|||||||~Pa e| |---|---|---|---|---|---|---| |Reference and Administrative||Details||||| |Trustee Directors'|Report|||||2 —18| |Independent
Auditors'
Report||||||19—22| |Consolidated
Statement
of Financial||||Activities||23| |Balance Sheet and|Consolidated||Balance||Sheet|24 —25| |Statement ofCash|Flows and|Consolidated|||Statement|| |of Cash Flows||||||26| |Notes to Financial|Statements|||||27-56| |Trustee|Directors|Directors|||Rev. P M Beacham|Rev. P M Beacham|Rev. P M Beacham|Rev. P M Beacham|| |---|---|---|---|---|---|---|---|---|---| ||||||G L Craig||||| ||||||Cllr A Davis||||| ||||||Prof. H R French||||| ||||||PJ Gunner||||| ||||||D H Gwyther||(Chair)||| ||||||Cllr. D Hall||||| ||||||S H D'A Hunt||||| ||||||SV Maberley||||| ||||||Lt Col. M J R||Motum||| ||||||A M D Smallwood||||| |Chief Executive Officer|||||T W Mayberry||||| |Charity|Number||||1158791||||| |Company||Number|||09053532||||| |Principal||Address|and Registered|Office|Somerset Heritage||||Centre| ||||||Brunel Way||||| ||||||Taunton||||| ||||||Somerset||||| ||||||TA2 6SF||||| |Auditors|||||Albert Goodman|||LLP|| ||||||Goodwood|House|||| ||||||Blackbrook|Park||Avenue|| ||||||Taunton||||| ||||||Somerset||||| ||||||TA1 2PX||||| |Bankers|||||NatWest||||| ||||||26-27 Fore|Street|||| ||||||Taunton||||| ||||||Somerset||||| ||||||TA1 1JQ||||| |Solicitors|||||Bates Wells|Braithwaite|||| ||||||10Queen Street|||Place|| ||||||London||||| ||||||EC4R 1BE||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||2021|||2020| |---|---|---|---|---|---|---|---| |||Unres-|Res-|Total|Unres-|Res-|Total| |||tricted|tricted||tricted|tricted|| ||Notes|E|f.||||| |Income from:|||||||| |Donations
and legacies
Charitable
activities|2
3|383,135
2,738,470|68,297
396,759|451,432
3,135,229|211,800
2,804,084|30,065
551 735|241,865
3355819| |Other trading
activities|4|221,389|510|221,899|206,748|657|207,405| |Investments|5||5|5||65|65| |Total income||3,342,994|465,571|3,808,565|3,222,632|582,522|3,805,154| |Expenditure
on:
Raising funds
Charitable
activities|6
6|21,920
3,304,711|628,659|21,920
3,933,370|29,515
3,289,646|526,514|29,515
3,816,160| |Total expenditure||3,326,631|628,659|3,955,290|3,319,161|526,514|3,845,675| |Net (expenditure)/income||16,363|(163,088)|(146,725)|(96,529)|56,008|(40,521)| |Transfer between
funds||(36,204)|36,204||68,299|(68,299)|| |Other recognised
gains|||||||| |Actuarial
gains/(losses)|on defined||||||| |benefit pension schemes||1,157,000||1,157,000|(1,855,000)||(1,855,000)| |Net movement
in|||||||| |funds for the year||1,137,159|(126,884)|1,010,275|(1,883,230)|(12,291)|(1,895,521)| |Reconciliation
offunds|||||||| |Total funds brought
forward||(7,036,828)|374,826|(6,662,002)|(5,153,598)|387,117|(4,766,481)| |Total funds carried forward||(5,899,669)|247,942|(5,651,727)|(7,036,828)|374,826|(6,662,002)| ||||||||2021|2021|2020|2020| |---|---|---|---|---|---|---|---|---|---|---| |||||||Notes|Group|Charity|Group|Charity| |Fixed assets||||||||||| |Tangible fixed assets||||||9|23,382|23,382|128,406|128,406| |Investments||||||10||1||1| ||||||||23,382|23,383|128,406|128,407| |Current assets||||||||||| |Stock||||||11|17,442||20,804|| |Debtors||||||12|864,315|938,252|399,994|441,982| |Cash at bank and||in hand|||||1,691,167|1,557,133|1,577,561|1,464,480| ||||||||2,572,924|2,495,385|1,998,359|1,906,462| |Liabilities:||||||||||| |Creditors: amounts||falling due|||within|13|(1,183,033)|(1,169,119)|(991,767)|(982,085)| |one year||||||||||| |Net current assets|||||||1,389,891|1,326,266|1,006,592|924,377| |Net assets excluding|||pension||liabilities||1,413,273|1,349,649|1,134,998|1,052,784| |Defined benefit pension|||scheme|||||||| |liabilities||||||17|(7,065,000)|(7,065,000)|(7,797,000)|(7,797,000)| |Total net liabilities||including|||pension|||||| |liabilities|||||||(5,651,727)|(5,715,351)|(6,662,002)|(6,744,216)| |The funds ofthe|charity:|||||||||| |Unrestricted
