Friends of Wiznitz Limited - Charities report - 19.3.2

REGISTERED COMPANY NUMBER: 00929964 (England and Wales)

REGISTERED CHARITY NUMBER: 255685

FRIENDS OF WIZNITZ LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2019

FRIENDS OF WIZNITZ LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Page

Reference and Administrative Details

1

Report of the Trustees

2 to 3

Report of the Independent Auditors

4 to 5

Statement of Financial Activities

6

Balance Sheet

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10 to 16

FRIENDS OF WIZNITZ LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 MARCH 2019

TRUSTEES

S Feldman

H Feldman

E Gottesfeld

REGISTERED OFFICE

First Floor

94 Stamford Hill

London

N16 6XS

REGISTERED COMPANY NUMBER

00929964 (England and Wales)

REGISTERED CHARITY NUMBER

255685

INDEPENDENT AUDITORS

Sugarwhite Meyer Accountants Ltd

Chartered Accountants & Statutory Auditor

First Floor

94 Stamford Hill

London

N16 6XS

BANKERS

Barclays Bank plc

240 Whitechapel Road

London

E1 1BJ

FRIENDS OF WIZNITZ LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2019

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their

report with the financial statements of the charity for the year ended 31 March 2019. The trustees have

adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice

applicable to charities preparing their accounts in accordance with the Financial Reporting Standard

applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Reference and administrative information

Reference and administrative information is shown on page 1 of the financial statements and forms part of

this report.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are the furtherance of purposes recognised as charitable by English Law with

special regard to the Wiznitz Institutions.

The trustees carry out these objects by making grants to charities working in the field of the advancement of

religion, religious education and relief of poverty and granting free use of buildings, for educational purposes,

to other Wiznitz charities.

The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when

reviewing the charity's aims and objectives and in planning future activities, and setting the grant making

policy for the year.

Grantmaking

In general the trustees select the institutions to be supported according to their personal knowledge of work of

the institution. Whilst not actively inviting applications, they are always prepared to accept any application

which will be carefully considered and help given according to circumstances and funds then

available.

Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or

other known religious leader.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charity is reliant on donations and investment income. Donations fell by about 8.5% on the previous year,

the trustees reduced grantmaking by some 2.5%. During the year the charity continued its philanthropic

activities in support of organisations engaging in education, advancement of religion, and the relief of poverty.

Fundraising activities

The charity held a major fund raising dinner in London. It proved to be of great benefit in raising awareness

of the charity and its work in supporting institutions in need of financial support.

FINANCIAL REVIEW

Investment policy and performance

Under the memorandum and articles of association the charity has the power to make any investment which

the trustees see fit. The trustees consider that investment in property meets their criteria for income and

capital growth. The return is considered satisfactory

Reserves policy

The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the

charity. Unrestricted funds at the year end were £5,345,635 of which unrealised gains were £3,254,683. Free

reserves were £103,558.

FUTURE PLANS

Subject to satisfactory income the trustees anticipate that the charity will continue on a similar basis in the

foreseeable future and there are no plans for any major changes.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is constituted as a company limited by guarantee and is governed by its Memorandum and

Articles of Association dated 2 April 1968.

Recruitment and appointment of new trustees

The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees to

appoint any new trustees. Should the situation change in the future, the trustees will apply suitable

recruitment induction and training procedures.

Risk management

The trustees have reviewed the major risks that the charity faces and confirm that they have established

systems to mitigate them.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Friends of Wiznitz Limited for the purposes of company law) are

responsible for preparing the Report of the Trustees and the financial statements in accordance with

applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting

Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true

and fair view of the state of affairs of the charitable company and of the incoming resources and application of

resources, including the income and expenditure, of the charitable company for that period. In preparing

those financial statements, the trustees are required to

-

select suitable accounting policies and then apply them consistently;

-

observe the methods and principles in the Charity SORP;

-

make judgements and estimates that are reasonable and prudent;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy

at any time the financial position of the charitable company and to enable them to ensure that the financial

statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of

the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and

other irregularities.

In so far as the trustees are aware:

-

there is no relevant audit information of which the charitable company's auditors are unaware; and

-

the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming

Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act

2006 relating to small companies.

