5fATE OF TRUST IA COMPANY UMITED By GUARANTEEI DIRECTOR'S REPORT AND FINANaAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Re8lMertd No: 09234089 Charlty A¢stratIOn Number: 1160275 P4• Trustees. Report Ito2 Independent Examlnerfs Aeport siat•m•nt ol Flnancl•l A¢iivhes 8alance Sheet Nott5 to th• FInalI1 Statéménts 6t07
ATE OF TRUST TRUSTEES. REPORT The Trustee5. who are directors for the purposes of company law. present the annual report together wr(h the financial statements of the charitable cornpany for the year ended 30 September 2023. TrUSTEES Paul Land Kathryn Davies Steve Maingot Colin Mayes Sophie Rasmu Objects and Alms The Charity exists to prgmote the arts for the publlc benefil in parrbcular. but noi exclust¥ely. the arts of dance. music. poetry. photography and film makitw. Artlvltles and Publk Benefft During 2023-24, State of Trusvs Create Chat Eat arts and wellbeing workshops in Taunton have been a resoLtndin8 success. drawing in a diverse ran8e of partlcipants with varying abilitie5. Notably. there has been a stron8 cOnnectn established with homeschooled children. particularly those with autlsrn, showcasing the tnclusive nature of the programme. The Cane Warriors project funded by Heritage Lottery via the 8eckford TowerTru5t ha5 reached its conclusion, with a successful second performance at Bristol Arnolfini and a sut¢essful third performance at Brixtort House London. An application for a second phase ol the dance theatre and education project has been submitted to Arts CouThcil Éngland, with key partners including Wells Cathedral. the Narional Marttime Museum Greenwich, and Bristol Museums. Our Wlndrush Day project, funded by DLUHCINear Nei6hbours, was a hi8hli8ht of the year, feoturin8 engagin8 activitles suth as a cookery davi dance event, storytellin8 session, and a sold-out celebraiory event with INe music and Canbbean cuisine. State of Trust deliverèd a cornrnunity fe5tNal event Celebratel In ort0r 2024 in partntrship with The BrtwhouseThatre. Island Restaurafit, Tauntgn Town Councll. and Somersei commun Fund. The event was well-artended. wilh posltive leedback arbd actl¥e partlclpatSon from the local community. Overall, the past year has been marked by slfiificant achievements and successful cdlaboraiions, showcasin8 the impact ol State of Trust's prograrnrne in art5, diversky. and well-bein8. It has however been a challenglng year for fvndralslng. There have been some notable wins, but arts fvndln8 is IncasInglY dmcult io obtaln. as funding pots dwindle, and there Is ever Sncreasing competition lor lund5. The Trustees Conflm that they have complied with the requ1MentS of Sethon 4 of ihe chalIeS Acr 2011 to have due re8ard to the public benefit guidance published by ihe Charity Cornmission for England and Wales. Grant Makln8 Pollcles Thè Charity made no 8rants thisyear. F5nancial Revlew The Charity holds a small reserve of.. £17,595 of $tried funds at the end of the yearwhich will be applied to fvture al¥trIeS and £1,462 of unrestrtcted funds ai the end of ihe year whith will be applied to fviv acDvitles. The Charity operates on a projeth basis and therefore has minimal overheads. Structure, Governance and Mangement Nuture oAGovernlnq Document The Company incorporated 24 Septernber 2014 a5 a Company timrted by Guarantee and 1$ 8ovemed by rts Memorandum and Artl¢les of Aswclation. Charitable status was obtained on 2 February 2015. RecruItnt onduppolntrnentoifnths Trustees are appointed for their skill and ability to contribute tothe Charity objettNes. Each year one third shall retire from office, and if in agreemeni, stand for relertion. In accordance with ihe CharitlesArtes. ai the lorthcoming AGM Steve Maingot retired from office. and was re-elected.
