Charfty regl8tratlon numbgr 248268 Company Teglstratlon number 00873227 (England and Walgsl TRUEDENE CO. LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
TRUEDENE CO. LIMITED LEGALANDADMINISTRATIVE INFORMATION TNsts89 Mrs Sar8h Klein Mrs Zelda Slernlicht Mr Solomon Laufer Mr Samuel Berger Srntary MfAbraham Klein Charlty numbor 248268 Company number 00873227 Reglstsrnd offlco New Burfington House 1075 Finthlgy Road London NW11 OPU Audltor Cohen ArrK>ld New Burfington House 1075 Finchley Road London NW11 OPU
TRUEDENE CO. LIMITED CONTENTS Page Twslees, report St*ement of trustees. responsibilitiès Independent audilofs pOrt statement of financial activities ststement of financbal position 10 Notes to the financial statements
TRUEDENE CO. LIMITED TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present Ih&r annual report and financial ststemenls for the year ended 31 March 2024. financial slalemenls have been prepared in accordance with the 8sxounting poliaes set out In note 1 to the finanaal statements and comply wi(h the charity's Memorandum of Association, the Companies Act 2006 and "Accounts"ng and Reporting by Charities.. Ststement of Recommended Practice applicable to tharities preparing their accounts in accordance wth the Finanaal Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102). (as amended for accounting periods commendng from 1 January 20161 Obledlvos and activitles The charitys objects are to promote and assist charitable activitio$, institutions and funds both in the United Kingdom and abroad, and in furtherance of the aforementsoned objects bul not otherwise. is authorised to undertake a number of activities including = to raise funds and to invite and re¢eiv¢ ¢ontribulions from any pgrson. fimi or company whatsoever by way of subscription or donation., establish and Support or aid in the eslablishmerst and support of any charitable association or institution, trust or fund, and lo subscribe or guarantee money for any charitable purwso which the charity shall consider calculated to promote ils objects or any of thom., to do all other lawful things as shall be incidental and conducive to Ihe attainment of the foregolng oblects or any of them. In ftjrtherance of ils objects, the chaiity 8UPPOrts the activiligs of Jthwsh religious organisatins. espegally in the field of education and provides philanthropic aid lo tho Jewsh needy. Donations are made to OTgan5saliDns providing a sound religious education in aecordance with the doctrines and prinuples of traditional Judoism and lo institutions set up lo provide aid to the Jewsh needy, wlh a view to achiewng the objectives of the charity- Truedene Co. Limited regularty supports charitsble organlsalions and institutions both in respect of revenue expenditure and ¢apital projects and there has been a continual call for fundlng of capital projects together with a concA)milanl need for increased revenue support The trustees have paid due regard to guidance i8sued ty the Charlty ComMissn in deading what adivities the charity should undertake and has complied with Its duty to act for the public bengfit in accordancewth Section 4 of the Charibes Act 2011. Grants are made lo charitable Inslltutlons and organisations which conform to the objectives of the charity after the trustees have satisfied themselves as to the bona fides of the recipient. Achlevgrnents and performanGg The charity derives its InMe from it8 subsidiary undertaking and companies connected with the trustees, in the fomi of Gift Aj'd ieceSpls. Durlng the year undgr review. it received £342,381 12023- £163,500) from its prinGipal subsidiary undertaking. During the year under review £351.200 {2023= £146,300} wa$ distrlbutsd in fiJrtherance of the eharibes objectives. Flnanclal r•vl•w thilsl there was a small decrease in the charity's incomo from that of the previous year. it to c(ffiinue lo provide grants lo those institutions that it Supports on a regular basis. As in previous year's, Arandaville Investments Limited, ils prinapal subsidiary undertaking, donated its entire taxable profrts by way of GIftd lo the charity with the underfying value of this Investment increasing during thg year. It Is the policy of the charity that unrestrided fund$ thich have not been designated for a 8pecnlc use should be maintsined at a level which the trustees consider appropriate after considering the future commitments of the charfty.
