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← The South West Heritage Trust

2024-10-31-accounts

The South West Heritage Trust (A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

For the Year Ended 31 October 2024

Company Number: 09053532 Charity Registered in England and Wales Number: 1158791

The South West Heritage Trust Contents For the Year Ended 31 October 2024

Page
Reference and Administrative Details 1
Trustee Directors’ Report 2 – 15
Independent Auditors’ Report 16 – 19
Consolidated Statement of Financial Activities 20
Balance Sheet and Consolidated Balance Sheet 21 – 22
Statement of Cash Flows and Consolidated Statement
of Cash Flows 23
Notes to Financial Statements 24 – 53

The South West Heritage Trust Reference and Administrative Details For the Year Ended 31 October 2024

Trustee Directors Rev. P M Beacham
G L Craig
Cllr A Davis
Prof. H R French
D H Gwyther
J Loader
S V Maberley
Lt Col. M J R Motum (Chair)
A M D Smallwood
Dr S A Windsor
Cllr A R Wyke
Prof. A Zalewska
Senior Leadership Team
Chief Executive Officer T W Mayberry (until 31/12/2023) & S Astill (from 01/01/2024)
Head of Finance & Governance P Gardner- Harper
Head of Archives, Learning & Development J Tall (until 24/03/2024)
Head of Somerset Archives & Local Studies E Hoyle (from 01/03/2024)
Head of Devon Archives & Local Studies S Pettitt (from 01/03/2024)
Head of Museums S Astill (until 31/12/2023) & E Gilbert (from 01/02/2024)
Head of Historic Environment Services B Croft
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
10 Queen Street Place
London
EC4R 1BE

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Page 1

The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

The Trustees, who are also directors for the purposes of the Companies Act, present their report and the financial statements of the charity for the year ended 31 October 2024, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The full name of the Charity is The South West Heritage Trust. It was incorporated on 22 May 2014 as a company limited by guarantee. Its company registration number is 09053532. Its charity registration number is 1158791. The Charity is variously referred to throughout this report as either “the Charity”, “the Company” or “the Trust”.

References and Administrative Details

Administrative information is given in a separate section at the front of these accounts.

Directors and Trustees

The directors of the Company are the Charity’s Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and since the year-end are as follows:

None of the Trustees have any beneficial interest in the Company. All of the Trustees are members of the Company and guarantee to contribute £1 in the event of a winding up.

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

Patrons

The Trust is fortunate to have as Patrons three people who are prominent in the communities of Somerset and Devon:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution and Formation of the South West Heritage Trust

The South West Heritage Trust vested on 1 November 2014 as an independent company limited by guarantee with charitable status. The company is governed by its memorandum and articles of association. Its charitable objectives are set out in the Articles of Association as follows:

The Trust has the heritage service responsibilities previously carried out by Somerset Council (formerly Somerset County Council) comprising the Archives and Local Studies, Museums and Historic Environment Services, and Devon County Council comprising the Archives and Local Studies Services.

A subsidiary trading company, South West Heritage Trust Trading Company Ltd (registered company number 09222720), was also formed on 1 November 2014.

The legal agreements which underpin the operation of the Trust are the Transfer Agreements, Grant Agreements and Collections Management Agreements between Somerset Council and the Trust and Devon County Council and the Trust. The Trust demonstrates its independence in line with Charity Commission guidance as set out in RR7.

Organisational Management

The Board of Trustees meets on a quarterly basis to discuss the progress of the organisation and to agree strategic direction. A Chief Executive Officer is appointed by the Trustees to manage the day-to-day operation of the Trust and to provide leadership and direction for the implementation of the Business Plan.

Three Trustee committees meet quarterly to examine and deal with complex issues of the Charity, with powers to exercise authority where delegated by the Board:

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

The Leadership Team meets formally not less than 10 times a year to ensure consistent and collaborative management of services across the Trust and to progress the delivery of the Business Plan.

Selection and Training of Trustees

The Board of Trustees has been selected using an open recruitment process. The experience and knowledge present within the Board of Trustees is considered from time to time to ensure that the correct mixture of skills is represented. Training is provided, as required, to develop knowledge and skills. A threeyear term applies to all Trustees and may be extended by one term. Further extensions can be agreed by the Board under the terms of Article 26.12 of the Articles of Association.

The Annual Retirement Meeting for Trustees of the Trust took place on 27 April 2023. It was agreed that Michael Motum, Peter Beacham and David Gwyther should be elected to serve a third term. Lt Col. Michael Motum was reappointed as Chair.

The induction process for all new Trustees includes:

Risk and Risk Management

A risk register is maintained and reviewed by the Board of Trustees on a regular basis. The register assesses risk based on likelihood and impact, providing information about actions and controls in place to manage risk.

Risks include those which are financial, operational or reputational or that would otherwise be of concern for the future of the charity. The Trustees are satisfied that the charity is a going concern and that key risks are being actively and appropriately managed.

OBJECTIVES, STRATEGY AND ACTIVITIES OF THE TRUST

Objectives

Our Vision and Mission in fulfilling our objectives are as follows:

Our Vision

We will celebrate and protect our rich heritage, helping everyone to enjoy it now and in the future.

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

Our Mission

Access, Learning and Enjoyment

Care, Conservation and Protection

Resilience

Staff and Volunteers

Strategy

The Trust’s five-year strategy, 2020-2025, focuses on three major outcomes:

The strategy is supported by the following documents:

Service Areas

Through our Museums Service we run three Accredited Museums – the Museum of Somerset and Somerset Military Museum in Taunton and Somerset Rural Life Museum in Glastonbury. We manage the Brick and Tile Museum in Bridgwater, Avalon Archaeology at the Avalon Marshes site near Shapwick, and provide curatorial support to Weston-Super-Mare Museum. Three million museum objects, ranging from outstanding geological, Iron Age and Roman collections to textiles and fine art, tell the story of Somerset and the South West.

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

We are the major custodians of written evidence about Devon and Somerset. Our Accredited Archive and Local Studies Services have centres in Taunton, Exeter and Barnstaple where we care for over 10 million archives dating from the 8th century to the present day. 200,000 printed reference works about the South West are held in the Local Studies collections. We also run the archive services on behalf of the unitary authorities of North Somerset and Torbay. Online access is provided through catalogues and indexes, and thousands of people use our digitised resources. We are working to preserve and make available digital archives.

Our Historic Environment and Estates Service supports local authorities, partners and the public by offering planning-related advice and information about Somerset’s archaeology and built heritage. We also provide services to Bath & North East Somerset Council. We are a Registered Archaeological Organisation and are responsible for over 400 acres of historic landscapes, including Cothelstone Hill in the Quantock Hills, Deer Leap in the Mendip Hills and Norton Fitzwarren Hillfort.

Our Learning Service provides opportunities for people of all ages, including those with learning disabilities or affected by dementia. Nearly 15,000 children participate each year in workshops for Key Stages 1 and 2. We make authentic heritage objects available to schools for use in the classroom. Partnership projects to enhance learning take place with secondary schools and further and higher education institutions.

Our organisational culture is one of working together as a single Trust to provide diverse heritage services. To achieve this we rely on our staff and volunteers, our Friends organisations, our Supporters and partners, and all those who champion our work. Our services are funded by core grants from Devon County Council and Somerset Council, by a wide range of contracts and by commercial activity. We also raise new income and attract grant investment from generous funders.

