OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Rontades Limited

2024-06-30-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 2024

RONTADES LIMITED

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

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 2024

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
92 Ann Street
Belfast BT1 3HH
Barclays Bank plc
1 Churchill Place
London
E14 5HP

Page 1

RONTADES LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

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 2024. 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.

income decreased by close to 8%, which is partly attributable to the interest rate environment which some of its syndicated investments are exposed to; investment management costs increased by 32%. In spite of the reduction in income, the charity continued its philanthropic activities and increased its support of organisations whose objects accord with those of the charity. Grants paid increased by almost 60%. The charity received unrestricted donations of £115,000 from a related charity. The group posted a deficit for the year which was funded from reserves held.

Financial review

Financial position

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

The group Consolidated Statement of Financial Activities shows a deficit of £363,803 (2023: £2,160,037 surplus) and total reserves of £29,163,550 (2023: £29,527,353).

Review of subsidiaries

despite a reduction in profit (before gift-aid to 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 2024

STRATEGIC REPORT Financial review

Investment policy and objectives

The group policy is for the subsidiary companies to pay over their profits, which would otherwise be liable to UK corporation tax, to Rontades Limited 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 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 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 Percentage
Company Registration Number Shareholding
Hiltona Limited 02877741 100%
Ironhawk Limited 01885811 100%
Twillam Limited 01621763 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 2024

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 28 April 2025 and signed on the board's behalf by: fee

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 for the year ended 30 June 2024 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 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 , 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 r 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

28 April 2025

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 2024

2024 2023
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 115,000 1,110,000
Investment income 3 2,672,273 2,914,566
Total income 2,787,273 4,024,566
EXPENDITURE ON
Raising funds 4
Investment management costs 296,304 223,754
Charitable activities 5
Charitable activities 2,576,609 1,629,679
Total expenditure 2,872,913 1,853,433
Net gains/(losses) on investments 8 62,281 79,476
NET INCOME/(LOSS) BEFORE TAXATION (23,359) 2,250,609
Taxation 11 (295,194) -
NET INCOME/(LOSS) AFTER TAXATION (318,553) 2,250,609
Attributable to non-controlling interest (45,250) (90,572)
NET MOVEMENT IN FUNDS (363,803) 2,160,037
RECONCILIATION OF FUNDS
Total funds brought forward 29,527,353 27,367,316
TOTAL FUNDS CARRIED FORWARD 29,163,550 29,527,353

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 2024

2024 2023
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 115,000 1,110,000
Investment income 3 2,352,692 2,626,909
Total income 2,467,692 3,736,909
EXPENDITURE ON
Raising funds 4
Investment management costs 49,531 38,782
Charitable activities 5
Charitable activities 2,558,409 1,611,451
Total expenditure 2,607,940 1,650,233
Net gains/(losses) on investments 8 - 2,828
NET MOVEMENT IN FUNDS (140,248) 2,089,504
RECONCILIATION OF FUNDS
Total funds brought forward 23,443,459 21,353,955
TOTAL FUNDS CARRIED FORWARD 23,303,211 23,443,459

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 2024

Group Group Company Company
2024 2023 2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 12 10,908,900 10,750,600 7,896,425 7,850,493
Investment property 13 17,934,782 17,890,015 6,030,658 5,985,861
28,843,682 28,640,615 13,927,083 13,836,354
CURRENT ASSETS
Debtors 14 2,520,528 2,921,867 8,306,883 8,851,707
Cash at bank and in hand 1,363,186 1,251,847 1,130,358 830,631
3,883,714 4,173,714 9,437,241 9,682,338
CREDITORS
Amounts falling due within one year
15		 (1,320,594) (1,279,979) (61,112) (75,233)
NET CURRENT ASSETS 2,563,120 2,893,735 9,376,129 9,607,105
TOTAL ASSETS LESS CURRENT
LIABILITIES 31,406,802 31,534,350 23,303,212 23,443,459
CREDITORS
Amounts falling due after more than one
year 16 (503,741) (576,690) - -
Provisions for liabilities 18 (947,983)
(652,789)		 - -
NET ASSETS 29,955,078 30,304,871 23,303,212 23,443,459
Non-controlling interest (791,528) (777,518) - -
NET ASSETS ATTRIBUTABLE TO
THE PARENT CHARITABLE COMPANY 29,163,550 29,527,353 23,303,212 23,443,459
FUNDS OF THE CHARITY
Unrestricted funds 19 24,408,513 24,539,403 23,201,672 23,341,919
Fair value reserve 19 4,755,037 4,987,950 101,540 101,540
TOTAL CHARITY FUNDS 29,163,550 29,527,353 23,303,212 23,443,459

