Company registration number: 3867526 Charity registration number: 1078268
## The Eddystone Trust
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2022
## **The Eddystone Trust**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 8|
|Statement of Trustees' Responsibilities|9|
|Independent Examiner's Report|10|
|Statement of Financial Activities|11 to 12|
|Balance Sheet|13 to 14|
|Statement of Cash Flows|15|
|Notes to the Financial Statements|16 to 39|
## **The Eddystone Trust**
## **Reference and Administrative Details**
|**Trustees**|Mrs J Francey|
|---|---|
||Mrs V Jones|
|**Secretary**|Mrs M M Davies|
|**Charity Registration Number**|1078268|
|**Company Registration Number**|3867526|
||The charity is incorporated in England.|
|**Registered Office**|Redlake Trading Estate|
||Ivybridge|
||PL21 0EZ|
|**Independent Examiner**|Redwoods|
||Chartered Certified Accountants|
||2 Clyst Works|
||Clyst Road|
||Topsham|
||Exeter|
||EX3 0DB|
|**Bankers**|Lloyds TSB Bank Plc|
||Exeter|
||234 High Street|
||Exeter|
||Devon|
||EX4 3NL|
|**Accountants**|Redwoods|
||Chartred Certified Accountants|
||2 Clyst Works|
||Clyst Road|
||Topsham|
||Exeter|
||Devon|
||EX3 0DB|
Page 1
## **The Eddystone Trust**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2022.
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 Companies Act 2006 and the Statement of Recognised Practice, “Charities SORP (FRS 102)”, the Financial Reporting Standard applicable in the UK and Republic of Ireland.
## **Structure, governance and management**
## _**Nature of governing document**_
The Eddystone Trust ("Eddystone") is a registered charity, number 1078268, and is a company limited by guarantee having no share capital. The members' liability is limited, in the event of the company being wound up, to £1. The company was formed on 15 September 1999, company registration number 3867526.
Previously called the Plymouth Eddystone Trust, the company changed its name on 12 August 2003, to The Eddystone Trust. On 1 April 2009, The Eddystone Trust merged with the Exeter based charity Positive Action South West.
## _**Recruitment and appointment of trustees**_
The company is governed under its Articles of Association. Under these Articles, one-third of the trustees must retire by rotation. Those retiring may be reappointed as Trustees. New trustees can only be elected if they are recommended by a majority of the trustees and notice is properly executed by a trustee of their intention to nominate a new trustee. The Board has power to appoint trustees as it considers fit to do so.
## _**Induction and training of trustees**_
New Trustees, dependant on their previous knowledge, have access to an induction programme. This programme covers:
- all aspects of their role and responsibility as a Trustee of the company
- an overview of the work undertaken by the company
- an understanding of the company structure
In addition to this, existing Trustees are able to attend any courses that are deemed suitable for them individually in their role as Trustee or one that would benefit the company. Requests for such training should be brought to the Trustee's quarterly meetings or to the Chair’s attention and agreement obtained.
## Membership
Membership of The Eddystone Trust is restricted to the Trustees of the Charity for the time being and no other voting members may be appointed under the Charity’s articles of association. Trustees automatically become members of the Charity upon their appointment or election as Trustees, and membership terminates on ceasing to be a Trustee for any reason.
## Becoming a member
Becoming a Member of Eddystone Trust entails going through all due processes of application and/or appointment, plus fulfilling the criteria for maintaining that status.
Potential Members must apply (in writing unless otherwise agreed) to Eddystone for membership. (This may be in response to a request to do so). An application form must be completed and interview conducted, unless agreed otherwise by the board, in each case. The Company Secretary will process this application on behalf of the Trust, potentially then recommending the offer of membership at the following AGM (for voting on by existing members). If agreed, the person concerned will begin membership of Eddystone Trust for a period of three years, after which membership may be renewed.
Page 2
## **The Eddystone Trust**
## **Trustees' Report**
## _**Organisational structure**_
The trustees administer the charity and the Board of Trustees meet quarterly, with a Finance sub-committee meeting on staggered quarters. The trustees appoint a Chief Executive Officer to manage the day to day operations of the charity. To facilitate effective operations the CEO has been delegated authority, as approved by the trustees, for operational matters including finance and employment.
## _**Major risks and management of those risks**_
The trustees actively review the major risks that Eddystone faces on a regular basis. They have examined operations and business risks faced by the Trust and confirm that they have established and continue to review systems to mitigate the significant risks.
In this year risk management issues have obviously been dominated by the aftermath of the pandemic which has tested service delivery systems, all the challenges were addressed and overcome with a view to minimizing the impact on service delivery at an operational level.
Rising costs have also had an impact; particularly as we do not receive any uplifts on our contracts, this has been controlled by very close management of our budgets and spending with savings made where possible.
Consequently, the Board is confident that the Trust is in a fit state and able to move from crisis to consolidation and then growth over the upcoming years.
## **Objectives and activities**
## _**Objects and aims**_
The Eddystone Trust is an independent organisation working across the spectrum of HIV prevention and support services. Eddystone provides information, training and support to people in the South West peninsula of England related to HIV and sexual health.
