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 2023
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 2023
| 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 | 19 |
FRIENDS OF WIZNITZ LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES S Feldman 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 2023
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 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).
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 voluntary donations and investment income. There was an increase in donations of over 80% in the year under review and the trustees increased grantmaking accordingly. 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 £3,731,625 (2022 - £2,974,462).
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 2023
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
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
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 16 January 2024 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 2023 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:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
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.
We 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.
We 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
We concluded 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 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
16 January 2024
Page 6
FRIENDS OF WIZNITZ LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| 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 Transfers between funds 19 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 5,274,364 20,000 99,619 5,393,983 20,204 4,523,232 51,871 26,125 15,388 4,636,820 757,163 10,000 767,163 2,964,462 3,731,625 |
Restricted fund £ - - - - - - - - - - - (10,000) (10,000) 10,000 - |
2023 Total funds £ 5,274,364 20,000 99,619 5,393,983 20,204 4,523,232 51,871 26,125 15,388 4,636,820 757,163 - 757,163 2,974,462 3,731,625 |
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 - |
||||
| 296,405 2,678,057 |
||||
| 2,974,462 |
The notes form part of these financial statements
Page 7
FRIENDS OF WIZNITZ LIMITED (REGISTERED NUMBER: 00929964)
BALANCE SHEET 31 MARCH 2023
| 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 |
2023 £ 3,874,500 3,017,693 6,892,193 85,538 536,827 622,365 (259,600) 362,765 7,254,958 (3,523,333) 3,731,625 3,731,625 - 3,731,625 |
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 |
|---|---|---|
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 16 January 2024 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 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of investment property Net cash (used in)/provided by investing activities Cash flows from financing activities Loan repayments in year Net cash used in 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 |
2023 £ 710,767 (969) 709,798 (24,500) (648,009) (672,509) (10,000) (10,000) 27,289 509,538 536,827 |
2022 £ 260,333 (781) 259,552 - - - (6,667) (6,667) 252,885 256,653 509,538 |
|---|---|---|
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 2023
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of | |||
| Financial Activities) | 757,163 | 296,405 | |
| Adjustments for: | |||
| Interest paid | 969 | 781 | |
| Increase in debtors | (48,538) | (37,000) | |
| Increase in creditors | 1,173 | 147 | |
| Net cash provided by operations | 710,767 | 260,333 |
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1.4.22 | Cash flow | At 31.3.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 509,538 | 27,289 | 536,827 |
| 509,538 | 27,289 | 536,827 | |
| Debt | |||
| Debts falling due within 1 year | (10,000) | - | (10,000) |
| Debts falling due after 1 year | (3,533,333) | 10,000 | (3,523,333) |
| (3,543,333) | 10,000 | (3,533,333) | |
| Total | (3,033,795) | 37,289 | (2,996,506) |
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 2023
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 2023
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 £ 5,274,364 - 5,274,364 |
Restricted funds £ - - - |
2023 Total funds £ 5,274,364 - 5,274,364 |
2022 Total funds £ 2,859,528 10,000 |
| 2,869,528 |
Grants received, included in the above, are as follows:
| Other grants 3. OTHER TRADING ACTIVITIES Unrestricted Restricted funds funds £ £ Rents 20,000 - 4. INVESTMENT INCOME Unrestricted Restricted funds funds £ £ Property income 99,619 - |
2023 £ - 2023 Total funds £ 20,000 2023 Total funds £ 99,619 |
2022 £ 10,000 |
|---|---|---|
| 2022 Total funds £ 15,000 |
||
| 2022 Total funds £ 79,500 |
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FRIENDS OF WIZNITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
5. RAISING FUNDS
Raising donations and legacies
| Postage and stationery Sundries Function Advertising Campaign Investment management costs Insurance Property repairs Aggregate amounts CHARITABLE ACTIVITIES COSTS Grantmaking School expenditure Visit of Grand Rabbi Support |
Unrestricted funds £ 1,850 4,002 10,028 - - 15,880 Unrestricted funds £ 1,423 2,901 4,324 20,204 Direct Costs £ - 51,871 26,125 - 77,996 |
Restricted funds £ - - - - - - Restricted funds £ - - - - Grant funding of activities (see note 7) £ 4,523,232 - - - 4,523,232 |
2023 Total funds £ 1,850 4,002 10,028 - - 15,880 2023 Total funds £ 1,423 2,901 4,324 20,204 Support costs (see note 8) £ - - - 15,388 15,388 |
