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COMPANY REGISTRATION NUMBER: 07569016
CHARITY REGISTRATION NUMBER: 1143314
Viznitz Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2024
Viznitz Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Pages
Trustees' annual report (incorporating the director's report)
1 to 3
Independent examiner's report to the trustees
4 to 5
Statement of financial activities (including income and expenditure account)
6
Statement of financial position
7
Statement of cash flows
8
Notes to the financial statements
9 to 14
Viznitz Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024 .
Reference and administrative details
Registered charity name
Viznitz Limited
Charity registration number
1143314
Company registration number
07569016
Principal office and registered
126B Stamford Hill
office
London
N16 6QT
The trustees
S Stein
M Kahan
Independent examiner
Howard Schwalbe ACA
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
Viznitz limited is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 17 March 2011 as a company and the company number is 07569016. It was registered as a charity on 12 August 2011 with a charity number 1143314.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee: What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
Objectives and activities
Objects
The objectives of the charity are; (i) the advancement of Orthodox Jewish religious education and education in general primarily but not exclusively by establishing, maintaining and managing a school for Jewish boys in the North London area. and (ii) the advancement of such other objects as are for the benefit of the public and are charitable according to the Laws of England and wales.
Activities
The charity's main area of work continues to be running the school. Established only 8 years ago, the school already has a student body of over 150 children from the local Jewish community, aged 3 – 12 years. Trustees and staff remain committed to helping children develop their skills and character so that they mature into well-adjusted, capable citizens.
After school activities
We are delighted to report that the charity has expanded our choice of activities to accommodate even more children. Activities include:
- daily breakfast club
- weekly swimming lessons
- weekly aerobic lessons
- weekly woodwork club
- twice a week social skills group.
We continue running our much-loved library and hope to expand our range of books over the next year.
All activities are for disadvantaged children, whose parents are unable to provide fun activities for them after school hours, primarily due to difficult financial circumstances. The Club has continued to be extremely popular and is a highlight for more than 350 children that attend each week.
The charity will therefore continue to fundraise so that it can expand its much-needed out of school programme.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
During the year the charity received £774,153 in childcare fees, and £77,615 in donations.
The charity paid out £829,535 for running and maintaining a primary school, as well as various support costs. The charity was successful in dispensing education to children of various ages during the year.
There was net income and net movement in funds during the year amounting to £22,233.
Financial review
As at 31 March 2024 the charity held free unrestricted reserves, being the net current assets of the charity, amounting to £18,434 (2023: (£24,396)).
During a previous year the school was inspected by Ofsted. The results of the inspection were inadequate. The trustees took measures to remedy the situation. Follow up visits concluded in May '22 and December '22 with a similar outcome. The most recent visit was in January '24 and the conclusion was also inadequate. The trustees are currently working with Ofsted to ensure full compliance with Ofsted requirements.
Reserves Policy
The unrestricted fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the fund is an acceptable level of reserves.
It is the charity's policy to maintain cash reserves at a level that will ensure the smooth-running of the school at all times.
The trustees' annual report and the strategic report were approved on 28 January 2025 and signed on behalf of the board of trustees by:
M Kahan
Trustee
Viznitz Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Viznitz Limited
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of Viznitz Limited ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
Since the charity’s 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 I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
28 January 2025
Viznitz Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
77,615
77,615
139,289
Charitable activities
6
774,153
774,153
832,391
---------
---------
---------
Total income
851,768
851,768
971,680
---------
---------
---------
Expenditure
Expenditure on charitable activities
7,8
829,535
829,535
974,263
---------
---------
---------
Total expenditure
829,535
829,535
974,263
---------
---------
---------
---------
---------
---------
Net income/(expenditure) and net movement in funds
22,233
22,233
( 2,583)
---------
---------
---------
Reconciliation of funds
Total funds brought forward
125,872
125,872
128,455
---------
---------
---------
Total funds carried forward
148,105
148,105
125,872
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Viznitz Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible fixed assets
15
129,671
150,268
Current assets
Debtors
16
31,062
14,054
Cash at bank and in hand
14,623
18,222
--------
--------
45,685
32,276
Creditors: amounts falling due within one year
17
27,251
56,672
--------
--------
Net current assets
18,434
( 24,396)
---------
---------
Total assets less current liabilities
148,105
125,872
---------
---------
Net assets
148,105
125,872
---------
---------
Funds of the charity
Unrestricted funds
148,105
125,872
---------
---------
Total charity funds
18
148,105
125,872
---------
---------
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
M Kahan
Trustee
Viznitz Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Net income/(expenditure)
22,233
(2,583)
Adjustments for:
Depreciation of tangible fixed assets
20,597
25,799
Accrued expenses/(income)
3,485
( 115)
Changes in:
Trade and other debtors
( 17,008)
( 11,250)
Trade and other creditors
( 32,906)
9,309
--------
--------
Cash generated from operations
( 3,599)
21,160
-------
--------
Net cash (used in)/from operating activities
( 3,599)
21,160
-------
--------
Cash flows from investing activities
Purchase of tangible assets
( 22,056)
-------
--------
Net cash used in investing activities
( 22,056)
-------
--------
Net decrease in cash and cash equivalents
( 3,599)
( 896)
Cash and cash equivalents at beginning of year
18,222
19,118
--------
--------
Cash and cash equivalents at end of year
14,623
18,222
--------
--------
Viznitz Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
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 126B Stamford Hill, London, N16 6QT.
