Registered number: 10610690 Charity number: 1174644
TRIPLE ONE TRUST LIMITED (A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
TRIPLE ONE TRUST LIMITED
(A company limited by guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 - 7 |
| Notes to the financial statements | 8 - 15 |
(A company limited by guarantee)
TRIPLE ONE TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 28 FEBRUARY 2021
| Trustees | J Gluck, Director/Trustee (Chair) |
|---|---|
| SB Finkelstein, Director/Trustee | |
| AT Tauber, Director/Trustee | |
| Company registered number 10610690 Charity registered number 1174644 Registered office 11c Grosvenor Way London E5 9ND Accountants Wolffe Accountancy Services Ltd 34 Braydon Road London N16 6QB Bankers Lloyds Bank London EC2R 8AU |
Page 1
TRIPLE ONE TRUST LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2021
The Trustees present their annual report together with the financial statements of the Triple One Trust Limited for the 29 February 2020 to 28 February 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
Policies and objectives
The charity was set up under a Memorandum and Articles of Association to advance the education of the public, religion, carers, to relieve poverty, to help refugees and the elderly, to promote social inclusion, to relieve sickness, to help young people and to preserve cemeteries. This is done by the provision of grants. These grants assisted those charities.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
Review of activities
Grants of £33,000 were paid to charities thought suitable.
Financial review
Reserves
The reserves of £918,019 (2020 - £903,780) represent the fixed assets and funds not yet distributed.
Page 2
TRIPLE ONE TRUST LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
Structure, governance and management
Constitution
Triple One Trust Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees 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 its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees 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.
Approved by order of the members of the board of Trustees on 20 October 2021 and signed on their behalf by:
J Gluck Director/Trustee
Page 3
(A company limited by guarantee)
TRIPLE ONE TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2021
Independent examiner's report to the Trustees of Triple One Trust Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 28 February 2021.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Signed: Daniel Wolffe
Dated: 20 October 2021
FCCA
34 Braydon Road London N16 6QB
Page 4
TRIPLE ONE TRUST LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2021
| Note Income from: Donations 3 Charitable activities 4 Total income Expenditure on: Property expenses 5 Charitable expenses Administrative expenses 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ - 74,999 74,999 26,987 33,000 773 60,760 14,239 903,780 14,239 918,019 |
Total funds 2021 £ - 74,999 74,999 26,987 33,000 773 60,760 14,239 903,780 14,239 918,019 |
Total funds 2020 £ 387,000 87,603 |
|---|---|---|---|
| 474,603 | |||
| 18,671 29,900 900 |
|||
| 49,471 | |||
| 425,132 | |||
| 478,648 425,132 |
|||
| 903,780 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
Page 5
TRIPLE ONE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 10610690
BALANCE SHEET AS AT 28 FEBRUARY 2021
| Note Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
4,978 56,199 61,177 (700) |
2021 £ 857,542 857,542 60,477 918,019 918,019 918,019 - 918,019 918,019 |
11,446 35,650 47,096 (900) |
2020 £ 857,584 |
|---|---|---|---|---|
| 857,584 46,196 |
||||
| 903,780 | ||||
| 903,780 | ||||
| 903,780 | ||||
| - 903,780 |
||||
| 903,780 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 20 October 2021 and signed on their behalf by:
Page 6
TRIPLE ONE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 10610690
BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2021
J Gluck
Director/Trustee
The notes on pages 8 to 15 form part of these financial statements.
