Company r•gl$tration numb•r 1939694 {England and Wale81 Chartty reglstratlon number 294229 IEngland and Wales) WISEHEIGHTS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
WISEHEIGHTS LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trusts68 MrAbraham Klein Mr Joshua Slemlicht Mr Gerson Berger Mr Yankel Grossberger {Appclnted 20 March 2025) Country of incorporation United ngdoM (England and Wales) 1939094 Charlty reglstration England and W81es 294229 Reglstered offlcè New 8urfington House 1075 Finchley Road London NW11 OPU Audwor Cohen Amold New Burfinglon House 1075 Finchlw Road London NW11 OPU
WISEHEIGHTS LIMITED CONTENTS Pago Tnjstees, report Stslemertt of trustees, re8wnsibilitie¥ Indepgnd8nt auditorfs report Stslement offinarrial xtivlties Statement of fin8ndal position statement of cash flows 11 Notes to the financial slatements 12-22
WISEHEIGHTS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORn FOR THE YEAR ENDED 31 MARCH 2025 The trustees present thelr annual report and financial statements for th8 year ended 31 March 2025. The financial statements have been prgpared in accordance wlh the accounllng policies set out in note 1 to the flnan¢ial slalernenls and comply with the charity's governing document, the Companies Act 2006, FRS 102 'The Finan¢ial Reporting Standard appliL¥ble in the UK and Republic of Ireland" and the Charities SORP "A£counling and ReportirvJ by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordancè with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" OblgCtIvg5 and activltles The tharity was established for.- the advancement of rgligion in accordance with the Orthodox Jewlsh Faith,. Ihe rellef of povety,. and for such other purpose¥ as are recognised by English Law as charitsble and in fvrtherance of the aforementioned objeds. In furtherance of its objects, the charrty supports the activities of Jewish religious organisaticns, especially in the fiekg of education and provides phSlanthropic aid to the Jewsh needy. Donations are made lo organisations providing a sound religious education in ardance with the doctrines and principle8 of traditional Judaism and to institutions sel up to provide aid to the J8wi$h needy, with a view lo achieving the objectives of the charity. Wiseheighls Limited fegularly support8 charitable organlsatSons and insthutions both in respect of revenue expenditure and capitsl projects and there has been a continual call for funding of capital projects together with a concomitant need for increased revgnue support. PubliG bgnefft The trustees have paid due regard to guidance issued by the Charity Commission in deciding what aclivilles the charity should undertake and has compli?d with its duty to act for the public benefit in accordance wth Section 4 of the Ch8rities Act 2011. Grnnt making polky Donations are made by way of grants to charitable institutions or organisalions elther direcuy or through the servi5 of grant maknng chariues. Achlevements and perfomiance Snifan1 activrties and achievements 8g8lnst objectivès The charity's princdpal source of income is derNed from dividends ré¢eNed from its listed Investments.. in addition. it recelves rent on a number of its functional properties. During the year under review, it received £2.662,00012024'. £3,146,0001 from its Ilsted investments and £572.98812024- £416.7161 of net rontal income after the deduction of mortgage interest. During the year under review £2.699,900 {2024.. £2.368,700) was distributed lo UK registered charities in fvrtheranee of the charity's objedves. Fundraising practices The charity does not engage in any public fund raising activities. Flnan¢lal revlew During the year, whilst listed investment income remained constant. there was a reduction in nel rental income due to the increases in Base Rata resulting in increased mortgage interest cost$.
