OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

Charity Registration No. 1104484

Company Registration No. 05070736 (England and Wales)

THE HELPING FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE HELPING FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees D Neuwirth B Stone A Weis R Weis S Weis Secretary B Stone Charity number 1104484 Company number 05070736 Registered office 59 Kings Road Prestwich Manchester M25 0LQ Auditor Lopian Gross Barnett & Co 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS Bankers Barclays Bank 25 Cheetham Hill Road Manchester M4 4FL

THE HELPING FOUNDATION

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 21

THE HELPING FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association , the Companies Act 2006 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) (effective 1 January 2019)".

Aims, objectives and activities

The charity's aims and object ive s are the advancement of education according to the tenets of the Orthodox Jewish Faith; the advancement of the Orthodox Jewish Religion and the relief of poverty amongst the elderly or persons in need, hardship or distress in the Jewish Community.

The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each objective.

The charity reviews its aims, objectives and activities each year. The review looks at what the charity achieved and the outcomes of its work in the previous 12 months. The review looks at the success of the key activities and the benefits the charity has brought to those groups of people it has set out to help. The review also helps the charity ensure its aims, objectives and activities remain focused on its stated purposes. The trustees have referred to the Charity Commissions general guidance on the public benefit when reviewing the the charity's aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Grant making policy

The charity is funded by donations and investment income. The charity pays out grants in line with the above objects.

There were no grants paid to individuals during the year.

The charity has established its grant making policy to achieve its objects for the public benefit. The charity invites applications for funding to contribute towards projects that the trustees feel are appropriate for the charity's objectives.

The application of the funds by way of grants is to either institutions or individuals and is almost always to institutions.

The trustees consider they have met the public benefit test and outline these achievements below.

The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.

The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

Achievements and performance

During the year the charity received £nil (2019: £1,757,293) of gifted investment properties that were retained to produce future income.

THE HELPING FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The charity also recorded investment income receivable during the year amounting to £21,362,993 (2019: £21,896,115). The charity utilises all available surpluses for reinvestment in suitable property investments.

The charity also incurred costs including ground rents, insurance premiums, legal and professional fees etc amounting to £2,287,064 (2019: £1,568,871) as well as interest payable amounting to £2,444,192 (2019: £2,774,701).

The charity paid out £13,018,672 (2019: £8,987,528) by way of charitable donations and £117,301 (2019 - £60,111) in support and governance costs. These grants and direct activities were made in line with the stated objects of the charity and are for educational, relief of poverty or communal purposes.

All charitable donations were made to institutions in the year. The following material donations made by the charity with the remainder of the charitable donations available on request from the charity's head office; Lehachzikom £3.17m, British friends of Ezrat Yisrael Kiryat Sefer £5.28m and RNH Synagogue & College Limited £1.08m. The donations made were towards the advancement of education according to the tenets of the Orthodox Jewish Faith; the advancement of the Orthodox Jewish Religion and the relief of poverty amongst the elderly or persons in need, hardship or distress in the Jewish Community, as stated in the charity's objectives.

The charity incurred governance costs comprising professional fees.

Most office costs are borne by a local benefactor and the trustees wish to record their appreciation to the benefactor for the free use of their offices.

During the year the charity disposed of 2 (2019: 2) investment properties. The details of these transactions can be found in the notes to the accounts. The realised gain on the disposal of these investment properties amounted to £1,250,340 (2019: £5,756,797).

The trustees revalued the investment properties of the charity during the year for fair value purposes. The gain as a result of this revaluation amounted to £8,631,874 (2019: £12,959,565).

There were no material fundraising costs during the year.

There was an overall net increase in funds for the year amounting to £13,377,978 (2019: £28,978,559).

The investments of the charity have performed reasonably well in the year.

The Trustees consider this acceptable when compared with returns available on deposits in any of the banking institutions. These property investment returns are not at the expense of any exposure of loan to value covenants that would put these investments at risk.

Financial review

The trustees feel the year was another excellent one in terms of donations, investment income receivable and gains made by the charity. The trustees are delighted to have made many valuable contributions to other charities and the local community and hope to be able to do so for many years to come.

The unrestricted funds represent funds arising from past operating results since the charity's commencement.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a suitable level that enables them to manage the the investments of the charity whilst maintaining appropriate grant payment levels and not compromising the cash flow of the charity. The reserves will in addition be used for loan repayments over the next twelve months.

THE HELPING FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The reserves stand at £351,873,094 all of which are unrestricted with none of these funds committed to any expenses other than stated above.

