2023-02-28-accounts - The Latif Foundation

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The Latif Foundation

Charity No. 1088421

Trustees' Report and Unaudited Accounts

28 February 2023

The Latif Foundation Contents

	Pages
Trustees' Annual Report	2 to 3
Statement of Financial Activities	4
Balance Sheet	5
Notes to the Accounts	7 to 13
Statement of Cash flows	14
Detailed Statement of Financial Activities	13 to 14

Page 1

The Latif Foundation Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 28 February 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1088421

Principal Office

65 Westfield Road Edgbaston Birmingham West Midlands B15 3JF

Trustees

The following trustees served during the year:

Aaisha Milns Amir Latif Farah Latif Kashif Latif Mohammad Latif Naghma Latif Nazia Latif Seema Awan

Trustees holding title to charity property

Mr Mohammad Ishtiaq Latif

Trustee for the charity in holding title to charity property

Mr Mohammed Ishtiaq Latif

Key Management Personnel

Chair Mr Mohammed Ishtiaq Latif

Accountants

Clark & Deen Taxpro Limited Suite D, Benson House 98 - 104 Lombard Street Birmingham B12 0QR

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document is to hold the capital and income of the trust fund upon trust to apply the income and all other such parts of the capital at such time or times and in such manner to or for, the benefit of such exclusively charitable objectives and purposes in any part of the world as the trustees may, in their absolute discretion, think fit.

The main activities undertaken in relation to those purposes is the rental income of commercial properties and smaller donations received from individuals during the year.

Page 2

The Latif Foundation Trustees Annual Report

Grant Making: The Charity has made donations to various causes during the year, details of which are noted in the accounts. The donations were made at the discretion of the trustees as they believe fit. After the payment of overheads, the balance of the funds are held for future deployment in an easily accessible bank account.

ACHIEVEMENTS AND PERFORMANCE

The Charity continued to receive rent on its commercial property known as Unit L, Highfield Road Industrial Estate, Little Hulton, Manchester, M38 9S. This has tenancy rent review on 19th October 2027, 2030 and 2041

FINANCIAL REVIEW

During the year the charity received £60057 (2022: £38248) from donations and £ 113400 (2022: £131721) from U.K commercial rentals

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

Mohammad I Latif

Mohammad I Latif (Oct 30, 2023 17:02 GMT)

Mohammad Latif Trustee 23 October 2023

Page 3

The Latif Foundation Statement of Financial Activities for the year ended 28 February 2023

Unrestricted funds	Total funds	Total funds
2023	2023	2022
£	£	£

60,057	60,057	38,248
113,400	113,400	131,721
18,000	18,000	-
191,457	191,457	169,969

272,045	272,045	138,890
42,684	42,684	-
17,109	17,109	12,460
331,838	331,838	151,350
-	-	-
(140,381)	(140,381)	18,619
-	-	-
(140,381)	(140,381)	18,619

(140,381)	(140,381)	18,619

1,936,633	1,936,633	1,918,014
1,796,252	1,796,252	1,936,633

Page 4

The Latif Foundation Balance Sheet

at 28 February 2023

Charity No. 1088421 Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors:Amount falling due within one year 14 Net current liabilities Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 16 Unrestricted funds General funds Total funds	2023 £ 417 2,460,097 2,460,514 64,133 723,045 787,178 (1,451,440) (664,262) 1,796,252 1,796,252 1,796,252 1,796,252 1,796,252 1,796,252	2022 £ 491 2,460,097
		2,460,588 60,639 597,960
		658,599 (1,182,554)
		(523,955) 1,936,633
		1,936,633
		1,936,633
		1,936,633
		1,936,633
		1,936,633

Approved by the trustees on 23 October 2023

And signed on their behalf by:

Mohammad I Latif Mohammad I Latif (Oct 30, 2023 17:02 GMT)