Eddystone's charitable objects are:
• for the benefit of the public to advance education and awareness of HIV, and other sexual health and related issues, within the South West of England;
• to promote and provide support services, including professional counselling, access to information, advocacy and practical help, to those concerned by HIV and Hepatitis C, thereby to alleviate the distress of those affected; and • to alleviate hardship for those affected by HIV and Viral Hepatitis
Factors outside the charities control which are relevant to the Trust achieving our objectives include decisions made at government level with regards to budgets issued to our local authority contractors. Factors inside the Trusts control include ensuring that adequate resources are available to undertake the activities required to meet our objectives.
Page 3
## **The Eddystone Trust**
## **Trustees' Report**
## _**Objectives, strategies and activities**_
We continued to navigate a post pandemic world through the financial year 2021-2022 and to feel the impact of lockdowns, restrictions, divisions between pro and anti vaccine voices and the wider consequences of adapting to living with COVID-19.
The ongoing impact of fear and uncertainty had a significant impact on the mental wellbeing of people in our communities and a sense of living through a never ending unfolding crisis shaped many people’s lives.
It is to the credit of the staff and volunteers who support the work of The Eddystone Trust at all levels, from trustee board to frontline delivery and back room functions everyone pulled together to ensure that we that continued to grow and develop the scope of our service offer through another challenging year.
The agency is staffed by a small and dedicated staff team who are multi skilled, flexible, and responsive to the changing needs of a diverse group of beneficiaries within the context of the ever-changing landscape of sexual health in the twenty first century. In addition to the paid workforce, The Eddystone Trust has a team of volunteers contributing many hours per year of unpaid time to the organisation for whom we are extremely grateful. The successful delivery of the work of the charity is attributable to the willingness of both staff and volunteers to ‘go the extra mile’ and to their commitment to our aims and objectives.
Further adaptation of service delivery was necessary in the in between world of the pandemic as there had not yet been a return to ‘normal’ activities in a face to face world. So, we continued to flex between in person and online, creating hybrid models which are based on the best of both the actual and virtual worlds. This year we were, therefore, able to deliver the full range of outreach and community-based services and to enhance these with complementary online services. We have, therefore, managed to come out of the pandemic with a greater range of flexible and responsive opportunities for people to engage with us than existed pre pandemic.
## Services to People Living With HIV (PLWHIV)
Unfortunately, and depressingly, living with HIV continues to be met with stigma and discrimination, a positive HIV diagnosis is a life changing event which can affect any area of a person’s life. The impact on needs varies from person to person but we support people with a range of issues including support in acceptance an HIV status; how to tell others; medication adherence; welfare benefits including housing; drug and alcohol issues; and managing relationships to name but a few.
Post pandemic reality continues to make things worse for many of the people we work with increasing isolation and loneliness and making it harder to reach out to service providers when things became too difficult to be handled alone. We have increased our offer to PLWHIV, as well as re-engaging face to face, we have a range of opportunities available to people to engage with us to address their needs via telephone and video appointments.
Our services have been delivered to HIV positive people across the Southwest through a variety of means that include; one-to-one support from experienced workers, attendance at online groups, at clinics (drop in plus clinical appointments) and peer mentors. Eddystone has further developed our peer mentoring offer where clients are matched with peer mentors to provide an extra layer of support, our trained peer mentors are matched with mentees who are then able to spend as long as they need working through the presenting issues.
Page 4
## **The Eddystone Trust**
## **Trustees' Report**
We have continued to develop and deliver regular online groups to PLWHIV both regular and ad-hoc, and there are now at least weekly peer support sessions available for anyone living with HIV. The groups follow a mix of formats and can be facilitated by staff, be self directed or led by guest speakers and facilitators from HIV clinical services and the wider health and wellbeing professions. Each week attendees check in and support one another’s efforts to live well with HIV, this includes emotional and mental as well as physical health, these groups are invaluable to the people who attend them. We have also started to facilitate the re-introduction of face to face peer group opportunities for those for whom this is the preferred option.
Through the range of support opportunities available to PLWHIV we have dealt with a wide range of issues; overall support needs relating to managing HIV cross over with many and varied associated challenges. Financial hardship resulting from HIV has a direct impact on the individual’s mental health, this then impedes the individual’s ability to focus on their physical health needs, and this, in turn, impacts on how the individual prioritises their health and HIV care, creating a vicious cycle.
## Training
Training has continued to be developed and delivered online with a minimum of 528 places taken up over 44 sessions as part of the modular training programme. These sessions are complemented by bespoke training sessions provided to individual agencies which are tailored to the specific sexual health needs of their beneficiaries.
## Netreach
Reaching people via social media and specialist online platforms remains a popular way of individuals accessing information about sexual health and Unity services. Being able to ask questions anonymously and being able to drop in and out of conversations seems to suit people quite well.
We continue to find creative ways to communicate messages relating to things like safer sex, condom use, consent, PrEP, PEP, and full screening for STIs, alongside promotion of campaigns, events, and testing sessions. These conversations are also a starting point to brief interventions and subsequent signposting to sexual health clinics, signposting to sites such as https://www.iwantprepnow.co.uk along with linking individuals to organisations around issues such as mental health.
Netreach is also useful tool when used at PSE sites, the apps are used prior to visiting sites and whilst staff are in the area, operating in this way has enabled staff to contact individuals using sites, who may have been hesitant in talking to staff without this digital introduction and offer self-tests which individuals have undertaken on site with the support of our staff.
