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2023-06-30-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 2023

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 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 4
Report of the Independent Auditors 5 to 7
Consolidated Statement of Financial Activities 8
Company Statement of Financial Activities 9
Consolidated Balance Sheet and Charitable Company Balance Sheet10 to 11
Consolidated Cash Flow Statement 12
Notes to the Consolidated Cash Flow Statement 13
Notes to the Consolidated Financial Statements 14 to 23

RONTADES LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2023

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 2023

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 2023. 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:

To achieve the objects, the charity makes grants to various charitable organisations and institutions that accord with the objectives of the charity. These grants are regularly monitored to ensure compliance with the objects 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 institutions. All applications are carefully considered, discreetly and with sympathy and help is given according to circumstances and funds then available.

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. The charity received unrestricted donations of £1.1m from related parties; group investment income increased by almost 19%, with an increase of close to 12% in investment management costs. The group’s investment income comprises income from property, syndicates and interest. Overall, the group posted a surplus for the year.

Financial review

Financial position

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

The group Consolidated Statement of Financial Activities shows a surplus of £2,160,037 (2022: £387,730 deficit) and total reserves of £29,527,353 (2022: £27,367,316).

Review of subsidiaries

The charity’s subsidiaries continued to perform well with an overall increase in profit (before gift-aid to parent) of just over 40%, with a commensurate increase in profits gift-aided to the parent. Interest continues to be paid by the subsidiaries on loans from the parent charitable company.

Page 2

RONTADES LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023

STRATEGIC REPORT Financial review

Investment policy and objectives

The group policy is for the subsidiary companies to their profits gift-aid which would otherwise be liable to UK corporation tax, to Rontades Limited. 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 qualified 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 confirm that they have established systems to mitigate those risks.

It is the policy of the trustees to carry out a risk review before granting loans, purchasing property or investing 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
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 2023

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 11 April 2024 and signed on the board's behalf by:

J S Bleier - Trustee

N 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 'parent charitable company') and its subsidiaries (‘the group’) for the year ended 30 June 2023 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.

In our opinion the financial statements:

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

11 April 2024

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

Page 7

RONTADES LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2023

2023
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
1,110,000
Investment income
3
2,914,566
Total income
4,024,566
EXPENDITURE ON
Raising funds
4
Investment management costs
223,754
Charitable activities
5
Charitable activities
1,629,679
Total expenditure
1,853,433
Net gains/(losses) on investments
8
79,476
NET INCOME/(LOSS) BEFORE TAXATION
2,250,609
Taxation
11
-
NET INCOME/(LOSS) AFTER TAXATION
2,250,609
Attributable to non-controlling interest
(90,572)
NET MOVEMENT IN FUNDS
2,160,037
RECONCILIATION OF FUNDS
Total funds brought forward
27,367,316
TOTAL FUNDS CARRIED FORWARD
29,527,353		 2022
Total
funds
£
95,000
2,459,728
2,554,728
200,413
2,715,037
2,915,450
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 8

RONTADES LIMITED

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2023

2023
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
1,110,000
Investment income
3
2,626,909
Total income
3,736,909
EXPENDITURE ON
Raising funds
4
Investment management costs
38,782
Charitable activities
5
Charitable activities
1,611,451
Total expenditure
1,650,233
Net gains/(losses) on investments
8
2,828
NET MOVEMENT IN FUNDS
2,089,504
RECONCILIATION OF FUNDS
Total funds brought forward
21,353,955
TOTAL FUNDS CARRIED FORWARD
23,443,459		 2022
Total
funds
£
95,000
2,122,034
2,217,034
39,328
2,507,171
2,546,499
-
(329,465)
21,683,420
21,353,955

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 9

RONTADES LIMITED (REGISTERED NUMBER: 01637128)

CONSOLIDATED BALANCE SHEET AND CHARITABLE COMPANY BALANCE SHEET AS AT 30 JUNE 2023

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
2023
2022
£
£
10,750,600
10,520,728
17,890,015
17,675,983
28,640,615
28,196,711
2,921,867
361,426
1,251,847
2,220,126
4,173,714
2,581,552
(1,279,979)
(1,339,635)
2,893,735
(1,241,917)
31,534,350
29,438,628
(576,690)
(646,546)
(652,789)
(652,789)
30,304,871
28,139,293
(777,518)
(771,977)
29,527,353
27,367,316
24,539,403
22,565,766
4,987,950
4,801,550
29,527,353
27,367,316		 Company
2023
2022
£
£
7,850,493
7,553,355
5,985,861
5,908,487
13,836,354
13,461,842
8,851,707
5,945,627
830,631
2,026,473
9,682,338
7,972,100
(75,233)
(79,987)
9,607,105
7,892,113
23,443,459
21,353,955
-
-
-
-
23,443,459
21,353,955
-
-
23,443,459
21,353,955
23,341,919
21,255,242
101,540
98,713
23,443,459
21,353,955

