Charity registration number: 1069509
## The TRS Foundation
Annual Report and Financial Statements for the Year Ended 31 December 2023
## **The TRS Foundation**
## **Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2|
|Statement of Trustees' Responsibilities|3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 11|
## **The TRS Foundation**
## **Reference and Administrative Details**
**Chairman** Mr Fakhruddin Taherally Suterwalla **Trustees** Mr Hatim Taherally Suterwalla Mr Siraj Taherally Suterwalla Mr Mansoor Taherally Suterwalla Mr Fakhruddin Taherally Suterwalla Mr Iqbal Taherally Suterwalla **Charity Registration Number** 1069509 **Principal Office** Southbridge Way Southall Middlesex UB2 4AX **Independent Examiner** Perosha B Tengra Mehta & Tengra Chartered Accountants 9 Berners place London W1T 3AD
Page 1
## **The TRS Foundation**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023.
## **Objectives and activities**
## _**Objects and aims**_
The object of the charity is to promote such object as are now or may hereafter be deemed by law to be charitable.
## _**Objectives, strategies and activities**_
Contributions by the charity included the following:
The TRS Foundation contributed £1,000 to Learning for Life whose primary objective is to assist South Asia`s most marginalized population to gain access to education, health & employment.
The TRS Foundation contributed £5,000 to Islamic Relief which promotes sustainable economic & social development by working with local communities, regardless of race religion or gender.
The TRS Foundation contributed £15,000 to Lady Fatemah Charitable Trust whose primary objective is to empower whole communities in the world`s poorest places to transform their life chances.
## _**Public benefit**_
The trustees have paid due regard to the charity commissioners guidance on Public Benefit in deciding what activities the charity should undertake.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## _**Grant making policies**_
The charity provides grants to various organizations in UK to promote education,health and advancement of community development.
## **Structure, governance and management**
## _**Nature of governing document**_
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity
## **Financial instruments**
## _**Objectives and policies**_
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud & error.
The trustees have unrestricted powers of investing and transposing investments in all respects as if they are absolutely entitled to the trust fund beneficially.
## _**Credit risk**_
The charity’s principal financial assets are bank balances and cash.
The annual report was approved by the trustees of the charity on 28 October 2024 and signed on its behalf by:
......................................... Mr Fakhruddin Taherally Suterwalla Chairman and trustee
Page 2
## **The TRS Foundation**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 28 October 2024 and signed on its behalf by:
.........................................
Mr Fakhruddin Taherally Suterwalla Chairman and trustee
Page 3
## **The TRS Foundation**
## **Independent Examiner's Report to the trustees of The TRS Foundation**
I report to the trustees on my examination of the accounts of The TRS Foundation for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the charity trustees of The TRS Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the The TRS Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of The TRS Foundation as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Perosha B Tengra
Mehta & Tengra Chartered Accountants 9 Berners place London W1T 3AD
28 October 2024
Page 4
## **The TRS Foundation**
## **Statement of Financial Activities for the Year Ended 31 December 2023**
|**Note**
**Income and Endowments from:**
Donations and legacies
Investment income
3
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
11
**Note**
**Income and Endowments from:**
Donations and legacies
Investment income
3
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
11|**Unrestricted**
**funds**
**£**
50,000
164
50,164
(39,765)
(39,765)
10,399
10,399
16,348
26,747
**Unrestricted**
**funds**
**£**
25,000
70
25,070
(19,912)
(19,912)
5,158
5,158
11,191
16,349|**Total**
**2023**
**£**
50,000
164|
|---|---|---|
|||50,164|
|||(39,765)|
|||(39,765)|
|||10,399|
|||10,399
16,348|
|||26,747|
|||**Total**
**2022**
**£**
25,000
70|
|||25,070|
|||(19,912)|
|||(19,912)|
|||5,158|
|||5,158
11,191|
|||16,349|
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2022 and 2023 is shown in note 11.
The notes on pages 7 to 11 form an integral part of these financial statements. Page 5
## **The TRS Foundation**
## **(Registration number: 1069509) Balance Sheet as at 31 December 2023**
|**Note**
**Current assets**
Cash at bank and in hand
9
**Creditors: Amounts falling due within one year**
10
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
11|**2023**
**£**
29,028
(2,281)
26,747
26,747
26,747|**2022**
**£**
19,228
(2,879)|
|---|---|---|
|||16,349|
|||16,349|
|||16,349|
The financial statements on pages 5 to 11 were approved by the trustees, and authorised for issue on 28 October 2024 and signed on their behalf by:
.........................................
