Charity registration number 1080719 (England and Wales) Company reglstratlon numbor 3898170 THE BALSAM CENTRE Formerly known as Wincanton Community Venture ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE BALSAM CENTRE Formerly known as Wincanton Community Venture LEGALAND ADMINISTRATIVE INFORMATION Truslees Michael Bainbridge Helen Hemianstein Smith Emily Showering Sarah While Michael Kelly Thomas McGauTan Frances De B05dari Jane Knowles Anna Lanc& Neil Polley (Appointed 8 May 2025) {Appointed 8 May 2025) (Appointed 8 May 20251 (Appointed 8 May 2025} Ex4)fflclo Board Members Mike Rowlands Voluntary S8Ctor Representativ8 Secretary M R Payne Senior management Susan Plac8 Chief Officer: Reports to Board of Trustees Charlty numbar 1080719 Company numbar 3898170 Registered office Th8 Balsam C8ntre Balsam Park Wincanlon Somerset 8A9 9HB Audltor David C>wen & Co 17 The Market Place Devizes Wiltshire SN10 1HT Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME194TA Virgin Money PLC Jubilee House Gosforth Newcastle Upon Tyn8 NE3 4PL
THE BALSAM CENTRE Formerly known as Wincanton Community Venture CONTENTS Page Trustèes, report Statement of trustees, responsibilities Independent auditorfs port Statement of financial activiti8S Balance sheet 10 ststement of cash flows 11 Not8S to the financial statements 12-24
THE BALSAM CENTRE Formerly known as Wincanton Comrnunity Venture TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees. who are directors for the purpose of company law. present their annual report and financial slaternents foi the year ended 31 March 2025. The financial statements have bean prepared in accordance with the accounting policies set out in note 1 lo the financial statements and comply with the charity's governing document, the Cornpanies Act 2006 and "Accounting and RepDrtlng by Charities.. Statement of Recornrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). {effective 1 January 2019). Objectives and activitSes Alms and objeGtlves 'To improve the health and quality of life of all inhabitants of th8 8r8a of benefit without distinction of age, gender ce. sexual orienlation or any political, religious or any other opinion. by working wtih sfalutory and voluntary organisallons, groups, and individuals, to provide accgss to opportunities for education. arts. leisure. and social welfare.. Vlsion For people to live healthy and happy lives. Misslon As a Healthy Living Centre, is to provide a rang8 of community based, participatory. purposeful, and life- han9ing actlvities in a supportive and safe environment which improve people's wellbeing. Strateglc Alms Increase our 5eTvice provi8ion to help more people Broaden the rang8 of our services in response to identified need Expand our reach to engage more communities Hlgh Level Outcomes Improved physical and mental health and wellbeing RedUd social isolalion and loneliness Stronger and rn0 resilient communities Greater social and community cohesion The charlty continued lo deliver its established projects throughout the year, working in partnership with VCSFE, publlc sector and communlty provider5. Public beneflt The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activitles the charity should undertake. The area of benefit is Wincanlon and its neighbourhood. The Ba15am Centre exists to improve the health and quality of life of the people of Wincanlon and the surrounding area. The Balsam Centre meets its Objects through the provision of a vibrant community hub housing a range of health, social. educational and cultural activities and service5. It is open lo people of every age. background and circurnstances. It is an independent, local. plac8 based charity with an established reputation for delivering innovative, holistic health and wellbeing servIs, with a focus on mental health. It's activities provide a catalyst for change, reducing health and social inequalities. allowing people to improve their life chances and move from 'surviving" to "thriving"
THE BALSAM CENTRE Formerly known as Wincanton Community Venture TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Volunteers The Centre employs a Volunteer Co-ordinator to recruit, deploy and manage a team of up to 140 aclive volunteers to help run the activities of the Centre. Achipvemgnts and performance Significant actiw.ties and achievements againsl objectives The charity successfully maintained delivery of its core projects and services during the year, building on the work of previous years. No significant new risks or challenges were identified. Flnanclal revlew Therè have be8n no significant events that have impacted the charity this year. The charity sector faces a continual cycle of funding renewal, and we endeavour to replac8 &xpiring funds with new funding streams in order to maintain continuity of our core services and activities. Wher8 th8re are gaps beeen the change in financial providers, reserves are deployed. Short term projects which have a natural end may no longer be contlnued. Financlal Posltlon Tolal income increased compared to the previous year, in line with expeclations and proportionate to th8 charity's ongoing activities. Expenditure remained consistent with the delivery of prole¢ls. Reserves policy It is the policy of the charity that unrestrfcted funds which have not been designated for a speclfic use