Charity number. 1187823 THE MAURICE HAThER FOUNDATION CIO TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
THE MAURICE HAThER FOUNDATION CIO CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Trustees, Report Trustees, Responsibiilties Ststement Independent Audltor's ReFX)rt on the Flnanclal Statements ststement of Flnanclal Actlvltles Balance Sheet io ststement of Cash FLOWS li Notes to the Financial Statements 12-27
THE MAURICE HAThER FOUNDATION CIO REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees P D Barciay F U Furlotti R M Hatter Charity commission number 1187823 Reglstered offlce Onslow House Onslow Street Guildford Surrey GUI 4TL Independent auditor CLA Evelyn Partners Limited Chartered Accountants statutory Auditor Onslow House Onslow Street Guildford GUI 4TL Bankers Lloyds Banking Private Banking 3 City Park The Droveway Hove East Sussex BN3 7AU C Hoare & Co 37 Fleet street London EC4P 4DO Investment managers J.P. Morgan Private Bar)k 390 Madison Avenue Floor 29 New York NY 10017 Canaccord Genuity Group Inc 88 Wood Street London EC2V 7QR Lincoln Private Investment Office 32 Grosvenor Gardens London SWIW ODH Page I
THE MAURICE HAThER FOUNDATION CIO TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 The Trust&s present their report and the accounts for the period ended 31 March 2024. structure, govemance and management The Maurice Hatter Foundation is a Charitable Incorporated Organisation Ithe CIO) and was registered with the Charity Commission in England and Wales on 7 February 2020 under charity number 1187823. It is governed by its constitution. Tho Charity Is controlled by tho trustees who approve all donations and investment docisions. See note 22. Retated Party Transactions, for details of related party relationships of the Charity. Trustees The Trustees who were appointed on incorporation and served during the period were., R M Hatter F U Furlotti P Barciay Trustee appointmenL 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 Trustee5 will bo provided with a copy of tho m05t recent accounts and the Constitution and will be given further information regarding finance, governance and charitable objectives. Prfnclpal rfsks and uncertalntles The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systenis are in place to mitigate exposure to the major risks. The trustees consider that there are no significant risks or uncertainties currently facing the Charity. 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 period to 31 March 2024 was £6,250.7n (2023 - EI.221.1661 and the net gain before gains on investments £3,250.942 (2023 - net loss £231.769). Grants of £2,335,195 (2023 S355.680) were made in the period to 31 March 2024. During the period the charity purchased a holding in an unlisted investment for £5,967.12L Page 2
THE MAURICE HAThER FOUNDATION CIO TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 MARCH 2024 Achlevements and performance The Charity has continued to make grants to deserving causes. The Charity is a0 receiving rental income from its investment property at l Ely Place. plans for the future The continued allocation and distribution of income to nominated charities in accordance with the Foundation's Investment Policy StatemenL The Trustees are piloting a directly controlled and funded initiative to enable employment for people with learning difficulties Reserves poticy The Trustees have a reserves policy which states that it is not the intention to accumutate reserves as it currently has sufficient cash and liquid investments to be able to meet its grant commitments. This policy is reviewed annually. The charity has total reserves of £96.2m 12023 - £84.9ml at the period end and free reserves of £1.5m 12023- g6.7mJ. Free reserves are defined as net current assets less long term liabilities and exclude fixed assets which are investments and investment property. Investment p0CY Tho Trustee5 continue to take a prudent approach to the investment of funds with a view to maximising the income available for distribution. Investment income of £319.962 12023.. £257,340) has b*n recognised in the year. The Charity's freehold investment property at l Ely Place is included at the Trustees, estimate of market value of £19.6m in the financial statements as at 31 March 2024. Grant Making Poticy 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. Fundralslng Stsndards InfomiaUon 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.. R M Hatter Dato.. 2710112025 Page 3
THE MAURICE HAThER FOUNDATION CIO STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE PERIOD ENDED 31 MARCH 2024 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and reguLations, The law applicable lo charities in England and Wales requires the trustee5 to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable reguiationsl. 