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 Mo￿nth8U R Frgedman Asimon Ch•rity nUm￿r 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 $la19rn8nls for the year gnded 5 April 2025. The finawal statsments have been propared In a￿OrdanCe wlth the accounting policjes set out in note 1 to the financial 5tatgm8nt5 and cOrnp￿ wilh th8 chaTiVs Iru5t deed, the Charitie5 Act 2011 and 'Accounting and Reportlny by Charflies.. Stsl¢ment of Recommended Pra¢lfi¢e applieable to Charl￿¢$ 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 five*ear basis. In pa￿c￿laT. the charity entered into the followlng commitments.. ISCD - $150,000 over 4 years to Irtstall green energy photo￿O11a1C cells on the gym roof for the Israel Sport Cgntro for tha Disablad. MDA UK- £300,￿0 over 3 years to support the building of a protected dispatth centre. UJ￿- £146.650 over 3 yèars to suppcwi the constfuction of an emergerKy water system. Thé trustèès eonfim that thèy hav8 referred to the guldance CA)ntsined in the Charity Commission's genoral guidan¢e on public bènefft Wh￿ rovi&wlng the ¢haritys alms and obl8ctives and In plannlThJ future activtties and sottiThJ tha grant rnakiThJ policy for the year. Achlevements and performance èvel of Incomè Overall. the charitys invostment income de¢Teased ty £111,191 (2024= inueased by £229,503) ctsmpar•d to th prewus year. Renlal and olher propety income r•e6iv8blè dè(*èas8d by £117,910 12024: increased by £229,491) whitst intgrest r8ceivablÉ incrèased by £6.719 12024.. inu•as8d by £121. Nthithstanding the ¢ontinu8d difficult ￿rt￿M$t￿neÈ5 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 FU￿18 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 resourc*s. 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 ￿$ting and new Ignants to ènswè a satisfactory income for the trust while recognisirmj the reality ol the tough economic conditions cuThenlly facing tènants. Th8 P8reant8gè of funds distributed and eommitted to charitable causes will vary from year to year beeause the trust￿, gr8nl maklng d8usions are bas8d on estimatès and projections of income r￿1Vable which are naluralty subject to tharKJg. The trustees are responsible for monitorlng the chartlls Investment management and governance c4)sts in order to maxlmlse fund$ avalable for charitable purposes. Flnanclal rnvlow The Statement of Financial Acti￿tIes. 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 Ma￿ng 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 in￿ming 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 apPr0￿ma1ety £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 maxImi￿ng 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 SO￿al, environmental and ethical impacts is ¢onsiderod. Thè tnjsleès mÈ•t re9u18dy to di8cv$s wholhor ￿rforManCe has been matd￿d to objectives. Pollcy on re$•rv•s Reserves consist of unrestr￿ted 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 r￿Ulf&M*nts. 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 Su￿lUS 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 poten￿al ImpacL and whether any cost effethe Mit￿￿ng 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 Object￿8$ of the Charity are to mainlaln and where p0￿ble to Increase the levgl of In¢omo or funds and to distribute the inc4Jme or funds lo chosen charita￿e 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 C￿nsel 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 fO￿ard 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 exper￿es, 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 consist8n￿y.' - (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 g￿n9 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 Repo￿ng 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 avxJrdar￿e 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 inde￿ndent 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 In￿nsIstenC1eS 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, d￿￿oSIng. as applicable. matters related to going concem aThJ using the going cOnC￿n 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 conSide￿d 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 ca￿blO 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 rosp0nslbillt￿s. 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 Con￿almen1 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 thari￿s 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 tranSact￿nS 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 s￿h. thg Senior ststutory Auditor ￿nsid￿r8d the experience and experty'se of the engagement leam to •nsure that the team h￿1 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 $l￿1b111ty for appolntment a$ 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 slatom￿t 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 Ilabl￿tIl$ 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 Operat￿n$ 11,413,698) {1.602.2291 In￿sting actlvluos Improvernents to invèstmgnt PTOPoriy Investmgnt In￿Me {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 d￿r•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 COn￿ntIon 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. mo￿tary 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 pro￿r￿•S and to ineludè inves￿an1 propèrtiès and ¢ertain financial inslnjrnents al fair vAlue. The princlpal a¢￿Un￿n9 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, $ubs6qu¢nl 5ettlemen15, accurnulaled reali5ed and unrealiseil capitsl gainsnosses and undistributed in￿me. Unr$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￿$t and rent and Is re¢ognlsed when thè amount can be measured rellably. Interest income is recognised using the effective interest method and rental incom8 is recogni88d as thè ¢haritls right lo re￿1ve payment 18 èstablish8d. 1.5 Resources expended Expenditu￿ on grants 1$ 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 finan￿91 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 tsa￿c financAal instrument aThJ are ￿llIa1￿ T6C4)gnlsed at their transaction value arKI subs￿￿8n11Y 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 pr￿￿nted 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￿ inI￿allY mèasurod at transaction price including Iransaction costs and are sub8equently c8rried 8t amortised cost using the effecllve Inlgrgsl mothod unlg$s thg arrangement constitutes a finanang transaction, tha transaction 15 measured * thg prgsent valug of lh8 futurg rac•ipts discountod at a mark•t rat8 of int•r•st. FInar￿la1 ass8ts ¢lassifled as re¢elvable wrthin one year are not anY)rtised. 8ask financial liatslities Basic financial liabilititrs, including other p8y8bbs, 8o inili81ty rg¢ogni$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$bt instrum8nts arg sub$aqu￿t1Y ¢arrf&d at amordssd ts)st, using the &ffo¢tiv8 interast Tate mèthod. Amounts payab￿ are ¢la$sifled as (￿lIent liabililios rf paymanl is duè wilhin t￿8 year or less. ff nol. they are presented as r￿)n-￿rrent liabilities. D•rncognition of finanei•l liabilitios Financial liabilities are derecognised wh8n tho charlty's contraciual oblSgalon$ 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& emplo￿0,8 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