should be mainlained at a level equivalent to six month's expenditure. The stalernent of financial activities shows that the lolal funds have increased by £118,043 to £1,603.535 as at year end. Investment policy Investment policy The charity's investment policy is lo Maintain the real valuè of capital (l.e. to at least protect it against Inflatlon as best as possible) Deliver a reasonable overall total retum Generate a sustainable and growing level of income to fund charitable activities Invest for the medium lo long term (five years plus) in a diversified portfolio Invest within a risk profile that is commensurate with ihe charitsble objectives Provide SLrfficient liquidity to fund any shortfalls The charity's major investmenls are held as managed funds within the Cheviot Global Income & Growth Fund for Charities which precludes any direct investment in lobacco companies or businesses which make conlroversial weapons. The remaining fvnds are held in bank deposits which are readily rèalisable should the need arise. Quilter Cheviot takes account of ESG Issues in their investmenl analysis and decision-making processes and provides that information to the Tnjstees. Principal rlsks and uncertainties The charity holds a Risk Register which incorporates the assessment of all the major risks and 15 reviewed and updated regularly. There is a Business Ci)nlinuity Plan in the event of a significant incident. No significant nèw risks were identified during ihe year.
THE BALSAM CENTRE Formerly known as Wincanton Community Venture TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Identified Risks: Political Issues leading to changes In policy or funding. This is mitigated by building strong relalionships wilh local and strategic partners. constant monitoring of the external landscape and by embedding working practices which allow flexibility. Loss of major contract or fundlng. This is mitigated by following our fundraising strategy and business plan, by deliverlng high quality services and activities which build and mainlain our reputation, by monitoring budgets, by taking a pro-active stance with fund raising and by dlversifying income streams. IT Systems failure or breaches. This is mitigated by having a continuous maintenance and security plan for IT with systems managed by experienced IT professionals. Flnan¢lal Rlsks. These include the posslbility of inarKurale forecasting, financial rnanagement or fraud. These are mitigated through financial protocols including checks by CEO and Board of Trustees, the employrnent of suitably qualified and experienced staff, and robust checklng procedures. sufficient counter signatories and procedures to check accounts for discrepancies, together with a robust recruitment ProS$ and trainlng. Plans for future periods The Trustees plan lo mainlaln cuffenl activities in 20226 and, where funds allow, to Increase capacity and delivery. The charity will continue to invest in staff development and organisational infrastructure. During the current year, the CEO will be reslgning. and a new CEO was been appointed in Novernber 2025 to18ad the organisalion inlo its next phase. Structure, governance and management Nature of governing document The Balsam Centre is a registered charity in the name of Wincanton Community Venture, gIS1ratIon number 1080719 and Is a Company limited by Guarantee. registration number 3898170. In February 2025 the name was officially Changed from Wincanton Communily Venture to The Balsam Centre. The Governlng Documents are the M8morandum and the Articles ofAssoclation. Organlsatlonal structure The trustees oversee the affalrs and activities of the charity which are managed by the Chief Executlve Officer who is supported by salarted staff and volunteers. The Trustees operate on a voluntsry basis and meet as necessary, there are six scheduled Board meetings per annum, for this purpose. Where required, decisions are made by majority vote at Trustees, meetings. The charity benefits from a close worklng relationship belween Trustees, Staff, Volunteers and Partner organisalions. The trustees. who are also the directors for the purpose of company law, and who served during the year and up to th8 date of signature of the financial statements were- Michael Bainbridge John Bartholemew Helen Hemianstein Smilh Emily Showering Paul White Sarah White Tamsin Graham Michael Kelly David Kemp Thomas McG8uran Frances De Bosdari Jane Knowles Anna Lance N8il Polley (Resigned 9 February 2025) (Resigned 30 April 2025) (Resigned 10 January 2025) {Resigned 5 February 2025) (Appointed 8 May 2025) (Appointed 8 May 2025) (Appointed 8 May 2025) (Appointed 8 May 2025)
