Charity Registration No. 1180783
The Victor And Lilian Hochhauser Foundation
Annual Report and Unaudited Financial Statements
31st December 2024
The Victor And Lilian Hochhauser Foundation
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustee's report | 2 - 3 |
| Accountants report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 13 |
The Victor And Lilian Hochhauser Foundation
Legal and administrative information
Trustees Lilian Hochhauser CBE (Chair) Shari Greenberg Simon Hochhauser Mark Sofer Daniel Hochhauser Charity number 1180783 Accountants Grosvenor Partners LLP 80 Coleman Street London EC2R 5BJ
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The Victor And Lilian Hochhauser Foundation
Trustees' report Year ended 31st December 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply 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.)
Objectives and activities
The charity's objectives are, as approved by the Charity Commission, the advancement of such charitable purposes as the trustees in their absolute discretion consider appropriate. The aims of the charity are mainly to support other charities in their work by the granting of donations for either general use or specific projects, which reflects the purposes for which the charity was set up to further.
The trustees have agreed that the primary areas of focus for the charity are as follows:-
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Charities connected with the Jewish community; and
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Charities which support charitable projects in Israel; and
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Charities which focus on music and the arts; and
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Charities which provide social care or health care or which fund medical research.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The charity made 21 donations during the period totalling £99,663.
The charity made a payment of £71,500 to the Royal College of Music in line with the agreement entered into in 2021. At 31 December 2024 £214,000 of this grant remains unpaid and has been included in the creditors of the charity (notes 12 & 13), of which £71,500 is due within 1 year.
The charity entered into an agreement in the period with The Wigmore Hall Trust. Under the terms of the agreement, the charity will grant a total of £50,000 over five years in equal installments. A £10,000 initial payment was made in the period in line with this agreement. At 31 December 2024 £40,000 of this grant remains unpaid and has been included in the creditors of the charity (notes 12 & 13), of which £10,000 is due within 1 year.
Financial review
Income for 2024 totalled £114, being interest on bank deposits. Expenditure totalled £102,612 and the net movement on investments was a gain of £65,222 leading to a total net movement in funds equal to a loss of £37,276.
Reserves policy
At 31 December 2024, the charity held reserves of £524,669. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained. Capital funds are maintained in order to generate investment income and to fund the charity's objectives as no other fund-raising activities are undertaken.
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The Victor And Lilian Hochhauser Foundation
Trustees' report Year ended 31st December 2024
Risk management
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. The principal risk faced by the charity lies in the performance of its investments. The trustees consider that the viability of investment returns constitute financial risk, which is mitigated by retaining experienced and expert investment managers.
Investment of Funds
On 25 September 2020, the charity entered into an agreement with Sarasin & Partners LLP ('Sarasin') whereby Sarasin manages the investment portfolio of the charity in accordance with the charity's Investment Policy. The bulk of its funds are held in the Sarasin portfolio.
Plans for future periods
The charity has no plans to change its current objectives and activities and intends to continue making donations as long as resources are available.
Structure, governance and management
The charity is a registered Charitable Incorporated Organisation (CIO) (Charity registration no 1180783), registered on 21 November 2018. It is governed by a constitution which established the objects and powers of the charitable organisation.
The trustees who served during the year and up to the date of signature of the financial statements were:
Lilian Hochhauser CBE (Chair) Shari Greenberg Simon Hochhauser Mark Sofer Daniel Hochhauser
All of the above trustees were appointed on 21 November 2018.
Apart from the first charity trustees listed above who are appointed for lifetime, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for he effective administration of the charity.
All trustees give their time voluntarily and receive no benefits from the charity.
The founders of the CIO were Victor Hochhauser and Lilian Hochhauser. The organisational structure is such that the trustees are the officers of the organisation.
The board of trustees meets regularly and gives detailed consideration to monitoring the progress of the charity in achieving its performance and objectives. This includes separating out returns from investments, governance reviews grant strategies, approving grant applications as well as identification and management of risk.
The trustees' report was approved by the Board of Trustees, on 26 October 2025.
