Charlty reglgtratlon numbèr 256893 THE ARCHIE SHERMAN CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED SAPRIL 2025
THE ARCHIE SHERMAN CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees MJ AH S Month8U R Frgedman Asimon Ch•rity nUmr 256893 Prfnclpal addre 274a Kantish Town Road Lond NW5 2AA Audltor TC Group 5th Floor 3 Dorsel Rise London EC4Y 8EN Bankors Barclays Bank plc CardrftQueèn St Leie£ster LE87 2BB Soll¢ltor8 Nlchofas and Co 10-12 Bourfet Close London W1W7BR
THE ARCHIE SHERMAN CHARrrABLE TRUST CONTENTS Page Trustèès. rnport Independent audiloffs report Statemant of finanaal adiwbe8 Statement of fina[81 poslllon statement of cash flows 10 Notes to the financial statements 11-22
THE ARCHIE SHERMAN CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2025 The trustees presonl Ihglr rgport and audlted finanLYal $la19rn8nls for the year gnded 5 April 2025. The finawal statsments have been propared In aOrdanCe wlth the accounting policjes set out in note 1 to the financial 5tatgm8nt5 and cOrnp wilh th8 chaTiVs Iru5t deed, the Charitie5 Act 2011 and 'Accounting and Reportlny by Charflies.. Stsl¢ment of Recommended Pra¢lfi¢e applieable to Charl¢$ preparlng Ihelr a(tounts In a¢cordance with thg Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (reCtiV0 1 January 20191.. Oblectlves and actlvltles for th• publlc benefft Th8 charity's short 8nd long-t8rm obl8Ctives indud8 the support of a vJid• range of d)aritsNe ¢)rganisations at the discrètion of tho Irustè8s and as Set out in tho daclaration of tmst. Tha oblo¢llve of the th8rity 1$ to maintsln. and whero posslblg lo In¢rease, the levol of in¢omè and to dlstrfbuta the income lo chosen charitable beneficiaries exdusively lo benefrt educalion and training, overseas aid, arts and ¢ulture, health and general Charllable purposes. The charitys overall strategy to achieve the obiecbve is effective management of its Property portfolio to maximis& r&nlal rebjms. The charity has no other significant activities. The charilvs TesourcBS are reviewed al Ihe regular trustees, ma8tings to allow infomied decssions to be made on grant commitmenis. Th¢ ch8rity makes small gnd18rgg grants to a wide variety of charities based Sn th8 UK and overseas. When the charity is approached to assist substantial capital or building projects. the trustees undertake due diligence before deciding whether to make a commitment. Where thg charity has made 8 commltmgnt to make p8ymonts over sev8ral years, the trusts8s monilor lh8 progress of the project before releasing payments. Th& charity ha$ nol made u80 of any volunteers durfng the y&ar. The trustees rewew all ¢ommStments on a forwards fiveear basis. In paclaT. the charity entered into the followlng commitments.. ISCD - $150,000 over 4 years to Irtstall green energy photoO11a1C cells on the gym roof for the Israel Sport Cgntro for tha Disablad. MDA UK- £300,0 over 3 years to support the building of a protected dispatth centre. UJ- £146.650 over 3 yèars to suppcwi the constfuction of an emergerKy water system. Thé trustèès eonfim that thèy hav8 referred to the guldance CA)ntsined in the Charity Commission's genoral guidan¢e on public bènefft Wh rovi&wlng the ¢haritys alms and obl8ctives and In plannlThJ future activtties and sottiThJ tha grant rnakiThJ policy for the year. Achlevements and performance èvel of Incomè Overall. the charitys invostment income de¢Teased ty £111,191 (2024= inueased by £229,503) ctsmpar•d to th prewus year. Renlal and olher propety income r•e6iv8blè dè(èas8d by £117,910 12024: increased by £229,491) whitst intgrest r8ceivablÉ incrèased by £6.719 12024.. inu•as8d by £121. Nthithstanding the ¢ontinu8d difficult rtM$tneÈ5 prevaillng In the UK commercial property market during the year. the trustees are sallsfled wrfh the perfomwn¢e of the portfolio. ncome Distribution During Ihe year. 113.7% (2024: 81.7Ytsl of the yearfs n8t inccThin9 resoureès w•r0 distributed and committed to charitable beneficiaries to benefit education and Iralning, overs•as ald, art 8nd culture. health and general charttsble purposes, Indvdlng support and governance costs allocated lo those charitable 8clivilies. Unrestricted FU18 Th8 ch8riVs finana81 posltlon at the end of the pgriod was entirety satisfactory. The unrestricled funds during th¢ rinancial year decreased by 2%12024'. increase of l.hl compafed to the previous year.