The company holds various property investments within the United Kingdom. The trustees feel that the investments have performed well in the year and have generated the charity sufficient returns to maintain the level of donations in has made in line with its objectives. The company is well placed to take advantage of any potential capital growth within its property portfolio.

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust. These risks include macro economic factors governing the whole economy that could expose tenants and thereby put the value of the investment properties at risk with the associated knock on effect with lenders covenants. Additionally, the charity may be exposed to interest rate increases with reference to loans and their repayment. The charity retains an appropriate level of cash reserve to provide flexibility in managing finance risk of its portfolio.

Other risks faced by the Trust include operational risks from ineffective grant making. These risks are managed by the Trustees researching potential beneficiaries before granting donations.

Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants paid out.

The Trustees are satisfied that systems are in place to manage the exposure to the above major risks.

The trustees plan to continue donating and investing to raise funds for projects in line with the Memorandum & Articles of Association and pursue those objectives and projects with all the resources available to the charity.

Structure, governance and management

The charity is a company limited by guarantee , which was incorporated on 11 March 2004 and registered as a charity on 22 June 2004. The charity's company number is 05070736 and its charity number is 1104484. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

D Neuwirth

B Stone

A Weis R Weis S Weis

Appointment of other Trustees is at the discretion of the existing Trustees and the need for training will be assessed at such time when a new appointment is to be made.

The day to day affairs of the charity are undertaken by Mr B. Stone on behalf of the trustees.

Auditor

Lopian Gross Barnett & Co were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

THE HELPING FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees' r eport, including the strategic report, was approved by the Board of Trustees.

D Neuwirth

Trustee Dated: 17 September 2021

THE HELPING FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees, who are also the directors of The Helping Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE HELPING FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HELPING FOUNDATION

Opinion

We have audited the financial statements of The Helping Foundation (the ‘ charitable company ’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw your attention to the investment property note in the financial statements which describes the valuations determined by the directors in arriving at the fair values of its property assets as at 31 December 2020. Given that state of the market and taking into account any COVID-19 impact, there is material uncertainty in respect of any impact these factors may have on valuations. The directors remain confident that the 31 December 2020 valuations remain appropriate.

Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

THE HELPING FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HELPING FOUNDATION

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit :

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

THE HELPING FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HELPING FOUNDATION

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s :// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE HELPING FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HELPING FOUNDATION

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 . Our audit work has been undertaken so that we might state to charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company 's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jason Selig BA ACA CTA DChA (Senior Statutory Auditor) for and on behalf of Lopian Gross Barnett & Co

30 September 2021

Chartered Accountants Statutory Auditor

1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS

THE HELPING FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Unrestricted
funds
funds
2020
2019
Notes
£
£
Income from:
Donations and legacies 3 -
1,757,293
Investments 4 21,362,993
21,896,115
Total income 21,362,993 23,653,408
Expenditure on:
Property holding costs 6 4,731,256
4,343,572
Charitable activities 5 13,135,973
9,047,639
Total resources expended 17,867,229
13,391,211
Net gains on investments 11 9,882,214 18,716,362
Net income for the year/
Net movement in funds 13,377,978 28,978,559
Fund balances at 1 January 2020 338,495,116 309,516,557
Fund balances at 31 December 2020 351,873,094 338,495,116

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE HELPING FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Investment properties
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Net assets
Income funds
Unrestricted funds		 2020
£
£
416,283,094
3,074,665
12,498,766
15,573,431
(11,301,937)
4,271,494
420,554,588
(68,681,494)
351,873,094
351,873,094
351,873,094		 2019
£
£
426,233,007
2,273,856
15,854,840
18,128,696
(22,448,602)
(4,319,906)
421,913,101
(83,417,985)
338,495,116
338,495,116
338,495,116

The financial statements were approved by the Trustees on 17 September 2021

D Neuwirth Trustee

Company Registration No. 05070736

THE HELPING FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
Notes £
£		 £
£
Cash flows from operating activities
Cash absorbed by operations 20 (28,921,982) (7,719,043)
Investing activities
Purchase of investment property (657,225) (20,217,171)
Proceeds on disposal of investment
property 20,489,352 17,114,389
Repayment of investment loans and
receivables 7,756 (51,330)
Interest and rent received from investments 21,362,993 21,896,115
Net cash generated from investing
activities 41,202,876 18,742,003
Financing activities
Repayment of bank loans (15,636,968) (5,790,132)
Net cash used in financing activities (15,636,968) (5,790,132)
Net (decrease)/increase in cash and cash
equivalents (3,356,074) 5,232,828
Cash and cash equivalents at beginning of year 15,854,840 10,622,012
Cash and cash equivalents at end of year 12,498,766 15,854,840

THE HELPING FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

The Helping Foundation is a public benefit entity and a private company limited by guarantee, incorporated in England and Wales and a registered charity in England & Wales. The registered office is 59 Kings Road, Prestwich, Manchester, M25 0LQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles, the Companies Act 2006 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 adequate 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 charitable objectives.