ACTIVITY REPORT

Highlights and Achievements

Context

The Trust continues to build on its post-pandemic recovery, with visitor numbers surpassing pre-2020 levels across its sites. This momentum reflects growing public engagement and the success of initiatives designed to broaden access to heritage and cultural programming.

Financial sustainability remains a priority, as the Trust navigates ongoing economic pressures, including the effects of inflation. Careful management of resources, targeted income generation, and strong partnerships—particularly with Somerset Council and Devon County Council—have been instrumental in maintaining stability.

The Trust’s status as a National Portfolio Organisation (NPO), supported by Arts Council England (ACE), remains a cornerstone of its commitment to engaging underserved communities. This strategic focus addresses rural isolation and socio-economic inequality, ensuring heritage programming reaches diverse audiences.

In 2023/24, the Trust continued to strengthen its partnerships with local and national organisations, expanding opportunities for collaboration and innovation. Events held in a range or venues and community settings, alongside digital initiatives, further enhance public participation and visibility.

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

Following leadership transition, with Sam Astill taking over as Chief Executive Officer in January 2024, the Trust is focused on long-term financial and the further development of the Trust’s joint identity as a charity and heritage business. in October 2025, Dylan Edgar was recruited as Head of Development and Partnerships. Dylan has extensive experience of working in the public sector in museums and libraries and was most recently employed as a senior manager in the Global Development Team at Price, Waterhouse, Cooper (PWC). Dylan will bring new and important skills to the Trust at an important moment in the development of the organisation.

Through these efforts, the Trust reaffirms its role as a vital steward of regional heritage.

Archives and Local Studies

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

Learning

Historic Environment and Estates

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

Museums

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South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

Exhibitions

Museum of Somerset

A display curated by the Finds Liaison Officer celebrating a quarter century of the PAS in Somerset.

Somerset Rural Life Museum

Weston Museum

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South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

Partnerships and Sector Support

We have continued to provide support to a wide range of organisations.

We are an active participant in the South West Museum Development Programme and employ a full-time Museums Development Officer. The Programme supports over 30 community museums in Somerset, offering advice and guidance about funding, training and cooperative projects.

In partnership with the British Museum and Local Authorities in Devon, Dorset and Somerset, the Trust provides the Portable Antiquities Scheme in the three counties. The number of finds reported continues to remain largely consistent throughout the year.

The Trust works closely with Weston Town Council to provide curatorial support and a temporary exhibitions programme for Weston Museum.

We look after the Archives of North Somerset Council and Torbay Council and are the designated repository for the Diocese of Bath and Wells and Diocese of Exeter. The Archives and Local Studies Services in Somerset and Devon are engaged with many partnership projects involving many community groups, societies and larger organisations including Barnstaple Town Council and North Devon Athenaeum.

The Historic Environment Service advises the Bath and Wells Diocesan Advisory Committee and provides heritage-related planning advice to Somerset Council and to Bath and North East Somerset Council. It publishes the Somerset Archaeological Handbook which is the central reference point for developers, advisors and Local Authorities.

FINANCIAL REVIEW AND RESERVES POLICY

Unrestricted income in the year totalled £3,525,631 (2023: £3,592,519) and restricted income £5,217,052 (2023: £543,337).

Total expenditure was £8,474,068 (2023: £4,090,905), of which £8,401,456 (99.1%) was for charitable purposes (2023: £4,022,927 (98.3%)). The remainder was for raising funds.

Pension schemes

The Trust operates defined benefit (final salary) schemes for employees who were transferred from the Local Government Pension Schemes (LGPS) of either Devon or Somerset County Councils. Details are given in notes 1.14, 1.15 and 17 of the accounts.

The LGPS schemes are reviewed triennially to set the Trust’s pension contribution rates for the following three years. Both schemes are subject to an annual actuarial valuation which features in the Statement of Financial Activities and the Balance Sheet. This valuation experiences significant annual volatility. In 2024 and 2023 a nil balance was forecast, due to higher assumed mortality rates and a fall in life expectancy. Any actual deficit will only become payable when the final member leaves the relevant scheme, a date currently expected to be more than 25 years away. The deficit would then be likely to be repayable over a long period of years. The total pension fund value is indemnified against the possibility of the Trust’s dissolution.

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

Staff who have entered the Trust’s employment since it vested in 2014 have the right to be enrolled in a defined contribution scheme (NEST). The Trust pays a fixed monthly contribution into the scheme but has no further or future obligations.

Reserves

The Board of Trustees agreed a Reserves Policy in September 2015. It states that ‘the target provision of reserves should meet operational costs for three months’ and should be achieved by 2025. The target is equivalent to unrestricted reserves of approximately £700k.

At year end the reserves, excluding the long-term pension reserve, were as follows:

£’000 Unrestricted general funds 507 Designated funds 579 Restricted funds 387

Most of the Trust’s reserves are cash or other current assets. Only £204,042 of fixed assets are recognised on the Balance Sheet.

Major Income Sources

The Trustees are extremely grateful for the financial support and commitment of all funders of the Trust. In particular, the financial and other support provided by Somerset Council and Devon County Council is fundamental to the Trust’s success and allows it to celebrate, preserve and make accessible the remarkable heritage of the two counties. We here express our thanks to both local authorities for their continued support. In the Trust year ending 31 October 2024, the core grants from the two Councils accounted for £2,094,500 of the Trust’s total income (59% of the unrestricted income, 24% of the total income).

The Trustees are also grateful to other major funders, including Arts Council England, the National Lottery Heritage Fund and the British Museum. Further income is received for heritage services provided to North Somerset Council, Weston-Super-Mare Town Council, Torbay Council and others. The Trustees also acknowledge individual donors. Their generosity and support are greatly appreciated.

Traded Income and Fundraising

The Trust’s income derives mainly from grants and from contracts for the provision of services. Traded activities are undertaken across all service areas and contribute significantly to Trust turnover. We encourage donations, and admission fees are charged at some sites and for some events.

Traded activity is managed through South West Heritage Trust Trading Limited, a wholly-owned subsidiary of the Trust. It generated a profit of £151,165 during the financial year. Details of trading performance are contained in Note 10 of the accounts, and a separate set of accounts is produced annually. Four Trustees are the registered Directors of the trading company.

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

The Trust is obliged to comply with the Charities (Protection and Social Investment) Act 2016 and to provide statements on specific areas of fundraising in the annual report. The Trust has facilities to accept digital and cash donations on its public sites and through carefully monitored activities such as its Supporters’ Scheme. It does not engage in large-scale public fundraising campaigns or undertake door-todoor or private site fundraising. The Trust does not engage third-party membership or donation solicitation agencies. As a result, it has not been necessary to monitor the behaviour of, or investigate a complaint involving, a third-party acting on the Trust’s behalf. The Trust has not bound itself to any voluntary scheme for regulating fundraising and has received no complaints about any fundraising activity it has undertaken.

Looking Forward

The Trust has set a balanced budget for the financial year to 31 October 2025. The Trustees are aware of a number of longer-term budgetary risks that will need to be carefully managed in future years, including:

The Trust’s priorities for future years are set out in its three-year rolling Business Plan. They reflect the outcomes around which the Trust’s five-year strategy is structured.

PUBLIC BENEFIT

Social Benefits

Our services are major contributors to personal wellbeing and a sense of place. We aim for our services to be accessible, to address issues of diversity and to promote and enable equality of opportunity for everyone.

Our large community of knowledgeable and dedicated volunteers are crucial to what we do. Volunteering also contributes directly to people’s physical, emotional and mental wellbeing. We seek to ensure that volunteering takes place in an environment which is inclusive and supports and respects the needs of individuals.

