TAUNTON HERITAGE TRUST ANNUAL REPORT AND ACCOUNTS 2023-2024 Registered CIO No: 1177162 Regulator of Social Housing No: 5059 .Jr
CONTENTS Page WHATWE DO WELCOME FROM CHAIR OF TRUSTEES WHO WE ARE The Board of Trustees Officers and Professional Advisors TRUSTEES REPORT Objectives and Activities Achievements and Performance Financial Review Structure, Governance and Management Plans for Future Years Professional Advisors INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Statement of Financial Artivities Balance Sheet Statement of Cashflows Notes to the Financial Statements 9-15 16-18 20-22 23 24 25-28 29 30-31 32 33-51 Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRUST period ended 31 March 2024
WHAT WE DO Almshouse living enables older people, some of whom are vulnerable, to maintain their independence and dignity in a safe and secure environment which not only enhances their lives, but also assists wider society by offering a very special housing provision. Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRUST period ended 31 March 2024
WELCOME Message from the Chair Dear Fiiend5 and Supporters, Welcome to the Taunton Heritage Trust Annual Report and Accountg 2023-2024. 1 am pleased to share with you our progress and accomplishments over the past year. Our dedication to supportin8 those in Excited forthe upcoming year, our need remains unwaverin& arKI together. 80al is to provide rn0 affordable we have made a significant impact on the social housin& a crucial necessity in lives of our Almshouse Residents and the community. The Trust aims to construct a new Almshouse to Grant recipients this year. accommodate an additional 12 Residents connect and support one another within our communities. The Residents. bonds help combat feelings of isolation and enhance overall well-being. We continue to enhan the skills of our Staff and Trustees through ongoing training and development, preparing for the exciting opportunities and growth ahead. Our properties are meticulously maintained, offering peace of mind to our Residents who often tum to us after unexpected life challenges. As we anticipate another year filled with attivity we would like to thank all Our serene gardens probide moments for those who supported us to make this contemplation, while our comrnunity year such a success. rooms offer a welcoming and secu space for shared experiences and celebration. Liz Fotherglll Chair of Trustees Annual Report and Accounts 2023.2024 TAUNTON HERITAGE TRUST period ended 31 March 2024
WHO WE ARE REFERENCE AND ADMINISTRATIVE DETAILS The Board of Trustees Trustees are all fflembers of the @oard of Management Appointed for four years exiHring 30 June 2025 )HN RUFF12 terml NORMAN CAWLL12n¢ temil Appointed for four years exixrin8 30 June 2026 LIZ FOTHERGILL12MI terml Appointed for four years eXring 06 June 2027 ANDY PRITCHARD {2- terml SUE 8ULLER12 lerml Appointed for four years eximring 05 Awil 2028 HUGH GREGORY12- ternil Appointed for four years exiMrin8 30 June 2028 CHRIS CUThNG13" terml 'MIKE HELLING5 [3 terml JEAN ALLGROVE resigned 5 December 2023 JOHN WILLIAMS resigned June 2024 'Appointed by the Cwrt Leet- terni of four years TRusfs PATRON MAYOR OF TAUNTON COUNCILLOR NICK (YDONNELL until May 2024 MAYOR OF TAUNTON COUNCILLOR VANES GARSIOE from May 2024 ASSOCIATES MARGARET NO RACHEL PINDER VIVIENNE STCx- WILLIAMS Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRUST period ended 31 March 2024
WHO WE ARE Val For hundreds of years the enduring responsibility of the Board of Trustees for the overall governance and strategic direction of Taunton Heritage Trust has shaped a legacy of impactful preservation and community enrichment. li Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRUST period ended 31 March 2024
WHO WE ARE Officers and Professional Advisers Advisors Chief Officer Ros Moreton Audltor bert G(x)dman Chartered Accountants & Statutory Auditors Goodwood House 8lackbrook Park Avenue Taunton Somerset TAI 2PX Re81stered Office Hui5h Homes. Magdalene Street, Taunton, 5omerset TAI ISG Registered CIO No: 1177162 Re8ul?tor of 50¢ial Hous1 No: 5059 Annual Report and Accounts 2023-2024 TAUNTON HERrrAGE TRUST period ended 31 March 2024
TRUSTEES REPORT These xcounts slh)w the results for the Per 01 July 2023 to 31 March 2024. The Trust have returned for a period of nine months to bring the thar•ty in line for future years with the April- March accounting year. Objectives and Activities The Truslees of Taunton Heritage Trust. a re8iStered Charitable Incorporated Organisation ICIOI work within the terms of the Constitution approved by the Charrty Commission on 14 February 2018 and amended by an order dated 02 October 2018. The Trusi is a Reglstered Social Landlord ènd operates within the guidance contained in the Regulator of Social Housirfs Regulatory Framework and Guidance. The Trust's Charity number 1$ 1177162 and its Social Housing Registration number is %159. The Tru5Y5 principal address is Huish Homes. Magdalene Street. Taunton, TAI ISG The objects of the CIO are as follows". {al To provide affordable, suitable and safe social housing in the form of almshouses for people in need aged 60 year5 and over with priority being given to inhabitant5 Of the 8orou8h of Taunton Deane 1.area of benefiv). Ibl To provide lf in need for the Residents of the almshouses and other inhabitants of the area of benefit, lor in exceptional cases to persons resrdent immediately outside the areè of benefit). bv making grants of money for goods. services or facilities for the benefit of individuals or other charities or in such other ways as the CIO may fit. {tl To provide annual grants to Bishop FS School and as part of the British School Fund, to other xhools in order to further the education of children and young people in the area of benefit. Thè objectives for the purFK>se of public benefft. require that the Trust provides affordable, 5Ultable and safe accommod*ion for people on low incomes a8ed over 60 years and pro¥ides a grant 8ivin8 scheme in order to assist individuals who are iderttified as in finanaal need. The Trustees have paid due regard to the Charity Commission's guidance in relation to the reportin8 of Public Benefrt and believe that the main activities and who the Trust helps are described beh)w. To comply with the Trust's Constitution. almshouse residents must be in need and aged 60 years and over with priority bein8 given to inhabitants of (the former) Taunton Deane. This is broadly defined as bein on a low income, but need can also mean a quirement for the sheltered fomi of safe housin8 that the Trust is able to provide. The Trust has a robust process of Resident Appointment that includes an interview with Trustee presence befo offerin8 accommodation to ensure the person most in need at the thme ol a vacancy is offered the available flat. The Trusvs objecti¥es in providing acc(Mnmodation during the year were as follows: To provide affordable. suitable and safe accommodation for people in need aged over 60 year5. To provide Warden assistance to encourage Residents to live their lives as independently as possible. To work to seture appropriate assistarKe for Residents from relatives and relevant support agencies. To provide a community environment which encoura8es Social wellbein8 throu8h a range of activities and events. To maintaln the Trust's almshouses to the highest stsndard practkable. Annual Report and Accounts 2023.2024 TAUNTON HERITAGE TRUST period ended 31 March 2024
The Trust also provides a monthly grant 8Nin8 scheme and the objectives of the grants scheme are as follows= To asslst irKli¥iduals who are resident in (the former) Taunton Oeane and who are identified as in financial need. Grant payments fall into two main categories: Items of general need Edutational grants Ail grant applications are considewed against agreed uiteria which are reviewed annually. There were no chan8es in activities during the year. Annual Report and Accounts 202>2024 TAUNTON HERITAGE TrUST period ended 31 March 2024
Achievement and Performance Residents The Taunton Heritage Tnjrt offers sheltered accommodation to the over 6Us who are in need. The Sheltered nature of the accommodation enables Residents to maintain their independence for longer, livin8 with dignity in a safe and secure environment. The provision of part-time Warden assistance and 3 2417 piper ala system means that Residents feel fully supported and do not become isolated. The events and a¢tivtties duri the perlod have been very well received and ensures a "Communi feel. Residents across all sttes are invited to the events and attendance is good. Over the summer months social gatherin85 included Plmm's & strawberries afternoons, and sever41 barbeque evenin85. Th05e Residents looki to learn, were able to attend the history talks and talks given from the Communty Agents who provide supp)rt locally. The cooler months lent themselves to fish and thip evenings. games evenlng and a ploughman supper. At the be8innin8 of the year Residerrts Saw the new year in with a party and race night. The Residents have also arranged events, on and off site. induding a regular ttaft afternoon, a trip to the donkey sanrtuary and meals OLrt together. The community rooms and gardens have been enjoyed for quiz evenings and birthdays with our stsr bakets sharing some delicious cakesl Residènts have also raised money through some of these events for their chosen charities. including St Margaret's Hoswce and Dorset and Somerset Air Ambulance. The Trust also arranges and pays for eath year, two events to enable the whole ftesldent tommunity to ome together. In the Summer this is a group outing to the seaside. that includes a wonderful meal and time at the beach or to explo the local town. At Christmas eryOne is invited to a meal. which is catered for and indudes a prize draw. which 15 a Trust highlight A quarterly Resident newsletter Is produced by the TrnsL that captures good news stories. Resident reminders and social events. Residents look fofward to receiVir this colourful publication put together by the staff team. Throughout the year Staff and Trustees drop by to the Residents weekly coffee morning. These infornial events enabk the Trust to connert with Residents and are good opportunities for informal feedback and evaluation. Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRUST period ended 31 March 2024
