Charity number: 1187823
THE MAURICE HATTER FOUNDATION CIO
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
THE MAURICE HATTER FOUNDATION CIO
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 - 2 |
| Trustees' Report | 3 - 4 |
| Trustees' Responsibilities Statement | 5 |
| Independent Auditor's Report on the Financial Statements | 6 - 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 - 33 |
THE MAURICE HATTER FOUNDATION CIO
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
| Trustees | P D Barclay |
|---|---|
| F U Furlotti | |
| R M Hatter | |
| E T Hatter (appointed 6 March 2025) | |
| Charity commission number 1187823 Registered office Onslow House Onslow Street Guildford Surrey GU1 4TL Independent auditor S&W Audit Chartered Accountants Statutory Auditor Onslow House Onslow Street Guildford GU1 4TL Bankers Lloyds Banking Private Banking 3 City Park The Droveway Hove East Sussex BN3 7AU C Hoare & Co 37 Fleet Street London EC4P 4DQ |
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THE MAURICE HATTER FOUNDATION CIO
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Investment managers
J.P. Morgan Private Bank 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 SW1W 0DH
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THE MAURICE HATTER FOUNDATION CIO
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their report and the accounts for the year ended 31 March 2025.
Structure, governance and management
The Maurice Hatter Foundation is a Charitable Incorporated Organisation (the 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.
The Charity is controlled by the trustees who approve all donations and investment decisions. See note 23, Related Party Transactions, for details of related party relationships of the Charity.
Trustees
The Trustees who served during the year and up to the date of approval of these financial statements were:
R M Hatter F U Furlotti P Barclay E T Hatter (appointed 6 March 2025)
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.
Principal risks and uncertainties
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 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 year to 31 March 2025 was £3,199,703 (2024 - £6,250,771) and the net gain before gains on investments £1,238,158 (2024 - net gain £3,250,942) . Grants of £950,733 (2024 - £2,335,195) were made in the year to 31 March 2025.
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THE MAURICE HATTER FOUNDATION CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance
The Charity has continued to make grants to deserving causes. The Charity is also receiving rental income from its investment property at 1 Ely Place.
The Trustees are piloting a directly controlled and funded initiative to enable employment for people with learning difficulties.
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 a reserves policy which states that it is not the intention to accumulate 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 £98.4m (2024 - £96.2m) at the year end and free reserves of £0.86m (2024 - £1.5m) . Free reserves are defined as net current assets less long term liabilities and exclude fixed assets which are investments and investment property.
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. Investment income of £3,176,747 (2024: £5,854,731) has been recognised in the year.
The majority of the investment property balance of £20m relates to a freehold commercial property at 1 Ely Place which is included at the trustees’ best estimate of fair value at £19.6m.
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 hatter
richard hatter (Jan 29, 2026 16:51:39 GMT)
R M Hatter
Date: 29/01/2026
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THE MAURICE HATTER FOUNDATION CIO
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed; and
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prepare the financial statements 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) 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.
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THE MAURICE HATTER FOUNDATION CIO
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES THE 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 31 March 2025 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:
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give a true and fair view of the state of the Charity's affairs as at 31 March 2025 and of its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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.
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THE MAURICE HATTER FOUNDATION CIO
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES THE 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:
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sufficient accounting records have not been kept; or
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the information given in the financial statements is inconsistent in any material respect with the Trustees' Report; or
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the financial statements are not in agreement with the accounting records and; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 5, 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.
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THE MAURICE HATTER FOUNDATION CIO
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES THE OF THE MAURICE HATTER FOUNDATION CIO (CONTINUED)
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations 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 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:
- Outsourcing accounts preparation and tax compliance to external 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 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:
- Manipulation of the financial statements, via fraudulent journal 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
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THE MAURICE HATTER FOUNDATION CIO
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES THE OF THE MAURICE HATTER FOUNDATION CIO (CONTINUED)
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.
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.
S&W Audit
S&W Audit (Jan 29, 2026 17:02:53 GMT)
S&W Audit
Chartered Accountants Statutory Auditor
Onslow House Onslow Street Guildford GU1 4TL
Date: 29/01/2026
S&W Audit 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.
