**REGISTERED CHARITY NUMBER: 1143853** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **FOR** ## **MERCAZ CHASIDEI WIZNITZ TRUST** Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD **MERCAZ CHASIDEI WIZNITZ TRUST** ## **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 30 September 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|4| |**Statement of Financial Activities**||5|| |**Balance Sheet**||6|| |**Cash Flow Statement**||7|| |**Notes to the Cash Flow Statement**||8|| |**Notes to the Financial Statements**|9|to|15| ## **MERCAZ CHASIDEI WIZNITZ TRUST** ## **REPORT OF THE TRUSTEES for the year ended 30 September 2023** The trustees present their report with the financial statements of the charity for the year ended 30 September 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objective of the charity is the advancement of the orthodox Jewish faith. In furtherance of this objective, the charity primarily supports the charitable activities of the Mercaz Chasidei Wiznitz institutions in Israel as well as the affiliated institutions in the United Kingdom and Europe. The activities of the charity are to receive charitable donations to be applied towards the charity's stated objectives. In furtherance of these objectives the charity: - Provides grants to the Mercaz Chasidei Wiznitz network of institutions; - Provides grants to qualifying institutions who are involved in the furtherance of the Jewish Faith and in advancing Jewish Education; - In line with the emphasis the Jewish religion and culture puts on providing assistance to the needy, the charity provides grants and bursaries to qualifying needy families and individuals . ## **Public benefit** The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aim and objectives and in planning the charity's future activities.The aims of the charitable company for the public benefit are detailed in the 'Objectives and Activities' section of this report and the main activities undertaken in order to carry out the charitable company's aims for the public benefit are outlined under 'Achievements and Performance' below. ## **Grantmaking** The charity principally supports the institutions of Mercaz Chasidei Wiznitz in the United Kingdom, Israel and around the world. The trustees are in regular contact with senior members of the institutions around the world who report on the activities of the institutions and on funding requirements. Donations received are generally designated for causes within the Chasidei Wiznitz network of institutions, however the trustees consider applications from the general public and seek to make donations which meet the charity's objectives and satisfy the principals set out within the Trust Deed. All applications are carefully considered and assistance provided according to circumstances and funds then available. Page 1 ## **MERCAZ CHASIDEI WIZNITZ TRUST** ## **REPORT OF THE TRUSTEES for the year ended 30 September 2023** ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** During the year the charity received charitable donations in excess of £970k, all of which have been applied for charitable purposes. The Rabbinical leadership of the Wiznitz institutions in Israel support and maintain a large network of educational, religious and communal facilities. The Grand Rabbi or "Rebbi" has an open door policy and he sees hundreds of people weekly who come to seek his counsel and his blessing. He holds several weekly gatherings, mainly on Saturdays which are attended by large crowds who draw inspiration from his teachings. In order to fund the activities of the institutions and individuals supported by the Rebbi's office, regular collections are made from supporters worldwide. Discretionary grants are also provided directly to needy families in the UK and abroad who face financial hardship. During the year under review the Wiznitz community in London were honoured with a visit from the Rebbi during which he provided inspiration and religious guidance to Jewish people of all walks of life. People travelled from around the United Kingdom and Europe to join the programme and associated events. The trustees wish to thank all those who were involved in arranging this event for their efforts in creating a memorable and impactful event. The trustees are pleased to report that in the year under review, grants of almost £500k were distributed to institutions and individuals in accordance with its grant making policy. ## **FINANCIAL REVIEW** ## **Financial position** The financial results for the period ended to 30 September 2023 are shown in the attached financial statements. Total income for the period decreased from £1,979,167 to £970,375. In