Grnnts The grant5 scheme enables people of all ages, WI live in Ithe fomierl Taunton Deane and are in financial need, to benefit from assistance, often at short notice. Examples of items granted are school uniform for children, fkM)ring and white goods, clothin8 and ba($ for people settin8 up a new home- i.e. out of pri50n or victims of dornestic abuse. Equipment for babie5lchildren and respite ¢are. The grant scheme fills a much-needed gap in the area of benefit to re5wnd quickly and assist people who are genuinely in need and very often al a time when they have rbowhere else to turn. The grant apltationS are completed on behalf of the indNidual by referrin8 agencies. During the year some 21 referring agencie$120 the previous yearl submitted applications. In 2023 the application process was reviewed arKI an online application lorm introduced, to improve and simplify the process for referral agents. Detailed guidance notes forgrant eli8ibility are regularly reviewed and updated and published on the Trustrs website. These are also circulated to all referrin8 agencies on a regular basis. Grants during the year amounting to É 27,329 were made as follows: £21,556 £ 5,773 Grants for general purposes Grants for educational purposes The allocation of grants: Education luniforms. etcl Furniture & household goods White goods Equipment for balyeslchildren Floorin8 Cloihing Equipment for disability Decorationlrepairs IT equipment Playschemes Bishop Fox's School Fund Other TOTAL 202>2024 25 14 41 2022-2023 12 17 42 124 Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRUST period ended 31 March 2024 io
Grants Scheme Education Furnlture and household goods 4.1% White goods 4.1% Equlpment for bablesl chlldren 25% Floorlng 14.4010 Equlpment for dlsablllty Decorationl repalrs • Other Please thank the Trust member5 very much forthls unlform gran( It has taken a blg welght off my cllenfs mlnd Thank you, this is lovely news and makes such a difference. Thanks s• much for the awarded srant Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRUST period ended 31 March 2024 li
Property Management and MaintenarKe The Trust continued to meet its objectives duri the period by undertaking the following- Response Maintenance During the budget year 2023124 response Maintenan works undertaken acfOSS all sites was ai a nomial level and the breakdown in percentages is as follows l. Leycroft Close- 50% 2. Bernard Taylor Homes- 21% 3. Huish Homes-7% 4. St Jame5 Close- 10% 5. Grays Almshouses- 7% The remaining S% was split over the Warden properties and the Office. A list of significant works completed in the past year from I" Jufy 2023 to 31 March 2024 is a5 follows: Residential sites: Pawng and tarma¢ repairs at Leytmft Close. Extemal lightin8 replacement at Leycroft aose. Upgraded LÉD and movemeni sensor litstin8 in communal corridors at Huish Homes and Grays Almshouses. Replacement letter boxes at Leycroft aose and Bernard Taylor Homes to ensure fire safety. Adaptations to the Tun5tall call systems at Bemard Taylor Homes and Leycroft Close. Additional fire alarm sounders at Bemard Taykir Homes to increase audibility level5. Portable Applkince Testing completed on all sites. Boiler seNicing and gas fetY checks all sites less Grays Almshouses. Windows and gutters have been cleaned on all sites. Commerclal Sltes: Roof replacement and asbes105 removal at 54-55 North StreeL Taunton. Almshouse turnovers completed across the five sites: Bernard Taylor Homes- 2 Huish Homes- I Leycroft aose- 4 St James Close- Z Grays Alm5houses- O Throughout the year the Trust managed 65 flats across fve Almshouse site& Vacant flats were filled promptly folk)wing maintenance turnover. Promotion included advertising on site and in the local press and via social media. The Trust also placed ath4ert5 ill several community and parish magazines within ihe area of benefft. At the time of each vacawi an assessment of eligibillty is made. and flats are allocated to those considered to be most in need. Annual Report arKI Accounts 2023-2024 TAUNTON HÉRITAGE TRUST period ended 31 March 2024 12
The average occupancy levels during the year were 93.6%196.2% previous reportlng perlodl. The Trust complies with all statutory requirements of the Charty Commission and the Regulator of Social Housing and ensures it complements the housing Strategies ¢f Somerset Coundl. The Trtee$ review ihe requiremenls ofthe beneficiary grwp through the Committee/Board Structure and seek ta develop appropriate seNices to meet identified need. A review of char8es relating to almshouse lettings is carried out on an annual basis followin8 Homes England and the Almshouse Association guidelines. The Trust continues to receive annual income from its investments and rental income from commercial properties. During recent years both sectors have hit turbulent times but with the guidance and support of the Trusys professional advisers. these have been well managed. The income from the commercial properties provides the basis for budget management in ternis of the grant giving role. Due to the reduction in this income over the previous financial year, the grantin8 budget had already been duced and wa5 managed during this period on a reduced budget. Monthly Grant Panel meetings were held to SCTUtinise each application. to en5 thal ew worthy applKant was able to benefft from the Scheme. The criteria for the provision of gTants are reviewed at Committee/Board level and the guidance notes and application forni are updated accordin8ty and shared with the relevant referri agencies. These documents are available to download ¢)n the Trusys website. Durin8 the year the Trusfs Risk Register was under constsnt review to acknowledge and mltigate agalnst fast moving changes and challengin8 ecommic environmert. Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRUST period ended 31 March 2024 13
The Trust recognises that many of its buildings have significant historical value and historic fabric, the integrity of which needs to be maintained and protected Annual Report and Accounts 2023-2024 TAUNTON HÉRITAGE TRUST period ended 31 March 2024 14
Natlonal Herfts8e Open Oays As part of the nathonal Heritage Open Day5. Taunton Heritage Trust opens Gray's Almshouse and Chapel each year, and it was held in September 2023. This event offers a unique insight into Taunton in the 16O)s, as the Grade l Listed building is the home of the original chapel with its beautifvl painted ceiling. Grays Almshouses date from 1635 and were founded by Robert Gray. a London merchant, born in Taunton in 1570. The Alm5hou5es were built to accommodate ten poor women, six poor men and a Reader. The Readerwas employed to read prayers twice a day, and to tch ten children to ad and write. Visitors get to see the gardens. thapel and are given a tour of the buildin8'5 interior. Sometlmes there Is the thance to see inside our current flats. as our Resident's often open their doors enabling visitors to spot the marks of history that can still be seen. Stsff and Trnstees volunteer their time to give a flavour of the history of the Taunton Herita8e Trust and explain how we still Pride accommodation today. The day is very well attended with wsiior numbers over 3CL) in 2023. Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRUST perid ended 31 March 2024 15
Financial Review Fln•nclal m•na8•ffl•nt The Trust 15 5elf-fvndin8 derNing income from its properties and portfolio of stocks and shares. As registered housing provider, the Trust complies with Homes Englands fomiula when setting weekly maintenance contribution levels. There is an agreed system of budgetary control with a detailed budget being agreed by the Board of Trustees in advance of the financial year. 5nap5hot reports are produced monthly and detailed reports. on a quarterly ba5. These procedures are reeWed at least annually. Rowan Dartington are the Trusys Investment Managers. Quarterly reports are receNed from Rowan Dartington and the agreed procedures for the transactions have been followed. 80th of the Tru5Vs commercial propertie5 IIIIA St James Street and 54155 North Streetl were fully occupie(I during the financial year. Although the agreed rental income ha5 signifKantly reduced over recent years. the arraernent is deemed to be as good as it can be in the present economic climate and with many Vacant shops in the town centre. Inveslrnent po4¢y and returns The objective5 of the Trust ID investing its fund5 are as follows- The investments are held as a I{K-terM reserve against any future shortfall in Income against expenditure. The Taunton Heritage Trnsys investment objertive is to maintain and, rf possible. enhance the real value of the reserves represented by its investments vthile producing an income. The Trustees investment time horizon is ten plu5 years. The Trustees assessed attitude to risk. ie the risk profile for the CharitWs portfolio is mediumlhigh risk. The Taunton Heritage Trusys Strats8ic investment polici involves a broadly diVerfied spread of assets. including UK and overseas equities. 8ovemment and non-govemment tM)nds and pooled funds to cover more specialist areas of investment. The Trustee< policy is to invest in freehold property as well as in a listed managed portfolio with Rowan Dartington. The investment properties which made up 23.5% of invested funds at 31 March 2024 generated a gross return of 4.6%12023= 4.9%). The listed managed portfolio produced an income return of 2.87%12023 3.62%) and a gain on waluation of 5.72% 12023.. loss 1.6PA). Overall, the return on listed investments was 8.3%12023.. loss 1.95%). The Trusys policy with regard to investments is to aim to achieve a 3.5% return on reseryes. this fre was achieved durin8 the year due to a number of factors induding increased interest rates. Annual Report and Accounts 2023-2024 TAUNTON HER AGE TRUST period ended 31 March 2024 16
