ALTAMONT LIMITED Charity Accounts

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COMPANY REGISTRATION NUMBER: 01312537

CHARITY REGISTRATION NUMBER: 273971

ALTAMONT LIMITED

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2019

ALTAMONT LIMITED

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2019

	Page

Trustees' annual report (incorporating the director's report)	1

Independent examiner's report to the trustees	3

Statement of financial activities (including income and expenditure account)	4

Statement of financial position	5

Notes to the financial statements	6

ALTAMONT LIMITED

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2019

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2019 .

Reference and administrative details

Registered charity name	ALTAMONT LIMITED

Charity registration number	273971

Company registration number	01312537

Principal office and registered	Hallswelle House
office	1 Hallswelle Road
	London
	NW11 0DH

The trustees

	H Last
	H Kon
	S Adler
	G Wiesenfeld

Company secretary	H Last

Independent examiner	GK & Co. LLP
	Hallswelle House
	1 Hallswelle Road
	London
	NW11 0DH

Structure, governance and management

The charity is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association.

Objectives and activities

The company is a registered charity and its principal activity during the year was the distribution of its income to charities. The objects of the charity are to advance religion in accordance with Orthodox Jewish Faith and to support other charitable activities as are recognised by English Law as charitable.

In furtherance of its objects the charity continued to advance and donate money and support other charities with objects similar to those detailed above. The charity is run jointly by all the governors who make any important decisions in tandem. The governors meet regularly to manage the charity's affairs. There are no paid employees and all administration work is carried out on a voluntary basis by the governors.

Achievements and performance

The charity is organised so that the governors meet regularly to manage its affairs. There are no paid employees and all administration work is carried out on a voluntary basis by the governors.

INVESTMENT POLICY

The trust deed authorises the governors to make and hold investments.

In light of current economic conditions the governors consider it prudent to continue their existing investment policy. The governors consider it prudent to retain sufficient free reserves to be able to meet projected commitments arising over a period of three years.

PUBLIC BENEFIT

The governors have considered the guidance published by the Charity Commission and believe that the charity in carrying out its objectives, fully complies with these requirements. In particular the provision of funding for education in accordance with the principles of traditional Judaism and the support of associated communal charitable institutions such as synagogues and homes for the elderly and infirm automatically gives rise to a public benefit. Each year the governors review the objectives and activities of the charity to ensure that they continue to reflect these aims. In carrying out this review the governors have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.

FUNDING

The charity does not partake in external funding activities. Funds are derived on an annual basis from investment and from donations from charities and companies directly or indirectly connected with the trustees.

Financial review

The statement of financial activities shows a net profit for the year amounting to £6,352 (2018 - (£11,687)). Donations of £nil was made this year (2018 - £34,533).

The reserves stand at £343,894 (2018 - £337,542) in total.

Plans for future periods

The governors intend to continue performing at similar levels to current year which has been most satisfactory. Substantial donations will continue to be paid to various institutions.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 6 March 2020 and signed on behalf of the board of trustees by:

H Last

Trustee

ALTAMONT LIMITED

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of ALTAMONT LIMITED

Year ended 31 March 2019

I report to the trustees on my examination of the financial statements of ALTAMONT LIMITED ('the charity') for the year ended 31 March 2019.

Responsibilities and basis of report

As the trustees of the company (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 ('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 the 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

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 charity as required by section 386 of the 2006 Act; or

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 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 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 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.

GK & Co. LLP Independent Examiner

Hallswelle House 1 Hallswelle Road London NW11 0DH

6 March 2020

ALTAMONT LIMITED

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 March 2019

	2019		2018
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Investment income	5	8,165	8,165	12,379
		-------	-------	--------
Total income		8,165	8,165	12,379
		-------	-------	--------

Expenditure

Expenditure on charitable activities	6,7	1,814	1,814	36,533
		-------	-------	--------
Total expenditure		1,814	1,814	36,533
		-------	-------	--------

Net gains on investments	8	–	–	( 12,468)

	-------	-------	--------
Net income/(expenditure) and net movement in funds	6,351	6,351	( 11,686)
	-------	-------	--------

Reconciliation of funds

Total funds brought forward	337,543	337,543	349,229
	---------	---------	---------
Total funds carried forward	343,894	343,894	337,543
	---------	---------	---------

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

All income and expenditure derive from continuing activities.

