BUSINESS ADVISORS &ACCOUNTAMTS The Dacon Trust Limited Financial Statements For the Year Ended.. 31 December 2024 Registered Company No: 00968662 Registered Charity No.. 260380 ThE DACON TRusfuMfiED CONTENIS OFTHE Ar14NaALsfATEwirs FOR THEYEPA ENDED 31 DE(EMBER2024 Report otthe Tnstees 2 to 6 7 to 10 li to 23 24 to 25 THE DACONTrusf UMITED REFEREt4Q ANO ADMINISTIIATNE DETAILS FOR YEAR EIUD 31 DECEMBER 1024 Mr D Aym 1712125) Mrs K Hyde Mr5SAt Mr O Godfrey Mr G E Nltthell Mrs E Lwadforth (ap￿nted 10112r241 Mrs SA Crclt 26 Stjohns street C02 7HB REGisfEREO CCYaPANYNUhWI TCGr(x Twi Wall HIM￿e Balkeme Hll C03 3P WIKEfS Bard￿ Bank PLC 9 Hith Slr*t Colchester COI IDD THE DACON TRiIST LIMifED REPORT OFThE 7RusfEES FOR THEYEAR ENDED31 DECEMBER 2024 The trustees who are also dlrectors of the chalty for the purpose of the Companles 2(￿. present thelr reptyt wlth the flnandal statements ofthe charltyforthe year ended 31 December 2024. The ftnanclal statements hJve been prepared In acc4Ydance wlth the account1r￿ pdldes set In the notes to the finandal statements and comply vlth the tharws govemln8 document. The trustees have adopted the wovlslons of Accountln8 and Reportlng by Charltles: Statement of fte￿mmended Practlo appllcable to charltbes preparlng thelr accounts In accordance wlth the Flnar¢dal Repwtlng Stsndard appllcable In the UK ènd Republle of Ireland IFRS 102) leffecllve ljanuary 2019). Obledfves The obJecdves of the Chartty are to supm the edu¢at]on and development of Ilfe aftd employment skllls kn adults and young people vAth learnlbY4 dlsabllldes. The Charlty's maln artmty remalns the provlsloTr of dayseMce5 at the Level Best Enterprfses Hub In Colchester. Level Best Is made up of fourenterprlses- Levd Bert Café, Level Best Art and Galleryi Level Best Seasonal al￿ Level BestGardenln& The tharlty ha5 the capactty to dellver over 230 wcrt skllls tralnSng se5slons per week In addftlon to thls. occaslonal workshops are dellvered at the Level Best hub and at external locatlons. In 2024 these Induded 111m makln8 w]th Jelly Helder stuolo4 'Creats wrth aav at local creatlve venue 'Makers Space,. Chrfsknas Wreath makln& Healthy Relatlonshlp course and a varlety of Art wLYkshop5 dellvered by I￿al artlrt& 2024 also saw the Introduc11￿ of weekty theatre workshops forTrnSnees at The MercuryTheatre. In 2024 L￿1 Best was recognlsed natI(￿allY In both the Natlonal Dlverslty Avrdrds and the Natlonal Learnlno DIsablI￿e5 and Autlsm Awards. aoser to home. Level Best were proud to tske hcvne Hl8hly Commended In both the Colchester Buslness Awards and the Essex CtyJntfftfjde Buslness Awar(k. le￿ Bert Cam: Customer numbers In the Café have contlnued to grow 2024 and we have seen 8rowth In bulfet and extemal cakes supplled to local buslne5ses and sodal entwprlses. In 2024, Level 8est Café recelved the Trlp Advlsor Travellers chol￿ Award, for belng rated among the top IO% of restsurants worfdwlde. The Caféls ranked number 2 out of 95 Cafés In Colche#w and has 60 flve-star revlews. Several evenlng and weekend events were hosted In the Café throughout 2024. Includln8 a Chrt5tmas Market (ln partnwshlp wlth Made In Colchesterl, Gallery prlvate vlews and prlv*e hlre events for Creatlve Cokhester. In addltlon to thbthe Café space was re8ularly booked a5 a meetlng placefor8roups Includln8 a book club and a coffee mornlrq. Level BestArtand Galkny. The new arKI Improved Art Studlo and Gallery space at St Johns Street has made a huge dlffer•nce to the Tralnee expellen￿. Wjth more space avallable In the fvxt Stutho, Tralnees can access more actfvStles suth a5 sllk prlntln8 and sculpture. There Is also a deslgnated eXhI￿tIOn space In the Café toshowcase, celebrate and sell TTrlnee artwork In February 2024. Level 8est were proud to hold an exhlbltl¢)n of Tralnee artwork at Colchesterfs Internatlonallv reco8nlsed art gaU¢ry. Flrstslte. The exhlbltlon featured work fmm the Level Best archlves as well as more recent Tralnee artwork& THE DACONTR115T LWITED REPORT OFThETrUStEES FOR THE YEAR ENDED 31 DECEMBER2024 In Aprll, Levet Best Art Tralnees wtte fad￿tated to nm a 3 day up, Art sale at Thè Mlnorle& Thts Tralnee5 an Opportun￿tOd1$CUss thelrwth Thlth ttR tt￿rtaIents and thwn a serfje d wlik and xhle¥ernenL 2027. Tralnees are Invofved In the Gallwy tryo￿1 adMI￿tratI¥* tasks Ipromollc￿ emaltln8 ¢u)tracts etrl as tA*ll as 5slstlrg In curatln8exhlblti¢ Level Best Seasmal: The Café space has a small'thp. area tr Seasonal 8oodk As Café rKunbers Intyease¢ sotoo hasthe sale of Se3x￿41 prLKluce. Throu8lwt 