ReseNes Pollcy and ReseThes Need for reserves The principal risks that impart on the need for reser¥es have been assessed to indude.. Occupancy rate of the almshou%. current and anticipated Occupancy of the c(wmmeraal properties which have historically provided the income for the Tru5Ys grant making role Costs of staffing at the correct knl. current and future pension provision and employerfs Ilab411tles Unexpected costs on any of the lyjildires Other committed or unplanned expenditure Future needs. opportun¢ties. contingencies or rtsks. the effects of which are unlikely to be met out of future income The on80in8 additional costs of legal compliance regardin8 le8ionella, fire risk. health & safety etc. level of reserves The Trusys policy with regard to level of reserves is to maintain slx months operatin8 costs. This is in the region of £355.OLM). Unrestricted reserves are maintained at a level considered to be adequate to cover day to day working capital and all foreseeable emergencies relating to the properties. The reserves as at 31 Marth 2024 totalled E7.248.634 of which £1.336.072 were endowrnent funds and É566,363 restrirted fund5. Unrestricted funds of £5.346,199 are made up of £3,272,789 held as commercial property. funttional property or other fixed assets. A further £1,826,475 of fixed a$5et investments held as long-term investments to generate income. This left £246,935 of free reserve5 available to the CIO. On 31 March 2024, the Trust hekl a designated roof replacement fund totalling £250,000 and a further repair fund for extraordinary repairs in excess of £250.OLKI. £IOO.OIXI was spent to address the dilapidations at the commercial property on North Street. which were required as part of the updatè to the property ready for the new tenant who took up the lease in March 2024. The available cash reserves achieve the le¥el in the Trusvs poltcy above. The free reserves are below this level but addStional sums held as resep4es could be con¥erted to cash as necessary. Monltorlng and revlew The level of reserves is reviewed annually, as part of the budget setting process in order to ensure sufficient but not ex5$Ve reserve5 are maintained. The Trustees are of the opinion that on a fund-by- fund basis, the Trusvs assets are available and adequate to enable it to fulfil its obligations. Financing and treasury management The Trust does not have any borrowings, needing repayment as at 31 March 2024 and the Trustees believe that all current plans will be met from existin8 funds Wlth the exception of the Corfield Hall development project where loan and grant fundire may be soughL Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRLIST period ended 31 March 2024 17
Siaternent of Trust¢e< r•sponsiblllti The Trustees are responble for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial RekN)rting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepa financial statements for each financial year whith give a true aTrd tair View of the stste of affairs of the Trust and of the income and expenditure of the Trust for that year. In preparingthese financial statements, the Board is required to: Select sultable accountin8 poliaes and then aPptheM consstently: Observe methods and principEes in the Charities SORP: Make judgements and estimates that are reasonable and prudent- stste whether appllcable accounting stsndards have been followed. subjett to any material departures disclosed and explained in the financial statements; and Prepare the financial statements on the going Contem basis unless it is inappropriate to presume that the Trust will continue in operation. The Trustees are SponSible for maintaining proper accounting records which disdose with reasonable accuracy at any time the financial posltion of the Twst and to enable them to ensure that the financial statements comply with the Charities Art 2011, part 2 of the Housing & Regeneratlon Acr 28 the Accounting Direction for Social Housing in England from January 2019. the Charity IAccounts and Reports) regulations 28 and the 8ovemin8 do¢urnent. They are also responsible for safe8uarding the assets of the Trust and hence forlaking reanable steps forthe prevention and detection of fraud and other Irfegularities. Annual Report and Accounts 2023-2024 TAUNTON HERAGE TRUST period ended 31 March 2024 18
11 Almshouse living has been around for centuries and can provide benefits such as shared resources, social support, and a sense of belonging. The model is based on genuine affordability, independent living and Residents, wellbeing. There is a greater need today for these homes, than ever before Annual Report and Account5 2023-2024 TAUNTON HERITAGE TRUST period ended 31 March 2024 19
Structure, Governance and Management The Trustees are all members of the Board of Management. Liz Fothergill served as Chair for the period wlth Nomian Cavill serving as Vice Chair. Jean Allgrove resigned in December 2023. Councillor Nick (Ytyonnell served as the Tiusvs Patron. Day to day responsibility for running the Trust and overseein8 all its aCtivitS is delegated to the Chief Officer who is cOndered to be the Trnsys key management personnel. The Chief Officer is supported by the Officers and Wardens. operating within the policies. guidelines and directions given by the Trustees, all of which are minuted. The Chief Offiter reports to the Trustees on at least a quarterly basis at Board Meetin8s. Other Officers report quarterly to Trustees via the relevant committeelBoard. as do the Wardens. Strategic direction and guidance as well as review of openting policies and procedu is carried out bv the Board of Trustee5. When setting the pay and muneratIon of the Trusvs key manaeement personnel, the TnJstees consider the remuneration levels of equivalent officers in other similar almshouse charitie5 and the NatKsnal Joint Council pay scales. Pell¢y for the rttruttmenK ¥polntmeDt. Indudiw tralfftl ol new fntstees The Trust operates under the terms of it5 Constitution dated 14 February 2018 and thi5 provides for the body of Trustees to con*st of not le55 than nine Tiustees. to include three Trustees who are nominated, with a minimum qwrum of fNe Trustees at a meeting. If there is a requirement for new Trustees, these would be identified and appointed by the remainifETrustees. During the year, no new Trustees were appointed. The Chief Officer is respon%ble for the inductK)n of any new Trustee. The prOsS includes visits to the office, meetings with stsff and visits to eath almshouse site. as well as"shadowin< opportunlties with the Wardens. A detailed induction pack is provided which includes infonnation relating to Tru5tees' responsibilities. a copy of the Constitution and most recent a[lted accounts. rt also contains the Strategic Business Plan and the most recent annual report from the Chief OffKer as well as any other relevant background information. Operatlons The followlng meetings were hdd during the year. Board Meetings- 6 AGM-I Finance & Properties Committee-3 Governance, Strategy & Pollcy Commlttee- 3 Grants Panel- 12 All Trustee meetings were quorate. The Charity Commission and Homes England annual returns were completed within the prescribed deadlines. Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRUST period ended 31 March 2024
Monltorlng of performance The Trustees work within the parameters of the Charity Governance Code lor smaller charities and monitor performance based on the code. The code Sets the principles and recommended practice for good govemance, helping charities develop high standards. The Trustee5 receive vKitten re)rtS from the Warden. Finance Manager and Propertie5 Manager at quarterly meetlngs. The Board approves the annual budget. The Flnance & Propertie5 C(wnmittee receNes quarterly reports and oversees èll planned maintenance and scheduled developments. The Trustees consider the following: Actual expenditure against budget for the current year on a quarterly basis and proposed budgets for the forthcoming year on an annual basis Annual Accounts and Audit report as presented by the Trusvs accountarts. All operatin8 policies and procedures on a rollin8 three-year programme. The Trust 15 always liable for inspection by Homes England and the Charity Commis510n. The Chief Officer reports to the Trustees on Performan at Cornmittee and Board level as outlined below: Organisational perforniance 38ainst an agreed sei of annual priorities, on an at least six-monthlv basis Grant cashflow on a quarter basis Occupancy levels across the residential properties on a quarter basis Collection of Residents weekly maintenance contributions and any arrears on a quarterly basis Capital spending on buiklirry development on a quarterly basis Any issues regarding response to repairs and rnaintenance requests on a quarterly basls Any Residents, or other stakeholder issues or complaints and their resolution. through the Trusvs complaints procedure on a quarterly basis. Management development Ajoint Trustee and Staff Development Day was held in Ortober 2023 which was external facilitated. The focus for the day intluded attendees dixussing. the Trust's threshold for Independent Livlng using case studies and guidance from the Charity Commiss*)n and Almshouse Association. A guest speaker from Somerset Council. Mel Locke Direttor of Adults Social Care shared new iniriatNes that were planned for roll out in the community, that could be accessed fof Residents the following year. The Trustees attended an additional session that reviewed the opp)rtunities and thallenges faced by the charity over recent years. then lookin8 forward to fomiin8 thè strategic aims for the next S. 10 and 15 years. All who attended agreed the SOn encouraged joinr working between Stsff and Trustee$. During the year, work was undertaken to develop further the Governance Self-Assessment Plan for the Tiust which is in place a5 a tool to asse55 the quality of governance assurance. The Almshouse Association have developed a comprehensive libraryof trainin8 Webinars and Staff and Trustees have attended these throughout the year. The Trustrs Strategic Plan c¢)ntinues to be followed and a timeline of the plan 15 regularly revlewed, as part of the work of the eoard. A Trustees. review of ihe performance of the Trust was coordinated by the Chair of Trustees in 2023 wth recommendations bein8 taken forwards during the year. Annual RerM)rt and Accounts 2023.2024 TAUNTON HERITAGE TRUST period ended 31 March 2024 21
