TAUNTON AREA DEBT ADVICE (A CHARITABLE INCORPORATED ORGANISATION)
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TAUNTON AREA DEBT ADVICE (A CHARITABLE INCORPORATED ORGANISATION)
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CONTENTS
| Page | |
|---|---|
| Report of the Trustees | 1 – 3 |
| Receipts and Payments account | 4 |
| Statement of Assets and Liabilities | 5 |
TAUNTON AREA DEBT ADVICE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
The trustees are pleased to present their report, together with the financial statements of the charity, for the year ended 31 March 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Charity number 1162324 Principal address St Mary’s House Magdalene Street Taunton Somerset, TA1 1SB
Bankers Natwest Taunton, Somerset
Trustees
The trustees serving during the year and since the year end were as follows: -
Steven James Reed (Retired 2 October 2024) Philip Bedford (Treasurer) Janet Gillett (Chair) Robert Ruffell-Hazell (Appointed 4 July 2024) Trevor Goss (Appointed 4 July 2024)
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
Taunton Area Debt Advice is a Charitable Incorporated Organisation (CIO) governed by its Constitution last amended 4 June 2015.
Appointment of Trustees
As set out in the Constitution, there must be at least three charity trustees but no maximum number of trustees. The trustees are also the members of the CIO and have no liability to contribute to its assets if it is wound up and no personal responsibility for settling its debts and liabilities.
Apart from the initial trustees, every trustee is appointed for a term of 3 years although they can offer themselves for re-appointment and retire by notifying the CIO in writing. Appointment is by a resolution passed at a properly convened meeting of the CIO trustees.
Page 1
TAUNTON AREA DEBT ADVICE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (cont)
Organisation
The board of trustees administers the charity and generally meets four times a year – each trustee having a designated role within the organisation. The charity operates under the umbrella of Community Money Advice (CMA) which provides a wide range of practical support and advice; it also provides the services of a regional Operations Support Manager who is available to give assistance on any aspect of debt advice.
The charity is a small debt advice centre with four volunteers providing debt advice. Three of these debt advisers are also trustees. Taunton Area Debt Advice is an affiliated centre of CMA which is a national charity authorized and regulated by the Financial Conduct Authority.
Risk Management
The trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors.
Taunton Area Debt Advice works with thirtyone:eight which is an independent safeguarding charity.
OBJECTIVES AND ACTIVITIES
The objects of the charity as set out in the CIO’s Constitution are the relief of financial hardship or poverty amongst persons in the Somerset area by any such means that are exclusively charitable at law, particularly but not exclusively by providing debt counselling and adjusting services, advice and assistance in financial matters.
The main activities undertaken for the public benefit in relation to these objects involves meeting with indebted clients and working with them by helping to draw up a realistic household budget; subsequently the qualified debt advisors may negotiate with creditors or consider any other available debt remedy up to and including insolvency.
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
We welcome anyone living in the Taunton area who can benefit from the resources on offer regardless of personal background, faith, gender, age or personal circumstances.
ACHIEVEMENTS AND PERFORMANCE
The reduction in stress both for the individuals concerned and for those close to them is immense; families can see a future ahead and the prospects of a normal life. Taunton Area Debt Advice has continued to help a number of clients to manage their debts and become free of debt and to stay clear of debt.
Page 2
TAUNTON AREA DEBT ADVICE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (cont)
ACHIEVEMENTS AND PERFORMANCE continued
All this work is carried out by a team of volunteers who give generously of their time for the benefit of our clients and receive no remuneration for their work.
Clients are mostly referred to the charity by other agencies including Housing Associations, community support bodies such as Village Agents, local churches and other charities. When all volunteers are fully occupied, new enquiries are generally referred to other service providers such as StepChange, Navigate, National Debtline, Citizens Advice or, with their permission, the names are added to the waiting list.
FINANCIAL REVIEW
Unrestricted receipts in the year to 31 March 2025 amounted to £8,173 with expenditure of £10,012. Including the restricted fund balance of £1,049 there was a closing bank balance of £14,081
Approved by the trustees on 2 July 2025 and signed on behalf of them by:
Janet Gillett
Janet Gillett (Chair)
Page 3
TAUNTON AREA DEBT ADVICE
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
| TOTAL | TOTAL |
|||
|---|---|---|---|---|
| Unrestricted | Restricted | Funds |
Funds |
|
| Funds | Funds | 2025 |
2024 |
|
| £ | £ | £ | ||
| Voluntary income | ||||
| Grants and donations | 6,842 | 0 | 6,842 |
4,427 |
| Gift aid tax recovered | 535 | 0 | 535 |
704 |
| Interest received | 296 | 0 | 296 |
293 |
| Bank compensation | 500 | 0 | 500 |
0 |
| __ | __ | __ | _ | |
| TOTAL RECEIPTS | 8,173 | 0 | 8,173 |
5,424 |
| __ | __ | __ | __ | |
| PAYMENTS | ||||
| Business rates | 219 | 0 | 219 |
225 |
| Office Licence fees | 4,985 | 0 | 4,985 |
4,985 |
| Mobile phone running | 414 | 0 | 414 |
455 |
| Postage, printing and stationery | 40 | 0 | 40 |
160 |
| Sundry | 27 | 0 | 27 |
0 |
| CMA affiliation fee | 1,250 | 0 | 1,250 |
1,200 |
| Data protection fee | 35 | 0 | 35 |
35 |
| Training and room hire | 0 | 225 | 225 |
446 |
| Website and promotion | 506 | 77 | 583 |
192 |
| IT consultant | 148 | 0 | 148 |
15 |
| Administration assistance | 1,537 | 0 | 1,537 |
378 |
| Thirtyone:eight (safeguarding) | 186 | 0 | 186 |
145 |
| Insurances | 605 | 0 | 605 |
615 |
| Bank charges | 60 | 0 | 60 |
60 |
| Insolvency fees | 0 | 0 | 0 |
225 |
| Credit reports | 0 | 0 | 0 |
200 |
| Other expenditure | 0 | 0 | 0 |
195 |
| __ | __ | __ | _ | |
| TOTAL PAYMENTS | 10,012 | 302 | 10,314 |
9.531 |
| __ | __ | __ | __ | |
| Excess of Payments over Receipts | (1,839) | (302) | (2,141) |
(4,107) |
| Cash funds brought forward | 14,871 | 1,351 | 16,222 |
20,329 |
| __ | __ | __ | __ | |
| CASH FUNDS carried forward | 13,032 | 1,049 | 14,081 |
16,222 |
Page 4
TAUNTON AREA DEBT ADVICE
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 2025
| £ | £ | |
|---|---|---|
| CASH FUNDS | ||
| Bank accounts | 14,081 | |
| OTHER MONETARY ASSETS | ||
| Income tax recoverable | 504 |
ASSETS RETAINED FOR THE CHARITY’S OWN USE Printer/photocopier/scanner Shredder Two filing cabinets Two desks Two 3 drawer cabinets Six chairs
LIABILITIES
A Licence Agreement to occupy the office and shared facilities provided by Taunton Citizens Advice Bureau continues on an annual basis with a Licence Fee of £4,985 pa from 1 October 2022..
Approved by the trustees on 2 July 2025 and signed on behalf of them by:
Janet Gillett
Janet Gillett (Chair)
Page 5