The South West Heritage Trust (A Charitablfr Company Limited by Guarantee) Annual Report and Financial Statements For the Year Ended 31 October 2023 Company NUm￿r. 09(153532 Ch•rlty R•gist•rnd in England and Wal•s Numb•r: 1158791 The s¢￿th West Horftage Trust Contents For the Year Ended 31 Octobw 2023 Referer￿e and Administrative Details Trustee tlrectors. Report 2-14 Independent Auditors, Report 15- 18 ConsolKJaled Ststement of Finan(Jal NLIivi 19 Balance Sheet and Consolidated Balance Sheet 20-21 Statement of Cash Flows arthj consolida￿ Stalen￿1 of Cash Flows Notes to Financial Statements 23-52 The South West Heritage Trust Reference and Administrative Delails For the Year Ended 31 October 2023 Trusteè Directors Rev. P M Beacham G L Craig Cllr A Davis Prof. H R FrerKh D H G¥￿ther J Loader Svmabe Lt Col. M J R Motum (Chair) A M D SMaIM￿0d Dr S Awindsor CllrA R Wyke Prof. A Zalewska Chlof Exocullvo 0ffi¢gr T W Mayberry (until 3111212023) S Astill (from 0110112024) Charfty Number 1158791 Company Number 0￿53532 Principal Address and Roglslorod Offlc• Hwitage Centre Brunel Way Taunton Somerset TA2 6SF Audltors Albert Gc￿rnan LLP Goo¢kn)od House Blackbrook Park Avenue Taunton Somerset TA12PX Bankers Natwest 26.27 F¢ye Street Taunton TA1 1JQ Solicitors Bates Wells Braithwaite 10 Queen Street Pla London EC4R 1 BE Protjuced by Albert Gocrtyman LLP Page 1 Tho South Wost Holilage Trt￿l Truste8 Directors. RepJrt For the Year Ended 31 Odober 2023 The Trustees. are also directors for the purp)ses of the Companies wesent their report and the financial statements of the charity for the year ended 31 October 2023. vthich are also wepared to meet I iequirements for a directors. reF*Xt and alxounts for Cryanies Ad purtx)ses. The financial statements have been prepared in accordanc£ *ryth the accounting policies set out in note 1 to the financial statements and ccmnply ¥￿th the Charities Ad 2011, the Ccffnpan￿ Act 2006. the MerTh)randum and A￿cleS of As9)ciatim. and A£counling ar#J Rep￿ing by Chartlies: Statemenl of Recommended Practice apFdbcable in the UK aThJ Republr of Ireland (FRS 102) {effective 1 January 2019>. The full name of the Charity is The Soulh West Heritage Trust. It incorpordted on 22 May 2014 as a company limited by guarantee. Its o)mpany registralK)n nwiber is 09053532. Its charity regislralion number is 1158791. The Charity is varnusly referred to throwhout this rewrt as either 'lhe Charty.. "the Cornpan￿ or Ihe Trusr. Rofor•ncos and Administrative Delails Administrative information is given in a separate secti￿ at the front of these aoxKmts. Dlroctors and Trnst6os The directois of the Ccfflpany are the Charitws Trustees for the purpose of tharity law and throughout this report are col**vely referred to as the Trustees. The Trustees serving durirKJ the year arKI SI￿ year*rbJ a￿ as follows: Rev. P M Beacham G L Craig Cllr A Davrs Prof H R French D H Gwyther J Loader S V Maberfey Ll Col. M J R Motum (Chair) AMDSMa1￿ Dr S A Windsor ARWyke Prof. A Zalewska None of the Trustees have ary benthial ilterest in the Company. All of the Trustees memb8rs of the Company and guarantee to contribute £1 n Ihe event of a wiTrJirwJ up. PrOd￿ed by Gc¥)dman LLP Page 2 The South West Herltage Trust Tntstee tl'rectors, Report For the Year Ended 31 October 2023 Patrons The Trust is fortunale lo have as Patrons three Feople vtho are prominent in the ￿mMunitIeS of Sowset and Devon.. - Lady Elizabeth Gass. DCVO - Mr David Fursdon, Her Majesty's Lordlieutenant of Devon - Mrs Annie Maw. CVO STRUCTURE, GOVERNANCE AND MANAGEMENT Constilution and FcmMtion of the South West Heritage TTr￿1 The SoLrth West Herttage Trust vested on 1 Novemtw 2014 as an independent company limited by guarantee with Charitab￿ status. The Company is govemed by its memorandum arKJ articles of association. Its charitable obieclives are set oul in the Artrles of K8sociation as folk)ws: Ihe adVa￿ement of edwtion; the promotion of arts, heritage, CU￿Ure s￿r￿e including by the p￿seNatiOn and safeguardKKJ of such land. buihjings. stru¢Xures. archaeology. objects. records or bcoks as may be of historic or educational interest or s1gnifTr￿e. and to provide or assist in the Prows￿)n of facilities in the inierests of social welfare for recreation or other leisure time occupation of ￿d￿idual5 have need of such facilit￿5 by reason of their youlh, age, infirmity or disability, financial hardship or social circurrtstances with the object of irnproving their cx)ndthons of lrfe. The Trust has the herilage Setv1￿ responsibilities previousty carried out by Somerset Council (formerly Somerset County Counc411 comprising the thhives and Local Studies. Museums and HistQriG Environment Services, and Devon County Coul￿11 comprising the ArchNes and Local Studies Services. A subsidiary trading company, South West Herrtage Trust Trading Company Ltd (registered company number 09222720), bYa5 also form8d on 1 November 2014. The legal agreements which underpin operation of the Trust are the Transfer Agreements. Granl Agreements and Collections Management Ag￿ments beiween Somerset CounGil aThJ the TNst and Devon County Council and the Tru4. The Twst demonstrates its irmlependence in line with Charity Comrnission guidance as sel out in RR7. The current funding terms are in place until 31 Octcthr 2024. Organlsatlonal Managamont The Board of Trustees meets on a quarterfy basis to discuss the progress of the organisalion and lo agree strategic directK)n. A Chef ExecutNe Officer is appointed by the Twstees to manage the day-to-day operation of the Trust a￿1 to provide leadership and dire¢lts)n for the imp￿rrEntatiOn of the Business Plan. Three Trustee committees meet quartuty to exanmne and d8al ￿1th ccwnplex kssues of the Charity, with powers to exercise autlKxity where delegated by the Board: The Personnel Committee deals with all issues relating to human resources. temis and c(￿ditionS remuneration for all staff employed by the Trust {except the Leadership Team). Produced by Albert Gts)dman LLP Page 3 The South West Herltage Trust TTUStee Director5. Report For the Year End&1 31 October 2023 The Audience Engage￿nI Committee deals wilh the strategic dired￿n of marketing. PR and communications as appropriate. The Financ£ Committee r￿1veS reports on incoffe and expenditure and related actNlties to monitor financial stabilty aThJ pwress against the Business Plan. The Leadership Team meets formally not less than 10 times a year lo ensure consistent and ￿llabOratNe management of services across the TTUSt aTrJ lo prcgress the delivery of the Bu￿TreSS Plan. Selectlon and Tralnlng of Twstees The Board of Trustees has been selected uswvj an open recruitment wccess. The experience and kn￿edge present within the Board of Trustees is cowdered from time to time to ensure that the COr￿t mixture of S￿lIS is represented. Training is provid￿1, as required, to devek)p krKNAedge and skills. A th￿- year tem applies to all Trustees and may be extended by one term. Further extensK)ns can be agreed by the Board under the lerTrts of Article 26.12 of the Articles of As￿latiOn. The Annual Retirement MeetitYJ for Tntstees of the Trust took place on 27 April 2023. It was afv that Michael Molum. Peter Beacham and David Gwyther shoukl be eleded to serve a third term. Lt Col. Michael Motum vrds reap￿inted as Chair. The inducth)n prrrAss for al new Trustees i￿1￿." SharirvJ key dctum8nts atrm￿t the Charity. g0vema￿e arrangem8nts and expectations and responsibililies of 8 Trustee. Site visits lo meet staff and volunteers and to VI￿ operatKJns. Aeetings with the Chair and Chief Exeortive Offiw to share understanding of the strategic direction. Rlsk and Rlsk Managwnont A risk register 1$ maintained arKI reviewed by the Board of Tntstees on a regular basis. The register assesses risk based on likelihood and impad, providing infonna￿n aih)ui aclions and controls in place to manage risk. Risks include those bthich are financial. operational or reputational of that otherwise be of C(￿cern for the future of the chanty. The Trustees a￿ satisf*d that the rtharity is a goir#J ¢4y￿ern that key rtsks are being actively and appropriate￿ managed. OBJECTIVES, STRATEGY AND ACTivrriES OF THE TRUST ObJe¢tlv¢s Our Vision arKJ Mission in fu￿111r0 our obpthves are as fd10￿￿. Our Vlslon We will celebrate and wotect our rich h6rilag8, WpirKJ everyone to enpy it arn1 in the future. Produced by Albert Goothnan LLP Page 4 Tha South West Horftago Trust Trustee Dire¢tors' Report For the Year Ended 31 October 2023 Our Mission Access. Leaming arKI Eni)yment We wll help people from all backgrounds to leam from our heritage aThJ be inspired by it. We will encourage indNiduals and communities to get involved in our heritage. We will make our heritage as a￿SsIble as we (An and will promote research and understanding. Wè viill provide rich hefitage experien￿S for everyone. Care, ConServat￿n and PrOteC￿n We will make sure our heritage is excellentty cared for. R8sili8nce We V4ill bulky partnersh¥Js with funders arKI stakehoklers to increase sustainabilty. We will strwe for excellenl, ambitKJus aThl entreweneurial services. We will foster links between heritage. the arts. trjurism and economic prosperity for the b8nefil of all. Staff Volunteers We will ensure that our workforce ts skillgj. ftx)Irvated diverse. Stratogy The Trust's five-year strategy, 202￿2025. fo(xJses on three major out(£￿. Supporting People and Communities.. We will support. emp0v￿r and enrich people aTrJ communities. Proteding Our Hertlage: We preseNe. protert and enharKe our heritage, ke8ping it safe arKI accessib￿ now and in the future. Making an Impact". We wdl be enterwising, innovative and inlluentsl, and sland up for the heritage of Devon and Somersel. The strategy is supported by the folbwing dwU￿£nts. Business