harity registratlon number 290967 (England and Wales) Company registration number 01879345 TOTNES TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TOTNES TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mr P Ghurch Mr M D Higgs Mr R C O'connell Mr R J P Milchell Mrs L Pilknnglon s J Seymour (Appointed 1 June 2025) Charlty numb8r 2907 Company number 01879345 Registered office Bartons SoliciloT5 9 Town Quay The Plains Toln85 TQ9 5DW Independent examiner Mr Jason Milden FCCA Darnells Chartered Accountants 30 Fore Street Totnes Devon TQ9 5RP
TOTNES TRUST CONTENTS Page Trustees. report Independent examinerfs report Statement ol financial actimlies Ba18nce Sheet Notes lo the financial statemants 6-13
TOTNES TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounllng policies sel OLrt in note 1 to the financial stalemenls and comply with the Charfty's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Ch8ritie5'. Statement of Recommended Practie applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the IJK and Republi¢ of Irgland IFRS 1021 leffecb've 1 January 20191". Oblectlves and actlvities The objectives of the Trust are to pursue any charitable purpose for the benefit of the inhabilanls of Totnes and the surrounding area, and for the general public. vAth the airn that the town shall take its rightful place as one of the most historic, attradive and economi¢ally vibrant srnall towns in Europ8 and in furtherance and pursuance of Ihbs gener81 object and for the athiance of the general public al to act lo conserve and improve the town's historic building heritage, bl to act lo conserv8. improve and create useful and beautiful public spaces wlhin the town, cl lo act on any other public realm matter5 which complement and enhance the lovm's buildings and spaces, and the enjoyment of them by local people and visitors. dl lo act in support ol a successful, entrepreneurial and sustslnable local economy, el to work creatively and where appropriate in partrShIP with other local Organallons committed to smilar objects. fj to promote the acb.ve voluntary engagement of ciloens wlh the objects ofthe Trust. Public b&nefft In all activities undertaken by the Trust, the Trustees have taken into acwunt The Charity Commission guldan¢e on public benefit and, in our opinion, all tsl the activities have benefitted the public. The Charity provides public benefit by offering financial and project management skills to help lo¢¥l groups deliver projects to support econorllic, environmental and social regeneration, working in partnership with other community organisations and lo¢al aulhorilies. Achievements and perfomian¢e Snifan1 activities andachievemenls against objectives The main activity of the Trust this year was the external refufbishment of Town Mill, the principle asset of the Trust. This was ¢ornpleled by a local tradesman lo a high standard. th& work being ertrordinated by two of the Tw5tees. The Charity continued lo support the work of Jammbng Ststion and Totnes Image Bank, the latter being offered a further extension to their lease arrangement. The T¥usl also made gian15 to local causes, £450 was awarded lo the Mansion towards solar panels On the roof of the library and £1.712 was awarded to the Lee¢hwell Gaidens Association towards funding a horticullurist and volunteer COrdInat0r. Flnanclal revlew There was a deficit of income over expendiiure fcw the year of £5,521 12024.. surplus of £S,6821. The Trust reeèived a grant of £10,000 frlin Morrisons in the year towards thè Colebrook Lane proiect and the Trustees are grateful for this support. Resewes poIY The Trustees policy is lo maintain free reserves of al least £30.000 to cover maintenance of the building and the possibility of the premises being vacant and no rental income bein9 received during the vacancy. £14,571 was dgslgnateLI for this PUTpose al th& year erHI.
