COMPANY REGISTRATION NUMBER: 1939694
CHARITY REGISTRATION NUMBER: 294229
Wiseheights Limited
Company Limited by Guarantee Financial Statements
31 March 2022
COHEN ARNOLD
Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NW11 0PU
Wiseheights Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2022
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 8 |
| Statement of financial activities (including income and expenditure | |
| account) | 14 |
| Statement of financial position | 15 |
| Statement of cash flows | 16 |
| Notes to the financial statements | 17 |
Wiseheights Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2022
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2022.
Reference and administrative details
Registered charity name Wiseheights Limited Charity registration number 294229 Company registration number 1939694 Principal office and registered New Burlington House office 1075 Finchley Road London NW11 0PU The trustees Mr A Klein Mr J Sternlicht Mr G Berger Auditor Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NW11 0PU Bankers Barclays Bank Plc Leicester LE87 2BB Solicitors Hamlins LLP 273-287 Regent Street London W1B 2AD
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Wiseheights Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
Structure, governance and management
Governing Document
Wiseheights Limited is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 15th August 1985.
Structure
The charity holds some of its properties through nominee companies, namely Castleview Properties Limited, Trinity Estates Limited, Trinity Estates 2 Limited and Brackley Estates Limited. These companies, which are incorporated in England and Wales, hold the legal title to properties on trust for the beneficial owner Wiseheights Limited. These companies file dormant company accounts as all their assets, liabilities, income and expenses are included in the charity's accounts. In addition, the charity holds the entire issued share capital of two dormant nominee companies, Prospect Properties Limited and Newbank Limited, both of which are incorporated in England and Wales.
Appointment, Training and Recruitment of Trustees
As set out in the Articles of Association, the members of the charity shall not exceed twenty five. There are two classes of members :
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Ordinary Members - subscribers and all persons subsequently admitted by the Council to
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membership.
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Honorary Members - persons the Council may admit from time to time with written consent.
No person shall be admitted to the membership of the Company as an ordinary member unless:
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he has signed and sent to the Secretary an application for admission framed in such terms as the
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Council shall from time to time prescribe, and
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he has been elected to the membership by the Council.
All current trustees are ordinary members and no honorary members have been appointed. The organisation is run by governors who are the trustees. Every governor/trustee holds office until he/she shall die or shall cease to hold office by virtue of Article 48 of the Articles of Association.
It is not currently the intention of the trustees of the Charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures.
Employees, Staff and Trustees Remuneration
All trustees give their time voluntarily and no benefit or expenses were paid to them during the year. The charity has no employees except for the three Trustees. None of the governors/trustees have any beneficial interest in the company.
Organisation
Unless and until otherwise determined by the charity, the board of trustees (Council) shall consist of not less than two and not more than ten governors/trustees. The council appoints from among its members a Chairman and a Vice-Chairman and, in the event that any vacancy arises, the Council shall as soon as practicable fill the vacancy. Three ordinary members present in person shall form a quorum at a general meeting.
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Wiseheights Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
Structure, governance and management (continued)
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to mitigate those risks.
Financial risk management and policies
The charity holds or issues financial instruments in order to achieve three main objectives being:
a) to finance its operations
b) to manage its exposure to interest and currency risks arising from operations and from its sources of finance; and
c) to generate funds.
In addition various financial instruments (e.g. debtors, creditors, prepayments and accruals) arise directly from the charity's operations.
Credit Risk
The charity monitors credit risk closely and considers that its current policies of credit risk checks meets its objectives of managing exposure to credit risk. The charity has no significant concentrations of credit risk. Amounts shown in the balance sheet represent the maximum anticipated credit risk exposure. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Objectives and activities
Charitable Objects
The objects of the charity are:
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the advancement of religion in accordance with Orthodox Jewish faith;
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the relief of poverty;
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for other purposes as are recognised by English Law as charitable.
Aims, Objectives and activities
The aim of the charity is to be self funding from the income from its investment assets, namely the listed shares and supplementary income from functional properties.
The charity does not engage in fund raising activities, however welcomes donations from other charities and organisations to fund its activities.
