C(xnpany registratlon number: 04774583 Charity registration number. 1104083 Taunton East Development Trust (A company limlted by guarantee) Unaudited Annual Report and Flnancial Statements for the Year Ended 31 March 2025 ocm acmole
Taunton East Development Trust Contents Reference and Administrative Details Trustees, Report 2to6 Independent Examinerfs Report Statement of Financial Activities Balance Sheet 9t010 Notes to the Financial Statements 11to29
Taunton East Development Trust Reference and Administrative Details Trustees Mr Paul Hughes - resigned 25 October 2024. Chair of Trustees Mr David Lee Kassapian, - Chair from 25 October 2024 Mrs Mary Greenslade Mr Stephen Elis Wray Miss Yang Li - resigned 31 December 2025 Mrs Ann Davis - appolnted 28 August 2024, resigned 8 March 2025 Mr William Tregillus - resigned 28 August 2024 Mlss Paula Jayne Bartraham - resigned 20 November 2024 Secr•tary Miss Yang Li - appointed 20 November 2024 & resigned 31 December 2025 Charlty Rggistratlon Number 1104083 Company Rogistratlon Number 04774583 The charity is incorporated in England & Wales. R•gistered Offlce The Link Centre 12 Moorland Close Taunton Somerset TA12DD Ind•p•ndent Examlnor A C Mole LLP Slafford House Blackbrook Park Avenue Taunton Somer88t TA12PX Page 1
Taunton Easl Development Trust Trustees. Report The trustees, who are directors for the purposes of company law, present the annual pOrt together with the financial statements and auditors, report of the charitable company for the year ended 31 March 2025. Achlev•monts and perfomianco The charity has continued to deliver activities. support and advice to the community as in previous years. The community still struggles economically and socially, which the charity makes every effort lo mitigate. With over 12,500 points of contact across the year into the Charitls Link Centre, the charty has been as busy as ever including: distributlon of food vouchers; shopping and prescription pick ups for the physically and socially frail; school holiday events for local children, and transport to social events; regular social gatherings hosted for members of the community; financial assistance to those in need; and major events with over 800 + attendees at our major events. It has been another busy year supporting the local council with our Link Power workforce. which has generated significanl funds.we have developed links with local NHS agencies to offer screening events at the Llnk Centre. and have had Primary care reps at our school holiday events to engage with and support parents and children as required. As part of our drive to improve healthy eating habits, we have held some budget cooking classes, with more planned for the next financial year. We continue to work closely with local government partners to maximlse opportunities. We are also working hard to improve our understanding of our impact in the community and upon individuals. The search for new trustees contlnues: the challenge is finding those prepared to contribute to Ihe runnlng of a charity which does not have the capacity to manage itself at the moment. Volunteer numbers are healthy, and continuing to grow. Flnanclal revl•w As at 31 March 2025, there is a tot81 defldt of £41,842 (2024: deficlt of £35,721). There was deficit of £39,819 (2024.. deficlt of £30.500) on unrestricted reserves. Unrestricted income decreased to £62,026 compared to £82,843 In 2024. Unrestricted expendlture decreased to £101,845 compared to £130,823 in 2024. At 31 March 2025 the charity had unrestricted reseNes totalling £43,996 (2024: £83.815). Included in this sum are fixed assets of £22,996 (2024: £52,533), non-current assets of £50,088 and long term loans of £14,111 (2024: £22,473) leaving negative free reserves of £14,977 (2024: £8,809). Page 2
Taunton East Devolopment Twst .. Trustees. Report (contlnued) Pollcy on reserves The trustees have in line with Chartty Commission guidance nsidered the level of reserves required. The Iruslees, policy is to have reserves covering a minlmum of six months operating costs. excluding restricted funds. The fe reserves shown al 31 March 2025 do not meet thls target. The Trustees have prepared forecasts and budgets for the financial years ending 31 March 2026 and 31 March 2027. A large part of the reserves eroded by the shop refurbishment currently form a loan from Taunton East Development Trust, upon which repayment has not yet commenced. The Communlty store has made a small loss, which has impalred the ability to begin repayment. Reestablishment of appropriate reserrfes remains also in part reliant on an increased and suslainable level. of Vrk for Link Power with the Council, generating income. The Board continues to engage with donors and benevolent