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Registered number: 08603066









TRIUM HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TRIUM HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
D Bamber 
S Dhanani 
R Hutchinson 




Registered number
08603066



Registered office
4th Floor
60 Gresham Street

London

EC2V 7BB




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
TRIUM HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10 - 11
Company balance sheet
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15 - 16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 35


 
TRIUM HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the group strategic report accompanying the financial statements for the period ended 31
December 2023.

Business review
 
The group's revenue arises in its trading subsidiaries, which are Trium Capital LLP (“TCL”), Trium Ireland Ltd (“TIL”) and TCM Wealth Ltd (“TCM”).
TCL and TIL are investment managers, managing, on behalf of its funds’ investors, a suite of generally liquid alternative and long only investment strategies. Portfolios are managed by teams of portfolio managers and are made available to a global investor base in various fund and managed account formats.
TCM derives income from trading its balance sheet capital in securities (mainly equities) with trading decisions made by subcontracted traders, who receive a share of the profits they generate. Its principal activity is dealing in UK equities and associated derivatives.
The group loss for the year to 31 December 2023 was £11.9m compared to £10.6m in the prior year. Group turnover increased from £10.9m in 2022 to £15.0m in 2023, as a result of increased fee income in both TCL and TIL. The majority of the loss arose in TCL, where costs remained high (in relation to revenue) in order to retain talent and maintain strong revenue growth in the years ahead. The loss arising in TCL remained at a similar level to 2022 but is expected to decrease in 2024 as its revenue continues to increase and this business should become profitable in 2025.
 

Principal risks and uncertainties
 
The revenue of TCL and TIL are made up of fees, which are dependent on the value of the assets under management and the funds’ performance. The possibility of poor investment performance leading to a decline in assets under management and lower than expected performance fees, together with key employee retention, are the main risks to TCL and TIL. TCL and TIL are investment managers to a range of funds (and managed accounts) each of which employs a discrete investment strategy managed by a range of portfolio managers, thereby diversifying the risk of loss of income through redemptions or portfolio manager departure.
The trading activities of TCM expose it to market, credit, foreign exchange and liquidity risk. These risks are managed in accordance with established risk management policies and procedures. It seeks to manage these risks by requiring traders to post margin against losses incurred by them, by limiting the size of the exposures they can take and by diversifying exposures, controlling position ratios, position sizes and establishing hedges in related securities or derivatives.
Credit risk
Credit risk represents the loss that the group would incur if a counterparty or an issuer of securities or other instruments for which the group has an unsettled trade fails to perform under their contractual obligations. The group’s exposure to credit risk principally arises through TCM’s trading activities. TCM employs a certain number of strategies to mitigate its exposure to credit risk to an acceptable level, including matching trades with counterparties, chasing up trades that remain unsettled after the contracted period (usually between one and three days) and settling on a ‘delivery versus payment’ basis.
 
Page 1

 
TRIUM HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Market risk
The potential for changes in the market value of TCM’s portfolio positions represent the market risk to it. Its current asset investments are held at fair value and marked to market on a daily basis and changes are recognised in the profit and loss account. TCM utilises a number of techniques to limit these risks. By allocating each trader stop-loss limits, pre-determined trade parameters and maximum adverse daily trade movements, TCM can monitor and scrutinise trading activities on both the consolidated portfolio and on individual team portfolios.
Foreign exchange risk
Foreign exchange risk arises from the group’s holding of securities that are denominated in a currency other than sterling and from the fact that some fee income and expenses is received and paid in currencies other than sterling. This risk is mitigated by the group managing its net currency exposure by buying and selling currencies and thus not being overly exposed in one particular currency. The group employs various hedging techniques to reduce exposure to foreign exchange risk to an acceptably low level.
Financial key performance indicators
Consolidated net profit or loss. This was a loss of £11.9m in 2023, compared with £10.6m in 2022.
Run rate management fee – annualised run rate net management fee receivable as at the end of the year. This was £6.3m at the end of 2023, compared with £3.6m at the end of 2022.
Net management fee yield – the average net annual management fee receivable as at the end of the year as a percentage of assets under management. This was 0.52% at the end of 2023, compared with 0.46% at the end of 2022.
Amount of assets under management and the growth during the year. AUM was $1,580m at the end of 2023 compared with $1,140m at the end of 2022. The growth in AUM was $440m in 2023 compared with $550m in 2022.
 

