Charlty reglstratlon number 1104484 (England and Wales) Company reglstratlon number 05070736 THE HELPING FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE HELPING FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustses D Neuwirth A Weis R Weis S Weis Charlty numbèr 1104484 Company number 05070738 Reglstered offlce 1 Allandale Court Waterpark Road SALFORD M7 4JN Audltor Lopian Gross Barnett & Co 1 st Floor, Cloister House Riverside New Bailey Street Manche8ter M3 5FS Bankers Barclays Bank 25 Cheethem Hill Road Manchester M4 4FL
THE HELPING FOUNDATION CONTENTS Page Trustees, report statement of Trustees, responsibilltles Independent auditorfs report Statement of financial activities Balance Sheet 10 statement of cash flows 11 Notes to the financial statements 12-20
THE HELPING FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial ststements for the year ended 31 December 2024. 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- Ststement 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)" Alms, objectlves and actlvltles The charity's aims and objectives 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 aclivities 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 surxess 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 alms, objectives and activities remain focused on its stated purposes. The Truslees have referred to the Charity Commissions general guidance on the public benefit when reviewing the the charity's aims and objective5 and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. Grant maklng pollcy The charity is funded by donations and investment income. The charity pays out grant8 in line with the above objects. There were no grants P8id 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 fund3 by way of grants is to elther 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 ststed aims by the number and value of grants paid out for each object. The grants paid aut 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. strateglc 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 (2023.. £nil) 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 2024 The charity also recorded investment income receivable during the year amounting to £23,570,951 {2023- £23,339,002). The chanty utilises all available surpluses for reinvestment in suitable property investments. The charity also received £3,280,000 (2023.. £nil) in lease surrender premiums during the year. The charity also received £8,000,000 {2023: £2,504,837) in gift aid donations during the year. This indudes income tax recoverable in relation to donations received under Gift Aid of £1,800,000 (2023: £500,000). The charity also incurred costs including ground rents, insurance premiums, legal and professional fees etc amounting to £1,584,708 {2023.' £1,685,929) as well as interest payable amounting to £151,546 (2023: £2,004,569). The charity paid out £14,387,167 (2023.. £15,132,650) by way of charitable donatlons and £86,078 (2023: £78,510) in support and govemance costs. These grants and direct activlties were made in line with the stated objects of the charity and are for educational, relief of poverty or communal purposes. All charitsble donations were made to institutions in the year. The following material donations Vre made by the charity with the remainder of the charitable donations available on request from the charity's head office., Lehachzikom £7.4m and British Friends of Ezrat Yisrael Kiryat Sefer £2.5m. 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 dlstress in the Jewish Community, as Stated in the charity's objectives. The charity incurred govemance costs comprising profe55ional 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, total loan repayments of £6,990,506 were made. During the year the charity disposed of 14 (2023.. nil) investment properties. The Trustees revalued the investment properties of the charity during the year for fair value purposes. This resulted in a downwards revaluation of £8,019,276 {2023'. £18,636.139). There were no material fundraising costs during the year. There 5 an overall net increase in funds for the year amounting to £17,008,721 (2023: decrease £11,693,958). 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 propety investment returns are not at the expense of any exposure of loan to value covenants that vmuld put these investments at risk. Flnanclal revlew 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 investments of the charity whilst maintaining appropriate grant payment levels and not compromising the cash flow of the charity. The reserves will in addits-on be used for loan repayments over the next tsvelve months. The cash reserves are to be used for the purpose of both charitable donations and for the future investment of the charity.
THE HELPING FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The reserves stand at £419,363,312 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 donati'ons in has made in line wth its objectives. The company is well placed to take advantage of any potential caprtal growth within its property portft)lio. The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the opwations 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 appropriale 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 granl making. These risks are managed by the Trustees researching potentlal beneficiaries before granting donations. Report back and review procedures strengthen these safeguards to ensure publlc benefit is achieved from all grants paid out. The Trustees are sat15fied that systems are in place to manage the exposure to the above major risks. The Trustees plan to continue donating and Investing to raise lunds 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 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 govemed under its Article5 ofAssociation, 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 director5 for the purpose of company saw, and who served during the year and up to the date of signature of the financial statements were. D Neuwirth B Stone A l+Veis R l•leis S Vveis (Resigned 24 June 20251 Appointment of other Trustees is at the discretion of the existing Trustees and the need for training wi51 be assessed at such time when a new appointment is to be made.
