Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 **Charity Registration No. 285533** **Company Registration No. 01650188 (England and Wales)** **TRUMROS LIMITED (a company limited by guarantee)** **ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS** **FOR THE PERIOD ENDED 30 JUNE 2024** Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|H Hofbauer| |---|---| ||R Hofbauer| |**Secretary**|H Hofbauer| |**Charity number**|285533| |**Company number**|01650188| |**Principal and Registered office**|282 Finchley Road| ||Hampstead| ||London| ||NW3 7AD| |**Auditors**|Gerald Edelman LLP| ||73 Cornhill| ||London| ||EC3V 3QQ| |**Bankers**|Royal Bank of Scotland| ||Piccadilly Circus Branch| ||48 Haymarket| ||London| ||SW1Y 4SE| ||Lloyds Bank| ||25 Gresham Street| ||London| ||EC2V 7HN| Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Group Trustees' report|1 – 4| |Statement of Trustees' responsibilities|5| |Independent auditor's report|6 - 9| |Consolidated statement of financial activities|10| |Consolidated balance sheet|11| |Statement of consolidated cash flows|12| |Notes to the consolidated accounts|13 - 27| Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **GROUP TRUSTEES' REPORT** ## _**FOR THE PERIOD ENDED 30 June 2024**_ The Trustees present their annual consolidated report and accounts for the period ended 30 June 2024 for the charity and its subsidiaries. This report meets the requirements of a directors’ report for the purposes of the Companies Act. These accounts cover the period from 1 January 2023 to 30 June 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 2019). ## **Objectives and activities** The aim of the charity is to advance religion in accordance with the Orthodox Jewish faith by providing charitable donations regarding welfare, education and medical requirements, more specifically the relief of poverty and supporting educational establishments. These aims are supported by the objects of the charity as set out in the memorandum and articles of association. In line with the objects the charity focuses its work in Israel and the UK, concentrating its strategy on the following programmes carried out for the public benefit: ## 1) The advancement of education. - 2) The relief of those in need, by reason of youth, age, ill health, disability, financial hardship or other disadvantage. - 3) Other purposes currently recognised as charitable. The charity delivers its charitable aims as follows: 1) Identification of suitable projects and causes through the existing Trustees' contacts and by building new relationships with a range of charitable organisations and intermediaries. 2) The careful review of, with external advice where necessary, relevant applications taking account, inter alia, of the importance of the charitable work undertaken, the financial stability of the organisation and the competence of its management. 3) The monitoring of the application of all grants made by the charity in the hands of the recipient to ensure that these have been used for the purpose for which they were made in an efficient and cost effective way. 4) The monitoring of the investments of the charity and, when deemed necessary, managing the portfolio with a view to maintaining and, wherever possible, improving the market value and income of the underlying assets. The current grant policy of the charity is to distribute, subject to cashflow requirements, a maximum of the annual income (before investment returns) of the charity to beneficiaries and not to hold income as reserves unless a special project emerges which deserves additional support. The Trustees welcome applications from any institution which meets the criteria set out above. The criteria for assessing success in achieving the charity’s various aims is by reference to its annual accounts and, in particular, its statement of financial activities. Both of the Trustees take an extremely active role in the management of the charity to ensure its aims are fulfilled. Regular contact is made with many beneficiaries in order to attempt to establish the needs of charities and the level of financial assistance that may be appropriate. ## **Public benefit** In setting its programmes going forward, the charity has regard to both the Charity Commission's general guidance on public benefit and prevention and relief of poverty for the public benefit. The Trustees always ensure that the programmes undertaken are in line with charity's objects and aims. - 1 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **GROUP TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE PERIOD ENDED 30 June 2024**_ The public benefits that flow from aim (1) are: - (a) an enhanced understanding and knowledge of the Orthodox Jewish Faith and contributing towards providing facilities to worship and study. The public benefits that flow from aim (2) are: - (a) the prevention or relief of poverty for those more disadvantaged, and aiding those of a particular ethnic or racial origin, age or disability, by enhancing quality of life and sense of well-being, leading to improvements in physical and emotional well-being, and a more stable and cohesive community. The public benefits that flow from aim (3) are those in accordance with any other charitable activities which are in accordance