Charity registration number 327832
THE MICHAEL HELLER CHARITABLE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
THE MICHAEL HELLER CHARITABLE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Lady M Heller |
|---|---|
| WS Trustee Company Limited | |
| A Heller | |
| J Heller | |
| Charity number | 327832 |
| Principal address | 2nd Floor |
| 12 Little Portland Street | |
| London | |
| W1W 8BJ | |
| Auditor | Hart Shaw LLP |
| Europa Link | |
| Sheffield Business Park | |
| Sheffield | |
| S9 1XU | |
| Bankers | The Royal Bank of Scotland Plc |
| 62/63 Threadneedle Street | |
| London | |
| United Kingdom | |
| EC2R 8LA |
THE MICHAEL HELLER CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent auditor's report | 4 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 18 |
THE MICHAEL HELLER CHARITABLE FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MAY 2024
The trustees present their annual report and financial statements for the year ended 31 May 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The charity's objects are to support the funding of specific projects relating to medical, scientific and educational research.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Activities
The trustees have decided that for the forseeable future, in accordance with the above and in exercise of their discretion, they will include some significant donations to various universities for research purposes, and in particular medical research.
Achievements and performance
Significant activities and achievements against objectives
The net income available for the above in the current year amounted to £175,859 (2023: £232,323). Grants of £62,377 (2023: £175,043) were allocated as follows:
Education £30,346 (2023: £50,232) Research £nil (2023: £4,000) Humanitarian £32,031 (2023: £120,811)
Financial review
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between six and twelve month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The value of unrestricted reserves at 31 May 2023 is £606,946 (2023: £493,464) with endowment funds being £3,412,154 (2023: £3,426,450).
The Charity distributes, as per the above Objectives & Activities, the net income from its investments.
However, the Charity also maintains minimum sufficient cash funds to cover its activities for 6 to 12 months in the unlikely event that all the income from its investments does not materialise.
Larger cash sums are also held either for re-investment or where the Trustees have under consideration to make a larger distribution as per its Objectives & Activities above.
Where the Charity holds real estate investments, the Trustees take into account social and environmental and ethical considerations.
Investment policy
The trustees have had due regard to guidance published by the Charity Commission on public benefit.
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THE MICHAEL HELLER CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
Major risks
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.
Structure, governance and management
The charity was established on 31 May 1988 to enable the trustees to apply both capital and income for general charitable purposes or objects. It is governed by the Deed of Charitable Settlement.
The trustees who served during the year were:
Lady M Heller WS Trustee Company Limited A Heller J Heller
Recruitment and appointment of trustees
Following the death in the year of Sir Michael, the power to appoint new trustees rests with Lady Morven Heller, and after her death by her living adult children.
Organisational structure
All decisions regarding the charities activities are made by the trustees.
Other matters
The trustees' report was approved by the Board of Trustees.
A Heller
Trustee
14 January 2025
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THE MICHAEL HELLER CHARITABLE FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MAY 2024
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that year.
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 in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 operation.
The trustees are responsible for keeping sufficient accounting records that 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 Charity (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 MICHAEL HELLER CHARITABLE FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE MICHAEL HELLER CHARITABLE FOUNDATION
Opinion
We have audited the financial statements of The Michael Heller Charitable Foundation (the ‘charity’) for the year ended 31 May 2024 which comprise the statement of financial activities, the balance sheet and 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 Financial Reporting Standard 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 May 2024 and of its incoming resources and application of resources, 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.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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 require us to report to you if, in our opinion:
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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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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
-
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THE MICHAEL HELLER CHARITABLE FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE MICHAEL HELLER CHARITABLE FOUNDATION
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, 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 cease operations, or have no realistic alternative but to do so.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud and the audit response
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:
At the planning stage we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, as required by auditing standards. The potential effect of any laws and regulation on the financial statements can vary considerably. There are laws and regulations that directly affect the financial statements (e.g. the Companies Act) as well as many other operational laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. Owing to the size, nature and complexity of the organisation and the applicable laws and regulations to which it must adhere, the risk of material misstatement was deemed to be low, therefore the procedures performed by the audit team were limited to:
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Communicating identified laws and regulations at planning throughout the audit team to remain alert to any indications of non-compliance throughout the audit.
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Enquiry of management and those charged with governance around actual and potential litigation and claims as well as non-compliance with laws and regulations.
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
-
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THE MICHAEL HELLER CHARITABLE FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MICHAEL HELLER CHARITABLE FOUNDATION
We have assessed the overall susceptibility of the financial statements to material misstatement due to fraud as low because the nature of the business does not particularly lend itself to fraud.
Management override is the most likely way in which fraud might present itself and as such is inherently high risk on any audit. Management override, which may cause there to be a material misstatement within the financial statements, may present itself in a number of ways, for example:
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Override of internal controls (e.g. segregation of duties)
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Entering into transactions outside the normal course of business, especially with related parties
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Fraudulent revenue recognition, including fictitious sales and sales being recorded in the wrong period.
