2020-12-31-accounts - The Somerset Archaeological And Natural History Society

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Paper 2a SANHS AGM 11092021

2020 Annual Report of the Trustees

Trustees

Christine Jessop, Chairman Lizzie Induni Christopher Chanter Sue Goodman David Reid Harriet Induni

Charity Number: 201929

Office

Somerset Heritage Centre, Brunel Way, Norton Fitzwarren, TA2 6SF

Accountant

Amherst & Shapland, Unit 2, Old Brewery Road, Wiveliscombe, TA4 2PW

Investment Manager

Brewin Dolphin, The Paragon, Counterslip, Bristol, BS1 6BX

Management of the Society

The board has continued to meet via zoom during the current pandemic. Extra meetings have been held to deal with issues that required lengthly discussions.

At the delayed 2020 AGM David Dawson was presented to the membership as President for 2021/22. The Board agreed to elect David for the coming year and he has agreed. There is nothing in the Constitution or rules to preclude this happening.

The Board looked at the interaction and recruitment of Holding Trustees, (H.T.). There is very little in the rules or Constitution. A meeting was held to discuss the number we should aim to maintain and the recruitment process. It was decided a minimum of four H.T. is required and there should be a meeting between the Board and H.Ts annually. Someone wishing to become a H.T. would be met informally by 1-2 trustees. If there were more than one candidate it would be a formal interview with three trustees as a minimum.

The South West Heritage Trust (SWHT) have worked closely with the Hadspen Estate and the development of a Roman museum and Villa on the site following archaeological investigations. A list of Roman artefacts from the Society's collections the estate wished to include in the museum for five years was presented to the Museum Collection Panel (MCP). The Society were unaware of this development and two trustees present abstained stating it should be discussed at board. Some members of board felt that as it is a commercial venture, there should be a financial reward

Paper 2a SANHS AGM 11092021

to the Society. We do have a policy of charging for images but not for the loan of our collections. The estate is quite happy to pay for the use of the images. They were not prepared to pay for the loan of the artefacts, having given a very generous grant towards the production of the Proceedings a while ago. They have offered to hold a Covid-compliant meeting for trustees/ members to see the project and discuss how we may be able to have some financial gain.

The trustees have met to discuss the financial situation and the Interim Treasurer has pared the budget to the minimum. There have been three applications for financial assistance from the various Covid grants on offer but all have been unsuccessful. A new strategic plan is being put together by our President and Dr Lizzie Induni to include in another application

We have also signed up with easyfundraising.org.uk , something one of our trustees has been supporting for several years. You register to the site, there are thousands of companies that give your chosen charity a percentage of what you order online from them. Nothing is added to your cost. We are also looking to approach companies that have not been badly affected by Covid, house builders, supermarkets etc. for financial support.

Due to the financial position of the Society, we have had to restrict Louisa Gillett, our office manager, to her contracted hours for the second year. With all the work that has been required Trustees have had to take on tasks that had been previously carried out by Louisa. No face to face meetings has made life difficult in trying to decide who does what. A new job description has been written for the post of office manager by our interim treasurer David Victor, who has also recently acted as her line manager.

David Victor is due to resign from the board as from the AGM having seen the completion of the 2020 accounts. Louisa has been trained in some elements of the treasurer role but we must have a treasurer to comply with the Charity Commission rules. This post has been advertised on several websites over the past two years, in our e-bulletin and also in our own website. with no response. If nobody has come forward by the time of the AGM the Charity Commission will have to be informed. David has written an up to date job description and the time he anticipates the role takes.

Work has continued on updating and developing the society website by Dr Harriet Induni. A members only area has been developed and this is where the electronic version of Proceedings can be accessed. To ensure we remain GDPR compliant Harriet amended the privacy policy and the amendment was accepted by the board.

The majority of our many policies are usually reviewed annually by Louisa but this task is now to be carried out by trustees. The Welfare policy has many elements and it is thought this may be better managed split into separate topics.

The Constitution and rules should also be reviewed and this needs to be considered in light of the boards wish to become a Charitable Incorporated Organisation. There is a considerable financial cost to this exercise and it is hoped to obtain funding for this to progress.