with the charity’s aims. Those that benefit from the above aims are the general public and locally-based community and voluntary organisations, in particular children/young people, people of a particular ethnic or racial origin and other charities or voluntary bodies. ## **Achievements and performance** During the period the charity distributed £1,168,780 (2022: £964,747) by way of grant in furtherance of its objectives and for the public benefit. It is the policy of the Trustees to continue to make charitable grants at a similar level in forthcoming years. The grants made were focused on the following areas in line with the stated aims: 1) The advancement of education. A total of £810,455 was paid to include: Achisomoch £420,500 educational charities based in the UK. Beit Hamidrash Abarbanel Ashdod £191,500 educational charities based in Israel. Dushinsky Trust £12,500 an educational charity based in the UK. Friends of Beis Chinuch LeBonos £40,000, a London based charity providing the advancement of Orthodox Jewish education. Kollel Hakol £24,620, a London based charity providing religious study and maintaining and running a Kollel, through the prevention and relief of poverty. North West London Jewish Day School £24,650, an education charity based in Willesden, UK. Mercaz HaTorah £32,500, institute for Torah study based in Jerusalem, Israel. Torah Vochessed £26,000, a London based charity providing building facilities for educational institutions. Yeshiva Chochmat Shlomo £10,000, an educational charity based in Israel. Yeshiva Shavei Hevron £10,400 institute for Torah study based in Israel. Other small donations to charitable entities totalling £17,785. 2) the relief of disadvantaged persons by provision of medical and welfare support. A total of £358,325 was paid to include: AV Trust £13,000, BEFORE Trust £43,000, Chevras Mo’oslodol £57,500 and Chevras Ezras Nizrochim £40,000, welfare charities based in the UK. Kupas Tzedoko Vochesed £8,600, a London based charity, provides grants to needy, sick, unemployed, widows, incapacitated persons and advancement of Jewish Religious Education. Amud Hatzdokoh Trust £18,482, Golders Green Beth Hamedrash £13,070, One Heart £57,200, Beth Mifalei £27,574, Chabad £16,231 welfare charities based in the UK. Other small donations to charitable entities totalling £63,668. - 2 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **GROUP TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE PERIOD ENDED 30 June 2024**_ ## **Financial review** The net (Expenditure)/Income for the period amounted to £(731,318) (2022: £32,663 income). The principal funding source continued to be from rental income which in the period under review amounted to £1,759,223 (2022: £1,186,064) which is in line with rent levels in the prior period. Total expenditure amounted to £1,899,850 (2022: £1,323,901) of which charitable expenditure amounted to £1,168,780 (2022: £964,747). Property management costs were £671,971 (2022: £328,898) and included legal and professional fees of £9,369 (2022: £15,603). Finance costs increased to £325,232 (2022: £104,029). Overall net property income increased to £1,081,252 (2022: £857,166). The Trustees believe that the charity is in a strong financial position which has resulted in net assets totaling £9,523,940 (2022: £10,255,258) at the Balance Sheet date. The charity currently has no fixed reserves policy. The Trustees have adopted a prudent approach in the recent past to ensure as far as possible that its expenditure can be financed by its income and any gains of a capital nature that may accrue. This occurred in the period ended 30 June 2022 but not in the period to June 2024 due to a downward property valuations at the period ended 30 June 2024. The strategy of the charity has been to pursue an investment policy which would result in continuing and sustainable growth whilst maximising the income funds available for charitable distribution. However, the revaluation at 30 June 2024 resulted in a loss of £626,191. The charity's stated investment policy is to retain a low risk portfolio producing both income and capital growth. The Trustees, with the assistance of their property advisors, continue to review the group's property portfolio and the market place to identify further suitable opportunities to maximise the value of the assets held. ## **Risk assessment** In terms of the principal risks and uncertainties facing the charity, like other companies with investment portfolios, investments values can go down as well as up. The charity has a prudent attitude to these risks and has objectives of long term investment. Accordingly, the charity operates a straight and tight management of its property portfolio having regard to the challenge to always find suitable investments which have the required income yield whilst ensuring as far as possible the protection of capital. The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and have developed a risk management strategy which involves the following: - an annual review of the principal risks and uncertainties that the charity and its subsidiaries face - the establishment of policies, systems and procedures to mitigate risks identified - the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise - 3 