WISEHEIGHTS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves pollcy 11 is the policy of the charity tha* unrestrfcted funds whith have not been designated for a specific use should be maintsined at a level %thich the trustees consider appropriate after considering the future commitments of the Gharity. The tharity has UnreStrted funds of £36,739,336 {2024'. £45,692,331) of which £468,524 12024.. £413,211) is distributable, the b818nce representing the charty's functional property and listed investments from which r( derives its income. Inv8StmentpolKy Under the Memorandum and Articles of Assooalion, the charity has the power to make any investment which the trustees see fft provided that funds so ulilised are not immediately required for use in connection with any of Il's objectives. The trustees regulat1y review the charitls position and needs in respect of the Snvestmenl pollcy. Majornsks The trustees have assessed th8 major risks lo which the charity is exposed, and are satisfied that systems are in acÈ lo miligale exposure 19 the major risks, The chanty has no signfficanl concentrations of credit risk. Amounts Shown in the Statement of Financial P0Son represent the maximum anticipated credit risk exposure. recognised th81 systems can only prowde reasonable bul not absolute 8Ssurance that mapr risks have been adèquately managed. The charity holds or issue8 financial instruments to achieve three main objectives being: to finan ivs operations to manage it's exposure lo interest and currency risks arising from it's operations and from ivs source$ of finance.. and lo generate funds. In addition various financoal instruments (e.g. debtors, creditOTS. prepayments and aGcrualsl arise directly from the charitys operations. Plans for future perlods The charity plans to continue the activities referred to above in the coming year subject lo incoming resources teing available as envisaged. Structurei governancg and managom•nt The charity is an enltty incorporated under the Companies Art and is governod by its Memorandum arrfj Artides ol Association dated the 15th August 1985. It has no share pital being limited by guarantee. The liabil'ty of each member in the event of a wnding up is limited lo £1. The trustees, who are also the dSrectors for the purpose of company law. and served during the yèar and up lo the date of signature of the financial statements were.. MrAbraham Klein Mr Joshua Slernlicht Mr Gerson Berger Mr Yankel Grossberger (Appointed 20 March 2025)
WISEHEIGHTS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Recruitment and 8ppointment of twstees A5 set of in the Articles of Assocbation the members of the charity shall not exceed fvnty five. There are tsvo dasses of members.. Ordinary members- subsGribers and all persons subsequently admStted by the Counal lo membership. Honorary members- pgrsons the Council may admit from time to lime w¢th WTitten consent. No porson sh811 be admitted to the membership of the company as an ordinary member unless= He has slgned and sent to the Secretary an application for adml8slon framed in 8uch terms as the Council shall from lime lo time prescribe. and.. He has been elected to the membership by the Council. All current Iru$tee5 are ordinary members and no honorary members have been appointed. The organisation is run by the directors who are the Iruslegs. Every trustee holds office until helshe shall die or shall cease to hold office by virtue ofArtidg 48 of the Articles of Association. It is not currently the Intention of the Iru81ee8 of the Charity to appoint further trustoes. Should the &tuation change In the future, the tfustees will apply suitable recruitment and training procedures. The Councll appoints from among its mgmbers a Chair and È lfice Chair, and in the evenl any vacanGy arises the Coun¢il sh811 as soon as pradlcable fill the vacancy. The quorum necessary for the transaction of the business of the Council may be fixed by the Council and unless and until so fixed shall be three. Organtional structure Th8 Iggal titles lo some of the thadty's investment properties are held by nominee companles. acting as bare trustees, in whose names the bank loans assoaaled wth the relevant charged properties are taken. The rationale for ulilising this structure is that. whilst the charity has granted legal charges over Its benefickql interest in the relevant properties, il has not granted a debenture over its other assets and undertakings which aro thus safeguarded in Ihg unlikely event of a default. Auditor In aGcordance with thg MpanY'S articles, a resoluliors Proposing that Cchen Amold be reappoinlod as auditor of the company will be put al a General Meeting. The slees. report was pproved by the Board ofTrustees. Mr Abraham Klein Trustee 19 January 2026
WISEHEIGHTS LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who a also the dlrectors of Mfiseheighls Llmlted for the purpose of rnPany law, 8rg responsible for preparing Ihg Trustees, Report and the finanoal statements in aOrdanCe with applicable18w and United Kingdom Accountin9 Standards {United Kingdom Generally kcepled Accountlng Praclicel. Company law requires the trustees lo prepare financial slalements for each finandal year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial ststements, the trustees are required lo.. select suitable accounting policies and then apply them consislenty.. obserye the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Stsndards have boen followed, subject to any material departures disclosed and explain¢d in the financial statements., and prepare the financial statements on the going concern basis unle$$ it is inappropriate lo presume that the charity will conlinug in aperation. The trustees are responsiblg for keeping adequate a¢UntIng records that disdose with reasonable accuracy at any lime the fin8noèl position of the Charty and enable them lo ensure that the financial slalements comply wth the Companies Act 2006. They aro also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularits¢$.
WISEHEIGHTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WISEHEIGHTS LIMITED Oplnlon We have audited the financial statements of Wseheighls Limited Ilhe 'charity'} for the year ended 31 March 2025 which compnse the statement of financAal activities, the statement of financi81 position, the statement of cash flows and notes lo the finanual stalernents, induding significant accounting poSicies. The financial reporting framework that has been applied in their prgparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin8nci81 Reporting Stand8nl applK8ble in the UK and R8publK of lTr18nd (United Kingdom Generally ACpIed COuntIng PrICe}. In our opinion, the financial statements-. give a true and fair view of the state of the charitsble company's affairs as at 31 March 2025 and of ils ineoming resources and application of re50urce8, for the year then ended- have been property prepared in accordance with United Klngdom Generally Accepted Accounting Praclice; and have beon prgpared in accordance with the requirements of the CompaniesAct 2006. 8asis for oplnlon We conducted our audit in accordan with Intemational Slandar¢Js on Auditlng {UK} (ISAS IUK}l and 8pplicable law. Our responsibilities under those standards are further described in the Auditors responsibiliti8s for the audit ol the financial stat8ments section of our report. We are independent of the charity in accordance ¥Mth the ethical requirements that are relevant to our audit of the financial statements in the UK induding the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ewdence we have obtainod is sufficjent and appropriate to provide a basi$ fc)r our opinion. Conclu$lon$ relating to going concem In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of a¢untIng 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. indiviéually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our respgnsibilib'es and the responsibilities of the trustees with resped to going concem are described in the relevant sections of this report. Other Infomiatlon The other information compri$e8 the Inftymation included in the annu81 report other than the finarla1 statements and our auditor's report thereon. The trustees are responsible for the other information contained wthin the annual report. Our opinion on the finanrAal slalemenls does not cover the other infomiation and we do not expres8 any form of assurance conclusion thereon. Our SponsIbl11ty is to read the other information and, in doing so, consider whether th8 Qther information is materially inconsistent with thè finanaal slalements or our knedge obtsined in the course of the audit, or otherwise appears lo be materially mlsststed_ If we identify such material inconsistencies or apparent material misslalemenls. we are required to delemiine whether this gives rise to a materrdl misslalement in the financial slalemenls themselves. If, based on the work we hav& performed. we conclude that there is a material misstatement of this other infomation, we are required lo report that fad. We have nothing to report in this regard. Mattèrs on whlch we aro roqulred to report by exceptlon We have nothing to report in respect of the following matters In relation to which the Charities (Accounts and Reports) Regulations 2008 requlres us to report lo you rf, in our oplnlon.. the information given in the finanual statements is inconsistent in any material rg$pect with the trustees, report". or sufficient accounting record8 have not been kept.. or the financial slalements are not in agreement with the accounting records-, or we have not received all the information and explanations we require for our audit.
WISEHEIGHTS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED} TO THE TRUSTEES OF WISEHEIGHTS LIMITED Re$ponslbllltle$ of trustee8 As explained more fully in the slalemenl of tmslees, responsibilities, the trustees, who are also the dIror$ of the charity for the purpose of company law, are responsible for the preparation of the financi81 statements and for being satisfied that they give a true and fair view, and for such intemal control as th& trustees determine is necessary to enable the preparation of financial stslemenls that are froe from material misstatement, whether due to fraud or error. In preparing the financial stalemenls. the trustees are responsible for a55essing the charity's ability to continue as a going concern, disclosing, as 8pplicable, matters related to going concem and using the going concern basis of accounting unless the Iruslee8 either intend to liquidate the charitable company or lo cease operations, or have no realistic altemative but to do so. Audrtoffs re$ponslbllltio5 for the audlt of thfj financial statements We have been appointed as auditor under s&cts"on 144 of the Charities Act 2011 and reF)Ort in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the ffinancial stslements a$ a whole are free from material misststemenl, whether due lo fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misslalemenls arise from fraud or error and are considered material if, individually Dr in the aggregate, they could reasonably be expected to influence the economic deci&ons of users taken on the basis of these financial statements. Irregularitie5, including fraud, are instances of nonvC0THplian with laws and regulations. We design procedures in Ilne wth our responsibilities. outlined abovg, to detect material misstatements in respect of irregularities. including fraud. The extent lo which our procedures are capable ol detecting Iegular1t1es. induding fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks that are applicable to tho company through discussion with the management and identified which were most significant with respect lo the financial slatemenls. We identified the Companies Act 2006 (including associated regulalionsl, Charities Act 2011. Charities SORP IFRS1021, Financial Reporting Standard 102. Taxation Laws and Regulations a5 being most significant lo these financial stalemenls. We communicated these identified frameworks amongst our audit team and remained alert lo any indications of noTrGompliance thrnughoul the audlt. We ensured that the engagement team had sufficient competence and capability to identify or recognise non- compliance with laws and regulations. We discussed with the management the pollcles and proGedures regarding compliance with the legal and regulatory framework. We assessed the susceptibility of the company's financial statement¥ to material misstatement due to non- compliance with legal and regulatory framgwork. including how fraud might occur, by enquiry wth the checklists. The suswtibility to such material misstatement was determined lo be low.
