Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
**REGISTERED COMPANY NUMBER: 01157880 (England and Wales) REGISTERED CHARITY NUMBER: 267447**
**WYCHDALE LIMITED (A COMPANY LIMITED BY GUARANTEE)**
**REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 3|
|**Report of the Independent Auditors**|4 to 6|
|**Consolidated Statement of Financial Activities**|7|
|**Company Statement of Financial Activities**|8|
|**Consolidated Balance Sheet**|9|
|**Company Balance Sheet**|10|
|**Consolidated Cash Flow Statement**|11|
|**Notes to the Consolidated Cash Flow Statement**|12|
|**Notes to the Consolidated Financial Statements**|13 to 20|
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025**
## **TRUSTEES:**
Mr C D Schlaff Mrs Z Schlaff Mr J J Schlaff
## **COMPANY SECRETARY:**
## **REGISTERED OFFICE:**
Mrs Z Schlaff First Floor 94 Stamford Hill London N16 6XS
**REGISTERED COMPANY NUMBER:** 01157880 (England and Wales)
**REGISTERED CHARITY NUMBER:** 267447
**AUDITORS:** Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditors First Floor 94 Stamford Hill London N16 6XS **BANKERS:** Metro Bank plc 1 Southampton Row London WC1B 5HA
Page 1
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
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 2025. 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 activities 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.
## **Grantmaking policy**
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.
## **FINANCIAL REVIEW**
## **Review of activities**
The Trustees are pleased with the results for the year. Donations received more than doubled, this was largely due to a one-off donation from a connected company. Group investment income was materially in line with the previous year; group investment management costs increased by 20% in comparison with last year. Grants paid out increased commensurate with the increase in donations received. The group returned a small deficit for the year which was funded from reserves.
The subsidiary continues to generate rental income from its investment property portfolio, with an increase of 8% when compared with the previous year. The subsidiary generated a small surplus for the year.
## **Investment policy**
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 in the current financial climate.
## **Reserves policy**
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end stood at £1,540,454 (2024: £1,550,354), represented by net assets.
## **Principal risks and uncertainties**
The principal risks to which the charitable company is exposed are: defaults by tenants, impairment of properties, adverse movements in interest rates, planning consent for redevelopment being declined and lettings and sales of properties declining due to adverse market conditions.
## **Future plans**
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future, subject to satisfactory incoming resources.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 22 January 1974.
Page 2
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## **WYCHDALE LIMITED**
## **REPORT OF THE TRUSTEES** _**(continued)**_ **FOR THE YEAR ENDED 31 MARCH 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees**
The power to appoint new trustees is vested in the board. New trustees are appointed based on personal competence, specialist skills and experience. They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees. It is not currently the intention to appoint any new trustees.
## **Subsidiary**
The charity has a 75% holding in its subsidiary, In-Situ Estates Limited, a property investment company.
## **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.
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The trustees (who are also the directors of Wychdale 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;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- - 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:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- - 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 24th March 2026 and signed on its behalf by:
Mr C D Schlaff - Trustee
Page 3
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## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WYCHDALE LIMITED**
## **Opinion**
We have audited the financial statements of Wychdale Limited (the ‘parent charitable company') and its subsidiary (‘the group’) for the year ended 31 March 2025 which comprises the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and the related notes, 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 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- 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 the Republic of Ireland’; and
- 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 group 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- 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
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 4
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WYCHDALE LIMITED**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and the parent 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:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Trustees.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities set out on page three, 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.
## **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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In performing an audit, we exercise professional judgement 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 bases, 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 judgement, 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.
Page 5
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WYCHDALE LIMITED**
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
## **Other matters**
The corresponding figures for the prior year are unaudited as an audit was not required by any Act or the trustee.