Other key performance indicators
 
The group also monitors a number of non-financial key performance indicators which are relevant to its longterm performance, having regard to its environmental and social responsibilities.


This report was approved by the board on 6 September 2024 and signed on its behalf.



R Hutchinson
Director

Page 2

 
TRIUM HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £10,754,106 (2022 - loss £9,232,494).

No dividends were paid in the current year or the prior year, and no final dividends to be declared given the deficit on profit and loss reserves

Directors

The directors who served during the year were:

D Bamber 
S Dhanani 
R Hutchinson 

Future developments

The focus for the next financial year is to work on getting TCM back into profitability and manage any stock market uncertainty, and to continue revenue growth in TCL so that it continues on the current business plan to acheive profitability by 2025.

Page 3

 
TRIUM HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 6 September 2024 and signed on its behalf.
 





R Hutchinson
Director

Page 4

 
TRIUM HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUM HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Trium Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's and of the parent company's affairs as at 31 December 2023 and of the group's loss for the year 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 group's or the parent company'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 directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
TRIUM HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUM HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors 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 directors 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
TRIUM HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUM HOLDINGS LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group 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 approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
• 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;
• We identified the laws and regulations applicable to the group through discussion with directors and other management, and from our commercial knowledge and experience of the financial services sector which the group operates in;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, are as follows;
  o Companies Act 2006
  o FRS102
  o FCA guidance and regulation
  o Employment legislation
  o Tax legislation
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting relevant correspondence;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates, including the fair value of financial instruments, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the group’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
Page 7

 
TRIUM HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUM HOLDINGS LIMITED (CONTINUED)


those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion,omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ben Bradley (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
10 September 2024
Page 8

 
TRIUM HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
15,027,077
10,866,441

Cost of sales
  
(1,923,883)
(2,052,599)

Gross profit
  
13,103,194
8,813,842

Administrative expenses
  
(22,275,927)
(18,450,411)

Operating loss
 5 
(9,172,733)
(9,636,569)

Income from fixed assets investments
  
512,386
318,994

Interest receivable and similar income
 10 
619,344
74,549

Interest payable and similar expenses
 11 
(3,871,781)
(1,444,146)

Loss before taxation
  
(11,912,784)
(10,687,172)

Loss for the financial year
  
(11,912,784)
(10,687,172)

(Loss) for the year attributable to:
  

Non-controlling interests
  
(1,158,678)
(1,454,678)

Owners of the parent company
  
(10,754,106)
(9,232,494)

  
(11,912,784)
(10,687,172)

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(1,158,678)
(1,454,678)

Owners of the parent company
  
(10,754,106)
(9,232,494)

  
(11,912,784)
(10,687,172)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 18 to 35 form part of these financial statements.

Page 9

 
TRIUM HOLDINGS LIMITED
REGISTERED NUMBER: 08603066

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
73,809
49,718

Investments
 14 
529,776
601,000

  
603,585
650,718

Current assets
  

Debtors: amounts falling due after more than one year
 15 
644,196
648,122

Debtors: amounts falling due within one year
 15 
8,384,382
6,502,384

Current asset investments
 16 
21,704,935
22,341,149

Cash at bank and in hand
 17 
6,320,470
4,512,787

  
37,053,983
34,004,442

Creditors: amounts falling due within one year
 18 
(27,369,493)
(18,731,077)

Net current assets
  
 
 
9,684,490
 
 
15,273,365

Total assets less current liabilities
  
10,288,075
15,924,083

Creditors: amounts falling due after more than one year
 19 
(39,501,953)
(34,285,000)

Provisions for liabilities
  

Net liabilities
  
(29,213,878)
(18,360,917)


Capital and reserves
  

Called up share capital 
 20 
540,257
474,108

Foreign exchange reserve
  
(13,404)
(7,080)

Profit and loss account
  
(34,297,229)
(23,543,123)

Equity attributable to owners of the parent company
  
(33,770,376)
(23,076,095)

Non-controlling interests
  
4,556,498
4,715,178

  
(29,213,878)
(18,360,917)


Page 10

 
TRIUM HOLDINGS LIMITED
REGISTERED NUMBER: 08603066
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 September 2024.




R Hutchinson
Director

The notes on pages 18 to 35 form part of these financial statements.

