2022-06-30-accounts - Taunton Heritage Trust

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	~Pa e
Officers and Professional Advisors	1-2
Trustees' Report	3-16
Independent Auditors' Report to the Trustees	17-20
Statement of FinancialActivities	21
Balance Sheet	22
Statement of Cashflows	23
Notes to the Financial Statements	24-39

Staff
Chief Officer		Karen White
Officers		Nick Beresford —Properties Manager			(from 16August 2021)
		- Deputy	Chief Officer		(from 01April 2022)
		Laura Harrison —Administrator
		Claire Liell —Finance Manager
		Ros Moreton —Office & Compliance			Manager	(from	01 February
		2022)
		Jeff Payne —Properties	Manager (untii		31August	2021)
		Jeff Payne —Employers	Representative		(from 16September 2021)
		Jan Peake —Office &	Compliance		Manager	(untii	11 February
		2022)
Wardens		Mrs Jacqui Avison, 24 StJames Street, Taunton
		Mrs Alison Perrott, Leycroft Lodge,		Leycroft Close, Taunton
Auditor		A C Mole
		Chartered Accountants	&Statutory	Auditors
		Stafford House
		Blackbrook Park Avenue
		Taunton
		Somerset
		TA1 2PX
Registered	Office	Huish Homes, Magdalene Street, Taunton, Somerset TA11SG

Taunton Herita e Trust
The Re ort ofthe Board	ofTrustees
Year Ended 30June 2022
The allocation ofgrants:		2021-2022	2020-2021
Education (uniforms, etc)		22	30
Furniture 8 household	goods	14	27
White goods		31	59
Equipment for babies/children		0	1
Flooring		37	26
Clothing		3	1
Equipment for disability		2	4
Decoration/repairs		5	2
IT equipment		0	2
Playschemes		1	1
British School Fund		1	1
Bishop Fox's School Fund		1	1
Other		2	2
TOTAL		119	157

					Total	Total
		Unrestricted	Restricted	Endowment	Funds	Funds
	Note	Funds	Funds	Funds	2022	2021
		E	E	E	E	E
Income
Donations &legacies		50			50	3,150
Charitable activities
Almshouse letting		572,673			572,673	552,396
Investment income		104,210	12,942		117,152	159,757
Otherincome		900			900
Tota I Income		677,833	12,942		690,775	715,303
Expenditure
Raising funds	15	6,808	4,336	7,494	18,638	16,390
Charitable activities
Almshouse letting	3	554,465			554,465	444,568
Grants 8 donations	14	34,838			34,838	36,689
Other expenditure		4,084			4,084	23,119
Total Expenditure		600,195	4,336	7,494	612,025	520,766
(Losses)/Gains on
Investments		(79,107)	(115,188)	(85,135)	(279,430)	30,998
Net (Expenditure)/Income		(1,469)	(106,582)	(92,629)	(200,680)	225,535
Net Movement in Funds		(1,469)	(106,582)	(92,629)	(200,680)	225,535
Reconciliation of Funds:-
Total funds brought forward		5,702,366	629,143	955,529	7,287,038	7,061,503
Total fund carried forward		5,700,897	522,561	862,900	7,086,358	7,287,038

						Total	Total
			Unrestricted	Restricted	Endowment	Funds	Funds
	Note		Funds	Funds	Funds	2022	2021
			E	E	E	E	E
Fixed Assets
Housing properties		8	3,427,899	10,000		3,437,899	3,418,766
Tangible assets		9	9,152			9,152	10,601
Investments		10	2,069,470	513,544	864,781	3,447,795	3,556,857
Total Fixed	Assets		5,506,521	523,544	864,781	6,894,846	6,986,224
Current Assets
Debtors		11	7,888			7,888	13,359
Cash at bank and in hand			260,579			260,579	336,023
Total Current Assets			268,467			268,467	349,382
Liabilities-
Creditors: falling due within
one year		13	74,091	983	1,881	76,955	48,568
Net Current	Assets		194,376	(983)	(1,881)	191,512	300,814
Net Assets			5,700,897	522,561	862,900	7,086,358	7,287,038
The Funds	ofthe Trust:-
Endowment	funds;-
Permanent	endowment	17			862,900	862,900	955,529
Restricted	income funds	17		522,561		522,561	629,143
Unrestricted income
funds		17	5,700,897			5,700,897	5,702,366
Total Trust	Funds		5,700,897	522,561	862,900	7,086,358	7,287,038

