Charity registration number 1183658
Temple Tree Foundation
Annual report and unaudited financial statements
For the year ended 31 March 2024
TEMPLE TREE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | D Stratford |
|---|---|
| D Stratford | |
| T Ewen Powell | |
| Charity number | 1183658 |
| Accountants | MGR Weston Kay LLP |
| 55 Loudoun Road | |
| St John's Wood | |
| London | |
| NW8 0DL |
TEMPLE TREE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Accountants' report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 10 |
TEMPLE TREE FOUNDATION
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.
Name and registered office of the Charity
The full name of the Charity is Temple Tree Foundation, its registered office and principal operating address is 55 Loudoun Road, London, NW8 0DL.
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 Deed, 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 initial objectives are to make grants and donations to charities and individuals who generally are not in receipt of high scale donations. The focus is on education, social, health and environmental projects that can be anywhere in the world that the Trustees identify they would like to help. Donations may be made as individuals payments but sometimes the Charity may take a commitment for multiple years.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
The Charity continues to make annual donations to the Surrey Boys Club and makes adhoc donations to Charities both in the UK and overseas when identified.
Financial review
As detailed in the Statement of Financial Activities on page 5, the Charity’s reserves at the year-end amounted to £63,083 (2023: £102,681) of unrestricted funds and £Nil of restricted funds (2023: £Nil). The CIO will hold these reserves and further funds as they are received as a buffer for operating costs. In addition, the funds are available for grants and donations in line with the charitable objectives.
Structure, governance and management
The Charity, a Charitable Incorporated Organisation, was registered as a Charity on 31st May 2019. Registration number: 1156782. The Constitution is a CIO Foundation and was created by a Deed executed on 30th October 2018.
The trustees who served during the year and up to the date of signature of the financial statements were: D Stratford
D Stratford T Ewen Powell
A trustee is appointed by recommendation of the Trustees, or by a proposal of a Trustee entitled to vote at a meeting of the Trustees.
Induction and training policies for trustees
The Charity follows the guidelines provided by the Charity Commission.
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TEMPLE TREE FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Public Benefit Requirement
The Trustees have due regard to the guidance set out under section 17(5) of the Charities Act 2011.
Risk Management
The trustees has assessed the major risks to which the is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems are in place to mitigate exposure to the major risks.
The trustees' report was approved by the Board of Trustees.
D Stratford
Trustee Dated: 28 November 2024
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TEMPLE TREE FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2024
The trustees 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).
The 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 state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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TEMPLE TREE FOUNDATION
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TEMPLE TREE FOUNDATION 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 Temple Tree Foundation 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 Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 12 June 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Temple Tree Foundation and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Temple Tree Foundation and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that Temple Tree Foundation 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 Temple Tree Foundation. You consider that Temple Tree Foundation 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 Temple Tree Foundation. 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.
MGR Weston Kay LLP Chartered Accountants
55 Loudoun Road St John's Wood London NW8 0DL
28 November 2024
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TEMPLE TREE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 1,800 | - |
| Investments | 4 | 39 | 63 |
| Total income | 1,839 | 63 | |
| Expenditure on: | |||
| Charitable activities | 5 | 41,437 | 49,059 |
| Total expenditure | 41,437 | 49,059 | |
| Net expenditure and movement in funds | (39,598) | (48,996) | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2023 | 102,681 | 151,677 | |
| Fund balances at 31 March 2024 | 63,083 | 102,681 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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TEMPLE TREE FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Net assets excluding pension liability The funds of the Charity Unrestricted funds |
2024 £ 64,083 (1,000) |
£ 63,083 63,083 63,083 63,083 |
2023 £ 103,681 (1,000) |
£ 102,681 |
|---|---|---|---|---|
| 102,681 | ||||
| 102,681 | ||||
| 102,681 |
The financial statements were approved by the trustees on 28 November 2024
D Stratford
Trustee
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TEMPLE TREE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's deed, 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 Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have been prepared under the historical cost convention. 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 unless the funds have been designated for other purposes. Such funds may be held in order to finance working capital.
Restricted funds are subject to specific conditions by donors as to how they may be used.
1.4 Incoming resources
Cash donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Interest income is accounted for on an accruals basis.
1.5 Resource expended
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities.
Charitable activities include costs of services and support costs and depreciation on related assets.
Governance costs are those cost incurred in the management of the charity's assets, organisational administration, and compliance with constitutional and statutory requirements.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Taxation
The charity is exempt from tax on income and gains falling within the Taxes Act 1988, s. 505 or the Taxation of Chargeable Gains Act 1992, s. 252 to the extent that these are applied to its charitable objectives.
The charity is not VAT registered. As such the expenditure is shown inclusive of VAT.
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TEMPLE TREE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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 | 1,800 | - | |
| 4 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 39 | 63 | |
| 5 | Expenditure on charitable activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Donations | 39,637 | 46,649 | |
| Bank charges | - | 10 | |
| 39,637 | 46,659 | ||
| Share of support and governance costs (see note 6) | |||
| Governance | 1,800 | 2,400 | |
| 41,437 | 49,059 | ||
| Analysis by fund | |||
| Unrestricted funds | 41,437 | 49,059 |
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TEMPLE TREE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
5 Expenditure on charitable activities
(Continued)
The charity has taken advantage of the exemption available in accordance with SORP Section 16 'Presentation and disclosure of grant-making activities' not to disclose grant recipients and amounts.
6 Support costs
| Support costs Governance costs £ £ Accountancy - 1,800 - 1,800 Analysed between Charitable activities - 1,800 |
2024 Support costs Governance costs £ £ £ 1,800 - 2,400 1,800 - 2,400 1,800 - 2,400 |
2023 £ 2,400 |
|---|---|---|
| 2,400 | ||
| 2,400 |
Governance costs represent the support costs incurred in administering, the management of charity affairs and complying with its statutory and constitutional obligations.
7 Trustees
The average number of trustees during the period was 3 (2020: 3).
No trustee expenses have been incurred during the period.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
8 Employees
There were no employees during the year.
9 Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 1,000 | 1,000 |
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TEMPLE TREE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
10 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 April 2023 | Incoming | Resources | At 31 March | |
|---|---|---|---|---|
| resources | expended | 2024 | ||
| £ | £ | £ | £ | |
| General funds | 102,681 | 1,839 | (41,437) | 63,083 |
| Previous year: | At 1 April 2022 | Incoming | Resources | At 31 March |
| resources | expended | 2023 | ||
| £ | £ | £ | £ | |
| General funds | 151,677 | 63 | (49,059) | 102,681 |
11 Related party transactions
There were no disclosable related party transactions during the year.
12 Charity information
Temple Tree Foundation is a Charitable Incorporated Organisation incorporated in England and Wales. The principal place of business is 55 Loudoun Road, London, NW8 0DL.
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 £.
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