THE BALSAM CENTRE Formerly known as Wincanton Community Venture TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Recruitment and appointment of trustees The Board of Trustees comprises a group of 9 - 12 Trustees. recruited for their skills and experience with relevance to the charity. New Trustees may be invited to join the Board or may put themselves forward. In either case they are r8quir8d to make a fomial writtèn application. to be inleNiewéd by the Chair of Trustees and to attend relevant activities including one or more Board meetings as an observer. before being fomially proposed as a Board member and this being put to a vote. In recruiting new Trustees, the aim is both to maintain and lo continually improve the Board's knowledge. skills base and capacity in respect of the managemenl and operatlons of the charity. None of the Injstees has any beneficial interesl in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up. Audltor In accordance with the company's articles. a resolution proposing ihat Davld Owen & Co be reappointed as auditor of the company will be put at a General Meeting. Dlsclosure of Inforniatlon to auditor Each of the trustees has confirmed that Ihere 1$ no infonmation of which they are aware which is relevant to the audit, but of whlch the auditor is unaware. They have further confirmèd that they hav8 laken appropriate sleps to identify such relevant information and to establish that the auditor is aware of such infomiation. The Irust8es' report was approved by the Board of Trustees. Michael Kelly Truslee Susan Pla Chlef Offlc•r 13 November 2025
THE BALSAM CENTRE Formerly known as Wincanton Community Venture STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also the directors of Thè Balsam Centre for the purpose of company law, are responsible for preparing the Trustees, Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair vlew of the state of affairs of the charity and of the incoming resources and application of resources, including the Income and expenditure, of the charitable company for that year. In preparing thes6 financial statements. the trustees are required lo- select suitable accounting pollcies and then apply them consistently: observe the methods and princlples in the Charities SORP- make judgements and estimates that are iea50nab18 and prudent., state whether appllcable UK Accounting Standards have been followed, subject to any materlal departurés disclosed and explained in the financial slalements; and prepare the financial slalements on Ihe going concern basls unless it is inappropriale to pSurne that the charity will conlinue in operation. The trustèes are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy at any lime the financial position of the charlty and enable thern to ensure that the financlal stalernents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for tsking asonable steps for the preventlon and detection of fraud arKi other irregularities.
THE BALSAM CENTRE Formerly known as Wincanton Community Venture INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BALSAM CENTRE Oplnlon We have audited the financial statements of The Balsam Centre (Ihe 'charity') for Ihe year ended 31 March 2025 whiGh comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting pjlicies. The financial reporting framework that has been applied in their prepaialion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK snd Republic of Irgland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements: give a true and fair view of the stste of the tharitable company's affalrs as at 31 March 2025 and of its incoming resources and application of resources. for the year then ended-, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Audlting {UKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs r8sponsibilities for Ihe audit ol th8 financial statements section of our report. We are independent of the charity In accordanGe wilh the ethical r8quirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have i)btsined is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatements. we have conduded that the tfUSte8s' use of th8 going concern basis of accounting In the preparauon of the financlal statements is appropriate. Based on the work we have perfoimed, we have not identified any material uncertainties relating to events or conditions Ihat, individually QT GolleGlively, may cast significant doubl on the charily's ability lo continue as a going concern for a period of al least e1ve months from when the financial slatemenls are aulhorised for issue. Our r8sponsibililies and the responsibilities of the trustees with respect to going concem arè described in the relevant Sections of this report. Other Information The other information comprises the infomiation included in the annual report other than th8 financial slatemenls and our auditorfs report thereon. The trustees are responsible for the other infomialion contained within the annual report. Our opinion on the financial slalements does not cover the other informalion and we do not express any form of assuranc8 conclusion thereon. Our responsibility is to read the other inlomialion and, in doing so, Consider whether the other information is materially inconsistent with the financial statements or our knowledg8 obtained in Ihe course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsist8nci8S or apparent matertal misslalements, we are required to determine vthether this glves rise to a material misstatement In the financial statements th8mselves. If. based on the work we have perfomied, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in Ihis regard. Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the information given in the financial statements is inconsistent in any material respect with the truslees, report., or sufficient accounting records have not been kepi. or the financial statements are not in agreement with the accounting records: or we have not received all Ihe inforrnation and explanations we require for our audit.