Page 7
(A company limited by guarantee)
TRIPLE ONE TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
1. General information
The charity was set up to advance the education of the public, religion, carers, to relieve poverty, to help refugees and the elderly, to promote social inclusion, to relieve sickness, to help young people and to preserve cemeteries.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Triple One Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 8
TRIPLE ONE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures and fittings - 25%
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Page 9
TRIPLE ONE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
3. Income from donations
| Unrestricted funds 2021 £ Property received - Unrestricted funds 2020 £ Property received 387,000 Income from charitable activities Unrestricted funds 2021 £ Rents receivable 74,649 Dilapidations receivable 350 74,999 Unrestricted funds 2020 £ Rents receivable 87,603 |
Total funds 2021 £ - |
|---|---|
| Total funds 2020 £ 387,000 |
|
| Total funds 2021 £ 74,649 350 |
|
| 74,999 | |
| Total funds 2020 £ 87,603 |
4. Income from charitable activities
Page 10
TRIPLE ONE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
5. Property expenses
| Unrestricted funds 2021 £ Insurance payable 1,053 Repairs 11,495 Professional fees 2,416 Agents fees 9,143 Cleaning 1,260 Depreciation 42 Service charges 151 Light & heat 1,041 Rates 254 Sundry expenses 132 26,987 Unrestricted funds 2020 £ Insurance payable 995 Repairs 3,291 Professional fees 1,005 Agents fees 9,134 Cleaning 1,596 Depreciation 42 Service charges 153 Light & heat 2,455 18,671 |
Total funds 2021 £ 1,053 11,495 2,416 9,143 1,260 42 151 1,041 254 132 |
|---|---|
| 26,987 | |
| Total funds 2020 £ 995 3,291 1,005 9,134 1,596 42 153 2,455 |
|
| 18,671 |
Page 11
(A company limited by guarantee)
TRIPLE ONE TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
6. Charitable expenses
| Inspirations Beis Chinuch Lebanos Care All Ltd Mifal Hachesed Vehatzdoko Alymos Ltd Merkos Torah Belz One Heart Lev Echod Toras Chesed Inspirations Beis Chinuch Lebanos Care All Ltd Mifal Hachesed Vehatzdoko Vaad Lehachzokas Hayehadus Alymos Ltd Merkos Torah Belz One Heart Lev Echod |
Grants to Institutions 2021 £ 5,000 5,000 5,000 3,000 5,000 5,000 5,000 33,000 Grants to Institutions 2020 £ 900 2,000 3,000 3,000 4,000 4,000 4,000 4,500 4,500 29,900 |
Total funds 2021 £ 5,000 5,000 5,000 3,000 5,000 5,000 5,000 |
|---|---|---|
| 33,000 | ||
| Total funds 2020 £ 900 2,000 3,000 3,000 4,000 4,000 4,000 4,500 4,500 |
||
| 29,900 |
Page 12
TRIPLE ONE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
7. Administrative expenses
| Unrestricted funds 2021 £ Accountancy fees 600 Independant examination fee 160 General expenses 13 773 Unrestricted funds 2020 £ Accountancy fees 700 Independant examination fee 200 900 |
Total funds 2021 £ 600 160 13 |
|---|---|
| 773 | |
| Total funds 2020 £ 700 200 |
|
| 900 |
8. Tangible fixed assets
| Cost or valuation At 29 February 2020 At 28 February 2021 Depreciation At 29 February 2020 Charge for the year At 28 February 2021 |
Freehold property £ 857,500 857,500 - - - |
Fixtures and fittings £ 167 167 83 42 125 |
Total £ 857,667 |
|---|---|---|---|
| 857,667 | |||
| 83 42 |
|||
| 125 |
Page 13
TRIPLE ONE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
8. Tangible fixed assets (continued)
| Net book value At 28 February 2021 At 28 February 2020 9. Debtors Due within one year Trade debtors Other debtors 10. Creditors: Amounts falling due within one year Other creditors Accruals and deferred income |
Freehold property £ 857,500 857,500 |
Fixtures and fittings £ 42 84 2021 £ - 4,978 4,978 2021 £ 100 600 700 |
Total £ 857,542 |
|---|---|---|---|
| 857,584 | |||
| 2020 £ 1,848 9,598 |
|||
| 11,446 | |||
| 2020 £ 100 800 |
|||
| 900 |
11. Summary of funds Summary of funds - current year
| Balance at | Balance at | |||
|---|---|---|---|---|
| 29 February | 28 February | |||
| 2020 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| General funds | 903,780 | 74,999 | (60,760) | 918,019 |
Page 14
TRIPLE ONE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
11. Summary of funds (continued)
Summary of funds - prior year
| Balance at | Balance at | |||
|---|---|---|---|---|
| 1 March | 28 February | |||
| 2019 | Income | Expenditure | 2020 | |
| £ | £ | £ | £ | |
| General funds | 478,649 | 474,603 | (49,471) | 903,781 |
12. Analysis of net assets between funds Analysis of net assets between funds - current period
| Unrestricted funds 2021 £ Tangible fixed assets 857,542 Current assets 61,177 Creditors due within one year (700) Total 918,019 |
Total funds 2021 £ 857,542 61,177 (700) |
|---|---|
| 918,019 |
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 857,584 47,097 (900) 903,781 |
Total funds 2020 £ 857,584 47,097 (900) |
|---|---|---|
| 903,781 |
Page 15