## **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** |**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 income/(expenditure)**
9
Transfers between funds
**Net income/(expenditure)**
**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**| |---|---|---|---|---| |||**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** |Interest Received
Insurance recharged to
tenants
6
**Expenditure on raising funds**
_Costs of generating_
_voluntary income_
General donations
7
**Expenditure on charitable**
**activities**
_Expenditure on_
_charitable activities_
Cost of raising funds
Sponsorship
_Governance costs_|**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|**At 1**
**March**
**2023**
1,796,2
52
1,796,2
52|**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 ## **Audit trail** Generated on Dec 16, 2024 11 Dec, 2024, 02:22 PM UTC **Navshad Kanani** has invited to sign the document info@clarkdeen.com % **Verified** 16 Dec, 2024, 12:56 PM UTC **Farah Latif** has signed the document farah@milsonsecurities.com % **Verified** 78.32.249.115 **Generated with eSign from Smallpdf.com** Sign documents and request signatures electronically.