				Total	Total
				Funds	Funds
				2022	2021
				6	f
			Note
Cash flows from operating	activities:
Net cash generated from operating activities			21	2,530	7,885
Cash flows from investing	activities:
Dividends, interest and rents from investments				117,152	159,757
Purchase of property plant equipment				(24,758)	(29,439)
Proceeds from the sale of	investments			152,566	230,324
Purchase of investments				(240,994)	(374,688)
Net cash generated/(used	in) from investing	activities		3,966	(14,046)
Increase/(decrease) in cash and cash equivalents
in the period				6,496	(6,161)
Cash and cash equivalents	at 1July 2021			497,047	503,208
Cash and cash equivalents	at30June 2022		12	503,543	497,047

						Unrestricted	Restricted	Total	Total
						Funds	Funds	Funds	Funds
								2022	2021
						E		E	E
	Other	donations				50		50	3,150
						50		50	3,150
3	Income and Expenditure from Almshouse					Lettings		2022	2021
								E	E
	Income from social housing			lettings				356,121	346,714
	Service charges							109,825	120,874
	Utility	charges						124,594	99,300
	Gross	Lettings Income	Receivable					590,540	566,888
	Less:	Letting income	loss from voids					(20,524)	(16,382)
	Other	income/ground	rents	and guest	accommodation			2,657	1,890
	Total	Income from Almshouse Lettings						572,673	552,396
	Expenditure on letting		activities:
		Personnel costs						126,342	128,465
		Establishment costs						180,033	164,541
		Routine maintenance						180,103	82,199
		Planned maintenance						32,150	30,631
		General expenses						28,763	29,704
	Depreciation —Furniture and equipment							7,074	9,028
	Total	Operating costs	on Almshouse		lettings			554,465	444,568
	Surplus on Almshouse		lettings activities					18,208	107,828


4	Surplus on Ordinary	Acti	vities					2022	2021
								E	E
	Surplus on ordinary	activities		is stated after		charging:—
	Auditors' remuneration
	Audit							8,298	7,200
	Depreciation							7,074	9,028
	Grants paid (includes	E100to		Bishop Fox's School in accordance			with
	the Trust's Deed)							34,838	36,689
5	Analysis ofstaff costs							2022	2021
								E	E
	Wages and salaries							121,474	124,032
	Social security costs							4,057	3,291
	Pension costs							811	1,142
								126,342	128,465
								Number	Number
	The average number	ofemployees			employed	during the period	was
	(all part time).
	There were no employees		with emoluments			above f60,000 in the period.
6	Investment Income							2022	2021
								E	E
	Commercial Property	Rents Receivable						41,249	87,588
	Dividends Receivable							75,398	71,874
	Building Society Interest		Receivable					505	295
								117,152	159,757
	Attributable to:—
	Restricted income							12,942	12,844
	Unrestricted income							104,210	146,913
								117,152	159,757

Housing property	held for letting
		2022	2021
			E
Cost or valuation
At the beginning	ofthe period	3,418,766	3,396,007
Additions		19,133	22,759
At the end ofthe	penod	3,437,899	3,418,766
Net book value
At 01July 2021		3,418,766	3,396,007
At 30June 2022		3,437,899	3,418,766
Freehold land and buildings		3,437,899	3,418,766

Spend on property in the period
		2022	2021
		E	E
Capita lised		19,133	22,759
Charged to the income and expenditure	account	212,253	112,830
		231,386	135,589