Experiencing heritage enhances wellbeing and brings people together, whether through learning activities for children, access to inspirational art and exhibitions, the discovery of family or community history, dementia-friendly reminiscence sessions or visiting a landscape site.

Economic Benefits

We are significant contributors to the local economy, fostering tourism, research, and the cultural and creative industries.

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

We prioritise local services and employment where possible to ensure that we support our local economy. We are always seeking new sources of income through the provision of commercial services and traded activities. The profits we generate are reinvested to increase the public benefit we provide.

Environmental Sustainability

The Trust adopted an Environmental Statement and Action Plan in the past year and is working towards a more complete policy. Our sites, including two Grade I listed buildings and a Victorian farmhouse, are managed carefully to ensure that their environmental footprint is minimised. We are working to make the strongrooms at Somerset Heritage Centre more energy efficient. We are committed to local procurement wherever possible to support the economy and livelihoods of people in Devon and Somerset. This helps us to reduce our carbon footprint.

The Historic Environment Service works to ensure that developers in Somerset operate ethically in relation to the county’s built heritage and archaeology. The Service seeks to protect and promote the historic environment as an essential component in making communities economically and environmentally sustainable.

The Trust manages over 400 acres of heritage landscape sites across Somerset which provide openaccess enjoyment to the public. The sites also offset more than 25% of the total carbon emissions produced by the Trust.

Statement of Trustees’ Responsibilities

The Trustees (who are directors of The South West Heritage Trust for the purposes of company law) are responsible for preparing the Trustee Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial 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 charitable group for that period. In preparing these financial statements, the Trustees are required to:

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The South West Heritage Trust Trustee Directors’ Report For the Year Ended 31 October 2024

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the Trustees are aware:

AUDITORS

The auditors, Albert Goodman LLP, are deemed to be re-appointed under Section 487(2) of the Companies Act 2006.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

By order of the Trustees.

Lt Col. M J R Motum Trustee The South West Heritage Trust

Date: 24 April 2025

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The South West Heritage Trust Independent Auditors' Report to the Trustees and Members For the Year Ended 31 October 2024

Opinion

We have audited the financial statements of The South West Heritage Trust (the 'parent charitable company') and its subsidiary (the ‘group’) for the year ended 31 October 2024, which comprise the consolidated Statement of Financial Activities, the consolidated and parent charitable company Balance Sheets, the consolidated and parent charitable company Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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The South West Heritage Trust Independent Auditors' Report to the Trustees and Members For the Year Ended 31 October 2024

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities [set out on page 14], the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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The South West Heritage Trust Independent Auditors' Report to the Trustees and Members For the Year Ended 31 October 2024

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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The South West Heritage Trust Independent Auditors' Report to the Trustees and Members For the Year Ended 31 October 2024

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Use of our report

This report is made solely to the group and parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group and parent charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and parent charitable company and the group and parent charitable company’s members as a body and the parent charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Ferris BSC (Hons) FCA DChA (Senior Statutory Auditor) For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Date: 9 May 2025

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The South West Heritage Trust

Consolidated Statement of Financial Activities (including an Income & Expenditure account) For the Year Ended 31 October 2024

----- Start of picture text -----
2024 2023
Unres- Res- Total Unres- Res- Total
tricted tricted tricted tricted
Notes £ £ £ £ £ £
Income from:
Donations and legacies 2 71,219 58,229 129,448 162,368 23,830 186,198
Charitable activities 3 2,736,053 5,044,248 7,780,301 3,048,846 513,401 3,562,247
Other trading activities 4 685,768 23,836 709,604 369,333 5,538 374,871
Investments 5 32,591 739 33,330 11,972 568 12,540
Total income 3,525,631 5,127,052 8,652,683 3,592,519 543,337 4,135,856
Expenditure on:
Raising funds 6 72,612 - 72,612 67,564 414 67,978
Charitable activities 6 3,376,629 5,024,827 8,401,456 3,375,836 647,091 4,022,927
Total expenditure 3,449,241 5,024,827 8,474,068 3,443,400 647,505 4,090,905
Net (expenditure)/income 76,390 102,225 178,615 149,119 (104,168) 44,951
Transfer between funds 31,581 (31,581) - (101,860) 101,860 -
Other recognised gains
Actuarial (losses)/gains on defined
- -
benefit pension schemes (103,000) (103,000) (1,876,000) (1,876,000)
Net movement in
funds for the year 4,971 70,644 75,615 (1,828,741) (2,308) (1,831,049)
Reconciliation of funds
Total funds brought forward 1,081,589 316,050 1,397,639 2,910,330 318,358 3,228,688
Total funds carried forward 1,086,560 386,694 1,473,254 1,081,589 316,050 1,397,639
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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The South West Heritage Trust – Company Registration Number: 09053532 Balance Sheet and Consolidated Balance Sheet As at 31 October 2024

Notes
Fixed assets
Tangible fixed assets
9
Investments
10
Current assets
Stock
11
Debtors
12
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within
13
one year
Net current assets
Net assets excluding pension liabilities
Defined benefit pension scheme
asset/(liabilities)
17
Total net assets including pension
liabilities
The funds of the charity:
Unrestricted funds:
General funds
Designated funds
Unrestricted funds excluding pension
reserve
Pension reserve
Total unrestricted funds
14
Restricted funds
14
Total charity funds		 2024
£
Group
204,042
-
204,042
20,059
939,220
1,211,471
2,170,750
(901,538)
1,269,212
1,473,254
-
1,473,254
507,104
579,456
1,086,560
-
1,086,560
386,694
1,473,254		 2024
£
Charity
204,042
1
204,043
-
1,140,381
858,314
1,998,695
(880,649)
1,118,046
1,322,089
-
1,322,089
355,939
579,456
935,395
-
935,395
386,694
1,322,089		 2023
£
Group
143,359
-
143,359
20,940
1,313,731
1,080,338
2,415,009
(1,160,729)
1,254,280
1,397,639
-
1,397,639
517,956
563,633
1,081,589
-
1,081,589
316,050
1,397,639		 2023
£
Charity
143,359
1
143,360
-
1,417,972
864,186
2,282,158
(1,136,275)
1,145,883
1,289,243
-
1,289,243
409,560
563,633
973,193
-
973,193
316,050
1,289,243

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Page 21

The South West Heritage Trust – Company Registration Number: 09053532 Balance Sheet and Consolidated Balance Sheet (continued) As at 31 October 2024

The trustees have prepared group accounts in accordance with section 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 Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The notes on pages 24 - 53 form part of these accounts.