THE BALSAM CENTRE Formerly known as Wincanton Community Venture INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BALSAM CENTRE Responsibllities of Irustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charlly for the purpose of company law, are responsible for the preparation of the financial slaternents and for being satisfied that they give a Irue and fair view. and for such inlemal control as the trustees determine is necessary to enable the preparation of financial statements that are fre8 from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. disGlosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Irustees either intend to liquidate Ihe charitable company or to cease operalions, or have no realistic altemative but to do so. Auditor's responsibilities for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Chartiies Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectlves are to oblaln reasonabl8 assurance about whether the financlal ststements as a whole are free from material misstatement, whether due to Iraud or 8rror. and to issue an auditols report that Includes our opinion. Reasonable assurancè Is a high level of assurance but is not a guarantee that an audlt conducted in accordance with ISAS (UK) wlll always delect a malerial misstatement when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economlc declsions of users taken on the basi$ of these financial statements. The exlent to which our procedures are capable of detecting IegulaTitie5, including fraud, is detailed below. We obtalned an understsnding of laws and regulations that affect the charftable company, focuslng on those that had a direct effect on the financial statements or that had a fundamental effect on Its operations. Key laws and regulations that we identlfled included the Companies Act, the Charltles Act, data protection l&gislation and employment legislatlon. We enqulred of the trustees, reviewed correspondence with the Charity Commission and reviewed trustees. meeting minutes for evidence of nonvcompliance with relevant laws and Tegulations. We also reviewed controls the trustees have in place to ensure Complian, We gained an understanding of tho controls that the trustees have in place to prevent and detect fraud. We enquired of the trustees about any incidences of fraud that had taken place during the accounting period The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and lesls were planned and perfornied to address these risks. We identified the potential for fraud in the following areas,. misappropriation of cash and other assets, undisclosed related party transactions oulside the normal course of business and misstatement of the property valuation
THE BALSAM CENTRE Formerly known as Wincanton Community Venture INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BALSAM CENTRE We reviewed financial statements disclosures and tested to supporting documentslion lo assess compliance with relevant laws and regulations discussed above. The engagement partner considers Ihe engagement leam colleclively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. We enquired of the trustees about actual and potential litigation and claims We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. In addrèssing Ihe risk of fraud due to management override of intemal controls we tested the appropriateness ol journal entries and other adjustments throughout the pariod and assessed whether Ihe judgements made in making accounting estimates were indicative ol a potential bias. We also carried oul a review for transadions outside the normal course of business Due to the Inherent limltations of an audil, ther8 is an unavoidable risk that we may not have detected some malerlal mlsstatements In the financial slalements. ev8n though we have properly planned and perfomed our audlt In accordance wilh auditing standards. For example, as with any audit. there remained a higher risk of non-delection of irregularities, as these may involve collusion, forgery. intenlional omissions, misrepresentations. or the override of internal controls. We are nol responslble for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations A further description of our responsibilities is available on the Financial Reporting Council's website al.. https:11 www.frc.org.uklauditorsresponsibililies. This description forms part of our audilorfs report. Use of our report This report is made solely to the charity's truslees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's truslees those matters we are required to State to them in an auditor's report and for no other purpose. To th6 fullest extent permitled by law, we do not accept or assume responsibility to anyone other than the charlty and the charity's truslees as a body, for our audil work, for this report, or for the opinions we have fomed. David Owen & Co Chartered A¢¢ountants Statutory Auditor 17 The Market Place Devizes Wiltshire SN10 1HT David Owen & Co is eligible for appointmenl as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under sectyon 1212 of the Companies Act 2CM)6.
THE BALSAM CENTRE Formerly known as Wincanton Community Venture STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Rostricted funds funds 2025 2025 Total Unrestrlctèd Restricted fund5 funds 2024 2024 Total 2025 2024 Notes Income from: Donations and legacies Charitable activities Investments 134,820 409,481 26.138 691,856 826,676 409.481 26.138 130,069 318.111 17,597 507.715 637,784 318,111 17.597 Total Income 570.439 691.856 1.262.295 465,777 507,715 973.492 Expendlture on: Raising funds Charitable aclivltles 1.042 493.746 1.042 647.635 1,141,381 15 520.538 15 515.392 1.035,930 Total expenditure 494.788 647,635 1,142,423 520.553 515,392 1,035,945 Net gainsl{losses) on investments 12 (1,829) (1,829) 40,922 40,922 Net Incomel(expendlturè) and movement in funds 73,822 44,221 118,043 (13,854) (7.6771 (21,531) Reconclllation of funds: Fund balances at 1 April 2024 558.873 926.619 1,485.492 572,727 934,296 1,507,023 Fund balances at 31 March 2025 632,695 970.840 1,603.535 558,873 926,619 1,485,492 The statement of financial activilies includes all gains and losses recognised in the year. All income and expenditure detive from Gontinuing activities.