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
There are no material uncertainties about the charity's ability to continue as mentioned in the trustees annual report.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Restricted funds are funds subject to specific restricted conditions imposed by donors. Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes. There are no designated funds as at the Balance Sheet date.
Incoming resources
All income is 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.
Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
Charitable activities constitute running the school and grants to institutions.
Expenditure also includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
Governance costs are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land & Buildings
-
2% straight line
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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.
4. Limited by guarantee
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations
77,615
77,615
139,289
139,289
--------
--------
---------
---------
6. Charitable activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Childcare Fees
774,153
774,153
832,391
832,391
---------
---------
---------
---------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Charitable activities
825,652
825,652
968,864
968,864
Support costs
3,883
3,883
5,399
5,399
---------
---------
---------
---------
829,535
829,535
974,263
974,263
---------
---------
---------
---------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Charitable activities
825,652
365
826,017
971,383
Governance costs
3,518
3,518
2,880
---------
-------
---------
---------
825,652
3,883
829,535
974,263
---------
-------
---------
---------
9. Analysis of support costs
Analysis of support costs activity 1
Total 2024
Total 2023
£
£
£
General office
365
365
2,518
Governance costs
3,518
3,518
2,880
-------
-------
-------
3,883
3,883
5,398
-------
-------
-------
10. Analysis of grants
2024
2023
£
£
Grants to institutions
Higher Talmudic Education Ltd
18,797
Grants to individuals
Religious Grants
1,500
----
--------
Total grants
20,297
----
--------
11. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
20,597
25,799
--------
--------
12. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
3,120
2,880
-------
-------
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
391,523
420,908
---------
---------
The average head count of employees during the year was 54 (2023: 67 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of administrative staff
2
2
Number of teaching staff
52
65
----
----
54
67
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Tangible fixed assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
57,885
206,904
33,261
41,391
339,441
--------
---------
--------
--------
---------
Depreciation
At 1 April 2023
1,157
128,450
23,619
35,947
189,173
Charge for the year
1,135
15,691
2,410
1,361
20,597
--------
---------
--------
--------
---------
At 31 March 2024
2,292
144,141
26,029
37,308
209,770
--------
---------
--------
--------
---------
Carrying amount
At 31 March 2024
55,593
62,763
7,232
4,083
129,671
--------
---------
--------
--------
---------
At 31 March 2023
56,728
78,454
9,642
5,444
150,268
--------
---------
--------
--------
---------
16. Debtors
2024
2023
£
£
Other debtors
31,062
14,054
--------
--------
17. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
6,365
2,880
Social security and other taxes
386
386
Other creditors
20,500
53,406
--------
--------
27,251
56,672
--------
--------
18. Analysis of charitable funds
Unrestricted funds
At 1 April 2023
Income
Expenditure
At 31 March 2024
£
£
£
£
General funds
125,872
851,768
(829,535)
148,105
---------
---------
---------
---------
At 1 April 2022
Income
Expenditure
At 31 March 2023
£
£
£
£
General funds
128,455
971,680
(974,263)
125,872
---------
---------
---------
---------
19. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Tangible fixed assets
129,671
129,671
Current assets
45,685
45,685
Creditors less than 1 year
(27,251)
(27,251)
---------
---------
Net assets
148,105
148,105
---------
---------
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
150,268
150,268
Current assets
32,276
32,276
Creditors less than 1 year
(56,672)
(56,672)
---------
---------
Net assets
125,872
125,872
---------
---------
20. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
18,222
(3,599)
14,623
--------
-------
--------
21. Taxation
Viznitz Limited is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.