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2021-03-31-accounts

Company Registration Number 06047635

Charity Number 1118222

TRINITY HOMELESS PROJECTS

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2021

CANSDALES AUDIT LLP

Chartered Accountants & Statutory Auditor Bourbon Court Nightingales Corner Little Chalfont Bucks HP7 9QS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

TRINITY HOMELESS PROJECTS

CONTENTS Page
Company Information 1
Directors’ Report 2
Independent Auditor’s Report 6
Consolidated Statement of Financial Activities 9
Consolidated Balance Sheet 10
Company Balance Sheet 11
Consolidated Cash Flow Statement 12
Notes to the Consolidated Financial Statements 13

TRINITY HOMELESS PROJECTS

COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2021

Registered Charity Number 1118222
Company Number 06047635
Directors J Cannon
M Crane (Resigned 23 April 2020)
F Garrod (Chairman)
D Graham (Resigned 07 December 2020)
C A Hashimi (Appointed 26 October 2020)
P Soares
N Valois (Appointed 26 October 2020)
R Waite
Company Secretary S Hedley
Registered Office Trinity Homeless Projects
Redford House
Redford Way
Uxbridge
Middlesex
UB8 1SZ
Independent Auditor Cansdales Audit LLP
Chartered Accountants & Statutory Auditors
Bourbon Court
Nightingales Corner
Little Chalfont
Bucks
HP7 9QS
Bankers The Co-Operative Bank
PO Box 250
Delf House
Skelmersdale
WN8 6WT

1

TRINITY HOMELESS PROJECTS

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Directors present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

OBJECTIVES AND ACTIVITIES

Trinity Homeless Projects is a charitable company limited by guarantee. It was incorporated on 10 January 2007. Its main objects are to end homelessness by providing housing and homeless services for people at risk of or suffering homelessness, though coaching and support.

PUBLIC BENEFIT

In accordance with the above objectives for this year, and with due regard to the published Charity Commission guidance on the operation of the Public Benefit requirement of the Charities Act 2011, the Directors have undertaken appropriate activities in furtherance of those aims for the public benefit. This year's activities, achievements and future plans are summarised below.

ACHIEVEMENT AND PERFORMANCE

The Right People in the Right Place doing the Right Things

At Trinity we say if we have the right people in the right place doing the right things we get the culture for free. People feel wanted, valued and our lives have purpose. This year has seen the UK Government provide a bed for everyone, regardless of status. This is fully consistent with Article 25 of the Universal Declaration of Human Rights and for a developed nation is the right thing to do. This action was only taken because of the threat to us all; if Covid19 had been allowed to spread amongst ‘the homeless’, it would have been harder to control and lead to many unnecessary deaths. The fact is that homelessness is a threat to us all, it’s just much easier to ignore when the threat of contagion is low. The Civil Rights movement in America adopted the quote “no one is free until we are all free”, how can we call ourselves a civilised society when we are willing to accept that people literally have no home with us. Right now the hotels and shelters that have protected us are closing and people, especially those without settled status are again without their human rights.

Thankfully the collective efforts of a small number of dedicated people have ensured that thousands of people have found their home. Locally we saw homeless applications double to almost 2,000 people and we have been able to house 19% through creating a further 75 new homes, taking our total to 275 homes this year and through helping 104 people move into their own place.

When the pandemic hit, we transitioned our service within a week, appointing a Covid Tsar to set policy and oversee procedures. We surveyed our residents and staff teams regularly to keep up to date with felt needs. We asked people to score us out of 10 and then asked how we can improve the score. Residents scored us 8.6 and asked for help to move on from shared housing. Staff scored us 9.1 and told us to keep doing what we’re doing.

The threat of Covid hasn’t gone away and nor has the threat to our society of homelessness. Without the efforts of dedicated people and long-term investment in building homes, we will be living with this threat and shame for years to come.

FUTURE PLANS

Everyone has the right to a home, but there aren’t enough, so we’re pragmatic. We’re building a housing pathway that provides everyone with a home or at least a bed for the night. We’re investing in emergency direct housing so no one needs to sleep rough. We’re investing in specialist housing to help people who need a bit more help and

2

DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

TRINITY HOMELESS PROJECTS

we’re investing in affordable housing. We plan that, once this pathway is complete, we will end homelessness where we work.

