Company registration number.. 04774583 Charty registration number". 1104083 Taunton East Development Trust IA company limrted by guarantee} UnaLKlf(ed Annual Report and Financial Statements for the Year Ended 31 March 2023 ocm acmole "ACCVPA4Z• 2e40912023 COMPANIES HOUSE #59 Taunton East Development Trust Contents (continued) Reference and AdminBtralive Deta￿$ Trustees. Report 2105 Independent Examinerfs Report Statement of Financial Actiwties Balance Sheet Notes lo the Financ￿1 Slalemenls 9t020 Taunton East Development Trust Reference and Administrative Details Trustees Mr Paul Hughes. Chair of Trustees Mr Jonny M Dunk, {resNJned 2615r231 Mr Dav￿ L& Kassapian Mrs Mary Green51ade Mr William Tfegillus Mr Stephen Elis Wray Secretary Miss Paula Jayne Bartrah Charity Registration Number 1104083 Company Registr•tion Number 04774583 Registered Office The Link Centre 12 Moorland Close Taunton Somerset TA12DD Independent Examiner Acmole Stafford House Blackbrook Park Avenue Tatjnton Somerset TA12PX Page 1 Taunton East Development Trust Trustees. Report The Iruslees, who are directors for the purposes of company law. present the annual report together with the financial slatements of charrtable crynpany the year ended 31 March 2023. Achievements and performance wrth the charty supporting the needs of over 6.000 residenls in an area recognised as being among the fifth most deprived area in the United Kingdom. the demands on the charitys resources are signrficant_ Continuation of the activities detsiled in this report against a challenging financial background represents a sonificant *h￿eMent. In the year under rwew. the trustees prime f(tus was M hvo main areas" 1. Ensuring the charitys daity actiwl*s relleeted the r*eds of the cL*nmunity. especk41ty given the impact of Ihe pandemK. In additi￿ to daity clubs and support acliwb.es e.g. a fctussed Domestsc Abuse group, the chanty has managed distribution of restr￿le￿ funds lo household5 in dire financial need. The range of financial and non-finaneial support has enabled the charty to record a growing list of success stones for indNiduals, growng in confNJence and reversing a dowTward cycle of deprivation and Isolation. 2. Continuing the board's focus on financial wabilty and further strewiening of govemance. The board believe rts success in financial management and control is renecled in the accounts for the year, with good cash reserves and the poltcy of six months operating costs being held in free cash well exceeded. The board wshes lo confirm ￿ Ihanks to the various stakeholders have made this position possible. Specrficalty. the impact of the Barckys Famity Acb"on scheme must be recognised, where over 200 househdds in severe financial distress benefitted frcyn direct cash support. FiTrancial review The Iruslees are pleased to report net income of £38,164 (2022.. £86.5WI achieved on income of £217,810 12022." £178,111). Totsl funds avaiLable lo the charty have increased lo £158,804 12022." £120,640, represented primarity by cash of £114.000. The ban of £35,000 is ulilised entirely for the sel up of the Communty Shop. At 31 March 2023 the eharty had uniestn.cted reserves totalh.ng £114,31512022." £118,319). Included in this sum are r￿ed assets of £51.314 {2022.. £52.7851 leawng £63,001 1£65.534) regarded as free reserves. Poll¢y on reseryes The trustees have.in line with Charty Commissi￿ guthnce.CLX)SkJered the level of reserves required. The reserves at 31 March 2023. reflect more than tsvefve monlhs operating expenses. excluding ￿strI¢*ed funds. The truslees, polw is lo have ￿serveS ¢overing a minimum of six months operating ¢ost$. ex¢lu¢Jing resiricted funds. and are confident th* the reseNes will remain at this level going foTh¥ard. Page 2 Taunton East Development Trust Trustees. Report (continued) Plans for fulure wriods Alms and key objectives for futureperiods The trustees judge that. based on the UK'S Macro-econom￿ position anii v&ider global influen¢es. the . climate for charrtable fund-raising will be al best challenging. An urgent priority is therefore. as far as possible. lo de-risk the charty from rdiance on I￿al authorty and commercial fvnding and make the Charity financially sell-sustsining. To manage this priority, the board has made two svJnificant decisions". 1. Investment In the opening of a communty shop. lo provKle a base for ￿tall eXper￿nCe for residents. support the promS￿n of daity goods to the community. and generate a financial surp￿$ which can be re-lnvested in the community. 2. Ag￿ement of a fomial contract with Slxmefset Council If￿m?1￿ 5￿Cl for payment for services provided Ihrough Link Power to the wider communty. This itself will cover Ihe char.tys annual operating costs. and create a vett￿le for work experience and empkjyment. The Iruslees are committed to resourcing Ihe *ive wrth appropriate expertise. and this wll enable increased focus on Ihe criltcal daity 8clNities are undertaken to read lo the needs of the ccffirnunity. As the charity cwtinues to expand ts activibes and ￿flUenCe. the board is very aware of the need lo have real ¢Jivers'ty * all levels, and this be reflerted in the recruitment of future trustees. Objectives and activities Objects and aims The principal objectives of the Charity continue to be those prowdin9 public benefit through the promsion of facilities. information. advice and Publ￿ recreation or other leisuie lime occupation, lo improve conditions for those Imng working in the Taunton East area. We have refer￿￿ to the guKlan¢e ¢ontaned in the Charity Cc¥nmission's general guidance on public benefit when re￿wn9 our and obj.