organisations to offset risk in this area. The forecasts indicate that the charity will have sufficient funds in order to be able to continue in operation for thls period, and therefore for the foreseeable future. The Trustees therefore consider it approprlate for the accounts to be prepared on a going concern basis. Alms and k•y obJect5ves for future perlods The Community store is now well-established. and we expect to begin to trade a small proflt during flnancial year 25126. The benefits of the Community store are already apparenl. as it provides both employment and volunteer opportunities. as well as a focal polnt in the community, but we need now to ensure that it becomes a viable commercial entity to be both self-SUStaining, but also able to reinforce the broader charitvs reserves. Providing the skills to our volunteers to do this will also illustrate firm progress. Moving fopward, the Trustees will contlnue to maximise the opportunltles for development of skills within the community and our volunteer force, as well as expanding our volunteer base. We now engage with the communlty more regularly to understand their needs, and we will expand this further into the future. We have re-branded as a charSty, and launched a new website, as well as concentrating on our use of social medla to ensure our messaglng Is not only consistent. but also reaches as wide an audience as possible: we will continue in this veln. A key objective moving forward is to ensure we are able to provide assistance and benefit to as many p8ople as possible across the community. And thereafter. measuring the impact of the charity in the community remains an area for further developrnent. Providing assistance and informatSon on healthy and affordable eatlng is another aim to help the community to thrive. And the Board continues to engage with both regional and national potential donors to reinforce the longer tenn financial security of the Charity. Objectlves and aGtlvltles Objects and alms The principal objectives of the Charity contlnua to be those providing publlc benefit through the provision of facilities, Infomation, advice and public recreation or other leisure tlme occupats'on, to improve conditions for those living and working in the Taunton East area. We have referred to the guldance contained in th8 Charity Commission's general guidance on public benefil when reviewing our aims and objeclives and in planning our future activities. Page 3
Taunton East Development Trust Trustees. Report (contlnued) Objectlves. stratsgies and activities The objectives and strategy of the Trust are based on community need, with ongoing review and monitoring procedures to be put in place. The trust provldes a range of specialist services to support residents daily needs and lrfestyles. Publlc beneflt The twstees confim that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefrt guidance published by the Charity Commi88ion for England and Wales. Use of volunteers The charity is very invofved In the community and Is grateful for voluntary help. Volunteers assist with the manning of reception and the administration of the charity, enabling lower staff costs that would otherwise be the case. The charity is supported by a team of approximately 35 volunteers. Structuro, gov•mance and managemant Naluro of governlng document Taunton East Development Trust is a company limlted by guarantee and was Incorporated on 22 May 2003 with company number 04774583. The charity is govemed by its Memorandum and Articles of Association. R•¢rultment and appolntm•nt of trustees The current trustees are aware of the requlrements of the articles wlth regard to the appointment of trustees, and have commltted to the charity for the duration of the five year strategy. Inductlon and tralnlng of trust$ 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 Associatlon, the committee and decislon making process, the business plan and recent financial perfomiance of the charlty. Trustees are encouraged to attend appropriate extemal training events where these will facilitate the undertaking of the role. Organlsatlonal structure The charity is organised so that the Committee typically meets on a six week cycle to manage its affalrs. There are ambassadors, a chainnan, a treasurer and admlnlstrative personnel vA)o adminlster the day to day activities of the charlty, Page 4
