Charity registration number 326329 (England and Wales)
Company registration number 01671900
LOCALTRENT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
LOCALTRENT LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Governors
Mr Hyman Weiss
Mr Philip Weiss
Charity number
326329
Company number
01671900
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
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
LOCALTRENT LIMITED
CONTENTS
Page
Governors' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
7 - 16
LOCALTRENT LIMITED
GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The governors present their report and accounts for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and “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)” (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 benefit. The policies adopted in furtherance of these objects are to identify Orthodox Jewish Charities which carry out activities such as providing Orthodox Jewish education and other activities which advance religion in accordance with the Orthodox Jewish faith or which relieve poverty and there has been no change in these during the year.

 

Each year, the governors confirm that they have referred to guidance 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 charity's income is generated from investment income and gains and charitable donations which is then distributed to meet the above objectives after allowing for funds required for investment in the charity joint property syndicates.

The objective of the charity for the year was to maintain a stable flow of donations to worthy causes in the Jewish community. The governors also aim to expand the charity's investment portfolio when the opportunity arises. No particular criteria or measures are used to 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 with the investment performance and with the level of donations given to worthy causes.

Financial review

The governors' investment powers are governed by the company's Memorandum of Association which permits the company to invest as may be determined by the governors.

 

The governors' are experienced property investors and have invested the company's funds in various properties with 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.

 

During the year, in order to simplify matters, the charity's subsidiaries transferred all of their investment property interests to the company at book value.

 

The charity's 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: £96,469). Accordingly, the total 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 charity distributed £571,816 (2023: 241,830) to various charities for the relief of poverty and the advancement of religion in accordance with the Orthodox Jewish faith.

LOCALTRENT LIMITED
GOVERNORS' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

There is no policy to maintain a level of reserves other than as required for the charity's investment portfolio.

The governors' investment powers are governed by the charity's memorandum of association that permits the

charity to invest as may be determined by the governors.

The governors have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a company limited by guarantee. It was incorporated on 14 October 1982 and registered as a charity on the same date. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

The governors, who are also directors 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 existing governors.

 

None of the governors has any beneficial interest in the company. All of the governors are members of the company and guarantee to contribute £1 in the event of a winding up.

The board of governors administers the charity.

The governors' report was approved by the Board of Governors.

Mr Hyman Weiss
Governor
Dated: 30 January 2025
LOCALTRENT LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE GOVERNORS OF LOCALTRENT LIMITED
- 3 -

I report to the governors on my examination of the financial statements of Localtrent Limited (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As 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 charity 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 carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I 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 that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements 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 financial statements 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 financial statements to be reached.

Jason Selig BA FCA CTA DChA
Lopian Gross Barnett & Co
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Dated: 30 January 2025
LOCALTRENT LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
255,000
208,500

Investment income

4
278,443
299,200

Other incoming resources

5
16,248
96,469
Total income
549,691
604,169
Expenditure on:
Charitable activities
6
571,816
241,830
Other
11
18,622
18,595
Total resources expended
590,438
260,425
Net (expenditure)/income for the year/
Net movement in funds
(40,747)
343,744
Fund balances at 31 March 2024
1,786,124
1,826,871

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
LOCALTRENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
13
400,000
400,000
Investments
14
100
110
Investments in joint property syndicates
15
2,138,151
2,129,936
2,538,251
2,530,046
Current assets
Debtors
16
1,958
3,279
Cash at bank and in hand
216,337
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 entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not 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 to companies subject to the small companies regime.

The financial statements were approved by the Governors on 30 January 2025
Mr Hyman Weiss
Governor
Company Registration No. 01671900
LOCALTRENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
(40,356)
315,062
Investing activities
Proceeds from the disposal of joint property syndicate investments
(8,215)
(57,178)
Proceeds from disposal of subsidiaries
10
-
Net cash used in investing activities
(8,205)
(57,178)
Financing activities
Repayment of bank loans
(20,132)
(29,288)
Net cash used in financing activities
(20,132)
(29,288)
Net (decrease)/increase 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
- 7 -
1
Accounting policies
Charity information

Localtrent Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Heaton House, 148 Bury Old Road, Manchester, M7 4SE.

1.1
Accounting convention

The accounts have been prepared in accordance with the Companies Act 2006 and “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)” (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 the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the governors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the governors in furtherance of their charitable objectives.

Funds held by the charity are all unrestricted. These being funds which can used in accordance with the charitable objects at the discretion of the governors.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if 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
1
Accounting policies
(Continued)
- 8 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 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 than one activity and support costs which are not attributable to 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 portion of the asset’s use.

Expenditure is recognised on an accruals basis as a liability is incurred.