TRUEDENE CO. LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The charity has unrestricted funds of £11,369,57912023'. £11,433,320) of which £012023.. £01 is distributsble, the balance, representsng fair value adjuslmenls to the holdlng value of rts subsidiary undertaknngs, net being dislribLrtable as il Ss not realised. Tho movoments in investments are fvlty refiected In the notes to the finanrial $tstemenl8. Under the Memorandum and Articles ofAssoaation, the charity has the power lo make any investment which Ihg trustees see fit provided that funds so Lrtilised are not immediately required for use in wnnecti¢)n with any of it's objectives. The trustees regulady review the charitys position and needs in respgct of the Investment policy. The charity's unquoted investments are Included in the finanaal statements at fair value as detennined by the trustees. The truslges have assessed th8 major ri¥ks lo whlch the charity 1$ exposed, and are satisfied that systems are in placg lo miligale exposure to the major risks. The charity has no significant concentrations of credit risk. Amounts shown in the Ststement of Financial Position represent the maximum anllcipoted credit risk exposure. 11 is recognised th8t Systems c8n only provide reasonable but not absolute a55urance that major risks have been adequately managed. The charity holds or issues finan¢i81 instruments to achieve three maln objectives being.. lo finance il's 0tIonS to manage it's exposure to Interest and cJJrrency risks arising from S operations and from ivs sources ol finance- and to generate funds. In addition various financial instruments le.g. debtors, creditors, prepayments and arUal$> arise diredy from th8 tharitys operations. The charity plans continuing the activities ouilined above in the comlng year subject to IrKoming resources being maintained at a sats'sfactory level. Structure* govemanco and managernent The charity is an enlty incorporated under the Companies Act and Is govemed by its Memorandum and Articles of Association. It has no share Capital being limited by guarantee. The liability of each member in the event of winding up is Ilmlled to £1. The trustees, who are also the directors for the purpose of company18w. and who served during the year and up to the dalg of signature of the financial 3tstements were.. Mrs Sarah Klein Mrs Zeld8 Slernlicht Mr Solomon LaLrfer Mr Samu¢l Berger
TRUEDENE CO. LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 As set of in the knicles of Assodatlon the members of tho charity shall not exceed iwenty five. There #re tsvo classes of members: Ordinary members- subserlbers and all persons subsequently admitted by the Council to membership. Honorary members- persons the Council may admit from time to lime with written consent. No person shall be admitted to the membership of tho )mpanY as an ordinary member untess.. He has signed and sent lo the Secretary ?n application for admission framed In such terms as the Council shall from lime to tlme prescribe, and.. He has been elected to the membership by tho Council. I current trustees are ordinary members and no honorary members have been appoSnled. The oiganisation is run by the govemors who are the Iru818es. Every trustee holds office Until helshg Shall die or attwn the age of ei9hty or shall cease lo hold officè by virtue of Arbde 49 of the Articles ofAssociation. 11 1$ not currently the inlontion of the trustees of the Charity to appoint further tru$lees. Should the situation hange in the future, the trustees will appty suitable recruitment and training procedures. Unless and until olherwlse determined by the d)arfty the board of trustees (Council) shall consist of not less than three or not more than eight trustees. The Council appoints from among ils members a Chair and a Vice Chair, and in the event any vacancy arises the Council shall as soon as pr8Ctlcable fill the vacancy. Three ordinary members present in person shall form a quorum at a general meeting. None of the trustees have any beneficlal interest in the ¢harity. The charity has whdly owned subsidiaries. Ar8ndaville Investments Limf(ed, a property Inve8tsnent ¢panY and Alerrima Holdings Limited, a parent undertaking which h•$ a wholly owned subsidiary. Jaxel Co. Mited. domiant company. Audltor In accordance with the company's artides, a $OlUtion proposing that Cohen Arnold be reappointed as auditor of the company wll be put at a General Meetlng. Dlsclosure of Infonnatlon to audltor Each of the trustees has confirmed that there is no infomalion of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmod that they have taken appropriate steps lo identify Such relevant information and to establish that the auditor is aware of such information. The trustees. port was approved by the Board of Trustees. Mrs Zelda Stemllcht Trustee Dated.. 25 November 2024
