Company registration number.. 04774583 Charity registration number" 1104083 Taunton East Development Trust (A company limited by guarantee) Unaudited Annual Report and Financial Statements for the Year Ended 31 March 2024 ocm acmole
Taunton East Development Trust Contents (continued) Reference and Administrative Details Trustees, Report 2to6 Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10t025
Taunton East Development Trust Reference and Administrative Details Trustees Mr Paul Hughes - resigned 25 October 2024, Chair of Trustees Mr David Lee Kassapian, appointed 25 October 2024, Chair of Trustees Mrs Mary Greenslade Mr Stephen Elis Wray Miss Yang Li - appointed 22 March 2024 Mrs Ann Davis - appointed 28 August 2024 Mr William Tregillus - resigned 28 August 2024 Secretary Miss Paula Jayne Bartraham - resigned 20 November 2024 Miss Yang Li - appointed 20 November 2024 Charity Registration Number 1104083 Company Registration Number 04774583 The charity is incorporated in England & Wales. Registered Office The Link Centre 12 Moorland Close Taunton Somerset TA12DD Independent Examiner A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somerset TA12PX Page 1
Taunton East Development Trust Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors. report of the charitable company for the year ended 31 March 2024. Achievements and performance The charity has continued to deliver activities, support and advi to the community as in previous years. The community still struggles economically and socially, which the charity makes every effort to mitigate. With over 11,000 points of contact across the year into the Charity's Link Centre, the charity has been as busy as ever including presentation of food vouchers,. shopping and prescription pick ups for the physically frail., events for local school children, and transport to social events., regular social gatherings hosted for members of the community, financial assistance; and major events with over 500 + attendees at each event. The two main areas of focus for this year, as detailed in the last report, were the refurbishment, opening, and consolidation of the Link Community Store, and the development of a more commercial relationship with the Local Council, developing our volunteer Link Power capabilities. The Community store opening was delayed due to major refurbishment challenges, including significant unforeseen cost growth. But it is now open, and operating with an employed manager, and a growing cohort of volunteers. The challenge is now to develop the commercial wherewithal to ensure a sustainable business model, and deliver a regular surplus back into the charity, which is still to be achieved. Whilst there has been significant income-generating work forthcoming from Somerset Council for our Link Power volunteers, no formal contract has been forthcoming. So the sustained nature of this work through time is not assured, nor therefore the income stream. We continue to work with the Council to seize opportunities The Board is also in the process of recruiting new trustees. with greater diversity to ensure a fresh and appropriate governan structure Financial review As at 31 March 2024, there is a total deficit of £35,721 {2023'. surplus £38,164). There was deficit of £83,147 (2023-. deficit £4,004) on unrestricted reserves. Unrestricted income decreased in the year to £82,843 compared to £166,490 in 2023. Unrestricted expenditure increased to £183,470 compared to £170,494 in 2023. At 31 March 2024 the charity had unrestricted reserves totalling £31,168 (2023. £114,315). Included in this sum are fixed assets of £52,533 {2023.. £51,314) and long term loans of £22,473 leaving £1,108 (2023.. £63,001) regarded as free reserves. Page 2
Taunton East Development Trust Trustees. Report (continued) Policy on reserves The trustees have in line with Charity Commission guidan considered the level of reserves required. The trustees, policy is to have reserves covering a minimum of six months operating costs, excluding restricted funds. The free resetves shown at 31 March 2024 do not meet this target. The Trustees have prepared forecasts and budgets for the financial years ending 31 March 2025 and 31 March 2026. In the short term, the cost growth in the refurbishment of the shop has eroded reserves. Regeneration of appropriate reserves is in part reliant on an increased and sustainable level of work for Link Power with the Council, generating income, as well as profit from the Community store being generated. The Board is engaging with donors and benevolent organisations to offset risk in this area. These indicate that the charity will have sufficient fijnds in order to be able to continue in operation for this period, and therefore for the foreseeable future. The Trustees therefore consider it appropriate for the accounts to be prepared on a going concern basis. Plans for future periods Aims and key objectives for future periods The Charity has taken on new challenges of rent times, most notably the opening and running of the Community store, which has nevertheless been a major milestone to celebrate. This has stretched the capacity of employees