2024 Seas(Thl Produ￿ was sdd at external ￿e5 and InduthnB a local ecctrfrlendty shop. a popup event at Cdthe5twArts Centre andThe Mln(xles (Jwlstmas Market Level Be5t8ardenlrg Tralrws wcffked on both allotynent ￿ thr￿h 2024, growl￿ a vartety of frultand ve8etsbles for use In Seasonl produce. In adthiith) to thls enJffj*d several trlps Induolng Acorn Vlllage for Barden tours and workshop¥ BoLme Mill ftygarden tws and craft wc¥*shops and Hl8hwocKts tr Porid dlpplngand exploratlon. In May 2024. Le￿1 Best rdn a 6 week Forest Sthod w(yamn* at the Amotsnert attended by 6 Tralnees. Actlvltles on offer were varled such as day faces *lth f￿ftd lea4* <￿d￿d p4xtrarts with wlllLw thwcoal and leamlng ab¢xrt treeofthe week Tralnees alw used IdentHthcffl sheetstolearn ¥b(xrtltya and faun& The pa￿ ran8ersesslons condnued wlth lots (Iv¥led aL11vAles plantln& ¢xth¥d maIntenan￿. p￿d dearanw Iltter pkklrq and flw bed &4rfn8 and planfj Mencap contln(* to occuw Fltzw*w H(Mse accrm)modatlcffi learrdng dlsalAed adult ￿SIdentS Dlscusslons contlnue TAIth potsntlal partners astt> how the rest rfthe atGreatTey could be use The tharlty's acuvftles are flnanced by a ccthblnatlon Irhtstmenl Incane t￿11￿ thr8es made to tralnees for atterKlance wthlch are fvnded elther by local authoriiies or Pr￿￿ely. Ttrwe ts a small relbance ￿ voiurteer5 for darttrday OperntI￿S althwgh the mernknof the Manw)ent C(xnmlttee serve In a¥olth)tsry cap¥lty. The maJ¢ylty ofthe Charlvs In%*stments are mana8ed ty CIIA Investrnent Marba8ement Lknlted T*tho pr￿4]de a quarterly appolnb))ents where tly could INir¥skd15etsthat wlll benefft the ttwlty8d￿fQ¥wè￿d& board ￿ owayonal prcyes PUBUC BENENT The trustees of The Dacon Trust Umlted IM¥e had due rq¥d to tt* 8uldance *)n be￿fft p￿lIshed by ￿ (harlty Commlsslon In exerd51rBthelr ptrwers ordutle THE DACON TR115TiMIKED REPORT OFTHE TRUSTEES FOR ThEYEAR ENDED 31 DECEAW 11124 The acdNfjtles durln8 the ye¥ reAlted in a defidt of unresiricted funds ¢1 £14¢98412023: £17.9631 forthe financial year. Induded wlthlnthbdefidt ts the Incre￿ In thE m¥ketVaI￿ OfIn￿51￿￿ rf£X768 (2023: £2013521. Atthe end ofthe yearthe thathy has a totsl of U.485.854(2023: ￿.634.838) In Unrestrlrtd Fund& The Coundi of Mana8ement has consldered the finandal requkanents cl the Qwity tsk1￿ hito account the cwrent pas￿On andlutstre plank Tlw ha¥etaken partladar n(ts ofthe fdkrknlng: Thefunds receWfrc¥n tharltableactmtles ha¥e been and are expected to remaln Inathqu*eto meet the costs of woNrfdln8 the Serv1￿ There *lll be an ￿oI￿re￿remertfOrthe Chknto w(r4lde substanllal resouros to 5ubsidlse the Servi￿ In the Iltht aftltsthe Cimw￿l ofManW￿thas madett* f￿￿1￿ded$1￿. The ln%*sb￿ts1Ul￿I Dnduth8 In¥est￿ wrywttes) awrthtotrl1￿ £1531396 <2023: Q620.6281 should The Flxed Asset Fund ts5et ata fwreof£L955.72812023:£L930,(B2) torel1ecttheva1￿ In¥ested In tsn8lble The fJwrtty5hwld alm to hdd a general resttveat lea5tewlvJl•rt to 12 months e4)enthture. The Te5erve Is currenty in deftltofQ27012023 s￿￿U5. £84.178k Goln8 After maklng approwlate enqulrle& the board of tJustees have a falr expects¥on th* The Dacon Trust Umlted ha$ adequats resour￿ to contlrM* In Optrafj￿31 e>lstence ts the fO￿atr￿e futur& Fwthls reasm, ft contlnues to adopt the 8oln8 corKem ba4$ In preparfry theflnandal 5tatanen ThE DACON TRusfuMITED REPORT OFThETRUSTEES FOR THE YEAR ENDED 31 DECÉMBER 2024 FUTURE PLANS Slnce movln8 to St Johns Street In Aprfl 2023, Levd Best has contlnued to see growth ocross all of Its serv1￿. A5 we lod( tothe future we plan to contlnueth15 8rth¥th In the followlng ways: Introduce new and ÈXdtl￿ workshop5 arrtl s￿rt courses forTralnees to enhan￿the1r leamln8 and to experfen Laurlth a sponsorshlp programme In Autumn 2025. The pU￿oSe of the programmels to unlock Dew opportunltles for Level Best Tralnees, address the ￿*[[ documented lack of funded opportunlties for peO￿e YAth learnln8 dlsabllltles. nd create a lastin8Wdlue for local buslne5ses andthe widercommunSty. Contlnue to build platemtnt numbersthrough weed strategjes. Develop a pro8ramme of Induslve workshops to be held outslde of operatlonal hour& Run Level Best Supper aubs and events at least two￿ yearfy wlth the use of gue5tchefs to supportthts. Market Levd Best as a venue for hlrefortraftmarkets and other everts such as catered blrthday partles. In parallel to th[4 the Tru5tses wlll also be glvlng careful conslderaoon to how best utlltse the land In GreatTey. STrUCTURI GOVERNANCE AND MANAGEMEpir Govemln8 document The Oacon Trust Umlted Is a company Ilmlted by