WISEHEIGHTS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WISEHEIGHTS LIMITED Based on this understanding. we designed our audit PTocedures to identify noTrcompliance with the idenlrfied legal and regulatory framewod(. which were part of our pro¢ureS on the related financi statement items Our procedures included reviewing the company's intemal controls polioes and procedures, reviewing the minutes of board meetings and correspondence with regulatory bodies including HM Revenue & Customs. testing transactions oulside the normal Urse of the business and igurnal entries. and discussions with the management. Owng to the inherent limitations of an audit, there is an unavoidable nsk that we may not have delectsd some material misstalem8nls in the financi81 statements, even though we have properly planned and performed our au(lil in accordance wlh auditing standards. For example, the further removed nOrmplIanCÈ wrth laws and regulations (legUlaritieSI is from the events and transadions reflected in the financial stslements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audi( there remained higher risk of non-deleclion of irregularities, as these may involve collusion, forgery, intentional omission, misrepresenlalions, or the override of inlemal controls. We are not responsible for preventing non-mplIance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance wlh ISAS (UKI, we exercise professlonal judgment and maintsin professional scepticism throughout the audit. We also- Identify and assess the risks of material misstslement of the financial slatemenls, whether due lo fraud or error, desgn and perform audit procedures responsive to those risks, and obtain audit evidenc8 that is Suffioenl and appropriate lo provide a basis for our opinion. The risk of not deteth.ng a material misstatement resutting from fraud is higher than one resulting from error, as fraud may Involve collu&on. foryery, intentional omissions, misrepresentations. or thg override of internal wntrol. Obtain an understanding of Inlemal control relevant to the audit in order to desogn audit prOdureS thal are appropriate in the ¢ir¢umstances, but mot for the purpose of expresslng an opinion on the effectives$ of the company's inl&mal control. Evaluate the appropriateness of accounting poliaes used and the reasOnaenesS of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concem baS of accounting and, based on the audit evidence obtained, whether a malarial uncertainty exists related lo events or conditions that may cast significant doubl on the company's abillty lo continue as a going concem. If we condude that a matsrial uncertainly exists, we are required to draw attention in our auditor's report. However. future events or conditions may cause the company lo cease lo continue as a gng Goncem. Evaluate the overall presentation, structure and ntent of the financial ststemenls, including the disclosures. and whether the financial statements represent the underfying Iransacts'ons and events in a manner that achieves fair presentation. Obtain sufficiont appropriate audit evidence regarding the financk41 infomatlon of the entities or business actfvities within the company to express an opinion on the financial slalemenls. We are responsible for the direction, supervisHJn and performance of the company audit. We remain solely responslble for our audit oplnlon.
WISEHEIGHTS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WISEHEIGHTS LIMITED A fijrther description of our responsibiltiies 18 available on the Financial Reporting Council's website at.. https-.11 w.frc.org.uklauditorsrespon5ibilitie8. Thls description forms part of our audilorfs reporL Use of our report This report is made solely lo the charity's trustees, as a body, in accordance Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might stale to the chariV$ trustees those matters we are required to slate lo them in an audrtor's report and for Dther purpose. To the fullest extent permitted by law, we do rtol accept or assume responsibility lo anyone other than the charity and the Charity's trustees as a body, for our audrt woth. for this report. or for the opinions we have fomed. Moshe Broner£ohen (Senlor Statutory Auditor} For and on behalf of Cohen Amold, Slalutory Auditor Chartered Accountants New Burlington House 1075 Finchley Road London NW11 OPU 19 January 2026 Cohen Amold is eligie for appointment as auditor of the charity by virtue of 11$ eligibiltty for appointment a8 auditor of a company under section 1212 of th& Companies Act 2006.