and trustees. It is therefore important that the charity now consolidates what it has achieved to date. Key in this will be solidifying the foundations of the Community Store. There is also a planned turnover of both the Chair and Treasurer which will need to be carefully managed. Understanding the impact of the charity in the community, effectively measuring that impact, whilst listening to the requirements of the community will be key for the next year and beyond. Making sure our employees and volunteers are offered opportunities for development to ensure the smooth running of the charity. whilst also delivering effect. and building their confiden, will be important. And the Board not only needs to consolidate its govemance and oversight of the charity as a whole, but also seek to solidify the charity's financial reserves by engaging with potential funders. Objectives and activities Objects and aims The principal objectives of the Charity continue to be those providing public benefit through the provision of facilities, inft)rmation, advi and public recreation or other leisure time occupation, to improve conditions for those living and working in the Taunton East area. We have referred to the guidan contained in the Charity Commission's general guidan on public benefit when reviewing our aims and objectives and in planning our fvture activits'es, Objectives, strategies and activities The objectives and strategy of the Trust are based on community need, with ongoing review and monitoring prOdureS to be put in pla. The trust provides a range of specialist services to support residents daily needs and lifestyles. Page 3
Taunton East Development Trust Trustees. Report (continued) Public benefit The trustees confim 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 charity is very involved in the community and is grateful for voluntary help. Volunteers assist with the manning of reptIOn and the administration of the charity, enabling lower staff costs that would othemise be the case. The charity is supported by a team of approximately 35 volunteers. Structure, governance and management Nature of goveming document Taunton East Development Trust is a company limited by guarantee and was incorporated on 22 May 2003 with company number 04774583. The charity is govemed by its Memorandum and Articles of Association. Recruitment and appointment of trustees The current trustees are aware of the requirements of the articles with regard to the appointment of trustees, and have committed to the charity for the duration of the five year strategy. Induction and training of trustees New trustees undergo an orientation course to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of the role. Organisational structure The charity is organised so that the Committee typically meets on a six week cycle to manage its affairs. There are ambassadors, a chairman. a treasurer and administrative personnel who administer the day to day activities of the charity. Page 4
Taunton East Development Trust Trustees. Report (continued) Principal risks and risk management A Strategic Risk register is now maintained, which is reassessed at every Board meeting. The 4 major risks to the operation of the charity identified are- Financial stability in an economically challenging environment,. a reduced volunteer base which undermines the continued viability of the charity., business resilience and continuity in what is a small charity,. the capacity and capabilities of the charity are stretched beyond sustainable levels. In mitigation- the Board monitor cashflow and reserves, but the environment remains difficult- the volunteer cohort is currently healthy and growing, and a renewed awareness campaign should further assist,. a deputy manager is being sought to support and underpin the CEO, as well as developing the skills of the volunteer base to support the operation of the charity,. current achievements and projects will be consolidated, rather than development of significant new projects, alongside mentorship and training for the charity's employees. Going concern The trustees have considered carefully the charity's position in respect of rvs going concern status. Given the changes implemented by the trustees over the past twelve months, and the positive reaction from stakeholders and donors to the management changes and future strategy being adopted, the trustees are satisfied of the charity's ability to meet ifs obligations for the next twelve months. The Trustees have prepared forecasts and budgets for the financial years ending 31 March 2025 and 31 March 2026. These indicate that the charity, has sufficient funds in order to be able to continue in operation for this period, and therefore for the foreseeable future. The Trustees therefore consider it appropriate for the accounts to be prepared on a going concern basis. Page 5