Page 11

 
TRIUM HOLDINGS LIMITED
REGISTERED NUMBER: 08603066

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
3,231,477
2,903,861

  
3,231,477
2,903,861

Current assets
  

Debtors: amounts falling due within one year
 15 
22,169
40,807

Cash at bank and in hand
 17 
12,690
236,852

  
34,859
277,659

Creditors: amounts falling due within one year
 18 
(5,592,724)
(3,943,880)

Net current liabilities
  
 
 
(5,557,865)
 
 
(3,666,221)

Total assets less current liabilities
  
(2,326,388)
(762,360)

  

Creditors: amounts falling due after more than one year
 19 
(27,500,000)
(20,035,000)

  

Net liabilities
  
(29,826,388)
(20,797,360)


Capital and reserves
  

Called up share capital 
 20 
540,257
474,108

Profit and loss account
  
(30,366,645)
(21,271,468)

  
(29,826,388)
(20,797,360)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 September 2024.


R Hutchinson
Director

The notes on pages 18 to 35 form part of these financial statements.

Page 12

 
TRIUM HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity

£
£
£
£
£
£

At 1 January 2023
474,108
(7,080)
(23,543,123)
(23,076,095)
4,715,178
(18,360,917)



Loss for the year
-
-
(10,754,106)
(10,754,106)
(1,158,680)
(11,912,786)


Contributions by and distributions to owners

Shares issued during the year
66,149
-
-
66,149
-
66,149

Movement in the year
-
(6,324)
-
(6,324)
-
(6,324)

Capital introduced to Trium Capital LLP
-
-
-
-
1,000,000
1,000,000


At 31 December 2023
540,257
(13,404)
(34,297,229)
(33,770,376)
4,556,498
(29,213,878)


The notes on pages 18 to 35 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity

£
£
£
£
£
£

At 1 January 2022
474,108
(23,143)
(14,310,629)
(13,859,664)
2,669,855
(11,189,809)



Loss for the year
-
-
(9,232,494)
(9,232,494)
(1,454,678)
(10,687,172)


Contributions by and distributions to owners

Movement in the year
-
16,063
-
16,063
-
16,063

Capital introduced to Trium Capital LLP
-
-
-
-
3,500,001
3,500,001


At 31 December 2022
474,108
(7,080)
(23,543,123)
(23,076,095)
4,715,178
(18,360,917)


The notes on pages 18 to 35 form part of these financial statements.

Page 13

 
TRIUM HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
474,108
(21,271,468)
(20,797,360)



Loss for the year
-
(9,095,177)
(9,095,177)

Shares issued during the year
66,149
-
66,149


At 31 December 2023
540,257
(30,366,645)
(29,826,388)


The notes on pages 18 to 35 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
474,108
(14,114,601)
(13,640,493)



Loss for the year
-
(7,156,867)
(7,156,867)


At 31 December 2022
474,108
(21,271,468)
(20,797,360)


The notes on pages 18 to 35 form part of these financial statements.

Page 14

 
TRIUM HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(11,912,784)
(10,687,172)

Adjustments for:

Depreciation of tangible assets
38,813
43,746

Interest paid
1,816,081
514,146

Interest received
(1,131,730)
(393,543)

(Increase) in debtors
(1,878,072)
(4,904,319)

Increase/(decrease) in creditors
2,906,237
(6,637,178)

Foreign exchange movement
(6,325)
9,802

Sale / (purchase) of short-term listed investments
636,214
36,695,697

Sale / (purchase) of short trading positions
1,440,113
(9,505,492)

Net cash generated from operating activities

(8,091,453)
5,135,687


Cash flows from investing activities

Purchase of tangible fixed assets
(62,904)
(24,058)

Purchase of unlisted investments
(11,076)
(50,000)

Sale of unlisted investments
50,000
-

Interest received
619,344
74,549

Dividends received
512,386
318,994

Net cash from investing activities

1,107,750
319,485
Page 15

 
TRIUM HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Issue of ordinary shares
66,149
-

New loans
6,465,000
5,035,000

Repayment of loans
(1,248,047)
-

Interest paid
(1,816,081)
(514,146)

Capital introduced by non-controlling interests
1,000,000
3,500,001

Net cash used in financing activities
4,467,021
8,020,855

Net (decrease)/increase in cash and cash equivalents
(2,516,682)
13,476,027

Cash and cash equivalents at beginning of year
1,022,621
(12,453,406)

Cash and cash equivalents at the end of year
(1,494,061)
1,022,621


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,320,470
4,512,787

Bank overdrafts
(7,814,531)
(3,490,166)

(1,494,061)
1,022,621


The notes on pages 18 to 35 form part of these financial statements.

