East End Development Trust Limited Charfty No. 1124962 Company No. 05157617 Trustees, Report and Unaudited Accounts 30 June 2024
East End Development Trust Limited Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities 2to5 Summary Income and Expenditure Account Balance Sheet Statement of Cash flows io Notes to the Accounts Ilto18 Detailed Statement of Financial Activities 19to20 Page I
East End Development Trust Llmited Trustees Annual Report The trustees, who are also directors of the charity for the purposes of the Companies Art 2006, present their report with the unaudited financial statements of the charity for the year ended 30 June 2024. REFERENCE AND ADMINISTRATIVE DETAILS Company No. 05157617 Charity No. 1124962 Registered Office East End Community Resource 4A Cattedown Road Plymouth Devon PL4 OAY Dirertors and Trustees The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: R.P. Compton DJ. Crowe E.M. Crudgington S.E. Dann J.F. Hunt L.M, Maynard E.S. Rennie (Resigned l April 2024) Accountants Deepblue Accountants Ltd Unit 112 91 Mayfiower Street Plymouth Devon PLI ISB OBJECTIVES AND AcfiviTIES EEDT is a company limited by guarantee having no share capital and a registered charity. The liability is limited, in the event of the company being wound up, to a maximum of £1 per member the company was formed on 18 June 2004, company registration number 05157617. Page 2
East End Development Trust Limited Trustees Annual Report EEDT'S objects include.. I, To relieve persons who are in conditions of need, hardship or distress by reason of their social and economic circumstances. 2, To promote the advancement of education and learning, including training in skills relevant to securing employment 3. To hold, allocate and manage assets and sums of money for the benefit of the wider community 4, To provide facilities for public recreation or other leisure time occupation in the interests of social welfare with the object of improving conditions of life 5, To promote community businesses and social enterprises which are non-profit distributing which employ the whole of their profits for the public benefit and whose objerttves and artivities are to the benefit of the wider community Page 3
East End Development Trust Limited Trustees Annual Report The company shall have the following powers exercisable in furtherance of said objects or any of them but not otherwise namely. I, To promote the community businesses which are non-profit making or which employ whole of their profits for the public benefit and whose objectives and activities are directed towards the provision of paid employment to poor residents of the area of benefit or towards relief of the poor residents of the area of benefit or towards other purposes of general public utility and acquisition and holding of shares. stock, debentures, and other interest in companies whose objectives and activities are so directed and provision of managerial and supervisory and consultancy services to or in respect of such companies. 2, To supplement and compliment (but not replace) existing statutory services and to cooperate with statutory authorities and voluntary organisations having similar aims. 3, To purchase, lease or otherwise acquire any assets (including property), which may be deemed necessary or convenient in furtherance of the above objects. 4, To write, print, publish and circulate (gratuitously or otherwise) any newspapers, periodicals, pamphlets, reports. journals, films or other material furtherance of the objects. 5, To construct, maintain, improve, rebuild and alter any houses, buildings or works necessary for the objects of the company. 6, To accept gifts of any property or money including any interest therein, whether subject to any special trust or not, for any one or more of the objects of the company. 7, To purchase or otherwise acquire or create and hold any community space or industrial units only in furtherance of said objects. 8, Subject to such constraints as may be required by law to sell. manage. lease, mortgage, charge, insure, dispose of, or otherwise deal with orturn to account all or any part of the property of the company. 