Approved by the Board for issue on 24 April 2025 and signed on their behalf by:

Lt Col. M J R Motum Trustee

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Page 22

The South West Heritage Trust Statement of Cash Flows and Consolidated Statement of Cash Flows For the Year Ended 31 October 2024

Notes
Cash flows from operating activities
Net income for the year
Adjustments to cash flows from non-cash items:
Depreciation and amortisation
9
Interest receivable
5
Defined benefit pension scheme
cost less contributions payable
Defined benefit pension scheme
finance cost
Working capital adjustments
Decrease / (increase) in stocks
11
Decrease / (increase) in debtors
12
(Decrease) / increase in creditors
13
Net cash flow from operations
Cash flows from investing activities
Purchase of tangible fixed assets
9
Interest received
5
Net increase in cash and
cash equivalents
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period
Cash & Cash equivalents reconciliation:
Cash at bank
Total cash & cash equivalents at the
end of the reporting period		 2024
£
Group
178,615
72,430
(33,330)
(92,000)
(11,000)
114,715
881
374,511
(259,191)
230,916
(133,113)
33,330
(99,783)
131,133
1,080,338
1,211,471
1,211,471
1,211,471		 2024
£
Charity
135,846
72,430
(33,330)
(92,000)
(11,000)
71,946
-
277,591
(255,626)
93,911
(133,113)
33,330
(99,783)
(5,872)
864,186
858,314
858,314
858,314		 2023
£
Group
44,951
48,783
(12,540)
(90,000)
25,000
16,194
(5,495)
(791,248)
38,140
(742,409)
(42,539)
12,540
(29,999)
(772,408)
1,852,746
1,080,338
1,080,338
1,080,338		 2023
£
Charity
9,861
48,783
(12,540)
(90,000)
25,000
(18,896)
-
(801,195)
28,137
(791,954)
(42,539)
12,540
(29,999)
(821,953)
1,686,139
864,186
864,186
864,186

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Page 23

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

1 Accounting Policies

The principal accounting policies adopted in the preparation of the financial statements are:

1.1

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The South West Heritage Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) and all amounts are presented in £ sterling.

These financial statements consolidate the results of the Charity and its wholly owned subsidiary, The South West Heritage Trust Trading Limited, on a line by line basis. The “Group” heading within the balance sheet refers to the consolidated accounts of The South West Heritage Trust Trading Limited and The South West Heritage Trust.

In the parent company financial statements the investment in the trading subsidiary is accounted for at cost less impairment.

A separate Statement of Financial Activities or income and expenditure account, for the Charity itself has not been presented because the Charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006.

1.2 Legal status of the Trust

The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

The company is incorporated in England and Wales and the company registered office is detailed on page 1, reference and administration details.

1.3 Going Concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Trust’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting when preparing the financial statements.

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Page 24

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

1.4 Income

Income from grants and donations is recognised in the year in which they are receivable when there is evidence of entitlement, receipt is probable and the amount can be reliably measured. Where income has not been received for gift aid claims relating to donations received in the year, income is accrued.

Income from government grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Where no conditions are attached to the grant income they are recognised within donations and legacies and where conditions relating to performance of services are attached, grant income is recognised in income from charitable activities within the Statement of Financial Activities.

Income from charitable activities includes membership and admissions income. Membership income is accounted for in full in the year that the membership commences. Admission income is recognised on a cash basis, in the year the income is physically received.

Income from other trading activities, including rental income, is included in the period in which the group is entitled to receipt, it is probable that economic benefits will flow to the entity and the amount can be reliably measured.

The charity receives income from its subsidiary under gift aid and this is recognised upon physical receipt.

The charity notes the requirement of the SORP that large charities must report their results on an activities basis. The charity considers that they produce one activity – the deliverance of heritage services – and therefore reports on that basis.

1.5

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.6 Expenditure

Resources expended are recognised on the accruals basis to match the period in which the expenditure was incurred.

Raising funds is expenditure incurred in generating the trading subsidiary funds and from other trading activities carried out by the trust.

Charitable activity expenditure comprises costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and costs of an indirect nature necessary to support them. Grants payable are at the discretion of the Trustees. Governance costs are those costs associated with the governance arrangements of the charity and relate to general running of the charity as opposed to those costs associated with charitable activities.

1.7

Operating leases

The trust classifies the lease of properties as operating leases as title remains with the lessor. Rental charges are charged on a straight line basis over the term of the lease.

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Page 25

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

1.8 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of Trust.

Restricted funds are from donations and grants in which the donor or funder has specified are to be solely used for particular areas of the Trust’s work or for specific projects being undertaken by the Trust.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Fixed assets under £500 are not capitalised. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life as follows:

Fixtures and fittings 5 years straight line Computer equipment 5 years straight line Motor Vehicles 5 years straight line Leasehold improvements 5 years straight line

1.10 Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Trust will not be able to collect all amounts due to according to the original terms of the receivables.

Other debtors comprise amounts due from funders, prepayments and accrued income. Amounts due from funders are recognised when the Trust is entitled to the money, prepayments arise from the payments for services prior to benefit from those services, and accrued income is amounts due for services provided, recognised at the point of provision of the services.

1.11 Stock

Stock consists of shop stock for resale and publication stocks. Stock is valued at the lower of cost and net realisable value, after making allowances for obsolete and slow moving stock.

1.12 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.13 Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

1.14 Defined contribution pension

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as staff pension expense through the profit and loss when they are due.

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Page 26

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

1.15 Defined benefit pension obligation

The majority of employees of the charity are members of the Local Government Pension Schemes (LGPS) managed by Devon and Somerset County Councils.

These are funded defined benefit schemes where the assets are held separately from those of the charity in separate Trustee administered funds. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one of more factors such as age, years of service and compensation.

The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of the plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are recognised immediately in other gains and losses.

1.16 Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include discount rate. Any changes in these assumptions, which are disclosed in note 17, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 October 2024. Any differences between the figures derived from the roll forward approach and a full valuation would impact on the carrying amount of the pension liability.

The present value of the Local Government Pension Scheme as calculated by the actuary is an asset of £2,334,000. The asset has been limited to a £0 as the trustees believe that the criteria for recognition of an asset have not been met.

1.17 Taxation

As a registered charity, the company is not liable to corporation tax or capital gains tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax (VAT) is partially recoverable by the company. Any irrecoverable VAT is added to the relevant cost and charged as an expense in the Statement of Financial Activities.

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Page 27

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

1.18 Financial Instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank and deposit accounts– is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security and the LGPS are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

2 Donations and legacies

----- Start of picture text -----
Unres- Res- Unres- Res-
tricted tricted 2024 tricted tricted 2023
funds funds Total funds funds Total
£ £ £ £ £ £
Donations and bequests 71,219 58,229 129,448 162,368 23,830 186,198
71,219 58,229 129,448 162,368 23,830 186,198
----- End of picture text -----

As at the year end, the charity had been notified of a legacy totalling approximately £40,000, which has not been included in the Statement of Financial Activities due to the conditions of recognition not being met.

