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2022-04-05-accounts

Charity number: 1187823

THE MAURICE HATTER FOUNDATION CIO

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

THE MAURICE HATTER FOUNDATION CIO

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 3
Trustees' Responsibilities Statement 4
Independent Auditor's Report on the Financial Statements 5 - 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12 - 26

THE MAURICE HATTER FOUNDATION CIO

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022

Trustees P D Barclay
F U Furlotti
R M Hatter
Charity commission
number
1187823
Registered office
Onslow House
Onslow Street
Guildford
Surrey
GU1 4TL
Independent auditor
CLA Evelyn Partners Limited
Chartered Accountants
Statutory Auditor
Onslow House
Onslow Street
Guildford
GU1 4TL

Page 1

THE MAURICE HATTER FOUNDATION CIO

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present their report and the accounts for the period ended 5 April 2022.

Structure, governance and management

The Maurice Hatter Foundation is a Charitable Incorporated Organisation (the CIO) and was registered with the Charity Commission on 7 February 2020 under charity number 1187823. It is governed by its constitution.

The Charity is controlled by the trustees who approve all donations and investment decisions.

On 5 April 2020 the Charity received the assets, liabilities and charitable activities of The Maurice Hatter Foundation, a trust registered under charity number 298119 (the Trust). The trustees of the Trust are R M Hatter, F U Furlotti and P Barclay. The Trust is no longer active and has been closed. The transfer of assets meets the criteria of a merger for accounting purposes as the beneficiaries and management structure remains the same in the CIO as it was in the Trust. Therefore these accounts present financial information as if the CIO had always existed.

Trustees

The Trustees who were appointed on incorporation and served during the period were:

R M Hatter

P Barclay

Trustee appointment, training and induction

In accordance with the Constitution, new Trustees are appointed by the continuing Trustees. When appointing new Trustees, the existing Trustees will take account of the skills required by the Trustee Board. New Trustees will be provided with a copy of the most recent accounts and the Constitution and will be given further information regarding finance, governance and charitable objectives.

Related parties

During the year, the Foundation made no grants to organisations which the Trustees consider to be related parties by virtue of offices held. Other related party transactions are disclosed in note 21.

Risk factors

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.

Objectives and activities

The objective of the Charity is to make distributions to various charitable causes at the discretion of the Trustees. Distributions can take the form of grants or long or short term loans secured or unsecured at any or no interest.

The Trustees confirm that they have had regard to the Charity Commission’s guidance on public benefit.

Financial review

The gross income of the Charity in the year to 5 April 2022 was £30,417,663 (2021 - £33,385,013) and the net income before gains/(losses) on investments £28,032,469 (2021 - £30,515,906) . Grants of £1,249,762 (2021 - £2,066,047) were made in the year to 5 April 2022.

The Charity has recognised a legacy receivable of £25.5m in respect of an investment portfolio which was transferred from the Executors of Sir Maurice Hatter's Estate during the subsequent financial year. There is an additional £4.1m of legacy income relating to the cost of refurbishment of Ely Place which was incurred prior to the property formally transferring into the Charity's ownership during the year. This property had been included as a debtor at 5 April 2021.

Page 2

THE MAURICE HATTER FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Achievements and performance

The Charity has continued to make grants to deserving causes. The investment property at 141 Moorgate was fully let during the year and generating income. In March 2022 this property was sold for £7m, of which 48.96% was payable to the Charity. The Charity is also receiving rental income from its investment property at 1 Ely Place.

Plans for the future

The continued allocation and distribution of income to nominated charities in accordance with the Foundation’s Investment Policy Statement.

Reserves policy

The Trustees have yet to develop a reserves policy for the newly established Charity.

Investment policy

The Trustees continue to take a prudent approach to the investment of funds with a view to maximising the income available for distribution.

The Charity's freehold investment property at 1 Ely Place is included at the Trustees' estimate of market value of £22.3m in the financial statements as at 5 April 2022.

Grant Making Policy

The charity aims to distribute income generated from investments and cash deposits to charitable causes deemed worthy by the Trustees. The Trustees intend to focus the majority of their grant making activities on supporting the following causes: education and technology; medical research; support for those with disabilities; social welfare and social mobility and support for the Jewish faith, continuity and culture, including the promotion of understanding between different faiths.

The trustees review the focus of their grant making and the grant making policy on an annual basis but may consider from time to time making grants for other charitable purposes.

