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← Rontades Limited

2025-06-30-accounts

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

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 2025

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

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2025

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

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

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 2025. 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 group's investment income is derived from directly held property investments, syndicated real estate holdings and interest receipts. Despite broader economic uncertainty, group investment income grew by 5%, while investment management costs fell by 5%. The charity maintained its philanthropic programme in supporting organisations whose purposes align with its own objectives. Grant expenditure remained in line with the previous year. The charity also received unrestricted donations of £104,000 (2024: £115,000) from an affiliated charity. The group recorded a profit 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 £1,367,240 (2024: £363,803) and total reserves of £30,530,790 (2024: £29,163,550).

Review of subsidiaries

The charity’s subsidiaries continue to perform well, with a 27% growth in profit before the deduction of Gift Aid and interest payments to the parent company.

Page 2

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025

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 commit to further investment 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

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2025

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 2026 and signed on the board's behalf by: Signed by: J Blu fy Bier J S Bleier - Trustee

N Bleier – Trustee

Page 4

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

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 2025 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'.

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.

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:

Page 5

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RONTADES LIMITED

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

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RONTADES LIMITED

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

28 April 2026

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

Page 7

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025

2025
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
104,000
Investment income
3
2,805,828
Other income
3,220
Total income
2,913,048
EXPENDITURE ON
Raising funds
4
Investment management costs
281,605
Charitable activities
5
Charitable activities
2,542,966
Total expenditure
2,824,571
Net gains/(losses) on investments
8
1,828,864
NET INCOME/(LOSS) BEFORE TAXATION
1,917,341
Taxation
11
(233,250)
NET INCOME/(LOSS) AFTER TAXATION
1,684,091
Attributable to non-controlling interest
(316,851)
NET MOVEMENT IN FUNDS
1,367,240
RECONCILIATION OF FUNDS
Total funds brought forward
29,163,550
TOTAL FUNDS CARRIED FORWARD
30,530,790		 2024
Total
funds
£
115,000
2,672,273
-
2,787,273
296,304
2,576,609
2,872,913
62,281
(23,359)
(295,194)
(318,553)
(45,250)
(363,803)
29,527,353
29,163,550

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 8

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025

2025
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
104,000
Investment income
3
2,525,757
Total income
2,629,757
EXPENDITURE ON
Raising funds
4
Investment management costs
98,059
Charitable activities
5
Charitable activities
2,522,622
Total expenditure
2,620,680
Net gains/(losses) on investments
8
10,330
NET MOVEMENT IN FUNDS
19,408
RECONCILIATION OF FUNDS
Total funds brought forward
23,303,211
TOTAL FUNDS CARRIED FORWARD
23,322,619		 2024
Total
funds
£
115,000
2,352,692
2,467,692
49,531
2,558,409
2,607,940
-
(140,248)
23,443,459
23,303,211

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 9

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED (REGISTERED NUMBER: 01637128)

CONSOLIDATED BALANCE SHEET AND CHARITABLE COMPANY BALANCE SHEET AS AT 30 JUNE 2025

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
2025
2024
£
£
10,863,075
10,908,900
20,413,954
17,934,782
31,277,029
28,843,682
569,030
2,520,528
2,638,027
1,363,186
3,207,057
3,883,714
(1,244,399)
(1,320,594)
1,962,658
2,563,120
33,239,687
31,406,802
(449,878)
(503,741)
(1,181,233)
(947,983)
31,608,576
29,955,078
(1,077,786)
(791,528)
30,530,790
29,163,550
24,367,443
24,408,513
6,163,347
4,755,037
30,530,790
29,163,550		 Company
2025
2024
£
£
7,942,794
7,896,425
6,629,147
6,030,658
14,571,941
13,927,083
6,709,088
8,306,883
2,115,165
1,130,358
8,824,253
9,437,241
(73,575)
(61,112)
8,750,678
9,376,129
23,322,619
23,303,212
-
-
-
-
23,322,619
23,303,212
-
-
23,322,619
23,303,212
23,209,813
23,201,672
112,806
101,540
23,322,619
23,303,212

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

The notes form part of these financial statements

Page 10

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

BALANCE SHEET - CONTINUED AS AT 30 JUNE 2025

The Trustees have prepared group Financial Statements in accordance with section 399 of the Companies Act 2006 and section 138 of the Charities Act 2011. These Financial Statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved by the Board of Trustees on 28 April 2026 and were signed on its behalf by:

N Bleier – Trustee

The notes form part of these financial statements

Page 11

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025

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 generate by (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		 2025
£
1,686,080
(34,214)
1,651,866
(1,305,463)
(587,222)
1,351,286
16,840
147,534
(377,025)
1,274,839
1,363,186
2,638,027		 2024
£
521
(39,251)
(38,730)
(1,116,320)
(44,797)
958,022
62,310
290,854
150,069
111,339
1,251,847
1,363,186