THE ARCHIE SHERMAN CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Factors relevant to achi Rental income is the main source of incoming resourcs. The prevailing mark8t conditions have a sp3nfficant effect on income generated, and conditions during the year ¢ontinued to be difficult with commercial properties sufforing frixn lower rental yèlds as a resum of a continued d8clina in the popularity of UK high streets. Th8 trustees attempt lo miligale these effects by negotiating rent $ting and new Ignants to ènswè a satisfactory income for the trust while recognisirmj the reality ol the tough economic conditions cuThenlly facing tènants. Th8 P8reant8gè of funds distributed and eommitted to charitable causes will vary from year to year beeause the trust, gr8nl maklng d8usions are bas8d on estimatès and projections of income r1Vable which are naluralty subject to tharKJg. The trustees are responsible for monitorlng the chartlls Investment management and governance c4)sts in order to maxlmlse fund$ avalable for charitable purposes. Flnanclal rnvlow The Statement of Financial ActitIes. set out on page 8 of the financial stslements, show3 how the charity's ineoming resources have been expertded during Ihe year ended 5 April 2025. Thg thartty ¢onUnu&s to holj a substantial (und bas• from whkh the income generated Is dlstrfbuted through grant Mang activibes. Thè charltys ass&ts are held in order to generale income for charitable donations. The main asset of the charity 1$ a portfolio of ¢ommerdal properties. The fair value of the investment propety portfolio was assessed by M J fj¢¢ as at 5 April 2025. Net inming re$our¢os. vA)ich 8ro 8 k¥y perf¢)mi8nes )dICatOr. av8ilablg for dislribution during thg ygar wgr9 £985,71912024= £1.142.7721- Th8s8 w8ro used to fund ¢haritablè axpènditura and goveman¢g $ts toialling £1,120,83512024.' £934,153}. At 5 April 2025 the tharity held net 88sets of £17.779,624 12024.. £18,222,983). Projo¢t¢d grants payablg ovgr thg next fi yaars whi¢h th8 charity had comrnitted to by the year end are apPr0ma1ety £1,059,29412024.. £1,082,915) in totsl and al 5 April 2025 had bs&n fully 8cc¢unt¢d for as grant o)mmitments payable. Inv•stm•nt pollcy Th8 twsl8¢s follow a poll¢y of maxIming th9 rotum on Invgstsmants whlle ensurfng acceptsble ve1$ of rfsk arKJ rf there is lo be a matérial financlal invèstment, thè èxlenl to whith this will have SOal, environmental and ethical impacts is ¢onsiderod. Thè tnjsleès mÈ•t re9u18dy to di8cv$s wholhor rforManCe has been matdd to objectives. Pollcy on re$•rv•s Reserves consist of unrestrted funds. It 1$ the policy of the to dlstrlbLrte up to 100% of net incorno. in addllion to any undistiibuted unrestrlcted fvnds, at th¢ discretion of the trustegs. Liquid funds are malntslngd at a level which is considered adequate to cover short tem rUlf&Mnts. Th& totsl fvnds al the year end are £17,779.624 12024= £18,222.9831, which Indude £1.144.521 12024.. £1,262,072) of cash. The charity haj no available fvnds al the year end 12024: £56,446}. The charity has no designated futvjs. howgvgr il do8s have various grant cLsmmitments payable over the nèxt 1 10 5 ygars tolalling £1.059,29412024.' £1.082,915I, resutting in o not Cash SulUS of £85,22712024'. surplus of £179,157). Rl$k management The trustee$ h8v8 assessed Ihe malor ilsks to whlch the chartty Is exposed, and satisfled that systems are in place to mitigate exposu to the malor risks. Risk assessments a carried out in ordef to aseertain th8 likglihood of a risk event occurring, of its potenal ImpacL and whether any cost effethe Mitng adon may be taken. Potential risks have been identified and are revl6w•d on a regu18r basis.
THE ARCHIE SHERMAN CHARITABLE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Plan$ for the future The futur8 plans and Object8$ of the Charity are to mainlaln and where p0ble to Increase the levgl of In¢omo or funds and to distribute the inc4Jme or funds lo chosen charitae baneffi¢iarfes. To ensure that fvlure Flans and obi8cbves ar8 set, reviewed, and on larggl. Intslees hold regular meef¢ngs to compare and dis¢us3 the budgeted and actual inojmeldistributions aTKI where necassary seèk Cnsel from professlonal advisors. Stru¢tur¢i goveman¢e and management The ¢harity wa$ e51ablish8d by a charilablo trust doad on 3April 1967. Thg Irust•O8 who served durfng tho year were.. MJG8 A H S Morgenthau R Freedman Asimon The power to apprxnt new or additlonal twst••s is ve$t8d in lh tru5te85. In ex9rcising this p¢)wer. the trustees would use their nelwork of contacts. Including family members. tts identify suitable ¢andidate$ rm8e$$ing the necessary knowl8dg& and skllls to act as trustees. Trustèos aro gXPgCted lo identify their training needs and to lake measures lo ensure that these needs are met. The tharity has four trustee5 including a chart8rgd accounta'nt and a solkttor. Day to day mattars are handled at the charity's office and regular meetrngs ol the trustees arè k1. The Iruslees review all comrnitrnents on fOard five-year basls so that new proie¢ts Can bo undertaken 8nd income is made available. In 1997 the Iruslee5 made charitable settlements of £50 eAeh to ast8blish thraè naw ch8rit8bl trusts. Two of thes? trusts. the Jacquellne & Michael Gee Charitabl8 Trust and the Dian8 an(J Alon Morg¥nthau ¢horitsbl¥ Trust artr controllbd by the trustees M J G88 and A H S Morgenthau respedively and their wves. The eharitls prowty portlolio is manag8d on a profèssional basis by Arthi• Shgrman Administration Limited of whlch M J Gee Is a dIreCt and $018 sharehold&r. Thè trustèès have not recewed any reMuner8tiC during the year. Detsils of experes, fees and related party transactions are disckxed In notes 8 and 21 to the financial staternents.
