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2022-06-30-accounts

REGISTERED COMPANY NUMBER: 01637128 (England and Wales) REGISTERED CHARITY NUMBER: 1096584

RONTADES LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS

RONTADES LIMITED

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Page
Reference and Administrative Details 1
**Report of the Trustees ** 2 to 4
Report of the Independent Auditors 5 to 6
Consolidated Statement of Financial Activities 7
**Company Statement of Financial Activities ** 8
Consolidated Balance Sheet and Charitable Company Balance Sheet9 to 10
Consolidated Cash Flow Statement 11
Notes to the Consolidated Cash Flow Statement 12
Notes to the Consolidated Financial Statements 13 to 22

RONTADES LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2022

TRUSTEES N Bleier (Chairman)
J S Bleier
I Mett
COMPANY SECRETARY N Bleier
REGISTERED OFFICE First Floor
94 Stamford Hill
London
N16 6XS
PRINCIPAL ADDRESS Unit 3
Edge Business Centre
Humber Road
London
NW2 6EW
REGISTERED COMPANY NUMBER 01637128 (England and Wales)
REGISTERED CHARITY NUMBER 1096584
AUDITORS Sugarwhite Meyer Accountants Ltd
Chartered Accountants
& Statutory Auditor
First Floor
94 Stamford Hill
London
N16 6XS
BANKERS Allied Irish Bank
202-204 Finchley Road
London NW3 6BX
Barclays Bank plc
1 Churchill Place
London
E14 5HP

Page 1

RONTADES LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019).

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details of the company are shown on page 1 of the financial statements and forms part of this report.

OBJECTIVES AND ACTIVITIES

Objectives for the public benefit

The objects of the charity are the advancement of religion in accordance with the orthodox Jewish faith, the relief of poverty, and for such other purposes as are recognised by English law as charitable.

To achieve the objects, the charity makes grants to charity organisations that fall within the objectives of the charity.

The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year.

Grantmaking policy

In general, the trustees select the institutions to be supported according to their personal knowledge of work of the institution. All applications are carefully considered, discreetly and with sympathy and help is given according to circumstances and funds then available.

Grants are made to various institutions which accord with the charity's objects. These grants are regularly monitored to ensure compliance with the objects of the charity.

STRATEGIC REPORT

Achievement and performance

The charity receives income from its investments, subsidiary undertakings and voluntary income from charities connected to the trustees.

During the year the charity continued its philanthropic activities and maintained its support of organisations engaging in education, advancement of religion, and the relief of poverty. Investment income decreased slightly. Overall, the group incurred a deficit for the year which was funded from reserves brought forward.

The subsidiary companies receive their income from investments in property and property syndicates, both types of investments being profitable.

Financial review

Financial position

The financial position of the charity and its subsidiaries is satisfactory.

The charity's Consolidated Statement of Financial Activities shows a net deficit of £387,730 (2021: £641,535 deficit) and total reserves of £27,367,316 (2021: £27,755,046).

Page 2

RONTADES LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

STRATEGIC REPORT Financial review

Investment policy and objectives

The group policy is that the subsidiary companies pay over to Rontades Limited their profits, which would otherwise be liable to UK corporation tax, by way of gift aid. As a result, the charity's reserves have increased considerably over the years. The charity's policy is to make loans to its subsidiaries at a variable rate of interest. This enables them to acquire and develop properties and thereby generate profits.

As well as the trustees' expertise in selecting suitable profitable investments with good growth prospects and rental yields, the charity uses RICS approved and other professional advisors.

Reserves policy

The charity holds sufficient reserves to be able to respond to calls from charitable organisations, to invest in syndicates as appropriate and to meet calls for funds from its subsidiaries.

Principal risks and uncertainties

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate those risks.

It is the policy of the trustees to carry out a risk review before loans are granted for the purchase of properties or investments, in order to ensure repayment and a market return.

When monies are invested in syndicates, the associated risks are carefully considered and reviewed regularly.

