Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) COI%SOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 COMPANY NO: 04328611 CHARITY NO: 1091280 COHEN ARNOLD Chartered Accountants & Registered Auditors New Burlington House 1075 Finchley Road London NWI I OPU
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) YEAR ENDED 31 IWICH 2024 LEGAL AND ADMIMSTRATIVE DETAILS Name: Latate Limited Status: Incorporated registered charity Company No. 04328611 Cbarity No. 1091280 Registered and Principal Office Address: 82 Bewick Road Galeshead Tyne & Wear NE8 IRS Charity Trustees: Mr H Emanuel Mrs A Schleider Mr S Schleider Mr Y Schleider Mrs M Silver Mr L Wittler Secretary: Mr S Schleider Auditor: Cohen Arnold New Burlington House 1075 Finchley Road London NW I I OPU Bankers: Lloyds Bank
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The Ttustces, who are also directors for the purposes of company law, have pleasure in presenting their Annual Report together with the Consolidated Financial Statements of the Charity for the year ended 31 March 2024. RF.FF.RF.NC.F. AND ADIIIWNISTRATTVF. DF.TAII..S Reference and administrative details are sbown in the schedule of members of the board and professional advisers on page l of the financial statements. Trustees The trustees who served the charity during the period were as follows: Mr H Emanuel Mrs A SchleideT Mr S Schleider Mr Y Schleider Mrs M Silver Mr L Wittler STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Doeumenl As the Charity is a Company limited by guarantee, its governing d{uMents are its Memorandum and Articles of Association. The Trustees of the Charity are legally responsible for the overall managernent and control of the Charity and meet regularly. None of the Trustee5 have any beneficial interest in the Charity. All Trustees give their time voluntarily and no benefits or eXnSeS were paid to them during the year. New Trustees are appointed based on t[Sonal competence. specialist skills: availability and knowledge of and contact with Ènstitutions professing and teaching the principles of traditional Judaism and the advancement of religion in accordance with the Jewish faith. New Trustees are inducted into the workings of the Charity by the existing Trustees and are given access to the Charity Commission publications. Group Siructure and Relationships The charity has the followinJ non-charitable subsidiary: Percentage Holdin Com an Nature of Business Gateshead Bayis Limited (reg No 07737841) 82 Bewick Road, Gateshead Tyne & Wear NE8 1 RS Property Investment loo%
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (Contln•ed) YEAR ENDED 31 MARCH 2024 During the year, Latate Limited received donations of £150,0(M) (2023: £148,500) from Gateshead Bayis Limited. OBJECTIVES AND ACTIVITIES The charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law particularly the advancement of education and religion in accordance with the Orthodox Judaism and the relief of povety. The charity receives income mainly from its investment properties, its subsidiary undertaking and by donations from persons and entities connected to the trustees which it utilises in the provision and distribution of grants and donations. The aim is to distribute these Profits to organisations that fall within the objectives of the Charity. The charity's principal activity Ihroughout the year was the provision and distribution of such grants and donations, and no change is envisaged in the immediate future. The Charity is organised so that the trustees meet regularly to manage its affairs. The charity does not employ any staff or use voluntary assistance. Athninistration of the charity is dealt with by the trustees. The Trustees confirn] their compliance with the duty to have due regard lo the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities. ACHIEVEMEIYTS AND PERFORMANCE During the year the Chartty continued its philanthrnpic activities in supwTrrt of religious, educational and other charitable institutions and the aggregate of donations made by the tharitable gr()up was £596,027 (2023: £444275). The benefits that these charities pmvide include the provision of financial support and basic necessities to the pr, Jewish education and places of w0h1p for the Orthodox Jewish Community. No change in activities is envisaged in the immediat future. The fmancial results of the Charity and its Subsidiary Undertakings for the year ended 31 March 2024 are fully reflected in the attached Financial Statements together with the Notes thereon. FINANCIAL REVIEW Reserves Policy The Charity maintains Reserves in order to ensure that it is in a FK)sition to continue its grant-making activities and cover contingencies of additional ca]Is being made upon the Charity for support of organisations or institutions in times of need. As at 31 March 2024, the Charity has total funds of £11,201,281 (2023: £10,860,385), the vast majority of which was invested in line with its inveslment policy. The reserves of the Charity are reviewed periodically by the Ttees.