Mohammad Latif Trustee 23 October 2023

Page 5

The Latif Foundation Notes to the Accounts

for the year ended 28 February 2023

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 6

The Latif Foundation Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

15%% Reducing balance Fixtures & Fittings basis

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 7

The Latif Foundation Notes to the Accounts

2 Statement of Financial Activities - prior year

2 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Investments Total Expenditure on: Raising funds Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies General donations 4 Income from investments Rental Income 5 Other income	Unrestricted £ 60,057 60,057 Unrestricted £ 113,400 113,400 Unrestricted £ 18,000 18,000	Unrestricted funds 2022 £ 38,248 131,721 169,969 138,890 12,460 151,350 18,619 18,619 18,619 1,918,014 1,936,633 Total 2023 £ 60,057 60,057 Total 2023 £ 113,400 113,400 Total 2023 £ 18,000 18,000	Total funds 2022 £ 38,248 131,721
			169,969 138,890 12,460
			151,350
			18,619
			18,619
			18,619 1,918,014
			1,936,633
			Total 2022 £ 38,248
			38,248
			Total 2022 £ 131,721
			131,721
			Total 2022 £ -
			-

Page 8

The Latif Foundation Notes to the Accounts

6 Expenditure on raising funds

Costs of generating voluntary income General donations 7 Expenditure on charitable activities Expenditure on charitable activities Fund raising costs Sponsorship Governance costs 8 Other expenditure Sundry Expenses Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 9 Net (expenditure)/income before transfers This is stated after charging: Depreciation of owned fixed assets 10 Staff costs No employee received emoluments in excess of £60,000.	Unrestricted £ 272,045 272,045 Unrestricted £ 12,734 29,950 42,684 Unrestricted £ - 7,958 - 74 377 8,700 17,109 2023 £ 74	Total 2023 £ 272,045 272,045 Total 2023 £ 12,734 29,950 42,684 Total 2023 £ - 7,958 - 74 377 8,700 17,109	Total 2022 £ 138,890
			138,890
			Total 2022 £ - -
			-
			Total 2022 £ 138 - 8,929 87 566 2,740
			12,460
			2022 £ 87

Page 9

The Latif Foundation Notes to the Accounts

11 Tangible fixed assets

Cost or revaluation At 1 March 2022 At 28 February 2023 Depreciation and impairment At 1 March 2022 Depreciation charge for the year At 28 February 2023 Net book values At 28 February 2023 At 28 February 2022 12 Investments Cost or revaluation At 1 March 2022 At 28 February 2023 Net book values At 28 February 2023 At 28 February 2022 13 Debtors Trade debtors Other debtors 14 Creditors: amounts falling due within one year Trade creditors Loans from trustees Accruals Deferred income	2023 £ 17,839 46,294 64,133 2023 £ 3,325 746,949	Fixtures & Fittings £ 800 800 309 74 383 417 491 Freehold Investment Property £ 2,460,097 2,460,097 2,460,097 2,460,097	Total £ 800
			800
			309 74
			383
			417
			491
			Total £ 2,460,097
			2,460,097
			2,460,097
			2,460,097
			2022 £ 17,839 42,800
			60,639
			2022 £ 3,325 746,949
	1,170		2,280
	699,996		430,000
	1,451,440		1,182,554

Page 10

The Latif Foundation Notes to the Accounts

15 Deferred Income

Movement of the deferred income shown in Creditors: amounts falling due within one year

At 1 March Deferred in current year At 28 February 16 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds 17 Analysis of net assets between funds Fixed assets	2023 £ 430,000 269,996 699,996 Incoming resources (including other gains/losses) £ 191,457 191,457 At 1 March 2022 £	Resources expended £ (331,838) (331,838) Unrestricted funds £ 417	2022 £ 180,000 250,000
			430,000
			At 28 February 2023 £ 1,796,252
			1,796,252
			Total £ 417
Investments		2,460,097	2,460,097
Net current assets 18 Reconciliation of net debt Cash and cash equivalents Net debt		(664,262) 1,796,252 Cash flows £	(664,262)
			1,796,252
			At 28 February 2023 £
	597,960	125,085	723,045
	597,960 597,960	125,085 125,085	723,045
			723,045

