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2023-06-30-accounts

TAUNTON HERITAGE TRUST ANNUAL REPORT AND ACCOUNTS 2022-2023 Registered CIO No.. 1177162 Regulator of Soaal Housing No= 5059

Page
WHAT WE DO
WELCOME FROM CHAIR OF TRUSTEES
WHO WE ARE
The Board ofTrustees 5-6
Officers and Professional Advisors
TRUSTEES REPORT
Objectives and Activities 8-9
Achievements
and Performance		 10-18
Financial
Review		 19-21
Structure,
Governance		 and Management 23-25
Plans for Future Years 26
Professional
Advisors		 27
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES 29-32
Statement of Financial Activities
Balance Sheet 34-35
Statement ofCashflows
Notes to the Financial Statements 37-55

Grants during the year amounting Grants during the year amounting to f37,636were made as follows:
f35,532 Grants for general purposes
f 2,084 Grants for educational purposes
The allocation ofgrants: 2022-2023 2021-2022
Education
(uniforms, etc)		 12 22
Furniture
& household		 goods 17 14
White goods 42 31
Equipment
for babies/children		 1 0
Flooring 40 37
Clothing 0 3
Equipment
for disability		 7 2
Decoration/repairs 1 5
ITequipment 0 0
Pl ayschemes 0 1
British School Fund 0 1
Bishop Fox's School Fund 1 1
Other 3 2
TOTAL 124 119

Unres- Endowment
tricted Res-tricted fund 2023 Total 2022 Total
Notes F f'. 6
income:
Donations
&legacies		 65 65 50
Charitable
activities		 2 616,913 616,913 572,673
Investment
Income		 3 130,082 14,755 144,837 117,152
Other income 4 205,887 205,887 900
Total income 952,947 14,755 967,702 690,775
Expenditure:
Raising funds
Investment
manager		 fees 6,661 3,824 7,344 17,829 18,638
Charitable
activities
Almhouse
letting		 2 534,772 534,772 554,465
Grants
&donations		 5 37,616 37,616 34,838
Other expenditure 5,661 5,661 4,084
Total expenditure 584,710 3,824 7,344 595,878 612,025
Net income
/ (expenditure)
before other recognised
gains and losses 368,237 10,931 (7,344) 371,824 78,750
Net gain / (loss) on 10 (40,873) (17,692) (52,434) (110,999) (279,430)
investments
Net income
before transfers 327,364 (6,761) (59,778) 260,825 (200,680)
Transfers
Net movement
in funds for the year 327,364 (6,761) (59,778) 260,825 (200,680)
Reconciliation
offunds
Total funds brought forward 5,700,897 522,561 862,900 7,086,358 7,287,038
Total funds
carried forward 6,028,261 515,800 803,122 7,347,183 7,086,358
2023 2022
F
Notes
Fixed assets
Housing
properties		 8 3,263,749 3,437,899
Tangible
fixed assets		 9 7,037 9,152
Investments 10 3,687,642 3,447,795
6,958,428 6,894,846
Current assets
Debtors 11 116,914 7,888
Cash at bank and in hand 314,895 260,579
431,809 268,467
Liabilities:
Creditors
falling due within one year		 12 (43,054) (76,955)
Net current assets 388,755 191,512
Total net assets 7,347,183 7,086,358
The funds ofthe charity:
Unrestricted
funds:
General funds 13 5,528,261 5,200,897
Designated
funds		 500,000 500,000
Total unrestricted funds 6,028,261 5,700,897
Endowment
funds		 13 803,122 862,900
Restricted
funds		 13 515,800 522,561
Total charity funds 7,347,183 7,086,358

2023 2022
E
Notes
Cash flows from operating
activities
Net movements
in funds for the year		 260,825 (200,680)
Adjustments
to cash flows from non-cash		 items
Gain on disposal offixed assets (65,943)
Depreciation
and amortisation		 9 5,889 7,074
Dividends
and interest from investments		 3 (144,837) (117,152)
Investment
revaluations		 10 110,999 279,430
166,933 (31,328)
Working
capital adjustments
Decrease/(increase)
in debtors		 11 (109,026) 5,471
Increase/(decrease)
in creditors		 12 (33,901) 28,387
Net cash flow from operations 24,006 2,530
Cash flows from investing
activities
Dividends
and interest from investments		 144,837 117,152
Proceeds on disposal of fixed assets 240,093
Purchase
of fixed assets		 10 (3,774) (24,758)
Acquisition
of investments		 10 (670,803) (240,994)
Investment
disposals		 10 179,641 152,566
Net cash provided
by/(used
in) investing		 activities (110,006) 3,966
Net increase/(decrease)
in cash and cash equivalents		 (86,000) 6,496
Cash and cash equivalents
at the beginning		 of 503,543 497,047
the reporting
period
Cash and cash equivalents
at the end of		 the 417,543 503,543
reporting
period
Cash &Cash equivalents
reconciliation:
Cash at bank 314,895 260,579
Cash held by investment
manager		 10 102,648 242,964
Total cash 8 cash equivalents
at the end		 of the 417,543 503,543
reporting
period

