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2025-03-31-accounts

TAUNTON HERITAGE TRUST ANNUAL REPORT AND ACCOUNTS 2024- 2025 Registered CIO No: 1177162 Regulator of Social Housing No: 5059

CONTENTS

**Page **
WHAT WE DO 2
WELCOME FROM CHAIR OF TRUSTEES 3
WHO WE ARE
- The Board of Trustees 4-5
- Officers and Professional Advisors 6
TRUSTEES REPORT
- Objectives and Activities 7-8
- Achievements and Performance 9-16
- Financial Review 17-19
- Structure, Governance and Management 21-23
- Plans for Future Years 24
- Professional Advisors 25
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES 26-29
- Statement of Financial Activities 30
- Balance Sheet 31-32
- Statement of Cashflows 33
- Notes to the Financial Statements 34-52

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WHAT WE DO

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WELCOME

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WHO WE ARE

REFERENCE AND ADMINISTRATIVE DETAILS

The Board of Trustees

The Trustees are all members of the Board of Management

Appointed for four years expiring 30 June 2026 ELIZABETH FOTHERGILL [2[nd] term]

Appointed for four years expiring 06 June 2027 ANDY PRITCHARD [2[nd] term]

Appointed for four years expiring 11 September 2027 ANDREW SULLY [1[st] term]

Appointed for four years expiring 05 April 2028 HUGH GREGORY [2[nd] term]

Appointed for four years expiring 30 June 2028 **MIKE HELLINGS [3[rd] term]

Appointed for four years expiring 13 January 2029 BRYONY HOULDEN [1[st] term] PETER MOAT [1[st] term]

Appointed for four years expiring 2 June 2029 JOHN RUFF [3[rd] term] NORMAN CAVILL [3[rd] term]

JOHN WILLIAMS resigned on 4 June 2024 CHRIS CUTTING resigned 9 October 2024 SUE BULLER resigned 28 February 2025

**Appointed by the Court Leet - term of four years

TRUST’S PATRON

MAYOR OF TAUNTON COUNCILLOR VANESSA GARSIDE until May 2025 DEPUTY MAYOR OF TAUNTON COUNCILLOR BEV FERNANDES from May 2025

ASSOCIATES

RACHEL PINDER VIVIENNE STOCK- WILLIAMS MARGARET NOTT resigned from Associate May 2025

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WHO WE ARE

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WHO WE ARE

Officers and Professional Adviser

Chief Officer Ros Moreton

Auditor Albert Goodman Chartered Accountants & Statutory Auditors Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Registered Office Wrexen House, Magdalene Street, Taunton, Somerset TA1 1SG

Registered CIO No: 1177162 Regulator of Social Housing No : 5059

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TRUSTEES REPORT

These accounts show the results for the period 01 April 2024 to 31 March 2025.

Objectives and Activities

The Trustees of Taunton Heritage Trust, a registered Charitable Incorporated Organisation (CIO) work within the terms of the Constitution approved by the Charity Commission on 14 February 2018 and amended by an order dated 02 October 2018. (Administrative amends by an order dated 14 January 2025)

The Trust is a Registered Social Landlord and operates within the guidance contained in the Regulator of Social Housing’s Regulatory Framework and Guidance. The Trust’s Charity number is 1177162 and its Social Housing Registration number is 5059. The Trust’s principal address is Wrexen House, Magdalene Street, Taunton, TA1 1SG

The objects of the CIO are as follows:

The objectives for the purpose of public benefit, require that the Trust provides affordable, suitable and safe accommodation for people on low incomes aged over 60 years and provides a grant giving scheme in order to assist individuals who are identified as in financial need. The Trustees have paid due regard to the Charity Commission’s guidance in relation to the reporting of Public Benefit and believe that the main activities and who the Trust helps are described below.

To comply with the Trust's Constitution, almshouse residents must be in need and aged 60 years and over with priority being given to inhabitants of (the former) Taunton Deane. This is broadly defined as being on a low income, but need can also mean a requirement for the sheltered form of safe housing that the Trust is able to provide. The Trust has a robust process of Resident Appointment that includes an interview with Trustee presence before offering accommodation to ensure the person most in need at the time of a vacancy is offered the available flat.

The Trust’s objectives in providing accommodation during the year were as follows:

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The Trust also provides a monthly grant giving scheme and the objectives of the grants scheme are as follows:

Grant payments fall into two main categories:

  1. Items of general need

  2. Educational grants

All grant applications are considered against agreed criteria which are reviewed annually. There were no changes in activities during the year.

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Achievement and Performance

Residents

The Taunton Heritage Trust offers sheltered accommodation to the over 60’s who are in need. The sheltered nature of the accommodation enables Residents to maintain their independence for longer, living with dignity in a safe and secure environment.

The provision of part-time on-site assistance and a 24/7 piper alarm system means that Residents feel fully supported and do not become isolated. The events and activities during the period have been very well received and ensures a “community” feel. Residents across all sites are invited to the events and attendance is good. Over the summer months social gatherings included Pimm’s & strawberries afternoons, and several barbeque evenings. The cooler months lent themselves to fish and chip evenings, games evening and a ploughman supper. At the beginning of the year Residents saw the new year in with a party and race night.

The Residents have also arranged events, on and off site, including a regular craft afternoon, Easter celebrations and meals out together. The community rooms and gardens have been enjoyed for quiz evenings and milestone birthdays with our star bakers sharing some delicious cakes!

Residents have also raised money through some of these events for their chosen charities, including St Margaret’s Hospice and Dorset and Somerset Air Ambulance.

The Trust also arranges and pays for each year, two events to enable the whole Resident community to come together. In the Summer this is a group outing to the seaside , which includes a wonderful meal and time at the beach or to explore the local town. At Christmas everyone is invited to a meal, which is catered for and includes a prize draw, which is a Trust highlight.