THE HELPING FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Audltor In accordance vlth the company's articles. a resolutlon proposlng thet Loplan Gr055 Barnett & Co be reappointed as auditor of the Company will be put at a General Meeting. Disclosure of Informatlon to audftor Each of the Trust885 ha5 confirmed that there 18 no information of whlch they ar& awara which is relevant to the audlt, but of whlch the auditorls unaware. They h8vè further confirmed that Ihey have taken appropriate Steps to dentify such relevant information and to establish that the aUdOr is aware of Such information. The Trustee5' report, including the strateglc report and directors report, was approved by the Board of Tru8te8s. D Nèuwlrth Truslee Dated 50. fefjl.
THE HELPING FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 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 Accounb'ng 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.. select suitable accounting policies and then apply them consistently., - observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent. state whether applicable UK Accountlng Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial ststements on the going concem basis unless it is inapproprlate to presume that the charity will conlinue in operation. The Trustees are responsible for keeping adequate accounting records that disc105e with reasonable accuracy at any tirne the financial p05its.on 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 MEMBERS OF THE HELPING FOUNDATION Oplnlon We have audited the financial statements of The Helping Foundation (the 'charitable company,) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, induding 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 appliGable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (Ulq (ISAS (UK)) and applicable law. Our responsibilits'es under those standards are further described in the Auditors responsibilities for the 8udil of the financial statements section of our report. We are independent of the charltable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have conduded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol 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 then the financial statements are authorised for issue. Our responsibilities and the responsibilitles of the Trustees with respect to going concern are descrlbed in the relevant sections of this report. Other Informatlon The Trustees are responsible for the other information. The other infomats'on comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial staternents does not cover the other information and except to the extent otheplvise explicitly stated in our report, we do not express any form of assurance condusion thereon. In connection with our audit of the financial staternents, our responsibility is to read the other inforrnation 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 identity such material inconsistencies or apparent material misstatement5, 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 perfomied, we condude that there is a material misstatement of this other information, we are required to report that fact. Ilve have nothing to report in this regard.
THE HELPING FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE HELPING FOUNDATION Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infomiation given in the trustee's report, which include5 the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Companies Act 2008 require us to report to you if, in our opinion- the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records., or we have not received all the infonnation and explanations we require for our audit. Responslbllltles of Trustee$ As explained more fully in the ststement of Trustees, re8ponsibillties, 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 15 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 concem, disc105ing, as applicable, matters related to going concem 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 Tealistic alternative but to do so. Audltorfs responslbllltles for the audlt of tho flnanclal ststements 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 vAth ISAS (UK) will always detect a material misstatement when it exists. Misstatement3 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 staternents.
