REGISTERED COMPANY NUMBER: 01676956 (England and Wales) REGISTERED CHARITY NUMBER: 286504
Report of the Trustees and Financial Statements for the Year Ended 31 March 2024
for
HUNTINGDON FOUNDATION LIMITED(THE)
Melinek Fine LLP Chartered Accountants Statutory Auditors First Floor, Winston House 349 Regents Park Road London N3 1DH
HUNTINGDON FOUNDATION LIMITED(THE)
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Report of the Independent Auditors | 4 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Cash Flow Statement | 10 |
| Notes to the Cash Flow Statement | 11 |
| Notes to the Financial Statements | 12 to 17 |
HUNTINGDON FOUNDATION LIMITED(THE) (REGISTERED NUMBER: 01676956)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Charitable Objects
The principal activity of the company was that of a charity, with particular reference to the establishment and continued support of Jewish schools.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
There have been no material changes in the objectives or policies of the charity during the year. To achieve the objects, the charity uses its income to make charitable donations and grants to Jewish schools, other educational organisations and other charities.
STRATEGIC REPORT
Achievement and performance
Charitable activities
The trustees are pleased to report that, as in the past, schools assisted by the Foundation continue to provide the highest standards within the National Curriculum and the provision of general Jewish education.
These schools have been recognised as centres of excellence in learning. The efforts of the Trustees on behalf of Jewish education have ensured that the wider Anglo-Jewish community has been made aware of the religious educational choices available.
During the year under review a total of £323,000 (2023:£233,700) was provided in direct assistance of the Foundation's aims.
The purpose of the donations were as follows:
Religious, Educational and Other £323,000
Fundraising activities
Donations together with income arising on investments were considered reasonable and the trustees feel that the present level of income is sufficient to permit the charity to continue for the foreseeable future.
A summary of the charity's transactions and of it's financial position is shown in the financial statements together with the accompanying notes.
Investment performance
Under the memorandum and articles of association the charity has the power to invest in any way the trustees wish.
The trustees are satisfied with the return on investments achieved during the year and feel confident that the charity has adequate reserves to fulfil its charitable obligations.
Internal and external factors
There are no specific factors to report.
Page 1
HUNTINGDON FOUNDATION LIMITED(THE) (REGISTERED NUMBER: 01676956)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
STRATEGIC REPORT Financial review
Reserves policy
The balance sheet shows a satisfactory position with undistributed funds amounting to £17,167,281 (2023: £16,802,922). These funds are all unrestricted funds which have been earmarked by the Trustees to be invested to produce an income to further the principal activities of the charity.
Reserves
The Trustees do not maintain a reserves policy as resources are used as available.
Investment powers, policy and performance
The charity is able to make any investment which the Trustees see fit subject to any conditions (if any) imposed or required by law.
Future plans
The Trustees plan to continue to support charities and charitable purposes in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charity is constituted as a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association and was incorporated on the 10th November 1982.
The Trustees meet several times during the year, to consider the various ways of advancing the principal activities of the trust. The power to appoint new trustees is vested in the continuing Trustees.
Governance and Internal Control
The Trustees have considered the charity's position regarding the investment in listed and other investments (notes 9 &10) and are of the opinion that there are no additional major risks to which the charity is exposed. Full provision has been made in respect of all losses to date.
Related Parties
The following entities are related parties to the charity; Foframe of Huntingdon Limited-The charity has a 25% equity interest in this company. Sixtrees Limited-Wholly owned subsidiary of Foframe of Huntingdon Limited. Foframe Properties Limited-Wholly owned subsidiary of Foframe of Huntingdon Limited. B E Perl Charitable Trust-A registered charity which is also controlled by the directors of this company. Churchill House Management Limited-Wholly owned subsidiary of the B E Perl Charitable Trust. GYG Estates Ltd (formerly The Pillar Ltd.) - a trading company controlled by the Trustees of this charity. 1146 47th Street Investments Inc. - A wholly owned company of The Huntingdon Foundation Limited in the United States of America.