Risk management The Trustees manage risk via a Risk Register. These risks have been identified urnler the followin sections: Financial Management Property People Health Safety & Wellbeing Governance The Risk Register is overseen by the Board and is reviewed on a quarterly basis. The Trustees re¥*w the major risks which theTrust faces on a regular basis and believe that maintaining free reserves at the levels stated on page 17. combined with an annual review of the contro15 over key financial systems, will provide sufficient resources in the event of a(fver5e ¢onditions. The results for the last two years confirm that. The Trustees have a150 examined other operational and busine55 risks and conflrm that they have established systems and procedures to mitigate the significant risks. These include matters relating to Trustees. Staff, fidents. extemal stakeholders and property. FUndraInE4clIV1tleS The Trust does not artively undertake any direct fundraisin8 activitie5 and does not engage anyone to undertake such activities on its behalf. Some Brant funding is experted to be sought in relation to developing the Corfield Hall project and it is experted that this work will be undertaken inhouse. Annual Report and Accounts 2023-2024 TAUNTON HERtfAGE TRUST period ended 31 March 2024 22
Plans for Future Years Almshouses: The Trust plans to increase its almshouse provisK¥n for people in the local community, addressing the growing housing needs of an aging population. We aim to provide quality accommodation that enables people to live independently. with the ii81rt support when needed. Our primary aim is to deliver Corfield Hall, a new almshouse in the cenlre of Taunton. Planning delay5 have hindered progress to date. with plannin8 consent granted and final perniission eKpected in near future. 11 Kli ulttilti I,. rAcJi As we move fonvard. buildin8 our new almshouses. sustainability and energy efficiency will be vital to future proof our provision for the next generations. In view of the fact THfs property portfolio indudes three listed buildings. the Board a150 continues to review ener8y efficiency within our older buildings. People: Investing in cr Staff and Trustee5 is key to ensure a diverse and skilled workforce. Reco8nisin8 a5 we grow. we need the resources and expertise to support this. We look to raise our profile to attract new Trustee5 as respected Board members have retired this year. Publi¢ Benefft.. Through stakehokler en8a8emenL we look to enhance servlces for Residents and impr¢)ve outcomes for Grant recipients. Resident wellbeing and satisfactK>n will be reviewed as part of the regular cycle of feedback and data anatysis. Tethnolo8y: Embracing ways to be more efficient and environments1 impactful. The Trust will continue to develop ways of working in line with the Strategic Plan. Trustees and now Staff are able to access Information from the THT Intranet te ISharePointl for better data proiettion and tollab)rative working. Flnance: Ensuring financial stabllity is always a priority for the Trust. The Board tontlnues to scrutlnise their investment portfalio, commercial holdings and reWe the reserye policy as part of their govemance self-a$Sment cyde. 6a¥ernan¢¢: The Trusts will purwe a"Charity of Excellen. st*us through its ongoing go¥ernance self- assessment. Recent changes to the Board Framework will be reviewed. The annual Trust Development Day will bring together discussion arKI aspirations to shape the Strategic Plan, moving forwards. Trustee appraisals later rnid.year give further feedback around the charitrfs plans and outcomes. Annual Report and Accounts 2023-2024 TAUNTON HERITAGE TRusr period ended 31 March 2024 23
Over the next year. the Trust seeks to balance its hlstorfcal past wlth future needs and to maintaln Its role as a ¥ltal MmUnity houslng pmider. Professional Advisors Bankers- Barclays BanK 46 North StreeL Taunton TAI ILZ Banker5- Skipton Bank, The Bailey. Skipton. BD23 IDN Bankers- Charity Bank Ltd. Fosse House, 182 High 5tfeet, Tonbridge. TN9 IBE Solicitors- Porter Dod50n. The Quad. Blackbrook Park Avenue. Taunton. TAI 2PX SolTrcrtors- Lester AldfidBe. Russell House. Oxford Road. 8ournemouth, BH8 8EX Investment Managers- Rowan Dartington, Aintree House, Blackbrook Park Avenue. Taunton TAI 2PX Chartered SuNeyors- Haffield White. Victoria House. Victoria Street. Taunton TAI 3AF Auditors-Albert Goodman. Goodwood House, aCkbrOOk Park Avenue, Taunton TAI 2PX By Order ol the Trustees LIZ FOTHERGILL CHAIR OF TRUSTEES JW£.,i/ Mr N CAVILL VICE CHAIR OF TRUSTEES Date: Annual Report and Accounts 2023-2024 TAUoN HERAGETRUST period ended 31 March 2024 24
Taunton Herltage Trust Independent Auditors, Report For the Period from 1 July 2023- 31 March 2024 Oplnlon We have audited the finanoal statements of Tnton Héritage Trust (the 'charlty') for the period from 1 July 2023 - 31 March 2024, which comprise the Statement of Finala1 Activities, th8 Balance Sheet, the Statement of Cash Flows and the related notes. The an(JaI reporting framework that has been applied In th8lr preparation is appHcabk law and United Kingdom Accounting Standards. includiThJ Financial Reporting Standard 102 The Finandal Reporting Standwd applicabl8 in the UK and Repu1¢ of Ireland (United Kingdom GeneraHy Accepted Accountkng Pwtice). In our oplnion, th8 finantial statements: give a true and fair Mew of the state of the charitys affairs as at 31 March 2024, and of its incoming résources and application of resources, for period thèn endéd: have been properly prepared in acc(rdance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in atsnCe 7th the requirements of the Chartti8s Act 2011. Basis for opinion We conducied our audit in accordance wilh Internal•or1 StarKlards on AudiiirvJ (UK) {ISAs (UK)) and applicable law. Our responsits'lities under those stsndards are further dascritrd in the Auditorfs responsibilities for the [t of the finarKial statements section of our rep)rt. We are independént of th8 charity in accordance with the ethical requirements that are relevant to our audit of thé financial statements in the UK. including the FRC'S Ethical Standard. and ¥ have fulfdled our other ethul responsibilities in accordance ¥h these quIrements. We belve that tt)e audit evidence we have oblained is sufficient and appropriate to prowde a basis for our oplnion. Conclusions relating to going concern In auditlng th8 financial Statemts. we have conckx that trust88s' use of the going CCern basis ol accounting in the preparation of the financial statern8nts is appr(yiate. Based ¢Jn thè work wè have pèrfomied. we have not Klentified any material uncertainties relating to events or conditions tha( individually or collectivety. may $t shJnificant doubt on the charity's abiltty to ccffitinue as a going ¢on¢em for a period of at least 12 MthS from vthen the fmarKaal ststements are authorised for issue. Our responsibilities arnj the resEnsIbIlitIeS of the trustees with r8specl to goro concern are described In the relevanl secl)ns of this report. Othw information Th6 other infomation [rpriS8S the infonnation Iruded in the annual report, other than Ihe financlal statements and our auditorfs rewt thereon. The trustees are responsibbe for the oth8r infomation. Our opinion on the financial statements does not cover the other inforrnation and we do not express any fomi of assurance conclusion thereon. In Connectic with our audit of the financial statements. ow responsibility is to read the other infonnation and. in doing so. consider whether the other information ts materialty inconsislent with the financial statements or our knowledge obtained in the audit or (therwise appears to be materially misstaled. If we identfy suth material inccnsistencies or apparent material misststemenls, we are required to d8lemiin8 whether there is a mal8rial misstslement in the financial statem8nts or a materlal misststement of the other information. If, based on the vrtxk have perfonned. w8 conclud8 that thare is a material misstatement of this other information. we are required to rewt that far We hav8 nothing to report in thts regard. Produced by Aert G¢J)dman LLP Pag8 26
Taunton Heritage Trust Independent Auditors, Report For the Period from 1 July 2023- 31 March 2024 Matters on which w• are requlred to report by exception We havè nothing to report in respect of the followng rnatters wherè Ihè Charities (Accounis and Reports} Regulations 2008 requires us to report to you rf. in our opinhjn: the information tyven in the fanCIal sLqtements is Inc(snI in any material respect with the trustees. report" sufficient accounting recor(Is have not been kept". the financial statements are not in agreement wth the accounting records and returns: or we have not received all the inf0mlic and explanations we require for our audiL Rosponslbllltl•s of trust•OS As explained more fully in the Trustees. RespsibIllIeS Statemenl sel out on page 18 the trustees are responsible for the preparation of financial slalements vthich give a true and fair view, and for such intemal control as the truslees detemine is ne¢e$sary lo enabl8 thè preparation of financial stat8ments that are free from matèrial misstatement. whether due to fraLKI or error. In preparing the financial ststements. the trustees are responsible for assessing the thrty'S ability to continue as a going CC*M. disclosing. as applicable. matters related to going concern and using the going concem basis of accounting unless the trustees either tend to liquidate the charity or to cease opefations, or have no realistic altematsve but to do so. Audltorfs responslbllttles for the audlt of the financlal stateffleTrts Wa havè en appointed as auditor under the Charities Act 2011. s. 144 and report in accordance with gulalions made under the Art and relevant regulations made or havÉrvJ effect thereundèr. Our objectives are to obtsin reasonable assuran(% about whether the finanrial statements as a thle are free from material misslalemenl. thether due to fraud error, and to ISSU8 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 aNYays detect a material misstatement vthen it exists. Misstalem8nts can arisè from fraud or error arKI ar8 consKlér8d material if. individually or in the aggregate. they could reasonabty b8 expected to influence the economic decisions of users taken on the basis of these financial statèments. Produced by Albert Goodman LLP Pa98 26
Taunton Heritsge Trust
Independent Auditors. Report
For the Period from 1 July 2023 - 31 March 2024
The oxl•nt to whlch our woc•duro8 are ¢apablo of doto¢ting Irregularltles, Includlng fraud Is d•tall•d
below:
Th8 extent lo whlch the audit was oMsNdered capable of det8(lu irrewlarili8s incbjing fraud.