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.. select Suitable accounting policies and then apply them con515tently. obsewe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent". state whether applicable accounting standards have b*n followed.. and prepare the financial statemenls on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The trustees are responsible for keeping proper 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) Regulation5 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 HAThER FOUNDATION CIO INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE MAURICE HAThER FOUNDATION CIO Opinion We have auditod the financial statement5 of The Maurice Hatter Foundation CIO (the 'Charity I for the period ended 31 March 2024 which comprise the Ststement of Financial Activities, the Balance Sheet. the Statement of Cash Flows ar)d 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.. give a true and fair view of the state of the Charity s affairs as at 31 March 2024 and of its income and expenditure for the period 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 Charities Act 201L Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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 stalemenis 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 appropriatè 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. 8ased 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 truStS with respect to going concern are described in the rolevant sections of this roport, Page 5
THE MAURICE HAThER FOUNDATION CIO INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE MAURICE HAThER FOUNDATION CIO ICONTINUEDI Other information Tho other information comprises tho information included in the Tru5toes' Report and Financial Statements. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information cor)tained 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 inconslstent 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 misstalement5. 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.. sufficient accounting records have not been kept., or the information given in the financial statement5 is inconsistent in any material respect with the Trust&s' Report., or the financial statements aro not in agreement with the accounting rècords and., or we have not received all the information and exptanations we require for our audit. Responsibiknties 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 neCesrY to enable the preparation of financial statements that aro free from material misstatomènt. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability lo 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 HAThER FOUNDATION CIO INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE MAURICE HAThER FOUNDATION CIO ICONTINUEDI Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of tho Charitiès Act 2011 and report in accordance with the Act and relevant regutations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo 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 IUKI 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 lino with our responsibilities. outlined above, to detect material misstatemen15 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.. Outsourcing accounts preparation and tax compliance to exLernal experts. 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 Charities Act 2011 and FRS 102 in respect of the preparation and presentation of the financial statements. The senior statutory auditor led a discus510n Wlth all members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur, Tho aroa5 identified in this disCUS5ion were.. Manipulation of the financial statements. via fraudulentjournal entries The procedures we carried out to gain evidence in the above areas included.. Testing journal entries, focusing particularly on postings to unexpected or unusual accounts 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 tho 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.. viww.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Page 7
THE MAURICE HAThER FOUNDATION CIO INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE MAURICE HAThER FOUNDATION CIO ICONTINUEDI 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 stale 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. LtM¢R CLA Evelyn Partners Llmlted Chartered Accountants statutory Auditor Onslow House Onslow Street Guildford GUI 4TL Date. 27 lanuary 2025 CLA Evelyn Partners Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under Section 1212 of the Companies Act 2006, Page 8
THE MAURICE HAThER FOUNDATION CIO STATEME OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2024 Unrestiicted funds 2024 Total funds 2024 Total rLJnds 2023 Note Income from: Donations and legacies Investment income 509.552 5.854.731 ll13.5121 509.552 5.854.731 ll13.5121 (504,741) 1.565,471 160.436 other income Totsl Income 6.250.7n 8.250.7n 1.221.166 Expendlture on: Raising funds.. property and investment management costs 686.929 2,312,900 686.929 2,312,900 949.522 503,413 Charitable activities Totsl expendlture 2,999.829 2,999.829 1,452.935 Net income/lexpenditurel before net gains on Investments Nel gains on investments 3.250.942 8,081,542 3.250.942 8,081,542 1231,7691 889,189 Net Income and net movement In funds ll.332.484 ll.332.484 657.420 ROn¢lua0n of funds.. Total funds brought fomiard Net movement in funds 84,853,273 ll.332.484 84,853,273 ll.332.484 84.195.853 657.420 Total fijnds carried forward 96,185,757 96,185,757 84.853,273 The notes on pages 12 to 27 form part of these financial statements. Page g