A summary of transactions with those parties is set out in note 14 to the financial statements.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01676956 (England and Wales)
Registered Charity number
286504
Registered office
First Floor, Winston House 349 Regents Park Road London N3 1DH
Page 2
HUNTINGDON FOUNDATION LIMITED(THE) (REGISTERED NUMBER: 01676956)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
Trustees
Ms R Jeidel Director Dr. S Perl Director J D Perl Director B E Perl MBE Director Mrs N Tsorotzkin Director A M Jacobs Chartered Accountant
Company Secretary
Dr. S Perl
Auditors
Melinek Fine LLP Chartered Accountants Statutory Auditors First Floor, Winston House 349 Regents Park Road London N3 1DH
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees (who are also the directors of Huntingdon Foundation Limited(The) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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 in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 30 January 2025 and signed on the board's behalf by:
J D Perl - Trustee
Page 3
Report of the Independent Auditors to the Members of Huntingdon Foundation Limited(The)
Opinion
We have audited the financial statements of Huntingdon Foundation Limited(The) (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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- have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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.
Other information
The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees which includes the directors' report and the strategic report for company law purposes, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors' report included within the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 4
Report of the Independent Auditors to the Members of Huntingdon Foundation Limited(The)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Page 5
Report of the Independent Auditors to the Members of Huntingdon Foundation Limited(The)
Our 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence (as required by auditing standards).
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements (including related company legislation), including: the company's constitution, relevant financial reporting standards; company law; charity legislation; tax legislation and distributable funds legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an affect: employment legislation; charity legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation.
International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
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Challenging assumptions made by management in its significant accounting estimates.
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Identifying and testing journal entries during the period and post balance sheet date, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any income account, journal entries posted by senior management.
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Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
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Ensuring that testing undertaken on both the Statement Of Financial Activities (SOFA) and the Balance Sheet includes a number of items selected on a random basis.
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
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Report of the Independent Auditors to the Members of Huntingdon Foundation Limited(The)
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 Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Aryeh Melinek FCA (Senior Statutory Auditor) for and on behalf of Melinek Fine LLP Chartered Accountants Statutory Auditors First Floor, Winston House 349 Regents Park Road London N3 1DH
30 January 2025
Page 7
HUNTINGDON FOUNDATION LIMITED(THE)
Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds Investment management costs 4 Charitable activities 5 Charitable Support costs Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 Unrestricted fund £ 1,001 746,842 747,843 45,668 45,668 323,000 30,038 398,706 15,222 364,359 16,802,922 17,167,281 |
2023 Total funds £ 15,758 588,058 603,816 89,754 89,754 234,211 1,532 325,497 51,739 330,058 16,472,864 16,802,922 |
|---|---|---|
The notes form part of these financial statements
Page 8
HUNTINGDON FOUNDATION LIMITED(THE) (REGISTERED NUMBER: 01676956)
Balance Sheet 31 MARCH 2024
| Notes FIXED ASSETS Investments Investments 10 Investment property 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2024 Unrestricted fund £ 532,535 14,925,581 15,458,116 293,497 2,283,331 2,576,828 (867,663) 1,709,165 17,167,281 17,167,281 17,167,281 17,167,281 |
2023 Total funds £ 849,239 14,280,497 15,129,736 1,698,465 2,374,799 4,073,264 (2,400,078) 1,673,186 16,802,922 16,802,922 16,802,922 16,802,922 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2025 and were signed on its behalf by:
J D Perl - Trustee
The notes form part of these financial statements
Page 9
HUNTINGDON FOUNDATION LIMITED(THE)
Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of fixed asset investments Purchase of investment property Sale of fixed asset investments Interest received Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ 171,016 171,016 - (645,084) 331,926 50,674 (262,484) (91,468) 2,374,799 2,283,331 |
2023 £ 1,506,206 1,506,206 (3,636) (1,221,372) - 9,104 (1,215,904) 290,302 2,084,497 2,374,799 |
|---|---|---|
The notes form part of these financial statements
Page 10
HUNTINGDON FOUNDATION LIMITED(THE)
Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024
| 1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 £ Net income for the reporting period (as per the Statement of Financial Activities) 364,359 Adjustments for: Gain on investments (15,222) Interest received (50,674) Amounts owed by group undertakings 1,327,703 Decrease/(increase) in debtors 77,265 (Decrease)/increase in creditors (1,532,415) Net cash provided by operations 171,016 2. ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow £ £ Net cash Cash at bank 2,374,799 (91,468) 2,374,799 (91,468) Total 2,374,799 (91,468) |
2023 £ 330,058 (51,739) (9,104) (14,542) (25,725) 1,277,258 1,506,206 At 31.3.24 £ 2,283,331 2,283,331 2,283,331 |
|---|---|
The notes form part of these financial statements
Page 11
HUNTINGDON FOUNDATION LIMITED(THE)
Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:
Voluntary income is received by the way of donations and gifts and is included in full in the Statement of Financial Activities (SOFA) when receivable.