A quarterly Resident newsletter is produced by the Trust, which captures good news stories, Resident reminders and social events. Residents look forward to receiving this colourful publication put together by the staff team. Throughout the year Staff and Trustees drop by to the Residents weekly coffee morning. These informal events enable the Trust to connect with Residents and are good opportunities for informal feedback and evaluation.

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Grants

The grants scheme enables people of all ages, who live in (the former) Taunton Deane and are in financial need, to benefit from assistance, often at short notice. Examples of items granted are school uniform, flooring and white goods, clothing and basics for people setting up a new home – i.e. out of prison or victims of domestic abuse. Equipment for new babies/children and respite care. The grant scheme fills a much-needed gap in the area of benefit to respond quickly and assist people who are genuinely in need and very often at a time when they have nowhere else to turn. The grant applications are completed on behalf of the individual by referring agencies. During the year some 23 referring agencies (21 the previous year) submitted applications via the online Grants form. Detailed guidance notes for grant eligibility are regularly reviewed and updated and published on the Trust’s website.

Grants during the year amounting to £ 28,249 were made as follows:

The allocation of grants: 2024-2025 2023-2024
Education (uniforms, etc) 10 25
Furniture & household goods 16 14
White goods 32 41
Flooring 16 4
Clothing 0 1
Mobility aid and support 6 8
Playschemes 0 1
Bishop Fox’s School Grant 1 1
British School Fund 9 6
Other 0 2
TOTAL
 90 103

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Property Management and Maintenance

The Trust continued to meet its objectives during the period by undertaking the following –

Response Maintenance

During the budget year 2024/25 response maintenance works undertaken across all sites was at a normal level and the breakdown in percentages is as follows

  1. Leycroft Close – 54%

  2. Bernard Taylor Homes – 21%

  3. Huish Homes – 4%

  4. St James Close – 10%

  5. Grays Almshouses– 8%

The remaining 3% was split over the Warden properties and the Office.

A list of significant works completed in the past year from 1st April 2024 to 31st March 2025 is as follows;

Residential sites:

Commercial Sites:

Almshouse turnovers completed across the five sites:

Throughout the year the Trust managed 66 flats across five Almshouse sites, with the additional flat being repurposed as an Almshouse flat, in Autumn 2024.

Vacant flats were filled promptly following maintenance turnover. Promotion included advertising on -site and in the local press and via social media. At the time of each vacancy an assessment of eligibility is made, and flats are allocated to those considered to be most in need.

The average occupancy levels during the year were 97% (93.6% previous reporting period). The Trust complies with all statutory requirements of the Charity Commission, the Regulator of Social Housing and Housing Ombudsman and ensures it complements the housing strategies of Somerset Council.

The Trustees review the requirements of the beneficiary groups through the Committee/Board structure and seek to develop appropriate services to meet identified need. A review of charges relating to almshouse lettings is carried out on an annual basis following Homes England and the Almshouse Association guidelines.

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In 2024 Taunton Heritage Trustees bought an additional property, Wrexen House, for office use. This has enabled the trust to revert the former offices to an almshouse property and will provide accommodation to additional beneficiaries.

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 Trust’s professional advisers, these have been well managed. The income from the commercial properties provides the basis for budget management in terms of the grant giving role. Monthly Grant Panel meetings were held to scrutinise each application, to ensure that every worthy applicant was able to benefit from the scheme.

The criteria for the provision of grants are reviewed at Committee/Board level and the guidance notes and application form are updated accordingly and shared with the relevant referring agencies. These documents are available to download on the Trust’s website.

During the year the Trust’s Risk Register was under regular review to acknowledge and mitigate against fast moving changes and challenging economic environment.

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National Heritage Open Days

As part of the national Heritage Open Days, Taunton Heritage Trust opens Gray's Almshouse and Chapel are opened to the public or one day in September. This event offers a unique insight into Taunton in the 1600s, as the Grade I Listed building is the home of the original chapel with its beautiful painted ceiling. Grays Almshouses date from 1635 and were founded by Robert Gray, a London merchant, born in Taunton in 1570. The Almshouses were built to accommodate ten poor women, six poor men and a Reader. The Reader was employed to read prayers twice a day, and to teach ten children to read and write.

Visitors get to see the gardens, chapel and are given a tour of the building's interior. Sometimes there is the chance 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. Staff and Trustees volunteer their time to give a flavour of the history of the Taunton Heritage Trust and explain how we still provide accommodation today.

The day is very well attended with visitor numbers over 200 in 2024.

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Financial Review

Financial management

The Trust is self-funding deriving income from its properties and portfolio of stocks and shares. As a registered housing provider, the Trust complies with Homes England’s formula 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. Snapshot reports are produced monthly and detailed reports, on a quarterly basis. These procedures are reviewed at least annually. Rowan Dartington are the Trust’s Investment Managers. Quarterly reports are received from Rowan Dartington and the agreed procedures for the transactions have been followed. Both of the Trust's commercial properties (1/1A St James Street and 54/55 North Street) were fully occupied during the financial year. Although the agreed rental income has significantly reduced over recent years, the arrangement is deemed to be as good as it can be in the present economic climate and with many vacant shops in the town centre.

Investment policy and returns

The objectives of the Trust in investing its funds are as follows:

The Taunton Heritage Trust’s strategic investment policy involves a broadly diversified spread of assets, including UK and overseas equities, government and non-government bonds and pooled funds to cover more specialist areas of investment.

The Trustees’ policy is to invest in freehold property as well as in a listed managed portfolio with Rowan Dartington. The investment properties which made up 24.6% of invested funds at 31 March 2025 generated a gross return 7.5% (2024: 4.6%). The listed managed portfolio produced an income return of 3.89% (2024 2.87%) and a gain on revaluation of 2.86% (2024 gain 5.72%) Overall, the return on listed investments was 6.75% (2024: 8.3%). The Trust’s policy with regard to investments is to aim to achieve a 3.5% return on reserves.