9. Subject to such consents as may be required by law to borrow and raise money for the purposes of the company in such a manner as the company may think fit. 10. To invest income received by the company not immediately required for the purposes in or upon such investments. securities or property of whatever nature and wherever situated or place the same on deposit interest with any bank, insurance company or local authority a5 may be thought fit. 11, To employ and/or engage persons for each and any of the objects andlor purposes of the company and make all reasonable and necessary provisions for the payment of pensions and the superannuation benefits to or in respert of employees and their other dependents. 12, To establish and support. and to aid in the establishment and support of. any other trusts, associations, bodies corporations wheresoever constituted or operating formed exclusively for all or any of the objects of the company. 13, To foster and undertake research and consultation into any aspect of the objects of the company and is works since disseminate the results of such research. Page 4
East End Development Trust Limited Trustees Annual Report 14. To draw, make, accept, endorse, discounts, execute and issue promissory notes. bills, cheques and other instruments and to operate bank accounts. 15, To insure and arrange insurance cover for and to end indemnify its officers. servant5 and voluntary workers from and against such risks incurred because of the performance of their duties as may be thought fit. 16, To pay out of the funds of the company costs, charges and expenses of and incidental nature of the formation of the registration under the Companies Att. 17, To do all such other lawful things in order to further the attainment of the above objects or any of them. 18, To obtain all necessary permits, licences or trademarks required forthe purpose of enabling the company to carry out its objects upon such terms and conditions as it may think fit. ACHIEVEMENTS AND PERFORMANCE The year ended 30 June 2024 shows a surplus compared to the deficit last year. There was additional grant income this yearThe majority of the income is from rent making up around 51% of the total income. The rest consisted of venue hire and grants received for specific projects such as a Women's group and funding for a crisis centre. This has been mainly spent on keeping the centre running. The Trust's business will continue to be closely monitored by its Directors to ensure that it can continue to meet its aims and objectives for the coming year and beyond. FINANCIAL REVIEW The Statement of Financial Attivities shows a surplus of £1,97412023: £11,295 deficit). Total net funds stand at £49,24512023- £47.2721 at the year-end (of which £9,339 (2023: £12,353) is held in fixed assets). The Direttors actively review the major risks that the company face5 on a regular basis. They have examined the operational and business risks faced by the company confirmed that they have established systems to mitigate significant risks. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities, The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102). Signed on behalf of the board S.E. Dann L.M Maynard Trustee Trustee 21 March 2025 Page 5
Independent Examlner5 Report Independent Ex•mln•f'S R•port to th• tn••l••• al l••1 Ir40 1)Mlopm•ftl Tn• Lknll I report to the charlty Iniit••% on my •i•mlnillon ol lh• fin•nfl•l il•l•ffl•nl• nl Iml Inrf Triist Limited for the yp•i •Trdvd 10 141n• 1024. Responslbllftkn •nd ol r•p(wl As the ch•rfty'5 twstees of ihe company (and also It5 dlfertors lor the purr#) ol cornp•rry w• sponsible for the preparatlon of the financlèl stJtements In accordance wllh the rewlr•m•rrtA d th• Comp•ns Aci 2[ (he 2(KJ6 A(t. H•vin8 5atlsfied myself that the financlal staternents of the Charlty are not fequlred to be audlted P 16 of the 2( Act and are ell8lble for Independent examlnallon, I report In respect of my examlnatkm ol your charity's finandal ststements as carrled out under sectlon 145 of the Charltles P£t 2011 ('the 2011 kn. In carrying out my examination I have followed the Dlrectlons 8lven by the Charlty Comm6ssicKb under sertic 14S(5) (b) of the 2011 Act. I have completed my examinatk)n. l on confimi that no materlal matters have come to my aftert1 ffl connertion with the examination givin8 me cause to believe: ' accounting records were not kept in accordance with section 386 of the 2(X)6 kt . Of . the finanaal statements do not actord with those records; or • the financAal statements do not compty with the accounting requirements under section 396 of tl 21 Act other than any requirement that the financial statements 8ive a 'true and falrf view whth is nrt a matter considered as part of an IrKlependent examlnatlon: or • the financial ststements have not been prepared In accordance with the methods and prlwles cl the Statemerrt of Recommended Prdctice for a¢countin8 and reportin8 by chaflties applicable to tharitss preparing thelr accounts in accordarKe wlth the Flnandal RertIng Stsndard applicable in the UK Republic of Ireland IFRS 102). attention should be drawn in this report in order to enable a proper understandin8 of the financial statements to be reathed. Sarah Glenlster FCCA Ass(Klth of Chartered Certified Accountsnts Deepblue Accountsnts Ltd Unlt 112 91 Mayflower Street Dev Puts8 21 Marth 2025
East End Development Trust Limited Statement of Financial Activitie5 for the year ended 30 June 2024 Unrestrirted funds Restricted funds Total funds Total funds 2024 2024 2023 2024 Notes Income and endowments from: Donations and legacies Investments 240 11.029 11,269 114 1,450 47 114 Other 38.989 38,989 35,158 Total 39.343 11,029 50.372 36,655 Expenditure on: Other 45.259 3.138 48,398 47,950 Total 45,259 3,138 48,398 47,950 Net gains on investments Net incomel(expenditure) Transfers between funds (5,916) 7.890 1,974 (11,295) 29,IS2 (29.152) Net income/lexpenditure) before other gains/(losses) 23,236 (21,262) 1,974 (11,295) Other gains and losses Net movement in funds 23,236 (21.2621 1,974 111,295) Reconciliation of funds: Total funds brought forward 18,675 28.597 47,272 58,567 Total funds carried fonward 41.910 7,335 49,245 47,272 P3op 7
East End Development Trust Llmlted Summary Income and Expenditure Account for the year ended 30 June 2024 2024 2023 Income 50,258 36,608 Interest and investment income 114 47 Gross income for the year Expenditure 50,372 36,655 45,284 43,832 Depreciation and charges for impairment of fixed assets 3,114 4,118 Total expenditure for the year Net incomellexpenditurel before tax for the year 48,398 47,950 1,974 111,2951 Net income llexpendlture )for the year 1,974 111,2951 Page 8
East End Development Trust Llmlted Balance Sheet at 30 June 2024 Company No. 05157617 Notes 2024 2023 Fixed assets Tangible assets io 9,339 9,339 12,353 12,353 Current assets Debtors Cash at bank and in hand li 219 215 39,487 39.702 {4,7831 34,919 44,723 44,942 15,0361 39,906 Creditors: Amount falling due within one year Net current assets 12 Total assets less current Ilabilities 49,245 47,272 Net assets excluding penslon asset or Ilabilltv Total net assets 49,245 47.272 49,245 47,272 The funds of the charitv Restrirted funds 13 Restricted income funds 7,335 7,335 28,597 28,597 Unrestricted funds General funds 13 41,910 18,675 41,910 18.675 Reserves 13 Total fvnds 49,245 47,272 These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relatin8 to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 21 March 2025 And signed on 'ts behalf by: S.E. Dann Trustee L. M. Maynard Trustee Page 9
East End Development Trust Limited Balance Sheet 21 March 2025 Page 10
East End Development Trust Limited Statement of Cash flows for the year ended 30 June 2024 2024 2023 Cash flows from operating activitles Net incomellexpenditurel per Statement of Financial Activities 1,974 111,2951 Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments Other gains/losses Ilncreasel/Decrease in trade and other receivables Increase in trade and other payables 3,114 139,103) 4,118 135,2051 {4) 249 229 3,432 Net cash used in operating activities 133,770) 138,7211 Cash flows from investin8 activities Payments for property, plant and equipment Dividends, interest and rents from investments iiooi 39,103 {3,4441 35,205 Net cash from investing activities 39,003 31,761 Net cash from financing activities Net Increasel(decrease) in cash and cash equlvalents 5.233 {6,960} Cash and cash equlvalents at the beginnlng of the year 39,487 46,447 Cash and cash equivalents at the end of the year 44,720 39,487 Components of cash and cash equlvalents Cash and bank balances 44,723 39.487 44,723 39,487 Page 11