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (Contln•ed) YEAR ENDED 31 MARCH 2024 Investment Policy Under the Memorandum and Articles of Association, the charity has the tK)wer to make any investment, which the Trustees see fit. The Trustees regularly review the Charity's position and needs in respect of the investment policy. The Charity's Investment Policy is to make investments of its free funds which provide a secure stream of income with potential for increases in capital growth with particular preference for low risk secure property investments. Grant Making Policy The policy is to assist in the furtherance of Jewish education and religio relieve poverty. assist with those in need of medical help and to alleviate hardship wherever sSible. All applications and requests are considered on their own merit and in conjunction with the objectives of the charity. Risk Management The Trustees have assessed the major risks to which the Charity is exwse(( in particular those related to the operations and finance of the Charity, and are satisfied that SYSten are in place to mitigate its exposurc to thosc risks. PLANS FOR FirruRE PERIODS The Trustees plan to continue to make distributions in accordance with Iheir grant Tnaking policy and ensure that the ability to generate sufficient income is maintained to achieve that en(L TRUSTEES, RESPONSIBILITIES STATEME The Trustees are responsible for preparing the Tntees, Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable group for that period. In preparing these Financial Statements, the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods 2nd principles in the Charities SORP; make judgements and accounting estimates that are reasonable and pruden¢ state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements" and prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (Contln•ed) YEAR ENDED 31 MARCH 2024 TRUSTEES, RESPONSIBILITIES STATEMENT (Continued) The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure thal the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other ]egularitIeS. Each of the persons who is a Tntee at the date of appmval of this rewrt confirn]s that: so far as each Trustee is aware, there is no relevant audit inforn]ation of which the Charity's auditor is unaware; and each Trustee has taken all steps that they ought to have taken as a Trustee to make themself aware of any relevant audit information and to establish that the Charity's auditor is aware of that inforniation. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. Registered office: 82 Bewick Road Gateshead Tyne & Wear NE8 IRS Signed by order of the trustees by. sg10A254FB. S SCHLEIDER Company Secretary 20 December 2024
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LATATE LIMITED YEAR ENDED 31 MARCH 2024 OPINION We have audited the financial statements of Latate Limited (the 'parent charity,) and its subsidiary (the '0up,) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the rindllLldl sldlctncnls, iTiLludin¥ d SUtnTtl<lry ul silfIL1nt rflLLUUTiting pulicics. Thc FiniinLi<il Rcpoiling framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the 0up'S and of the parent charity's affairs as at 31 March 2024 and of the group's incoming resowces and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibiliiies under those siandards are funher described in Ihe audiior's responsibiliiies for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requiremenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sutTicient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustces, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individuallv or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this rewrt. OTHER INFOR1TIoN The other inforn]ation comprises the infom]ation included in the annual report, other than the financial statements and our auditor's rewrt thereon. The trustees are responsible for the other infonnation. Our opinion on the financial statements does not cover the other information and, except to the extent othenvise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the fanCIal stateTnents, our responsibility is to read the other information and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perforn]ed, we conclude that there is a material misstatement of this other infonnation, we are required to report that faLt. We have nothing to report in this regard.