THE MAURICE HAThER FOUNDATION CIO REGISTERED NUMBER.. ll87823 BALANCE SHE AS AT 31 MARCH 2024 31 Marth 2024 5 April 2023 Note Fixed assets Investments Investment property 13 12 74.574.103 20.135.929 58,157,952 20.000,000 94.no,032 78,157.952 Current assets Debtors Cash at bank and in hand 14 590,681 3.476.926 1.315,736 8,078,053 4.067.607 9.393,789 Creditors.. amounts falling due within one year 15 ll,425,6091 12.581.140) Net current assets 2,641,998 6.812.649 Totsl assets less current b'abiiltles 97.352.030 84.970,601 Creditors." amounts falling due after more than one year 16 11.166.273) 1117.328) Total net assets 96.185.757 84,853,273 Charfty funds Unrestricted funds 96.185.757 84.853.273 Total fijnds 96,185.757 84.853.273 The financial statements were approved and authorised for issue by the TrUStS and signed on their behalf by: R M Hatter Date. 2710112025 The notes on pages 12 to 27 form part of these financial statements. Page 10
THE MAURICE HAThER FOUNDATION CIO STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 18 2.141.478 (1,537.0201 Cash fLows from investing activities Cash withdrawn from investment portfolio Additions to investment property Net investment income 2,635,530 (743,279) 1.082.298 19,n7,1541 349,133 (86.024) 475.407 Additions to investments Net cash (used in)/provided by investing activities 16,742,605) 738,516 Change in cash and cash equivalents in the period Cash and cash equivalents at the beginning of the period 14.601.127) (798.504) 8.078.053 8,876,557 Cash and cash equivalents at the end of the peric 19 3.476.926 8,078,053 The notes on pages 12 to 27 form part of these financial statements Page 11
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 General Informauon The Maurice Hatter Foundation is a charitable incorporated organisation I'CIO'I, registered with the Charity Commission in England and Wales with registered number 1187823. The registered address IS Onslow House, Onslow Street. Guildford. Surrey, GUI 4Tll 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 Maurice Hatter Foundation CIO which has the same trustees, beneficiaries and activities as the Trust. The merger wa5 registered on 7 September 2022. Accounting poticies 21 Basls of preparation of finandal ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of IreLand IFRS 1021 leffective l January 20191 and section IA of the Financial Reporting Standard applicable in the UK and Republic of Iretand IFRS 1021. The Maurice Hatter Foundation CIO m*ts 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 p0CY. 22 Going conrn 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 HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Accountlng poUcSes Iconunuedl 23 Income recognitson All income is recognisod 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 entitlerment to the income. receipt is probable and the amount can be quantified, 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 condition5 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 Isuch as rent-free periods) have been allocated over the entire loaso period. Interest on funds held on deposlt 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 obgatIOn 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 ha5 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 bn communicated to the recipient, 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 paymentlsl. 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 HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Accountlng poUcSes Iconunuedl 25 Foreign currencies Transactions denominated in a foreign currency are translated into sterling at the rato of exchange ruling at the date of the transaction. At the balance sheet date. monetary assets and liabilities denominated in foreigr) 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 SUPF)Ort and govemance costs Support costs that are not directly attributable to Raising Funds and Charitable Activities are apportioned on a 50..50 basis. Governance costs comprise all costs involving the public accountability of the Foundation and its compliance with regulation and good practice. Governance costs includè costs related to tho statutory audit and legal fees and are apportioned to Raising Funds and Charitable Activities on a 50.'50 basis. 2 Charitable activitie Costs of charitable activities include grants made and bank charges incurred in respect of grants awarded. 2.9 Costs of ralslng funts The costs of raising funds comprise the property management costs associated with the leasehold property held for investment purposes. and support and governance costs, 210 Investrnent 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 intervats of not more than three years. at the batance sheet date. Depreciation is not provided in respect of the ir)vestment property. Page 14
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Accountlng poUcSes Iconunuedl 2.11 Investments Investments atso 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 valL4e and subsequently measured at their fair value as at the batance sh*t 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. A controlling interest in an entity is held as an investment where its value to the Foundation is through its fair value rather than as media through which the Foundation carries out business. Such interests are not consolidated but are held at fair value with changes in fair value recognised in tho Statement of Financial Activity. This is a departure from paragraph 36 of Schedule I to the Regutations for the overriding purpose of the requirement to give a true and fair view. 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. 