Future plans

The trustees anticipate that the charity will continue on a similar basis in the foreseeable future. The trustees are able to control the charity’s grant making and as such believe the charity will continue as a going concern.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

Rontades Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 20 May 1982.

Organisational structure

The trustees are responsible for the day to day running of the charity. The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment, induction and training procedures in accordance with the Charity Commission's guidelines.

All trustees give their time voluntarily and no benefit or expenses were paid to them in the year.

Group structure

The charity has the following non-charitable operating subsidiaries:

Company
Hiltona Limited
Ironhawk Limited
Twillam Limited		 Company
Registration Number
02877741
01885811
01621763		 Percentage
Shareholding		 Percentage
100%
100%
100%

The charity also has majority interests in property syndicate investments as shown in Note 12.

Page 3

RONTADES LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties

Details of transactions with Related Parties are disclosed in Note 20 to the Financial Statements.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Rontades Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 26 April 2023 and signed on the board's behalf by:

J S Bleier - Trustee

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RONTADES LIMITED

Opinion

We have audited the financial statements of Rontades Limited (the 'charitable company') for the year ended 30 June 2022 which comprises the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements 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 sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information 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 determine 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 performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RONTADES LIMITED

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page four, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or 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 charity's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Page 6

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 auditors’ report and for no other purpose. To the fullest extent permitted 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 formed.

Emanuel Meyer FCA (Senior Statutory Auditor) For and on behalf of Sugarwhite Meyer Accountants Ltd Chartered Accountants and Statutory Auditor First Floor 94 Stamford Hill London N16 6XS

26 April 2023

Sugarwhite Meyer Accountants Ltd is eligible to act as an Auditor in terms of Section 1212 of the Companies Act 2006

Page 6

RONTADES LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2022

2022
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
95,000
Investment income
3
2,459,728
Other income
-
Total income
2,554,728
EXPENDITURE ON
Raising funds
4
Investment management costs
200,413
Charitable activities
5
Charitable activities
2,715,037
Total expenditure
2,915,450
Net gains/(losses) on investments
8
38,941
NET INCOME/(LOSS) BEFORE TAXATION
(321,781)
Taxation
11
-
NET INCOME/(LOSS) AFTER TAXATION
(321,781)
Attributable to non-controlling interest
(65,949)
NET MOVEMENT IN FUNDS
(387,730)
RECONCILIATION OF FUNDS
Total funds brought forward
27,755,046
TOTAL FUNDS CARRIED FORWARD
27,367,316		 2022
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
95,000
Investment income
3
2,459,728
Other income
-
Total income
2,554,728
EXPENDITURE ON
Raising funds
4
Investment management costs
200,413
Charitable activities
5
Charitable activities
2,715,037
Total expenditure
2,915,450
Net gains/(losses) on investments
8
38,941
NET INCOME/(LOSS) BEFORE TAXATION
(321,781)
Taxation
11
-
NET INCOME/(LOSS) AFTER TAXATION
(321,781)
Attributable to non-controlling interest
(65,949)
NET MOVEMENT IN FUNDS
(387,730)
RECONCILIATION OF FUNDS
Total funds brought forward
27,755,046
TOTAL FUNDS CARRIED FORWARD
27,367,316		 2021
Total
funds
£
-
2,559,240
-
2,559,240
190,383
3,004,425
3,194,808
60,668
(574,900)
-
(574,900)
(66,635)
(641,535)
28,396,581
27,755,046
38,941
(321,781)
-
(321,781)
(65,949)
(387,730)
27,755,046
27,367,316

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 7

RONTADES LIMITED

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2022

2022
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
95,000
Investment income
3
2,122,034
Total income
2,217,034
EXPENDITURE ON
Raising funds
4
Investment management costs
39,328
Charitable activities
5
Charitable activities
2,507,171
Total expenditure
2,546,499
Net gains/(losses) on investments
8
-
NET MOVEMENT IN FUNDS
(329,465)
RECONCILIATION OF FUNDS
Total funds brought forward
21,683,420
TOTAL FUNDS CARRIED FORWARD
21,353,955		 2021
Total
funds
£
-
2,193,320
2,193,320
53,812
2,836,965
2,890,777
-
(697,457)
22,380,877
21,683,420