## **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.
Emanuel Meyer (Senior Statutory Auditor) for and on behalf of Sugarwhite Meyer Accountants Ltd Chartered Accountants and Statutory Auditors First Floor 94 Stamford Hill London N16 6XS
24th March 2026
Page 6
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025**
|**2025**
**Unrestricted**
**fund**
Notes
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
2,093,000
Investment income
3
131,574
**Total income**
2,224,574
**EXPENDITURE ON**
**Raising funds**
4
Investment management costs
(97,380)
**Charitable activities**
5
Charitable activities
(2,148,894)
**Total expenditure**
(2,246,274)
Net gains/(losses) on investments
9
13,509
**NET INCOME/(LOSS) BEFORE TAXATION**
(8,191)
Taxation
(827)
**NET INCOME AFTER TAXATION**
(9,018)
Attributable to non-controlling interest
(882)
**NET MOVEMENT IN FUNDS**
(9,900)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
1,550,354
**TOTAL FUNDS CARRIED FORWARD**
1,540,454|**2024**
**Total**
**funds**
**£**
889,730
132,673
1,022,403
(81,071)
(850,944)
(932,015)
493,740
584,128
(125,033)
459,095
(93,735)
365,360
1,184,994
1,550,354|
|---|---|
The notes on pages 13 to 20 form part of these financial statements
Page 7
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025**
|**2025**
**Unrestricted**
**funds**
Notes
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
2,093,000
Investment income
3
27,232
**Total**
2,120,232
**EXPENDITURE ON**
Raising funds
4
-
**Charitable activities**
5
Charitable activities
(2,146,285)
**Total**
(2,146,285)
Net gains/(losses) on investments
9
13,509
**NET INCOME/(EXPENDITURE)**
(12,544)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
975,554
**TOTAL FUNDS CARRIED FORWARD**
963,010||**2024**
**Total**
**funds**
**£**
889,730
36,414
926,144
(1,914)
(833,816)
(835,730)
(6,260)|
|---|---|---|
||||
||||
|||84,154
891,400
975,554|
||||
The notes on pages 13 to 20 form part of these financial statements
Page 8
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED (REGISTERED NUMBER: 01157880)**
## **CONSOLIDATED BALANCE SHEET AND CHARITABLE COMPANY BALANCE SHEET AS AT 30 MARCH 2025**
|**Notes**
**FIXED ASSETS**
Investments
12
Investment property
13
**CURRENT ASSETS**
Debtors
14
Cash at bank and in hand
**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
Provisions for liabilities
18
**NET ASSETS**
Non-controlling interest
**NET ASSETS ATTRIBUTABLE TO**
**THE PARENT CHARITABLE COMPANY**
**FUNDS OF THE CHARITY**
Unrestricted funds
19
Fair value reserve
19
**TOTAL CHARITY FUNDS**||**Group**
**2025**
**2024**
**£**
**£**
152,237
138,728
2,750,000
2,750,000
2,902,237
2,888,728
543,400
513,803
15,554
74,326
558,954
588,129
(827,325) (1,306,973)
(268,371)
(718,844)
2,633,866
2,169,884
(473,000)
-
(427,928) (427,928)
1,732,938
1,741,956
(192,484)
(191,602)
1,540,454
1,550,354
(515,201)
(491,792)
2,055,655
2,042,146
1,540,454
1,550,354||
|---|---|---|---|
|||||
|||||
|||||
|||||
|||||
|||||
The immediately following page forms an integral part of this balance sheet.
The notes on pages 13 to 20 form part of these financial statements
Page 9
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The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the Board of Trustees on 24th March 2026 and were signed on its behalf by:
Mr C D Schlaff - Trustee
The notes on pages 13 to 20 form part of these financial statements
Page 10
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Tax paid
**Net cash provided by (used) in operating**
**activities**
**Cash flows from investing activities**
Purchase of investment property
Interest received
Dividends received
**Net cash provided by (used in) investing**
**activities**
**Cash flows from financing activities**
New loans in year
Loan repayments in year
Amounts introduced by directors
Amounts withdrawn by directors
**Net cash provided by (used in) investing**
**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**|2025
£
(1,138)
(46,717)
(6,149)
(54,004)
-
-
1,232
1,232
473,000
(479,000)
-
-
(6,000)
(58,772)
74,326
15,554|2024
£
115,695
(37,837)
(4,163)
73,695
-
-
-
-
-
(24,000)
24,181
(6,000)
(5,819)
67,876
6,450
74,326|
|---|---|---|
Page 11
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net (expenditure)/income for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
(Gains)/losses on investments
Interest paid
Dividends received
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by (used in) operating activities**|**2025**
**£**
(8,191)
(13,509)
46,717
(1,232)
(29,597)
4,674
(1,138)|**2024**
**£**
584,128
(493,740)
37,837
-
(33,116)
20,586
115,695|
|---|---|---|
## 2. **ANALYSIS OF CHANGES IN NET DEBT**
|**Net cash**
Cash at bank and in hand
**Debt**
Debts falling due after 1 year
Debts falling due after 1 year
**Total**|**At 1.4.24**
**£**
74,326
74,326
(479,000)
-
(479,000)
(404,674)|**Cash flow**
**£**
(58,772)
(58,772)
479,000
(473,000)
6,000
(52,772)|**At 31.3.25**
**£**
15,554
15,554
-
(473,000)
(473,000)
(457,446)|
|---|---|---|---|
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## **WYCHDALE LIMITED**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## 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.