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

The notes form part of these financial statements

Page 10

RONTADES LIMITED

BALANCE SHEET - CONTINUED AS AT 30 JUNE 2023

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023, 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 2023 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 11 April 2024 and were signed on its behalf by:

J S Bleier - Trustee

N Bleier – Trustee

The notes form part of these financial statements

Page 11

RONTADES LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023

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		 2023
£
(747,323)
(26,201)
(773,524)
(1,565,631)
(100,023)
1,278,576
22,650
169,673
(194,755)
(968,279)
2,220,126
1,251,847		 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

The notes form part of these financial statements

Page 12

RONTADES LIMITED

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023

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		 2023
£
2,165,578
(162,137)
26,201
(169,673)
82,661
(3,030,872)
340,919
(747,323)		 2022
£
(361,859)
(109,230)
14,737
(132,686)
70,289
2,202,578
(208,581)
1,475,248

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 2023

Year ended 30 June 2023
Cash and cash equivalents
Year ended 30 June 2022
Cash and cash equivalents		 30.6.23
£
1,251,847
30.6.22
£
2,220,126		 1.7.22
£
2,220,126
1.7.21
£
607,033

The notes form part of these financial statements

Page 13

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

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 14

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

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
3.
INVESTMENT INCOME
Rents receivable
Syndicate rental income
Interest receivable
Gift aid from subsidiaries
Lease extensions		 Group
2023
2022
£
£
1,110,000
95,000
Group
2023
2022
£
£
1,408,148
1,176,470
1,306,745
1,150,572
169,673
132,686
-
-
30,000
-
2,914,566
2,459,728		 Company
2023
2022
£
£
1,110,000
95,000
Company
2023
2022
£
£
342,652
316,308
830,534
793,115
504,878
344,738
948,845
667,873
-
-
2,626,909
2,122,034		 Company
2023
2022
£
£
1,110,000
95,000
Company
2023
2022
£
£
342,652
316,308
830,534
793,115
504,878
344,738
948,845
667,873
-
-
2,626,909
2,122,034
2,122,034

Page 15

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

4. RAISING FUNDS Investment management costs

Property expenditure
Bank interest payable
Administrative expenses
CHARITABLE ACTIVITIES COSTS
Group

Charitable activities
Company

Charitable activities		 Group
Company
2023
2022
2023
2022
£
£
£
£
174,160
161,215
38,782
39,328
26,201
14,737
-
-
23,393
24,461
-
-
223,754
200,413
38,782
39,328
Grant
funding of
activities
Support
costs
Totals
(See note 6) (See note 7)
£
£
£
1,596,795
32,884
1,629,679
Grant
funding of
activities
Support
costs
Totals
(See note 6) (See note 7)
£
£
£
1,596,795
14,656
1,611,451

5. CHARITABLE ACTIVITIES COSTS Group

Page 16

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

6. GRANTS PAYABLE

Group
2023
2022
£
£
Grants
1,596,795
2,683,445
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:
Asser Bishvil Foundation
United Talmudical Associates Ltd
The Pesach Project
Achisomoch Aid Company Ltd
Other grants (below £10,000)		 Company
2023
2022
£
£
1,596,795
2,493,445
2023
2022
£
£
518,605
1,297,985
6,340
37,240
118,440
227,130
1,250
1,290
8,000
29,550
944,160
1,090,250
1,596,795
2,683,445
950,000
450,000
100,000
39,480
57,315
1,596,795

7.

SUPPORT COSTS

Support costs Group
Governance costs
2023
2022
£
£
32,884
31,592		 Company
Governance costs
2023
2022
£
£
14,656
13,726

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

Bank charges
Auditors' remuneration
Auditors' remuneration for non audit work
Legal fees
General expenses		 Group
2023
2022
£
£
184
134
7,920
7,920
21,108
20,746
3,371
2,200
301
592
32,884
31,592		 Company
2023
2022
£
£
184
134
7,920
7,920
2,880
2,880
3,371
2,200
301
592
14,656
13,726		 Company
2023
2022
£
£
184
134
7,920
7,920
2,880
2,880
3,371
2,200
301
592
14,656
13,726
13,726

Page 17

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

8. NET GAINS/(LOSSES) ON INVESTMENTS

Gain on disposal of investment assets
Gain (loss) on reval’n of investment property		 Group
2023
2022
£
£
(82,661)
109,230

162,137
(70,289)
79,476
38,941		 Company
2023
2022
£
£
-
-
2,828
-
2,828
-		 Company
2023
2022
£
£
-
-
2,828
-
2,828
-
-

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.

10. STAFF COSTS

The average number of staff employed by the group during the year was NIL (2022: 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 (2022: NIL).