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **GROUP TRUSTEES' REPORT (CONTINUED)** _**FOR THE PERIOD ENDED 30 June 2024**_ ## **Structure, governance and management** The Charitable company is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 12th July 1982. The Trustees, who are also the directors for the purpose of company law and who served during the period, were: H Hofbauer R Hofbauer None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The Trustees as a body have the power to appoint new Trustees at their discretion. It is the policy of the charity to provide any new Trustees appointed with background information regarding its affairs, including accounts, in order that they can obtain a sufficient level of knowledge to enable them to perform their roles effectively. Further training will be provided as this is considered appropriate. The charity has two wholly owned subsidiaries, Emdastates Limited and J Manning Properties (West End) Limited. The subsidiaries are property dealing and investment companies, which gift their profits to the charity under gift aid. Please refer to note 11 to the accounts for further information including the results for the period under review. The Trustees have the power, given to them by the Memorandum and Articles of Association, to make any investment which they determine is in the best interests of the charity at their absolute discretion. ## **Auditor** Gerald Edelman LLP were appointed as auditor to the group and a resolution proposing that they be reappointed as auditor of the company will be put at a General Meeting. ## **Disclosure of information to auditor** Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor are aware of such information. ## **Going concern** At time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The Trustees' report was approved by the Board of Trustees. .............................. **R Hofbauer** Trustee Dated: 30 April 2025 - 4 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE PERIOD ENDED 30 June 2024**_ The Trustees, who are also the directors of Trumros Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the Charitable company and its subsidiaries and of the incoming resources and application of resources, including the income and expenditure, of the Charitable company and its subsidiaries for that period. In preparing these accounts, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 5 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **INDEPENDENT AUDITOR'S REPORT** ## **TO THE MEMBERS OF TRUMROS LIMITED** ## **Opinion** We have audited the financial statements of Trumros Limited (the ‘Charitable company’) for the period ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). ## In our opinion, the financial statements: - give a true and fair view of the state of the group and the Charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of our audit: - the information given in the Trustees' Report, which includes the directors’ report prepared for the purposes of company law, for the financial period for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report included within the Trustees' report has been prepared in accordance with applicable legal requirements. - 6 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)** ## **TO THE MEMBERS OF TRUMROS LIMITED** ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the Charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report. ## **Responsibilities of Trustees** As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charitable company 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 internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group and the Charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Our audit procedures were primarily directed towards testing the accounting systems in operation which we have based our assessment of the financial statements for the period ended 30 June 2024. We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations. We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations. ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: - 7 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)** ## **TO THE MEMBERS OF TRUMROS LIMITED** - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - Enquiring of management of whether they are aware of any non-compliance with laws and regulations. - Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud. - Enquiring of management their internal controls established to mitigate risk related to fraud or noncompliance with laws and regulations. - Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals. - Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act, tax legislation,data protection, anti-bribery, employment and health and safety. ## **Audit reponse to risks identified** ## _**Fraud due to management override**_ To address the risk of fraud through management bias and override of controls, we: - Performed analytical procedures to identify any unusual or unexpected relationships; - Audited the risk of management override of controls, including through testing journal entries for appropriateness; - Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and - Investigated the rationale behind significant or unusual transactions. ## _**Irregularities and non-compliance with laws and regulations**_ In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to: - Agreeing financial statements disclosures to underlying supporting documentation. - Reviewing minutes of meetings of those charged with governance. - Enquiring of management as to actual and potential litigation claims. - Reviewing correspondence with HMRC. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the charity and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the trustees. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. - 8 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)** ## **TO THE MEMBERS OF TRUMROS LIMITED** ## **Other matters** Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. ## **Use of our report** This report is made solely to the Charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable company and the Charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. **Rowan Lindsay (Senior Statutory Auditor) for and on behalf of Gerald Edelman LLP** Date: 30 April 2025 **Chartered Accountants Statutory Auditor** 73 Cornhill London EC3V 3QQ - 9 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)** ## _**FOR THE PERIOD ENDED 30 June 2024**_ |**Notes**
**Income from:**
Investments
**3**
Donations and legacies
**4**
Other income
**5**
**Total income**
**Expenditure on:**
Raising funds
Property management costs
**6**
Charitable activities
**7**
**Total expenditure**
**Net (expenditure) before investment returns**
Net gains/(losses) on investments
**16**
**Net income/(expenditure) and movement in funds**
**Reconciliation of funds**
Fund balances at 1 January 2023
**Fund balances at 30 June 2024**
**27**|**2024**
**£**
**1,759,223**
**-**
**35,500**
**1,794,723**
**671,971**
**1,227,879**
**1,899,850**
**(105,127)**
**(626,191)**
**(731,318)**
**10,255,258**
**9,523,940**|**2022**
**£**
1,186,064
-
-| |---|---|---| |||1,186,064| |||328,898
995,003| |||1,323,901| |||(137,837)
170,500| |||32,663
10,222,595| |||10,255,258| The consolidated statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 10 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **CONSOLIDATED BALANCE SHEET** ## _**AS AT 30 June 2024**_ |**Group**
**2024**
**Notes**
**£**
**Fixed assets**
Investment properties
**17**
**11,550,170**
Investments
**19**
**75,600**
**11,625,770**
**Current assets**
Debtors
**21**
**701,732 1**
Cash at bank and in hand
**354,951**
**1,056,683**
**Creditors: amounts falling due**
**within one year**
**23**
**(480,136)**
**Net current assets**
**576,547**
**Total assets less current liabilities**
**12,202,317**
**Creditors: amounts falling due after**
**more than one year**
**24**
**(2,678,377)**
**Net assets**
**9,523,940**
**Income funds**
**Unrestricted funds**
General unrestricted funds
**27**
**9,523,940**
**9,523,940**|**Group**
**2022**
**£**
**12,601,941**
**75,600**
**12,677,541**
**181,071**
**535,378**
**716,449**
**(484,251)**
**232,198**
**12,909,739**
**(2,654,481)**
**10,222,258**
**10,255,258**
**10,255,258**|**Charity**
**2024**
**£**
**11,291,836**
**81,700**
**11,373,536**
**1,248,137**
**341,814**
**1,589,951**
**(472,384)**
**1,117,567**
**12,491,103**
**(2,678,377)**
**9,812,726**
**9,812,726**
**9,812,726**|**Charity**
**2022**
**£**
**11,633,835**
**81,700**
**11,715,535**
**988,282**
**503,593**
**1,491,875**
**(404,702)**
**1,087,173**
**12,802,708**
**(2,457,322)**
**10,345,386**
**10,345,386**
**10,345,386**| |---|---|---|---| The Trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by: .............................. R Hofbauer **Trustee** ## **Company Registration No. 01650188** - 11 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **CONSOLIDATED STATEMENT OF CASH FLOWS** ## _**AS AT 30 June 2024**_ |**Notes**
**Cash flows from operating activities**
Cash absorbed by operations
**32**
Interest paid
**Net cash outflow from operating**
**activities**
**Investing activities**
Purchase of investment property
Proceeds of sale of investment property
Interest receivable
**Net cash used in investing activities**
**Financing activities**
Proceeds of loans
Repayment of bank loans
**Net cash generated from/(absorbed by)**
**financing activities**
**Net increase/(decrease) in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2024**
**£**
**£**
**(398,294)**
**(325,232)**
**(723,526)**
**(19,420)**
**480,500**
**37,434**
**498,514**
**441,083**
**(396,498)**
**44,585**
**(180,427)**
**535,378**
**354,951**|**2022**
**£**
**£**
(42,133)
(104,029)
(146,162)
(68,106)
**-**
727
(67,379)
1,507,658
(970,018)
537,640
324,099
211,279