The Trust have generated a high surplus in this year much of which is earmarked for significant expenditure on the almshouses in the next 12 months. There has also been a recovery on the investment portfolio value which is included in the surplus generated.

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Reserves Policy and Reserves Need for reserves

The principal risks that impact on the need for reserves have been assessed to include:

Level of funds

The Trust’s policy with regard to level of funds is to maintain six months operating costs. This is in the region of £380,000. Unrestricted funds are maintained at a level considered to be adequate to cover day to day working capital and all foreseeable emergencies relating to the properties.

Funds at 31 March 2025 totalled £7,567,416 of which £1,364,261 were endowment funds and £538,837 restricted funds. Unrestricted funds of £5,664,318 are made up of £3,514,354 held as commercial property, functional property or other fixed assets. A further £1,864,223 of fixed asset investments held as long-term investments to generate income. This left £285,741 of free reserves available to the CIO.

On 31 March 2025, the Trust held a designated roof replacement fund totalling £250,000 and a further designated fund in excess of £250,000 for almshouse development. The Endowment funds of £1 million are for future development of THT almshouses.

The available cash reserves achieve the level in the Trust’s policy above. The free reserves are below this level but additional sums held as reserves could be converted to cash as necessary.

Monitoring and review

The level of reserves is reviewed annually, as part of the budget setting process in order to ensure sufficient but not excessive reserves are maintained. The Trustees are of the opinion that on a fund-byfund basis, the Trust’s 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 at 31 March 2025 and the Trustees believe that all current plans will be met from existing funds with the exception of new almshouse development where loan and grant funding may be sought.

Statement of Trustees’ responsibilities

The Trustees are responsible 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 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the income and expenditure of the Trust for that year.

In preparing these financial statements, the Board is required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 2011, part 2 of the Housing & Regeneration Act 2008 the Accounting Direction for Social Housing in England from January 2019, the Charity (Accounts and Reports) regulations 2008 and the governing document. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Structure, Governance and Management

The Trustees are all members of the Board of Management. Liz Fothergill served as Chair for the period with Norman Cavill serving as Vice Chair. John Williams resigned in June 2024, Chris Cutting in October 2024 and Susan Buller February 2025, after contributing many years of diligence and support for the Trust. Councillor Vanessa Garside served as the Trust’s Patron.

Day to day responsibility for running the Trust and overseeing all its activities is delegated to the Chief Officer who is considered to be the Trust’s key management personnel. The Chief Officer is supported by the Staff Team, operating within the policies, guidelines and directions given by the Trustees, all of which are minuted. The Chief Officer reports to the Trustees on at least a quarterly basis at Board Meetings. Other Officers report quarterly to Trustees via the relevant committee/Board, as do key staff.

Changes to the Board Framework: From June 2024 Board meetings were held monthly and the work of the two committees [Finance and Property, Governance, Strategy and Policy] were brought into the Board meetings.

Strategic direction and guidance as well as review of operating policies and procedures is carried out by the Board of Trustees. When setting the pay and remuneration of the Trust’s key management personnel, the Trustees consider the remuneration levels of equivalent officers in other similar almshouse charities and the National Joint Council pay scales.

Policy for the recruitment, appointment, induction and training of new Trustees

The Trust operates under the terms of its Constitution dated 14 February 2018 (with administrative amends 14 January 2025.) this provides for the body of Trustees to consist of not less than five Trustees, to include three Trustees who are nominated, with a minimum quorum of five Trustees at a meeting. If there is a requirement for new Trustees, these would be identified and appointed by the remaining Trustees. During the year, two new Trustees were appointed.

The Chief Officer is responsible for the induction of any new Trustee. The process includes visits to the office, meetings with Staff and visits to an almshouse site, as well as “shadowing” opportunities with key staff. A detailed induction pack is provided which includes information relating to Trustees’ responsibilities, a copy of the Constitution and most recent audited accounts. It also contains the Strategic Business Plan and the most recent annual report, as well as any other relevant background information.

Operations

The following meetings were held during the year: Board Meetings – 10 AGM - 1 Finance & Properties Committee -1 Governance, Strategy & Policy Committee – 1 Grants Panel - 12 All Trustee meetings were quorate.

The Charity Commission and Homes England annual returns were completed within the prescribed deadlines.

Monitoring of performance

The Trustees work within the parameters of the Charity Governance Code for smaller charities and

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monitor performance based on the code. The code sets the principles and recommended practice for good governance, helping charities develop high standards.

The Trustees receive written reports from the Resident Lead, Finance Manager and Properties Manager at quarterly meetings. The Board approves the annual budget, receives quarterly reports, and oversees all planned maintenance and scheduled developments.

The Trustees consider the following:

The Trust is always liable for inspection by Homes England and the Charity Commission.

The Chief Officer reports to the Trustees on performance at Committee/ Board level as outlined below:

Management development

A Trustee development day was held in October 2024 and a joint Trustee and Staff Day was held in May 2025. Strategic development was the focus at both days with staff invited to contribute in May to help develop the latest THT Strategic Plan.

During the year, the Board further developed the Governance Self-Assessment Plan for the Trust which is in place as a tool to assess the quality of governance assurance.

The Almshouse Association have developed a comprehensive library of training including online webinars eLearning, Staff and Trustees have attended these throughout the year.

The joint development day for staff and Trustees, resulted in a clear outline for the next five years to inform our strategic plan. The session considered all key areas of the charity: people, finance, property, governance, and technology, ensuring a well-rounded and future-focused approach.

Coming together to reflect on our achievements provided a strong foundation for setting ambitious, forward-looking aims that will guide our continued impact. During the day, we also agreed on and strengthened our shared vision and values, reinforcing our collective commitment to the charity’s purpose.