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 8

RONTADES LIMITED (REGISTERED NUMBER: 01637128)

CONSOLIDATED BALANCE SHEET AND CHARITABLE COMPANY BALANCE SHEET AS AT 30 JUNE 2022

Notes
FIXED ASSETS
Investments
12
Investment property
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15

NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one
year
16
Provisions for liabilities
18
NET ASSETS
Non-controlling interest
NET ASSETS ATTRIBUTABLE TO
THE PARENT CHARITABLE COMPANY
FUNDS OF THE CHARITY
Unrestricted funds
19
Fair value reserve
19
TOTAL CHARITY FUNDS		 Group
2022
2021
£
£
10,520,728
10,352,833
17,675,983
17,824,833
28,196,711
28,177,666
361,426
2,564,004
2,220,126
607,033
2,581,552
3,171,037
(1,339,635)
(1,452,892)
(1,241,917)
1,718,145
29,438,628
29,895,811
(646,546)
(741,870)
(652,789)
(652,789)
28,139,293
28,501,152
(771,977)
(746,106)
27,367,316
27,755,046
22,565,766
22,883,206
4,801,550
4,871,840
27,367,316
27,755,046		 Company
2022
2021
£
£
7,553,355
7,631,989
5,908,487
5,837,338
13,461,842
13,469,327
5,945,627
7,950,743
2,026,473
320,745
7,972,100
8,271,488
(79,987)
(57,395)
7,892,113
8,214,093
21,353,955
21,683,420
-
-
-
-
21,353,955
21,683,420
-
-
21,353,955
21,683,420
21,255,242
21,584,707
98,713
98,713
21,353,955
21,683,420		 Company
2022
2021
£
£
7,553,355
7,631,989
5,908,487
5,837,338
13,461,842
13,469,327
5,945,627
7,950,743
2,026,473
320,745
7,972,100
8,271,488
(79,987)
(57,395)
7,892,113
8,214,093
21,353,955
21,683,420
-
-
-
-
21,353,955
21,683,420
-
-
21,353,955
21,683,420
21,255,242
21,584,707
98,713
98,713
21,353,955
21,683,420
8,214,093
21,683,420
-
-
21,683,420
-
21,683,420
21,584,707
98,713
21,683,420

The immediately following page forms an integral part of this balance sheet.

The notes form part of these financial statements

Page 9

RONTADES LIMITED

BALANCE SHEET - CONTINUED AS AT 30 JUNE 2022

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022, but as a charity, it is subject to audit under the Charities Act 2011.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 26 April 2023 and were signed on its behalf by:

J S Bleier - Trustee

N Bleier – Trustee

The notes form part of these financial statements

Page 10

RONTADES LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Purchase of fixed asset investments
Purchase of investment property
Sale of fixed asset investments
Sale of investment property
Interest received
Net cash used in investing
activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash and cash equivalents at the end
of the reporting period
2		 2022
£
1,475,248
(14,737)
1,460,511
(1,563,187)
(71,150)
1,381,358
272,875
132,686
152,582
1,613,093
607,033
2,220,126		 2021
£
(1,001,516)
(16,152)
(1,017,668)
(1,339,433)
-
878,858
27,400
342,283
(90,892)
(1,108,560)
1,715,593
607,033

The notes form part of these financial statements

Page 11

RONTADES LIMITED

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the statement of
Financial activities)
Adjustments for:
Gains on investments
Interest paid
Interest received
(Gains)/losses on investment assets
Decrease/(increase) in debtors
Decrease in creditors
Cash generated from operations		 2022
£
(361,859)
(109,230)
14,737
(132,686)
70,289
2,202,578
(208,581)
1,475,248		 2021
£
(615,844)
(33,268)
16,152
(342,283)
(27,400)
185,094
(183,967)
(1,001,516)