Taunton Easl Development Trust Trustees. Report (continued) Prlncipal risks and rlsk management A Strategic Rlsk register is now maintained, which is reassessed at every Board meeting. The 4 major risks to the operation of the charity identified are." Financial stabilty in an economically challenging environment; a reduced volunteer base which undemines the continued viability of the charity" business silience and continuity in what is a Small charity; the capacily and capabilrties of the charity are stretched beyond sustsinable levels. The Board contlnue to monitor cashflow and overall financial health In vthat remains a hugely challenging environrnent. Volunteer numbers are healthy. but trustee numbers need to be increased. We are actively seeking new Board volunteers. A Deputy Manager has been appointed to support the CEO. The challenge is now ensuring this manager has the skillset to support the organisation effectively. Consolidation remains the drive. rather than taking on significant new projects. Going GonGOrn The trustees have carefully Considered the charitls position as regards Its going concern status. Marglns are tight, but continued close scrutiny and oversight means that the Trustees are satisfied in the Charlty's ability to meet Sts obligations for the next 12 months. Applications for support from new benevolent organisations should also assist. The Trustees have prepared forecasts and budgets for the financial years endlng 31 March 2026 and 31 March 2027. These indicate that the charlty. 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 aounts to be prepared on a going concern basis. Page 5
Taunton East Development Trust Trustees. Report {contlnued) 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 Trustees. Report (incorporating the strategic report and directors, report) and the financial staternenls in accordance with applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" (United KSngdom Generally Accepted Accounting Praclice). 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 appty them consistently: observe the methods and principles in the Charities SORP", make judgements and accounting estimat68 that are reasonable and prudent; state whether appllcable UK Accounting Standards have been followed, Subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concem basis unless it Is inappropriate to presume that the charitable company wlll continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financlal position of Ihe charitable company and enable them to ensure that the financial statements comply wlth Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking rèasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrlty of the corporate and financial Infomation included on the charit8ble compan8 website. Legislation In the United Kingdom goveming the preparatlon and dissemination of financial statements may differ from legislation in other jurisdictlons. 1fj10312026 Th8 annual report was approved by the trustees of the charity on by". and signed on its behalf Mr David Lee Kassapian Trustee Page 6
Taunton East Development Trust Independent Examinerfs Report to the trustees of Taunton East Development Trust ('the Compan) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025. which are set out on pages 8 to 29. Responsibiliti•s and basis of report As the charitys trustees of the Company {and also 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 requlred 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 carrled out under section 145 of the Charities Act 2011 {'the 2011 Act'}. In CayIng out my examination .1 have followed the Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Indep•ndent examln•r's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examlnation giving me cause to believe: 1. accounting records were not kept in respect of Taunton East Development Trust a8 required by section 386 of the 2006 Act; or 2. the accounts do not accord with those 8ccounting records: or 3. the accounts do not comply with the accountlng requirements of sectlon 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, whlch 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 ststement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance wlth the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no ¢oncems and have come across no other matters In connection wlth the examinatlon 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 Page 7