TRUEDENE CO. LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees. who ar6 also the director8 of Truedeno Co. mItd lor the purpose of company law, we responsible for preparing the Trustees, Report and the financial slalements in accordance with applicable law and Unlted lQngdom Accounting Standards (United lfjngdom Ggneralty Aceepted Accounting Practice). Company Law requires the trustee8 to prepare financlal statements for each financial year whith give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, induding the income arKI expenditure. of the charitable company for that year. In preparing these financl81 statements. the tsustees are required to.. sew suitable aOuntIng policies and then appty them con$i$tenlly', - obswve the meth¢xEs and prlnciples In the Charities SORP,. make judgements and esllmates that are reasonable and tffudont.. slate whether applicable UK Accounting Standards have been followed. 8ubject to any materlal departures di108ed and explained in the financial slatemenls,. and prepare the financial sLgtement8 on the going concem basis unless it Is inappropria18 to presumè that the charity will continue in opgration. The trustsfrs are responble for keeplng adequate accounting records that disdose with r89sonabl¢ accuracy al any lime the finanryal p0511ion of thè d)arily and enablg them to ensure that the financial slalements comply wlth the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable stsps for the prevention and detection of fraud and other irregularities.
TRUEDENE CO. LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TRUEDENE CO. LIMITED Oplnlon We have audited the finanaal slalements of TnJedene Co. Limf(ed (the 'charity'l for the year ended 31 March 2024 which comprise the statement of financial activIts, the 8ts1emenl of financial position and note5 to the finanaal statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applible law and United Kingdom Accounting Standards, including Finarrial Reporting Slarnlard 102 The Financial Repoffjng Stend8rd applicable in Ihg UK and RepublK of I18nd (United Kingdom Generally Accepted A¢¢ounting Pr8Ctlce). In our s)plnlon, the flnancial statements.. give a true and fair vlew of the Stale of the charitable company's affairs as al 31 Mar¢h 2024 and of Ils incoming resources and application of resources, for the year then ended- have been properfy prepared In 8ecordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companres Act 2008. Ba858 for oplnlon We wnduded our audit in aecor*Yance with Intemational Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditorfs SponsIbl111S for Ihe audit ol the financial statements section of our report. We are indepgndent of the Charity in accordance wlh the 8th11 requirements that are relevant lo our audit of the financial sÈatem8nls in the UK, induding the FRC'S Ethical Stsndard, and we have fulfilled our other elhic81 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is Sufflent and appropriale to piovide a basis for our opinion. Concluslons relatlng to golng concem In auditing the financi81 statements. we have coneluded that the trustees, use of the goiro concem basls ol accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo evenls or conditions th81, individually or collectively, may cast significant doubl on the charlS ability to continue as a going concern for a perfod of 81 least e1Ve months from when the finarrial stslements are aulhorised for issue. Our responsibllilies and the responsibililies of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiatlon The other infomialion comprises the infomialion included in the annual report other than the fina181 8tstements and oui auditor's report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other intomialion and we do not express any form of assurance condusion thereon. Our responsibility is lo read the other information and. in doing so, consider ether the other information is materially inconsislenl with the financial slalemfrnts or our knowledge obtained in the course of the audit. or olhemise appears lo be materially misstated. If we identity such malerkgl inconsisten¢ies or apparent material misststements, we are required to delemine whether this give5 rise to a materBI misststernent in the financial statements themselve8. If, based on tha work we have perfomied, we conclude that there 1$ material misstatement of this other informallon, we are required to report that facL We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following matters in relation to whith the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinlon.- the informaty'on given in the financial statements Is Inconsistenl in ary material respect with the trustees, report., or suffiGienl accounting records have not been kept,. or the financial statements are not In agreement with thè accounting records.. or we hove not received all the information and explanations we require for our audiL
TRUEDENE CO. LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TRUEDENE CO. LIMITED Re6pon8lbllltlg$ of trusteos As explained MO fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of company law. are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is ngcossary to enable the proparalion of financial statements that are free from material misslalèment, whether due to fraud or error. In preparing the finanrjal Slalements, the trustees are responsible for assessing the charity's ability lo continue as a going concem. disclosing, as applicable, matters related to going concem and using the going concem basis of aOntIng unless the trustees either intend lo liquidate th¢ charitsble company or lo cfra5e operations, or have no reali$liG altemative bLrt lo do so. Audito5 responslbllltles for the audit of th8 financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial slalements as a Who