535,378| |---|---|---| - 12 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 30 June 2024**_ ## **1 Accounting policies** ## **Company information** Trumros Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 282 Finchley Road, Hampstead, London, NW3 7AD. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the Charitable company's Memorandum and Articles of Association, 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 2019). The Charitable company is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Charitable company. 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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **Group financial statements** The financial statements consolidate the results of the charity and its wholly owned subsidiaries Emdastates Limited and J Manning Properties (West End) Limited on a line-by-line-basis. The subsidiaries have the same accounting reference date. ## **1.2 Going concern** At the time of approving the financial statements, the Trustees have a reasonable expectation that the group and the Charitable company has adequate resources to continue in operational existence for the foreseeable future Accordingly, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements for the period ended 30 June 2024. ## **1.3 Reporting period** The group’s reporting period is for 18 months from 1 January 2023 to 30 June 2024. The comparative figures are for 12 months period ended 31 December 2022. The change in the reporting period is to align with business strategic objectives. ## **1.4 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. ## **1.5 Incoming resources** Income is recognised when the Charitable company 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. - 13 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 30 June 2024**_ ## Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. All other income is included on an accruals basis. ## **1.6 Resources expended** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All resources expended are accounted for on an accruals basis. Irrecoverable vat is charged to the expense to which it relates. Charitable expenditure includes grants payable and support costs incurred regarding the provision and supervision of charitable projects. Support costs include governance costs represented by audit costs and other professional fees incurred in connection with the meeting of the charity's constitutional and statutory obligations. Charitable expenditure includes grants made to individuals and institutions which are included in the accounts when paid or when a firm commitment is given to a charity prior to the balance sheet date which is a constructive obligation. The costs of raising funds are represented by expenses attributable to the management and letting of the property interests owned as well as bank interest on loans utilised for their acquisition. ## **1.7 Investment properties** Investment properties, which comprise freehold and leasehold properties held to earn rentals and/or for capital appreciation, are measured using the fair value model and stated at their fair value as the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the period. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.8 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the period. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the Charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.10 Financial instruments** The Charitable company 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 when the Charitable company becomes party to the contractual provisions of the instrument. Financial assets are offset, with the net amounts presented in the accounts 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. - 14 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 30 June 2024**_ ## _**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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one period are not amortised. ## _**Impairment of financial assets**_ Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in income and expenditure. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in income and expenditure. ## _**Derecognition of financial assets**_ Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Charitable company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one period are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one period or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the Charitable company’s contractual obligations expire or are discharged or cancelled. ## **1.11 Operating leases** Rentals payable under operating leases are charged against income on a straight line basis over the term of the lease. - 15 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 30 June 2024**_ ## **1.12 Joint arrangements not entities** Where the Charitable company enters into arrangements for carrying out of its trade with another party through a shared arrangement, the company accounts for its own share of the assets, liabilities and cash flows in the joint arrangement measured according to the terms of the arrangement. ## **1.13 Taxation** As a registered charity the Charitable company is exempt from taxation on its activities which fall within the scope of section 505(1) of the Taxes Act 1988 and section 252 of the Taxation of Chargeable Gains Act 1992. The policy of the subsidiary companies is to donate the whole of any net profits arising to the Charitable company and therefore not to suffer any charge to corporation tax. ## **2 Critical accounting estimates and judgements** In the application of the Charitable company’s accounting policies, the Trustees 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. ## **Key sources of estimation uncertainty** The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. ## **Investment properties** The group's investment properties, which are properties held to earn rentals and/or capital appreciation, are measured using the fair value model and stated at their fair value as at the reporting date. The Trustees have used their experience of the property market and with reference to informal advice from Chartered Surveyors and market evidence of transaction prices of similar properties, have assessed an appropriate value as at the reporting date, which they feel is reliable and on a conservative basis. ## **3 Investments** |Rental income