Taunton Easl Developm8nt Trust Statement of Financlal Activities for the Year Ended 31 March 2025 (Including Income and Expendlture Account) Unrestricted funds Restrlcted funds Total 2025 Not• Income Donats'ons and legacles Charitable activities Other trading activities Total income (468) 57,310 5,184 1,126 78,614 658 135.924 5,184 62,026 79,740 141.766 Expendituro Raising funds Charltable activities (379) 101,466 {2.989) 78,774 (3,368) 180,240 Total expenditure 101,845 81,763 183.608 Net expenditure 39,819 2,023 41,842 Net movement in funds (39,819) (2,023) <41,842) Roconclllatlon of funds Total funds brought forward Total funds carried foMard 83,815 43.996 39,268 123,083 21 37,245 81.241 Total 2024 £IA6 restated) Unrnstrlctod funds Rostrlcted funds Note Income Donations and legacl&s Chariiable activities Other trading activities Total Income 14,020 62,423 6,400 3,000 109,761 17,020 172,184 6,400 82,843 112,761 195,604 Expendlture Raising funds Charitable activities {1,677) 129,146 (1,677) {229,648 100,502 Total expenditure 130,823 100,502 231,325 Net incomel(expenditure) Transfers belween funds (47,980) 17,480 12,259 17,480 (35,721 } Net movement In funds (30,500) (5,221) (35,721) Roconclliatlon of funds Total funds brought forward Total funds carried ft)rward 114,315 44,489 158.804 21 83.815 39.268 123,083 The notes on pages 11 to 29 form an integral part of these financial statements. Page 8
Taunton East Development Trust (Registratlon number: 04774583) Balance Sheet as at 31 March 2025 2024 £(As reststed) 2025 Note Fixed assets Tangible assets Investrnents 13 14 38.601 49,817 17,600 67,417 38.601 Nonrfurrent as$•ts Debtors over one year Currant assets Stocks Debtors Cash at bank and In hand 50,088 15 16 17 250 21,326 6,899 28,475 302 48,160 42,761 91,223 Creditors: Amounts falllng due wllhln one yoar Net current assets 18 21,812) 13,084 6.663 78.139 Total assets loss current Ilabllltle8 95,352 145,558 Credltors: Amounts falllng duo after moro than one year Net assets 19 14,111 22,473 81,241 123,083 Unrestricted funds 43,996 83,815 Restricted funds 37,245 39,268 Total funds 21 81,241 123,083 For the financial year ending 31 March 2025 the charity was entltled to exemption from audit under section 477 of the Companies Act 2006 relatlng to small companies. Directors, responsiblllties: The members have not required the charty to obtaln an audit of its accounts for the year in question In accordan with section 476; and The directors acknowledge their responsibilities for complying with the requirements of the Act wlth respect to accounting records and the preparation of accounts. The notes on pages 11 to 29 fom an integral part of these financial statements. Page 9
Taunton East Development Trust (Registratlon number: 04774583) Balance Shaet as at 31 March 2025 (continued) 312026 The financial statements on pages 8 to 29 were approved by the trustees, and authorised for issue on and signed on their behalf by. 9.2. Z4 Mr David Lee Kassapian Trustee The notes on pages 11 to 29 form an integral part of these financial ststements. Page 10
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2025 1 Charlty ststus 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 ad4Jress of its regISted office is: The Link Centre 12 Moorland Close Taunton Somerset TA12DD 2 Accountlng poll¢les Summary of signlficant accounllng pollcles and koy accountlng estlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise sL3t8d. Basis of preparatlon and stal•mont of compllance The financial statements have been prepared under the hlstorical cost conventlon with items recognised at Cost or transactlon value unless stated otherwise within these notes. The financial statements have been prepared in accordance wlth Accountlng and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republlc of Ireland (FRS 102)) (issued in October 2019} - (Charlties SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companles Act 2006. Taunton East Development Trust meets the deflnition of a public benefit entity under FRS 102. Page 11
Taunton East Development Trust Notes to the Financlal Statemonts for the Year Ended 31 March 2025 (contlnued) 2 Accounting policies (continued) Golng concern The financial statements have been prepared on a golng concem basis, whlch 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 sufflclent funds to pay debts as and when they fall due. The trustees have carefully considered the Charis position as regards its golng concern stslus. Margins are tlght, but continued close scrutlny and oversight means that the Trustees are satisfied in the Charity's ability to meet its obligations for the next 12 months. Applications for support from new benevolent organlsations should also assist. The Trustees have prepared forecasts and budgets for the financial years endlng 31 March 2026 and 31 March 2027. Th8se indicate that the charity, has sufficlent funds in order to be able to continue In operatlon for this period, and therefore for the foreseeable futur6. The Trustees therefore consider It appropriate for the accounts to be prepared on a golng concem basls. Income All income is recognised once the charity has entitlement to the incorne, it is probable that the income wlll be received and the amount of the income receivable can be measured reliably. Donatlons and legacles 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 condltlons that ffjquire a level of performance by the charity before the charity is entilled to the funds, the income is deferred and not recognlsed until either those condltions are fully met, or tha fulfllment of those conditions Is wholly within the control of the charity and It 18 probable that these conditions wlll be fulfilled in the reportlng period. Grants rnc•ivablg Grants are recognised when the charity has an entltlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liablllty 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 headlngs they have been allocated on a basis conslstent with the use of resources. Ralslng funds Th8S8 are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Page 12
