REGISTERED CHARITY NUMBER: 274303
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2023
for
Triumph Charitable Trust
Martin+Heller 5 North End Road London NW11 7RJ
Triumph Charitable Trust
Contents of the Financial Statements for the Year Ended 5 April 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
Triumph Charitable Trust
Report of the Trustees for the Year Ended 5 April 2023
The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. The trustees have adopted the provisions of 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
Objectives and aims
The charity was formed for the advancement of religion in accordance with the orthodox Jewish faith, and the relief of poverty.
The charity is also actively involved in raising funds for general education, and relief of poverty, and to this end made substantial grants in the year under review.
Significant activities
The charity continued to make significant charitable donations during the year to organisations for the advancement of religion in accordance with the orthodox Jewish faith, and for the relief of poverty.
Public benefit
The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, the charity made charitable donations of £32,600 (2022-£37,250). These donations were used by the beneficiaries for the improvement of education according to the Jewish faith, and the relief of poverty.
FINANCIAL REVIEW
Financial position
The trustees consider the financial position to be satisfactory. The charity has total funds of £98,710 (2022: £58,570). The present level of funding is adequate to support the continuation of the charity's objects.
Reserves policy
The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
It is not the intention of the charity to appoint any new trustees.
Organisational structure
The charity has three trustees.
Decision making
Decisions relating to the charity are taken at trustees' meetings.
Induction and training of new trustees
It is not the intention of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment, induction and training procedures.
Key management remuneration
The trustees received no remuneration in the year or the previous year.
Page 1
Triumph Charitable Trust
Report of the Trustees for the Year Ended 5 April 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 274303 Principal address 5 North End Road London NW11 7RJ Trustees Mrs L Lieberman Ms F Reich N Lieberman
Independent Examiner Frank Martin FCA Martin+Heller 5 North End Road London NW11 7RJ Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mrs L Lieberman - Trustee
Page 2
Independent Examiner's Report to the Trustees of Triumph Charitable Trust
Independent examiner's report to the trustees of Triumph Charitable Trust
I report to the charity trustees on my examination of the accounts of Triumph Charitable Trust (the Trust) for the year ended 5 April 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Frank Martin FCA
Martin+Heller 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
Triumph Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2023
| 5.4.23 | 5.4.22 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 74,000 | - | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable grants | |||
| 32,600 | 37,250 | ||
| Other | 1,260 | 1,260 | |
| Total | 33,860 | 38,510 | |
| NET INCOME/(EXPENDITURE) | 40,140 | (38,510) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 58,570 | 97,080 | |
| TOTAL FUNDS CARRIED FORWARD | 98,710 | 58,570 |
The notes form part of these financial statements
Page 4
Triumph Charitable Trust
Balance Sheet 5 April 2023
| 5.4.23 | 5.4.22 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fund | Total funds | |||
| Notes | £ | £ | ||
| FIXED ASSETS | ||||
| Investments | 4 | 60,000 | - | |
| CURRENT ASSETS | ||||
| Debtors | 5 | 40,000 | - | |
| Cash at bank | 16,170 | 74,770 | ||
| 56,170 | 74,770 | |||
| CREDITORS | ||||
| Amounts falling due within one year | 6 | (17,460) | (16,200) | |
| NET CURRENT ASSETS | 38,710 | 58,570 | ||
| TOTAL ASSETS LESS CURRENT | ||||
| LIABILITIES | 98,710 | 58,570 | ||
| NET ASSETS | 98,710 | 58,570 | ||
| FUNDS | 7 | |||
| Unrestricted funds | 98,710 | 58,570 | ||
| TOTAL FUNDS | 98,710 | 58,570 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. L Lieberman - Trustee
The notes form part of these financial statements
Page 5
Triumph Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.
Page 6
continued...
Triumph Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |||
|---|---|---|---|
| fund | |||
| £ | |||
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable grants | |||
| 37,250 | |||
| Other | 1,260 | ||
| Total | 38,510 | ||
| NET INCOME/(EXPENDITURE) | (38,510) | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 97,080 | ||
| TOTAL FUNDS CARRIED FORWARD | 58,570 | ||
| 4. | FIXED ASSET INVESTMENTS | ||
| Unlisted | |||
| investments | |||
| £ | |||
| MARKET VALUE | |||
| Additions | 60,000 | ||
| NET BOOK VALUE | |||
| At 5 April 2023 | 60,000 | ||
| At 5 April 2022 | - | ||
| There were no investment assets outside the UK. | |||
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 5.4.23 | 5.4.22 | ||
| £ | £ | ||
| Edward Hepner Loan | 40,000 | - |
continued...
Page 7
Triumph Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 5.4.23 | 5.4.22 | |||
|---|---|---|---|---|
| £ | £ | |||
| Other creditors | 17,460 | 16,200 | ||
| 7. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | ||||
| At 6/4/22 | in funds | At 5/4/23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 58,570 | 40,140 | 98,710 | |
| TOTAL FUNDS | 58,570 | 40,140 | 98,710 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 74,000 | (33,860) | 40,140 | |
| TOTAL FUNDS | 74,000 | (33,860) | 40,140 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | ||||
| At 6/4/21 | in funds | At 5/4/22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 97,080 | (38,510) | 58,570 | |
| TOTAL FUNDS | 97,080 | (38,510) | 58,570 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | - | (38,510) | (38,510) | |
| TOTAL FUNDS | - | (38,510) | (38,510) |
continued...
Page 8
Triumph Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
7. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | |||
| At 6/4/21 | in funds | At 5/4/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 97,080 | 1,630 | 98,710 |
| TOTAL FUNDS | 97,080 | 1,630 | 98,710 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 74,000 | (72,370) | 1,630 |
| TOTAL FUNDS | 74,000 | (72,370) | 1,630 |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2023.
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