THE ARCHIE SHERMAN CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 stat•ment of trustees. responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in acLordance wth applicab low and United Kingdom A¢¢ountin9 Standards (United Kingdom Generalty Accept A¢wJnting Practice). The law applKable lo charities in England and Wales requires the trustees to prepare financial ststements for ea¢h financial year which give a thjg and fair vigw of the stat8 of affairs of thg Charity and of thg incoming rsstsur and 4ppli¢ati(trn of resources of thè charity lor that year. In preparing these financial statements, the Iru5tee5 are required to.. - s•l•ct suitabl8 accounting policies and th8n apply Ihem consist8ny.' - (thetve methods an¢J pilnclples In the Charffjes SORP FRSIO2; - make judgements and estimatss that are reasonable and prudenL state whether appll¢aNe a¢¢(MJnting stsndards havè beèn folh)wed, subjed Its any material departures disclosed and explained in the ffinancial slal8ments', and - prepare the financial ststernents on the gn9 t¢0M bas18 unl&s8 M is Inapproprlats to presuff that th8 charity will continue in operation. The trustees are re$ponsSble for koeplng $uffi¢lenl a¢coundng r¢¢ords that dlscfv)se wlth rsasonable accupacy at any time the financial position of the charity and &n8bl8 thèm to énsurè that thè ffinancial statements eownpjy with the Charit18$ A¢t 2011. thg Charity {A¢Unts and Reports) Regulathons 2008 and the provisions of the trust dood. Thèy arè also responsib for safeguardln9 thè asséts of lh$ ¢harty and hen¢8 for tsking reasonabL slepts fof th¥ piovontion and ¢Je1¢10n of fraud an¢J olhor irr¢gularititr$. On bohalf of th8 lJ)8rd of trustees MJO Trustee Dated.. 2 & - ol -
THE ARCHIE SHERMAN CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ARCHIE SHERMAN CHARITABLE TRUST Opinion We have audlted thè financial ststernents of The Archie SheThnan Charitable Trust (the 'charitll for the year ended 5 April 2025 which compri8e the ststemenl of finanual aclNities, the statement ol flnandal posrtlon. the statement of cash Ih)ws and the not8S to Ihe financbal 81atements, includir4J a summary of signSficant accounti KX)lides_ Thè rinancial reporting framework that has been applied in their pr8par81ion Is applicable law and un Kingdom Accounltro Standard$, includin9 Fin8nGial Reporting Standard 102 The Financial Repong Standard applicabl8 in the UK and R8public of Ireland (United Kingdom Generalty Accepted Accounting Practice). In our opini, the finarrial statements.. givg a twe and falr wew of the stale of the charity's affalrs as at 5Aprll 2025 and of Its Incoming resourc4s and appliralion of resources including its income and expenditure, for the year then tsnded,. hav8 bèèn propedy prepared in avxJrdare wth United Kingdom Generally AcL8ptsd AccountiThJ Practice. and have been prepared in accordance the requirements oflhe Ch0ritièsAet 2011. Basls for •plnl)n We ¢onduded our audit in accordance with International Standards on Audftlng IUKI IISAS IUKII and applicablg law. Our rèsp¢)nslb116Uès und8r those st8nd8rds are lurthèr described in Ihe Auditorfs responsith'lities for the audit ol thè financial statemènts se¢tion of our report. We are indendent of the charity in accordance the ethical requlrements that are relev8nl to our audit (rf the financial Slalemènls in Ihe UK. induding the FRC'S Ethical Standard, and we have fvlfilled our olhgr ethical Tesponsibilities in accordance with these requirements. We believe Ihat the audit evidence we havo obtsIn 1$ suffiaent and appropriat to pwvidg a basis for c>ur opinion. Con¢lusSons relatSng to golng concorn In auditing th8 flnan¢i81 $t8tem¥nts, we havg ncluded that the trustse8' use ol the ty)ing ¢oncorn basis ol ac¢ounting in the preparation of the financial statements 15 appropriate. B8Sgd on th9 work we have porfomgd. we have not Idfrntifled any material un¢artainties relating to w$nts or ¢ondititsns tha( individu811y or ¢ollediv8ty, may Gqst signrftsnt doubt on the ch8rity's atrllty to continue as a goirwJ on¢8m for 8 period of at leasl Iwelve months from whpn Ihg financial stslernen15 are authorised for i88ue. Our Tespon3ibilthes and the responsibilibes of Ihe IFustses with respect to wing concem Fr8 described in the relevant sections of this rewrt. othor Inforn)atlon The other info¢Tnalion mpriseS the information included in the annual report other than the finarKial statements and our auditovs report Ihereon. The trustees are responsible for the other infomation contained within the 8nnu81 report. Our opinion on the financAal slalemenls does not coverthg Other inforrn8tion and we do not expre¥s 8ny form of assurance conclusion thereon. Our responsibility is to read Ihe other iwrformalion 8rKI, in doing 59, Gonsidor whether the othèr inloTrnation is materialty inconsislonl with the financial stslemonts or our knowle(1g¢ obtslned In the course of Ihe audiL or otherwise appears to b8 materially misstated. W we id8nlfy such material InnsIstenC1eS or apparent material misstatements, we are required to determine whether this gNes rise lo a materral misstatement in the financial statements themsefves. Ir. based on the work we have perfomied, we conclude that there is matèrial misstatamont of this othar information. wo ara r8quir8d to r8port that fact. We havo nothing to report in thi$ r(d. Matt•rs on whleh w• erè roqulrèd to roport by exceptlon We have nothlng to report in respect of thg lollowlng mattèrs In relatjon lo which the Charities (Accounts aThJ Rgportsl Regulations 2008 require us lo rerxjrt lo you rf, in our opinion.. the infomiaffjon given In the flnandal statements Ls Inconsistgnt Sn any matsrfal resP9Ct whh the trustees. rèptsrt., or sufficiènt accounting r8cords hav• b&&n kept. or the financial ylatements are Trjt in agreement th the accounllng records and returns.. ws havo not roixiv*I all thtr infomation and •xplanatlons raquir8 for our audit.