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 2024

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024, 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 2024 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 28 April 2025 and were signed on its behalf by: fee 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 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 521 (747,323)
Interest paid (39,251) (26,201)
Net cash provided by (used in) operating
activities (38,730) (773,524)
Cash flows from investing activities
Purchase of fixed asset investments (1,116,320) (1,565,631)
Purchase of investment property (44,797) (100,023)
Sale of fixed asset investments 958,022 1,278,576
Sale of investment property 62,310 22,650
Interest received 290,854 169,673
Net cash generate by (used in) investing
activities 150,069 (194,755)
Change in cash and cash equivalents in the
reporting period 111,339 (968,279)
Cash and cash equivalents at the
beginning of the reporting period 2 1,251,847 2,220,126
Cash and cash equivalents at the end
of the reporting period 2 1,363,186 1,251,847

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 2024

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

2024 2023
£ £
Net income for the reporting period (as per the statement of
Financial activities) (54,600) 2,165,578
Adjustments for:
Gains on investments (62,281) (162,137)
Interest paid 39,251 26,201
Interest received (290,854) (169,673)
(Gains)/losses on investment assets - 82,661
Decrease/(increase) in debtors 401,340 (3,030,872)
(Decrease)/increase in creditors (32,335) 340,919
Cash generated from operations 521 (747,323)

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 2024

Year ended 30 June 2024
30.6.24 1.7.23
£ £
Cash and cash equivalents 1,363,186 1,251,847
Year ended 30 June 2023
30.6.23 1.7.22
£ £
Cash and cash equivalents 1,251,847 2,220,126

The notes form part of these financial statements

Page 13

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

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

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 2024

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

as going concern.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Group Company
2024 2023 2024 2023
£ £ £ £
Donations received 115,000
1,110,000		 115,000 1,110,000
INVESTMENT INCOME
Group Company
2024 2023 2024 2023
£ £ £ £
Rents receivable 1,269,039
1,408,148		 355,108 342,652
Syndicate rental income 1,112,380
1,306,745		 627,823 830,534
Interest receivable 290,854
169,673		 680,250 504,878
Gift aid from subsidiaries -
-		 689,511 948,845
Lease extensions -
30,000		 - -
2,672,273
2,914,566		 2,352,692 2,626,909

3. INVESTMENT INCOME

Page 15

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

4. RAISING FUNDS Investment management costs

RAISING FUNDS
Investment management costs
Group Company
2024 2023 2024 2023
£ £ £ £
Property expenditure 232,763
174,160		 49,531 38,782
Bank interest payable 39,251
26,201		 - -
Administrative expenses 24,290
23,393		 - -
296,304
223,754		 49,531 38,782

5. CHARITABLE ACTIVITIES COSTS Group

CHARITABLE ACTIVITIES COSTS
Group
Grant
funding of Support
activities costs Totals
(See note 6) (See note 7)
£ £ £
Charitable activities 2,542,208 34,401 2,576,609
Company
Grant
funding of Support
activities costs Totals
(See note 6) (See note 7)
£ £ £
Charitable activities 2,542,208 16,201 2,558,409