line with this, total expenditure decreased from £1,848,080 to £1,011,868 in comparison with the previous period. There was a net decrease in funds of £41,493 with total funds in deficit of £9,940 carried forward (2022: £31,553 surplus). ## **Reserves policy** The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary donations. The trustees consider that the ideal level of reserves as at 30 September 2023 would be approximately £160,000 so as to cover two months' expenditure. Actual free reserves at the period end were a deficit of £18,470 however, the charity is operated as a grant giving charity, and the trustees' policy is not to commit to make grants but rather to seek to distribute the bulk of the income arising in each financial year as it becomes available. Whilst the charity does not have any financial commitments, the trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide financial stability and flexibility. ## **FUTURE PLANS** Mercaz Chasidei Wiznitz Trust will continue to support the charitable institutions within the wider network of the Wiznitz institutions movement as well as other charitable causes which are in line with its Objects. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Page 2 ## **MERCAZ CHASIDEI WIZNITZ TRUST** ## **REPORT OF THE TRUSTEES for the year ended 30 September 2023** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Recruitment and appointment of new trustees** Trustees may be appointed by the existing trustees at any time, either to fill a casual vacancy or as an addition to the existing trustees. Any trustees so appointed will hold office only until the next Annual General Meeting and will then be eligible for re-election. No trustee had any beneficial interest in any contract with the charitable entity during the year. Potential trustees are invited to informally attend trustee meetings prior to appointment and a comprehensive induction programme is available. Additionally individual trustees may undertake external training in a particular area of their role on the Governing Body. ## **Organisational structure** The board of trustees administers the charity. The board meets quarterly. ## **Induction and training of new trustees** The charitable entity strives to ensure equal opportunities and diversity in the employment of staff and trustee appointments. Selection criteria and procedures are regularly reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ## **Fundraising** The charity has a good reputation within the local community and has a large pool of regular donors who wish to have a part in the charitable activities of the charity. Existing donors often recommend and encourage other philanthropists to pledge their support to the success of the charity. The charity is committed to the principals set out by the Fundraising Regulator in its Code of Fundraising Practice. When donors are approached, this is done with sensitivity and respect and with regard to their circumstances. The trustees are pleased to report that no complaints were received in the past twelve months in relation to its fundraising activities. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1143853 ## **Principal address** 137 Kyverdale Road London N16 6PS ## **Trustees** J Fligman I Taub M Kahan ## **Bankers** Barclays Bank Leicester LE87 2BB Page 3 **MERCAZ CHASIDEI WIZNITZ TRUST** **REPORT OF THE TRUSTEES for the year ended 30 September 2023** Approved by order of the board of trustees on 31 July 2024 and signed on its behalf by: I Taub - Trustee Page 4 **MERCAZ CHASIDEI WIZNITZ TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2023** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**EXPENDITURE ON**
**Raising funds**
Raising donations and legacies
3
**Charitable activities**
4
Advancement of the orthodox Jewish faith
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Year Ended
30.9.23
Unrestricted
fund
£
970,375
87,393
87,393
924,475
1,011,868
(41,493)
31,553
(9,940)|Period
1.8.21
to
30.9.22
Total
funds
£
1,979,167
34,096
34,096
1,813,984
1,848,080
131,087
(99,534)
31,553| |---|---|---| ## **CONTINUING OPERATIONS** All income and expenditure has arisen from continuing activities. The notes form part of these financial statements Page 5 ## **MERCAZ CHASIDEI WIZNITZ TRUST** ## **BALANCE SHEET** ## **30 September 2023** |2023
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
10
8,530
**CURRENT ASSETS**
Debtors
11
-
Cash at bank
130
130
**CREDITORS**
Amounts falling due within one year
12
(18,600)
**NET CURRENT ASSETS/(LIABILITIES)**
(18,470)
**TOTAL ASSETS LESS CURRENT LIABILITIES**
(9,940)
**NET ASSETS**
(9,940)
**FUNDS**
13
Unrestricted funds
(9,940)
**TOTAL FUNDS**
(9,940)|2022