FINANCIAL ACTIVITY

The consolidated financial statements show a surplus of £834,427 (2020: £357,888). The Statement of Financial Activities for Trinity Homeless Projects shows a surplus for the year of £749,013 (2020: £278,705) and those of Trinity Activities show a surplus of £85,410 (2020: £79,183) for the year ended 31 March 2021.

At 31 March 2021, total consolidated funds were £1,587,190 (2020: £752,763) of which £Nil related to restricted funds (2020: £2,713).

RESERVES POLICY

The directors have reviewed the charitable company’s needs for reserves in line with the guidance issued by the Charity Commission. They have established a policy whereby the free reserves (that is those reserves not invested in fixed assets or designated and restricted funds) held by the charitable company should be equal to 12 weeks general operating costs. This equates to approximately £714,650 in general funds. This target has been achieved. (Our total free reserves are in excess of £1.3m and the trustees consider this level of free reserves to be prudent in the light of our impending direct investment in affordable housing next year).

RISK REVIEW

The Senior Management Team reviews the Risk Mitigation Plan monthly and report to the Board on this quarterly. The key risk is an increase in rent arrears from tenants getting work and a decrease in social housing from cuts in local council funding. These are mitigated by allowing a provision for tenants and encouraging them to move into affordable housing after they find work and increasing fundraising events in order to be less reliant on council funds.

INVESTMENT POLICY

Under the Memorandum and Articles of Association, the charitable company has the power to make any investment which the directors see fit.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The directors of the charitable company, who are directors for the purposes of company law and trustees for the purposes of charity law, who served during the period and to date were:

J Cannon M Crane (Resigned 23 April 2020) F Garrod (Chairman) D Graham (Resigned 07 December 2020) C A Hashimi (Appointed 26 October 2020) P Soares N Valois (Appointed 26 October 2020) R Waite

All of the directors must be members of the company and are the only members of the company.

Each member of the charitable company is required to contribute a maximum amount of £1 in the event of the charitable company being liquidated whilst they are a member or within one year of them ceasing to be a member.

The directors have confirmed that they have an awareness and understanding of their legal responsibilities as summarised in the NCVO publication, “The 12 Essential Board Responsibilities” and their training needs are kept under review accordingly.

The arrangements for setting pay and remuneration of key management personnel is agreed by the trustees and done on an independent pay review basis.

3

TRINITY HOMELESS PROJECTS

DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

At times, Trinity finds it beneficial to have relationships with related parties and other charitable organisations in order to cooperate for the pursuit of its charitable objectives. When these relationships exist, it is the policy of Trinity to have a suitable and appropriate Service Level Agreement in place.

APPOINTMENT OF TRUSTEES

Under the Articles of Association, the serving directors may appoint additional directors at any time with a maximum number of twelve and a minimum of three.

Trinity usually has eight or nine Trustees. Each year two Trustees retire by rotation. The recruitment process is run by the Chair of Trustees and overseen by the CEO. The Board identifies the skills which it needs within it, and then actively seeks people with these skills to apply to become a Trustee of the charity. Candidates are required to complete an application form setting out details about themselves and their suitability for Trusteeship.

These applications are treated on a confidential basis, reviewed by the Chair of Trustees and the CEO and matched against the skills criteria established by the Board. Prospective Trustees are invited to attend a number of Board Meetings as an observer. The appointment of a Trustee does not take effect until he has signed the prescribed Companies House form, and the appointment of any prospective Trustee who has not done so within one month will lapse unless the Board resolves that there is good cause for the delay.

The Company must have a Chair and a Vice-Chair. Both are to be elected by the Board. The Board must decide the period during which they are each to hold office and the precise point at which their term of office ends. Both the Chair and the Vice-Chair may be re-elected. The Chair and the Vice-Chair may resign from their positions at any time although they may remain as Trustees.

DIRECTORS’ TRAINING

Because poor governance costs more than learning to govern well, the board invests in its governance capacity. Training and re- training is used to orient new members as well as increase existing member skills and understandings. Both Chair and Vice-Chair receive specific training regarding chairing meetings and the board attend an annual day away. Outside monitoring assistance is also arranged so that the board can exercise confident control over organisational performance, including but not limited to fiscal audit. Mechanisms are used to ensure the board’s ability to listen to the beneficiaries view points and values. Governance costs are prudent though not at the expense of endangering the development and maintenance of superior capability of the board.