212 Flnanclal Instruments Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Foundation becomes a party to tho 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 approximately 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 HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 CriticaL accounting estimates and areas of judgement Estimates and judgements aro continually evaluated and aro based on historical oxperience 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 require5 significant judgement by the trustee5 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 using an enterprise value multiple applied to maintainable earnings as well as bringing in the value of Surplus assets to estimate the valuation of this investment at the end of the period. Income from donations and Legacies Unrestricted funds 2024 Total fijnds 2024 Donations and legacies receivable 509,552 509.552 Unrestricted [unds 2023 Total [LJnds 2023 Legacies receivable (504.741) 1504,741) The negative legacies receivable in 2023 relate to investments being transferred into the Foundation at a lower value than was accrued at 5 April 2022, Page 16
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Investment Income Unrestricted funds 2024 Total funds 2024 Rental income from property Service charge income Income from investment portfolio Distribution from subsidiary Interest receivable 1,145.863 1.145.863 289,231 289,231 319.962 319.962 4,000.000 4,000.c(o 99,675 99,675 5.854,731 5.854.731 Llnreslricted runds 2023 Toto funds 2023 Rental income from property Service charge income Income from investment portfolio Interest receivable 909,057 313.421 257,340 85,653 909.057 313.421 257.340 85,653 1,565.471 1.565,471 Page 17
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Investment management costs Unrestricted funds 2024 Total funds 2024 Portfolio fund management fees Property management expenditure Support costs 266,3g4 351,487 69,048 266.394 351,487 69.048 686.929 686.929 Unrestricted [unds 2023 Total [LJnds 2023 Portfolio fund management fees Property management expenditure Governance costs Support COStS 119,504 550.141 75,409 204,468 119.504 550,141 75,409 204.468 949.522 949,522 Page 18
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Charftsbie activlties Grants to Institutlons 2024 Total funds 2024 Grant funding of activities Discount on future grant commitments Loss on foreign currency transtation Support costs 2.335.Ig5 1137.9761 9,567 106,114 2.335.195 1137,976) 9.567 106.114 2,312,900 2.312.900 Grants lo Institutions 2023 rotal runds 2023 Grant funding of activities Discount on future grant commitments Loss on foroign curroncy translation 355.680 355.680 49,467 98,266 49,467 98.266 503,413 503,413 Analysis of grants 31 March 2024 5 April 2023 Grants to institutions.. Education 1,345,255 795.940 Medical research Social welfare and mobility Support for those with disabilities other charitable purpose Support for the Jewish faith and community International policy research 204.680 16.500 140.000 8,000 (18.500) 5.000 45.000 118.500 18,000 2,335,195 355.680 Page 19
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Analysls of grants Icontlnuedl Details of grants payable are set out below.. 31 March 2024 5 April 2023 Education The University of Haifa UK 1,345,255 31 March 2024 5 April 2023 Social welfare and mobitity other donations leach under £lOO.0001 16.500 31 March 2024 5 April 2023 Support for those with disabiiibes Nightingale Hammerson other donations leach under £lOO.0001 loo.000 40.000 45.000 140.000 31 March 2024 5 April 2023 Medical research University College London Hospitals 8rain Tumour Charity 745.940 50.000 204.680 795.940 204.680 31 March 2024 5 April 2023 Other charitsble purposes other donations leach under £lOO.0001 118.500 8,000 118.500 8.000 Page 20
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Analysls of grants Icontlnuedl 31 March 2024 5 April 2023 Support for the Jewlsh falth and communlty Jewish Care 17.500 (50.000) 14.000 Community Security Trust other donations leach under £lO.0001 .000 18.000 118.500) OperaUng proflt The operating profit is stated after charging.. 31 March 2024 5 April 2023 Auditor's remuneration 28.184 19.775 The average monthly number of employees during the period was Nil 12023 - Nil), During the period. there were transactions with trustees, details of this are disclosed in Note 22. io. Analysis of support costs TotaL support Costs 2024 Goveman Administrative costs 2024 2024 Trustee feos and expenses Trustees, indemnity insurance Administration costs Accountancy fees Audit fees Legal and professional fees 8.337 18,302 3,917 26,639 3,917 12.339 25,650 28.184 78.434 12,33g 25,650 28.184 32.830 45.604 91.930 83.233 175.163 Page 21
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Totsl support Administrative Governance 2023 2023 2023 Trustee fees and expense5 Trustees. indemnity insurance Administration costs 30,983 336 30.983 336 13,525 32.227 44,090 158.716 13,525 32.227 Accountancy fees Audit f*s Legal and professional fees 44.090 158.716 204.468 75.409 279,877 Trustees. remuneration and expenses During the period. no Trust&s received any remuneration or other benefits (2023- £NiU. During the period ended 31 March 2024. trustee expenses of £8.670 were reimbursed to one trustee in respect of travel and accommodation expenses (2023- £9,738). Page 22