## Campaigns
We took part in the full range of national sexual health campaigns; Sexual Health Week, the HPE summer campaign, World AIDS Day, National HIV Testing Week, adapting the material for local audiences. We also created and delivered local sexual health campaigns, creating material that was delivered virtually and in person, using social media and videos alongside more traditional media like posters and leaflets.
We achieved success with our campaign work by working with and through community organisations across our area whose client groups we believed would benefit from messages relating to sexual health. We provide them with everything they need around sexual health to share in their spaces or on their social media together with information and support to start conversations with their client group.
Page 5
## **The Eddystone Trust**
## **Trustees' Report**
## Prevention Interventions
We support people who are at greater risk of poor sexual health through delivery of one to one and group sessions, online and in person where people can explore their personal situation without fear of judgement. Through these sessions people are able to assess their own risks and work out what, if anything, the want to change in terms of their sexual behaviour. Often, we are the only place that the individual involved has been able to go with their concerns, sometimes after bottling things up for a long time. The sessions are confidential and run by experienced workers who are skilled in dealing with the reality of people’s lives, helping them to navigate through the presenting issues including shame and trauma.
As part of the prevention service, we provide testing and condoms and facilitate access to PrEP PEP and further sexual health testing and support from clinical colleagues at sexual health clinics.
## _**Public benefit**_
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in applying our future activities.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## _**Use of volunteers**_
The Eddystone Trust has approximately 25 volunteers each contributing over 1,500 hours per year to the organisation. The activities undertaken by our volunteers include peer support to people living with HIV, supporting outreach sessions, delivering interventions to service users, supporting point of care testing sessions in the community and attendance at community events.
## **Financial review**
The Statement of Financial Activities shows net income for the year of £743,096 (£778,850 - 2021), and at the year end there was a positive net movement of £30,039 this year (£56,671 positive net movement - 2021). Eddystone is funded primarily through contracts held with Local Authorities for HIV prevention and sexual health work throughout the South West of England. Other grants for specific projects are also received and Eddystone generates income through training, conference revenue and sponsorship, while public donations make up the Small Grants Fund for clients.
The Trustees are satisfied with the positive net movement on the reserves in a year with many economic challenges, the breakdown is shown as a positive net movement on the Restricted Funds of £1,188 (£778 positive net movement - 2021) and a positive net movement on the Unrestricted Funds in the year by £28,851 (£55,893 increase – 2021). At the year end total reserves were £606,756 compared to £576,717 the previous year.
Red Pod Enterprises CIC, a wholly owned subsidiary of the charity, made a loss for the year of £18,232 (£16,037 profit – 2021), however this does include a charitable donation of funds to the Eddystone trust of £19,184 (£1,245 – 2021). The company provided training to social care organisations, providing support services, consumables and practical help to those living with HIV and Hepatitis C. The company also undertakes social research in collaboration with educational establishments and provides work space and other facilities for businesses in the community.
Page 6
## **The Eddystone Trust**
## **Trustees' Report**
## _**Policy on reserves**_
The Trustees reserves policy, which is been based upon Charity Commission, NCVO and the ACEVO guidance shows the following unrestricted designated funds:
• A redundancy fund of £50,000 (£50,000 - 2021) for the purpose of covering the costs in the event of staff redundancy;
• A contingency fund. This has been risk assessed and represents the actual cost required by the organisation, if all contracts were ceased. £100,000 (£100,000 – 2021) has been provided for;
• RAG donations fund of £10,000 was provided in the year to March 2015 and the sum has been designated to be used for the benefit of the young people in the South West area.
• The Worcestershire Foundation issued a grant of £22,412 in 2019, designated to be used for the benefit of the people living in the Worcestershire area. Expenditure of £12,616 had been incurred in 2018/19, the remaining £12,616 to be carried forward.
• The Thesomers Freemasons issued a grant of £10,560 in the 202-21 financial year which has been used to offset staff costs in the year ending 31st March 2022.
• South Hams District Council issued a grant of £25,000 in the 2020-21 financial year which has been used to fund staff training and restructure in the year ending 31st March 2022.
## Restricted funds;
The restricted funds represent monies set aside for specific projects and also a Small Grants Fund which is made up of voluntary donations and fundraising.
## Grant making policies;
Grants are used in various ways to support clients, often thereby encouraging clients to maintain contact with Eddystone. The fund is used for clients of the Eddystone Trust for the following purposes:
- Provide small grants to meet immediate financial need;
- acts as a "clearing house" for grants gained for clients from other charitable trusts;
- and provide Complementary Therapies
## **Plans for future periods**
## _**Aims and key objectives for future periods**_
Future developments focus on quality, efficiency and sustainability and our plans have been categorized into four activity headings, illustrated in the following table
|Services|People|Organisation|Financial|
|---|---|---|---|
|Build on existing
services by developing
new and innovative
ways to provide well
organised, effectual and
cost-effective services.|Increase the levels of
satisfaction reported by
service users, staff and
volunteers by ensuring
effective engagement
with key stakeholders
and by adopting
continual service
improvement processes.|Ensure the financial
sustainably, effective
governance and overall
organisational
proficiency.|Increase diversity of
funding – across the
CIC and charity,
maximising
opportunities for
income generation.|
Page 7
## **The Eddystone Trust**
## **Trustees' Report**
## **Financial instruments**
## _**Objectives and policies**_
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
## _**Cash flow risk**_
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
## _**Credit risk**_
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
## _**Liquidity risk**_
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
## **Small companies provision statement**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 14 December 2022 and signed on its behalf by:
......................................... Mrs V Jones Trustee
Page 8
## **The Eddystone Trust**
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of The Eddystone Trust for the purposes of company law) 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 14 December 2022 and signed on its behalf by:
......................................... Mrs V Jones Trustee
Page 9
## **The Eddystone Trust**
## **Independent Examiner's Report to the trustees of The Eddystone Trust ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.
