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← The Michael Heller Charitable Foundation

2025-05-31-accounts

Charity registration number 327832 (England and Wales)

THE MICHAEL HELLER CHARITABLE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

THE MICHAEL HELLER CHARITABLE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Lady M Heller WS Trustee Company Limited A Heller J Heller Charity number (England and Wales) 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 - 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 17

THE MICHAEL HELLER CHARITABLE FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MAY 2025

The trustees present their annual report and financial statements for the year ended 31 May 2025.

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 £174,968 (2024: £175,859). Grants of £87,241 (2024: £62,377) were allocated as follows:

Education £50,846 (2024: £30,346) Research £nil (2024: £nil) Humanitarian £36,395 (2024: £32,031)

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 2025 is £695,104 (2024: £606,946) with endowment funds being £3,375,396 (2024: £3,412,154).

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.

THE MICHAEL HELLER CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

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.

The trustees' report was approved by the Board of Trustees.

A Heller

Trustee

28 January 2026

THE MICHAEL HELLER CHARITABLE FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MAY 2025

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:

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.

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 2025 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:

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

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:

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:

In order to reduce the risk of material misstatement to an acceptable level, numerous audit procedures were performed including:

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.

Martin McDonagh (Senior Statutory Auditor)

For and on behalf of Hart Shaw LLP, Statutory Auditor Chartered Accountants Europa Link Sheffield Business Park Sheffield S9 1XU 28/01/2026 Date: ......................... mmm 5C070000-E838-C6AE-0245-08DE5E80725, ——

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.

THE MICHAEL HELLER CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MAY 2025

Unrestricted Endowment
funds
funds
2025
2025
Notes
£
£
Income from:
Investments
3
270,861
-
Expenditure on:
Raising funds
4
66,017
-
Charitable activities
6
117,117
-
Total expenditure
183,134
-
Net losses on
investments
11
-
(36,758)
Net income/(expenditure) and
movement in funds
87,727
(36,758)
Reconciliation of funds:
Fund balances at 1 June 2024
606,946
3,412,154
Fund balances at 31 May
2025
694,673
3,375,396		 Total
Unrestricted Endowment
funds
funds
2025
2024
2024
£
£
£
270,861
272,554
-
66,017
79,285
-
117,117
79,787
-
183,134
159,072
-
(36,758)
-
(14,296)
50,969
113,482
(14,296)
4,019,100
493,464
3,426,450
4,070,069
606,946
3,412,154		 Total
2024
£
272,554
79,285
79,787
159,072
(14,296)
99,186
3,919,914
4,019,100

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE MICHAEL HELLER CHARITABLE FOUNDATION

BALANCE SHEET

AS AT 31 MAY 2025

2025 2024
Notes £ £ £ £
Fixed assets
Investment property 13 3,106,628 3,108,294
Investments 14 324,664 359,756
3,431,292 3,468,050
Current assets
Debtors 16 233,983 214,888
Cash at bank and in hand 436,019 358,349
670,002 573,237
Creditors: amounts falling due within 17
one year (31,225) (22,187)
Net current assets 638,777 551,050
Total assets less current liabilities 4,070,069 4,019,100
The funds of the charity
Endowment funds 18 3,375,396 3,412,154
Unrestricted funds 19 694,673 606,946
4,070,069 4,019,100

The financial statements were approved by the trustees on 28 January 2026

A Heller Trustee

THE MICHAEL HELLER CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

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.

THE MICHAEL HELLER CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

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.

THE MICHAEL HELLER CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

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
2025 2024
£ £
Other income 232,925 235,725
Interest receivable 37,936 36,829
270,861 272,554

4 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Investment property costs 66,017 79,285

THE MICHAEL HELLER CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2025

5 Expenditure on charitable activities

Charitable Charitable
Grants Grants
2025 2024
£ £
Direct costs
Staff costs 26,502 12,489
Grant funding of activities (see note 6) 87,241 62,377
Share of support and governance costs (see note 7)
Governance 3,374 4,921
117,117 79,787
Analysis by fund
Unrestricted funds 117,117 79,787
6 Grants payable
2025 2024
£ £
Grants to institutions 87,241 62,377

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.