Page 16

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

6. GRANTS PAYABLE

==> picture [447 x 403] intentionally omitted <==

----- Start of picture text -----
Group Company
2024 2023 2024 2023
£ £ £ £
Grants 2,542,208 1,596,795 2,542,208 1,596,795
All grants were institutional and are as follows:
2024 2023
£ £
Advancement of religion 919,400 518,605
Advancement of education 36,750 6,340
Relief of poverty 1,500,000 118,440
Social welfare - 1,250
Medical - 8,000
General purpose 86,058 944,160
2,542,208 1,596,795
Recipients of institutional grants:
Asser Bishvil Foundation 1,100,000
United Talmudical Associates Ltd 595,000
Chesed Charity Trust 202,500
Yesamach Levav 150,000
Parkwater Foundation 100,000
Chasdei Yitzok Charities Ltd 100,000
Low Cost Living Ltd 100,000
Greatgreen Ltd 83,558
Achisomoch Aid Company Ltd 44,000
25,000
Ezer Mikoidesh Foundation 15,400
Other grants (below £10,000) 26,750
2,542,208
----- End of picture text -----

7. SUPPORT COSTS

SUPPORT COSTS
Group Company
Governance costs Governance costs
2024 2023 2024 2023
£ £ £ £
Support costs 34,401
32,884		 16,201 14,656
Support costs, included in the above, are as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Bank charges 334
184		 334 184
Auditors' remuneration 7,920
7,920		 7,920 7,920
Auditors' remuneration for non audit work 21,080
21,108		 2,880 2,880
Legal fees 4,883
3,371		 4,883 3,371
General expenses 184
301		 184 301
34,401
32,884		 16,201 14,656

Page 17

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

8. NET GAINS/(LOSSES) ON INVESTMENTS

Group Company Company
2024 2023 2024
2023
£ £ £ £
Gain on disposal of investment assets - (82,661) - -
Gain (loss) on reval
n of investment property
62,281		 162,137 -
2,828
62,281 79,476 -
2,828

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.

10. STAFF COSTS

The average number of staff employed by the group during the year was NIL (2023: NIL).

11. TAXATION

==> picture [125 x 10] intentionally omitted <==

----- Start of picture text -----
|| |---| |Analysis of the tax charge|

----- End of picture text -----

The tax charge on the profit for the year was as follows:

Analysis of the tax charge
The tax charge on the profit for the year was as		 follows:
2024 2023
£ £
Current tax:
UK corporation tax - -
Deferred tax 295,194 -
Tax on profit 295,194 -

Page 18

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

12 . FIXED ASSET INVESTMENTS

Group

Group
Unlisted
Investments
£
COST
At 1 July 2023 10,750,600
Additions 1,293,919
Distributions (1,135,619)
At 30 June 2024 10,908,900
NET BOOK VALUE
At 30 June 2024 10,908,900
At 30 June 2023 10,750,600

Company

Company
Shares in
group
Unlisted
undertakings investments Totals
£ £ £
COST
At 1 July 2023 104 7,850,389 7,850,493
Additions - 632,078 632,078
Disposals - (586,146) (586,146)
At 30 June 2024 104 7,896,321 7,896,425
NET BOOK VALUE
At 30 June 2024 104 7,896,321 7,896,425
At 30 June 2023 104 7,850,389 7,850,493

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 investment 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 2024

12. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Hiltona Limited

Hiltona Limited
Registered number: 02877741
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£ £
Aggregate capital and reserves 424,142 414,469
Profit/(Loss) for the year 9,673 (30,838)
Ironhawk Limited
Registered number: 01885811
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£ £
Aggregate capital and reserves 3,184,595 3,058,612
(Loss)/Profit for the year 125,983 -
Twillam Limited
Registered number: 01621763
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 100.00
5.4.24 5.4.23
£ £
Aggregate capital and reserves 4,489,712 4,490,027
Profit/(Loss) for the year (315) (82,202)
Rotherham Estate Co (Syndicate)
%
holding
100.00
31.3.24 31.3.23
£ £
Aggregate capital and reserves 1,210,355 1,210,854
Profit/(Loss) for the year 119,080 118,942
Swiss Cottage Estate Co (Syndicate)
%
holding
65.00
31.3.24 31.3.23
£ £
Aggregate capital and reserves 2,330,496 2,290,472
(Loss)/profit for the year 129,284 328,100

Page 20

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

13. INVESTMENT PROPERTY

Group
Total
£
FAIR VALUE
At 1 July 2023 17,890,015
Additions 44,767
Disposals (62,310)
Revaluations 62,310
At 30 June 2024 17,934,782
NET BOOK VALUE
At 30 June 2024 17,934,782
At 30 June 2023 17,890,015

The historical cost of the investment properties as at 30 June 2024 is £12,166,851 (2023: £12,184,364).