WISEHEIGHTS LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricled funds 2025 Unrestrlcted funds 2024 Notss Income from: Investments 3,722,385 4,055,776 Totsl income 3,722.385 4,055.776 Expendlture on: Raising fijnds Charitable activities 487,397 3,022,233 493,060 2,659,946 Total expenditure 3,509,630 3,153,006 Nel gainslllosses) on investments 12 19,165,750) {8,802.750} Net •xp8nditure and movement In funds 16.952,9951 17,899.9801 Reconclllatlon of funds: Fund balances al 1 April 2024 45.692,331 53,592,311 Fund balances at 31 March 2025 36.739,336 45,892,331 The slalement of finanaal activities Includes all gains and losses recognised in the year. All irKome and axpenditur derive from c¢)ntinulng activities.
WISEHEIGHTS LIMITED STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2025 202S 2024 Notes Flxed assgts Tangible assets Investments 14 15 1 5.181.831 24.865,500 15,181,831 34.031.250 40,047.331 49,213,081 Curront assets Debtors Cash at bank and in hand 16 498,090 186,555 437,452 226,221 684,645 663,673 Credltors: amounts falllng due wlthln one year 18 {216,121) 1250,462} Net current assgts 468.524 413,211 Total assèts less current Iljbilitios 40.S15,855 49,626,292 Ciedltor8: amounts falllng dut after morethan one year 19 (3,776,519) (3,933,lI Not assets 36,739.336 45.692.331 The funds of the eharity Unreslrided funds 20 36,739.336 45,692.331 36.739.336 45,692.331 The ¢ompany is entitled to the exemption from the audit requirement Conlalned in section 477 of the Companies Act 20Cfj, for the year ended 31st March 2024. although an audit ha$ been carrted out under Secti( 144 of Ihè Charities Act 2011. The directors acknowtedge Ihelr responsibllitles for comptying with the requirements of the Compartes Act 2006 th respect to auntIng records and the preparation of finanual ststements. These financial ststemenls have been prepared In accordan to the small companies regime. th the proS1onS applicable to companies subject The nclal atements e approved by the tru8tees on1 Janua 202 MrAbraham Klein Trust Mr Joshua Stern Trustee Company registration number 1939694 {England and Wales) 10-
WISEHEIGHTS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from oporntlng a¢tivltles Cash absorbed by operations 22 (3.657,1091 {4.067.947} Investing actlvltle8 Purchase of tangible fixed assets Investment income received 1325,549} 4,055,776 3,722,385 Net Cash generated from Invgsting activitleg 3,722,385 3.730,227 Flnan¢lng activiiiès RePaYMt of bank loans 1104,942} 152.3861 Net cash used In financing actlvltles 1104,9421 IS2,3861 Net decrease In cash and cash equlvalents 139,66ei 1390,1061 Ca$h and cash equivalents at beginning of year 226.221 616.327 Cash and cash equivalents at end of year 186,555 226,221 11
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charlty informatlon seheights Limited is a private company limited by guaranle8 incorporated in England and Wales. The regislerad office 18 New Burlington House, 1075 Flnchley Road, London, NW11 OPU. 1.1 8a$ls of preparation The financial statements have been prepared in accordance with the charity's goveming document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ir¢land" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" The charity is a Publi¢ Benefit Entity as defined by FRS 102. The financial statements are prepared in sterfing. which is the functional currency of the charity. Monetsry amounts in these ffinancial statements are rounded to the nearest £. The finanoal statements have been piepared under the hlstorical cost ¢onvenllon. Imodffied to include the revaluation of freehold properties and lo include investment properties and rtain financial in$trLrnents at fair valuel. The principal accounting policies adoptgd are set out below. 1.2 Going concern At the lime of approving the financlal slatemenls, the tru$lee3 have a reasonable expectation that the charity has adequate resources lo continue in operational 0StenCe for the foreseeable future. Thus the trustees continue to adopt the going con¢em basis of accounting in pparing the financial statements. 1.3 Charitsble fund$ Unrestricted funds are available for use at the discretion of the trustees in furtherance of their Charitable objectives. Restricted fijnds are subject to specific conditions by donors or grantors as to how they may bo used. The purposes and uses of the restricted funds are sel out in the notes lo the financial Ststements. Endowrnenl fiJnds are subjed to sperAfic conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the chanty islggally enlilled to it after any perfomance conditions have been met. the amounts can be measured reliably, and rt is probable that income will be received. Cash donatlons are recognised on receipt. Other donations are recognised onc8 the charity has begn nolified of the donation. unless perfomiance conditions require deferral of the amount. Income tax recoverable in relatlon lo donations received under GIftd or deeds of covènant is recognised al the lime of the donation. Legacies are legnIsed on r8ceipl or otherwise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known. the K8gacy is treated as a contingent asset. 12-
