CHARrrY REGISTRATION NUMBER: 326581 The Viznitz (Keren Nitzchi) Foundation Unaudited Financial Statements 31 March 2024 CO.L Chartered accountants Hallswelle House 1 Hallswelle Road London England NW11 ODH
The Viznitz (Keren Nitzchi) Foundation Financlal Statements Year ended 31 March 2024 Page Trustee's annual report Independent examinerfs report to the trustee ststement of financial activities Statement of financial position Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 14 Notes to the detailed statement of financial activities 15
The Viznitz (Keren Nitzchi) Foundation Trustee's Annual Report Year ended 31 March 2024 The trustee presents his report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and administrative detalls Reglstered charity name The Viznitz (Keren Nitzchi) Foundation Charity registratlon numb•r 326581 Prlnclpal office 23 Overlea Road, London, E5 9BG The trustee Mr S Feldman Independent examiner Dr P.P.Smulovitch Hallswelle House 1 Hallswelle Road London England NW11 ODH Structure, governanG• and management The trust deed authorises the governors to make and hold investments. In light of current economic conditions the trustees consider it prudent to continue thelr existing investment policy. such policy being the investment of surplus funds on the money market. The Governors have considered the guidance published by the Charity Commission and believe that the charity in carrying out its objectives. fully Complies with these requirements. The appointment and recruitment of new Governors is laid out in the Charivs Memorandum and Articles of Association. New Governors would be trained as deemed appropriate. Objectives and actlvlties The objects of the charity are to pay and apply and appropriate the whole of the Trust Fund to those purposes both in the United Kingdom and abroad recognised as charitsble by English Law and in accordance with the trust deed and the wishes of the Grand Rabbi of Viznilz. In furtherance of its objects the chartitable trust continued to fund and support the parent and other associated and affiliated Viznitz Institutions. The charity is organised so that the Governors meet regularly to manage its affairs. There are no paid employees and all adminstration work is carried out on a voluntsry basis by the Governors. Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity.
The Viznitz (Keren Nitzchi) Foundation Trustee's Annual Report (contlnued) Year ended 31 March 2024 A¢hiovem•nts and performanc• The results of these activities during the year are reflected in the attached accounts. Financial revlew The trustees are responsible for the preparation of the financial statements for each financial year and for keeping proper accounting records. The financial position is as refiected in the attached Balance Sheet. RESERVES POLICY The trustees consider that prudence demands that they retain sufficient reserves to be able to carry out the objects of the charity from income generated on a year by year basis. taking into account both the level of income received and expenditure incurred over a representative period of time. RISK MANAGEMENT The Governors have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mltigate such risks. PUBLIC BENEFIT The Governors have considered the guidance published by the Charity Commission and believe that the charity in carrying out its objectives. fully complies with these requirements. Plans for future periods The governors, objectives for the future are to continue to carry out the activities as detailed in their report. The trustee's annual report was approved on 4 February 2025 and signed on behalf of the board of trustees by: Mr S Feldman Trustee
The Viznitz (Keren Nitzchi) Foundation Independent Examiner's Report to the Trustee of The Viznits (Keren Nitzchi) Foundation Year ended 31 March 2024 I report to the trustee on my examination of the financial statements of The Viznitz {Keren Nitzchi) Foundation ('the chariw) for the year ended 31 March 2024. Responsibilities and basis of report As the trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (fthe Act.). I report in respect of my examination of the charitys financial statements Caled out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement - matter of concern identified Since the charitys gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. l am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England & Wales. I confirm that no other matters have come to my attention in conneGtion with my examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charty as required by section 130 of the Act; or the financial statements do not accord with those records,. or the financial statements do not comply with the applicable requirements Conrning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Dr P.P.Smulovitch Independent Examiner Hallswelle House 1 Hallswelle Road London England NW11 ODH
The Viznitz (Keren Nitzchi) Foundation Statement of Flnancial Activities Year ended 31 March 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Donations and legacies Investment income 340,000 74 340,000 74 30.000 10 Total income 340,074 340,074 30.010 Expendlture Expenditure on raising funds- Costs of raising donations and legacies Expenditure on charitable activities Total expenditure 324,823 784 324.823 784 35,228 1,404 36,632 325,607 325.607 Net incomel{expenditure) and net movement in funds 14,467 14.467 (6.622) Reconclliation of funds Total funds brought forward Total funds carried forward (4,836) 9,631 (4,836) 9,631 1,786 (4,836) 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 6 to 12 form part of these financial slat8m8nts.
The Viznitz (Keren Nitzchi) Foundation Statement of Financial Position 31 March 2024 2024 2023 Fixed assets Investments 12 100 100 Current assets Debtors Cash at bank and in hand 13 1.000.053 6.919 1.000,049 8,698 1,006,972 1,008,747 Creditors: amounts falllng due within one year Net current assets 14 997,441 1.013,683 {4,936) {4,836) 9,531 9,631 Total assets less current liabilities Funds of the charity Unrestricted funds 9,631 {4,836) {4,836) Total charity funds 15 9,631 These financial statements were approved by the board of trustees and authorised for issue on 4 February 2025. and are signed on behalf of the board by: Mr S Feldman Trustee The notes on pages 6 to 12 form part of these financial statements.