Fundraising Standards Information

The Foundation does not use any professional fundraisers or commercial participators in the carrying out of charitable activities.

Approved by order of the members of the board of trustees and signed on their behalf by:

richard m hatter

richard m hatter (May 19, 2023 15:20 GMT+1)

R M Hatter

Date: 19/05/2023

Page 3

THE MAURICE HATTER FOUNDATION CIO

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2022

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

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

The trustees are responsible for keeping adequate accounting records which are sufficient to show and explain the charity’s transactions and 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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Page 4

THE MAURICE HATTER FOUNDATION CIO

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MAURICE HATTER FOUNDATION CIO

Opinion

We have audited the financial statements of The Maurice Hatter Foundation CIO (the 'Charity') for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 Charity 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.

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.

Page 5

THE MAURICE HATTER FOUNDATION CIO

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MAURICE HATTER FOUNDATION CIO (CONTINUED)

Other information

The other information comprises the information included in the Trustees' Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees' Report and Financial Statements. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page 4, the trustees 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 Charity or to cease operations, or have no realistic alternative but to do so.

Page 6

THE MAURICE HATTER FOUNDATION CIO

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MAURICE HATTER FOUNDATION CIO (CONTINUED)

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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:

We obtained a general understanding of the Charity’s legal and regulatory framework through enquiry of management concerning: their understanding of relevant laws and regulations; and the entity’s policies and procedures regarding compliance. We also drew on our existing understanding of the charity sector and its regulation.

We understand that the Charity complies with the framework through:

In the context of the audit, we considered those laws and regulations: which determine the form and content of the financial statements; which are central to the charity’s ability to conduct its business; and where failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Charity:

The senior statutory auditor led a discussion with all members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

The procedures we carried out to gain evidence in the above areas included:

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities. In particular, both the senior statutory auditor and the audit manager have a number of years’ experience in auditing similar charities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 7

THE MAURICE HATTER FOUNDATION CIO

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MAURICE HATTER FOUNDATION CIO (CONTINUED)

Use of our report

This report is made solely to the Charity's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s 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 Charity and the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

CLA Evelyn Partners LimitedCLA Evelyn Partners Limited (May 23, 2023 09:51 GMT+1)

Julie Mutton (Senior Statutory Auditor)

for and on behalf of CLA Evelyn Partners Limited

Chartered Accountants Statutory Auditor

Onslow House Onslow Street Guildford GU1 4TL Date: 23/05/2023

Page 8

THE MAURICE HATTER FOUNDATION CIO

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2022

Note
Income from:
Donations and legacies
4
Investment income
5
Total income
Expenditure on:
Raising funds: property and investment management
costs
6
Charitable activities
7
Total expenditure
Net income before net gains on investments
Net gains on investments
Net income and net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
29,742,378
675,285
30,417,663
915,250
1,469,944
2,385,194
28,032,469
2,491,711
30,524,180
53,671,673
30,524,180
84,195,853		 Total
funds
2022
£
29,742,378
675,285
30,417,663
915,250
1,469,944
2,385,194
28,032,469
2,491,711
30,524,180
53,671,673
30,524,180
84,195,853		 Total
funds
2021
£
32,797,477
587,536
33,385,013
1,059,228
1,809,879
2,869,107
30,515,906
2,285,369
32,801,275
20,870,398
32,801,275
53,671,673

The notes on pages 12 to 26 form part of these financial statements.

Page 9

THE MAURICE HATTER FOUNDATION CIO

BALANCE SHEET AS AT 5 APRIL 2022

Note
Fixed assets
Investments
12
Investment property
11
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Total net assets
Charity funds
Unrestricted funds
16
Total funds		 26,730,436
8,876,557
35,606,993
(2,551,953)		 2022
£
29,980,424
22,349,010
52,329,434
33,055,040
85,384,474
(1,188,621)
84,195,853
84,195,853
84,195,853		 19,338,222
6,047,954
25,386,176
(1,684,918)		 2021
£
28,172,125
3,100,000
31,272,125
23,701,258
54,973,383
(1,301,710)
53,671,673
53,671,673
53,671,673

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

richard m hatter

richard m hatter (May 19, 2023 15:20 GMT+1)

R M Hatter

Date: 19/05/2023

The notes on pages 12 to 26 form part of these financial statements.