The directors have delegated the day to day management of the charitable company to Steve Hedley, who provides a written report to each meeting of the directors, which are held approximately quarterly and is also in regular contact with directors between meetings.

RESPONSIBILITIES OF THE DIRECTORS

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources of the charitable company for that year. In preparing these financial statements, the Directors are required to:

4

TRINITY HOMELESS PROJECTS

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

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

AUDITOR

In accordance with the company’s articles, a resolution proposing that Cansdales Audit LLP be reappointed as auditor of the company will be put at a General Meeting.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the Directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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

BY ORDER OF THE BOARD

Redford House Redford Way Uxbridge Middlesex UB8 1SZ

................................................................. S Hedley Company Secretary

Date: 20 December 2021

5

TRINITY HOMELESS PROJECTS INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2021

OPINION

We have audited the consolidated financial statements of Trinity Homeless Projects for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Cash Flow Statement and the related notes numbered 1 to 20. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

In our opinion the financial statements:

BASIS OF OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

OTHER INFORMATION

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

6

TRINITY HOMELESS PROJECTS INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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:

RESPECTIVE RESPONSIBILITIES OF THE DIRECTORS AND THE AUDITOR

As explained more fully in the Responsibilities of the Directors statement on page 5, the directors (who are also the trustees of the charitable company for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

7

TRINITY HOMELESS PROJECTS

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

USE OF OUR REPORT

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………………………………..

Mr James Foskett Senior Statutory Auditor For and on behalf of CANSDALES Audit LLP Chartered Accountants & Statutory Auditors

Bourbon Court Nightingales Corner Little Chalfont Bucks HP7 9QS

Date: 21 December 2021

8

TRINITY HOMELESS PROJECTS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income
Donations
Donations and similar income
Activities for generating funds
Rental income
Trading activities
Investment income and interest
Other income
Income from charitable
activities
3
Total Income
Expenditure
Raising funds
Advertising
Charitable activities
Charitable expenditure
4
Total Expenditure
Net income before transfers
Transfers between reserves
Net movement in funds
Balance brought forward
12
Balance carried forward
12		 Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds 2021
£
Unrestricted
Funds
£
Restricted
Funds
£
Total Funds
2020
£
173,525
936
174,461
84,901
240
85,141
-
-
-
-
-
-
322,470
-
322,470
469,554
-
469,554
2
-
2
12
-
12
6,624
-
6,624
14,991
-
14,991
3,356,341
79,873
3,436,214
2,166,044
-
2,166,044
3,858,962
80,809
3,939,771
2,735,502
240
2,735,742
3,465
-
3,465
16,271
-
16,271
3,019,154
82,725
3,101,879
2,338,346
23,237
2,361,583
3,022,619
82,725
3,105,344
2,354,617
23,237
2,377,854
836,343
(1,916)
834,427
380,885
(22,997)
357,888
797
(797)
-
1,700
(1,700)
-
837,140
(2,713)
834,427
382,585
(24,697)
357,888
750,050
2,713
752,763
367,465
27,410
394,875
1,587,190
-
1,587,190
750,050
2,713
752,763

There were no recognised gains or losses other than the result for the year.

All operations classed as continuing.

The notes numbered 1 to 20 form part of these financial statements.

9

TRINITY HOMELESS PROJECTS

CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021

Fixed Assets
Note
Tangible Assets
7
Current Assets
Debtors and prepayments
8
Cash at bank and in hand
Creditors: Amounts falling due within one year
10
Net Current Assets
Creditors: Amounts falling due after one year
11
Net Assets
Capital and Reserves
Unrestricted Funds
General Funds
12, 13
Designated Funds
12, 13
Restricted Funds
12, 13		 2021
£
£
52,430
177,292
1,639,469
1,816,761
(225,928)
1,590,833
(56,073)
1,587,190
1,410,109

177,081
1,587,190

-
1,587,190		 2021
£
£
52,430
177,292
1,639,469
1,816,761
(225,928)
1,590,833
(56,073)
1,587,190
1,410,109