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Risk management

The Trustees manage risk via a Risk Register. These risks have been identified under the following sections:

The Risk Register is overseen by the Board and is reviewed on a quarterly basis.

The Trustees review the major risks which the Trust 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 controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The results for the last two years confirm that. The Trustees have also examined other operational and business risks and confirm that they have established systems and procedures to mitigate the significant risks. These include matters relating to Trustees, Staff, Residents, external stakeholders and property.

Fundraising activities

The Trust does not actively undertake any direct fundraising activities and does not engage anyone to undertake such activities on its behalf. Some grant funding is expected to be sought in relation to developing new almshouses and it is expected that this work will be undertaken inhouse.

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Plans for Future Years

People

We will continue to invest in and empower staff and trustees to work safely, professionally, and enterprisingly, providing training, support, and opportunities to develop the confidence and skills needed to lead with integrity, innovation, and care.

We will continue to foster a culture of growth and collaboration, building strong relationships based on trust, mutual respect, and shared learning, and becoming a trusted partner to Residents, grant recipients, service providers, and contractors.

We will continue to examine how services can better meet the evolving needs of those most in need, through regular review, feedback, and adaptation to ensure our work remains relevant, accessible, and impactful.

Property/Buildings

We will continue to strengthen our capacity to serve more individuals in need by expanding our reach with more high-quality accommodation that upholds our standards of dignity, affordability, and care.

We will continue to maintain and further adapt our buildings to improve efficiency, sustainability, and environmental impact, while protecting their historical characteristics through thoughtful and responsible investment.

Finance

We will continue to manage the Trust’s finances to ensure long-term sustainability, transparency, and value for money, using robust controls, clear reporting, and careful budgeting to maintain public trust.

We will continue to protect and grow our assets to support the charitable mission, pursuing prudent investments that enable us to invest in the future of our residents, buildings, and services.

The charity will continue to re-invest surplus funds directly into its charitable purposes to further support its beneficiaries.

Governance & Compliance

We will continue to provide clear leadership, accountability, and oversight to support our charitable objectives, ensuring Trustees and leaders work cohesively with informed decision-making and a shared sense of purpose.

We will continue to uphold the highest standards of governance, meet all regulatory requirements, and adopt best practices in transparency, risk management, and ethical decision-making across the organisation.

Technology

We will adopt new technologies where they can assist the Trust and beneficiaries, investing in digital

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infrastructure and providing skills training so that staff and Residents can benefit from improved tools, access, and confidence.

Professional Advisors

Bankers – Barclays Bank, 46 North Street, Taunton TA1 1LZ Bankers - Skipton Bank, The Bailey, Skipton, BD23 1DN Bankers – Charity Bank Ltd, Fosse House, 182 High Street, Tonbridge, TN9 1BE Solicitors – Porter Dodson, The Quad, Blackbrook Park Avenue, Taunton, TA1 2PX Investment Managers – Rowan Dartington, Aintree House, Blackbrook Park Avenue, Taunton TA1 2PX Chartered Surveyors – Hatfield White, Victoria House, Victoria Street, Taunton TA1 3AF Auditors – Albert Goodman, Goodwood House, Blackbrook Park Avenue, Taunton TA1 2PX

By Order of the Trustees

ELIZABETH FOTHERGILL CHAIR OF TRUSTEES

NORMAN CAVILL

VICE CHAIR OF TRUSTEES

Date: 9 September 2025

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Taunton Heritage Trust Independent Auditors’ Report For the Year Ended 31 March 2025

Opinion

We have audited the financial statements of the Taunton Heritage Trust (the ‘charity’) for the year ended 31 March 2025, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Taunton Heritage Trust Independent Auditors’ Report For the Year Ended 31 March 2025

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 18 the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Charities Act 2011, s. 144 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Taunton Heritage Trust Independent Auditors’ Report For the Year Ended 31 March 2025

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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Taunton Heritage Trust Independent Auditors’ Report For the Year Ended 31 March 2025

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………..

Albert Goodman LLP Statutory Auditor Goodwood House Blackbrook Park Avenue Taunton TA1 2PX

Date:09 September 2025

Albert Goodman LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Page 29

Taunton Heritage Trust Statement of Financial Activities (including Income and Expenditure Account) For the Year Ended 31 March 2025

Unres-
tricted
Notes
£
Income:
Donations & legacies
271
Charitable activities
2
710,262
Investment income
3
112,937
Other income
4
27,892
Total income
851,362
Expenditure:
Raising funds
Investment manager fees
6,635
Charitable activities
Almhouse letting
2
667,608
Grants & donations
5
28,249
Other expenditure
14,388
Total expenditure
716,880
Net income / (expenditure)
before other recognised
gains and losses
134,482
Net gain / (loss) on
10
90,041
investments
Net income
before transfers
224,523
Transfers
13
93,596
Net movement
in funds for the year
318,119
Reconciliation of funds
Total funds brought forward
5,346,199
Total funds
carried forward
5,664,318		 Res-
tricted
£
-
-
16,748
-		 Endowment
fund
£
-
-
49,885
-
49,885
9,563
-
-
-
9,563
40,322
36,463
76,785
(48,596)
28,189
1,336,072
1,364,261		 2025 Total
1 July 2023
- 31 March
2024 Total
£
£
271
65
710,262
501,501
179,570
119,946
27,892
511
917,995
622,023
20,039
12,524
667,608
652,714
28,249
27,330
14,388
24,598
730,284
717,166
187,711
(95,108)
131,071
(3,441)
318,782
(98,549)
-
-
318,782
(98,549)
7,248,634
7,347,183
7,567,416
7,248,634
16,748
3,841
-
-
-
3,841
12,907
4,567
17,474
(45,000)
(27,526)
566,363
538,837

The statement of financial activities has been prepared on the basis that all operations are continuing operations. There were no gains or losses arising in the year that are not shown above. The statement of financial activities incorporates the income and expenditure account.