THE BALSAM CENTRE Formerly known as Wincanton Community Venture BALANCE SHEET ASAT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investments 14 15 830,886 455.163 764.600 443.073 1,286.049 1,207,673 Current assets Debtors Cash at bank and in hand 16 25,731 374.833 75,759 347,509 400.564 423,268 Credltors: amounts falllng due within one year 17 83,078 145,449 Net current assels 317.486 277.819 Total assets less current Ilabllltles 1.603.535 1,485,492 The funds ol the charity Restricted Income funds Unrestricted funds 20 21 970.840 632.695 926,619 558.873 1,603,535 1,485,492 The company is entitled to the exemption from the audit requirement conlained in section 477 of the Companies Act 2006. for Ihe year ended 31 March 2025. although an audit has been carried out ur)der section 144 of th8 Charities Act2011. The directors acknowledge their responsibilities for complying wilh the requirements of thè Companies Act 2006 wlth respect 10 8ecounting records and Ihe preparation of financial ststemenls. The members have not required the company to obtain an audit of its financial statements under Ihe requirements of the Companies Act 2006, for Ihe year in question in aGGordance with section 476. These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the Iruslees on 13 November 2025 Michael Kolly Trustee Susan Place Chief Officer Company registration number 3898170 (England and Wales) 10-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activities Cash generated fromllabsorbed by) operations 25 83,441 (86.645) Investlng activities Purchase of tangible fixed assets Purchase of investments Investment income receiv8d (68,336) (13,919) 26,138 (12.830) 17,597 Net cash (used In)Igen8rated from Investlng actlvltles (56,117) 4.767 Net cash generalod from flnancing activitles Net increaselldecrease) in Cash and cash equivalents 27,324 {81,878) Cash and cash equivalents al beginning ofyear 347,509 429,387 Cash and cash equlvalents at end of year 374,833 347,509 11
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information The Balsam Centre is a private company limited by guarantee inmrporated in England and Wales. The registered office is The Balsam Cenlre, Balsam Park. Wincanton. Somersel. BA9 9HB. Each of the trustees is liable to contribule an amount not exceeding £1 towards the assets of Ihè charily in the event of liquidation. Th8 charity is a public benefit entity as defined by the Charities Ad 2011. 1.1 Accountlng conventlon The financial statements have been prepad in accordance with the ¢harity's Articles of Association, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (effective 1 January 20191. The harity Is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, whlch is the functional currency of the charity. Monetary amounts in these financial statements ale rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to inclucle the revaluation of freehold properties and certain financial instrumenls at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial slalemenls, the Iruslees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basi5 of accounting in preparing the financial statements. The trustees consider that there are no material unrtaIntieS about the charity's ability to continue as a going concem nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustee5 in furtherance of their charitable objectives. Restricted fvnds are subjecl to specific condltions by donors or 9ranlors as to how they may be used. The purposes and uses of the restricted fvnds are sel out in Ihe notes to the financial statements. Endowment funds are subject to specific ¢onditions by donors that the capitsl must be maintained by the charity. 1.4 Incom8 Income is reco9nised when the charity is legally entitled to it after any perfomiance conditions have been mel. the amounts can be measured reliably, and it is probable that income will be received. 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 subjeGt 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 mel, 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. 12-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Contlnued) Grants Receivable Grants are recognised wh8n the charity has an entitlement to the funds and any conditions Ilnked to the grants have been mel. Where perfomance condltions are attached to the grant and are yet to be met, the Income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment Income Dlvidends are recognised once the dividend has been declared and notification has been recelved of th8 dlvldènd due. 1.5 Expenditure Expenditure is rocognised once there is a legal or construclive obligation to transfer econom1¢ beneflt lo a third party, il is probable Ihat a transfer of economiG benefits will be required in setdement, and the amount of the obligation can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to thal category. Where costs cannot be directly attribuled lo particular headlngs they have been allocat on a basis onsistent wllh the use of resources. with central staff costs allocated on the basis of time spent. and depreciation chargès allocated on the portion of the asset's use. Other support cost5 are allocaled based on the spread of staff costs. Ralslng funds These are costs incurred in attracting voluntary Income, the management of investments and those Incurrèd in trading aclivilies that raise funds. Charitable actlvltles Charitable expendilure comprises these costs incurred by the charity in Ihe dellvery of its activities and services for its beneficiarfes. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to SUPPOrt them. Governance costs These include the costs attributable to Ihe charity's compliance with constitutional and statutory requlrements, including audit, strateglc management and trustees, m88tings and reimbursed expenses. 1.6 Tangible fixed assets Tangible fixed assets are Initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impalrment105ses. Depreciation is recognised so as to write off the cost or valuation of assets less thelr residual values over their useful lives on th8 following bases: Freehold land and buildings Other Flxed Assets 2% straight Ilne on improvements 15% reducing balan¢e Freehold land is not deprecialed. The gain or loss arising on the disposal of an asset is determined as the dFfference befv4e8n the sale proceeds and the carrylng value of the asset, and is recognised in the statement of financial activities. 1.7 Investments Investments ar8 initially measured at transaction pri excluding transaction costs, and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in nel incom81 {expenditUTel for the year. Transaction costs are expensed as incurred. 13-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting poll¢les Icontlnuedl 1.8 Impairment of fixed assets Al each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists. the recoverable amount of the asset is estimated in order to detemiine the extent of the impalrmant loss (if any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits hald at call with banks, other short-term liquid investrnents with original maturities of three months or18ss. and bank overdrafts. Bank overdrafts ale shown within borrowings in current liabilities. 1.10 Finan¢lal Instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Flnancial Instruments Issues, of FRS 102 to all of its financial instruments. Financial Instnjmenls are recognised in the charitys balance sheet when the charity becomes party lo the contractual provisions of lh8 instrument. Financi81 assets and liabllilies are offset. with the net amounts presented in Ihe financial ststemenls, wh8n there is a lègally enforceable righl to set off the reco9nised amounts and there Is an intentlon to settle on a net basis or to reali5e the asset and settle the liability simultaneously. Basic linancial assets Baslc financial assets, which include debtors and cash and bank balances, are initially measured at transactlon price Including transaction cosls and are subsequently carried at amortised cost using the effective interest method unless the arrangement Constitules a financing transaction, where the transactlon is measured at the present value of the future receipts discounted al a market rate of interest. FSnanclal assets classified as receivable within one year are not amortised. Basic financial liabilities Baslc financial liabilities, including creditors and bank loans are inilially recognised al transaction price unless the arrangement conslltules a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cosl. uslng the effective interest rate method. Trade creditors aTe obligations to pay for goods or services that have been acquired in the ordinary courso of operations from suppliers. Amounls payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenlly measured at amortised cost using the effective intsrest method. Derecognltlon of nnanclal Ilabllitles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Flnance Act 2010 and therefore il meets the definition of a charitabte company for UK corporation lax purposes. Accordingly. the charity is potenlially exempt from iaxation in respect of income or capital gain5 received within categories covered by Chapter 3 Part 11 of th8 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, lo the extent that such income or gains are applied exclusively to charitable purposes. 14-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontlnued) 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are reived. Terfflination benefits are recognised immediately as an expansa whèn thè charity is demonstrably committed to terminate th8 émployment of an employee or to provide temiination benefits. 