Insurance costs reimbursed
Interest receivable
**4**
**Income from donations and legacies**
Donations and gifts||**2024**
**£**
**1,670,222**
**51,567**
**37,434**
**1,759,223**
**2024**
**£**
**-**|**2022**
**£**
1,154,051
31,286
727
1,186,064
**2022**
**£**
-| |---|---|---|---| ||||| - 16 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 30 June 2024**_ |**5**
**6**
**7**
**8**|**Other income**
Net gain on disposal of tangible fixed assets
**Raising funds**
Property management costs
Other costs
Legal and professional
**Charitable activities**
Grants payable (see note 9)
Governance costs (see note 8)
**Governance costs**
Audit fees
Accountancy fees|**2024**
**£**
**35,500**
**2024**
**£**
**662,602**
**9,369**
**671,971**
**2024**
**£**
**1,168,780**
**59,099**
**1,227,879**
**2024**
**£**
**21,000**
**38,099**
**59,099**|**2022**
**£**
-| |---|---|---|---| ||||**2022**
**£**
313,295
15,603| ||||328,898| ||||| ||||| ||||| ||||**2022**
**£**
964,747
30,256| ||||995,003| ||||**2022**
**£**
21,000
9,256| ||||30,256| - 16 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 30 June 2024**_ |**9**
**Grants payable**
**2024**
**£**

Amud Hatzdokoh
**18,482**
Achisomoch
**420,500**
AV Trust
**13,000**
BEFORE Trust
**43,000**
Beis Aharon
**-**
Beit Hamidrash Abarbanel Ashdod
**191,500**
Beth Midrash Lemor
**-**
Beth Yosef Zvi
**-**
Care All Limited
**-**
Chabad Israeli CTR
**16,231**
Chevras Ezras Nizrochim
**40,000**
Chevras Mo'os Lodol
**57,500**
CMZ Limited
**-**
Dushinsky Trust
**12,500**
Friends of Beis Chinuch Lebonos
**40,000**
Friends of United Hatzalah
**-**
GGBH
**13,070**
Haskel school
**-**
Hasmonean High School
**-**
Kollel Hakol
**24,620**
Kupas Tzedoko V'chesed
**8,600**
Mercaz HaTorah Belz Machnovka
**32,500**
Nancy Reuben Primary School
**-**
NWL Jewish Day School
**24,650**
One Heart Lev Echod
**57,200**
Oytser Gemillus
**-**
Beth Mifalei
**27,574**
Shir Chesed Beis
**-**
Toldos Aharon
**-**
Torah Vochessed
**26,000**
Yeshivat Chochmat Shlomo
**10,000**
Yeshivat Shavei
**10,400**
Various others - with individual value below £7,500
**81,453**
**1,168,780**|**2022**
**£**
**5,930**
**304,000**
**29,500**
**34,000**
**16,000**
**57,180**
**7,200**
**11,000**
**3,600**
**15,308**
**5,000**
**46,100**
**17,000**
**5,000**
**8,180**
**31,000**
**13,052**
**10,000**
**5,000**
**12,000**
**25,000**
**1,260**
**2,490**
**-**
**18,000**
**6,000**
**17,864**
**43,500**
**21,000**
**101,767**
**11,000**
**-**
**80,816**| |---|---| ||**964,747**| - 18 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 30 June 2024**_ ## **10 Charity SOFA Summary** In accordance with the requirements of the Statement of Recomended Practice (SORP) a separate summary of the results of the Charitable company Trumros Limited is presented below: |Total incoming resources
Costs of generating funds

Total charitable expenditure

Net (expenditure) before investment returns

Revaluation of investment properties

Gain on sale of investment property

Net movement in funds

**Fund balances at 1 January 2023**

**Fund balances at 30 June 2024**
|**Total**
**2024**
**£**
**1,650,419**
**(672,300)**
**(1,168,780)**
**(190,661)**
**(341,999)**
**-**

**(532,660)**
**10,345,386**
**9,812,726**|**Total**
**2022**
**£**
1,135,891
(308,775)
(964,747)
(137,631)
170,500
**-**
32,869
10,312,517
10,345,386| |---|---|---| - 19 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 31 DECEMBER 2024**_ ## **11 Subsidiary companies activities** The results of the charity's subsidiary, Emdastates Limited (registration no. 01651714). The registered office is 282 Finchley Road, Hampstead, London NW3 7AD, as extracted from its audited financial statements, are as follows: |**Total**
**2024**
**£**
Profit and Loss Account
Turnover
108,453
Administrative expenses
(14,553)

Interest receivable
351
Interest payable
(11,101)
Other operating income
2,384
Fair value (losses) on investment properties
(284,192)
Profit for the year before charitable donations
(198,658)
Retained profit/loss
(198,658**)**
Assets and Liabilities
Fixed assets
258,334
Current assets
129,620
Current liabilities
(670,398)
Liabilities falling due after more than one year
-
Net Liabilities
(282,444)
Represented by:
Share capital
100
Profit and loss reserves
(282,544)
(282,444)|**Total**
**2022**
**£**
101,515
(93,399)
33
(10,436)
2,287
-
-
-
968,106
33,249
(887,982)
(197,159)
(83,786)
100
(83,886)
(83,786)| |---|---| - 20 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 31 DECEMBER 2024**_ ## **12 Subsidiary companies activities** ## **(Continued)** The results of the charity's subsidiary, J Manning Properties (West End) Limited (registration no.00534423), The registered office is 282 Finchley Road, Hampstead, London NW3 7AD as extracted from its audited financial statements, are as follows: |**13**|Profit and Loss Account
Administrative expenses
Loss for the year
Retained loss
Assets and Liabilities
Current assets
Current liabilities
Net liabilities
Represented by:
