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2023-03-31-accounts

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 2023

The Eddystone Trust

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 10
Statement of Trustees' Responsibilities 11
Independent Examiner's Report 12
Statement of Financial Activities 13 to 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 to 40

The Eddystone Trust

Reference and Administrative Details

Trustees Mrs J Francey
Mr M J Attwood
Mr E B A Drew
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 2023.

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:

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

The Year Operationally

In 2022/2023 we finally left the world of COVID lockdowns and widespread restrictions, however, the pervading hope that we would return to ‘business as usual’ was not realised and the lasting impact of the pandemic continued to be felt. This general sense of fear and uncertainty had a significant impact on the wellbeing of the people in our communities and was exacerbated by the cost-of-living crisis and world events.

Alongside many charities the biggest challenge we faced was to deliver to our beneficiaries within a financial situation where our costs kept on rising when our income remained static.

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.

We have continued to flex between in person and online, creating hybrid models which are based on the best of both the actual and virtual worlds, offering a range of flexible and responsive opportunities for people to engage with us and delivering outreach and community-based services offline and online.

Services to People Living with HIV (PLWHIV)

This year we offered a formal support package to 342 individuals. 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.

In this financial year we reviewed the model of service delivery to consider the learning brought about by the pandemic and the move services online creating a hybrid model which allows us to further develop digital options and expand the service offer. To ensure that we are responsive to the needs of PLWHIV we ran several focus groups and ran a questionnaire to gather the views of PLWHIV.

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.

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.

Page 4

The Eddystone Trust

Trustees' Report

Online Group Peer Support Sessions

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.

Even if people don’t attend the fact that they are on the membership list means that they will receive a regular resource via the invitation as this includes links to articles and resources pertinent to the topic of the upcoming session.

As an example - Positive Connections for All, a weekly peer support group accessed via Zoom, attended by PLWHIV from across the Southwest; where possible we will invite guest speakers or support group members to lead the group, subjects that were covered this year included.

The group allows people to gain skills, improve knowledge and work out solutions within a supportive environment.

PLWHIV were involved in the development of material that formed part of our “Claim Your Status” prevention campaign, this involved a series of interviews with individuals to create a script that highlighted their personal story. This was then voiced by a member of staff and put to graphics to create a total of three videos that were used in National HIV Testing Week.

Training

This financial year we delivered 91 formal training sessions with 1,320 places taken up by professionals who deliver an element of sexual health as part of their role to people in communities across the southwest.

The training includes sessions specifically tailored to the needs of professionals working with a wide range of clients including young people and people with complex needs. Attendees were from a wide range of agencies across the public and private health and social care sector, universities and educational settings.

Modules offered include, Sex & The Law (where we look at the laws surrounding sex and relationships in the UK), Let's Talk About Sexual Health (a session looking at making sex less taboo and easier to talk about), Sex in a Digital World (where we unpack the impact of technology and porn on relationships) and Gender, Sexual Orientation & Identity (where we explore the many facets of these and how they interrelate with sexual health).

We also offered bespoke training built to respond to specific organisational needs, HIV awareness sessions to equip people to respond to the needs of PLWHIV and to address stigma and discrimination alongside more specialist training around topics such as chemsex.

Page 5

The Eddystone Trust

Trustees' Report

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, Mpox, and full screening for STIs, alongside promotion of campaigns, events, and testing sessions.

Using a person-centred approach, promotion of Eddystone services such as the PrEP referral service, online HIV testing, Condoms Direct and Chemsex Support are woven into conversations along with other services offered within the wider sexual health service. 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.

In addition, netreach is a 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 and marketing

We continued to develop and build our brand and to put out imagery that is consistent and recognisable as “Eddystone”.

The website is growing as a virtual “front door”, website users was up this financial year by 3% (21,000 sessions occurred). Of these 87.6% of users are returning users and 12.4% are new.

Of these 38.5% came to us directly (i.e. they knew the web address) 32.3% came via a web search, 19% found us via a referral route (i.e. another provider) and 1.2% from direct link clicks from social media channels.

Top 10 pages used (and number of times visited)

  1. Home page (12279)

  2. Condoms direct (3194)

  3. Testing (2431)

  4. Training (2204)

  5. Condoms Direct Registration Page (2174)

  6. Services Near Me (1602)

  7. About us (1345)

  8. C-Card (1155)

  9. Contact (1077)

  10. Training Booking Form (898)

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 6

The Eddystone Trust

Trustees' Report

Prevention Interventions

Testing

The Eddystone Trust continue to offer access to a rapid HIV test, which can be ordered via Eddystone.org.uk. Part of this offer includes an intervention around risk factors and where appropriate a test is ordered, or other signposting/advice provided.

