The Latif Foundation
Charity No. 1088421
Trustees' Report and Unaudited Accounts
28 February 2025
The Latif Foundation Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Statement of Financial Activities | 4 to 4 |
| Balance Sheet | 5 to 5 |
| Statement of Cash flows | 13 to 13 |
| Notes to the Accounts | 6 to 12 |
| Detailed Statement of Financial Activities | 14 to 15 |
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 2025.
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 £62,599 (2024: £36,348) from donations and £120,000 (2024: £163,562) 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 24 November 2025
Page 3
The Latif Foundation Statement of Financial Activities
for the year ended 28 February 2025
| 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 | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| 62,599 | 62,599 | 36,348 | |
| 120,000 | 120,000 | 163,562 | |
| 24,104 | 24,104 | 16,514 | |
| 206,703 | 206,703 | 216,424 | |
| 236,950 | 236,950 | 81,686 | |
| 15,000 | 15,000 | 24,131 | |
| 34,998 | 34,998 | 51,734 | |
| 286,948 | 286,948 | 157,551 | |
| - | - | - | |
| (80,245) | (80,245) | 58,873 | |
| - | - | - | |
| (80,245) | (80,245) | 58,873 | |
| (80,245) | (80,245) | 58,873 | |
| 1,855,125 | 1,855,125 | 1,796,252 | |
| 1,774,880 | 1,774,880 | 1,855,125 | |
Page 4
The Latif Foundation Balance Sheet
at 28 February 2025
| at 28 February 2025 The Latif Foundation Balance Sheet |
||||
|---|---|---|---|---|
| Charity No. 1088421 | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 11 | 301 | 354 | |
| Investments | 12 | 2,660,208 | 2,660,208 | |
| 2,660,509 | 2,660,562 | |||
| Current assets | ||||
| Debtors | 13 | 61,238 | 64,133 | |
| Cash at bank and in hand | 55,772 | 581,780 | ||
| 117,010 | 645,913 | |||
| Creditors:Amount falling due within one year | Amount falling due within one year | 14 | (1,002,640) | (1,451,350) |
| Net current liabilities | (885,630) | (805,437) | ||
| Total assets less current liabilities | 1,774,879 | 1,855,125 | ||
| Net assets excluding pension asset or liability | 1,774,879 | 1,855,125 | ||
| Total net assets | 1,774,879 | 1,855,125 | ||
| The funds of the charity | ||||
| Restricted funds | 16 | |||
| Unrestricted funds | 16 | |||
| General funds | 1,774,880 | 1,855,125 | ||
| 1,774,880 | 1,855,125 | |||
| Reserves Total funds |
16 | 1,774,880 | 1,855,125 ~~—~~ |
|
| Approved by the trustees on 24 November 2025 | Approved by the trustees on 24 November 2025 | |||
| And signed on their behalf by: | ||||
| Farah Latif | nobLF | |||
| Trustee | ||||
| 24 November 2025 |
Page 5
The Latif Foundation Notes to the Accounts
for the year ended 28 February 2025
- 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 0 basis
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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.
Page 7
The Latif Foundation Notes to the Accounts
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.
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 8
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 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 £ 62,599 62,599 Unrestricted £ 120,000 120,000 |
Unrestricted funds 2024 £ 36,348 163,562 16,514 216,424 81,686 24,131 51,734 157,551 58,873 58,873 58,873 1,796,252 1,855,125 Total 2025 £ 62,599 62,599 Total 2025 £ 120,000 120,000 |
Total funds 2024 £ 36,348 163,562 16,514 |
| 216,424 81,686 24,131 51,734 |
|||
| 157,551 | |||
| 58,873 | |||
| 58,873 | |||
| 58,873 1,796,252 |
|||
| 1,855,125 | |||
| Total 2024 £ 36,348 |
|||
| 36,348 | |||
| Total 2024 £ 163,562 |
|||
| 163,562 |
Page 9
The Latif Foundation
Notes to the Accounts
5 Other income
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----- Start of picture text -----
Unrestricted Total Total
2025 2024
£ £ £
Insurance recharged to
24,104 24,104 16,514
tenants
24,104 24,104 16,514
----- End of picture text -----
| 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 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 (expenditure)/income before transfers This is stated after charging: Depreciation of owned fixed assets |
Unrestricted £ 236,950 236,950 Unrestricted £ 15,000 - 15,000 Unrestricted £ 30,753 1,972 53 930 1,290 34,998 2025 £ 53 |
Total 2025 £ 236,950 236,950 Total 2025 £ 15,000 - 15,000 Total 2025 £ 30,753 1,972 53 930 1,290 34,998 |
Total 2024 £ 81,686 |
|---|---|---|---|
| 81,686 | |||
| Total 2024 £ 20,381 3,750 |
|||
| 24,131 | |||
| Total 2024 £ 17,605 26,990 63 276 6,800 |
|||
| 51,734 | |||
| 2024 £ 63 |
Page 10
The Latif Foundation Notes to the Accounts
10 Staff costs
No employee received emoluments in excess of £60,000.
