REGISTERED NUMBER: 09710750 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

JSRE 30 ST MARY AXE MANAGEMENT LTD

Page

Company Information

1

Report of the Directors

2

Independent Auditors' Report

4

Statement of Comprehensive Income

7

Statement of Financial Position

8

Notes to the Financial Statements

9

DIRECTORS:

Demetris Demetriou

Joshua Singer

SECRETARY:

Daniel Lewis

REGISTERED OFFICE:

20 Bury Street

London

EC3A 5AA

REGISTERED NUMBER:

09710750 (England and Wales)

AUDITORS:

Websters

Chartered Accountants and Statutory Auditors

12 Melcombe Place

London

NW1 6JJ

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is management services to the property situated at 30 St Mary Axe, London, EC3A and its tenants.

REVIEW OF BUSINESS

The company operates on a not-for-profit basis, with all of the costs incurred in carrying out its management responsibilities being fully recoverable from either the tenants or the landlord of 30 St Mary Axe, London, EC3A.

The results are set out on Page 8.

DIRECTORS

The directors during the year under review were:

Demetris Demetriou

Joshua Singer

The directors holding office at 31 December 2024 did not hold any beneficial interest in the issued share capital of the company at 1 January 2024 or 31 December 2024.

The company secretary is Daniel Lewis.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Joshua Singer - Director

4 September 2025

Opinion

We have audited the financial statements of JSRE 30 St Mary Axe Management Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position and 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 Section 1A '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 company's affairs as at 31 December 2024 and of its result 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 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 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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our 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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

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 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.

There are inherent limitations in our audit procedures. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 2006. Our 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.

D.J.Goddard (Senior Statutory Auditor)

for and on behalf of Websters

Chartered Accountants and Statutory Auditors

12 Melcombe Place

London

NW1 6JJ

5 September 2025

REVENUE

8,547,867

8,401,671

Administrative expenses

(8,547,867

)

(8,401,671

)

GROSS PROFIT

-

-

OPERATING PROFIT and

PROFIT BEFORE TAXATION

-

-

Tax on profit

5

-

-

PROFIT FOR THE FINANCIAL YEAR

-

-

CURRENT ASSETS

Trade and other receivables

6

639,668

938,233

Cash at bank

4,816,227

4,594,855

5,455,895

5,533,088

CREDITORS

Amounts falling due within one year

7

(5,455,795

)

(5,532,988

)

NET CURRENT ASSETS

100

100

TOTAL ASSETS LESS CURRENT LIABILITIES

100

100

CAPITAL AND RESERVES

Called up share capital

100

100

SHAREHOLDERS' FUNDS

100

100

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

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

Joshua Singer - Director

1.	COMPANY INFORMATION

JSRE 30 St Mary Axe Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Revenue

Revenue comprises service charge contributions receivable from the members. These contributions are based on estimated expenditure levels, and are subject to adjustment by means of a balancing charge or credit at the end of the financial year, such that neither surplus nor deficit arises on the Statement of Comprehensive Income.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short term liquid investments with original maturities of three months or less.

Basic financial assets

Basic financial assets, which include trade and other receivables 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 year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The company employs 5 staff. All of the staff costs are included within the fully reimbursable operating costs of the company and have been recovered in the period. The directors received nil remuneration in respect of qualifying services.

4.	OPERATING PROFIT

Audit fees for the period are £2,150 (2023 : £2,150). In addition, fees of £6,500 (2023 : £6,500) were paid to the auditors in respect of their services as Independent Reviewers of the service charge accounts for 30 St Mary Axe. These combined fees are included within the fully reimbursable operating costs of the company and have been recovered in the period.

5.

TAXATION

In view of the not-for-profit nature of the company's operations, no liability to UK corporation tax arises.

6.	TRADE AND OTHER RECEIVABLES

31.12.24

31.12.23

£

£

Trade debtors

366,355

632,429

Other debtors

273,313

305,804

639,668

938,233

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade payables

755,514

684,307

Taxation and social security

86,009

-

Other payables

4,614,272

4,848,681

5,455,795

5,532,988

8.	RELATED PARTY TRANSACTIONS

Transactions with related parties (inclusive of VAT)

The following amounts were outstanding at the reporting end date:

Amounts owed from related parties

31.12.24

31.12.23

Entities with control, joint control or significant influence over the company

-

123,862

Amounts owed to related parties

31.12.24

31.12.23

Entities with control, joint control or significant influence over the company

-

135,660

The service charge liability in respect of void units and other ad hoc costs are recoverable from the landlord, 30 St Mary Axe (Bermuda) LP, which has the same ultimate controlling party as JSRE 30 St Mary Axe Management Ltd. During the year, the sum of £305,775 (2023: £278,011) was invoiced to the landlord in respect of such costs of which £Nil (2023: £75,862) was outstanding at 31 December 2024.

J. Safra Real Estate UK Limited, the parent company of JSRE 30 St Mary Axe Management Ltd, charged property management fees of £385,000 (2023: £386,000) for the period and £46,355 (2023: £23,606) in respect of corporate fees and other recharges. The balance outstanding at the year end was £Nil (2023: £135,660).

JSRE 30 St Mary Axe Management Ltd charged J. Safra Real Estate UK Limited £40,171 (2023: £40,000) in respect of support costs for the year. The balance outstanding at the year end was £Nil (2022: £48,000).

9.	CONTROLLING PARTY

The immediate parent company is J. Safra Real Estate UK Limited, a company incorporated in England and Wales. Registered address is 47 Berkeley Square, London, W1J 5AU.

The ultimate parent company is JS International Holdings Limited, a company incorporated in the Bahamas.