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Taunton Heritage Trust Balance Sheet As at 31 March 2025

----- Start of picture text -----
31 March 2025 31 March 2024
£ £ £ £
Notes
Fixed assets
Housing properties 8 3,263,749 3,263,749
Tangible fixed assets 9 250,605 9,040
Investments 10 3,757,321 3,718,910
7,271,675 6,991,699
Current assets
Debtors 11 92,553 32,998
Cash at bank and in hand 265,837 315,853
358,390 348,851
Liabilities:
Creditors falling due within one year 12 (62,649) (91,916)
Net current assets 295,741 256,935
Total net assets 7,567,416 7,248,634
The funds of the charity:
Unrestricted funds:
General funds 13 5,164,318 4,846,199
Designated funds 500,000 500,000
Total unrestricted funds 5,664,318 5,346,199
Endowment funds 13 1,364,261 1,336,072
Restricted funds 13 538,837 566,363
Total charity funds 7,567,416 7,248,634
----- End of picture text -----

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Taunton Heritage Trust Balance Sheet (continued) As at 31 March 2025

Approved by the Board of Trustees for issue on 09 September 2025 and signed on their behalf by:

…………………………. …………………………… E Fothergill N Cavill Trustee Trustee

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Page 32

Taunton Heritage Trust Statement of Cash Flows For the Year Ended 31 March 2025

Notes
Cash flows from operating activities		 £
£
31 March
2025
1 July 2023 -
31 March
2024
Net movements in funds for the year 318,782
(98,549)
Adjustments to cash flows from non-cash items
Gain on disposal of fixed assets
Depreciation and amortisation
9
Dividends and interest from investments
3
Investment revaluations
10
Working capital adjustments
Decrease/(increase) in debtors
11
Increase/(decrease) in creditors
12
Net cash flow from operations
Cash flows from investing activities
Dividends and interest from investments
Proceeds on disposal of fixed assets
Purchase of fixed assets
9
Acquisition of investments
10
Investment disposals
10
Net cash provided by/(used in) investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period
Cash & Cash equivalents reconciliation:
Cash at bank
Cash held by investment manager
10
Total cash & cash equivalents at the end of the
reporting period		 -
-
5,613
5,326
(179,570)
(119,946)
(131,071)
3,441
13,754
(209,728)
(59,555)
83,916
(29,267)
48,862
(75,068)
(76,950)
179,570
119,946
-
-
(247,178)
(7,329)
(236,537)
(117,396)
274,750
108,531
(29,395)
103,752
(104,463)
26,802
444,345
417,543
339,882
444,345
265,837
315,853
74,045
128,492
339,882
444,345

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Page 33

Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

Accounting Policies

1.1 General Information

Taunton Heritage Trust is a Charitable Incorporated Organisation (CIO) registered charity administered under an order of the Charity Commissioners dated 14 February 2018. The Charity is registered in England and Wales. The registered office is Wrexen House, Magdalene Street, Taunton, Somerset TA1 1SG. The trust is also registered with the Homes and Communities Agency as a social landlord.

Basis of accounting

The financial statements have been prepared in £ sterling on the historical cost basis and in accordance with accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Registered Social Housing in England from January 2019.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

1.2 Income

All income is recognised once the Trust has entitlement to the income, there is sufficient certainty of receipt, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income represents letting income and other service charges receivable from social housing lettings included at their invoiced value net of voids, and rental income from commercial lettings.

Income from donations is recognised on a cash basis, in the year in which the income is physically received, except when the donors specify that they must be used in future accounting periods or donors’ conditions have not been fulfilled, then the income is deferred.

Income from grants is recognised in the year in which they are receivable. Grants without performance conditions are presented within donations and legacies and within charitable activities when performance criteria apply.

Income from investments constitutes dividends and bank interest and is recognised in the year to which it relates.

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

1.3 Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis, including support costs are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.

Grants payable are payments made to third parties in furtherance of the charitable objects of the Trust. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, 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 Trust. In the case of an unconditional grant order this is accrued once the recipient a reasonable expectation that they will receive the one year or multi-year grant. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of the grant payable.

The costs of raising funds consist of investment management fees.

The expenditure on charitable activities includes Almshouse expenses, grants made, governance costs and support costs.

The Trust gives to needy individuals in the form of one-off grants for clothes, furniture, white goods etc. and educational grants for students. Such costs are charged to the Statement of Financial Activities as they arise.

Due to the number of properties held and the establishment of regular programmes of repairs and maintenance, the Trust does not make provision for future works but charges actual costs incurred to the Statement of Financial Activities. The Trust has a continuing programme of major repairs. Costs regarded as “normal” are charged to the Income and Expenditure account in the year they are incurred. The Trust maintains a reserve into which funds are transferred when necessary, for expenditure considered by the Trustees to be abnormal in nature.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Fixed assets over £1,000 are capitalised. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life as follows:

Freehold land and buildings Not depreciated. Fixtures & fittings 33% straight line / 10% straight line

Housing properties 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 capital improvements) because the residual value of the properties is maintained by the ongoing maintenance of the properties. Accordingly, no depreciation has been charged. Works which do not result in enhancement of economic benefits of a property are charged to the Income and Expenditure Account.

The useful economic lives and residual values of all tangible fixed assets are reviewed annually.

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

1.5 Fixed asset Investments

Listed Investments

Listed investments are a form of basic financial instrument and are recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. The statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period. The Trust does not acquire, or use put options, derivatives or other complex financial instruments.

Fixed asset investments comprise investment portfolios maintained by investment managers. These are recognised initially at fair value which is normally the transaction price (but excludes any transaction costs.) Subsequently, investments are held at market value, with all realised and unrealised gains passing through the SOFA.