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 donations 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 otherwise 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 a contingent asset.

Investment income represents amounts receivable for rentals and services net of VAT. The rental income is recognised on the commencement of a lease, adjusting for any rent free periods.

1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.

Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activites.

THE HELPING FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.6 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in income and expenditure.

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 ‘Basic 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 financial 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 financing transaction, where the transaction 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 at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

THE HELPING FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

2 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 assumptions are based on historical experience and other 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 periods where the revision affects both current and future periods.

The property valuations are considered a material estimate and are dealt with in more detail in note 12.

3 Donations and legacies

Total Unrestricted
funds
2020
2019
£
£
Gifted property -
1,757,293
4 Investments
Unrestricted Unrestricted
funds
funds
2020
2019
£
£
Rental income 21,350,667 21,837,418
Interest receivable 12,326
58,697
21,362,993
21,896,115
5 Charitable activities
Unrestricted
Unrestricted
funds
funds
2020
2019
£
£
Charitable grants to institutions 13,018,672
8,987,528
Share of support costs (see note 7) 87,301
30,111
Share of governance costs (see note 7) 30,000
30,000
13,135,973
9,047,639

THE HELPING FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

6 Property holding costs

Ground rents, insurance premiums, legal and professional fees etc
Interest payable
Support costs
Support
costs
Governance
costs
2020
£
£
£
Support costs
87,301
-
87,301
Audit fees
-
25,000
25,000
Accountancy
-
5,000
5,000
87,301
30,000
117,301
Analysed between
Charitable activities
87,301
30,000
117,301		 Unrestricted Unrestricted
funds
funds
2020
2019
£
£
2,287,064
1,568,871
2,444,192
2,774,701
4,731,256
4,343,572
Support
costs
Governance
costs
2019
£
£
£
30,111
-
30,111
-
25,000
25,000
-
5,000
5,000
30,111
30,000
60,111
30,111
30,000
60,111

7 Support costs

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

No expenses were paid/reimbursed to the Trustees by the Charity in the year.

9 Auditor's remuneration

The analysis of auditor's remuneration is as follows:
Fees payable to the auditor:
Audit of the annual accounts
Non-audit services
All other non-audit services		 2020
£
25,000
5,000		 2019
£
25,000
5,000

THE HELPING FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

10 Employees

The average monthly number of employees during the year was:

Total
No employees received any benefits of more than £60,000 in the year (2019 -		 2020
Number
-
£nil).		 2019
Number
-

11 Net gains/(losses) on investments

Unrestricted Unrestricted
funds
funds
2020
2019
£
£
Revaluation of investment properties 8,631,874 12,959,565
Gain/(loss) on sale of investment properties 1,250,340
5,756,797
9,882,214 18,716,362
Investment property
2020
£
Fair value
At 1 January 2020 426,233,007
Additions through acquisitions and gifts 657,225
Disposals (19,239,012)
Net gains or losses through fair value adjustments 8,631,874
At 31 December 2020 416,283,094

12 Investment property

The fair value of the investment properties has been arrived at on the basis of a numerous valuations carried out by Chartered Surveyors, who are not connected with the company. Where external valuations are not available the properties have been valued by Mr A. Weis and Mr S. Weis, trustees who have extensive experience within the property sector. Methods adopted include comparing property values to similar properties and the assessment of comparable rental yields. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Given that state of the market and taking into account any COVID-19 impact, there is material uncertainty in respect of any impact these factors may have on valuations. The directors remain confident that the 31 December 2020 valuations remain appropriate.

THE HELPING FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

13
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
14
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable other than by instalments		 2020
£
1,496,334
755,844
822,487
3,074,665
2020
£
71,138,473
2,456,979
68,681,494
13,067,500		 2019
£
1,073,080
224,070
976,706
2,273,856
2019
£
86,775,441
3,357,456
83,417,985
14,267,500

The long-term loans are secured by fixed charges over the investment properties of the charity.

The charity has multiple loans across a range of banks, with interest rates being based on a mixture of % above Base rates and Libor rates.

15 Creditors: amounts falling due within one year

Notes
Bank loans
14
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2020
£
2,456,979
606,949
2,157,413
933,313
5,147,283
11,301,937		 2019
£
3,357,456
746,241
1,012,410
11,694,818
5,637,677
22,448,602

The bank loans are secured by fixed charges over the investment properties of the charity.

