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 S￿rntary 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 ComMiss￿n 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 In￿Me 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 GIft￿d 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 0￿￿tIonS 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 a￿rUal$> arise diredy from th8 tharitys operations. The charity plans continuing the activities ouilined above in the comlng year subject to IrKoming resources being maintained at a sats'sfactory level. Structure* govemanco and managernent The charity is an enlty incorporated under the Companies Act and Is govemed by its Memorandum and Articles of Association. It has no share Capital being limited by guarantee. The liability of each member in the event of winding up is Ilmlled to £1. The trustees, who are also the directors for the purpose of company18w. and who served during the year and up to the dalg of signature of the financial 3tstements were.. Mrs Sarah Klein Mrs Zeld8 Slernlicht Mr Solomon LaLrfer Mr Samu¢l Berger TRUEDENE CO. LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 As set of in the knicles of Assodatlon the members of tho charity shall not exceed iwenty five. There #re tsvo classes of members: Ordinary members- subserlbers and all persons subsequently admitted by the Council to membership. Honorary members- persons the Council may admit from time to lime with written consent. No person shall be admitted to the membership of tho ￿)mpanY as an ordinary member untess.. He has signed and sent lo the Secretary ?n application for admission framed In such terms as the Council shall from lime to tlme prescribe, and.. He has been elected to the membership by tho Council. I current trustees are ordinary members and no honorary members have been appoSnled. The oiganisation is run by the govemors who are the Iru818es. Every trustee holds office Until helshg Shall die or attwn the age of ei9hty or shall cease lo hold officè by virtue of Arbde 49 of the Articles ofAssociation. 11 1$ 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 ￿$OlUtion proposing that Cohen Arnold be reappointed as auditor of the company wll be put at a General Meetlng. Dlsclosure of Infonnatlon to audltor Each of the trustees has confirmed that there is no infomalion of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmod that they have taken appropriate steps lo identify Such relevant information and to establish that the auditor is aware of such information. The trustees. ￿port was approved by the Board of Trustees. Mrs Zelda Stemllcht Trustee Dated.. 25 November 2024 TRUEDENE CO. LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees. who ar6 also the director8 of Truedeno Co. ￿mIt￿d lor the purpose of company law, we responsible for preparing the Trustees, Report and the financial slalements in accordance with applicable law and Unlted lQngdom Accounting Standards (United lfjngdom Ggneralty Aceepted Accounting Practice). Company Law requires the trustee8 to prepare financlal statements for each financial year whith give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, induding the income arKI expenditure. of the charitable company for that year. In preparing these financl81 statements. the tsustees are required to.. sew suitable a￿OuntIng policies and then appty them con$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 di￿108ed 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 respon￿ble 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 activIt￿s, 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 appli￿ble law and United Kingdom Accounting Standards, including Finarrial Reporting Slarnlard 102 The Financial Repoffjng Stend8rd applicable in Ihg UK and RepublK of I￿18nd (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 ￿SponsIbl111￿S for Ihe audit ol the financial statements section of our report. We are indepgndent of the Charity in accordance wlh the 8th1￿1 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 Suff￿lent 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 charl￿S 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 fina￿181 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 a￿O￿ntIng unless the trustees either intend lo liquidate th¢ charitsble company or lo cfra5e operations, or have no reali$liG altemative bLrt lo do so. Audito￿5 responslbllltles for the audit of th8 financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial slalements as a Who￿ are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that indudes c4Jr opinion. Reasonable assurance is a high level of assurance but 1$ 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 indi￿tIonS 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 Pro￿dureS 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 lden￿fy 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 £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 ￿$.. 2024 Number 2023 Numb•r Total There were no employees ￿OSe annual remuneralK)n was more th8n £60.OC4). R•muneratlon of k9y management personnel The remuneration of key management personnel was as follows= 10 Taxation The charity is exempt from taxation on its actlvitles bgcause all its inccffle is applied for charitable purp¢)ses. 11 Flxed asset Investments othgr investmgnts Cosl or valuatlon At 1 April 2023 Valuation changes 12.192,036 156.3861 At 31 March 2024 12,135,670 Carrylng amount At 31 March 2024 12,135.670 At 31 March 2023 12.192,036 2024 2023 Other investments ¢omprlse: Notas Investrnents in subsidiaries 15 12,135,670 12,192,036 15- TRUEDENE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Credltors: amounts falllng duo wlthln one year 2024 2023 Amounts owed to fellow gTOUP u￿lertakingS Other creditors 753.127 15.747 748,508 18.801 768.874 767,309 13 Unra$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 Ma￿h 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 dOna￿OnS 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-