are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that indudes c4Jr opinion. Reasonable assurance is a high level of assurance but 1$ not a gu8r8nlee that an audit conducted in accordance with ISAS IUK) wll always detect a material misslalemenl whèn it exists. Misststements Gan arise fr¢)m fraud or eThor and are considered material it, individually or in the aggregate, they coukj reasonably be expected to Influence the economic derysions of UBers taken on the basis of these financial statements. Irregularltie8, Induding fraud, are instan¥ of non•compliance with laws and regulations. We design procedures in line wlh our responsibilities, outlined above. to detect material misstatements in respect of Irregularitses, including fraud. The extent lo which our procedures are eapable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal ond regulatory frameworks that ale applicable lo the company through discAJssion wth the management and idonlified which were most significant wth respect to the finanaal statements. We identified the Companies Act 2006 lincluding associated regulalionsl. Charities Act 2011, Charities SORP IFRS102), Finanryal Reporb'ng Standard 102, Taxation Laws and Regulations as being most significant lo these financial Slatemerbts. We c¢)mmunicated these identified frameworks amongst our audit team and remalned alert lo any inditIonS of notFcompliance throughout the audit. We ensured that the engagement team had sufficient competence and capability lo iderrtify or recognise non- compliance with laws and regulations. We discussed with th8 management the policies and ProdureS regarding complkanee with the legal and regulatory framework. We assessed the Susceptibility of the company's financial ststements to material misslalement due to non- Complian with legal and regulatory framework, including how fraud might ¢xcur, by enquiry with the checklists. The susceptibllity to such matfjrial misstatement was determingd to be low.
TRUEDENE CO. LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TRUEDENE CO. LIMITED Basgd on this understanding, we deslgned our audii procedures to ldenfy noTrcompliance with the identifi¢d legal and regulatory framework, which were part of our procedures on the related ffinanelal stslemenl items. Our procedures included reviewng the Company's intemal controls polioes and proce(lures, roviewng the minutes of board meetSngs and correspondence with regulatory bodies including HM Revenue & Customs, lesling transactions outside the nomal wurse of the business and joumal entries, and dlscussions with Ihg management. Obwng to the inheront limitations of an audr(. there is on unavoidable risk that we may not have detected some material misslalements in thè finanaal statements, even though we have properfy planned and perfomèd our audit In accordance wth auditing standards. For example, the further removed nonvcompliance with laws and regulations (irregularities) Ss from the events and transactions reflected in the financial 51atemenls, the less likely the inherenlly lifflited procedures required by auditing stsndards would identify it. In addili¢)n, as with any audrt, there remained a higher risk of non-d&lection of irregulanties, as these may involve collusion, forgery, intentional omission. misrepresentations, or the override of intern81 controls. We are not responsible for preventing rK>n<ompliance and cannot be expected lo detect non-compliance with all laws and regulations. As part of an audit in accordance wlh ISAS IUK}, we exercbse profe$$lonal ludgmenl and maintain professional sceptiusm throughout the audit. We also.. Identify and assess the risks of material misstslement of the financial statements, whether due lo fraud or error. design and perform audit pr¢xedures responsive lo those risks, and obtsin audit evidence that is sufficient and appiopriate to provide a ba8is for our opinion. The dsk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve cdlusion, foigery. intentional omissions. misrepresentslions, or the override of internal control. Obtaln an understanding of internal contrd relevant lo th8 audit in order to design audit procedures that are appropriate in the CircumstanS, but mot for the purpose of expressing an opinion on the effectiveness of the company's intemal control. Evaluate the appropriateness of accounting policies used and the rea8onablenes5 of accounting estimates and related disclosures made by the Trustees. Condude on the appropriateness of the Trustees. use of the golng concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condition$ that may cast significant doubl on the company's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report. However, future events or conditions may cause the company to cease lo conlnue as a going Goncern. Evaluate the overall presentation, structure and content of the financial slalemenls, induding the disdosures, and whether the financial stslements represent the underlying transactions and events in a manner that achieves falr presentation. Obtsin sufficAent appropriate audit evidence regarding the financial Information of the enlilles or business activities Mthin the company lo express an opinlon on Ihg finandal slatemonts. We are responsible for the direction. supervision and pgrfomianee of the company audit. We ramain solely responsible for our audit opinDn.
