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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 00929964 (England and Wales) REGISTERED CHARITY NUMBER: 255685

FRIENDS OF WIZNITZ LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS

FRIENDS OF WIZNITZ LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Report of the Independent Auditors 4 to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11 to 18

FRIENDS OF WIZNITZ LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES

S Feldman H Feldman (resigned 23.3.22) E Gottesfeld B Feldman (appointed 10.4.22)

REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS REGISTERED COMPANY 00929964 (England and Wales) NUMBER REGISTERED CHARITY 255685 NUMBER INDEPENDENT AUDITORS Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc 240 Whitechapel Road London E1 1BJ

Page 1

FRIENDS OF WIZNITZ LIMITED (REGISTERED NUMBER: 00929964)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. 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).

Reference and administrative information

Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are the furtherance of purposes recognised as charitable by English Law with special regard to the Wiznitz Institutions.

The trustees carry out these objects by making grants to charities working in the field of the advancement of religion, religious education and relief of poverty and granting free use of buildings, for educational purposes, to other Wiznitz charities.

The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year.

Grantmaking

In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.

Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.

ACHIEVEMENT AND PERFORMANCE

Achievement and performance

The charity is reliant on donations and investment income. There was a 24% decrease in donations over the previous year and the trustees reduced grantmaking substantially. The charity continued its philanthropic activities in support of organisations engaging in education, advancement of religion, and the relief of poverty, both in England and abroad.

FINANCIAL REVIEW

Investment policy and performance

Under the memorandum and articles of association the charity has the power to make any investment which the trustees see fit. The trustees consider that investment in property meets their criteria for income and capital growth. The return is considered satisfactory

Reserves policy

The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Unrestricted funds at the year end were £2,974,462 (2021 - £2,678,057).

FUTURE PLANS

Subject to satisfactory income the trustees anticipate that the charity will continue on a similar basis in the foreseeable future and there are no plans for any major changes.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 2 April 1968.

Page 2

FRIENDS OF WIZNITZ LIMITED (REGISTERED NUMBER: 00929964)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.

Risk management

The trustees have reviewed the major risks that the charity faces and confirm that they have established systems to mitigate them.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Friends of Wiznitz Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 24 January 2023 and signed on its behalf by:

E Gottesfeld - Trustee

Page 3

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF FRIENDS OF WIZNITZ LIMITED

Opinion

We have audited the financial statements of Friends of Wiznitz Limited (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' 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.

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 charitable company'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 Report of the Independent Auditors 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF FRIENDS OF WIZNITZ LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company'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.

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF FRIENDS OF WIZNITZ LIMITED

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors 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.

In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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 the 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 and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

E Meyer FCA BSc (Senior Statutory Auditor) for and on behalf of Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS

24 January 2023

Page 6

FRIENDS OF WIZNITZ LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Grantmaking
School expenditure
Visit of Grand Rabbi
Support
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
2,859,528
15,000
79,500
2,954,028
37,150
2,492,670
77,666
50,432
9,705
2,667,623
286,405
2,678,057
2,964,462		 Restricted
fund
£
10,000
-
-
10,000
-
-
-
-
-
-
10,000
-
10,000		 2022
Total
funds
£
2,869,528
15,000
79,500
2,964,028
37,150
2,492,670
77,666
50,432
9,705
2,667,623
296,405
2,678,057
2,974,462		 2021
Total
funds
£
4,097,543
25,000
94,074
4,216,617
32,346
6,934,221
46,736
-
8,574
7,021,877
(2,805,260)
5,483,317
2,678,057

The notes form part of these financial statements

Page 7

FRIENDS OF WIZNITZ LIMITED (REGISTERED NUMBER: 00929964)

BALANCE SHEET 31 MARCH 2022

Notes
FIXED ASSETS
Tangible assets
12
Investment property
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
19
Unrestricted funds:
General fund
Restricted funds:
Restricted
TOTAL FUNDS		 2022
£
3,850,000
2,369,684
6,219,684
37,000
509,538
546,538
(258,427)
288,111
6,507,795
(3,533,333)
2,974,462
2,964,462
10,000
2,974,462		 2021
£
3,850,000
2,369,684
6,219,684
-
256,653
256,653
(248,280)
8,373
6,228,057
(3,550,000)
2,678,057
2,678,057
-
2,678,057