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LATATE LIMITED (cont.) YEAR ENDED 31 MARCH 2024 OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: the infonnation given in the tTUStees' T¢POrt for the fInancial year for which the financial statements are prepared is consistent with the financial statements; and the trustees, report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTIOIY In the light of the knowledge and understanding of the 0Up and parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequale for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the infonnation and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. RESPONSIBILITIES OF TRUSTEES As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparalion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of fmancial statements that are free from material misstatement, whether due to fraud or error. In preparing the fmancial slatements, the trustees are responsible for assessing the group and parent charity's ability to continue as a going concern, th'sclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the tTUStees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the agegate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including frdU(L are instances of non-compliance with laws and regulations. We design procedures Èn line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the trustees and identified which were most significant with respect to the financial staiemenis. We identi=ied financial reponing legislaiion, chariry legislation, landlord legislation and taxation legislation as being tnost significant to these financial statements. We communicated these
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LATATE LIMITED (cont.) YEAR ENDED 31 MARCH 2024 identified frameworks amongst our audit team and remained alert to any indications of noncompliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations. We discussed with the tnteeS the policies and procedures regarding compliance with these Legal and regulatory frameworks. We assessed the susceptibility of the group's financial statements to material misstatement due to non- compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit. The susceptibility to such material misstatement was deterniined to be low. Based on this understanding, we designed our audit procedures to identify non-COTnpliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. Our procedures included reviewing the charity's internal controls policies and procedures, the minutes of trustees, meetings and CoeSpOndence and journal enlries, and discussions with the trustees. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perforn]ed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) iq frnm the eventq and transactions reflected in the financial 8t2tements, the leq likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there Ternained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintsin professional scepticism throughout the audit. We are also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perforni audit procedures responsive to those risks. and obtain audit evidence that is sufricient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial staternents or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LATATE LIMITED (cont.) YEAR ENDED 31 MARCH 2024 ObtaÉn sulTicient appropriate audil evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and perfOrn]ce of the wup audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and siRfiCant audit fdIngS, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT This report is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Parl 16 of the CoTnpanies Act 21K)6. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fornied. D5e lry.. (bEMq nrJFAFfAJ6d1&97 BENNY BRENIG (Senior statOry Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NWII OPU 20 December 2024
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 (INCORPORATING THE CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) 2024 UnrestrACted Funds 2023 Unrestricted Funds Note INCOME & ENDOWNMENTS: Donations & legacies Investsnents 12,500 1,215,210 1,057,539 TOTAL 1,227,710 1,057,539 EXPENDITURE ON Raising funds: Investment management costs Charitable Activities (595,632) (615,745) (393,303) (457,572) TOTAL EXPENDITURE (1,211 J77) 16J33 272,063 (850,875) 206,664 28,399 NET INCOMINGI(OUTGOING) RESOURCES Net gains/(losses) on investtnents NET (EXPENDITURE)llNCOME BEFORE TAXATION 288J96 235,063 Taxation 52,500 NET {EXPENDITURE)IINCOME FOR THE YEAR AND MOVEMENT IN FUNDS 340,896 235,063 Reconciliation offunds." Total funds brought fonvard 10,860J85 10,625,322 TOTAL FUNDS CARRIED FORWARD 11,201,281 10,860,385 None of the Group's activities was acquired or discontinued during the financial year or in the previous year. The 0Up has no recognised gains or losses other than those reflected in the above stafrment of financial activities for the fanCIal year or for the previous