The Trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 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) (effective 1 January 2019)".
The charity's aims and objectives are the advancement of education according to the tenets of the Orthodox Jewish Faith; the advancement of the Orthodox Jewish Religion and the relief of poverty amongst the elderly or persons in need, hardship or distress in the Jewish Community.
The Trustees measure the success of achieving the stated aims by the number and value of grants paid out for each objective.
The charity reviews its aims, objectives and activities each year. The review looks at what the charity achieved and the outcomes of its work in the previous 12 months. The review looks at the success of the key activities and the benefits the charity has brought to those groups of people it has set out to help. The review also helps the charity ensure its aims, objectives and activities remain focused on its stated purposes. The Trustees have referred to the Charity Commissions general guidance on the public benefit when reviewing the the charity's aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
The charity is funded by donations and investment income. The charity pays out grants in line with the above objects.
There were no grants paid to individuals during the year.
The charity has established its grant making policy to achieve its objects for the public benefit. The charity invites applications for funding to contribute towards projects that the trustees feel are appropriate for the charity's objectives.
The application of the funds by way of grants is to either institutions or individuals and is almost always to institutions.
The Trustees consider they have met the public benefit test and outline these achievements below.
The Trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the Trustees consider they have met their aims successfully this year.
The Trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report.
During the year the charity received £nil (2023: £nil) of gifted investment properties that were retained to produce future income.
The charity also recorded investment income receivable during the year amounting to £23,570,951 (2023: £23,339,002). The charity utilises all available surpluses for reinvestment in suitable property investments.
The charity also received £3,260,000 (2023: £nil) in lease surrender premiums during the year.
The charity also received £8,000,000 (2023: £2,504,837) in gift aid donations during the year. This includes income tax recoverable in relation to donations received under Gift Aid of £1,600,000 (2023: £500,000).
The charity also incurred costs including ground rents, insurance premiums, legal and professional fees etc amounting to £1,564,708 (2023: £1,685,929) as well as interest payable amounting to £151,546 (2023: £2,004,569).
The charity paid out £14,367,167 (2023: £15,132,650) by way of charitable donations and £66,078 (2023: £78,510) in support and governance costs. These grants and direct activities were made in line with the stated objects of the charity and are for educational, relief of poverty or communal purposes.
All charitable donations were made to institutions in the year. The following material donations were made by the charity with the remainder of the charitable donations available on request from the charity's head office; Lehachzikom £7.4m and British Friends of Ezrat Yisrael Kiryat Sefer £2.5m. The donations made were towards the advancement of education according to the tenets of the Orthodox Jewish Faith; the advancement of the Orthodox Jewish Religion and the relief of poverty amongst the elderly or persons in need, hardship or distress in the Jewish Community, as stated in the charity's objectives.
The charity incurred governance costs comprising professional fees.
Most office costs are borne by a local benefactor and the Trustees wish to record their appreciation to the benefactor for the free use of their offices.
During the year, total loan repayments of £6,990,506 were made.
During the year the charity disposed of 14 (2023: nil) investment properties.
The Trustees revalued the investment properties of the charity during the year for fair value purposes. This resulted in a downwards revaluation of £8,019,276 (2023: £18,636,139).
There were no material fundraising costs during the year.
There was an overall net increase in funds for the year amounting to £17,008,721 (2023: decrease £11,693,958).
The investments of the charity have performed reasonably well in the year.
The Trustees consider this acceptable when compared with returns available on deposits in any of the banking institutions. These property investment returns are not at the expense of any exposure of loan to value covenants that would put these investments at risk.
The Trustees feel the year was another excellent one in terms of donations, investment income receivable and gains made by the charity. The Trustees are delighted to have made many valuable contributions to other charities and the local community and hope to be able to do so for many years to come.
The unrestricted funds represent funds arising from past operating results since the charity's commencement.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a suitable level that enables them to manage the investments of the charity whilst maintaining appropriate grant payment levels and not compromising the cash flow of the charity. The reserves will in addition be used for loan repayments over the next twelve months.
The cash reserves are to be used for the purpose of both charitable donations and for the future investment of the charity.
The reserves stand at £419,363,312 all of which are unrestricted with none of these funds committed to any expenses other than stated above.
The company holds various property investments within the United Kingdom. The Trustees feel that the investments have performed well in the year and have generated the charity sufficient returns to maintain the level of donations in has made in line with its objectives. The company is well placed to take advantage of any potential capital growth within its property portfolio.
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust. These risks include macro economic factors governing the whole economy that could expose tenants and thereby put the value of the investment properties at risk with the associated knock on effect with lenders covenants. Additionally, the charity may be exposed to interest rate increases with reference to loans and their repayment. The charity retains an appropriate level of cash reserve to provide flexibility in managing finance risk of its portfolio.