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:
1. accounting records were not kept in respect of The Eddystone Trust as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
...................................... Diana Heywood Chartered Certified Accountants ACCA
2 Clyst Works Clyst Road Topsham Exeter EX3 0DB
14 December 2022
Page 10
## **The Eddystone Trust**
## **Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
**Expenditure on:**
Raising funds
Charitable activities
8
Total expenditure
Gains/losses on investment assets
Net income
**Other recognised gains and losses**
Gains/losses on revaluation of fixed assets
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
25|**Unrestricted**
**funds**
**£**
19,825
545,877
5,359
160,540
9,933
741,534
(237,131)
(549,641)
(786,772)
58,120
12,882
15,969
28,851
568,313
597,164|**Restricted**
**funds**
**£**
1,562
-
-
-
-
1,562
-
(374)
(374)
-
1,188
-
1,188
8,404
9,592|**Total**
**2022**
**£**
21,387
545,877
5,359
160,540
9,933|
|---|---|---|---|
||||743,096|
||||(237,131)
(550,015)|
||||(787,146)
58,120|
||||14,070
15,969|
||||30,039
576,717|
||||606,756|
The notes on pages 16 to 39 form an integral part of these financial statements. Page 11
## **The Eddystone Trust**
## **Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
**Expenditure on:**
Raising funds
Charitable activities
8
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
25|**Unrestricted**
**funds**
**£**
1,415
601,965
3,253
134,991
37,004
778,628
(91,109)
(588,344)
(679,453)
(43,282)
55,893
55,893
512,420
568,313|**Restricted**
**funds**
**£**
222
-
-
-
-
222
-
556
556
-
778
778
7,626
8,404|**Total**
**2021**
**£**
1,637
601,965
3,253
134,991
37,004|
|---|---|---|---|
||||778,850|
||||(91,109)
(587,788)|
||||(678,897)
(43,282)|
||||56,671|
||||56,671
520,046|
||||576,717|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 25.
The notes on pages 16 to 39 form an integral part of these financial statements. Page 12
## **The Eddystone Trust**
## **(Registration number: 3867526) Balance Sheet as at 31 March 2022**
|**Note**
**Fixed assets**
Tangible assets
17
Investments
18
**Current assets**
Debtors
19
Cash at bank and in hand
20
**Creditors: Amounts falling due within one year**
21
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
22
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
25
**Unrestricted income funds**
Unrestricted funds
**Total funds**
25|**2022**
**£**
59,127
308,147
367,274
81,096
583,037
664,133
(164,558)
499,575
866,849
(260,093)
606,756
9,592
597,164
606,756|**2021**
**£**
54,519
250,027|
|---|---|---|
|||304,546|
|||37,108
566,813|
|||603,921
(116,134)|
|||487,787|
|||792,333
(215,616)|
|||576,717|
|||8,404
568,313|
|||576,717|
For the financial year ending 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The notes on pages 16 to 39 form an integral part of these financial statements. Page 13
## **The Eddystone Trust**
## **(Registration number: 3867526) Balance Sheet as at 31 March 2022**
The financial statements on pages 11 to 39 were approved by the trustees, and authorised for issue on 14 December 2022 and signed on their behalf by:
......................................... Mrs V Jones Trustee
The notes on pages 16 to 39 form an integral part of these financial statements. Page 14
## **The Eddystone Trust**
## **Statement of Cash Flows for the Year Ended 31 March 2022**
|**Note**
**Cash flows from operating activities**
Net cash income
**Adjustments to cash flows from non-cash items**
Depreciation
Investment income
6
Loss on disposal of tangible fixed assets
Revaluation of investments
**Working capital adjustments**
(Increase)/decrease in debtors
19
Increase/(decrease) in creditors
21
Decrease in deferred income
22
Net cash flows from operating activities
**Cash flows from investing activities**
Interest receivable and similar income
6
Purchase of tangible fixed assets
17
Net cash flows from investing activities
**Cash flows from financing activities**
Repayment of capital element of finance leases and HP contracts
23
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March|**2022**
**£**
30,039
12,790
(160,540)
-
(74,089)
(191,800)
(43,988)
29,181
-
(206,607)
160,540
(1,429)
159,111
63,720
16,224
566,813
583,037|**2021**
**£**
56,671
15,195
(134,991)
13,209
43,282|
|---|---|---|
|||(6,634)
43,995
(24,656)
(1,557)|
|||11,148|
|||134,991
(7,440)|
|||127,551
(48,947)|
|||89,752
477,061|
|||566,813|
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 16 to 39 form an integral part of these financial statements. Page 15
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Redlake Trading Estate Ivybridge PL21 0EZ
These financial statements were authorised for issue by the trustees on 14 December 2022.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
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 (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
The Eddystone Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The accounts are presented in £ Sterling and are rounded to the nearest £1.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 16
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## _**Grants receivable**_
Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable and the charity becomes unconditionally entitled to the grant.
## _**Other trading activities**_
Income derived from events is recognised as earned (that is, as the related goods or services are provided).
