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 pu￿OseS of the Companies Act 2006. present their report with
the financial statements of the charity for the year ended 28 Febn￿ry 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 Cu￿ent 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 Febn￿ry 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
Su￿1Clent 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 (Inco￿orating 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 e￿Or.
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 fO￿ard
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 si￿ed on its behalf by..
Lisser- Tn￿te¢
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 expendi￿re 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 na￿re 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