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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 2023

for

Asate Ltd

Asate Ltd






Contents of the Financial Statements
for the Year Ended 28 February 2023




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

Asate Ltd (Registered number: 08410802)

Report of the Trustees
for the Year Ended 28 February 2023


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 2023. 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 £279,163 after making total grants of £172,548 and the reserves stand at £2,766,151.

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.


Asate Ltd (Registered number: 08410802)

Report of the Trustees
for the Year Ended 28 February 2023


FINANCIAL REVIEW
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.

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
S E Heckscher


Asate Ltd (Registered number: 08410802)

Report of the Trustees
for the Year Ended 28 February 2023


REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Adrian Heller FCA
Martin+Heller
5 North End Road
London
NW11 7RJ

Approved by order of the board of trustees on 26 October 2023 and signed on its behalf by:





M Lisser - Trustee

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 2023.

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 member of the Institute of Chartered Accountants in England and Wales, 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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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

Martin+Heller
5 North End Road
London
NW11 7RJ

26 October 2023

Asate Ltd

Statement of Financial Activities
for the Year Ended 28 February 2023

28.2.23 28.2.22
Unrestricted Total
funds funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 420,210 218,100

Investment income 3 64,499 61,975
Total 484,709 280,075

EXPENDITURE ON
Raising funds 4 31,002 28,495

Charitable activities 5
Donations 172,548 147,131

Other 1,996 2,057
Total 205,546 177,683

NET INCOME 279,163 102,392


RECONCILIATION OF FUNDS
Total funds brought forward 2,486,988 2,384,596

TOTAL FUNDS CARRIED FORWARD 2,766,151 2,486,988

Asate Ltd (Registered number: 08410802)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Unrestricted Total
funds funds
Notes £    £   
FIXED ASSETS
Investment property 10 2,202,778 2,199,838

CURRENT ASSETS
Cash at bank 1,283,490 1,004,382

CREDITORS
Amounts falling due within one year 11 (4,685 ) (1,800 )

NET CURRENT ASSETS 1,278,805 1,002,582

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,481,583

3,202,420

CREDITORS
Amounts falling due after more than one year 12 (715,432 ) (715,432 )

NET ASSETS 2,766,151 2,486,988
FUNDS 14
Unrestricted funds 2,766,151 2,486,988
TOTAL FUNDS 2,766,151 2,486,988

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.


Asate Ltd (Registered number: 08410802)

Balance Sheet - continued
28 February 2023

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 26 October 2023 and were signed on its behalf by:





M Lisser - Trustee

Asate Ltd

Cash Flow Statement
for the Year Ended 28 February 2023

28.2.23 28.2.22
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 281,345 102,387
Net cash provided by operating activities 281,345 102,387

Cash flows from investing activities
Purchase of investment property (2,940 ) -
Interest received 703 5
Net cash (used in)/provided by investing activities (2,237 ) 5

Change in cash and cash equivalents in the
reporting period

279,108

102,392
Cash and cash equivalents at the beginning
of the reporting period

1,004,382

901,990
Cash and cash equivalents at the end of the
reporting period

1,283,490

1,004,382

Asate Ltd

Notes to the Cash Flow Statement
for the Year Ended 28 February 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
28.2.23 28.2.22
£    £   
Net income for the reporting period (as per the Statement of Financial
Activities)

279,163

102,392
Adjustments for:
Interest received (703 ) (5 )
Increase in creditors 2,885 -
Net cash provided by operations 281,345 102,387


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1/3/22 Cash flow At 28/2/23
£    £    £   
Net cash
Cash at bank 1,004,382 279,108 1,283,490
1,004,382 279,108 1,283,490

Debt
Debts falling due after 1 year (715,432 ) - (715,432 )
(715,432 ) - (715,432 )
Total 288,950 279,108 568,058

Asate Ltd

Notes to the Financial Statements
for the Year Ended 28 February 2023

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
28.2.23 28.2.22
£    £   
Donations 420,210 218,100


Asate Ltd

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. INVESTMENT INCOME
28.2.23 28.2.22
£    £   
Rents received 63,796 61,970
Deposit account interest 703 5
64,499 61,975

4. RAISING FUNDS

Investment management costs
28.2.23 28.2.22
£    £   
Loan interest 21,972 21,998
Light and heat 937 3,993
Maintenance charges 2,351 181
Rates and water 1,301 1,476
Insurance and security 4,441 847
31,002 28,495

5. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
6)
£   
Donations 172,548

6. GRANTS PAYABLE
28.2.23 28.2.22
£    £   
Donations 172,548 147,131
The total grants paid to institutions during the year was as follows:
28.2.23 28.2.22
£    £   
Comet Charities Ltd 28,360 47,230
Donations less than £10,000 79,788 76,051
Beis Yaakov Primary School Foundation 14,400 11,850
Torah Vodaas Primary School - 12,000
TMC Trust Ltd 50,000 -
172,548 147,131



Asate Ltd

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. SUPPORT COSTS
Management Finance Totals
£    £    £   
Other resources expended 1,800 196 1,996

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 28 February 2023 nor for the year ended 28 February 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 28 February 2023 nor for the year ended 28 February 2022.


9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 218,100

Investment income 61,975
Total 280,075

EXPENDITURE ON
Raising funds 28,495

Charitable activities
Donations 147,131

Other 2,057
Total 177,683

NET INCOME 102,392


RECONCILIATION OF FUNDS
Total funds brought forward 2,384,596

TOTAL FUNDS CARRIED FORWARD 2,486,988


Asate Ltd

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

10. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1 March 2022 2,199,838
Additions 2,940
At 28 February 2023 2,202,778
NET BOOK VALUE
At 28 February 2023 2,202,778
At 28 February 2022 2,199,838

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other creditors 1,085 -
Accrued expenses 3,600 1,800
4,685 1,800

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans (see note 13) 715,432 715,432

13. LOANS

An analysis of the maturity of loans is given below:

28.2.23 28.2.22
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments:
Bank loans more 5 yrs non-inst 715,432 715,432


Asate Ltd

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

14. MOVEMENT IN FUNDS
Net
movement At
At 1/3/22 in funds 28/2/23
£    £    £   
Unrestricted funds
General fund 2,486,988 279,163 2,766,151

TOTAL FUNDS 2,486,988 279,163 2,766,151

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 484,709 (205,546 ) 279,163

TOTAL FUNDS 484,709 (205,546 ) 279,163


Comparatives for movement in funds

Net
movement At
At 1/3/21 in funds 28/2/22
£    £    £   
Unrestricted funds
General fund 2,384,596 102,392 2,486,988

TOTAL FUNDS 2,384,596 102,392 2,486,988

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 280,075 (177,683 ) 102,392

TOTAL FUNDS 280,075 (177,683 ) 102,392

Asate Ltd

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1/3/21 in funds 28/2/23
£    £    £   
Unrestricted funds
General fund 2,384,596 381,555 2,766,151

TOTAL FUNDS 2,384,596 381,555 2,766,151

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 764,784 (383,229 ) 381,555

TOTAL FUNDS 764,784 (383,229 ) 381,555

15. RELATED PARTY DISCLOSURES

Included in Donations received during the year were receipts totalling £375,000 received from entities of which M.Lisser is a director and/or trustee.

Included in Donations paid during the year were payments totalling £28,360 paid to Comet Charities Ltd a charity of which M Lisser is a director and trustee.