DelNery Plan Audience Development strategy Equalities Strategy and A£tion Plan Service Areas Through our Museums Ser¥lc• wn three A(XTedtted Museums - the Museurn of Somer5et and Somersei Militsry Museum in Taunton and SonErset Rural Lrfe Museum in Glastonbury. We manage the Br￿k and Tile Museum in Brmjgwater arKI provide curatorial support to Weston-super-mare Museum. Three million museum objects. ranging from outstanding geologtsl. Iron Age and Roman collections to textiles and fine art, tell the story of Somerset arKI the South West. Prcdu¢ed by Ajbert Goodman LLP Page S The South West Herilage Tn￿1 Trustee Directors, Report For the Year Ended 31 Odoter 2023 We are the mafft)r custodians of Yrtitten evNJence a￿ut Devon and Somerset. Our kcredited Archlve and Local Studles Servlces have ￿￿treS in Tauntr)n. Exeler and Bamstaple vh*re we Ca￿ for over 10 million archives dating from the 8th century to the present day. 200.oC￿ printed reference works about the South West are hekl in the Lixal Stud*s c(Alections. We also run the archNe services on behalf of the unitary authorities of North Somerset and Torbay. Online access is provided through catslogues and indexes, and thousands of [￿pIe use our duitised resources. We are to p￿Selve and make available digital arthives. Our Hlsti)rfc Envlronment and Estates Sorvl¢¢ suptKKts k)cal aulh(xilies, partners and Ihe public by offering planning4elated adwce and infonnation about Scwnersefs archaeology and built heritage. We also provide Servi￿ lo Bath & North East Scffierset Council. We are a Registered A￿haeo1c￿lCal Organisation and are responsible for over 400 acres of his1￿1C landscapes. including Cothelstone Hill in the Quantod( Hills, Deer Leap in the Men(*p Hills and Norton Fitzwarren HillforL Our Learnlng Servlco wovmles opportunths ky pwple of all ag85. irKknding th)se with leaming disabilities or affeded by dementia. (fver 15.OC(l Chiklren partrcipate each year in v￿rkshopS for Key Stages 1 and 2. We make autheft￿ heritage obieds available to schc(JL8 for use in the dassroom. Partnership projects to eIthan￿ kamirwJ lake place *rylh S￿0Th￿8ry schools and futher and higher ucation institutions. Our organisational CUMU￿ is one of tofftr as a ￿ngle trust io provide diverse heritage servic8S. To achieve this aim VR rety on our stsff and volunteers, our Friends (Ygani5ations, our Supp(*ter5 and partners. and all those champion our thrjrt. Our servirm are fvrnled by core granls from Devon County Council and Somersel CourKil, by a Ylide range of contracas aThJ by commercial adivty. We also raise new income and attract grant inveslment frrym generous furn1ers. ACTIVITY REPORT Hlghllghts and A¢hl•v•monts Context The Trusl's level of engagement ¥￿th the public have continued to rexover. At year end, annual visitor numbers to Trust's siles had exceeded pre-pandemic totals. The effects of inflation, and Me8￿re9 to mibgate them, have been a ffoi)r preoccupation. Though the challenges a￿ g￿8( ¢8￿ful management of savings ar¥J irKorne generation targets have helped to keep Trust finances stable. In these times of particular financkql [￿esSUre the Trust gready appreuates the continuing strength of its partnerships aNJ especialty the supwt of Som8rs8t Council and Devon County Council. The Trust was very p￿aSed that bts bhj to Arts CcxThil ErvJlarKI (ACE) for funding as a National Portfoh'o Organisation (NPO) was SU￿essful. Th8 Ixd prowsals f(￿S on if￿￿Sing the engagement of underserned communities, and specifically on issues of rural isolation and low S￿￿1-eConOmIC status. The Trust weknmed senDr staff of Prts Council England. incjuding its Chief Execulive. Dar￿n Henley. for a tour of the Museum of Somerset. We were able to make ¢JJr own contributth to the celebrations for the K¥ig's Coronation in May, induding through CAMtent shared online and exhibitions aThJ events in Barnstaple and Taunton. A rigcmus, competittve open re(xuitment pr￿sS for app)intiTh3 a new Chief Executive Off￿ was undertaken following the announceffent by Tm Maybery of his intenthjn to retire on 31 December 2023. Trustees apwinted Sam Astsll, the Trusfs current Head of Museums and Engagement. His apptynthwt takes eflect from 1 January 2024. Produced by Albert Gcodman LLP Page 6 The South West Heritage Trusl Twstee Directors, Report Forthe Year Ended 31 Octobw 2023 Archlves and Local Studles The Somerset and Devon ArthNes servi￿ ￿Ere successfulty re￿ed￿ted followiro a rigorous process induding on-site assessments. Both services passed every criteria under broad eadings of govemance. collections and engagement. A new di9itsl preservation system was intr(Kluced to en$￿e the lonTrterm acC￿lb11ty of extensive digitally-based colle¢lions and a major wojeci is undervray to ingest d￿rtaI archives into tho system. The T￿￿t is workirNJ with sp6rialist consultants on a Passivhau5 proje￿ to reducE the environnEntal impact of the slr0ngr0on￿ at the Somer*t Heritage Centre. The rehousing of the West Country Studies Library vras completed and collectK)ns development and profile-raising th 15 fKY*4 ufKlerway. A partnership project is underway to catalogue and publ￿lse the Devon and Comwall Polir archive, held at the Devon Heritage Centre. CatakNJuing also conlinued on the Cary of Torquay estate collection project. An exhibition to celebrate the coronation of KINJ Charles111 was held at the Museum of Bamstaple and North Devon. It drew extensivety on archives relating to 20th-century coronations. An online eXhibit￿n vrds created in partnership wth the Met OTfice Arthive, exploring themes of horticulture. the V•Eather and dimate change in Devon and Somerset. Indexes to Somerset rthr L8w pap￿S were wblished online. providing access to over 73.000 entries. The Quantock arthNe wopct was completed, resulting in improved access to cx)Ilections through cataloguing and engagewent work. The estate collection of the Huyshe farn1￿ of Sand near Sidmoulh was pemanenuy allocated to Devon County Council under the govemment's ￿￿ptan￿ in Lieu prcKess. After successful fundraising, the Isca photographic collection was acquired. Thi$ remarkable collection charts a cenlury of change in Exeter from 1920 10 2020. A 1793 volume created by the watercok￿rISl the Revd John Sw8te acqUi￿d. This ￿￿$ previously unknown and is a very significant additK)n to the Devon collections. An oral history woiect caplured the memories of fonrer Debenhams employees who worked at th8 company's headquarters In Taunton. Historfc Envlronmont and Estates The project to Fyovide vi8ilor access to the Avalon Axchaeology site near Shapwick was completed. Landscaping works were undertaken and a raroe of engagement at the site was piloted. enabling a business plan to be developed. This project was funded by the National Lottery Heritage Fund. In partnership with Somerset Counal is continuing lo evaluate a raroe of herTla9e assets for indusion on the Local Heritage List. Furth8r sites have n(yw been added to the Somerset Historic Environment Record. A project at the Beckery Chapel site, Glastonbury. ar￿ associaled buikling w0￿S linked to the proposed Bndes Mound Centre. were laken f0Th￿rd. Th¢s incI￿￿ed relevant agreements, a planning application and scheduled monument conseni. As part of a Heritage at Risk sche￿. funded by Histori¢ England. the Trust investigated siles on the Quantock Hills arKI westem Some￿et. This has helped to wjentify there detailed conservation repairs are needed. Work Ir￿uded fielofvffilking and a geophysical suNey of a Roman fort at Wiveliscombe. Producgd by Albert Gc*)dman LLP Page 7 Tho South Wesl Heritage T￿￿1 Trustee D1￿CtOrS. Report For the Year Ended 31 OrAober 2023 The Tntst has *vrked with Emily Estales to manage aThJ better (mderstsnd the archaeology of Castle Cary casde, originalty a ￿Man structu￿ of nothing remains above ground. The Trust is collaLM)ratiTrJ v*ith Somerset Council to support adivity at T￿8 Works. Wellington. part of the fonner Fox Brothers textile manufaduriNJ yite. The￿ has been further liaison arnl engagement with the Gravity Proirf Puriton re￿Ing to the site's foffl￿r identity as Royal Ordnan¢e Farlory 37. Learnlng The Trust'5 exceptionally strong perf0m￿nCe in *s eThJagemenl with schcK)Is ¢))ntinued. reaching over 15,0￿ students. Plans ￿re put in place to maximise capaoty to meet demand. The TcWher Again Project, lund&J by Arts Cou￿1 England. was cornp￿ted. The Trusi leamed a great deal about the value of S(￿la1 prwxribwvJ by undertaking this FffOPCt and it has provided a strong foundation for further act￿. The Trust was awarded further fundirvj by DfEIArts Council ErKJlaThJ under the Museums and Schools Programme for the WKXI April 2023 to Mar(*Tr 2024. The programme connects museums wtth local sdKx)Ichildren, especially targeting sCh￿IS Wbth high premium levels and low cultural engagement. An extensive review of the Trusl's safeguarding polLy and pr￿ureS completed. Related training for trustees. staff and volunteers was also undertaken. Reminixence sessions continued to be popular. Audiences incI￿led care homes and dementia units. friendship. lunth over 50s groups. The sessKJrts are also designed for those living with dementia and have worked in acute care settrus. Sessions in partnership with Somerset Recovery Col* ￿ere held at the Br￿ and Tile Museum for people recovering from mentsl illress. SessK)ns sought to ts¢*le kfieline5s and to provide them wilh achievatAe ￿atIve tasks. Demand for Ihe Loans Swice lo s(*(K)Is remain￿ in high and done to renew learning sources. A project was completed to ensure Christianty-themed k)ans t￿XeS are approwkqte and inclusive. A consultant from Sornetset's Christian faith o)mrnunty redevelop&J the boxes. A proiecl Eastover Communty Primary ScFK4)I, BrhJgKater. helped them celebrate their 150th