177,081
1,587,190

-
1,587,190		 2020
£
£
75,304
508,922
695,786
1,204,708
(443,356)
761,352
(83,889)

752,767
581,257

168,797
750,054

2,713

**752,767 **		 2020
£
£
75,304
508,922
695,786
1,204,708
(443,356)
761,352
(83,889)

752,767
581,257

168,797
750,054

2,713

**752,767 **
1,816,761
(225,928)		 1,204,708
(443,356)
1,587,190
752,767
1,410,109

177,081		 581,257

168,797
750,054

2,713

**752,767 **
1,587,190

-
1,587,190

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

These financial statements were authorised and approved for issue by the directors on 20 December 2021 and are signed on their behalf by:

……………………………………………………………..

F Garrod- Director Company no. 06047635

The notes numbered 1 to 20 form part of these financial statements.

10

TRINITY HOMELESS PROJECTS

COMPANY BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021

Fixed Assets
Note
Tangible Assets
7
Current Assets
Debtors and prepayments
8
Long term Debtors
Cash at bank and in hand
Creditors: Amounts falling due within one year
10
Net Current Assets
Creditors: Amounts falling due after one year
11
Net Assets
Capital and Reserves
Unrestricted Funds
General Funds
12, 13
Designated Funds
12, 13
Restricted Funds
12, 13		 2021
£
£
24,740
221,521
195,035
1,296,871
1,713,427
(185,629)
1,527,798
(40,727)
1,511,811
1,334,730

177,081
1,511,811

-
1,511,811		 2021
£
£
24,740
221,521
195,035
1,296,871
1,713,427
(185,629)
1,527,798
(40,727)
1,511,811
1,334,730

177,081
1,511,811

-
1,511,811		 2020
£
£
38,636
508,019
205,300
468,528
1,181,847
(408,232)
773,615
(49,453)

762,798
591,288

168,797
760,085

2,713

762,798		 2020
£
£
38,636
508,019
205,300
468,528
1,181,847
(408,232)
773,615
(49,453)

762,798
591,288

168,797
760,085

2,713

762,798
1,713,427
(185,629)		 1,181,847
(408,232)
1,511,811
762,798
591,288

168,797
1,334,730

177,081
1,511,811

-		 760,085

2,713

762,798
1,511,811

These financial statements have been prepared in accordance with the special provision for small companies under Part 15 of the Companies Act 2006.

These financial statements were authorised and approved for issue by the directors on 20 December 2021 and are signed on their behalf by:

……………………………………………………………..

F Garrod – Director Trustee Company no. 06047635

The notes numbered 1 to 20 form part of these financial statements.

11

TRINITY HOMELESS PROJECTS

CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

Cash flows from operating activities
Cash generated from operations
Investing activities
Purchase of tangible fixed assets
Interest received
Net cash generated from/(used in) investing activities
Financing activities
Proceeds of Borrowings
Repayment of borrowings
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
RECONCILIATION OF NET MOVEMENT IN FUNDS
Surplus for the year
Adjustments for:
Depreciation
Investment income
(Loss)/gain on disposal
Decrease/(increase) in trade and other receivables
Increase/(decrease) in trade and other payables
Net cash from operating activities		 2021
£
-

2

(27,985)


 2021
£
-

2

(27,985)


 2020
£
£
£
971,666
294,513
(64,391)

12
2
(64,379)
33,068

(8,869)
(27,985)

24,199
943,683
254,333
695,786

441,453
1,639,469

695,786
2021
2020
£
£
834,423
357,890
22,874
25,545
(2)
(12)
-
-
285,981
(339,822)
(171,610)
250,911
971,666
294,512		 2020
£
£
£
971,666
294,513
(64,391)

12
2
(64,379)
33,068

(8,869)
(27,985)

24,199
943,683
254,333
695,786

441,453
1,639,469

695,786
2021
2020
£
£
834,423
357,890
22,874
25,545
(2)
(12)
-
-
285,981
(339,822)
(171,610)
250,911
971,666
294,512

(27,985)

254,333

441,453


695,786
2020
£
357,890
25,545
(12)
-
(339,822)
250,911
294,512
971,666

The notes numbered 1 to 20 form part of these financial statements.