Taunton East Development Trust Trustees. Report (continued) Statement of trustees. responsibilities The trustees (who are also the directors of Taunton East Development Trust for the purposes of company law) are responsible for preparing the Trustee's Report and the trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" (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 view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently- obseNe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent" state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial ststements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for maintaining proper accounting records which 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 Maintenan and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by the trustees of the charity on behalf by= and signed on its Mr David Lee Kassapian Trustee Page 6
Taunton East Development Trust Independent Examinerfs Report to the trustees of Taunton East Development Trust ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024, which are set out on pages 8 to 25. 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 I'the 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515)(bl of the 2011 Act. Independent examiner's statement 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 Taunton East Development Trust as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those accounting 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 Practi for accounting and reporting by charities lapplicable 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 cOnrnS 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. Sarah Twist FCA DChA A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somerset TA12PX Date:............................. Page 7
Taunton East Development Trust Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account) Unrestricted funds Restricted funds Total 2024 Note Income Donations and legacies Charitable activities Other trading activities 14,020 62,423 6,400 3,000 109,761 17,020 172,184 6,400 Total income 82,843 112,761 195,604 Expenditure Raising funds Charitable activities {1,677) (181,793 {1,677) 229,648 47,855 Total expenditure (183,470 47,855 231,325 Net {expenditure)lincome Transfers belween fiJnds (100,627) 17,480 64,906 17,480 (35,721) Net movement in fiJnds (83.147) 47,426 (35,721) Reconciliation of funds Total funds brought forward 114,315 44,489 158,804 Total funds carried forward 21 31,168 91,915 123,083 Unrestricted funds Restricted funds Total 2023 Note Income Donations and legacies Charitable activities other trading activities 26,196 131,367 8,927 38,320 13,000 64,516 144,367 8,927 Total income 166,490 51,320 217,810 Expenditure Raising funds Charitable activities (1,578) (168,916) (1,578) (178,068) (9,152) Total expenditure (170,494) (9,152) (179,646) Net incomel(expenditure) (4,004) 42,168 38,164 Net movement in funds (4,004) 42,168 38,164 Reconciliation of funds Total funds brought fotward 118,319 2,321 120,640 Total funds carried forward 21 114,315 44,489 158,804 The notes on pages 10 to 25 fomi an integral part of these financial statements. Page 8
Taunton East Development Trust {Registration number: 04774583) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 49,817 17,600 67,863 67,417 67,863 Current assets Stocks Debtors Cash at bank and in hand 15 16 17 302 48,160 42,761 360 16,416 114,293 91,223 131,069 Creditors: Amounts falling due within one year 18 (13,084) {9,776) Net current assets 78,139 121,293 Total assets less current liabilities 145,556 189,156 Creditors: Amounts falling due after more than one year 19 (22,473) (30,352) Net assets 123,083 158,804 Unrestricted funds 31,168 114,315 Restricted funds 91,915 44,489 Total funds 21 123,083 158,804 For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities= The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476,. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 8 to 25 were approved by the trustees, and authorised for issue on and signed on their behalf by: Mr David Lee Kassapian Trustee The notes on pages 10 to 25 fomi an integral part of these financial statements. Page 9
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 1 Charity status The charity is limited by guarantee, incorporated in England & Wales, 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- The Link Centre 12 Moorland Close Taunton Somerset TA12DD 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 othemise stated. Basis of preparation and statement of compliance The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise within these notes. The financial statements have been prepared in accordan with Accounting and Reporting by Charities.. Statement of Recommended Practi (applicable to charities preparing their accounts in accordan 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. Taunton East Development Trust meets the definition of a public benefit entity under FRS 102. Going concern The financial statements have been prepared on a going concem basis, which assumes the charity will continue in operation for a period of at least twelve months from the date of authorisation of the financial statements and have sufficient funds to pay debts as and when they fall due. The Trustees have prepared forecasts and budgets for the financial years ending 31 March 2025 and 31 March 2026. These indicate that the charity, has sufficient funds in order to be able to continue in operation for this period, and therefore for the foreseeable future. The Trustees therefore consider it appropriate for the accounts to be prepared on a going concern basis. Income All income is recognised On the charity has entitlement to the income, it is probable that the income will be received and the amount of the income re1vable can be measured reliably. Page 10