anniversary ¢￿atIve sessb)ns at the Somerset Brick & Tile m￿urn. The ￿suIt1ng mural has now been inslalled at the sctKol. Aluseums A varied exhibitions prOgrarr￿re took Pla￿ at the im> prinopal museums.. Museum of Somorset . In Fashion.. How a changing wld shaped what ￿ wew. fcrf%sed on elements of the Museum Servi￿'s rich costume ccdkctions. - Sentimenlal jOun￿Y$.' The Art and Lrfe of Ivy Millicent James, ￿lebrated an artist Ntho was born in Somerset in 1879 and tecame part of the ffifst generalion of swmen to tenefft from equal access lo arts educatv)n. Produced by Ajbert Gc(xJman LLP Page 8 The Soulh West Heritage Trust Trustee Directors. Report For the Year Ended 31 October 2023 - Axel SGheffler." A Lrfe in Illustration brought together the most wide-raThJing public display of his art ever to take plac6 in G￿at Britain. The family-friendly show coincided with the 30th annNer5ary of the remarkable Greative partnership beh¥een Scheffler and the author Julia Donaldson. Somèrnèt Rural Lifo Muuum - Gathenng the Past displayed objects acquired by the Trust SIT￿8 2014. i￿luding archaeology, historic doc#Jments. paintings ar¥J sculpture. - Mud, Music and Mayhem brought logether images from 20 years of the Glastonbury Festival as captured by the SO￿￿r$et-ba$ed photographer Jason Bryant. P8r8llels.' Sculpture + Dr8wing by Simon Hitchins I￿as the first public display of athvorks created by this SOMe￿et-based sculptor. It included a large concrete sculpture, Bearing Witness to Things Unseen, wthich was displayed in the Abiw Bam. v￿ltor numbeTS at the museums exceeded prfrpandemic levels, with s(knl holiday periods being especialty busy. The famty-frbendly Axel Scheffler exhibition alone atlracted nearfy 30,(KJO visitors. The Trust was able to acquire the ATukTrSaxon Cheddar Bftyxh. a hKJh-status silver gilt brooch dating from AD 800-￿. It is both nationalty svwificant and unKiue ￿ the South West and was found near Cheddar by a metal deleciorist in 2019. A project funded by Historic England to create a Somerset Pottery Fabric Type Ser￿s for the medieval and pOst-med￿Val periods was ￿mpleted. Funding from the British Museum fcr the PortaL4e Antmiuities Scheme vrds confirned until March 2025. The Trust contributed to a pilot dKJili5ation with the Natural History Museum and South West Museum Development. SeathEed specimens ojlecaed in the 18(M)s wer8 photographed and will be fealured on a nati¢Thl dalabase. In 2019 a nationally signifKant tr￿rd of Saxon and Norman coins was found in the Chew Valley, Somerset. Consideration is t￿ing gwen to whether the Trust should take on the responsibility of providing a permanent home for this nationalty exceptional group of coins. The TTUSt acquired a rare self [￿lt of the Sorner5et artist Sarah Brffin (1784-18501. a key item in the history of disabilty- Partnerships and S•¢tor Support We continued to provide supwrt to a wide rar¥Je of organisations. We are an adive participant in th& South West Museum Developn*nt Prcgramme and employ a full-time Museum Development Officer. The Progrdmme supwrts mre than 34 communty museums in Somerset, offerirKJ advice and ￿KdanCe a￿ut fundiThJ. trainiThJ aTrJ ¢x*)perative projects. In partnership with the British Museum and thal authorities in Devon, t)orset and so￿￿et. the Trust provides the Portable Antiqurties Scheme in Ihe three ¢ounties. The number of finds reported continues to refflain largely consislent throughout the year. The TTUSI works dosely with Weston Town Counril to kyovide curatorial supFKJrt and a temporary exhibitions programme for Weston Museum. Produced by Albert G(KJdman LLP Page 9 South W￿t Horltago Trusl Trustee Directors, Report For the Year ErKled 31 October 2023 We look after the Archives of North Somerset CO￿￿1 arKJ TOrt￿Y Council arnj are the deggnated repository for the Diorthe of Bath and WelL8 and Dioc*se of Exeter. The ￿th1Ves and Local Studies Services in Somerset Devon are engaged with many partnership wopcts involving many community groups, socielies and ￿rger rxgantsations Ind￿lIng Bamstaple Town Council arKJ North Devon Athenaeum. The Historic Environment Service advises the Bath and Wells Dhxesan Pthisory Committee and provides herilag&related planning advice to Somersel Council and to Bath and North East Somerset Council. 11 publishes the Sonwset Archaeok)gical Handboc* *hich is the Central referer￿ point for developers, advisors aThJ Local Au￿rItIes. FINANCIAL REVIEW AND RESERVES POUCY Unrestricted income in the year totalled £3.592.519 (2022.. £3.131.g66) arKI restricted income £543,337 (2022: £516,408). Tolal expendtture was £4.0￿1.￿5 {2022.' £4.097.9591. of £4.022.927 {98.3%) VAS for charitable purposes12022'. £4.038,940 (98.6%)). The remaiThkr ¥Yas for raising frjnds. Penslon schomo6 The Trust operates defined benefft (ffinal salary) schemes for employees VAKJ Y￿e transferred from the L￿al Govemmeni Pension Sthemes (LGPS) of either Oevon or s(￿rsel C4)unty Councils. Details are given in ￿leS 1.14. 1.15 and 17 of the accounts. The LGPS Schem￿ are revithled triennially to set the Trust's pension Contri￿tiOn rates for the following three year5. Both schernes are subject to an annual actuarial valuation 7knich features in the Statement of Financial Activities and the Bala[￿e Sheet. This valuatKJn expeller￿$ signrficant annual volatility. In 2023 nil balance was forecast. due lo higher assumed mortalty rates and a fall in life expectancy. Any actual deficit wll only become payable ￿en the final member leaves the relevant scheme. a date ￿rrentlY expected to be r￿Te than 25 years abyay. The deficit then be likely to be ￿paYable over a l(TrJ period of years. The tot81 pension fund value is indemnif￿d against the wssibilty of the Trust's dissolLttion. Staff who have enlered the Tru5t'5 emploYTh￿t since it vested in 2014 hav8 th8 rDJht to be enrolled in a defined contribution scheme INEST). The Trust pays a fixed monthly contributk)n into the scheme bul has no fvrther CK future obligations. Rosorves The Board of Trustees agreed a ReseNes Polry in September 2015. It states that Ihe target provisK)n of reserves should meet operational costs for three nx)nths' and shoukl be achieved by 2025. Th8 target is equivalent to unrestricted reserves of approximately £700k. At year end the ￿SeThes. exduding ￿ kwterm pension reserve. we as folk)ws: £'ooo 518 Unrestricted general funds Designated funds Reslricted funds 316 Produced by Abert Gc4xlm8n LLP Page 10 The South Wesl Heritage Trust Trustee Directots, Report For the Year Ended 31 October 2023 Most of the Trust's reserves are cash ￿ other current assets. Only £143,359 of fixed assets are recognised on the Balance Sheet. Major Income Sources The Trustees are extreff*ly gratefvl for the financial supp￿1 arKI commifvnt of all fu￿lerS of the TrusL In particular. the financial arml other support provided by Somerset Council and Devon County Council is fundamental to the Trust's success and allows it to celebraie. preserve and make accessible the remarkable heritage of the t￿￿> counties. We here express our thanks to bolh local authorities for their continued support. In the Trust year ending 31 October 2023, the core grants frcrfn the Councils accounted for £2.178,802 of ihe TnL8t's totsl incxmne (61% of the unrestricted income. 530A of the total income). The Trustees are a150 gratefvl to other major furnlers, including Arts Counul EnglaThJ, the National Lottery Heritage Fund arKI the Brtbsh Museum. Further income is r￿1ved for heritage services provided to North Somerset Council. Weston-super-mare Town Council. Torbay Counal and others. The TrLk8tees also acknowledge individual donors and the Trust's Founder Members and Supporters. Their generosity and support are 9￿allY appreciated. Traded Income and Fundraising The Trust's income derives mainty from grants and from contracts for the provis￿ of service5. Traded activities are also undertaken auoss all service areas aThJ contribute sunifuntly to Trust turnover. We encourage user5 of our services to make donations and admission fees a￿ charged at some sites and for some events. Traded activty is managed thn)ugh South Wesi Heritage Trust Trading Limited, a who11y￿Wned subsidiary of the Trust. It generated a profit of £108.395 during the financial year. t)ets1￿ of trading perfomiance are contained in Note 10 of the accounts. and a separate set of accounts is prodU￿d annualty. Two trustees and the Tnjsl's Chief Executive are the register&J directors of the trading ￿n￿any. The Trust is obliged to compty with the Charknes (Protect*)n and knial Investment) kt 2016 and to provide statements on speafic areas of fundraisiro in the annual rer#)rt The Trust has facilities to accept d￿lts1 and cash donations at its publr sites and through carefully monitored activities such as its Supportefs. Scheme. It does not engage in large-scale publi¢ fundraising Campaigns or undertake door-lo- door or private site fundraI￿ng. The Trust does engage third-party membership or donation solicitation agencies. As a result. it has not been necessary to monitor the b8haviour of, or investigate a complaint involving, a thir&party acting on the TTU5t's behaw. The Trust has nol bound ilself to any voluntary scheme for regulating fundraising and has r￿1Ved no c¥Jmplaints at*)Ut any fUndrai￿￿j activty it has undertaken. Looking F¢Jrward The Trust has set a balanwj budget for the finarKial year to 31 October 2024. The Trustees are aware of a number of longer-tenn b￿tary risks that will need to be carefulty managed w) fulure years, including: the renewal of the core grant vthh Somerset ar¥J Devon at the end of the current grant period., the need to maximise traded income" the financial impacts Somersel Counul havwig dedared a financial emergency; Produced by Albert G¢>)dman LLP Page 