We wish to increase the skill mix on the Board of Trustees, those who have worked in Management, Finance, Human Resources or Fundraising are crucial to putting the society back to a strong functioning level. Our Constitution allows for twelve Trustees, but we have not had that

Paper 2a SANHS AGM 11092021

number for some years, and we are losing two this year which will take us down to seven. This increases the work load for the trustees to a level that is not acceptable, trustees are all volunteers and most are of retirement age and over. Please consider joining us to help take the society forward.

We have successfully completed the construction repairs to the Castle gardens. The total cost was £150,000, the garden clearance and planting will take several more months to complete. The gardens have been known as the Norman gardens during the project, but they sometimes get confused with the Northern gardens. The Trustees would then like to investigate taking back into our care the Wyndham hall and develop it for community and Society use.

The Castle Hotel have not paid the rent for the gardens which they lease, but wish to be released from it before its expiry date. Negotiations have been very slow and they are refusing to give written permission for the public to access the gardens over their car park, something they have always been happy to allow before. Mark Lidster, the trustee involved, has negotiated that the electric car charging posts on the scheduled ancient monument are removed onto the hotel car park. Mark is also involved in negotiations with other organisations as to the future use of the gardens. The income from these activities will help offset the loss of the hotel rent.

Chris Jessop Chairman

Financial Report

The past year was a particularly trying one for all of us and those difficulties played out into our financial results as they must. Whilst the accounts are accurate, the basics of SANHS day-to-day trading are obscured by the Norman Gardens Project and, to a much lesser extent, by the Dunster Project. In both of these cases, significant sums of money have been raised which impact the 2019, 2020 and 2021 accounts. Essentially, the monies raised appear in the account at the outset and the expenses follow as they are incurred. I must add that we do not expect to gain or lose money overall on these projects.

The under-lying, day-to-day trading did suffer last year. For most of the year we could not hold our normal events and conferences and, while we do not expect to earn significant sums of money from them, 2020 effectively produced nothing. However, it did lead us to something that I believe might be of great advantage to us in the future: Webinars i.e. on-line presentations of our material. These webinars open up a much wider potential audience for our events than can ever be achieved in a local hall. I hope that next year’s accounts will reflect real success from our efforts in this direction.

Another area that suffered this year was our membership fees and Gift Aid income, which together reduced by about 8%. While in itself that is not a very significant reduction, looking back six years the equivalent is a loss of over 20%. Membership income represents one of the two major income sources that support SANHS and is vital to our well-being.

Paper 2a SANHS AGM 11092021

Our other major income stream is Rent from the Castle Estate. As we all know, the events of the last year have played havoc with commercial property, with the major reductions in retail premises in our high streets and office blocks being left empty. We have suffered equivalent problems due to the works carried out on the Norman Gardens, which have left us in dispute with one of our tenants and the loss of more than a year’s rent. While we are in the process of investigating ways to bring that situation to an agreed solution, the effect on last and this year’s income is significant. We are also actively looking for ways to deploy the exciting re-invigorated gardens to the benefit of all of Taunton.

The last year was also a poor one for the investment markets. We and our investment managers have always followed a cautious approach to investing the Endowment and Restricted funds that we manage. However, no matter how cautious the approach, little could be done to avoid all the problems of the market. As a result, the net income available for distribution fell, as did the capital value of the funds: while the first is lost for ever, hopefully the latter will recover as the market does.

This is my final report as Treasurer and I am sad to leave with SANHS in such a difficult financial situation. Today, we are in the position of a farmer with large estate assets but barely two pennies to rub together. I strongly believe that this problem can only be solved by significant fund-raising which starts now.

In saying my good-byes, I would like to thank my colleagues on the Board and elsewhere in SANHS and, particularly, Louisa Gillett, who has helped me enormously over the past few years.