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Investment property Investment property Valuation At 6 April 2023 Additions Revaluation 20.000.000 1,279,208 11.143.279) At 31 March 2024 20.135,929 Investment prowrty includes a freèhold office building with a doemed cost of £23.055.039 12023 £22,311,760), being the fair value of the property at the date it was received. via a legacy, by the Charity plus subsequent capital expenditure. During the period, a fLat in Israel was reclassified as an investment property from other debtors for £535.929. This is included in the additions to investment properties above. Fixed asset investments Listed Untisted Investments Investments Total Cost or valuation At 6 April 2023 Additions 38.651.952 19.506.000 58.157,952 4,069.962 5.967.121 10.037.083 .8n.14T) 12,87L147) 4.429.034 9.250.215 Disposals Revaluations 4.821,181 At 31 March 2024 44.279,801 30.294.302 74,574.103 Net ljok value At 31 March 2024 44,279,801 30,294,302 74,574,103 At 5 April 2023 38,651.952 19.506.000 58,157.952 Page 23
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 13. Flxed asset Investments Icontlnued) The following is a subsidiary of the Foundation, accounted for as an investment in accordance with note 2.11. Accounts for this company are publically available.. Name Registered off Principal activity Holding l.M.O Precision Controls Limited The Interchange Frobisher Way Hatfield Hertfordshire ALIO 9TG Manufacturing of electronic and electrical engineering products and systems 1007 14. Debtors 31 March 2024 5 April 2023 Due wlthln one year Trade debtors other debtors 263.277 295.563 31,841 126.426 1,025.178 164.132 Prepayments and accrued income 590.681 1,315.736 Creditors.. Amounts falling due thin one year 31 March 2024 5 April 2023 Trade creditors 20.437 57,881 138,882 133.009 1,075,400 127,800 22.050 228.682 118,593 2,084.015 other taxation and social security other creditors Accruats and deferred income Accrued grants payable to institutions 1.425,809 2.581,140 Page 24
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 16. Creditors.. Amounts falling due after more than one year 31 March 2024 5 April 2023 Accrued grants payable to institutions 1,166,273 117,328 17. Grant commltments New Balan at Balance at 6 Settled in commitments 31 March April 2023 the year Inote 71 2024 Grant commitments 2,201.343 12,294.8651 2.335,195 2.241.673 ReconclUaUon of net movement In fvnds to net cash flow from operatlng actlvltles 31 March 2024 5 April 2023 Net income for the period las per Statement of Financial Activities) IL332.484 657.420 Adjustments for. Non-cash donations Net investment income Gains on fixed asset invostmonts 19.519) 504,741 157.1791 (615,9491 18.106,8481 (925.405) 189.126 1115,721) 1106.5861 11,042,106J Decrease/lincreasel in debtors Increase/ldecreasel in creditors Net cash provided by/lused inl operating activities 2.141.478 11,537.0201 19. Analysis of cash and cash equivalents 31 March 2024 5 April 2023 Cash in hand 3.746,926 8,078.053 Page 25
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 20. Analysis of changes In net debt At 6 Aprll 2023 Cash flows At 5 AprlL 2024 Cash at bank and in hand 8,078,053 14.601,12T) 3,476,926 21 Capital commitments 31 March 2024 5 April 2023 Contracted for but not provided in these financial statements Purchase. construction or development of investment property 741,216 Page 26
THE MAURICE HAThER FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 22. Related paty trantionS During tho period, the Foundation rocoivod investment income of £4,000,000 from IMO Precision contro Limited. an investment in which the Foundation has a controlling interest and of which Fausto Furlotti and Richard Hatter. trustees of the Foundation. are directors. During the period. legal fees of £174.195 12023 - £121,27n were paid to Macfarianes LLP of which Piers Barclay is a partner. and including £6.000 in respect of services provided by Mr Barclay. who is a trustee of the Foundation. These amounts are included in Support costs in Note 10. During the period, professional fees of £12.000 12023 - £16.0201 were paid to Epsilon Real Estate Limited, an entity of which Richard Hatter. a trustee of the Foundation. is a person of significant influence. This amount is included in property additions in note 12. Tho Foundation a150 reimburged Richard Hatter, a trusteo of the Foundation. for exwnditure totalling £8,67012023 - £9,738). During the prior year, Richard Hatter was appointed as a trustee of The University of Haifa UK. The Foundation paid S425,00012023 - $425.0001 to The University of Haifa UK in the period as part of a multi-year grant commitment. There is a creditor of £1,345.256. which is $1.700.000, included in Accrued grants payable to institutions, split as £336,314 due in less than one year and £1,008.942 due after more than one year12023 - £341,009 or $425,000 due in less than one yearl During the period. the Foundation paid $1.250,00012023.' $nill to World ORT Trust, of which Richard Hatter is a Trustee. as part of a multi-year grant commitment. There is a creditor of £356,097. which is
50,000. included in Accrued grants payable to institutions in note 15 12023 - £1.364.038 or $1,700.0001 During the period, the Foundation acquired an investment from Fausto Furlotti. a trustee of the Foundation. for £5,764.000. During the period. Richard Hatter, a trustee. gifted to the Foundation a single share in an unlisted investment. The value of this is considered to be less than £1,000. There is considered to be no ultimate controlling party. Page 27