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Presenting bias in accounting judgements and estimates, particularly ones that are key to the business.
In order to reduce the risk of material misstatement to an acceptable level, numerous audit procedures were performed including:
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Enquiries of management as to whether they had any knowledge of any actual or suspected fraud
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Review of material journal entries made throughout the year as well as those made to prepare the financial statements
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Reviewing the underlying rationale behind transactions in order to assess whether they were outside the normal course of business.
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Assessing whether management’s judgements and estimates indicated potential bias, particularly those disclosed as key in note 2 to the financial statements that are more susceptible to management bias.
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Review of legal fees and correspondence with solicitors and regulators.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected material misstatements in the financial statements, even though we have performed our audit in accordance with auditing standards. Furthermore, as with all audits, there is a higher risk of irregularities (especially those relating to fraud) being undetected, as these may involve the override of internal controls, collusion, intentional omissions and misrepresentations etc. We are not responsible for preventing non-compliance or fraud and therefore cannot be expected to detect all instances of such. Our audit was not designed to identify misstatements or other irregularities that would not be considered to be material to the financial statements. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// 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 trustees, 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 trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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THE MICHAEL HELLER CHARITABLE FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE MICHAEL HELLER CHARITABLE FOUNDATION
Hart Shaw LLP
3 February 2025
Chartered Accountants Statutory Auditor
Europa Link Sheffield Business Park Sheffield S9 1XU
Hart Shaw LLP 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 MICHAEL HELLER CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MAY 2024
| Unrestricted Endowment funds funds 2024 2024 Notes £ £ Income from: Investments 3 272,554 - Expenditure on: Raising funds 4 79,285 - Charitable activities 6 79,787 - Total expenditure 159,072 - Net losses on investments 10 - (14,296) Net income/(expenditure) and movement in funds 113,482 (14,296) Reconciliation of funds: Fund balances at 1 June 2023 493,464 3,426,450 Fund balances at 31 May 2024 606,946 3,412,154 |
Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 272,554 269,263 - 79,285 32,180 - 79,787 179,803 - 159,072 211,983 - (14,296) - (135,345) 99,186 57,280 (135,345) 3,919,914 436,184 3,561,795 4,019,100 493,464 3,426,450 |
Total 2023 £ 269,263 32,180 179,803 211,983 (135,345) (78,065) 3,997,979 3,919,914 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE MICHAEL HELLER CHARITABLE FOUNDATION
BALANCE SHEET
AS AT 31 MAY 2024
| Notes Fixed assets Investment property 12 Investments 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 The funds of the charity Endowment funds 17 Unrestricted funds |
2024 £ £ 3,108,294 359,756 3,468,050 214,888 358,349 573,237 22,187 551,050 4,019,100 3,412,154 606,946 4,019,100 |
2023 £ £ 3,108,294 374,052 3,482,346 229,361 245,468 474,829 37,261 437,568 3,919,914 3,426,450 493,464 3,919,914 |
2023 £ £ 3,108,294 374,052 3,482,346 229,361 245,468 474,829 37,261 437,568 3,919,914 3,426,450 493,464 3,919,914 |
|---|---|---|---|
| 3,482,346 437,568 |
|||
| 3,919,914 | |||
| 3,426,450 493,464 |
|||
| 3,919,914 |
The financial statements were approved by the trustees on 14 January 2025
A Heller Trustee
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THE MICHAEL HELLER CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
1 Accounting policies
Charity information
The Michael Heller Charitable Foundation is a registered charity at The Charities Commission for England and Wales. The registered office is 2nd Floor, 12 Little Portland Street, London, W1W 8BJ.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's deed of charitable settlement dated 31 May 1988, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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THE MICHAEL HELLER CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
1 Accounting policies
(Continued)
1.6 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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THE MICHAEL HELLER CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Income from property | 235,725 | 235,316 |
| Interest receivable | 36,829 | 33,947 |
| 272,554 | 269,263 |
4 Expenditure on raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Investment property costs | 79,285 | 32,180 |
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THE MICHAEL HELLER CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5 Expenditure on charitable activities
| Charitable | Charitable | ||
|---|---|---|---|
| Grants | Grants | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Staff costs | 12,489 | - | |
| Grant funding of activities (see note 6) | 62,377 | 175,043 | |
| Share of support and governance costs (see note 7) | |||
| Governance | 4,921 | 4,760 | |
| 79,787 | 179,803 | ||
| Analysis by fund | |||
| Unrestricted funds | 79,787 | 179,803 | |
| 6 | Grants payable | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Grants to institutions | 62,377 | 175,043 |
The trustees consider that as this is a private charitable trust to which no public funds have been contributed, the disclosure requirements relating to grants in excess of £1,000 do not apply as the inclusion of such information would, in certain circumstances, be likely to prejudice the furtherance of the purposes of the charitable trust or the recipient. Full details of these grants will be supplied to the Charity Commissioners.