Page 16

 
TRIUM HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

4,512,787

1,807,683

6,320,470

Bank overdrafts

(3,490,166)

(4,324,365)

(7,814,531)

Debt due after 1 year

(34,285,000)

(5,216,953)

(39,501,953)

Debt due within 1 year

(5,511,332)

(1,437,203)

(6,948,535)

Liquid investments

22,341,149

(636,214)

21,704,935


(16,432,562)
(9,807,052)
(26,239,614)

The notes on pages 18 to 35 form part of these financial statements.

Page 17

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Trium Holdings Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 4th Floor, 60 Gresham Street, London, EC2V 7BB.
The principal activity of the company is that of a holding company, and the group's principal activity is the provider of financial services, including investment fund management and trading in securities (UK equities and associated derivatives). 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The group has net liabilities of £29,213,878 (2022: £18,360,917) and the company has net liabilities of £29,826,388 (2022: £20,797,360) and is therefore dependent on the support of certain key investors (owners) in respect of other loans provided to the group of £39,501,953 (2022: £34,285,000) and to the company of £27,500,000 (2022: £20,035,000). The directors expect that this support will continue for the foreseeable future and continue to work with key investors (owners) to progress the business plan.
Consequently, the directors are confident that the group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

Page 18

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Turnover for the company is recognised as profits (or losses) from participating interests and dividends received from subsidiaries.
Turnover for the group comprises:
i) Revenue recognised by Trium Capital LLP and Trium Ireland Limited in respect of investment fund managment services supplied during the year, exclusive of Value Added Tax and trade discounts.
ii) Revenue recognised by TCM Wealth Limited in respect of trading in securities (UK equities and asscoiated derivatives), financial instruments, on the accruals basis and is exempt from value added tax. Revenue arises from the profit on the sale of these financial instruments, which are not classed as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with the cost being charged to the profit and loss account. They are subsequently measured at fair value with changes in value recognised in the profit and loss account.
Financial assets and liabilities are measured at fair value through the profit and loss account and are marked to market at the close of each business day, with the unrealised gains and losses arising on revaluation recognised in the profit and loss account. Any realised gains and losses are also recognised in the profit and loss account.

 
2.6

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
20%
straight line
Office equipment
-
20%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 22

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's Balance sheet when the group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted
Page 23

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies:
There were no significant judgments exercised by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions:
As discussed in Note 2.5(ii) the group recognises certain trading assets at their fair value at the year end, which are held as part of current asset investments. The majority of the trading assets (securities) held are quoted UK equities where year end market prices are readily available and can be utilised. However, for certain assets (securities) while there may be a quoted price, the group may deem that the stock has liquidity concerns, and so on disposal the net proceeds may be lower than the quoted price, and therefore the market value will be marked down in accordance with estimates made by the management team and experienced traders.
In addition to the above the group and company hold certain fixed asset investments in unlisted businesses and the management team assess these on an annual basis for any indications of impairment.

Page 24

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Investment Fund Managment
12,229,405
8,298,005

Trading in securities
2,797,672
2,568,436

15,027,077
10,866,441


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
3,798,902
3,395,243

Rest of Europe
2,892,784
2,593,843

Rest of the World
8,335,391
4,877,355

15,027,077
10,866,441



5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
40,650
89,989

Other operating lease rentals
817,845
510,232


6.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
30,750
25,750

Fees payable to the company's auditors in respect of:

The auditing of accounts of subsidiaries
11,500
8,475

Page 25

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
12,076,565
9,045,291
1,451,819
1,207,201

Social security costs
1,360,116
1,156,711
168,469
142,104

Cost of defined contribution scheme
141,099
99,771
12,000
21,948

13,577,780
10,301,773
1,632,288
1,371,253


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









All employees
66
56
6
6


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
325,000
300,000

Group contributions to defined contribution pension schemes
2,642
2,642

327,642
302,642


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £175,000 (2022 - £150,000).

The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £1,321).

Page 26

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Income from investments

2023
2022
£
£



Income from current asset investments
512,386
318,994

512,386
318,994





10.