Investment property

Freehold commercial properties held for investment purposes are stated at fair value as set out in note 10. The properties were valued as at 31 March 2025 on an open market value basis by Cluff Commercial, an independent commercial property advisor and surveyor.

In accordance with the SORP, investment property valuations are considered annually and updated for any material movement in fair value. The Trustees have assessed the fair value of the properties, and in doing so considered the long term intentions of the trust, the location of the properties and the rental yield by reference to the most recent lease (or those in negotiation) at the time of the assessment. The significant assumptions in making such an assessment included the current intentions of the Trustees to hold the properties for the long term and the potential value of investment into the area.

The Trustees have concluded that the properties are held at fair value in the accounts as at 31 March 2025.

1.6 Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as they difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

1.7

Debtors

Accrued income is recognised at the settlement amount due and prepayments are valued at the amount prepaid.

1.8 Cash at bank and in hand

Cash at bank and in hand comprise cash on hand and call deposits with a maturity of less than three months, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.9

VAT

The Trust is registered for VAT. All income and expenditure on a specific commercial property is stated exclusive of VAT. All other expenditure is stated inclusive of VAT. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

1.10 Taxation

As a registered charity, the company is not liable to corporation tax to the extent that income and gains are applied to charitable activities.

1.11 Classification of funds

Funds are classified according to the manner in which they are allowed to be spent. The unrestricted fund deals with funds that can be spent generally for furthering the objects of the Trust. The Trust designates those revenues which have been set aside for uses which prevent them, in the judgement of the Trustees, from being regarded as part of the free reserves of the Trust.

Restricted reserves are funds which are to be used in accordance with specific restrictions imposed by either the donor or the governing documents of the Trust.

The capital of the permanent endowment fund must be retained by the Trust. Income arising on the investments is unrestricted. Costs of managing these investments are charged to the endowment fund. Any gains and losses arising on the sales of investments or on revaluation are charged to the endowment fund. On 16 May 2019, the Charity Commission approved the Trustees resolution under Section 282 of the Charities Act 2011 to release the permanent endowment to spend on the development of Corfield Hall.

1.12 Financial Instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 18. Investment portfolios are basic financial instruments measured at fair value through the income and expenditure account. Prepayments are not financial instruments.

Cash at bank and deposit accounts– is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 18. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

1.13 Leased assets

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Receipts from operating leases where the Trust acts as the lessor are recognised in the Statement of Financial Activities on a straight line basis over the period of the lease.

Incentives offered to enter into an operating lease, such as rent free periods, are spread over the lease term and debited to the Statement of Financial Activities on a straight line basis over the period of the lease.

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

1.14 Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and adjusted for current market conditions and other factors. The Trustees makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom be exactly the same as related actual results. The estimates, assumptions and management judgements that carry a significant risk of material adjustments to the carrying amounts of assets and liabilities within the next financial year are outlined below.

Estimation of fair value of investment properties

The fair value of investment properties is assessed by the Trustees as set out in note 1.5. In line with the SORP, investment properties are not depreciated.

Residual values of housing property

Housing properties are not depreciated on the basis that their residual value is at least equal to their carrying value on the basis of the continual maintenance of these properties. The significant assumptions applied in the determining the residual values of our housing properties are mainly due to (i) whether it will continue to be necessary to maintain the properties to a certain standard (ii) the market value of the properties.

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

2. Charitable Activities

----- Start of picture text -----
Year 1 July
ending 2023 - 31
Unres- Res- 31 March Unres- Res- March
tricted tricted 2025 tricted tricted 2024
funds funds Total funds funds Total
£ £ £ £ £ £
Income and expenditure from Almshouses lettings
- -
Income from social housing lettings 730,824 730,824 534,736 534,736
- -
Letting income loss from voids (22,410) (22,410) (34,617) (34,617)
Other income/ground rents
- -
& guest accomodation 1,848 1,848 1,382 1,382
- -
710,262 710,262 501,501 501,501
Expenditure on letting activities:
Personnel costs 172,567 - 172,567 130,025 - 130,025
Establishments costs 213,098 - 213,098 164,576 - 164,576
Routine maintenance 195,758 - 195,758 283,782 - 283,782
Planned maintenance 43,570 - 43,570 25,940 - 25,940
- -
General expenses 37,002 37,002 43,065 43,065
Depreciation - furniture
- -
& equipment 5,613 5,613 5,326 5,326
- -
Total operating costs on 667,608 667,608 652,714 652,714
Almshouses lettings
- -
Surplus on Almshouse lettings 42,654 42,654 (151,213) (151,213)
----- End of picture text -----

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

3. Investment income

----- Start of picture text -----
Year 1 July
ending 2023 -
Unres- Res- Endow- 31 Unres- Res- Endow- 31
tricted tricted ment March tricted tricted ment March
funds funds funds 2025 funds funds funds 2024
£ £ £ £ £ £ £ £
Commercial 69,393 - - 69,393 40,446 - - 40,446
property rents
Dividends receivable 35,447 16,748 49,885 102,080 30,687 13,821 33,298 77,806
Bank interest 8,097 - - 8,097 1,694 - - 1,694
112,937 16,748 49,885 179,570 72,827 13,821 33,298 119,946
----- End of picture text -----

4. Other income

----- Start of picture text -----
Year 1 July
ending 2023 - 31
Unres- Res- 31 March Unres- Res- March
tricted tricted 2025 tricted tricted 2024
funds funds Total funds funds Total
£ £ £ £ £ £
Other income 27,892 - 27,892 511 - 511
27,892 - 27,892 511 - 511
----- End of picture text -----

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

5. Grants & donations paid


Grants to
Grants to
institutions individuals
£
£
Education
-
2,866
General purposes (social welfare)
480
24,903
480
27,769		 Grants to
Grants to
institutions individuals
£
£
£
£
2,866
-
5,773
5,773
25,383
761
20,796
21,557
28,249
761
26,569
27,330
Year
ending
31 March
2025
Total
1 July
2023 - 31
March
2024
Total

All above expenditure relates to unrestricted funds.