year. The notes on page5 14 to 26 form part of these fmancial statement5. io-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note FIXED ASSETS Investments io 16,215,000 15,050,000 CURRENT ASSETS Debtors Cash at bank 802,022 884J38 1,000,731 1,730,679 1,686J60 2,731,410 CREDITORS: Amounts falling due Ivithin one year 12 (1.230,003) (1,275,875) IYET CURRENT ASSETS 456J57 1,455,535 TOTAL ASSETS LESS CURRENT LIABILITIES 16,671 J57 16,505,535 CREDITORS= Amounts falling due after more than one year PROVISIONS 13 (4,990,842) (5,113,416) 14 (479,234) (531,734) NET ASSETS 11,201,281 10,860,385 FUNDS Unrestricfrd income funds 15 11,201,281 10,860,385 TOTAL FUNDS 11,201,281 10,860,385 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regirne. The financial statements approved by the Board on 20 tkcember 2024 and signed on its behalf by: l)O¢uSkJn*d br. 6k10AW2¢e454F8. S SCHLEIDER Trustee Company Registration No: 04328611 The note5 on pages 14 to 26 forni part of these fillgncial 51atemell li
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note FIXED ASSETS Investments io 13,085,617 11,899,833 CURRENT ASSETS Debtors Cash at bank li 751,425 864,527 963.738 1,706,948 1,615,952 2,670,686 CREDITORS: Amounts f211ing due Ivithin one year 12 (419,905) (516,866) NET CURRENT ASSETS 1,196,047 2,153.820 TOTAL ASSETS LESS CURRENT LIABILITIES 14,281,664 14,053,653 CREDITORS: Amounts falling due after more than one year 13 (3,080J83) (3,193,268) NET ASSETS 11,201,281 10,860.385 FUNDS Unrestricted income funds 15 11,201281 10,860,385 TOTAL FUNDS 11,201,281 10,860,385 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements approved by the Board on 20 December 2024 and signed on its behalf by: DU5]ned by.. 691OA902C6454FB S SCHLEIDER Trustee Company Registration No: 04328611 The note5 on pages 14 to 26 forni part of these fillgncial 51atemell 12-
Docusign Envelope ID: F1 D306EF4J2DF414A-88Ffv25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 Unrestricted Funds 2023 Unrestricted Funds Note Cash Flows from Operating ActivitAes: Net Cash Used in Operating Activities 18 (653,245} (457,572) Cash Flows from Investing Activities Dividends, Interest and Rents from Investments Proceeds from Sale of InNestments Decrease/(Increase) in Loan Investments Purchase of Investments 928,781 1,039,776 220,000 (892.937) (621,601) Net Cash Provided by Investing Activities 255,844 418,175 Cash Flows from Financing Activities Repayments of Borrowing Interest Paid (59,463) (389,477) (316,787) (242,531) Net Cash Receivedl(lJsed) in Financing Activities (448,940) (559,318) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR (846J41) (598,715) CASH AND CASH EQUIVALENTS AT I APRIL 2023 1,730,679 2,329,394 CASH AND CASH EQUIVALENTS AT 31 MARCH 2024 19 884,338 1,730,679 The notes on pages 14 to 26 forni part ofthese financi21 statemellt$. 13-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sTATEIENTs YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES The financial statetnents have been prepared in compliance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 21X)6. The Consolidated Financial Siatetnents incorporate the results of the charity and its subsidiaries for the year ended 31 March 2024. These are adjusted, where appropriate, to confomi to group accounting policies. The following accounting policies bave been used consistently in the preparation of the Group's Financial Statements. BASIS OF ACCOUNTING The Financial Statements have been prepared under the Historical Cost Convention, as modified by the inclusion of fixed asset investments at fair value, and in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Jreland ("FRS 102"), the Companies Act 2006 and the SORP 2015. The financial statements are prepared in sterling (rounded to the nearest pound), which is the functional CUencY of the entity. The trustees have concluded that it is appropriate for the fmancial statements to be prepared in accordance with the accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities and Commi"ntS as they fall due, based on the net current asset position of the 0Up and available support and sources of finance. The trustees believe that there are no material uncertainties about the charity's ability to continue. Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the neKt year are discussed in Note 17. The Company meets the definition of a public benefit entity undff FRS 102. A separate Statement of Financial Activities, or Income and Expenditure Account for the Company itself is not presented in accordance with Section 408 of the Companies Act 21X)6. INCOMING RESOURCES This includes income from bank deposit accounts. renlS received from property asse (net of VAT), and ntS and donations received by the Group. The abovementioned items are included in the Financial Statements on an accruals basis. 