The aim of the charity (both short term and long term) is grant making to meet its primary objectives as set out above. The charity makes grants to other charities, utilising reserves in lean times, and success is measured by the quantum of grants it makes in a year.
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Wiseheights Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
Objectives and activities (continued)
Public Benefit
The trustees confirm that they have referred to guidelines contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policies for the year and complied with its duty to have due regard to the commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
The grant making policy of the charity as stated below helps the charity to fulfill its duty to act for the public benefit in accordance with section 4 of the Charities Act 2006.
Grant making policy
This charity was established to support the activities of Jewish religious organisations, especially in the field of education and to provide philanthropic aid to the needy. Grants are made to charitable institutions and organisations which conform to the objects of the charity after the trustees have satisfied themselves as to the bona fides of the recipients. Donations are made to organisations providing a sound religious education in accordance with doctrines and principles of traditional Judaism and to institutions set up to provide aid to the needy, with a view to achieving the objects of the charity.
Applications for grants are made in writing to the charity or in person to the Trustees by voluntary and community organisations as well as by individuals on behalf of impoverished individuals or by those said individuals themselves. All donations above £10,000 require approval of all of the Trustees and after making the necessary checks, proportional to the level of funding involved, donations are granted.
Wiseheights Limited regularly supports charitable organisations and institutions both in respect of revenue and capital projects.
Investment Powers and Performance
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit provided that funds utilised are not immediately required for use in connection with any of its objects. The trustees regularly review the charity's position and needs in respect of the investment policy.
Besides the charitable activities carried out through charitable donations, the charity owns several functional proprties, listed as tangible assets in the financial statements. The main site is used for the communal synagogue with various educational functions performed in other sites which the charity owns. Over the recent prior years, the charity has purchased further properties with the intention of functional usage as well as to allow for spare capacity should the need arise. While the charity's immediate usage of these building is not required, they are rented out in order to increase the charity's revenue.
Strategic report
The Charity invests in listed investments to generate income with which it makes grants, donations and loans to charities and institutions that fall within the objectives of the charity. When enough funds are available, the charity has purchased functional properties in which educational and religious activities occur. If there is a period where the functional property is not being used for the charitable activities, the property may be rented out to increase the income of the charity.
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Wiseheights Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
Achievements and performance
During the year, £2,819,800 (2021: £2,696,300) was distributed in furtherance of the charity's objectives. Over 70 institutions and organisations were the recipients of the above donations. In addition to this, as part of its direct charitable activities, the charity leases a building for £175,000 which it allows a school to occupy and operate in rent-free.
The income of the charity has increased by 6.7% as a result of the increase in dividends received from its listed investments. Trustees had expected income to decline in the year due to the current Covid pandemic. Rental income has increased in year as refurbished properties have been relet. Past reserves have been not been utilised in the current period to cover any shortfall of income over expenditure in the year as trustees have reduced the value of grants available.
The value of the listed investments in note 14 have increased by £3m (2021:£12m). The value of this investment is based on market conditions. Trustees are confident that with market conditions improving, losses made will be regained and income levels rise once again.
No change in activities is envisaged in the immediate future.
Financial review
The charity is dependent for its income on its investment activities. Rental income declined during the year as as spare capacity on functional property that was utilised last year generated £245,5000 but though available was not utilised in the current year. Besides this, £2,710,400 (2021: £2,347,400) of dividend income arose from its listed investments. Total investment income during the year rose to £3,662,687 (2021: £3,432,507).
Key performance indicators (KPIs)
The Trustees monitor the Charity's performance progress against its strategic objectives and the financial performance of its operations on a regular basis. Performance is assessed against the strategy and expectations using financial and non financial measures. The most significant KPIs used by the charity are as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Grants and donations paid out | 2,819,800 | 2,696,300 |
| Net rental income | 784,293 | 1,024,919 |
| Dividend income from listed investments | 2,710,400 | 2,347,400 |
| Listed investments at fair value | 44,104,500 | 40,837,500 |
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Wiseheights Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
Financial review (continued)
Subsidiaries and other investments
The charity holds the entire issued share capital of several nominee companies. These companies are all incorporated in England and Wales. Nominee companies hold assets on trust for the beneficial owner Wiseheights Limited.