guarantee. The charlty Is 9￿Med by its board of tru5te85 opera￿n8 underthe term5 of the memorandum and artldes of a5sodation. Members, Ilablllty Eath member of the charltrble company undertakes to contrjbute to the assets of the ¢haritsble company In thè event of It belng wound up whllst th￿ are a member, or wlthln one year after they cease to be a m￿)ber, suth amount as may b¢ required not exceedlnB £50. for the debts and Ilabllltles contracted before thry ceased to be 8 member. Tru5tee5 and manaBerrRnt The charlty has a Coundl of Managwnentthat manages the buslness of the Charlty. No person who Is nota member of tt Charlty Is eliglble to hold office as a member of the Coun¢ll. Whère appropriat4 dutles are delegated to employee5 of the tharlty, although the Coun¢ll malntrlris overall contrd for the artlvlttes and perfomiance of the charlty. The thjndl of Mana8ement meets quarterEyto revlewthe perf￿fftance ofthe tharltrls work The board oftntstees have also now fomyed subcommlttees In addltlon to the quarterly re¥￿W a5 m8ntloned abcNe ¥re also meetlng quarterty. The recnltment and appolntment of the members are setout In the artldas and memorandum of assochtlry). Persons who are appolnted as trustees or members of the Councll wlll be party to an Inducllon wocess detemilneil by thelr present role and kn￿￿edge ofThe Dacon Trust Umlted. EVENTS SlNtsTHE END OFTHE YEAR lfifomiatlon relatI￿tts events slnce the end of the yearlsOven In notss to the finandal statement& THE DACON TRUST LIMITED REPORTOFTHE TRLisfEES FOR ThEYEAft ENDED31 DECEMBER 2024 srATEMEKf OFTRUSTEES, RESPONSIBILMES The trustees Iwho are also the olrectors of The OaconTrurtLlmlted for the purposes of company law) are respon51ble for preparlng the Report of theTrustees andthe finandal statements In acctrdance with applicable law and Unlted Klngdom Accountln8 Standards (Unitsd Klngdom Generally Accepted A¢￿￿ntIng Prath1￿) Indudlr4 Flnanclal Report7￿ Standard 102'The Flnandal ReportlnB 5tsndord 4P￿](4b1e In the UK and Republlc of Ireland.. Company law requlres the tru5tee5 to prepare finandal ststements for each financlal year whlch 8lve a true and frdlr vlew of the state of affalrs of the charltsble company and of the Incomlng resources and appncatton of resource4 IndudlTha the Income and expenditure, of the charttsble company for that perfod. In preparlng those financlal ststements. the trustees are requlred to selectsultaljte account1￿ polldes and then lpplythem consSstently, obseThethe methods and prlnclple5 In the CharSty SORP: makejudgements and estlmates that are reasonable and prude prepare the finandal ststements on the golng concem basls unless It Is Inapproprlate to presume th?t the tharftsble company wlll contlnue In buslnesL The trustees are responslble for ke44n8 woper acctyjntlng records whlth dlsclose wlth reasonaNe accuracy at any lJme the finandal posStlon of the charltable company ond tt> enable them to ensure that thè finandal statements Com￿¥ wlth the Companles Act 2006. They are also responslble for safe8uardSng the assets of the charbtsble company and hence for taklng reasonable steps forthe preventlon and detectton of fraud and other Irregularltle5. STATEMENT ASTO DtsCLOgJIIE OF INFORMATION TO AUDITORS So far a5 the trustees are aware, there Is no relevant Infomiatlon las defined bysectlon 418 of the Companle5 Act 21M16} of whlth the charftsble companvs audltors are Unawa￿ and each trustee has taken all the steps that they ought to have tsken as a trustee In order to make them aware of any audlt Infomatlon and to establlsh that the charftable companrfs audltors are aware of that InfcfmatlorL AUDITORS The audltors. TCGroup. wlll be proposed for rtrappolnknent at theforthcomlngAnnual General Meetln Thls rep¢>rt has been prepared In accordance wlth the spedal of Part IS of the Companles Act X#J6 relallng to small companle& proved by orderof the board of trustees on 11 September 2025 and slBned on its behalf bv: Mrs K Hyde.Trwtee REPORT OFTHE INDEPENDENT AUDITORSYOTHE MEMBERS OF ThE DACON TRusf UMITED Oplnlon We have authted the flnandal statements of The Dacon Trust Llmlted (the 'charitsble c(xnpanVI for the year er#ded 31 December 2024 whlch comwlse the Stat•ment of Flnanclal l£tlvltle4 the Balan￿ Sheet and notes to the flnandal ststèmenty Includln8 a summary of 518nffl¢ont ¥cwuntlng polldes. The flnandal reportln8 framework that has been applled In thelr preparatlon Is appllcable law and Unlted ￿ngdoM A¢¢ountln8 Standards IUnlt8d Kln8dom Generalty Aceepttd Accountlrq