Tangible fixed assets						Furniture &	Equipment
							F.
Cost
At 01July 2021							30,790
Additions							5,625
At 30June 2022							36,415
Depreciation
At 01July 2021							20,189
Charge for year							7,074
At 30June 2022							27,263
Net BookValue
At 30June 2022							9,152
At 30June 2021							10,601
Fixed asset investments
				Investment	Listed	Total	Total
				Properties	Investments	2022	2021
				f	E	E	E
Movement in fixed asset		investments
Market value brought	forward at		1July 2021	1,025,000	2,370,833	3,395,833	3,220,471
Additions to investments		at cost			240,994	240,994	374,688
Disposals					(163,756)	(163,756)	(230,324)
Net gain/(loss) on revaluation					(268,240)	(268,240)	30,998
Market value at 30June 2022				1,025,000	2,179,831	3,204,831	3,395,833
Cash held within the	investment		portfolio		242,964	242,964	161,024
				1,025,000	2,422,795	3,447,795	3,556,857
Investments at fair value		comprised:				2022	2021
						f
Investment properties						1,025,000	1,025,000
Equities						2,036,633	2,177,159
Fixed interest securities						143,198	193,674
Cash held within the	investment		portfolio			242,964	161,024
						3,447,795	3,556,857

11	Debtors							2022	2021
								E	E
	Debtors								9,564
	Prepayments	and	accrued income					7,888	10,542
	Provision for bad		debts						(9,564)
	VAT								2,817
								7,888	13,359
12	Cash and cash equivalents							2022 E	2021 f
	Cash in hand							39,804	125,398
	Cash held on deposit							220,775	210,625
	Cash held within		investment portfolio					242,964	161,024
								503,543	497,047
13	Creditors: amounts			falling due within		one year		2022 f	2021 6
	Trade creditors							36,911	15,249
	Almshouse	letting		income and service		charges received	in advance	8,523	11,491
	Accruals and deferred				income			21,069	11,828
	Commercial	property			income received	in advance		10,000	10,000
	VAT							452
								76,955	48,568
14	Grants and	donations
						Grants to	Grants to	2022	2021
						Institutions	individuals	Tota I	Tota I
						E	E	E	E
	Education						3,994	3,994	4,082
	General purposes			(social welfare)		2,300	28,544	30,844	32,607
						2,300	32,538	34,838	36,689

investment	2022	2021
	f	f
Unrestricted	6,808	5,803
Restricted	4,336	4,008
Endowment	7,494	6,579
	18,638	16,390

Housing stock	Housing stock
				Units in Management
				2022	2021
The average	number of units ofhousing	in management	was:
Houses for	letting
Almshouses				66	66

17 Analysis of Charitable	17 Analysis of Charitable	Funds
		1July	Income/	Gains &		30June
		2021	(Expenditure)	(Losses)	Transfers	2022
		E	E	E	E	E
Revenue reserve		5,202,366	77,638	(79,107)		5,200,897
Designated reserves
Roof replacement	fund	250,000				250,000
Leycroft fund		250,000				250,000
Total Unrestricted	Funds	5,702,366	77,638	(79,107)		5,700,897
Endowment Funds
Historical cost		822,675	(7,494)	5,137		820,318
Revaluation		132,854		(90,272)		42,582
Total Endowment	Funds	955,529	(7,494)	(85,135)		862,900
Restricted Funds
Corfield Hall		10,000				10,000
Extraordinary repairs fund
Historic cost		512,819	8,606	(15,762)		505,663
Revaluation		106,324		(99,426)		6,898
		619,143	8,606	(115,188)		512,561
Total Restricted	Funds	629,143	8,606	(115,188)		522,561
TotalFunds		7,287,038	78,750	(279,430)		7,086,358