## **Basis of consolidation**
The group financial statements include the accounts of Wychdale Limited and its subsidiary, In-Situ Estates Ltd, a 75% owned subsidiary.
## **Critical accounting judgements and key sources of estimation uncertainty**
In the application of the company's accounting policies, the trustees 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.
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_
Income received by way of donations is accounted for when received.
## _Investment income_
Income from investments included in the year in which it is receivable
## **Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred and includes irrecoverable VAT, which is reported as part of the expenditure to which it relates.
Raising funds comprises investment management costs relating to the investment properties.
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, statutory and regulatory requirements.
## **Investment management costs**
Investment management costs include costs relating to the investment properties.
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## **WYCHDALE LIMITED**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## 1. **ACCOUNTING POLICIES - continued**
## **Investments in subsidiaries**
Investments in subsidiary undertakings are recognised at cost.
## **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.
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 location.
## **Acquisitions and disposals of properties**
Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the Financial Statements accordingly.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **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.
## **Going Concern**
There are no material uncertainties about the charity’s ability to continue as going concern.
## **2. DONATIONS AND LEGACIES**
|||**Group**||**Company**|**Company**|
|---|---|---|---|---|---|
||**2025**||**2024**|**2025**|**2024**|
||**£**||**£**|**£**|**£**|
|Donations received|2,093,000||889,730|2,093,000|889,730|
## 3. **INVESTMENT INCOME**
|Rental income
Dividend income|**Group**
**2025**
**2024**
**£**
**£**
130,342
131,697
1,232
976
131,574
132,673|**Company**
**2025**
**2024**
**£**
**£**
26,000
35,438
1,232
976
27,232
36,414|**Company**
**2025**
**2024**
**£**
**£**
26,000
35,438
1,232
976
27,232
36,414|
|---|---|---|---|
||||36,414|
Page 14
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **4** . **RAISING FUNDS**
## **Investment Management costs**
|Rent and rates
Repairs and maintenance
Management & letting fees
Insurance
Professional fees
Office expenses
Office salaries
Interest payable and similar charges
Telephone
Travelling expenses|**Group**
**2025**
**2024**
**£**
**£**
-
247
6,302
7,353
2,392
2,392
19,639
16,477
6,440
3,120
595
789
11,000
9,500
46,717
38,813
483
387
3,812
1,993
97,380
81,071|**Company**
**2025**
**2024**
**£**
**£**
-
-
-
38
-
-
-
1,096
-
-
-
780
-
-
-
-
-
-
-
-
-
1,914|**Company**
**2025**
**2024**
**£**
**£**
-
-
-
38
-
-
-
1,096
-
-
-
780
-
-
-
-
-
-
-
-
-
1,914|
|---|---|---|---|
||||1,914|
## 5. **CHARITABLE ACTIVITIES COSTS**
## **Group**
|**Grant**
**funding of**
**activities**
**Direct**
**(see note**
**Costs**
**6)**
**£**
**£**
Charitable activities
-
2,139,672
**Company**
**Grant**
**funding of**
**activities**
**Direct**
**(see note**
**Costs**
**6)**
**£**
**£**
Charitable activities
-
2,139,672
**6.**
**GRANTS PAYABLE**
Charitable activities
The total grants paid to institutions during the year was as follows:
Advancement of religion
Advancement of education
Relief of poverty
Social welfare|**Support**
**costs (see**
**note 7)**
**Totals**
**£**
**£**
9,222
2,148,894
**Support**
**costs (see**
**note 7)**
**Totals**
**£**
**£**
6,613