Taunton East Development Trust Notes to the Financlal Statements for the Year Ended 31 March 2025 (continued) 2 Accountlng policies {contlnu•d) Charitable activities Charitable expendlture comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an Indirect nature necessary to support them. Grant provlslons Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there Is uncertainty about elther the timing of the grant or the amount of grant payable. Support costs Support costs include central functions and h8ve been allocated to actlvlty cost categori88 on a basis consistent with the use of resources, for example. allocatlng property costs by floor are8s. or per capita, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attrlbutabl8 to the charity's compliance wlth constitutional and statutory requirements. including independent examination, strategic managemenl and trustees meetlngs and reirnbursed expenses. Irrecoverable VAT Irrecoverable VAT is charged against the Category axpenditure for which It was incurred. Taxatlon The charity is a registered charlty and IS. therefore, exempt from liablllty to taxation on it's Income and capital galns, to the extent that such income or gains are applied exclusively lo charitable purposes. Flxed a8S•t Invostmonts Social investments are included within fixed asset investments. The Trustees have classed the charitys investment in Link Community Store Ltd as a mlxed motive investment. Mixed motive investments are recorded at original cost less Impaiment. Tanglble flx6d assets T8ngible fixed assets are initlally recorded at cost, less any subsequent accumulated depreciatlon and subsequent accumulated impairment losses. Depreclatlon and amortlsatlon Depreciation Is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over thglr expected useful economlc life as follows: Asset class Computer equipment Depreclatlon method and rale 200/0 Reducing balance Page 13
Taunton East Development Trust Notes to the Flnancial Statements for the Year Ended 31 March 2025 (continued) 2 Accounting pollcl•s (continued) Motor vehicles Plant & equipment 20OA Straight Line 10fi/o Reducing balance Stock Stock is valued at the lower of cost and estimated selling prlce less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cash and cash 6qulvalents Cash and cash equivalents comprlse cash on hand and call deposits. and other short-term highly liquid investmenls that are readily convertible to a known amount of cash and are subject to an insignificant risk of change In value. Trado crodltors Trade credltors are obligations to pay for goods or seICeS that have been acquired in the ordSnary course of business from suppliers. Accounts payable are classified as current Ilabilities if the charlty does not h8ve an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the raportlng date. If there is an unconditional right to defer settlement for at least twelve months after the reportlng date. they are presented as non-current Ilablllties. Trade credltors are cOgniSed Inltlally at the transaction prfce and subsequently measured at amortlsed cost using the effective interest method. Fund structur• Unrestricted income funds are general funds that are avallable for use at the trustees discretion in furtherance of the objectives of the charlty. Restricted income funds are those donated for use In a particular area or for speclflc purposes, the use of which is restricted to that area or purpose. Flnanclal Instrumont• The charity only enters inlo 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 instrurnents, such as trade debtors and creditors, are initially 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 impalrment is found, an impaimient loss is recognlsed in the income statement. Basls of consolldatlon The financial statements presenl infomation about the company as an individual undertaking and not about its group. The company and ils subsidiary undertaking Link Community Store Limited. comprise a small-slzed group. The company has therefore tsken advantage of the exemptions provided by the Charities SORP {FRS102) and the Companies Act for small groups and consolidated accounts are not prepared. Page 14