East End Development Trust Limited Notes to the Accounts for the year ended 30 June 2024 l Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective I January 20151 (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Change in basis of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restrirted funds Income Recognition of income Income is included in the Statement of Financial Artivities ISOFAI when the charity becomes entitled to. and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time a5 the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilitie5 where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/{lossesl on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses} on investment assets legacies This includes any gain or loss on the sale of investments. Page 12
East End Development Trust Llmited Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basi5. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income. fundraising raising funds trading costs and investment management costs, Expenditure on These comprise the costs incurred by the Charity in the delivery of its artivities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid, These include those costs associated with meeting the constitutional and statutory requirements of the Charityo includin8 any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. These are support costs not allocated to a particular activity. Grants payable Governance costs Other expenditure Taxatlon The charity is exempt from corporation tax on its charitable acttvities. Tangible fixed assets and depreciation Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Fixtures & Fittings 25% Reducin8 balance Freehold Investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Pa8e 13
East End Development Trust Limlted Notes to the Accounts Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resultin8 from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Research and development Expenditure on research and development is written off in the year in which it is incurred. Foreign currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transattion occurred. All exchange differences are are taken into account in arriving at net income/expenditure. Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially reco8nised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are reco8nised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowin8 Costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The a88regate benefit of incentives is reco8r)ised as a reduction of rental expense on a straight-line basis. Penslon costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Recelpt of donated goods, facllitles and services All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Pa8e 14
East End Development Trust Limited Notes to the Accounts 2 Company status The company is a private company limited by guarantee and consequently does not have share capital. 3 Statement of Financial Activities - prior year Unrestrlcted funds Restricted funds Total funds 2023 2023 2023 Income and endowments from: Donations and legacies Investments 1,450 1,450 47 47 Other 35,158 35,158 Total 35,205 1,450 36,655 Expenditure on: Other 47,840 110 47,950 Total 47,840 110 47,950 Net income 112,635) 1,340 (11,295) Net income before other gainsl(losses) Other gains and losses: Net movement In funds {12,635) 1,340 (11,295) 112.6351 1,340 111,295) Reconciliation of funds: Total funds brought forward Total funds carried forward 31,310 27,257 58,567 18,675 28,597 47,272 4 Income from donations and legacies Unrestrlrted . Restrirted Total Total .5 2024 2023 Grant funding Donations 11,029 11,029 240 1,450 240 240 11,029 11,269 1,450 5 Income from investments Unrestrirted Total Total 2024 2023 Interest Received 114 114 47 114 114 47 Page 15
East End Development Trust Limited Notes to the Accounts 6 Other income Unrestrlcted Total Total 2024 2023 Rental Income 25,851 8,438 4,700 38,989 25.851 8,438 4,700 38,989 21,446 9,312 4,400 35,158 Venue Hire Elder Tree 7 Other expenditure Unrestricted Restricted Total Total 2024 2023 Employee costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 28,469 7,752 28,469 8,089 27,798 6,513 337 3,114 3,114 4,118 4,053 2,801 6,853 1,872 48,397 5,179 4,342 47,950 Legal and professional costs 1.872 45,259 3,138 8 Net incomellexpenditure) before transfers 2024 2023 This is stated after charging: Depreciation of owned fixed assets 9 Staff costs 3,114 4,118 2024 2023 Salaries and wages 28,469 28,469 27,798 27,798 No employee received emoluments in excess of £60,000. Page 16
