## **TRUE VOLUNTEER FOUNDATION**
**COMPANY NUMBER 05338347 REGISTERED CHARITY NUMBER 1113789**
**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED**
**31 December 2020**
## **TRUE VOLUNTEER FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 December 2020**
The Trustees submit their report together with the unaudited financial statements for the year ended 31st December 2020.
## **The Trustees who served throughout the year were as follows:**
Michael Padmanathan John Mager
## **The organisation's principal objectives are:**
- To develop programmes for the welfare of needy and underprivileged children worldwide, in particular, but not limited to, the developing world. - To provide and fund facilities, such as children’s homes, schools and pharmacies, for health, education and sport.
## **TRUE VOLUNTEER FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 December 2020**
## **True Volunteers**
In order to properly reflect the value of work carried out by volunteers, the charity has included the estimated cost of work carried out and has included it both in income and in expenditure.
It should be noted that no True Volunteers, as part of our unique principles, claim back personal expenses including telephone expenses and travel costs. All True Volunteers spend hundreds of pounds per annum in order to perform their functions as True Volunteers. It should be noted this accounts for hundreds of thousands of pounds Sterling in revenue which is not featured in the accounting reports as it is difficult to quantify these expenses, thereby artificially lowering the accounting balance.
## **Reserves policy and risk management**
The Trustees have carried out a detailed review of the charity's activities and have produced a comprehensive strategic plan setting out the major opportunities available to the charity and the risks to which it is exposed. The Trustees monitor progress against the strategic objectives set out in the plan at each meeting and a comprehensive review of the plan is carried out quarterly. As part of this process, the trustees implemented a risk management strategy which comprises:
- a quarterly review of the risks that the charity may face,
- the establishment of systems and procedures to mitigate those risks identified in the plan and
- the establishment of procedures designed to minimise any potential impact on the charity should any of those risks materialise.
In view of the unsettled political situation in the countries in which True Volunteer Foundation operates, the Trustees constantly monitor each project and evaluate each one at their regular Trustees' Meetings. In particular, they have ensured that funding is provided to projects only as required in order to minimise risk should the political situation change suddenly.
The Trustees have forecast the level of free reserves (that is those funds not tied up in fixed assets, and designated and restricted funds) the charity will require to sustain its operations over the year when it is anticipated that some of the income generating activities may be curtailed temporarily. It is the Trustees' view that it will be prudent to ensure that free reserves are built up to provide financial flexibility over the course of the forthcoming activities.
## **Public benefit**
The Trustees have had due regard to the Charity Commission’s guidelines on public benefit. GAD’s aims and achievements at all times demonstrate commitment to working for public
## **TRUE VOLUNTEER FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 December 2020**
## **Trustees' responsibilities in relation to financial statements**
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy, at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud or other irregularities.
The Trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake.
The True Volunteer spirit means that all volunteers agree to meet their own expenses.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and the Financial Reporting Standard for Smaller Entities (effective April 2008).
The report and attendant financial statements have been approved by the Trustees
……………………………..
Signed: Michael Padmanathan Chairman
Date: 02 March 2021
## **TRUE VOLUNTEER FOUNDATION ACCOUNTANTS' REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 December 2020**
In accordance with instructions given to us, we have prepared, without carrying out an audit, the financial statements for the year ended 31st December 2020 set out below from the accounting records of TRUE VOLUNTEER FOUNDATION and from the information and explanations supplied to us by the management of the charity
1 Approach Road, Raynes Park, London SW20 8BA
PARK ACCOUNTS 02 March 2021
## **TRUE VOLUNTEER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2020**
|Notes
**Incoming resources**
Unrestricted donations, including Gift Aid
Restricted donations, including Gift Aid
Total Incoming resources
**Resources expended**
Direct Charitable Expenditure
3
Governance Costs
4
Direct Charitable Expenditure - restricted
Total Resources expended
**Other recognised gains (losses)**
Total Resources expended
**Net Resources for the year**
Balance brought forward
Balance carried forward as at
Gains (losses) on revaluation of fixed
assets for charity's own use
31 December 2020|2020
£
44,149
-
44,149
10,681
216
2,500
13,397
-
13,397
**30,752**
40,961
71,713|2019
£
10,399
30,000
40,399
10,809
180
10,000
20,989
-
20,989
**19,409**
21,552
40,961|
|---|---|---|
The Income and Expenditure Account for the year is as shown above.
## **Continuing operations**
None of the charity's activities commenced or ceased during the year.