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THE MICHAEL HELLER CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
7 Support costs
| Bank charges Audit fees Accountancy Analysed between Charitable activities |
Support Governance Costs Costs £ £ 11 - - 550 - 4,360 11 4,910 220 4,701 |
2024 £ 11 550 4,360 4,921 4,921 |
2023 £ 35 550 4,175 |
|---|---|---|---|
| 4,760 | |||
| 4,760 |
Governance costs includes payments to the auditors of £550 (2023: £550) for audit fees.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or payment of expenses from the charity during the year.
9 Employees
| Employment costs Wages and salaries Social security costs |
2024 Number 1 2024 £ 11,498 991 12,489 |
2023 Number - |
|---|---|---|
| 2023 £ - - |
||
| - |
There were no employees whose annual remuneration was more than £60,000.
10 Gains and losses on investments
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | (14,296) | (135,345) |
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THE MICHAEL HELLER CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Investment property
| Investment property | |
|---|---|
| 2024 | |
| £ | |
| Fair value | |
| At 1 June 2023 and 31 May 2024 | 3,108,294 |
Investment property comprises of three wholly owned properties and a property of which the charity owns 8.33%. The fair value of the wholly owned investment property has been arrived at on the basis of a valuation carried out at 16 January 2024 by the trustees.
The part owned property was valued at 6 November 2023 by an independent firm of Chartered Surveyors.
The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
13 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 June 2023 | 374,052 |
| Valuation changes | (14,296) |
| At 31 May 2024 | 359,756 |
| Carrying amount | |
| At 31 May 2024 | 359,756 |
| At 31 May 2023 | 374,052 |
Fixed asset investments revalued
The listed investments are revalued at their year end mid-market values which are obtained from The London Stock Exchange.
The historical cost of the listed investments is not known.
| 14 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Carrying amount of financial liabilities Measured at amortised cost |
2024 £ 214,888 10,004 |
2023 £ 229,361 |
|---|---|---|
| 23,025 |
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THE MICHAEL HELLER CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
15 Debtors
| 15 Debtors |
||
|---|---|---|
| Amounts falling due within one year: Other debtors 16 Creditors: amounts falling due within one year Other taxation and social security Accruals and deferred income |
2024 £ 214,888 2024 £ 12,183 10,004 22,187 |
2023 £ 229,361 |
| 2023 £ 14,236 23,025 |
||
| 37,261 |
17 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| Balance at | Investments | Balance at | Investments | Balance at | |
|---|---|---|---|---|---|
| 1 June 2022 | gains/losses | 1 June 2023 | gains/losses | 31 May 2024 | |
| £ | £ | £ | £ | £ | |
| Expendable endowments | |||||
| Capital Fund and accumulated income | 3,561,795 | (135,345) | 3,426,450 | (14,296) | 3,412,154 |
| 3,561,795 | (135,345) | 3,426,450 | (14,296) | 3,412,154 |
Under clause 3(iii) of the Deed of Charitable Settlement, the trustees are given the power to accumulate all or any part of the income of the trust funds for a period of 21 years from the date of commencement of the Foundation by investing the same in investments as an accretion to the capital of the property from which such income arose and as one fund therewith for all purposes.
The trustees are empowered to apply both the capital and the income for charitable purposes. Accordingly the trust fund is designated "The Expendable Endowment Fund" and incorporates income accumulations and undistributed income.
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THE MICHAEL HELLER CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
18 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 June 2023 Incoming resources Resources expended £ £ £ General funds 493,464 272,554 (159,072) Previous year: At 1 June 2022 Incoming resources Resources expended £ £ £ General funds 436,184 269,263 (211,983) 19 Analysis of net assets between funds Unrestricted funds Endowment funds Total Unrestricted funds Endowment funds 2024 2024 2024 2023 2023 £ £ £ £ £ Fund balances at 31 May 2024 are represented by: Investment properties 3,108,294 - 3,108,294 3,108,294 - Investments 359,756 - 359,756 374,052 - Current assets/(liabilities) 551,050 - 551,050 437,568 - 4,019,100 - 4,019,100 3,919,914 - |
At 31 May 2024 £ 606,946 At 31 May 2023 £ 493,464 Total 2023 £ 3,108,294 374,052 437,568 3,919,914 |
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20 Related party transactions
Transactions with related parties
During the year the charity entered into the following transactions with related parties:
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THE MICHAEL HELLER CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
20 Related party transactions
(Continued)
Office premises, property management, general management, accounting and administration services are provided by London & Associated Properties Plc ("LAP"), a company of which John and Andrew Heller are also director's and Morven Heller is a shareholder. The consideration for the provision of these services is met by a fixed management fee of £5,000 per annum.
During the year, Nicola Blake (Daughter of Morven Heller) was employed by the charity. She received remuneration of £11,498.
Included in other debtors are five loans totalling £200,000 (2023: £200,000) to connected parties at an interest rate of 11% during the year interest amounting to £22,000 (2023: £22,000) was received. .
Included in other debtors is £3,363 (2023: £4,083) due from the Simon Heller Charitable Settlement of which Morven Heller, John Heller and Andrew Heller are trustees.
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