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Page 28

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

3 Income from charitable activities

Unres-
tricted
funds
£
Fees for services and grants
Heritage services
Somerset County
Council
1,675,969
Devon County Council
418,531
North Somerset Council
81,642
Weston-Super-Mare
Town Council
86,208
Torbay Council
117,032
Other services
SCC - Records
59,500
Grant income
North Devon Athemaeum
-
Mendip District Council
-
Heritage Lottery Fund
14,962
The British Museum
-
Somerset County
Council
3,219
Arts Council England
-
Barnstaple Town Council
-
DEFRA
10,560
Devon County Council
-
Art Fund
-
Taunton Town Council*
-
Museum of Policing in
Devon & Cornwall
-
Under £10k
227,059
2,694,682
Memberships and
41,371
and subscriptions
2,736,053		 Unres-
tricted
funds
£
Fees for services and grants
Heritage services
Somerset County
Council
1,675,969
Devon County Council
418,531
North Somerset Council
81,642
Weston-Super-Mare
Town Council
86,208
Torbay Council
117,032
Other services
SCC - Records
59,500
Grant income
North Devon Athemaeum
-
Mendip District Council
-
Heritage Lottery Fund
14,962
The British Museum
-
Somerset County
Council
3,219
Arts Council England
-
Barnstaple Town Council
-
DEFRA
10,560
Devon County Council
-
Art Fund
-
Taunton Town Council*
-
Museum of Policing in
Devon & Cornwall
-
Under £10k
227,059
2,694,682
Memberships and
41,371
and subscriptions
2,736,053		 Res-
tricted
funds
£
-
-
-
-
-
-
41,613
-
4,135,706
134,958
132,048
327,808
12,916
-
25,550
150,000
30,500
27,039
26,110		 2024
Total
£
1,675,969
418,531
81,642
86,208
117,032
59,500
41,613
-
4,150,668
134,958
135,267
327,808
12,916
10,560
25,550
150,000
30,500
27,039
253,169
7,738,930
41,371
7,780,301		 Unres-
tricted
funds
£
1,762,016
416,786
179,926
84,252
109,168
55,057
-
-
43,782
-
90,705
26,000
-
10,479
-
-
-
-
233,179		 Res-
tricted
funds
£
-
-
-
-
-
-
39,838
-
-
87,013
25,080
169,849
-
-
58,001
-
-
25,875
107,745		 2023
Total
£
1,762,016
416,786
179,926
-
84,252
109,168
-
-
55,057
-
-
39,838
-
43,782
87,013
-
115,785
195,849
-
10,479
58,001
-
-
-
25,875
340,924
2,694,682
41,371		 5,044,248
-		 3,011,350
37,496		 513,401
-		 3,524,751
37,496
2,736,053 5,044,248 3,048,846 513,401 3,562,247

*Denotes government grants

Government grants

Income from government grants comprises grants made by local authorities to fund the principal activities and objectives of the charity via core funding and funding for specific projects. See above and note 2 for more information, including the amount and source of these grants. There are no unfulfilled conditions or other contingencies attached to these grants.

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Page 29

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

4 Other trading activities

----- Start of picture text -----
Unres- Res- Unres- Res-
tricted tricted 2024 tricted tricted 2023
funds funds Total funds funds Total
£ £ £ £ £ £
Merchandising income
- -
Shop sales 53,563 53,563 44,185 44,185
- -
Café concession 40,196 40,196 34,118 34,118
- -
93,759 93,759 78,303 78,303
Events and other sales
Digital images, publications
and research income 301,478 10,727 312,205 96,342 - 96,342
Room hire 12,324 - 12,324 6,772 - 6,772
Education income 34,966 12,999 47,965 92,918 1,186 94,104
Rental income 32,878 - 32,878 27,705 - 27,705
Other income 210,363 110 210,473 67,293 4,352 71,645
592,009 23,836 615,845 291,030 5,538 296,568
685,768 23,836 709,604 369,333 5,538 374,871
Investment income
Unres- Res- Unres- Res-
tricted tricted 2024 tricted tricted 2023
funds funds Total funds funds Total
£ £ £ £ £ £
Bank interest 32,591 739 33,330 11,972 568 12,540
----- End of picture text -----

5 Investment income

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Page 30

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

6 Expenditure

Split by fund:

----- Start of picture text -----
Unres- Res- 2024 Unres- Res- 2023
tricted tricted Total tricted tricted Total
£ £ £ £ £ £
Cost of raising funds
Trading costs 72,612 - 72,612 67,564 414 67,978
Charitable activities
Archives and local studies 774,028 153,414 927,442 992,852 216,359 1,209,211
Museums 1,058,237 4,734,548 5,792,785 1,096,071 215,959 1,312,030
Historic environment
and estates services 374,104 85,123 459,227 334,004 141,488 475,492
- -
Heritage services 1,018,791 1,018,791 829,223 829,223
Closed projects 151,469 51,742 203,211 123,686 73,285 196,971
3,449,241 5,024,827 8,474,068 3,443,400 647,505 4,090,905
----- End of picture text -----

Split by cost:

Cost of raising funds
Trading costs
Charitable activities
Archives and local studies
Museums
Historic environment
and estates services
Heritage services
Closed projects		 Staff
costs
£
-
816,874
922,546
395,505
440,219
174,355		 Other
Direct
costs
£
72,612
110,568
4,870,240
63,723
578,570
28,856		 2024
Total
£
72,612
927,442
5,792,786
459,228
1,018,789
203,211
8,474,068		 Staff
costs
£
-
977,262
869,238
408,785
257,488
149,645		 Other
Direct
costs
£
67,978
231,949
442,792
66,707
571,735
47,326		 2023
Total
£
67,978
1,209,211
1,312,030
-
475,492
829,223
196,971
2,749,499 5,724,569 2,662,418 1,428,487 4,090,905

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Page 31

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

6 Expenditure (continued)

Depreciation of
owned assets
Operating lease expenses
Auditors’ remuneration for:
Current auditors
- Audit services
- Other services		 2024
2023
£
£
72,430
48,783
38,586
33,401
7,950
7,580
3,400
3,220
Charity		 2024
2023
£
£
72,430
48,783
38,586
33,401
7,950
7,580
3,400
3,220
Charity		 2024
2023
£
£
-
-
-
-
1,580
1,520
700
650
Subsidiary		 2024
2023
£
£
-
-
-
-
1,580
1,520
700
650
Subsidiary		 Total
2024
£
72,430
38,586
9,530
4,100		 Total
2023
£
48,783
33,401
9,100
3,870

7 Trustee directors

The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2023: £nil).

Two charity trustees were reimbursed £327 for travel expenses during the year (2023: three trustees - £998).

No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

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Page 32

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

8 Employees

Number of employees

The average monthly head count was 103 staff (2023: 107 staff) and the average number of full-time equivalent employees (including casual and part-time staff) during the year were as follows:

----- Start of picture text -----
2024 2023
Management 6.4 5.8
Finance and admin 4.4 4.5
Service provision 62.3 62.4
73.1 72.7
Employment costs 2024 2023
£ £
Wages and salaries 2,343,133 2,247,651
Social security costs 200,328 192,485
Redundancy pay 24,202 2,575
Pension costs 181,836 219,707
2,749,499 2,662,418
----- End of picture text -----

During the year, costs totalling £24,202 were paid to two employees in respect of redundancies. The amounts are full and final, and no amounts have been accrued at the balance sheet date (2023: one redundancy totalling £2,575).

The number of employees whose annual emoluments were £60,000 (excluding employer pension costs) or more were:

----- Start of picture text -----
2024 2023
number number
£70,000 - £80,000 1 1
----- End of picture text -----

This employee is a member of the defined benefit pension scheme, into which contributions of £4,263 (2023: £15,276) were made.

The key management personnel of the group comprise those of the Trust and the key management personnel of its wholly owned subsidiary South West Heritage Trust Trading Company Ltd. The key management personnel of the group comprise of the Senior Leadership Team as on page 1 (2023: the Chief Executive Officer). The total employee benefits (includes gross pay, employer pension and employer national insurance) of the key management personnel of the Trust were £388,831 (2023: £99,275).

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Page 33

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

Employees (continued)

Pension costs

The company operates both defined benefit and defined contribution pension schemes. The charge to the Statement of Financial Activities for the year is shown above.

Contributions totalling £30,355 (2023 - £32,167) were payable to the schemes at the end of the year and are included in creditors. Further details of the defined benefit schemes are given in note 17.