## _**Investment income**_
Investment income relating to interest is recognised on a receivable basis.
Investment income regarding the Redlake investment property relates to rents received from commercial tenants and is accounted for on an accruals basis.
## _**Charitable activities**_
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract. Were income is received in advance of a performance or other specified service it is deferred until the charity is entitled to that income.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Grant expenditure**_
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
## _**Grant provisions**_
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant of the amount of the grant payable.
Page 17
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|**Asset class**|**Depreciation method and rate**|
|---|---|
|Plant and machinery|25% reducing balance basis|
|Fixtures, fittings and equipment|25% reducing balance basis|
|Leashold property|straight line over term of lease|
## **Impairment of fixed assets**
At each reporting date fixed assets, including tangible fixed assets, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and net realisable value, is estimated and compared to its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the profit and loss.
## **Business combinations**
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the charity. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.
Page 18
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Page 19
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Pensions and other post retirement obligations**
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
## **Financial instruments**
## _**Classification**_
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.
## _**Recognition and measurement**_
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
## _**Impairment**_
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
Page 20
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## _**Debt instruments**_
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
## _**Investments**_
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
## _**Derivative financial instruments**_
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Page 21
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## _**Fair value measurement**_
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from companies, trusts and
similar proceeds
Donations from individuals|**Unrestricted**
**funds**
**General**
**£**
19,184
641
19,825|**Restricted**
**funds**
**£**
-
1,562
1,562|**Total**
**2022**
**£**
19,184
2,203
21,387|**Total**
**2021**
**£**
1,245
392|
|---|---|---|---|---|
|||||1,637|
## **4 Income from charitable activities**
|Plymouth City Council
Cornwall County Council
Somerset County Council
Devon and Torbay Councils
Gloucestershire Lottery Grant
Additional Project Grant Income
Herefordshire & Worcestershire Health Grant
THT Service Level Agreement
**5**
**Income from other trading activities**
Events income;
Training services
Testing and interventions|**Unrestricted**
**funds**
**General**
**£**
99,996
29,013
50,500
203,875
90,000
25,000
17,913
29,580
545,877
**Unrestricted**
**funds**
**General**
**£**
4,359
1,000
5,359|**Total**
**2022**
**£**
99,996
29,013
50,500
203,875
90,000
25,000
17,913
29,580
545,877
**Total**
**funds**
**£**
4,359
1,000
5,359|**Total**
**2021**
**£**
154,569
29,630
51,500
200,500
122,641
13,545
-
29,580|
|---|---|---|---|
||||601,965|
||||**Total**
**2021**
**£**
1,256
1,997|
||||3,253|
Page 22
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **6 Investment income**
## **Unrestricted**
|Interest receivable and similar income;
Interest receivable on bank deposits
Redlake rents and service fees
**7**
**Other income**
Income from trading subsidiary
Other income
Government employment allowance|**General**
**£**
95
160,445
160,540
**Unrestricted**
**funds**
**General**
**£**
3,403
2,530
4,000
9,933|**Total**
**2022**
**£**
95
160,445
160,540
**Total**
**2022**
**£**
3,403
2,530
4,000
9,933|**Total**
**2021**
**£**
241
134,750|
|---|---|---|---|
||||134,991|
||||**Total**
**2021**
**£**
3,245
29,759
4,000|
||||37,004|
## **8 Expenditure on charitable activities**
|Regional contracts
Crisis grants and therapy costs|**Activity**
**undertaken**
**directly**
**£**
19,270
374
19,644|**Activity**
**support costs**
**£**
530,371
-
530,371|**2022**
**£**
549,641
374
550,015|**2021**
**£**
588,344
(556)|
|---|---|---|---|---|
|||||587,788|
In addition to the expenditure analysed above, there are also governance costs of £52,073 (2021 - £48,182) which relate directly to charitable activities. See note 9 for further details.