￿tiveS and in planning our future xtwf(ies, Objectives, strategies andactivities The objectives and strategy of the Trust are based on community need, with ongoing review and monitoring procedures lo be put in place. The trust provides a range of spe¢ialist se￿iceS lo support residents daify need5 #nd lifestyles. Public benefit The trustees confimi that they have coMpl￿d with the requirements of sectKTrn 17 of the Charities Act 2011 to have due regard to the public benefrt guidance published by the Charrty Commission for England and Wales. Use of volunteers The charity is very inv¢)Ived in the ¢¢)mmunty arKI ts grateful for vohjntary help. Volunteers assist with the mannin9 of reception and the administration of the charity. enabling lower stsff cosls that would otherwise be the case. The chanty is supported by a team of approximately 35 volunteers. P•Je 3 Taunton East Development Trust Trustees, Report Icontinued) stru￿ure. governance and managemenl Nature of governing document Taunton East Deveknpment Trust IS 8 company limited by guarantee and was incorporated on 22 May 2003 wlh company numbeT 04774S83. The charity is goveined by its MemoranL1um and Articles of Associat￿. Recruitmentandappointment of trustees The current trustees are awa￿ of the requirements of the articles with regard to the app￿ntMent of trustees. and have committed to the charity for the duration of the fve year stralegy. Induction and trainlng of trustees New Iruslees undergo an orienlalion course to brief them on their legal obligations under Charity and company law, the conlenl of the Memorandum and Art￿eS of A5SOCk31ion, the committee and decision making process. the business plan and recent financ¢al perfomance of the charrty. Trustees are encouraged lo attend apprOPr￿le extemal training events where these will facilitste the undertaking of the role. Organisational structure The ¢harity is organised so that the c￿MMit1ee typi¢alty meets on a srx week lo manage ils affairs. There are honorary officers. a chaiman, a treasurer and administrative personnel who administer the day to day actiwties ol the ¢harity. Prln¢lpal rlsks and Ylsk management The trustees have assessed the major risks to vthich the charty exposed, in partieukr those relating to the specific operational areas. The risks consbgered include the rnismanagement of the funds available lo the charity, complrance wth the Charrty Commission guKlelines, and the future availability ol funds sufficient to operate the Ch￿ty. The trustees beI￿ve that by monrtoring reserve and cash levels. by ensuring that controls exist over key financial systems, and by examining the operational and business risk5 faced by the charty. they have established effeclNe systems lo mitigale those risks. Going concern The trustees have considered carefulty the charrtls pO$rt￿ in respect of it's goin9 concem status. Given the changes implemented by the trustees over the past months. and the pos11ive reaction frc¥n stakeholders and donors to the management changes and future strategy being adopted. the trustees are satisfied of the thartys a￿.1￿ to meet ifs obligations for the next iwelve months. Page 4 Taunton East Development Trust Trustees. Report Icontinued Statement of trustees. responsibilities The trustees (who are also the directors of Taunton East Development Trnst for the PLFrposes of eompany lawl are responsible for preparing the trustees, report and the finan¢K41 statements in accordance with applicable law and Unrted Kingdom A¢￿unting Standards. including FRS 102 'The Financial Reporting Standard appl￿ble in the UK and Republic of Ireland" Iunited Kingdom Generalty Accepted Accounting Practice). Company law requires the trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charrtable company and of the incorne and expendrture, of the charrtable company for that penc¥J. In preparing these financial statements. the trustees are required lo.. select surtable accounting and appty them ¢onsistenlty". obseNe the methods and principles in the Charit*s SORP., make judgements and eslimales that are reasonable and pwdent". state whether applicable UK Accounting Standards have been folkjved. subj.eet lo any materi81 departures disclosed and explained in the financial stalemenls., and prepare the ffinancial ststemenls on the going con¢em basis unless it is inappropriate lo presume that the ch*itable company wll Continue in business. The Iru5tees are responsible for rnainlaining proper aceounting records whi¢h disclose wi(h reasonable accuracy al any ts.me the financial po$rt￿n of the Charitable company and enable them to ensure that the financial statements compty ￿th the compan￿ A¢t 201%. They are also responsible for safeguarding the assets of the charrtable company ar￿ hence for taking ieasonable sleps for the prevention and detect￿ of fraud and olher irregularit*. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charrtable companvs websi(e. Legislation in the United Kingdom governing the preparat￿n and dissemination of financral statement5 may differ fr￿n legislation in other jurisdidions. The annual report was approved by the trustees of the charty on ...... ... ......... and signed on rts behaw by.. Mr Paul Hughes Trustee Page 5 Taunton East Oevelopment Trust Independent Examlnevs Report to the trustees of Taunton East Development Trust I'the Company.) I report lo the ¢harity trustees on my examination of the acc¢￿nIS of the Company for the year ended 31 March 2023. which are set out on pages 7.10 20. Responsibilities and bas•s ol report As the Char￿'S Iruslees of the C￿￿panY (and also its directors for the purposes of company ￿) you are responsible foT the preparation of the accounts ￿ accordance wrth the requirements of the Companies Act 20C6 {'the 2006 Act.). Having satisfied myself that the accounts of the Company are nol required to be audrted under Part 16 of the 2006 Act and are eligible for indeperKlent examin*ion. I report in respect of my examination ol your charty's accounts as carried out under section 145 01 the Charities Acl 2011 ('Ihe 2011 Acl'l. In carrying out my examinatson I have followed the Direclions gNen by the Charity Commission under $e¢lion 1451511bl of the 2011 Act. Independent examinerfs statement I have completed my examination. I confimi thal no matters have come to my altention in connection with the examination gmng me cause to believe." accounting records were not kept in resFéCt ol Tajnton East Development Trust as required by section 386 of the 21J)6 ACL" or 2. the accounts do not accord wth those acc(wnting records. 3. the accounts do not compty with the xcounting requ1￿mentS of section 396 of the 20C6 Act other than any requirement that the accounts give a 'tnJe and fair wh￿h is not a matter considered as part of an independent examination" or 4. the ac¢ounts have not l)een prepared in xcordance 7Mth the methods and principbes of the Statement of Recommended practi￿ for accounting and repoth.ng by charities lapplicable to charrtEs preparing their a¢wunts in accordance with the Financial Reporting Standard applicable in the UK and Republ￿ of I￿l￿d (FRS 102)1- I have no concerns and have come across no rAher matters in connects.on wlh the examination to which attention should be drawn in this rwl n (Kder to enable a proper understanding of the accounts lo be reached. fLOi ÉE Sarah Twist FCA DChA Acmole Slafford House Blackbrook Park Avenue Taunlon Somersel TA1 2PX Page 6 Taunton East Development Trust Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure A¢¢ounti Unrestricted funds Restrict•d fvnds Total 2023 Not¢ Income from: Donations antl legacies Charitable activrties other trading activities Total income 26.196 131,367 8.927 38.320 13.000 64.516 144.367 8.927 166.490 51,320 217.810 Expenditure on: Raising funds Charitable actrvilies 11,578) 168.916 11,5781 178.068 9.152 Total expeThJiture Net lexpendilureifincome 170.494 9.1521 179,6461 (4.004} 42.168 38.164 Nel movement in funds (4.004) 42,168 38,164 Reconciliation of fund5 Totsl funds brought forward Total funds Carr￿ forward 118.319 2,321 120.640 18 114,315 44,489 158.804 Total 2022 £{As r￿tated) ljnrestricted tunds Restricted fvnds Note Income from: Donations and legacies Charitable aclivrtie5 Other trading actNikn'es 120.114 43,532 s,￿5 8.500 128,614 43.532 5.965 Total incc#me 169.611 8.500 178,111 Expenditure on- Raising funds Charitable aclivits'es 1320) 79,922 13201 91,201 11.279 Total expendrture 80,242) 111,279 91,521 Net incomel{expendrture) Transfers bèlween funds 89.369 8,228 {2.779) 8.2281 86,590 Nel movement in funds 97,597 (11,0071 86.590 Reconciliation of funds Totsl funds brought fo￿ard Total funds carried forward 20,722 13.328 34.050 18 118.319 2.321 120,640 The notes on pages 9 to 20 fom) an inlegral part of these financial statements. Page 7 Taunton East Development Trust IRegistralion number: 04774583) Balance Sheet as at 31 Mar¢h 2023 2022 £IAs restated) 2023 Note Fixed assets Tangible assets -12 67.863 55,106 Current assets Stocks Debtors Cash al bank and in hand 13 14 15 360 16,416 114,293 250 3,984 67,257 131.069 71,491 Creditors". Amounts falling wilhin one year 16 9,776 5,957 Net current assets 121.293 65,534 Total assets less Current liabilities 189,156 120.640 Credito￿. Amounts falling due after more than one year 17 30,352 Net assél$ 1 S8,804 120.640 Funds of the charty- Restricted in¢ome funds Restrided funds 44,489 2.321 Unrestricted in¢ome funds Unrestricted funds 114.315 118,319 Total funds 18 158,804 120,640 the financial year ending 31 March 2023 the thanty was enmled to exemption from audit under section 477 of the Cfympanies Acl 