6. Net incoming resources/operating surplus

Depreciation of
owned assets
Auditors’ remuneration for:
Audit services
Accountancy services		 Year ending
31 March
2025
1 July 2023 -
31 March
2024
£
£
5,613
5,326
8,100
7,800
2,640
2,520

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

7. Employees

Number of employees

The average monthly head count was 7 staff (2024: 8 staff).

Employment costs
Wages and salaries
Social security costs
Other pension costs		 Year ending
31 March
2025
£
159,991
9,330
3,246
172,567		 1 July 2023 -
31 March
2024
£
121,741
6,177
2,081
129,999

There were no employees with emoluments (excluding employers National Insurance and employer pension contributions) above £60,000 in the period (2024: none).

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £3,246 (2024: £2,081).

Contributions totalling £nil (2024: £nil) were payable to the scheme at the end of the period and are included in creditors.

The trust considers its key management personnel comprise the trustees and the chief officer. Total employment benefits of key management personnel (including employers National Insurance and employer pension contributions) were £65,890 (2024: £38,874).

None of the trustees (or persons connected with them) received any remuneration during the current period or prior year. No trustees were reimbursed travel expenses during the period (2024: none).

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

8. Housing property held for letting

----- Start of picture text -----
2025 2024
£ £
Cost or valuation
At 1 April 2024 3,263,749 3,263,749
At 31 March 2025 3,263,749 3,263,749
Net book value
At 31 March 2024 3,263,749 3,263,749
At 31 March 2024 3,263,749 3,263,749
Freehold land and buildings 3,263,749 3,263,749
----- End of picture text -----

A number of the housing properties were originally constructed several hundred years ago and there is no record of original cost. The housing properties were transferred to the CIO from the former charity on 30 June 2018 at book value.

The former charity, on transition to the SORP (FRS 102), took advantage of the transitional provision that permitted the Trust to take the book amounts for the properties as deemed cost. The former charity adopted these transitional provisions, and the trustees therefore did not undertake a more recent valuation.

Spend on property in the period

Charged to the income and expenditure account Year ending
31 March
2025
1 July 2023 -
31 March
2024
£
£
239,328
309,722
239,328
309,722

Housing stock

The average number of units of housing in management was 66 Almshouses for letting (2023: 65 Almshouses for letting).

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

9. Tangible fixed assets

----- Start of picture text -----
Furniture
Freehold and
Property Equipment Total
Cost £ £
-
At 1 April 2024 47,518 47,518
Additions 244,490 2,688 247,178
-
Disposals (31,069) (31,069)
At 31 March 2025 244,490 19,137 263,627
Depreciation
-
At 1 April 2024 38,478 38,478
-
Charge for the year 5,613 5,613
-
Disposals (31,069) (31,069)
At 31 March 2025 - 13,022 13,022
Net book value
At 31 March 2025 244,490 6,115 250,605
At 31 March 2024 - 9,040 9,040
----- End of picture text -----

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

10. Fixed asset investments

----- Start of picture text -----
Invest- Listed 31 March Invest- Listed 31 March
ment invest- 2025 ment invest- 2024
properties ments Total properties ments Total
£ £ £ £ £ £
Movements in fixed assets investments
Market value b/f as 1 April 2024 875,000 2,715,418 3,590,418 1,025,000 2,559,994 3,584,994
-
Additions at cost - 236,537 236,537 - 117,396 117,396
- -
Disposals (250,463) (250,463) (108,531) (108,531)
-
Accumulations/ redemptions (24,287) (24,287)
Net gain / (loss) on revaluation 50,000 81,071 131,071 (150,000) 146,559 (3,441)
925,000 2,758,276 3,683,276 875,000 2,715,418 3,590,418
- -
Cash held within investment portfolio 74,045 74,045 128,492 128,492
Market value c/f as at 31 March 2025 925,000 2,832,321 3,757,321 875,000 2,843,910 3,718,910
Investments at fair value 31 March 31 March
2025 2024
Total Total
£ £
Investment properties 925,000 875,000
Equities 2,715,418 2,559,994
Fixed interest securities 42,858 155,424
Cash held within the investment portfolio 74,045 128,492
3,757,321 3,718,910
----- End of picture text -----

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

11. Debtors

----- Start of picture text -----
2025 2024
£ £
Debtors 2,788 31,190
Prepayments and accrued income 89,765 1,808
92,553 32,998
12. Creditors: Amounts falling due within one year
2025 2024
£ £
Creditors 22,693 69,334
Accruals 24,682 14,139
Deferred income 5,274 6,667
-
Taxation and social security 1,776
Other creditors 10,000 -
62,649 91,916
----- End of picture text -----

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

13. Summary of movement in funds

Unrestricted funds
General
Designated reserves
Roof replacement fund
Almshouses fund
Total unrestricted funds
Endowment funds
Historical cost
Restricted funds
Corfield Hall
Extraordinary repairs fund
Historical cost
Total funds		 Opening
balance
01.04.24
£
4,846,199
250,000
250,000
5,346,199
1,336,072
1,336,072
10,000
556,363
566,363
7,248,634		 Income
£
851,362
-
-
851,362
49,885
49,885
-
16,748
16,748
917,995		 Gain/(loss) on
Investments
Expenditure
& transfers
£
£
(716,880)
183,637
-
-
-
-
(716,880)
183,637
(9,563)
(12,133)
(9,563)
(12,133)
-
-
(3,841)
(40,433)
(3,841)
(40,433)
(730,284)
131,071		 Closing
balance
31.03.25
£
5,164,318
250,000
250,000
5,664,318
1,364,261
1,364,261
10,000
528,837
538,837
7,567,416

The designated reserve for future major work is named ‘Roof replacement fund’. This fund is available to fund roof repairs at any of the Trust’s sites.