THE ARCHIE SHERMAN CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ARCHIE SHERMAN CHARrrABLE TRUST Re$pon$lbllltle$ ol INSt$ AS 8xplain8d moro fully in thè Ststamanl of Trust$8s' Rèsponsibllitiès, twstaés arè rèsponsiblg for tho weparation of the lin8nd81818lemonts and for boing satislied that they give a tru8 and falr vi8w, and for su internal control as the trustees detemiine is necessary to enable the preparation of financial statsments that are free from material misstatement. whether due to fraud or eiror. In preparing the financial slalements, the tru51ees are responsible for assessing the charills abifity lo continue as a goin9 concern, doSIng. as applicable. matters related to going concem aThJ using the going cOnCn basis of a¢¢ounting unless the trusta6s elthor intand to Ilquidato thg charity or to ce8$9 oparauons, or havo no r¢all$tic altomativtr but to do so. Audllorfs rosponslbllltlos tor tha audlt of th• flnanclal stat•m&nts We havg been appointed as auditor under section 144 of the Charitias Ad 2011 and report in accordarth the Ad and relevant regulations made or having effect thereunder. Our oblecllves are to obtaln reasonable assuran(* atxyjl wheth&r the financial stslements as a whole are fr98 from material misstatement. whether due to fraud or error. and to issue an audrtorfs report that includes our opinion. Rèasonable assuranc8 is a high level of assuranca but is not a guaianteo that an audit conducted in accordance th ISA5 IUKI will alway$ de18¢t 4 materi81 mi$sts1$rngnt when il exists. Misstatements can aris8 from fraud or error and are conSided material rf, individually or in the aggwale. they could asonahty be expected to influence the 8conomic decisions of users taken on the basis ofthese financial statements. Th• •xt•nt to whl¢h th• audlt was consld•rnd cablO of dot•¢tlng Irrè9ul&rlil•s In¢ludffing fraud Irre9u18rllle8. In¢ludlng fraud. ar6 In8tanc6ts of non-cornpliance with laws and regulation6. We design procedures in Ilne with our rosp0nslbillts. outlinèd above, to detect Irregularitles, incjuding fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting frorn error, as fraud may invofve dellberate Conalmen1 by, for example, forgery or inlenllonal misrewesentations. or through collusion. The extent lo which our procédurès ar& i>pablo of dotecting irregularib&5, induding fraud is detsiled below. However, the primary responsibility for the pr8vénli¢)n and detaclK)n of fraud rests th both those charged with govemance of the enlity and managemenl. Our approath w88 8$ foll¢)ws'. We obtained an understanding of the legal and regulatory frameworks that ar8 applicabl8 to the Charty and determlned that the mtssl signlflcanl are th089 that relate lo the reporfy'ng framework b8ing the Stabment of Recommended Practice applicable to charities preparing theii accounts in accordanc8 with th8 Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. the ¢hartsble ¢ornpanYs M&morandum and Artic$ ofAssodaJon and the Charftios Act 2011. We understood how the charity is c4rnplying whh those frameworks by making enquiries ol manag8ment and se8king repr68entations from those charged wllh governance. We corroboratsd our understandlng by revigwing supporting diKumentation induding trustees rroeting minutes and corr&spondènc& with regulatory bodies. We assessed the susceptibilty of thè tharis financial stslements to material mi5s1atement, including how fraud ml9ht occur by wnsidering the risk of management override of intemal control and by desffi9nallng Incomè racognition as a fraud risk. We performed joumal entry t8Sting by speclfi¢ risk crflerfa. wlh a lo$ on loumals Indi¢abng largo or unusual tranSactnS based on our understanding of th& charity. We lested complet&ne$$ of income through substantive tests perfom8d. analytical review procedures and cut off tests on th• incomè rècogni#8d. Based on this understanding we designe(I audit prKedures to identify non-compliancè wth su¢h18W8 and reguLgtion8. Our procoduros invofved 8nquiii&s of managèment and those th8r9ed with govemance. rewtrw of al arKI profgssion81 expenses and review of trustee mg8ting minut8S. The Charity is a ragulat èntty under the supervision of the Charities Commission. As sh. thg Senior ststutory Auditor nsidr8d the experience and experty'se of the engagement leam to •nsure that the team h1 the appropri8le wmpelence and capabilities.
THE ARCHIE SHERMAN CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ARCHIE SHERMAN CHARITABLE TRUST A further description of our raskX)nslblllfjes for the audit of the finan¢lal statements is located on the Financial R8portSng Council's w8b$Me aL. ht:11w.frC..uk18udIt0rsresponsIb1Iltie5. This description fomis part of our audhorfs r8p(*L Us• of our rèport This report is mad8 solety tr) the charity's trustees, as a body. in a¢cordan¢e with part 4 of the Charitie5 IAccounts and Reports) Regul81ions 2008. Our audit work has been undertaken so that we might state to the tharity's tnAstees those matters we are requirod to state to ihem in an auditors. report and for no olher purposfr. To th9 fUl$t gxlgnl permitted by law, we do not ?pt or assumo responsibilty to anyone other than the charity and the charity's trustees as a body, for our audfc work, for this rewl, or for the opinions we have fomied. TC Group 28.01.2026 StatutoryAudltor 5th Floor 3 Dorset Ri88 London EC4Y 8EN TC Group is glMJiblg for appointment as auditor of the chorty by virtu• of ils $l1b111ty for appolntment a$ audh¢r of a company under section 1212 of the Companies Act 2006.
THE ARCHIE SHERMAN CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025 2025 2024 Inve3tmènt in¢om& 1,296.147 1,407.338 Raising funds 310.428 264,566 Not ineomlng r•soure•s 985.719 1.142.772 harftable aclivities Education and training Overseas aid Arts and culture and general charitable causes He8tth 156,109 255.598 529,518 180.659 166.719 63,327 596.042 108.065 Total charitable ndItUr* 1,121,884 934.153 T0t•l •xp•ndltur• 1.432.312 1.198,719 Net gpinsllbssesl on investrnents 12 1307,1941 181,8811 Ngt movom•nt in funds 1443.3591 146.738 Fund balances at 6 April 2024 18.222,983 18,076,245 Fund balancK at 5 Aprll 2025 17.779,624 18,222,983 The slatomt of financial activilies includes all gains and losses reLJJgnised in the year. The statement of finaneial octivities includes all gains and losses reeognised in the year. All income and expenditure d&rive from ¢onlnulng actfvlll&s.
