REGISTERED COMPANY NUMBER: 08410802 (England and Wales) REGISTERED CHARITY NUMBER: 1152603
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 28 February 2021
for
Asate Ltd
Martin+Heller 5 North End Road London NW11 7RJ
Asate Ltd
Contents of the Financial Statements for the Year Ended 28 February 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Cash Flow Statement | 8 |
| Notes to the Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 15 |
| Detailed Statement of Financial Activities | 16 |
Asate Ltd
Report of the Trustees for the Year Ended 28 February 2021
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 28 February 2021. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was formed for the advancement of the education of persons expressing the orthodox Jewish faith, the advancement of the orthodox Jewish faith, and the relief of poverty in the orthodox Jewish community.
The charity is also actively involved in raising funds for general education, and relief of poverty, and to this end made substantial grants in the year under review.
Significant activities
There were no significant activities to report.
Public benefit
The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
Grantmaking
Asate Ltd has within its Articles of Association the ability to make donations.
Volunteers
During the year, the charity did not have any volunteers to help with the objective of the charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from contributions received from donors.
The Statement of Financial Activities shows a net surplus of £99,332 after making total grants of £142,750 and the reserves stand at £2,384,596.
Investment performance
The trustees are currently satisfied with the investment performance of the assets. The Company has not expanded its activities during the current year, but is always looking at opportunities, the current investment property portfolio is producing good results which enhances its charitable activities.
Internal and external factors
The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.
FINANCIAL REVIEW
Principal funding sources
Asate Ltd is pleased and fortunate to receive donations from a number of organisations. Also through its investment policy the returns from the investments have produced good rental income.
Overall the charity has experienced a good year and hopes it will continue to do so next year.
Investment policy and objectives
Under the memorandum and articles of association, the charity has the power to make any investment, which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that investments in property meets their requirements to generate both income and capital growth.
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Asate Ltd
Report of the Trustees for the Year Ended 28 February 2021
FINANCIAL REVIEW
Reserves policy
The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.
FUTURE PLANS
There are no significant future developments to report.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005. The company was formed on 20 February 2013. The charity is managed and controlled by the directors who are the trustees, who meet regularly.
Recruitment and appointment of new trustees
The trustees are appointed according to the Articles of Association. It is not the intention 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
Wider network
At present Asate Ltd does not consider itself part of a wider network.
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
08410802 (England and Wales)
Registered Charity number
1152603
Registered office
5 North End Road London NW11 7RJ
Trustees
Mrs S R Lisser M Lisser
Independent Examiner
Adrian Heller FCA 5 North End Road London NW11 7RJ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
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Asate Ltd
Report of the Trustees for the Year Ended 28 February 2021
........................................................................ M Lisser - Trustee
Page 3
Independent Examiner's Report to the Trustees of Asate Ltd
Independent examiner's report to the trustees of Asate Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 28 February 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Adrian Heller FCA 5 North End Road London NW11 7RJ
Date: .............................................
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Asate Ltd
Statement of Financial Activities for the Year Ended 28 February 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Donations Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
28.2.21 Unrestricted funds £ 220,549 64,007 284,556 40,154 142,750 2,320 185,224 99,332 2,285,264 2,384,596 |
29.2.20 Total funds £ 590,169 57,709 647,878 35,040 336,097 2,700 373,837 274,041 2,011,223 2,285,264 |
|---|---|---|
The notes form part of these financial statements
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Asate Ltd
Balance Sheet 28 February 2021
| Notes FIXED ASSETS Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS FUNDS 15 Unrestricted funds TOTAL FUNDS |
28.2.21 Unrestricted funds £ 2,199,838 - 901,990 901,990 (1,800) 900,190 3,100,028 (715,432) 2,384,596 2,384,596 2,384,596 |
29.2.20 Total funds £ 2,198,338 15,000 790,058 805,058 (2,700) 802,358 3,000,696 (715,432) 2,285,264 2,285,264 2,285,264 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 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.
The notes form part of these financial statements
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continued...
Asate Ltd
Balance Sheet - continued 28 February 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. M Lisser - Trustee
The notes form part of these financial statements
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Asate Ltd
Cash Flow Statement for the Year Ended 28 February 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of investment property Sale of investment property Net cash (used in)/provided by investing activities Cash flows from financing activities Movement in loan in year Net cash provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
28.2.21 £ 113,432 113,432 (1,500) - (1,500) - - 111,932 790,058 901,990 |
29.2.20 £ (638,913) (638,913) (40,012) 920,000 879,988 1,362 1,362 242,437 547,621 790,058 |
|---|---|---|
The notes form part of these financial statements
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Asate Ltd
Notes to the Cash Flow Statement for the Year Ended 28 February 2021
| 1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 28.2.21 £ Net income for the reporting period (as per the Statement of Financial Activities) 99,332 Adjustments for: Decrease in debtors 15,000 Decrease in creditors (900) Net cash provided by/(used in) operations 113,432 |
29.2.20 £ 274,041 5,546 (918,500) (638,913) |
|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/3/20 | Cash flow | At 28/2/21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 790,058 | 111,932 | 901,990 |
| 790,058 | 111,932 | 901,990 | |
| Debt | |||
| Debts falling due after 1 year | (715,432) | - | (715,432) |
| (715,432) | - | (715,432) | |
| Total | 74,626 | 111,932 | 186,558 |
The notes form part of these financial statements
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Asate Ltd
Notes to the Financial Statements for the Year Ended 28 February 2021
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.