Forthe ear ende	d 30June 2022	d 30June 2022	d 30June 2022	d 30June 2022
18 Prior Period	Analysis of Funds
				1July	Income/	Gains	&		30June
				2020	Expenditure	(Losses)		Transfers	2021
				E	E		E	f	E
Unrestricted reserves
Revenue reserve				5,285,994	192,280	(275,908)			5,202,366
Designated reserves
Roof replacement			fund	250,000					250,000
Leycroft fund				250,000					250,000
Total Unrestricted			Funds	5,785,994	192,280	(275,908)			5,702,366
Endowment Funds
Historical cost				828,907	(6,579)	347			822,675
Revaluation				(39,408)		172,262			132,854
Total Endowment			Funds	789,499	(6,579)	172,609			955,529
Restricted Funds
Corfield Hall				10,000					10,000
Extraordinary	repairs fund
Historical cost				474,693	8,836	29,290			512,819
Revaluation				1,317		105,007			106,324
				476,010	8,836	134,297			619,143
Total Restricted		Funds		486,010	8,836	134,297			629,143
Total Funds				7,061,503	194,537	30,998			7,287,038
19 Prior period	statement			ofassets as at 30June	2021
				Unrestricted	Restricted	Endowment		Total
				F.	E	E		E
Fixed Assets
Housing properties				3,408,766	10,000			3,418,766
Tangible assets				10,601				10,601
Investment				1,979,300	620,241	957,316		3,556,857
Current Assets/(Liabilities)
Debtors				13,359				13,359
Bank				336,023				336,023
Creditors				(45,683)	(1,098)	(1,787)		(48,568)
				5,702,366	629,143	955,529		7,287,038
				Page 35

						2022	2021
						f	6
Net (expenditure)/income for the				reporting	period
(as per the statement		of financial	activities)			(200,680)	225,535
Adjustments for:
Depreciation charges						7,074	9,028
Net losses/(gains)	on	investments				279,430	(30,998)
Dividends, interest	and rents from			investments		(117,152)	(159,757)
Decrease/(Increase)		in debtors				5,471	(468)
Increase/(Decrease)		in creditors				28,387	(35,455)
Net cash generated	from operating			activities		2,530	7,885

	2022	2021
Payments receivable:	f	6
Within one year	48,487	37,736
Due one to five years	41,197	74,465
	89,684	112,201

					Total
		Unrestricted	Restricted	Endowment	Funds
		Funds	Funds	Funds	2021
		E	f	E	E
Income
Donations 8 legacies		3,100	50		3,150
Charitable activities
Almshouse letting		552,396			552,396
Investment income		146,913	12,844		159,757
Total Income		702,409	12,894		715,303
Expenditure Raising funds		5,803	4,008	6,579	16,390
Charitable activities
Almshouse letting Grants &donations		444,568 36,639	50		444,568 36,389
Other expenditure		23,119			23,119
Total Expenditure		510,129	4,058	6,579	520,766
Gains on
Investments		(275,908)	134,297	172,609	30,998
Net Income/(Expenditure)		(83,628)	143,133	166,030	225,535
Net Movement in Funds		(83,628)	143,133	166,030	225,535
Reconciliation of Funds:-
Total funds brought	forward	5,785,994	486,010	789,499	7,061,503
Total funds carried	forward	5,702,366	629,143	955,529	7,287,038

Taunton		Herita e Trust	Herita e Trust	Herita e Trust
Detailed		Income and		Ex enditure		Account
For the		ear ended 30June			2022			2022		2021
							E	E
Income
Charitable			Activities
	Almshouses							572,673		552,396
Investment			Income
	Income from			commercial		lettings		41,249		87,588
	Investment income							75,398		71,874
	Interest receivable							505		295
Donations								50		3,150
Other Income								900
								690,775		715,303
Expenditure
Raising	Funds —stockbrokers				fees			18,638		16,390
Charitable			Activities
	Salaries						126,342		128,465
	Establishment			expenses
			Rates &,water				33,260		27,312
			Electricity	&gas			78,338		73,050
			Insurance				12,976		10,306
			Cleaning				13,161		15,490
			Christmas	gifts/outings			6,559		6,695
			Telephone				11,990		11,287
			Cyclical repairs 8		maintenance		180,103		82,199
			Responsive	maintenance			32,150		30,631
			Garden				23,749		20,401
							392,286		277,371
	General Expenses
			Travel &subsistence				558		418
			Training				4,243		1,541
			Postage &.	stationery			3,266		2,337
			Professional fees				11,843		17,400
			Au di to r's fees				8,298		7,200
			Depreciation —fixtures			&fittings	7,074		9,028
			Sundry				555		808
							35,837		38,732
								554,465		444,568
Grants and			donations					34,838		36,689
Other Expenditure - Professional						Fees		4,084		3,003
			Bad Debt Write Off							20,116
Surplus	on		ordinary activities					78,750		194,537