Charity registration number: 208363
## **Trinity Homes**
**Annual Report and Financial Statements For the Year Ended 31 March 2023**
1
## **Trinity Homes**
## **Contents**
|Charity Reference and Administrative Details|3|
|---|---|
|Trustees’ Annual Report|4-6|
|Independent Examiner’s Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to the Financial Statements|10-15|
2
## **Trinity Homes**
## **Charity Reference and Administrative Details**
**Charity registration number** 208363 **Almshouse association number** 64 **Trustees** Mrs V Hanifan, Chairman Mr H Hanifan, Operations Mr M R N Callen, Treasurer Mr P Daniel, Secretary Mr N Guppy, Legal **Registered office** 28 Acre Lane London SW2 5SG **Banker and investment managers** Lloyds Bank plc Business and Commercial Service Centre 3[rd] Floor Black Horse House Medway Wharf Road Tonbridge Kent TN9 1QS BlackRock Investment Management (UK) Ltd 12 Throgmorton Avenue London EC2N 2DL CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET **Independent Examiner** King & Taylor (12 Limited) 123 Cross Lane East Gravesend Kent DA12 5HA
3
**Trinity Homes**
## **Trustees’ Annual Report**
The Trustees present their report together with the unaudited financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
## **Trustees of the charity**
The trustees who have served during the year and since the year end were as follows:
Mrs V Hanifan, Chairman Mr H Hanifan, Operations Mr M R N Callen, Treasurer Mr P Daniel, Secretary Mr N Guppy, Legal
## **Objectives and activities**
The charity owns and manages premises at 28 Acre Lane, London, SW2 5SG, which are used to provide almshouse accommodation for the elderly.
## **Public benefit statement**
In carrying out our activities for the year we kept in mind the Charity Commission's guidance on public benefit at our trustees’ meetings.
The focus of our activities remains the provision of almshouse accommodation for the elderly which is the charity's main purpose.
## **Achievements and performance**
Developments, Activities and Achievements:
The maintenance costs for FY22/23 were 48% up on FY21/22. This was due to several factors including rising material and labour costs. In addition there were considerable repairs made to the roofs including significant costs for scaffolding; A complete refurbishment of Flat 3 and exterior painting and decorating of the communal areas.
The Trinity Homes’ Trustees have engaged a firm of solicitors to commence the process of converting Trinity Homes into a Charitable Incorporated Organisation (CIO). Legal fees in FY22/23 totalled £2,786.60
The monthly maintenance charges were increased on the 1[st] February 2023 by 10%
## **Financial review (including reserves policy)**
## **Investment review**
The trust deed authorises the trustees to make and hold investments using the general funds of the charity with appropriate professional advice.
## **BlackRock Investment Management (UK) Limited – 31 March 2023**
Designations:-
01 - Income funds
Equity £34,337.81 Bond £3,641.49
4
**Trinity Homes**
## **Trustees’ Annual Report**
Special Range AOI - Income Funds Equity £259,215.71 Bond £30,905.80
Extraordinary Repair Fund Sch - Accumulator Equity £95,454.49 Bond £29,288.75
## **Total Blackrock Investment value - £452,844.05**
**CCLA Investment Management Limited - 31 March 2023**
COIF Charities Deposit Fund: - £26,689.21
Trinity Herschell Charity: - £182,861.72
**Total CCLA Investment value:- £209,550.93**
## **Total Value of Investments as of 31 March 2023 - £662,394.99**
Total value of Investments liquidated in FY 22/23 was £nil
Total Maintenance Payment income was £74,935.07 Total Investment income was £16,936.27
## **Structure, governance and management**
Trinity homes was established in 1824 and is a registered charity which currently operates under schemes dated 10[th] July 1978 and 26 March 1997.
## **Recruitment and appointment of new committee members**
The appointment of trustees is governed by the trust deed of the charity. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
## **Trustees induction and training.**
Advice for trustees published by the Charity Commission is given to new trustees and new guidance is notified and made available at Trustees meetings. Trustees have free access to all members of staff to ensure that they can be fully aware of the charity’s activities and of the needs of the residents being cared for by the charity. The trustees also receive guidance from the Almshouse Association.
The trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate the Charity’s exposure to major risks.
The trustees are responsible for preparing the Trustees’ Annual 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 & 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 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 in the Charities SORP 2019 (FRS 102);
5
**Trinity Homes**
## **Trustees’ Annual Report**
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards 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 charity will continue in operation.
The trustees are responsible for keeping proper 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 Charities (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.
