REGISTERED COMPANY NUMBER: 08410802 (England and Wales) REGISTERED CHARITY NUMBER: 1152603 Report of the Thistees And Finand21 Ststements for the Year Ended 28 February 2025 for Asgte Ltd
Asate Ltd Contents of the Financial Statements for the Year Ended 28 February 2025 Page Report of the Trustees Independent Audltor's Report Statement of Flnanelal Actlvitfes Balance Sheet Cash Flow Statement Notes to the Flnan¢lal Statements 9-14
Asate Ltd Report of ihe Trustees for the Year Ended 28 February 2025 The tnjstees who are also directors of the charity for the puOseS of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 28 Febnry 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities= StatemeT]t of Recommended Practice applicable lo charities prq)aring their accounLs in accordance with the FillanGial R¢porting Standard applicable in thc UK and Republic of Ireland (FRS 102) (effcctive l January 2019). OBJECTtVES AND ACTIVtTIES Objectives Aims The charity was fomied for the advancement of the education of persons expressing the orthodox Jewish faith. the advancement of thc orthodox Jewish faith, and the relief of poverty in the orthodox Jewish community. The charity is also act?vely involved in raising funds for general education, and relief of povety, and to this end made substantial grants in the year under review. Signlflcant aetlvities There were no significant activities to report. Public beneflt Thc trustees confirni th¢ir compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectiv¢s in planning fvture activities. GrontmAklng Asate Ltd has withln its Articles of Association the ability to makc 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 trustec5 consider that the perforniance of the charity this ycar has been most satisfactory. Substantial funds have been granted to institutions during the period from contributions received from donors. Th¢ Statement of Financial ActLVities shows a nel surplus of £5 l3,294 aft¢r making total grants of £287,046 and th¢ reserves stand at £4,093,085. Investment performanee The trustees are currently satisficd with the investment p¢rfonnance of the assets. The Company has not expanded its activities during the Cuent year. but is always looking at opportunities, the curr¢nt investment property portfolio is producing good results which enhances its charitable activitics. Internal and extern21 factors The trustees have made a 11 assessment of the internal and external factors that may affect these financial statements and do not deetn any factors material enough to have an impact. FILYANCIAL REVIEW Principal tunding sources Asate Ltd is pleased and fortunate to receive donations from a number of organisations. Also, through its investsnent policy the returns from the investrnents have produced good rental income. Overall, the charity h&s 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 invc5ttnent. which the tru5t¢es see fit. The trustees have considered the most appropriate policy for investing funds and have found that investments in propety meets their requirements to generate both income and capital growth. Page I
Asate Ltd Report of the Trustees for the Year Ended 28 February 2025 FINANCIAL REVtEW Reserves poliey The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trnstees, discretion. The present level of fimding is adequate SllPPOrt the continuation of its objects and the trnstees consider the financial position of the charity to be satisfaclory. FUTURE PLANS There are no significant future developments to rqK>rt. STRUCTU GOVERNANCE AND MANAGEME Governing document Th¢ charity is controlled by its governing document, the memorandum and articles of association, and constitutes a lirnited company. limitcd by guarantee, as defined by the Companies Act 21)06, the Charities Act 2011 and the Statement of Recomm¢nded Practic¢. "A¢counling and Reporting by Charilies. issued in March 2005. The company was fornied on 20 FebNary 2013. The chariry is manag¢d and controlled by the directors who are the tNstees, who meet regularly. Recrultment and aPPDintment of new trustees The trustees are appointcd according to ihe Articles of Association. Tt is not the intention of the charity to appoint any new trust¢es. Should th¢ situation change in the fiiture, the trustees will apply suitablc reoruitmenl induction and training procedures Wider network At present Asafr Ltd docs not consider itself part of a wider network. Rlsk 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 satisficd that thes¢ systems and procedures mitigate any perceived risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 08410802 (England and Wales) Reglstered Charity lluLnber 1152603 Registered office 75 Maygrove Road West Hampstead London NW6 2EG Trustees Mrs. S R Lisser M Lisser S E Heckscher Independent Auditor Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG Approved by order of the bo d oftrust¢eson.... . and signed on its behalf by.. sser- Trustee Page 2