Total
funds
£
13,183
500
30,470
30,970
(12,600)
18,370
31,553
31,553
31,553
31,553| |---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 31 July 2024 and were signed on its behalf by: I Taub - Trustee The notes form part of these financial statements Page 6 ## **MERCAZ CHASIDEI WIZNITZ TRUST** ## **CASH FLOW STATEMENT** ## **for the year ended 30 September 2023** |Year Ended
30.9.23
Notes
£
**Cash flows from operating activities**
Cash generated from operations
1
(28,340)
Interest paid
(2,000)
Net cash used in operating activities
(30,340)
**Change in cash and cash equivalents in the**
**reporting period**
(30,340)
**Cash and cash equivalents at the beginning of**
**the reporting period**
30,470
**Cash and cash equivalents at the end of the**
**reporting period**
130|Period
1.8.21
to
30.9.22
£
(17,892)
(4,092)
(21,984)
(21,984)
52,454
30,470| |---|---| The notes form part of these financial statements Page 7 **MERCAZ CHASIDEI WIZNITZ TRUST** ## **NOTES TO THE CASH FLOW STATEMENT for the year ended 30 September 2023** ## **1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |Year Ended
30.9.23
£
**Net (expenditure)/income for the reporting period (as per the Statement of**
**Financial Activities)**
(41,493)
**Adjustments for:**
Depreciation charges
4,653
Interest paid
2,000
Decrease in debtors
500
Increase/(decrease) in creditors
6,000
**Net cash used in operations**
(28,340)|Period
1.8.21
to
30.9.22
£
131,087
5,429
4,092
200,000
(358,500)
(17,892)| |---|---| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** |At
**Net cash**
Cash at bank
**Total**|1.10.22
Cash flow
At
£
£
30,470
(30,340)
30,470
(30,340)
30,470
(30,340)|30.9.23
£
130
130
130| |---|---|---| The notes form part of these financial statements Page 8 **MERCAZ CHASIDEI WIZNITZ TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. ## **Critical accounting estimates and judgements** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The items in the accounts where these judgements and estimates have been made include -estimating the useful economic life of tangible fixed assets -allocation of support costs across charitable activities. No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Where income has related expenditure (as with fundraising or contract income), the income and related expenditure are reported gross in the Statement of Financial Activities. Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year-end are accounted for in income and accrued income in debtors. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants payable are included in the period when any relevant conditions are met by the receiving entity. Payment of later instalments of a grant usually requires satisfactory progress reports from the project. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Going concern** The trustees, having made appropriate enquiries, consider that adequate resources exists for the charity to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt going concern basis in preparing the financial statements as at and for the period ended 30 September 2023. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. continued... Page 9 ## **MERCAZ CHASIDEI WIZNITZ TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2023** ## **1. ACCOUNTING POLICIES - continued** ## **Going concern** The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet the liabilities as they fall due. ## **Charitable activities** Charitable activities comprise of grants payable and communal events held in furtherance of the charitable objectives of the charity. Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Grants approved but not paid at the end of the financial year are accrued for. ## **Governance costs** Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to the strategic management of the charity ## **Allocation and apportionment of costs** Overhead and support costs relating to charitable activities have been apportioned based on usage. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. ## **Taxation** The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable trust for UK tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Donated goods and services** Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably. Donated professional services and facilities are included in income at the estimated value of the gift to the charity when received, based on the amount that the charity would have been prepared to pay for these services or facilities had it been required to purchase them, with a corresponding entry in the appropriate expenditure heading for the same amount. Donated fixed assets are similarly taken to income at the value to the charity