THE HELPING FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE HELPING FOUNDATION Ie9arities, includlng fraud, are Instances of non-compliance with laws and regulalions. We design procedures in line with our responslbilities, to detect matefial misstatements in respect of irregularitle5. including fraud. The extent to which our prottdures are capable of detecting irregularities. including fraud, is detailed below.. We obtained an understanding of law5 and regulalions that affect the entity, focusing on those that had a dlrect effect on the financial statemen15 or thal had a fundamental effect on 115 operations. Where considered necessary we enquired of those charged with governance. reviewed correspondence and revlewed meeting minutes for evidence of non-compliance with relevant laws and regulatlons. We gained an understanding of Ihe controls environment which includes the controls in place to prevent and delect fraud. We enquired of those charged with governance about any incidences of fraud thai had taken place during the accounting period. The risk of frgud and non-compllance with laws and regulations was discussed within the audit team and test8 were planned and performed lo addre8S these ri8ks. We reviewed financlal statements dlsclosures to assess compllance with relevant laws and regulallons. We enqulred of those charged wlth governance about actu81 and potentlal litigatlon and claims. We perfomied analytical procedures to Identify any unusual or unexpected relationships that mlght indicate risks ol materlal misstatement due to fraud. In addresslng the risk of fraud due to management override of internal controls we tested the appropriateness of joumal entries and assessed whether the judgèments made in making accounting eslimales were indicative of a potential bi8S. Due lo the inherent limitations of an audit, there Is an unavoidable rfsk that we may not h8ve 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 wllh any audil. there remained a higher risk of non-detection of irregularlties, as these may involve collusion. forgery, intentional omissions, misrepresentations. or the override of Internal conlrols. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to delect all fraud and non-compliance with laws and regulatlons. A further description of our responsibilltiey is available on the Financial Reporting Council's webslte at.. httPS:11 .frC.Org.UkIaudlt0r8respQnSlbllitles. This description fcinns part of our auditorfs report, Use of our report This report is made solely to the charflable 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 Ihal we might state lo charitable company's members those matters we are requirod to state lo Ihem in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or as,sume responsibility to anyone other than the charitable company's members as 8 body, for our audit work, for this report, or forthe opinions we have formed. Nathaniel David90n BA(Hons) ACA Isenlor Statutory Auditor) for and on behalf of Loplan Gross Barnett & Co 30 ZOU Chartered Accountants ststutory Auditor 1 st 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 2024 Unrastricted Unrestricted funds funds 2024 2023 Notes Income and endowments from: Donations and legacies Investments Other income 8,000,000 2,504,837 23,570,951 23,339,002 3,260,000 Total Income 34,830,951 25,843,839 endlture on. Propety holding costs 1,716,254 3,690,498 Charitable activities 14,433,245 15,211,180 Total resources expended 16,149,499 18,901,658 Gainsl(losses) on investments 12 (1,672,731) {18,838,139) Net Incomellexpendfture) for the yearl Net movement In funds 17.008,721 (11,693,958) Fund balances at 1 January 2024 402,354,591 414,048,549 Fund balances at 31 December 2024 419,363,312 402,354,591 The Statement of Ilnancial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activitles. 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 2024 2024 2023 Notes Flxed a•$ets Investrnent properties 14 393,162,869 401,373,097 Current a850ts Debtors Cash at bank and in hand 1,448,767 33,622,605 2,614,428 18,209,031 35.071.372 18,823,457 Credltors: amounts falling dua wlthln one year 17 (8,890,729) (11,104.507) N•t current as8 26,180,643 7,718,950 Total us•ts l•as curr•nt IlabllltlftA 419,383,312 409,092,047 Credltors: amounts falllng duo aftor mor• than one year 18 {8,737,4S6) N•t a880ts 419.363,312 402,354,591 Income funds UnStriCted funds 419,383,312 402,354,591 419,363,312 402,354,591 The financlal slalemenls were approvèd by the Trustees on .... D Neuvlrth Tru•tee Company Reglstratlon No. 05070736 10-
THE HELPING FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash absorbed by operations 21 (5,020,203) (17,691,882) Investlng actlvltles Purchase of investment property Proceeds on disp08al of investment property Repaymentsl(drawdownsl of investment loans and receivables Interest and rent received from investments (17,198,848) 1104,678) 23,716,545 (2,900) 23,570,951 34,739 23,339,002 Net cash gènerated from Invastlng actlvltles 30,085,748 23,269,063 Flnanclng actlvltlo8 Repayment of bank loans (6,990.508) 128,404,525) Net cash used In flnanclng actlvltlos (6,990,508> (26,404,525) Net Increasel(decrea8e) In cash and cash equlvalents 18,075,039 (20,827,344) Cash and cash equivalents at beginning of year 15,547,566 36,374,910 Cash and cash equlvalents at end of year 33,622,605 15,547,566 Relatlng to.. Cash at bank and in hand Bank overdrafts included in creditors payable within ane year 33,622,605 16,209,031 (661,465) 11