TOTNES TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure. governance and mana9oment The Charity is Gonlrolled by il's governing document, Memorandum and Articles of Associ*lon tlaled 21 January 1985 as arllended by Speaal Resolution dated 17th Novotnber 2014 adopting new Arti(Jes ot Association and ¢onstilules a limited company, limited by guarantee, as defined by the Companies Act 2006. 11 was registered as a charity with The Charity Comrnission in En9land and Wales on 23rd January 1985. The Trustees, who are also the direclors for the purposé of Cornpany law, and who seNed during the year and up lo the dale of signabjre of the financial statements We.. Mr P Church Mr I C Franklin Mr M D Higgs Mr J O Logie Mr R C O'connell Mr R J P Mitchell Mrs L Pilkinglon Ms J Seymour (Resigngd 1 June 20251 (Resigned 20 Decemb¢r 20241 (Appointed 1 June 20251 Re¢ruitrnenl and ?ppointmenl of tmstees lthen appointing new Trustees tha Board of Trustees take Snto account the appropriate skills. knowledge and motivation of potential appoinlees. The report has been pwpared in accordance with the speual prowsions relating to small ¢ornpanie5 within Part 15 ofthe CompaniesAct. The Truslég$' report wa5 approved by Ihe Board of Trustees. /LIA Mrm D Higgs Trustee Dale.. 0811212025
TOTNES TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TOTNES TRUST I report lo the Trustees on my exarninalion of the financial slalemen15 of Tolnes Trust Ilhe Charity) for the year ended 31 March 2025. Responslbllltles and basis of report As the Trustees of the Charity land also ils directois ftsr the purposes of company lawl, you are reSponsie foT the preparation of the financial statements in accordance with the requirements of the Companies Act 20C6. Havin9 s*lsfied myself that the financial statements ol the Charity ale no)1 required lo be audited under Part 18 of the Cornpanies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Ch8rily'5 financial statemènts carried out under section 145 of the Charities Act 2Q11. In carrying out my exarninalion I have followed the Directions given by the Charity Commission under section 14515llbl of the Charities Act 2011. Indepèndènt èxaminerfs statement I have completed my examination. I confirm that no matters have come lo my attention in ¢onnedion with the examination giwng me Cause lo believe that in any tnalerial respect.. accounting records wère not kept in respect ol the Charity as required by section 386 of the Cornpanie5 Act 2006.. Ihe fin3n¢ial 51alernents do not a¢¢ord with those records,- or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any reqU1ment that the financial statements glve a true and fair view, which is not matter Gonsidered as part of an independent exarnination.. or the financial statements have not been prepaTed in accordance with the methods and principles ol the Statement of Recommended Practice for accounting and reporting by charflles applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters in connection with the examination to whith attention should be drawn in this ieport in order to enablè 8 proper understanding of the finanaal stslemen15 to be reached. Jason Milden FCCA Damells Chartered Accountants 30 Fore Street Totnes Devon TQ9 5RP Dated.. 0411212025
TOTNES TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted RÈstri¢ted funds funds 2025 2025 Total Unre5tri¢ted Restricted funds funds 2024 2024 Total 2025 2024 Nots Income from- Donations and legacies Inve51rnenls 145 17,096 10,000 10.145 17,096 500 17,353 500 17.353 Total income 17.241 10.OCH) 27.241 17.853 17.853 Expenditure on: Charitable actiwtiès 32,234 528 32.762 11,951 220 12.171 Total expenditure 32,234 528 32,762 11,951 220 12,171 Net incomellexpenditurel and movgm•nt in fur]ds 114,9931 9.472 15,5211 12201 5,682 Rèconciliation of funds: Fund balances at 1 April 2024 43,027 20 43.047 37,125 240 37.365 Fund balances at 31 March 2025 28,034 9,492 37,526 43,027 20 43,047 The slalemenl of financial activities includes all gains atKI losses recognised in the year. All income and expenditure derive from continuing activities.
TOTNES TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Flxèil ass8ts Tangible assets Investments 10 20,000 26,032 20,003 28,035 Cvrrent assets Oeblors Cash al bank and in hand 11 1,254 19,151 31S 17,957 20.405 18.272 Credltors: amounts falllng due within onè yèar 12 12.8821 11,2601 Net current assets 17,523 17,012 Totsl assets less current liabilities 37,526 43.047 The funds of the Charlty Restricted income funds Unreslrlcted fvnds 13 1S 9.492 28.034 20 43,027 37,526 43,047 The company is entitled lo the exemption frorn the audit reqlurement contained in seth'on 477 of the Companies Act 200S, for the year ended 31 March 2025. The directors acknowledge their responsibilities for Complying with the requiremen15 of the Companies Act 2006 with respect to accounting re¢Drds and the preparatson of financial statements. The members have not required the company to obtain an audr( of ts financial st*emgnts for Ihg ygar in question in accordance with section 476. These finanaal slalemenls have been prepared in accordance with the provisions applicable to companies subje to the small companies regime. 0811212025 Thg finan¢ial $tal¢mgnts were approved by the Trustees on ........ . Mr M D Hlg9S Trustee Company registration number 01879345 {England and Vwdles)
TOTNES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poli¢ies harity information Totnes Trust Is 8 private c£Jmpany limited by gua¥antee incorporated in England and Wales. The registered officè is Barton5 Solicitors. 9 Town Quay, Tolnes. Devon, TQ9 5DW. 1.1 Accounting conventlon The ffinancial statements have been prepared in awordance with the Charity's Memorandum and Articles of Association, the Companies A¢t 2006 and "Accounting and Reporting by Charities. Statement of Recommended Praclice applicablè lo charities preparing their accounts in accordance wlth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effectwe 1 January 20191" The Charily is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for ¢harilie5 apptying FRS 102 Update Bulletin I not to prepare a Slalement of Cash Flows. The financial statements are prepared In sleding, which is the funclional currency of the Charity. Monetsry amounts in these financial statemènts are rounded to the nearest £. The financial statemènts have been prepared under the h1storal $t Convention. The principal accounting poliaes adopted are set out below. 1.2 Going concern At the time of apprtsving the financial slalemenls, the Trustees have a reasonable expectslion that the Charity has adequate resources lo continue in operational existence for the foieseeable future. Thus the Trustees continu9 to adopt the going conrn basis ol accounting in preparing the financial stalemenls. 1.3 Charitsble funds Unrestricted fttnds can bè used in accordance with the charitable obiectThies at the discretion of thè Twslees. Designated lunds comprise funds which have been sel aside al the discretion of the Trustees for specific purposes. Reslrided funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular purposes. Further explanation of the nature and purpose of each fund is induded in Ihe notes to the financial statements. 1.4 Incomè All income is recognised in the Slalernenl of Financial Activities once the Charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. 1.5 Expenditur• Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity lo that expenditure. il is probable that a transfer of economic benefits will be required in selllemenl and the amount ol the obligation can be measured reliably. Expenditure is accounted lor on an accruals b8SIS and has been classified under headings that aggregate all costs related to the category. Where c031s eannot be diredly attributed lo particular headings. they hav8 been allocatèd to acliwlies on a ba515 consislenl with the use of the resources. Grants offered subject to ¢ondilion$ which have not been rnel al the year end dale are noted as a eomrnitment but not accrued as expenditure.