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THE MAURICE HATTER FOUNDATION CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Note Income from: Donations and legacies 4 Investment income 5 Other income 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 2025 £ - 3,176,747 22,956 3,199,703 679,878 1,281,667 1,961,545 1,238,158 932,028 2,170,186 96,185,757 2,170,186 98,355,943 |
Total funds 2025 £ - 3,176,747 22,956 3,199,703 679,878 1,281,667 1,961,545 1,238,158 932,028 2,170,186 96,185,757 2,170,186 98,355,943 |
Total funds 2024 £ 509,552 5,854,731 (113,512) 6,250,771 686,929 2,312,900 2,999,829 3,250,942 8,081,542 11,332,484 84,853,273 11,332,484 96,185,757 |
|---|---|---|---|
The notes on pages 13 to 33 form part of these financial statements.
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THE MAURICE HATTER FOUNDATION CIO REGISTERED NUMBER: 1187823
BALANCE SHEET AS AT 31 MARCH 2025
| Note Fixed assets Investments 14 Investment property 13 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Total net assets Charity funds Unrestricted funds Total funds |
302,099 2,840,894 3,142,993 (1,329,942) |
2025 £ 77,341,446 20,155,770 97,497,216 1,813,051 99,310,267 (954,324) 98,355,943 98,355,943 98,355,943 |
590,681 3,476,926 4,067,607 (1,425,609) |
2024 £ 74,574,103 20,135,929 94,710,032 2,641,998 97,352,030 (1,166,273) 96,185,757 96,185,757 96,185,757 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
richard hatter
richard hatter (Jan 29, 2026 16:51:39 GMT)
R M Hatter
Date:
29/01/2026
The notes on pages 13 to 33 form part of these financial statements.
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THE MAURICE HATTER FOUNDATION CIO
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
| Note Cash flows from operating activities Net cash provided by operating activities 20 Cash flows from investing activities Cash withdrawn from investment portfolio Additions to investment property Net investment income Additions to investments Net cash provided by/(used in) 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 21 The notes on pages 13 to 33 form part of these financial statements |
2025 £ (1,277,745) - (19,841) 2,411,554 (1,750,000) 641,713 (636,032) 3,476,926 2,840,894 |
2024 As re-stated £ (1,858,522) 2,635,530 (743,279) 5,082,298 (9,717,154) (2,742,605) (4,601,127) 8,078,053 3,476,926 |
|---|---|---|
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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.
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 was registered on 7 September 2022.
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) and section 1A of the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
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.
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 entitlement 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 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.
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
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.
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.
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.
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.7 Allocation of support and governance 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 include costs related to the statutory audit and legal fees and are apportioned to Raising Funds and Charitable Activities on a 50:50 basis.
2.8 Charitable activities
Costs of charitable activities include grants made and bank charges incurred in respect of grants awarded.
2.9 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.
2.10 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.
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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.
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 the Statement of Financial Activity. This is a departure from paragraph 36 of Schedule 1 to the Regulations 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.
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 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.
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.13 Deferred income
Where rental income is invoiced or received in advance of the accounting period to which it relates, the income is deferred and included within creditors as deferred income. Deferred income is released to the Statement of Financial Activities over the period in which the Foundation is entitled to the income and the related use of the property is provided.
3. 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 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 year.
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. Income from donations and legacies
| Donations and legacies receivable Donations and legacies receivable |
Unrestricted funds 2025 £ - Unrestricted funds 2024 £ 509,552 |
Total funds 2025 £ - Total funds 2024 £ 509,552 |
|---|---|---|
5. Investment income
| Rental income from property Service charge income Income from investment portfolio Distribution from subsidiary Interest receivable |
Unrestricted funds 2025 £ 1,122,963 248,375 345,144 1,356,432 103,833 3,176,747 |
Total funds 2025 £ 1,122,963 248,375 345,144 1,356,432 103,833 3,176,747 |
|---|---|---|
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. Investment income (continued)
| Rental income from property Service charge income Income from investment portfolio Distribution from subsidiary Interest receivable |
Unrestricted funds 2024 £ 1,145,863 289,231 319,962 4,000,000 99,675 5,854,731 |
Total funds 2024 £ 1,145,863 289,231 319,962 4,000,000 99,675 5,854,731 |
|---|---|---|
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. Investment management costs
| Portfolio fund management fees Property management expenditure Governance costs Support costs Portfolio fund management fees Property management expenditure Support costs |
Unrestricted funds 2025 Total funds 2025 £ £ 284,365 284,365 279,540 279,540 94,962 94,962 21,011 21,011 679,878 679,878 Unrestricted funds 2024 Total funds 2024 £ £ 266,394 266,394 351,487 351,487 69,048 69,048 686,929 686,929 |
|---|---|
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. Charitable activities
| Grant funding of activities Discount on future grant commitments Gain on foreign currency translation Support costs Governance costs Wages and salaries (note 8) Direct costs Grant funding of activities Discount on future grant commitments Loss on foreign currency translation Support costs |
Grants to Institutions 2025 £ 950,733 59,149 (21,483) 20,753 94,962 - - 1,104,114 |
Employable project 2025 £ - - - - - 136,471 41,082 177,553 Grants to Institutions 2024 £ 2,335,195 (137,976) 9,567 106,114 2,312,900 |
Total charitable activities 2025 £ 950,733 59,149 (21,483) 20,753 94,962 136,471 41,082 1,281,667 Total charitable activities 2024 £ 2,335,195 (137,976) 9,567 106,114 2,312,900 |
|---|---|---|---|
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. Staff costs
| Wages and salaries Social security costs Pension contributions |
2025 £ 115,844 13,724 6,903 136,471 |
2024 £ - - - - |
|---|---|---|
The average monthly number of employees during the year was 2 (2024 - Nil).
