2024-02-29-accounts - The Latif Foundation

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The Latif Foundation

Charity No. 1088421

Trustees' Report and Unaudited Accounts

29 February 2024

The Latif Foundation Contents

	Pages
Trustees' Annual Report	2 to 3
Statement of Financial Activities	4
Balance Sheet	5
Statement of Cash flows	15
Notes to the Accounts	6 to 14
Detailed Statement of Financial Activities	16 to 17

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 29 February 2024.

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 £36,348 (2023: £60,057) from donations and £163,562 (2023: £113,400) from U.K commercial rentals

PLANS FOR FUTURE PERIODS

A larger charity must provide a summary of the charity's plans for the future including its aims and objectives and details of any plans to achieve them.

A larger charity's report should explain the trustees perspective of the future direction of the charity...

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

Farah Latif Trustee 11 December 2024

Page 3

The Latif Foundation Statement of Financial Activities for the year ended 29 February 2024

Unrestricted funds	Total funds	Total funds
2024	2024	2023
£	£	£

36,348	36,348	60,057
163,562	163,562	113,400
16,514	16,514	18,000
216,424	216,424	191,457

81,686	81,686	272,045
24,131	24,131	42,684
51,734	51,734	17,109
157,551	157,551	331,838
-	-	-
58,873	58,873	(140,381)
-	-	-
58,873	58,873	(140,381)

58,873	58,873	(140,381)

1,796,252	1,796,252	1,936,633
1,855,125	1,855,125	1,796,252

Page 4

The Latif Foundation Balance Sheet at 29 February 2024

at 29 February 2024
Charity No. 1088421		2024	2023
		£	£
Fixed assets
Tangible assets	11	354	417
Investments	12	2,660,208	2,460,097
		2,660,562	2,460,514
Current assets
Debtors	13	64,133	64,133
Cash at bank and in hand		581,780	723,045
		645,913	787,178
Creditors:Amount falling due within one year	14	(1,451,350)	(1,451,440)
Net current liabilities		(805,437)	(664,262)
Total assets less current liabilities		1,855,125	1,796,252
Net assets excluding pension asset or liability		1,855,125	1,796,252
Total net assets		1,855,125	1,796,252
The funds of the charity
Restricted funds	16
Unrestricted funds	16
General funds		1,855,125	1,796,252
		1,855,125	1,796,252
Reserves	16
Total funds		1,855,125	1,796,252

Approved by the trustees on 11 December 2024

And signed on their behalf by:

Farah Latif Trustee 11 December 2024

Page 5

The Latif Foundation Notes to the Accounts

for the year ended 29 February 2024

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 These are available for use at the discretion of the trustees in furtherance of the funds general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation These are unrestricted funds which include a revaluation reserve representing the funds 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.

Page 6

The Latif Foundation Notes to the Accounts

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	Where income has related expenditure the income and related expenditure is reported
related	gross in the SoFA.
expenditure
Donations and	Voluntary income received by way of grants, donations and gifts is included in the the
legacies	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 gift/donation
donations and	to which it relates.
gifts
Donated services	These are only included in income (with an equivalent amount in expenditure) where
and facilities	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	This is included in the accounts when receivable.
income
Gains/(losses) on	This includes any gain or loss resulting from revaluing investments to market value at
revaluation of	the end of the year.
fixed assets
Gains/(losses) on	This includes any gain or loss on the sale of investments.
investment
assets
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	services in the furtherance of its objects, including the making of grants and
activities	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	These include those costs associated with meeting the constitutional and statutory
costs	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	These are support costs not allocated to a particular activity.
expenditure

Taxation

The charity is exempt from tax on its charitable activities.

Page 7

The Latif Foundation Notes to the Accounts

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 Fixtures & Fittings balance 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.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Page 8

The Latif Foundation Notes to the Accounts

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

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 9

The Latif Foundation

Notes to the Accounts

2 Statement of Financial Activities - prior year

Income and endowments from: Donations and legacies Investments Other Total Expenditure on: Raising funds Charitable activities 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	Unrestricted £ 36,348 36,348 Unrestricted £ 163,562 163,562	Unrestricted funds 2023 £ 60,057 113,400 18,000 191,457 272,045 42,684 17,109 331,838 (140,381) (140,381) (140,381) 1,936,633 1,796,252 Total 2024 £ 36,348 36,348 Total 2024 £ 163,562 163,562	Total funds 2023 £ 60,057 113,400 18,000
			191,457 272,045 42,684 17,109
			331,838
			(140,381)
			(140,381)
			(140,381) 1,936,633
			1,796,252
			Total 2023 £ 60,057
			60,057
			Total 2023 £ 113,400
			113,400

Page 10

The Latif Foundation Notes to the Accounts

5 Other income

Unrestricted £ - 16,514 16,514	Total 2024 £ - 16,514 16,514	Total 2023 £ 18,000 -
		18,000

Unrestricted £ 81,686 81,686 Unrestricted £ 20,381 3,750 24,131	Total 2024 £ 81,686 81,686 Total 2024 £ 20,381 3,750 24,131	Total 2023 £ 272,045
		272,045
		Total 2023 £ 12,734 29,950
		42,684

Page 11

The Latif Foundation Notes to the Accounts

8 Other expenditure

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 income/(expenditure) before transfers This is stated after charging: Depreciation of owned fixed assets 10 Staff costs	Unrestricted £ 17,605 26,990 63 276 6,800 51,734 2024 £ 63	Total 2024 £ 17,605 26,990 63 276 6,800 51,734	Total 2023 £ 7,958 - 74 377 8,700
			17,109
			2023 £ 74

No employee received emoluments in excess of £60,000.