TOTNES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontlnuedl 1.6 Tangible fixed assets The only tangible assets are the freehold prèmises acquired al a cost of £3 on which no daprBcHlion is charged. 1.7 Fixed asset investments Fixed asset inveslrnenls are initially measured at transaclton price exduding Iiansaction costs. and a subsequently measured al fair value al each reporting date. Changes in fair value are recognised in nel ineomè/{expendilure} for the year. Transaction ¢osls are expensed 8s incurred. 1.8 Cash and Cash èquivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-IEmi liquid investments with original tnalurilies of three months or less. and bank overdrafts. Bank overdrafts are shown within btsirowings in current liabilities. 1.9 Financial instruments The Charity has elected lo appty the provisions of Section 11 'Basic Financial Instruments, and Se¢tlon 12 'Othèr Finaneial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity be¢x)mes party to the conlractU81 provisions of the instrument. Financial assets and liabilities are offset, with IhÈ nel amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention lo settle on a net basis or to realise the assèt and setue the liability simtaneOusly. Baslc finaneial aJ¥ets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price induding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslilules a financing transaction. where the Iransaction is measured at thè present value of the future receipts discounted at a market rate of interest. Finanual assets dassifièd as re¢eivable within one year are not amortised. Basic financial liabilitles B881¢ financial liabilities, including creditors and bank ltsans are initially recognised al Iransa¢tion price unless the arrangement consti(ules a financing Iransaclion. where the debt Instrument Is mea5uied al the present value of the future payments discounted at A market r31e of interest. Financial liabilities das5ffied as payable within one year are not amortised. Debt instruments are subsequently carried at amortlsed cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as rrent liability.es if payment Ss due within one year or less. If not, Ihey are presented as non-currènl liabilities. Trade ¢reditors ale recognised initially al transaction price and subsequently measured al amortised c05t Using the effective interest method. Derecognition of financial liabilities Financi liabilib.es are derecognised when the CharItS contractual obligations expire or are discharged or ancelled.
TOTNES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacle$ Unre$tricted Restricted funds funds 2025 2025 Totsl Unrestricted Restricted fund$ funds 2024 2024 Total 2025 2024 Donations and grfts Grants- Morrisons 146 145 10,000 5(X) 500 10,000 145 10.000 10,145 500 500 Income from invesknents Unrestricted Unrestricted funds funds 2025 2024 Rental income Insurance reimbursèd Intere51 receivable 12,652 3,150 1,294 13.151 3,000 1,202 17.096 17,353
TOTNES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on charitable activitiès Total 2025 Totsl 2024 Direct costs In5ur8nce Project costs Sundry costs 4.757 24,279 4,S15 1,702 100 29,038 6.317 Grant funding of aetiwlies (see note S) 2,162 4,750 Share of support and governance costs {see note 61 Support Govemance 438 1.126 114 990 32,762 12,171 Analysis by fund Unrestricted funds Restricted funds 32.234 S28 11.951 220 32,762 12.171 Grants payable Total 2025 Totsl 2024 Grants to institutions., Toines Mansion- solar pane15 Leechwell Gardens Assn- volunteer co-ordinator Leechwell Gardens Association - r&palrs and support Totnes Carin9- Memory Cafe Jamming Station Leechwell Gardens Assoaation- wildlife area Treès for Tolnes- irrigation Totnes Gardèns- planter 450 1.712 1,000 700 500 750 1.300 2.162 4,750