Taunton East Development Trust Notes to the Financlal Statements for the Year Ended 31 March 2025 (contlnued) 2 Ac¢ountlng poll¢ios (contlnued) Critical accounting judgemènts and estlmation uncertainty The preparation of the financial ststements in Conformity with FRS 102 requires management lo m8ke 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 experience and other f8dors. induding expectatlons of future evenls that are believed to be reasonable under the circumstances. The charity makes estimates and assumptions conceming the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that there are no critical accountlng 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. Prlor pèriod adjustment Where an error or omission is identified In respect of comparatlve figures thls Is adjusted In the precedlng period. Page 15
Taunton East Development Trust Notes to the Flnancial Statements for the Year Ended 31 March 2025 (continued) 3 Income from donalions and legaclès Unrestrlctèd funds Restrict•d funds Total 2025 Donations Grants (468) 1,126 658 468 1,126 658 Unr•strictsd funds Restricled funds Total 2024 Donations Grants 14,020 14,020 3,000 17,020 3,000 14,020 3.000 4 Income from charltablo actlvltl8s Unrestrlcted funds Restricted funds Total 2025 .Link power income Grants- general Grants - restricted Misc income 54,996 54,996 78,614 78,614 2,314 135,924 2,314 57,310 78,614 Unr•8trlcted funds Roslrl¢ted funds Total 2024 Llnk power Income Grants - general Grants - restricted Misc income 40,936 14,500 40,936 14,500 109,761 6,987 172,184 109,761 6,987 62,423 109,761 Page 16
Taunton East Development Trust Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (contlnued) 5 Income from other trading actlvltles Unrestricted funds Restricted funds Total 2025 Raffle receipts Trading income Link kitchen incorne Coffee momings Income Misc Income Events Income Activlty day receipts 254 254 751 2,865 751 2.865 1,314 1.314 5,184 5,184 Unrestricted fund$ Restrfct•d funds Total 2024 Raffle recelpts Trading Income Link kitchen income Coffee moming8 income Misc Income Events Incom• Activity day receipts 115 115 375 740 4,577 375 740 4,577 593 593 6.400 6,400 Page 17
Taunton East Development Trust Notes to the Flnancial Statements for the Year Ended 31 March 2025 (continued) 6 Expendlture on ralsing funds a} Costs of trading actlvltFos Unrestrlcted funds Restrlcted funds Total 2025 Link kitchen costs 379 2,989 2,989 3,368 379 3.368 Unrestrf¢t•d funds Rostrictod funds Total 2024 Link kitchen costs 1,677 1.677 1.677 1,677 7 Expenditure on charltablè activltles Unrestrlcted funds Restrlctod funds Total 2025 Activlty days costs Soclal Investment impairmenl Staff costs Allocatad support costs Governance costs 12.223 12,223 17,61)0 57.934 86,979 5,504 180,240 17.600 35,434 44,928 3,504 101,486 22.500 42,051 2,000 78,774 Unrestrlctsd funds Restrlcted tunds Total 2024 £ (As restatsd) 11,548 52,485 3,753 3.000 45,180 108,803 4,879 Activity days costs Shop refurbishment Skateboarding Grant funding of activities Staff costs Allocated supporl costs Govemance costs 10,900 15,561 2,190 3,000 21,000 47,851 36.924 1,563 24,180 60.952 4,879 129,146 100,502 229,648 Page 18
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 8 Analysis of governance and support costs Unrestrlctèd funds Restricted funds Total 2025 Opening Stock Closing Stock Profil on fixed assets Staff training & development Volunteers Water Electricity Repalrs & maintenance Telephone Office insurance Tipper lease IT & computer software ststionery & office consumables Materials for Ilnk power jobs Cleaning Motor expenses Safety clothing & equipment COVID expendlture Advertlsing & marketing Sundry HMRC interest Depreciation Loan inlerest Lamplight database Travel Entertainment Website 302 {250) <500) 302 <250) (500) 126 5,462 126 5,462 643 4,233 600 4,233 3,924 2,027 4,425 5,736 511 210 1,172 11,861 11,785 1,570 27 63 6,488 43 13,436 1.609 3.330 525 421 7,800 86,979 3,324 2,027 3,225 3,236 1,200 2,500 511 109 500 101 672 11,861 2,785 9,000 1,570 27 63 763 43 12.001 1,609 1,330 345 421 900 5,725 1,435 2,000 180 6,900 44,928 42,051 Page 19
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (contlnued) 8 Analysis of governance and support costs (ContInu) Unrestricted funds Restrlcted funds Total 2024 £ (As restat•d) 360 (302) {2,737) 153 2,332 853 2,224 Opening Stod( Closing Stock Profit on fixed assets Staff training & development Volunteers Water Electricity Repairs & maintenance Telephone Office Insurance Tipper le8se IT & computer software Stationery & office consumables Materials for link power jobs Cleaning Motor expenses Safety dothing & equipment Subcontractor costs COVID expenditure Flat refit costs TNL projects Advertising & marketlng Sundry Consultancy fees Legal fees HMRC interest Depreciation Loan Inlerest 360 (302) {2,737) 150 2,332 853 2.224 649 871 923 3,959 1,794 3,959 10,774 382 173 804 49 10,043 1.057 5,790 2,560 21,422 13,463 796 9,520 4,880 1,242 45 14,484 2,034 108,803 10.774 382 173 804 49 5.000 1,057 5,043 5,790 2,560 21,402 400 20 13,083 796 9,206 4,880 1,120 314 122 45 12,820 2,034 1,664 60.952 47,851 Page 20
