## 

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





## 

## 



|Staff||||||||
|---|---|---|---|---|---|---|---|
|Chief Officer||Karen White||||||
|Officers||Nick Beresford —Properties<br>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<br>(untii||31August|2021)||
|||Jeff Payne —Employers|Representative||(from 16September 2021)|||
|||Jan<br>Peake —Office<br>&|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<br>Accountants|&Statutory|Auditors||||
|||Stafford House||||||
|||Blackbrook Park Avenue||||||
|||Taunton||||||
|||Somerset||||||
|||TA1 2PX||||||
|Registered|Office|Huish Homes, Magdalene<br>Street, Taunton, Somerset TA11SG||||||





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|Taunton<br>Herita<br>e Trust||||
|---|---|---|---|
|The Re ort ofthe Board|ofTrustees|||
|Year Ended 30June 2022||||
|The allocation ofgrants:||2021-2022|2020-2021|
|Education<br>(uniforms, etc)||22|30|
|Furniture<br>8 household|goods|14|27|
|White goods||31|59|
|Equipment<br>for babies/children||0|1|
|Flooring||37|26|
|Clothing||3|1|
|Equipment<br>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|



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||||||Total|Total|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Funds|Funds|
||Note|Funds|Funds|Funds|2022|2021|
|||E|E|E|E|E|
|Income|||||||
|Donations<br>&legacies||50|||50|3,150|
|Charitable<br>activities|||||||
|Almshouse<br>letting||572,673|||572,673|552,396|
|Investment<br>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<br>activities|||||||
|Almshouse<br>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<br>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<br>in Funds||(1,469)|(106,582)|(92,629)|(200,680)|225,535|
|Reconciliation<br>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<br>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:<br>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<br>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<br>from operating<br>activities|||21|2,530|7,885|
|Cash flows from investing|activities:|||||
|Dividends,<br>interest<br>and rents from investments||||117,152|159,757|
|Purchase of property<br>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)<br>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|





## 

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## 



## 

|||||||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<br>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<br>Lettings||||||572,673|552,396|
||Expenditure<br>on letting||activities:|||||||
|||Personnel<br>costs||||||126,342|128,465|
|||Establishment<br>costs||||||180,033|164,541|
|||Routine maintenance||||||180,103|82,199|
|||Planned<br>maintenance||||||32,150|30,631|
|||General expenses||||||28,763|29,704|
||Depreciation —Furniture<br>and equipment|||||||7,074|9,028|
||Total|Operating<br>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<br>on ordinary|activities||is stated after||charging:—||||
||Auditors'<br>remuneration|||||||||
||Audit|||||||8,298|7,200|
||Depreciation|||||||7,074|9,028|
||Grants<br>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<br>number|ofemployees|||employed|during the period|was|||
||(all part time).|||||||||
||There were no employees||with emoluments|||above f60,000 in the period.||||
|6|Investment<br>Income|||||||2022|2021|
|||||||||E|E|
||Commercial<br>Property|Rents Receivable||||||41,249|87,588|
||Dividends<br>Receivable|||||||75,398|71,874|
||Building Society Interest||Receivable|||||505|295|
|||||||||117,152|159,757|
||Attributable<br>to:—|||||||||
||Restricted income|||||||12,942|12,844|
||Unrestricted<br>income|||||||104,210|146,913|
|||||||||117,152|159,757|





## 

|8|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<br>land and buildings||3,437,899|3,418,766|



|Spend on property<br>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<br>&|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<br>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)<br>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<br>at fair value||comprised:||||2022|2021|
|||||||f||
|Investment<br>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<br>E|2021<br>f|
||Cash in hand|||||||39,804|125,398|
||Cash held on deposit|||||||220,775|210,625|
||Cash held within||investment<br>portfolio|||||242,964|161,024|
|||||||||503,543|497,047|
|13|Creditors: amounts|||falling due within||one year||2022<br>f|2021<br>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|management|fees:|2022|2021|
|---|---|---|---|---|
||||f|f|
|Unrestricted|||6,808|5,803|
|Restricted|||4,336|4,008|
|Endowment|||7,494|6,579|
||||18,638|16,390|



|16|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<br>Analysis of Charitable|17<br>Analysis of Charitable|Funds|||||
|---|---|---|---|---|---|---|
|||1July|Income/|Gains &||30June|
|||2021|(Expenditure)|(Losses)|Transfers|2022|
|||E|E|E|E|E|
|Revenue<br>reserve||5,202,366|77,638|(79,107)||5,200,897|
|Designated<br>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<br>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<br>Funds|||||||
|Corfield<br>Hall||10,000||||10,000|
|Extraordinary<br>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<br>ear ende|d 30June 2022|d 30June 2022|d 30June 2022|d 30June 2022||||||
|---|---|---|---|---|---|---|---|---|---|
|18<br>Prior Period|Analysis of Funds|||||||||
|||||1July|Income/|Gains|&||30June|
|||||2020|Expenditure|(Losses)||Transfers|2021|
|||||E|E||E|f|E|
|Unrestricted<br>reserves||||||||||
|Revenue<br>reserve||||5,285,994|192,280|(275,908)|||5,202,366|
|Designated<br>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<br>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<br>Funds||||||||||
|Corfield<br>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<br>Prior period|statement|||ofassets as at 30June|2021|||||
|||||Unrestricted|Restricted|Endowment||Total||
|||||F.|E|E||E||
|Fixed Assets||||||||||
|Housing<br>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<br>for the||||reporting|period|||
|(as per the statement||of financial|activities)|||(200,680)|225,535|
|Adjustments<br>for:||||||||
|Depreciation<br>charges||||||7,074|9,028|
|Net losses/(gains)|on|investments||||279,430|(30,998)|
|Dividends,<br>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<br>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<br>8 legacies||3,100|50||3,150|
|Charitable<br>activities||||||
|Almshouse<br>letting||552,396|||552,396|
|Investment<br>income||146,913|12,844||159,757|
|Total Income||702,409|12,894||715,303|
|Expenditure<br>Raising funds||5,803|4,008|6,579|16,390|
|Charitable<br>activities||||||
|Almshouse<br>letting<br>Grants &donations||444,568<br>36,639|50||444,568<br>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<br>in Funds||(83,628)|143,133|166,030|225,535|
|Reconciliation<br>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<br>e Trust|Herita<br>e Trust|Herita<br>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<br>income|||||||75,398||71,874|
||Interest receivable|||||||505||295|
|Donations||||||||50||3,150|
|Other Income||||||||900|||
|||||||||690,775||715,303|
|Expenditure|||||||||||
|Raising|Funds<br>—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<br>&.|stationery|||3,266||2,337||
||||Professional<br>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<br>- Professional||||||Fees||4,084||3,003|
||||Bad Debt Write Off|||||||20,116|
|Surplus|on||ordinary<br>activities|||||78,750||194,537|