1.13 Rotiremont beneflts Payments to defined contribution retiremenl benefit schemes are charged as an expense as they fall due, Critical accountlng estlmates and judgemonts In the applicalion of the charity's accounting policiès. the tnjstees are required to make judgem8nls, estimates and assumptions about the carrying amount of assets and liabilities that are not readily app8rent from other sources. The @slimales and associated assumptions are based on historical èxperience and other factors that are considered to b8 relevant, Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognlsed in the period in which the estimate is revlsed where the revision affects only that period, or in the period of the revision and future periods where Ihe revision affects both Current and future periods. Crltlcal Judgements Tangible fixed assets The annual depreciation charge for tsngible fixed assets is sensilive to changes in the estSmated useful economic lives and residual values of the as5el Income from donations and legacles Unrestricted Restrlcted funds funds 2025 2025 Tolal Unrestricted Restrlctad funds funds 2024 2024 Total 2025 2024 Donations and gifts Grants 98.920 35,9Crf) 98.920 727.756 122,069 8,000 122,069 515,715 691,856 507,715 134,820 691.856 826.676 130,069 507,715 637,784 15-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Unrestricted funds 2025 Unrestricted funds 2024 Charltable Income Charitable aclivitl8S Other income 404,181 5,300 312,063 6,048 409,481 318,111 Income from investments Unrestricted Unrestrlcted funds funds 2025 2024 Income Irom listed investments Interest receivable 13,768 12,370 12.768 4.829 26,138 17,597 Expenditure on raising funds Unrestrieted Unrestrlcted funds funds 2025 2024 Fundraislng and publlclty Other fundraising costs 1,008 Investment management 15 Total costs 1,042 15 16-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on charitable activities Charitable Charitable expenditure expenditure 2025 2024 Dlrect costs Staff costs Charitable expenditure 868,261 168,141 802,044 128,818 1,036.402 930,862 Share of support and governance Costs (see note 8 Support Governance 95,379 9,600 92,708 12,360 1.141.381 1.035,930 Analysis by fund Unrestricted funds Restricted funds general 493.746 647,635 520,538 515,392 1.141,381 1,035,930 Support costs allocated to activities 2025 2024 Staff costs Depreciation Office expensès Light heat and water PremSses costs Other expenses G0Veman costs 37,817 2,050 27,515 9,416 9,208 9.373 9,600 49,333 760 17,336 7,247 5,486 12,546 12,360 104.979 105,068 Analysed between: Charitable expenditure 104.979 105,068 Not movement in funds 2025 2024 The net movement in funds is stated after chargingl{crediting)'. Fees payable to the charivs auditor. - for the audit of the charity's financial slatements for other financial seryices Depreciation of owned tangible fixed assets 9.600 9,000 2,500 760 2.050 17-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. 11 Employees The average monthly number of employees during Ihe year was: 2025 Number 2024 Number 49 46 Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 830,638 60,359 15,081 782,055 55,717 13,605 906,078 851,377 There were no employees whose annual remuneration was mole than £60,000. Remuneration of key management personnel The trust conslders its key management personnel comprise the Chief Executive Officer and the Finance Manager. The iemuneralion including 8mployers pension conlrlbutions of the key management personnel is as follows. 2025 2024 Aggregate compensation 79,897 95,957 12 Gains and losses on investments Unrestricted Unrestricted funds funds 2025 2024 Gainsl(losses) arising on.. Revaluation of inveslmenls 11.829) 40.922 13 Taxation The charity is exempt from laxation on ils activities because all its income is applied for charitable purposes. 18-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Tangible fixed assets Frèehold land Othèr Fix•d and buildlngs A55ets Total Cost or valuation Al 1 April 2024 Additions 762,156 68.336 10,516 772,672 68,336 At 31 March 2025 830.492 10.516 841.008 Depreciation and impaimient At 1 April 2024 Oepreclation charged in the year 486 1.610 7,586 440 8,072 2.050 At 31 March 2025 2,096 8,026 10,122 Carrylng amount At 31 March 2025 828,396 2,490 830.886 At 31 March 2024 761.670 2,930 764.600 The land and buildings were independently valued on Ihe 1 November 2017 and are shown at the revalued amount of £750,000 plus improvements. Al 31 March 2025, had the revalued freehold land and buildlngs been carried at hSslorlc cost less accumulated depreclalion and accumulated impaimient losses. their caryin9 amount would have been approxlmately £612,76012024- £546.034). 15 Flxed asset Investments Llsted Investments Cost or valuation At 1 Aprll 2024 Additions Valuation ohanges 443,073 13,919 (1,829) At 31 March 2025 455.163 Carrying amounl AÉ 31 March 2025 455,163 At 31 March 2024 443,073 19-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Fixed asset investments (Continued) Flxed asset investments revalued All investments are carried at their fair value. Investrnents in equilies and fixed inleTest securitles are all traded on quoted public markets. The basis of fair value for the quoted investments is equivalent to the market value. using the bid price. Asset sales and purchases are recognised at the date of trade at cost I thal 15 their transaction value). 