funds:||||||||||| |General funds|||||||538,859|475,235|526,256|444,042| |Designated
funds|||||||626,472|626,472|233,916|233,916| |Unrestricted
funds||excluding||pension||||||| |reserve|||||||1,165,331|1,101,707|760,172|677,958| |Pension reserve|||||||(7,065,000)|(7,065,000)|(7,797,000)|(7,797,000)| |Total unrestricted|funds|||||14|(5,899,669)|(5,963,293)|(7,036,828)|(7,119,042)| |Restricted funds||||||14|247,942|247,942|374,826|374,826| |Total charity funds|||||||(5,651,727)|(5,715,351)|(6,662,002)|(6,744,216)| |||2021|2021|2020|2020| |---|---|---|---|---|---| ||Notes|Group|Charity|Group|Charity| |Cash flows from operating
activities|||||| |Net expenditure
for the year||(146,725)|(128,135)|(40,521)|(87,580)| |Adjustments
to cash flows from non-cash|items:||||| |Depreciation
and amortisation|9|117,887|117,887|154,627|154,627| |Interest receivable||(5)|(5)|(65)|(65)| |Defined benefit pension scheme|||||| |cost less contributions
payable||122,000|122,000|109,000|109,000| |Defined benefit pension scheme|||||| |finance cost||303,000|303,000|250,000|250,000| |||396,157|414,747|473,041|425,982| |Working
capital adjustments|||||| |Decrease
/ (increase)
in stocks|11|3,362||(1,280)|| |(Increase)
/ decrease
in debtors|12|(464,321)|(496,270)|743,610|790,605| |Increase
/ (decrease)
in creditors|13|191,266|187,034|(101,505)|(96,533)| |Net cash flow from operations||126,464|105,511|1,113,866|1,120,054| |Cash flows from investing
activities|||||| |Purchase
of tangible
fixed assets|9|(12,863)|(12,863)||| |Interest received|5|5|5|65|65| |||(12,858)|(12,858)|65|65| |Net increase
in cash and|||||| |cash equivalents||113,606|92,653|1,113,931|1,120,119| |Cash and cash equivalents
at the||1,577,561|1,464,480|463,630|344,361| |beginning
of the reporting
period|||||| |Cash and cash equivalents
at the||1,691,167|1,557,133|1,577,561|1,464,480| |end of the reporting
period|||||| |Cash 8 Cash equivalents
reconciliation:|||||| |Cash at bank||1,691,167|1,557,133|1,577,561|1,464,480| |Total cash 8 cash equivalents
at the||1,691,167|1,557,133|1,577,561|1,464,480| |end ofthe reporting
period|||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Donations|and legacies||||||| |---|---|---|---|---|---|---|---| |||Unres-|Res-||Unres-|Res-|| |||tricted|tricted|2021|tricted|tricted|2020| |||funds|funds|Total|funds|funds|Total
f| |Donations|and bequests|81,446|68,297|149,743|71,192|26,178|97,370| |Exceptional|government|funding|||||| |Coronavirus|Job Retention||||||| |Scheme grant*||125,337||125,337|140,608|3,887|144,495| |Other Covid|grants*|176,352||176,352|30,000||30,000| |||383,135|68,297|451,432|211,800|30,065|241,865| ## ||Unres-|Res-||Unres-|Res-|| |---|---|---|---|---|---|---| ||tricted|tricted|2021|tricted|tricted|2020| ||funds|funds|Total|funds|funds|Total| |||f.||||| |Fees for services and grants||||||| |Somerset County||||||| |Council*|1,626,688||1,626,688|1,626,688||1,626,688| |Devon County Council*|413,296||413,296|411,521||411,521| |North Somerset Council*|152,474||152,474|150,517||150,517| |Weston-Super-Mare|68,847||68,847|68,092||68,092| |Town Council*||||||| |Torbay Council*|93,185||93,185|91,418||91,418| |Other services||||||| |SCC - Reqistration*