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2022

Cash and cash equivalents
Year ended 30 June 2021
Cash and cash equivalents		 30.6.22
£
2,220,126
30.6.21
£
607,033		 1.7.21
£
607,033
1.7.20
£
1,715,593

The notes form part of these financial statements

Page 12

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Basis of consolidation

The group financial statements include the accounts of Rontades Limited, the accounts of its subsidiaries and any material transactions between the balance sheet date of each subsidiary and the balance sheet date of Rontades Limited.

Entities in which the company has a minority interest are accounted for under the equity accounting method.

Significant judgements and estimates

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The valuation of investments properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. 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, particularly in periods of difficult market or economic conditions.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where cost cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Support costs are those incurred to assist the work of the charity but are not direct charitable activities.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Investment management costs

Investment management costs include costs relating to the investment properties on an accrual basis.

Page 13

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES – continued

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the Statement of Financial Activities.

Acquisitions and disposals of properties

Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the Financial Statements accordingly.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Going concern

The trustees are able to control the charity’s grant making and as such believe the charity will continue as a going concern. The trustees believe it appropriate to prepare current financial statements on a going concern basis.

2. DONATIONS AND LEGACIES

Donations received
INVESTMENT INCOME
Rents receivable
Syndicate rental income
Interest receivable
Gift aid from subsidiaries		 Group
2022
2021
£
£
95,000
-
Group
2022
2021
£
£
1,176,470
1,201,814
1,150,572
1,015,143
132,686
342,283
-
-
2,459,728
2,559,240		 Company
2022
2021
£
£
95,000
-
Company
2022
2021
£
£
316,308
312,886
793,115
740,751
344,738
551,397
667,873
588,286
2,122,034
2,193,320		 Company
2022
2021
£
£
95,000
-
Company
2022
2021
£
£
316,308
312,886
793,115
740,751
344,738
551,397
667,873
588,286
2,122,034
2,193,320
2,193,320

3. INVESTMENT INCOME

Page 14

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

4. RAISING FUNDS Investment management costs

Property expenditure
Bank interest payable
Administrative expenses
CHARITABLE ACTIVITIES COSTS
Group

Charitable activities
Company

Charitable activities		 Group
Company
2022
2021
2022
2021
£
£
£
£
161,215
142,530
39,328
47,398
14,737
16,152
-
-
24,461
31,701
-
6,414
200,413
190,383
39,328
53,812
Grant
funding of
activities
Support
costs
Totals
(See note 6) (See note 7)
£
£
£
2,683,445
31,592
2,715,037
Grant
funding of
activities
Support
costs
Totals
(See note 6) (See note 7)
£
£
£
2,493,445
13,726
2,507,171

5. CHARITABLE ACTIVITIES COSTS Group

Page 15

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

6. GRANTS PAYABLE

Group
2022
2021
£
£
Grants
2,683,445
2,975,411
All grants were institutional and are as follows:
Advancement of religion
Advancement of education
Relief of poverty
Social Welfare
Medical
General purpose
Recipients of institutional grants:
United Talmudical Association
Asser Bishvil
Greatgreen Limited
Chesed Charity Trust
Yesamach Levav
Low Cost Living Limited
Achisomoch Aid Company Limited
Other grants (below £40,000)		 Company
2022
2021
£
£
2,493,445
2,825,411
2022
2021
£
£
1,297,985
1,625,161
37,240
61,840
227,130
211,060
1,290
8,700
29,550
2,000
1,090,250
1,066,650
2,683,445
2,975,411
1,101,000
900,000
190,000
150,000
109,430
50,000
42,300
140,715
2,683,445

7.

