**Charity number: 1196379**
## **SEACHANGE DEVON**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **SEACHANGE DEVON**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 12|
|**Independent examiner's report**|13 - 14|
|**Statement of financial activities**|15|
|**Balance sheet**|16 - 17|
|**Statement of cash flows**|18|
|**Notes to the financial statements**|19 - 34|
**SEACHANGE DEVON**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025**
|**Trustees**|S Hicks, Chair (resigned 30 September 2025)|
|---|---|
||A Hood (resigned 30 August 2024)|
||L Jacques|
||S Thomas (resigned 30 September 2025)|
||I Christie|
||R Mejzner, Chair from 1 August 2025|
||S Tibbitts (appointed 1 September 2024)|
||R Bowes (appointed 30 September 2025)|
|**Charity registered**
**number**
1196379
**Principal office**
3 East Budleigh Road
Budleigh Salterton
EX9 6HF
**Accountants**
Griffin
Chartered Accountants
Courtenay House
Pynes Hill
Exeter
EX2 5AZ||
Page 1
# **Trustees Report 2024-2025**
Seachange Devon's annual report showcasing our commitment to improving health, wellbeing, and community connection across East Devon
Page 2
## **Structure, Governance and Management**
## **Constitution**
Seachange is a charitable incorporated organisation governed by its constitution dated 3rd November 2021.
Our governance structure ensures accountability, transparency, and effective oversight of all charitable activities.
## **Method of Appointment or Election of Trustees**
Trustees are appointed for a period of three years ensuring a sufficient overlap of time served to aid continuity of experience. Trustees are appointed by the chair following a positive election by all current trustees. External bodies do not have a right to appoint trustees.
**Governance Structure:** Our three-year trustee terms ensure continuity whilst allowing for fresh perspectives and expertise to join our leadership team.
## **Objectives and Activities**
**Seachange Devon is a registered charity that seeks to benefit the inhabitants of Woodbury, Exmouth and Budleigh Salterton and the surrounding area by the provision of facilities for the preservation and the protection of good health and wellbeing, as well as those in the interests of social welfare, regardless of age, infirmity, disability or financial circumstances, with the object of improving the condition of life.**
Seachange provides health and wellbeing services for people of all ages across the communities of Woodbury, Exmouth, and Budleigh Salterton. Our focus is on supporting those most in need—whether due to age, physical or financial circumstances, or social challenges. Through our facilities, activities, and partnerships, we aim to improve people's quality of life, promote happiness, and strengthen resilience against both physical and mental ill-health.
A central part of our mission is to combat loneliness and social isolation. We believe that the most effective way to achieve this is through socialisation—bringing people together to form friendships, connections, and a sense of belonging.
## **Physical Wellbeing**
- Low-impact and chairbased exercise classes Gym sessions and walking groups Cycling groups and table tennis
## **Social Connection**
- Sewing and activity groups for older people Memory cafés and singing groups Film Club and dining events
## **Specialist Support**
- Carers' groups and Parkinson's support Bereavement groups Community transport and Hope Programme
Many of these activities are detailed further in our annual review, demonstrating the breadth of opportunities we provide for people to connect, stay active, and feel supported.
Looking forward, Seachange is committed to continuing its growth and evolution. We see a particular opportunity to expand our services in Exmouth, where the demand and potential for impact are especially strong.
## **The Role of Volunteers**
Volunteers are at the heart of Seachange and play a vital role in our daily operations. From driving for community transport, to facilitating activities such as Film Club, Memory Café, and singing groups, to supporting fundraising efforts, our volunteers contribute invaluable time and expertise.
## **100+**
**6**
## **32K**
## **£380K**
## **Active**
## **Volunteers**
Dedicated individuals supporting our mission
**Average Hours**
Per volunteer per week
**Annual Hours Estimated Value**
Total volunteer Annual financial contribution equivalent
Over 100 volunteers generously give an average of six hours per week, amounting to more than 32,000 hours a year. This contribution equates to an estimated financial value of £380,000 annually—a testament to the scale of their commitment and the importance of their role in making our services possible.
## **Public Benefit**
All of Seachange's activities lead to our community living longer, better lives. This is not only good for the individual but also good for the health and social care sector.