SCC - Records*|17,178
56,813||17,178
56,813|14,650
56,217||14,650
56,217| |Grant income||||||| |Bath 8 North East||||||| |Somerset Council*
South Somerset|26,148||26,148|45,719||45,719| |District Council*|53,776||53,776|47,936||47,936| |Heritage
Lottery Fund*|||||47,000|47,000| |The British Museum*
Somerset County||80,037|80,037||63,670|63,670| |Council*|30,328|130,859|161,187|30,328|122,549|152,877| |Arts Council Enqland*
DEFRA*
Devon County Council*
Emily Estate
Under 610k|6,209
12,510
104,887
52,788|137,516
37,790
10,557|143,725
12,510
37,790
104,887
63,345|1,375
9,709
125,494
91,160|243,676
35,971
38,869|245,051
9,709
35,971
125,494
130,029| ||2,715,127|396,759|3,111,886|2,770,824|551,735|3,322,559| |Memberships
and|23,343||23,343|33,260||33,260| |and subscriptions||||||| ||2,738,470|396,759|3,135,229|2,804,084|551,735|3,355,819| ## |ther trading
|activities||||||| |---|---|---|---|---|---|---|---| |||Unres-|Res-||Unres-|Res-|| |||tricted|tricted|2021|tricted|tricted|2020| |||funds|funds|Total|funds
F|funds
E|Total
f| |Merchandising|income||||||| |Shop sales
Cafe concession||26,349
2,394||26,349
2,394|66,383
7,676||66,383
7,676| |||28,743||28,743|74,059||74,059| |Events and other sales|||||||| |Digital images,|publications||||||| |and research|income|93,413|510|93,923|74,674|552|75,226| |Room hire||1,410||1,410|3,017||3,017| |Education
income||26,432||26,432|15,988||15,988| |Rental income||18,469||18,469|18,682||18,682| |Other income||52,922||52,922|20,328|105|20,433| |||192,646|510|193,156|132,689|657|133,346| |||221,389|510|221,899|206,748|657|207,405| ## |||Unres-|Res-||Unres-|Res-|| |---|---|---|---|---|---|---|---| |||tricted|tricted|2021|tricted|tricted|2020| |||funds|funds|Total|funds|funds|Total| ||||||f.||| |Bank|interest|||5||65|65| ## |||Unres-|Res-|2021|Un res-|Res-|2020| |---|---|---|---|---|---|---|---| |||tricted|tricted|Total|tricted|tricted|Total| |||||f|||| |Cost of raising funds|||||||| |Trading costs||21,920||21,920|29,515||29,515| |Charitable|activities||||||| |Archives|and local studies|1,072,209|111,608|1,183,817|931,220|73,092|1,004,312| |Museums||835,913|308,186|1,144,099|849,671|261,000|1,110,671| |Historic environment|||||||| |and estates services||392,099|72,263|464,362|457,314|91,592|548,906| |Heritage|services|994,038|101,678|1,095,716|893,362||893,362| |Learning|||||141,909||141,909| |Closed projects||10,452|34,924|45,376|16,170|100,830|117,000| |||3,326,631|628,659|3,955,290|3,319,161|526,514|3,845,675| ||||Other|||Other|| |---|---|---|---|---|---|---|---| |||Staff|Direct|2021|Staff|Direct|2020| |||costs|costs|Total|costs|costs|Total| ||||||||f| |Cost of raising funds|||||||| |Trading costs|||21,920|21,920||29,515|29,515| |Charitable|activities||||||| |Archives|and local studies|1,077,202|106,615|1,183,817|901,099|103213|1 004 312| |Museums||779,699|364,400|1,144,099|846,950|263,721|1,110,671| |Historic environment|||||||| |and estates services||418,150|46,212|464,362|485,731|63,175|548,906| |Heritage|services|529,990|565,726|1,095,716|430,572|462,790|893,362| |Learning|||||132,379|9,530|141,909| |Closed projects|||45,376|45,376|11,646|105,354|117,000| |||2,805,041|1,150,249|3,955,290|2,808,377|1,037,298|3,845,675| ## |||||Charity||Subsidiary|Total|Total| |---|---|---|---|---|---|---|---|---| ||||2021|2020|2021|2020|2021|2020| |Depreciation
of||||||||| |owned|assets||117,887|154,627|||117,887|154,627| |Operating