Prado). Indudln8 Hnancla Report6￿ Stsndard 102 The Ftnandal Reportln8 Stsndard appllcJble In th• UK and Republlc of Ireland,. In our oplnlon the flnanclal ststements: Blve a true and talr vlew of the stste of the charftsble company's affalrs as at 31 December 2024 and of Its Inccynl re￿￿r¢e$ and applICa￿On of resources Indudlng Its Income al￿ expendlture. forthe yearthen ended: have been properly prepared In accordance wfth Unlted ￿ngdoM Generally Accepted Accountlng Practlce. Indudlng Flnanclal Reportlng Stsndard 102 The Flnjndal Rep¢)rtln8 Stand¥rd pppNcoble In the UK and Republlcof Ireland,; and have be•n prepared In 8¢cordance wlth the requlrements of thecompanles N£t 2[￿16. B•sts foroplnlon We condurted our audlt In •ccordanc4 vlth Internallonwl Stsndard5 on AudlOn8 IUK) IIS4s IUKII and appllcable l•w. Our responslbllltles under those standards are further descrfbed In the Audltors, re5pon51bllltle5 for th• audlt of the flnanclal ststèmènts sertlon of our rw?rL We are Indepèndent of the charltable company In accordance wlth the thlc•l requlrements that are relevant to ow audbt of the flnandal smements In tho UL In¢ludln8 the FRCS Ethlcal strndar￿ and we have fulfilled our other ethlcal responslbllldes In accordJnce wth these requSrements. W• bell•ve that the audlt evldence we ￿¥& obtslned Is suffldent and approprfate to prtylde a b•sls for our oplnlo Conclu￿0￿$1•14Un8to￿OlnI In audltSn8 the tlnanclal stètem•nty we have concluded that the truJt*•s' of the aoln8 conc•m b*1$ of •¢¢ountlni In the preparJtlon of theflnJn¢lal 5tatem•nts Is approprfate. B•sed on the work we have perlt)rn1è4 wè hgve not Identlfled any mJterlJl unortalntles r•latlng to events ry condltlons Indlvldually or collec11vely, may cast $18nlficant doubt on the charitsble companvs ablllty to contlnue Js • gol concern for a perlod of at least t4¥elve months fram wh•n the flnandal statements are 8Lrthc*lMd for Issue. Our responslbllllles and th¢ r¢sponslbllltbes ol the trust￿ wlth re5P•Ct to iolni CO￿ern Jr• descrlbed In the relev4nt sectlons of thls reporL Oth•rlnformatlon Thè trustees are responlble for the other InformatIo￿ The other Infomatlon comprlses the Informadon Included In the Annual Repor¢ other than th• flnJnd41 st4t•m•nts #nd our Report olthe Independent Audltors thereojk Our oplnlon on the flnanclal statements does not cover the other Infomatlon anl except to extsnt othrwlse expllcltly stated kn ow report we do not expre55 •nyfom) of assurnnce cl￿dus1on thereon. In connectlon wlth our audlt of th• Ilrnndal ststements. our responslblllty Is to read the other Inforniatlon arKI. In ddn8 so. conslder whether the other Snformatlon Is materfalty Inwrslstent wSth the flnandal statements or our knowled8e obtsined In the audlt or otheTh￿se appears to be mat¢rlally mls5tated. If we Identlfy Suth materlal InCon￿￿en￿eS or pparent materlal mlsstatements. we are requlred to determlne whether thls 8l¥es rfse lo a materlal mlsststement In the flnandal ststements them5efves. If, based on the work we have perfomie4 we condude that ther¢ 1$ a matertal mlsstatement of thls other Infomiallon, we are requlred to reportthat facL We hab* nothlffd to report In thls regard. REPORT OFThE INDEPENDENT AUDIT(AISTOThE l￿BERs OF THE DACON TRusf LNITED In our opSn5on. based on the work undertaken h) tt*ctyJfseof the au(ht the 1nfom1atl￿ ￿en In the Rewt of the Trlrtees for the finw¥Jal year ts whlth the finandal statwnents are prepared ￿ Consis￿nt wlth the ftnandal s￿t￿￿Thts. aNI . the Report oftheTrustees has been wepared In acc¢rdance wlth ap￿b￿ legal Tequlrwnents In the118ht of the knowkdge and understandlrg ofthe dwitsble compaw and Its •wlrorrfnert d>tslned In the course of the aud1¢ we Phi¥e not Identhed m*¥lal mIsStata￿In the kmoftheTrustee We noth[￿ to rewt In rew rfthe m•ttw5 whwethe ComparthesArt 2CIJ6 requlre5 U5 to report to If, In our oplnlcffl: . adequate account0￿ recc¢ds not been kept or retwns adequate for ¢)ur audlt have not been recelved fr￿￿ branches notvtslted ￿ us: or the finandal ststements are notln aBreement*th the accryjntlng records and rthms: Cf certaln d5sdosures of trustees, remuneration speafied are notmade: or we have notrecelved all the Infomi*lon and e*TratIo￿￿e requtrefrr OUraud￿ or the tr{￿esWeTr not enthled to tske atfvantw Oftt￿ small ccrnpxdes exempdon from the requlrementto prepare * Strateglc Report orln preparI￿the Rem oftheTruste Re4)tx)slbllitles of trnstees s explalr*d mcfe fully In statem￿ of Trustees. Resp￿￿11th1& the trustees (W￿ are also ts dtrertrys of the chartta￿e