The Charity's listed investments comprise 2,420,000 ordinary shares in S & U. Plc representing 20.2% of the issued ordinary share capital of that company. The mid market value of the holding, based on the London Stock Exchange daily listing, at 31st March 2022 was £58,806,000 : (2021:£54,450,000). However, it is considered that this is not an accurate reflection of the true value of this shareholding due to the existence of other substantial holdings and the thin market in which the shares are traded. The trustees have been advised that in the circumstances it would be appropriate to apply a 25% discount to the market value of the shareholding and the financial statements have been prepared on this basis. The charity has no control and no dominant influence over the operation and financial policies of S. & U. Plc.
Plans for future periods
The charity plans continuing the activities outlined above in the coming years subject to incoming resources being maintained at a satisfactory level. It is the trustees' aim to ensure future income stream by the acquisition of investments.
Fixed Assets
The movements in investments are fully reflected in the notes 13, 14 & 15 to the financial statements.
Tangible Fixed Assets
The charity has property worth £14.9m (2021: £14.9m) which is intended for functional use and is stated at cost. It is treated as such until it ceases to be held for functional purposes. There were no additions during the year.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year. The free reserves of the charity are the current assets and investments at cost, minus current liabilities. They do not include the tangible fixed assets of the charity as these are functional buildings which the charity uses for its charitable activities. At the year end, the charity had £6,915,852 (2021: £6,822,823) of free reserves.
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
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Wiseheights Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The trustees' annual report and the strategic report were approved on 25 January 2023 and signed on behalf of the board of trustees by:
Mr A Klein Trustee
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Wiseheights Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wiseheights Limited
Year ended 31 March 2022
Opinion
We have audited the financial statements of Wiseheights Limited (the 'charity') for the year ended 31 March 2022 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2022 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;
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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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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.
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Wiseheights Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wiseheights Limited (continued)
Year ended 31 March 2022
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
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 trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which 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.
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Wiseheights Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wiseheights Limited (continued)
Year ended 31 March 2022
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
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Wiseheights Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wiseheights Limited (continued)
Year ended 31 March 2022
Auditor's 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trustees and identified financial reporting legislation, landlord legislation and charity legislation as being most significant to these financial statements.
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We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.
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We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.
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We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by inquiry with the trustees during the planning and finalisation stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was determined to be low.
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Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
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Wiseheights Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wiseheights Limited (continued)
Year ended 31 March 2022
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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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 the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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Wiseheights Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wiseheights Limited (continued)
Year ended 31 March 2022
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity'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 charity's members those matters we are required to state to them in an auditor's 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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
25 January 2023
Moshe Broner-Cohen (Senior Statutory Auditor) Date
For and on behalf of Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NW11 0PU
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Wiseheights Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 5 | 3,662,687 | 3,662,687 | 3,432,507 |
|
|
|
||
| Total income | 3,662,687 | 3,662,687 | 3,432,507 | |
|
|
|
||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (304,526) | (304,526) | (197,021) |
| Expenditure on charitable activities | 7,8 | (3,128,778) | (3,128,778) | (2,921,388) |
|
|
|
||
| Total expenditure | (3,433,304) | (3,433,304) | (3,118,409) | |
|
|
|
||
|
|
|
||
| Net income | 229,383 | 229,383 | 314,098 | |
|
|
|
||
| Other recognised gains and losses | ||||
| Fair value movements | 3,267,000 | 3,267,000 | 11,797,500 | |
|
|
|
||
| Net movement in funds | 3,496,383 | 3,496,383 | 12,111,598 | |
| Reconciliation of funds | ||||
| Total funds brought forward | 51,408,967 | 51,408,967 | 39,297,369 | |
|
|
|
||
| Total funds carried forward | 54,905,350 | 54,905,350 | 51,408,967 | |
|
|
|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 17 to 27 form part of these financial statements.