Our approach to identifying and assessing Ihe risks of material rntsstatement in respect of irregularliles.
IludIng fraud and non-compliance with laws aThJ regulations. was as follows:
the engagement partner ensured that the engagement team collecttvely had the appropriate
ccffipetence. capabilities and skills to K18ntsfy or recwise ncfrcomp1lan with applicable laws and
regulalions:
we identified the laws and regulalions appjtsble to th8 chaity thr(MJgh dlscussh)ns wllh management,
and from our commeraal knowledge and 8xperti of the chaty sector,
we focused on specific laws and r8guLqlions w)i¢h we considered may have a direct matèrlal effect
on the fnancial statements the OPeratiS of the charity. includiThJ the Charities Act 2011. the
Housing arKI Regeneration Act 2Iy)8. the Acc(wnting Direction for Registered S181 Housing in
England. Housing legislation including the gumjance ¢[tained in the Regulator of Social Hous1,3
Regulatory Framework aniJ Guidance, antiibery and data wotection kgislation:
we assessed the extent of cC4rlIance with the laws and regulations identified above through making
enquiries of management and inspecting le9al correspondence: and
identified laws and regulations were corThnunicated within the aLKlit tean regularty the team
remained alert to instances of n0nryccrfnpllan throughout the audiL
We assessed the susceptibility of the ch1$ financial Statemer to material misstatèment, induding
obtaining an understanding of Ib)w fraud moht Ocalf. by:
making enquiries of management as to where they Consider there was susceptlbilty to fraud, their
knowledge of actual. suspected and alleged fraud.. aThJ
c(SiderIng the intemal controls in place to mtyale risks of fraud and non4omplianc8 wlth laws and
regulations.
To address thè risk of fraud thrwgh management bias and override of controls. wè:
perfomi8d analylical prccedures to identify any unusual or unexpected relationships:
tested journal entries to identify unusual transactions:
assessed vthether judgements and asswIpnS made in detemiiniry the aunting estimates vtsrè
indicative of p)lenlial bias: and
investigated thè rationa16 behind signiknnl ow unusual transa¢Xions.
In response to the risk of irregularities and non-cOrlianCe vath laws and regulations, w8 designed
procedures thich included. but were not lirnited to:
agreeing financial statement disdosures to urlderfw'ng SuppO.ng documentstion.
reading the ffmnutss of meetings ol those tha[d with gJv8mance'
enquiring of rnanagem8nt as to actual and potential Ittigation. daims and breathes of relevant
legisLqtion', arKS
reVieVn9 wrreSporthr with the Chaiity c(xnmlssx)n and other reb8vant regulators induding the
charity's legal adViSc and insurers.
Th8re are Inherent IlmKatlons In our audit woc8dur8s d8sul>8d above. The more removed that laws and
regulations aro from ffinanclal transactions. ihe lèss Ikely it ts that we would tecome aWe of non-
compliance. Auditing standards also limit the audit pr(edureS required to identify non
Taunton Heritage Trust Independent Auditors. Report For the Period from 1 July 2023 - 31 March 2024 Material misstalem8nts that arise due to fraud be harder to detect than those that arise from error as they may involvé dèlibèratè concealment or colhjsion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting c(nl'S website aL' www.frc.org.uklauditorsresFonsibilities. This description fonS part of our auditorfs report. Use of our rèport This report is made solely to the tharivs trustees. as a bW. n accordance wth Part 4 of the Charfti8s (Accounts and Reports) Regulations 21)08. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to sLqte to them in an audito¢s report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or a$sun responsibility to anyone other than the dritY and the charity's tnjslees as a t, tyjr audit woth. for this r8POrt. or for the opinions we have fomied. Albe man LLP Statutory Auditor Goodwood House Blackbrook Park Avenue Taunion TA12PX Date.g¥lo.g194.......... Albert Goodman LLP is eligib for app)intment as auditor of the charity by wrtue of its eligibility for appt)intment as audrtor of a c(Thpany under 1212 of the Conyanies Ad 2006. PrcJu¢ed by Albert Goodman LLP P8ge 28
Taunton Heritage Trust Statement of Financial Activities linduding Incom8 and Experlture Account) For the Period from 1 July 2023 - 31 March 2024 1 Juty 2023. endlng 30 EndoMrnnt 31 March June 2023 fund 2024 Total Total Unres- trlcted Res4rlcted Not0$ Incomg: Donations & legac48S charitab activities Investment income Olher income 100 501.501 72.827 511 100 501.501 119.946 511 65 616,913 144,837 205,887 13.821 33,298 Tolal income 574.939 13,821 33.298 622.058 967,702 Expendlture: Raising funds Investment manw fees Charitable activitres Almhouse tt1ft9 Granis & donations Other expenditure 2,901 2.782 6,841 12.524 17,829 652.714 27,330 24,598 652.714 27.330 24.598 534,772 37.616 5.881 Total exponditure 707,543 2,782 6.841 717.166 595,878 Net Income l (•xpondlturo) before other recognlsed galns and1088es Net gain l {h)ssl on investments (132,6041 (92.974) 11.039 26.457 (95,108> 371,824 (3.441 I (110,999) 10 38,542 50.991 Not Incomo before translers (225,578> 49,581 77.448 (98.549) 260,825 Transfers 13 Net movernent in funds for the year (225,578) 49,581 77.448 {98.549) 260,825 Reconclllallon of funds Total funds brought for•rnrd Totsl funds carrfod forward 5.571,777 516.782 1.258.824 7,347.183 7.086,358 5.346,199 566,363 1.336,072 7,248,634 7.347,183 The slatement of financial activitses has been prepared on Ihe basi5 that all operations ar8 continuing operations. Thare wer8 no gains or l¢)sses arising in the year that are rK)t sh¢)wn abovè. The statement of financial activities inc(Kpcffates the income and expenditure account. Produco(I by Albert GO¢th LLP Page 29
Taunton Horltago Trust Balan Sheet As at 31 March 2024 31 IAarch 2024 30 June 2023 (as restated) Flxed assets Housing properties Tangible fixed assets Investments 3.263.749 3,263,749 7,037 3,687,642 10 3.718.910 6,991,699 6,958,428 Current assets Debtors Cash at bank and in harKI 11 32.998 315.853 116,914 314,895 348,851 431,809 Liabilities: Credilots falling due ¥thIn one year 12 (91.916) (43.054} Net currenl assets 256,935 388,755 Total net assets 7.248.634 7,347,183 The funds of the charlty: Unreslricled funds: General funds Designated funds 13 4.846,199 500,000 5,071.777 500,OC Totsl unrestrict8d funds 5.346.199 5,571,777 Endowment funds Restricted furKJs 13 13 1.336,072 1.2Sg,624 516,782 Total ¢harlty funds 7,248.634 7,347,183 oduced by Alrt Gwjman LLP Page 30
Taunton Heritage Trust Balance Sheet (continued) As at 31 March 2024 Approved by th8 Board of Trustees for issue on ..... . ed on their behalf by". E Fothergill Truste8 N Cavlll Truslee Produced by Albert GrMen LLP Page 31
Taunton Herltage Trust Statement of Cash Flows For the Period from 1 Juty 2023- 31 March 2024 1 Juty LvLJ- 31 March Year ondlng 2024 30 June 2023 Notes Cash flows from operating activities Net MoVemt$ in funds for the year Adjuslmenls to cash flows from nonwcash iiems Gain on disposal of fixed assets Depreciation and amortisation DNidends and interest from investments Investment revaluations (98,549) 260,825 (65,9431 5,889 (144,837} 110,999 (119.946) 3.441 10 (209.728} 166,933 Working capital adjustments Decreasel(increasel in debtors Increaselldecrease) in uedrtors 11 12 83.916 48.862 1109,026) (33,901) Net cash flow from operations (78.950) 24.006 Cash flows from Investlng actlvltl88 Dividends and interest from investments Proceeds crf) dispos of fixed assets Purchase of fixed assets Acquisition of investmènts InvestThnt disrM)sals 119,946 144,837 240,093 {3.7741 (670,8031 179,641 (7.329) (117,396) 108,531 10 10 Net cash provided byl(u5ed in) Investw acti 103,752 (110,006) Net increasel{decrease) in cash and &qsh equivalents 26,802 {86.OC(Ji Cash and cash equivalents at the beginnirvJ of the reporting period Cash and cash equNalents at the end of the r&wrting p8ri0d Cash & Cash equivalents recclI1atIOn. Cash at b¥ Cash held by veStrnenI manager 417,543 503,543 444,345 417,543 315,853 128.492 314,895 102,648 10 Total cash & cash equlvants at the ernj of the reporting period 444.345 417,543 Produced by Albert Gcrtxlman LLP Page 32