Independent Auditor's report to the trustees of Asate Ltd OpTnion We have audited the financial statements of Asate Ltd for the year ended 28 February 2025 which cornprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. The financial reporting framework that has been applied in their prepaTation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Treland (United Kingdom Generdlly Accepted Accounting Practice). Opinion on financial statements In our opinion the financial statements.. glve a true and fair view of the state of the charitable company's affairs as at 28 Febnry 2025 and of its income and expcnditure for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prcpared in accordance wtih the requirements of the Companies Act 2006. Ba$1$ for oplnlon We conduct¢d our audit in accordance with Tntcrnational Standards on Auditing (UK) (TSAS IUK)) and applicable law. Our responsibilities und¢r those Standards are further d¢scribed in the Auditor's responsibilities for the audit of the financial statcments s¢ction of our report. We are indcpcndent of the Charity in accordance with thc ethical requirements that are relevant to our audit of the financial statements in the UK, including thc FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with th¢se requirements. We bclieve that the audit cvidence we have obtaincd is Su1Clent and appropriate to provide a basis for our opinion. Concluslons relydting to golng concern In auditing thc financial statements, we hav¢ concluded that the truste¢s' usc of the going Concern basis of accounting in the prcparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertaiDties relating to evcnts or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with rcspcct to going concern are described in the relevant sections of this report. Other Information The ttustees are responsible for th¢ other infonnalion. The other inforn)ation comprises the information included in the annual report other than the financial stAt¢mcnts and our auditor's report thereon. Our opinion on the fLnancial statements does not cover the other inforniation and, except to the extent otherwise explicitly slated in our report, we do not express any fotm of assurance conclusion th¢reon. In connection with our audit of the finincial statements, our responsibility is to read the other information and. in doing so, Consider whether thc other inforn]#tion is materially inconsistent with th¢ financial statcm¢nts or our knowledge obtained in th¢ audit or oihenvise appears to be materiAlly misslaled. If we identify such material incon5lSt¢ncie5 or apparent material misstatements, we are required to d¢terniine whether there is a material misstatem¢nt in the financial statements or a material misststement of the other information. If. based on the Work we have perfornied, we conclude that there is a material misstatement of this other inforniation, we dre required to report that fact. We have nothing to report in this Tegard. Page 3
Independent Auditor's report to the trustees of Asate Ltd Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken Tn the course of the audit.. the infomation given in the trustee5' report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the trustees, report (Incoorating the directors. report) has been prepared in accordance with applicable legal requirements. MAtters on which we are required to report by exceptlon In the light of the knowledge and understanding of the Charity and its environm¢nt obtained in the COUTse of the audit, we have not identified material rnisstatements in the Trustees, Annual Report. We have nothing to report in respect of Ihe following matters where the Companies Act 2006 requires us to rcport