20[￿ ￿atIng to small companies. Director5, responsibl1￿"es". The membeis have nol required the eharity lo obtain an aud￿ of ils accounts for the year in question in accordance with seclion 476", and The directors acknovAedge their responsibilities for COmp￿.n9 ￿￿th the requirements of the Act bwth respe¢t to a¢counling records and the preparation of accounts. The financial statements on pages 7 10 20 were approved by the trustees. and authorised for issue on - 4-t) and signed on their behalf by.. Rn Mr Paul Hughes Trustee The notes ￿ pages 9 to 20 fom) an integral part of these financial statwnenls. Page 8 Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2023 1 Charlty status The Charity is limited by guarantee, incorporated in , and consequenliy ￿￿$ not have share c8pilal. Each of the trustees is Ikable to ￿ntr￿Ule an am¢)unt not exceeding £1 towards the as5e15 of the charity in the event of liquidation. The address of its registered offKe is". The Link Centre 12 Moortand Close Taunton Somersel TA12DD 2 Accounting policies Summary of signilicanl accounting policies and key accounting estimates The pfincipal acGounling pcAicies applEd in the preparabon of these fina￿la1 statements are sel out below. These polKses have been consislentty appl*d to the ye*s piesented. unless otherwise slated. Basis of preparation and statement of compliance The financial $tstements have been prepared under the historical cost convention with items recognised al Cost or transactK>n value unless stated olhervAse within these notes. The financial statements have been prepared in accordance with Accounting and Reporting by CharilEs.' Slalemenl of Recommended Practice lappluble to charities preparing their accounts in accordance with the Financial Reporting Standard appl￿ble in the UK and Republic of Ireland IFRS 10211 {issued in October 2019} - (Charities SORP {FRS 10211. the Financial Repo￿n9 Standard applicable in the UK and Republic of Ireland IFRS 1021 arKI the compart￿ Act 2¢￿. Taunton East Development Trust meets the definilp)n of a publt benefrt entity under FRS 102. Going concèm The trustees consider that there are no material uncertainties about the chariws ability to ¢ontinue as a going concem nor any signrficanl area5 of uncertainty that affect the Carr￿n9 value of assets held by the charrty. Incoffle All income is fecognised once the charity has entitlement to the income, rt is probabbe that the income will be received and Ihe amount of the inccffie receivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notffied in writing of both the amount and settlement date. In the event that a donation is subject to condth.ons that require a level of perfomiance by the charty before the charity is entrtled to the funds, the income is deferred and not recognised until either those condrtions are fLsIty met. or the fU￿1￿ent of Ih05e condit￿nS is whol within the Control of Ihe charity and il is probable that these conditsons will be fuffilled in the reporb.ng period. Page 9 Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2023 (continued) 2 Accountin9 policies (continued) Grants rn¢eivable Grants are recognised when the charty has an entrtlement lo the funds and any condrtions linked to the grants have been met. Whefe performance condrth)ns are altached lo the grant and are yel lo be mel, the income is recognised as a Ikabilty and included on the balance sheet as deferred income to be released. Expenditure All expenditure is recognised once the￿ is a legal or constructNe obligalKsn to that expenditure. il is probable settlement is required and the amount can be measured reliabty- All Costs are allocated to the applicable expenditure heading that aggregate similar to that category. Where costs cannot be direcdy attrib￿ed to p3￿C￿lar headings they have been alk¢ated on a basis consist8nl wrth the use of resour¢e$. Ralslng funds These are costs incurred in attracting voluntary inccrfne. the man￿ement of inveslmenls and those incurred in trading actiwlies that raise funds. Charitable activities Charitawe expenditure Comprises those costs incurred by Ihe charity in the delivery of f(s aclNities and servtes fr>r its beneticiarÈs. It ineludes both costs th* can be allocated directy to such actimties and those ¢osts of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to aclNrty Cost categories on a basis consistent wth the use of resources. for example, allcKating property costs by floor areas, or per ¢aprta, staff costs by the time spent and other costs by their usage. Govemance costs These include the costs attributable to Ihe chantys complian¢e with Constitutional and statutory Tequiremenls. including independent examination. strategic management and trustees meets.ngs and Teimbursed expenses. Irrecoverable VAT Irrecoverable VAT is charged against the category expendrture for whKh it was incuryed. Taxation The charity is a wistered charty and is, the￿fOre. exempt frC￿ liabilty lo taxation on income and caprtal gains, to the extent Ihat such income or gains are applied exdusively to charitable purposes. Tangible fixe