ALTAMONT LIMITED

Company Limited by Guarantee

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	10		173,200	166,519

Current assets

Cash at bank and in hand	181,916		182,246

Creditors: amounts falling due within one year	11	11,222		11,222
		---------		---------
Net current assets			170,694	171,024
			---------	---------
Total assets less current liabilities			343,894	337,543
			---------	---------

Funds of the charity

Unrestricted funds		343,894	337,543
		---------	---------
Total charity funds	12	343,894	337,543
		---------	---------

For the year ending 31 March 2019 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

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

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 6 March 2020 , and are signed on behalf of the board by:

H Last

Trustee

ALTAMONT LIMITED

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The Company is limited by guarantee and therefore has no share capital.

Every member of the Company undertakes to contribute to the assets of the Company in the event of the same being wound up while they are a Member or within one year they cease to be a member for payments of debts and liabilities of the Company contracted before they ceased to be a Member and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required no exceeding £1.

5. Investment income

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Income from listed investments	8,165	8,165	12,379	12,379
	-------	-------	--------	--------

6. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Charitable donations	–	–	34,533	34,533
Support costs	1,814	1,814	2,000	2,000
	-------	-------	--------	--------
	1,814	1,814	36,533	36,533
	-------	-------	--------	--------

7. Expenditure on charitable activities by activity type

	Support costs	Total funds 2019	Total fund 2018
	£	£	£
Charitable donations	–	–	34,533
Governance costs	1,814	1,814	2,000
	-------	-------	--------
	1,814	1,814	36,533
	-------	-------	--------

8. Net gains on investments

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Gains/(losses) on other investment assets	–	–	12,468	12,468
	----	----	--------	--------

9. Independent examination fees

	2019	2018
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	1,500	1,500
	-------	-------

10. Investments

	Listed investments	Other investments	Total
	£	£	£
Cost or valuation
At 1 April 2018	166,517	2	166,519
Additions	6,681	–	6,681
	---------	----	---------
At 31 March 2019	173,198	2	173,200
	---------	----	---------
Impairment
At 1 April 2018 and 31 March 2019		–	–
		----	---------
Carrying amount
At 31 March 2019	173,198	2	173,200
	---------	----	---------
At 31 March 2018	166,517	2	166,519
	---------	----	---------

All investments shown above are held at valuation.

Financial assets held at fair value

The financial assets have been stated at fair value.

No revaluation was made on the basis that the listed investments have been acquired within the last two years and the trustees believe that the listed investments are stated at fair value.

11. Creditors: amounts falling due within one year

	2019	2018
	£	£
Other creditors	11,222	11,222
	--------	--------

12. Analysis of charitable funds

Unrestricted funds

	At 1 April 2018	Income	Expenditure	At 31 March 2019
	£	£	£	£
General funds	337,543	8,165	(1,814)	343,894
	---------	-------	-------	---------

	At 1 April 2017	Income	Expenditure	At 31 March 2018
	£	£	£	£
General funds	349,229	12,379	(36,533)	337,543
	---------	--------	--------	---------

13. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2019
	£	£
Investments	173,199	173,199
Current assets	181,917	181,917
Creditors less than 1 year	(11,222)	(11,222)
	---------	---------
Net assets	343,894	343,894
	---------	---------

	Unrestricted Funds	Total Funds 2018
	£	£
Investments	166,519	166,519
Current assets	182,246	182,246
Creditors less than 1 year	(11,222)	(11,222)
	---------	---------
Net assets	337,543	337,543
	---------	---------