Other risks faced by the Trust include operational risks from ineffective grant making. These risks are managed by the Trustees researching potential beneficiaries before granting donations.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants paid out.
The Trustees are satisfied that systems are in place to manage the exposure to the above major risks.
The Trustees plan to continue donating and investing to raise funds for projects in line with the Memorandum & Articles of Association and pursue those objectives and projects with all the resources available to the charity.
The charity is a company limited by guarantee, which was incorporated on 11 March 2004 and registered as a charity on 22 June 2004. The charity's company number is 05070736 and its charity number is 1104484. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Appointment of other Trustees is at the discretion of the existing Trustees and the need for training will be assessed at such time when a new appointment is to be made.
In accordance with the company's articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the company will be put at a General Meeting.
The Trustees' report, including the strategic report and directors report, was approved by the Board of Trustees.
The Trustees, who are also the directors of The Helping Foundation for the purpose of company law, 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).
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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 adequate 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 Companies Act 2006. 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.
Opinion
We have audited the financial statements of The Helping Foundation (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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, 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 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.
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 Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 our audit:
the information given in the trustee's report, which includes the directors' report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report included within the trustees' report have been prepared in accordance with applicable legal requirements.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
We obtained an understanding of laws and regulations that affect the entity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.
Where considered necessary we enquired of those charged with governance, reviewed correspondence and reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations.
We gained an understanding of the controls environment which includes the controls in place to prevent and detect fraud. We enquired of those charged with governance about any incidences of fraud that had taken place during the accounting period.
The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.
We reviewed financial statements disclosures to assess compliance with relevant laws and regulations.
We enquired of those charged with governance about actual and potential litigation and claims.
We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due 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 auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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 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 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's members as a body, for our audit work, for this report, or for the opinions we have formed.
Investments
Property holding costs
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Helping Foundation is a public benefit entity and a private company limited by guarantee, incorporated in England and Wales and a registered charity in England & Wales. The registered office is 1 Allandale Court, Waterpark Road, SALFORD, M7 4JN.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles, the Companies Act 2006 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
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 the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
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.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Investment income represents amounts receivable for rentals and services net of VAT. The rental income is recognised on the commencement of a lease, adjusting for any rent free periods.
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.
Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activites.
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 income and expenditure.
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.
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, 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, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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.
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.
The property valuations are considered a material estimate and are dealt with in more detail in note 14.
Investments
A further £6,990,506 was repaid on loans. These loans helped maintain the Investment Property portfolio which in turn facilitates charitable activities.
During the year the charity also made additions to its Investment Property of £17,200,552 which will enable the charity to pursue its activities further.
Property holding costs
Support costs
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
No expenses were paid/reimbursed to the Trustees by the Charity in the year.
The average monthly number of employees during the year was:
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
The fair value of the investment properties has been arrived at on the basis of valuations carried out by Mr A. Weis and Mr S. Weis, Trustees who have extensive experience within the property sector. Methods adopted include comparing property values to similar properties and the assessment of comparable rental yields. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The long-term loans were secured by fixed charges over the investment properties of the charity.
The charity had multiple loans across a range of banks, with interest rates being based on a mixture of % above Base rates.
The bank loans were secured by fixed charges over the investment properties of the charity.
The long-term loans were secured by fixed charges over the investment properties of the charity.
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.
A.W. Charitable Trust, which is connected to trustee Mr A Weis, was owed £nil (2023: £2,029,320) as at the year end. The loan balance was repaid in full. The loan was repayable on demand and no interest was charged in the year with no security on the debt.
Combined Property Control, which is connected to trustee Mr A Weis, was owed £1,693,354 (2023: £219,307) by the charity as at the year end. The loan is repayable on demand and no interest was charged in the year with no security on the debt. The loan was repaid post year-end.
Mr A Weis, who is a trustee, was owed £nil (2023: £661,000) as at the year end. The loan was repayable on demand and no interest was charged in the year with no security on the debt. During the year Mr A Weis made donations of £6,400,000 (2023: £2,000,000) to the charity.
British Friends of Ezrat Yisrael Kiryat Sefer, which is connected to trustee Mr D Neuwirth received £2,514,216 in charitable donations from the charity during the year.
Convalescent Retreat Limited, which is connected to trustee Mr D Neuwirth received £445,000 in charitable donations from the charity during the year.
RNH Synagogue & College Ltd, which is connected to trustee Mr D Neuwirth received £745,000 in charitable donations from the charity during the year.
The Sympathetic Trust, which is connected to trustee Mr D Neuwirth received £242,000 in charitable donations from the charity during the year.
OHR Torah Ltd, which is connected to trustee Mr D Neuwirth received £15,600 in charitable donations from the charity during the year.
Mr A Weis who is a trustee of the charity sold property to the charity in the year at a cost of £16,500,000.