12

TRINITY HOMELESS PROJECTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES Charity information

Trinity Homeless Projects is a charitable company limited by guarantee incorporated in England and Wales. The address of the registered office is given on the legal and administrative information page. The nature of the charity’s operations and principal activities are to end homelessness by providing housing and homeless services for people at risk of or suffering homelessness, vocational and skills training through coaching and support.

Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Income

Income is recognised in the period in which the charitable company is legally entitled to the income, is more likely than not to be received and the amount can be quantified with reasonable accuracy.

Grants from government and other agencies have been included as incoming resources from charitable activities where these amount to a contract for services. Donations are the amount where the money is given in response to an appeal or with greater freedom of use.

Rent and Housing Benefits have been included as income from charitable activities and income is recognised when the group is legally entitled to it.

Gifts donated for resale are included as income when they are sold. No amounts are included in the consolidated financial statements for services donated by volunteers. Other gifts in kind are included at their estimated value to the group at the time of receipt.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business.

Expenditure

Expenditure is accounted for on an accrual basis, including VAT where this cannot be recovered. Certain expenditure is directly attributable to specific activities and has been allocated to those cost categories. Where these costs are attributable to more than one activity, they have been apportioned to the individual activities on the basis of the time spent by staff on matters relating to those activities. Central support costs have been allocated on the basis of resources used and have been apportioned to the cost centres of fundraising and publicity, individual projects within charitable expenditure and governance costs in accordance with the requirements of the SORP. Governance costs included within charitable activities comprise all costs relating to the public accountability of the group and its compliance with regulation and good practice. These costs include costs relating to the statutory audit.

13

TRINITY HOMELESS PROJECTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Tangible Fixed Assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Computer equipment - 25% straight line Motor vehicles - 25% on reducing balance Furniture & Fittings - evenly over 8 years Leasehold improvements - evenly over the remaining term of the lease

Items of equipment are only capitalised where the purchase price exceeds £1,000.

Stock

Purchased stock is held at the lower of cost and net realisable value.

Donated stock, comprising of furniture donated from individuals, does not have a value until sold. The charitable company does not know how much they will sell the stock for until it is sold, and as they operate a retail gift aid scheme some of the stock in the shops belongs to third parties. Therefore, it is not practical to include a value for donated stock in the financial statements.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and original maturities of three months or less.

Operating lease agreements

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged against income on a straight line basis over the period of the lease.

Pensions

The charitable company contributes to the personal pensions of certain employees. The charitable company also operates a defined contribution pension scheme for all members of staff. The assets of the schemes are held separately from those of the charitable company in independently administered funds. The annual contributions paid to both schemes are charged against income, in the year to which they relate.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s service is received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Tax status

The charitable company is a registered charity within the definitions of section 506(1) Income and Corporation Taxes Act 1988 and therefore it is not assessable to corporation tax on any surplus charitable funds.

14

TRINITY HOMELESS PROJECTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Funds accounting

Funds held by the group are:

Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the directors.

Designated funds – these are funds set aside by the directors out of unrestricted general funds for specific future purposes or projects.

Restricted funds – these are funds which can only be used for particular purposes within the objects of the group. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

The directors make transfers between funds when expenditure of a restricted nature is to be met from more than one type of fund. The maximum level of these transfers is agreed by the directors prior to the expenditure.

The nature and purpose of each fund is explained further in the notes to the consolidated financial statements.

2 POST BALANCE SHEEET EVENTS

During the year, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide. As a result, some business operations have been restricted, however the Charitable company continues to operate using alternative methods and remote working. The Directors are unable to evaluate the overall financial impact on the business at present. Hence the financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Directors are continuing to monitor, assess and act to the current changing environment in order to position the company to ensure its future success.