Page 23
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **9 Analysis of governance and support costs**
## **Support costs allocated to charitable activities**
|**Support costs allocated to charitable activities**||||||||
|---|---|---|---|---|---|---|---|
|**Basis of allocation**
Regional contracts
A
**Basis of allocation**
Regional contracts
A|**Governance**
**costs**
**£**
52,073
**Governance**
**costs**
**£**
48,182|**Finance**
**costs**
**£**
33
**Finance**
**costs**
**£**
62|**Information**
**technology**
**£**
3,268
**Information**
**technology**
**£**
6,721|**Staff costs**
**£**
**Administration**
**costs**
**£**
406,704
31,664
**Staff costs**
**£**
**Administration**
**costs**
**£**
434,782
45,760|**Premises**
**costs**
**including**
**depreciation**
**£**
8,762
**Premises**
**costs**
**including**
**depreciation**
**£**
8,822|**Other**
**support**
**costs**
**£**
27,867
**Other**
**support**
**costs**
**£**
28,916|**Total**
**2022**
**£**
530,371|
||||||||**Total**
**2021**
**£**
573,245|
## **Basis of allocation**
**Reference Method of allocation** A 100% of time and resources used regarding local authority contracts (100% - 2020) B 0% of time and resources used regarding crisis grants and therapy (0% - 2020)
Page 24
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **Governance costs**
|Independent examiner fees
Examination of the financial statements
Legal and professional fees|**Unrestricted**
**funds**
**General**
**£**
4,000
48,073
52,073|**Total**
**2022**
**£**
4,000
48,073
52,073|**Total**
**2021**
**£**
3,000
45,182|
|---|---|---|---|
||||48,182|
Page 25
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **10 Total resources expended**
|Crisis grants awarded - individuals
Fundraising and publicity including website
Purchases
Employment costs including subcontractors
Staff training and payroll costs
Premises costs
Venue and equipment hire
Office costs
Safer sex products
Travel and expenses
Independent examination fees
Legal and professional fees
Consultancy fees
Bank charges
Depreciation and loss on disposal
Operating lease interest|**Operating**
**activity -**
**Redlake**
**Investment**
**£**
-
25,598
-
6,289
-
45,321
-
15,955
-
-
-
-
-
-
-
143,968
237,131|**Charitable**
**activity**
**£**
-
3,268
6,926
389,843
16,861
10,647
296
31,664
14,737
10,503
-
-
-
33
12,790
-
497,568|**Hardship fund**
**£**
374
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
374|**Governance**
**£**
-
-
-
-
-
-
-
-
-
-
4,000
-
48,073
-
-
-
52,073|**Total 2022**
**£**
374
28,866
6,926
396,132
16,861
55,968
296
47,619
14,737
10,503
4,000
-
48,073
33
12,790
143,968
787,146|**Total 2021**
**£**
(556)
34,929
737
433,513
8,118
48,208
100
57,774
7,370
5,147
3,000
5,756
39,426
62
28,404
6,909|
|---|---|---|---|---|---|---|
|||||||678,897|
Page 26
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **11 Grant-making**
## **Analysis of grants**
**Grants to individuals 2022 £ Analysis** Hardship fund 374 The support costs associated with grant-making are £10 (31 March 2021 - £Nil).
Hardship funds awarded to individuals are recognised as grants in the financial statements.
Three hardship funds were awarded during the year totalling £374 (31 March 2021 - £Nil). All hardship fund grants made in the year were paid to individuals.
## **12 Net incoming/outgoing resources**
Net (outgoing)/incoming resources for the year include:
|Other non-audit services
Loss on disposal of tangible fixed assets
Depreciation of fixed assets|**2022**
**£**
4,000
-
12,790|**2021**
**£**
3,000
13,209
15,195|
|---|---|---|
## **13 Trustees remuneration and expenses**
During the year the charity made the following transactions with trustees:
## **Mrs V Jones**
Mrs V Jones received remuneration of £3,569 (2021: £5,333) during the year.
For the period to June 2021 the trustee was also an employee of the charity. The trustee received no remuneraton or expenses in regads to the work undertaken in the role of trustee of the charity.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
Page 27
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **14 Staff costs**
The aggregate payroll costs were as follows:
|**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**2022**
**£**
362,479
27,572
5,999
396,050|**2021**
**£**
393,856
31,751
7,208|
|---|---|---|
|||432,815|
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
|during the year expressed as full time equivalents was as follows:|||
|---|---|---|
|Prevention and client service worker
Administration/cleaning
Operations manager
Operations director|**2022**
**No**
13
3
-
1
17|**2021**
**No**
15
4
1
1|
|||21|
17 (2021 - 19) of the above employees participated in the Defined Contribution Pension Schemes.
Contributions to the employee pension schemes for the year totalled £5,999 (2021 - £7,208).
During the year, the charity made redundancy and/or termination payments which totalled £30,908 (2021 - £Nil).
No employee received emoluments of more than £60,000 during the year.
## **15 Independent examiner's remuneration**
|**15 Independent examiner's remuneration**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Examination of the financial statements|4,000|3,000|
Page 28
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **16 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **17 Tangible fixed assets**
|**Cost**
At 1 April 2021
Revaluations
Additions
At 31 March 2022
**Depreciation**
At 1 April 2021
Charge for the year
At 31 March 2022
**Net book value**
At 31 March 2022
At 31 March 2021|**Land and**
**buildings**
**£**
45,216
15,969
-
61,185
23,180
3,778
26,958
34,227
22,036|**Furniture and**
**equipment**
**£**
54,574
-
-
54,574
36,748
4,455
41,203
13,371
17,826|**Plant and**
**machinery**
**£**
33,219
-
1,429|**Total**
**£**
133,009
15,969
1,429|
|---|---|---|---|---|
||||34,648|150,407|
||||18,562
4,557|78,490
12,790|
||||23,119|91,280|
||||11,529|59,127|
||||14,657|54,519|
Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of freehold land and buildings and £34,227 (2021 - £22,036) in respect of leaseholds.
## **Assets held under finance leases and hire purchase contracts**
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|Land and buildings
Plant and machinery|**2022**
**£**
34,227
2,287
36,514|**2021**
**£**
22,036
3,144|
|---|---|---|
|||25,180|
Page 29
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **18 Fixed asset investments**
|**18 Fixed asset investments**|||
|---|---|---|
|Shares in group undertakings and participating interests
Other investments|**2022**
**£**
100
308,047
308,147|**2021**
**£**
100
249,927|
|||250,027|
## **Investment properties**
The investment property, included within other investments, is held under lease and therefore the asset is recognised at the lower of the fair value of the property and the present value of the minimum lease payments.
There has been no valuation of investment property by an independent valuer.
The whole of the investment property is held under a 10 year short leasehold, the terms of which began on 1st February 2017.
A service charge is payable at £5,000 per year for the full term of the lease.