9 Tangible fixed assets Group

Leasehold
improvements
£
Cost
At 1 November 2023
571,663
Additions
29,962
At 31 October 2024
601,625
Depreciation
At 1 November 2023
532,094
Charge for the year
18,069
At 31 October 2024
550,163
Net book value
At 31 October 2024
51,462
At 31 October 2023
39,569		 Leasehold
improvements
£
Cost
At 1 November 2023
571,663
Additions
29,962
At 31 October 2024
601,625
Depreciation
At 1 November 2023
532,094
Charge for the year
18,069
At 31 October 2024
550,163
Net book value
At 31 October 2024
51,462
At 31 October 2023
39,569		 Computer
equipment
£
332,777
98,849		 Motor
Vehicles
£
37,000
-		 Fixtures
& fittings
£
106,325
4,302		 Total
£
1,047,765
133,113
601,625 431,626 37,000 110,627 1,180,878
532,094
18,069		 272,405
39,339		 37,000
-		 62,907
15,022		 904,406
72,430
550,163 311,744 37,000 77,929 976,836
51,462 119,882 - 32,698 204,042
39,569 60,372 - 43,418 143,359

The above assets are all held by the charity.

10 Investments

South West Heritage Trust Trading Limited
Ordinary shares of £1 each		 Charity
Total
Total
2024
2023
£
£
1
1		 Charity
Total
Total
2024
2023
£
£
1
1

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Page 34

The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

Investments (continued)

South West Heritage Trust Trading Limited (company no 09222720) was incorporated on 17 September 2014 as a wholly owned trading subsidiary of The South West Heritage Trust. The parent charity holds 100% of the issued share capital and 100% of the voting rights of the subsidiary trading company.

The principal activities of the company are the operation of a retail outlet at The Museum of Somerset and other trading activities. The registered office is the same as that of the Trust, detailed on page 1. The subsidiary gift aids its taxable profits to The South West Heritage Trust, and files audited accounts with the Registrar of Companies.

A summary of the trading results is shown below:

Turnover
Cost of sales
Gross profit
Administrative expenses
Operating profit
Investment income
Profit before tax & profit for the financial year
Retained earnings brought forward in subsidiary
Gift aid to The South West Heritage Trust
Retained earnings carried forward in subsidiary
The assets and liabilities were:
Current assets
Current liabilities
Total net assets
Called up share capital
Profit and loss reserve		 2024
£
385,678
(72,612)
313,066
(161,901)
151,165
-
151,165
108,395
(108,395)
151,165
416,295
(265,129)
151,166
1
151,165
151,166		 2023
£
323,031
(67,564)
255,467
(147,072)
108,395
-
108,395
73,306
(73,306)
108,395
266,923
(158,527)
108,396
1
108,395
108,396

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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

11
Stocks
Goods for resale
Group
£
20,059		 2024
Charity
£
-		 Group
£
20,940		 2023
Charity
£
-

Stock recognised in the Statement of Financial Activities as an expense is £41,740 (2023: £37,784).

12 Debtors

----- Start of picture text -----
2024 2023
Group Charity Group Charity
£ £ £ £
Trade debtors 499,049 482,308 941,869 927,825
Prepayments and accrued income 410,387 385,910 371,711 356,074
Other debtors 29,784 27,923 151 -
- -
Amounts owed by group undertakings 244,240 134,073
939,220 1,140,381 1,313,731 1,417,972
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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

13 Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
Taxation and social security
Deferred Income
Deferred income at 1 November 2023
Released from previous years
Resources deferred in the year
Deferred Income at 31 October 2024		 Group
£
58,559
39,515
745,786
57,678
901,538
Group
£
718,771
(718,771)
601,572
601,572		 2024
Charity
£
54,678
39,515
741,442
45,014
880,649
2024
Charity
£
718,771
(718,771)
601,572
601,572		 Group
£
102,783
43,733
854,688
159,525
1,160,729
Group
£
704,466
(704,466)
718,771
718,771		 2023
Charity
£
94,213
43,733
852,300
146,029
1,136,275
2023
Charity
£
704,466
(704,466)
718,771
718,771

At the balance sheet date the trust was holding funds received in advance from Somerset County Council and Devon County Council and subscriptions received in advance.

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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

14 Summary of movement in funds- Group

----- Start of picture text -----
Opening Transfers Closing
balance Income Expenditure & gains balance
£ £ £ £ £
Unrestricted funds - Group
General 517,956 3,448,650 (3,180,932) (278,570) 507,104
Designated funds - Group and Charity
National Archives 19,664 9,823 (6,299) - 23,188
- -
Capital reserve 69,670 30,330 100,000
-
Museum priorities 70,699 (1,462) (12,912) 56,325
Archive & learning priorities 5,829 - 128 (1,960) 3,997
-
IT & resources priorities 144,714 (68,934) 39,362 115,142
-
Historic environment priorities 37,063 (7,814) 25,621 54,870
Invest to Save 33,476 - (8,216) (1,290) 23,970
Cheddar Brooch 55,000 7,367 (58,096) - 4,271
Museum, Gallery and Exhibition
Tax Relief 127,518 59,791 (14,616) - 172,693
- - -
Trust Strategic 25,000 25,000
Total designated funds 563,633 76,981 (165,309) 104,151 579,456
Pension fund - - (103,000) 103,000 -
1,081,589 3,525,631 (3,449,241) (71,419) 1,086,560
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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

14 Summary of movement in funds- Group (continued)

----- Start of picture text -----
Opening Transfers Closing
balance Income Expenditure & gains balance
£ £ £ £ £
Restricted funds - Group and Charity
Archive and museum donations 49,540 7,739 (24,587) - 32,692
- -
Castle House Project 40,116 (2,971) 37,145
Historic Environment and Estates 40,242 83,662 (46,132) (5,120) 72,652
Somerset Levels 9,030 327 (3) - 9,354
- -
Portable Antiques 133,978 (121,306) (12,672)
North Devon Record Office 8,597 55,563 (53,061) - 11,099
Devon Rural Archive - 300 (300) - -
- -
Devon Railway Plans Conservation 13,000 (17) 12,983
- -
Museum Development Officer 23,500 (33,761) 10,261
North Somerset Collections 639 - (514) (125) -
Museums and Schools 23-24 9,357 62,058 (56,409) - 15,006
Charthouse/Blackmoor
- -
Land Holding 2,350 (400) (1,950)
- - -
Avalon Archaeology Park 4,266 (4,266)
-
West Country Studies 51,148 (9,897) (16,212) 25,039
- -
Gravity project 11,278 (120) (11,158)
North Devon Athenaeum - 41,613 (41,613) - -
Somerset Pottery Fabric
-
Type Series 11,441 6,000 (1,724) 15,717
- - -
Cary of Torquay Archive 6,841 (6,841)
Debenhams Archive 3,000 1,989 (4,989) - -
- -
Quantock Landscape Partnership 2,890 1,060 (3,950)
Somerset VCH 16,111 15,199 (7,386) - 23,924
- -
Glastonbury Town Investment Plan 33,853 (37,070) 3,217
- -
Local Heritage List 12,550 (37) (12,513)
Police Museums Archive 19,427 27,039 (28,791) - 17,675
Resilience Project 253 - 17 (270) -
-
National Portfolio Organisation 28,081 265,750 (232,298) 61,533
- - -
Wessex Water Cataloguing 21,375 21,375
Museum of Somerset - 30,500 - - 30,500
- -
Chew Valley Hoard 4,291,440 (4,306,401) 14,961
316,050 5,127,052 (5,024,827) (31,581) 386,694
1,397,639 8,652,683 (8,474,068) (103,000) 1,473,254
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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

Summary of movement in funds- Charity

----- Start of picture text -----
Opening Transfers Closing
balance Income Expenditure & gains balance
£ £ £ £ £
Unrestricted funds - Charity
General 409,560 3,171,368 (2,946,419) (278,570) 355,939
Designated funds - Charity 563,633 76,981 (165,309) 104,151 579,456
Pension fund - - (103,000) 103,000 -
973,193 3,248,349 (3,214,728) (71,419) 935,395
Restricted funds - Charity 316,050 5,127,052 (5,024,827) (31,581) 386,694
1,289,243 8,375,401 (8,239,555) (103,000) 1,322,089
----- End of picture text -----

The breakdown of designated and restricted funds is as per the group funds statement.