3 INCOME FROM CHARITABLE ACTIVITIES

Grants & Contracts
Housing benefits & Rent
Other		 Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds 2021
£
Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds 2020
£
798,640
72,343
870,983
355,545
-
355,545
2,470,288
-
2,470,288
1,736,476
-
1,736,476
87,413
7,530
94,943
74,023
-
74,023
3,356,341
79,873
3,436,214
2,166,044
-
2,166,044

15

TRINITY HOMELESS PROJECTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

4 CHARITABLE EXPENDITURE

Staff costs
Motor running costs
Property
Event costs
Shop costs
Insurance
Training and recruitment
Office costs
Marketing
Depreciation
Bank charges & interest
Other costs
Administrative expenditure
Governance costs		 Direct costs
£
Support costs
£
Total Funds
2021
£
Total Funds 2020
£
1,186,733
-
1,186,733
998,700
31,438
-
31,438
29,344
1,510,406
-
1,510,406
1,019,628
26
-
26
3,519
49,675
-
49,675
51,434
16,987
-
16,987
16,169
41,557
-
41,557
37,997
54,976
-
54,976
43,771
1,724
-
1,724
11,557
8,978
13,896
22,874
24,641
-
8,107
8,107
11,213
34,004
114,316
148,320
34,805
-
-
-
-
-
29,056
29,056
78,805
2,936,504
165,375
3,101,879
2,361,583

5 NET INCOMING/(EXPENDITURE)

This is stated after charging :

2021 2020
£ £
Payments under operating leases 1,141,033 771,689
Depreciation 36,790 24,641
Auditors' fees: Audit 9,445 9,170
Other Services 6,381 3,674
6
STAFF COSTS
Wages and salaries
Social Security costs
Pension expense		 2021
£
1,057,564
94,595

34,574
1,186,733		 2020
£
892,006
78,981

27,713
998,700

No redundancy payments were made in the year (2020: Nil).

No ex-gratia payments were made in the year to members of staff following their redundancy (2020: Nil). The average number of staff employed during the year was 29 (2020: 31).

One employee was paid in excess of £60,000 but less than £70,000 (2020: One). No amounts were paid to directors in the year (2020: £Nil).

16

TRINITY HOMELESS PROJECTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

There was no remuneration for directors in the year to 31 March 2021 (2020: £Nil). During the year remuneration to key management totalled £180,117 (2020: £155,317).

7 . FIXED ASSETS

Group
Cost or valuation
At 1 April 2020
Additions
Disposals
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
Disposals
At 31 March 2021
Net Book Value
At 31 March 2021
At 31 March 2020
Company
Cost or valuation
At 1 April 2020
Additions
Disposals
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
Disposals
At 31 March 2021
Net Book Value
At 31 March 2021		 Leasehold
improvements
£
Motor
vehicles
£
IT
Equipment
£
Total
£
212,635
-
-
4,380
-
-
41,227
-
-
258,242
-
-
212,635
4,380
41,227
258,242
167,275
2,236
13,427
182,938
13,831
-
1,095
-
7,948
-
22,874
-
181,106
3,331
21,375
205,812
31,529
1,049
19,852
52,430
45,360
1,807
28,136
75,303
Leasehold
improvements
Motor
vehicles
IT
Equipment
Total
£
£
£
£
64,421
-
30,630
95,051
-
-
-
-
-
-
-
-
64,421
30,630
95,051
52,321
-
4,094
56,415
6,914
-
6,982
13,896
-
-
-
-
59,235
-
11,076
70,311
5,186
-
19,554
24,740

17

TRINITY HOMELESS PROJECTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

At 31 March 2020 12,100 - 26,536 38,636

All the assets are used for activities in furtherance of the group’s objectives.

8. Debtors
Trade debtors
Prepayments
Other debtors
Loans (note 9)
Amounts due from related undertakings		 Group
Company
Group
Company
2021
£
82,655
2021
£
80,090
2020
£
463,666
2020
£
461,101
61,295
46,710
35,369
30,209
33,342
21,452
9,887
(646)
-
10,265
-
10,265
-
63,004
-
7,090
177,292
221,521
508,922
508,019

9. LONG TERM DEBTORS (company only)

Trinity Activities 2021
£
195,035
195,035		 2020
£
205,300

205,300

On 2nd August 2010, the directors of Trinity Activities and Trinity Homeless Projects, the parent company, agreed to convert the intercompany balance between the two charitable companies at that date into a long term interest free loan. The repayment terms of the loan are for repayments to be made in equal annual instalments over a period of 27 years from 31 March 2014.