Lilian Hochhauser CBE (Chair)
Trustee
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The Victor And Lilian Hochhauser Foundation
Chartered accountants report to the trustees on the preparation of the unaudited statutory financial statements of The Victor And Lilian Hochhauser Foundation Year ended 31st December 2024
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of The Victor And Lilian Hochhauser Foundation for the year ended 31st December 2024 which comprise the statement of financial activites and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the charity's trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Victor And Lilian Hochhauser Foundation and state those matters that we have agreed to state to the chairty's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Victor And Lilian Hochhauser Foundation and the charity's trustees as a body for our work or for this report.
It is your duty to ensure that The Victor And Lilian Hochhauser Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Victor And Lilian Hochhauser Foundation. You consider that The Victor And Lilian Hochhauser Foundation is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of The Victor And Lilian Hochhauser Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Grosvenor Partners LLP Chartered Accountants & Registered Auditors
80 Coleman Street London EC2R 5BJ
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The Victor And Lilian Hochhauser Foundation
Statement of financial activities Year ended 31st December 2024
| Note Expenditure on: Charitable activities Total expenditure 4 Income from: Net gains/(losses) on investments 9 Interest on investments 3 Net income/(expenditure) and movement in funds Reconciliation of funds: Fund balances at 1 January Fund balances at 31 December |
2024 £ ) (102,612 ) (102,612 65,222 114 ) (37,276 561,945 524,669 |
2023 £ ) (29,692 ) (29,692 55,852 49 26,209 535,736 561,945 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing operations.
The notes on pages 7 to 13 form part of these financial statements.
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The Victor And Lilian Hochhauser Foundation
Statement of financial position 31st December 2024
| 2024 Note £ £ Fixed assets Investments 11 757,368 757,368 Current assets Cash at bank and in hand 26,881 26,881 Creditors: amounts falling due within one year 12 ) (87,080 Net current liabilities ) (60,199 Total assets less current liabilities 697,169 Creditors: amounts falling due after more than one year 13 ) (172,500 Net assets 524,669 The funds of the charity Unrestricted funds 14 524,669 524,669 |
2023 £ £ 827,047 827,047 25,498 25,498 ) (76,600 ) (51,102 775,945 ) (214,000 561,945 561,945 561,945 |
|---|---|
The financial statements were approved by the trustees on 26 October 2025.
Lilian Hochhauser CBE (Chair)
Trustee
Simon Hochhauser Trustee
The notes on pages 7 to 13 form part of these financial statements.
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The Victor And Lilian Hochhauser Foundation
Notes to the financial statements
Year ended 31st December 2024
1. Charity information
The Victor And Lilian Hochhauser Foundation is a registered Charitable Incorporated Organisation (CIO) (Charity registration no 1180783), registered on 21 November 2018. It is governed by a constitution which established the objects and powers of the charitable organisation.
2. Accounting policies
Accounting convention
The accounts 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 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 Statement of Recommeneds Practice which is referred to in the Regulations but which has since been withdrawn.
The financial staements are prepared in sterling, which is the functional currency of the charity. Monetry amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, except for valuation of investments which are stated at fair value. The principal accounting policies adopted are set out below.
Going concern
At the time of approving the financial statements, the trustess have a reasonable expectation that the chairty 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.
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
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 funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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The Victor And Lilian Hochhauser Foundation
Notes to the financial statements (continued)
Year ended 31st December 2024
Incoming resources
Income is recognised when the charity is legally entitled to it after 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.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent and depreciation charges are allocated on the portion of the asset's use.
All expenditure is included in the Statement of Financial Activities on an accruals basis.
Donations are payments made to third parties in the furtherance of the charitable objects of the Foundation, and are accounted for when the Trustees have agreed to pay the donation without conditions.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Investments are held and managed by a third party asset firm, Sarasin & Partners LLP, and year end valuations are based on the portfolio report provided.
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.
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The Victor And Lilian Hochhauser Foundation
Notes to the financial statements (continued)
Year ended 31st December 2024
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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 libailities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at trnsaction price and subsequently measured at amortised cost.
Financial liabilities are derecognised when the charity's contractural obligations expire or are discharged or cancelled.
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 accoutning 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.
There were no critical accounting judgements and estimates made by the trustees in the preparation of these financial statements.