Taunton Herltage Trust Notes to the Financial Ststements For the Period fr 1 July 2023 - 31 March 2024 A¢¢ountlng Polldes General Inforniatlon Taunton Herltage Trust is a Charitsble Inworated Organisation (CIO) reglstered Charity administered under an cffder of the Charity c(nmIssIOnerS dated 14 February 2018. The Charity is reglst8red in England and Wales. The registered office is Huish H(Mnes. Magdalene Street, Taunton, Somerset TA1 1SG. The tfust is also registered wilh the Homes and Ccrnunities Agency as a social landkjrd. Durfng the year the eharity changed its year end to 31 IAarch - the current period is therefore 9 rnonths lo 31 March 2024 with the comparative period beng the year to 30 June 2023. 8a$ls of accounllng The financial statements have b88n prepared in £ sterling on the historical cost basi5 and in accordance with accounting and rerthing by Charities: Statement of Recommended Practice applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK arKJ Republic of Ireland IFRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)). the Charities Act 2011. the HousirvJ arKI Regeneration Act 2008 and the Accounting Direction R8glstered Social Htyjsing in England frc¥n January 2019. The charity meets the definit of a publ befil entity under FRS 102. Assets and liabilities are initialty reeognised at historical cost transaction value unless othemse stated in the relevant accountro policy. The trustees consider that Ihwe are rKJ material uncertainti85 about the chaiivs ability to continue as a going concem. Income All income is re(x)gnised once the Tn has entement to the inoome. there is sufficient certainty of receipl. it is probable that thè income wll be received. and the arnount of incorne receivable can be measured reliably. Income represents letting income and other service charges receivable from social housing 18ttings included at iheir invoiced value net of voKls. and rentsl income from commercial ttirKJs. Incc¥ne frcffi donations is recA)gnised a cash basts. in the year In which the income Is physlcally received. except when the donors speufy that they must b8 used in future accountlng p8rlods or donors, conditi8 have not been tuifimed. than the income is doferred. Income from granls is recognised in the year in which they are receivable. Grants withoul perfcKmance conditions are prèsented withwi dc¥*tions arKI Cl&S and within ehariiable activitiès when performance u((erra appty. Income frorn investments constitutes dividends and bank interest a1 is recognised in the year to whith it relates. Pro(ILKed by Albert Goodman LLP Page 33
Taunton Heritage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 Expendlture Liabilitiès arè recogntséd as resources expended as soon as there is 8 kgal or nStructive obligation committing the Charity to thé expenditure. All exp8ndilur8 is accounted for on an accruals basis, inclLKling support costs are allocated or applytned to the applicablè expènditure headings in the statement of financial activities. Grants payabl8 ar8 payments made to third pth in furttwance of the charitablé objècts of thé Trust. Grants are accountéd for when ather the reupient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay thé grant without cdItion. or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Twst. In the &qse of an uncondinal grant order this is acced once th8 recipient a reasonable expectation Ihal Ihey wll receive the one year or rnulti-year grant. Provisions for grants are rnad6 when the intention to make a grant has been mmunIcated to the recipient bul there is uncèrtainty about either the timing of the grant CK the amount of the grant payable. The costs of raising furKls CO1* of investm1 management fees. The expenditure on charitable activities indudes Aknshouse expenses. grants made. govemance costs and support costs. The Trust gives to needy individuals in the fom of oneThoff grants fcf clothes. fvmiture, whitè goods et¢. and educational grydnts for students. Such costs are charged to the Statement of Financial Activities as they arise. Due to the number of properties hekl and the establshment of regular programmes of repairs and maintenance. the Trust does not make provision for fubjre works but charges actual costs incurred to the Statement of Financial Activities. The Twsl has a o)ntinuing programmè of major repairs. Costs regarded as 'nomal- are charged to the Incc¥ne and Expenditure ac£ount in the year they are incurred. The Trust maintains a seThe into which funds are transferred vthen necessary, for expenditure consid8red by th8 Trust8es to b8 abnomlal in nalur8. Tanglblo flxod assets and depreclatlon Tangible fixed assets are staled al cost less depreciation. De[clatiOn is provlded at rates calculated to vrrite off the cost or Valuat less estimated residual value ol each asset over ils expected us8ful Hf8 as follows: Freehold land aThJ bUingS Fixtures & fittings Not depreciated. 33% straw3ht line110% straight lin8 Housing propèrtiès are held at cost. They are considered to have a high residual value equal to or in excess of the book value {1995 Valuation plus subsequent capitsl improvements) buse the residual value of the properties is maintained by the ongoing maintenance of the properties. Accordingty, no depreciation has been charged. Works whith do nol result in enhancement of econ¢MliC benefits of a property a charged to the Income and Expenditurè Account. The useful econom Iwes and sIdual values of all tangible fixed assets are rev18wed annually. Produced by Albert Goodman LLP Page 34
Taunton Herltage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 Flxed a88é1 Inv•slm•nt• Listed Investments Listed investmènts are a foTh of bas finwial instrument and are rec(KJnised at their transaction value arKI subsequwttly measured at fair value at Ihe bala0 sheet data uslng th8 closing quoled market price. The ststemenl of Financial ActNities irthes the net gains and losse5 arising on revaluation and disposaL8 ihroughoul the Pefiod. Th6 Trust does not acquir8. or use put ONions. derivatives or olher CL¥nplex financial ITrstrnents. Fixed asset investments comprisè investment wUolh)s maintained by nvestment rnanagers. Thésè are recogThs8d initially at fair value which is norrnaly the Iransadion price (bul excludes any transaction costs.) Subsequendy, investments are held at market value, with all realised and unreak'sed gains passing through the SOF InsIM?nt property Freehold commercial properties hetd for investment purposes are stated al faK value as set out in note 10. The properties were valu6d as at 30 June 2020 on an open market value basis by D While of Haifield While. an independent ciynmercial property advisor and surveyor. There has ba8n no irKlependent valuation caffied out since this time. In ardance V4ith the SORP, investmenl prop6ty valUatS are consklered annualty and updated for any mat8rial movement in fair value. The Trustees have assessed the fair value of the properties. and in doing so considered the long tèrm intenti(Jns of the trust, the location of the properties and the rental yiehj by reference lo the most recent lease {or those in negotiation) al the time of the assèssfflent. The significant assumptions in making such an assessment Inc1ed the current intentions of thè Trustees to hokl the properties for the Ij temi and the potential vpjue of investment into the wea. The Trustees have COnded that the wopeities are held al fair vahje in the accounts as at 30 June 2024. Reallsed galns and losses 1 gains and losses are taken to the statement of finanGial activit$ as they arise. Realised gains and losses on inveslmants are calculated as they differerKe between sales proceeds and their opening carrying value or their purchase value if qUired subsequent to the first day of the financial year. Unrealised gains and bsses are calculaled as the difference befvn the fair value at the period end and their carrying value. Realised and unrealised investrnent n8 and losses are combined in the Statement of Finanryal Activities. 1.7 Debtors Accrued income is recognised at ihe selllement amcAmt due and w8paynnts are valued at the amInI prepaid. Cash at bank and In hand Cash at bank and in hand cornprise cash on hwKI and call deposits wth a maturity of less than three months. and other ShOrt-te highly liquid investments Ihat are readily nVertIble to a knovm amount of cash and are subject to an insigniknnt risk of charwJe in value. 1.9 VAT The Trust is registered for VAT. All irKome and 8XP8nditure M a sp8cific commercial property is Slated exclusive of VAT. Al other expenditure is stated in¢knive of VAT. Irrecoverable VAT is charged against the eX1¢ure headry for which it VAS incurred. Produced by Albert Gc)dman LLP Page 35
