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 Resou￿0$ 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 financ￿1 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 CUr￿n1 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 hiStOr￿al 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 s￿n 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 intent￿n 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 Invo￿1n9 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$tm•nts
Investmen15 are staled al market value as at the balance sheet date. The Stsiement of Financial Activilias includes
the nel gains and losses arising on revaluabon and disposals throughout the year. Realised and unrealised gains are
not separated. rgalised gains and losses on investments aTe calculated as the drfference behveèn thé sales
proceeds and the opening market value or purchase dale rf laler. Unrealised gains and losses are calculated as the
difference befv￿n the market value at the year end and o￿nIng market value or purchase date if later.
{9J Herltage 8ss•ts
Heritage assets are accounted for in accordance with Financial Rep)rting Stsndard 30. These con51St of lil Museum
exhibits and related fixtures and filtings on k)an to Somerset County Council, Iiil The contents of the library together
with related fixtures and fittings, liiil Records and archives on loan lo Somerset County Council, Iwl The Castle
Estate. For all these assets no valuation is included as the costs involved in obtaining a valuati'on would be
prohibitive when compared to the benefit to the use[5 of ihe financial statements. The ￿1￿ctiOnS indude many Items
that would be irreplacable see pages 9 to 11 above.
(h) Fund$
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 un￿tricted ￿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 ma1￿00d 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

Inv¢QOO
)r400
L7Jr(N¢DO
rID￿j0>￿t0
t4(0
LVrfOO
*XSy
01
Opln
O) t7J ¢D
co￿0
ts)
r ¢3J
8 è(
lriO(Y
>sz2oz

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 Resou￿0$ 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 financ￿1 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 CUr￿n1 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 hiStOr￿al 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 s￿n 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 intent￿n 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 Invo￿1n9 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$tm•nts
Investmen15 are staled al market value as at the balance sheet date. The Stsiement of Financial Activilias includes
the nel gains and losses arising on revaluabon and disposals throughout the year. Realised and unrealised gains are
not separated. rgalised gains and losses on investments aTe calculated as the drfference behveèn thé sales
proceeds and the opening market value or purchase dale rf laler. Unrealised gains and losses are calculated as the
difference befv￿n the market value at the year end and o￿nIng market value or purchase date if later.
{9J Herltage 8ss•ts
Heritage assets are accounted for in accordance with Financial Rep)rting Stsndard 30. These con51St of lil Museum
exhibits and related fixtures and filtings on k)an to Somerset County Council, Iiil The contents of the library together
with related fixtures and fittings, liiil Records and archives on loan lo Somerset County Council, Iwl The Castle
Estate. For all these assets no valuation is included as the costs involved in obtaining a valuati'on would be
prohibitive when compared to the benefit to the use[5 of ihe financial statements. The ￿1￿ctiOnS indude many Items
that would be irreplacable see pages 9 to 11 above.
(h) Fund$
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 un￿tricted ￿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 ma1￿00d 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

Inv¢QOO
)r400
L7Jr(N¢DO
rID￿j0>￿t0
t4(0
LVrfOO
*XSy
01
Opln
O) t7J ¢D
co￿0
ts)
r ¢3J
8 è(
lriO(Y
>sz2oz