11 Tangible fixed assets
| Cost or revaluation At 1 March 2024 At 28 February 2025 Depreciation and impairment At 1 March 2024 Depreciation charge for the year At 28 February 2025 Net book values At 28 February 2025 At 29 February 2024 12 Investments Cost or revaluation At 1 March 2024 At 28 February 2025 Net book values At 28 February 2025 At 29 February 2024 13 Debtors Trade debtors Other debtors 14 Creditors: amounts falling due within one year Trade creditors Loans from trustees Accruals Deferred income |
2025 £ 14,944 46,294 61,238 2025 £ 3,325 296,949 |
Fixtures & Fittings £ 800 800 446 53 499 301 354 Freehold Investment Property £ 2,660,208 2,660,208 2,660,208 2,660,208 |
Total £ 800 |
|---|---|---|---|
| 800 | |||
| 446 53 |
|||
| 499 | |||
| 301 | |||
| 354 | |||
| Total £ 2,660,208 |
|||
| 2,660,208 | |||
| 2,660,208 | |||
| 2,660,208 | |||
| 2024 £ 17,839 46,294 |
|||
| 64,133 | |||
| 2024 £ 3,325 746,949 |
|||
| 2,370 | 1,080 | ||
| 699,996 | 699,996 | ||
| 1,002,640 | 1,451,350 |
Page 11
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 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 2024 1,855,125 1,855,125 |
2025 £ 699,996 699,996 Incoming resources (including other gains/losses ) £ 206,703 206,703 At 1 March 2024 £ |
Resources expended £ (286,948) (286,948) Unrestricted funds £ 301 |
2024 £ 699,996 |
|---|---|---|---|---|
| 699,996 | ||||
| At 28 February 2025 £ 1,774,880 |
||||
| 1,774,880 | ||||
| Total £ 301 |
||||
| Investments | 2,660,208 | 2,660,208 | ||
| Net current assets 18 Reconciliation of net debt Cash and cash equivalents Net debt |
(885,630) 1,774,879 Cash flows £ |
(885,630) | ||
| 1,774,879 | ||||
| At 28 February 2025 £ |
||||
| 581,780 | (526,008) | 55,772 | ||
| 581,780 581,780 |
(526,008) (526,008) |
55,772 | ||
| 55,772 | ||||
Page 12
The Latif Foundation Statement of Cash flows
for the year ended 28 February 2025
| 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 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)/increase 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 |
2025 £ (80,245) 53 (144,104) 2,895 (448,710) (670,111) 144,104 144,104 - (526,007) 581,780 55,773 |
2024 £ 58,873 63 (180,076) - (90) |
|---|---|---|
| (121,230) 180,076 |
||
| 180,076 | ||
| - | ||
| 58,846 | ||
| 723,045 | ||
| 781,891 | ||
| Components of cash and cash equivalents | ||
| Cash and bank balances | 55,772 | 581,780 |
| 55,772 | 581,780 |
Page 13
The Latif Foundation Detailed Statement of Financial Activities
for the year ended 28 February 2025
| Income and endowments from: Donations and legacies General donations Investments Rental Income Other 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 Bank charges |
Unrestricted funds 2025 £ 62,599 62,599 120,000 120,000 24,104 24,104 206,703 236,950 236,950 236,950 15,000 - 15,000 15,000 25,008 5,745 30,753 1,972 - 1,972 53 930 |
Total funds 2025 £ 62,599 62,599 120,000 120,000 24,104 24,104 206,703 236,950 236,950 236,950 15,000 - 15,000 15,000 25,008 5,745 30,753 1,972 - 1,972 53 930 |
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 | |||
| 63 276 |
Page 14
The Latif Foundation Detailed Statement of Financial Activities
| The Latif Foundation Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| Legal and professional costs Accountancy and bookkeeping Consultancy 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 |
983 1,290 - 1,290 34,998 286,948 - (80,245) (80,245) - (80,245) 1,855,125 1,774,880 |
983 1,290 - 1,290 34,998 286,948 - (80,245) (80,245) - (80,245) 1,855,125 1,774,880 |
339 |
| 1,200 5,600 |
|||
| 6,800 | |||
| 51,734 | |||
| 157,551 - |
|||
| 58,873 | |||
| 58,873 - |
|||
| 58,873 | |||
| 1,796,252 | |||
| 1,855,125 |
Page 15