STATE OF TRUST TRUSTEES, REPORT Reference and Admlnlstratlon D¢talls Trustets Paul Land Kathryn Davies Steve Maingot Colin Mayes Sophie Rasmussen The Trustees (who are also the Dirciors of Stale of Trust f¢N the purpose of tompany lawl are responsible for preparing the financial statements in accordance wsth the Vnited Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Se¢retary Mr. Stephen Marshall Prlnclple Office 15 St Peter Street Tlverton Devon. EX16 6NU Cornpany Rellstratlon Number 09234089 The Charity is incorporated ITh England and Wales. Chaty Reilsir•ik+n Numb•r 1160275 Independent Examlner Brunel Chartered Certlfied Accountants 3 Marto Polo Houst Cook Way Taunton rA2 68J Statement ol Re5pon51bl1S Company law requlres the Trusiees to prepare financlal statements for each finan¢&l year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they 8Ne a true and fairview of ihe siare of affairs ol ihe charitable company and its incomin8 resources and applicaiion of SoUrCes, induding its income and expenditu, for that period. In preparin8 these financial statements. the Trusts are fequired to.. select suitable accounting policies and apply them consistentty: observe the methods and principles in the Charities 50RP., rnakejudgements and estimates that are reasonable and wudent: state whether applicable UK Accounting Standard5 have been followed. Subject to any material departures disc105ed and expl4iTrtd in thè financial 5taternents', and prepare the linancial statèments on the ongoin8 bast5 unless it is inappropriate to prèsume that the charrtable company will contlnut in buslntss. The Trustees a responslble for keeplng adeqyate accountln8 ordS that a sufficient to show and explaln the charitable company's transattions and disclose wirh 3$oftable accuraw at any time the financial Position of the charitable companv and enable them to ensure that the financial statements comp wilh the Companses Act 2L. They are also responsible tor $3feguarding the assets of the charitable company and hence for iaking reasonable steps for the prevention and etection of fraud and other irregularities. Thea rt was approved by theTrustees ofthe Charity OTh 18 November 2024 and signed on rts behalf ty. Mr. P3uI Land Chairrna 13 December 2024
ATE OF TRUST INOEPENDENT EXAMINER'S REPORTTO TrIE TRUSTEES OF STATE OFTRUST I report on the accounts of the Charity forthe yearended 30 Septernber 2024 which are set out on page5 6 to 11. Your attention is drawn to the fatt that the Charity has prepad the Financial Staternents in accordance with Accounting and Reporting by Charit5 preparin8 their accounts in ac£ordan£e with ihe Financial Reporting Standard applitable in the UK and Republic of Ireland IFAS1021 in preference to the Accounting and Reporting by Charities.. Statement of RecommeThded Prartice issued on l April 2(K)5 which is referred to in eant regulations but has since l)eefi withdrawn. We understand that this h35 been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective lor reportin8 periods beginTrin8 on or after l January 2015. Resp¢¢tfv• r•sponslbiiiiks of Twsiees •nd EM*mlMr The Trustees Iwho are also Directly5 of the company for purposes of company lawl are responsible for the Pfeparation of the account5. The Trustees consder that an audit is not required for this year under Section 144121 of the Char¢ties Act 2011 Ithe 2011 Act) and that an independeni examination is needed. Having satisfied rny5elf that the charity 15 not subjert to audit under company law and b5 eligible for independent examination, it is My re5pon5ibility to.. examine the accounts under sertion 145 of the 2011 Art- to follow the procedu5 laid down in the Genefal Direcbons 8iven by the Chaty Commlsslon under Sectlon 14515llbl of ihe 2011 Act.. and to state whether particular matters have come to my attenti. Ba515 of Sndependent examSner's report My examination wa5 earried out in attordance with the General Divections 8i¥en by the Charity Commission. An examinatK)n Includes a review of the a£tountin8 retords kept by the Charityand a comparison of the attounts presenied with those records. It also Includes Consideraln of any unusual items of disdosures In the accounts. and seektrn8 explanations from you as Trustees concernin8 any such matters. The procedure5 undertaken do not provide all the evidence that would be required in an audit and consequently no opinioTh is given a5 to whether the account5 present a'true and lair view, and tht report is lirnited to those matter5 set out in the ststement below. Indendent Examln•rf5 Staternent In ¢onnection with my examlnation, no matter has ¢ome io my attention.. which gtves me a asonable cause to believe rhai in any material respect the qu1mentS.. to keep accounting records in accordance with SectioTh 386 of the Cornpanies Act 2¢J)6: and to prepare accounts which accord with the accounting records. compty with the accounting requirernents of Section 396 01 the Cornpanies Act 2c6 and with the methods and principles of the Statement of Recomrnended Practice.. Accounting and Reporting by ChatIeS to which. in my opinion. attention should be drawn in ordef to enable a proper understanding of the account5 to be reached. 