Interest receivable

2023
2022
£
£


Other interest receivable
619,344
74,549

619,344
74,549


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,816,081
514,146

Other loan interest payable
2,055,700
930,000

3,871,781
1,444,146


12.


Taxation



Factors affecting tax charge for the year

As a result of losses made in the year by the group and its subsidiaries, as well as brought forward tax losses, there is no corporation tax due. Deferred tax assets on trading losses carried forward here not been recognised due to uncertainty on the timing of when they will be recovered.
There were no other factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25%
 
(2022 - 19%).



Factors that may affect future tax charges

The group has carried forward taxation losses of £32,612,580 (2022: £22,580,327) which can be offset against future taxable profits.

Page 27

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Plant and machinery
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
480,768
-
116,120
292,224
889,112


Additions
39,938
15,600
5,986
1,380
62,904



At 31 December 2023

520,706
15,600
122,106
293,604
952,016



Depreciation


At 1 January 2023
444,831
-
107,369
287,194
839,394


Charge for the year on owned assets
29,594
2,600
4,680
1,939
38,813



At 31 December 2023

474,425
2,600
112,049
289,133
878,207



Net book value



At 31 December 2023
46,281
13,000
10,057
4,471
73,809



At 31 December 2022
35,937
-
8,751
5,030
49,718

Page 28

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Group





Unlisted investments

£



Cost or valuation


At 1 January 2023
601,000


Additions
11,076


Disposals
(50,000)



At 31 December 2023

562,076



Impairment


Charge for the period
32,300



At 31 December 2023

32,300



Net book value



At 31 December 2023
529,776



At 31 December 2022
601,000

Page 29

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies
Participating
interests
Total

£
£
£



Cost or valuation


At 1 January 2023
2,217,362
686,499
2,903,861


Additions
693,958
6,000,000
6,693,958


Share of profit/(loss)
-
(6,366,342)
(6,366,342)



At 31 December 2023
2,911,320
320,157
3,231,477






Net book value



At 31 December 2023
2,911,320
320,157
3,231,477



At 31 December 2022
2,217,362
686,499
2,903,861


Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Principal activity

Class of shares

Holding

Trium Managers Limited
Other business support activities
Ordinary
100%
TCM Wealth Limited
Security and commodity contracts dealing
Ordinary
100%
Trium Ireland Limited
Investment fund manager
Ordinary
100%
Multi-Strategy Consulting Limited
Dormant
Ordinary
100%
UCITS Consulting Ltd
Dormant
Ordinary
100%

The UK subsidiaries, Trium Managers Limited and TCM Wealth Limited, are exempt from the requirements to have an audit and file audited financial statements by virtue of section 479A of the Companies Act 2006. In adopting the exemption Trium Holdings Limited has provided a statutory guarantee to these subsidiaries in accordance with section 479C of the Companies Act 2006.


Participating interests


The investment in participating interests represents capital contributions and current account balances in Trium Capital LLP, a partnership in which the company is a corporate member and is entitled to a profit (or loss) share. Trium Capital LLP is an investment fund manager. The company is considered to have a controlling interest in the LLP and as such the LLP has been consolidated into the group accounts.


15.


Debtors

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TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
644,196
648,122
-
-

644,196
648,122
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
6,885,268
5,323,447
-
-

Other debtors
636,084
422,259
7,556
40,807

Prepayments and accrued income
863,030
756,678
14,613
-

8,384,382
6,502,384
22,169
40,807



16.


Current asset investments

Group
Group
2023
2022
£
£

Long positions on securities and derivative contracts
21,704,935
22,341,149

21,704,935
22,341,149


The above investments and derivatives comprises current asset investments held at fair value through profit or loss, calculated using latest available year end fund (market) prices.


17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
6,320,470
4,512,787
12,690
236,852

Less: bank overdrafts
(7,814,531)
(3,490,166)
-
-

(1,494,061)
1,022,621
12,690
236,852


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TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
7,814,531
3,490,166
-
-

Trade creditors
1,328,126
1,798,344
20,672
-

Short positions on securities and derivative liabilities
6,948,535
5,508,422
-
-

Amounts owed to group undertakings
-
-
763,129
1,371,776

Other taxation and social security
276,413
289,619
48,413
43,967

Other creditors
261,567
117,339
-
1,027

Accruals and deferred income
10,740,321
7,527,187
4,760,510
2,527,110

27,369,493
18,731,077
5,592,724
3,943,880



19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
39,501,953
34,285,000
27,500,000
20,035,000

39,501,953
34,285,000
27,500,000
20,035,000


Other loans due after more than one year (group only) consist of two loans of £10,000,000 and £2,001,953 respectively (2022: £11,000,000 and £3,250,000 respectively) due to investors. These loans bear no interest and are due for repayment in January 2025.
Other loans due after more than one year (group and company) consist of a loan of £27,500,000 (
2022: £20,035,000) due to investors and bears interest at 4% over 3 month sterling LIBOR, and repayment is due in between 2 to 5 years in line with current plans and projections. There are no set repayment terms.