2,146,285
**Group**
**2025**
**2024**
**£**
**£**
2,139,672
842,650
**2025**
**2024**
**£**
**£**
565,910
637,150
192,662
160,500
73,300
22,000
1,307,800
23,000
2,139,672
842,650|**Support**
**costs (see**
**note 7)**
**Totals**
**£**
**£**
9,222
2,148,894
**Support**
**costs (see**
**note 7)**
**Totals**
**£**
**£**
6,613
2,146,285
**Group**
**2025**
**2024**
**£**
**£**
2,139,672
842,650
**2025**
**2024**
**£**
**£**
565,910
637,150
192,662
160,500
73,300
22,000
1,307,800
23,000
2,139,672
842,650|
|---|---|---|
|||842,650|
Page 15
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **6. GRANTS PAYABLE - continued**
|Bilava (R.A.)|1,300,000|
|---|---|
|The ABC Trust|316,500|
|Netzach Charitable Trust|216,000|
|Tomchai Torah B’am Yisroel|78,000|
|Friends of Mercaz Hatorah Belz Macnivka|60,000|
|Friends of Beis Soroh Schneirer|44,000|
|Yeshiva Shaar Hashomayim|38,000|
|Friends of Beis Chinuch Lebonos|27,000|
|Others under £20,000|60,172|
|Total|2,139,672|
## **7. SUPPORT COSTS**
|Charitable activities|**Group**
**Governance costs**
**2025**
**2024**
**£**
**£**
9,222
8,294|**Company**
**Governance costs**
**2025**
**2024**
**£**
**£**
6,613
5,166|
|---|---|---|
Support costs, included in the above, are as follows:
|Auditors' remuneration
Auditors' remuneration for non audit work
Independent examiner's fee
Independent examiner's other fees
General expenses|**Group**
**2025**
**2024**
**£**
**£**
3,000
-
5,520
-
-
1,080
-
5,280
702
1,934
9,222
8,294|**Company**
**2025**
**2024**
**£**
**£**
3,000
-
3,000
-
-
840
-
1,920
613
451
6,613
3,211|**Company**
**2025**
**2024**
**£**
**£**
3,000
-
3,000
-
-
840
-
1,920
613
451
6,613
3,211|
|---|---|---|---|
||||3,211|
## **8. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
|Auditors' remuneration
Auditors' remuneration for non audit work
Independent examiner's fee
Independent examiner's other fees|**2025**
**£**
3,000
5,520
-
-|**2024**
**£**
-
-
840
5,220|
|---|---|---|
Page 16
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **9. NET GAINS/(LOSSES) ON INVESTMENTS**
|Gain on reval’n of investment assets
Gain (loss) on reval’n of investment property|**Group**
**2025**
**2024**
**£**
**£**
13,509
(6,260)
-
500,000
13,509
493,740|**Company**
**2025**
**2024**
**£**
**£**
13,509
(6,260)
-
-
13,509
(6,260)|**Company**
**2025**
**2024**
**£**
**£**
13,509
(6,260)
-
-
13,509
(6,260)|
|---|---|---|---|
||||(6,260)|
## **10. TRUSTEES' REMUNERATION AND BENEFITS**
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **11. AVERAGE STAFF NUMBERS**
The average number of staff in the year was Nil (2024 – Nil).
## **12** . **FIXED ASSET INVESTMENTS**
## **Group**
|**Group**||
|---|---|
||
**Listed**|
||**investments**|
||**£**|
|**COST OR VALUATION**||
|At 1 April 2024|138,728|
|Revaluations|13,509|
|At 31 March 2025|152,237|
|**NET BOOK VALUE**||
|At 31 March 2025|152,237|
|At 31 March 2024|138,728|
## **Company**
|**Shares in**
**group**
**Listed**
**undertakings** **investments**
**£**
**£**
**COST OR VALUATION**
At 1 April 2024
3
138,728
Revaluations
-
13,509
At 31 March 2025
3
152,237
**NET BOOK VALUE**
At 31 March 2025
3
152,237
At 31 March 2024
3
138,728|**Totals**
**£**
138,731
13,509
152,240
152,240
138,731|
|---|---|
Page 17
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **12** . **FIXED ASSET INVESTMENTS - continued**
|Listed investments
UK
Non UK|**2025**
151,932
305
152,237|**2024**
138,682
46
138,728|
|---|---|---|
Listed investments have been valued at the stock market price at the Balance Sheet date.
Wychdale Limited owns 75% of the equity share capital of In-Situ Estates Limited, a property investment company registered in England and Wales, No. 01061325.