THE ARCHIE SHERMAN CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS AT 5APRIL 2025 2025 2024 Notes Fixed Investment properbes Investments 13 14 16,818.378 1,040,965 17.090,161 1.076.376 17,859,343 18,166.537 Curront ass•ts Trade and other Teceivablos Cash al bank and in hand 15 439,707 1,144,521 413,486 1,262,072 1.584,228 11.143,822} 1.675.558 1997.696} Currgnt liabilitioy 16 N8t current assets 440,406 677,862 Totsl as$gts Iw¥$ ¢urrgnt IlabltIl$ 18,299,749 18,844,399 Non4urronl Il•blliti¢s 17 1520.125) {821.4161 Not assgts 17.779,624 18,222,983 Incomo funds Unrestricted funds 17,779.624 18,222,983 17.779.624 18.222,983 The notes on pages 11 to 23 form part of these financial statements 26.01 ..Z• Th%finanoial statements re approved by the Trustegs on......................... MJG90 Trust
THE ARCHIE SHERMAN CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED S APRIL 2025 2025 2024 Notes Cash fiows from op•rating activiti•s Cash absorbad by Operatn$ 11,413,698) {1.602.2291 Insting actlvluos Improvernents to invèstmgnt PTOPoriy Investmgnt InMe {65.8961 1,407,338 1.296.147 Net cash g•noratsd from Investlng a¢ti¥iti*¥ 1,296,147 1,341,442 14•t cash us•d In flnanclng actlvltl•s N•1 dr•8 In eash and cash U1vaI•ts 1117.5511 1260,787} Cash and cash equivalents at beginning of year 1,262,072 1,522,859 Ca$h and c•$h oquiv#lènt$ at •nd of or 1,144.521 1.262.072 10-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accountlng pollcles Charlty Infomi#tion The Archi8 Shemian Chartiabla Trust Is 8 charlty ièglstered in En9land and Wales. The th8rity5 prinripal addr8ss is 274a Kentish Town Road. London, NW5 2hA. 1.1 Accounting COnntIon The finanrial statements have been prepared in accordance with the charws Trust Deed, the Charities Act 2011 And 'Aceounting and Rgp)rbng by Charitlos= St8tement of Recommended Practice applcable lo h8ritlg5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelond IFRS 1021 {efftrctive 1 January 20191.. Th8 tharity is 8 Public Benefit Entity as defined by FRS 102. Th8 financial statements have departed from the Charlties {Accounts and Reportsl Regulatlons 2008 only to the extent required lo provide a true and fair view. This departure has invofved lollovAng the Statement of Recomrn8nded Practice for charTbes applying FRS 102 rather than the version of the Statement of Re(MMended Practice which is referred to in ihe Regulations but which has sinco been with(Irawn. The fin8n¢lal stslements are prepared in ¥leding, vthich is the functional currency of the charty. motary atnounts in these finan(xal slatemgnts arg rounded to the neargst £. The financial statements have been prepared under the hi5torfcal o)st conventKsn. modified lo include the valuation of freèhold pror•S and to ineludè invesan1 propèrtiès and ¢ertain financial inslnjrnents al fair vAlue. The princlpal a¢Unn9 poll¢6&s adoptsd are set out bebw. 1.2 Going concem Al the time of approving the financial statements, the trustees have a reasonable expectslion that the charity has adequate resources to continue in operalional existence for the foreseeable future. Thus Ihe tnjslees continue to adopt the golro concern basis of accounting in preparing the financial statements. 1.3 Charltabl• funds The ¢haritls unreslricled ftjnds are attributable to thg onginal amount $ettbd on lh¥ eharrfy, $ubs6qu¢nl 5ettlemen15, accurnulaled reali5ed and unrealiseil capitsl gainsnosses and undistributed inme. Unr$stri¢ted lunds are avaSlable for use at the dlscr6tion of trustees In fvrtherance of their charitable objective8 unle83 the lund$ hav* bggn dg$tgnalgd for other purposès. 1A Incoming resources Inv$slmenl in¢om8 is tram through holdlngs of assets for Investment purposes such as shares and proporty. Income indudes Inte$t and rent and Is re¢ognlsed when thè amount can be measured rellably. Interest income is recognised using the effective interest method and rental incom8 is recogni88d as thè ¢haritls right lo re1ve payment 18 èstablish8d. 1.5 Resources expended Expenditu on grants 1$ ro¢ordgd on¢6 the charty has made an unconditkjnal commttment to pay the grant and th1$ 1$ ¢ommunicatsd to thg bgnèfidary or the grant has been pald, whichevor Is the eartlor. Olher expgndlture is Included In th8 finan91 slatements on an accruals basls. Charftablè adfvlli$$ Indud8 8xpènditure associated with grants payable, support costs and gOVernar costs. Support costs include staff, office and 0th8r ¢osls incurr8d In thè mnnlng of thè charfty. Govemance o)sts In¢lud8 tho$8 Incurred In the governance of tho charfty and Its ass8ts and aro primarily associated with Constituthonal and statulory requirements. Support cost5 and VernanCe eosts hava baon apportlon8d agalnst aaeh Indwidual charitable activity. 11