Page 30
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **Shares in group undertakings and participating interests**
|**Cost**
At 1 April 2021
At 31 March 2022
**Net book value**
At 31 March 2022
At 31 March 2021
**Other investments**
**Cost or Valuation**
At 1 April 2021
At 31 March 2022
**Provision for impairment**
At 1 April 2021
Charge for year
At 31 March 2022
**Net book value**
At 31 March 2022
At 31 March 2021|**Subsidiary**
**undertakings**
**£**
100
100
100
100
**Leasehold**
**property**
**investment**
**£**
406,947
406,947
157,020
(58,120)
98,900
308,047
249,927|**Total**
**£**
100|
|---|---|---|
|||100|
|||100|
|||100|
|||**Total**
**£**
406,947|
|||406,947|
|||157,020
(58,120)|
|||98,900|
|||308,047|
|||249,927|
Page 31
# **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **Subsidiaries**
## **Details of undertakings**
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:
||**Country of**||**Proportion of voting rights**|**Proportion of voting rights**||
|---|---|---|---|---|---|
|**Undertaking**|**incorporation **|**Holding**|**and shares held**||**Principal activity**|
||||**2022**|**2021**||
|**Subsidiary undertakings**||||||
||||||Provide training to organisations operating in social care, providing support services,|
|Red Pod Enterprises CIC|England and
Wales|Ordinary|100%|100%|consumables, and practical help to those living with HIV and Hepatitis C.
Undertaking social research in collaboration with educational establishments and|
||||||providing work space and other facilities for businesses in the community.|
The charity holds all the shares in a trading subsidiary which undertakes a variety of trading activities, the profits of which will be gifted to the Eddystone Trust.
The loss for the financial period of Red Pod Enterprises CIC was £18,232, which includes a donation to the charity of £19,184 (£16,037 profit including £1,245 donation - 2021) and the aggregate amount of capital and reserves at the end of the period was £5,009 (£23,241 - 2021).
Group accounts have not been prepared as the charity and its subsidiary do not exceed the charitable audit threshold.
Page 32
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **19 Debtors**
|**19 Debtors**|||
|---|---|---|
|Trade debtors
Due from group undertakings
Prepayments
Other debtors
**20 Cash and cash equivalents**
Cash on hand
Cash at bank|**2022**
**£**
57,771
16,710
6,094
521
81,096
**2022**
**£**
354
582,683
583,037|**2021**
**£**
13,597
18,307
4,489
715|
|||37,108|
|||**2021**
**£**
323
566,490|
|||566,813|
Page 33
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **21 Creditors: amounts falling due within one year**
|Trade creditors
Hire purchase and finance leases
Other taxation and social security
Other creditors
Accruals
**22 Creditors: amounts falling due after one year**
Hire purchase and finance leases
**23 Obligations under leases and hire purchase contracts**
The total value of future minimum lease payments was as follows:
Within one year
In two to five years|**2022**
**£**
41,941
84,325
9,474
16,032
12,786
164,558
**2022**
**£**
260,093
**2022**
**£**
84,325
260,093
344,418|**2021**
**£**
12,853
65,082
10,022
19,807
8,370|
|---|---|---|
|||116,134|
|||**2021**
**£**
215,616|
|||**2021**
**£**
65,082
215,616|
|||280,698|
## **24 Pension and other schemes**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £5,999 (2021 - £7,208).
Page 34
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **25 Funds**
|**Unrestricted funds**
**_General_**
General fund
**_Designated_**
Redlake Investment
RAG Donations
Redundancy fund
Contingency fund
Worcestershire grant
Thesomers Freemasons fund
SHDC grant fund
**Total unrestricted funds**
**Restricted funds**
Hardship fund
Plymouth Pride Conference
**Total restricted funds**
**Total funds**|**Balance at 1**
**April 2021**
**£**
360,137
-
10,000
50,000
100,000
12,616
10,560
25,000
208,176
568,313
3,419
4,985
8,404
576,717|**Incoming**
**resources**
**£**
581,089
160,445
-
-
-
-
-
-
160,445
741,534
1,562
-
1,562
743,096|**Resources**
**expended**
**£**
(514,081)
(237,131)
-
-
-
-
(10,560)
(25,000)
(272,691)
(786,772)
(374)
-
(374)
(787,146)|**Transfers**
**£**
(18,566)
18,566
-
-
-
-
-
-
18,566
-
-
-
-
-|**Other**
**recognised**
**gains/(losses)**
**£**
15,969
58,120
-
-
-
-
-
-
58,120
74,089
-
-
-
74,089|**Balance at 31**
**March 2022**
**£**
424,548
-
10,000
50,000
100,000
12,616
-
-|
|---|---|---|---|---|---|---|
|||||||172,616|
|||||||597,164|
|||||||4,607
4,985|
|||||||9,592|
|||||||606,756|
Page 35
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
|**Unrestricted funds**
**_General_**
General fund
**_Designated_**
Redlake Investment
RAG Donations
Redundancy fund
Contingency fund
Worcestershire grant
Thesomers Freemasons fund
SHDC grant fund
**Total unrestricted funds**
**Restricted**
Hardship fund
Plymouth Pride Conference
**Total restricted funds**
**Total funds**|**Balance at 1**
**April 2020**
**£**
339,804
-
10,000
50,000
100,000
12,616
-
-
172,616
512,420
2,641
4,985
7,626
520,046|**Incoming**
**resources**
**£**
608,077
134,991
-
-
-
-
10,560
25,000
170,551
778,628
222
-
222
778,850|**Resources**
**expended**
**£**
(588,344)
(91,109)
-
-
-
-
-
-
(91,109)
(679,453)
556
-
556
(678,897)|**Transfers**
**£**
600
(600)
-
-
-
-
-
-
(600)
-
-
-
-
-|**Other**
**recognised**
**gains/(losses)**
**£**
-
(43,282)
-
-
-
-
-
-
(43,282)
(43,282)
-
-
-
(43,282)|**Balance at 31**
**March 2021**
**£**
360,137
-
10,000
50,000
100,000
12,616
10,560
25,000|
|---|---|---|---|---|---|---|
|||||||208,176|
|||||||568,313|
|||||||3,419
4,985|
|||||||8,404|
|||||||576,717|
Page 36
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
The specific purposes for which the funds are to be applied are as follows:
## DESIGNATED FUNDS
The Contingency Fund represents a fund which would enable the charity to service its liabilities in the event of the cessation of contract funding. Upon undertaking a detailed risk assessment the Trustees consider that a level of £100,000 (£100,000 - 2021) is reasonable at the year end.