Page 10

THE MAURICE HATTER FOUNDATION CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022

Note
Cash flows from operating activities
Net cash used in operating activities
18
Cash flows from investing activities
Proceeds on disposal of investments
Net additions to investments
Investment income
Investment property disposals
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
19		 2022
£
(1,630,094)
1,583,812
(1,194,375)
675,285
3,393,975
4,458,697
2,828,603
6,047,954
8,876,557		 2021
£
(1,862,343)
4,500,955
(3,948,612)
587,536
-
1,139,879
(722,464)
6,770,418
6,047,954

The notes on pages 12 to 26 form part of these financial statements

Page 11

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1. General information

The Maurice Hatter Foundation is a charitable incorporated organisation ("CIO"), registered with the Charity Commission in England and Wales with registered number 1187823. The registered address is Onslow House, Onslow Street, Guildford, Surrey, GU1 4TL.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Maurice Hatter Foundation CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Merger accounting

On 7 February 2020 The Maurice Hatter Foundation was registered as a CIO with the Charity Commission (charity registration number 1187823). On 5 April 2020 the assets, liabilities and activities of The Maurice Hatter Foundation (a charitable trust with charity registration number 289119) were transferred to the CIO. This transaction constitutes a group reconstruction, there being no change in trustees and beneficiaries of the charity, and is accounted for using merger accounting principles, namely that the financial statements are prepared as if The Maurice Hatter Foundation CIO had always been the entity carrying out the activities of The Maurice Hatter Foundation.

2.2 Going concern

The trustees have considered the medium term future of the CIO and its available cashflow and have concluded that there is no material uncertainty relating to the CIO's ability to continue as a going concern.

Page 12

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. Accounting policies (continued)

2.3 Income recognition

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations and legacies are recognised when the Foundation has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Foundation is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Foundation and it is probable that those conditions will be fulfilled in the reporting period. Legacies are recognised at fair value.

Rental income is recognised net of VAT on an accruals basis in accordance with the relevant rental agreements. Lease incentives (such as rent-free periods) have been allocated over the entire lease period.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio.

2.4 Expenditure recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the Foundation to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Donations payable are payments made to third parties in the furtherance of the charitable objectives of the Foundation. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Foundation.

Accruals for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

The accrual for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award and there are no unfulfilled performance conditions under the control of the Foundation that would permit the Foundation to avoid making the future payment(s). The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Foundation.

Page 13

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. Accounting policies (continued)

2.5 Foreign currencies

Transactions denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the date of the transaction. At the balance sheet date, monetary assets and liabilities denominated in foreign currency are translated at the rate ruling at that date. All exchange differences are dealt with in the Statement of Financial Activities. Foreign exchange transactions arise where the Foundation makes donations to overseas organisations and on management of its treasury function.

2.6 Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

2.7 Allocation of support and governance costs

Governance costs comprise all costs involving the public accountability of the Foundation and its compliance with regulation and good practice. These costs include costs related to the statutory audit, accounting and legal fees together with an apportionment of overhead and support costs.

All support and governance costs have been allocated to costs of raising funds on the basis that this is where the majority of trustee time is incurred.

2.8 Costs of raising funds

The costs of raising funds comprise the property management costs associated with the leasehold property held for investment purposes, and support and governance costs.

2.9 Charitable activities

Costs of charitable activities include grants made and bank charges incurred in respect of grants awarded.

2.10 Investment property

Investment properties, which are properties held to generate rental income and/or for capital appreciation, are initially measured at cost (unless received by way of legacy in which case initial recognition is at fair value) and subsequently at fair value. The Trustees have opted to revalue annually to open market value, with the support of independent professional valuation advisers at intervals of not more than three years, at the balance sheet date. Depreciation is not provided in respect of the investment property.

Page 14

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. Accounting policies (continued)

2.11 Investments

Investments also comprise cash investments in an investment managed portfolio whereby its intention is to provide a long-term return to the foundation. Investments of this type are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Foundation does not acquire put options, derivatives or other complex financial instruments. Investments also comprise cash held for purposes of investment in future investment managed portfolios.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

2.12 Financial instruments

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Foundation becomes a party to the contractual provisions of the instrument.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Foundation’s cash management.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Foundation will not be able to collect all amounts due.

Page 15

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

  1. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

Investment property

Preparation of the financial statements requires significant judgement by the trustees regarding the valuation of investment properties. Judgement is required in the assessment of rental yields, especially in the current economic climate.

Unlisted investments

Estimation uncertainty exists around the valuation of the charity's unlisted investments. The trustees have particular knowledge of the investment held and have prepared a detailed model to estimate the valuation of this investment at the date of gift and at the end of the period.