**Healthcare Savings:** We estimate from our falls prevention and loneliness work we save that sector over half a million pounds a year.
## **Individual Wellbeing**
Improved physical and mental health outcomes for community members through targeted support and activities.
## **System Benefits**
Reduced pressure on NHS and social care services through preventative communitybased interventions.
## **Regular Thursday Sessions**
Weekly activity club attendance providing consistent social connection
## **Monthly Film Club**
Enjoying cinema experiences with new friends
## **Day Trips**
Participating in Seachange organised outings and adventures
## **Book Club**
Joining our new reading group for literary discussions
6
## **Achievements and Performance**
Many of our key achievements are mentioned in our annual review which follows this report. We would like to highlight our three year Lottery Funded grant of £180,000 which will enable us to expand our work and help more people.
## **£180,000 Grant**
Three-year Lottery funding secured to expand our services and reach more people in need.
## **Diversified Income**
Successfully raised funds from individuals, businesses, grants and contracts, creating financial sustainability.
## **Financial Surplus**
Achieved our aim to increase overall income and generate a surplus for future development.
Fundraising is key to the long term sustainability of the charity. This year we have achieved our aim to raise funds from individuals, businesses, grants and contracts. This has enabled us to increase our overall income and make a surplus.
## **Record Reach**
Seachange is reaching more people than ever. Including the number of people who come into our building, use our services, take part in our activities and those who receive advice and signposting we estimate we had **over 70,000 interactions** last year.
## **Weekly Impact**
We hold **over sixty-five activity sessions a week** in East Devon, providing consistent support and connection opportunities for our community.
7
## **Kathy's Story: A Life Transformed**
## "You suddenly find you're really lost."
After 61 years of marriage, Kathy was isolated and lonely following the death of her husband. Her limited mobility made getting out of the house and meeting people difficult. She felt lost and abandoned.
Kathy heard about Seachange via another local charity and decided to attend our Thursday activity club. She left the first one thinking, "It's not for me," but fortunately, her daughter-in-law persuaded her to return.
Kathy says, "It's never good the first time, as you don't know anyone. So, I went a couple more times, and I started to love it. When you first come you're worried about remembering people, and then you realise it doesn't matter. You get to know the people sitting on either side of you. Then, you slowly get to know everyone else. It's lovely."
Thursdays are now the highlight of Kathy's week.
Kathy's physical disability means she can't get to Seachange on her own, so our volunteer drivers collect her from home on our community bus and bring her to the door. She finds the banter on the bus as much a highlight as the activity itself!
We asked Kathy, "What does Seachange mean to you?" and she replied:
"When I first started coming here, it changed my life. I can't imagine my life without Seachange. I don't know what I'd do without it. I really don't."
8
## **Financial Review**
During the year, the charity received total income of £667,053and had total costs of £620,003 giving a surplus of £47,050. The charity had budgeted for a surplus of £10,000 and has outperformed the budget due to increased income generated from classes and the gym. This leaves the charity in a strong financial position and will enable additional project work to be undertaken over the course of the next financial year.
## **Activities & Gym**
Primary income source from membership fees and class participation
## **Room Rental**
Revenue from hiring out facilities to community groups
## **Grant Funding**
Support from generous local and national grantgiving organisations
The charity receives its principal source of funding from income received from activities and gym membership. It also receives money from room rental. Funding is also received from generous local and national grant giving organisations.
## **Budget Performance:** We
outperformed our budgeted surplus of £10,000, demonstrating strong financial management and growing community support.
The principal risks to the charity are recorded in the charity's risk register. These are regularly reviewed by the trustees and actions follow as and when required. The trustees are satisfied that systems are in place to mitigate those risks.
## **Investment and Reserves Policy**
## **Investment Policy**
## **Reserves Policy**
Seachange does not hold any investments and does not intend for the foreseeable future.
The Trustees are working towards a goal of the charity having reserves sufficient to cover at least three months' operating costs. The charity is relatively newly formed and this may take a few years to achieve, but the Trustees are pleased with the progress in building reserves to date.
