Chaiity reglstration number 326329 IEngland and Wales Company reglstration number 01671900 LOCALTRENT LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 30101120
LOCALTRENT LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Governors Mr Hyman Weiss Mr Philip Weiss Charity number 326329 Company number 0167191x1 Principal address Heaton House 148 Bury Old Road Manchester M7 4SE Registered office Heaton House 148 Bury Old Road Manchester M7 4SE Independent examiner Lopian Gross Barnett & Co 1 st Floor, Cloister House Riverside New Bailey Street Manchester M3 SFS
LOCALTRENT LIMITED CONTENTS Page Governors, report Independent examinerfs report Statement of financial activities Balance sheel Notes to Ihe financial ststements 7-16
LOCALTRENT LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The governors presènt their report and accounts for the year ended 31 March 2024. The accounts have been prepared in accordan with the accounting policies set out in note 1 to Ihe accounts and comply with the charity's governing document. the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalement 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). (as amended for accounting periods commencing from 1 January 2016). Objectives and activities The charity's objectives are to aid the advancement of religion in accordance with the Orthodox Jewish faith and the relief of poverty and other charitable purposes for the public benefrt. The policies adopted in furtherance of these objects are lo identify Orthodox Jewish Charities which carry oul activities such as promding Orthodox Jewish education and other activities which advance religion in accordance with the Orthodox Jewish failh or which relieve poverty and Ihere has been no change in these during the year. Each year, the govemors confirm that they have referred to guidan contained in the Charity Commission 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. The charily's income is generated from investrnent income and gains and charitable donations which is then distributed to meet the above objectives after allowing for fvnds required for investment in the char(ly joint property syndicates. The objective of the tharity for the year was to maintain a stable flow of donations lo worthy causes in the Jewish community. The govemors also aim to expand the chanty's investment portfolio when the opportunity arises. No particular criteria or measures are used lo assess Success in achieving these aims or objectives. The governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance The charity has continued to distribute funds to other charities and charitable causes during the year. The governors are pleased wtth the investment perfonnance and with the level of donations given to worthy causes. Financial review The govemors, investment powers are governed by the companys Memorandum of Association which permits the company lo invest as may be delemiined by the govemors. The governors, are experienced property investors and have invested the company's funds in various properties wlth others in order to generate funds for distribution. Investments are chosen on the basis of achieving a yield in excess of that available from cash deposits while maintaining a high degree of security of income and the underlying assets. DuTing the year, in order to simplfy matters. the charivs subsidiaries transferred all of their investment property interests lo the company al book value. The charitys own investments generated £278,443 {2023. £299.200) with a further £255.000 {2023.' 208.500) in donations. There were gains were made on the sale of property investments in the year of £16,248 (2023.. £96.469J. Accordingly, the lotal of incoming resources were £549.691 (2023 £604,169) which left a surplus of £531,069 (2023 '. £585,574) after expenses of £18,622 (2023: £18,595). The charily distributed £571.816 (2023.. 241,830) to various charities for the relief of poverty and the advancement of religion in accordan with the Orthodox Jewish faith.