11 Tho Swth W￿1 Heritage Trust Trustee DirectOTS' Repart For the Year Ended 31 October 2023 increased infiation affe¢lirKJ many key supplies and se th& n88d to continue to wn grants to cary (Mjt our d)aritable obiethes. our vision and our mission. The TTusVs W1￿￿eS for future years we set in its three-year rolliro Bu&ness Plan. They refiect the outcomes around which the Tnjst's fve-year strategy is structured. PUBLIC BENEFrr So¢lal B•noffts Our services are mai)r COntribut￿S to personal ￿ell￿1ng and a sense of pfaix. We want our seNlces to be accessible, to address issues of dtversty and to F￿n￿te and enable equalty of opportunity f¢y everyone. Our large CC￿MUnty of knth￿geat)le arKJ ded￿ated volunteers are c￿ra1 to what we do. Volunteering also contributes directly to people's physical. emotional and mental wellbeing. We seek to ensure that volunteering tskes place in an enVironm￿t *l)ich is wicktsivti and supports and respects the needs of individuals. Exper￿nCIng heritage enha￿S wellbeirvJ arNJ brings people togeth81, vthether through leaming activities for chiklren. a￿$$ to inspirational art and exhibitions. the discovery of family or community history, dementia-friendly reminiscence sessions or visiting a I8￿￿sCaPe siie. Economic Beneffts We are Signif￿nI contributors to the local ecoKKry. fosteriTrJ tourism. researth. and the Cultural and ealive industries. Our museums are mapr t￿riSt destinations in SomerseL attracting new visitors and actively promoting th8 county. Th8 Museum of Soff￿set abne is estimated to provide £2.3 million of economic benefit to SorrErset from 72.(K() visrts in a typical year. The heritage centres in Exeter, 8amstaple and Taunton attract researchers from around the world. Our heritage larKlscape Siles have many tens of thousands of visrtors each year and actively contribute to ThJNMJual welbeing aTrJ the kn21 ecx)nory. We prioritise kxal sep4iLw and eMptr)yn￿l to ensure that we Sup[￿ CAX kKal econorny. We are always seekiTrJ new sources of incnme through the provis￿ of t%m￿rtial seryices and traded acaivities. The profits we generate are reinvested to irmase the publK benefit we rKovhJe. Envlronmental Sustalnablllty The Tnjst adopted an Environmerrtal Statement and h£tion Plan ￿ the past year and is towards a more cornplele policy. Our sites. induding Grade I listed buildings a￿1 a Vthrian famihouse. are managed carefulty to ensure that their enwronrrenlal footrmnt is minimised. We a￿ working to make the strongroorns at Somerset Heritage Centre more w￿rgy eifwtt. We a￿ committed to local procu￿rnent wherever possible to support the eco1￿ and liveh'hoods of ￿pIe in Devon aTrJ Somerset. This help$ us to reduce our carbon f(￿Print. The Historic Environment SeThice ￿￿￿kS to ensure that developer5 in Sornerset operate ethicalty in relatM)n to the county's built hefitage and archaeokw. The servi￿ seeks to pyotect and promote the historic environment as an essential component in making communilie$ e(x)rwJTrcalty arKJ environmentsl sustainable. Produced by Wbert Gcrfjdman LLP Pag& 12 The South Wesl Herltage Trust Trustee Directors, Report For th8 Year Ended 31 Othber 2023 The Trust manages over 4CK) acres of herilage I8￿1$(￿pe sites awjss Somerset which provTrde op8n- access enjoyment lo the public. The sites also offsel rTh)re than 25% of the total car￿n emissions produced by the Trust. Statement of Trustees, Responslbi1111oS The Trustees (who are directors of The South West Heritage Trust for the purposes of ￿MpanY taw) are responsible for preparing the Trustee DiTectors' Report and the financial statements in accordance with applicable Law and United Kingdom Accounting Starx1ards. including Financial Reporting Standard 102, the Financial Reporting Standard 8pplicable in Ihe UK and the RepublK of Ireland {Unrted Kingdom Generalty Accepled Accountsng Practice). Company law requires the Trustees to p￿pa￿ financial ststements for each fmancial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure. of the d￿r*ab￿ group kn that [￿r￿)￿. In prepariro these financial ststements. the Trustees are required to: Select suitable accounting policies and then apply them cortsBtenty, Observe the methods and principks in the Chafilies SORP: Make jUdge￿entS and accounting estimates that are reasonab￿ aThJ pnKlent,' Stale whether applicable UK Ac(xwnting Stsr¥Jard have been follo￿Ed, sUb￿rt to any material departures disclosed and expLqined in the financial statements. aThJ Prepare Ihe finanaal statements on the going cOr￿M basis unless it is inapproprkqte lo presume that the charitable company will continue in business. The Trustees a￿ ￿F)QnSible for maintaining FKoper accounting records disclose wth reasonable accuracy al any time the financial posttion of the charitable company and enable them to ensure that the financial state￿ntS comply wlh the Companies Act 2￿. Tlw are also responsib￿ for safeguarding the assets of the charitable company and the group and hence for taknng reasonable steps for the prevention and detection of fraud and other irregulariiies. The trustees are reswnsible for the maintenanc8 integrity of rA)rwrate and financial information included on the charitable coMpan￿S ￿ebsIte. Legtslation in Ihe United Kingdom governing the preparation and dissernination of finan￿al Statements may dfftr from legislation in other jurisdictKsns. Produced by Albert GcA)dman LLP Page 13 The South Wost Horitago Tnwt Trustee ￿'rectorS, Rewt For the Year Ended 31 Cttober 2023 Slatement as to dlsclosure to our audttors In 80 far as the Truslees are avra￿. Th8re B no relevant audit informatKJn of lh8 charitable 0)￿Vany,S auditors are Una￿are. and The Trustees have tsken all steps trot they ought to have taken to makè themsèfves aware of any rdevant audit infornth aTrJ to establish that auditors are ahva￿ of that 1nf0nnat￿n. AUDITORS The audbtors. Albert Gc*)Jman LLP. are dewred to be rfrapwiDted v￿er Sertion 487(2) of the Companies Acl 2006. SMALL COMPANY PROVISIONS This report has been prepared in acccffdance small companie5 regime urmjer the Companies Act By order of the Tnjstees. Col. JRWUM The uth West Heritage Trust Produced by Abert G￿dMan LLP Page 14 The S For and on behalf of Albert Goodman LLP. Stahrtory A￿JitOr Goodwood House Blackbrook Park Avenue Taunton Somerset TA12PX Produced by Abert Gc*)dman LLP Page 18 The South West Herltage Trust Consolidated Statement of Financial Adpirties {irKluding an Incc*rt & EXperK1itu￿ a￿ount) For the Year Ended 310(#ober 2023 2023 Total 2022 Tolal Unrej Unres• trlcted trlcted Notes Income from: Donations and legac Charitable activities Other trading ￿tivitieS Investm￿lS 162.368 3,048,846 369.333 11,972 23.830 513,401 5,538 186.198 114,888 24,504 139,392 3.562.247 2.723.420 469.745 3.193,165 374.871 293,606 22,159 315,765 12.540 52 52 Total income 3.5￿2.519 543.337 4,135.856 3,131,966 516,408 3,648,374 Expenditure on: Raising funds Charitable activit 67,564 3.375.836 414 647.091 67.978 59.019 59,019 4,￿22,927 3,515.335 523,605 4.038.940 Totsl expenditure 3,443.400 647.505 4.0￿.￿)5 3.574,354 523.605 4,097,959 Net (experbditurevincome Tfansfw ttheen funds 149.119 (104,168) 101.860 44,951 (442,388> (7,197> {449.5851 {77.613) 77,613 (101,e60) Other recognised gain5 Actuarial (lossesygains on defined benefit pensw?n schemes 11.876.1Xrf)) Net movement In funds for the year Reconclllatlon of funds Total funds brought forward (1,876,fJ)0) 9,330,¢YJO 9,330.000 {1.828.741) (2,308) {1,831,049) 8,809.993 70,416 8,880,415 2,910,330 318.358 3.228.6&9 (5.899.669) 247,942 (5,651,727) Totsl funds carrfed forward 1.081,589 316,050 1,397,639 2.910.330 318.358 3.228,688 The statement of financial activities indudes all gains and losses recognised in the y8ar. All Inco￿ and experKiiture derr¥e from continuing acbvtties. Prcduced by Awt Gcodman LLP Page 19 Tho South W•sl Horitago Trusl-company R¢g1•trth lknber. IJ9053S32 Balance Sheet and Consolidated Balance Sheet As at 310(*ober 2023 2023 2022 2022 Group Charlty Fixed assets Tangible fixed assets Investments 143.359 143.359 149.ei)3 149.￿3 10 143.359 143. 149.603 149.eo4 Sto(* Detlor5 Cash at bank arKI in haTh 11 12 15,445 522,483 1,852.746 1.313,731 1.IK1.338 1.417.972 864,186 616,777 1,686,139 2.415,Crf)9 2.2K2.158 2.3￿,674 2,302,916 Liabllltles: Creditors.. amounts f*'NJ dL* w￿lhI) one year 13 11.160.729) {1.136.2751 11.122.$891 11.108.138) N#t urnnt a$80ts 1.254,2 1.145.883 1.268,085 1,194,778 Net a8sets excludlTrJ penslon Ilabllltles 1.397.639 1.289.243 1.417.688 1.344,382 Deffir￿￿ benefft FensTh scheme asset11lia￿'lil1esI 17 1.811.1 1.811,OC(I Tolal net Ilabllltles Includhvj p•nslon 1,397,639 1,289,243 3,228,688 1155,382 Tho lunds of the charlty: Unrestricbj l￿dS.. General lunds Des￿nated fUr￿S Unrestnded funds ex￿￿rg [￿￿0n reserve 517.956 )3.633 572,170 527,160 498.864 527.160 1.081.S99 973.193 1.099.330 1.026.024 reserve 1.811.0(Ki 1.811.000 Tola UnTes1r￿18d funds 14 1.081.599 973.193 2.910.330 2.837.024 Restricted ftJrKIs 14 316,0￿) 316.09) 318.358 318,358 Total tharity fvNIs 1.397.639 1289.243 3228.6B8 3.15&382 Produce¢l by Albert &N)dman LLP Page 20 Tho Soulh West Horltago Tru$t-Ctynwny Reqljtrotlon Nwnber. 