In-Situ Estates Limited information for the year ended 31 March 2025:
|In-Situ Estates Limited|information for the|
|---|---|
|Income|104,342|
|Expenditure|(99,989)|
|Profit/(loss)|4,353|
In-Situ Estates Limited assets were £2,404,839, liabilities were £1,206,890 and provisions were £427,928; capital and reserves were £769,931 in surplus.
## **13** . **INVESTMENT PROPERTY Group**
|**INVESTMENT PROPERTY**
**Group**||
|---|---|
|**FAIR VALUE**
At 1 April 2024
Additions
At 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024|**Total**
**£**
2,750,000
-|
||2,750,000|
||2,750,000|
||2,750,000|
## **Company**
|**Company**||
|---|---|
|**FAIR VALUE**
At 1 April 2024
Additions
At 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024|**Total**
**£**
750,000
-|
||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 charity’s 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 location.
Page 18
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **14** . **DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Amounts owed by group undertakings
Other debtors
Amounts due from connected companies
Prepayments and accrued income|**Group**
**2025**
**2024**
**£**
**£**
-
-
543,400
513,803
81,170
81,170
-
-
624,570
594,973|**Company**
**2025**
**2024**
**£**
**£**
144,343
144,343
147,154
118,437
-
-
-
-
291,497
262,780|**Company**
**2025**
**2024**
**£**
**£**
144,343
144,343
147,154
118,437
-
-
-
-
291,497
262,780|
|---|---|---|---|
||||262,780|
## **15** . **CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Bank loans
Accruals and deferred income
Other creditors
Amounts due to connected companies
Taxation|**Group**
**2025**
**2024**
**£**
**£**
-
479,000
15,141
12,720
553,782
522,446
257,170
286,254
1,232
6,553
827,325
1,306,973|**Company**
**2025**
**2024**
**£**
**£**
-
-
10,101
7,680
215,695
215,695
11,892
9,176
-
-
237,688
232,551|**Company**
**2025**
**2024**
**£**
**£**
-
-
10,101
7,680
215,695
215,695
11,892
9,176
-
-
237,688
232,551|
|---|---|---|---|
||||232,551|
## **16** . **CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|Bank loans (see note 17)
Other loans (see note 17)|**Group**
**2025**
**2024**
**£**
**£**
473,000
-
-
-
473,000
-|**Company**
**2025**
**2024**
**£**
**£**
-
-
-
-
-
-|**Company**
**2025**
**2024**
**£**
**£**
-
-
-
-
-
-|
|---|---|---|---|
||||-|
The bank loan is secured on the group’s investment properties.
## **17. LOANS**
An analysis of the maturity of loans is given below:
|Amounts falling due in more than five years:
Bank loans more than 5 years by non-instalments|**Group**
**2025**
**2024**
**£**
**£**
473,000
-
473,000
-|
|---|---|
Page 19
Docusign Envelope ID: 7DAFE17E-6EE4-41F1-A692-105672A73191
## **WYCHDALE LIMITED**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **18. PROVISIONS**
|Deferred taxation|**Group**
**2025**
**2024**
**£**
**£**
427,928
427,928
427,928
427,928|**Company**
**2025**
**2024**
**£**
**£**
-
-
-
-|
|---|---|---|
## **19. MOVEMENT IN FUNDS Group**
|
**Unrestricted funds**
General fund
Fair value reserve
**TOTAL FUNDS**|**At 1.4.24**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31.3.25**
**£**
**£**
**£**
**£**
**£**
(491,793)
2,224,574
(2,247,983)
-
(515,202)
2,042,147
-
-
13,509
2,055,656
1,550,354
2,224,574
(2,247,983)
13,509
1,540,454|
|---|---|
## **Company**
|
**Unrestricted funds**
General fund
Fair value reserve
**TOTAL FUNDS**|**At 1.4.24**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**£**
**£**
**£**
**£**
975,554
2,120,232
(2,146,285)
-
-
-
-
13,509
975,554
2,120,232
(2,146,285)
13,509|**At 31.3.25**
**£**
949,501
13,509
963,010|
|---|---|---|
## **20. RELATED PARTY DISCLOSURES**
All donations received by the charity were from related parties, being companies with Directors in common with the Trustees of this charity, no restrictions were placed on these donations.
Other creditors include interest-free loans of £389,852 (2024: £389,852) from some of the Trustees and £421,601 (2024: £419,348) from companies and entities controlled by the Trustees.
The charity made a grant of £1.3m (2024: NIL) to Bilava (R.A.), a charity with a Trustee in common.
Page 20