THE MICHAEL HELLER CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

7 Support costs

Support
Governance
Costs
Costs
£
£
Bank charges
9
-
Audit fees
-
550
Accountancy
-
2,815
9
3,365
Analysed between
Charitable activities
220
3,154
Governance costs includes payments to the auditors of £550 (2024: £550) for audit fees.
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements		 2025
£
9
550
2,815
3,374
3,374
2025
£
550		 2024
£
11
550
4,360
4,921
4,921
2024
£
550

9 Trustees

None of the trustees received any remuneration or payment of expenses from the charity during the year.

10 Employees

2025 2024
Number Number
1 1
Employment costs 2025 2024
£ £
Wages and salaries 24,420 11,498
Social security costs 2,082 991
26,502 12,489

There were no employees whose annual remuneration was more than £60,000.

THE MICHAEL HELLER CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

11 Gains and losses on investments

Endowment Endowment
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments (36,758) (14,296)

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Investment property

Fair value
At 1 June 2024
Net gains or losses through fair value adjustments
At 31 May 2025		 2025
£
3,108,294
(1,666)
3,106,628

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 10 December 2025 by the trustees.

The part owned property was valued at 27 October 2025 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.

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 June 2024 359,756
Valuation changes (35,092)
At 31 May 2025 324,664
Carrying amount
At 31 May 2025 324,664
At 31 May 2024 359,756

THE MICHAEL HELLER CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

14 Fixed asset investments

(Continued)

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.

15
Financial instruments
Carrying amount of financial assets
Debt instruments measured at amortised cost
Carrying amount of financial liabilities
Measured at amortised cost
16
Debtors
Amounts falling due within one year:
Other debtors
17
Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 2025
£
233,983
16,967
2025
£
233,983
2025
£
14,258
16,967
31,225		 2024
£
214,888
10,004
2024
£
214,888
2024
£
12,183
10,004
22,187

THE MICHAEL HELLER CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

18 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 2023 gains/losses 1 June 2024 gains/losses 31 May 2025
£ £ £ £ £
Expendable endowments
Capital Fund and accumulated income 3,426,450 (14,296) 3,412,154 (36,758) 3,375,396
3,426,450 (14,296) 3,412,154 (36,758) 3,375,396

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.

19 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.

General funds
Previous year:
General funds		 At 1 June
2024
Incoming
resources
Resources
expended
£
£
£
606,946
270,861
(183,134)
At 1 June
2023
Incoming
resources
Resources
expended
£
£
£
493,464
272,554
(159,072)		 At 31 May
2025
£
694,673
At 31 May
2024
£
606,946

THE MICHAEL HELLER CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

20
Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
2025
2025
£
£
Fund balances at 31
May 2025 are
represented by:
Investment properties
3,106,628
-
Investments
324,664
-
Current assets/(liabilities)
638,777
-
4,070,069
-		 Total Unrestricted
funds
Endowment
funds
2025
2024
2024
£
£
£
3,106,628
3,108,294
-
324,664
359,756
-
638,777
551,050
-
4,070,069
4,019,100
-		 Total
2024
£
3,108,294
359,756
551,050
4,019,100

21 Events after the reporting date

The charity holds investments in London and Associated Properties PLC (LAP). On 21 October 2025 LAP announced its intention to cancel its listing on the London Stock Exchange and the last day that the shares were listed was 18 November 2025. At this date the share price had fallen significantly from the year end price of 10p to 4p. As a result of this fall, the value of the investments held have reduced by £62,453. This reduction has not adjusted in the financial statements as the conditions that gave rise to the fall in value were not in existence at the year end.

22 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

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 £24,420 (2024: £11,498).

Included in other debtors are five loans totalling £200,000 (2024: £200,000) to connected parties at an interest rate of 11% during the year interest amounting to £22,000 (2024: £22,000) was received. .

Included in other debtors is £3,363 (2024: £3,363) due from the Simon Heller Charitable Settlement of which Morven Heller, John Heller and Andrew Heller are trustees.

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Document ID 71890000-529a-26c6-9281-08de5e792fb2 Document Bundle ID bf110000-7c1b-0ead-69db-08de5e79e1c1 Uploaded to FuseSign 2026-01-28 16:18 +01:00 FuseSign subscriber Hart Shaw LLP Initiator email andrew.shelton@hartshaw.co.uk Signed by Andrew Heller (a.heller@bisichi.co.uk | +44 xxxx 767), Martin McDonagh (Martin.Mcdonagh@hartshaw.co.uk | +44 xxxx 459) System finalisation 2026-01-28 17:51 +01:00 Verify URL https://app.fuse.work/fusesign/verify/71890000-529a-26c6-9281-08de5e792fb2