to you if, in our opinion.. adequate accounting records have not been kept or returns adcquate for ow audit have not been received from branches not visited by us. or the financial statements are not in agrcement with the accounting records and retUrn5,' or certain disclosur¢s of trustees, remuneration specifi¢d by law are not made. or we have not received all the inforniation and explanations we rcquirc for our audit. Respon$ibllltles of the trustees As explained more fully in the Trustees. Responsibilities Statement, the trustee5 (who are also the directors of the charitable company for the purposes of company law) arc responsiblc for the pi'eparation of the financial statements and for being satisfied that they give a true and fair view and for such intsrnal control as they detcrniine is nccessary to enable thc preparation of financial statements that are frec from material misstatement. whether due to fraud or eOr. In preparing the financial statements, thc trustee5 are responsible for assessing the Charity's ability to continue as a going conccm, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Our responslbliities for the audlt of the financiil statements Our objectives Are lo obtain reasonable assurance about whether the financial statcments a5 a whole are free from material misstatement, whethcr due to fraud or em)r, and to issue an auditor's report that includes our opinion. Rcasonable assurance is a higb level of assurancc, but is not & guarantee that an audit conducted iti accordance witb ISAS (UK) will always delect a material misstatement when it exist5. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably b¢ ¢xpected to influence the onOMIC decisions of u5¢rs taken on the basis of thes¢ financial statements. Irregulariti¢5, including fraud, are instances of non-compliance with laws and regulations. We design procedures in linc with our rcsponsibilities. outlined above, to detect material misstatements in respect of itTegularities, including fraud. The extcnt to which our procedure5 are capable of detecting irre¥ularitses, including fraud are set out below. Page 4
Independent Auditor's report to the trustees of Asate Ltd In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: We enquired of management, which included obtaining and reviewing supporting documentation. concerning the charity's policies and procedures relating to.. identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspeck or alleged fraud. The inten)al controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the charity opcraÈes in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fimdamental effect on the operations of the charity from our professional and sector experience. We r¢vicwed th¢ financial statement disc105ur¢s and t¢st¢d these to supporling do¢umentation to asscss ¢omplianc¢ with applicabl¢ laws and rcgulalions. We perforni¢d analytical procedures to identify any unusual or unexpected r¢lationships that may indicate risks of malerial misstat¢m¢nt due to fraud. In addressing the risk of fraud through management override of controls. we tested the appropriateness of journal entries and other adjustments, assessed wheth¢r the judgements made in making accounting ¢stimaÈes are indicative of a potential bia5 and tested significant transactions that are unusual or those outside th¢ nornial course of business. A fvrthcr dc5CriPtion of our responsibilities for th¢ audit of the financial statcmenls Is located on the Financial Reporting Councils webslte at.. [www.frc.org.uk/auditorsr¢sponsibilities]. This description fornis part of our auditor's rcport. Use of our report This report is madc solely to the charitable company's members, 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 charity's member5 those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perniittcd by law, we do not accept or assume responsibility to anyonc other than the charity and thc charity's members as a body, for our audit work, for this report, or for the opinions we have fornied. Anthony Epton (Senlor Statutory Audltor) for and on behalf of Goldwins Llmited Statutory Audltor Chartered A¢countants 75 Maygrove Road West Hampstead London NW6 2EG 611112025 Page 5