**Current Free Reserves:** £33,017
## **Current Future Security Position**
Financial stability Building reserves for long-term steadily since sustainability formation in 2021
## **Target Goal**
Three months' operating costs in reserve
## **Plans for Future Periods**
Seachange has already made a lasting difference in the lives of many people, but loneliness and social isolation remain ongoing challenges. These are not issues that will disappear on their own, and Seachange is committed to addressing them in a sustainable and focused way for the long term.
**Scalable Growth Focused Impact Exmouth Expansion** Plans that are both Refining strategies to Establishing a dedicated achievable and ensure support reaches base where 65% of our sustainable, building on those most in need users are located proven approaches
Looking ahead, Seachange's plans are both scalable and achievable. As the organisation learns and adapts, it will refine its strategies to ensure support reaches those most in need. With over 65% of Seachange users based in Exmouth, this area represents the greatest opportunity for impact.
Establishing a dedicated base in Exmouth will create a strong foundation for growth, provide a hub for community connection, and amplify Seachange's ability to bring people together.
By building on proven approaches and concentrating resources where the need is highest, Seachange is well placed to expand its reach, deepen its impact, and continue tackling isolation in a practical, effective, and sustainable way.
**Strategic Focus:** 65% of our users are based in Exmouth, making it our priority area for expansion and development.
**SEACHANGE DEVON**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on _________________________________________________ and signed on their behalf by:
```
21/01/2026
```
## **S Hicks**
(Chair of Trustees)
Page 12
**SEACHANGE DEVON**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025**
## **Independent examiner's report to the Trustees of SEACHANGE DEVON ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts 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 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Page 13
**SEACHANGE DEVON**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated:
**Laura Waycott FCA** for and on behalf of Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ
Page 14
**SEACHANGE DEVON**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025**
|**Note**
**Income from:**
Donations and legacies
4
Charitable activities
5
Other income
6
**Total income**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2025**
**£**
**148,961**
**-**
**-**
**148,961**
**100,167**
**100,167**
**48,794**
**-**
**48,794**
**48,794**|**Unrestricted**
**funds**
**2025**
**£**
**224,304**
**292,788**
**1,000**
**518,092**
**519,836**
**519,836**
**(1,744)**
**34,761**
**(1,744)**
**33,017**|**Total**
**funds**
**2025**
**£**
**373,265**
**292,788**
**1,000**
**667,053**
**620,003**
**620,003**
**47,050**
**34,761**
**47,050**
**81,811**|_Total_
_funds_
_2024_
_£_
_244,468_
_355,370_
_500_
_600,338_
_549,732_
_549,732_
_50,606_
_(15,845)_
_50,606_
_34,761_|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 19 to 34 form part of these financial statements.
Page 15
## **SEACHANGE DEVON**
## **BALANCE SHEET AS AT 31 MARCH 2025**
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Stocks
13
Debtors
14
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
15
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
16
Unrestricted funds
16
**Total funds**|**450**
**58,208**
**71,565**
**130,223**
**(118,708)**|**2025**
**£**
**70,296**
**70,296**
**11,515**
**81,811**
**81,811**
**81,811**
**48,794**
**33,017**
**81,811**|_250_
_89,768_
_64,057_
_154,075_
_(123,027)_|_2024_
_£_
_3,713_|
|---|---|---|---|---|
|||||_3,713_
_31,048_|
|||||_34,761_|
|||||_34,761_|
||||||
|||||_34,761_|
|||||_-_
_34,761_|
||||||
|||||_34,761_|
Page 16
## **SEACHANGE DEVON**
## **BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025**
The financial statements were approved and authorised for issue by the Trustees on _________________________________________________ and signed on their behalf by:
```
21/01/2026
```
## **S Hicks**
(Chair of Trustees)
The notes on pages 19 to 34 form part of these financial statements.