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles {Contlnuedl 1,6 Expenditure Expenditure is recognised once there 15 a legal or constructive obli9alion lo transfer economie benefft to a thlrd party, il is probable that a transfer of ownomic benefits wll be required in settlement, and the amount of the obligation Can be measured reliably. Expenditure is classified by activty. Th8 costs of each activity are made up of the lot81 of dIrt costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which eontribute lo more than one advity and support costs which are not attributable to a single activity are apporboned beeen those activities on a basis C¢)nsistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation tharges are allocated on the porbon of the 8sset'$ use. 1.6 Tanglblo flxed assots Tangible fixed assets are initially measured at cost and subs¢quenlly mgasured at cost or valuation, net of depreciation and any impalrmenl losses, Depreualion is re¢ogni5ed so as to write off the cost or valuation of assets le$$ their residual values over their useful lives on Ihg following bases.. Freehold land and buildings O%-Seenot8 14 The gain or loss arising on the di8posal of an asset is datermined as the difference belween the sale proceeds the carrying value of Ihg asset. and is rewnised in the statement of financial acb"vilie8. 1.7 Flxgd asset invostments Fixed asset investments are Inillally measured al transaction price excluding transaCtn costs, and are subsequenuy measured ?1 fair value at each reporting date. Changes in fair value are recognlsed in net incomellexpenditur81 for the year. Transaction costs are expensed as incurred. 1.8 Impalrment of fixed assets At each reporting end date, the charity reviews the carrying amounts of ils tangible assets lo determine whether there is any indication that those assets have suffered an impalmient loss. If any such indicab'on exists, the recoverable amount of the asset is eth"maled in order to determine the extent of the imFoirment loss Ilf any). 1.9 Ca8h and cash gqulvalents Cash and cash equivalents include cash in hand, dep05its held al call th banks, other short-lerm liquid investmgnts wth orlglnal maluritie5 of three months or18$s. and bank overdrafis. Bank overdrafts are sh¢)wn thin botrovMngs in current liabilitigs. 1.10 Financlal Instrumgnts The charity has elected to apply the provisions of Secbon 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in th¢ charitys balance sheet when the charty become$ party to the contractual provisions of the instrument. Financial assets and Ilabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to reallse the asset and settle the liabilty simultaneously. 13-
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Iconllnuodl Basic financial assets B88ic financial assets, which Indude debtors and cash and bank balances, are initially measured 8t transaction price including transaction costs and are subsequently carried at amortised cost Using the effective interest method unlo$$ the arrangement constrtutes a financing tr?nsaction. ¥there the transaction is measured 81 the present value of the future receipts discounted at a mark6t rate of interest. Finanaal assets Classifi as receivable within one year are not amortis¢d. Baslc financial liabllitios Basic financial liabilities, including ereditors and bank loans are initially recognised at transaction price unles$ the arrangement conslilules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted 8t a markgl rate of interest. Finanryal li8bililies dassified as payable thin one year are not amortised. Debt instruments are subsequgntly tsrried at amortised c05t, using the effective interest rate method. Trade credilors are obligations lo pay for goods or seryices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised inf(i8lly at transaction pru and subs8quently measured al amortised cost using the effective interest method. Derecognition of financlal Ilabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or ancelled. 1.11 Employee benefrts The cost of any unused holiday enliuement is recognised in the perfod in which the employee's services are received. Temiination benefits are recognised immediately as an exponse when the charty is demonstrably Commlited to terniinate the employment of an employ89 or lo provide lemiination benefits. 