SUPPORT COSTS

Support costs Group
Governance costs
2022
2021
£
£
31,592
29,014		 Company
Governance costs
2022
2021
£
£
13,726
11,554

Support costs, included in the above, are as follows:

Bank charges
Auditors' remuneration
Auditors' remuneration for non audit work
Legal fees
General expenses		 Group
2022
2021
£
£
134
199
7,920
7,920
20,746
20,100
2,200
240
592
555
31,592
29,014		 Company
2022
2021
£
£
134
199
7,920
7,920
2,880
2,880
2,200
-
592
555
13,726
11,554		 Company
2022
2021
£
£
134
199
7,920
7,920
2,880
2,880
2,200
-
592
555
13,726
11,554
11,554

Page 16

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

8. NET GAINS/(LOSSES) ON INVESTMENTS

Gain on disposal of investment assets
Gain (loss) on reval’n of investment property		 Group
2022
2021
£
£
109,230
33,268

(70,289)
27,400
38,941
60,668		 Company
2022
2021
£
£
-
-
-
-
-
-		 Company
2022
2021
£
£
-
-
-
-
-
-
-

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the year ended 30 June 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021.

10. AVERAGE STAFF NUMBERS

The average number of staff in the year was Nil (2021: Nil).

11. TAXATION

No current tax was payable in respect of the charitable company. Current tax payable in respect of the non-charitable subsidiaries was Nil (2021: Nil).

The movement in the income and expenditure account represents provision for deferred tax.

Page 17

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

12 . FIXED ASSET INVESTMENTS

Group

COST
At 1 July 2021
Additions
Distributions
At 30 June 2022
NET BOOK VALUE
At 30 June 2022
At 30 June 2021		 Unlisted
Investments
£
10,352,833
1,418,589
(1,250,694)
10,520,728
10,520,728
10,352,833

Company

COST
At 1 July 2021
Additions
Disposals
At 30 June 2022
NET BOOK VALUE
At 30 June 2022
At 30 June 2021		 Shares in
group
Unlisted
undertakings investments
£
£
104
7,631,885
-
793,118
-
(871,752)
104
7,553,251
104
7,553,251
104
7,631,885		 Totals
£
7,631,989
793,118
(871,752)
7,553,355
7,553,355
7,631,989

There were no investment assets outside the UK.

Rontades Limited owns 100% of the equity share capital of property investment companies registered in the UK being Hiltona Limited (year ended 31 March), Ironhawk Limited (year ended 30 June) and Twillam Limited (year ended 5 April). Rontades Limited has majority interests in property syndicates being 100% of Rotherham Estate Co (year ended 31 March) and 65% of Swiss Cottage Estate Co (year ended 31 March).

Page 18

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

12. FIXED ASSET INVESTMENTS - continued

The results of the subsidiaries included in the consolidated accounts are as follows:

Subsidiaries

Hiltona Limited

Registered number: 02877741
Nature of business: Property Investment
%
Class of shares:
holding
Ordinary
100.00
Aggregate capital and reserves
Profit/(Loss) for the year
Ironhawk Limited
Registered number: 01885811
Nature of business: Property Investment
%
Class of shares:
holding
Ordinary
100.00
Aggregate capital and reserves
(Loss)/Profit for the year
Twillam Limited
Registered number: 01621763
Nature of business: Property Investment
%
Class of shares:
holding
Ordinary
100.00
Aggregate capital and reserves
Profit/(Loss) for the year
Rotherham Estate Co (Syndicate)
%
holding
100.00
Aggregate capital and reserves
Profit/(Loss) for the year
Swiss Cottage Estate Co (Syndicate)
%
holding
65.00
Aggregate capital and reserves
(Loss)/profit for the year		 31.3.22
£
445,307
6,166
30.6.22
£
3,058,612
(85,289)
5.4.22
£
4,572,229
5,858
31.3.22
£
1,179,057
113,987
31.3.22
£
2,205,315
188,425		 31.3.21
£
439,141
(4,591)
30.6.21
£
3,143,901
-
5.4.21
£
4,566,371
33,114
31.3.21
£
1,357,766
119,038
31.3.21
£
2,131,397
190,384

Page 19

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

13. INVESTMENT PROPERTY

Group

FAIR VALUE
At 1 July 2021
Additions
Disposals
Revaluations
At 30 June 2022
NET BOOK VALUE
At 30 June 2022
At 30 June 2021		 Total
£
17,824,833
71,150
(235,000)
15,000
17,675,983
17,675,983
17,824,833

The historical cost of the investment properties at 30 June 2022 is £12,129,641 (2021: £12,208,202).