Page 17
**SEACHANGE DEVON**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025**
|**Cash flows from operating activities**
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
**Net cash (used in)/provided by investing activities**
**Cash flows from financing activities**
Bank charges
**Net cash used in financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 19 to 34 form part of these financial statements|**2025**
**£**
**84,625**
**(73,250)**
**(73,250)**
**(3,867)**
**(3,867)**
**7,508**
**64,057**
**71,565**|_2024_
_£_
_43,239_
_-_
**-**
_(3,041)_
**(3,041)**
**40,198**
_23,859_
_64,057_|
|---|---|---|
Page 18
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1. General information**
Seachange Devon is a registered charity that seeks to benefit the inhabitants of Woodbury, Exmouth and Budleigh Salterton and the surrounding area by the provision of facilities for the preservation and the protection of good health and wellbeing, as well as those in the interests of social welfare, regardless of age, infirmity, disability or financial circumstances, with the object of improving the condition of life.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Seachange Devon meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 19
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **2. Accounting policies (continued)**
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Taxation**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the following methods.
Depreciation is provided on the following basis:
|Solar panels|-|4% Straight-line|
|---|---|---|
|Motor vehicles|-|25% Reducing balance|
|Fixtures and fittings|-|15% Reducing balance|
## **2.7 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Page 20
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **2. Accounting policies (continued)**
## **2.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.9 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.10 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.11 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.12 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
## **2.13 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 21
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **3. Critical accounting estimates and areas of judgment**
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
There are no critical estimates or assumptions within these accounts.
## **4. Income from donations and legacies**
|Donations & gifts
Grants
Donations & gifts
Grants|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
-
122,498
148,961
101,806
148,961
224,304
_Restricted_
_funds_
_2024_
_Unrestricted_
_funds_
_2024_
_£_
_£_
_-_
_161,533_
_65,468_
_17,467_
_65,468_
_179,000_|**Total**
**funds**
**2025**
**£**
**122,498**
**250,767**|
|---|---|---|
|||**373,265**|
|||_Total_
_funds_
_2024_
_£_
_161,533_
_82,935_|
|||_244,468_|
Page 22
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **5. Income from charitable activities**
|**Unrestricted**
**funds**
**2025**
**£**
Sales within charitable activities
292,788
_Unrestricted_
_funds_
_2024_
_£_
Sales within charitable activities
_355,370_|**Total**
**funds**
**2025**
**£**
**292,788**|
|---|---|
||_Total_
_funds_
_2024_
_£_
_355,370_|
## **6. Other incoming resources**
|Other income
Other income|**Unrestricted**
**funds**
**2025**
**£**
1,000
_Unrestricted_
_funds_
_2024_
_£_
_500_|**Total**
**funds**
**2025**
**£**
**1,000**|
|---|---|---|
|||_Total_
_funds_
_2024_
_£_
_500_|
Page 23
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **7. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Charitable activities
Charitable activities|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
100,167
519,836
_Restricted_
_funds_
_2024_
_Unrestricted_
_funds_
_2024_
_£_
_£_
_79,192_
_470,540_|**Total**
**2025**
**£**
**620,003**|
|---|---|---|
|||_Total_
_2024_
_£_
_549,732_|
## **8. Analysis of expenditure by activities**
|Charitable activities
Charitable activities|**Activities**
**undertaken**
**directly**
**2025**
**£**
575,274
_Activities_
_undertaken_
_directly_
_2024_
_£_
_508,162_|**Support**
**costs**
**2025**
**£**
44,729
_Support_
_costs_
_2024_
_£_
_41,570_|**Total**
**funds**
**2025**
**£**
**620,003**|
|---|---|---|---|
||||_Total_
_funds_
_2024_
_£_
_549,732_|
Page 24
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Staff costs
Depreciation & impairment
Rent
Water rates
Light & heat
Property repairs & maintenance
Equipment hire & repairs
Cleaning & refuse collection
Fundraising expenses
Marketing & promotion
Instructor hire
Motor expenses
Meals & entertainment
Room hire
Volunteers training & mileage
Grant expenses
Afghan refugee project expenses
Other charitable expenditure
Staff travel & training|**Total**
**funds**
**2025**
**£**
**265,661**
**6,667**
**71,862**
**3,424**
**31,410**
**38,470**
**1,689**
**52,046**
**3,361**
**18,275**
**13,265**
**5,762**
**18,439**
**1,188**
**10,246**
**25,762**
**-**
**-**
**7,747**
**575,274**|_Total_
_funds_
_2024_
_£_
_222,762_
_1,097_
_68,033_
_3,740_
_46,616_
_38,599_
_3,439_
_47,556_
_203_
_4,745_
_14,600_
_6,000_
_21,881_
_742_
_11,306_
_13,520_
_32_
_139_
_3,152_|
|---|---|---|
|||_508,162_|
Page 25
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Printing, postage & stationery