The amounts receivable at the year end are as follows:

Debtors More than one year
Due within 1 year
Due within 2-5 years
Due after 5 years		 2021
£
10,265
41,060

153,975

205,300		 2020
£
10,265
41,060

164,240

215,565

10. CREDITORS: Amounts falling due within one year

Group Company Group Company
2021 2021 2020 2020
£ £ £ £
Trade creditors 37,933 36,042 57,341 53,747
Taxes and Social Security 33,284 27,618 22,129 17,242
Loans (note 11) 27,393 8,400 17,297 8,400
Accruals and deferred income 72,221 58,723 110,387 92,641
Other creditors 54,293 54,042 232,160 232,160
Pension 804 804 4,042 4,042

18

TRINITY HOMELESS PROJECTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Amounts due to related
undertakings		 -
-
-
-
225,928
185,629
443,356
408,232

11. CREDITORS: Amounts falling due after one year

Loan
Amount Repayable within
Due within 1 year
Due within 2-5 years
Due after 5 years		 Group
2021
£
56,073
27,393
39,873

16,200

83,466		 Company
2021
£
40,727
8,400
24,527

16,200

49,127		 Group
2020
£
83,889
17,297
68,158

15,731

101,186		 Company
2020
£
49,453
8,400
33,722

15,731

57,853

Vincent Housing Association loaned Trinity Homeless Projects £28,650 during 2011. This loan had two elements to it. The first was an interest free loan of £10,650 which is repayable over 10 years. The second is a loan of £18,000 also repayable over 10 years but with an interest charge of 2.5% per annum. Neither loan is secured.

Big Issue Invest loaned Trinity Homeless Projects £100,000 during 2017. This loan is repayable at a rate of £700 per month from May 2017 and interest is charged. Big Issue Invest held a legal charge giving them full title guarantee as security for the repayment and discharge of the secured obligations. The loan was repaid on 8 July 2021.

Another loan of £56,000 was provided by Homeless Link Social Investment Fund Committee on the 1st July 2019 for 48 months at an interest rate of 8%.

12. MOVEMENT OF FUNDS

Group
Restricted Funds
Rent deposit scheme
Waitrose fund
Reach Grant
Specific Grant - Building
refurbishment & Covid 19
Income
Designated Funds
Ashley copse
Capital fund-fixed assets
Homeless fundraising
Sinking Fund
General Funds
Total Funds		 Balance at 1
April 2020
£
Income
£
Expenditure
£
Transfers
£
Balance at 31
March 2021
£
1,705
240
(1,150)
(795)
-
826
-
-
(826)
-
182
-
696
79,873
(724)
(80,851)
(154)
978
-
-
2,713
80,809
(82,725)
(797)
-
90,924
-
-
-
90,924
38,799
-
(13,733)
-
25,066
1,299
-
-
-
1,299
37,775
22,017
-
-
59,792
168,797
22,017
(13,733)
-
177,081
581,257
3,836,944
(3,008,886)
797
1,410,112
752,763
3,939,770
(3,105,344)
-
1,587,190

19

TRINITY HOMELESS PROJECTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Company
Restricted Funds
Rent deposit scheme
Waitrose fund
Reach Grant
Specific Grant - Building
refurbishment & Covid 19
Income
Designated Funds
Ashley copse
Capital fund-fixed assets
Homeless fundraising
Sinking Fund
General Funds
Total Funds		 Balance at 1
April 2020
£
Income
£
Expenditure
£
Transfers
£
Balance at 31
March 2021
£
1,705
240
(1,150)
(795)
-
826
-
-
(826)
-
182
-
696
79,873
(724)
(79,873)
(154)
-
-
-
2,713
80,809
(81,747)
(1,775)
-
90,924
-
-
-
90,924
38,636
-
(13,733)
-
24,903
1,299
-
-
-
1,299
37,938
22,017
-
-
59,955
168,797
22,017
(13,733)
-
177,081
(168,797)
3,398,260
(2,656,594)
1,775
574,644
2,713
3,501,086
(2,752,074)
-
751,725

Rent Deposit Scheme – To give housing support for clients at the homeless projects.

Waitrose Fund - To provide support for people facing hardship.

Reach Grant – To provide support with affordable housing.

Specific Grant - Building refurbishment & Covid 19 - Building refurbishment and Homefree grant.