Taunton Heritage Trust Notes to the Financial Statements For the Period frorn 1 July 2023 - 31 March 2024 1.10 Taxatlon As a registered charity. the company is not liaN8 to cm)ratiOn lax to the extent that incomè and gains are applied to charitable activities. 1.11 Classlficatlon of funds Funds aro daSsif acccKding to the manner in %thich they are albwed lo be spent. The unrestricted fund deals with funds that can be spent generally for furthering the objects of the Trust. Thè Trust designates those r8venues vthich have been set aside for uses thich prevent them, in th8 judgèment of the Trusiees. from beir¥J regarded as part of Ihe fr88 reseN8s of lh8 Trust. Restrlcled reserves are furKls are to be used in aco)rdanca ryth specific reslrictions imposed by èither the donor or the goveming d(NxJmenis of the Trust. The capital of the pemiwwit erKl¢)wment fund must be retained by the Trust. Income arising on thè investments is unrestricted. Costs of managing thes8 investrnents are charged to the endowment fund. Any gains and losses arising on the sales of investrnents CY on revaluation are charged lo the endowment fund. On 16 May 2019. the Charity Commission approved the Trustees resolution under Section 282 of the Charit18s Act 2011 to retease th8 pwmanont endowment to spend on the development of cOrfld Hall. 1.12 Flnancial In8trum•nts The charity only hobjs basrc financaal instruments as defined in FRS 102. The financial assets and liabilities of the and their measurements are as follows.. Flnanual assets - trade and other debiors are basic financial instruments and are debt Instruments measured at amortised cost as detailed in nole 18. Investment portfolios are basic financial instrurnents measured at fair value tlyough the income and expenditure account. Prepayments are not financlal instrLMnents. Cash al bank and deposit accounts- is dassified as a basic financial instrument and is rneaSLT8d at face value. Financial liabilities - trade creditors, actruals and other credil¢Jts are financial instruments, and are measured at amortised cost as detailed in ncle 18. Deferred wwme is not deem8d io be a financial liabilty, as the cash settlement has already tsken place arKI there is an obligation to d81iver services rather than cash or aTh)ther finanoal inslrum8nt. 1.13 Leased assets Leases that do not transfer all Ihe risks and rew¥ds of ownership are classified as operating leases. Receipts from operating leases where the Trust as the lessor are recogni5ed in the Statsmenl of Finan&al Adivities on a straight line bass over period of the lease. Incentives offered to enter into an op8ratirKJ 18as8, such as rent free periods. are spread over the lease terni and detsted to the Ststement of Finanoal Acaivities on a 5travJht line basis over the period of the lease. ProdLKed by Albert Gocxlman LLP Page 36
Taunton Hwltag• Trust Notes to the Financial Statements For the Period from 1 July 2023- 31 March 2024 1.14 Crhlcal x¢ounllng •sllmatos and aroas of Judgement Estimates and judgements are ¢(lThUaIIY evakmted arKI are based on historical exp8ri8nc8 arKJ adjusted for current markel condilions and other factors. The Trusiees makes estimates and assumptions concemlng the luture. The resuliing anting eslimales will. by definition, seldom be exacuy the same as related actual results. Th8 estimates. assumptions and managèment judgements that cary a significant risk of material adjustments to Ihe canying amounts of assels and liabilitles within the next financial year ae outlined below. Estlmatlon of falr value ol investment propertles The fair value of investment properties is assessed by Ihe Trustees 8$ sel out n note 1.5. In line with the SORP. investment properties are not depreciated. Resldual values of houslng property Housing properties are depreciated on the basi5 that thew residual value ts at least equal to thelr carrying value on the basis of the conlinual maintenance of thèsé properties. The significant assumptions applied in the detemining the tssidual vaknes of tsjr housing propertiès are mainly duè to (i) whether it will conllnue to b8 nacessary to maintain the properties to a certain standard {iil the market valu8 of the prOrtIeS. 1.15 Prlor perlod adjustment During the year it was identified that the allocation of and expenses, gains and losses between funds were incorrect as at 30 June 2021, and for the prior period. Thts has resulted in the follow¥)g adjuslments to the prior year. Per 2023 signed Adjustment Per 2023 a¢¢ounts amendod Funds as at 1 July 2022- - UnstrICted furKts - Restricted funds - Endowment funds 5,700.897 522,561 862. (140.182) 5,5eKJ.715 523.sm 139.199 1,002.099 2023 #ivestrnent income.. - Unrestricted fu[S - Restricted funds - Endovm)ent funds 130.082 14.755 (38,759) 91.323 14.755 38.759 38.759 Transfers bettn funds - Unrestricted furKIs - Restricted funds - Endowmenl fijnds (2TI.543) (277.543) (1) {1) 277,544 277,544 Funds as at 30 June 2023: - Unrestricted futyjs - Restricted funds - En(kMiment funds 6,028261 515.800 803,122 (456,484) 5,571.7ri 516,782 455,502 1,258.624 This has not Impact8d total surplus rép(tad in the 2023 ac&wnts. Pro(Jced by Albert Glman LLP Pago 37
Taunton Herltage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 Charltable Acllvlties 1 July R•s• 2023- 31 March funds 2024 Total Year Res- endlng 30 trl¢ted June 2023 funds Total Unres Unres. tricted funds nds Income and expendKure from Almshouses In9$ Income from swal hSIng lettings 534.736 Letting income loss frn VOKI$ 134.617) Other incomelground rents & gue$l a¢comodati 534.736 640,929 (34.617) {26.5961 640.929 {26,596) 1.382 2.580 2,580 501,501 501.501 616,913 616.913 Eyndilure on18tting actilIes. Personnel costs Estsblishments costs Routlne maintènance Planned maintènancè General expenses Depreciation - fumilure & equipment 130.025 164,576 283.782 2S.940 43.L 5.326 130,025 164,576 283,782 25,940 43.065 5.326 150,731 181,tJ)9 131.6 32.967 32,482 5,889 150.731 181,009 131,690 32,967 32.482 5,889 Total oporallng costs on Alm$hou$o8 httings 652.714 652.714 534,768 534,768 Surplu$ on Alm$hou$e l•ttlngg 1151,213) 82,145 82.145 Produced by Albert (kntjman LLP Page 38
Taunton Heritage TTht Notes to the Financial Ststements For the Period from 1 July 2023 - 31 March 2024 knve•lment Income I lY 2023 - endlng Unre$- Res- Endow- 31 Unres Res- Endow- 30 June trlctsd tri¢ted ment March trIad tricted menl 2023 funds lunds funds funds funds funds Total Commercial property rents Dividends receivable 30.687 13.821 33.298 77.8 36.507 14,755 38.759 8ank Inte$1 1.694 1.694 2.816 40.446 40.446 52.000 52.000 gJ.021 2.816 72,827 13.821 33,298 119.946 91.323 14,75S 38,759 144,837 othor Income l July Unm- 2023. 31 Unres- tricted tricled March trlctod lynds 2024 Total funds Yoar Res- endlng 30 trldod June 2023 funds Tolal Other Nicome Profit on disposal of free)Id propety 511 511 139.944 65,943 139,944 65,943 511 205.887 205,887 Produced ty Albert ¢kndman LLP Pag8 39
Taunton Heritag8 Trust Notes to the Financial Ststements For the Period from 1 July 2023 - 31 March 2024 Grants & donatlons paid 1Juty Year 2023 - 31 endlng 30 Grants to Grants to March Grants lo Grants to June 2023 In$litutions Individuals 2024 Total Instltutlons Indlvlduals Total Education General purposes (social weware) 5,773 20.796 5.773 21.557 2,084 34.867 2,084 35.532 761 665 761 26.569 27.330 36,951 37.616 All atK)V8 eXpditUre relates to uNestfKted fvTrJs. Net Inc¢)mlng rosour¢esloporating surplus 1 July 2023- 31 March 2024 Year endlng 30 June 2023 DepcIation of owned assets Auditors, rernuneralion for. Audit serNi¢es Aco)untan¢y services 5,889 7.800 2,520 6,000 1,950 Produced by Albert &)01Iman LLP Page 40
Taunton Herllage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 Employees Numb•r of •mploy•¢s The average monlhty head ccult was 8 staff (2023: 8 staff). 1 Juty 2023- 31 March 2024 Y•ar onding 30 June 2023 Employment costs Wag8s and salaries Social security costs Other pen5K wsts 121.741 6.177 2,081 144,018 5.252 1,461 129,999 150,731 There ve no lOYeeS em0ents above £60.000 in the period (2023: none). The o)mpany operates a defined c¥)nlributiM pern scheme. The pension cost charge fcff the period represents contributions payat4e by the c<ympany to the scheme and anUnted to £2,081 (2023: £1.461). Conlritrrtjtions totalling £nM {2023: £nil} were pay to the scherne at the e1 of the pertod and are induded In creditLYS. The trust considèrs its key management personnel c(Mnprise the trustees and the chief offtsr. Total employment benefits of key management personfEI were £38.874 (2023". £37.148). None of the trustees (or persons connecled wilh them) reiVed any remuneratK)n during the current or prior year. No trustees were 1mbUl$ed Iravel exwses during the perbd {2023: none). Produc8d by Abert G&)drnan LLP Page 41
Taunton Heritage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 Hou51ng property h•ld forlottlng 31 March 2024 30 June 2023 Cost or valuallon At 1 Juty 2023 Additions Disposals - Warden's Hse 3,263,749 3,437.899 (174,150) At 31 March 2024 3.263,749 3,263,749 Net book value At 1 Juty 2023 3.263,749 3.437.899 Ai 31 Mah 2024 3,263.749 3.263.749 Freehold land and lIdingS 3.263.749 3,263.749 A number of the housing tKoperties were originally ¢strUcted several hundred years ago and there is no record of original cost. The htxJsin9 properties were transferred to the CIO from the former Charity on 30 Junè 2018 at b¢J)k value. The former charity, on transitKJn to Ihe SORP (FRS 102). tk advantage of the transttlonal provision that P8rmitt8d the Trusl to take the bwk am¢)unts for the properties as deemed cosl. The fer ChtY adopted these tranSlnal provisions. and the trustees thereforè dFd not undtake a more recent valuati¢)n. SperKI on property In th• p•rl¢)d 1 July 2023- 31 March 2024 Y•ar endlng 30 June 2023 Ched to the inco* and expenditu account 309,722 164,657 309.722 164,657 Hou$lng stock The average number of units of housing in management was 65 Amshouses for letting12023: 65 Almshouses for letting). Produced by Albert Gcthman LLP Page 42