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Wiseheights Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2022
| 31 March 2022 | |||
|---|---|---|---|
| 2022 | 2021 | ||
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 13 | 14,856,282 | 14,856,282 |
| Investments | 14 | 44,104,500 | 40,837,500 |
|
|
||
| 58,960,782 | 55,693,782 | ||
| Current assets | |||
| Debtors | 16 | 476,041 | 496,600 |
| Cash at bank and in hand | 736,449 | 693,348 | |
|
|
||
| 1,212,490 | 1,189,948 | ||
| Creditors: amounts falling due within one year | 18 | (1,290,438) | (1,360,925) |
|
|
||
| Net current liabilities | (77,948) | (170,977) | |
|
|
||
| Total assets less current liabilities | 58,882,834 | 55,522,805 | |
| Creditors: amounts falling due after more than one year | 19 | (3,977,484) | (4,113,838) |
|
|
||
| Net assets | 54,905,350 | 51,408,967 | |
|
|
||
| Funds of the charity | |||
| Unrestricted funds | 54,905,350 | 51,408,967 | |
|
|
||
| Total charity funds | 20 | 54,905,350 | 51,408,967 |
|
|
These financial statements were approved by the board of trustees and authorised for issue on 25 January 2023, and are signed on behalf of the board by:
Mr A Klein Trustee
Mr J Sternlicht Trustee
The notes on pages 17 to 27 form part of these financial statements.
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Wiseheights Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 229,383 | 314,098 |
| Adjustments for: | ||
| Dividends, interest and rents from investments | (3,662,687) | (3,432,507) |
| Accrued expenses/(income) | 86,098 | (3,451) |
| Changes in: | ||
| Trade and other debtors | (60,383) | 91,565 |
| Trade and other creditors | (75,643) | 38,000 |
|
|
|
| Cash generated from operations | (3,483,232) | (2,992,295) |
|
|
|
| Net cash used in operating activities | (3,483,232) | (2,992,295) |
|
|
|
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 3,662,687 | 3,432,507 |
| Purchase of tangible assets | – | (28,664) |
|
|
|
| Net cash from investing activities | 3,662,687 | 3,403,843 |
|
|
|
| Cash flows from financing activities | ||
| Proceeds from borrowings | (136,354) | (140,482) |
|
|
|
| Net cash used in financing activities | (136,354) | (140,482) |
|
|
|
| Net increase in cash and cash equivalents | 43,101 | 271,066 |
| Cash and cash equivalents at beginning of year | 693,348 | 422,282 |
|
|
|
| Cash and cash equivalents at end of year | 736,449 |
693,348 |
The notes on pages 17 to 27 form part of these financial statements.
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Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Notwithstanding any uncertainties, the financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the charity and available sources of finance. The Trustees recognise that they have the ability to exercise control over the charity's grant making charitable activities due to the absence of any legally binding obligations.
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Governance Costs
Governance Costs include the cost of the preparation and audit of the financial statements and the cost of any legal advice to the trustees on governance or constitutional matters.
Income tax
The Charity is not liable to direct taxation (Income Tax) on its income which falls within the various exemptions available to registered charities. As a result no Deferred tax is provided on timing differences. The Charity is not registered for Value Added Tax (VAT) and is therefore unable to reclaim any input tax it suffers on its purchase. Expenditure in the accounts is therefore shown inclusive of VAT where appropriate.
- 17 -
Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for a particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
- 18 -
Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost. This relates to the charity's properties are which in intended for functional use and are stated cost and are treated as such until it is expected that fair value will be reliably measurable on a going concern basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
- 19 -
Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Acquisitions and disposals of properties
Acquisitions and disposals of properties are considered to take place at the legal completion and are included in the financial statements accordingly.
4. Limited by guarantee
Wiseheights Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 15th August 1985.