Ashley Copse – The Department of Health made a capital grant of £193,152 in 1987 under section 64 of the Public Health Act 1968 to the Coke Hole Trust, a registered charity which merged in 1998 with Bridges International Limited which, in turn, was taken over by Yeldall Christian Centres in 2004. The designated fund comprises of 50% the grant assigned to Trinity Homeless Projects upon de-merger from Yeldall Christian Centres. The purpose of the grant was to extend the residential rehabilitation centre for drug misusers. Whilst the grant is potentially repayable, the trustees are of the opinion that this is unlikely given the effluxion of time and on the basis of previous correspondence with the relevant Government department.

Capital Fund – This fund represents the net book value of the fixed assets owned by the parent company, net of the value of any fixed assets provided from restricted funds.

Homeless Fundraising – Money allocated specifically for the fundraising activities of the charitable company.

Sinking Fund – Money to put aside to cover future repairs and maintenance costs. This is to reduce the impact of future oneoff significant expenses.

20

TRINITY HOMELESS PROJECTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group
Restricted reserves
Designated reserves
General unrestricted reserves
Company
Restricted reserves
Designated reserves
General unrestricted reserves		 Tangible
Assets
£
-
Current Asset/
Liabilities
£
-
Long Term
Liabilities
£
-
Total
£
-
24,740
152,341
-
177,081
27,690
1,438,492
(56,073)
1,410,109
52,430
1,590,833
(56,073)
1,587,190
Tangible
Assets
Current Asset/
Liabilities
Long Term
Liabilities
Total
£
£
£
£
-
-
-
-
24,740
152,341
-
177,081
-
1,375,457
(40,727)
1,334,730
24,740
1,527,798
(40,727)
1,511,811

13. OPERATING LEASE COMMITMENTS

At 31 March 2021 the charitable company and group had the following commitments under non-cancellable operating leases:

Land and Buildings
Within one year
Within 2 to 5 years
Over 5 years		 2021Group
£
2021Company
£
2020Group
£
2020Company
£
1,212,376
1,158,425
914,137
860,186
746,582
559,115
701,996
492,128
157,500
-
202,500
-
2,116,458
1,717,540
1,818,633
1,352,314

14. PENSION SCHEME

The Charity operates a defined contribution pension scheme on behalf of its employees. The assets of the scheme are held separately from those of the group. At 31 March 2021 there were outstanding contributions for the group of £527 (2020: £778).

15. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

There were no capital commitments or contingent liabilities at 31 March 2021 (2020: £nil).

16. COMPANY LIMITED BY GUARANTEE

21

TRINITY HOMELESS PROJECTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The charitable company is a company limited by guarantee and without a share capital. There were 6 members at 31 March 2021 (2020: 6 members). If the company is wound up, the members are required to contribute a maximum of £1 towards the costs of winding up the company and liabilities incurred whilst the contributor was a company member and for one year after ceasing to be a member.

17. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

18. RELATED PARTY TRANSACTIONS

At 31 March 2021, Trinity Homeless Projects had a balance of £205,300 (2020: £215,565) receivable from Trinity Activities, out of which £195,035 (2020: £205,300) relates to a long-term loan. There was also a balance of £63,003 receivable from (2020: £7,090 payable to) Trinity Activities due to an excess in cash transferred for transactions, expenses incurred, management charge and donations which had arisen in the year.

Trinity Homeless Projects raised a management charge of £23,424 (2020: £71,108) to cover the cost of running Trinity Activities in the year.

This amount is shown within administrative expenditure in the charitable expenditure note of the Trinity Activities financial statements and included in other trading activities in the statement of financial activities of the Trinity Homeless Projects financial statements.

Trinity Activities made a donation of Nil (2020: Nil) to Trinity Homeless Projects for the year ended 31 March 2021.

At the year-end a total of £21,452 (2020: -£646) was due to Trinity Homeless Projects from Slough Homeless - Our Concern, a charity which shares the same directors. This primarily relates to expenses paid by Trinity Homeless Projects on behalf of Slough Homeless - Our Concern.

Trinity Homeless Projects raised a management charge of £5,830 (2020: £7,662) to cover the cost of running Slough Homeless - Our Concern in the year.

22