Movements in the income and expenditure account represent provisions for deferred tax.

Page 18

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

12 . FIXED ASSET INVESTMENTS

Group
COST
At 1 July 2022
Additions
Distributions
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022		 Unlisted
Investments
£
10,520,728
1,780,123
(1,550,251)
10,750,600
10,750,600
10,520,728

Company

COST
At 1 July 2022
Additions
Disposals
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022		 Shares in
group
Unlisted
undertakings investments
£
£
104
7,553,251
-
1,043,145
-
(746,007)
104
7,850,389
104
7,850,389
104
7,553,251		 Totals
£
7,553,355
1,043,145
(746,007)
7,850,493
7,850,493
7,553,355

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 19

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

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		 31.3.23
£
414,469
(30,838)
30.6.23
£
3,058,612
-
5.4.23
£
4,490,027
(82,202)
31.3.23
£
1,210,854
118,942
31.3.23
£
2,290,472
328,100		 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

Page 20

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

13. INVESTMENT PROPERTY

Group
FAIR VALUE
At 1 July 2022
Additions
Disposals
Revaluations

At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022		 Total
£
17,675,983
77,373
(22,650)
159,309
17,890,015
17,890,015
17,675,983

The historical cost of the group’s investment properties as at 30 June 2023 is £12,184,364 (2022: £12,129,641).

Company

FAIR VALUE
At 1 July 2022
Additions
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022		 Total
£
5,908,487
77,374
5,985,861
5,985,861
5,908,487

The historical cost of the company’s investment properties as at 30 June 2023 is £5,887,559 (2022: £5,809,825).

The fair value of 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 investment yield basis.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Amounts owed by subsidiaries
Other debtors		 Group
2023
2022
£
£
-
-
2,921,867
361,426
2,921,867
361,426		 Company
2023
2022
£
£
6,217,756
5,883,524
2,633,951
62,103
8,851,707
5,945,627

Page 21

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans (secured)
Other creditors
Accruals and deferred income		 Group
2023
2022
£
£
62,026
73,027
1,187,132
1,236,041
30,821
30,567
1,279,979
1,339,635		 Company
2023
2022
£
£
-
-
64,432
69,186
10,801
10,801
75,233
79,987		 Company
2023
2022
£
£
-
-
64,432
69,186
10,801
10,801
75,233
79,987
79,987

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

Bank loans (see note 17) Group
2023
2022
£
£
576,690
646,546

The bank loans are secured by legal charges over certain of the groups’ properties and a personal guarantee from two of the Trustees.

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
PROVISIONS FOR LIABILITIES
Balance at beginning of the year
Charge/(credit) for the year
Balance at end of the year		 Group
2023
2022
£
£
248,104
292,108
328,586
354,438
Group
2023
2022
£
£
652,789
652,789
-
-
652,789
652,789		 Group
2023
2022
£
£
248,104
292,108
328,586
354,438
Group
2023
2022
£
£
652,789
652,789
-
-
652,789
652,789
652,789

18. PROVISIONS FOR LIABILITIES

There are no deferred tax provisions for the parent charitable company as it is exempt from tax due to its charitable status on the basis that all income and gains will be applied solely for qualifying charitable purposes.

Deferred tax is recognised in respect of timing differences arising from the revaluation of fixed asset investments in the non-charitable subsidiary undertakings. Although the provision has been recognised in accordance with FRS 102 previously, the figures are not reflective of current rates of taxation as it is expected that any gains will be gifted for charitable purposes and such tax should not become payable.

Page 22

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

19. MOVEMENT IN FUNDS Group


£
Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS		 At 1.7.22
£
22,565,766
4,801,550
27,367,316		 Incoming
resources
£
4,024,566
-
4,024,566		 Resources
expended
£
(1,853,433)
-
(1,853,433)		 Transfers
and gains
£
(82,661)
162,137
79,476		 Minority
interest
At 30.6.23
£
£
(114,835) 24,539,403
24,263
4,987,950
(90,572)
29,527,353

Company


£
Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS		 At 1.7.22
£
21,255,242
98,713
21,353,955		 Incoming
resources
£
3,736,910
-
3,736,910		 Resources
expended
£
(1,650,233)
-
(1,650,233)		 Gains and
losses
£
-
2,827
2,827		 At 30.6.23
£
23,341,919
101,540
1 23,443,459

20. RELATED PARTY DISCLOSURES

At the year end the amount owed by the group to the trustees/directors was £613,360 (2022: £671,329).

The group’s properties are managed by Blair Estates Limited, a company of which the trustees of the charity are also directors; at the year end the balance owing to the group by Blair Estates Ltd was £120,727 (2022: £40,128).

The charity received unrestricted donations totalling £1,110,000 from charities with trustees in common (2022: £95,000).

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 23