Company
FAIR VALUE
At 1 July 2021
Additions
At 30 June 2022
NET BOOK VALUE
At 30 June 2022
At 30 June 2021		 Total
£
5,837,338
71,149
5,908,487
5,908,487
5,837,338

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the charity’s trustees who have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 30 June 2022 is £5,809,825 (2021: £5,738,675).

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Amounts owed by subsidiaries
Other debtors		 Group
2022
2021
£
£
-
-
361,426
2,564,004
361,426
2,564,004		 Company
2022
2021
£
£
5,883,524
5,779,704
62,103
2,171,039
5,945,627
7,950,743

Page 20

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans (secured)
Other creditors
Accruals and deferred income		 Group
2022
2021
£
£
73,027
71,530
1,236,041
1,324,979
30,567
56,383
1,339,635
1,452,892		 Company
2022
2021
£
£
-
-
69,186
46,595
10,801
10,800
79,987
57,395

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

YEAR
Group
2022 2021
£ £
Bank loans (see note 17) 646,546 741,870
The bank loans are secured by legal charges over certain of the groups’ properties and a personal
guarantee from two of the Trustees. Additionally, the Blair Group of Companies has provided cross
guarantees.

17. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due between two and
five years:
Bank loans - 2-5 years
Amounts falling due in more than five
years:
Repayable by instalments
Bank loans more than 5 years by instalments		 Group
2022
2021
£
£
292,108
287,448
354,438
454,422

18. PROVISIONS FOR LIABILITIES

Balance at beginning of the year
Charge/(credit) for the year
Balance at end of the year		 Group
2022
2021
£
£
652,789
652,789
-
-
652,789
652,789		 Group
2022
2021
£
£
652,789
652,789
-
-
652,789
652,789
652,789

Deferred tax is recognised in respect of timing differences arising from the revaluation of assets classified as investments in the non-charitable subsidiary undertakings. Although the provision has been recognised in accordance with FRS 102, it is expected that the majority of the gains will be gifted for charitable purposes and such tax should not become payable.

Deferred tax has not been recognised in respect of revaluation of investments by the parent charitable company on the basis that all such gains will be applied for charitable purposes.

Page 21

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

19. MOVEMENT IN FUNDS Group


£
Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS		 At 1.7.21
£
22,883,206
4,871,840		 Incoming
resources
£
2,554,727
-		 Resources
expended
£
(2,915,449)
-		 Transfers
and gains
£
109,230
(70,289)		 Minority
interest
£
(65,949)
-		 At 30.6.22
£
22,565,765
4,801,551
27,755,046 2,554,727 (2,915,449) 38,941 (65,949) 27,367,316

Company


£
Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS		 At 1.7.21
£
21,584,707
98,713
21,683,420		 Incoming
resources
£
2,217,034
-
2,217,034		 Resources
expended
£
(2,546,499)
-
(2,546,499)		 Gains and
losses
£
-
-
-		 At 30.6.22
£
21,255,242
98,713
1 21,353,955

20. RELATED PARTY DISCLOSURES

At the year end the amount owed by the group to the trustees was £671,329 (2021: £791,659).

The group’s properties are managed by Blair Estates Limited, a company of which the trustees of the charity are also directors.

During the year a group company donated £190,000 to a charity in which a Director/Trustee has an interest.

Additional related party information is given in Note 14.

21. ULTIMATE CONTROLLING PARTY

The group is ultimately controlled by the board of trustees of Rontades Limited.

Page 21