The Viznitz (Keren Nitzchi) Foundation Notes to the Financial Statements Year ended 31 March 2024 Gen¢ral Information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 23 Overlea Road. London. E5 9BG. 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) (Chartties SORP (FRS 102)) and the Charities Act 2011. AUntIng policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modrfied by the revalualion 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 There are no material uncertainties about the charitys ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reporteiy. 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. Foreign currencies Foreign currency transactions are initially recorded in the functional currency. by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date. with any gains or losses being taken to the statement of financial activities. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charitys purposes. Designated funds are unrestricted funds earmarked by the trustee for 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.
The Viznitz (Keren Nitzchi) Foundation Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (contlnued) Incomlng resources All incoming reSoUrS are included in the statement of financial activities when entitlement has passed to the ¢harity-, it is probable that the economic benefits associated with the transaction will flow to the charty 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 entit5ement 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 facilfrties 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 serVIS 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 rf unspent, in which case it may be regarded as restricted. Resources exp•ndad 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. non- charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all St$ 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 refiecting 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. Invastments 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.
The Viznitz (Keren Nitzchi) Foundation Notes to the Financial Statements (contlnuedj Year ended 31 March 2024 A¢counting policiès (continu Investments In associates Investments in associates accounted for in accordance with the cost model are recorded at cost less any aGcumulated impairment losses. Investments in associates accounted for in accordance wtth the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured at fair value. with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income withoul regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments in joint vontures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value. with changes in fair value tsken through income or expenditure. Where it is impracticable to measure fair value reliably without undue Cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impalrm•nt of flxed 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 cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identrfiable group of assets that includes the asset and generates cash inflows that largely independent of the cash infiows 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 untts. Flnancial instruments A financial asset or a financial liability is recognised only when the charity 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.
The Viznitz (Keren Nitzchi) Foundation Notes to the Financial Statements (¢ontlnuéd) Year ended 31 March 2024 Accounting pollcles (continued) Flnancial instrurnents (condnued) 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 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 the statement of financial activities, 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 impaimient loss is recognised under the appropriate heading in the statement of financial 8Ctivities 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 carying amount would have been had the impairment not previously been recognised. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations 340,000 340,000 30,000 30,000 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 74 74 10 10
The Viznitz (Keren Nitzchi) Foundation Notes to the Financial Statements (conts'nuedj Year ended 31 March 2024 Costs of raising donatlons and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of raising donations and legacies Donations 324,823 324823 35,228 35,228 Expenditure on charitable actlvities by fund type Unrestricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Support costs 784 1,404 1,404 Expendituro on charitable activities by actlvlty type Total funds 2024 Total fund 2023 Support costs Governance costs 784 784 1,404 Net Incomel(oxpendlture) Net incomel(expenditure) is stated after chargingl(crediting): 2024 2023 Foreign exchange differences (716) (139) 10. Independent examination fees 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial statements 1,500 1,500 11. Trustefr remuneration and oxponses No remuneration or other benefits from employment with the charity or a related entity vRre received by the trustees. 10-
The Viznitz (Keren Nitzchi) Foundation Notes to the Financial Statements {ntInUed) Year ended 31 March 2024 12. Inv•stm•nfs Shares in group undertakings Cost or valuation At 1 April 2023 and 31 March 2024 Impainnent At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 100 100 At 31 March 2023 100 All investments shown above are held at valuation. 13. Debtors 2024 2023 Amounts owed by related undertakings Other debtors 1.000,049 1.000,049 1,000,053 1,000,049 14. Creditors: amounts falling due withln one year 2024 2023 Amounts owed to group undertakings Other creditors 991,429 6,012 997.441 1,007,371 6,312 1,013,683 15. Analysis of charitable funds Unrestricted funds At 31 March 202 At 1 April 2023 Income Expenditure Gener81 funds {4,836) 340,074 (325.607) 9,631 At 31 March 202 At 1 April 2022 Income Expenditure General funds 1,786 30,010 (36,632) (4,836) 11
The Viznitz (Keren Nitzchi) Foundation Notes to the Financlal Statements (Contlnugd) Year ended 31 March 2024 16. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Currenl assets Creditors less than 1 year Net assets 100 100 1.006.972 1,006.972 (997,441) (997.441) 9,631 9,631 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year 100 100 1,008.747 1.008.747 (1,013.683) (1.013.683) (4,836) (4.836) Net assets 12-
The Viznitz (Keren Nitzchi) Foundation Management Infomiation Year ended 31 March 2024 The following pages do not forni part of the financial sL*ements. 13-
The Viznitz (Keren Nitzchi) Foundation Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Income and endowments Donations and legacies Donations 340,000 30,000 Investment income Bank interest receivable 74 10 Total Income 340.074 30,010 Expenditure Costs of raising donations and legacies Donations 324,823 35.228 Expenditure on charltable a1vItieS Legal and professional fees Other interest payable and similar charges Foreign exchange gainlloss 1,500 1,500 43 {139) 1,404 (716) 784 Total expenditure 325,607 36.632 Net incomel{expenditure) 14,467 (6,622) 14-
The Viznitz (Keren Nitzchi) Foundation Notes to the Detailed Ststement of Financlal Activities Year ended 31 March 2024 2024 2023 Costs of raising donatlons and legacies Costs of raising donatlons and legacies - Donatlons Donations 324.823 35,228 Costs of raising donations and legacies 324,823 35.228 Expenditure on charltable activities Governance costs Governance costs - accountancy fees Governance costs - other finance costs Governance costs - foreign exchange gainlloss 1,500 1,500 43 (139) 1716) 784 Expenditure on charitable activitles 784 15-