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 2 Accounting policies Icontinued) 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 fvnds, 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. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perfomiance conditions 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. 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. 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 neSSary to support them. 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 or the amount of grant payable. Support costs Support costs include ntral functions and have been allocated to activity cost categories on a basis consistent with the use of reSoUrs, for example, allocating propety 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 independent examination, strategic management and trustees meetings and reimbursed expenses. Irrecoverable VAT Irrecoverable VAT is charged against the category expenditure for which it was incurred. Page11
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 2 Accounting policies Icontinued) Taxation The charity is a registered charity and is, therefore, exempt from liability to taxation on it's income and capital gains, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Tangible fixed assets 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 Computer equipment Motor vehicles Plant & equipment Depreciation method and rate 20 % Reducing balan 20 % Straight Line 10 % Reducing balan Stock Stock is valued at the lower of cost and estimated selling pri less costs to complete and sell, after due regard for obsolete and slow moving stocks. 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. Fund structure Unrestricted income funds are general fijnds that are available for use at the trustees discretion in furtherance of the objectives of the charity. 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. Financial instruments The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and creditors, are initialty measured at transaction price and subsequently measured at amortised cost. Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impaimient is found. an impairment loss is recognised in the income statement. Page 12
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 2 Accounting policies Icontinued) Basis of consolidation The financial statements present infomiation about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking Link Community Store Limited, comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by the Charities SORP (FRS102) and the Companies Act for small groups and consolidated accounts are not prepared. Critical accounting judgements and estimation uncertainty The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses. Estimates and judgements are continually evaluated and are based on historical experien and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The charity makes estimates and assumptions conMIng the future. The resulting accounting estimates will, by definition. seldom equal the related actual results. The Trustees consider that there are no critical accounting estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Page 13
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 3 Income from donations and legacies Unrestricted funds Restricted funds Total 2024 Donations Grants 14,020 14,020 3,000 3,000 14,020 3,000 17,020 Unrestricted funds Restricted funds Total 2023 Donations Grants 3,696 22,500 804 37,516 4,500 60,016 26,196 38,320 64,516 4 Income from charitable activities Unrestricted funds Restricted funds Total 2024 Link power income Grants - general Grants - restricted Grants - restricted Grants - restricted Misc income 40.936 14,500 40,936 14,500 69,761 35,000 5,000 6,987 69,761 35,000 5,000 6,987 62,423 109,761 172,184 Unrestricted funds Restricted funds Total 2023 Link power income Grants - general Grants - Skateboarding Grants - Activity days Misc income 49,917 81,300 49,917 81,300 7,500 5,500 150 7,500 5,500 150 131,367 13,000 144,367 Page 14
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 5 Income from other trading activities Unrestricted funds Restricted funds Total 2024 Raffle receipts Trading income Link kitchen income Coffee mornings income Misc income Events income Activity day reiptS 115 115 375 740 4.577 375 740 4,577 593 593 6,400 6,400 Unrestricted funds Restricted funds Total 2023 Raffle receipts Trading income Link kitchen income Coffee mornings income Misc income Events income Activity day reiptS 102 102 696 800 6,271 696 800 6,271 1.058 1,058 8,927 8,927 Page 15