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 A¢¢ountiny poll¢l•$ (Continued) 1.6 InY•slm•nt prop•rtlos Investment property. which is property held to eam rentals andlor for capital appreciati¢n, 1$ mgasutyd using the f8ir valuè model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is rgCO9niS8d in net incomoll&xpenditure} foi the year. 1.7 Non4urrent invostmonts Flxed asset Invèstments are a fomi of tsac financAal instrument aThJ are llIa1 T6C4)gnlsed at their transaction value arKI subs8n11Y m&8$ured at thalr fail value as at Ihe balanc6 she&t date using the closing quoted market price. The statement of finanrial a¢tiviti&$ ineludas thé nèt goins and losses arising on valuatk)n and dlsposals throughout the year. A subsidiary is an entity eonlrolled by the charity. Control is the power lo govem the finanaal and operating policies of the entity so as to obtsln ben6fft8 fromlts 8cfjvNI&$. 1.8 Cash and cash •qulval•nts Cash and cash equivalents include cash in hand, depo8its hgsd 8l rall with banks and othar short-t8rm liquid investments wth original maturities of three mtsnlhs or1&5S. 1.9 Financial instrumènts Th¢ Charity has elected to apply the prow3iofb8 of Section 11 'Basic Financial In$lrumonts' and $tiOn 12 'Oth&r Financial Instruments Issues. of FRS 102 to 811 of its finanThal ingthJment$. Financial instruments are recognised in the charity's statement of ffin8na81 po8itk)n vA)on tho ¢harty bacomes poty to the ntractUal provisi0r of th8 Instrument. Finantyal 8SSets and liabilities are offset, with the net amounts prnted in the financ4al Statements, when there is a legalty enforcgable right to 88t off the ro¢ryJnlsod amounts ond thergls on int¢ntion to settle on a net basis or to realise the asset and seltle the liability simuttaneou¥ty. 8asl¢ flnan¢lal ass•ts Basic ffinancAal assets. which indude trade and other receivables and cash and bank balances. a inIallY mèasurod at transaction price including Iransaction costs and are sub8equently c8rried 8t amortised cost using the effecllve Inlgrgsl mothod unlg$s thg arrangement constitutes a finanang transaction, tha transaction 15 measured * thg prgsent valug of lh8 futurg rac•ipts discountod at a mark•t rat8 of int•r•st. FInarla1 ass8ts ¢lassifled as re¢elvable wrthin one year are not anY)rtised. 8ask financial liatslities Basic financial liabilititrs, including other p8y8bbs, 8o inili81ty rg¢ogni$od at transaction price unless the arrangement constitutes a financing tran$actk*n, where the debt instrument is measured al the present value of thg fvturè receipts diswuntsd at a market rat¢ of Interest. Financial liqbilibè$ ¢lassified as poyablg within one year are not am()rtised. D$bt instrum8nts arg sub$aqut1Y ¢arrf&d at amordssd ts)st, using the &ffo¢tiv8 interast Tate mèthod. Amounts payab are ¢la$sifled as (lIent liabililios rf paymanl is duè wilhin t8 year or less. ff nol. they are presented as r)n-rrent liabilities. D•rncognition of finanei•l liabilitios Financial liabilities are derecognised wh8n tho charlty's contraciual oblSgalon$ oxplro ¢y dlstharged or cancelled. 12-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Accountlng pollcl•s IContlnu•d} 1.10 Employ8• b•nofits The cost of any unu8ed hollday gntltlgment18 recogn18ed In the perbd In whtch th& emplo0,8 se$ #re received. Termination bgnefils are recognised immedialety as an expens8 when the Charfty is demonstrably committed to terminate the employmsnt of an employèè or to providè 18miinatw)n bgnefits. 1.11 Forolgn exchango Transaction5 denominated in foreign cyjrrencies are re¢orded ot Ihe ratg rulng at the d8te of the tr8n88Ction. Monetary assets at)d fi8blhUe8 denomln8te<l forefjgn currenciès arè Ir8nslaled into sterling al the rates of xchan99 rulin9 at thg balancg shegl date. Diffgrencgs arising on commitmenis in foreun curronaes are allocated against the levant hgadiny under charitsble activities. Differences on bank balances are included vrith support costs. 1.12 Charftabl• eommttmonts Charitable commf(mentS are providgd as liabililÉ8s, discounted al an appropriate r8te. and Shown 88 grants payabl• wh8r8 thèy arè legally or constructiv&ly binding. Tha excess of chartsblg commitments paid over the dis¢ount8d commitments previously provided are treated as unwinding charges and included as part of grants payable. crftlcal accountlng estlmates and Judgements In the application of the charitls accounting policies. the trustees are requlred to mak6 Judgèmènts. 8slmat8s and aSsuMpnS about th8 Cang 8mount of assets atKI Ilabillues that not r08dily apparent from oth&r sources. The estimal*s and assoaated assumptlons are bas8d on historical èxpèriènca and othèr factors that are consldered to bè relavant. ActuBI rasults may dfffer from th&sa 8stlmat8s. The estlmates and undwlylNJ assumptlons are reviewed on an ongoing basls. Revislons to aUntIng ¥stimal¢s are recognised in the p0ri0d in which o$1imato is rewsod whore th$ rewsion affgcts onty that poriod, or in the pericAY of the revision and future perK)ds where th¢ rovision affect8 tx)Ih current and fvtuTe periods. K•y $our¢os of estlmatlon un¢èrtalnty The estimates and assumph.ons which have a signiftcant risk of causin9 8 material adjustsnent to the carryng anKJunt of assets and liabilib"¢s ar¢ 8$ folbws-. Valuatlon of Inwstm•nt prop•rtl•s Investment properties are recognised at fair valu8, with changes in fair value b.ng recognised through profrt or 1053. The investment properlies are ststed al the tru$tees' v81uation on an open market basis. There is an inemlable degree of judgement invofved and value ¢xn only ultimately be reliably te8ted in the rraTkel itself. Inv•stm•nt Incomè 2025 2024 Rental an¢J other property income Intsrgst rgrRivable 1,289,413 6,734 1,407,323 15 1,296,147 1.407,338 