- 20 -
Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
5. Investment income
| 5. | Investment income | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Gross rental income | 952,287 | 952,287 | 1,085,107 | 1,085,107 | |
| Income from listed investments | 2,710,400 | 2,710,400 | 2,347,400 | 2,347,400 | |
|
|
|
|
||
| 3,662,687 | 3,662,687 | 3,432,507 | 3,432,507 | ||
|
|
|
|
||
| 6. | Investment management costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Property management costs | 23,644 | 23,644 | 20,398 | 20,398 | |
| Administration of investments | – | – | 36 | 36 | |
| Property service charges | 92,259 | 92,259 | – | – | |
| Rent collection | 37,613 | 37,613 | 33,385 | 33,385 | |
| Property repairs and maintenance | |||||
| charges | 14,478 | 14,478 | 6,369 | 6,369 | |
| Mortgage Interest | 136,532 | 136,532 | 136,833 | 136,833 | |
|
|
|
|
||
| 304,526 | 304,526 | 197,021 | 197,021 | ||
|
|
|
|
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
|---|---|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |||
| £ | £ | £ | £ | |||
| Charitable activities | 2,994,800 | 2,994,800 | 2,871,300 | 2,871,300 | ||
| Support costs | 133,978 | 133,978 | 50,088 | 50,088 | ||
|
|
|
|
|||
| 3,128,778 | 3,128,778 | 2,921,388 | 2,921,388 | |||
|
|
|
|
|||
| 8. | Expenditure on charitable activities | by activity type | ||||
| Activities | ||||||
| undertaken | Grant funding | Total funds | Total fund | |||
| directly | of activities | Support costs | 2022 | 2021 | ||
| £ | £ | £ | £ | £ | ||
| Charitable activities | 175,000 | 2,819,800 | – | 2,994,800 | 2,871,300 | |
| Governance costs | – | – | 133,978 | 133,978 | 50,088 | |
|
|
|
|
|
||
| 175,000 | 2,819,800 | 133,978 | 3,128,778 | 2,921,388 | ||
|
|
|
|
|
Activities undertaken directly represents lease payments to another charity, The Palmtree Foundation Trust Limited, for the use of premises which Wiseheights Limited allows a school to occupy rent-free. Both The Palmtree Foundation Trust Limited and the school, Beis Ruchel D'Satmar (London) Limited, have a Trustee who is also a Trustee of Wiseheights Limited.
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Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
9. Analysis of support costs
| 9. | Analysis of support costs | |||
|---|---|---|---|---|
| Support | ||||
| costs | Total 2022 | Total 2021 | ||
| £ | £ | £ | ||
| General office | 2,928 | 2,928 | 1,934 | |
| Finance costs | 76,706 | 76,706 | 33,784 | |
| Legal and professional fees | 54,344 | 54,344 | 14,290 | |
|
|
|
||
| 133,978 | 133,978 | 50,008 | ||
|
|
|
||
| 10. | Analysis of grants | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Grants to institutions | ||||
| The Beth Hamedrash Satmar Trust | 50,000 | 103,400 | ||
| Beis Ruchel D'Satmar (London) Limited | 35,000 | – | ||
| CMZ Ltd | 20,000 | – | ||
| Rookwood Foundation Limited | 54,000 | – | ||
| United Talmudical Associates Ltd | 1,505,000 | 1,455,000 | ||
| Vyoel Moshe Charitable Trust | 30,000 | – | ||
| Yetev Lev London Jerusalem Trust | 50,000 | 85,000 | ||
| Yesamach Levav | 35,000 | 35,000 | ||
| Y G S Yeshiva Gedola Seminar | 18,000 | – | ||
| Asser Bishvil Foundation | 30,000 | 65,000 | ||
| UTRY | 40,000 | – | ||
| YBP Limited | 80,000 | – | ||
| Chevras Mo'oz Ladol | 53,000 | 53,000 | ||
| Cong V'Yoel Moshe D'Satmar Charitable Trust | 30,000 | 48,000 | ||
| Collel Chibath Yerushalayim Trust | 35,000 | 50,000 | ||
| SF Foundation | – | 82,000 | ||
| Donations below £30,000 | 754,800 | 719,900 | ||
|
|
|||
| 2,819,800 | 2,696,300 | |||
|
|
|||
| Total grants | 2,819,800 | 2,696,300 | ||
|
|
|||
| Analysis of Grants to Institutions: | ||||
| Advancement of the Jewish Religion | 884,515 | 921,835 | ||
| Advancement of Jewish Education | 968,720 | 966,035 | ||
| Relief of Poverty | 766,565 | 808,430 | ||
|
|
|||
| Total | 2,819,800 | 2,696,300 | ||
|
|
The grant making policy of the charity, as stated in the Trustees report, helps the charity to fulfill its duty to act for the public benefit in accordance with section 4 of the Charities Act 2006.