TRUEDENE CO. LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF TRUEDENE CO. LIMITED A fijrther de8crfplion of our respcfftsibllities is available on the Finandal Roporting Council's website at.. https.'Il www.frc.org.ukjauditorsresponsibiliti8s. Thi5 dg$criplion fom)s part of our auditorfs report. Use of our report Thi8 report Is made solely to Ihg charity's trustees. as a body, in accordance wlh part 4 of the Charities {Aecounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste lo the charitys trustees those matters we are roquired to stste to them in an auditor's report and for no other purpose. To the fullest &xlent pemitted by law, we do not accept or 888ume responsibility to anyone other than the charity and tho charity's trustees as a body, for our audit work. for th18 report, or for the opinion$ we have formed. Mosho Broner£ohen (Senlor Ststutory Auditor) for and on behalf of Cohon Arnold 25 November 2024 Chartered Aountants Statutory Audltor Ngw Burlington House 1075 Flnchley Road London NW11 OPU Cohen Amold is eligible for appointment as auditor of the charity by virtue of Its eliglbilty fci appointment 88 auditor of a company under section 1212 of the Companies Act 2006.
TRUEDENE CO. LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrgstrlctod Unrestrlcted funds funds 2024 2023 Notss Income from: Donations and legacies 342,381 163,500 Totsl Inc¢)m¢ 342.381 183,500 Expenditure on: Chari18ble activities 359,756 154,014 Totsl •xpendlture 359,756 154,014 Net gainslllosses} on investments 156.366) 56.366 Net Incomel{up8nditufel and movemant in funds (73.741) 65.852 Reconclllatlon of funds., Fund balances at 1 April 2023 11,443.320 11,377.468 Fund balan¢es at 31 March 2024 11.369.579 11.443.320 The statement of finanaal activlties indLKle$ all galns and losses re¢ognised in the year. Al income an(1 expenditure derive from continuing activities.