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 24 January 2023 and were signed on its behalf by:

E Gottesfeld - Trustee

The notes form part of these financial statements

Page 8

FRIENDS OF WIZNITZ LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2022
£
260,333
(781)
259,552
-
(6,667)
(6,667)
252,885
256,653
509,538		 2021
£
(2,942,780)
-
(2,942,780)
2,040,000
-
2,040,000
(902,780)
1,159,433
256,653

The notes form part of these financial statements

Page 9

FRIENDS OF WIZNITZ LIMITED

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Interest paid
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operations		 2022
£
296,405
781
(37,000)
147
260,333		 2021
£
(2,805,260)
-
62,000
(199,520)
(2,942,780)

2. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.21 Cash flow At 31.3.22
£ £ £
Net cash
Cash at bank 256,653 252,885 509,538
256,653 252,885 509,538
Debt
Debts falling due within 1 year - (10,000) (10,000)
Debts falling due after 1 year (3,550,000) 16,667 (3,533,333)
(3,550,000) 6,667 (3,543,333)
Total (3,293,347) 259,552 (3,033,795)

The notes form part of these financial statements

Page 10

FRIENDS OF WIZNITZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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. The estimates and underlying assumptions are reviewed on an ongoing basis.

The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

Income

Donations are recognised in the Statement of Financial Activities of the charity when received. All other income is recognised in the year in which it is receivable.

Expenditure

Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.

Grants are only recognised in the accounts when paid.

Support costs are those incurred to assist the work of the charity but are not direct charitable activities

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements

Tangible fixed assets

All fixed assets are initially recorded at cost. No depreciation is provided on freehold land and building used as a functional asset.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Page 11

FRIENDS OF WIZNITZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

Fund accounting

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.

Going concern

There are no material uncertainties about the charity's ability to continue.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Donations
Grants		 Unrestricted
funds
£
2,859,528
-
2,859,528		 Restricted
funds
£
-
10,000
10,000		 2022
Total
funds
£
2,859,528
10,000
2,869,528		 2021
Total
funds
£
4,097,543
-
4,097,543

Grants received, included in the above, are as follows:

2022 2021
£ £
Other grants 10,000 -

3. OTHER TRADING ACTIVITIES

Unrestricted
Restricted
funds
funds
£
£
Rents
15,000
-
4.
INVESTMENT INCOME
Unrestricted
Restricted
funds
funds
£
£
Property income
79,500
-		 2022
Total
funds
£
15,000
2022
Total
funds
£
79,500		 2021
Total
funds
£
25,000
2021
Total
funds
£
94,074

Page 12

FRIENDS OF WIZNITZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

5. RAISING FUNDS

Raising donations and legacies

6.

Postage and stationery
Function
Advertising
Campaign
Investment management costs
Insurance
Property repairs
Aggregate amounts
CHARITABLE ACTIVITIES COSTS
Grantmaking
School expenditure
Visit of Grand Rabbi
Support		 Unrestricted
funds
£
1,503
-
1,065
7,583
10,151
Unrestricted
funds
£
1,734
25,265
26,999
37,150
Direct
Costs
£
262
77,666
50,432
-
128,360		 Restricted
funds
£
-
-
-
-
-
Restricted
funds
£
-
-
-
-
Grant
funding of
activities
(see note
7)
£
2,491,460
-
-
-
2,491,460		 2022
Total
funds
£
1,503
-
1,065
7,583
10,151
2022
Total
funds
£
1,734
25,265
26,999
37,150
Support
costs (see
note 8)
£
948
-
-
9,705
10,653		 2021
Total
funds
£
4,114
4,651
-
5,027
13,792
2021
Total
funds
£
900
17,654
18,554
32,346
Totals
£
2,492,670
77,666
50,432
9,705		 2021
Total
funds
£
4,114
4,651
-
5,027
13,792
2021
Total
funds
£
900
17,654
18,554
32,346
2,630,473

