REGISTERED COMPANY NUMBER: 01157880 (England and Wales) REGISTERED CHARITY NUMBER: 267447
WYCHDALE LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
WYCHDALE 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 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 15 |
WYCHDALE LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022
TRUSTEES Mr C D Schlaff Mrs Z Schlaff Mr J J Schlaff COMPANY SECRETARY Mrs Z Schlaff REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS REGISTERED COMPANY 01157880 (England and Wales) NUMBER REGISTERED CHARITY 267447 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS HSBC Bank plc 312 Seven Sisters Road Finsbury Park London N4 2AW
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WYCHDALE LIMITED (REGISTERED NUMBER: 01157880)
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 for the public benefit
The objects of the charity are the advancement of religion in accordance with the Orthodox Jewish Faith and for such other purposes as are recognised by English Law as charitable.
The trustees have considered the Charity Commission's general guidance on public benefit. The charity is grantmaking.
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.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees are pleased with the results of the charity for the year. The was reduction in income of about 10% although the trustees increased grantmaking substantially.
FINANCIAL REVIEW
Reserves policy
The trustees maintain sufficient reserves to ensure that they can continue the activities of the charity. Reserves at the year end were £1,172,609 (2021 - £1,070,448).
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 22 January 1974.
Organisational structure
The power to appoint new trustees is vested in the current 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 to which the charity is exposed and confirm that they have established systems to mitigate them.
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WYCHDALE LIMITED (REGISTERED NUMBER: 01157880)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
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 28 June 2023 and signed on its behalf by:
Mr C D Schlaff - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WYCHDALE LIMITED
Independent examiner's report to the trustees of Wychdale Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
28 June 2023
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WYCHDALE 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 Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities 4 Grantmaking Support Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 510,000 41,072 551,072 2,298 411,450 4,883 418,631 (30,280) 102,161 1,070,448 1,172,609 |
2021 Total funds £ 565,000 43,185 |
|---|---|---|
| 608,185 | ||
| 1,353 68,713 3,389 |
||
| 73,455 | ||
| - | ||
| 534,730 535,718 |
||
| 1,070,448 |
The notes form part of these financial statements
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WYCHDALE LIMITED (REGISTERED NUMBER: 01157880)
BALANCE SHEET 31 MARCH 2022
| Notes FIXED ASSETS Investments Investments 9 Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS FUNDS 15 Unrestricted funds: General fund TOTAL FUNDS |
2022 Total funds £ 147,691 750,000 897,691 201,800 1,160,654 1,362,454 (587,536) 774,918 1,672,609 (500,000) 1,172,609 1,172,609 1,172,609 |
2021 Total funds £ 177,971 750,000 927,971 233,921 499,092 733,013 (590,536) 142,477 1,070,448 - 1,070,448 1,070,448 1,070,448 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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WYCHDALE LIMITED (REGISTERED NUMBER: 01157880)
BALANCE SHEET - continued 31 MARCH 2022
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 28 June 2023 and were signed on its behalf by:
Mr C D Schlaff - Trustee
The notes form part of these financial statements
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WYCHDALE LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 156,751 | 494,305 |
| Net cash provided by operating activities | 156,751 | 494,305 | |
| Cash flows from investing activities | |||
| Interest received | 31 | 1 | |
| Dividends received | 4,780 | 7,398 | |
| Net cash provided by investing activities | 4,811 | 7,399 | |
| Cash flows from financing activities | |||
| New loans in year | 500,000 | - | |
| Net cash provided by financing activities | 500,000 | - | |
| Change in cash and cash equivalents | |||
| in the reporting period | 661,562 | 501,704 | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 499,092 | (2,612) | |
| Cash and cash equivalents at the end | |||
| of the reporting period | 1,160,654 | 499,092 |
The notes form part of these financial statements
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WYCHDALE LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of | |||
| Financial Activities) | 102,161 | 534,730 | |
| Adjustments for: | |||
| Losses on investments | 30,280 | - | |
| Interest received | (31) | (1) | |
| Dividends received | (4,780) | (7,398) | |
| Decrease/(increase) in debtors | 32,121 | (35,786) | |
| (Decrease)/increase in creditors | (3,000) | 2,760 | |
| Net cash provided by operations | 156,751 | 494,305 | |
| 2. | ANALYSIS OF CHANGES IN NET FUNDS |
| Net cash Cash at bank Debt Debts falling due after 1 year Total |
At 1.4.21 £ 499,092 499,092 - - 499,092 |
Cash flow £ 661,562 661,562 (500,000) (500,000) 161,562 |
At 31.3.22 £ 1,160,654 1,160,654 (500,000) (500,000) 660,654 |
|---|---|---|---|
The notes form part of these financial statements
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WYCHDALE 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, with the exception of investments which are included at market value, 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. These 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.
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.
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.
Raising funds comprise investment management costs relating to the investment properties
Grants are only recognised in the accounts when paid.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in 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.
Going concern
There are no material uncertainties about the charity's ability to continue.