lease expenses|||37,218|37,218|||37,218|37,218| |Auditors'|remuneration|for:||||||| |Current|auditors|||||||| |- Audit|services||5,950|5,800|754|1,461|6,704|7,261| |- Other|services||4,200|2,236|500|500|4,700|2,736| ## ## ## |Number ofe|mployee|s||||||| |---|---|---|---|---|---|---|---|---| |The average|monthly|number|of full-time|equivalent|employees|during|the year was:|| ||||||||2021|2020| |Management|||||||5.0|5.0| |Finance and|admin||||||8.0|8.5| |Service provision|||||||54.0|57.0| ||||||||67.0|70.5| |Employment|costs||||||2021|2020| |Wages and|salaries||||||1,955,490|2,028,976| |Social security costs|||||||163,191|158,534| |Pension costs|||||||686,360|612,861| |Staff redundancy
costs||||||||8,006| ||||||||2,805,041|2,808,377| |2021|2020| |---|---| |number|number| ## ## ## |Tangible fixed
Group|assets|||||| |---|---|---|---|---|---|---| |||Leasehold|Computer|Motor|Fixtures|Total| |||improvements|equipment|Vehicles|&fittings|| ||||F|||| |Cost||||||| |At 1 November|2020|511,275|234,932|37,000|35,516|818,723| |Additions|||12,863|||12,863| |At 31 October|2021|511,275|247,795|37,000|35,516|831,586| |Depreciation||||||| |At 1 November|2020|405,062|217,807|37,000|30,448|690,317| |Charge for the|year|102,255|13,097||2,535|117,887| |At 31 October|2021|507,317|230,904|37,000|32,983|808,204| |Net book value||||||| |At 31 October|2021|3,958|16,891||2,533|23,382| |At 31 October|2020|106,213|17,125||5,068|128,406| |vestments||||| |---|---|---|---|---| ||||Charity|| |||Total||Total| |||2021||2020| |South West Heritage Trust Trading|Limited|||| |Ordinary shares of E1 each||||| ## ## |||||2021|2020| |---|---|---|---|---|---| |Turnover||||188,011|187,743| |Cost ofsales||||(21,920)|(29,515)| |Gross profit||||166,091|158,228| |Administrative
expenses||||(102,467)|(76,014)| |Operating
profit||||63,624|82,214| |Investment
income|||||| |Profit before tax &|profit for the financial year|||63,624|82,214| |Retained
earnings|brought|forward|in subsidiary|82,214|35,155| |Gift aid to The South West||Heritage Trust||(82,214)|(35,155)| |Retained
earnings|carried forward||in subsidiary|63,624|82,214| |The assets and liabilities were:|||||| |Current assets||||175,310|156,031| |Current
liabilities||||(111,685)|(73,816)| |Total net assets||||63,625|82,215| |Called up share capital||||1|1| |Profit and loss reserve||||63,624|82,214| |||||63,625|82,215| |11|Stocks||||||| |---|---|---|---|---|---|---|---| ||||||2021||2020| |||||Group|Charity|Group|Charityf| ||Goods|for|resale|17,442||20,804|| ## |||||2021||2020| |---|---|---|---|---|---|---| ||||Group|Charity|Group|Charity| |||||||E| |Trade debtors|||660,894|659,278|200,074|183,882| |Prepayments||and accrued income|203,421|181,203|199,920|193,966| |Amounts|owed by group undertakings|||97,771||64,134| ||||864,315|938,252|399,994|441,982| ## ## ## |Council and Devon County|Council and Devon County|Council and subscriptio|Council and subscriptio|ns
received|in advance.||| |---|---|---|---|---|---|---|---| |Summary
of movement||in funds- Group|||||| ||||Opening|||Transfers|Closing| ||||balance|Income|Expenditure|&losses|balance| |Unrestricted
funds|- Group||||||| |General|||526,256|3,295,504|(2,879,497)|(403,404)|538,859| |Designated
funds
-|Group and||Charity||||| |Somerset
Rural Life|Museum||||||| |(Leasehold
improvements||fund)|26,093||(22,134)||3,959| |National
Archives
Project development|fund||7,823
100,000|47,490||(28,000)
(100,00'0)|27,313| |Capital reserve|||100,000|||100,000|200,000| |Museum