The annual report was approved by the trustees of the charity and signed on its behalf by:
Mrs V Hanifan Trustee
Mr M R N Callen Trustee Date: 30 September 2023
6
## **Trinity Homes**
## **Independent Examiner’s Report to the Trustees of Trinity Homes**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 8 to 15.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2006 Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or;
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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;
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:_
_J T Durell FCA 12 Limited trading as King and Taylor Chartered Accountants 123 Cross Lane East Gravesend Kent DA12 5HA_
_Date: 30[th] September 2023_
7
## **Trinity Homes**
## **Statement of Financial Activities Including Income and Expenditure Account for the Year Ended 31 March 2023**
|**Note**
**Income and endowments from:**
**Charitable Activities**
Monthly maintenance contributions
2
Charitable donation
**Investments**
Dividends
Interest receivable
**Total income and endowments**
**Expenditure on:**
Warden’s salary
Staff pensions (defined contribution)
Employer’s NI
Gardening
Light, heat and power
Insurance
Repairs and maintenance
Telephone and fax
Printing, postage and stationery
Subscriptions
Sundry expenses
Accountancy fees
Other legal and professional
Bank charges
Depreciation of freehold property
Depreciation of fixtures, fittings and
equipment
**Total expenditure**
**Net gains/loss on investments**
**Net income/(expenditure)**
**Reconciliation of funds:**
Total funds brought forward
9
**Total funds carried forward**
9||**Unrestricted**
**Funds**
**£**
74,935
5
16,936
470|**Restricted**
**funds**
**£**
-
-
-
-|**Total**
**2023**
**£**
**Total**
**2022**
**£**
74,935
71,151
5
5
16,936
17,468
470
11|
|---|---|---|---|---|
|||92,346|-|92,346
88,635|
|||13,453
673
-
2,400
3,973
3,878
80,745
751
128
479
889
3,118
2,786
94
4,091
3,095|-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|13,453
12,656
673
633
-
(59)
2,400
2,595
3,973
4,623
3,878
3,034
80,745
47,280
751
684
128
-
479
522
889
690
3,118
2,970
2,786
1,260
94
87
4,091
4,091
3,095
7,255|
|||(120,553)|-|(120,553)
(88,321)|
|||(17,816)|-|(17,816)
38,747|
|||(46,023)|-|(46,023)
39,061|
|||772,302|99,917|872,219
833,158|
|||726,279|99,917|826,196
872,219|
||||||
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
8
## **Trinity Homes**
## **Balance Sheet At 31 March 2023**
|**Note**
**Fixed assets**
Tangible assets
6
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**
**Net assets**
**Charity Funds**
**Restricted funds**
**Unrestricted funds**
Designated fund
10
Investment revaluation
10
General funds
10
Total unrestricted funds
**Total charity funds**
10|
|**2023**
**£**
**2022**
**£**
136,852
144,038
635,706
653,522|
|---|---|---|
|||772,558
797,560|
|||1,063
1,258
53,681
73,546|
|||54,744
74,804
(1,106)
(145)|
|||53,638
74,659|
|||826,196
872,219|
|||826,196
872,219|
|||99,917
99,917|
||
|76,025
76,025
382,388
400,204
267,866
296,073|
|||726,279
772,302|
|||822,196
872,219|
||||
The financial statements were approved and authorised for issue by the Board on Signed on behalf of the board of trustees
Mrs V Hanifan, Trustee
Date: 30 September 2023
The notes on pages 10 to 15 form part of these financial statements.
9
**Trinity Homes**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **1 Summary of significant accounting policies**
## **(a) General information and basis of preparation**
The charity is a charity registered by the Charity commission in England and Wales and governed by the Schemes dated 10[th] July 1978 and 26 March 1997. The registered address is given on page 2 of these financial statements. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.
## **Compliance with Accounting Standards**
The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011 and applicable regulations. There were no material departures from those standards.
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.
## **Basis of preparation of financial statements**
Trinity Homes meets the definition of a public benefit entity under FRS102.Assets and liabilities are initially recognised at historic cost unless otherwise stated in the relevant accounting policy note. The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the charity’s ability to continue as a going concern.
## **(b) Funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. These include funds for repairs and maintenance and extraordinary repair reserves.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **Herschells Funds**
During 1996, Herschells Homes, a charity engaged in similar work to Trinity Homes had to close and its property was sold. The Charity Commissioners made an order on 12th February 1996 under which, inter alia, Trinity Homes should receive a one-half share of the property sale proceeds as a permanent endowment. A sum of £99,917.36 was accordingly received on 17th June 1996 and was invested in previous years. The order states that the trustees of Trinity Homes shall apply the clear income from this investment either for the general purposes of Trinity Homes or for the relief of the aged in their area of benefit.
## **(c) Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
10
**Trinity Homes**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
Monthly maintenance contributions are included in the financial statements based on the period for which they are due.
Income from investments in the form of dividends and interest is included in the financial statements when declared.
Income from government and other grants, whether capital or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be reliably measured and is not deferred.
## **(d) Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Expenditure on charitable activities includes the costs of running and maintaining the almshouses and providing services and benefits to the residents.
## **Employee benefits**
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
## **(e) Tangible fixed assets**
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Expenditure on existing housing properties is capitalised when it is either capable of generating increased future rents, extends their useful economic lives or significantly reduces future maintenance costs. All other expenditure in respect of general repairs to the housing stock is charged to the income and expenditure accounts as it is incurred.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Land Nil Housing properties Straight line over 50 years Fixtures and fittings Straight line over 5 years
## **(f) Investments**
Investments are valued at market value at 31 March each year, and realised and unrealised gains or losses are shown in the Statement of Financial Activities.