121 Chris Cherry FCCA Brunel Chartered Certified Accountant5 3 Marco Polo House Cook Way Taunton TA2 68J 6 December 2024
STATE OF TRUST STATEMENT OF FINANaALAcnvmES FOR THE YEAR ENDED 30 SEPTEMBER 2024 IINavDING INCOME AND ÉXPENorruRÉ ACCOUNT AND STAÉMENTOF TOTAL RECOGNISED GAINS ANO L055E51 Restricted Unrestricted Fund5 2024 Funds 2024 Total 2024 Note Income and Endowments from: Charitable Artiviiies Grant5 & Donations Total Income £23.612 £23,612 £30,333 £53,94S £30.333 £30.333 É23.612 Expendltur• on: Chantable ActlvitSes £43.927 £40.295 £84,222 Total Expenditure £43,927 £40.295 £84,222 Net In¢ome -£13.594 -£16.683 -£30,277 Ntt MLwement Sn Funds -£13.594 -£16.683 -£30,277 Ren(ollatIOfi ol Funds Total Funds Brou8ht Forward £31.189 E18.145 £49,334 Total Funds Carried Forward io £17.595 1.462 £19,057 Restrlcted Fund$ 2023 Unre5tr1rted Fund$ 1023 Total 2023 Not• Income and endowm•nts from: Charitable Activities Grants & Donations Total Income £40,096 £40.096 £35,862 £75.958 £35,862 £35.862 £40,096 Expend6lur• on.. Charitable Attivitles É35,516 £36,189 £71,705 Totsl Expendlture E35,516 £36,189 £71,705 Net Income £346 £3,907 £4.253 Net Movement In Fund5 £346 £3,907 E4.253 R•¢on¢lllatlon ol Funds Total Funds Brou8ht Forward É30.843 £14,238 £45.081 Total Funds Carried Forward io £31.189 £18.145 £49.334 All ol the Charity's artNities derNe from cOntu1ng operations durin8 the above two periods.
STATE OFTRV IREGlrnnON NUMBÉR.. 092340891 8ALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Current Aets Debtors Cash at bank and in hand £i(x) £49,308 £49.408 £20.029 £20,029 Crqdltor5.' AMnts f•lllni due whhln one yur HSBC credit card Trustees- reimbursement of expenses £74 £74 £625 £273 E972 E74 Net A55etsllLSablllUe51 £19.057 É49,334 Funds olth• Charlty.. Vnrestrfrted Income Funds Restrlcted Income Funds El,462 £17,595 £18,145 £31,189 Totsl Funds io £19,057 £49,334 For the financlal year ended 30 September 2023 the Charity was entitled toexemption frorn audit undtr Sertion 477 01 the Companie5 Att 2LYJ6 relatin8 to small cornpaThie5. Dlrertors, responslblltties.. The rnembers have Thot required the Charityto obtain an audit of its Kcounis for the year in question in accordance with Sèrtion 476,. and The dlrectors a¢knowledge ihelr respons¢btlliie5 for Comying with the requirement of iheA¢t with respe¢tto accountin8 records and the preparation ol accnts. The accoynts have been prepared ITh accordance with the provisions applicab to ¢ompanles subject to the 5rnall companles reglrne. The financial Statements on pa8e$ 6 to 10 were approved by the Trustees. and athsed for issue on 18 Novembèr 2024 and Signed on thwr behalf bv: Mr. Paul Land Chairman 13 Oecember 2024
STATE OF TRUST NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 305EPTEMBER 2023 I. ACCOUNTING POiICIES Summary of $lgntn¢*nt attouniln8 pollcles and key actountiry e5tirnates The principal accounting policies applied in the preparation of these financial statements are set out below. These policles have been consistently applied to all of the years presented. unles5 Otherw15e 51ated. 5tatemettt L)f Compllance The financial statements have been prepared in accordance with Accountin8 and Reportlng by Chariiles.. Statement of Recornmended Practice applicable to charities prepanng their accounts in accordance with the Financial Reporting Standard applcable in the UK and Republlc of Ireland IFRS1021 leffecti¥e l January 2CiISI- (Charities SORP IFRS10211. the Financial Reportln8 Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companies Act 2CI)6. Ba$ls ol Prtp•railon State of Trust meets the definition of a public benefrt entity under FR5102. Assets and Ilabilitles afe Inltialty recogniged at historlcal cost or transaction value unless otherwise Stated in the relevant accountin8 policy notes. Goln8 Concern The Trustees considèr that there are no materlal urKertainties