company for the purposes dc(rnpany lawl are responslble forthe weparatl¢)n of the ffinandal statements and for belng satlsfied that gfve a t￿￿ and falr ¥lew. and for SLth Interna contro5 as the trustee5 deternilnels necessary to enable the preparatlon of flnandal ststwnentsthat are f￿e fr¢xn materlal mtsstatemen¢ t*hether dueto fraud ¢y error. In preparfng the flnandal Stat￿enty the tntstee5 are respTh)slble assess1￿ the charitsble companV5 ablllty to ntbnue as a go5￿ concern. dlsclosln& a5 applcabl4 matters related to 8¢lro ¢(￿￿n and the goln8 concem basls of accoundng unless the trustees elther Intend to ￿quIdate the tharltsble C(ffi￿nY IY to cease OP￿￿on$. or have no reallstlc altemaove butto d05 REPORT OFTHE INDEPENDENT AUDm)RSTOTHE MEMBERS OF ThE DACON TRLisfuMITED Our responsffbllltles forthe audltof the flnanclal statements Our obledves are to obtaln reasonable 05surance about whether the flnandal statements as 4 whole are free from materlal mI￿atement whether due to fraud OT errcy, and tslssue a Report of the Independent Audltor5 that Indudes our ¢)plnlon. Rth￿nable assurance Is a hlgh level of assurance, but Is not a Buarantee that an audlt conducted Sn accordan wlth ISAS (UK) wlll always detert a matertal mlsstatement when It exlsts. MIs5tatements can arlse from fraud or error and are consldered materlal If. Indlvldually or In the aggregate, they COLld reas¢)nably be expected to Infiuence the economlc detlslons of userstsken on the basls of thesé finandal ststements. Irregularttle4 Indudlng fraud, are Instsn￿5 of nononses; and to respond approprlatety to fraud w suspected fraud Identlfied during the audlt. However. the prlmary resporb51biiityforthe prevent5on and detectlon offraud restswlth both those charged wlth governan￿ ofthe entltyand Its managemenL Our approach was asfdlows: We Identlfled areasof law5 and regulations that could reasonably be expected to have a matertal effert on the finandal ststwnentsfrom ourqeneral commerdal andsertorexperlence, and through dlscusslon wlth the trustees and other managementlas requlred by audlllng stsndardsl. and dI$￿$Sed wlth the dlrectors and other managementthe polldes and procedures regardlng tompfianee wlth laws and regulatlons: We consldered the legal and regulatory frameworks thredy appllcableto the finandal statements reportin8 framework {FRS 101 the Companle5 Act 2006. The Charltles Act 2011 UK GAAP Includ1￿ Charltle5 SORP IFRS 102)) and the relevanttsx compllance regulalons In the UK; We constdered the rlskof fraud through management D￿rrIde and In response. we IrKorpcYated testln8 of manual lournal entrles Into our audlt approach througho￿the finandal year: We con5Wered the Tlskof fraud through assumpdons and judgements vsed wlthln the accountlng estlmates and In response, revlewed and scrutlnlsed these estlmatss In orderto detect POS51ble Mar￿￿ent blas; We consEdered the rfskof fraud assoc]ated the preparatlon of the finandal ststements and In re5pons¢ tested the dlsclosures prepared 4alrtst relevant suppcrtlru documentatTon. Based on thls understsnolngwe de￿ our Judlt procedures to Id¢nOfy non Ttts de5criptlon forms part of ow Report ofthe Indeperthrt Audltor& Useofourreport Thls report Is made 501elytothe charitalle companvs memkn. as a b¢M*. In accord￿ Chaww 3 rf Part 16 ofthe Companles Art 200& Our audlt work has been undertaken so that we Thwit state to the charltable t￿npan￿5 membe those matters we are requSred to st*e to them In an a￿ltOrS, and for no other purpw. To the fullest extent pemiitted by law, we do not accept or as%tme responthllty to anY￿e other the charftabie compary and the charitsble companvs members as a body.fLY ￿raudIt wtht forthts rep(¢ wforthe oplnSon5 h￿eforn)ed fc (1￿Up Mellnda Slmpson (Senlor Statuty Audltrr) for and on behlfofTCGroup Town Wall House Balkerne Hlll Q)Ichester C03 3AD Date: IQ September 2025 THE OACON TRUST LNITED {INCORPORATINGAN INCOMEAND EXPENDfwRE ACCOUNn FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Totsl INCOME AND ENDOWMENTS FROM Attendance fees, cafe and art Sup￿￿e5 Lettln8 of non Investrnent pr4>perty 305,801 33.C Investrnent Inc4) Other Income 86.197 Totsl 425.044 EXPENDIYURE ON Ralslr* fvnds 4A15 6,465 Charttable athltl85 Attend3n￿feeS. cafe and artsupplles Other-EKcepOonal Item Totsl Net8alns on Invesb 51768 201352 NEf INCOMEI(EXPENDrruRE (W9U) {17.963) Totsl funds brWf(Kward 4fiY4m8 4652.801 TOTAL FUNDS CARR*D FORWARD 4885.854 4.634.838 CONTINUING OPERATIONS All Income and t￿￿tUre has arlsen fr(Th cc•)tlnulrgwaO THE DACON TRusf