THE HELPING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies Charlty Infomiatlon The Helping Foundation is a public benefit entity and a private company limited by guarantee, Incoorated in England and Wales and a registered charity in England & Wales. The registered office is 1 Allandale Court, Waterpark Road, SALFORD, M7 4JN. 1.1 Accountlng conventlon 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 Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The chanty 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 amounts in these financial statements are rounded to the nearest £. The financlal statements have been prepared under the historical cost convention, modrfied to include the revaluation of investment properties at falr value. The principal accounting poliaes adopted are set out below. 1.2 Golng conGem 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 finanaal statements. 1.3 Charltable 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 charty 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 recognlsed on receipt. Olher donations are recognised once the charity has been notified of the donation, unless perfomiance 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 impendlng 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 apports.oned to charitable adivites. 12-
THE HELPING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies {Contlnued) 1.6 Investment property Investment property, which Is property held to earn rentals andlor for capital appreciation, is inits-ally 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 equlvalents Cash and cash eqLJiV31ents 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 Flnanclal 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 a offset, wlth the net amounts presented in the financi81 staternents, when there is a legally enforceable right to set off the recogni5ed amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financlal 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 consts'tutes 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 financlal Ilabllitie3 Basic financial liabilities, includlng creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, vthere Ihe debt instrument is measured at the present value of the future payments 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 8en4ice8 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 financlal liabllltles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.9 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are reGognised immediately as an expense when the charty is demonstrably committed to teminate the employment of an employee or to provide termination beneffts. 13-
THE HELPING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crltlcal accountlng estimates and judgements In the application of the charity'5 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 factor5 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 vthere 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 14. Donatlons and18gaclas Unrestrlcted Unrastrlcted funds funds 2024 2023 Gift aided donations 8,000,000 2,504,837 Invostment8 Unrn8trlct8d Unrestrlcted funds funds 2024 2023 Rental income Interest receivable 22,294,701 22,133,865 1,276,250 1,205,137 23,570,951 23,339,002 Other Income Unrestrlcted Unrestrlcted funds funds 2024 2023 Lease surrender premiums 3,260.000 14-
THE HELPING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitable actlvities Unrestrlcted Unrestrlctsd funds funds 2024 2023 Direct costs Charitable grants to institutions 14,367,167 15,132,650 Share of support and govornanc• costs (soe note 9) Support Governance 12,944 53,134 41,399 37,111 14,433,245 15,211,160 Analysls by fund Unrestricted funds 14,433,245 15,211,180 A further £6,990,506 was repaid on loans. These loans helped maintain the Investment Propety portfolio which in turn facilitates charitable activits'es. During the year the charity also made additions to its Investment Property of £17,200,552 which will enable the charity to pursue its activities further. Property holdlng costs Unrestrlcted Unrestrlcted funds funds 2024 2023 Ground rents, insurance premlums, legal and professional fees Interest payable 1,564,708 1,685,929 151,546 2,004,589 1,716,254 3,690.498 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl(crediting): Fees payable to the charity's auditor.. for the audit of the charity's financial statements for other financial services Profit on disposal of investment property 36,000 2,134 (6,346,545) 36,000 1,111 15-
THE HELPING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Support costs 12,944 12,944 41,399 41,399 Audit fee5 Accountancy Legal and professional 36,000 2,134 15,000 36,000 2,134 15,000 36,000 1,111 36,000 1.111 12,944 53,134 66,078 41.399 37,111 78,510 Analysed between Charitable activities 12,944 53,134 66,078 41,399 37,111 78,510 10 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 paidlreimbursed to the Trustees by the Charity in the year. 11 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Total There were no employees vthose annual remuneration YS more than £60,000. 12 Net galnsl(losses) on Investments Unrestrfctod Unr88trfcted funds funds 2024 2023 Revaluation of investment properties Gainl{loss) on sale of investment properties (8,019,276) (18,636,139) 6,346,545 (1,672.731) (18,636,139) 13 Taxatlon The charity is exempt from tax on income and gains falling viithin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitsble objects. 16-