about the Charitvs abillty to continlbe a5 a going contern nor ary 5i¥nificant areas ol uncertaintythai affert the carryin8 value assets held by the Charity. Tr•nsltlon to FR$ 102 In preparing the accounts. the Trustees have considred wheiher In appfy6n8 the accountin8 pollcfjes fequlred by FRS 102 and the Charities SORP FAS 102 a re-statement of comparati¥e items was requlred. NL) rtrstatements a required as a re5Utt of the transition to FRS 102. Income ind Endowments Income 15 reco8ni5ed in the Statement of Flnancial Admties when the Charity becomes entitled to the SoUrCes,. it Is more likely than noi that the Twsrees will receive the resources., the moTrary value tan bt measured with suffitient liabIlity. Éxpendltur¢ All expenditure is recognised once there is a le8al or conmrtive oblwation to thai expenditure. it is probable that settlement is required and tht amount can be measured reliably. All costs afe allocated to the applicable expenditure headin¥ that aggregate simi,'lar costs to that category. whe costs cannot be directly attributed to particular headin8$ they have been allocated on a bas15 con515tent with the use of resources. wrth centarl staff cosis allocated on the basis ol time spen[ and depreciation charges allocaied on ihe portlon gf the asset's use. Other support tosts art all¢xated based on the spread of staff costs. Ch•dt•ble Actlvhles Charitable expenditure comprises those Costs incurred by the Charity in the delivery of its activities and services for it5 beneficiaries. It includes both c05t5 thai tan be alllxaied d1ctlY to such actNlties and those costs ol an indirect nature necessary to support them. Govtrnment Grants The Charity received fio Govemment Grants. T•x•ilon The Charity Is consided to pas5 the tests set out in Paragrnph I Schedule 6 01 the Finance Act 2010 and therefore it rneet5 the definition of a charitable company for UK corporation tam purposes. Accordingly, the Charity is potenttally exempt from ta¥ation in respect of income or capital gains received within categories Covered by Chapter 3 Part 11 of the Corporation Tax Ad 2010 or Section 256 01 the Taxation of Chargeable Gains Aci 1992. tothe extent that such income or gains are applied exclusive to charitable purposes. Trade Debtors Trade debtors are amounts due from customer5 for merchandise 501d or services performed in the ordinary course of busine55. Trade debtors are recognised inr(ially at the transaction Pfice. They are subsequently measuied ar the amortised cost U5in8 Ihe effettwe Interest method. less provisson lor irnpairment. A prtysion lor the impairment of trade debtors is established when there is objectNe evidence that the Charity will noi e able to collett all amounts due according to 0ri8¢nal terms of the recetvables.
Cash and cash equhalents Cash and cash equivalents cornprise cash on hand and all call dep05it% and other short-term highty Iwuid investments that are readily convertible to a known amount of cash and are subjertto an insignificaTht risk ol thange in value. Tr•dt Credltors Trade creditors are Oblaorts to pay for goods or services that have been acqutred in the ordinary course of business from suppliers. Accounts payable are classified as current liablilities if the Charity dces not have an unconditlonal right. at the end of the reporting period. to defer settlernent for at least twelve moThths after the reporting date. If there is an uncondrtional right to defer settlement for at least twelve months after the reporting date. they are presented as non<urrent liabilities. Trade creditors are reco8nised initially at the transaction price and are subsequently measured at amort15ed c05t Using the effectwe interest rnethod. Fund Strurture Unrestrirted income fvnds a general funds that are available lor use at the Trustees. disuetion in the furtherarKe of the objertives of the Charity. Flnancl•l Artlvlti•• OttoDeT 2023 - SepteTtrer 2024 TOTAL Incorn• D£)n•tioN 2Q.QO 30.313.00 Sole4 23.011 90 Tot•1 Incomg £53.944.90 TOTAL £53.944.90 ExpeYdi".ur•6 &tQg 00 Adrv n Cost 551 82 8•n S•r¥ic• Ch•rg Du•s •nd S4bbKriwi•n 13301 40.t)O 804 13 Marketing Co•ts OfFiC• Expen 0.509 74 729.27 Pro4luct'on C94ts 43,927 42 ProS•s#iorn•l 1,837 08 Proiee. Management Rent and RaEes 12,200.00 2.400 00 Tr•vel&Sub4iw¢nc¢ 15,130.01 Tot•1 Exp•rtdtlur NETOPÉRATING INCOME É84.222.08 f -30.277.18 NET IP4COME,';EAPETr4DITURE I £-30,277.18 AIP Ag•lng S•miffl•ry Lk5 9, ieFtemDe- 3J CURREKr J1.40 01.•0 •I J4DOV TOTAL P*rJoMal card 110 5) ET1030 TOT4. 272.90 £0. £0.00 £0.00 fo.oo £272.90