14-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LATATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (con¢inued) YEAR ENDED 31 MARCH 2024 I ACCOUNTING POLICIES (Continued) PROPERTY OUTGOINGS Pri)perty nutgoings are recognised in the cnngnlidated statement nf financial activities in the year in which they are incurred. GOVERNANCE COSTS Governance costs ir]Ude costs of the preparation and audit of fmancial statements and the cost of any legal advice to Trustees on governance or constitutional matters. INVESTMENT GAINS AND LOSSES This includes any gains or losses on the sale of investments and any gains or losses resulting from revaluing investments to fair value at the end of the year. DEFERRED TAX Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in wbich they are recognised in the financial statements. The following tirning differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances bave been met. Deferred tax is not recognised on pernianent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the co¢spOnding income or expense. Defeed tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amount that can be deducted or assessed for tax. Defeffed tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Unrelieved tax loss=s and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. There are no deferred tax provisions for the parent Charity; it is exempt from tax due to its charitable status on the basis all income and gains will be applied solely for qualifying charitable purposes. 15-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (Continued) INVESTMENT PROPERTY Investment properties are properties wbicb are held either to earn rental income or for capital appreciation or for Ix)th. Investment properties are recognised initially at cost. Subsequent to initial recognition investment properties are held at fair value. Investment propert). fair value is based on an open market valuation by the Trustees who have extensive experience in the field of property investment and valuation accumulated over a considerable period of time. Any gain or loss arising from a change in fair value is recognised in the Statement of Financial Activities (SOFA) and taken to Unrestricted Funds. No depreciation is provided in respect of investment properties applying the fair value model. DISPOSALS OF PROPERTIES The Group generally holds its properties for the long terni in order to generate rental income and capital appreciation although in the right circumstances any property could be available for sale. When an outright sale does occur the resulting surplus based on the excess of sales proceeds over valuation is included within the Group's profit on ordinary activities, and LatIOn applicable thereto is shown as part of the taxation charge. Disposals are recognised on the date the significant risks and rewards of ownership have been transferred. INVESTMENTS IN SUBSIDIARY UNDERTAKINGS Shareholdings acqu.red are initially recorded at cost and subsequently included at Trustees, best estimate of fair value (in accordance with the SORP 2015) based on the net asset value. The net asset values of the subsidiary undertakings reflect fair values of their underlying properties held for investment; any s)luS or deficit on revaluation is recognised in the SOFA and taken to Unrestricted Funds. 16-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (Continue 1.10 FINANCIAL INSTRUMENTS Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all its financial liabilities. The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Rental and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial reco]itIOn they are measured at amortised cost using the effective interest method. less any impairn]ent losses. If the arrangement constttutes a financing transaction, for example if payment is deferred beyond nonnal business tern)s, then it is measured at the present value of future payments discounted at a market rnte for a similar debt instrument. Rent in advance and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrdngement constitutes a financing transactio for example if payment is deferred beyond nornial business ternis, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrillnent. Cash and cash equ:valents comprise cash balances and call deposits. Bank overdrafts that are repayable on dernal and forni an integral part of the group's cash management are in¢Euded as a component of cash and cash equivalents for the purpose only of the cash flow statement. 1.11 LIABILITY RECOGNITION Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources. 