1.12 A¢qui51tions and dlsposals of property Acquislllons and disposals of property are considorgd lo have taken place at the date of legal completion and are included in the financial statements accordingly. Critical accountlng estlmates and judgements In the application of the charity's accounting poli¢ie5. the trustees are required lo make judgements, estimates and assumptions about the carying amount of assets and liabilib'es that are not readily apparent from other sources. The estimates and associated assumptions are based on historical 8xperience and other factors that are considered to be levant. Actual re8uts may differ from these eslimates. The estimates and underlying assumption$ are reviewed on an orbgoing basis. Revisions to accounting estimates are re¢ognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revislon and future period8 where the revision affects both Current and future periods. 14-
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Incomo from Investments Unr9strlctèd UnrestrlGted fundg funds 2025 2024 Rental inc¢)me Income from listed investments 1,060,385 2.662,000 909,776 3.146.000 3,722,385 4,055.776 Expgnditure on ralslng funds Unrestrlcted Unrestricled funds funds 2025 2024 Property expenses Mortgage Interest Finance costs 176,236 299,757 11,404 181,380 309,956 21,724 Total costs 487,397 493,060 Expendlture on charltable actlvltles Unrestrlctsd Unrostrlctèd funds funds 2025 2024 Dlrect ¢o$ts Provision of functional property (see note 6) 300,000 275,000 Grant fvnding of activibes (see note 7} 2.699,900 2.368.700 Share of 8UPPOrt and governanco costs (509 note 8) Support Govgman 2,085 20,248 2,411 13.835 3,022,233 2,659,946 Analysls by fund Unrestricted funds 3,022,233 2,659,946 15-
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Prov181on of fundlonal property Unrestricted funds This repre8enls rent paid on a buildiThJ whlch Ihls charty then allows a school lo 0UpY. rent tree. The rent Is paid lo The Palmtree Foundation Tru$l and the sch1 is Bei$ Ruchel D'satmar London Llmited. both of vthich have a common trustee wlh Wseheighls Limited. 16-
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payablg Unrestricted funds 2025 Grant8 10 instiiutions-. Amud Hachgsed Trust The Beth Hamedrash Salmar Trust BaS Lepleitos Bikur Cholim Limited C8nvey Kehilla Ltd Chevras Mo'oz Ladol Chasdei Moishe Trust Chasdei Yoel Charitable Trust Collel Chibath Yerushalayim Congregation Vyoel Moshe D'satmar Charitable Tmst Ezer Bekovoid Limited Friends of Mosdos Torah Veyirah Friends of Wiznit2 Limited Friends of Yeshiva Luzern Gateshead Talmudical College Hachzokas Torah Vechesed Charity Kehal Yetev Lev Kyl Central Shul Trust Live and Leam Mars Org Ltd Meirim Illuminating Ltd Mesifta Talmudical College Reb Shayale's Tzeduke Revach Vehazola Trust Salmar Nursery Trust Talmud Torah Education Limited Tehilois Yoel Tomchim The New Rachmislrivke Synagogue Trust The Unlon of Orthodox Hebrew Congregations United Talmudical Associates Ltd UTRY VHLT Ltd Vyoel Moshe Charitable Trust Wlodowa Rehaknlilation Trust Satmar Seminary Yetev Lev Jerusalem Tnjst YGS Yeshiva Gedola Seminar Yeshiva Gedoila Torah Veylrah Seven Oaks Llmited 40,000 40.000 15.000 18,000 70,000 67,500 13.000 15.000 50,000 43,000 35.000 13.000 15.000 15,000 15,500 12,500 47,000 40,000 15,000 22,000 17,500 15,000 12,500 15.000 15,000 20,000 12.000 11.100 12,500 12,000 900,000 40.000 15,000 25.000 16,000 22,500 95.000 25,000 45,000 other Grants under £11K 772,300 2,699,900 17-
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to aGvItIeS Unrestrlcted funds 2025 Total 2024 Bank charges Sundry office expenses Governance 211 1,874 20,248 283 2.128 13,835 22,333 16.246 2026 2024 Governanco Gosts comprise: Audit fees Accountancy Legal and prOfesOnal 8,180 9.000 3,088 4.800 8.000 1.035 20,248 13,835 Net movement in funds 2025 2024 The nel movement in funds is slated after chargingll¢drting)'. Fee$ payable for the audit of the charity's financlal statements 8.160 4.800 10 Trustees Nonè of the trustees lor any persons connectsd with Iheml received any remunerallon or benefits from the harily during the year. 11 Employees The average monthly number of employees during the year was: 2025 Number 2024 Numbèr Totsl There were no employees whose annual remuneration was more than £eO,000. 18-