THE HELPING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Investment propèrty 2024 Falr value At 1 January 2024 Additions through acquisitions and gifts Disposa15 Net gains or losses through fair value adjustments other changes 401,373,097 17.200,552 (17,370.000) <8,019,278) (1,704) At 31 December 2024 393,182,669 The fair value of the investment properties has been arrived at on the basis of valuations carried out by Mr A. Weis and Mr S. Weis, Trustees who have extensive experience viithin 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. 15 Debtors 2024 2023 Amounts falllng due wlthln one yoar: Trade debtors Other debtors Prepayments and accrued income 642,591 292,212 513,964 1,507,419 313,607 793,400 1,448,767 2,814,426 16 Loans and overdraft¥ 2024 2023 Bank overdrafts Bank loans 861,465 6,990,506 7,651,971 Payable within one year Payable after one year 914,515 6,737,456 The long-term loans were secured by fixed charges over the investment properties of the charity. The charity had multiple loans across a range of banks, with interest rates being based on a mixture of ° above Base rates. 17-
THE HELPING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Credltors: amounts falling due wlthln ona year 2024 2023 Notes Bank loans and overdrafts other taxation and social security Trade creditors other creditors Accruals and deferred income 16 914,515 797,813 1,221,537 3,235,005 4,935,637 695,215 1,037,825 2,619,578 4,538,311 8,890,729 11,104,507 The bank loans were secured by fixed charges over the investment properties of the charity. 18 Crndltors: amounts falllng due after more than one y•ar 2024 2023 Notes Bank loans 16 6,737,458 The long-temi loans were secured by fixed charge5 over the investment properties of the charity. 19 Unregtrlcted funds - Deslgnated 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 indude designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At31 Dacomber 2024 At 1 January 2024 Incomlng Resources resourc•s expended Galns and 1085es General funds 402,354,591 34,830,951 (16,149,499) (1,672,731) 419,363,312 Prevlous year: At 1 January 2023 Incomlng resources Resources expended Galns and losses At31 December 2023 General funds 414,048,549 25,843,839 (18,901,658) (18,636,139) 402.354,591 18-
THE HELPING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Relat&d party transactions A.W. Charitable Trust, which is connected to trustee Mr A IAleis, was owed £nil (2023: £2,029,320) as at the year end. The loan balance was repaid in full. The loan was repayable on demand and no interest was charged in the year with no security on the debt. Combined Property Control, which is connecled to trustee Mr A INeis, was owed £1,693,354 (2023.. £219,307) 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. The loan was repaid p05t year-end. Mr A Weis, who is a trustee, was owed £nil (2023: £661,000) as at the year end. The loan was repayable on demand and no interest was charged in the year with no security on the debt. During the year Mr A Weis made donations of £8,400,000 (2023: £2,000,000) to the charity. British Friends of Ezrat Yisrael Kiry8t Sefer, which is connected to trustee Mr D Neuwirth received £2,514,218 in charitable donations from the charity during the year. Convalescent Retreat Llmited, which is connected to trustee Mr D Neuwith recelved £445,000 in charitable donatlons from the charity during the year. RNH Synagogue & College Ltd, which is connected to trustee Mr D Neuwirth received £745,000 in charitable donations from the charity during the year. The Sympathetlc Trust, which is connected to trustee Mr D Neuwirth received £242,000 in charitable donations from the charity during the year. OHR Torah Ltd, vthich is connected to trustee Mr D Neuwirth received £15,600 in charitable donations from the charity during the year. MrA INeis vtho Is a trustee of the charity sold property to the charity in the year at a c05t of £18,500,000. 21 Cagh absorb•d by operatlons 2024 2023 Surplusl(deficit) for the year 17,008,721 (11,693,958) Adjustments for: Investment income recognised in statement of financial activrties Gain on disposal of investment property Fair value gains and losses on investment properties (23,570,951) 123,339,002) (6,346,545) 8,019,278 18,638,139 Movements In worklng capltal: Decreasel(increase) in debtors (Decrease) in creditors 1,168,559 (1,299,263) {676,550) (618,511) Cash absorbed by operntlons (5,020,203) (17,691,882) 19-
THE HELPING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Analysls of changes In net funds At 1 January 2024 C•gh flows At 31 December 2024 Cash at bank and in hand Bank overdrafts 16,209,031 (881,465) 17,413,574 861,465 33,622,605 15,547,566 18,075,039 33,622,605 Loans falling due within one year Loans falling due after more than one year (253,050> (8,737,456) 253,050 6,737,456 8,557,060 25,065,545 33,822,605 -20-