TRUEDENE CO. LIMITED STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2024 2024 2023 Notes Flxod a¥sets Investments 11 12.135,670 12,192,036 Currnnt a¥s•ts Cash at bank and In hand 2,783 18.593 Credltors". amounts falling due wlthln one ygar 12 {768.874) (787,3091 Net currnnt Ilabllltles 1766,0911 1748,716) Totsl ass8ts 1986 curr•nt liabllltles 11.369,579 11.443.320 Net assets excludlng yn8lon Ilablllty 11.369,579 11,443,320 Thfj funds of th& charlty Unre8triLXed funds 11,369,579 11.443,320 11.369,579 11,443,320 The company is gnb'tied lo the exemption from the audlt requirement ¢tsined In Secticfi 477 of thé Companies Act 2006, for the year gnded 31 March 2024. although an audm ha8 been cgrried out under section 144 of the Charities Act 2011. The directors acknedge their respgnsibilities for complying wth the requirements of the Comparies A¢t 2CK6 with re$pgGI lo aceountlng records and the preparation of financi81 statements. The members have not requlred the company to obtain an audit of ils finandal sLqtements und8r the requirements of the CompaniesAct 2006, for the year in qu9$1ion in accordance with section 476. These finanaal statements have been prepared In accordance with the provisions op]cable lo companies subject to the small companies gIMe. The flnanclal statements were apwoved by the trustees on 25 November 2024 Mrs Zelda Stemlicht Trustse Trustse Company registration number 00873227 (Eroland and Wales) 10-
TRUEDENE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AccouDtlng pollcles Charlty Infomiatlon Truedeng Co, Limited is 8 private company limited by guarantee incorForate(l in EThJl8nd and Wales. The registered office is Now Burlington House, 1075 Finchley Road. London. NW11 OPU. 1.1 Accountlng ¢onvèntlon The finanaal statements have been prepared in accordance with the charivs Igoverning documentl, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicablo in the UK and Republ of Ireland" {'FRS 102°) and the Charitles SORP "Accounting and Repong by Charities.. Stalemont ol Recommended Practice applicable lo charities preparing their accounts in a¢¢ordance with the FinancAal Reporting Standard app]ible in the UK and Republic of Ireland IFRS 102)" (effective 1 January 20191. The charlty is a PublK Benefft Entity as defined by FRS 102. The charity has taken advantage of the provi8ions in the SORP for charlties r1 lo prepare a Stat9n1 of C88h Flows. Thg financial stslements are prepared in Steing. which is the fvn¢tional currency of the charlty. Monetary omounts in these financial statements are rounded to the nearest £. The financial statements havé been prepared under the historical cost convention, Imodified lo include the revaluation of freehold propertigs and lo indude investment propèrties and certain financial instruments at fair valuel. The principal accounting policies adopteé are set out below. 1.2 Golng concern At the lime of approving the financial slalemenls, the trustee5 havè 8 reasonable expedalion that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trLStees continue to adopt the going concern basis of accounting in preparing the financial slalements. 1.3 Charltsble funds Unresthcted funds are available for use at the discretion of the trustees in furtherance of their charitsble objectives. Restricted fijnds are sublect to spe¢ific conditions by tlonors or grantors as to how they may be used. The purpos85 and uses of the restricted funds are sel out in the notès to the finarscial statements. Endowrnenl funds are subject to $peafic conditions by donor8 that the capital must be mainlaingd by the chwity. 1.4 Incomo Income is recognlsed when the charity is legally entitled to it after any performance condition$ have been met, the amounts can be meesured reliably, and il is probable that Income will be received. Cash donations are recognised on receipt. Other dortations are recognised once the charity has been notified of the donation. unless p8rformance condf(ions requlre deferral of the amount. Income lax recovelable in relation lo donations received under GiftAd or deeds of covenant is rerngnised al the time of the donation. Legaeies are recognised on recaipl or otherwise if the charity has been notified of an impending distribut(on, the amount is known. and receipt is expgcled. If the amount is not known, the legacy is treated as e ontingenl asset. 11