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 6 Expenditure on raising funds al Costs of trading activities Unrestricted funds Restricted funds Total 2024 Link kitchen costs 1.677 1,677 1,677 1,677 Unrestricted funds Restricted funds Total 2023 Link kitchen costs 1,578 1,578 1.578 1,578 7 Expenditure on charitable activities Unrestricted funds Restricted funds Total 2024 Activity days costs Shop refurbishment Skateboarding Grant funding of activities Staff costs Allocated support costs Governan costs 8.648 36,924 1.563 2,900 15,561 2,190 3,000 11,548 52,485 3,753 3,000 45,180 108,803 4,879 229,648 45,180 84,599 4.879 24,204 181,793 47,855 Unrestricted funds Restricted funds Total 2023 Activity days costs Shop refurbishment Skateboarding Staff costs Allocated support costs Governan costs 9,173 19.248 1,100 10,273 19,248 2,560 40,956 99,941 5,090 2,560 40,956 94,449 5,090 5,492 168,916 9,152 178,068 Page 16
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 8 Analysis of governance and support costs 2024 2023 Opening stock Closing stock (Profit}Iloss on fixed assets Staff training & development Volunteers - restricted Rates Water Electricity unrestricted Electricity restricted Repairs & Maintenan - unrestricted Repairs & maintenance - restricted Telephone Office insurance Tipper lease IT & computer SOfare Stationery & office consumables Materials for link power jobs - unrestricted Materials for link power jobs - restricted Cleaning Motor expenses - unrestricted Motor expenses - restricted Safety clothing & equipment- unrestricted Safety clothing & equipment - restricted Subcontractor costs COVID expenditure Flat refit costs - unrestricted Flat refit costs - restricted TNL projects - unrestricted TNL projects - restricted Advertising & marketing Sundry - unrestricted Sundry - restricted Consultancy fees Legal fees HMRC interest Depreciation unrestricted Depreciation restricted Loan interest 360 (302) (2,737) 153 2,332 250 (360) 1,913 2,504 445 620 748 750 6,591 1,112 1,729 1,829 853 2,224 649 1,794 3,959 10,774 382 173 804 355 165 94 87 10,431 600 1,745 49 10,043 992 65 5,790 2,560 21,402 20 400 13,063 796 2,460 7,060 4,880 1,242 45 12,820 1,664 2,034 3,721 26,564 6,518 1,185 994 803 9,050 3,420 14,984 388 704 108,803 99,941 Page 17
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 9 Net incomel{expenditure) Net {expenditure)lincome for the year includes= 2024 2023 Independent examiner's fee Independent examiner's fees- PredeSsOr fim Depreciation of fixed assets 3,225 3,144 1,946 15,372 14,484 10 Trustees remuneration and expenses During the year, one trustee {2023.' None) reiVed reimbursement for expenses incurred of £1,600 (2023. £Nill. One trustee (2023= None) received £300 (2023= £Nil) in vouchers in their capacity as a volunteer. 11 staff costs The aggregate payroll costs were as follows". 2024 2023 Staff costs during the year were: Wages and salaries Pension costs 44,410 770 40,274 682 45,180 40,956 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as fvll time equivalents was as follows.. 2024 No 2023 No Management and office staff Two {2023 - One) of the above employees participated in the Defined Contribution Pension Schemes. The key management personnel of the charity comprise of the trustees of the charity. The total employee benefits of the key management personnel of the charity were £Nil (2023.. £Nil). No employee reiVed emoluments of more than £60,000 during the year (2023: None). 12 Taxation The charity is a registered charity and is therefore exempt from taxation on its income and gains to the extent that such income or gains are applied exclusively to charitable purposes. Page 18
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 13 Tangible fixed assets Fumiture and equipment Motor vehicles Plant & equipment Total Cost At 1 April 2023 Additions Disposals 8.877 68,687 27,311 9,701 104,875 9,701 (24,593) (24,593) At 31 March 2024 8,877 44,094 37,012 89,983 Depreciation At 1 April 2023 Charge for the year Eliminated on disposals 6,181 545 25,436 10,111 (11,330 5,395 3,828 37,012 14,484 (11,330) At 31 March 2024 6,726 24,217 9,223 40,166 Net book value At 31 March 2024 2,151 19,877 27,789 49,817 At 31 March 2023 2,696 43,251 21,916 67,863 Page 19
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 14 Fixed asset investments Shares in group undertakings and participating interests Subsidiary undertakings Total Cost Additions 17,600 17,600 At 31 March 2024 17,600 17,600 Net book value At 31 March 2024 17,600 17,600 Details of undertakings Details of the investments in which the charity holds 200/0 or more of the nominal value of any class of share capital are as follows- Country of incorporation Proportion of voting rights and shares held 2024 2023 Principal activity Undertaking Holding Subsidiary undertakings Link Community Store Ltd England & Wales Ordinary Local shop Subsidiaries The loss for the financial period of Link Community Store Ltd was £23,005 {2023'. £Nil) and the aggregate amount of negative capital and reserves at the end of the period was £5,405 (2023.. £Nil). 15 Stock 2024 2023 Stocks 302 360 Page 20
