Charity registration number 1095850 THE ERNEST HECHT CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE ERNEST HECHT CHARITABLE FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustees Ms B Jungr Mr R Ward Mr B Barkow Charity number 1095850 Independent examiner Glazers 843 Finchley Road London NW118NA
THE ERNEST HECHT CHARITABLE FOUNDATION CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activities Balan sheet Notes to the financial statements 7-14
THE ERNEST HECHT CHARITABLE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out in note 110 the accounts and comply with the charity's governing document, the Charities Act 2011 and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published in July 2014. Objectives and activities The charity's objects are to raise and distribute funds for the following purposes., The advancement of education, the relief of poverty and the advanrnent of religion with the primary object of providing help to a variety of disadvantaged people in need of support, including the mentally and physically disabled and the aged, to help them live a full and satisfying life in the community. The charity carries out these objectives by making grants to charities in the sectors of advancement of education. sports, the arts, and towards the relief of poverty and advancement of religion throughout England and Wale5, and there has been no change in these policies during the year. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The trustees have continued to 5UPPOrt a wide range of charities by awarding grants that benefil the disadvantaged and promote the advancement of the arts and education. Achievements and performance The trustees are confident that their activities as detailed above in 2022 have 'made a difference" to the vulnerable, young and elderly. Financial review The transactions and financial position of the Charity are as set out in the attached financial statements and in the opinion of the trustees the slate of the Charity's affairs is satisfactory. It is the policy of the trustees to maintain reserves at an adequate level in order to meet the cost of management, to meet agreed commitments for grants and to be able to respond to additional requests for assistance as received. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Structure, governance and management The charity was established by a charitable trust deed dated 18 November 2002. The trustees who seNed during Ihe year were.. Ms B Jungr Mr R Ward Mr B Barkow Trustees are appointed in accordance with the Charity's trust deed, A new trustee may be appointed by a resolution of the trustees recorded in the minutes and signed by a trustee.
THE ERNEST HECHT CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Application5 a made to the Charity using an application fom available on its website. The applications are summarised and circulated to the trustees monthly. The trustees meet quarterly to agree which grants should b8 made. The trustees intend to continue to make grants in the manner described on the Charity Commission's website. There are no connected charities. The trustees, report was approved by the Board of Trustees. /1 MsBJun Trustee Mr R Ward Trustee
THE ERNEST HECHT CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ERNEST HECHT CHARITABLE FOUNDATION I report to the trustees on my examination of the financial statements of The Ernest Hecht Charitable Foundation (the charity) for the year ended 31 Dernber 2023. Responsibilities and basi5 of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act)- I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)(b) of the 2011 Act. Independent examiner's statement Your attention is drawn to the fact that the charity has prepared financial statements in accordan with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended PractlGe issued on 1 April 2005 which is referred to in Ihe extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in a¢cordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. l confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records. or the financial statements do nol comply with the applicable requirements concerning the fom and content of accounts set out in the Charities (A¢¢ounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter Considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Glazers 843 Finchley Road London NW118NA
THE ERNEST HECHT CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Total funds 2023 2022 Notes Income from: Donations and legacies Investments 200.000 11,074 111,619 Total income 111,619 211.074 enditure on: Charitable activities 894.219 377,720 Net expenditure for the yearl Net movement in funds 1782.600) (166.646) Fund balances at 1 January 2023 5,234,310 5,400,956 Fund balances at 31 December 2023 4.451.710 5,234,310 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE ERNEST HECHT CHARITABLE FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Investments 11 471.645 612,792 Current assets Debtors Cash at bank and in hand 12 780 4,622.423 3.980,490 3.980,490 4,623,203 Credltors: amounts falllng due within one year 13 (1,200) (1.680) Nel currenl assets 3,979.29fi 4,621,523 Total assets less current liabilities 4,450.935 5.234.315 Creditor5: amounts falling due after more than one year 14 (5) 15) Nèt assets excludFng penslon liability 4,450.930 5.234,310 Nel assets 4.450.930 5,234.310 The funds of the charity Unrestricted funds 4,450.930 5.234,310 4.450,930 5.234,310 The financial statements ware approved by the trustees u Ms B Jungr Trustee Mr R Ward Trustee
THE ERNEST HECHT CHARITABLE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash absorbed by operations 18 (894,699) (177,720) Investing activities Proceeds on disposal of investments Investment income received 177,339 75,427 61.598 32,984 Net cash generated from investing activities 252.766 94,582 Net Ga5h used in financing activities Net decrease in cash and cash equivalents (641,933) (83,138) Cash and cash equivalents at teginning of year 4.622.423 4,705,561 Cash and cash equivalents at end of year 3,980.490 4,622,423
THE ERNEST HECHT CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity information The Efflest Hecht Charilable Foundation is an unincorporated charity, established by a charitable trust dated 18 November 2002, and with a principal address of 843 Finchley Road, London NW11 8NA. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document. the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for Charities applying FRS 102 rather than the version of the Slatement of Recommended Practice which is referred to in the Regulations but whiGh has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequale resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their ch8ritsble objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment lunds are subject to specific conditions by donors that the capilal must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. other donation5 are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otheiSe if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as contingent asset.