Summary of movement in funds – Group (2023)

----- Start of picture text -----
Opening Transfers Closing
balance Income Expenditure & gains balance
£ £ £ £ £
Unrestricted funds - Group
General 572,170 3,528,890 (3,315,552) (267,552) 517,956
Designated funds - Group and Charity
National Archives 27,114 553 (8,003) - 19,664
- -
Capital reserve 200,000 (130,330) 69,670
- -
Museum priorities 104,910 (34,211) 70,699
-
Archive & learning priorities 25,316 (16,907) (2,580) 5,829
-
IT & resources priorities 129,820 (115,436) 130,330 144,714
- -
Historic environment priorities 40,000 (2,937) 37,063
Invest to Save - 13,076 (9,600) 30,000 33,476
Cheddar Brooch - 50,000 - 5,000 55,000
Museum, Gallery and Exhibition
Tax Relief - - (5,754) 133,272 127,518
Total designated funds 527,160 63,629 (192,848) 165,692 563,633
Pension fund 1,811,000 - 65,000 (1,876,000) -
2,910,330 3,592,519 (3,443,400) (1,977,860) 1,081,589
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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

14 Summary of movement in funds – Group (2023) (continued)

----- Start of picture text -----
Opening Transfers Closing
balance Income Expenditure & gains balance
£ £ £ £ £
Restricted funds - Group and Charity
Archive and museum donations 53,972 568 (5,000) - 49,540
- - -
Castle House Project 40,116 40,116
Historic Environment and Estates 35,841 63,204 (58,803) - 40,242
Somerset Levels 11,725 - (2,695) - 9,030
- -
Portable Antiques 83,618 (89,616) 5,998
North Devon Record Office 9,287 49,525 (50,215) - 8,597
- -
Museum Development Officer 29,583 (39,289) 9,706
North Somerset Collections 698 - (59) - 639
Museums and Schools 17,612 9,174 (40,749) 13,963 -
Museums and Schools 23-24 - 41,892 (32,535) - 9,357
Charthouse/Blackmoor
- - -
Land Holding 2,350 2,350
Avalon Archaeology Park 4,020 68 (47,870) 43,782 -
-
West Country Studies 39,461 24,371 (12,684) 51,148
- - -
Gravity project 11,278 11,278
North Devon Athenaeum 3,200 39,838 (43,038) - -
Somerset Pottery Fabric
-
Type Series 7,454 12,000 (8,013) 11,441
-
Cary of Torquay Archive 21,400 2,000 (35,059) 11,659
Debenhams Archive 5,000 1,988 (2,100) (1,888) 3,000
-
Quantock Landscape Partnership 9,105 24,188 (30,403) 2,890
Somerset VCH 25,717 839 (10,445) - 16,111
- -
Together Again 1,797 1,485 (3,282)
-
Glastonbury Town Investment Plan 5,775 8,314 (32,119) 18,030
- - -
Local Heritage List 12,550 12,550
Police Museums Archive - 25,875 (6,448) - 19,427
Resilience Project - 15,607 (15,354) - 253
- -
National Portfolio Organisation 106,300 (78,219) 28,081
FLOW - 2,900 (3,510) 610 -
318,358 543,337 (647,505) 101,860 316,050
3,228,688 4,135,856 (4,090,905) (1,876,000) 1,397,639
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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

Summary of movement in funds – Charity- 2023

----- Start of picture text -----
Opening Transfers Closing
balance Income Expenditure & gains balance
£ £ £ £ £
Unrestricted funds - Charity
General 498,864 3,372,960 (3,194,712) (267,552) 409,560
Designated funds - Charity 527,160 63,629 (192,848) 165,692 563,633
Pension fund 1,811,000 - 65,000 (1,876,000) -
2,837,024 3,436,589 (3,322,560) (1,977,860) 973,193
Restricted funds - Charity 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
----- End of picture text -----

The breakdown of designated and restricted funds is as per the group funds statement.

Purpose of material funds:

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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

14 Summary of movement in funds (continued)

Purpose of material funds (continued):

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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

15 Analysis of assets between funds – Group

----- Start of picture text -----
Other net
Tangible Cash at current Creditors
fixed bank and assets/ more than
assets in hand (liabilities) one year Total
£ £ £ £ £
Unrestricted funds 204,042 359,741 (56,679) - 507,104
- - -
Designated funds 579,456 579,456
Restricted funds - 272,274 114,420 - 386,694
Pension reserve - - - - -
As at 31 October 2024 204,042 1,211,471 57,741 - 1,473,254
Analysis of assets between funds – Charity
Other net
Tangible Cash at current Debtors
fixed bank and assets/ more than
assets in hand (liabilities) one year Total
£ £ £ £ £
Unrestricted funds 204,043 6,584 145,312 - 355,939
- - -
Designated funds 579,456 579,456
Restricted funds - 272,274 114,420 - 386,694
Pension reserve - - - - -
As at 31 October 2024 204,043 858,314 259,732 - 1,322,089
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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

Analysis of assets between funds – Group - 2023

Tangible
Cash at
fixed
bank and
assets
in hand
£
£
Unrestricted funds
143,359
294,340
Designated funds
-
563,633
Restricted funds
-
222,365
Pension reserve
-
-
As at 31 October 2023
143,359
1,080,338
Analysis of assets between funds – Charity – 2023		 Tangible
fixed
assets
£
143,359
-
-
-		 Cash at
bank and
in hand
£
294,340
563,633
222,365
-		 Other net
current
assets/
(liabilities)
£
80,257
-
93,685
-		 Creditors
more than
one year
£
-
-
-
-		 Total
£
517,956
563,633
316,050
-
143,359 1,080,338 173,942 - 1,397,639
Unrestricted funds
Designated funds
Restricted funds
Pension reserve
As at 31 October 2023		 Tangible
fixed
assets
£
143,360
-
-
-		 Cash at
bank and
in hand
£
78,188
563,633
222,365
-		 Other net
current
assets/
(liabilities)
£
188,012
-
93,685
-		 Creditors
more than
one year
£
-
-
-
-		 Total
£
409,560
563,633
316,050
-
143,360 864,186 281,697 - 1,289,243

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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

16 Income and expenditure account of the Trust

The company has taken advantage of Section 408 of the Companies Act 2006 and has not included its own Income and Expenditure Account or separate Statement of Financial Activities.

Prior to gift aid amounts received from the subsidiary, The South West Heritage Trust has net income for the year of £32,846 (2023 - expenditure £187,574) based on income of £8,375,401 (2023 - £3,812,819). Gift aid distributions from trading subsidiary of £108,395 (2023: £73,306) were received in the year, in which the amount relates to the prior year trading profits.

17 Pension commitments

The majority of the Trust’s employees belong to the Local Government Pension Schemes (LGPS) managed by Devon County Council (“DCC”) and Somerset County Council (“SCC”).

The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation for both LGPSs was 31 March 2022.