THE HELPING FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

16 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
2020 2019
Notes £ £
Bank loans 14 68,681,494 83,417,985

The long-term loans are secured by fixed charges over the investment properties of the charity.

17 Unrestricted funds - designated

These are unrestricted funds which are material to the charity's activities made up as follows:

Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Revaluations,
Balance at
1 January 2020 resources expended gains and
31 December
losses
2020
£ £ £ £
£
Unrestricted funds 338,495,116 21,362,993 (17,867,229)
9,882,214		 351,873,094

THE HELPING FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18 Related party transactions

A.W. Charitable Trust, which is connected to trustee Mr A Weis, owed the charity £47,673 (2019: £47,673) as at the year end. The loan is repayable on demand and no interest was charged in the year with no security on the debt.

Combined Property Control, which is connected to trustee Mr A Weis, was owed £508,359 (2019: £2,679,005) by the charity as at the year end. The loan was fully repaid at the balance sheet date and no interest was charged in the year.

Newshaw Ltd, which is connected to trustee Mr A Weis, was owed £nil (2019: £426,000) by the charity as at the year end. The loan was fully repaid at the balance sheet date and no interest was charged in the year.

Lasington Ltd, which is connected to trustee Mr A Weis, was owed £nil (2019: £2,630,000) by the charity as at the year end. The loan was fully repaid at the balance sheet date and no interest was charged in the year.

Acresbrook Ltd, which is connected to trustee Mr A Weis, was owed £nil (2019: £120,000) by the charity as at the year end. The loan was fully repaid at the balance sheet date and no interest was charged in the year.

Carcroft properties Ltd, which is connected to trustee Mr A Weis, was owed £nil (2019: £190,000) by the charity as at the year end. The loan is repayable on demand and no interest was charged in the year with no security on the debt.

Knox Road (Car Park) Ltd, which is connected to trustee Mr A Weis, was owed £nil (2019: £3,520,000) by the charity as at the year end. The loan was fully repaid at the balance sheet date and no interest was charged in the year.

Torland Ltd, which is connected to trustee Mr A Weis, was owed £nil (2019: £1,000,000) by the charity as at the year end. The loan was fully repaid at the balance sheet date and no interest was charged in the year.

Andy Williams (Builders) Ltd, which is connected to trustee Mr A Weis, was owed £nil (2019: £700,000) by the charity as at the year end. The loan was fully repaid at the balance sheet date and no interest was charged in the year.

RNH Synagogue & College Ltd, which is connected to trustee Mr D Neuwirth, owed the charity £nil (2019: £nil) as at the year end. The loan has been fully repaid at the balance sheet date and no interest was charged in the year. During the year charitable donations of £1,080,000 have been made to the charity.

NewMarston Ltd, which is connected to trustee Mr D Neuwirth, owed the charity £520,902 (2019: £410,575) as at the year end. The loan is repayable on demand and no interest was charged in the year with no security on the debt.

British friends of Ezrat Yisrael Kiryat Sefer, which is connected to trustee Mr D Neuwirth, was owed £147,811 (2019: £147,811) by the charity as at the year end. The loan is repayable on demand and no interest was charged in the year with no security on the debt. During the year charitable donations of £5,287,000 was made to the charity.

During the year, there were no properties gifted to the charity.

THE HELPING FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

19 Covid-19

The trustees have closely monitored the Government guidance in response to the Covid-19 Pandemic and have implemented measures in line with the Governmental guidelines. The trustees have assessed the impact of Covid-19 on the company and conclude that there are no items resulting from the Covid-19 Pandemic which require disclosure at the balance sheet date.

20 Cash generated from operations 2020 2019
£ £
Surplus for the year 13,377,978 28,978,559
Adjustments for:
Investment income recognised in statement of financial activities (21,362,993) (21,896,115)
Gain on disposal of investment property (1,250,340) (5,756,797)
Fair value gains and losses on investment properties (8,631,874) (12,959,565)
Movements in working capital:
(Increase)/decrease in debtors (808,565) 7,134,474
(Decrease) in creditors (10,246,188) (3,219,599)
Cash absorbed by operations (28,921,982) (7,719,043)
21 Analysis of changes in net (debt)/funds
At 1 January Cash flows At 31 December
2020 2020
£ £ £
Cash at bank and in hand 15,854,840 (3,356,074)
12,498,766
Loans falling due within one year (3,357,456) 900,477 (2,456,979)
Loans falling due after more than one year (83,417,985) 14,736,491 (68,681,494)
(70,920,601) 12,280,894 (58,639,707)