1.12 FUND ACCOUNTING Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and in accordance with relevant law. tksignaled Funds are Unrestricted Funds, which have been set-aside at the discretion of the Trustees for specific purposes. There are no designated funds as at the balance sheet date. 17-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (Continued) Non-charitable Funds are Unrestricted Funds and comprise the net aggregate reserves of the Charity's subsidiary computed by reference to the accounting policies of the subsidiaries. Restricted Funds are funds subject to specific restri¢t¢d conditions imposed by donors. There ar¢ no Restricted Funds as at the Balance Sheet date. 2. GROUP FINANCIAL STATEMENrs These financial statements consolidate the results of the charity and its subsidiaries. During the year the parent charitable company had gross income including donations of £1,011,902 (2023: £880,684) and net surplus in funds of £340,896 (2023: £235.063). INCOME FROM DONATIONS AND LEGACIES Donations and legacies relate to amounts received from entities connected to the trustees. INVESTMENT INCOME 2024 2023 Income from UK investment properties Interest receivable 1,150,441 64,769 992,242 65,297 1,215,210 1,057,539 INVESTMENT MANAGEMENT COSTS 2024 2023 Investment propety costs Interest payable and similar charges Investment management costs 191,484 391,033 13,115 135,105 245,575 12,623 595,632 393,303 COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE Grant Support funding Costs activities Total Funds 2024 Total Funds 2023 Charitable donations Governance costs 596,027 918 18,800 596,945 18,800 444,872 12,700 596,027 19,718 615,745 457,572 18-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 COSTS OF CHARITABLE ACTIvrriES BY ACTIvrrY TYPE (Continued) All charitable activities relate to unrestricted funds. All donations were paid to charitable institutions whose objects are in line with the objects of the charity which include the relief of tK>vety, the advancement of education and the furtherance of religion. The following donations were made durlng the year ended 31 March 2024: Chevras Mo'oz Ladol (£95818) Chasdei Aharon Limited (1142565) College for Higher Rabbinical Studie5 (803466) The Rehabilitation (288622) Start Upright (1130608} Yeshivas Bels Dovid (1187631) Congregation Sharei Sholorn Tchabe Limited (1116596) UK Friends of Ahav&s Chesed (1134987) VHLT Ltd (1101241) Other donations below £30,000 100,(xx) 68.(MX) 63,000 60,0(X) 50.000 48,260 38,000 35,900 30,0(K) 102,867 596,027 7.1 GOVERNANCE COSTS 2024 2023 Auditors, Remunerdtion 18,800 12,700 18,800 12.700 7.2 STAFF COSTS AND EMOLUMENTS No salaries or wages have been paid to any employee or Trustee lyy the Charitable Company or any subsidiary undertaking. No Trnstee expenses have been incurred. NET GAINSIILOSSES) ON INVESTMENTS 2024 2023 Losses on disposal of investments Unrealised gainsl{losses) on investments 272,063 28.399 272,063 28,399 19-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 TAXATION Major components of tax expense 2024 2023 Deferred tax: Origination and reversal of timing differences Impact of change in tax rate Taxation (52,500) (52,500) All tax is recognised in the Consolidated Income and Expenditure Account. Reconciliation of tax expense The tax assessed on the net income for the year is lower than the standard rate of corporation tax in the UKof 25/ (2023: 19/). 2024 2023 Net income/(expenditure) before tax Net incomel(expenditure) by rate of tax Income exempt from (Expenses not deductible forytax Timing difference on unrealised gains Gift aid paid post year end Taxation 288J96 235,063 72,099 (42,721) (52,500) {29J78) 44,662 (16,308) (28,354) (52,500) 10. INVESTMENTS Investment Properties Group Total FAIR VALUE At l April 2023 Additions Disposals Revaluation 15,050,0(X) 892.937 15,050,000 892,937 272,063 16,215,000 272,063 16,215,000 At 31 March 2024 Historical cost at 31 March 2024 15,942,685 15,049,748 15,942,685 15,049,748 Historical cost at 31 March 2023 20-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 10. INVESTMENTS (Continued) Investments Investment in Subsidiary Properties Undertakings Charity Total FAIR VALUE At l April 2023 Additions Disposals Revaluation 9,625,0(K) 2,274,833 892,937 11,899,833 892,937 482,063 (189,216) I I,000,O(Kl 2,085,617 292,847 At 31 March 2024 13,085,617 Historical cost at 31 March 2024 12,998,595 12,105,658 12,998,596 12,105,659 Historical cost at 31 March 2023 The properties are stated at Trustees. valuation, augmented by periodic professional valuations, using a sales valuation approach, derived from recent comparable transactions and market yields, adjusted by applying discounts to reflect status of occupation and condition. The Trustee Mr S Schleider has extensive e.Kperience in the field of property investment and valuation accumulated over a considerdble period of time. b) The fair va.ue at 31 March 2024 of the Investments in Subsidiary Undertakings and is based on the underlying value of assets less liabilities of the Companies. The valuation of properties and other assets in these Companies has been made by the Trustees. The agegate amount of assets, liabilities and funds of the subsidiary undertakings are as follows: Fixed Assets Net Current Liabilities Long Term Liabilities Net Assets Gateshead Bayis Limited 5,215,000 (739,690) (2,389,693) 2,085,617 21-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 10. INVESTMENTS (Continued) Summa rofit and loss account of the active subsidia undertakin Gateshead