Telephone & internet
Computer software & maintenance
Insurance
Bookkeeping & payroll administration
Legal & professional fees
Bank charges
Subscriptions & publications
Governance costs|**Total**
**funds**
**2025**
**£**
**3,348**
**3,710**
**12,650**
**5,137**
**2,506**
**9,449**
**3,867**
**1,722**
**2,340**
**44,729**|_Total_
_funds_
_2024_
_£_
_1,289_
_2,514_
_10,064_
_4,278_
_5,076_
_12,374_
_3,041_
_594_
_2,340_|
|---|---|---|
|||_41,570_|
## **9. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £2,340 ( _2024_ - _£2,340_ ).
Page 26
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **10. Staff costs**
|**2025**
**£**
Wages and salaries
**252,945**
Social security costs
**9,081**
Contribution to defined contribution pension schemes
**3,635**
**265,661**
The average number of persons employed by the Charity during the year was as follows:
**2025**
**No.**
Employee numbers
**21**|_2024_
_£_
_211,781_
_7,724_
_3,257_|
|---|---|
|||
||_222,762_|
||_2024_
_No._
_18_|
No employee received remuneration amounting to more than £60,000 in either year.
## **11. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ .
During the year ended 31 March 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ .
Page 27
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **12. Tangible fixed assets**
|**Cost or valuation**
At 1 April 2024
Additions
At 31 March 2025
**Depreciation**
At 1 April 2024
Charge for the year
At 31 March 2025
**Net book value**
At 31 March 2025
_At 31 March 2024_|**Solar panels**
**£**
**-**
**46,894**
**46,894**
**-**
**1,876**
**1,876**
**45,018**
_-_|**Motor**
**vehicles**
**£**
**5,000**
**-**
**5,000**
**2,188**
**703**
**2,891**
**2,109**
_2,812_|**Fixtures and**
**fittings**
**£**
**1,247**
**26,356**
**27,603**
**346**
**4,088**
**4,434**
**23,169**
_901_|**Total**
**£**
**6,247**
**73,250**|
|---|---|---|---|---|
|||||**79,497**|
|||||**2,534**
**6,667**|
|||||**9,201**|
|||||**70,296**|
|||||_3,713_|
## **13. Stocks**
||**2025**|_2024_|
|---|---|---|
||**£**|_£_|
|Finished goods and goods for resale|**450**|_250_|
Page 28
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **14. Debtors**
|**Due after more than one year**
Other debtors
**Due within one year**
Trade debtors
Prepayments and accrued income|**2025**
**£**
**16,250**
**16,250**
**19,246**
**22,712**
**58,208**|_2024_
_£_
_16,250_|
|---|---|---|
|||_16,250_
_68,486_
_5,032_|
||||
|||_89,768_|
## **15. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2025**
**£**
**101,475**
**3,688**
**6,742**
**6,803**
**118,708**|_2024_
_£_
_56,535_
_3,461_
_6,652_
_56,379_|
|---|---|---|
||||
|||_123,027_|
Page 29
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **16. Statement of funds**
## **Statement of funds - current year**
|**Statement of funds - current year**|||||
|---|---|---|---|---|
|**Unrestricted funds**
General Funds
**Restricted funds**
Community Activities
Cost Of Living
Loneliness & Isolation Project
Solar Panels
Wheelchair grant
**Total of funds**|**Balance at 1**
**April 2024**
**£**
**34,761**
**-**
**-**
**-**
**-**
**-**
**-**
**34,761**|**Income**
**£**
**518,092**
**32,688**
**4,915**
**60,688**
**46,894**
**3,776**
**148,961**
**667,053**|**Expenditure**
**£**
**(519,836)**
**(32,688)**
**(4,915)**
**(60,688)**
**(1,876)**
**-**
**(100,167)**
**(620,003)**|**Balance at**
**31 March**
**2025**
**£**
**33,017**|
|||||**-**
**-**
**-**
**45,018**
**3,776**|
|||||**48,794**|
|||||**81,811**|
Page 30
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **16. Statement of funds (continued)**
Restricted funds represent specific projects which are restricted by virtue of their funding contracts.