The notes form part of these financial statements

Page 12

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025

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)/increase in creditors
Cash generated from operations		 2025
£
1,886,751
(1,908,790)
34,214
(147,534)
-
1,951,497
(130,058)
1,686,080		 2024
£
(54,600)
(62,281)
39,251
(290,854)
-
401,340
(32,335)
521

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 2025

Cash and cash equivalents
Year ended 30 June 2024
Cash and cash equivalents		 30.6.25
£
2,368,027
30.6.24
£
1,363,186		 1.7.24
£
1,363,186
1.7.23
£
1,251,847

The notes form part of these financial statements

Page 13

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

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

Going concern

There are no material uncertainties about the charity’s ability to continue as going concern.

2. DONATIONS AND LEGACIES

Donations received
3.
INVESTMENT INCOME
Rents receivable
Syndicate rental income
Interest receivable
Gift aid from subsidiaries
Lease extensions		 Group
2025
2024
£
£
104,000
115,000
Group
2025
2024
£
£
1,356,129
1,269,039
1,302,165
1,112,380
147,534
290,854
-
-
-
-
2,805,828
2,672,273		 Company
2025
2024
£
£
104,000
115,000
Company
2025
2024
£
£
376,024
355,108
643,053
627,823
538,753
680,250
967,927
689,511
-
-
2,525,757
2,352,692		 Company
2025
2024
£
£
104,000
115,000
Company
2025
2024
£
£
376,024
355,108
643,053
627,823
538,753
680,250
967,927
689,511
-
-
2,525,757
2,352,692
2,352,692

Page 15

Docusign Envelope ID: 049FB137-E1EE-8BCE-8211-71CC5850979A

RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

4. RAISING FUNDS Investment management costs

RAISING FUNDS
Investment management costs
Property expenditure
Bank interest payable
Administrative expenses		 Group
2025
2024
£
£
223,397
232,763
34,214
39,251
23,994
24,290
281,605
296,304		 Company
2025
2024
£
£
97,922
49,531
-
-
136
-
98,058
49,531
49,531

5. CHARITABLE ACTIVITIES COSTS Group

CHARITABLE ACTIVITIES COSTS
Group
Grant
funding of Support
activities costs Totals
(See note 6) (See note 7)
£ £ £
Charitable activities 2,505,000 37,966 2,542,966
Company
Grant
funding of Support
activities costs Totals
(See note 6) (See note 7)
£ £ £
Charitable activities 2,505,000 17,622 2,522,622

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RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

6. GRANTS PAYABLE

Group
2025
2024
£
£
Grants
2,505,000
2,542,208
All grants were institutional and are as follows:
Advancement of religion
Advancement of education
Relief of poverty
General purpose
Recipients of institutional grants:
Asser Bishvil Foundation
United Talmudical Associates Ltd
Parkwater Foundation
Chasdei Yitzok Charities Ltd
Yesamach Levav Trust
Low Cost Living Ltd
Friends of Toldos Avrohom Yitzchok
The New Rachmistrivke Synagogue Trust
Achisomoch Aid Company Ltd
Other grants (below £10,000)		 Company
2025
2024
£
£
2,505,000
2,542,208
2025
2024
£
£
1,089,000
919,400
7,500
36,750
1,408,500
1,500,000
-
86,058
2,505,000
2,542,208
1,100,000
640,000
200,000
200,000
150,000
100,000
50,000
38,000
11,000
16,000
2,505,000

7.

SUPPORT COSTS

SUPPORT COSTS
Support costs
Support costs, included in the above, are as
Bank charges
Auditors' remuneration
Auditors' remuneration for non audit work
Legal fees
General expenses		 Group
Governance costs
2025
2024
£
£
37,966
34,401
follows:
Group
2025
2024
£
£
312
334
8,700
7,920
23,910
21,080
4,866
4,883
178
184
37,966
34,401		 Company
Governance costs
2025
2024
£
£
17,622
16,201
Company
2025
2024
£
£
218
334
8,700
7,920
3,660
2,880
4,866
4,883
178
184
17,622
16,201
16,201

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RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

8. NET GAINS/(LOSSES) ON INVESTMENTS

Gain (loss) on disposal of investment assets
Gain (loss) on reval’n of investment property
 Group
2025
2024
£
£

(79,926)
-
1,908,790
62,281
1,828,864
62,281		 Company
2025
2024
£
£
(936)
-
11,266
-
10,330
-

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2025 nor for the year ended 30 June 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2025 nor for the year ended 30 June 2024.

10. STAFF COSTS

The average number of staff employed by the group during the year was NIL (2024: NIL).