One employee was paid between £60,000 - £70,000 during the year.
9. Analysis of grants
| Grants to institutions: Education Social welfare and mobility Support for those with disabilities Medical research Other charitable purpose International policy research Support for the Jewish faith and community |
2025 £ 47,000 182,500 30,000 172,750 68,483 30,000 420,000 950,733 |
2024 £ 1,345,255 12,500 45,000 795,940 118,500 - 18,000 2,335,195 |
|---|---|---|
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. Analysis of grants (continued)
Details of grants payable are set out below:
| Education The University of Haifa UK Other donations (each under £100,000) Social welfare and mobility Greenhouse Schools Project Limited Other donations (each under £100,000) Support for those with disabilities Other donations (each under £100,000) |
2025 £ - 47,000 47,000 140,000 42,500 182,500 30,000 30,000 |
2024 £ 1,345,255 - 1,345,255 |
|---|---|---|
| - 12,500 12,500 |
||
| 45,000 45,000 |
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. Analysis of grants (continued)
| Medical research University College London Hospitals Brain Tumour Charity Other donations (each under £100,000) Other charitable purposes Other donations (each under £100,000) International policy research Other donations (each under £100,000) Support for the Jewish faith and community The Jewish Leadership Council Community Security Trust Other donations (each under £10,000) |
2025 £ 167,000 750 5,000 172,750 68,483 68,483 30,000 30,000 100,000 225,000 95,000 420,000 |
2024 £ 745,940 50,000 - 795,940 |
|---|---|---|
| 118,500 118,500 |
||
| - - |
||
| - - 18,000 18,000 |
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. Operating profit
The operating profit is stated after charging:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Auditor's remuneration | 33,871 | 28,184 |
During the year, there were transactions with trustees, details of this are disclosed in Note 23.
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. Analysis of support costs
| Total | ||||||||
|---|---|---|---|---|---|---|---|---|
| Administrative | Governance | support | ||||||
| costs | costs | costs | ||||||
| 2025 | 2025 | 2025 | ||||||
| £ | £ | £ | ||||||
| Trustee fees and expenses | - | 15,477 | 15,477 | |||||
| Trustees' indemnity insurance | - | 4,032 | 4,032 | |||||
| Administration costs | 11,078 | - | 11,078 | |||||
| Accountancy fees | 29,588 | - | 29,588 | |||||
| Audit fees | - | 33,871 | 33,871 | |||||
| Legal and professional fees | 1,098 | 136,544 | 137,642 | |||||
| 41,764 | 189,924 | 231,688 | ||||||
| Administrative | Governance | Total support | ||||||
| costs | costs | costs | ||||||
| 2024 | 2024 | 2024 | ||||||
| £ | £ | £ | ||||||
| Trustee fees and expenses | 8,337 | 18,302 | 26,639 | |||||
| Trustees' indemnity insurance | - | 3,917 | 3,917 | |||||
| Administration costs | 12,339 | - | 12,339 | |||||
| Accountancy fees | 25,650 | - | 25,650 | |||||
| Audit fees | - | 28,184 | 28,184 | |||||
| Legal and professional fees | 45,604 | 32,830 | 78,434 | |||||
| 91,930 | 83,233 | 175,163 | ||||||
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £Nil) .
During the year ended 31 March 2025, trustee expenses of £2,471 were reimbursed to one trustee in in respect of travel and accommodation expenses (2024 - £8,670 to one trustee in respect of travel and accommodation expenses) .
13. Investment property
| Valuation At 1 April 2024 Additions At 31 March 2025 |
Investment property £ 20,135,929 19,841 |
|---|---|
| 20,155,770 |
Investment property includes a freehold office building with a deemed cost of £23,073,116 (20 24 - £23,055,039) , being the fair value of the property at the date it was received, via a legacy, by the Charity plus subsequent capital expenditure.