Taunton Herltage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 Tanglble flxed assets Fumlture Equlpment Totsl At 1 July 2023 Additions 40.189 7,329 40,189 7.329 At 31 March 2024 47.518 47,518 Depreclatlon At 1 Juty 2023 Charge for th8 ye¥ 33.152 5,326 33,152 5,326 At 31 March 2024 38,478 38.478 Net book value Al 31 Marth 2024 9.040 At 1 July 2023 7,037 7.037 ProthJ¢ed by Albert G(*)drnan LLP Page 43
Taunton Heritage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 Marth 2024 10, Flxed asset Inveslm•nts Usled 31 March Invest- invest- 2024 ment Total propertle$ Llsted Invest- ments 30 June 2023 Total ment Movernents In fixed a55ets Inve5tment$ Markel value blf as 1 Juty 2023 1.025.0(Kl 2.559,994 3.584,994 1.025.000 2,179,831 3,204,831 Additions at cost 117.396 117.396 670,803 670,803 Disposals {108.531) (108.5311 1179,641) (179,641) Net gain l {h)ssl on reVaal)n 146.559 {3,441) 1110.999) (110.999) {150.(KKb) 875.(KKI 2.715,418 3,590,418 1.025.000 2.559,994 3,584,994 128.492 128,492 102,648 102,648 Cash held within investment porttok) Market value cjf as at 31 March 2024 875,000 2.843,910 3,718.910 1.025.000 2,862,842 3,687,642 Investments at falr value 31 March 2024 Tolal 30 June 2023 Total Investment properties Equilies Fixed interest securities Cash held within the investment portfolio 875,000 1,025,000 2.559,994 2,179,831 155,424 380,163 128,492 102,648 3,718,910 3,687,642 Produced by Albert Goodman LLP Page 44
Taunton Heritage Tt Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 11. Dabtor8 31 March 2024 30 June 2023 Debtors Prepaym8nts arKI accnRd income 31,193 1.808 2,978 113.936 32,998 116,914 12. Credltors: Amounts falllng due wlthln one yèar 31 March 2024 30 Junfr 2023 Creditors Accruals Def8rred incc Taxation and la1 secunty 69,334 14,139 6,667 1,776 17.029 12,512 13,113 4CWJ 91.916 43,054 Prothjced by Albert (¥J)dman LLP Page 45
Taunton Heritage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 13. Summary ofmovomont In funds Gainl(105s) ¢)n knv•stments & transfors Openlng balance 01.0723 Closlng balance 31.03.24 Income Expendlture Unrestricted funds General Desi nated reserves Roof replacement fund Almshouses fund 5.071,777 574,939 (707.543) {92,974) 4,846,199 250,0 250,000 250,000 250,000 Total unreslricted funds 5,571.777 574,939 (707,543) (92,974) 5.346.199 Endowm•nl funds Historical cost 1,258.624 33.298 (6.841) 50.991 1.336,072 1.258.624 33.298 (6.841 > 50.991 1.336,072 Restrlcted funds Corfield Hall Extraordinary repairs fund HistorirAI cost 10,0 10,CO) 506.782 13.821 (2.782) 38.542 s,363 516,782 13.821 (2,782) 38.542 566.363 Totsl funds 7.347,183 622.058 (717,166) {3.441> 7,248,634 Thè désignated reserve for future major wcrfk ts named 'Roof replacernt fijnd.. This fund Is available to fund roof repairs at ony of the Trust's sites. The is also a designated fund entitled "Ajmshc$eS furKf- Ihis is for devebpment of new Alm5UseS. The Corfield Hall fund includes dor110 f1ved speoficalty for th8 pChaSe aTrJ development of Corfield Hall. The Extraordinary Repairs FurKI is a restricted furvy which can be used for extraordinary repairs. improvements or rebuilding relating to propert$ owned by the Trust. The fund is mad8 up of a listed investment portfolio. and therefore income. expendilure and gainllosses associated to the investment are charged to the fund. Perniission must be obtsined from the Charity Commisslon before any of the investment apital is used. Produced by Albert Gc¥)dman LLP Page 46
Taunton Herltage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 Endowment funds are held in listed investments and inteThJed to be held for the long tenn. Income arising from the fund is available for use by the Trust. On 16 May 2019. the Charity Commission approved the Tnjstees resolution under section 282 of the Charities Aci 2011 to release Ihe permanent endowment to spend on the development of Corfield Hari. Summary of rnov¢m¢nt In fun(ts- 2023 Galnl{loss) on Opening Investments balance In¢om• Expmdlturn & transfers 01.07.22 (as reststedl (as rostated) (as restaled) las restated) Closlng balan 30.06.23 (as reststsd) Unrestrlct•d funds General Desi naled rves Roof replacement fund Alfflshouses furmj 5.060.715 914,188 1584,710) (318,4161 5.071.777 250.(KK) 250.0(K> 250,000 250.000 Tolal unregtrlcted funds 5.560.715 914.188 1584,710) {318,4161 5.571,777 Endowm•nl funds Historical cosl 1.002,099 38.759 (7,344) 225,110 1.258.624 1.002,099 38,759 (7.344) 225,110 1.258.624 Restrlctsd funds Corfield Hall Extraordinary repairs fund Historical cost 10.CO) 10,000 513.544 14.755 (3.824) (17,693) 506.782 523.544 14,755 (3,824) {17,6931 516,782 Total fvnds 7.086.358 967,702 (595,878) (110,9991 7,347,183 Prc¥Juced by G(dMan LLP Page 47
Taunton Herltage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 17. Analysis of aswts between funds Unres- trlcted Res- trlcted Endow- 31 March 2024 ment Total Flxed o$$ets Housing properties Tangible assets Investment Currant a$$etsl(liabilities) Debtors Bank Credilors 3,263,749 9,040 1,826,475 3.263,749 556,363 1,336,on 3.718.910 32,998 305,853 {91,916) 32,998 315,853 191,916) 10,000 5.346,199 566.363 1,336,072 7.248.634 Prlor yoar- 2023 Unm- Endow- 30 June 2023 trlcted ment Total (as reslatsd) {a5 restated) (as reststed) Flxed assets Housing properties Tangible assets Investment Current assetsl(liabllilies> Debtors Bank Credilors 3263.749 7,037 1.922.236 3263,749 7,037 3.687,642 .782 1,258,624 116.914 304.895 (43.054) 116,914 314,895 (43,054 10.000 S.571.777 516.782 1.258,624 7,347,183 Produced by AJb8rt Goodrnan LLP Page 48
Taunton Herltage Trust Notes to the Finala[ Statements For the Period from 1 July 2023 - 31 March 2024 18. Flnanclal Instrumonts Categorlsat5on of ftnanclal instrnm•nts 31 March 2024 30 Juno 2023 Finan¢Tral assets rneasud at fair value tlwcmjgh inLJ)me and expenditure account Financial ass8ts that are debt instruments measured al amortised cost 3.718.910 3.687,642 347.043 318,873 4,065,953 4,tyA,515 Financial liabilities measured at aMOrti cost 83.473 29,541 ttem of Income, expenditure, gain or losses Incomo Exponse Not galns Not lo$s•$ 1 Juty 2023- 31 Mar¢h 2024 Financial assets rneasured at fair value through inc(Yne and expenditure account Financial assets that are debt instrumènts measured at amortised cosl Financial babibts'es measured al amortIs cost 118,252 12.524 146.559 1150,0001 119.946 12,524 146,559 (150.0001 Income Expense Net galns Net losses Year End•d 30 June 2023 Ftnancial assets measured at fair value tlwwh income and expenditure account Financial assets thal are debt instruments measured at amcylised cost Financial liabilities measure•J at armrtisad cost 142.021 17,829 52,434 2.816 144.837 17.829 52,434 Produced by Abert G(rnan LLP Page 49
Taunton Heritage Trust Notes to the Financial Statements For the Period from 1 July 2023 - 31 March 2024 Flnanclal commllmonts At 31 March 2024, the Trust is duè the following minimum lease receipts under ThJn<ancellable operating leases for which it is a lesscrf. for of the following peds. 31 March 2024 30 June 2023 Land and Bulldings Expiry dats: Within one year Between two a1 ffive years 190.IX(J 4.000 194,0 62,500 20. Events after the balance sh•et dat• SiD¢e the peri¢Jd end. the Trust has contracted lo purchase a ppertY a4"acenl to the offices ol ihe Trust. for a lotal cost of £240.000. Produced by Albert Gc¥)dman LLP Page So
Taunton Herltago Trnst Notes to the Financial Statements For the Period from 1 July 2023 - 31 Marth 2024 21. Prlor year . Statement of Flnjndal Actlvhles for thg ar •nd•d 30 Jun• 2023 Tear ondlng 30 Endowment June 2023 fund Total Unres- (as rnstalgd) restated) (as rnstated) Income: Donations & legacies Charitable activities Inveslment Income other inc(Kne 65 616,913 144,837 205,887 616.913 91.323 205.887 14.755 38.759 Total Income 914.188 14.755 38.759 967,702 Expendlture: Raising funds Investment manager fees Charitable activities mhwse letting Grants & donations Other expenditure 6.661 3.824 17,829 534.772 37,616 5.661 534,772 37.618 5,661 Total expendlture 584.710 3,824 7,344 595,878 Net incom¢ l1oxpendlluro) before other reco9nised gains and losses Nel gain l (b)ss) on investrnents 329.478 10,931 31,415 371.824 10 (40.873) (17.6921 (52.434} (110,999) Net Income beforo transfers 288.605 (6.761) (21.019) 260.825 Transfers 13 (2TI.543) (1) 2TI.544 Nat mov•m•nt In lund8 for th¢ y•ar 11.062 (6,762) 256.525 260.825 Re¢on¢lllatlon of funds Total funds brought forward Totsl funds carried forward 5.560.715 523.544 1.002.099 7.086.358 5.571,T17 516.782 1.258.624 7.347,183 Producad by Albert Goodman LLP Page $1