119053532 Balance Sheet and con￿)11dated Balance Sheet (continued) As at 31 October 2023 The trustees have prepared group accounts in attordance wilh seclK)n 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies P£t ￿lating to small wnpanies and constitute the annual accounts required by the Companies Acl 2006 and are for circukqtion to members of the company. The notes on pages 23- 52 fonn part of these accounts. Approved by the Board frx tssue .. ....... sbJned on their behalf by: Lt Trus JRMotum n-*ts1-1 Prcduced by Albert Gr>)dman LLP Page 21 Th• South W•st Horitaga T￿￿t Statement of Cash Flows and ConsolKlated Statement of Cash Flows For the Year Ended 31 October 2023 2023 2022 2022 Notss Group Ch￿lty Group Charity Cash flows from operating activilios Net expetxlrture for the year Adjustments to cash fkwts from mtrcash iteffts: DepreciatK)n aThJ amortisalion Interest receivable Defined benefit p8nsion scheme cost less contributvms payable Defined benefit pension scheme finarte cctsl 44.951 9.861 {449,5851 {459,267) 48.783 (12.540) 48.783 (12,540) 47.419 (521 47,419 (52) (go,(￿) (9).0￿) 122,000 122,CKXJ 25,CK*) 25,OCW) 332.000 332,0 16,194 (18.8*) 51.782 42.100 Working cathl adjustments Decrease l (increase) in stocks (Increase) I decrease in debtors Increase I (decrease) in creditcws 11 12 13 {5.495} {791.2481 (801,195) 38.140 28.137 1,997 341,832 (60.444) 321.475 (80.981) Net cash fkm from operalK)ns Cash flows from investing activilws Purchase of tar01b￿ r￿ed assets Inlerest received {742.409} (791.954) 335.167 302.594 {42.539} 12,540 (42.539) (173.640) (173.640) 12,540 52 52 (29,993) (29,9991 (173,588) {173,5881 Net increase in cash a￿1 cash equivalents (772.408) {821.953> 161.579 129,IX16 Cash and ￿sh equivalents at th8 beginning of reportirMJ Cash and cash equwalents at the end cl ret*ylirg perKKJ 1.852.746 1.686.139 1.691,167 1,557,133 1.0￿.338 864.186 1.852.746 1,686.139 Cash & Cash equivalerts I￿￿111a￿on. Cash at bank 1,080,338 864,186 1,852,746 1.686,139 Total cash & cash equivalents at Ihe end of Ihe reporting pwh>J 1.080.338 864.186 1,852.746 1,686.139 Produced by Albert Goodman LLP Pagg 22 The South West Horltage Trust Notes to the Financial Statements For the Year Ended 31 October 2023 Accountlng Pollcles The principal accountiThJ policies adopted in the fKeparation of the financkil statements are: Basis of accounting The financial statements have been prepared in accordance wth A£countiThJ arKI Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rep)rting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Slandard applicable in the UK arKI Republic of Ireland {FRS 102) and the Companies Acl 2006. The South West Heritage Trust meets the definitM)n of a Publ￿ benefft entty urKler FRS 102. Assets and liabilities are inibally recognised at historical cost or transaction value unless othemse slated in the relevant accounting policy note(s) arKI all anyjunts are tyesented in £ slerting. These financAal statements consolKlate Ihe fesults of the Charity and its vtholly owned subsidiary, The South West Heritage Trust Trading Limiled. on a line by linè basis. The "Group" heading wthin the balance sheet refers lo the Consolidat￿ accounts of The South West Heritage Twst Trading Limited and The South West Heiitage Tr￿t. In the parént conwany financial Stateft￿nts the investment in the trading subsidiary is accounted for at cost18ss impairmènt. A separate Statement of Financial Activites or wKome and expenditure account. for the Charty itself has not been presented t￿ause the Charity has taken advantage of the eXempti￿S afforded by Section 408 of Ihe Companies 20(A. Legal status of the Trust The Trust is a company limited by guararrtee and has no share capital. In the event of the charty being wound up, the liability in respect of the guarantse is limited to £1 per member of the charity. The company is in(xJrp(*ated in EnglarKI and Wales and the (Xmnpany ￿lStered office is detailed on page 1. reference and administration details. Golng Concern The Irustees assess whether the use of going cor￿eM is appropriate i.e. whether there are any material uncertainties ￿lated lo events or ￿)rK11t￿)n$ that may cast sKJniknnt doubt on the abilty of the Trust to continue as a 9)ing concem. The trustees make this assessment in respect of a period of at least one year from the date of aL￿h￿isation for issue of the financial statements and have concluded that the Trust has adequate resources to continue in OFerational 8XiStence for the foreseeab￿ future and the￿ are no material urtertainties alxJLrt the Trust's ability to continue as going concern. Ihus they o)ntinue to adopt going concem basis of accounting vthen preparing the financial statements. Produced by ￿bert Gcodman LLP Page 23 Tho South West Herltage Tn￿t Notes lo the Financial Stsleffents For the Year Ended 31 October 2023 In¢om• Income from granls aThJ donatr)ns 1$ re(x)gnised in the year in they a￿ ￿CeIvable when there is evidence of entitlement. receipt is wobatrAe and the anM)unt Can be reliab￿ measured. Where income has noi been received for gift aid claims relating to donations received in the year, irrx)me is accrued. Income frorn govemment grants. is recognised vh￿1 the charity has entitlernent to the funds, any perfomiance condf(ions atlacw to the grants l*ve been TrEt. it is probable thai the income will be received and the amount can be measured reliably and r¥X deferred. Where no conditions are attached to the grant income they are recognised ￿th￿l ￿natiOnS and legacies aThJ where cOndrt￿ns relating to perft)man(% of services are attathed. grant income is recognised in income from Charitab￿ aclivitws wilhin the Statement of FinarKial Activities. Income from charitable activilies incl￿eS Membership and adm¢ssions income. Membership income is acrA)unted for in fvll in the year that the ￿m￿rshIP commerKes. Admission income is recognised on a cash basis. in the year the iTrxrfr* is phyycally wi¥￿. Ino)me frcrfn otr£r trad1￿ activities, irKludirKJ rental income, ts included in trt period in vthich the group 1$ entitled to receipt. it is rxobable that beneffts will flw to entity and the amount can be reliably measured. The charity rwAives irKX)me from ils subsidiary under gift aid arKI this is recognised upon physical receipt. charty notes the requirement of the SORP that ￿rge charities must ￿port their results on an activities basis. The charity considers that they Produ￿ one aclivty - the deliveran￿ of heritage services- and therefore reports on that basis. Inl•ro$t rocoivabl• Interest on funds held on deposit is ind￿Jed when f￿Nable and the ar￿Unt can be nwsured reliably by the charity: this is ￿￿TraIty upon not1ka￿n of the interest paid or payable by the Bank. Expendlture Resources expermded are recxjgnised on the a￿u81S basis to match the period in which the expenditure was incurred. Raising funds is expenditu￿ in￿r￿d in generating the tr*Jing subsidiary funds arKI from other trading activities carried out by the trust. Charitable a(livity expendilure comprises In￿ffred by the (*arity in the delivery of its actNities and services for its tEneficiar￿. It i￿ludeS bolh ￿StS that be allocated direclly lo such aclivibes and costs of an iTrJirect nature rttessary to support them. Grants payable are at the discretion of the Trustees. Govemance costs a￿ those costs as￿lated y￿th the govemance arrangements of the charity and relate to general runnirKJ of charity as op￿)Sed tr) those costs associated with charitable adivities. Operating leases The trust dassifies tho lease of propwties as operating lease5 as tTtle rernain with the lessor. Rental charges are charged on a straight line basis over the temi of the lease. Produced by Goodman LLP Page 24 The South West Herilage Trust Notes to the Financial Statements For the Year Ended 31 Ortober 2023 Fund a¢￿IntIng Unrestricted funds are available to speTrJ on aclivities that further any of the purposes of Tn￿t. Restricted funds are from donations arKI grants in which the donor or funder has specified a￿ to be solely used for particular areas of the Trust's or for $peryf￿ projects being undertaken by the Trust. Tanglblo Ilxed assets and d•pr•clallon Tangible fixed assets a￿ stated at cost less depreciation. Fixed assets under £500 are not capitalised. Depreaation is provbjed at rates calculated to vrrite off the cost or valuati¢)n less estimated res￿￿81 value of each asset over its exF*ded useful life as follows: Fixtures and frttirvjs 5 years straight line Computer equipment 5 years straKJht line Motor Vehides 5 years straKJht line Leasehold improvements 5 years straight line 1.10 Dobtors Trade debtors are amnts due frcffi cust￿￿15 for Se￿IceS perfomied in the ordinary course of business. Trade debtors are recognised Initial￿ at the transaction pri(*. They are subsequently measured at amortised cost using the effective interest methc*J. ￿S provisKtrn for impaimienl. A provision for the impaimient of trade debtors is estsblished when there ts objective eviden￿ that the Trust wll not be able to collect all arnounts due to according to the original tems of the receivables. Other debtors comprise amounts due fr(xn furwjers. prepayments and accrued income. Amounts due from funders are recognised vthen the Trust is entilled to the money, prepaymenls arise from the payment5 for ServI￿S pyior to benefft fr(Mn those services, and ac(xued income is amounts due for services provided. recognised at the point of provisb)n of serv￿*S. 1.11 Stock Stock consists of shop stock for resale and pUbl￿tiOn stocks. Stock is valued at the lower of cost and net realisable value. after [￿a￿ng allowances for obsdete and sk)w movirKJ stock. 