David Victor

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 UnrestrIct Restricted Endowed Funds Funds Funds Total 2020 Total 2019 Incomlng Resourcos Ineomlng Resou0$ frorn gfjner•ted fvnds Subscriptions Gift Aid Rent Recewed Investment Incorne Legacies and Donations Publication Sales and Conlnbutions Royalties Proceedings Function Income Group events incomè Other Income 13.639 993 7.799 1,071 3.307 1.070 828 705 13.639 993 7,799 10.959 43,856 1,070 828 705 14,530 1.329 9,049 13.773 64,941 1,833 937 8,671 2,226 1,834 172 2,S39 40,549 7,349 896 61 61 Totsl Incomlng Rewurces 30.369 43,088 7.349 80,806 119,095 Charitablè Aetivitios Grants 14 Museum Exhibits & Replacaments Proceedings Newsletter Library Acqu1511ions Library mainlgnance Function Costs Publications Group events expenditure Dunster Project Norman Gardens Project Néw Website Office Costs 6C6 2,166 4,447 631 1,312 35 14 3,465 4.071 2,166 4.447 631 1,312 35 14 44 867 1,023 55,586 3,189 19,994 14,271 812 672 1,129 185 1,634 1,329 534 1,205 113 3,111 20,433 1,023 55,586 3,189 17.500 625 1,869 31.834 59.676 1,869 93,379 45,408 Governance Costs 6.221 8,221 7,781 Total Resourc08 Exp6nd•d 38,055 S9.676 1.869 99,600 53,189 Net Incomlngl(Outgolngl Resources (7,686) 116.5881 5,480 118.7941 65,906 Other Recognised ILossesllGains Transfers between funds (1,341) {3,069) 5.480 19,204) (5.4801 113,6141 23,300 Net Movement In Funds (9,027) (14,177} (9.2041 132.4081 89,206 Total Funds Brought Fonmard 61.019 138.172 213.031 412,222 323,018 Totsl Funds Caffled Forward 51.992 123.995 203.827 379.814 412,222 The notes on pages 3 10 8 fomi part of these financ1 staternents Page 1

SOMERS ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note Fixed Assets Heritage Assets Office Equipment 452 677 Inv8Stments Shares al valuation 297.636 315,096 Intangible Assets Leases 7,284 8,147 305.372 323,920 Current Assets Stocks of i18ms for resale Debtor5 Cash al bank and in hand 10 11 19,327 $6,701 1,018 89,040 76,028 90.058 Current Liabllilies Creditors ané accruals 12 1,756 Nel CUrn1 Assets 74,442 88,302 Total Nel Assets 379.814 412,222 Funded By 14 Unrestrlcted Funds General Purposes Fund 51,992 61,019 51.992 61,019 Restricted Funds Endowment Funds 123.995 203.827 138,172 213,031 379,814 412,222 The Financial Statements were approved by the trustees on (Honorary Treasurer) and signed on their behalf by Mr The notes on pages 3 to 8 form part of these financial statements Pay2

