Charity number: 1134632 THE WEISZ FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE WEISZ FOUNDATION CONTENTS Page Reference and Administratlve Details of the Charlty, its Trustees and Advisers Trustees, Report Independent Examiner's Report Statement of FinanGial Activities Balance Sheet Notes to the Financial Statements 9-18 THE WEISZ FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr Gideon Wittenberg, Chair Mr Neil Richard Kelsey Dr Jeremy Schonfield Dr Judit Szekacs-weisz Charity registered number 1134632 Principal office SpaGes Mappin House 4 Winsley Street London W1W 8HF Accountants Wilder Coe Ltd Chartered Accountants 1 st Floor. Sackville House 143 - 149 Fenchurch Street London EC3M 6BL Page 1 THE WEISZ FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the The Weisz Foundation for the year 1 April 2023 to 31 March 2024. Objectives and activities Policies and objectives The charity's objects are to hold the Trust fund and all of its income upon trust and appty them for all objects which are regarded as exclusively charitable under the law of England and Wales. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity {PB2)'. The trustees have considered the Charity Commission's guidance on public benefit. The chariws aims are far reaching and for public benefit. By making grants to other charities which carry out work programmes and who benefit individuals in accordance with the charitls aims, the trustees are confident that their public benefit is fulfilled. The trustees have not placed any restrictions on who has opportunity to benefit within categories stated above. The trustees also consider that there is no detriment, hami or private benefit that arises from carrying out the charity's aims. b. Strategies for achieving objectives While retaining its general scope, it is intended that the charity will make grants to any individual, group, organisation, or institution to provide and assist in the provision of conferences, courses of instruction, exhibitions, lectures and other educational activities. c. Activities undertaken to achieve objecttves In line with the charity's objectives, the trustees continue to make grant payments to various organisations in line with the charitable objectives. Achievements and performance a. Main achievements of the Charity The charity relies on donations and gifts to fund its activities which usually come from connected parties. During the year. the charity re￿iVed income from donations. investments and trading activity of £31,076 (2023 £35,852). The administration and grant expenditure during the period was £31,755 {2023- £37,287). This figure included support and governance costs of £22,800 (2023- £26,237). This resulted in a net reduction in funds of £3,644 (2023 - £5.930J b. Investment policy and performance The charity's investment comprise5 ils 1000/0 shareholding in its subsidiary company, Whizz Films Limited valued at the cosl of £1. In addition to this, the charty has an unlisted investment valued at the cost of £91,300. Dividends are being received annually on this investment. c. Plans for the future The charity continues to pay additional grants to other organisations in line with the charitable objectives. Page 2 THE WEISZ FOUNDATION TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Financial review . Going Concern The trustees are of the opinion that the charity has negligible recurring overheads and that they will continue to receive donations from related companies and therefore, having considered posi year*nd financial results and cash reserves, 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. b. Reseprfes policy The trustees report reserves of £102,719 (2023- £106,363). 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 three and six month's expenditure. The trustees consider 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. c. Principal funding The principal funding of the charity is donations and gifts from connected parties. These donations and gifts are provided in order that the charity can make onward grants and donations to other organisations in line with its charitable objectives. Dividends are also received from the unlisted investments which provides an additional source of income on an ongoing basis. Structure, governance and management a. Constitution The Weisz Foundation is a registered charity, number 1134632, and is constituted under a Trust deed dated 27 January 2010. which was subsequently amended on 8 April 2022. b. Methods of appolntment or election of Trustees The management of the Charity is the responsibilty of the Trustees who are elected and cTropted under the temis of Ihe Trust deed. The power to appoint new trustees previously rested with the late George Weisz. Under the temis of Trust Deed, subsequent to George Weisz passing, appointment should be made by the Trustees, as soon as reasonably practicable and in their absolute discretion as the Executors of George Weisz estate shall propose. Trustees are selected for their expertise and experience. New trustees receive copies of the goveming document and details of the administrative procedures, history and policies of the charity. In addition, all new trustees are given guidance material published by the Charity Commission on the responsibilities of being a trustee. The trustees are kept informed about the charity and relevant developments in the charity sector when appropriate. The trustees who have served during the period are set out below. The trustees assess grant applications and consider the making of appropriate grants twice yearly. The trustees have no particular plans for future periods or activities to update on in this report. Page 3 THE WEISZ FOUNDATION TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (continued c. Organlsational structure and decision-making policies The board of Trustees manage the charity. The Trustee5 who setved during the period were.. Mr Gideon Wittenberg Mr Neil Kelsey Dr Jeremy Schonfield Mr Mark Baczoni (resigned 20 February 2024) Dr Judit Szekacs-weisz d. Related party relationships The Trustees are involved as directors and trustees of other companies and charities and they are therefore considered to be related parties. More detail on the nature of the transactions during the year can be found in note 19. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Page 4 THE WEISZ FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees, responslbilities 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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming reSoUr￿S and application of resources. including its income and expenditure, for that period. In preparing these finanGial statements, the Trustees are required to.. select suitable accounting policie5 and then apply them consistently-, observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent", state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statetnents on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the 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. Approved by order of the members of the board of Trustees on behalf by.. and signed on their Mr Gldeon Wittenberg Trustee Neil Trustee sey Page 5 ## **THE WEISZ FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024** ## **Independent Examiner's Report to the Trustees of The Weisz Foundation ('the Charity')** I report to the charity Trustees on my examination of the financial statements of The Weisz Foundation ('the Charity') for the year ended 31 March 2024 which comprises the Statement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the Charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work, for this report, or for the opinions I have formed. ## **Responsibilities and Basis of Report** As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement. ## **Independent Examiner's Statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. > Signed ................................... Dated: ........................................ (\nJUMnaye 30 September 2024 Charlotte Willmore BFP ACA Wilder Coe Limited 1st Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL Page 6 THE WEISZ FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies other trading activities Investments 8.026 8,026 818 35,034 23,050 23,050 Total income 31,076 31,076 35, 852 Expenditure on: Raising funds Charitable activities 1,200 36.087 31,755 31,755 Total expenditure 31,755 31,755 37,287 Net expenditure before net gains on investments Taxation (6791 12,965) (679) (2,965) (1,435) (4,495) 11 Net movement in funds (3,644) (3,644) (5,930) Reconciliation of funds: Total funds brought forward Net movement in funds 106,363 13,644) 106,363 {3,644) 112,293 (5,930) Total funds carried forward 102,719 102,719 106,363 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 18 form part of these fi'nancial statements. Page 7 THE WEISZ FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Heritage assets Investments Current assets 12 13 1,525 91.301 1.525 91,301 Cash at bank and in hand 13.803 706,117 13,803 706.117 Creditors.. amounts falling due within one year 14 13.910) (692,580) Net current assets 9.893 13,537 Total net assets 102,719 106.363 Charity funds Restricted funds Unreslricled funds 15 15 102,719 106,363 Total funds 102,719 106.363 The financial statements were approved and authorised for issue by the Trustees on . and signed on Iheir behalf by.. Mr Gideon Wittenberg Trustee Mr Neil Richard Kels Trustee The notes on pages 9 to 18 form part of these financial statements. Page 8 THE WEISZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The Weisz Foundation is an unincorporated Charity registered at the Charities Commission with charity number.. 1134632. Its principal address is Spaces Mappin House, 4 Winsley Street, London W1W 8HF. The financial slalements are presented in Sterling (£). Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports} Regulations 2008 only to the extent required to provide a 'true and fail view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 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 Weisz Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabililies are initially recognised at historical cost or transaction value unless othe￿ise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes bLrt not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advan￿ of entitlement of re￿ipl, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 9 THE WEISZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.3 Expenditure 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 altributable to a single activity are allocated directly to Ihal 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. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support Gosts. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which are within the control of the Foundation which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Grants offered where conditions have been met but not yet paid or where conditions are outside of the control of the Foundation are accrued for at the year end. All expenditure is inclusive of irrecoverable VAT. 2.4 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities. 