1.12 Cash al bank and In hand Cash at bank and cash in hand indudes cash and Short term highty IK4uKI investrnents with a short maturity of three months or less from the dale of acquisition crf opening of th8 deposit or similar acCo￿t. 1.13 Creditors Cieditors are recognised where the charity has a present oblvJation ￿Su111n9 from a past event that will probably resuft in the transfer of funds to a third paty a￿1 the amount due to settle the obligation can be measured or estimated reliatAy. Creditors are normalty recognised at their settlement amount after allowing for any trade discounts due. 1.14 DefSned contrlbutlon pfrnslon A defined contribution plan is a pen&on pfan under vthich fixed ￿￿tributIonS are paid into a pension fund and the Company has Th) legal or constructive obligalh)n to pay further conlribulions even rf the fund does not hold sufficient assets to pay all empbyees the benefits ￿lating to empbyee seNice in the current and prior peri(Kl$. Conlribulions to deffined contribution plans are recognised as staff penS￿n expense through the profrt and knss vthen they are due. Pfoduc&l by Albert Goodman LLP Page 25 The South Wesl H•ritago Trust Notes to the Fina￿al Statements For the Year Ended 31 aS￿ financial instrument and is measured at face value. Flnancial liabilities - trade ￿￿ltOrS, ac(Yuals arKI other creditors are financial instruments. and are measured at amortised cost. Taxation and s(￿la1 security and the LGPS are not included in the financial instruments disdosure definition. Deferred income is not deerned to be a financial liability, as the cash settlement has already taken place and there is an cknlLqatK>n to deliver services rather than cash or anottrw ffinancial instrument. Donatlons and l•gad Unres- tricted funds Res- tricted funds Unres. trithd funds Res- trl¢ted fvnds 2023 Total 2022 Totsl Donations and bequests 162.368 23.830 186.198 91.720 24,504 118.224 Exceptional govemment funding Other Coyid grants" 23.168 23,168 162,368 23,830 186,198 114,888 24,504 139,392 The charty has been eligible to claim addittsjnal furKling in the year from government support schemes in response to the coronavirus Outt￿eak. The funding received is shown above under "exceptional govemment fiJTrJing". 'Denotes govemment grants As at the year end, the charity had been notified of a legacy totalling approximatety £40,000, vthich has not been included in the Stalement of Finanoal ActNities due to the conditions of recogniiion not being met. Produced by Albert Cx*)dman LLP Page 27 The South West Herltw Trusl Notes to the Financial Statements For the Year Ended 31 Oclotw 2023 Incom• charlL*lo actlvltlos Unres* tricted funds ed tricted funds funds 2023 Total trlcted funds 2022 Total Fees for Services and grants Heril e servi Son*rsel Cwnty Couwl. Devon County C￿n¢11. North Somerset Coun(al' Weston-super-mare Tthvn Coun¢￿. T￿baY Councll. 1,762.016 416,786 179.926 1,762,016 1,626,688 416.786 415,041 179,926 159.792 1.626.688 415.041 159.792 84.252 109.168 84.252 109,168 74.540 97.988 74,540 97.988 SCC - Rwds. S5.(￿7 55,057 59.733 59.733 Grant int4Jme Bath & North East Somerset C(KJncil' South Somerset C)istrict C￿￿1. Somersel thnty Htsl(Yy Trust. Ministy of Housing, Comnjjnities & Local Govwnffwt. North Devon Athemaeum Mendip DiSt￿t Heritage Lottery Fund The British Museum Somersel c￿nty Councal. Arts cour￿11 EnqlarKI" Bidef(Kd T(Min Counoar DEFRA. Devon Cwnty Emily Estate Museum of PclicIr￿ in Devon & Corrwrdm Under £10k 64,911 64,911 12,489 12.489 26,676 26,676 34,￿2 37.417 15.567 48.048 57.951 34,￿2 37,417 15.567 48.048 57.951 39.838 39.838 43.782 43.782 87.013 87.013 i,705 25.080 115,785 26.C(Q 169.849 195.849 45,742 62.335 94.397 12,000 108.077 94.397 12,000 14,627 32.521 42,441 10.479 10,479 58.¢X11 14,627 58.CM)1 32.521 42,441 25.875 25.875 107,745 340,924 233,179 76.397 47,871 124,268 3.011.350 513.401 3,524,751 2.6SX),389 469,745 3,1￿.134 Vembwships ar¥J and subsc¥iptions 37,496 37.4 33.031 33.031 3.048.846 513.401 3.562.247 2.723.420 469.745 3,193,165 '08notss government grants Produ¢ed by Goodman LLP Page 28 The Soulh West Heritago Trust Noles to the Financial Statements For the Year Ended 31 October 2023 Govemment rant5 Income from government grants comwises grants made by local authorities to fund the principal activities and objectNes of the charity via core funding and funding for specific projects. See above and note 2 for more information, [￿ludIng the amount and source of these grants. There are no Unfu￿lled coThJitions or other conkn'ngencies attached to these grants. Other trading aclivities Unres- trlcted funds Unres- trfcted funds trlcted fvnds 2023 Total trfcted funds 2022 Total Merchandising income Shop sales Café concessK)n 44.185 34,118 44.185 34,118 57,568 16,966 57,568 16.966 78.303 78.303 74.534 74.534 Events and other sales Digitsl images. pubIrAti￿$ and research income Room hire EduCat￿n income Rental income Other inGLvne 96,342 6.772 92,918 27.705 67,293 .199 6.772 94.104 27.705 71.788 81,070 5,434 15.935 29.893 86.740 10.449 91.519 5,434 27.585 29,893 86.800 1.186 11.650 4.352 60 291.030 5.538 296.568 219,072 22.159 241,231 369.333 5.538 374.871 293.606 22.159 315,765 Invostment Income Unres- trfcted funds Unres- tricted funds Res- tricted funds tricted lunds 2023 Totsl 2022 Totsl Bank interest 11.972 12.540 52 52 Produced by Albort G(#xlman LLP Pagè 29 Th• South Wesl Herltage Trust Notes to the Financial Stst8ments Fcrf the Year Ended 31 October 2023 Expenditure S￿1t byfvnd: un￿5- tricted tricted 2023 Total Unres- trictsd Res- trictsd 2022 Total Cost of ralsing funds Trading costs Charhable actlvitlts Archives and local stuthes Museums Historic enwrcmment and estates services Heritsge services Closed projecls 67,564 414 67.978 59.019 59,019 992.852 1,096,071 216.359 1.209.211 1.CIXI.798 215,959 1,312.030 1,179,591 182.772 1,183,570 173,598 1,353,189 334.1))4 829,223 123,686 141.488 475.492 829,223 196.971 436,793 898,153 82.827 67.397 17.011 519.620 965,550 17.011 73.285 3,443,4CM) 647,505 4,0￿,9)5 3,574,354 523,605 4,097,959 Spllt by cost: Other Direct costs Other Dlrect costs 2023 Total Staff costs 2022 Total costs Cost of raising funds Trading costs Charitable activities Archives and local studies Museums Historic enwronment and estales services Heritage seTvices Closed projects 67.978 67.978 59.019 59.019 977.262 231.949 1,209.211 1,035,524 148.046 1,183,570 869.238 442.792 1,312.030 957,008 3*.181 1,353.189 408,785 257,488 149,645 66,707 475,492 571.735 829.223 47,326 1*,971 439.447 80,173 519,620 489.652 475.898 965.550 17,011 17,011 2.662,418 1.428,487 4.090,￿5 2.921.631 1,176,328 4.097,959 Produc9d by Gcodman LLP Pagg 30 Tho South West Horllage Trust Notes to the Financial Statements For the Year Ended 310dobw 2023 Exponditur• {contlnu4d) Charity 2023 Subsidiary 2023 Totsl 2023 Totsl 2022 2022 2022 Depreciation of owned assets Operating lease expenses Audrtors. remuneration for. Current auditors - Audil seNces - Other seNices 48,783 33,401 47,419 32.889 48.783 33,401 47.419 32,889 6.99) 4,714 1,520 650 1.250 750 9,100 3,870 8,200 5,464 3,220 Trustee directors The charity truste8s We￿ not paKJ or received any other beneffts from empbyment 7Mth the Twst or its subsidiary in the year {2022. £nl}. Three charity trustees wère reimbursed £998 for travel expenses duriTrJ the year (2022.. three trustees - £421). No charity trustee received payment for professK)nal or other Servi￿ supplied to the charty {2022: £nil)- Produced by Albert Goodman LLP Page 31 Th• South West H•rftag• T￿￿t Notes to the Financ￿1 Staterr￿ts For the Year Ended 310(knber 2023 Employoos Numbor of employe The average Ir￿1th1y head count vrds 107 staff (2022.. 103 staffj and the average number of full-time equivalent empk)yees {iT￿lUdIng casual and part-time stsffj during the year were as follow8: 2023 2022 Management Finance and admin servi￿ prowsion 62.4 72.7 69.0 Employmenl Costs 2023 2022 Wages and saaries Social securty costs Redundancy pay Pension costs 2.247,651 192,485 2,575 219,707 2,011,672 179.915 730,044 2.662,418 2,921.631 During the year, costs totalling £2.575 were pawj to ￿p10yee in respect of a redundancy. The amounts are lull and final, arKI ￿ ar1￿￿nts have been accrued at the balan￿ sheet date {2022: £nill. The number of employees %yhose annual emoluments were £60.000 (eXCl￿1rvj employer pension costs) ￿ nM)re V￿e. 2023 number 2022 number £70.crfxJ - £80,000 This employee is a member of the defined benefft pertsK)n schem8, into whth contributions of £15,276 (2022: £15.6311 I￿re made. The key management personnel of the group ¢￿￿prise those of the Trust and the key management personnel of its ￿llY owned subsidiary Soulh West Heiitage TrL&%t Trading Company Lld. The key management personnel of the gr(xJp comprises of the Chief Execajtive Officer. The total erry)loyee benefits lindudes gross pay. employer pensK)n and ern￿Oyer national insurance) of the key management pWSon￿l of the Trust VI￿ £99.275 (2022: £96.824). Produced by G￿jMafi LLP Page 32 The South West Heritage Trust Notes to the Finanaal Stslemenls For the Year ErKled 31 Ociober 2023 Employees (conunued) Penslon costs The company operates both defined ben8fft and defined cOntribut￿n pensbjn schemes. The charge to the Statement of Finanaal Activities for the year is Sho%￿ above. Contributions totslling £32.167 (2022 - £31.377) were payable to the schemes at the erKI of the year and are included in creditors. Further details of the defined benefrt sChe￿￿S are given in note 17. Tanglble fixed a558ts Group Leasehold Computer improvements equipment Motor Vehicles Flxtures & fittings Total Cost Al 1 November 2022 Additions 554,978 16.685 311.589 21,188 37.000 101,659 4,666 1,005.226 42,539 At 31 October 2023 571.663 332.777 37.000 ll￿,325 1,047,765 Depreciation At 1 November 2022 Charge for Ihe year 520.016 12,078 249,860 22.545 37,000 48,747 14,160 855.623 48.783 At 31 October 2023 532.094 272.405 37.000 62,907 904,406 Net book value At 31 OCtL￿er 2023 39.569 60.372 43,418 143.359 At 31 October 2022 34.%2 61.729 52,912 149,603 The above assets are all held by the ctharity. 