TRUEDENE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuodl 1.5 ExndIture Basic finanryal liabilities, induding creditors and bank loans are initially recognised al Iran$action price unless the arrangement constitutes a finanang Irarbsaction. where the debt instrument is measured al the present value of the future payments discountgd at a market rate of interest. Financial liabilities Glassified as payable within one year are not amortised. Debt in8trumenls are subsequently carried at amortised cost, using thg effective interest Tate method. Tr8de creditors are obligations to pay for goods or 8ervSces that have been 8equiTed In the ordInY course of operations from suppliers. Amounts payable are dassified a5 cuent liabiltties if payment is due wthin one year or less. If not. they are presented as non-currenl liabilities. Trade credilofs are recognised initially at transaction price and subsequently measured at amorbsed cost using the effeclivg interest method. 1.6 Flxed asset Investsnents Fixed asset investments are initially mea$ured at transaction price excluding transaction costs, and are subsequently measured at lair value at each reporknng date. Changes in fair value are recognised in net Sncomel(expenditurel for the year. Transaction costs 8re expensed as incurred. A subsidiary is an entity controlled by the tharity. Control is the power to govern the financial and op8rating pollcies of the entity so as lo obtain benefits from ils activides. 1.7 Cash and cash gqulvalents Cash and cash equivalents include cash in hand. deposits hdd at call with banks, other shorklerm liquid investments with original malurflies of three months or less, and bank overdrafts. Bank overdrafts are shown in borrowings in Gurrent liabilities. 84VtsiC financial assets Basic fjnancial assets, which include debtors and cash and bank balances. are initially me8sured 81 transaction price including transaction costs and are subsequently carried at amortised cost uslng the effedive interest method unless the arrangement constitutes a financing transaction, where the transaction is mea3ured al the present value of the fure receipts discounted al a market rale of interest. Fin8nryal assets d85sified as receivable within ong year are not amortised. 8asic flnancial liabiliti•s Basic finanual liabilities, induding Greditors and bank loans are Initially recognised at transaction price unless the arrangement wnstitules a financing transaction, wherè the debt instrument is measured al the present value of the future payments discounted al a market rale of inteSt. Financial liabilltles cla$$ified as payable thin one year are not amorti5ed. Debt instruments are subsequenyy rried at amortised cost, using the effective Interest rate method. Trade creditors are obligations to pay for goods or services th81 have been acquired in the ordinwy cours8 of operations from suppliers. Amounts payable are classified as current liabilfties if payment is due within one year or less. If not. they are presented as non-currenl liabllilies. Trade creditors are recogni38d initially al transadon price and subsequently measured at amortised cost using the effectNe interest method. Dor¥eognltlon of financlal Ilabllltles Financial liabilitigs are derecognised when the charity'8 contractual obligations expire or are discharged or cancelled. 12-
TRUEDENE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollclos Icontlnued) 1.8 Employeè beneffts The cost of any unused holiday entitlement Is reeognlsed In the period in which the employee's services are recelved. Temlnation benefits are recognised immediately as 8n expense when the charity is demonstrably committgd to lemiinato the employment of an employee or to provld8 temiinati¢Jn bgnefits. Crltlcal accountlng estlmates •nd judgements In the application of the charlty's accounting polides, Ihe twstees are quIred to make judgements, eslimatgs and assumptions about the carrylng amount of assets and liabilities that are not readily apparent from other seurces. The estimates and associated assumptions are bgsed on historical experign¢e and other factors that are con8idered to be relèvant. Actual results may drffer from these estimates. The estimates and urbderfying assumptions ore revlewed on an ongolng basis. Revi$lDns lo accounting esllmates are recognised in the period in whith the estimate is revised where the revision affects lY that period, or in the period of the revision and future periods where tho revislon affects both current and ftjture pèriods. Donatlons and l•ga¢ies Unrestricted Unrgstricted funds funds 2024 2023 Donations and gifts 342,381 163,500 Donatlon8 and glfts Grft receipts from Arandaville Investments Limltsd 342,381 163,500 342,381 163.500 4 Charftable actlvltle8 2024 2023 Grant funding of adlvhles (see note 5) 351.200 146.300 Share of support cost5 (see note 6) Share of governance costs {seo nolp 61 5,55fj 3,000 5,074 2.640 359,758 154,014 13-