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. Fixed asset investments
| Cost or valuation At 1 April 2024 Additions Revaluations At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 |
Listed investments £ 44,279,801 1,835,315 932,028 47,047,144 47,047,144 44,279,801 |
Unlisted investments £ 30,294,302 - - 30,294,302 30,294,302 30,294,302 |
Total £ 74,574,103 1,835,315 932,028 77,341,446 |
|---|---|---|---|
| 77,341,446 74,574,103 |
The following is a subsidiary of the Foundation, accounted for as an investment in accordance with note 2.11. Accounts for this company are publicly available:
| Name | Registered office | Principal activity | Holding |
|---|---|---|---|
| I.M.O Precision Controls | Limited The Interchange | Manufacturing of | 100% |
| Frobisher Way | electronic and | ||
| Hatfield | electrical | ||
| Hertfordshire | engineering products | ||
| AL10 9TG | and systems |
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income 16. 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 17. Deferred income movement Deferred income At 1 April 2024 Invoiced in the year Income in the year At 31 March 2025 |
2025 £ 88,105 193,538 20,456 302,099 2025 £ 74,355 67,280 211,868 128,528 847,911 1,329,942 2025 £ 36,050 1,196,959 (1,122,948) 110,061 |
2024 £ 263,277 295,563 31,841 590,681 2024 £ 20,437 57,881 138,882 133,009 1,075,400 1,425,609 2024 £ 127,273 1,054,640 (1,145,863) 36,050 |
|---|---|---|
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. Creditors: Amounts falling due after more than one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accrued grants payable to institutions | 954,324 | 1,166,273 |
19. Grant commitments
| Balance at 1 April 2024 Settled in the year New commitments (note 7) £ £ £ Grant commitments 2,241,673 (1,390,171) 950,733 Reconciliation of net movement in funds to net cash flow from operating activities 2025 £ Net income for the year (as per Statement of Financial Activities) 2,170,186 Adjustments for: Non-cash donations - Net investment income (2,496,869) Gains on fixed asset investments (932,028) Decrease in debtors 288,582 Decrease in creditors (307,616) Net cash used in operating activities (1,277,745) |
Balance at 31 March 2025 £ 1,802,235 2024 As re-stated £ 11,332,484 (9,519) (5,157,179) (8,106,848) 189,126 (106,586) (1,858,522) |
|---|---|
20. Reconciliation of net movement in funds to net cash flow from operating activities
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
21. Analysis of cash and cash equivalents
----- Start of picture text -----
2025 2024
£ £
2,840,894 3,476,926
----- End of picture text -----
Cash in hand 2,840,894 3,476,926 Analysis of changes in net debt At 1 April At 31 March 2024 Cash flows 2025 £ £ £ Cash at bank and in hand 3,476,926 (636,032) 2,840,894
22. Analysis of changes in net debt
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THE MAURICE HATTER FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
23. Related party transactions
During the year, the Foundation received investment income of £1,356,432 (2024 - £4,000,000) from I.M.O. Precision Controls 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. Richard Hatter and Fausto Furlotti are remunerated by I.M.O. Precision Controls Limited for their roles as directors of that company. Their total remuneration from the company for the year ended 30 April 2025 was £626,100 ( 30 April 2024 - £562,975 ). More detail is disclosed in the financial statements of I.M.O. Precision Controls Limited which are publicly available from Companies House.
During the year, legal fees of £135,544 (2024 - £174,195) were paid to Macfarlanes 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 year, professional fees of £nil (2024 - £12,000) 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 13.
During the year, the Foundation paid $425,000 (2024 - $425,000) to The University of Hafia UK, of which Richard Hatter is a Trustee, as part of a multi-year grant commitment. There is a creditor of £986,766, which is $1,250,000 (2024 - £1,345,256 or $1,700,000) , included in Accrued grants payable to institutions in note 16, split as £328,922 ($425,000) due in less than one year and £657,844 ($850,000) due after more than one year (2024 - £336,314 or $425,000 due in less than one year and £1,008,942 or $1,275,000 due after more than one year) .
During the year, the Foundation paid $450,000 (2024 - $1,250,000) to World ORT Trust, of which Richard Hatter is a Trustee, as part of a multi-year grant commitment. There is a creditor of £nil this year (2024 - £356,097 or $450,000) included in Accrued grants payable to institutions in note 16.
During the prior year, 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.
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