with the other entry being capitalised in fixed assets ## **Cash at bank and in hand** Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. continued... Page 10 **MERCAZ CHASIDEI WIZNITZ TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2023** ## **1. ACCOUNTING POLICIES - continued** ## **Debtors** Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to be present value of the future cash receipt where such discounting is material. ## **Creditors and provisions** Creditors and provisions 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. Creditors and provision are recognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting is material. ## **2. DONATIONS AND LEGACIES** **----- Start of picture text -----**
|||| |---|---|---| |Period| |1.8.21| |Year Ended|to| |30.9.23|30.9.22| |£|£| |Donations|970,375|1,979,167| |RAISING DONATIONS AND LEGACIES| |Period| |1.8.21| |Year Ended|to| |30.9.23|30.9.22| |£|£| |Fundraising costs|87,393|34,096| **----- End of picture text -----**
## **3. RAISING DONATIONS AND LEGACIES** ## **4. CHARITABLE ACTIVITIES COSTS** **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Grant| |funding of| |activities|Support| |Direct|(see note|costs (see| |Costs|5)|note 6)|Totals| |£|£|£|£| |Advancement of the orthodox Jewish faith|399,522|491,261|33,692|924,475| **----- End of picture text -----**
continued... Page 11 **MERCAZ CHASIDEI WIZNITZ TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2023** ## **5. GRANTS PAYABLE** |**GRANTS PAYABLE**||| |---|---|---| |||Period| |||1.8.21| ||Year Ended|to| ||30.9.23|30.9.22| ||£|£| |Advancement of the orthodox Jewish faith|491,261|1,557,161| All grants were made in furtherance of the charity's objects of the advancement of the orthodox Jewish faith.The charity is affiliated with the Mercaz Chasidei Wiznitz institutions in Israel and around the world whose primary activities are in line with the objects of the charity. ## **6.** ## **7.** |Mercaz Hasidei Viznizth Mosdot Yeshuot Moshe
Mercaz Hasidei Viznizth Mosdot Torat Moshe Elad||£
140,659
80,865|| |---|---|---|---| |Mercaz Chasidei Wiznitz
American Friends of Merkez Chasidei Viznitz
Mercaz Hasidei Viznizth Mosdot Torat Moshe Ashdod||63,250
50,000
18,900|| |Grants less than £18,000||44,274|| ||||| |Total grants to Institutions
Grants to individuals
Total grants||397,948
93,313
491,261
Governance
costs
Totals
£
£
12,815
33,692
Period
1.8.21
Year Ended
to
30.9.23
30.9.22
£
£

-
10,200
-
2,400|| |**SUPPORT COSTS**
Management
Finance
£
£
Advancement of the orthodox Jewish faith
18,877
2,000
**AUDITORS' REMUNERATION**
Fees payable to the charity's auditors for the audit of the charity's financial statements
Other non-audit services|||| continued... Page 12 **MERCAZ CHASIDEI WIZNITZ TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2023** ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the period ended 30 September 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 September 2023 nor for the period ended 30 September 2022. ## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**EXPENDITURE ON**
**Raising funds**
Raising donations and legacies
**Charitable activities**
Advancement of the orthodox Jewish faith
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
1,979,167
34,096
34,096
1,813,984
1,848,080
131,087
(99,534)
31,553| |---|---| continued... Page 13 **MERCAZ CHASIDEI WIZNITZ TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2023** ## **10. TANGIBLE FIXED ASSETS** |**COST**
At 1 October 2022 and 30 September 2023
**DEPRECIATION**
At 1 October 2022
Charge for year
At 30 September 2023
**NET BOOK VALUE**
At 30 September 2023
At 30 September 2022
**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**13.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At
1.10.22
£
31,553
31,553
Incoming
resources
£
970,375
970,375|2023
£
-
2023
£
18,600
Net
movement
in funds
£
(41,493)
(41,493)
Resources
expended
£
(1,011,868)
(1,011,868)|Plant and
machinery
£
23,265
10,082
4,653
14,735
8,530
13,183
2022
£
500
2022
£
12,600
At
30.9.23
£
(9,940)
(9,940)
Movement
in funds
£
(41,493)
(41,493)| |---|---|---|---| continued... Page 14 **MERCAZ CHASIDEI WIZNITZ TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2023** ## **13. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1.8.21
£
**Unrestricted funds**
General fund
(99,534)
**TOTAL FUNDS**
(99,534)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
1,979,167
**TOTAL FUNDS**
1,979,167|Net
movement
in funds
£
131,087
131,087
Resources
expended
£
(1,848,080)
(1,848,080)|At
30.9.22
£
31,553
31,553
Movement
in funds
£
131,087
131,087| |---|---|---| ## **14. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 September 2023. Page 15