10 Investments Charity Total 2023 Total 2022 South West Heritage TNst Trading Linited Ordinary shares of £1 each Produced by Albert GcKsdman LLP Pa98 33 Tho South W•st Horltago Trnst Notes to the Financial Statements For the Year Ended 31 Odot*r 2023 Inveslments (contlnued) South West Heritage Trust Trading Limited (company no 09222720) inGorFK)rated on 17 September 2014 as a wh)Ily o¥wEd tradir¥J subsidiary of The S(xth West Heritsge Trust. The parent charity holds 100% of the Iss￿1 share ￿pital and 1CKI% of the voting rights of the subsmliary trading company. The principal adiwties of company are th8 oF*ratK￿ of a retal outlet at The Museum of Somersel and other trading activities. The regislered office is the same as that of the Tnjst, detailed on page 1. The subs#Jkgry grft a￿S its taxable proffts lo The South Wesl Herilage Trust. and files audited accounts viith the Registrar of Ccffnpanies. A summary of the tradiThJ results is shcwm 2023 2022 Turnover Cost of sales 323.031 {67,564) 270.813 {59,019) Gross profit Administrative expenses 255.467 1147,072) 211,794 1138,488) Operating profft Investment income 108.395 73.3( Profft before tax & profft for the ffinancial year Retsined eamings br￿ght foThvard in subsidiary Gift aid to The South West Heritage Trust 108.395 73.306 (73,3(￿} 73.3(6 63,624 163,6241 Retained eamings tanied fomard in SUb￿diary The assets and Ipbilities were". Current assets Current lthililies 108,395 73,3(6 266.923 (158,5271 206.592 (133,2851 Total net assets 108.396 73.307 Called up share ca￿tal Profit and loss reseNe 108.395 73.306 108.396 73.307 Produced ty Ajbert G￿￿Man LLP Page 34 The South West Herltage Trust Notes to the Financial Slalements For the Year Enda 31 octo￿ 2023 11 Stocks 2023 Chaffty 2022 Charity Group Group Gwds for ￿sale 15,445 Stock recojnbsed in the Statement of Financial P£livitss as an expense is £37.78412022: £43.157). 12 Dabtors 2023 Charity 2022 Charlty Group Group Trade debtors Prepayments and accrued income Other debtors Ajnounts owed by group undertakings 941.869 371.711 151 927,825 356.074 361,421 159,201 1.861 355,242 142,701 134,073 118,834 1.313.731 1,417.972 522,483 616.777 Produced by Albert G(&￿Man LLP Page 35 Th• South Wost Horitago Tft￿l Notes to the Financial Statements For the Year EThJed 31 October 2023 13 Credltors: Amounts falling due wlthln on• y•ar 2023 Charity 2022 Charity Group Group Trade creditors Other credrtors AccTuals and deferred income Taxa￿.On and social security 102.783 43,733 854,688 159,525 94,213 43,733 852,300 146.029 91,791 33,564 809,302 187.932 88.397 33,564 807,302 178.875 1,160.729 1,136,275 1,122,589 1,108,138 Deferrad Income 2023 Charlty 2022 Charlty Group Group Defeffed income at 1 November 2022 Released from wevK)us years Resources deferred in the year 704.466 (704,4661 718,771 704,466 697,683 1704,466) (697,683) 718,771 704,466 697,683 (697,6831 704,466 Deferred Inc(xne at 31 October 21Y23 718.771 718.771 704,466 704,466 At the balan￿ sheel date the Irust was holding fvnds received in ajvance from Somerset County Council and Devon County Council and Sub$￿'p1K￿ls re¢eThEd in advance. Prod￿ed by Abert Gc*)dman LLP Page 36 Tho South West Herltage TTh￿t Noles to the Financial StstenEnts For the Year Ended 31 October 2023 14 Summary of movement In fvnds- Group Opening balance Transfers & galns Closlng balance Inc¢)me Expwiditure Unrestrlcted funds- Group General 572.170 3.528,890 (3,315,552) (267.552) 517.966 Deslgnated fvnds - Group and Charlty Somersel Rural Life Museum (Leasehold improvemenls fund) Natsonal Archives Capital reserve Museum priL¥it¢es Archive & leaming priorities IT & resources priorities Historic environment priortss Invest to Save Cheddar Brooch Museum. Gallery and ExhibIt￿n Tax Relief 27.114 200.C#XI 104.910 25.316 129.820 40.OCKI 553 (8,0031 19.664 69.670 70,699 5,829 144.714 37,063 33,476 55.CM)O 1130.3301 134.2111 116.907) {115,436} {2,937) {9.6001 (2,580) 130,330 13.076 30,OC(J 5,000 15.7541 1192.8481 133,272 127,518 563,633 Totsl deslgnated funds 527,160 63.629 165.692 Pension fvnd 1.811.C 65,OW 11,876,000) 2.910,330 3.592.519 13.443.400) 11,977,860) 1,081,589 Produced by Albert Gc*)dman LLP Page 37 The Swth Wosl Hovltago Trust Noles lo the Financial Statements For the Year Ended 31 Cttob8r 2023 14 Summary of movement In fund￿ Group Icontlnued) Openlng balance Tran￿er$ & galns Closlng balance Income EXp￿dI￿re Restricted funds- Group and Charlty Somersel Rural Lrfe Museum (Leasehold improvements fund) Archive and museum donations Castle House Project Historic Environment and Estates Somerset Levels HES Hinkley Portable AntNues North Devon Record Office Museum Devel￿ment Ofr North Scfflerset Collections Museums and Sch&Js Museum5 and Schods 2>24 CharthouselBlackmoor Land Hokling Avalon Archaeology Park West County Studies GTavty project North Devon Alhenaeum Somerset Pottery Fabrtc Type Series Cary of Torquay ArchNe Debenhams Archive Quanlock Landscape Partnership Somerset VCH Together Again Glastonbury Town Investment Flan L￿81 Hwitage List Police Museums Archbve Resilience Project National Portfolio Organisation FLOW 53.972 40.116 35,841 11.725 {5,0001 49.540 40,116 40.242 9,030 63.204 (58.8031 {2,6951 83,618 49.525 29.583 (89.6161 (50.2151 (39.2891 1591 (40.7491 (32.5351 9.287 8,597 9,7C 639 17.612 9.174 41,892 13,963 9,357 2,350 4,020 39.461 11.278 3.2OJ (47.8701 (12,6841 43,782 24,371 51,148 11,278 39,838 (43,038) 7,454 21.40) 12,C 18.0131 (35.0591 12.1001 (30.4031 (10,4451 13.2821 (32.1191 11.441 11,659 (1,888) 1,988 24,188 839 1.485 8,314 3,000 2,890 16.111 9.105 25.717 1.797 5,775 12.550 18,030 12,550 19,427 253 28,081 25.875 15,607 106.300 16.4481 (15.3541 178.2191 13.510) 610 318,358 543.337 (647.505) 101.860 316.050 3,228.688 4,135,856 14,090,905) 11,876,IJOOI 1,397,639 Produced by Abert G0￿man LLP Page 38 Tho Soulh W•$t Herltage Trust Notes to the FinancTral Statements For the Year Ended 31 October 2023 Summary of movement in funds- Charfty Opening balance Transfers & gains Closing balance Income Expenditure Unrestricted funds - Charity General 498,864 3.372.￿ (3.194.712) {267,552) 527.160 63.629 (192.848} 165,692 1.811,0(KJ 65,000 (1.876,000) 409,560 563,633 Designated funds - Charlty Pènslon fund 2.837.024 3.436.589 13,322,560) {1.977.860) 973.193 Restrlcled funds - Charlty 318.358 543.337 (647.505) 101,860 316,050 3.155,382 3,979,926 (3.970,065) (1,876,000) 1,289,243 The breakdovm of designated and restricW funds is as per the g￿up fijnds statement. Summary of movoment in fund$- Group12022) Opèning balance Transfers & gains Closing balance Income Expenditure Unrestricted funds - Group General 538,859 3,128.205 13,051,864) 143.0301 572.170 Designated funds - Group and Charity Somer5et Rural Life Museum (Leasehold improvements fund) Nalional ArchNes Capital reseNe Museum prionlies Archive & leaming priofibes IT & resources Priorities Historic enwronment prionlies Covid income S￿)pOrt fund 3.959 27.313 2CM),OOJ 115.200 110,OCrf) 75.oc 40,orxJ s5.0￿j {3.959) 13,960) 3.761 27,114 200,000 104,910 25.316 129,820 40.000 (3041 113.1861 19.9861 171.4981 54,820 (55.CM)O) Tolal designated funds 626.472 3,761 168.49)) 134,5831 527,160 Pension fund 17,065.000) {454.0￿) 9,330,000 1.811.000 (5.899.669) 3,131.966 {3,574,3541 9.252.387 2,910,330 Produced by ￿bert Goodman LLP Page 39 The South West Heritage Tn￿1 Notes to the Finanaal Statements For the Year Ended 31 October 2023 14 Summary of movement In funds- Group {20221 (c￿linU￿) Opening balance Income Expenditure Transfers & gains Closlng balance R￿trIcted fund¥ - Group and Charlty Somerset Rural Life Museum (Leasehokl improvements fund) Archive and museum donations Casue Hwse Project Historic Environment a￿1 Estsles Somersel Levels HES Hinkley Portable Antiques North Dev￿ ReC￿d Offi. Exeter Cathedral Museum Development Officer North Somerset Collections Museums and Schools CharthouselBlackmoor Land Holding Avalon Arth￿CoY Park Wesl County studies Gra￿ty project Noman Garden Culture Reo)very Fund-RowKI 2 North Devon Athenaeum Type Series SW Window Graphics Torbay Schools Digita Preservation Shared Sermces DiC￿eSe of Bath & Wells Probate acoxyjnts conservation Cary of T¢yquay ArchNe Debenhams ArchNe Quantock Landscape Partnership SomeTsel VCH TcNJelher Again Lark Trust Glaslonbury Town Investrnent Plan Local Heritage List (3,959> 3,959 53,920 40,116 28,478 6.929 11,845) 52 53,972 40,116 35.841 11,725 46,479 6,438 431 57,951 {36.1891 (1,642} (2.927) 1.414 178,2171 {57.2711 (5,456} 137.4821 2.258 2.678 9.287 2,778 28,(MJ) 9,482 5.687 76.023 {64.0981 17,612 2,350 4,020 39,461 11.278 (44.0281 {28,7101 8.881 11,278 (461) 1.273 58,017 461 5,013 37,417 (5,0131 139,2171 110.8051 (2,582} 3,200 7,454 12,259 2.502 4,185 (4,1851 11.371) 3.450 (2,079) 23.028 5.626 18,5C (32.614) (1.285) 3.g60 4.185 21.400 5,000 9,105 25,717 1,797 9,563 26,676 13.361 {458) 1959) (11.5641 13,740) 19.792) {46,445) 240 15.567 34,962 5,775 12,550 21,1 2,927 247.942 516.408 (523.605) 77.613 318,358 (5,651.7271 3.648.374 14.097.959) 9,330,000 3,228,688 Produced by At*rt Gcodman LLP Page 40 The South Wost Horftap Trt￿t Notes to the FinarKial Statements For Year Erthd 31 October 2023 Summary of movement In funds- Charlty- 2022 Opening balance Transfers & gains Clo$lng balanee In¢ome Expendlture Unrestrfcted funds- Charity General 475.235 3.034,238 12,967.579) (43,030) 626,472 3,761 (S8,4￿} (34,583) (7.Ci%5,0(Xl) (454.0(M)) 9,330,000 498,864 527.160 1.811,OC Designaled funds . Charlty Penslon fund (5,963.2931 3,037.999 (3,4￿,069) 9,252.387 2,837,024 Restricted funds - Charlty 247,942 516,408 1523.605> 77,613 318,358 15.715,3511 3,554,407 14,013,674) 9.330.000 3,155,382 The breakdown of desigHted aTrJ restrided furNJs is as p8r the group funds statement. Purpose of material fun(ts: Designated Funds -Catytsl Fund - A furnl heid to enable rA*lk)w for the purchase or renewal of capitsl items. De5vnat￿ Funds - Museum priorities - To fuThJ specific projects within the Museum service to new, repair maintain th8 presentation of our col￿tIonS in order to enhance the visitor experience. Designaled Funds - Archive & LeamirvJ Prioritss - To fund specific projects to improve the accessibilty and storage of archive material and to