Unres- Res- Unres- Res-
tricted tricted 2023 tricted tricted 2022
funds
E		 funds Total
E		 funds fundsf Total
Income and expenditure from Almshouses
Lettings
Income from social housing lettings 640,929 640,929 590,540 590,540
Letting income loss from voids (26,596) (26,596) (20,524) (20,524)
Other income/ground
rents
&guest accomodation 2,580 2,580 2,657 2,657
616,913 616,913 572,673 572,673
Expenditure
on letting activities:
Personnel
costs		 150,731 150,731 126,342 126,342
Establishments
costs		 181,009 181,009 180,033 180,033
Routine maintenance 131,690 131,690 180,103 180,103
Planned
maintenance		 32,967 32,967 32,150 32,150
General expenses 32,486 32,486 28,763 28,763
Depreciation
- furniture		 &equipment 5,889 5,889 7,074 7,074
Total operating costs on 534,772 534,772 554,465 554,465
Almshouses
lettings
Surplus
on Almshouse		 lettings 82,141 82,141 18,208 18,208

Unres- Res- Unres- Res-
tricted tricted 2023 tricted tricted 2022
funds fundsf Totalf funds
f		 funds Total
Commercial Property Rents 52,000 52,000 41,249 41,249
Dividends Receivable 75,266 14,755 90,021 62,456 12,942 75,398
Bank Interest 2,816 2,816 505 505
130,082 14,755 144,837 104,210 12,942 117,152

4. Other income
Unres- Res- Unres- Res-
tricted tricted 2023 tricted tncted 2022
fundsf fundsf Totalf fundsf funds
f		 Total
Other income 139,944 139,944 900 900
Profit on disposal of freehold property 65,943 65,943
205,887 205,887 900 900

Grants to Grants to 2023 Grants to Grants to 2022
institutions individuals Total institutions individuals Total
Z
Education 2,084 2,084 3,994 3,994
General purposes (social welfare) 665 34,867 35,532 2,300 28,544 30,844
665 36,951 37,616 2,300 32,538 34,838

Net incoming
resource		 s/operating
surplus
2023f 2022
Depreciation
of
owned assets 5,889 7,074
Auditors'
remuneration		 for:
Audit services 6,000 8,298
Accountancy
services		 1,950

Employment costs 2023 2022
E F
Wages and salaries 144,018 121,474
Social security costs 5,252 4,057
Other pension costs 1,461 811
150,731 126,342

2023f 2022f
Cost or valuation
At 1 July 2022 3,437,899 3,418,766
Additions 19,133
Disposals
- Warden's		 House (174,150)
At 30 June 2023 3,263,749 3,437,899
Net book value
At 1 July 2022 3,437,899 3,418,766
At 30 June 2023 3,263,749 3,437,899
Freehold
land and buildings		 3,263,749 3,437,899

pend on pr ope rty
in t		 he p eriod
2023 2022
k 6
Capitalised 19,133
Charged to the income and expenditure account 164,657 212,253
164,657 231,386

Furniture
and
Cost Equipmentf Total
F
At 1 July 2022 36,415 36,415
Additions 3,774 3,774
Disposals
At 30June 2023 40,189 40,189
Depreciation
At 1 July 2022 27,263 27,263
Charge for the year 5,889 5,889
Disposals
At 30June 2023 33,152 33,152
Net book value
At 30June 2023 7,037 7,037
At 1 July 2022 9,152 9,152

Invest- Listed Invest- Listed
ment invest- 2023 ment invest- 2022
properties ments Total properties ments Total
L'
Ii/lovements in fixed assets investments
Market value b/f as 1 July 2022 1,025,000 2,179,831 3,204,831 1,025,000 2,370,833 3,395,833
Additions at cost 670,803 670,803 - 240,994 240,994
Disposals (179,641) (179,641) (163,756) (163,756)
Net gain / (loss) on revaluation (110,999) (110,999) (268,240) (268,240)
1,025,000 2,559,994 3,584,994 1,025,000 2,179,831 3,204,831
Cash held within investment portfolio 102,648 102,648 - 242,964 242,964
Market value c/f as at 30June 2023 1,025,000 2,662,642 3,687,642 1,025,000 2,422,795 3,447,795
Investments at fair value 2023 2022
Total Total
f.
Investment properties 1,025,000 1,025,000
Equities 2,179,831 2,036,633
Fixed interest securities 380,163 143,198
Cash held within the investment portfolio 102,648 242,964
3,687,642 3,447,795
11. Debtors
2023 2022
Debtors 2,978
Prepayments and accrued income 113,936 7,888
116,914 7,888
12. Creditors: Amounts falling due within one year
2023f 2022f
Creditors 17,029 36,908
Accruals 12,512 20,063
Deferred Income 13,113 19,532
Taxation and social security 400 452
43,054 76,955