2022 Total funds £ 1,503 - - 1,065 7,583 10,151 2022 Total funds £ 1,734 25,265 26,999 37,150 Totals £ 4,523,232 51,871 26,125 15,388 |
2022 Total funds £ 1,503 - - 1,065 7,583 |
|---|---|---|---|---|---|
| 10,151 | |||||
| 2022 Total funds £ 1,734 25,265 |
|||||
| 26,999 | |||||
| 37,150 | |||||
| 4,616,616 |
6. CHARITABLE ACTIVITIES COSTS
Page 13
FRIENDS OF WIZNITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
7. GRANTS PAYABLE
| 7. | GRANTS PAYABLE | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Grantmaking | 4,523,232 | 2,491,460 | ||
| The total grants paid to institutions during the year was as follows: | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Advancement of education | 2,842,022 | 1,983,387 | ||
| Relief of poverty | 1,044,100 | 286,450 | ||
| Advancement of religion | 370,870 | 130,343 | ||
| Social welfare | 249,500 | 65,300 | ||
| 4,506,492 | 2,465,480 | |||
| Mosdos Viznitz | 2,339,999 | |||
| Lehachzikom Velehachyosom | 875,500 | |||
| Igud Mosdos Viznitz | 200,000 | |||
| Lehachzikom UK | 146,000 | |||
| Mosdos Imrey Chaim | 89,998 | |||
| Machon Lehoros Natan | 68,700 | |||
| Kolel Viznitz London | 65,240 | |||
| Viznitz Institution Trust | 60,100 | |||
| Congregation Khal Tzemach Tzadik | 52,000 | |||
| Others under £50,000 | 608,955 | |||
| 4,506,492 | ||||
| The total grants paid to individuals during the year was as follows: | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Relief of poverty | 15,453 | - | ||
| Advancement of religion | 1,287 | - | ||
| Medical | - | 25,980 | ||
| 16,740 | 25,980 | |||
| 8. | SUPPORT COSTS | |||
| Governance | ||||
| Finance | costs | Totals | ||
| £ | £ | £ | ||
| Support | 4,397 | 10,991 | 15,388 |
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FRIENDS OF WIZNITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
8. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Finance
| Office costs Bank charges Bank loan interest Governance costs Auditors' remuneration Auditors' remuneration for non audit work General expenses |
2023 2022 Total Support activities £ £ 3,252 - 176 167 969 781 4,397 948 2023 2022 Total Support activities £ £ 4,560 4,200 5,040 4,680 1,391 825 10,991 9,705 |
|---|---|
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 4,560 | 4,200 |
| Auditors' remuneration for non audit work | 5,040 | 4,680 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
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FRIENDS OF WIZNITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
11. AVERAGE NUMBER OF STAFF
The average number of staff in the year was Nil (2022 - Nil)
12. TANGIBLE FIXED ASSETS
| COST At 1 April 2022 Additions At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Freehold property £ 3,850,000 24,500 3,874,500 3,874,500 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 2022 Additions At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
£ 2,369,684 648,009 |
|---|---|
| 3,017,693 | |
| 3,017,693 | |
| 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
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| CMZ Other debtors |
2023 £ 50,000 35,538 85,538 |
2022 £ - 37,000 |
| 37,000 |
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FRIENDS OF WIZNITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
| 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Bank loans and overdrafts (see note 17) 10,000 Other creditors 240,000 Accruals and deferred income 9,600 259,600 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Other loans (see note 17) 3,523,333 17. LOANS An analysis of the maturity of loans is given below: 2023 £ 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 3,523,333 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Unrestricted Restricted Total funds fund funds £ £ £ Fixed assets 3,874,500 - 3,874,500 Investments 3,017,693 - 3,017,693 Current assets 622,365 - 622,365 Current liabilities (259,600) - (259,600) Long term liabilities (3,523,333) - (3,523,333) 3,731,625 - 3,731,625 19. MOVEMENT IN FUNDS Net Transfers movement between At 1.4.22 in funds funds £ £ £ Unrestricted funds General fund 2,964,462 757,163 10,000 Restricted funds Restricted 10,000 - (10,000) TOTAL FUNDS 2,974,462 757,163 - |
2022 £ 10,000 239,547 8,880 258,427 2022 £ 3,533,333 2022 £ 10,000 3,533,333 2022 Total funds £ 3,850,000 2,369,684 546,538 (258,427) (3,533,333) 2,974,462 At 31.3.23 £ 3,731,625 - 3,731,625 |
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FRIENDS OF WIZNITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
19. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS Comparative net movement in funds, included in the above Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
Incoming resources £ 5,393,983 5,393,983 At 1.4.21 £ 2,678,057 - 2,678,057 are as follows: Incoming resources £ 2,954,028 10,000 2,964,028 |
Resources expended £ (4,636,820) (4,636,820) Net movement in funds £ 286,405 10,000 296,405 Resources expended £ (2,667,623) - (2,667,623) |
Movement in funds £ 757,163 757,163 At 31.3.22 £ 2,964,462 10,000 2,974,462 Movement in funds £ 286,405 10,000 296,405 |
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FRIENDS OF WIZNITZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
20. RELATED PARTY DISCLOSURES
Donations totalling £645,300 were received without conditions from a charity with a common trustee. Ahavath Chessed Charitable Association Ltd, a charity with a common trustee, is owed £3,500,000 by Friends of Wiznitz Ltd..
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