## **Community Activities**
Provision of physical and social activities to promote good health:
- Barchester; Sewing machines for sewing group in memory café
- COOP; Funds toward memory café
- Edgar Lawley; Monies for Christmas meal for activity club
- Exeter Chiefs; Gardening equipment re gardening for health project
- Woodroffe Benton; Funds for memory café
- Library Support Fund; Lighting for reading
- Hendy Foundation;Funding for carers support group
## **Cost Of Living**
Practical help to support those in a cost-of-living crisis.
- National Grid; Funds for warm winter clothing goods
- National Lottery; funds for winter food and cooking
## **Loneliness & Isolation Project**
Over-arching project to reduce loneliness and social isolation in East Devon:
- Transport Restricted; Community transport allowing clients to access services
- Clare Milne; Restricted funds from community transport towards volunteers fuel expenses
## **Solar Panels**
The Solar Panel Restricted Fund comprises donor-restricted income designated exclusively for the capital expenditure associated with the acquisition and installation of solar panels at the charity’s premises. Under the terms of the restricted funding, these resources may be applied solely to the purchase, installation, and directly attributable capital costs of the solar energy project. Expenditure is capitalised in accordance with the charity’s accounting policies, and the year-end fund balance reflects the net book value of the related fixed assets after recognition of depreciation for the period.
## **Wheelchair grant**
Grant from East Devon County Council to fund mobililty projects.
Page 31
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **16. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General Funds
**Restricted funds**
Community Activities
Cost Of Living
Loneliness & Isolation Project
**Total of funds**|_Balance at_
_1 April 2023_
_£_
_(29,569)_
_5,499_
_2,225_
_6,000_
_13,724_
_(15,845)_|_Income_
_£_
_534,870_
_3,236_
_47,315_
_14,917_
_65,468_
_600,338_|_Expenditure_
_£_
_(470,540)_
_(8,735)_
_(49,540)_
_(20,917)_
_(79,192)_
_(549,732)_|_Balance at_
_31 March_
_2024_
_£_
_34,761_|
|---|---|---|---|---|
|||||_-_
_-_
_-_|
|||||_-_|
|||||_34,761_|
## **17. Analysis of net assets between funds**
**Analysis of net assets between funds - current year**
|Tangible fixed assets
Debtors due after more than one year
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
45,018
25,278
-
16,250
3,776
110,197
-
(118,708)
48,794
33,017|**Total**
**funds**
**2025**
**£**
**70,296**
**16,250**
**113,973**
**(118,708)**|
|---|---|---|
|||**81,811**|
Page 32
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **17. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Debtors due after more than one year
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2024_
_£_
_3,713_
_16,250_
_137,825_
_(123,027)_
_34,761_|_Total_
_funds_
_2024_
_£_
_3,713_
_16,250_
_137,825_
_(123,027)_
_34,761_|
|---|---|---|
## **18. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Decrease/(increase) in stock
**Net cash provided by operating activities**
**19.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**|**2025**
**£**
**47,050**
**6,667**
**3,867**
**31,560**
**(4,319)**
**(200)**
**84,625**
**2025**
**£**
**71,565**
**71,565**|_2024_
_£_
_50,606_
_1,097_
_3,041_
_(67,546)_
_56,041_
_-_
_43,239_
_2024_
_£_
_64,057_
_64,057_|
|---|---|---|
Page 33
**SEACHANGE DEVON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **20. Analysis of changes in net debt**
|Cash at bank and in hand|**At 1 April**
**2024**
**£**
**64,057**
**64,057**|**Cash flows**
**£**
**7,508**
**7,508**|**At 31 March**
**2025**
**£**
**71,565**|
|---|---|---|---|
||||**71,565**|
## **21. Pension commitments**
The Charity operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Charity in an independent administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £3,635 (2024: £3,257). Contributions amounting to £742 were payable to the scheme at 31 August 2025 (2024: £652) and are included within creditors.
## **22. Related party transactions**
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2025.
Page 34
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