Bajis Limited Net rental income Administrative expenses Net valuation gains/{losses) on investment propety OPERATING PROFITI(LOSS) 285,510 (13,115) (210,000) 62,395 Interest payable PROFITI(LOSS) BEFORE TAXATION Taxation (154,111} (91,716) 52,500 PROFITI(LOSS) FOR THE YEAR (39,216) Charitable Donations to Parent Charity TOTAL COMPREHENSIVE INCOME/(DEFICIT) FOR THE YEAR (Iso,000} (189,216) 11. DEBTORS The Group 2024 2023 The Charity 2024 2023 Trade debtors Other debtors 105,198 696,824 212,797 787,934 62,097 689,328 176,845 786,893 802,022 1,000,731 751,425 963,738 12. CREDITORS: AMOUNTS FALLtNG DUE WITHIN ONE YEAR The Group 2024 2023 The Charity 2024 2023 Bank loans and overdrafts Amounts due to group undertakings Taxation Accruals and other creditors 149,100 227,604 129,000 144,000 22,037 1,058,866 3.315 1,044.956 19,448 271,457 372,866 1,230,003 1,275,875 419,905 516,866 22-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 12. CREDITORS: AMOUNTS FALLING DUE WITHIN OIYE YEAR (Continued) Accruals and other creditors includes the following amounts due to companies of which some of the Trustees of this charity are amongst the Directors: The Group 2024 2023 The Charity 2024 2023 Greenbale Limited Deanmoor Limited Dyce Limited Wolsey Investments Limited 210,000 57,000 112,51JO 42,500 210,000 57,000 i 00,000 42,500 12,500 12,500 12,500 13. CREDrroRS: Amounts falling due after more than one year The Group 2024 2023 The Charity 2024 2023 Mortgage loans Other creditors 4,985,783 5,059 5,108,357 5,059 3,080J83 3,193,?68 4,990,842 5,113,416 3,080,383 3,193,268 The above mortgage loans are secured by legal charges over some of the group's properties. Included within creditors: amounts falling due after more than one year is an amount of £1,568,879 (2023: £2,572,981) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. 14. PROVISION FOR LIABILITtES The movement in the deferred taxation provision durlng the year was: Investment Property Group Total At l April 2023 Movements during the year 531,734 (52.500) 531,734 (52,500) At 31 March 2024 479,234 479,234 23-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 15. UNRESTRICTED INCOME FUI¥4DS Non Charitable Charitable Funds Funds Total Funds Group Balance at l April 2023 Net income/(expenditure) for the year Balance at 31 March 2024 8,585,552 530,112 2,274,833 10,860,385 (189,216) 340,896 2,085,617 11,201,281 9,115,664 Charitable Funds Total Funds Charity Balance at l April 2023 Net income/(expenditure) for the year Balance at 31 March 2024 10,860,385 10,860,385 340,896 340,896 11,201,281 11,201,281 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net Current Long Term Assets Liabilities Fixed Assets Group Total Unrestricted Income Funds I6,215,0 456,357 (5,470,076) 11,201,281 456,357 (5,470,076) 11,201,281 Total Funds 16,215,(x)o Net Current Long Term Assets Liabilities Fixed Assets Charity Total Unrestricted Income Funds 13,085,617 13,085,617 1,196,047 (3,080,383) 11,201,281 1,196,047 (3,080,383) 11,201,281 Total Funds 24-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 17. ACCOUNTING ESTIMATES AND JUDGEMENTS (i) Property valuation The valuation of the group's property )rtfoliO is inherently subjective, depending on many factors, including the individual nature of each pmpety. its location and expected future net rental values, markel yields and cotnparable market transactions (as set out in Noie 10). Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularlv in periods of difficult Maet or economic conditions. As noted in Note 1.7 above, all the group'i properties are valued by the Tnte¢S who have extensive experience in the field of property investment and valuation. (li} Trade debtors Management uses details of the age of trade debt0 and the status of any dlsputes together with external evidence of the credit status of the counterpaty in making judgements concerning any need to impair the carying values. 18. RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES 2024 2023 Net income/(expenditure) for the year Adjustments for= (Gains)nosses on investments Interest payable Dividends. interest and rents from investments (Increase)/decrease :n debtors Increase/(decrease} :n creditors (Decrease)/increase in provisions for liabilities Net cash used in operating activities 340,896 235,063 (272,063) (28,399) 391,033 245,575 (1,010,611) (909,811) (50,000) {52,500) (653,245) (457,572) 19. ANALYSIS OF CHANGES IN NET DEBT AtIA ril 2023 Cash Floivs At 31 March 2024 Cash at Bank 1,730,679 (846,341) 884J38 Total cash and cash equivalents 1,730,679 (846,341) 884J38 Debt due within one year Debt due after one year (227,604) (5,108,357) 78,504 122,574 (149,100) (4,985,783) Total (3,605.282) (645,263) (4,250,545) 25-
Docusign Envelope ID: F1 D306EF4J2DF414A-88F&25A62BAC4931 LA I ATE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024 20. RELATED PARTY TRANSACTIONS There are no related paty transactions other than as d1105Cd in the notes to the financial statements. 26-