Page 13

FRIENDS OF WIZNITZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

7. GRANTS PAYABLE

Grantmaking
The total grants paid to institutions during the year was as follows:
Religious education
Relief of poverty
Advancement of religion
Social welfare
Mosdos Viznitz
Lehachzikom UK
Vishnitz Girls School Ltd
Kollel Viznitz London
CMZ Ltd
Live and Learn
Mosdos Imrei Chaim
Ahavat Israel Synagogue
Others under £50,000
The total grants paid to individuals during the year was as follows:
Medical
8.
SUPPORT COSTS
Finance
£
Grantmaking
948
Support
-
948		 2022
£
2,491,460
2022
£
1,983,387
286,450
130,343
65,300
2,465,480
1,651,000
164,000
90,000
66,000
65,000
58,000
57,000
53,843
260,637
2,465,480
2022
£
25,980
Governance
costs
£
-
9,705
9,705		 2021
£
6,931,890		 2021
£
6,931,890
2021
£
5,926,704
830,100
140,086
35,000
6,931,890
2021
£
-
Totals
£
948
9,705
10,653

Page 14

FRIENDS OF WIZNITZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

8. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Finance

Finance
2022 2021
Total
Grantmaking activities
£ £
Bank charges 167 2,331
Bank loan interest 781 -
948 2,331
Governance costs
2022 2021
Total
Support activities
£ £
Auditors' remuneration 4,200 3,840
Auditors' remuneration for non audit
work 4,680 4,440
General expenses 825 294
9,705 8,574

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022 2021
£ £
Auditors' remuneration 4,200 3,840
Auditors' remuneration for non audit work 4,680 4,440

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Page 15

FRIENDS OF WIZNITZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

11. AVERAGE NUMBER OF STAFF

The average number of staff in the year was Nil (2021 - Nil)

12. TANGIBLE FIXED ASSETS

COST
At 1 April 2021 and 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Freehold
property
£
3,850,000
3,850,000
3,850,000

The fair value of the property has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

13. INVESTMENT PROPERTY

FAIR VALUE
At 1 April 2021
and 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 £
2,369,684
2,369,684
2,369,684

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022 2021
£ £
Other debtors 37,000 -

Page 16

FRIENDS OF WIZNITZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Bank loans and overdrafts (see note 17)
10,000
Other creditors
239,547
Accruals and deferred income
8,880
258,427
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022
£
Other loans (see note 17)
3,533,333
17.
LOANS
An analysis of the maturity of loans is given below:
2022
£
Amounts falling due within one year on demand:
Bank loans
10,000
Amounts falling due between two and five years:
Other loans - 2-5 years
3,533,333
18.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2022
Unrestricted
Restricted
Total
funds
fund
funds
£
£
£
Fixed assets
3,850,000
-
3,850,000
Investments
2,369,684
-
2,369,684
Current assets
536,538
10,000
546,538
Current liabilities
(258,427)
-
(258,427)
Long term liabilities
(3,533,333)
-
(3,533,333)
2,964,462
10,000
2,974,462
19.
MOVEMENT IN FUNDS
Net
movement
At 1.4.21
in funds
£
£
Unrestricted funds
General fund
2,678,057
286,405
Restricted funds
Restricted
-
10,000
TOTAL FUNDS
2,678,057
296,405		 2021
£
-
240,000
8,280
248,280
2021
£
3,550,000
2021
£
-
3,550,000
2021
Total
funds
£
3,850,000
2,369,684
256,653
(248,280)
(3,550,000)
2,678,057
At
31.3.22
£
2,964,462
10,000
2,974,462

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FRIENDS OF WIZNITZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

19. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 2,954,028 (2,667,623) 286,405
Restricted funds
Restricted 10,000 - 10,000
TOTAL FUNDS 2,964,028 (2,667,623) 296,405
Comparatives for movement in funds
Net
movement At
At 1.4.20 in funds 31.3.21
£ £ £
Unrestricted funds
General fund 5,483,317 (2,805,260) 2,678,057
TOTAL FUNDS 5,483,317 (2,805,260) 2,678,057
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 4,216,617 (7,021,877) (2,805,260)
TOTAL FUNDS 4,216,617 (7,021,877) (2,805,260)

20. RELATED PARTY DISCLOSURES

Donations totalling £486,500 were received without conditions from a charity connected to the trustees and £26,400 from a trustee.

Ahavath Chessed Charitable Association Ltd (ACCA) which has a oonection to a common trustee. s is owed £3,500,000 by Friends of Wiznitz Ltd..

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