Mr Fakhruddin Taherally Suterwalla Chairman and trustee
The notes on pages 7 to 11 form an integral part of these financial statements. Page 6
## **The TRS Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
The TRS Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Grant provisions**_
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 7
## **The TRS Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
## **2 Income from donations and legacies**
|Donations and legacies;
Donations from Limited companies
**Total for 2023**
**Total for 2022**
**3**
**Investment income**
Interest receivable and similar income;
Interest receivable on bank deposits
**Total for 2023**
**Total for 2022**
**4**
**Expenditure on charitable activities**
**Note**
Grant funding of activities
Governance costs
**Note**
Grant funding of activities
Governance costs|**Unrestricted**
**funds**
**General**
**£**
50,000
50,000
25,000
**Unrestricted**
**funds**
**General**
**£**
164
164
70
**Unrestricted**
**funds**
**General**
**£**
38,500
1,265
39,765
**Unrestricted**
**funds**
**General**
**£**
19,000
912
19,912|**Total**
**funds**
**£**
50,000|
|---|---|---|
|||50,000|
|||25,000|
|||**Total**
**funds**
**£**
164|
|||164|
|||70|
|||**Total**
**2023**
**£**
38,500
1,265|
|||39,765|
|||**Total**
**2022**
**£**
19,000
912|
|||19,912|
Page 8
## **The TRS Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
**2023 £ 2022 £**
## **5 Analysis of governance and support costs**
## **Governance costs**
|Other governance costs
**Total for 2023**
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
65
65
912|**Total**
**funds**
**£**
65|
|---|---|---|
|||65|
|||912|
## **6 Net incoming/outgoing resources**
Net incoming resources for the year include:
Donations received from TRS Asset Management Ltd.
||||**2023**||
|---|---|---|---|---|
||||**£**||
|**7**|**Independent examiner's remuneration**||||
|||**2023**|**2022**||
|||**£**|**£**||
|**Other fees to examiners**|||||
|Examination-related assurance services||1,200||900|
Page 9
## **The TRS Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **8 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **9 Cash and cash equivalents**
|**9**
**Cash and cash equivalents**||||
|---|---|---|---|
|Cash at bank
**10 Creditors: amounts falling due within one year**
Other creditors
Accruals
**11 Funds**
**Balance at 1**
**January 2023**
**£**
**Unrestricted funds**
General
16,348
**Balance at 1**
**January 2022**
**£**
**Unrestricted funds**
General
11,191|**Incoming**
**resources**
**£**
50,164
**Incoming**
**resources**
**£**
25,070|**2023**
**£**
29,028
**2023**
**£**
1,081
1,200
2,281
**Resources**
**expended**
**£**
(39,765)
**Resources**
**expended**
**£**
(19,912)|**2022**
**£**
19,228|
||||**2022**
**£**
1,079
1,800|
||||2,879|
||||**Balance at 31**
**December**
**2023**
**£**
26,747|
||||**Balance at 31**
**December**
**2022**
**£**
16,349|
## **12 Analysis of net assets between funds**
|Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
29,028
(2,281)
26,747|**Total funds at**
**31 December**
**2023**
**£**
29,028
(2,281)|
|---|---|---|
|||26,747|
Page 10
## **The TRS Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
|Current assets
Current liabilities
Total net assets
**13 Analysis of net funds**
Cash at bank and in hand
Net debt|**At 1 January**
**2023**
**£**
19,228
19,228||**Unrestricted**
**funds**
**General**
**£**
19,228
(2,879)
16,349
**Financing cash**
**flows**
**£**
9,800
9,800|**Total funds at**
**31 December**
**2022**
**£**
19,228
(2,879)|
|---|---|---|---|---|
|||||16,349|
|||||**At 31**
**December**
**2023**
**£**
29,028
29,028|
Page 11
## **The TRS Foundation**
## **Statement of Financial Activities by fund for the Year Ended 31 December 2023**
|**Income and Endowments from:**
Donations and legacies
Investment income
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**Unrestricted**
**Funds**
**2023**
**£**
50,000
164
50,164
(39,765)
(39,765)
10,399
10,399
16,348
26,747|**Total**
**Unrestricted**
**Funds**
**2022**
**£**
25,000
70|
|---|---|---|
|||25,070|
|||(19,912)|
|||(19,912)|
|||5,158|
|||5,158
11,191|
|||16,349|
This page does not form part of the statutory financial statements. Page 12
## **The TRS Foundation**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023**
|**Income and Endowments from:**
Donations and legacies (analysed below)
Investment income (analysed below)
Total income
**Expenditure on:**
Charitable activities (analysed below)
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**2023**
**£**
50,000
164
50,164
(39,765)
(39,765)
10,399
10,399
16,348
26,747|**Total**
**2022**
**£**
25,000
70|
|---|---|---|
|||25,070|
|||(19,912)|
|||(19,912)|
|||5,158|
|||5,158
11,191|
|||16,349|
This page does not form part of the statutory financial statements. Page 13
## **The TRS Foundation**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023 (continued)**
|**_Donations and legacies_**
Appeals and donations
**_Investment income_**
Interest on cash deposits
**_Charitable activities_**
Grants payable -organizations
Independent examiner's fee
Bank charges|**Total**
**2023**
**£**
50,000
50,000
164
164
(38,500)
(1,200)
(65)
(39,765)|**Total**
**2022**
**£**
25,000|
|---|---|---|
|||25,000|
|||70|
|||70|
|||(19,000)
(900)
(12)|
|||(19,912)|
This page does not form part of the statutory financial statements. Page 14