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<br>and Performance|||10-18|
|Financial<br>Review|||19-21|
|Structure,<br>Governance|and Management||23-25|
|Plans for Future Years|||26|
|Professional<br>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<br>(uniforms, etc)|||12|22|
|Furniture<br>& household|goods||17|14|
|White goods|||42|31|
|Equipment<br>for babies/children|||1|0|
|Flooring|||40|37|
|Clothing|||0|3|
|Equipment<br>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<br>&legacies|||65|||65|50|
|Charitable<br>activities||2|616,913|||616,913|572,673|
|Investment<br>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<br>manager||fees|6,661|3,824|7,344|17,829|18,638|
|Charitable<br>activities||||||||
|Almhouse<br>letting||2|534,772|||534,772|554,465|
|Grants<br>&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<br>/ (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<br>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<br>properties||8|3,263,749||3,437,899||
|Tangible<br>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<br>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<br>funds:|||||||
|General funds||13||5,528,261||5,200,897|
|Designated<br>funds||||500,000||500,000|
|Total unrestricted|funds|||6,028,261||5,700,897|
|Endowment<br>funds||13||803,122||862,900|
|Restricted<br>funds||13||515,800||522,561|
|Total charity funds||||7,347,183||7,086,358|





## 

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





## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 



## 

## 



## 

||||Unres-|Res-||Unres-|Res-||
|---|---|---|---|---|---|---|---|---|
||||tricted|tricted|2023|tricted|tricted|2022|
||||funds<br>E|funds|Total<br>E|funds|fundsf|Total|
|Income and expenditure||from Almshouses<br>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<br>rents|||||||||
|&guest accomodation|||2,580||2,580|2,657||2,657|
||||616,913||616,913|572,673||572,673|
|Expenditure<br>on letting activities:|||||||||
|Personnel<br>costs|||150,731||150,731|126,342||126,342|
|Establishments<br>costs|||181,009||181,009|180,033||180,033|
|Routine maintenance|||131,690||131,690|180,103||180,103|
|Planned<br>maintenance|||32,967||32,967|32,150||32,150|
|General expenses|||32,486||32,486|28,763||28,763|
|Depreciation<br>- furniture|&equipment||5,889||5,889|7,074||7,074|
|Total operating costs on|||534,772||534,772|554,465||554,465|
|Almshouses<br>lettings|||||||||
|Surplus<br>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<br>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<br>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<br>resource|s/operating<br>surplus|||
|---|---|---|---|
|||2023f|2022|
|Depreciation<br>of||||
|owned assets||5,889|7,074|
|Auditors'<br>remuneration|for:|||
|Audit services||6,000|8,298|
|Accountancy<br>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<br>- 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<br>land and buildings||3,263,749|3,437,899|



## 

|pend on|pr|ope|rty<br>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<br>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.<br>Sum|mary<br>|o|f moveme|nt<br>in funds||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||Gain/(loss)<br>on||
|||||Opening||||Investments|Closing|
|||||balancef|Incomef|Expenditure|f|&transfers<br>f|balance|
|Unrestricted|funds|||||||||
|General||||5,200,897|952,947|(584,710)||(40,873)|5,528,261|
|Desi<br>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<br>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<br>in|funds —2022|||||
|---|---|---|---|---|---|---|---|---|
||||||||Gain/(loss)<br>on||
|||||Opening|||investments|Closing|
|||||balancef|Income<br>6|Expenditure<br>6|8,transfers<br>6|balance<br>6|
|Unrestricted|funds||||||||
|General||||5,202,366|677,833|(600,195)|(79,107)|5,200,897|
|Desi<br>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<br>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<br>f|mentf|Total<br>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<br>offinancial|instruments||||||||
|---|---|---|---|---|---|---|---|---|---|
||||||||2023<br>f|2022f||
|Financial|assets measured<br>at fair value through|||income||and||||
|expenditure<br>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<br>f|Net losses<br>f|
|Financial|assets measured<br>at|fair value through||||||||
|income and expenditure<br>account|||||142,021||17,829||52,434|
|Financial|assets that are debt|instruments||||||||
|measured|at amortised<br>cost|||||2,816||||
|Financial|liabilities<br>measured|at amortised|cost|||||||
||||||144,837||17,829||52,434|
|2022||||||Incomef|Expense<br>f|Net gains<br>f|Net losses<br>f|
|Financial|assets measured<br>at|fair value through||||||||
|income and expenditure<br>account|||||116,647||18,638||279,430|
|Financial|assets that are debt|instruments||||||||
|measured|at amortised<br>cost|||||505||||
|Financial|liabilities<br>measured|at amortised|cost|||||||
||||||117,152||18,638||279,430|





## 

|At 30 June 2023, the<br>Trust<br>is due<br>the<br>following<br>operating<br>leases for which<br>it is a lessor, for each of|minimum<br>lease<br>receipts<br>under<br><br>the following<br>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.<br>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<br>8 legacies|||50|||50|
|Charitable<br>activities||2|572,673|||572,673|
|Investment<br>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<br>manager||fees|6,808|4,336|7,494|18,638|
|Charitable<br>activities|||||||
|Almhouse<br>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<br>/ (expenditure)|||||||
|before other recognised|||||||
|gains and losses|||77,638|8,606|(7,494)|78,750|
|Net gain<br>/ (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<br>offunds|||||||
|Total funds<br>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|