16 Debtors 2025 2024 Amounts falling due wlthin one year: Trade debtors Other debtors Prepayments and accrued income 7,055 6.914 11.762 56,670 9,654 9,435 25,731 75,759 17 Creditors: amounts falllng duo wllhln one year 2025 2024 Notes Other taxation and social security Deferred income Trade creditors Accruals 14,392 30,685 25,652 12,349 12,449 100,218 21,106 11,676 18 83,078 145,449 18 Deferred In¢ome 2025 2024 Other deferred income 30.685 100,218 Deferred income is included in the financial ststements as follows: 2025 2024 Deferred income is induded within: Current liabilities 30.685 100,218 Movements in the year: -20-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Deferred Income (Continued D8ferred Income at 1 April 2024 Released from prewous periods Resources deferred in the year 100.218 1100,218) 30,685 75.049 (75.049) 100.218 Deferred income at 31 March 2025 30,685 100,218 The deferred income comprises of grants reived. These have been defeed as the associated performanc8 relaled conditions are unfulfilled at the year end. 19 Retirement benefit schemes 2025 2Q24 Deflned contribution schemes Charge to profit or loss in respect of defined contribution schemes 15,081 13,605 The charity opera18s a defined ¢ontribulion pension scheme for all quallfying employees. The assels of the scheme are held separalely from those of the charity in an IndeperKlently administ8red fund. 20 Restrleted funds The restricted funds of the charity comprise the unexpended balanc8s of donations and grants held on trust subject to specific conditions by donors as to how they may be us8d. At 1 Aprll 2024 Incoming resDurces Resources At 31 March oxpended 2025 Restricted Property Reserve Other Restricted Funds 750,000 176.619 750,000 220,840 691,856 (647,635) 926,619 691,856 (647,635) 970,840 Previous year: At 1 April 2023 Incomlng rgsources Resources At 31 March expended 2024 Restricted Property Reserve Other Restricled Funds 750,000 184,296 750,000 176,619 507.715 (515.392) 934,296 507,715 (515,392) 926,619 21
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Unrestricted funds The unrestricted funds of the Charity comprise the unexpended balances of donations and grants which are not subjecl to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside oul of unrestricled funds by the trustees for specific purposes. At 1 April 2024 Incoming Resources resources expended Transfers Gains and At 31 March losses 2025 Designated Fund5 Building Malntenance Reserve Conkers Community Nursery Reserve General Reserve Men's Shed 70,000 70.000 95,000 95,000 285,000 4,570 285.000 4.570 454,570 454.570 General funds 104,303 570.439 494,788 (1,829) 178.125 558.873 570,439 (494,788) (1,829) 632.695 Previous year: At 1 Aprll 2023 Ineomlng resources Resources expended Transfèrs Galns and At 31 March losses 2024 Bullding Maintenance Reserv6 Conkers Community Nursery Reserve General Reserve Men's Shed General funds 70,000 70,000 95,000 95,000 285,000 4.570 118.157 285,000 4,570 104,303 465,777 {520.553) 40.922 572,727 465,777 {520.553) 40,922 558,873 The Designated Funds exist to ring fence the monies allocated to cover futu areas of expenditure in particular areas as decided by the trustees relating lo the nursery, building maintenance and a general expense reserve. In addition the Men's Shed project balance is held in a designated reseNe since it may become a separate Irading entity at a future date. -22-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysls of net assets between funds Unrestricted funds 2025 Rastricted funds 2025 Total 2025 At 31 March 2025: Tangible assets Investments Current asselsl(liabililies) 80.886 288,544 263,265 750.000 166,619 54.221 830,886 455,163 317,486 632,695 970,840 1,603,535 Unre51ricted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Tanglble assets Investments Current asselsl(118bllities) 14,600 276,454 267,819 750,000 166.619 10.000 764,600 443,073 277,819 558,873 926,619 1,485,492 23 Operattng lease commitrnents Lessee At the reporting 8nd date the charity had outstsnding commitments for future minimum lease payments under nonacancellable operating leases, which fall due as follows: 2025 2024 Within one year Beteen two and five years In over five years 1,291 3,551 1,076 2,959 1.076 4,842 5,111 24 Related party tran5a¢tions Donations without conditions totaling £3,834 was received by the charity frorn related parties in Ihe year (2024 £8,752>. There were no other rèlated paty transactions during the year. -23-
THE BALSAM CENTRE Formerly known as Wincanton Community Venture NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 25 Cash generated from operatlons 2025 2024 Surplusl{deficitl for the year 118,043 (21.531) Adjustments for: Investment income recognised in statement of financial activities Fair value gains and losses on investments Depreciation and impairment of tsngible fixed a5sels Legacy income 126,138) 1,829 2,050 (17.597) (40.922) 760 (182.245) Movemenls in yrkIng Gapitsl: Decreasel(increase) in debtors Increase in creditors (Decreaseyincrease in defr8d income 50,028 7,162 169,533) (49,406) 16.882 25.169 Cash generated froml{absorbed by) operations 83,441 {268.890) 26 Analysls ol changes In net funds The charity had no malerial debt during the y8ar. -24-