UMITED BALANCE SHEET 31 DECEMBER 2024 2023 Totsl funds funds Notes Tanglble assets li &954728 L930,IY32 Investhients Investment property 12 13 124396 1320,628 40K124 4.550.660 CURRENT AS￿5 Debtors Cash at bank 14 49,545 34649 81.117 147.Q35 228.212 CREDITORS Amounts fallin8 duewlthln one year 188,464) 1144,034) NEf CURRENf{LL4BILmES)IASSErs 1270) 84.178 4A85,854 4,634,838 NET ASSETS 4N85,854 4,634,838 FUNDS Unrestrlcted funds 17 4A85 4.634A38 TOTAL FUNDS 4.634.838 These finandal statements have been p￿pared In attwdance wth the provlslons appllc&le to charltsble companles $ubJert tothesmall Compan1￿ re8lme. The flnandal si*ements were approN*J by the 8DArd of Trustees and authorfsed for Issue on 11 September 2025 and were s18ned on Its behalf by. Mrs K Hyde-Trnste¢ The notesform partoftheseflnandal statements -12- THE DACONTrUST UMITED NOTESTO ThE FINANCIALSTATEME14TS FOR ThEYEAR ENDED 31 DECEMBER 21>24 Generdl Inlornwtkn and basls of preparallon The Dacon Trust Umlted Is a company Ilmlted by guarantee estsb115hed In England and Wales. The addre￿ of the regtstered office 15 85ven In the charlty Information on p4e l of these financlal statements. The nature of the charlty's operatlons and prlndpal actlvltles are to support the educatlon and develownent of Ilfe and employment sklllsforadults wlth mlld and modernte leamln8 dlsabllltle& The flnandal staternents of the tharltsble c¢Mnpany. wNth ts a publlc benefft entlty undw FRS 101 have been prepared In accordan￿ wlth the Char5tles SORP IFRS 1021 'A(C￿Jnt1n8 and Reporting by Charltle5: Statement of Recommended Pract1￿ appllcable to charltle5 preparlng thelr accounts In accordano the Flnanclal Reportln8 Stsndard appllcable In the UK and Republlc of Ireland IFRS 1021 leffect5ve l January 20191,. Ananclal Reportlng Stsndard 102 The Flnanclal Reportlw Stsndard ¥p￿ICable In the UK and Republlc of Ireland, and the C¢mpanles Ilnandal statements are prepared on a 8oln8 concem basls under the hlstorlcal cost conventlon. modffied to Include certaln ftems at falr value. The finandal ststerner￿ are presented In sterfl￿ whlth Is the funrtlonal currency of thecharlty and rounded to the nearest poun Funds Unrestrfcted funds are Wdllable for use atthe dlscretlon of the trustees In furtherance of the general objecdves cl the chartty and whlch have not been dest8natsd for other purposes. Al fundsof the charlty4rè unrestrlcted. sI￿1ft￿tjudw￿￿ts and estlmatss The preparatlon of the flnandal statsments requlres the Councll of Management to make Judgements, esllmate5 and assumptlons that affect the amounts reported for assets and Ilabllltles at the balance sheet dats and t amounts reported as revenue and expenses durfn8 the year. However, the nature of estlmatlons means that the rtual outcomes could dlffw from these e5￿Mate& The followlng Item Is hlghllghted a5 aJud8ement that has had the most s18nlfkant effect on amounts reco8nlsed In the flnandal statements and the key source of estimatSon uncertalnty. luatlon of I The Company carrles Its Inve51ment Property at falr value. wlth changes In the falr value belng recognlsed In th• SOFA. The Irwestment properties are held at a value whlclK In the oplnlon of the truste* refiects open mlrkot value at the balar*e sh￿t dats. In¢ome rew8nftlon All Incomln8 resour￿ are Induded In the Ststement of Flnandal Actfvittes (SOFA) when the tharlty Is leBalty enthlÈd tothe Income after any pwforniance cOndI￿onS have been mèl the amount Can be measured rellablyand It Is prdjablethatthe Incomewlll be recelved. InC￿nefrOM tradlffl8 acimtses is recel¥ed In exthan8e fcr supplyln8 8oods and seThkes In order to ralse funds and Is recogn15ed when entitlement hasoccurred. Incryne from 8overrdnent and other8rants are recwlsed at falr value when the thartty ha$ entltlement afterary performance condltlons have been met It Is probable that the Income wlll be recelved and the amount can be measured rellably. If entltlement Is not metthen these amounts are deferrn THE DACON TRUST UMITED FOR THEYEAR ENDED 31 DECEMBER X124 Investrnent Income ts eamed tlwh holthre assets fty Invests￿ pur￿￿ th as shares and property. Indudes dlvldend4 Intffest and renL Intwest Income Is recrenlsed u51ryq the effectl¥* Intwert method arKI dmdend and rent Income Is reccylsed as the rfehtto recelb* P?