 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

 

Other costs include all costs involving the public accountability of the charity and its compliance with regulation and good practice. 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 charity.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7
Fixed asset investments

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to 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 elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial 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 provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to 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 interest 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
1
Accounting policies
(Continued)
- 9 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction 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 joint property syndicates

The charity has a number of joint interests in various properties each of which is owned by a syndicate of similar participators. These investments are stated at the net cost of participation in the syndicate plus accumulated surpluses 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 about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006  not to prepare group accounts.
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the governors 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 experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and legacies
2024
2023
£
£
Donations and gifts
255,000
208,500

Donations include £ Nil (2023: Nil) from the company's subsidiaries.

LOCALTRENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
4

Investment income

Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Rental income
5,216
11,556
Rental expenses
(3,328)
(7,084)
Net rental income
1,888
4,472
Dividends from subsidiary undertakings
-
14,123

Property investment surpluses

276,312
280,575
Interest receivable
243
30
278,443
299,200
5

Other incoming resources

Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Gain / (Loss) on disposal of property investments
16,248
96,469
6
Charitable activities
Charitable distributions
Charitable distributions
2024
2023
£
£
Grant funding of activities (see note 7)
571,816
241,830
LOCALTRENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
7
Grants payable
Charitable distributions
Charitable distributions
2024
2023
£
£
Grants to institutions:
Orthodox Jewish education & religious studies
112,660
63,560
Advancement of religion & orthodox Jewish faith
210,646
65,550
Relief of hardship & poverty in Jewish community
248,510
109,380
571,816
241,830

Material grants issued in the period were:

 

£

 

Zoreia Zedokos                58,500

Chernobel Shul                42,000

Beis Aaron Trust                40,000

Chasdei Yoel Charitable Trust        33,950

Belz Machnovke                27,980

Yad Vochesed                25,000

Cong Yetev Lev                20,100

KH De Satmar                20,000

Lehachzikom UK                20,000

Ridgesave Ltd                20,000

Shir Chesed Beis Yisroel            20,000

-----------------

357,530

Other grants (less than £20,000) 214,286

-----------------

571,816

==========

8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
7,100
8,480
Profit on disposal of tangible fixed assets
(16,248)
(96,469)
9
Governors

None of the governors (or any persons connected with them) received any remuneration or expenses during the year.

LOCALTRENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
10
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
11
Other
2024
2023
£
£

Accountancy charges

7,100
8,480

Sundry expenses

1,614
1,673

Bank charges and interest

539
317
Financing costs
8,691
7,437
Insurance
678
688
18,622
18,595
12
Taxation

The activities of Localtrent Limited are exempt from direct taxation under part ll of Corporation Tax Act 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 reference to market evidence of transaction prices for similar properties.

2024
2023
£
£
Freehold
400,000
400,000
LOCALTRENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
14
Fixed asset investments
Other investments
£
Cost or valuation
At 1 April 2023
110
Disposals
(10)
At 31 March 2024
100
Carrying amount
At 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
2,129,936
Capital introduced
2,067
Surplus for the year
292,560
Capital repayments
(286,412)
At 31 March 2024
2,138,151

The joint property investments in which the charity is a participator has borrowings secured on the properties owned by the syndicates. The charity's share of such borrowings is not shown in the balance sheet in view of the extent of the security provided by the properties.

 

16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
22
Other debtors
1,958
3,257
1,958
3,279
LOCALTRENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
17
Loans and overdrafts
2024
2023
£
£
Bank loans
72,620
92,346
Governors' loans
527,500
527,500
600,120
619,846
Payable within one year
547,226
546,820
Payable after one year
52,894
73,026

The charity has a loan with an interest rate of 5.25% above libor and is repayable in 2027 by 48 quarterly payments, with a total of £33,000 currently repayable per annum (including interest).

 

 

18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
19,726
19,320
Other borrowings
527,500
527,500
Trade creditors
7,620
32,379
Amounts due to subsidiary undertakings
171,774
171,398
Other creditors
183,288
161,141
Accruals and deferred income
7,620
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
LOCALTRENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
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 to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
1,826,871
549,691
(590,438)
1,786,124
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 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
295,000
295,000
P Weiss
232,500
232,500
527,500
527,500

 

22
Related party transactions
The charity had the following loan transaction during the year which is repayable on demand.
The company has substantially the same directors/governors as the charity.
Balance b/fwd
Amount received in the year
Balance c/fwd
Ardina Limited
30,000
-
30,000
LOCALTRENT LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
23
Subsidiaries

Details of the charity's wholly owned subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
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 follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Wallflower Investments Limited
-
81,511
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