Share capital
Profit and loss reserves
**Net income for the year**
This is stated after charging:
Fees payable to the company's auditors for the audit
of the group's annual accounts
Bank interest payable|**Total**
**2024**
**-**
**-**
**-**
547
(34,481)
(33,934)
6,000
(39,934)
(33,934)
**2024**
**£**
21,000
325,232|**Total**
**2022**
(205)
(205)
(205)
547
(34,481)
(33,934)
6,000
(39,934)
(33,934)
**2022**
**£**
21,000
104,029| |---|---|---|---| ## **14 Trustees** None of the Trustees (or any persons connected with them) received any remuneration or benefits during the period. No expenses were paid to the Trustees in the period. ## **15 Employees** There were no employees during the period. - 21 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 31 DECEMBER 2024**_ ## **16 Net gains/(losses) on investments** |Revaluation of investment properties
**17**
**Investment Properties**
**Group**
**Cost/valuation**
At 1 January 2023
Additions
Disposals

Revaluation
At 30 June 2024
**Depreciation and impairment**
At 1 January 2023 and at 30 June 2024
**Carrying amount**
**At 30 June 2024**
At 31 December 2022|**Freehold**
**Land and**
**buildings**
**£**
9,568,460
19,420
(445,000)
(208,879)
8,934,001
-
**8,934,001**
9,568,460|**2024**
**£**
**(626,191)**
**Leasehold**
**property**
**£**
3,033,481
-
-
(417,312)
2,616,169
-
**2,616,169**
3,033,481|**2022**
**£**
**170,500**
**Total**
**£**
12,601,941
19,420
(445,000)
(626,191)
11,550,170
-
**11,550,170**
12,601,941| |---|---|---|---| - 22 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 31 DECEMBER 2024**_ ## **Charity** |**Cost/valuation**
At 1 January 2023
Revaluations
At 30 June 2024
**Depreciation and impairment**
At 1 January 2023 and at 30 June 2024
**Carrying amount**
**At 30 June 2024**
At 31 December 2022|**Freehold**
**Land and**
**buildings**
**£**
9,005,354
(196,353)
8,809,002
-
**8,809,002**
9,005,355|**Leasehold**
**property**
**£**
2,628,481
(145,646)
2,482,834
-
**2,482,834**
2,628,481|**Total**
**£**
11,633,835
(341,999)| |---|---|---|---| ||||11,291,836| ||||| ||||-| ||||**11,291,836**| ||||11,633,835| ## **18 Investment Properties** The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 30 June 2024 by the Trustees, with reference to informal advice taken from a firm of Chartered Surveyors, who are not connected with the Charitable company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |**19**
**Fixed asset investments**
**Notes**
**At cost**
Investments in subsidiaries
31
Other investments|**Group**
**2024**
**£**
**-**
**75,600**
**75,600**|**Group**
**2022**
**£**
-
75,600
75,600|**Charity**
**2024**
**£**
**6,100**
**75,600**
**81,700**|**Charity**
**2022**
**£**
6,100
75,600| |---|---|---|---|---| |||||81,700| - 23 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 31 DECEMBER 2024**_ |**20**
**Financial instruments**
**Carrying amount of financial assets**
Debt instruments measured at amortised cost
**Carrying amount of financial liabilities**
Measured at amortised cost
**21**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Amounts due from subsidiary undertakings
Amounts due from joint ventures
Other debtors
Prepayments and accrued income
**22**
**Loans and overdrafts**
Bank overdrafts
Bank loans
Director’s Loan
Payable within one year
Payable after one year|**Group**
**2024**
**£**
**646,561**
**646,561**
**2,890,682**
**Group**
**2024**
**£**
**68,710**
**-**
**35,394**
**542,457**
**55,171**
**701,732**
**Group**
**2024**
**£**
**-**
**2,797,335**
**48,741**
**2,846,076**
**167,699**
**2,678,377**|**Group**
**2022**
**£**
139,894
139,894
2,868,911
**Group**
**2022**
**£**
69,655
-
51,265
18,974
41,177
181,071
**Group**
**2022**
**£**
-
2,793,832
7,658
2,801,490
147,009
2,654,481|**Charity**
**2024**
**£**
**1,193,465**
**1,193,465**
**2,888,363**
**Charity**
**2024**
**£**
**68,710**
**661,905**
**35,394**
**427,457**
**54,671**
**1,248,137**
**Charity**
**2024**
**£**
**-**
**2,797,335**
**48,741**
**2,846,076**
**167,699**
**2,678,377**|**Charity**
**2022**
**£**
949,117| |---|---|---|---|---| |||||949,117| |||||2,600,971| |||||**Charity**
**2022**
**£**
69,656
809,222
51,265
18,974
39,165| |||||988,282| |||||**Charity**
**2022**
**£**
-
2,561,322
7,658| |||||2,568,980| |||||111,658
2,457,322| The bank loans are secured by fixed charges over the investment properties owned by the charity and its subsidiaries. - 24 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 31 DECEMBER 2024**_ |**23Creditors: amounts falling due within one year**
**Group**
**2024**
**Notes**
**£**
Loans and overdrafts
**18**
**167,699**
Other taxation and social security
**23,401**
Trade creditors
**24,518**
Other creditors
**43,488**
Accruals and deferred income
**221,030**
**480,136**
**24** **Creditors: amounts falling due after more than one year**
**Group**
**2024**
**Notes**
**£**
Loans and overdrafts
**18**
**2,678,377**
**25** **Deferred income**
Rental and insurance income
Deferred income is included in the financial statements as follows:
Current liabilities|**Group**
**2022**
**£**
147,009
24,395
21,026
56,777
235,044
484,251
**Group**
**2022**
**£**
**2,654,481**|**Group**
**2022**
**£**
147,009
24,395
21,026
56,777
235,044||**Charity**