SOMERSEf ARCHAEOLOGICAL AND NATURAL HISTORY SOCIErY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1 Accounting Policies (a) Basls of prqpar¥tlon The Financial Statements have been prepared under ts hiStOral cost convention, with the exception of investments which are included at market valu8. The Financial Statements have been prepared in accordance with the Statement of Recommended Practice.. Aco)untsng and Reporrting by Charities {SORP 20051 issued in May 2008 and applicable UK Accounting Stsndards and the Chanties Act 2011. fb) Incomlng rosour¢os All Incoming resources are recogni5ed once the charity has entillement to the resources, it Is certain that the resources will be received and the monetary value of Incoming resourc8s can be measured with sufficient reliability. fc) Resources expended Liabilities a recognised as OUrCeS expended as sn as there is a legal or constructive obligation committing the charity to tho expenditure. All expenditure is accoltnted for on an accruals basis and has been classifi8d under headings that aggregate all costs related lo the calegory. Grants payable are payments made to third parties in the futherance of the charitable objects of Ihe Charity. Provisions for grants are made when the intentn to make the grant has been communicated to the recipient. (d) Allocatlon of overhead and support ¢osts Overhead and supKK)rt costs have been allocated have been allocated befvfftn charltabla acts'vily and governance. Costs relating to Charitable Activities have been apports'oned on the basis of an assessment of the proportlon of work done In respect of Charitable Activities and Governance and is detailed in note 4. (•) Governance costs Governance costs comprise all costs Invo1n9 the public accountabilty of the charity and Ils compllance with règulation and good practice. These costs include ¢osls related to Indepen¢Jenl Examinab'on and legal fees together with an apportlonment of overhead and support costs. (O Flxed asset Inve$tm•nts Investmen15 are staled al market value as at the balance sheet date. The Stsiement of Financial Activilias includes the nel gains and losses arising on revaluabon and disposals throughout the year. Realised and unrealised gains are not separated. rgalised gains and losses on investments aTe calculated as the drfference behveèn thé sales proceeds and the opening market value or purchase dale rf laler. Unrealised gains and losses are calculated as the difference befvn the market value at the year end and onIng market value or purchase date if later. {9J Herltage 8ss•ts Heritage assets are accounted for in accordance with Financial Rep)rting Stsndard 30. These con51St of lil Museum exhibits and related fixtures and filtings on k)an to Somerset County Council, Iiil The contents of the library together with related fixtures and fittings, liiil Records and archives on loan lo Somerset County Council, Iwl The Castle Estate. For all these assets no valuation is included as the costs involved in obtaining a valuati'on would be prohibitive when compared to the benefit to the use[5 of ihe financial statements. The 1ctiOnS indude many Items that would be irreplacable see pages 9 to 11 above. (h) Fund$ The charity has a numter of Endowmetrt funds which are delailed in note 15 to the coUnts. The TnJste8s at their discretion may allocate any part of thé total return lo the general purposes or to re8lricted income fvnds. The Trustees Invest the capital in perpetuity and is managed on a total returns basis. Restricted funds are f¢Jnds which a to be used in a¢¢ordan¢e wth specific reslriclions imposed by the donor or trust deed. Details are in note 15 to the accounts. (IJ L&?$es The professional costs in relation to selts'ng up new leases in ex$$ of 5 yeats are capitalised and amortised, on straighl line basis. over the lem of the lease. Page 3

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS {conllnued) FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 2 Subscrlptlons Membership subscriptions for the 2017 year 13,639 14,530 3 Donatlons and l¢ga¢ies 2020 2019 Sundry donations Dunster Project Norman Gardens Project New Website Grants (Employment AllowanGe} Legacies 629 1,750 40,549 45 883 257 2,870 58,813 2,701 500 43.856 64,941 4 Ronts Recelved 2020 2019 Commerclal rents - private sector Non-commercial - Public sector 3.250 4,549 4,452 4,597 7,799 9,049 Somerset County Coun¢¢l provide office and meeting room fau'lities within the Sornerset Heritsge Centre. free of Charge. Ttte value of Ihese facilities is estimated lo be in the region of £7,5¢)O wr annum. S Support Costs Basis of appjrtionment Charitable Aclivty Tot81 2020 Total 2019 Goveman Salarles and employment costs Rent Insufftnce Committee and 9en8ral expenses Postage Printing and Stationery Telephone and Internet Computer and Equipment Costs Sundry Castle Estate maintenance Depre¢iabon Website Lease Amortisation Accountancy and payroll Professional Fees work done actual work done actual work done work done work done work don& work done actual work done actual actual actual actual 12.022 4,007 16,029 18,263 726 68 242 232 65 172 159 29 465 968 300 261 687 634 115 1,860 878 225 20 863 810 2,767 926 873 1,138 651 407 1,382 353 225 124 515 475 1.395 676 169 20 519 360 2,767 450 900 4,109 19,994 6.221 26,215 28.214 Page4