- 22 -
Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
11. Auditors remuneration
| Auditors remuneration | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Fees payable for the audit of the financial statements | 13,380 | 4,800 |
|
|
|
| Fees payable to the charity's auditor and its associates for other services: | ||
| Taxation compliance services | 51,600 | 14,800 |
| Other non-audit services | 3,480 | 6,000 |
|
|
|
| 55,080 | 20,800 | |
|
|
12. Trustee remuneration and expenses
The charity has no staff other than the the three trustees, all of whom give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2020: £nil).
The charity did not meet any expenses (2020: £nil) incurred by the trustees for services provided to the charity.
13. Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Freehold | |
| property | |
| £ | |
| Cost | |
| At 1 April 2021 and 31 March 2022 | 14,856,282 |
|
|
| Carrying amount | |
| At 31 March 2022 | 14,856,282 |
|
|
| At 31 March 2021 | 14,856,282 |
|
Tangible fixed assets are initially recorded at cost. This related to the charity's properties which are intended for functional use. These are stated at cost and are treated as such until it ceases to be used for funtional purposes.
The main site is used for the communal synagogue with various educational functions performed in other sites which the charity owns. Over the recent prior years, the charity has purchased further properties with the intention of functional usage as well as to allow for spare capacity should the need arise. While the charity's immediate usage of these building is not required, they are rented out in order to increase the charity's revenue.
- 23 -
Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
14. Investments
| Investments | |
|---|---|
| Listed | |
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2021 | 40,837,500 |
| Additions | – |
| Fair value movements | 3,267,000 |
|
|
| At 31 March 2022 | 44,104,500 |
|
|
| Impairment | |
| At 1 April 2021 and 31 March 2022 | |
| Carrying amount | |
| At 31 March 2022 | 44,104,500 |
|
|
| At 31 March 2021 | 40,837,500 |
|
All investments shown above are held at valuation.
Financial assets held at fair value
Listed Investments:
The historical cost of the listed investments is £6,993,800 which was their mid-market value on the date that they were gifted to the charity.
The listed investments comprise 2,420,000 ordinary shares in S. & U. Plc representing 20.2% of the issued ordinary share capital of that company. The mid market value of the holding, based on the London Stock Exchange daily listing, at 31st March 2022 was £58,806,000. However, it is considered that this is not an accurate reflection of the true value of this shareholding due to the existence of other substantial holdings and the thin market in which the shares are traded. The trustees have been advised that in the circumstances it would be appropriate to apply a 25% discount to the market value of the shareholding and the financial statements have been prepared on this basis. The charity has no control and no dominant influence over the operation and financial policies of S. & U. Plc.
The charity's share of the turnover, assets and liabilities in the investment for the year ended 31 January 2022 is as follows:
-
Turnover £17,753,578
-
Fixed assets £37,206,178
-
Current assets £28,894,080
-
Creditors: amounts falling due within one year £1,775,378
-
Creditors: amounts falling due after more than one year £22,561,986
-
Net assets £41,762,894
- 24 -
Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
15. Investment entities
Subsidiaries and other investments
The charity holds the entire issued share capital of three companies, Prospect Properties Limited, Newbank Limited and Brackley Estates Limited. All these companies, incorporated in England and Wales, act as nominee companies that hold assets and liabilities on trust for the beneficial owner Wiseheights Limited; their own accounts, as well the accounts of other companies that act as nominees for Wiseheights Limited, are always dormant and all their assets, liabilities and activities, held and carried out on trust for Wiseheights Limited, are reported in the charity's accounts.