3. Income from investments
| Income from investments | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Interest receivable | 114 | 49 |
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The Victor And Lilian Hochhauser Foundation
Notes to the financial statements (continued)
Year ended 31st December 2024
4. Expenditure on charitable activities
| Direct costs Grant funding of activities Governance costs Governance Analysis by fund Unrestricted funds 5. Grants payable Grant to institutions: Sadeh Ohel Sarah UK Leket UK Community Security Trust Friends of Yad Sarah Israel Philharmonic Orchestra Foundation UK KKL Charity The Jerusalem Academy of Music & Dance Friends of The Sick Jewish Blind & Physically Handicapped Etgar Science Museum Royal Academy of Dance The Wigmore Hall Trust Royal College of Music Nicholas Boas Trust Other |
Grants paid 2024 £ 99,663 2,949 102,612 102,612 Grants paid 2024 £ 3,000 2,000 5,000 5,000 5,000 3,000 4,082 5,000 2,000 3,000 2,000 1,000 5,500 50,000 1,000 1,000 2,081 99,663 |
Grants paid 2023 £ 26,912 2,780 29,692 29,692 Grants paid 2023 £ 5,000 2,000 18,508 1,000 404 |
|---|---|---|
| 26,912 |
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The Victor And Lilian Hochhauser Foundation
Notes to the financial statements (continued)
Year ended 31st December 2024
6. Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7. Employees
The average number of persons employed by the company during the year amounted to 0 (2023: 0).
There were no employees whose annual remuneration was more than £60,000.
8. Support costs
9.
| Accountancy Bank charges Repairs and maintenance Legal and professional Gains and losses on investments Gain/loss on disposal of other FA investments Gain/loss on FV adj to other FA investments |
2024 £ 2,880 15 54 - 2,949 2024 £ ) (2,646 67,868 65,222 |
2023 £ 2,676 41 - 63 2,780 2023 £ ) (18,245 74,097 55,852 |
|---|---|---|
10. Taxation
The charity is exempt from Corporation Tax as all its income is charitable and is applied for charitable purposes.
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The Victor And Lilian Hochhauser Foundation
Notes to the financial statements (continued)
Year ended 31st December 2024
11. Fixed asset investments
| Investments £ Cost or valuation At 1st January 2024 827,047 Disposals ) (137,864 Revaluations 68,185 At 31st December 2024 757,368 Impairment At 1st January 2024 and 31st December 2024 - Carrying amount At 31st December 2024 757,368 At 31st December 2023 827,047 2024 Investments at fair value comprise: £ Multi Assets 755,914 Cash on interest bearing deposits 1.454 757,368 |
Total £ 827,047 ) (137,864 68,185 |
|---|---|
| 757,368 | |
| - | |
| 757,368 | |
| 827,047 | |
| 2023 £ 825,909 1,138 |
|
| 827,047 |
All investments are carried at their fair value.
12. Creditors: amounts falling due within one year
| Accruals and deferred income Other creditors |
2024 £ 5,580 81,500 87,080 |
2023 £ 5,100 71,500 76,600 |
|---|---|---|
Included within other creditors is a grant payable to the Royal College of Music of £71,500, and to The Wigmore Hall Trust of £10,000.
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The Victor And Lilian Hochhauser Foundation
Notes to the financial statements (continued)
Year ended 31st December 2024
13. Creditors: amounts falling due after more than one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Other creditors | 172,500 | 214,000 |
Included within other creditors is a grant payable to the Royal College of Music of £142,500, and to The Wigmore Hall Trust of £30,000.
14. 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 designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 January 2024 £ General funds 561,945 At 1 January 2023 £ General funds 535,736 |
Incoming resources £ 114 Incoming resources £ 49 |
Resources expended £ (102,612) Resources expended £ (29,692) |
Gains and losses £ 65,222 |
At 31 December 2024 £ 524,669 |
|---|---|---|---|---|
| Gains and losses £ 55,852 |
At 31 December 2023 £ 561,945 |
15. Related party transactions
During the year the charity entered into the following transactions with related parties.
The charity made one grant of £3,000 to Sadeh where potential conflicts of interest were present. Professor Daniel Hochhauser is a trustee of both charities. He was recused from the discussions of the grant and not involved in their decision to grant the donation.
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