Taunton East Development Trust Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (contlnued) 9 Net incomel(expendlture) Net expenditure for the year includes". 2025 2024 Independent examlner's fee Depreclation of fixed assets 3.550 13.436 3,225 14,484 10 Trustees romuneratlon and 6XnS•S During the year, no trustee <2024: One) reiVed reimbursement for expenses incurred of £Nil {2024'. £1,600). No trustee (2024.. One) received £Nil (2024: £300) in vouchers in their capacity as a volunteer. 11 Staff costs The aggregate payroll costs wer& as follovrfs: 2024 £(As restaled) 2025 Staff Gosts durlng the yèar w•ro'. Wages and salarles Social security costs Pension Gosts 56,387 237 1,310 57.934 44,410 770 45,180 The monthly average number of persons {includlng senior management I leadership team) employed by the charity during the year expressed as full tlme equivalents was as follows: 2025 No 2024 No Management and office staff Two {2024 - Two) 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 totsl employee benefits of the key management personnel of the charity were £Nil (2024: £Nil}. No employee received emoluments of more than £60,000 during the year (2024: None). Page 21
Taunton East Developmant Trust Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (continued) 12 Taxation The charity Is a regislered 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. 13 Tanglble fixed a888ts Furnlture and equipm•nt Motor vehlcl•s Plant & equlpment Totsl Cost At 1 Aprll 2024 Additions Disposals 8,877 44,094 37,012 2,220 89.983 2.220 1,000 1,000 At 31 March 2025 8,877 43,094 39,232 91,203 Depreclatlon At 1 Aprfl 2024 Charge for the year Ellminated on disposals At 31 March 2025 6,726 439 24,217 8,619 1,000 9,223 4,378 40,166 13,436 1,000 7,165 31,836 13,601 52,602 N•t book valu• At 31 March 2025 1.712 11.258 25,631 38,601 At 31 March 2024 2,151 19,877 27,789 49,817 Page 22
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 14 Fixed asset investments Shares In group undortakings and partlclpating interests Subsidiary undertaklngs Total Cost At 1 April 2024 Impairment 17.600 17.600 17,600 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 17,600 17,600 Detalls of undortaklngs Details of the investments in whlch the Charity holds 20Yo or more of the nominal value of any class of share capital are as follows: Country of Incorporatlon Proportlon of votlng rfghts and shares held 2025 2024 Und•rtaklng Prln¢lpal actlvlty Holdlng Subsldiary undartaklng8 Link Community Store Ltd England & Wales Ordinary 100/ 1 OOYO Local shop Subsldlarlos The loss for the financial period of Link Community Store Ltd was £18,762 {2024.- £23,005) and the aggregate amount of negative capital and reserves at the end of the pertod was £24,167 (2024: £5.405). 15 Stock 2025 2024 Stocks 250 302 Page 23
Taunton East Development Trust Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (Gontlnued) 16 Debtors 2025 2024 Trade debtors Due from group undertakings Prepayments Accrued income 20.813 50,088 513 1,555 40,876 5.011 718 71.414 48,160 Debtors includes £50,088 (2024: £Nil) receivable after more than one year. 2025 Due from group undertakings 50,088 17 Cash and cash equivalents 2025 2024 Cash on hand Cash at bank 30 6,869 6,899 42,761 .42.761 18 Crodltors: amounts falllng due wlthln one year 2025 2024 Trade creditors Other loans Other taxalion and social security Other creditors Accruals 5,720 8,362 3,173 7,879 546 459 4,200 13,084 4.557 21,812 19 Credltors: amounts falling due after ono year 2025 2024 Other bans 14,111 22.473 Page 24
Taunton East Development Trust Notes to the Flnancial Statements for the Year Ended 31 March 2025 (contlnued) 20 Obligations under leases and hlre purchas8 contracts Operating lease commltments Total future minimum lease payrnents under non-cancellable operating leases are as follows: 2025 2024 Within one year Between one and five years 5,736 22,436 28,172 5,736 28,173 33,909 Page 25