The Redundancy Fund is for the purpose of covering the costs in the event of staff redundancy. The Trustees consider that a level of £50,000 carried forward (£50,000 - 2021) is reasonable.
The Trust received a donation of £10,000 from RAG in the year to 31st March 2015 and the trustees decided to set this sum aside as a designated fund for the benefit of young people in the South West area.
The Redlake Investment fund relates to income received from sub-letting the premises at Ivybridge, acquired on a short term lease, less funds expended on renovating the building. In the year to 31st March 2021 an overall deficit in the fund of £12,256 (£600 surplus - 2021) has been transferred to general reserves.
The trust received a grant without restriction of £22,412 from the Worcestershire Foundation during the year ending 31st March 2019. The trustees have designated these funds to be expended for the benefit of people living in the Worcestershire area. Of the funds received, £9,796 was expended in the year ending 31st March 2019.
The trust received a grant of £10,560 without conditions from Thesomers Freemasons in the year to 31st March 2021. The trustees decided to set this sum aside as a designated fund for staff costs in the 2021/22 financial year, and accordingly the fund was fully expended in the year to 31st March 2022.
The trust received a discretionary grant of £25,000 without conditions from South Hams District Council in the year to 31st March 2021. The trustees decided to set this sum aside as a designated fund for future staff training and restructure, and this fund was fully expended in the year to 31st March 2022.
## RESTRICTED FUNDS
The Hardship Fund is made up of entirely voluntary donations from donors that are restricted because the donors wish the funds to be used to help Eddystone's beneficiaries. These donations are used in various ways to support clients, often thereby encouraging clients to maintain contact with Eddystone.
Plymouth Pride Conference - The Trust received a grant of £9,485 in the year to 31st March 2015 from Plymouth Pride for the purpose of undertaking a number of events promoting various sexual health issues across the region. Of the funds received, £4,500 was expended on the project in the year to 31st March 2016, with the remaining balance of £4,985 being carried forward to deliver more events in the future.
Page 37
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **26 Analysis of net assets between funds**
## **Unrestricted**
|Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets
**27 Analysis of net funds**
Cash at bank and in hand
Finance leases and hire purchase
contracts
Net debt
Cash at bank and in hand
Finance leases and hire purchase
contracts
Net debt||**General**
**£**
**Designated**
**£**
59,127
-
308,147
-
481,925
172,616
(164,558)
-
(260,093)
-
424,548
172,616
**Unrestricted funds**
**General**
**£**
**Designated**
**£**
54,519
-
250,027
-
394,141
201,376
(116,134)
-
(215,616)
-
366,937
201,376
**At 1 April**
**2021**
**£**
**Financing cash**
**flows**
**£**
566,813
16,224
(280,698)
(5,600)
286,115
10,624
**At 1 April**
**2020**
**£**
**Financing cash**
**flows**
**£**
477,061
89,752
(329,645)
5,665
147,416
95,417|**Restricted**
**£**
-
-
9,592
-
-
9,592
**Restricted**
**funds**
**£**
-
-
8,404
-
-
8,404
**Changes in**
**market value**
**£**
-
(58,120)
(58,120)
**Changes in**
**market value**
**£**
-
43,282
43,282|**Total funds at**
**31 March**
**2022**
**£**
59,127
308,147
664,133
(164,558)
(260,093)|
|---|---|---|---|---|
|||||606,756|
|||||**Total funds at**
**31 March**
**2021**
**£**
54,519
250,027
603,921
(116,134)
(215,616)|
|||||576,717|
|||||**At 31 March**
**2022**
**£**
583,037
(344,418)
238,619
**At 31 March**
**2021**
**£**
566,813
(280,698)
286,115|
Page 38
## **The Eddystone Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **28 Related party transactions**
During the year the charity made the following related party transactions:
## **Controlling entity**
(The charity is controlled by the trustees who are all directors of the company.) At the balance sheet date the amount due to/from Controlling entity was £Nil (2021 - £Nil).
## **Red Pod Enterprises CIC**
(A wholly owned trading subsiduary of the charity.) At the balance sheet date the amount due from Red Pod Enterprises CIC was £16,710 (2021 - £18,307).
Page 39