priorities||||||115,200|115,200| |Archive
& learning
priorities||||||110,000|110,000| |IT &resources
priorities||||||75,000|75,000| |Historic environment|priorities|||||40,000|40,000| |Covid income support|fund|||||55,000|55,000| |Total designated
funds|||233,916|47,490|(22,134)|367,200|626,472| |Pension fund|||(7,797,000)||(425,000)|1,157,000|(7,065,000)| ||||(7,036,828)|3,342,994|(3,326,631)|1,120,796|(5,899,669)| |14|Summary
of movement
in funds-|Summary
of movement
in funds-|Group (continued)|Group (continued)|||| |---|---|---|---|---|---|---|---| ||||Opening|||Transfers|Closing| ||||balance|Income|Expenditure|&losses|balance| ||||||E||| ||Restricted funds - Group and|Charity|||||| ||Somerset Rural Life Museum||||||| ||(Leasehold
improvements
fund)||80,120||(80,120)||| ||Archive and museum
donations
Castle House Project
Historic Environment
and Estates
Somerset Levels||53,915
40,116
31,485
9,220|5
47,104
815|(50,111)
(3,106)||53,920
40,116
28,478
6,929| ||HES Hinkley
Portable Antiques
North Devon Record Office||2,630
(1,309)|1,525
92,562
51,852|(6,000)
(72,296)
(48,285)||(1,845)
20,266
2,258| ||Exeter Cathedral||1,680|2,083|(1,085)||2,678| ||Museum
Development
Officer
North Somerset Collections||698|28,000|(36,404)|8,404|698| ||Museums
and Schools|||59,167|(53,480)||5,687| ||Charthouse/Blackmoor||||||| ||Land Holding
West Country Studies
Gravity project
Norman
Garden||2,350
8,881
11,278|5,572|(6,033)||2,350
8,881
11,278
(461)| ||Culture
Recovery Fund
Culture
Recovery Fund-Round
North Devon Athenaeum|2|82,141
4,348|19,862
58,487
35,447|(101,683)
(58,487)
(34,795)|(320)|5,000| ||Heritage
Emergency
Fund||34,804||(34,924)|120|| ||Somerset Pottery Fabric
Type Series
Shop Window Graphics
Torbay Schools||12,469|2,502
15,000|(210)
(10,815)||12,259
2,502
4,185| ||Digita Preservation
Shared
Services|||5,000|(6,371)||(1,371)| ||Diocese of Bath & Wells||||||| ||Probate accounts conservation
Local Heritage
List|||5,626
34,962|(10,598)
(13,856)|28,000|23,028
21,106| ||||374,826|465,571|(628,659)|36,204|247,942| ||||(6,662,002)|3,808,565|(3,955,290)|1,157,000|(5,651,727)| |Summary
o|f movement
in fund|s- Charity||||| |---|---|---|---|---|---|---| |||Opening|||Transfers|Closing| |||balance|Income|Expenditure|&losses|balance| |||||||E| |Unrestricted|funds -Charity|||||| |General||444,042|3,277,084|(2,842,487)|(8,204)|870,435| |Designated|funds -Charity|233,916|47,490|(22,134)|367,200|626,472| |Pension fund||(7,797,000)|-|(425,000)|1,157,000|(7,065,000)| |||(7,119,042)|3,324,574|(3,289,621)|1,515,996|(5,568,093)| |Restricted|funds - Charity|374,826|465,571|(628,659)|36,204|247,942| |||(6,744,216)|3,790,145|(3,918,280)|1,552,200|(5,320,151)| |Summary
of mov|em|ent|in fund|s —Group (202|0)|||| |---|---|---|---|---|---|---|---|---| |||||Opening|||Transfers|Closing| |||||balance|Income|Expenditure|&losses|balance| |Unrestricted
funds||- Group||||||| |General||||172,574|3,222,632|(2,937,249)|68,299|526,256| |Designated
funds|- Group and|||Charity||||| |Somerset
Rural Life||Museum||||||| |(Leasehold
improvements|||fund)|49,005||(22,912)||26,093| |National
Archives||||7,823||||7,823| |New Burdens||||100,000||||100,000| |Project development||fund||100,000||||100,000| |Capital reserve||||||||| |Total designated|funds|||256,828||(22,912)||233,916| |Pension fund||||(5,583,000)||(359,000)|(1,855,000)|(7,797,000)| |||||(5,153,598)|3,222,632|(3,319,161)|(1,786,701)|(7,036,828)| ## |||||Opening|||Transfers|Closing| |---|---|---|---|---|---|---|---|---| |||||balance|Income|Expenditure