Document Signers

Signer 1

Name Andrew Heller EmailMobile a.heller@bisichi.co.uk+44 xxxx 767 f4960000-6618-1a3c-fa1a-08de30e22f10_Signature ah IP Address/es 212.139.217.22 Signed on Pages 5, 11 Verification Mode SMS Code Signer 2

Name Martin McDonagh Preferred Name Martin Email Martin.Mcdonagh@hartshaw. co.uk Mobile +44 xxxx 459 IP Address/es 149.107.99.5 Signed on Pages 9 Verification Mode SMS Code

DOCUMENT AUDIT LOG

DATE TIME USER TRANSACTION
2026-01-28 16:18 +01:00 ANDREW.SHELTON@HARTSHA DOCUMENT BUNDLE CREATED BY ANDREW SHELTON
W.CO.UK (ANDREW.SHELTON@HARTSHAW.CO.UK)
2026-01-28 16:18 +01:00 SYSTEM ACCESS LINK: SENDING EMAIL TO: A.HELLER@BISICHI.CO.UK. (4 DOCUMENTS
- 2 SIGNING ACTIONS).
2026-01-28 16:37 +01:00 ANDREW HELLER SMS VERIFICATION REQUESTED TO MOBILE ENDING IN 767
2026-01-28 16:38 +01:00 ANDREW HELLER CODE ENTERED AND VERIFIED
2026-01-28 16:38 +01:00 ANDREW HELLER LINK OPENED FROM IP 212.139.217.22
2026-01-28 16:39 +01:00 ANDREW HELLER DOCUMENT SIGNED: 1. ACCOUNTS FOR APPROVAL - ON PAGE 5
(SIGNATUREID: 5C070000-E838-C6AE-0229-08DE5E807B5A)
2026-01-28 16:39 +01:00 ANDREW HELLER DOCUMENT SIGNED: 1. ACCOUNTS FOR APPROVAL - ON PAGE 11
(SIGNATUREID: 5C070000-E838-C6AE-023C-08DE5E807B5A)
2026-01-28 16:39 +01:00 ANDREW HELLER DOCUMENT SIGNED: 1. ACCOUNTS FOR APPROVAL
2026-01-28 16:39 +01:00 ANDREW HELLER ANDREW HELLER HAS COMPLETED BUNDLE BF110000-7C1B-0EAD-69DB-
08DE5E79E1C1
2026-01-28 16:40 +01:00 SYSTEM PROGRESSING BUNDLE TO SIGNING GROUP 2
2026-01-28 16:40 +01:00 SYSTEM ACCESS LINK: SENDING EMAIL TO: MARTIN.MCDONAGH@HARTSHAW.CO.UK.
(2 DOCUMENTS - 1 SIGNING ACTION).
2026-01-28 17:51 +01:00 MARTIN MCDONAGH VERIFIED FROM OTHER BUNDLE AT 2026-01-28 17:37 +01:00: SMS
VERIFICATION REQUESTED TO MOBILE ENDING IN 459 (5C070000-E838-C6AE-
32E9-08DE5E8B7C4C)
2026-01-28 17:51 +01:00 MARTIN MCDONAGH VERIFIED FROM OTHER BUNDLE AT 2026-01-28 17:37 +01:00: CODE ENTERED
AND VERIFIED(5C070000-E838-C6AE-5E63-08DE5E8B8262)
2026-01-28 17:51 +01:00 MARTIN MCDONAGH LINK OPENED FROM IP 149.107.99.5
2026-01-28 17:51 +01:00 MARTIN MCDONAGH DOCUMENT SIGNED: 1. ACCOUNTS FOR APPROVAL - ON PAGE 9
(SIGNATUREID: 5C070000-E838-C6AE-0243-08DE5E807B5A)
2026-01-28 17:51 +01:00 MARTIN MCDONAGH FORM FIELDS SUBMITTED FOR DOCUMENT: 1. ACCOUNTS FOR APPROVAL
2026-01-28 17:51 +01:00 MARTIN MCDONAGH DOCUMENT SIGNED: 1. ACCOUNTS FOR APPROVAL
2026-01-28 17:51 +01:00 MARTIN MCDONAGH MARTIN MCDONAGH HAS COMPLETED BUNDLE BF110000-7C1B-0EAD-69DB-
08DE5E79E1C1
2026-01-28 17:51 +01:00 SYSTEM FINALISING DOCUMENT(71890000-529A-26C6-9281-08DE5E792FB2)

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