13-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Ral$lng funds 2025 2024 Propgty r8181gd costs 310.428 284.566 310,428 264,566 Prop8ty r8lat8d costs compriso £147,583 12024: £133.6461 of managèmant fè*$ together with oth&r prop8rty reLqtsd exp8nditure of £162,84512024.' £130,920}. Ch•rltable a¢tlvltles Educatlon Ov•rs•as Arts and and trainin9 ald cultur• and gengral haritable taus H••lth Total 2025 Total 2024 Grant funding of aclivities (see not8 6) Foteign exd)an Share of support costs (see te 71 Share ol veman¢¢ )sts1$0g noto 71 160,699 121,4201 231.368 479.320 163,533 1,034,920 121,420) 815,996 113.9971 11,317 16,293 33,754 11,516 72,880 78.422 5,513 7.937 16.444 5,610 35,504 53,732 156,109 255,598 529,518 180,659 1.121,884 934,153 Anatysls by fund Unrestricted funds 156,109 255,598 529,518 180.659 1,121.884 156,109 255,598 $29,518 180,659 1.121,884 Forthe yèar èndod S April 2024 Unrestricted fiJnds 166,719 63,327 S96,042 108,065 934.153 166,719 63.327 596.042 108,065 934,1S3 14-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Grants payablg Edueatlon Ovws•as Arts and *nd tralnln9
kl ¢ultur• and
9on8ral charltable ¢auM8 H•#lth Totsl 2024 Grants to institutions: Yad Vashem UK Foundation Tho Diana and Allan Morgenthau charit0 TnJst The Jacqueline and Michael Gee Charkable Trust The Rosalyn and NhOl&S Springer Charitable Trust Jew7sh Chikl's Day Yemin Orde- Renovate Children's HoJs¢ Jewlsh Care Royal Opgr8 House Covent Garden Foundation The Royal National Theatre Norwood Raven8wood Nightinoalè Hammér8on Community Security TTUSt Youth Aliyah- Child Rescue (Yemin Ordel Glyndèboumè PToducfjons Llmlted The British Friend3 of the Jaffa Institute Shaare Zed8k UK The Royal Acadamy of Arts JCOSS 1,805 1.805 3,681 82,500 82,500 60.000 82.500 82.500 45.000 77,500 77,500 50,000 31,615 12,612 12.612 87,500 16,819 37,500 87,500 9,000 8,650 20,000 20,000 15.000 15.000 20.000 15.iXK) 15.000 15.000 fS,O 20,c(JO 20,000 15.000 10.OLKI 2,100 2.100 2.100 1,791 1.791 25.475 20,502 7,883 17,000 17,000 100,000 17.000 100,fx)O Carrfed forward 116,208 310,600 125,383 532,191 393,342 15-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Grants payable {Contlnu•d) Education Overseas Aits and and tr8lnlng aid culture and g•n•ral ¢harllable Ca$ Health Total 2024 Brought fOard 118.208 310,600 125.383 552,191 393.342 Tel Aviv University Trust Tg1 Avlv FoundatKJn My Israel Ben Gurion Univwsity Foun¢J8bon Thè Bdsizo Square Synagogu8 AJ)nual Israel Appe81 ISCD- Cl88n Enargy on Gym Roof Save a Child's Heart Magen David Adom UK UJIA- Re Grow Israel Water The Cenlral Brftlsh Fund for Wtsrfd Jèwlsh Relief Jew5h Book Weok B'nai B'rith Hilbl FourKlalion British Emunah Fund UK Friends of l$raèl Sport Centre forthe Dlsablod Gorslngton Opera Reichrnan Unlver8tty Stand with Us The British Assaf Harof8 Hospital wizo The Jaffa Institute 10,459 10.459 14,132 10,000 34,500 15,000 15,000 10,000 10,000 10,1]00 105,731 105,731 2.217 20.000 272.325 {177.2è8) 95.027 136,341 136,341 30,000 5,000 30,000 5,000 5.000 10.000 38,150 38,150 5,000 25.823 10.000 5,000 46,900 7,500 5,000 25,823 5,000 200,625 ,780 6,198 8.198 190.640 423,666 472,529 151.915) 1.034,920 815.998 16-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Support costs Support Governance costs eosts 2025 2W24 Staff cKtsts Office service charges Overseas r6près$ntstNe$ Other costs 38,652 13.080 19,996 1.152 38.652 17,440 19,996 1.152 43.327 16,970 22,270 4,360 Audll fe89 A¢counlan¢y Legal and professional Insuranc• 7.000 21.770 21.770 23,360 18,800 2,328 2.374 2.374 72.880 35.504 108,384 132,154 Analysed betwggn Charltable aCVille$ 72.8BO 35.504 108,384 132,154 Office seNce charges payable of £17,440 12024.. £16.9701 have been allocated bolw88n support eosts (75%) and govemanee costs125Vol based on an estimate of usage. The total support and governance costs attributab to charitable acbvitiès are apportbnad pro rala lo thè eost of grants. None of the trustees (or any persons connected vthh them) r1Ved any reMeration or beneffts from Ihe charity during the year. Audltorf$ remun•ratl*)n The analy813 of audilof5 remuneration is as follJw3: F••s payable to thè charity'5 auditor. 2025 2024 Audli oftho ¢harTty's annual accounts 7,000 7.000 Noll-audh •grvlcg5 All other nonryaudit seryices 21,770 23,360 17-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 10 Employ••s Numbor of •mployM$ 2025 Numb•r 2024 Numb•r AdminislrètKin Employm•nt $ts 2025 2024 Wages ar salarS 38.652 43,327 Thèrè were no employees who$6 annual rèmunerab'on wa$ £60,000 or more. 11 Taxation The charity is 8xempt from taxation on its activiti8s bocausa all its incomo is appllad for ¢horltablg puyposgs. 12 N•t gaIn{lo$S•s) on Inv•stm•nt$ 2025 2024 Revalualon of investments Revaluation of investment propertlos 135,4111 96,S22 {271,7831 {158.403) 1307,1941 161.881} f 3 Inv•stm•nt prop•rtl•s 2025 Fair valu• At 6Aprfl 2024 Ngt gains or10880s Ihrough fair value adjustments 17.090.181 1271,783) M 5 April 2025 16.818.378 M J Gee, a Iruslee of the charity, has considerable knowledge and experience of the charws property rtfolio. His c(panY, Archie Sheman Adminlstration Limited, manages the Trust's invèstmént properties. The properbo8 h8ve been stated al their fair values as at 5 ApAI 2025, based on valuatlons perfom)ed by M J Gee using rkntal yialds and other relevant factors. and subsequenuy agreed by tha oth&r Iruslees. The key factors consideied inc*Jded. but were not limited lo. property localion, cA)ndition. tenant qualification and eofflparable market rents. Ind8peThJ8nl yaar ond valuations were also obtained for certaln prop8rtw from qualthed independent valuers holding r8¢0gnised professional credentials. and thasa havo been taken into anI by M J Geo in detemilnSng the final valuations. 