11. TAXATION

Analysis of the tax charge

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

2025 2024
£ £
Current tax:
UK corporation tax - -
Deferred tax 233,250 295,194
Tax on unrealised profit 233,250 295,194

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RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

12 . FIXED ASSET INVESTMENTS

Group

COST
At 1 July 2024
Additions
Distributions
At 30 June 2025
NET BOOK VALUE
At 30 June 2025
At 30 June 2024		 Unlisted
Investments
£
10,908,900
1,305,460
(1,351,285)
10,863,075
10,863,075
10,908,900

Company

COST
At 1 July 2024
Additions
Distributions
At 30 June 2025
NET BOOK VALUE
At 30 June 2025
At 30 June 2024		 Shares in
group
Unlisted
undertakings investments
£
£
104
7,896,321
-
646,797
-
(600,428)
104
7,942,690
104
7,942,690
104
7,896,321		 Totals
£
7,896,425
646,797
(600,428)
7,942,794
7,942,794
7,896,425

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).

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RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

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		 31.3.25
£
454,367
30,225
30.6.25
£
3,184,595
-
5.4.25
£
5,210,386
920,910
31.3.25
£
1,210,301
119,099
31.3.25
£
2,384,871
141,775		 31.3.24
£
424,142
9,673
30.6.24
£
3,184,595
125,983
5.4.24
£
4,489,712
(315)
31.3.24
£
1,210,355
119,080
31.3.24
£
2,330,496
129,284

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RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

13. INVESTMENT PROPERTY

Group
FAIR VALUE
At 1 July 2024
Additions
Disposals
Revaluations

At 30 June 2025
NET BOOK VALUE
At 30 June 2025
At 30 June 2024		 Total
£
17,934,782
587,222
(16,840)
1,908,790
20,413,954
20,413,954
17,934,782

The historical cost of the group’s investment properties as at 30 June 2025 is £12,737,233 (2024: £12,166,851).

Company
FAIR VALUE
At 1 July 2024
Additions
Revaluations
At 30 June 2025
NET BOOK VALUE
At 30 June 2025
At 30 June 2024		 Total
£
6,030,658
587,222
11,266
6,629,146
6,629,146
6,030,658

The historical cost of the company’s investment properties as at 30 June 2025 is £6,519,578 (2024: £5,932,356).

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 has been carried out on an open market value basis, having regard to market transaction evidence for comparable properties in the same or adjacent locations.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Amounts owed by subsidiaries
Other debtors		 Group
2025
2024
£
£
-
-
569,030
2,520,528
569,030
2,520,528		 Company
2025
2024
£
£
6,327,217
6,058,015
381,871
2,248,868
6,709,088
8,306,883		 Company
2025
2024
£
£
6,327,217
6,058,015
381,871
2,248,868
6,709,088
8,306,883
8,306,883

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RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company Company
2025 2024 2025 2024
£ £ £ £
Bank loans (secured) 50,685 47,507 - -
Other creditors 1,161,383
1,239,939		 61,214 50,312
Accruals and deferred income 32,331 33,148 12,361 10,800
1,244,399 1,320,594 73,575 61,112
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
Group
2025 2024
£ £
Bank loans (see note 17) 449,878 503,741
The bank loans are secured by legal charges over certain of the groups’ properties.

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
18.
PROVISIONS FOR LIABILITIES
Balance at beginning of the year
Charge/(credit) for the year
Balance at end of the year

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.

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RONTADES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025

19. MOVEMENT IN FUNDS Group


£
Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS		 At 1.7.24
£
24,408,513
4,755,037
29,163,550		 Incoming
resources
£
2,913,048
-
2,913,048		 Resources
expended
£
(2,824,571)
-
(2,824,571)		 Gains and
losses
£
(79,926)
1,675,540
1,595,614		 Minority
interest
At 30.6.25
£
£
(49,621) 24,367,443
(267,230)
6,163,347		 Minority
interest
At 30.6.25
£
£
(49,621) 24,367,443
(267,230)
6,163,347
(316,851) 30,530,790

Company


£
Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS		 At 1.7.24
£
23,201,672
101,540
23,303,212		 Incoming
resources
£
2,629,757
-
2,629,757		 Resources
expended
£
(2,620,680)
-
(2,620,680)		 Gains and
losses
£
(936)
11,266
10,330		 At 30.6.25
£
23,209,813
112,806
23,322,619

20. RELATED PARTY DISCLOSURES

At the year end the amount owed by the group to the trustees/directors was £554,151 (2024: £634,421).

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 by the group to Blair Estates Ltd was £34,547 (2024: £360,104 owed by Blair Estates Ltd).

The charity received unrestricted donations totalling £104,000 (2024: £115,000) from Soimech Noiflim, a charity with trustees in common.

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

Chasdei Yitzok Charities Ltd 200,000 Parkwater Foundation 200,000

These charities received £200,000 in aggregate in the previous year.

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