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WYCHDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
2. INVESTMENT INCOME
| INVESTMENT INCOME | |
|---|---|
| 2022 Unrestricted funds £ Rents received 36,261 Dividends received 4,780 Deposit account interest 31 41,072 |
2021 Total funds £ 35,786 7,398 1 |
| 43,185 |
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 2022 | 2021 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Insurance | 1,089 | 971 |
| Property repairs | 1,209 | 382 |
| 2,298 | 1,353 |
4. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities (see note 5) £ Grantmaking 411,450 Support - 411,450 5. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Advancement of religion Advancement of education Relief of poverty Medical Social welfare |
Support costs (see note 6) £ - 4,883 4,883 2022 £ 411,450 2022 £ 343,100 29,100 34,250 - 5,000 411,450 |
Totals £ 411,450 4,883 |
|---|---|---|
| 416,333 | ||
| 2021 £ 68,713 |
||
| 2021 £ 40,683 27,250 450 330 - |
||
| 68,713 |
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WYCHDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
5. GRANTS PAYABLE - continued
| The ABC Trust | 254,500 |
|---|---|
| United Talmudical Associates Ltd | 82,000 |
| Mercaz Hatorah Belz Machnivke | 19,000 |
| Friends of Beis Soroh Schneirer | 10,000 |
| Yad Eliezer | 10,000 |
| Other under £10,000 | 35,950 |
| 411,450 | |
6. SUPPORT COSTS
| Governance | |||
|---|---|---|---|
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support | 172 | 4,711 | 4,883 |
| Support costs, included in the above, are as follows: | |||
| Finance | |||
| 2022 | 2021 | ||
| Total | |||
| Support | activities | ||
| £ | £ | ||
| Bank charges | 172 | 178 | |
| Governance costs | |||
| 2022 | 2021 | ||
| Total | |||
| Support | activities | ||
| £ | £ | ||
| Independent examiner's fee | 960 | 840 | |
| Independent examiner's other fees | 2,400 | 1,920 | |
| General expenses | 1,351 | 451 | |
| 4,711 | 3,211 |
7. 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.
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WYCHDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
8. AVERAGE STAFF NUMBERS
The average number of employees during the year was Nil (2021 - Nil).
9. FIXED ASSET INVESTMENTS
| Shares in group Listed undertakings investments £ £ MARKET VALUE At 1 April 2021 3 177,968 Revaluations - (30,280) At 31 March 2022 3 147,688 NET BOOK VALUE At 31 March 2022 3 147,688 At 31 March 2021 3 177,968 |
Totals £ 177,971 (30,280) 147,691 147,691 177,971 |
|---|---|
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
In-Situ Estates Limited
Registered office: First Floor 94 Stamford Hill London N16 6XS Nature of business: Property investment
10.
| % Class of share: holding Ordinary 75 Aggregate capital and reserves Profit for the year INVESTMENT PROPERTY FAIR VALUE At 1 April 2021 and 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
31.3.22 £ 370,807 14,010 |
31.3.21 £ 356,797 16,492 £ 750,000 750,000 750,000 |
|---|---|---|
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who 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.
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WYCHDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amounts owed by group undertakings Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accruals and deferred income 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other loans (see note 14) 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due between two and five years: Other loans - 2-5 years 15. MOVEMENT IN FUNDS At 1.4.21 £ Unrestricted funds General fund 1,070,448 TOTAL FUNDS 1,070,448 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 551,072 (418,631) TOTAL FUNDS 551,072 (418,631) |
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amounts owed by group undertakings Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accruals and deferred income 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other loans (see note 14) 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due between two and five years: Other loans - 2-5 years 15. MOVEMENT IN FUNDS At 1.4.21 £ Unrestricted funds General fund 1,070,448 TOTAL FUNDS 1,070,448 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 551,072 (418,631) TOTAL FUNDS 551,072 (418,631) |
2022 £ 144,343 57,457 201,800 2022 £ 584,176 3,360 587,536 2022 £ 500,000 2022 £ 500,000 Net movement in funds £ 102,161 102,161 Gains and losses £ (30,280) (30,280) |
2021 £ 144,343 89,578 233,921 2021 £ 584,176 6,360 590,536 2021 £ - 2021 £ - At 31.3.22 £ 1,172,609 1,172,609 Movement in funds £ 102,161 102,161 |
|---|---|---|---|
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WYCHDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.4.20 £ Unrestricted funds General fund 535,718 TOTAL FUNDS 535,718 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 608,185 TOTAL FUNDS 608,185 |
Net movement At in funds 31.3.21 £ £ 534,730 1,070,448 534,730 1,070,448 Resources Movement expended in funds £ £ (73,455) 534,730 (73,455) 534,730 |
|---|---|
16. RELATED PARTY DISCLOSURES
All donations came from a related party. Creditors include an interest free loans of £575,000 from a trustee and £500,000 from a related party. Other related party transactions are disclosed in note 9.
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