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 20251continued) 21 Fund8 Balance at 1 Aprll 2024 Balance at 31 March 2025 Income Expenditur• Transfers Unrestricted funds 83,815 62.026 {101.845 43,996 R•8trlcted funds Link power fund Activity days grants Rotary club - grant for new kltchen costs Skateboarding Fuel poverty fund The National Lottery Community Fund Commissionerfs Crime Prevention Fund The National Lottery Community Fund Grant Welfare fund SCF - Help through winter Somerset council 886 2,600 (36) (2,600) 850 914 2.750 (94) 820 2,750 1,126 1,126 8.654 (867) 7,787 4,366 (438) 3,928 2,$71 16,527 46,114 (37,726) (10,789) (19,928) 9.285 10,959 5,738 72 3,215 20,000 Total rgstrict•d funds 39.268 79.740 81.763 37,245 Totsl funds 123,083 141.766 183,608 81.241 Page 26
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 21 Funds (contlnu•d} Balance at 31 March 2024 £(As rnstated) 83,815 Balance at 2023 Income Expgnditure Transfers Unrestricted funds 114,315 82,843 130.823 17,480 Restrlctsd funds Link power fund Activity days grants Rotary club - grant for new kitchen costs Skateboarding SCF- Shop refurbishment Fuel poverty fund The Nalional Lottery Community Fund Commissioner's Crime Prevention Fund Albert Goodman - grant for Link Community Store Ltd The National Lottery Community Fund Grant Welfare fund Pollc8 commissioner 1,063 5,500 (177) <2.900) 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 {3,0001 69,761 35,000 {67,190) (18,473) 5,000 2,571 16,527 Total restricted funds 44.489 100,502 17,480 39.268 Total funds 158,804 195,604 231,325 123,083 Page 27
Taunton East Development Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 21 Funds (continued) Link Power fund The project carries out maintenance, gardening, litter-pi¢king 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 fund the activities days provided by the ntre. Rotsry Club grants for new kitchen costs Thls grant vrfas given to help fund the move to the new premises and to fit out and equip the kitchen In particular. The restricted fund represents capitsl as8ets funded by way of grant. Skateboarding grants have been received from SWT and SSAP to fund the skate club. The SCF grant for shop refurbishment was recelved towards the for shop refurblshment and it's working capital. Fuel povety fund was received to subsidi3e 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. The Commissionerfs Crime Prevention Fund was received to purchase tools for the Llnk Power project. All funds have been spent and the balance on the fund represents the net book value of.the assets held. Albert Goodman - gr8nt for Llnk Community Store Ltd was received to replenish stockholdings for the store, and assist developmenl of the shop's suslainability. The National Lottery Community Fund Grant is a 5 year funding agr68ment to support Halcon Outreach awarded in March 2021. Welfare Fund was provided to asslst families in dire need with one-off dired financial grants, subject to certain criteria. SCF - Help through winter Fund provlded to underpin organisatlons, costs during the hard winter months. and backfills those costs so that monies can be laken fotward Into the next year. Somerset councll - Fund provided for speclfic activities including, provide support to the unemployed and romove 100 tons of rubbish from the area per annum. Page 28
Taunton Easl Development Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 22 Analysls of not assets between funds Total funds at 31 March 2025 Unrestrlct•d funds Restrictsd funds Tangible fixed assels Fixed asset investments Non-current assets Currerrt assets Current liabilities Creditors over 1 year Total net assets 22,996 15.605 38.601 50.088 6,835 (21,812) 14,111 50,088 28,475 {21.812) 14,111 81,241 21.640 43,996 37,245 Tolal funds at 31 March 2024 £ {As restat•d) 49,817 17,600 91.223 (13.084) 22,473 Unrestrlctsd funds Restrictod funds Tanglble fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets 34,933 17,600 66,839 {13,084) 22,473 14,884 24,384 83,815 39,268 123.083 23 R•lat•d party tran$aGtlon8 Paul Hughes, who resigned as a trustee on 25 October 2024, is also a director of Evo Agency. During the period that Paul Hughes was a trustee Taunton East Development Trust were invoiced by Evo Agency for Website costs of £6,240 (2024: £Nil). At the balance sheel date Ihe amount due tolfrom Evo Agency was £Nil (2024: £Nil). 24 Prlor year restatemant During the year the trustee8 identified that £52,647 of expenditure which was reported as unrestricted in the prior period related to stricted expendlture on The National Lottery Communlty Fund. The expenditure was reported to the National Lottery as expenditure on the fund. Accordingly, the comparative figures have been restated to reclassSfy £52,647 of expenditure from unrestricted to restricted. As a result of this adjustment closlng unrestricted ftjnds as at 31 March 2024 have increased by £52.647 to £83.815 and closing restricted funds decreased by £52.647 to £39.268. There Is no impact on net assets as a result of this adjustment. Page 29