20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



54,025,742 (2022 - 47,410,806) Ordinary shares of £0.01 each
540,257
474,108


During the year 6,614,936 Ordinary shares of £0.01 each were issued at par.

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TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £141,219 (2022 - £99,771). Contributions totalling £2,104 (2022 - £4,894) were payable to the fund at the balance sheet date and are
included in creditors.


22.


Commitments under operating leases

At 31 December 2023 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
536,830
536,830

Later than 1 year and not later than 5 years
583,895
1,120,725

1,120,725
1,657,555
Page 33

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Management of capital and financial risk management

The trading activities of the group expose it to market, credit, foreign exchange and liquidity risk. These risks are managed in accordance with established risk management policies and procedures. It seeks to manage these risks by diversifying exposures, controlling long/short position ratios, position sizes and establishing hedges in related securities or derivatives.
Credit risk
Credit risk represents the loss that the group would incur if a counterparty or an issuer of securities or other instruments for which the group has an unsettled trade fails to perform under their conractual obligations to the group. The group’s exposure to credit risk principally arises through the group’s trading activities. The group employs a certain number of strategies to mitigate its exposure to credit risk to an acceptable level, including matching trades with counterparties, chasing up trades that remain unsettled after the contracted period (usually between one and three days) and settling on a ‘delivery versus
payment’ basis.
Market risk
The potential for changes in the market value of the group’s portfolio positions represent the market risk to it. Its current asset investments are held at fair value and marked to market on a daily basis and changes are recognised in the profit and loss account. The group utilises a number of techniques to limit these risks. By allocating each trader stop-loss limits, pre-determined trade parameters and maximum adverse daily trade movements, the group can monitor and scrutinise trading activities on both the consolidated portfolio and on individual team/fund portfolios. The directors of the group have ultimate authority on the placing of any trade and the resultant positions.
Foreign exchange risk
Foreign exchange risk arises from the group’s holding of securities that are denominated in a currecy other than Sterling. This risk is mitigated by the LLP managing its net currency exposure by buying and selling currencies to offset securities positions in those currencies and thus not being overly exposed in one particular currency. The group employs various hedging techniques to reduce exposure to foreign exchange risk to an acceptably low level.
In accordance with FRS 102, the management of the group monitor capital adequacy on a daily basis via management information. The group’s financial instruments, cash, loans and various items such as debtors and creditors arise directly from the group’s operations, and constitute its working capital. The main purpose of these instruments is the investment of the group's funds. Other than the minimum risk margin retained by the prime broker, there are no other externally imposed capital requirements.
As at the balance sheet date the group has sufficient capital head-room to cover its total risk requirement. The total risk requirement is that calculated by the prime broker generated from statistical analysis as applied to the whole of the group’s portfolio as at the balance sheet date. The analysis undertaken relates to the outcomes of a variety of concentration, liquidity, percentage rate, volatility and directional movements in the underlying investments.






Page 34

 
TRIUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Related party transactions

Sabrefile Limited is a related party of the group as it is controlled by one of the directors. During the year it has charged consultancy services to the group of £48,000 (2022: £48,000).
The group has loans due in more than one year due to Facet Capital Limited, a company with a common director, totalling £37,500,000 (
2022: £31,035,000). There is one loan of £10,000,000 (2022: £11,000,000), which bears no interest and is due for repayment in January 2025. Another loan of £27,500,000 (2022: £20,035,000) bears interest at 4% over 3 month sterling LIBOR, and repayment is due in between 2 to 5 years in line with current plans and projections. There are no set repayment terms.
The group has a loan due in more than one year due to Orange Scissors Limited, a company with a common director totalling £2,001,953 (
2022: £3,250,000). The loan bears no interest and is due for repayment in January 2025.

 
Page 35