**2024**
**£**
**167,699**
**24,931**
**23,729**
**43,488**
**212,537**
**472,384**
**Charity**
**2024**
**£**
**2,678,377**
**2024**
**£**
**197,693**
**197,693**
**197,693**
**197,693**||**Charity**
**2022**
**£**
111,658
23,906
8,350
47,547
213,241| |---|---|---|---|---|---|---| |||484,251||||404,702| |||||||**Charity**
**2022**
**£**
**2,457,322**| |||||||**2022**
**£**
205,724| |||||||205,724| |||||||205,724| |||||||205,724| **26 Share capital** The Charitable company is limited by guarantee and has no share capital. Each member guarantees to contribute £1 in the event of a winding up. - 25 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 31 DECEMBER 2024**_ ## **27 Funds** Below shows the movement of the unrestricted funds which include the revaluation reserve. |**Movement in funds**
**At 1 January**
**2023**
**Income**
**Expenditure**
**Revaluations,**
**gains and**
**losses**
**£**
**£**
**£**
**£**
**Group**
General Funds
10,255,258
1,794,723
(1,899,850)
(626,191)
10,255,258
1,794,723
(1,899,850)
(626,191)
**Previous year:**
**At 1 January**
**2022**
**Income** **Expenditure** **Revaluations,**
**gains and**
**losses**
**£**
**£**
**£**
**£**
General Funds
10,222,595
1,186,064 (1,323,901)
170,500
**At 1 January**
**2023**
**Income**
**Expenditure**
**Revaluations,**
**gains and**
**losses**
**£**
**£**
**£**
**£**
**Charity**
General Funds
10,345,386
1,650,419 (1,841,080)
(341,999)
**Previous year:**
**At 1 January**
**2022**
**Income** **Expenditure** **Revaluations,**
**gains and**
**losses**
**£**
**£**
**£**
**£**
General Funds
10,312,517
1,135,891 (1,273,522)
170,500
**Analysis of net assets between funds**
**Group**
**At 30 June 2024:**
Tangible assets
Investments
Current assets/(liabilities)
Long term liabilities|**Transfers**
**At 30 June**
**2024**
**£**
**£**
-**9,523,940**
- **9,523,940**
**Transfers**
**At 31**
**December**
**2022**
**£**
**£**
-
**10,255,258**
**Transfers**
**At 30 June**
**2024**
**£**
**£**
-
**9,812,726**
**Transfers**
**At 31**
**December**
**2022**
**£**
**£**
-
**10,345,386**
**Unrestricted**
**funds 2024**
**£**
11,550,170
75,600
576,547
(2,678,377)
**9,523,940**| |---|---| ||| - 26 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 31 DECEMBER 2024**_ |**Analysis of net assets between funds- continued**
**At 31 December 2022:**
Tangible assets
Investments
Current assets/(liabilities)
Long term liabilities
**Charity**
**At 30 June 2024:**
Tangible assets
Investments
Current assets/(liabilities)
Long term liabilities
**At 31 December 2022:**
Tangible assets
Investments
Current assets/(liabilities)
Long term liabilities|**Unrestricted**
**funds 2022**
£
12,601,941
75,600
232,198
(2,654,481)
**10,255,258**
**Unrestricted**
**funds 2024**
**£**
11,291,836
81,700
1,117,567
(2,678,377)
**9,812,726**
**Unrestricted**
**funds 2022**
**£**
11,633,835
81,700
1,087,173
(2,457,322)
**10,345,386**| |---|---| - 26 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 31 DECEMBER 2024**_ ## **28 Operating lease commitments** At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: |Within one year
Between two and five years
In over five years|**2024**
**£**
**13,500**
**40,500**
**-**
**54,000**|**2022**
**£**
13,500
54,000
6,750| |---|---|---| |||74,250| ## **29 Operating lease commitments** ## **Lessor** At the reporting end date the Charitable company had contracted with tenants for the following minimum lease payments: |Within one year
Between two and five years
In over five years|**2024**
**£**
**831,924**
**2,202,941**
**1,352,738**
**4,387,603**|**2022**
**£**
892,252
2,435,535
1,479,284| |---|---|---| |||4,807,071| ## **30 Related party transactions** Included in creditors is £48,741 (2022: £7,658) due to R Hofbauer, a trustee of the Charitable company, and immediate family members. No guarantees have been given or received. The company has taken advantage of the exemption in FRS102 from the requirement to disclose transactions with group companies on the grounds that the group companies are wholly owned subsidiaries. Included in other debtors is an amount of £208,000 due from Leasehold & Reversionary Estates Limited, the company controlled by Ronald Hofbauer. There are no terms of repayment and interest attached to this amount. - 26 - Docusign Envelope ID: B943BE47-FE1B-4003-A144-6C3C40D4E915 ## **TRUMROS LIMITED** ## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** ## _**FOR THE PERIOD ENDED 31 DECEMBER 2024**_ |**31**|**Subsidiaries**|||| |---|---|---|---|---| ||**Name of undertaking and country of**|**Nature of business**|**Class of**
**% Held**|| ||**incorporation or residency**||**shareholding**
**Direct**|| ||Emdastates Limited
England and|Property investment|Ordinary
100|| ||Wales|||| ||J Manning Properties
England and|Dormant company|Ordinary
100|| ||(West End) Limited
Wales|||| |**32**|**Cash generated from operations**||**2024**|**2022**| ||||**£**|**£**| ||(Deficit)/Surplus for the year||**(731,318)**
|32,663| ||Adjustments for:|||| ||Revaluation of investment properties||**626,191**
|(170,500)| ||Sale of investment property||**(35,500)**
|-| ||Finance costs||**325,232**|104,030| ||Interest receivable||**(37,434)**|(727)| ||Movements in working capital:|||| ||Decrease/(increase) in debtors||**(520,660)**
|(19,488)| ||(Decrease)/Increase in creditors||**(24,805)**|11,889| ||**Cash absorbed by operations**||**(398,294)**
|(42,133)| - 27 -