f|&losses|balancef| |Restricted funds
- Group|||and Charity|||||| |Somerset
Rural Life Museum||||||||| |(Leasehold
improvements|||fund)|159,463||(79,343)||80,120| |Archive and museum||donations||53,850|65|||53,915| |Castle House Project||||40,116||||40,116| |Historic Environment||and Estates||38,727|61,300|(68,542)||31,485| |Somerset Levels||||11,752|(213)|(2,319)||9,220| |HES Hinkley||||859|8,686|(6,915)||2,630| |Portable Antiques|||||72,907|(72,907)||| |North Devon Record||Office||609|45,613|(47,531)||(1,309)| |Exeter Cathedral||||2,280|2,083|(2,683)||1,680| |Museum
Development||Officer|||28,000|(36,102)|8,102|| |Avalon
Marshes||||||||| |North Somerset Collections||||1,401||(703)||698| |Museums
and Schools||||16,748|42,580|(59,328)||| |Charthouse/Blackmoor||||||||| |Land Holding||||8,000||(5,650)||2,350| |Avalon Archaeology|Park||||32,211|(31,966)|(245)|| |Painter
Pilgrim||||26,427|23,330|(67,772)|18,015|| |West Country Studies||||6,181|2,700|||8,881| |Gravity project||||19,444||(8,166)||11,278| |Wild Hares & Hummingbirds||||||||| |Public Engagement||Project||1,260|(392)||(868)|| |Norman
Garden|||||1,955|(4,955)|3,000|| |Banner Project|||||773|(1,091)|318|| |Culture
Recovery
Fund|||||178,762||(96,621)|82,141| |North Devon Athenaeum|||||22,224|(17,876)||4,348| |Heritage
Emergency||Fund|||47,000|(12,196)||34,804| |Somerset Pottery Fabric||||||||| |Type Series|||||12,938|(469)||12,469| |||||387,117|582,522|(526,514)|(68,299)|374,826| |||||(4,766,481)|3,805,154|(3,845,675)|(1,855,000)|(6,662,002)| ## ## ## ## |||||Other net||| |---|---|---|---|---|---|---| |||Tangible|Cash at|current|Creditors|| |||fixed|bank and|assets/|more than|| |||assets|in hand|(liabilities)|one year|Total| |Unrestricted|funds|19,423|889,168|(369,732)||538,859| |Designated|funds|3,959|622,513|||626,472| |Restricted|funds||179,486|68,456||247,942| |Pension reserve|||||(7,065,000)|(7,065,000)| |As at 31 October 2021||23„382|1,691,167|(301,276)|(7,065,000)|(5,651,727)| |||||Other net|||| |---|---|---|---|---|---|---|---| |||Tangible|Cash at|current|Creditors||| |||fixed|bank and|assets/|more than||| |||assets|in hand
f.|(liabilities)
f|one year
f||Total
f| |Unrestricted|funds|19,424|755,134|(299,323)|||870,435| |Designated|funds|3,959|622,513||||626,472| |Restricted|funds||179,486|68,456|||247,942| |Pension reserve|||||(7,065,000)||(7,065,000)| |As at 31 October 2021||23,383|1,557,133|(230,867)|(7,065,000)||(5,320,151)| ## |Analysis o|fassets between fun|ds —Group -|2020||||| |---|---|---|---|---|---|---|---| |||||Other net|||| |||Tangible|Cash at|current|Creditors||| |||fixed|bank and|assets/|more than||| |||assets|in hand|(liabilities)|one year||Total| |||||||f.|F| |Unrestricted|funds|22,193|1,153,975|(649,912)|||526,256| |Designated|funds|26,093|207,823||||233,916| |Restricted funds||80,120|215,763|78,943|||374,826| |Pension reserve|||||(7,797,000)||(7,797,000)| |As at 31October 2020||128,406|1,577,561|(570,969)|(7,797,000)||(6,662,002)| |Analysis
ofassets between funds —Charity|||—2020||||| |||||Other net|||| |||Tangible|Cash at|current|Creditors||| |||fixed|bank and|assets/|more than||| |||assets|in hand|(liabilities)
f|one year