The reasons for requesting a test are numerous; every request is dealt with via a full consultation providing the individual with information to obtain a full sexual health screen and advice over how to prevent HIV including information on PrEP & PEP.

In this financial year we issued point of care tests to 339 individuals, supporting each of them through the testing process, we also supported people to access clinics for full STI screening, PrEP services appropriate to the individual such as Mpox vaccinations and PEP.

Chemsex

New programmes that were developed this year included a revised Chemsex offer which includes one to one support and group programme. 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.

Planning and Strategic Review

The board has been through a process to establish renewed priorities for the charity.

Recognising the opportunities to consolidate and build on what we learned because of the pandemic and the realization that, like many charities, the Eddystone Trust was at a crossroads, the Trustee Board made the decision to commission a strategic review.

With the aim of bringing in outside perspectives while complementing existing skills a brief was created to attract a strategic partner who can help us to undertake a review at a strategic level to ensure that we have a robust plan in place, are fit for purpose and sustainable. The scope for this covers all areas of strategic planning including our financial strategy and how we are funded, helping to create a sustainable and compelling vision for the future. A strategic change process has been developed that that will cover the following stages:

In this financial year we have got to the stage of clarifying the objectives and writing the brief. At the end of the review, we will have a shared clarity of purpose, a strategic plan in place, an effective operational delivery programme and functioning structures to support both strategic and operational functions.

Governance Review

The board also recognised the opportunity to undertake a review of governance and the CEO and lead trustee for governance undertook supporting good governance training with NCVO to support this process.

Page 7

The Eddystone Trust

Trustees' Report

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 £672,861 (£743,096 - 2022), and at the year end there was a negative net movement of £34,340 this year (£14,070 positive net movement - 2022). 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 small negative 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 £90 (£1,188 positive net movement - 2022) and a nil net movement on the Unrestricted Funds in the year (£10,530 increase – 2022). At the year end total reserves were £572,416 compared to £606,756 the previous year.

Red Pod Enterprises CIC, a wholly owned subsidiary of the charity, made a profit for the year of £3,475 (£18,232 loss – 2022), and this figure is net of a charitable donation of funds to the Eddystone trust of £2,035 (£19,184 – 2022). 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 8

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 - 2022) 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 – 2022) 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.

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:

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
stability, effective
governance and overall
organisational
proficiency.		 Increase diversity of
funding – across the
CIC and charity,
maximising
opportunities for
income generation.

Page 9

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 12 December 2023 and signed on its behalf by:

......................................... Mr M J Attwood Trustee

Page 10

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".

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:

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 12 December 2023 and signed on its behalf by:

......................................... Mr M J Attwood Trustee

Page 11

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 2023.

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

12 December 2023

Page 12

The Eddystone Trust

Statement of Financial Activities for the Year Ended 31 March 2023 (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 (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
25		 Unrestricted
funds
£
2,144
524,945
14,770
122,255
8,657
672,771
(70,288)
(545,839)
(616,127)
(91,074)
(34,430)
(34,430)
597,164
562,734		 Restricted
funds
£
90
-
-
-
-
90
-
-
-
-
90
90
9,592
9,682		 Total
2023
£
2,234
524,945
14,770
122,255
8,657
672,861
(70,288)
(545,839)
(616,127)
(91,074)
(34,340)
(34,340)
606,756
572,416

The notes on pages 17 to 40 form an integral part of these financial statements. Page 13

The Eddystone Trust

Statement of Financial Activities for the Year Ended 31 March 2023 (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

All of the charity's activities derive from continuing operations during the above two periods.

The funds breakdown for 2022 is shown in note 25.

The notes on pages 17 to 40 form an integral part of these financial statements. Page 14

The Eddystone Trust

(Registration number: 3867526) Balance Sheet as at 31 March 2023

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		 2023
£
51,065
217,073
268,138
36,553
566,960
603,513
(128,807)
474,706
742,844
(170,428)
572,416
9,682
562,734
572,416		 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

For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 13 to 40 were approved by the trustees, and authorised for issue on 12 December 2023 and signed on their behalf by:

.........................................

Mr M J Attwood Trustee

The notes on pages 17 to 40 form an integral part of these financial statements. Page 15

The Eddystone Trust

Statement of Cash Flows for the Year Ended 31 March 2023

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
Investment income
6
Revaluation of investments
Working capital adjustments
Decrease/(increase) in debtors
19
(Decrease)/increase in creditors
21
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 (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2023
£
(34,340)
16,674
(122,255)
91,074
(48,847)
44,543
(23,366)
(27,670)
122,255
(8,612)
113,643
(102,050)
(16,077)
583,037
566,960		 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

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 17 to 40 form an integral part of these financial statements. Page 16

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 12 December 2023.

