Docusign Envelope ID: 1B9792F5-2276-4BBC-94C7-0C072CC83212
Charity registration number: 208363
Trinity Homes
Annual Report and Financial Statements
For Period from 1 April 2023 to 30 September 2024
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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 |
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Trinity Homes
Charity Reference and Administrative Details
Charity registration number 208363 Almshouse association number 64 Trustees Mr N Guppy, Chairman & Legal Mr H Hanifan, Operations Mr M R N Callen, Treasurer Mr P Daniel, Secretary Mrs M Harris, Trustee Registered office 28 Acre Lane London SW2 5SG
Banker and investment managers
Independent Examiner
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 King & Taylor (12 Limited) 123 Cross Lane East Gravesend Kent DA12 5HA
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Trinity Homes
Trustees’ Annual Report
The Trustees present their report together with the unaudited financial statements of the charity for the period ended 30 September 2024. 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 period and since the period end were as follows:
Mr N Guppy, Legal (appointed Chairman 16/05/24) Mrs V Hanifan, Chairman (Resigned 16/05/24) Mr H Hanifan, Operations Mr M R N Callen, Treasurer Mr P Daniel, Secretary Mrs M Harris, Trustee (Appointed 14/08/24)
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 period 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 process of converting Trinity Homes into a Charitable Incorporated Organisation (CIO) was completed on 30th September 2024. The submitted accounts are for an 18-month period i.e. 1st April 2023 to 30th September 2024 to reflect the fact that the CIO will commence operating from 1st October 2024.
Maintenance costs for the 18 month FY23/24 were lower than for the 12 month FY22/23, this being attributed to the fact that Trinity Homes incurred significant one-off costs in 22/23 and the Trustees desire to reduce costs to mitigate the operational loss made in the previous financial year and to enable an operating profit to be made in this and future financial years.
The monthly maintenance charges were increased on the 1st February 2-24 by 7.4%, in addition a service charge was introduced for each resident. This service charge of £50 per month is to cover the costs of meeting and maintaining the safety requirements and legislation covering social housing and landlords.
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 – 30 September 2024
Designations:01 - Income funds
Equity £37,178.84 Bond £3,596.59
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Trinity Homes
Trustees’ Annual Report
Special Range AOI - Income Funds Equity £280,662.64 Bond £30,524.68
Extraordinary Repair Fund Sch - Accumulator Equity £108,334.89 Bond £30,645.93
Total Blackrock Investment value - £490,953.57
CCLA Investment Management Limited – 30 September 2024
COIF Charities Deposit Fund: - £26,689.21
Trinity Herschell Charity: - £197,832.95
Total CCLA Investment value:- £224,521.95
Total Value of Investments as of 30 September 2024 - £715,475.52
Total value of Investments liquidated in FY 23/24 was £nil.
Total Maintenance Payment income was £136,071 Total Investment income was £28,011
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. As from 1 October 2024 Trinity Homes became a CIO (see above), still a registered charity but operating under a new constitution.
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:
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Trinity Homes
Trustees’ Annual Report
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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 2019 (FRS 102);
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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;
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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 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:
Mr N Guppy Trustee Mr M R N Callen Trustee 6/1/2025 Date:
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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 period ended 30 September 2024 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or;
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the accounts do not accord with those records; or
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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
7/1/2025 Date:
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Trinity Homes
Statement of Financial Activities Including Income and Expenditure Account for the Period 1 April 2023 to 30 September 2024
| 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 £ 135,911 18 27,187 814 |
Restricted funds £ - - - - |
Total 2024 £ Total 2023 £ 135,911 74,935 18 5 27,187 16,936 814 470 |
|
|---|---|---|---|---|
| 163,930 | - | 163,930 92,346 |
||
| 22,288 1,169 - 3,274 4,018 6,061 74,614 1,317 834 1,037 2,692 4,678 9,569 130 4,091 3,086 |
- - - - - - - - - - - - - - - - |
22,288 13,453 1,169 673 - - 3,274 2,400 4,018 3,973 6,061 3,878 74,614 80,745 1,317 751 834 128 1,037 479 2,692 889 4,678 3,118 9,569 2,786 130 94 4,091 4,091 3,086 3,095 |
||
| (138,858) | - | (138,858) (120,553) |
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| 53,081 | - | 53,081 (17,816) |
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| 78,153 | - |
78,153 (46,023) |
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| 726,279 | 99,917 | 826,196 872,219 |
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| 804,432 | 99,917 | 904,349 826,196 |
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All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the period.