Page 11

The Latif Foundation Statement of Cash flows for the year ended 28 February 2023

Cash flows from operating activities Net (expenditure)/income per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments (Increase)/Decrease in trade and other receivables Decrease in trade and other payables Net cash used in operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Net cash from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2023 £ (140,381) 74 (131,400) (3,494) (1,110) (276,311) 131,400 131,400 - (144,911) 597,960 453,049	2022 £ 18,619 87 (131,721) 4,700 (248,860)
		(357,175) 131,721
		131,721

		-

		(225,454)
		573,414
		347,960

Components of cash and cash equivalents
Cash and bank balances	723,045	597,960

	723,045	597,960

Page 12

The Latif Foundation Detailed Statement of Financial Activities

for the year ended 28 February 2023

Income and endowments from: Donations and legacies General donations Investments Rental Income Other Total income and endowments Expenditure on: Costs of generating donations and legacies General donations Total of expenditure on raising funds Charitable activities Total of expenditure on charitable activities Other expenditure Sundry Expenses Motor and travel costs Travel and subsistence Rates Premises insurances General administrative costs, including depreciation and amortisation Depreciation of Fixtures & Fittings Depreciation of	Unrestricted funds 2023 £ 60,057 60,057 113,400 113,400 18,000 18,000 191,457 272,045 272,045 272,045 12,734 29,950 42,684 42,684 - - 7,958 7,958 - - - - 74	Total funds 2023 £ 60,057 60,057 113,400 113,400 18,000 18,000 191,457 272,045 272,045 272,045 12,734 29,950 42,684 42,684 - - 7,958 7,958 - - - - 74	Total funds 2022 £ 38,248
			38,248
			131,721
			131,721
			-
			-
			169,969 138,890
			138,890
			138,890 - -
			-
			- 138
			138
			-
			-
			1,828 7,101
			8,929
			- 87

Page 13

The Latif Foundation

Detailed Statement of Financial Activities

The Latif Foundation Detailed Statement of Financial Activities
Bank charges Legal and professional costs Accountancy and bookkeeping Consultancy fees Solicitor's fees Total of expenditure of other costs Total expenditure Net gains on investments Net (expenditure)/income Net (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	377 451 1,200 7,500 - 8,700 17,109 331,838 - (140,381) (140,381) - (140,381) 1,936,633 1,796,252	377 451 1,200 7,500 - 8,700 17,109 331,838 - (140,381) (140,381) - (140,381) 1,936,633 1,796,252	566
			653
			1,140 - 1,600
			2,740

			12,460
			151,350 -
			18,619
			18,619 -
			18,619
			1,918,014
			1,936,633

Page 14

TheLatifFoundation- Final Accounts YE

28-02-2023

Final Audit Report

2023-10-30

Created: 2023-10-25 By: Dilshad Abbas (d.abbas@clarkdeen.com) Status: Signed Transaction ID: CBJCHBCAABAADEGyF_gn6_ras3c13Nwo3XemtRhy1LVO

"TheLatifFoundation- Final Accounts YE 28-02-2023" History

Document created by Dilshad Abbas (d.abbas@clarkdeen.com)

2023-10-25 - 1:59:05 PM GMT

Document emailed to ish@latifs.co.uk for signature

2023-10-25 - 1:59:38 PM GMT

Email viewed by ish@latifs.co.uk

2023-10-25 - 3:57:12 PM GMT

Signer ish@latifs.co.uk entered name at signing as Mohammad I Latif 2023-10-30 - 5:02:03 PM GMT

Document e-signed by Mohammad I Latif (ish@latifs.co.uk)

Signature Date: 2023-10-30 - 5:02:05 PM GMT - Time Source: server

Agreement completed.

2023-10-30 - 5:02:05 PM GMT