16. Debtors
| Debtors | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Trade debtors | 403,647 | 332,433 |
| Prepayments and accrued income | 3,989 | 84,357 |
| Other debtors | 68,405 | 79,810 |
|
|
|
| 476,041 | 496,600 | |
|
|
|
| Cash and cash equivalents | ||
| Analysis of cash and cash equivalents | ||
| 2022 | 2021 | |
| £ | £ | |
| Cash in hand | 736,449 | 693,348 |
| Overdraft facility repayable on demand | – | – |
|
|
|
| Total cash and cash equivalents | 736,449 | 693,348 |
|
|
|
| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Bank loans and overdrafts | 140,500 | 140,500 |
| Trade creditors | 43,750 | – |
| Accruals and deferred income | 106,188 | 101,032 |
| Other creditors | 1,000,000 | 1,119,393 |
|
|
|
| 1,290,438 | 1,360,925 | |
|
|
|
| Creditors: amounts falling due after more than one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Bank loans and overdrafts | 3,977,484 |
4,113,838 |
17. Cash and cash equivalents
18. Creditors: amounts falling due within one year
19. Creditors: amounts falling due after more than one year
The company has charged its tangible fixed assets with a market value of £6,337,806 as security for the loan facilities granted.
- 25 -
Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
19. Creditors: amounts falling due after more than one year (continued)
20. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 1 April 2021 | Income | Expenditure | losses | 31 March 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 17,565,267 | 3,662,687 | (3,433,304) | – | 17,794,650 |
| Fair value reserve | 33,843,700 | – | – | 3,267,000 | 37,110,700 |
|
|
|
|
|
|
| 51,408,967 | 3,662,687 | (3,433,304) | 3,267,000 | 54,905,350 | |
|
|
|
|
|
|
| At | Gains and | At | |||
| 1 April 2020 | Income | Expenditure | losses | 31 March 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 17,251,169 | 3,432,507 | (3,118,409) | – | 17,565,267 |
| Fair value reserve | 22,046,200 | – | – | 11,797,500 | 33,843,700 |
|
|
|
|
|
|
| 39,297,369 | 3,432,507 | (3,118,409) | 11,797,500 | 51,408,967 | |
|
|
|
|
|
21. Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Tangible fixed assets | 14,856,282 | 14,856,282 |
| Investments | 44,104,500 | 44,104,500 |
| Current assets | 1,212,490 | 1,212,490 |
| Creditors less than 1 year | (1,290,438) | (1,290,438) |
| Creditors greater than 1 year | (3,977,484) | (3,977,484) |
|
|
|
| Net assets | 54,905,350 | 54,905,350 |
|
|
|
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | 14,856,282 | 14,856,282 |
| Investments | 40,837,500 | 40,837,500 |
| Current assets | 1,189,948 | 1,189,948 |
| Creditors less than 1 year | (1,360,925) | (1,360,925) |
| Creditors greater than 1 year | (4,113,838) | (4,113,838) |
|
|
|
| Net assets | 51,408,967 | 51,408,967 |
|
|
- 26 -
Wiseheights Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
22. Financial instruments
The carrying amount for each category of financial instrument is as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at fair value through income and expenditure | ||
| Financial assets measured at fair value through income and | ||
| expenditure | 44,104,500 |
40,837,500 |
23. Analysis of changes in net debt
| Analysis of changes in net debt | |||
|---|---|---|---|
| At | At | ||
| 1 Apr 2021 | Cash flows | 31 Mar 2022 | |
| £ | £ | £ | |
| Cash at bank and in hand | 693,348 | 43,101 | 736,449 |
| Debt due within one year | (140,500) | – | (140,500) |
| Debt due after one year | (4,113,838) | 136,354 | (3,977,484) |
|
|
|
|
(3,560,990) |
179,455 |
(3,381,535) |
24. Related parties
Other creditors includes concessionary loans of £nil (2021: £104,250) due to companies under the control of the trustees and/or their families. These loans are interest free and repayable on demand. The following amounts were due to the connected undertakings: Crowngold Properties Limited £nil (2021: £1,500), The Palmtree Foundation Trust Limited Limited £nil (2021: £43,750) and Shulem B. Association Limited £nil: (2021: £59,000).
During the year the following donations were paid to charities who have common trustees or connections with the trustees of Wiseheights Limited: The Beth Hamedrash Satmar Trust £50,000 (2021: £103,400)and Beis Ruchel D'Satmar (London) Limited: £35,000 (2021: £25,000).
- 27 -