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Trinity Homes
Balance Sheet At 30 September 2024
| 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 |
2024 £ 2023 £ 129,675 136,852 688,787 635,706 |
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|---|---|---|
| 818,462 772,558 |
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| 3,038 1,063 83,295 53,681 |
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| 86,333 54,744 (446) (1,106) |
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| 85,887 53,638 |
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| 904,349 826,196 |
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| 904,349 826,196 |
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| 99,917 99,917 |
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| 76,025 76,025 435,469 382,388 292,938 267,866 |
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| 804,432 726,279 |
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| 904,349 822,196 |
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The financial statements were approved and authorised for issue by the Board on
Signed on behalf of the board of trustees
Mr N Guppy, Trustee Date: 7/1/2025
The notes on pages 10 to 15 form part of these financial statements.
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Trinity Homes
Notes to the Financial Statements for the Period 1 April 2023 to 30 September 2024
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.
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Docusign Envelope ID: 1B9792F5-2276-4BBC-94C7-0C072CC83212
Trinity Homes
Notes to the Financial Statements for the Period 1 April 2023 to 30 September 2024
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 30 September in 2024, and realised and unrealised gains or losses are shown in the Statement of Financial Activities.
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Trinity Homes
Notes to the Financial Statements for the Period 1 April 2023 to 30 September 2024
(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 |
2024 £ 2023 £ 135,911 74,935 18 5 27,187 16,936 814 470 |
|---|---|
| 163,930 92,346 |
|
Income from charitable activities was £135,929 (2023 - £74,940) of which £Nil (2023- £Nil) was attributable to restricted and £135,929 (2023 - £74,940) was attributable to unrestricted funds.
4 Net income for the period
Net income is stated after charging:
| Depreciation of tangible fixed assets | 2024 £ 2023 £ 7,177 7,186 |
|---|---|
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Docusign Envelope ID: 1B9792F5-2276-4BBC-94C7-0C072CC83212
Trinity Homes
Notes to the Financial Statements for the Period 1 April 2023 to 30 September 2024
5 Independent examiners remuneration
The independent examiners remuneration amounts to an independent examination fee of £4,678 (2023 - £3,118).
6 Tangible fixed assets
| Cost or valuation: At 1 April 2023 Additions Disposals At 30 September 2024 Depreciation: At 1 April 2023 Charge for the period Eliminated on disposals At 30 September 2024 Net book value: At 30 September 2024 At 31 March 2023 |
Land and buildings £ 204,569 - - |
Fixtures and fittings £ Total £ 40,126 244,695 - - - - |
|---|---|---|
| 204,569 | 40,126 244,695 |
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| 70,803 4,091 - |
37,040 107,843 3,086 7,177 - - |
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| 74,894 | 40,126 115,020 |
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| 129,675 | - 129,675 |
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| 133,766 | 3,086 136,852 |
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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.
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Docusign Envelope ID: 1B9792F5-2276-4BBC-94C7-0C072CC83212
Trinity Homes
Notes to the Financial Statements for the Period 1 April 2023 to 30 September 2024
7 Investments
| Cost or valuation: Market value as 1 April 2023 Additional investment during period Realised and unrealised investment gains At 30 September 2024 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 |
2024 £ 635,706 - 53,081 688,787 Value £ 197,834 317,841 34,121 108,345 30,646 |
|---|---|
| 688,787 |
8 Debtors
| Trade debtors Prepayments and accrued income Other debtors Total |
2024 £ 2023 £ - - 3,038 1,009 - 54 |
|---|---|
| 3,038 1,063 |
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9 Creditors: amounts falling due within one year
| Other taxes and social security Other creditors Total |
2024 £ 2023 £ 195 38 251 1,068 |
|---|---|
| 446 1,106 |
|
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Docusign Envelope ID: 1B9792F5-2276-4BBC-94C7-0C072CC83212
Trinity Homes
Notes to the Financial Statements for the Period 1 April 2023 to 30 September 2024
10 Fund reconciliation
Funds
| Unrestricted General reserve Investment reserve Designated reserve Restricted reserve |
Balance at 1 April 2023 £ 267,866 382,388 |
Income £ 163,930 - |
Expenditure £ (138,858) - |
Gains/ (losses) £ 53,081 - |
Transfers £ Balance at 30 September 2024 £ (53,081) 292,938 53,081 435,469 |
|---|---|---|---|---|---|
| 650,254 76,025 |
163,930 - |
(138,858) - |
(53,081) - |
- 728,407 - 76,025 |
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| 99,917 | - | - | - | - 99,917 |
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| 826,196 | 163,930 | (138,858) | 53,081 | - 904,349 |
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| 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 |
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| 99,917 | - | - | - | - 99,917 |
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| 872,219 | 92,346 | (120,553) | (17,816) | - 826,196 |
|
11 Events after the end of the period
On 1 October 2024 Trinity Homes (208363) ceased operations with the charity's assets, liabilities and operations transferred to Trinity Homes CIO (1209236). This will not affect the day-to-day operations of the charity. The new charity is registered as a CIO (Charitable Incorporated Organisation) which was registered with the Charity Commission on 22 July 2024 .
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