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Galn8 and losses on Investments Unreglrlcted Unr•strlcted lund$ funds 2025 2024 Gainslllossesl arising on.. Revaluation of investments 19.165,7501 18,802,750} 13 Taxatlon The charity is exempt from taxation on fis activili8s beeause all ils income is applled for charitable purposes. 14 Tangiblo fixed assets Froehold land and lyJlldlng$ Cost At 1 April 2024 15.181.831 Al 31 March 2025 15.181,831 Carrylng amount Al 31 March 2025 15,181.831 Al 31 March 2024 15,181.831 The charty's freehold land and buildings arg recorded and carried at cost as Ihey represent propertles acquired for functional use. The principal building is provldetl for use as a communal synagogue wllh various other prortieS being ulllised for educational and religious purposes. Over the years, the Charity has acquired properties suitable for functional use lo provide for spare capacty when the need arises. Those buildings not currently required for immediate funclional use are rented out on short lemi lets lo provirJe the eharity wth an addilK)nal sou of income. 19-
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 15 Flxed asset Invgslrnents Llsted Investments Cost or valuatlon At 1 April 2024 Valuation changes 34,031,250 19,165,750) At 31 March 2025 24,865,500 Carrylng amount At 31 March 2025 24,865,500 At 31 March 2024 34,031,250 Flxed asset investments revalued The listed investments comprise ordlnary shares held in S & U Plc. representing 19. of that comFdny's issued share capital. The cost attributed to this shareholding is £6.993,800 being its mi¢tharket value at the dats on which the shares were gifted to this charity. The value of the holding, based on the Stock Exchange daily listing, for the 31st March 2025. was £33,154,000. However, as in previous years, it is not conwdered that this Is an accurate rellection of ils realisable value due to the exislonce of other substantial shareholders and the thin market in which the shares are traded. The trustees have been advised that, given Ih&%e arcumstances, it would not be inappropriats to apply a 25% discount lo the market value and the finanryal statements have b¢en drafted on this basis. The Gharity has nelther control rr dominant influence over the operation and finandal poliues of S & U PIC and has no board representation. 16 Debtors 2025 2024 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepayments and accrued income 386,585 44.193 67,312 375,869 55.597 5,986 498.090 437,452 17 Loans and ovordrafts 2025 2024 Bank loans 3,881,419 3,986,361 Payable within one year Payable after one year 104,900 3,776.519 52,400 3,933,961 -20-
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Loans and overdrafts {Contlnuod The long-temi loans are secured by fixed charges over its tsngible fixed assets. incur interest at variable rates over Unity Trust Bank's Base r81e and are repayable during September 2027 and January 2029. 18 Gredltors: amounts falllng duo wlthln one year 2025 2024 Notes Bank loans Trade creditcfs Other creditors 17 104,900 36,000 75.221 52,400 132,500 65,562 216,121 2SO,462 19 Credltors: amounts falling due after more than one year 2025 2024 Notes Bank loans 17 3.776,519 3,933,961 20 Unrestrfctsd funds The unreslriGled fvnds of the charty wmprise the unexpended balances of listed investment and net rentsl income which are not subject lo specific conditOon8 as to how they may be used. At 1 Aprll 2024 Incomlng RgsourGes sources expgnded Galns and At31 March losses 2025 General unrestricted fund8 Revaluation reserve 18,654.881 27,037,450 3,722,385 13.509,6301 18.867,836 (9,165,750) 17,871,700 45,692,331 3,722,385 13,509.6301 {9,165.750} 36,739,336 Provlous year: At 1 Aprll 2023 Incoming Rosources resources expanded Galns and At 31 March losses 2024 General unrestricted fvnds Revaluation reserve 17,752,111 35,840,200 4,055.776 {3,153,006} 18.654,881 18,802,750) 27.037,450 53.592.311 4,055.776 {3,153,006) 18.802,7501 45,692.331 21 Related party transactions 21
WISEHEIGHTS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Reknited party transactlons {Continuedl Transactlons wlth related partlas During the year the charity entered into the following transactions with related parties-. The following donations were paid to UK registered charities that have common trustees or nnectionS wth Ihe trustees of Vlfiseheights Limited." The Beth Hamedrash Salmar Trust £40,000 (2024.. £13,000). 22 Cash absorbed by operatlons 2026 2024 Deficit for the year 18.952,995) 17,899,980) Adjustments for: Investment incom8 rQgnised in statement of finanaal activities Fair value gains and losses on Investments 13,722,385) {4,055,776} 9,165,750 8,802,750 Movements In worklng capltsl: (Increaselldecrease in debtors (Decrease) in creditors (60,6381 (88.8411 31,577 {946.5181 Cash absorbed by operatlons {3.657,1091 {4,067.947) 23 Analysls of changes In net Idpbt)Ilunds At l Aprfjl 2024 Cash flowsAI 31 March 2025 Cash at bank and in hand 226,221 (39,6661 186.555 Loans falling due within one year Loans falling due after more than one year 152,4001 {3.933.9611 (52.5001 157,442 {104,9001 13,776,519) {3,780,1401 65,276 13,694,864) -22-