13.
Sum		 mary
 o f moveme nt
in funds
Gain/(loss)
on
Opening Investments Closing
balancef Incomef Expenditure f &transfers
f		 balance
Unrestricted funds
General 5,200,897 952,947 (584,710) (40,873) 5,528,261
Desi
nated		 reserves
Roof replacement fund 250,000 250,000
Almshouses fund 250,000 250,000
Total unrestricted funds 5,700,897 952,947 (584,710) (40,873) 6,028,261
Endowment funds
Historical cost 820,318 (7,344) (9,852) 803,122
Revaluation 42,582 (42,582)
862,900 (7,344) (52,434) 803,122
Restricted funds
Corfield
Hall		 10,000 10,000
Extraordinary repairs fund
Historical cost 505,663 14,755 (3,824) (10,794) 505,800
Revaluation 6,898 (6,898)
522,561 14,755 (3,824) (17,692) 515,800
Total funds 7,086,358 967,702 (595,878) (110,999) 7,347,183
Summary of mo v ement
in		 funds —2022
Gain/(loss)
on
Opening investments Closing
balancef Income
6		 Expenditure
6		 8,transfers
6		 balance
6
Unrestricted funds
General 5,202,366 677,833 (600,195) (79,107) 5,200,897
Desi
nated		 reserves
Roof replacement fund 250,000 250,000
Almshouses fund 250,000 250,000
Total unrestricted funds 5,702,366 677,833 (600,195) (79,107) 5,700,897
Endowment funds
Historical cost 822,675 (7,494) 5,137 820,318
Revaluation 132,854 (90,272) 42,582
955,529 (7,494) (85,135) 862,900
Restricted funds
Corfield
Hall		 10,000 10,000
Extraordinary repairs fund
Historical cost 512,819 12,942 (4,336) (15,762) 505,663
Revaluation 106,324 (99,426) 6,898
629,143 12,942 (4,336) (115,188) 522,561
Total funds 7,287,038 690,775 (612,025) (279,430) 7,086,358

Unres- Res- Endow- 2023
tricted tricted mentf Total
Fixed assets
Housing properties 3,253,749 10,000 3,263,749
Tangible assets 7,037 7,037
Investment 2,375,835 506,898 804,909 3,687,642
Current assets/(liabilities)
Debtors 116,914 116,914
Bank 314,895 314,895
Creditors (40,169) (1,098) (1,787) (43,054)
6,028,261 515,800 803,122 7,347,183

Prior year - 2022
Unres- Res- Endow- 2022
tricted tricted
f		 mentf Total
f
Fixed assets
Housing properties 3,427,899 10,000 3,437,899
Tangible assets 9,152 9,152
Investment 2,069,449 513,659 864,687 3,447,795
Current assets/(liabilities)
Debtors 7,888 7,888
Bank 260,579 260,579
Creditors (74,070) (1,098) (1,787) (76,955)
5,700,897 522,561 862,900 7,086,358

Categoris ation
offinancial		 instruments
2023
f		 2022f
Financial assets measured
at fair value through		 income and
expenditure
account		 3,687,642 3,447,795
Financial assets that are debt instruments measured at
amortised cost 318,873 260,579
4,006,515 3,708,374
Financial liabilities measured at amortised cost 29,541 56,971
Item of income, expenditure, gain or losses
2023 Incomef Expensef Net gains
f		 Net losses
f
Financial assets measured
at		 fair value through
income and expenditure
account		 142,021 17,829 52,434
Financial assets that are debt instruments
measured at amortised
cost		 2,816
Financial liabilities
measured		 at amortised cost
144,837 17,829 52,434
2022 Incomef Expense
f		 Net gains
f		 Net losses
f
Financial assets measured
at		 fair value through
income and expenditure
account		 116,647 18,638 279,430
Financial assets that are debt instruments
measured at amortised
cost		 505
Financial liabilities
measured		 at amortised cost
117,152 18,638 279,430

At 30 June 2023, the
Trust
is due
the
following
operating
leases for which
it is a lessor, for each of		 minimum
lease
receipts
under

the following
periods.		 non-cancellab
2023 2022
Land and Buildings f f
Expiry date:
Within one year 58,500 48,487
Between two and five years 4,000 41,197
62,500 89,684
21.
Prior year -		 Stat ement of Financial Activities for t he year ended 30June 202
Unres- Endowment
tricted Res-tricted fund 2022 Total
Notes
Income:
Donations
8 legacies		 50 50
Charitable
activities		 2 572,673 572,673
Investment
Income		 3 104,210 12,942 117,152
Other income 4 900 900
Total income 677,833 12,942 690,775
Expenditure:
Raising funds
Investment
manager		 fees 6,808 4,336 7,494 18,638
Charitable
activities
Almhouse
letting		 2 554,465 554,465
Grants 8 donations 5 34,838 34,838
Other expenditure 4,084 4,084
Total expenditure 600,195 4,336 7,494 612,025
Net income
/ (expenditure)
before other recognised
gains and losses 77,638 8,606 (7,494) 78,750
Net gain
/ (loss) on		 11 (79,107) (115,188) (85,135) (279,430)
investments
Net income
before transfers (1,469) (106,582) (92,629) (200,680)
Transfers 16
Net movement
in funds for the year (1,469) (106,582) (92,629) (200,680)
Reconciliation
offunds
Total funds
brought		 forward 5,702,366 629,143 955,529 7,287,038
Total funds
carried forward 5,700,897 522,561 862,900 7,086,358