## **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**
|**Notes**
**Income and endowments**
**from:**
Donations and legacies
3
Investments
4
Other
5
**Total**
**Expenditure on:**
Raising funds
6
Charitable activities
7
Other
8
**Total**
Net gains on investments
**Net (expenditure)/income**
9
Transfers between funds
**Net (expenditure)/income**
**before other gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**||**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|**At 1 March**
**2022**
1,936,633
1,936,633|**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