TOTNES TRUST NOTES TO THE FINANCIAL STATEP4lENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to activities 2025 2024 Website costs Bank charges Govemance c051s 378 60 1,126 60 1,564 1,104 2025 2024 Governance costs comprise: Independent Examinels fèÈs Companie5 House Sut)dry costs 990 34 102 8fj4 26 100 1.126 990 Govemance costs indudes payments to the Independent Examiner of £72012024.. £576) for extèrnal scrutiny and £27012024.. £288) for olher services. Trustses None of the Trustees (or any persons connected with them) rece¢ved any remuneration or benefts from the Charfty durlng the year (2024.. none). There were no Trustees expenses paid for the year {2024." nonè). Taxation The charlty Is exempl from tax on income 8nd galns falling within section 50S of the Taxes Act 1988 or section 252 of the Taxation of Chargeable GainsAct 1992 to the extent that these are applied lo its charitable objects. Tangible fixed assets Freehold land and bulldit)gS Cost At 1 April 2024 Al 31 March 2025 Carrying amount At 31 March 2025 Al 31 March 2024 10-
TOTNES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Fixèd asset investments Bond ost or valuation At 1 ApTiI 2024 Additions Disposals 26.032 1,083 17.1151 At 31 March 2025 20.000 Carying amount At 31 March 2025 20.000 Al 31 March 2024 26.032 11 Debtors 202S 2024 Amounts falling due within one year. Prepayments and accrued income 1,254 315 12 Creditors: amounts falllng du• wlthin one year 2025 2024 Accruals for grants payable Accruals and defsired income 2,162 720 500 760 2.882 1.260 13 Restricted funds The restrictèd funds of the charity comprise the unexpend6d balances of donations and gran15 held on trust subject lo specific conditions by donors as to how they may be used. At 1 April 2024 Incomlng resources Resources At 31 March expèndèd 2025 Rotherfold Bench Colebrook Lane 20 20 9,472 10.000 15281 20 10,000 15281 9,492 11
TOTNES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Restrlcted fund$ (Continued) Prnvlous yèar: At 1 April 2023 Incoming resources Resources At 31 March Èxpènded 2024 Tree5 for Totne5 Rolherfold Bench Totnes Garden Trail 101 20 119 11011 20 1119) 240 (2201 20 The purposes and restrictions of the funds are as follows.. Tree5 for Tolnes- Funds held by Tolnes TNSI on behalf of Trees for Totnes. Rotherfold Bench- To provide a benth at The Rolherfold. Totnes Garden Trail- Fund5 held by Tolnes Trust for the Tolne$ Garden Trail. Colèbrook Lane - To improve the lane and leat In front of Colebrook Cottages. Funding for this project was received from Morri50ns. 14 Analysis of net assets betsveen funds Unrestricted funds 2025 Restrlcted funds 2025 Total 2025 At 31 Mar¢h 2025.. Tangible assets Investments Current asselsllliabililies} 20.000 8,031 20,000 17,523 9,492 28,034 9,492 37,526 Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investments Current assetslOi8bililies) 26,032 16.992 26,032 17,012 20 43,027 20 43.047 12
TOTNES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Unrestricted funds The unrestricted Income funds of the Charity arising through its actiwties are as follows-. Balance at 1 Aptil 2023 lttcomlng resour¢e5 Resources Balance at expended 1 Aprll 2024 Incomlng r88ourcos Resources Balancè at eXP8nded 31 March 2025 Sinking fund Unreslricled general funds 14,571 14.571 14,571 22.554 17,853 111.951) 28,456 17.241 {32,2341 13,463 37,125 17,853 111,951} 43,027 17,241 (32.2341 28,034 The purpose of the ¢Jesignaled sinking fund 15 sel out in the Trustees. Report. 16 Related party transactions There were no disdosable related party transactions during the yeai12024- none). 13-
TOTNES TRUST MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2025
TOTNES TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Income from: Donation$ and legacies Unrestricled donations and gifts Restricted grants re1vable 145 lo.0 500 Investment Income Rental income Bank interest ieceivable Insuranea reimbursed by lenanl 12.652 1,294 3,150 13.151 1.202 S,0 Total income 27.241 17,853 Resource$ •xp•nd¥d: Choritsble activities Conserving hlstorieal Totnes Insurance Grants payablè Projè¢t costs Sundry costs Share of 5UPPOrt costs Share of governance costs 4,757 2,162 24,279 4,515 4,750 1.702 10Q 114 990 438 1,126 (32.7621 112,1711 Net movement in funds IS,S211 S,682 14-
TOTNES TRUST SUPPORT AND GOVERNANCE COSTS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Support costs Website costs Bank tharges 378 438 114 Govtrnanee Costs Independent examinels fee Companies House Sundry costs 990 34 102 26 100 1,126 990 1,S64 1,104 15