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 17

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 18

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 19

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 20

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 21

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 22

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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

Unrestricted
funds
General
£
Donations and legacies;
Donations from companies, trusts and
similar proceeds
2,035
Donations from individuals
109
2,144
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		 Restricted
funds
£
-
90
90
Unrestricted
funds
General
£
100,112
27,161
50,000
205,000
90,375
7,500
15,217
29,580
524,945		 Total
2023
£
2,035
199
2,234
Total
2023
£
100,112
27,161
50,000
205,000
90,375
7,500
15,217
29,580
524,945		 Total
2022
£
19,184
2,203
21,387
Total
2022
£
99,996
29,013
50,500
203,875
90,000
25,000
17,913
29,580
545,877

5 Income from other trading activities

Unrestricted

Events income;
Training services
Testing and interventions		 funds
General
£
13,590
1,180
14,770		 Total
funds
£
13,590
1,180
14,770		 Total
2022
£
4,359
1,000
5,359

Page 23

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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
£
2,974
119,281
122,255
Unrestricted
funds
General
£
3,657
-
5,000
8,657		 Total
2023
£
2,974
119,281
122,255
Total
2023
£
3,657
-
5,000
8,657		 Total
2022
£
95
160,445
160,540
Total
2022
£
3,403
2,530
4,000
9,933

8 Expenditure on charitable activities

Regional contracts
Crisis grants and therapy costs		 Activity
undertaken
directly
£
26,920
-
26,920		 Activity
support costs
£
518,919
-
518,919		 2023
£
545,839
-
545,839		 2022
£
549,641
374
550,015

In addition to the expenditure analysed above, there are also governance costs of £43,723 (2022 - £52,073) which relate directly to charitable activities. See note 9 for further details.

Page 24

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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
£
43,723
Governance
costs
£
52,073		 Finance
costs
£
99
Finance
costs
£
33		 Information
technology
£
1,926
Information
technology
£
3,268		 Staff costs
£
Administration
costs
£
388,707
35,669
Staff costs
£
Administration
costs
£
406,704
31,664		 Premises
costs
including
depreciation
£
12,133
Premises
costs
including
depreciation
£
8,762		 Other
support
costs
£
36,662
Other
support
costs
£
27,867		 Total
2023
£
518,919
Total
2022
£
530,371

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 25

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Governance costs

Independent examiner fees
Examination of the financial statements
Legal and professional fees		 Unrestricted
funds
General
£
4,079
39,644
43,723		 Total
2023
£
4,079
39,644
43,723		 Total
2022
£
4,000
48,073
52,073

Page 26

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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
Consultancy fees
Bank charges
Depreciation and loss on disposal
Operating lease interest		 Operating
activity -
Redlake
Investment
£
-
17,595
-
7,206
-
55,824
-
16,165
-
-
-
-
-
-
(26,502)
70,288		 Charitable
activity
£
-
6,799
6,626
372,787
15,920
9,627
326
35,669
19,965
17,624
-
-
99
16,674
-
502,116		 Hardship fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Governance
£
-
-
-
-
-
-
-
-
-
-
4,079
39,644
-
-
-
43,723		 Total 2023
£
-
24,394
6,626
379,993
15,920
65,451
326
51,834
19,965
17,624
4,079
39,644
99
16,674
(26,502)
616,127		 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

Page 27

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

11 Grant-making

Analysis of grants

Grants to individuals 2022 £ Analysis Hardship fund 374

The support costs associated with grant-making are £Nil (31 March 2022 - £10).

Hardship funds awarded to individuals are recognised as grants in the financial statements.

No hardship funds were awarded during the year (31 March 2022 - £374). All hardship fund grants made in the prior year were paid to individuals.

12 Net incoming/outgoing resources

Net incoming/(outgoing) resources for the year include:

Other non-audit services
Depreciation of fixed assets		 2023
£
4,079
16,674		 2022
£
4,000
12,790

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 £Nil (2022: £3,569) 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 28

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

14 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2023
£
343,977
29,938
6,078
379,993		 2022
£
362,479
27,572
5,999
396,050

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
Senior practioner
CEO		 2023
No
11
2
3
1
17		 2022
No
13
3
-
1
17

15 (2022 - 17) of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £6,078 (2022 - £5,999).

During the year, the charity made redundancy and/or termination payments which totalled £Nil (2022 - £30,908).

No employee received emoluments of more than £60,000 during the year.

15 Independent examiner's remuneration

15 Independent examiner's remuneration
2023 2022
£ £
Examination of the financial statements 4,079 4,000

Page 29

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

16 Taxation

The charity is a registered charity and is therefore exempt from taxation.