Legacies receivable as property assets

Valuation of property assets is a judgemental estimate. The trustees have obtained third party professional valuations of the property assets receivable as legacy income.

  1. Income from donations and legacies
Donations received
Legacies received and receivable		 Unrestricted
funds
2022
£
29,742,378
Unrestricted
funds
2021
£
32,797,477		 Total
funds
2022
£
29,742,378
Total
funds
2021
£
32,797,477

Page 16

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

5. Investment income

Rental income from property
Service charge income
Income from investment portfolio
Interest receivable
Rental income from property
Service charge income
Income from investment portfolio
Interest receivable		 Unrestricted
funds
2022
£
311,213
198,043
161,987
4,042
675,285
Unrestricted
funds
2021
£
311,427
121,960
141,681
12,468
587,536		 Total
funds
2022
£
311,213
198,043
161,987
4,042
675,285
Total
funds
2021
£
311,427
121,960
141,681
12,468
587,536

Page 17

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

6. Investment management costs

Portfolio fund management fees
Property management expenditure
Governance costs
Support costs
Portfolio fund management fees
Property management expenditure
Governance costs
Support costs		 Unrestricted
funds
2022
£
240,873
552,004
23,920
98,453
915,250
As restated
Unrestricted
funds
2021
£
718,021
268,841
9,302
63,064
1,059,228		 Total
funds
2022
£
240,873
552,004
23,920
98,453
915,250
As restated
Total
funds
2021
£
718,021
268,841
9,302
63,064
1,059,228

Page 18

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

7. Analysis of grants

Grant funding of activities
Discount on future grant commitments
Loss on foreign currency translation
Grant funding of activities
Discount on future grant commitments
Gain on foreign currency translation
8.
Analysis of grants
Grants to institutions:
Education
Medical research
Social welfare and mobility
Support for those with disabilities
Other charitable purpose
Support for the Jewish faith and community
International policy research		 Grants to
Institutions
2022
£
1,249,762
121,968
98,214
1,469,944
Grants to
Institutions
2021
£
2,066,047
(75,286)
(180,882)
1,809,879
2022
£
22,000
694,662
56,000
20,000
105,600
346,500
5,000
1,249,762		 Total
funds
2022
£
1,249,762
121,968
98,214
1,469,944
Total
funds
2021
£
2,066,047
(75,286)
(180,882)
1,809,879
2021
£
25,000
528,915
1,435,247
-
-
71,885
5,000
2,066,047

Page 19

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

8. Analysis of grants (continued)

Details of grants payable are set out below:

Medical research
University College London Hospitals
Royal National Orthopaedic Hospital
Southampton University
Social welfare and mobility
Kfar Silver Youth Renovation Project
Greenhouse Schools Project Limited
Other donations (each under £100,000)
Support for those with disabilities
Other donations (each under £100,000)
Other charitable purposes
World Jewish Relief - Ukraine appeal
Other donations (each under £100,000)		 2022
£
231,752
100,000
362,910
694,662
2022
£
-
-
56,000
56,000
2022
£
20,000
2022
£
100,000
5,600
105,600		 2021
£
428,915
100,000
-
528,915
2021
£
1,233,247
140,000
62,000
1,435,247
2021
£
-
2021
£
-
-
-

Page 20

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

8. Analysis of grants (continued)

Support for the Jewish faith and community
Woolf Institute
British Friends of Or Chadash
Jewish Care
United Jewish Israel Appeal
Chabad HGS
Community Security Trust
Other donations (each under £10,000)
Education
Other donations (each under £100,000)		 2022
£
-
-
-
-
100,000
200,000
46,500
346,500
2022
£
22,000		 2021
£
23,385
12,500
10,000
10,000
-
-
16,000
71,885
2021
£
25,000

9. Operating profit

The operating profit is stated after charging:

2022 2021
£ £
Auditor's remuneration 15,750 11,875

The average monthly number of employees during the year was Nil (2021 - Nil) .

During the year, there were transactions with trustees, details of this are disclosed in Note 21.

10. Trustees' remuneration and expenses

During the year, no trustees received any remuneration or other benefits (2021 - £Nil) .

During the year ended 5 April 2022, trustee expenses of £393 were reimbursed to one trustee in respect of administrative expenses (2021 - £120) .