TRUEDENE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants p•yable 2024 Chasdei Moshe Trust Chevras Mo'oz Ladol Collgl Chibath Yerushalayim Con9regation Wo81 Moshe D'satmer Charitable Trust Ken Ezra Mimlzika Kollel Veyoel Mo$he Lechem Shlomo Machzikei Yeshive Notzar Chased Salmar Seminary UTRY Yesamach Levav YGS Yeshiva Gedola Seminar Other donations £5.000 or less 12.500 15,000 10,000 10,000 10,000 10,000 10,000 10,000 8,000 7,500 10,000 10,000 6,000 222,200 351,200 All grants were made for general charitae purposes including th8 advancement of education and the relief of pov¢rty. Support costs Support Govèrnance costs osts 2024 2023 AcGountancy fees Bank chaiges Sundry expenses 5.000 153 403 5,OC 153 403 5,000 20 54 Audit fee8 3,000 3.000 2,640 5.556 3,000 8,556 7.714 Govemance costs includes payments to the auditors of £2.6401202> £2.4001 for audrt fees. Not movement In funds 2024 2023 The net movgment in fuThJs Is stated after thargingl(creditirrfJl'. Fees payabie for tho audit of the charity's finan¢tal Statements 3.000 2,640 Truste None of the Iru8tees {or any persons connected with them) received any remuneralion or beneffts from the charity during the year. 14-
TRUEDENE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employges The average monthly number of employees during the year $.. 2024 Number 2023 Numb•r Total There were no employees OSe annual remuneralK)n was more th8n £60.OC4). R•muneratlon of k9y management personnel The remuneration of key management personnel was as follows= 10 Taxation The charity is exempt from taxation on its actlvitles bgcause all its inccffle is applied for charitable purp¢)ses. 11 Flxed asset Investments othgr investmgnts Cosl or valuatlon At 1 April 2023 Valuation changes 12.192,036 156.3861 At 31 March 2024 12,135,670 Carrylng amount At 31 March 2024 12,135.670 At 31 March 2023 12.192,036 2024 2023 Other investments ¢omprlse: Notas Investrnents in subsidiaries 15 12,135,670 12,192,036 15-
TRUEDENE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Credltors: amounts falllng duo wlthln one year 2024 2023 Amounts owed to fellow gTOUP ulertakingS Other creditors 753.127 15.747 748,508 18.801 768.874 767,309 13 Unra$tTiCted funds The unrestricted fvnds of the Gharty ¢omprise the unexpended balanGgs of donatlons and grants which are not subject lo specific conditions by donors and grantors as to how they may be used. These indude designated funds which have been set aside out of unrestricted fund5 by the trustees for Specific purposes. At 1 Aprll 2023 Incomlng Resourcgs rnsourc85 expendod Galns and At 31 Mah losses 2024 General unroStri¢ted fvnd$ Revaluation reserve (748,517) 12,191,837 342,381 (359,756) 1765,892) IS6.366) 12,135,471 11.443.320 342,381 (359,756) 156,366) 11.369.579 Pre¥k)us y•ar: At 1 Aprfl 2022 Incoming R8sourcgs resources expended Gaim and At 31 March losses 2023 General unrestrirt¢d funds Revaluation reserve 1758,0031 12,135,471 163.500 (154,014) 1748,517} 12,191.837 56,366 11,377,468 163,500 1154,014) 56,366 11.443,320 14 Relatsd party transactlons Transactions wlth relatsd partlos During the year the ch8rrty entered into the following transactions related partles.. The charity received gift aid receipts of £342,381 from its subsidiary undertaklng, Arandaville Investments Limf(ed. No conditions were attached to any of the dOnaOnS received. 16-
TRUEDENE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 8ub8ldlarle5 Those financial statements are separate charity financial $ements forTruedene Co. Limhed. The charity meets the criteria both within the Companies Act and the Charities Act lo fi18 individual accounts and thus consolidated accounts have not been prepared. Details of the chartty's suhidlaries at 31 March 2024 are as follows". Name of undertaklng Reglstered offiee Naturg of buslness Class of % Hold share8 held Dlrè¢t Indlrect Arandgville Investments Llmited Aterrima Holdings Limited England & Wales Pargnl Undert8klng Jaxel Co. Limited England & Wales Domiant England & Wales Property investment Ordinary 100.00 Ordinary Ordinary 100.00 100.00 The investment in subsldlary undertaking$ is 8taled al fair value as determined by the trustees wkj have extensive knowtedge of their underlying assets. 17-