108 2024 Number 2023 Numbew AdThHnistratJn Employment ¢oJts 2024 2023 Wages and salarias 43,327 41.331 There were no employ who$8 annual r9muner81ion was £60.000 or more. 11 Taxatlon The tharty is exempl from taxation on its actiwbes becauso all its Incomè is appliod for tharitable wrposes. 12 N¢1 galn8l11¥eS) on Inveslm•nts 2024 2023 Revaluation of Investments Revaluaiion of Investment prowtiès 96,522 1158,4031 {8.8021 250,000 161,8811 241,198 13 Invostmont prop•rti•$ 2024 F•ir valuo At 6 April 2023 Additions Net gains or bsses through fair value adjustments 17,182,868 65,896 1168.403) At 5 April 2024 17,090.161 J Gee is a trust&& of the charty considerable knowbdge and exp8rience of the properties and hls company AJchie Shgrman Administration Limited man8g8s the Trust's portfolio of inv8sth)ent properties. The properties have bèon ststed at their fair values as al S April 2024. as assessed by M J Gee bas8d on an assessment of rental eldS together olhei relevant fadors and agread by the oth8r trustees. 18-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Flxed asset Investments 2024 2023 Nots8 Investments in subsidiaries Listed investments 20 1,076,173 979.651 1,076,376 979,854 2024 2023 Listed investrnents rryIng amount 1.076.173 979.651 Mov•mènts In non•eurrent Inveslments Llstsd Investments Investments In subsidiarlos T¢)tl Co$t or valuallon Al 6 Apnl 2023 Valuation ehanges 979,651 96,522 203 979,854 96,522 AI 5April 2024 1.076,173 203 1.076,376 Carrylng amount At 5 April 2024 1,076.173 203 1,076.376 At 5 )ri12023 979.651 203 979,854 13 Tr•d• and oth•r r•c•lvables 2024 2023 Am)unts falling dut wthin t)n• yoar. Arnunt due fft)m subsidiary Other receivables 1.509 411,977 122,434 413.486 123.743 19-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 16 Current Ilabllllles 2024 2023 Other taxabon and solaal Security Grants payable Other payables AcrJuals and deferred Income 4.555 461.499 171.095 360.547 10,165 429,640 152,321 328,146 997,696 920.272 17 NonwcU•nt liabllltl•s 2024 2023 Grants payable 621,416 812,607 18 Unr•strf¢ted funds Th8 unrestricted funds of Iha tharity u)mpfiSO the unexpanded balan of donati(S and grants which are not subject to specific Condit}n5 by donors and grantors as IL) how they may be used. These include designatsd funds 1£h have be6n sel aside out of Un$triCed funds by Ihe trustees for Spo¢if purptsse5. At6April 2023 Incmilng R•sourc&s TKoUr$ expondad Gn8 and 10$5•4 At 5 Aprll 2024 Gener fvrKIs 18.076,245 1,407,338 11.198.719) 161.881) 18,222.983 Pr•viou$ year.. At6April 2022 Incoming rnsourc•$ ResouY¢•s expendèd Galns and At S Aprll 2023 General funds 18,688,579 1.1TT,835 {2,031,3671 241.198 18,076.245
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 19 Gr•nt ¢ommilmgnts Charltabl• commitm•nts a¢cruod Grant commitments recognised al Ihe start of year Commitments made in the year Grants pal¢J during the year Foreign exchango difference on ¢ommltm9nts 1.242,247 815,996 1961,3311 113.9971 AwTh)unt of gr•nt ¢ommltments recognlsed at 5April 2024 1.082.915 Grant Commitments at 5April 2024 rac(nised as.. Due within on8 year.. Due over one ye8r. 461,499 621,416 1,082.915 20 Sub$ldlarl#$ These finarKSal stslgmonts are separate charty finanaal statemènts forThg Ahle Shfjmian Charitable Trust. Detsi18 ofttr chaiiV8 subsidi8ri8s at 5April 2024 are 88 folk)w8". Name of undortaklng Rgglstsr Nalur• of bUsIn5 Class of % H•ld $1•$ hold Dlrgct Indlr• Archie Sherman Tnjsl Nominees Limited Icompany MuMr 009155821 ASCT Devekpments Limited England & WaS Domiant (Company Number 03741751) Thamawell Limited (Company England & Wales DOMnI Numbgr 008517921 England & Wath tlormant Ordinary 100.00 Cdinary 100.00 Cydinary -21-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 20 Subsid1a {Contlnu•dl The aggregate capital an(1 reserves and the resutt for the year of subsidiaries excluded trom oonsoldation was as follows= Nam• of und¢rtaklng Pr0fftllL¢1 Capltal and R•s•rve$ Sherman TrLtst Nominees Limited Icompany Number 00915582} ASCT Dev8lopments Limited {Company Numbgr 03741751) Thamawell Limited (Company Number 00851792> 100 961 1665} {97> 1465) The thariV5 subsidiaries are nominee companies whi¢h hoby no assgls In their own rYJht. 21 Rolatgd party tranuctlons During th8 year thg tharity made th*nation8 of £60,000 {2023: £45.0001 to the Diana and Allan Morgenthau Charflabl8 Trust la ch8rlty of which A H S Morgenthau is also a trustee} and £45.00012023: £45,000) to thè Jacqueline and Mithael Gee Charitable Trust18 charty of whrth M J Gee is also a trustee). Duiin9 thè y8ar thè charity also made donations of £25.47512023'. £6.11JO} to the Brttish Friends of the Jaffa Inslituta la charity of vA)Ich A H S Morgenthau Ss also a trustee). During the year the charfty paid propety management fees of £133.64612023'. £126.() and office seThic6 charges of £16,97312023: £16,668) lo Archie Sherman Admlnlstration MIt&d. a conw8ny controlled by M J G88. Al Ihe year end the charity owed Archl8 Sh8rm8nAdministration Limited £12.821 (2023: £16,992). At the year eThl, charitys subsldiary undertaking, ASCT Developments Limited fthg company'l. owed th charity £1.20312023'. £1.1031. Thè (x)mpany was d¢)rmanl during the year. -22-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 22 Cash gonoratod from operatlons 2024 2023 surplusl1d8fit) for the year 146,738 1612.3341 Adjustrnènts for Inv8stsn¥nt income iecognised in statement of finanrAal actmlies Fair value gains arKI losses on inveslTTpnt propertie5 Falr valug gains and108ses on investments {1,407,3381 11.177.835) 158,403 1250.0001 (96.5221 M¢)vements in wothing capital: {Inc*easel in trade and other re1vabS {DecreaseYincrease in trade and other payables {289,743) 1113.767} {9,3601 985,838 Cash abSO&d by operotionty {1,602,2291 11,054.8891 23 AnatysS9 ot ehang•s In n•t funds The charty had no material debt duriThJ the year. -23-