Asate Ltd Oncluding Income and Expenditure Aeeount) Statement of Finanelal A¢tiviti¢s for the Year Ended 28 February 2025 28.2.25 Unrestricted ftmds 29.2.24 Totsl ndS Notes INCOME AND ENDOWMEhryS FROM Donations and legacies 799,986 775.191 Investment income 80,226 96,570 Totsl 880,212 871.761 EXPENDITURE ON Raising funds 67,494 67,023 ChY4rltable aetlvltles Donations 287,046 224,990 Other 12,378 3.726 Totsl 366,918 295,739 Net galns on investments 130,910 106.708 NET INCOME 644,204 682,730 Net Movement In funds 644,204 682.730 RECONCILIATION OF FUNDS Total funds brought fOard 3,448.881 2.766.151 TOTAL FUNDS CARRIED FORWARD 4,093,085 3,448.881 Page 6
Asate Ltd Balance Sheet As at 28 February 2025 28.2.25 Unrestricted nds 29.2.24 Total funds Notes FIXED ASSETS Investments Investment propety io 1,932,343 2,552,621 1,606,708 2,465,009 4.484,964 4,071,717 CURRENT ASSETS Debtors Cash at bank 12 1,800 354.038 12,784 341,806 355,838 354,590 CREDITORS Amounts falling due within one year 13 (11,147) (243,OLKI) NET CURRE A&SETS 344,691 111,590 TOTAL ASSETS LLSS CURRENT LIABILITIES 4,829,655 4,183,307 CREDITORS Atnounls falling due after more than one year 14 (736.570) (734,426) iYET ASSETS 4,093,085 3,448,881 FUNDS Unrestricl¢d funds 16 4,093,085 3.448.881 TOTAL FUNDS 4,093,085 2,766,151 The fAn2ncial statements hav¢ been prepared in accordan¢¢ with the special provisions for small companics under Part15 of the Companies Act 2006. financi staternenls were approved by the Board of Trustees and authorised for issue on ..dnd were sied on its behalf by.. Lisser- Tnte¢ Page 7
Asate Ltd Cash Flow Statement for the Year Ended 28 February 2025 28.2.25 29.2.24 Notes Cash flows from operating actlvities Cash geneTated from operations 281,760 793.244 Net cash provided by operating activities 281,760 793.244 Cash flows from inv¢stlng activldes Purchase of fixed asset investments Purchase of investment propety Inlere8t received Dividends received (194.725) (87,612) 3,866 8,943 {1,500,000) (262,231) 14,919 12,384 Net cash used in investing activities (269,528) (1,734,928) Change In cash and cash equlvalents in the reporting perlod Cash and c25h equlvalenls Vdt the beginning of the reporting perlod 12,232 {941,684) 341,806 1,283,490 Cash and cash equivalents at the end of the repordng period 354,038 341,806 RECONCILL4TION OF IYET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 28.2.25 29.2.24 Net income for the reporting perlod (as per the Ststement of FinAnclal Activltles) Adjustments for: Lnt¢resl received Dividends received Decreasel(Increase) in debtors (Decrease)llncrease in creditors 513.294 576.022 (3,866) (8.943) 10,984 (229,709) (14,919) (12,384) (12,784) 257,309 Net cash provlded by operAtion$ 281,760 793.244 Page 8
Asate Ltd Notes to the Financial Statements for the Year Ended 28 February 2025 ACCOUNTtNG POLICIES Basis of preparing the financial statements The financial statements of the charitable cornpany, which is a public benefit entity under FRS 102, have been prepared in accordance with the Chhrilies SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l 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 preparcd under the historical cost convention, wilh the exc¢ption of investments which arc included at market value, as modified by the revaluation of certain as.sets. Income All income is recognised in the Statcment of Financial Activities once the charity has entitlement to the funds, it is probable that the in¢ome will be r¢c¢ived and the amount can be measured reliably. Expenditure Liabilities are recognised a5 expendire as soon as therc is a Icgal or constructivc obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be requir¢d in settlement and the amount of the obligation can be mcasured reliably. Expenditure is accounted for on an accrua15 basis and ha5 been cla55ified under headings that aggregate all cost related to the category. Where costs cannot be directly attributcd to particular hcadings they have been allocated to activities on a ba515 consistent with the usc of resources. Grants offered subject to conditions which have not been met at the y¢ar-end dat¢ are noted as a commitment but not accrued as expenditure. Investment property Investment propety is shown At most recent valuation. Any aggregate surplus or defLcII arising from changes in fair value is recognised in the Statement of Financial Aclivities. Tydxation The charity is exempt from corporAtion tax on its charitable activities. Fund accounting Unrestricted fund5 can be used in accordance with th¢ charitable objectives at thc discretion of the trust¢¢s. R¢slricted ndS can only be used for particular restri¢ted purpos¢s within the objects of th¢ charity. R¢strictions arise whcn specificd by th¢ donor or when fijnds are raised for particular restricted purposcs. Furthcr explanation of tbc nare and purpose of each fimd is included in the notes to the fLnancial statements. DOLNATIONS AND LEGACIES 28.2.25 29.2.24 Donations 799,986 775,191 Page 9