11
**Trinity Homes**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **(g) Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **(h) Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **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 value 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**
|Monthly maintenance contribution
Charitable donation
Investment dividend - UK Unit Trust
Interest received on bank deposits|**2023**
**£**
**2022**
**£**
74,935
71,151
5
5
16,936
17,468
470
11|
|---|---|
||92,346
88,635|
|||
Income from charitable activities was £74,940 (2022 - £71,156) of which £Nil (2021 - £Nil) was attributable to restricted and £74,940 (2022 - £71,156) was attributable to unrestricted funds.
## **4 Net income for the year**
Net income is stated after charging:
|Depreciation of tangible fixed assets|**2023**
**£**
**2022**
**£**
7,186
11,346|
|---|---|
|||
12
**Notes to the Financial Statements for the Year Ended 31 March 2023**
## **Trinity Homes**
## **5 Independent examiners remuneration**
The independent examiners remuneration amounts to an independent examination fee of £3,118 (2022 - £2,970).
## **6 Tangible fixed assets**
|**Cost or valuation:**
At 1 April 2022
Additions
Disposals
At 31 March 2023
**Depreciation:**
At 1 April 2022
Charge for the year
Eliminated on disposals
At 31 March 2023
**Net book value:**
At 31 March 2023
At 31 March 2022|**Land and**
**buildings**
**£**
204,569
-
-|**Fixtures and**
**fittings**
**£**
**Total**
**£**
40,126
244,695
-
-
-
-|
|---|---|---|
||204,569|40,126
244,695|
||66,712
4,091
-|33,945
100,657
3,095
7,186
-
-|
||70,803|37,040
107,843|
||133,766|
3,086
136,852|
||137,857|6,181
144,038|
||||
The original value of the freehold property, 28 Acre Lane, London, SW2 5SG, is not included in the balance sheet but the cost of the alterations and improvements are included. This property is held by the Official Custodian for Charities in trust for Trinity Homes. A legal charge exists over this property.
13
**Trinity Homes**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **7 Investments**
|**Cost or valuation:**
Market value as 1 April 2021
Additional investment during year
Realised and unrealised investment gains
At 31 March 2022
The above investments are held in:
**Units held**
**Investment**
COIF Income units
9,759.60
BlackRock Charities UK Equity Fund A Inc
41,421.16
BlackRock Charities UK Bond Fund A Inc
23,359.53
BlackRock Charities UK Equity Fund A Acc
4,769.82
BlackRock Charities UK Bond Fund A Acc
2,289.31|**2023**
**£**
653,522
-
(17,816)
635,706
**Value**
**£**
182,862
293,554
34,547
95,454
29,289|
|---|---|
||635,706|
## **8 Debtors**
|Trade debtors
Prepayments and accrued income
Other debtors
Total
**Creditors: amounts falling due within one year**
Other taxes and social security
Other creditors
Total|**2023**
**£**
**2022**
**£**
-
352
1,009
852
54
54|
|---|---|
||1,063
1,258|
||**2023**
**£**
**2022**
**£**
38
36
1,068
109|
||1,106
145|
|||
## **9 Creditors: amounts falling due within one year**
14
**Trinity Homes**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **10 Fund reconciliation**
## **Funds**
|**Unrestricted**
General reserve
Investment reserve
Designated reserve
Restricted reserve|**Balance at**
**1 April**
**2022**
**£**
296,073
400,204|**Income**
**£**
92,346
-|**Expenditure**
**£**
(120,553)
-|**Gains/**
**(losses)**
**£**
(17,816)
-|**Transfers**
**£**
**Balance at**
**31 March**
**2023**
**£**
17,816
267,866
(17,816)
382,388|
|---|---|---|---|---|---|
||**696,277**
76,025|**92,346**
-|**(120,553)**
-|**(17,816)**
-|**-**
**650,254**
-
76,025|
||99,917|-|-|-|-
99,917|
||872,219|92,346|(120,553)|(17,816)|-
826,196|
|||||||
|**Unrestricted**
General reserve
Investment reserve
Designated reserve
Restricted reserve|**Balance at**
**1 April**
**2021**
**£**
295,759
361,457|**Income**
**£**
88,635
-|**Expenditure**
**£**
(88,321)
-|**Gains/**
**(losses)**
**£**
95,631
-|**Transfers**
**£**
**Balance at**
**31 March**
**2022**
**£**
(38,747)
296,073
38,747
400,204|
|---|---|---|---|---|---|
||**657,216**
76,025|**88,635**
-|**(88,321)**
-|**96,631**
-|**-**
**696,277**
-
76,025|
||99,917|-|-|-|-
99,917|
||833,158|88,635|(88,321)|95,631|-
872,219|
|||||||
15