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 costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| Donations | 28.2.21 £ 220,549 |
29.2.20 £ 590,169 |
|---|---|---|
continued...
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Asate Ltd
Notes to the Financial Statements - continued for the Year Ended 28 February 2021
3. INVESTMENT INCOME
| Rents received 4. RAISING FUNDS Investment management costs Loan interest Light and heat Maintenance charges Rates and water Insurance and security Support costs 5. CHARITABLE ACTIVITIES COSTS Donations 6. GRANTS PAYABLE Donations The total grants paid to institutions during the year was as follows: Comet Charities Ltd North London Welfare and Educational Foundation The Gertner Charitable Trust Donations less than £10,000 Pardes Beis Yaakov Primary School Foundation |
28.2.21 29.2.20 £ £ 64,007 57,709 28.2.21 29.2.20 £ £ 26,757 28,109 3,296 3,386 4,915 (2,707) 2,357 3,051 2,681 2,376 148 825 40,154 35,040 Grant funding of activities (see note 6) £ 142,750 28.2.21 29.2.20 £ £ 142,750 336,097 28.2.21 29.2.20 £ £ 47,250 101,270 - 17,600 25,000 140,000 43,500 63,936 15,000 - 12,000 13,291 142,750 336,097 |
|---|---|
continued...
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Asate Ltd
Notes to the Financial Statements - continued for the Year Ended 28 February 2021
7. SUPPORT COSTS
| Management | Finance | Totals | |
|---|---|---|---|
| £ | £ | £ | |
| Investment management costs | - | 148 | 148 |
| Other resources expended | 1,800 | 520 | 2,320 |
| 1,800 | 668 | 2,468 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 February 2021 nor for the year ended 29 February 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 February 2021 nor for the year ended 29 February 2020.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Donations Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 590,169 57,709 647,878 35,040 336,097 2,700 373,837 274,041 2,011,223 2,285,264 |
|---|---|
continued...
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Asate Ltd
Notes to the Financial Statements - continued for the Year Ended 28 February 2021
| 10. INVESTMENT PROPERTY FAIR VALUE At 1 March 2020 Additions At 28 February 2021 NET BOOK VALUE At 28 February 2021 At 29 February 2020 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 28.2.21 £ Other debtors - 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 28.2.21 £ Accrued expenses 1,800 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 28.2.21 £ Bank loans (see note 14) 715,432 14. LOANS An analysis of the maturity of loans is given below: 28.2.21 £ Amounts falling due in more than five years: Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst 715,432 |
£ 2,198,338 1,500 2,199,838 2,199,838 2,198,338 29.2.20 £ 15,000 29.2.20 £ 2,700 29.2.20 £ 715,432 29.2.20 £ 715,432 |
|---|---|
continued...
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Asate Ltd
Notes to the Financial Statements - continued for the Year Ended 28 February 2021
15. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are a Unrestricted funds General fund TOTAL FUNDS |
At 1/3/20 £ 2,285,264 2,285,264 Incoming resources £ 284,556 284,556 At 1/3/19 £ 2,011,223 2,011,223 s follows: Incoming resources £ 647,878 647,878 |
Net movement in funds £ 99,332 99,332 Resources expended £ (185,224) (185,224) Net movement in funds £ 274,041 274,041 Resources expended £ (373,837) (373,837) |
At 28/2/21 £ 2,384,596 2,384,596 Movement in funds £ 99,332 99,332 At 29/2/20 £ 2,285,264 2,285,264 Movement in funds £ 274,041 274,041 |
|
|---|---|---|---|---|
continued...
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Asate Ltd
Notes to the Financial Statements - continued for the Year Ended 28 February 2021
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/3/19 £ 2,011,223 2,011,223 |
Net movement in funds £ 373,373 373,373 |
At 28/2/21 £ 2,384,596 2,384,596 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 932,434 932,434 |
Resources Movement expended in funds £ £ (559,061) 373,373 (559,061) 373,373 |
|---|---|---|
16. RELATED PARTY DISCLOSURES
Included in Donations received during the year were receipts totalling £91,800 received from entities of which M.Lisser is a director and/or trustee.
Included in Donations paid during the year were payments totalling £47,250 paid to Comet Charities Ltd a charity of which M Lisser is a director and trustee.
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Asate Ltd
Detailed Statement of Financial Activities for the Year Ended 28 February 2021
| 28.2.21 | 29.2.20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 220,549 | 590,169 |
| Investment income | ||
| Rents received | 64,007 | 57,709 |
| Total incoming resources | 284,556 | 647,878 |
| EXPENDITURE | ||
| Investment management costs | ||
| Loan interest | 26,757 | 28,109 |
| Light and heat | 3,296 | 3,386 |
| Maintenance charges | 4,915 | (2,707) |
| Rates and water | 2,357 | 3,051 |
| Insurance and security | 2,681 | 2,376 |
| 40,006 | 34,215 | |
| Charitable activities | ||
| Grants to institutions | 142,750 | 336,097 |
| Support costs | ||
| Management | ||
| Accountancy | 1,800 | 2,700 |
| Finance | ||
| Bank charges | 148 | 227 |
| Legal & professional | 520 | 598 |
| 668 | 825 | |
| Total resources expended | 185,224 | 373,837 |
| Net income | 99,332 | 274,041 |
This page does not form part of the statutory financial statements
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