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIE NOTES TO THE FINANCIAL STATEMENTS {conlinuedl FOR THE YEAR ENDED 31 OECEMBER 2020 2020 2019 6 Stafl Costs Salaries and wages Employment costs 16,028 16,263 16,028 16,263 2020 No. 2019 No. The number of employees was No remuneration was paid to any twstee in the year. Travel and meeting 8xp8nses reimbursed were £Nil12019.' £Nill Office Equipmenl Heritage Assets 7 Tanglble Flxed A8Vt8 Cost al 1 January 2020 Additions Disposal$ 13.344 Cost al 31 Decèmber 2020 13,344 Depre¢ialion As al 1 January 2020 On Disposals For the Year 12,667 225 As al 31 December 2020 12,892 Written Down Value at 31 December 2020 452 Writtèn Down Value at 31 December 2019 677 8 Invtstments Cost Market Value 2020 Cost Value 2019 Under management wlth Brewln Dolphln Allocated to Endowment Funds 195,104 203,827 183,653 197.659 Allocated to Restricted Funds 74,338 77.662 69.750 75,069 Althated to untricted ndS 15,456 16.147 39,365 42.368 284,898 297,636 292,768 315.096 Pago S

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020 7 Inve8trnents {¢ontlnued) Value 2020 Value 2019 Cost S & W Fund Admin Church House Invesco Perp UK SM ordinary HICL InfraStrudU Ord Jupiter UT Managers Strategic Bond Merchants Trust Ord Edinburgh Investment Trust Ordinary Tesco 50A 2020 AccumulatiorTr Shares COIF Fund Onesavings Bank 7.875%STP Hencserson Janus ParagonGroup 6 125'k SNR 2022 Mayfair Capital in prop inc trust Gam starfund New City High Yield Fund Euro Asset Trust Henderson FE RIT Cap Partners Muzinich Funds Pimco Global City of London Allianz Global Strategic Bond Mercantile Investment Dodge & Cox Worldwide Findlay Park JPMorgan Fund8 US Equlty Fidelity Eurolrusl Henderson Euro Trust Coupland Cardiff Japan BB Healthcare Personal As5el Trust Srquoia Economic 1 11,899 9,020 9,238 13,000 14,749 13,594 9,605 13,858 24,4Sg 16,753 20,131 13,465 16,963 26,574 5,176 29,827 12,632 10,117 13,927 22,586 9,703 11,847 7.524 9,99S 5,499 20,537 15,050 22.330 6,522 13.803 10,000 14,064 28,000 10.000 15,887 12,233 10,520 13,380 21,044 9,704 9.964 5,035 10,292 15.000 20,013 10,000 14.960 10,OOD 10,000 10,000 4,893 4,966 5.000 7.996 9,964 11.269 8,930 5,369 10,746 14,908 18,655 10,168 13,934 9,929 10,732 11,385 5,834 7,015 6,038 8,280 10,431 10,708 284,898 297,636 315,096 Dealing ¢harges deducted by Brewin Dolphin In the year were £3.171.19 2020 2019 9 Lease Capital cost of leases brought forward New leases Amortisation brought forward Amortised in the year 11.388 11,388 3,241 2,378 863 7,284 8,147 2020 2019 10 Debtors Debtors Grants Brewin Dolphin 1,923 16,879 525 149 869 19,327 1,018 Page 6

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 11 Ca$h at Bank and In Hand Bank Current Accounts Pety Cash Paypal Cash held by Brewin Dolphin Norman Gardens accounl COIF ma100d Deposit Account 19,518 204 87 5,926 26,585 4,381 21,127 112 159 4,848 58,500 4.294 56.701 89,040 2020 2019 12 Credltors and Accrual8 Rent received in advance PAYE & NSC 2020 Subscriptions Foot Ansley- legal fees Accountancy 291 575 424 612 720 720 1,586 1,756 Unrestithd Funds Restricted Funds End(Med Funds Total 2020 Total 2019 13 Analy8ls of A810ts Botwoen Fund• Tar)gible Fixed Assets Investments Nel Current Assets 452 23.431 28,109 452 304,920 74,442 677 323,243 88,302 77,662 46,333 203,827 51,992 123,995 203,827 379,814 412,222 14 Grants Approved Approved and unclairned Approved and unclaimed New offers 2020 Lapsed 2020 Paid in 2020 Gray Murless Maltwood Williams Natural Sclen¢es Museum 15,726 378 {3,4651 19,569 15,726 3,485 19,569 Page 7

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