Approved by order of the board of trustees on 20 January 2020 and signed on its behalf by:

S Feldman - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FRIENDS OF WIZNITZ LIMITED

Opinion

We have audited the financial statements of Friends of Wiznitz Limited (the 'charitable company') for the year ended 31 March 2019 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 2019 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and

applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities

for the audit of the financial statements section of our report. We are independent of the charitable company

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to

report to you where:

-

the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information

included in the annual report, other than the financial statements and our Report of the Independent Auditors

thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent

otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the financial statements or

our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such

material inconsistencies or apparent material misstatements, we are required to determine whether there is a

material misstatement in the financial statements or a material misstatement of the other information. If,

based on the work we have performed, we conclude that there is a material misstatement of this other

information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the

course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to

report to you if, in our opinion:

-

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors

of the charitable company for the purposes of company law) are responsible for the preparation of the

financial statements and for being satisfied that they give a true and fair view, and for such internal control as

the trustees determine is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's

ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using

the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or

to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors

that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these

financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our

Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of

Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the

charitable company's members those matters we are required to state to them in an auditors' report and for

no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone

other than the charitable company and the charitable company's members as a body, for our audit work, for

this report, or for the opinions we have formed.

E Meyer FCA BSc (Senior Statutory Auditor)

for and on behalf of Sugarwhite Meyer Accountants Ltd

Chartered Accountants & Statutory Auditor

First Floor

94 Stamford Hill

London

N16 6XS

20 January 2020

FRIENDS OF WIZNITZ LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2019

2019

2018

Unrestricted fund

Restricted fund

Total funds

Total funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

3,080,045

-

3,080,045

3,360,854

Other trading activities

3

15,000

-

15,000

20,000

Investment income

4

77,811

-

77,811

77,515

Total

3,172,856

-

3,172,856

3,458,369

EXPENDITURE ON

Raising funds

5

25,287

-

25,287

51,346

Charitable activities

6

Charitable activities

3,165,370

-

3,165,370

3,054,362

School expenditure

15,446

-

15,446

35,717

Total

3,206,103

-

3,206,103

3,141,425

Net gains/(losses) on investments

-

-

-

2,200,000

NET INCOME/(EXPENDITURE)

(33,247

)

-

(33,247

)

2,516,944

RECONCILIATION OF FUNDS

Total funds brought forward

5,378,881

-

5,378,881

2,861,937

TOTAL FUNDS CARRIED FORWARD

5,345,634

-

5,345,634

5,378,881

FRIENDS OF WIZNITZ LIMITED (REGISTERED NUMBER: 00929964)

BALANCE SHEET

AT 31 MARCH 2019

2019

2018

Notes

£

£

FIXED ASSETS

Tangible assets

11

2,853,892

2,853,892

Investment property

12

2,369,684

2,369,684

5,223,576

5,223,576

CURRENT ASSETS

Debtors

13

18,500

10,000

Cash at bank

121,438

155,085

139,938

165,085

CREDITORS

Amounts falling due within one year

14

(17,880

)

(9,780

)

NET CURRENT ASSETS

122,058

155,305

TOTAL ASSETS LESS CURRENT LIABILITIES

5,345,634

5,378,881

NET ASSETS

5,345,634

5,378,881

FUNDS

16

Unrestricted funds

5,345,634

5,378,881

TOTAL FUNDS

5,345,634

5,378,881

These financial statements have been prepared in accordance with the

provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees on 20 January 2020 and were signed on its behalf by:

S Feldman -Trustee

FRIENDS OF WIZNITZ LIMITED

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2019

2019

2018

Notes

£

£

Cash flows from operating activities:

Cash generated from operations

1

(33,647

)

332,644

Net cash provided by (used in) operating activities

(33,647

)

332,644

Cash flows from investing activities:

Purchase of investment property

-

(319,684

)

Net cash provided by (used in) investing activities

-

(319,684

)

Change in cash and cash equivalents in the reporting period

(33,647

)

12,960

Cash and cash equivalents at the beginning of the reporting period

155,085

142,125

Cash and cash equivalents at the end of the reporting period

121,438

155,085

FRIENDS OF WIZNITZ LIMITED

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2019

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2019

2018

£

£

Net income/(expenditure) for the reporting period (as per the statement of financial activities)

(33,247

)

2,516,944

Adjustments for:

(Gains)/Losses on investments

-

(2,200,000

)

(Increase)/decrease in debtors

(8,500

)

10,000

Increase in creditors

8,100

5,700

Net cash provided by (used in) operating activities

(33,647

)

332,644

FRIENDS OF WIZNITZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102,

have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by

Charities: Statement of Recommended Practice applicable to charities preparing their accounts in

accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS

102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard

applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements

have been prepared under the historical cost convention, as modified by the revaluation of certain

assets.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors that are considered to be relevant. The estimates and underlying

assumptions are reviewed on an ongoing basis.