17 Tangible fixed assets

17 Tangible fixed assets
Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Land and
buildings
£
61,185
-
61,185
26,958
7,081
34,039
27,146
34,227		 Furniture and
equipment
£
54,574
-
54,574
41,203
3,342
44,545
10,029
13,371		 Plant and
machinery
£
34,648
8,612		 Total
£
150,407
8,612
43,260 159,019
23,119
6,251		 91,280
16,674
29,370 107,954
13,890 51,065
11,529 59,127

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £27,146 (2022 - £34,227) 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		 2023
£
27,146
1,860
29,006		 2022
£
34,227
2,287
36,514

Page 30

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

18 Fixed asset investments

18 Fixed asset investments
Shares in group undertakings and participating interests
Other investments		 2023
£
100
216,973
217,073		 2022
£
100
308,047
308,147

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 31

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Shares in group undertakings and participating interests

Cost
At 1 April 2022
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
Other investments
Cost or Valuation
At 1 April 2022
At 31 March 2023
Provision for impairment
At 1 April 2022
Charge for year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Subsidiary
undertakings
£
100
100
100
100
Leasehold
property
investment
£
406,947
406,947
98,900
91,074
189,974
216,973
308,047		 Total
£
100
100
100
100
Total
£
406,947
406,947
98,900
91,074
189,974
216,973
308,047

Page 32

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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
2023 2022
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 profit for the financial period of Red Pod Enterprises CIC was £3,475, which includes a donation to the charity of £2,035 (£18,232 loss including £19,184 donation - 2022) and the aggregate amount of capital and reserves at the end of the period was £8,484 (£5,009 - 2022).

Group accounts have not been prepared as the charity and its subsidiary do not exceed the charitable audit threshold.

Page 33

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

19 Debtors

19 Debtors
Trade debtors
Due from group undertakings
Prepayments
Other debtors
20 Cash and cash equivalents
Cash on hand
Cash at bank		 2023
£
16,158
8,039
11,835
521
36,553
2023
£
178
566,782
566,960		 2022
£
57,771
16,710
6,094
521
81,096
2022
£
354
582,683
583,037

Page 34

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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		 2023
£
20,791
71,940
7,108
20,890
8,078
128,807
2023
£
170,428
2023
£
71,940
170,428
242,368		 2022
£
41,941
84,325
9,474
16,032
12,786
164,558
2022
£
260,093
2022
£
84,325
260,093
344,418

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 £6,078 (2022 - £5,999).

Page 35

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

25 Funds

Unrestricted funds
General
General fund
Designated
Redlake Investment
RAG Donations
Redundancy fund
Contingency fund
Worcestershire grant
Total unrestricted funds
Restricted funds
Hardship fund
Plymouth Pride Conference
Total restricted funds
Total funds		 Balance at 1
April 2022
£
424,548
-
10,000
50,000
100,000
12,616
172,616
597,164
4,607
4,985
9,592
606,756		 Incoming
resources
£
553,490
119,281
-
-
-
-
119,281
672,771
90
-
90
672,861		 Resources
expended
£
(545,839)
(70,288)
-
-
-
-
(70,288)
(616,127)
-
-
-
(616,127)		 Transfers
£
(42,081)
42,081
-
-
-
-
42,081
-
-
-
-
-		 Other
recognised
gains/(losses)
£
-
(91,074)
-
-
-
-
(91,074)
(91,074)
-
-
-
(91,074)		 Balance at 31
March 2023
£
390,118
-
10,000
50,000
100,000
12,616
172,616
562,734
4,697
4,985
9,682
572,416

Page 36

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 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 37

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 - 2022) 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 - 2022) 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 2023 an overall deficit in the fund of £42,081 (£18,566 deficit - 2022) 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.

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 38

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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
£
51,065
-
217,073
-
421,215
172,616
(128,807)
-
(170,428)
-
390,118
172,616
Unrestricted funds
General
£
Designated
£
59,127
-
308,147
-
481,925
172,616
(164,558)
-
(260,093)
-
424,548
172,616
At 1 April
2022
£
Financing cash
flows
£
583,037
(16,077)
(344,418)
10,976
238,619
(5,101)
At 1 April
2021
£
Financing cash
flows
£
566,813
16,224
(280,698)
(5,600)
286,115
10,624		 Restricted
£
-
-
9,682
-
-
9,682
Restricted
funds
£
-
-
9,592
-
-
9,592
Changes in
market value
£
-
91,074
91,074
Changes in
market value
£
-
(58,120)
(58,120)		 Total funds at
31 March
2023
£
51,065
217,073
603,513
(128,807)
(170,428)
572,416
Total funds at
31 March
2022
£
59,127
308,147
664,133
(164,558)
(260,093)
606,756
At 31 March
2023
£
566,960
(242,368)
324,592
At 31 March
2022
£
583,037
(344,418)
238,619

Page 39

The Eddystone Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 (2022 - £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 £8,039 (2022 - £16,710).

Page 40