**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 Sheet**10 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: 

- 1) the advancement of religion in accordance with the orthodox Jewish faith, 

- 2) the relief of poverty, and 

- 3) for such other purposes as are recognised by English law as charitable 

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 

- -- select suitable accounting policies and then apply them consistently; 

- -- observe the methods and principles in the Charity SORP; 

- -- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statement; 

- -- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

## **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: 

- give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our 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: 

- the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or 

- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 

## **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: 

- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or 

- the charitable company has not kept adequate accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **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|<br>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)|<br>(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 

- (a)  ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and 

- (b)  preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 

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|<br>1,110,000|115,000|1,110,000|
|**INVESTMENT INCOME**|||||
|||**Group**|**Company**||
||**2024**|**2023**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Rents receivable|1,269,039|<br>1,408,148|355,108|342,652|
|Syndicate rental income|1,112,380|<br>1,306,745|627,823|830,534|
|Interest receivable|290,854|<br>169,673|680,250|504,878|
|Gift aid from subsidiaries|-|<br>-|689,511|948,845|
|Lease extensions|-|<br>30,000|-|-|
||2,672,273|<br>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**<br>**Investment management costs**|||||
|---|---|---|---|---|
|||**Group**|**Company**||
||**2024**|**2023**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Property expenditure|232,763|<br>174,160|49,531|38,782|
|Bank interest payable|39,251|<br>26,201|-|-|
|Administrative expenses|24,290|<br>23,393|-|-|
||296,304|<br>223,754|49,531|38,782|



## **5. CHARITABLE ACTIVITIES COSTS Group** 

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


## **7. SUPPORT COSTS** 

|**SUPPORT COSTS**|||||
|---|---|---|---|---|
|||**Group**|**Company**||
||**Governance costs**||**Governance**|**costs**|
||**2024**|**2023**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Support costs|34,401|<br>32,884|16,201|14,656|
|Support costs, included in the above, are as follows:|||||
|||**Group**|**Company**||
||**2024**|**2023**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Bank charges|334|<br>184|334|184|
|Auditors' remuneration|7,920|<br>7,920|7,920|7,920|
|Auditors' remuneration for non audit work|21,080|<br>21,108|2,880|2,880|
|Legal fees|4,883|<br>3,371|4,883|3,371|
|General expenses|184|<br>301|184|301|
||34,401<br>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**|<br>**2023**||
|**£**||**£**|**£**|**£**||
|Gain on disposal of investment assets|-|(82,661)||-|-|
|Gain (loss) on reval<br>n of investment property<br>62,281||162,137||-<br>2,828||
|62,281||79,476||-<br>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 -----**<br>
||
|---|
|Analysis of the tax charge|

**----- End of picture text -----**<br>


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

|**Analysis of the tax charge**<br>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**|<br>**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||<br>2,921,867|||2,248,868|2,633,951|
||2,520,528||<br>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 -----**<br>
Group  Company<br>2024  2023  2024  2023<br>£  £  £  £<br>Bank loans (secured)  47,507  62,026  -  -<br>Other creditors  1,239,939  1,187,132  50,312  64,432<br>Accruals and deferred income  33,148  30,821  10,800  10,801<br>1,320,594  1,279,979  61,112  75,233<br>16.  CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE<br>YEAR<br>Group<br>2024  2023<br>£  £<br>Bank loans (see note 17)   503,741 576,690<br> properties.<br>17. LOANS<br>An analysis of the maturity of loans is given below:<br>Group<br>2024  2023<br>£  £<br>Amounts falling due between two and<br>five years:<br>Bank loans - 2-5 years  190,028  248,104<br>Amounts falling due in more than five<br>years:<br>Repayable by instalments<br>Bank loans more than 5 years by instalments  313,713  328,586<br>18. PROVISIONS FOR LIABILITIES<br>Group<br>2024  2023<br>£  £<br>Balance at beginning of the year  652,789  652,789<br>Charge/(credit) for the year  295,194  -<br>Balance at end of the year  947,983  652,789<br>**----- End of picture text -----**<br>


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