Asate Ltd Notes to the Fin4nelal Statements- continued for the Year Ended 28 February 2025 tNVESTfilENT INCOME 28.2.25 29.2.24 Rents received Other fixed asset invest- FTT Deposit account interest 67,417 8,943 3,866 69,267 12,384 14,919 80,226 96,570 RAISING FUNDS Investment management Costs 28.2.25 29.2.24 Loan interest Rates and water Insuranc¢ and security 62,661 2,073 2,760 62,079 2,325 2,619 67,494 67,023 CHARITABLE AcfivmES COSTS Granl nding of activities (see note 6) Donations 287,046 GRATr4TS PAYABLE 28.2.25 29.2.24 Donations 287,046 224,990 Th¢ total grants paid lo institutions during the year was as follows.. 28.2.25 29.2.24 Donations less than £10,000 Pardes Grammar School Reb Shayales Kitchen Torah 5759 Ltd TMC Trust Ltd Beth Jacob Grammar School 124,447 87,479 40,125 49.999 IIJ 36.000 65,300 18,000 79.086 287.046 224,690 Page 10
Asate Ltd Notes to the Flnancial StateTnents- continued for the Year Ended 28 February 2025 OTHER COSTS Governance costs Support costs Totals Management fees Bank charges Audit fee Sundry 5,375 303 6,000 5,375 303 6,000 700 700 11,678 700 12,378 TRUSTEES, REMUNERATION AND BENEFITS There were no tnist¢es' remuneration or other benefits for the year ¢nded 28 February 2025 nor for the year ended 29 F¢bruary 2024. Trustees, expenses There were no 29 February 2024. trustees, cxpcnses paid for the year end¢d 28 February 2025 nor for the y¢ar ended COMPARATtVES FOR THE STATEMENT OF FtNANCIAL ACTTVITIES Unrestricted funds INCOME AND ENDOWVKENfs FROM Donations and legacics 775,191 Investment income 96,570 Totydl 871,761 EXPENI)ITURE ON Raising fimds 67,023 CharAt&ble actlvltiej Donatsons 224,990 Other 3,726 Total 295,739 Net gains on Investments 106.708 NET INCOME 682.730 RECONCILIATION OF FUNDS Total fimds brought forward 2.766.151 TOTAL FUNDS CARRIED FORWARD 3,488,881 Pagell
Asate Ltd Notes to the Financial Statements- continued for the Year Ended 28 February 2025 io. FIXED ASSET ]NVESTMENTS Listed invesiTnents MARKET VALUE At l March 2024 Additions Revaluations 1,606,708 194,725 130,910 At 28 February 2025 1,932,343 NET BOOK VALUE At 28 February 2025 1,932,343 At 29 February 2024 1,606,708 INVESTMENT PROPERTY FATR VALUE At l March 2024 Additions 2,465,009 87,612 At 28 February 2025 2.552,621 NET BOOK VALUE At 28 F¢bNary 2025 2,552,621 At 29 Febnwy 2024 2.465,009 The trustees value the fair value of the investment properties at 28 February 2025 at £2,552,621. Page 12
Asate Ltd Notes to the Financial Statements- condnued for the Year Ended 28 February 2025 12. DEBTORS: AMOUNTS FALLTNG DUE THIN ONE YEAR ?8.02.25 29.2.24 Other debtors Prepayments and accrned income 10,984 1,800 1,800 11784 13. CREDITORS: AMOUNTS FALLING DUE wrrHTN ONE YEAR 28.2.25 29.2.24 Other creditors & defe income Sundry ¢r¢ditors Accrned expenses 181,086 59,934 1,980 9.167 1,98(J 11,147 243,OQO 14. CREDrroRS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 28.2.25 29.2.24 Bank loans (see not¢ 15) 736,570 734,426 15. LOANS An analysis of thc mattwity of loans is given bclow: 28.2.25 29.2.24 Amounts falling due in more than fiv¢ years: Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst 736,570 734,426 i& MOVEMENT IN FUNDS Nct movement in fimds At 113124 At 2812125 Unrestricled fund5 General fund 3.448.881 644,204 4,093,085 TOTAL FUIYDS 3.448,881 644,204 4,093,085 Page 13
Asate Ltd Detailed Statement of Finaneial Aetlvlties for the Year Ended 28 Febrnary 2025 i& MOVEMENT IN FUNDS- continued Net movement in fimds At113123 At 2912124 Unrestrleted funds General fLmd 2,766,151 682.730 3,448,881 TOTAL FUNDS 2,766,151 682,730 3,448,881 17. RELATED PARTY DISCLOSURES Included in Donations received during the year were rec¢ipts totalin8 £678,400 (2024: £680.IXIO) received from entiti¢$ of which M. Lisser is a director andlor trustec. Page 14