LOCALTRENT LIMITED GOVERNORS. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 There is no policy to maintain a level of re5enps other than as requiTed for the charity's investment portrolio. The governors. investment powers are govemed by the thariws memorandum of association that permits the charity to invest as may be determined by the govemors. The governors have assessed the major risks to which the charity is exposed. and are satisfied that systems are in place lo mitigate exposure to the major risks. Structure, govemance and management The charity is a company limited by guaranlee. It was incorporated on 14 October 1982 and registered as a charity on the same date. The company was established under a Memorandum ofAssocialion which established the objects and powers of the charitable company and is govemed under ils Artides ofAssociation. The governors. who are also diredors for the Purpose of company law, and who served during the year were: Mr Hyman Weiss Mr Philip Weiss Governors are recommended and appointed by the Board of Governors, training would be offered to new governors by exisling govemor5. None of the govemor5 has any beneficlal interest in the company. All of the govemors are members of the company and guarantee to contribute £1 in Ihe event of a winding up. The board of govemors administers the charity. The governoTS' report was approved by the Board of Govemors. Mr Hyman Weiss Governor Dated:
LOCALTRENT LIMITED INDEPENDENT EXAMINER'S REPORT TO THE GOVERNORS OF LOCALTRENT LIMITED I repart to the governors on my examination of the financial statements of Locallrenl Limited {the charity) for the year ended 31 March 2024. Responsibilities and basis of report A5 the governors of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charty are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carrted out under section 145 of the Charilies Act 2011. In carrying out my examination I have followed Ihe Directions given by the Charity Commission under section 145{5){b} of the Charities Act 2011. Independent examinevs statement Since the charity's gross income exceeded £250.000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake Ihe examination because l am a member of The Inslitule of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examinalion. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. the financial statements do not accord with Ihose records- or the financial statements do not comply with the accounting requirements of seclion 396 of the Companies Act 2006 olher than any requirement Ihal Ihe financial statements give a true and fair view, which is not a matter considered as part of an independent examination.. or the financial statements have not been prepared in accordance with the melhods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no COnrnS and have come across no other matters in connection WFth the examination to which attention should be drawn in this report in order lo enable a proper understanding of the finanaal statements to be reached. Jason Selig BA FCA CTA DChA Lopian Gross Barnett & Co Chartered Accountants 1 st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS Dated:3010112025
LOCALTRENT LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income and endowments from: Oonalions and legacies Investment income Other incoming resources 255.000 278,443 16.248 208,500 299,200 96,469 Totsl income 549.691 604,169 enditure on.. Charitable activities 571,816 241.830 Other 11 18.622 18,595 Total resources expended 590.438 260,425 Net lexpenditure)lincome for the yearl Net movement in funds (40,74n 343,744 Fund balances at 31 March 2024 1,786,124 1.826,871 The stslement of financial activities includes all gains and losses recognised in the year. The statement of financial activtlies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial acliwlies also complies with the requirements for an income and expenditUTe accounl under the Companies Act 2006.
LOCALTRENT LIMITED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Investment properties Inveslrnents Investments in joint property syndicates 13 14 15 400,000 100 2,138,151 400.000 110 2.129,936 2,538.251 2.530,046 Current assets Debtors Cash at bank and in hand 16 1.958 216.337 3,279 285,030 218,295 288,309 Creditors: amounts falling due within one year 18 (917,528) (918,458) Net current liabilities (699,233) (630.149) Total assets less current liabilities 1,839,018 1,899,897 Creditors: amounts falling due after more than one year 19 {52,894) (73,026) Net assets 1,786,124 1,826,871 Income funds Unrestricted funds 1,786,124 1.826,871 1,786.124 1,826,871 The company is enlitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, forlhe year ended 31 March 2024. The directors aCknOedge theif responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. The members have nol required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable lo companEs subject to the small companies regime. 3010112025 The financial statements were approved by the Govemors on ......................... Mr Hyman Weiss Governor Company Registration No. 01671900
LOCALTRENT LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash {ab50rbed by)Igenerated from operations (61,740) 315.062 Investing activities Proceeds from the disposal of joint property syndicate inveslmenls Proceeds from disposal of subsidiaries {8.215) 10 (57,178) Net cash used in investing activities (8,205) (57,178) Financing activities Repayment of bank loans 1,252 (29.288) Net cash generated froml(used in) financing activities 1.252 {29.288) Net {decrease)lincrease in cash and cash equivalents {68.693) 228,596 Cash and cash equivalents at beginning of year 285,030 56.434 Cash and cash equivalents at end of year 216.337 285,030
LOCALTRENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity inforniation Locallrenl Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Heaton House. 148 Bury Old Road. Manchesler. M7 4SE. 1.1 Accounting Convention The accounls have been prepared in accordan with the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is Ihe functional currency of the charity- Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and rtain financial instruments at fair value. The principal accounling policies adopted are sel out below. 1.2 Going concern At the time of approving the financial statements. the governors have a reasonable expectation that the charity has adequale resources to continue in operational existence for the foreseeable future. Thus the governors continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds UnTeslricted funds are available for use at the discretion of the govemors in furtherance of their charitable objectives. Funds held by the charty are all unreslricted. These being fijnds which can used in aOrdan with the charitable objects at Ihe discretion of Ihe govemors. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity- 1A Income Income is recognised when the charity is legally entitled to it after any performan conditions have been met. the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipl. Other donations are recognised once the charity has been nottfied of the donalion. unless performance conditions require defeThal of the amounl. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on reIpt or otherwise rf the charity has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
LOCALTRENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. it is probable that a transfer of economic benefrts will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more Ihan one activity and support costs which are not altributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the ports-on of the asset's use. Expenditure is recognised on an accruals basis as a liabilty is incurred. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. It indudes both costs that can be allocated direclly lo such activtties and those costs of an indirect nature necessary to support them. Other costs inctude all costs involving the public accountability of the charity and its compliance with regulation and good practi. These include costs related to legal fees. Charitable distributions represent donations paid to religious, educational and similar charities. and are recognised when payment is made by the charwty. 1.6 Investment properties Investment property. which is property held to eam rentals andlor for capital appreciation. is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is rneasured at fair value at the reporting end date. The surplus or defictt on revaluation is recognised in profit or loss. 1.7 Fixed asset inveslments A subsidiary is an entity conlrolled by the charity. Control is the power to govem the financial and operating policies of the entity so as lo obtain benefits from its activities. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. 1.9 Financial instruments The charity has elecled to apply the provisions of Section 11 'Basic Financial Instrurnents, and Section 12 'Other Finanaal Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provIOnS of the instrument. Financial assets and liabilities are offset. wtth the net amounts presenled in the financial slalemenls, when there is a legally eTrf0rab1e right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective inlerest method. Financial assets classified as receivable within one year are not amortised.
LOCALTRENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continuedl Basic financial liabilities Basic financial liabilities, induding creditors and bank loans are initially recognised at Iransaction price unless the arrangement constitutes a financing transaction. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Investments in jOFnt property syndicates The charity has a number of joint interests in various properties each of which is owned by a syndicate of similar partiripalors. These investments are stated at the nel cost of participation in the syndicate plus accumulated SUTpluses less deficiences and drawings from the syndicate. No revaluation of the underlying properties has been reflected in the accounts. 1.11 Group accounts The financial statements present information about the company as an individual undertaking and not aboul its group. The company and its subsidiary undertakings comprise a small-sized groLtp. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts. Critical accounting estimates and judgements In the application of the charity's accounting policies. the govemors are required to make Judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experTrence and other fadors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumplions are reviewed on an ongoing basis. Revisions to accounting estimates are iecognised in the period in which the estimate is revised whefe the revision affects only that period, or in the period of the rewsion and future periods where the rewsion affects both current and future periods. Donations and legacies 2024 2023 Donations and gifts 255.000 208,500 Donations include £ Nil (2023= Nil) froffl the company's subsidiaries.
LOCALTRENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted Unrestricted funds funds 2024 2023 Rental income Rental expenses 5,216 (3.328) 11.556 {7,084) Net rental income 1,888 4,472 Dividends from subsidiary undertakings Property investment surpluses Interest receivable 14,123 280,575 30 276,312 243 278,443 299,200 Other incoming resources Unrestricted Unrestricted funds funds 2024 2023 Gain l (Loss) on disposal of property investments 16,248 96,469 Charrtsble activities Charttable Charitable distributionsdistributions 2024 2023 Grant funding of activities (see note 7) 571,816 241,830 10-
LOCALTRENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Charitsble Charitable distributions distributions 2024 2023 Grants lo institutions-. Orthodox Jewish education & religious studies Advanment of religion & orthodox Jewish faith Relief of hardship & poverty in Jewish communrty 112.660 210.646 248,510 63,560 65.550 109,380 571,816 241,830 Material grants issued in the period were- Zoreia Zedokos Chernobel Shul Bels Aaron Trust Chasdei Yoel Charitable TTUSt Belz Machnovke Yad Vochesed Cong Yetev Lev KH De Salmar Lehachzikom UK Ridgesave Lld Shir Chesed Bels Yisroel 58.500 42,000 40,000 33.950 27,980 25.000 20.100 20,000 20.000 20.000 20.000 357,530 214,286 Other grants Oess than £20.000) 571,816 Net movement in funds 2024 2023 The net fflovement in funds is stated after chargingl(crediting): Fees payable for the independent examination of the charivs financial statements Profit on disposal of tangible fixed assets 7,100 <16,248) 8,480 (96,469) Governors 3010112025 None of the govemors (or any persons connected with them) received any MUneratIOn or expenses during the year. 11
LOCALTRENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Tolal There were no employees whose annual remuneration was more than £60,000. 11 Other 2024 2023 Accountancy charges Sundry expenses Bank charges and interest Financing costs Insurance 7,100 1,614 539 8.691 678 8.480 1.673 317 7,437 688 18,622 18,595 12 Taxation The activities of Localtrent Limited are exempt from direct taxation under part11 of Corporation Tax Acl 2010. 13 Investment property 2024 Fair value At 1 April 2023 and 31 March 2024 400,000 The fair value of the investment property has been arrived at on the basis of a valuation carried out by the governors who have considerable experience within the commercial property sector. The valuation was made on an open market value basis by relerence to market evidence of transaction prices for similar properties. 2024 2023 Freehold 400,000 400,000 12-
LOCALTRENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Fixed asset inveslments Other investments Cost or valuation Al 1 April 2023 Disposa15 110 {10) Al 31 March 2024 100 Carrying amount Al 31 March 2024 100 At 31 March 2023 110 2024 2023 Other investments comprise= Notes Investments in subsidiaries 23 100 110 15 Investments in joint property syndicates At 1 April 2023 Capital introduced Surplus for the year Capital repayments 2,129.936 2,067 292,560 (286,412) Al 31 March 2024 2,138.151 The joint propety investments in which the charity is a participator has borrowings secured on the properties owned by the syndicates. The charity's share of suth borrowings is not shown in the balance sheet in view of the extenl of the security provided by the properties. 16 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors 22 3,257 1.958 1,958 3.279 13-
LOCALTRENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Loans and overdrafts 2024 2023 Bank loans Govemors, loans 72,620 527,500 92,346 527,500 600.120 619.846 Payable within one year Payable after one year 547,226 52,894 546,820 73,026 The charity has a loan with an interest rate of 5.25°A above libor and is repayable in 2027 by 48 quarterly payments. with a total of £33.000 currentty repayable per annum (including interest). 18 Creditors: amounts falling due within one year 2024 2023 Notss Bank loans Other borrowings Trade creditors Amounts due to subsidiary undertakings Other creditors Accruals and deferred income 17 19.726 527,5(10 7.620 171.774 183,288 7,620 19,320 527,500 32,379 171.398 161,141 6,720 917.528 918.458 19 Creditors." amounts falling due after more than one year 2024 2023 Notes Bank loans 17 52,894 73,026 14-
LOCALTRENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designaled funds which have been set aside out of unrestn'cted funds by the trustees for specific purposes. At l April 2023 Incomlng resources Resources At 31 March expended 2024 General fvnds 1.826,871 549.691 (590.438) 1,786,124 Previous year. At 1 April 2022 Incoming resources Resources At 31 March expended 2023 General funds 1.483,127 604,169 (260,425) 1.826.871 21 Related party transactions Transactions with related parties The following amounts were outstanding at the reporting end date.. Amounts owed to related parties 2024 2023 H Weiss P Weiss 295,000 232,500 295.000 232,500 527.500 527,500 22 Related party transactions The charity had the following loan Ifansaction during the year which is repayable on demand. The company has substantially the same directorslgovemors as the charFty. Balan bfvd Amount Balance received in the clfvd year Ardina Limited 30,000 30,000 15-
LOCALTRENT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Subsidiaries Details of the charitys wholly owned subsidiaries at 31 March 2024 are as follows: Name of undertaking Registered office Nature of business Class of /. Held shares held Direct Indirect Wallflower Investments Limited England & Wales Property Investors Ordinary 100.00 The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follow5: Name of undertaking ProfiVILoss} Capital and Reserves Wallflower Investments Limited 81.511 16-