11 Tangible fixed assets

Cost or revaluation At 1 March 2023 At 29 February 2024 Depreciation and impairment At 1 March 2023 Depreciation charge for the year At 29 February 2024 Net book values At 29 February 2024 At 28 February 2023	Fixtures & Fittings £ 800 800 383 63 446 354 417	Total £ 800
		800
		383 63
		446
		354
		417

Page 12

The Latif Foundation Notes to the Accounts

12 Investments

Freehold Investment Property £ Cost or revaluation At 1 March 2023 2,460,097 Additions 200,111 At 29 February 2024 2,660,208 Net book values At 29 February 2024 2,660,208 At 28 February 2023 2,460,097 13 Debtors 2024 £ Trade debtors 17,839 Other debtors 46,294 64,133 14 Creditors: amounts falling due within one year 2024 £ Trade creditors 3,325 Loans from trustees 746,949 Accruals 1,080 Deferred income 699,996 1,451,350 15 Deferred Income Movement of the deferred income shown in_Creditors: amounts falling due within one year_ 2024 £ At 1 March 699,996 Deferred in current year - At 29 February 699,996	2024 £ 17,839 46,294 64,133 2024 £ 3,325 746,949	Freehold Investment Property £ 2,460,097 200,111 2,660,208 2,660,208 2,460,097	Total £ 2,460,097 200,111
			2,660,208
			2,660,208
			2,460,097
			2023 £ 17,839 46,294
			64,133
			2023 £ 3,325 746,949
	1,080		1,170
	699,996		699,996
			1,451,440
			2023 £ 430,000 269,996
			699,996

Page 13

The Latif Foundation Notes to the Accounts

16 Movement in funds

Restricted funds: Unrestricted funds: General funds Total funds 17 Analysis of net assets between funds Fixed assets	Incoming resources (including other gains/losses) £ 216,424 216,424 At 1 March 2023 £	Resources expended £ (157,551) (157,551) Unrestricted funds £ 354	At 29 February 2024 £ 1,855,125
			1,855,125
			Total £ 354
Investments		2,660,208	2,660,208
Net current assets 18 Reconciliation of net debt Cash and cash equivalents Net debt		(805,437) 1,855,125 Cash flows £	(805,437)
			1,855,125
			At 29 February 2024 £
	723,045	(141,265)	581,780
	723,045 723,045	(141,265) (141,265)	581,780
			581,780

Page 14

The Latif Foundation Statement of Cash flows for the year ended 29 February 2024

Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments Increase in trade and other receivables Decrease in trade and other payables Net cash used in operating activities Cash flows from investing activities Payments for investments Dividends, interest and rents from investments Net cash (used in)/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	2024 £ 58,873 63 (180,076) - (90) (121,230) (200,111) 180,076 (20,035) - (141,265) 723,045 581,780	2023 £ (140,381) 74 (131,400) (3,494) (1,110)
		(276,311) - 131,400
		131,400

		-

		(144,911)
		597,960
		453,049

Components of cash and cash equivalents
Cash and bank balances	581,780	723,045

	581,780	723,045

Page 15

The Latif Foundation Detailed Statement of Financial Activities

for the year ended 29 February 2024

Income and endowments from: Donations and legacies General donations Investments Rental Income Other Interest Received Insurance recharged to tenants Total income and endowments Expenditure on: Costs of generating donations and legacies General donations Total of expenditure on raising funds Charitable activities Cost of raising funds Sponsorship Total of expenditure on charitable activities Motor and travel costs Vehicles - Insurance and licences Travel and subsistence Premises costs Rates Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Fixtures & Fittings	Unrestricted funds 2024 £ 36,348 36,348 163,562 163,562 - 16,514 16,514 216,424 81,686 81,686 81,686 20,381 3,750 24,131 24,131 7,410 10,195 17,605 13,590 13,400 26,990 63	Total funds 2024 £ 36,348 36,348 163,562 163,562 - 16,514 16,514 216,424 81,686 81,686 81,686 20,381 3,750 24,131 24,131 7,410 10,195 17,605 13,590 13,400 26,990 63	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

Page 16

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 Total of expenditure of other costs Total expenditure Net gains on investments Net income/(expenditure) Net income/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	276 339 1,200 5,600 6,800 51,734 157,551 - 58,873 58,873 - 58,873 1,796,252 1,855,125	276 339 1,200 5,600 6,800 51,734 157,551 - 58,873 58,873 - 58,873 1,796,252 1,855,125	377
			451
			1,200 7,500
			8,700

			17,109
			331,838 -
			(140,381)
			(140,381) -
			(140,381)
			1,936,633
			1,796,252

Page 17

Certificate of Completion

TheLatifFoundation - Final Accounts YE29-02-2024.pdf

ID: e4ef53db-060b-4dd1-a121-af2aa59db6b9

SIGN REQUEST ISSUED: REQUESTED BY: Dec 11, 2024 Navshad Kanani 02:18 PM UTC info@clarkdeen.com

STATUS: Vv) Completed on 16 Dec, 2024, 12:56 PM UTC

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