continue the digilisatN)n of Ihe collection. Designated Funds - IT & Resour￿ Pr*)rihes - To fund a number of c￿e inrtiatives across the Trust, induding improving our effectiveness in the use of IT equipment. a project to improve the efficient use of our fInar￿la1 systems and to seek altemative sources of potential income to improve financial resilience. DeS￿nated Funds- Historic Environment prioriiies- To fund a fixed-term conservation post. plu5 a Tr)int management plan in conjunctw V￿th other bcKlies arKI sile interpretation and promotM)nal activities for our Heritage Landscape Sites. Designated Funds - COVKI Income sup￿ Fund To set asid8 funding that was originally re￿iVed as part of govemment grants io aFd with the recL)very from the pandemic. This will suppx)rt the Trusl's income generation budgets whilst visitor number re￿Ver during the 2021- 2022 Trust year. PensKJn reserve - This fuThJ represents the peTr5￿)n defficil for Ihe Local Govemment Pension Scheme for both Somerset and Devon and ts associaied costs for the period. The Archive and Museum donations- Aayjmulated funds ccNnprising of donations and bequesls for acquisitions for the Somerset Archives and Museum services. Portable AntM]ues- Partnership propd v•ith the British Museum to employ Finds Lrdkwn Officers Somerset and t)orset, rec(yding arKI where appropriate receNing finds and treasure discovered by metal det￿0rtsts. Produced by Albert Gcodman LLP Page 41 The South West Horftage Tn￿1 Notes to the Financial Statements For the Year EThJed 31 October 2023 14 Summary ol mov•m•nt in funds (continued) Purposo of materlal funds Iconllnuod): Somerset Rural Life Museum - Pro￿ to undatake the interpretive design fft-out of the n￿Y ￿fvrb1Shed museum, funded by Viridor Environmentsl Credits. HLF and Somersel County Council. Thp ¥w)rks are b￿r￿j urwkrtsken as an appendix to the main five-year Grant Agreement place wib) Sorne￿et County Council. The balances hehj in designated funds and restricted funds represent the Net Book Value of the Fixed Asset. Historic Environment a￿1 Eststes - Remaining funds from discrete propcts M*hich continue to have a low level of actmty. i￿￿K11ng S(xnernet Churchyard Grant Scheme, Taunton Herstage project and Somerset Levels publications. North Devon Rec(Kd Office - Archive service pn)vided in Bamstapk to seNe the North Devon area. Although link￿1 to the Devon ￿1Ve and LcKal Studies Team. the funding is provided through a separate arraThJement. Museums and Schools l Museums and Schools 2&24 - a project entitled 'Adventures in Time, fijnded by Arts Council EThJland Museums and Schcx)Is programme. project has enabled y￿rk with pupils aTrJ sdw)ds kxated in isolated rural areas. North Devon Athenaeum - The Tntst [￿vide$ archive servus for the North Devon Alhenaeum. vknich indudes purchasKg materials on their behalf fty ￿nservatiOn and preservation. The Trust also operates a payroll sermce rm behalf of the North Devon Athenaeum for their stsff. Castle House Project - A (apital fvnd vtss provided to the Trust by Somerset Building PreservalN)n Trust which is to be used for maintenance or ￿OrkS Nthich enhance Castle House or enable a contribulk)n to the viabilty of the t>usiness. Wesl Country Studies - A ￿pital proiecl to iehouse the WCSL in a more apyopriale space within Great Moor HOL￿e. wtth new n￿￿le shefving. arnj a rdnge of outreach and engagement to open up and celebrate the collections. Designated funds - Museum. Gallery and Exhibitw)n Tax Relief is used to support the operations of the museums across the county of Somerset. Cary of Torquay Arthrve - CalakMJuing the Cary of TorqLtay estste archive. Quantock Landscape Partnernhip - Catsloguing agreed archive collections relating to the Quantock area. Engagerr*nl work with groups rekting to Quantock themes and working with volunteers. Police Museums Archive - CatakrfJuing, erwuiry and engagerr￿1 work rekqtirKJ to the Devon and Comwall Police Arthive. held at Devon Heritage Centre. National Portlolio OrganiSati￿ - Ajts Council Er¥Jland funding for a three-year programme of audience engagement in SomerseL Produced by Albgrt G¢)odman LLP Page 42 The South West Herltage Trust Notes to the Financial Statements For the Year Ended 31 October 2023 15 Analysls of assets between funds- Group Other net Tanglble Cash at current Debtors fixed bank and assetsl more than in hand {Ilabllitiesl ¢>ne year Totsl Unrestricted funds 143.359 294.340 80,257 517,956 Designated funds R85tricled funds 563,633 563,633 222,365 93,685 316,050 Pension reseNe As at 31 October 2023 143,359 1.080,338 173.942 1,397,639 Analysls of assets between funds- Charity Other nel Tanglble Cash at current Debtors fixed bank and a55etsl more than assets in hand (liabilities) one year Total Unrestricted furthjs 143.360 78.188 188,012 409,560 Designated funds 563.633 563.633 Restricted funds 222,365 93,685 316.050 Pension reserve As al 31 October 2023 143,360 864,186 281,697 1,289,243 Produced by Albert G¢￿dMan LLP Page 43 The South West Herltage Trust Notes to Ihe Finanual Stateffents For the Year Ended 31 Oc*ober 2023 Analysis of assets betw•en funds- Group. 2022 Other net Tanglbl¢ Cash at cuffent Creditr fixed bank and assetsl more than assets In hand (Ilabilities one year Tolal Un￿stn'c1ed funds 149,603 1.026,244 (603.677) 572,170 Designated funds Restricted funds 527.160 527.160 299.342 19,016 318,358 Pension reserve 1.811,000 1.811,OCIJ As at 31 October 2022 149,603 1,852,746 (584.6611 1,811,000 3,228,688 Anaty$ls ol assots b¢lw¢on funds- Charity- 2022 Other net Tangible Cash at urrent Creditors fixed bank and a6setsl more than assets in hand (liabilities) one ￿ar Tolal Unrestrl￿ed funds 149.604 859,637 (510,377) 498,864 Designated funds 527,160 527,160 Restricted funds 299,342 19,016 318,358 Pension reserve 1,811,000 1,811,000 As at 31 October 2022 149,604 1.686.139 1491.3611 1,811.000 3,1SS.382 Produced by ￿bert Goo(knan LLP Page 44 The South West Horftage Trust Noles lo the Financial Statements For the Year Ended 31 October 2023 16 Incomo and expendlturn account of tho Trust The company has tsken advantsge of Seclion 408 of the Companies Acl 20[￿ and has not included its own Income aThJ Expenditure Account or separate Statement of Finarrial Activities. Prior to gtft aid amounts receNed from the subsidiary, The South West Heritage Trust has net expenditure for the year of £187.574 (2022 - exFenditure £522.891) ba￿ on income of £3,812.819 (2022 - £3.490,783). Gift aid distributi￿$ from trading subsmdiary of £73.307 (2022.. £63.624) were received in the year. in ￿lch t1￿ amount relates to the pr¥)r year trading profits. 17 Ponslon commltments The majority of the Trust's employees belong to the Lctal Govemment Pension Schemas {LGPS) managed by Devon County Council {"DCC') and Somerset County Councd I"SCC-). The pension o)sts are assessed in acc(Kdance with the advice of independenl qualtfied aduaries. The latest a(%uarial valuation for ￿th LGPSS was 31 March 2022. At the year end there were outstaThJiThJ contributions due to the sCheff￿s totalling £22,586 whith are induded within creditors. The schemes are fvnded defined benefft pensK)n ￿hernes. vthh assets held in separate Trustee- administrated funds. The total contributh)ns made for the year ended 31 October 2023 were £284,000 of which employerfs contributions totalled £214.OCXJ and empkjyees. contribLrtions totalbed £70,000. The current employer contribution rates for future years a￿. Somerset County Counal 19.1% (April 2023 to Marth 2026) Devon County Counal 25.5% (April 2023 to Marth 2026). The LGPS obligatson ￿lateS to employees of the Trust transferred as under the transfer agreements vthen the adivilies of the Trusi vme transferred from DCC and SCC on 1 November 2014. The obligat¢on in respeci of empbyees vtho transferred represents their cumulative seNi¢e both prior to the transfer and folkning it. Produced by hjbert Gc￿dMan LLP P￿8 45 The South West Herltage Trust Notes to the Finanual Statements For the Year Ended 31 October 2023 Summary of net pension liablllty as at 31 October 2023: scc DCC rooo Total rooD Present Wdlue of defined benefit Ob￿gatiCffiS Fair value of share of sCh￿e assets Impact of asset ceiling (6.991) 8,283 (1.292) (3,227) (10,218) 3,455 11,738 (228) (1,520) {Deficitysurplus in the schemes SUMM￿ of net pension liability as at 31 October 2022: scc DCC Total rooo £'ooo Present value of defined benefit obligations Fair value of share of sc*￿e assets (6,6761 8,083 (3,060) {9,736) 3,464 11,547 (Dèficitysurplus in the sthemes 1,407 404 1,811 Somerset Coun Councll Penslon Scho PrfncSpal Actuarial Assumpllons Al 31 October At 31 October 2023 2022 Salary increases Pension increase5 Discount rate 3.90% 2.90% 5.75% 3.70% 2.70% 4.75% The current rrM)rtality assurnpt￿S irK4(Kle sufftient allowance for the future Thpr0V￿nts in mortality rates. The assumed life expectations on retyement age 65 are: At 31 October At 31 October 2023 2022 Relinng t(￿aY Males Fema 21.4 23.2 Retiring in 20 yea Males Females 24.3 24.6 Produced by Ajbert Goodman LLP Page 46 The South West Herllago Trust Noles lo the Financial Statements For the Year Ended 31 October 2023 The Trust's share of the assets arKi liabilities in the SoffErset County Council Pension Fund are as folbws.. P•nslon Commllments - Assetsnlabs In SCC Pension Fund As at 31 October 2023 As at 31 October 2022 Fair % of total alue scheme £'ooo assets Fair % of total value scheme £'ooo assets Equrties Gitts other bonds Property 6,218 254 873 672 266 74% 4% 9% 5,942 323 725 734 359 70% 10% 7% T¢)tsl market value of assets Present value of scheme lialilities- funded Impact of asset ceiling 8,283 1(Y]% 8,083 100% (6.991) (1,292) (6,676) Def￿11 in the stheme 1,407 Amounts recognised in the statement of financial activities are as foll