Page 21

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

11. Investment property

Valuation
At 6 April 2021
Additions
Disposals
At 5 April 2022		 Investment
property
£
3,100,000
22,349,010
(3,100,000)
22,349,010

Investment property is a freehold office building with a deemed cost of £22,302,760, being the fair value of the property at the date it was received, via a legacy, by the Charity.

The investment property brought forward at 6 April 2021 was sold in the year, and comprised a long leasehold property with an original cost of £2,998,466.

12. Fixed asset investments

Cost or valuation
At 6 April 2021
Additions
Disposals
Revaluations
Changes in cash balance
At 5 April 2022
Net book value
At 5 April 2022
At 5 April 2021		 Listed
investments
£
13,795,125
5,465,379
(1,583,812)
522,736
(4,271,004)
13,928,424
13,928,424
13,795,125		 Unlisted
investments
£
14,377,000
-
-
1,675,000
-
16,052,000
16,052,000
14,377,000		 Total
£
28,172,125
5,465,379
(1,583,812)
2,197,736
(4,271,004)
29,980,424
29,980,424
28,172,125

Page 22

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

13. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Accrued grants payable to institutions		 2022
£
190,354
26,480,686
59,396
26,730,436
2022
£
378,534
-
105,217
197,892
1,870,310
2,551,953		 2021
£
262,233
18,852,158
223,831
19,338,222
2021
£
84,442
22,116
27,222
118,667
1,432,471
1,684,918

14. Creditors: Amounts falling due within one year

15. Creditors: Amounts falling due after more than one year

2022 2021
£ £
Accrued grants payable to institutions 1,188,621 1,301,710

Page 23

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

16. Statement of funds

Statement of funds - current year

Balance at 6 Gains/
Balance at 5		 Gains/
Balance at 5
April 2021 Income Expenditure (Losses)
April 2022
£ £ £ £
£
Unrestricted funds
Reserves 53,671,673 30,417,663 (2,385,194) 2,491,711 84,195,853
Statement of funds - prior year
Balance at Gains/
Balance at
1 April 2020 Income Expenditure (Losses)
5 April 2021
£ £ £ £
£
Unrestricted funds
Unrestricted income fund 20,870,398 33,385,013 (2,433,275) 1,849,537
53,671,673
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
Unrestricted
Total
funds
funds
2022
2022
£
£
Fixed asset investments 29,980,424
29,980,424
Investment property 22,349,010 22,349,010
Current assets 35,606,993
35,606,993
Creditors due within one year (2,551,953)
(2,551,953)
Creditors due in more than one year (1,188,621)
(1,188,621)
Total 84,195,853
84,195,853

Page 24

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2021
£
28,172,125
3,100,000
25,386,176
(1,684,918)
(1,301,710)
53,671,673		 Total
funds
2021
£
28,172,125
3,100,000
25,386,176
(1,684,918)
(1,301,710)
53,671,673

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Non-cash donations
Investment income
Gain on fixed asset investments
Decrease/(increase) in debtors
Increase in creditors
Net cash used in operating activities
19.
Analysis of cash and cash equivalents
Cash in hand		 2022
£
30,524,180
(29,742,378)
(675,285)
(2,491,711)
1,154
753,946
(1,630,094)
2022
£
8,876,557		 2021
£
32,801,275
(32,797,477)
(587,536)
(2,285,368)
(112,675)
1,119,438
(1,862,343)
2021
£
6,047,954

Page 25

THE MAURICE HATTER FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

20. Analysis of changes in net debt

At 6 April At 5 April
2021 Cash flows 2022
£ £ £
Cash at bank and in hand 6,047,954 2,828,603 8,876,557

21. Related party transactions

During the year, legal fees of £90,030 (2021 - £42,822) were paid to Macfarlanes LLP of which Piers Barclay is a partner, and in respect of services provided by Mr Barclay, who is a trustee of the Foundation. These amounts are included in Governance costs in Note 6.

The Foundation also reimbursed Richard Hatter, a trustee of the Foundation, for expenditure totalling £393 (2021 - £120).

During the year, professional fees of £46,250 were made to Epsilon Real Estate Limited, an entity where Richard Hatter is a person of significant influence. This amount is included in property additions in note 11.

22. Contingent liabilities

The trustees make non-binding commitments to charitable organisations to show their ongoing support for the activities they undertake. As outlined in Note 2.4, these commitments are not binding and as such are not recognised as liabilities. At 5 April 2022 these commitments totalled an undiscounted amount of £Nil (2021 - £503,000) .

Page 26