2.5 Taxation The Charity is Gonsidered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purpose5 2.6 Heritage assets Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losse5. The asset held is considered to have an indefinite life and therefore is not depreciated. At each reporting date the Charrty assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset 15 detemiined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 10 THE WEISZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued 2.7 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impaimient. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments. in the Statement of Financial Activities. Investments in subsidiaries are valued at Cost less provision for impairment. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. 2.11 Financial instruments The Charity has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and liabilities are recognised when the Charity becomes party to the contractU81 provisions of the instrument. Financial liabilities are classified according to the substance of the contractual arrangements entered into. The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrutnents. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page11 THE WEISZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Donations 8,026 8,026 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Nel income - all trading activities 818 Total 2023 818 818 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from unlisted investments 23,050 23,050 35,034 Income in the current and prior year relates to dividend income received from Cresco International Limited. Investment management costs Unrestrl¢ted funds 2024 Total funds 2024 Total funds 2023 Investment management fees 1,200 Page 12 THE WEISZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of grants Grants to Instltutlons 2024 Total funds 2024 Total funds 2023 Grants payable 8,955 8,955 9,850 Total 2023 9,850 9, 850 The Charity has made the following material grants to institLrtions during the year: 2024 2023 Name of institution Ivan Ward Whizz Films Limited The Freud Museum Our Second Home Ahia Bashan Magen David Adom 1,440 4,350 2,500 2,500 2,515 2.500 8,955 9, 850 Analysls of expenditure by actlvitSes Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities 8,955 22,800 31,755 36,087 Total 2023 9, 850 26.237 36,087 Page 13 THE WEISZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of support costs Charitable actlvltles 2024 Total funds 2024 Total funds 2023 Travelling expenses Governance costs (see below) Sundry Bank charges 172 26,025 33 22,776 15 22.776 15 22,800 22,800 26,237 Analysis of governance costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Legal and professional fees Insurance Foreign exchange differences 22,614 357 (195) 22,614 357 {195) 28,474 297 (2, 746) 22,776 22,776 26,025 10. Trustees, remuneration and expenses During the year, no Trustee received any remuneration (2023- Nifj. During the year, no expenses were reimbursed or paid directly to Trustees (2023 - £205 fo 1 Tnistee). Page 14 THE WEISZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Taxation 2024 2023 Withholding tax Foreign tax on dividend income for the year 2,965 4.495 12. Heritage assets Assets recognised at cost Heritage asset 2024 Total 2024 Carrying value at 1 April 2022 and 31 March 2023 1,525 1,525 Analysis of herltage asset transactlons 2024 2023 2022 2021 2020 Purchases Heritage asset - at cost 1,525 Total addltlons 1,525 Page 15 THE WEISZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Fixed asset investments Investments in subsidiary Unlisted companies investments Total Cost or valuation At 1 April 2023 and 31 March 2024 91,300 91,301 91.300 91,301 Net book value Al 31 March 2024 91,300 91,301 At 31 March 2023 91,30Q 91,301 Unlisted Investments Shares are held in Cresco International Limited. Principal subsidiaries The following was a subsidiary undertaking of the Charity.. Name Company number Registered offlce or principal Princlpal activity place of business Whizz Films Limited 08127442 Level 5a Maple House, 149 Tottenham Court Road, London, W1T 7NF Film production Class of shares Holding Included in consolidation Ordinary 100°/o Yes The financial results of the subsidiary for the year to 29 September 2023 were-. Name Loss for the year Net assets Whizz Films Limited (434) 8,369 Page 16 THE WEISZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Creditors: Amounts falling due wlthin one year 2024 2023 Other creditors Accruals and deferred income 10 3,900 10 692,570 3,910 692,580 1 S. Statement of funds Statement of funds - current year Balance at 1 April 2023 Balance at 31 Expenditure March 2024 Income Unrestricted funds General funds all funds 106,363 31.076 134.720 102,719 Statement of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Unrestricted funds General funds - all funds t12,293 35,852 (41,782) 106,363 Page 17 THE WEISZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestrlcted funds 2024 Total funds 2024 Fixed asset investments Heritage assets Current assets Creditors due within one year 91,301 1,525 13,803 (3,910) 91,301 1,525 13,803 13,910) Total 102,719 102.719 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Fixed asset investments Heritage assets Current assets Creditors due within one year 91,301 91.301 1,525 1,525 706,117 706, 117 {692,58Q) (692,580) Total 106,363 106,363 17. Related party transactions During the year, the Foundation made grants of £Nil (2023.. £3.000) to Whizz Films Limited, a subsidiary company. A Trustee of the Foundation is also a Director of Whizz Films Limited. Page 18