f||Total| |Unrestricted|funds|22,194|1,040,894|(619,046)|||444,042| |Designated|funds|26,093|207,823||||233,916| |Restricted funds||80,120|215,763|78,943|||374,826| |Pension reserve|||||(7,797,000)||(7,797,000)| |As at 31 October 2020||128,407|1,464,480|(540,103)|(7,797,000)||(6,744,216)| ## ## |Summary|of|net pension|net pension|net pension|net pension|liability as|liability as|at 31|October 2021:|October 2021:|||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||SCC|DCC|Total|| |||||||||||K'000|8'000|f.'000|| |Present|value||of defined|||benefit obligations||||(14,062)|(5,508)|(19,570)|| |Fair value of||share||of|scheme||assets|||8,688|3,817|12,505|| |Deficit in|the||schemes|||||||(5,374)|(1,691)|(7,065)|| |Summary|of||net pension|||liability as||at 31|October 2020:||||| |||||||||||SCC|DCC|Total|| |||||||||||R'000|E'000|f'000|| |Present|value||of defined|||benefit obligations||||(12,559)|(5,196)|(17,755)|| |Fair value of|||share|of|scheme||assets|||6,819|3,139|9,958|| |Deficit in|the||schemes|||||||(5,740)|(2,057)|(7,797)|| |Somerset Count|Council|||Pension|||Scheme||||||| |Principal|Actuarial|||Assumptions|||||||||| |||||||||||At|31 October|At 31 October|| ||||||||||||2021|2020|| |Salary increases|||||||||||3.90'/o|3.35'/o|| |Pension|increases||||||||||2.90'/o|2.35'/o|| |Discount|rate||||||||||1.75'/o|1.60'/o|| |The
current||mortality|||assumptions|||include|sufficient|allowance|for the
future|improvements|in| |mortality
rates.|||||||||||||| |The assumed|||life expectations||||on retirement||age 65 are:||||| |||||||||||At|31 October|At 31 October|| ||||||||||||2021|2020|| |Retiring|today||||||||||||| |Males|||||||||||23.1|23.4|| |Females|||||||||||24.6|24.8|| |Retiring|in 20years||||||||||||| |Males|||||||||||24.4|24.7|| |Females|||||||||||26.1|26.2|| ## |Pensio|n
Commitments
-Asse|n
Commitments
-Asse|ts/liabs
in S|CC Pension
Fund|CC Pension
Fund|| |---|---|---|---|---|---|---| ||As at 31 October||2021|As at 31 October||2020| ||Fair|%of total||Fair|%of total|| ||value|scheme||value|scheme|| ||E'000|assets||P'000|assets|| |Equities|6,356||70%|4,793||70%| |Gilts|461||5%|455||70/| |Other bonds|888||10%|706||10%| |Property|623||70/|483||7%| |Cash|360||4%|382||6%| |Total market value ofassets|8,688||100%|6,819||100%| |Present value ofscheme||||||| |liabilities - funded|(14,062)|||(12,559)||| |Deficit in the scheme|(5,374)|||(5,740)||| ## |mounts
recog|nised
in the statement
offinancia|l activities are as follows:|| |---|---|---|---| |||2021|2020| |||E'000|6'000| |Current service cost||(400)|(339)| |Net interest cost||(91)|(77)| |Administration|expenses|(5)|(5)| |Total||(496)|(421)| ## |ovements
in t|he present value of defined|benefit obligations
were as follow|s:| |---|---|---|---| |||At 31 October|At 31 October| |||2021|2020| |||6000|f.'000| |At 1 November|2020|(12,559)|(10,439)| |Current service|cost|(400)|(338)| |Interest cost||(201)|(209)| |Past service costs|||(1)| |Estimated
benefits
paid||65|84| |Employee
contributions||(52)|(70)| |Actuarial
gains/(losses)||(915)|(1,586)| |At 31 October|2021|(14,062)|(12,559)| |ovements
in t||he fair value ofthe charity's
share of|scheme assets were as|follows:| |---|---|---|---|---| ||||At 31 October|At 31 October| ||||2021|2020| ||||K'000|R'000| |At 1 November||2020|6,819|6,510| |Interest income|||110|132| |Expected return||on Fund assets less interest|1,617|(61)| |Other actuarial||gains/(losses)||106| |Employer
contributions|||160|151| |Employee
contributions|||52|70| |Estimated
benefits
paid|||(65)|(84)| |Administrative|expenses||(5)|(5)| |At 31 October||2021|8,688|6,819| ## ## |rincipal
Actuarial
Assumptions||| |---|---|---| ||At 31 October|At 31 October| ||2021|2020| |Salary increases|3.95%|3.40%| |Pension increases|2.95%|2.40%| |Discount rate|1.75%|1.55%| |assume|d
life expectations