At the year end there were outstanding contributions due to the schemes totalling £30,355 which are included within creditors.

The schemes are funded defined benefit pension schemes, with assets held in separate Trusteeadministrated funds. The total contributions made for the year ended 31 October 2024 were £247,000 of which employer’s contributions totalled £188,000 and employees’ contributions totalled £59,000. The current employer contribution rates for future years are:

The LGPS obligation relates to employees of the Trust who transferred as under the transfer agreements when the activities of the Trust were transferred from DCC and SCC on 1 November 2014. The obligation in respect of employees who transferred represents their cumulative service both prior to the transfer and following it.

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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

----- Start of picture text -----
Summary of net pension liability as at 31 October 2024:
SCC DCC Total
£'000 £'000 £'000
Present value of defined benefit obligations (7,815) (3,439) (11,254)
Fair value of share of scheme assets 9,673 3,915 13,588
Impact of asset ceiling (1,858) (476) (2,334)
- - -
(Deficit)/surplus in the schemes
Summary of net pension liability as at 31 October 2023:
SCC DCC Total
£'000 £'000 £'000
Present value of defined benefit obligations (6,991) (3,227) (10,218)
Fair value of share of scheme assets 8,283 3,455 11,738
Impact of asset ceiling (1,292) (228) (1,520)
- - -
(Deficit)/surplus in the schemes
----- End of picture text -----

Somerset County Council Pension Scheme

----- Start of picture text -----
|||| |---|---|---| |Principal Actuarial Assumptions| |At 31 October|At 31 October| |2024|2023| |Salary increases|3.95%|3.90%| |Pension increases|2.95%|2.90%| |Discount rate|5.40%|5.75%| |The current mortality assumptions include sufficient allowance for the future improvements in| |mortality rates.| |The assumed life expectations on retirement age 65 are:|

----- End of picture text -----

----- Start of picture text -----
|||| |---|---|---| |At 31 October|At 31 October| |2024|2023| |Retiring today| |Males|21.0|21.1| |Females|23.0|22.9| |Retiring in 20 years| |Males|22.3|22.3| |Females|24.4|24.3|

----- End of picture text -----

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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

The Trust’s share of the assets and liabilities in the Somerset County Council Pension Fund are as follows:

----- Start of picture text -----
Pension Commitments - Assets/liabs in SCC Pension Fund
As at 31 October 2024 As at 31 October 2023
Fair % of total Fair % of total
value scheme value scheme
£'000 assets £'000 assets
Equities 7,207 75% 6,218 75%
Gilts 387 4% 254 3%
Other bonds 1,164 12% 873 11%
Property 649 7% 672 8%
Cash 266 3% 266 3%
Total market value of assets 9,673 100% 8,283 100%
Present value of scheme
liabilities - funded (7,815) (6,991)
Impact of asset ceiling (1,858) (1,292)
Deficit in the scheme - -
----- End of picture text -----

Amounts recognised in the statement of financial activities are as follows:

----- Start of picture text -----
2024 2023
£'000 £'000
Current service cost (133) (181)
Net interest cost 78 70
Administration expenses (6) (8)
Total (61) (119)
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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

Movements in the present value of defined benefit obligations were as follows:

----- Start of picture text -----
At 31 October At 31 October
2024 2023
£'000 £'000
At 1 November 2023 (6,991) (6,676)
Current service cost (133) (181)
Interest cost (398) (316)
Past service costs - -
Estimated benefits paid 206 120
Employee contributions (49) (56)
Actuarial gains/(losses) (450) 118
At 31 October 2024 (7,815) (6,991)
Movements in the fair value of the charity’s share of scheme assets were as follows:
At 31 October At 31 October
2024 2023
£'000 £'000
At 1 November 2023 8,283 8,083
Interest income 476 386
Expected return on Fund assets less interest 929 (149)
-
Other actuarial gains/(losses) (132)
Employer contributions 148 167
Employee contributions 49 56
Estimated benefits paid (206) (120)
Administrative expenses (6) (8)
At 31 October 2024 9,673 8,283
----- End of picture text -----

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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

Devon County Council Pension Scheme

Principal Actuarial Assumptions

----- Start of picture text -----
2024 2023
Salary increases 4.00% 3.95%
Pension increases 3.00% 2.95%
Discount rate 5.35% 5.70%
----- End of picture text -----

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
2024 2023
Retiring today
Males 21.4 21.4
Females 22.7 22.6
Retiring in 20 years
Males 22.7 22.7
Females 24.1 24.0

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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

The Trust’s share of the assets and liabilities in the Devon County Council Pension Fund are as follows:

----- Start of picture text -----
Pension Commitments - Assets/liabs in DCC Pension Fund
As at 31 October 2024 As at 31 October 2023
Fair % of total Fair % of total
value scheme value scheme
£'000 assets £'000 assets
UK equities 69 2% 49 1%
Overseas equities 2,024 52% 1,736 50%
Property 307 8% 311 9%
Infrastructure 394 10% 356 10%
Target return portfolio 89 2% 105 3%
Cash 130 3% 85 2%
Other bonds 902 23% 814 24%
Alternative assets - 0% (1) n/a
Total market of assets 3,915 100% 3,455 100%
Present value of scheme
liabilties - funded (3,439) (3,227)
Impact of asset ceiling (476) (228)
Deficit in the scheme - -
----- End of picture text -----

Amounts recognised in the statement of financial activities for are as follows:

At 31 October At 31 October
2024 2023
£'000 £'000
Current service cost (35) (48)
Net interest cost 14 20
Administration expenses (3) (2)
Total (24) (30)

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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

Movements in the present value of defined benefit obligations were as follows:

----- Start of picture text -----
At 31 October At 31 October
2024 2023
£'000 £'000
At 1 November 2023 (3,227) (3,060)
Current service cost (35) (48)
Past service costs - -
Interest cost (180) (145)
Estimated benefits paid 161 96
Employee contributions (10) (14)
Actuarial gains/(losses) (148) (56)
At 31 October 2024 (3,439) (3,227)
Movements in the fair value of the charity’s share of scheme assets were as follows:
----- End of picture text -----

----- Start of picture text -----
At 31 October At 31 October
2024 2023
£'000 £'000
At 1 November 2023 3,455 3,464
Interest income 194 165
Expected return on Fund assets 380 (84)
-
Other actuarial gains (53)
Employer contributions 40 47
Employee contributions 10 14
Estimated benefits paid (161) (96)
Administrative expenses (3) (2)
At 31 October 2024 3,915 3,455
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The South West Heritage Trust Notes to the Financial Statements For the Year Ended 31 October 2024

18 Obligations under leases

Operating leases-

The total future minimum rentals payable under non-cancellable operating leases funded by unrestricted funds are as follows:

----- Start of picture text -----
2024 2023
£ £
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 500,946 531,263
Other
Expiry date:
Within one year 8,258 8,258
Within two and five years 7,474 15,732
668,318 706,893
----- End of picture text -----

The rent payable above is funded by the Council. The funding from Council to the Trust to pay for the rent on leased and sub-leased properties shall be a sum equivalent to the full value of the rent. This sum is ring-fenced and is not included in the core funding it receives from the Council for charitable activities.

18 Capital commitments

At the year end, the trust had capital commitments which were contracted for, but have not provided for in the financial statements totalling £nil (2023: £72,000).

19 Related party transactions

The charity has taken advantage of the exemption in FRS 102 “Related Party Disclosures” from disclosing transactions with other members of the group.

There were no other related party transactions other than with members of the group (2023: none).

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