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 16 Debtors 2024 2023 Trade debtors Due from group undertakings Prepayments Accrued income 1,555 40,876 5,011 718 8,260 5,419 2,737 48,160 16,416 17 Cash and cash equivalents 2024 2023 Cash at bank 42,761 114,293 18 Creditors: amounts falling due within one year 2024 2023 Other loans Other taxation and social security other creditors Accruals 7,879 546 459 4,200 5,352 640 640 3,144 13,084 9,776 19 Creditors: amounts falling due after one year 2024 2023 Other loans 22,473 30,352 20 Obligations under leases and hire purchase contracts Operating lease commitments Total future minimum lease payments under nOn-CanlIable operating leases are as follows.. 2024 2023 Within one year Beeen one and five years 5,736 28,173 33,909 Page 21
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 21 Funds Balance at 1 April 2023 Balance at 31 March 2024 Income Expenditure Transfers Unrestricted funds 114,315 82,843 (183,470) 17,480 31,168 Restricted funds Link power fund Activity days grants Rotary club - grant for new kitchen costs Skateboarding SCF - Shop refurbishment Fuel poverty fund The National Lottery Community Fund Commissioner's Crime Prevention Fund Albert Goodman - grant for Link Community Store Ltd TNL street crickeucommunity fund Welfare fund Poli commissioner 1,063 5.500 (177) (2.900) 886 2,600 1,018 4,940 17,500 (104) (2,190) 914 2,750 (17,500) 20 (20) 9,616 (962) 8,654 4.852 (486> 4,366 3.000 (3,000) 69,761 35,000 5,000 (14,543) (18,473) (5,000) 55,218 16,527 Totsl restricted funds 44,489 112,761 (47,855) (17,480) 91,915 Total funds 158,804 195,604 (231,325) 123,083 Page 22
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 21 Funds (continued) Balance at 1 April 2022 Balance at 31 March 2023 Income Expenditure Transfers Unrestricted funds 118,319 166,490 (170,494) 114,315 Restricted funds Link power fund Activity days grants Cost of living Rotary club - grant for new kitchen costs Skateboarding SCF - Shop refurbishment Fuel poverty fund The National Lottery Community Fund SCF - Christmas event Commissioner's Crime Prevention Fund 1,186 (123) 1,063 5,500 5.500 5,000 (5,000) 1,135 (117) (2,560) 1,018 4,940 17,500 7,500 17,500 804 (804) 9.616 400 9,616 (400) 5,000 (148) 4,852 Total restricted funds 2,321 51,320 {9,152) 44,489 Total funds 120.640 217.810 (179.646) 158,804 Page 23
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 21 Funds (continued) Link Power fund The project carries out maintenan, gardening, litter-picking and general improvements around the local area. This project has been funded by way of grant income and from charges levied on the work carried out. The restricted fund represents capital assets funded by way of grant. Link Power fee income is treated as unrestricted income. Activities Days grant - These grants were given to help fijnd the activities days provided by the centre. The balan held on the fijnd is specifically tovRrds the 2023 school holiday activities. Cost of living - This grant was given towards sustaining the organisations low costs to the community and subsidising work in the community. Rotary Club grants for new kitchen costs This grant was given to help fund the move to the new premises and to fit out and equip the kitchen in particular. The restricted fund represents capital assets funded by way of grant. Skateboarding grants have been received from and SSAP to fund the skate club. The SCF grant for shop refurbishment was received towards the for shop refurbishment and it's working capital. Fuel povety fund was received to subsidise family household fuel costs. The National Lottery Community grant fund received for shop fittings and counter. The balance on the fund is represented by the net book value of the fixed assets held. SCF grant for the Christmas paty donation was reiVed to fund the Christmas event. The Commissionerfs Crime Prevention Fund was reiVed to purchase tools for the Link Power project. All funds have been spent and the balan on the fund represents the net book value of the assets held. Albert Goodman - grant for Link Community Store Ltd VRS reiVed to replenish stockholdings for the store, and assist development of the shop's sustainability. Street CricketlTNL Community Fund was granted to provide weekly indoor street cricket for children from the community. Welfare Fund was provided to assist families in dire need with one-off direct financial grants, subject to certain criteria. During the year there was a transfer of £17,500 from the restricted fund to unrestrrcted fijnd. This was for the purchase of the share capital in Link Community Store. On investment into the Link Community Store the restriction on the fund were fulfilled. Page 24
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 22 Analysis of net assets between funds Total funds at 31 March 2024 Unrestricted funds Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year 34,933 17.600 14,192 {13,084) {22,473) 14,884 49,817 17,600 91,223 (13,084) (22,473) 77,031 Total net assets 31.168 91,915 123,083 Total funds at 31 March 2023 Unrestricted funds Restricted funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year 51,314 103,129 (9,776) {30,352) 16,549 27,940 67,863 131,069 (9,776) 30,352) Total net assets 114,315 44,489 158,804 23 Related party transactions There were no related party transactions in the year. (2023.. None) Page 25