on retirement|age 65 are:|| |---|---|---|---| |||At 31October|At 31October| |||2021|2020| |Retiring|today||| |Males||22.7|22.9| |Females||24.0|24.1| |Retiring|in 20years||| |Males||24.0|24.3| |Females||25.4|25.6| ## ||Pens|ion
Commitments
-Assets/liabs
in D|ion
Commitments
-Assets/liabs
in D|CC Pension Fund|CC Pension Fund| |---|---|---|---|---|---| |||As at 31October 2021||As at 31 October 2020|| |||Fair|% of total|Fair|%of total| |||value|scheme|value|scheme| |||f'000|assets|E'000|assets| |Gilts||487|13%|127|4%| |UK equities||322|8%|316|10%| |Overseas
equities||2,091|55%|1,540|49%| |Property||320|8%|273|9%| |Infrastructure||162|4%|140|4%| |Target return|portfolio|307|8%|330|10%| |Cash||49|1%|27|1%| |Other bonds||70|2%|159|5%| |Alternative
assets|||n/a|227|7%| |Private equity||9|0%||n/a| |Total market|ofassets|3,817|100%|3,139|100%| |Present value|of scheme||||| |liabilties - funded||(5,508)||(5,196)|| |Defecit in the|scheme|(1,691)||(2,057)|| ## |mounts|recog|nised
in the statement
offi|nancial
activities for are as follows:|| |---|---|---|---|---| ||||At 31 October|At 31 October| ||||2021|2020| ||||K'000|K'000| |Current|service|cost|(106)|(112)| |Net interest cost|||(31)|(32)| |Administration||expenses|(2)|(2)| |Total|||(139)|(146)| ## |Movements
in the present value of defined|benefit obligations
were as follow|s:| |---|---|---| ||At 31 October|At 31 October| ||2021|2020| ||R'000|R'000| |At 1 November
2020|(5,196)|(4,750)| |Current service cost|(106)|(112)| |Past service costs||| |Interest cost|(80)|(92)| |Estimated
benefits
paid|77|81| |Employee
contributions|(15)|(15)| |Actuarial
gains/(losses)|(188)|(308)| |At 31 October 2021|(5,508)|(5,196)| |Movements
in the fair value ofthe charity's|share ofscheme assets were as|follows:| |ovements
in t||he fair value ofthe charity's
sh|are ofscheme assets were as|follows:| |---|---|---|---|---| ||||At 31 October|At 31 October| ||||2021|2020| ||||K'000|6'000| |At 1 November||2020|3,139|3,096| |Interest income|||49|60| |Expected return||on Fund assets|643|(91)| |Other actuarial||gains||85| |Employer
contributions|||50|57| |Employee
contributions|||15|15| |Estimated
benefits
paid|||(77)|(81)| |Administrative|expenses||(2)|(2)| |At 31 October||2021|3,817|3,139| ## |||2021|2020| |---|---|---|---| |Land and Buildings|||| |Expiry|date:||| |Within|one year|30,328|30,328| |Within|two and five years|121,312|121,312| |More|than five years|591,897|622,214| |Other|||| |Expiry|date:||| |Within|one year||5,110| |Within|two and five years||| |More|than five years||| |||743,537|778,964| ## ## ||||||||||2021||2020| |---|---|---|---|---|---|---|---|---|---|---|---| |||||||||Group|Charity|Group|Charity| ||||||||||||E| |Financial|assets that are|||debt|||||||| |instruments||measured||at amortised|||||||| |cost||||||||2,506,759|2,446,474|1,936,531|1,865,440| |||||||||2,506,759|2,446,474|1,936,531|1,865,440| |Financial|liabilities||measured|||at|||||| |amortised||cost||||||271,199|266,348|189,923|186,674| |||||||||271,199|266,348|189,923|186,674| |Items of|income,||expenditure,||||gain and|loss (group|and charity)||| |||||||||Income|Expense|Net gains|Net losses| |2021|||||||||||| |Financial|assets measured||||at|amortised|||||| |amortised||cost|||||||||| |Financial|liabilities||measured|||at|||||| |amortised||cost|||||||||| |2020|||||||||||| |Financial|assets measured||||at|amortised|||||| |amortised||cost||||||65|||| |Financial|liabilities||measured|||at|||||| |amortised||cost|||||||||| |||||||||65||||