East End Development Trust Limited Notes to the Accounts 10 Tan8ible fixed assets Fixtures & Fittin Total Cost or revaluation At l July 2023 Additions 67,632 loo 67,632 100 At 30 June 2024 Depreciation and impairment At l July 2023 Depreciation charge for the year At 30June 2024 67,732 67,732 55,279 55,279 3,114 3,114 58,393 58,393 Net book values At 30 June 2024 At 30 June 2023 11 Debtors 9,339 12,353 9,339 12,353 2024 2023 Trade debtors 219 215 219 215 12 Credltors: amounts fallin8 due within one year 2024 2023 Trade creditors Other creditors Accruals Deferred income 14 1100} 3,623 870 3,623 874 525 390 5,036 4,783 Page 17
East End Development Trust Limited Notes to the Accounts 13 Movement in funds Incoming resources Resources expended Gross At 30 June (Including At l July other 2023 gains/losses) transfers 2024 Restrirted funds: Restricted income funds: Virginia House Awards for All Plymouth City Council CAF Take a Part 2,060 3,875 17,337 S,324 {2,0601 {4,769} {16,999} {5,3241 5.050 1,500 1,479 3,000 11,675) 11,463) 2,481 375 1,479 3,000 Total 28,597 11,029 {3,138) {29,1521 7,335 Unrestricted funds: General funds 18,675 39,343 145,2591 29,152 41,910 Total funds 47,272 50,372 {48,398} 49,245 Purposes and restrictions in relation to the funds: Restricted funds: Virginia House Awards for All Plymouth City Council CAF Take a Part 14 Analysls of net assets between funds Unrestrirted funds Restrlrted funds Total Fixed assets Net current assets 2,394 43,529 45,923 6.946 {3,623) 3,323 9.340 39.906 49.246 15 Reconclllation of net debt At l July 2023 At 30 June Cash flows 2024 Cash and cash equivalents 39,487 39,487 5.236 5,236 44,723 44,723 Net debt 39,487 5,236 44,723 Page 18
East End Development Trust Limited Notes to the Accounts 16 Related party dlsclosures Controlling party The company is limited by guarantee and has no share capital: thus no single party controls the company. Page 19
East End Development Trust Limited Detailed Statement of Financial Activities for the year ended 30 June 2024 Unrestrirted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Income and endowments from: Donations and legacies Grant funding Donations 11,029 11,029 240 1,450 240 240 11,029 11,269 1,450 Investments Interest Received 114 114 47 114 114 47 Other Rental Income 25.851 8,438 4.700 38.989 25,851 8,438 4,700 38,989 21,446 9,312 4,400 35,158 Venue Hire Elder Tree Total income and endowments 39,343 11,029 50,372 36,655 Expenditure on: Employee costs Salarieslwages 28,469 28,469 28,469 28,469 27,798 27,798 Premises costs Rates 2,246 3,643 839 2,246 3,643 839 387 Light, heat and power Premises cleaning Premises repairs and maintenance 2,898 978 1,024 337 1.361 2,250 7.752 337 8,089 6,513 General administrative costs, including depreciation and amortisation Depreciation of Fixtures & Fittings Bank charges Tea, Coffee and Biscuits General insurances Software, IT support and related costs 3.114 3,114 4,118 105 105 88 349 349 349 2,040 2,040 1,936 156 156 126 Stationery, postage and printing Subscriptions Sundry expenses Telephone, fax and broadband 286 106 392 229 2,717 866 430 229 365 1,098 787 22 2.695 866 7,167 2,801 9,968 9,297 Pa8e 20
East End Development Trust Llmlted Detailed Statement of Flnancial Artivities Legal and professional costs Accountancy and bookkeeping Other le8al and professional costs 1,200 1,200 1,352 672 672 2,990 1.872 1.872 4,342 Total of expendlture of other costs 45,259 3.138 48,398 47,950 Total expenditure Net gains on investments 45,259 3,138 48,397 47,950 Net income/{expenditure) Transfers between funds {5,916} 7,890 1,974 111,295) 29,152 {29,152) Net income/(expendlture) before other gains/(losses) OtherGains 23,236 (21,2621 1,974 {11,2951 Net movement In funds 23,236 121,262) 1,974 111,295) Reconciliation of funds: Total funds brou8ht fonvard 18,675 28,597 47,272 58,567 Total funds carried forward 41,910 7,335 49,245 47.272 Page 21