There is also a designated fund entitled “Almshouses fund” – this is for development of new Almshouses.

The Corfield Hall fund includes donations received specifically for the purchase and development of Corfield Hall.

The Extraordinary Repairs Fund is a restricted fund which can be used for extraordinary repairs, improvements or rebuilding relating to properties owned by the Trust. The fund is made up of a listed investment portfolio, and therefore income, expenditure and gain/losses associated to the investment are charged to the fund. Permission must be obtained from the Charity Commission before any of the investment capital is used.

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

Endowment funds are held in listed investments and intended to be held for the long term. Income arising from the fund is available for use by the Trust. On 16 May 2019, the Charity Commission approved the Trustees resolution under section 282 of the Charities Act 2011 to release the permanent endowment to spend on the development of Corfield Hall.

Summary of movement in funds – 2024

----- Start of picture text -----
Opening Gain/(loss) on Closing
balance Investments balance
01.07.23 Income Expenditure & transfers 31.03.2024
£ £ £ £ £
Unrestricted funds
General 5,071,777 574,939 (707,543) (92,974) 4,846,199
Designated reserves
- - -
Roof replacement fund 250,000 250,000
Almshouses fund 250,000 - - - 250,000
Total unrestricted funds 5,571,777 574,939 (707,543) (92,974) 5,346,199
Endowment 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
Restricted funds
Corfield Hall 10,000 - - - 10,000
Extraordinary repairs fund
Historical cost 506,782 13,821 (2,782) 38,542 556,363
516,782 13,821 (2,782) 38,542 566,363
Total funds 7,347,183 622,058 (717,166) (3,441) 7,248,634
----- End of picture text -----

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Page 48

Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

17. Analysis of assets between funds

----- Start of picture text -----
Unres- Res- Endow- 31 March 2025
tricted tricted ment Total
£ £ £ £
Fixed assets
- -
Housing properties 3,263,749 3,263,749
- -
Tangible assets 250,605 250,605
Investment 1,864,223 528,837 1,364,261 3,757,321
Current assets/(liabilities)
Debtors 92,553 - - 92,553
Bank 255,837 10,000 - 265,837
Creditors (62,649) - - (62,649)
5,664,318 538,837 1,364,261 7,567,416
----- End of picture text -----

Prior year - 2024

Fixed assets
Housing properties
Tangible assets
Investment
Current assets/(liabilities)
Debtors
Bank
Creditors		 Unres-
tricted
£
3,263,749
9,040
1,826,475
32,998
305,853
(91,916)
5,346,199		 Res-
tricted
£
-
556,363
-
10,000
-
566,363		 Endow- 31 March 2024
ment
Total
£
£
-
3,263,749
-
9,040
1,336,072
3,718,910
-
32,998
-
315,853
-
(91,916)
1,336,072
7,248,634

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

18.
Financial instruments		 18.
Financial instruments
Categorisation of financial instruments
Financial liabilities measured at amortised cost
Item of income, expenditure, gain or losses
Income
2025
£
171,473
8,097
Financial liabilities measured at amortised cost
-
179,570
Income
1 July 2023 - 31 March 2024
£
118,252
1,694
Financial liabilities measured at amortised cost
-
119,946
Financial assets measured at fair value through
income and expenditure account
Financial assets measured at fair value through
income and expenditure account
Financial assets that are debt instruments
measured at amortised cost
Financial assets that are debt instruments
measured at amortised cost
Financial assets measured at fair value through income and
expenditure account
Financial assets that are debt instruments measured at
amortised cost		 31 March
31 March
2025
2024
£
£
3,757,321
3,718,910
347,043
347,043
4,104,364
4,065,953
83,473
83,473
Expense
Net gains Net losses

£
£
£
20,039
131,071
-
-
-
-

-
-
-
20,039
131,071
-
Expense
Net gains Net losses

£
£
£
12,524
146,559
(150,000)
-
-
-

-
-
-
12,524
146,559
(150,000)
179,570
Income
£
118,252
1,694
-
119,946

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

19. Financial commitments

At 31 March 2025, the Trust is due the following minimum lease receipts under non-cancellable operating leases for which it is a lessor, for each of the following periods.

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2025 2024
Land and Buildings £ £
Expiry date:
Within one year 63,000 4,000
Between two and five years 122,834 190,000
185,834 194,000
----- End of picture text -----

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Taunton Heritage Trust Notes to the Financial Statements For the Year Ended 31 March 2025

21. Prior year - Statement of Financial Activities for the period ended 31 March 2024

Notes
Income:
Donations & legacies
Charitable activities
2
Investment Income
3
Other income
4
Total income
Expenditure:
Raising funds
Investment manager fees
Charitable activities
Almhouse letting
2
Grants & donations
5
Other expenditure
Total expenditure
Net income / (expenditure)
before other recognised
gains and losses
Net gain / (loss) on
10
investments
Net income
before transfers
Transfers
13
Net movement
in funds for the year
Reconciliation of funds
Total funds brought forward
Total funds
carried forward		 Unres-
tricted

£
100

501,501

72,827

511
574,939
2,901

652,714

27,330
24,598
707,543
(132,604)

(92,974)
(225,578)

-
(225,578)
5,571,777
5,346,199		 Res-
tricted
£
-
-
13,821
-		 Endowment
fund
1 July 2023 -
31 March
2024 Total
£
£
-
65
-
501,501
33,298
119,946
-
511
33,298
622,023
6,841
12,524
-
652,714
-
27,330
-
24,598
6,841
717,166
26,457
(95,108)
50,991
(3,441)
77,448
(98,549)
-
-
77,448
(98,549)
1,258,624
7,347,183
1,336,072
7,248,634
13,821
2,782
-
-
-
2,782
11,039
38,542
49,581
-
49,581
516,782
566,363

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