￿rent Is estsbllsh Expendltwe re¢oAnltlon All expendlture Is accoJntsd on ￿ accn•ls basls and has been dasslfted under headlw that awe8ats all costs related to the cate8￿y. Expenoltufe b recog￿ where thwe Is a legal or c(ffstructl4e oblbgatlon to make payments to thlrd pard4 It Is wobable that the se￿ement WHI be reqtlred and ts amount ofthe obllgatlon can be measured rellabty. ExpendMwe eXd￿les VAT and Is reP￿ted as part of the expendlture to whlch It relates. It Is cate8orSsed underthefdlty*lr8 headlry: . Costsof8eneratlng fvrth ccffiwlsethec05ts of malntslnlr8 the Invesiment Income. . Charltsble expendlture c¢mptsesthose costs ImirTed dwltyln the dellvery of Its actfvliles and servlos for Its benelldarle& . Support Costs are those funciicffisthat asststthe th ofthe d)kn t#Jtdo not dlrecuy urKlertake tharftsble cuvitles. S￿PPort Costs Indude back office cas￿ finano personneL Pa￿￿[ al￿ Bchemance costs support the charltys acllvlttek Whue supp4Xt cctsts relate to m(Ye than one actsvltythey hm been allocated on the ba515 ofstsff tkne arKI Tescmrntonsumed tyeach activlty. Tan8lble flxed assets are stated at C05t I￿ accumulated dewed•kn and ￿1ndated tmpalrn)ent los￿ Cost Indth c¢*ts dkecdyattslbjtsble t¢ makI￿the awtcapth doperalsryaslrten Freehotd Land & Wl(nn8S Tenants Improvements Pl•rt Machlnuy, Flxiure5 & Flttlr . ￿￿. 30%0n C05t Freehdd Land & Bulldrgs are carT]ed at COsL Freehold Is not (kpredated the grounds that the hl8h re51dual value renders any ¢*predath￿ Immaterf& Thb Is a dep¥ture frcxn the Companles P£t 21M]6 In orderto glve a true arKJ falr TAew. Investment propertles are ftwasured at falr at •ath repryurq d*e thaw In falr value reco8nlsed In net glnsl{losses} on In￿Stm￿ In theSoF Invethents are rec(fnlsed Iro￿lY at falr value wmch Is nrymally tr•nsxtlon prtce excludlng tran5act5on cost% Subseq￿, ttry are measured atfalr Val￿ ¥Ath tton8es rec(8nlsed In net {losses} on Investments In the SOFA If tr* shares are publldy traded ty th* falr value can otherwjse be me¥ured rellJbly. Other -1 ThE I)ACON TRusf UMfiED FOR THE YEAR ENDED 31 DECEAWI 2024 Tax The Dacon Trust has not receI￿d a slmlar exempU(vh In rq)ect rfva1￿ Added TaK The Dxon Trust Is a partlally exemptorganisation for VAT purp￿ and cthwuendy Inwttsxo) Its pwchases are notfully recoverable. Rentsls payable and recefvaLle opttathw leases are dwged to the SOFA on a straw Ilne basls ovw the perlod of the lease. Employee knefits The tharlty operates a defined Contrllxrtlon plan for the b¥*fft of its emplrfy*& Contrflmrtlons trt e4xnsed as they become payab￿. Rnandal Instruments The trust ¢)nly has finandal assets arKI finartkl Ilabwties ofa klnd that quaNfy as ba4c f*)ancial l•thment% Baslc finandal Instruments are Injllally re(tIn￿ * transaction w4lue ¥rfl subseqW￿Y measured at thelr settlthnent val The financlal statements are prepared ryb a gol1¥ ba* a5 there are no materlal uncertalntSe5 that the tharlvs ablllty to c￿n￿. 19,885 63.708 Income frthn UK ￿sted I￿￿tmer 84017 86,197 THE DACONTRUST UMITED NOTESTO ThE HNANCIALsfATEMENTS. eontlmied FOR THEYEAR ENDED31 OECEMBER 2024 RAISING FUNDS 2024 2023 Lettin8 wnt fee$ 2023 WJ8es •nd ul•rles Emplo￿$ natlonal Insurance Penslons Ren¢ rates and water Insurance Ll8ht and heat 298,051 21,138 13,896 50,445 14,394 40,375 14598 17,100 É 11 Advertlslnl Sundrle5 Repalrs and other expenses Motor and travel costs Purchases Staff tralnln8 aeanln8 Tolephone and Internèt Depreclatlon of tan8lble flxed assets Supportcosts (see note 5) J96 278 15.148 11.OS3 68,605 2,249 40.544 2,562 13,611 2.124 10,160 1493 Lni 1452 &971 30,648 557 For yeJr enoln8 31 December 2024 Repjlrs and Other Expense5 has been spllt out further to show the expendlture dlrecily relatln8 to Telephone and Intemet. Prevlou51yi these expenses were Included wlthln Repalrs and Other Expenses foryear endln8 31 De￿mber 2023. -1 THE DACON TRUST LMITED 10,9 7,924 2L199 6.615 6.725 Audlt fees Legal and wofes4onolfees 34.539 NET IMCWIEXPENDifuRE) Net Inmel{expenthtwel Is stated afterchar01￿1￿edtr¥): 2023 4971 10,160 (461 Surp1￿ th) dlsposal of fixed assets Audltors. remuneratlon- audltof thè finandal slatem Audltors, remuneratlon- overlunder ￿(nIal Accountsry ar*d other n¢TraudJt ser¥1 Taxatlon advlswi ser¥lces Operatlng teases. rwrt 7.558 366 IL318 8,881 40.024 The trustees are deuned to be the key mana8ement pers(￿ne1 of the d￿rtty. There wwe no trustees, There were no tru5tees' expw¥es pld tr en(W 31 Oecwnbw 2024 or end1￿ 311)thnber 2023. -17- THE DACON TRusf Um￿ED KIR THE YEPA ENDED 31 DECEMBER 2024 2023 Wa8es and salarle5 Sodal security costs Other penslon costs 298,051 21,138 13.896 333,085 Th• wwa8e monthty number of•mpl(y￿s the ￿arw*S asfoMth¥k' 2023 Full tlme equl¥alents No ernpl0￿$ r•I¥l￿d emolwn•nts In ex¢•ss d £60.