Company

Total
£
FAIR VALUE
At 1 July 2023 5,985,861
Additions 44,797
At 30 June 2024 6,030,658
NET BOOK VALUE
At 30 June 2024 6,030,658
At 30 June 2023 5,985,861

The historical cost of investment properties as at 30 June 2024 is £5,932,356 (2023: £5,887,559).

The fair value of investment properties has been arrived at on the basis of a valuation carried out by exercise, the valuation was made on an investment yield basis.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company Company
2024 2023 2024 2023
£ £ £ £
Amounts owed by subsidiaries - - 6,058,015 6,217,756
Other debtors 2,520,528
2,921,867		 2,248,868 2,633,951
2,520,528
2,921,867		 8,306,883 8,851,707

Page 21

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

==> picture [474 x 516] intentionally omitted <==

----- Start of picture text -----
Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans (secured) 47,507 62,026 - -
Other creditors 1,239,939 1,187,132 50,312 64,432
Accruals and deferred income 33,148 30,821 10,800 10,801
1,320,594 1,279,979 61,112 75,233
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
Group
2024 2023
£ £
Bank loans (see note 17) 503,741 576,690
properties.
17. LOANS
An analysis of the maturity of loans is given below:
Group
2024 2023
£ £
Amounts falling due between two and
five years:
Bank loans - 2-5 years 190,028 248,104
Amounts falling due in more than five
years:
Repayable by instalments
Bank loans more than 5 years by instalments 313,713 328,586
18. PROVISIONS FOR LIABILITIES
Group
2024 2023
£ £
Balance at beginning of the year 652,789 652,789
Charge/(credit) for the year 295,194 -
Balance at end of the year 947,983 652,789
----- End of picture text -----

Deferred tax is recognised in respect of timing differences arising from the revaluation of fixed asset investments in the non-charitable subsidiary undertakings, net of any unrelieved tax losses as at the balance sheet date. Although the provision has been recognised in accordance with FRS 102, it is expected that any gains will be gifted to the parent charity for charitable purposes and such tax should not become payable.

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.

Page 22

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024

19. MOVEMENT IN FUNDS Group

Incoming Resources Transfers Minority
At 1.7.23 resources expended and gains interest At 30.6.24
£ £ £ £ £ £ £
Unrestricted funds
General fund 24,539,403 2,787,273 (2,872,913) - (45,250) 24,408,513
Fair value reserve 4,987,950 - (295,194) 62,281 - 4,755,037
TOTAL FUNDS 29,527,353 2,787,273 (3,168,107) 62,281 (45,250) 29,163,550

Company

Incoming Resources Gains and
At 1.7.23 resources expended losses At 30.6.24
£ £ £ £ £ £
Unrestricted funds
General fund 23,341,919 2,467,693 (2,607,940) - 23,201,672
Fair value reserve 101,540 - - - 101,540
TOTAL FUNDS 23,443,459 2,467,693 (2,607,940) - 23,303,212

20. RELATED PARTY DISCLOSURES

At the year end the amount owed by the group to the trustees/directors was £634,421 (2023: £613,360).

the charity are also directors. At the year end the balance owing to the group by Blair Estates Ltd was £360,104 (2023: £120,727).

The charity received unrestricted donations totalling £115,000 (2023: £110,000) from Soimech Noiflim, a charity with trustees in common, (2023: £1,000,000 from a charity with a trustee in common).

Charitable donations paid during the year include grants made to the following charitable organisations with trustees in common with this charity:

Parkwater Foundation 100,000
Chasdei Yitzok Charities Ltd 100,000
Greatgreen Ltd 83,558

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