Charity registration number 1177189 (England and Wales)
TRANSFORMING PEOPLE'S LIVES (TPL)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
TRANSFORMING PEOPLE'S LIVES (TPL)
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr P Caton |
|---|---|
| Mrs C Caton | |
| Ms P Liddiard | |
| Mr R J W Mathison | |
| Ms S Storrar | |
| Charity number | 1177189 |
| Principal address | Essex House |
| London | |
| E18 1BD | |
| Accountants | Caton Fry & Co Ltd |
| Essex House | |
| 7-8 The Shrubberies | |
| George Lane | |
| South Woodford | |
| London | |
| E18 1BD | |
| Bankers | Barclays Bank |
| 1 Chruchill Place | |
| London | |
| E14 5HP |
TRANSFORMING PEOPLE'S LIVES (TPL)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Accountants' report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
TRANSFORMING PEOPLE'S LIVES (TPL)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
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 charity's governing document, the Charities Act 2011 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)" (effective 1 January 2019).
Objectives and activities
The charity’s aims are to advance such charitable purposes as the trustees see fit from time to time in particular but not limited to:
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i) the relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage;
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ii) the advancing of amateur sport for the public benefit;
by providing grants to individuals and to relevant related charities in keeping with its Christian principles.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Significant activities and achievements against objectives
Grants have been provided to support several charities who are involved locally and overseas in advancing change in individuals and communities. These have included:
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Premier Christian Radio
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Good Shepherd
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Teen Challenge
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Falconer Trust
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Educare
The charity’s funds have been invested to provide a long-term sustainable income for the charity’s activities. The Trustees are also looking to increase fundraising and this process has been started this year.
Financial review
The total income for the year ended 31 March 2024 was £2,057 (2023: £9,801).
Total expenditure was £12,571 (2023 : £9,870). The investment in the endowment fund returned a loss of £11,780 (2023: gain of £1,577). Funds carried forward at 31 March 2024 totalled £150,649 (2023 : £173,123) and comprised £1,639 (2023 : £12,334) of unrestricted reserves and £149,009 (2023 : £160,789) in the endowment fund.
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
The charity was registered as a Charitable Incorporated Organisation (No. 1177189) with the Charity Commission on 16th February 2018 and is controlled by its Constitution.
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TRANSFORMING PEOPLE'S LIVES (TPL)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
The trustees who served during the year and up to the date of signature of the financial statements were: Mr P Caton
Mrs C Caton
Ms P Liddiard Mr R J W Mathison Ms S Storrar
Recruitment and appointment of trustees
Oversight of the charity’s activities is provided by a Board of Trustees whose responsibility is to ensure the charity is operating in accordance with its charitable purposes. The Trustees meet at least four times a year and none have any beneficial interest in the company. All Trustees are members of the charity and have no liability in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
Mr P Caton
Trustee
27 January 2025
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TRANSFORMING PEOPLE'S LIVES (TPL)
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TRANSFORMING PEOPLE'S LIVES (TPL) FOR THE YEAR ENDED 31 MARCH 2024
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of Transforming People's Lives (TPL) for the year ended 31 March 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rulesand-standards/rulebook.html.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 14 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Transforming People's Lives (TPL) and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Transforming People's Lives (TPL) and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that Transforming People's Lives (TPL) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Transforming People's Lives (TPL). You consider that Transforming People's Lives (TPL) is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Transforming People's Lives (TPL). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Caton Fry & Co Ltd Chartered Accountants Essex House 7-8 The Shrubberies George Lane South Woodford London E18 1BD 27 January 2025
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TRANSFORMING PEOPLE'S LIVES (TPL)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Endowment funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 2,057 - Total income 2,057 - Expenditure on: Charitable activities 4 12,751 - Net gains/(losses) on investments - (11,780) Net income/(expenditure) and movement in funds (10,694) (11,780) Reconciliation of funds: Fund balances at 1 April 2023 12,333 160,789 Fund balances at 31 March 2024 1,639 149,009 |
Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 2,057 9,801 - 2,057 9,801 - 12,751 9,870 - (11,780) - 1,577 (22,474) (69) 1,577 173,123 12,403 159,212 150,649 12,334 160,789 |
Total 2023 £ 9,801 |
|---|---|---|
| 9,801 | ||
| 9,870 | ||
| 1,577 | ||
| 1,508 171,615 |
||
| 173,123 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 11 form part of these financial statements.