## **TRUE VOLUNTEER FOUNDATION BALANCE SHEET AS AT THE YEAR END 31 December 2020**
|Notes
**Fixed assets**
Intangible fixed assets
Tangible fixed assets
2
Total Fixed assets
**Current assets**
Debtors
5
Cash at Bank and in Hand
**Current liabilities**
Creditors - amounts due within 1 year
6
Net current assets (liabilities)
Total assets less current liabilities
**Long term liabilities**
Creditors - amounts due after 1 year
**Net assets (liabilities)**
**Capital and reserves**
**Unrestricted Funds**|2020
£
-
116
116
1,498
70,279
71,777
(180)
71,597
71,713
-
**71,713**
**71,713**|2019
£
-
145
145
1,498
39,498
40,996
(180)
40,816
40,961
-
**40,961**
**40,961**|
|---|---|---|
## **TRUE VOLUNTEER FOUNDATION STATEMENT OF TRUSTEES' RESPONSIBILITIES AS AT THE YEAR END 31 December 2020**
In approving these financial statements as trustees' of the company we hereby confirm:
- that for the year in question the company was entitled to the exemption conferred by section 477 of the Companies Act 2006;
- that no notice has been deposited at the registered office of the company pursuant to section
- 476 requesting that an audit be conducted for the year ended 31st December 2020;
- that we acknowledge our responsibilities for:
- (i) ensuring that the company keeps accounting records which comply with section 475, and
(ii) preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit for the year then ended and which otherwise comply with the provisions of the Companies Act relating to accounts, so far as applicable to the
In preparing these financial statements the directors have taken advantage of the exemptions applicable to small companies conferred by Part 15 of the Companies Act 2006, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements were approved by the Trustees and signed on their behalf by:
……………………………..
Signed: Michael Padmanathan Date: 02 March 2021 Chairman
**TRUE VOLUNTEER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2020**
## **1. ACCOUNTING POLICIES**
The principal accounting policies adopted by the company are:
## **Basis of Accounting**
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and follow the recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice issued in 2005.
## **Cash flow statement**
The Trustees have taken advantage of the exemption for small companies under the Financial Reporting Standard for Smaller Entities and, consequently, no cash flow statement has been prepared.
## **Taxation**
All figures stated in the accounts are inclusive of Value Added Tax where applicable as the charity is unable to register and cannot, therefore, recover any tax incurred. As a registered charity, the Society is exempt from United Kingdom Taxation under section 505 of the Income and Corporation Taxes Act 1988.
## **Income and gifts in kind**
Time and travel costs donated by True Volunteers are included at their estimated values both in income and costs.
Donations in kind are shown as both income and expenses at their estimated value. Grants etc. arranged through or from third parties are shown as Partner Contributions.
## **Fixed assets**
Due to the nature of the charity, fixed assets donated are written off when acquired.
## **Restricted Funds**
Where a donor has specified a particular purpose for a grant or donation, the income is shown as restricted income in the Statement of Financial Activities. Any such income unexpended at the year end is shown as a restricted fund in the balance sheet.
## **TRUE VOLUNTEER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2020**
## **2. TANGIBLE FIXED ASSETS**
|Office equipment at cost
Additions
Opening depreciation
Depreciation charge for the year
Accumulated depreciation
Net book value|2020
£
691
-
691
(546)
(29)
(575)
116|2019
£
691
-
691
-
(546)
(546)
145|
|---|---|---|
Depreciation is charged on a reducing balance basis at 20% of the written down value of fixed assets by annual instalments over the course of their estimated useful lives
## **3. DIRECT CHARITABLE EXPENDITURE**
|Unrestricted grants made - direct
True Volunteers' time spent on projects - donated
Legal and Professional Fees
Consultancy Costs
Office & IT equipment
Software
Advertising
Exhibition facilities
Website hosting
Bank Charges
Depreciation
Subscriptions
General Expenses|2020
£
-
10,119
198
-
-
-
-
-
-
32
29
-
303
10,681|2019
£
200
10,119
216
-
-
-
-
-
-
32
36
-
206
10,809|
|---|---|---|
## **TRUE VOLUNTEER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2020**
## **4. GOVERNANCE COSTS**
|Accountancy fees
Insurance
Rent
**5. DEBTORS**
Gift Aid recoverable
Donations
Other debtors|2020
£
216
-
-
216
1,369
-
129
1,498|2019
£
180
-
-
180
1,369
-
129
1,498|
|---|---|---|
## **6. CREDITORS : amounts falling due within one year**
- - Net wages HMRC PAYE/NIC - - - -
## **7. STATUS**
The charity is a company limited by guarantee and, in the event of its being wound up, the liability of members is limited to £10 each.