18-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 14 Fixed asset investments 2025 2024 Investments in subsidkaries Listed investments 20 203 1,040,762 203 1,076,173 1,040,965 1,076,376 Movemènts In nonrfurr•nt Investmènts U$t•d Inv•$tm•nts Inv•stm•nts In subsidiariÈ$ Total Casl or valuatlon At 6 April 2024 Valuation changgs 1.076,173 135.411 203 1.076,376 135.411) At 5 Aprfl 2025 1.040.762 203 1.040,965 Carrylng amount At 5 April 2025 1.040.762 203 1,040.965 At 5 April 2024 1,076.173 203 1,076,376 15 Trado and oth•r rec•ivabl¥s 2025 2024 Amounts falllng du• wlthln one year: Amount du8 from subsidiary Othar rvabl&S 1.509 411,977 439.707 439.707 413.486 16 Current liabilities 2025 2024 Oth&r taxation and s(yial Grants payable Other payables Accruals and deferred income 6,349 661,569 149,722 326.182 4,555 461.499 171,095 380,547 1.143,822 997.696 19-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 17 Non-curront Ilab115tl•s 2025 2024 Grants payabb 520.125 621.416 18 Unr•strlct•d funds The unrestrict8d funds of the ¢h8rity Comprise the unexpended balances of donations and grants vthich are not subj8Ct to swfic conditions by dorKJrs and 9rantors 86 to how they may used. These include d8signatsd tunds vthich have begn Set aside out of unrestricted funds by the trust•&s for sp8afic purposos. At 6 Aprll 2024 In¢omlng R•$our¢•$ r•sourcos •xpended Galns and losses At 5Aprll 2025 General funds 18.222,983 1.296,147 11,432.312) 1307.1941 17.779.624 Prevlous yoar: At 8 Aprll 2023 In¢omlng r•stsuros R•sour¢•5 •xpènded Galns and losses At 5 Aprll 2024 General funds 18.076,245 1.407.338 11.198.719) 161,8811 18,222,983 19 Grant commltments Charltabl• ommitments aecN•d Grant commitments recognised al the start of the year Commitments mado in the year Grants paid during the year Foreign exchange difference on commltments 1,242.247 1,034,920 11.074,053) (21,420) Amount of grant commitments recognis¢d al 5 April 2024 1.181.694 Grant commitments at 5April 2024 recognlsed as: Due within year. Due over one year. 661.569 520.125 1.181,694 -20-
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 20 SubsldlarE•$ Thesè fin8n¢ial ststements arè séparatè ehayity financial stal•m4nls for Tha Archi• Shaman ChAYitab16 Trust. Details of Ihe ¢h8rty S)$6d18roeS at 5 AprS12025 are as follows.. Nam• of und•rtaklng R•gist•red Nature of business offlco Class ot shares hd % Held Indlr•ct Archie Sherman Trust England & Domwnl Nominees Limited (Company Wales Number 009155821 ASCT D8V8lopments Limited England & Dmnt (Company Nutnber Walas 037417511 Thamawell Limiled (Company England & Number 008517921 Wales Ordinary 100.00 Ordinary 100.00 DoTmanl Ordinary 50.00 The aggregate capital and reserves and the result for tho yg8r of SubsKJiari ¥x¢lud8(I from ¢on$offidation was as follows.. Name of undertaking profftl{L#I Capltal and Resèrves Arthie Sheman Trust Nominees Limited (Company Number 009155821 ASCT Devebpments Llmited (Company Numter 037417511 Thamawell Limrted Ictsmpany Numb8r 008517921 100 1665) {465) The charltys subsldlarfas are nomin80 companies which hold no assets in their own iighl. 21 Related party traTWCtlons During the year the tharity made donalons of £82,50012024.' £60,000) to the Dkqna and Ajlan Morgenthau Charitable Trust la charity of which A H S Morg•nthau Is also a trustee) and £82,50012024'. £45,owI to the Jacqueline and Michael Gee Charitable Trust la charity ofwhich M J Gee is a150 a trust801. During the year th8 charity also made donattons of £1.791 12024.. £25.4751 lo the 8riti8h Friènds of thè Jaffa Institute la charity of which A H S M¢ygenthau is also 8 trust88}. During the year the charity was charged propety m•nagem¢nt fèèy of £147,58312024'. £133,646) and office service charges of £17.44012024'. £16,973) by Arthie Shoman AdministralK)n Limite(I, a company controlled byMJGee. At th& y88r ènd tha charfty Archlo Shaman Administration Limited £18,81812024.. £12.821}. At thè yèar 8nd. th8 eharity8 subsidiary undeTlaking. ASCT Developments Llmited fthe companfl, owed the charity £nil12024-. £1,203). The company was thmiant during the year. 21
THE ARCHIE SHERMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Ca¥h generated from op•ratlo 2025 2024 {Doficitysurpus lor the ye 1443.359 146.738 Adjustments for. Inv6stm8nt Incom• rgnisd in stslgmgnl of financial acliviligs Fair value galns and kisses on Investment properties Fair value gains and losses on investmants 1,296.1471 (1,407.3381 271,783 158.403 35,411 196.522) Mov8mènts In wort(Ing capllal: Ilncreasel in trade and other re¢elvabl8s Incse}1deCreasel In trade and other payablos 126.2211 44,835 1289.7431 1113,7871 Cash absorbed by operations {1,413,698} 11,602,229 23 Analysis ol changes in n•t funds Th8 charity had no material debt during the year.