THE ERNEST HECHT CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Expenditure ReSoUrS expended are accounted for on an accruals basis. 1.6 Fixed asset inveslments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at eaGh reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incued. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 'BasiG Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently Carried at amortised cost using the effective interest method unless the arrangement constitutes a finanGing transaction, where the transa¢tion is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate tnethod. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are reGDgnised initially at transaction price and subsequently measured at amorlised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Gharity's contractual obligations expire or are discharged or cancelled. 1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's service5 are received. Tennination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide temiinats'on benefits.
THE ERNEST HECHT CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumplions are based on historical experience and olher factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future peri(xls where the revision affects both current and future periods. Donations and legacies 2023 2022 Legacies receivable 200.000 Investments Unrestricted funds Total 2023 2022 Income from listed investments Interest receivable 36,586 75,033 (6,280) 17,354 111,619 11,074 Investment income includes £36,192 12022 £3.175) gain on disposal and £16,091 unrealised loss (2022 £25,085) on valuation.
THE ERNEST HECHT CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities 2023 2022 Grant funding of activities (see note 6) 864.447 348,933 Share of support costs (see note 7) Share of governan costs (see note 7) 28,452 1,320 27,107 1,680 894,219 377.720 Analysis by fund Unrestricted funds 894,219 377,720 10-
THE ERNEST HECHT CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable 2023 2022 Grants to institutions: Adur Special Needs Project Age UK Ataxia Astoi Community Arts Trust Aylesbury Food Bank BLESMA British Dyslexia UK Cardboard Citizens Centrepoint Chilterns Neuro Centre Cliftonville Cultural Space Corby Community Arts Crisis UK Cruse Bereavement Care Dementia Carers Count Electric Stomi Youth Gillingham StreetAngels Holocaust Centre North (HSFA Lindengate Little Angel Theatre Lucy Cavendish College Macmillan Cancer Support Marie Curie Cancer Care Mid Surrey Dementia Care Trust Mildmay Mission Hospital Mylor Sailability National Dance Company Wales Nightingale Hammerson Nishkam Swat Opera Circus Paths Hardship Fund Polka Theatre RAF Benevolent Fund React Royal British Legion Royal Hospital for Neur(Fdisability RNLI Ruth Hayman Trust Salvation Amiy St John Ambulance St John & Elizabeth st Mungo's Broadway Salaam Shalom Kitchen The Fire Fighters Charity The Food Chain Trinity Hospice WinlerGomfort for the Homeless Worlhing Food Bank 25.000 500 1,000 500 1.000 (28.743) 25,000 500 1,000 1,000 150,000 63.667 500 1,000 1,000 50.000 20.000 16.780 88.396 500 8.000 50,000 30,000 500 10,000 25,000 60,000 66,000 55,000 55,000 125.000 2.000 1,000 500 1,000 5,000 50,000 500 1.000 10,000 1.000 1,000 48.780 5,000 25.000 27,500 500 500 1,000 500 500 25.000 1,000 1,000 1,000 11,000 1.000 500 500 500 10,000 25,000 25,000 500 500 1,000 500 500 1.000 1,000 1.000 500 500 500 10,000 11
THE ERNEST HECHT CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable (Continuèd) 864,447 348,933 Support costs Support Governance costs costs 2023 2022 Basis of allocation External administration costs Investment management fees Website costs Bank Gharges Sundry expenses 23,868 3,893 198 60 433 23.868 3,893 198 60 433 22.498 4.082 115 81 331 Independent examiners fee 1,320 1,320 1,680 Governance 28.452 1,320 29,772 28,787 Analysed beeen Charitable activities 28.452 1,320 29.772 28.787 Net movement in funds 2023 2022 The net movement in funds is stated after chargingl(crediting): Fees payable for the independent examination of the charity's financial statements 1,320 1.680 Trustees None of the trustees lor any persons connected with them) received any remuneration during the year. Expenses totalling £10 (2022 £47) were paid to the trustees in the year. 10 Employees The charity had no employees during this or the previous year. 12-
THE ERNEST HECHT CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Fixed asset investments Listed investments Cost or valuation At 1 January 2023 & 31 December 2023 612,792 Carrying amount At 31 December 2023 612.792 At 31 Dernber 2022 612,792 12 Debtors 2023 2022 Amounts falling due within one year: Other debtors 780 780 13 Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 1,200 1,680 14 Creditors: amounts falling due after more than one year 2023 2022 Trustees, capital 15 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designaled funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2023 Incoming resources Resources expended At31 December 2023 General funds 5.234,310 111,619 1894,2191 4,451,710 13-
THE ERNEST HECHT CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Unrestricted funds (Continued) Previous year: At 1 January 2022 Incoming resources Resources expended At31 December 2022 Geneial funds 5,400,956 211.074 (377.720) 5,234.310 16 Related party transactions There were no disclosable related party transactions during the year (2022 - none). 17 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 18 Cash generated from operations 2023 2022 Deficit for the year (782,600) (166,646) Adjustments for: Investment income recognised in statement of financial activities (111,6191 (11,074} Movements in working capital: (Decrease) in creditors 1480) Cash absorbed by operations (894,699) (177,720) 14-