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TRANSFORMING PEOPLE'S LIVES (TPL)
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities The funds of the charity Endowment funds 10 Unrestricted funds |
2024 £ 314 2,192 2,506 (866) |
£ 149,009 1,640 150,649 149,009 1,640 150,649 |
2023 £ 652 12,512 13,164 (830) |
£ 160,789 12,334 |
|---|---|---|---|---|
| 173,123 | ||||
| 160,789 12,334 |
||||
| 173,123 |
The notes on pages 6 to 11 form part of these financial statements.
The financial statements were approved by the trustees on 27 January 2025
Mr P Caton Trustee
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TRANSFORMING PEOPLE'S LIVES (TPL)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
Transforming People's Lives (TPL) is a is a Charitable Incorporated Organisation, registered in England & Wales, and is controlled by its constitution. It's principal address is as disclosed under legal and administrative information..
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's consitution the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash dand other donations are recognised on receipt unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Investment income consists of net interest received during the year and accounted for as unrestricted funds.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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TRANSFORMING PEOPLE'S LIVES (TPL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Expenditure
All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate costs related to the category. 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.
Resources expended associated to a particular activity and the costs related to that activity.
The charity is not registered for VAT, and accordingly, expenditure is shown gross of irrecoverable VAT.
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Support costs include central functions necessary to carry out the activities of the organisation.
- 1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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TRANSFORMING PEOPLE'S LIVES (TPL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Taxation
The Charity is exempt from corporation tax on it's charitable activities.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 2,057 | 9,801 |
| Expenditure on charitable activities | ||
| Grant giving | Grant giving | |
| 2024 | 2023 | |
| £ | £ | |
| Direct costs | ||
| 11,000 | 8,000 | |
| Share of support and governance costs (see note 5) | ||
| Support | 885 | 1,040 |
| Governance | 866 | 830 |
| 12,751 | 9,870 | |
| Analysis by fund | ||
| Unrestricted funds | 12,751 | 9,870 |
4 Expenditure on charitable activities
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TRANSFORMING PEOPLE'S LIVES (TPL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
5 Support costs allocated to activities
| Administration costs Governance costs Analysed between: Grant giving |
2024 £ 884 866 1,750 1,750 |
2023 £ 1,040 830 |
|---|---|---|
| 1,870 | ||
| 1,870 |
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Fixed asset investments
| Cost or valuation At 1 April 2023 Valuation changes At 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 Investments at fair value comprise: Charity Assets Trust - Fixed Interest Holding 8 Debtors Amounts falling due within one year: Prepayments and accrued income |
Investment portfolio £ 160,789 (11,780) 149,009 149,009 160,789 2024 2023 £ £ 149,009 160,789 2024 2023 £ £ 314 652 |
Investment portfolio £ 160,789 (11,780) 149,009 149,009 160,789 2024 2023 £ £ 149,009 160,789 2024 2023 £ £ 314 652 |
|---|---|---|
| £ 160,789 (11,780) |
||
| 149,009 | ||
| 149,009 | ||
| 160,789 | ||
| 2023 £ 160,789 |
||
| 2023 £ 652 |
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TRANSFORMING PEOPLE'S LIVES (TPL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
9 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 866 | 830 |
10 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| At 1 April | Gains and | At 31 March | |
|---|---|---|---|
| 2023 | losses | 2024 | |
| £ | £ | £ | |
| Permanent endowments | |||
| 160,789 | (11,780) | 149,009 | |
| Previous year: | At 1 April | Gains and | At 31 March |
| 2022 | losses | 2023 | |
| £ | £ | £ | |
| Permanent endowments | |||
| 159,212 | 1,577 | 160,789 |
11 Analysis of net assets between funds
| Unrestricted Endowment funds funds 2024 2024 £ £ At 31 March 2024: Investments - 149,009 Current assets/(liabilities) 1,640 - 1,640 149,009 Unrestricted Endowment funds funds 2023 2023 £ £ At 31 March 2023: Investments - 160,789 Current assets/(liabilities) 12,334 - 12,334 160,789 |
Total 2024 £ 149,009 1,640 |
|---|---|
| 150,649 | |
| Total 2023 £ 160,789 12,334 |
|
| 173,123 |
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TRANSFORMING PEOPLE'S LIVES (TPL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
12 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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