(NJk TAXATION Durkw the •Mled 31 O•cember 2024 the tharlty pald a settlemert to the landl(Yd of £120,QIX) In surrenderln8 the lease atthe prawty D'Arcy House. 7HE DACON TrusfuMrrED FI)R THE YEAR ENDED 31 DECEMDER 2024 IL TANGIBLE FIXED AS&TS Plant & mathlnery Land & Tenants & Rxtyres Bulldlw ImsYovThnts & Httln85 Tot•ls At l January 21r24 Addlllo 148,315 099,763 34A47 .5241 At 31 Decembw 2024 DEPREaATION At l January 2024 Charyef+X year Ellmln•ted on dIsp￿1 24￿￿ i 9.ni 971 At 31 DpcthnbLY 21r24 NET 8OOKVAWE At 31 Dècèmber 2024 At 31 Decanljer 2013 L899.724 The market value of the freehold land •rrfl Ixlldln84 In the oplnlrn of the tr￿•e& Is In •xe•s% d th• carrySn8 V41u• In thè accoun The freehold woperty relate5 to land and bulldlny as Rlzwaher Hou5< Great Tey and St John's Street Bulld1￿ Colthester. Part of wopwty at Fltzwalter H￿tse. Is let to MerKap to prtylde Jccommod4llon for leamln8 dlsabFed adult resldents and tt* rest of the land Is wed trrf As tt ts not poSsIb￿ to detern)Ine anv Investmont compry￿nt r¢llablylt Ss d¢tyn•d todlsdose th• wh(4e oftr* prryerty knrywn a5 Fttzwilt•r House as Freehdd land and bulkll THE DACON TRusf UMITED NOTESTOThE FIIIANCIAL STATEMENTS.contlnuad FOR THE YEAR ENDED 31 DECEMBER 2024 FIXEDASSET INVESNEPIIS Llsted Investments MARKETVAWE At l January 2024 Dl4yJsals Revalu*lons (ts1Jx￿j At 31 December 2024 NEf BOOKVAiUE At 31 December 2024 At 31 December 2023 1320,628 The Jbove market value of tlxed asset Inve5trnents contslns base cost of £857,2n 12023: £91L287) and accumulated revaluation 8alns of £1375.12312023: £I4093411. Thellxed asset Investh)ents werevalued on an open market basls on the 31 De£￿ber 2024 by Churche4 Charfttes and Local Authorllle5 ICCLAI Investrnent Management Umlted. None of the￿ Investments were held outslde of the Unlted Klngdom. INVESTMENT PROPERTY FAIR VALUE At l January 2024 and 31 December 2024 NET BOOK VALUE At 31 Dewnber 2024 At 31 Decembw 2023 300,OIXI The Investment propertle5 are held at a value whlch In the oplnlon of the tn￿e￿ refiects open market value at the balance sheet date. THE DACON TRusf lIm￿ED NOTESTO THE FINANa4LSTATEmENTs.￿t1n￿ad FOA THÉ YEAR ENDED 31 DECEMBER 2024 DEBTIX5:AMOUNTS FALUNG DUE wmiiN ONEYEAR 2023 Trade debtors Otherdebtors Prepayments and accrued Income 10,399 5,078 34.068 7,957 6.423 81,117 CREDiniRS: AMOUNTS FALUNG DUE WbThlN ONE YEAR 2023 Trade credltors Other taxes and sod21 s¢curfty Other credltors A¢¢ru•l$ •nd d•f•ff*d In¢om• 31985 6,345 58.639 46,065 61,219 144.034 LEASING AGREEMErirs Mlnlmum leas• pa￿ents under nonJec RELATED PARTY DISCLOSiIRES Folloth recent stock market aciifft. a $18rtfiort Yeduckn In the market of fisted lTrdestments has been seen. If the 115ted Invest￿ were to be re¥alued as at 18 AW 2025. they would have been q148,1( {£84,288 reductlrnk The tharlty Is a c(•npany Ilmlted ty 8uarantee. Thetrustees are n•ned on pg8e l. In the e￿nt of the tharlty belng wound up. the Ilablllty In rewtofthe8u*anlee Is Drftedto £SO permembw of the charity. THE DACONTRUST UMITED DEfAIiEDsfATEMENfoF FIIIANaAL*£TMT FOR ThEYEAR ENDED 31 DECENW 3)24 2024 2023 INCOMEAND ENDOWMENTS Incom¢ frryn UK InveStTh￿t properues Income from UK Ilsted Inwsb))ents Dep051t account Interest 19.885 86.197 Ch•rltabl• ictl¥l￿ Lettlvd ofncn.Investment wop¥d•s Attendance and care fees Café and artsales Grnnts 33.lJ)O 232.562 70.349 oih•r In¢om• Galn on s•1• of t•nWble tlxed assets Totsl In¢•mh* r•¥our￿l EXPENDifuAE Lettlw a8entfees 6,465 Ch•rltabl• actl¥l Wage5 and salarles EM￿0Ve¢S nattoNI Insurance Penslons RenL rates and watsr Insurance t and he•t Advertlslng ndrle5 Repalrs and othLY expww5 Motor and travel costs Purthases CJrrled fonward 29&051 21,138 13.896 50,445 14,394 40,375 .148 11.053 2L239 17.160 396 2n 5IT15 575,898 -24- THE DACON TRUST LNITED DEfAILED STATEMENT OF Ftr4ANCIALACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2024 X124 2023 tharltable actmtles Brought fonyard Stsff TralnlrvA aeanln8 Telephone and Intsrnet Depreclatlon oftsnwble fixed wets SOL288 1,731 11559 52 575.898 2.562 13,611 2.124 .160 $27,001 604.355 Oth•r Excepfjonal Items-surrender of l•as• support ¢0 Govern•n￿ costs Ac￿Un￿n(¥ fees Audltfees Le8al and profe551onal f•8S 10.918 21,199 6,615 6,725 Totll rnsourc•s expended 645,359 N•t •xpendltyr• beforn plM•nd l¢)1￿$ 120&752) 1220,3151 ft•wllMd r•wnlwl a•lns ond los R¢allsed 8alns/lloMesl on flxed asset Investments Unreallsed 8alnsll1055esl an flxed •558t In¥￿ènts 86.986 231.515 Net exp•ftdltur• Thls pa8e does not femi part ofthe ststutory flnind41 stat￿eftts