The valuation of investment properties is inherently subjective, depending on many factors, including

the individual nature of each property, its location and expected future net rental values, market yields

and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty

and are made on the basis of assumptions which may not prove to be accurate, particularly in periods

of difficult market or economic conditions.

Income

Donations are recognised in the Statement of Financial Activities of the charity when received. All other

income is recognised in the year in which it is receivable.

Expenditure

Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is

reported as part of the expenditure to which it relates.

Grants are only recognised in the accounts when paid.

Support costs are those incurred to assist the work of the charity but are not direct charitable activities

Governance costs are those incurred in connection with administration of the charity and compliance

with constitutional and statutory requirements

Tangible fixed assets

All fixed assets are initially recorded at cost

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly

attributable expenditure. It is revalued to its fair value at each reporting date any changes are

transferred to the Statement of Financial Activities. No depreciation is provided in respect of

investment properties applying the fair value.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Going concern

There are no material uncertainties about the charity's ability to continue.

2.	DONATIONS AND LEGACIES

2019

2018

£

£

Donations

3,080,045

3,360,854

3.	OTHER TRADING ACTIVITIES

2019

2018

£

£

Rents

15,000

20,000

4.	INVESTMENT INCOME

2019

2018

£

£

Property income

77,811

77,515

5.	RAISING FUNDS

Raising donations and legacies

2019

2018

£

£

Function

21,113

38,497

Advertising

1,761

3,504

22,874

42,001

Investment management costs

2019

2018

£

£

Investment advice

1,020

-

Insurance

703

775

Maintenance charges

690

8,570

2,413

9,345

Aggregate amounts

25,287

51,346

6.	CHARITABLE ACTIVITIES COSTS

Direct costs

Grant funding of activities

Support costs

Totals

(See note 7)

(See note 8)

£

£

£

£

School expenditure

15,446

-

-

15,446

Charitable activities

-

3,155,343

10,027

3,165,370

15,446

3,155,343

10,027

3,180,816

7.	GRANTS PAYABLE

2019

2018

£

£

Charitable activities

3,155,343

3,042,608

The total grants paid to institutions during the year was as follows:

2019

2018

£

£

Religious education

1,656,031

1,679,473

Relief of poverty

625,800

730,850

Advancement of religion

846,312

538,085

Medical

3,000

52,200

3,131,143

3,000,608

Igud Mosdot Wiznitz

1,447,800

Lehachzikom Velehachyosom

431,800

Mosdos Viznitz

276,452

Mosdos Imrey Chaim

271,500

Keren LeHazonas Yeladim

108,000

Congrgation Tzemach Tzadik Wiznitz

70,000

Viznitz Synagogue

64,900

Kehal Chasidi Viznits

47,500

Rise and Shine

44,000

Kimche D'Pische

43,000

Others under £40,000

326,191

3,131,143

The total grants paid to individuals during the year was as follows:

2019

2018

£

£

Relief of poverty

14,000

42,000

Medical

10,200

-

24,200

42,000

8.	SUPPORT COSTS

Finance

Governance costs

Totals

£

£

£

Charitable activities

1,927

8,100

10,027

Support costs, included in the above, are as follows:

Finance

2019

2018

Charitable activities

Total activities

£

£

Bank charges

1,927

1,495

Governance costs

2019

2018

Charitable activities

Total activities

£

£

Auditors' remuneration

3,600

3,600

Auditors' remuneration for non audit work

4,500

6,180

General expenses

-

479

8,100

10,259

9.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2019

2018

£

£

Auditors' remuneration

3,600

3,600

Auditors' remuneration for non audit work

4,500

6,180

10.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2019 nor for the

year ended 31 March 2018.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2019 nor for the year ended

31 March 2018.

11.	TANGIBLE FIXED ASSETS

Freehold property

£

COST

At 1 April 2018 and 31 March 2019

2,853,892

NET BOOK VALUE

At 31 March 2019

2,853,892

At 31 March 2018

2,853,892

12.	INVESTMENT PROPERTY

£

MARKET VALUE

At 1 April 2018 and 31 March 2019

2,369,684

NET BOOK VALUE

At 31 March 2019

2,369,684

At 31 March 2018

2,369,684

The fair value of the investment properties has been arrived at on the basis of a valuation carried out

by the trustees who are considered to have the experience and expertise required to undertake such

an exercise. The valuation was made on an open market value basis by reference to market evidence

of transaction prices for similar properties in the same or similar locations.

13.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

-

10,000

No description

18,500

-

18,500

10,000

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Accruals and deferred income

17,880

9,780