Income from investments is included in the year in which it is receivable.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure includes any VAT which can not be fully recovered, and is reported as part of the expenditure to which it relates.
Resources expensed are recognised in the year in which they are incurred.
Support costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation of support costs
Support costs have been allocated to governance costs and comprise costs involving the public accountability of the charity and its compliance with regulations.
Governance costs have been allocated to donations paid under charitable activities.
Investments
Investment properties are initially recognised at purchase price plus any directly attributable costs. Subsequently, investment properties are measured at fair value with any changes to fair value transferred to the Statement of Financial Activities.
Investments in group undertakings are held at fair value.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
All funds are unrestricted and can be used in accordance with the charitable objectives at the discretion of the trustees.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
continued...
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HUNTINGDON FOUNDATION LIMITED(THE)
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES - continued
Legal status of the charity
The charity is a company limited by guarantee and has no share capital. Liability of each member in the event of winding-up is limited to £1.
Financial Instruments
Financial instruments are classified and accounted for as either debt instruments or financial liabilities. Both assets and liabilities are all measured at amortised cost.
Auditor's Remuneration
The auditor's remuneration referred to in note 9 represents the total amount receivable by the auditor in respect of services provided during the year.
Going concern
The accounts have been prepared on the going concern basis. The trustees consider that there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future, which is deemed to be 12 months from the date of approval of the financial statements.
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Rents received Deposit account interest 4. INVESTMENT MANAGEMENT COSTS General and Water Rates Insurance Light and Heat Repairs and Maintenance Managing Agents Fees Professional fees |
2024 £ 1,001 2024 £ 696,168 50,674 746,842 2024 £ 19,962 10,616 5,711 5,166 1,116 3,097 45,668 |
2023 £ 15,758 2023 £ 578,954 9,104 588,058 2023 £ 10,754 14,228 2,853 2,948 1,529 57,442 89,754 |
|---|---|---|
continued...
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HUNTINGDON FOUNDATION LIMITED(THE)
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
5. CHARITABLE ACTIVITIES COSTS
Donations and grants comprise amounts paid to institutions, mainly in support of Jewish schools. All donations are paid directly from the charity to the institutions, as follows:
| Name of charitable organisation Achisomoch Hendon Adass Yisroel Bnos Beis Yaakov Ahavat Hesed Gateshead Talmudic Other Total 6. GRANTS PAYABLE Charitable Grants paid to institutions during the year were as follows: Relief of Poverty and Illness Education Advancement of Jewish Religion Other 7. SUPPORT COSTS Support costs Support costs, included in the above, are as follows: Audit fees Accountancy Bank charges Sundries Exchange gains/losses |
Total donation (£) 167,500 50,000 36,000 20,000 10,000 39,500 323,000 2024 2023 £ £ 323,000 233,700 £179,000 £64,000 £75,000 £5,000 Governance costs £ 30,038 2024 2023 Support Total costs activities £ £ 3,600 3,600 5,400 5,400 183 (323) - 1,140 20,855 (7,774) 30,038 2,043 |
|---|---|
continued...
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HUNTINGDON FOUNDATION LIMITED(THE)
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
9. AUDITORS' REMUNERATION
The auditor's remuneration constituted an accountancy fee of £5,400 (2023: £5,400) and an audit fee of £3,600 (2023: £3,600).
10. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| MARKET VALUE | |
| At 1 April 2023 | 849,239 |
| Disposals | (331,926) |
| Revaluations | 15,222 |
| At 31 March 2024 | 532,535 |
| NET BOOK VALUE | |
| At 31 March 2024 | 532,535 |
| At 31 March 2023 | 849,239 |
The value of the investment in Foframe of Huntingdon Ltd in which The Huntingdon Foundation Limited has a 25% interest in as at 31 March 2024 is £472,722 (2023: £457,500)
Cost or valuation at 31 March 2024 is represented by:
| Shares in | ||
|---|---|---|
| group | ||
| undertakings | ||
| £ | ||
| Valuation in | 2024 | 15,222 |
| Cost | 517,313 | |
| 532,535 |
The company's investments at the balance sheet date in the share capital of companies include the following:
Subsidiary
| 1146 47th Street Investments Inc. | |
|---|---|
| Registered office: | |
| Nature of business: Property investment | |
| % | |
| Class of share: | holding |
| Ordinary | 100 |
continued...
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HUNTINGDON FOUNDATION LIMITED(THE)
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
10. FIXED ASSET INVESTMENTS - continued
Associated company
Foframe of Huntingdon Limited
| Foframe of Huntingdon Limited | |
|---|---|
| Registered office: Nature of business: Holding company % Class of share: holding Ordinary 25 INVESTMENT PROPERTY FAIR VALUE At 1 April 2023 Additions At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
£ 14,280,497 645,084 |
| 14,925,581 | |
| 14,925,581 | |
| 14,280,497 |
11. INVESTMENT PROPERTY
A freehold property held by the The Huntingdon Foundation Limited is held as nominee as to 40% beneficially and 60% for the benefit of The B E Perl Charitable Trust (a related charity). A further freehold property held by the The Huntingdon Foundation Limited is held as nominee as to 75% beneficially and 25% for the benefit of The B E Perl Charitable Trust (a related charity).
Land and buildings included at valuation were valued by the Trustees on the basis of open market value.
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income |
2024 2023 £ £ 45,801 10,500 239,253 1,566,956 - 112,428 8,443 8,581 293,497 1,698,465 |
2024 2023 £ £ 45,801 10,500 239,253 1,566,956 - 112,428 8,443 8,581 293,497 1,698,465 |
|---|---|---|
| ,698,465 |
Short term debtors are measured at transaction price, less any impairment. Other debtors are measured at amortised cost.
continued...
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HUNTINGDON FOUNDATION LIMITED(THE)
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accruals and deferred income |
2024 £ 10,104 692,232 165,327 867,663 |
2023 £ - 2,252,645 147,433 2,400,078 |
|---|---|---|
Short term creditors are measured at transaction price, less any impairment. Other creditors are measured at amortised cost.
14. RELATED PARTY DISCLOSURES
The following entities are related to the charity:
Foframe of Huntingdon Limited-The charity has a 25% interest in this company. Sixtrees Limited-Wholly owned subsidiary of Foframe of Huntingdon Limited. Foframe Properties Limited-Wholly owned subsidiary of Foframe of Huntingdon Limited. B E Perl Charitable Trust-A Registered charity which is also controlled by the trustees. Churchill House Management Limited-Wholly owned subsidiary of the B E Perl Charitable Trust. GYG Estates Ltd (formerly The Pillar Ltd)-A trading company also controlled by the trustees of this charity. 1146 47th Street Investments Inc. - A wholly owned company of The Huntingdon Foundation Limited in the United States of America.
Material interests of Trustees
The Trustees have a material interest in Foframe of Huntingdon Limited.
The balance owing to the B E Perl Charitable Trust as at the balance sheet date was £658,944 (2023: £2,219,646).
During the year rent of £76,236 (2023: £75,000) was receivable from GYG Estates Ltd. The amount owed to GYG Estates Ltd at the balance sheet date was £288 (2023: Debtor of £112,428).
15. FINANCIAL INSTRUMENTS
| Financial assets measured at amortised cost Financial liabilities measured at amortised cost |
2024 £ 293,497 858,663 |
2023 £ 1,698,465 2,391,078 |
|---|---|---|
Financial assets measured at amortised cost are comprised of trade debtors of £45,801 (2023: £10,500), prepayments of £8,443 (2023: £8,581) and other debtors of £239,253 (2023: £1,679,384).
Financial liabilities measured at amortised cost are comprised of trade creditors of £10,104 (2023: £0) and other creditors of £848,559 (2023: £2,391,078).
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