2021 Annual Report of the Trustees
Trustees
Christopher Chanter 2016 to 2022 David Victor 2018 to 2021 (resigned 2021) Sue Goodman 2019 to 2022 Lizzie Induni 2020 to 2023 Mark Lidster 2020 to 2023 (resigned 2021) Christine Jessop 2021 to 2024 (resigned 2022) David Reid 2021 to 2024 Harriet Induni 2021 to 2024 (resigned 2022) Martin Salzer 2021 to 2024 Gerardine McHugh Soliman 2021 to 2024 Christine Webster 2021 to 2024
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
Proceedings Editor
Rob Webley
Management of the Society
The Society has been working to catch up with various administrative tasks that we were unable to do due to the low number of Trustees and the Covid restrictions.
Martin Salzer, the new Treasurer, has been supported by the Office Manager in understanding the complex financial set-up of the Society. He is also reviewing the Society’s insurance cover.
A working party is looking at the categories of membership (of which there are several), subscriptions, member access and benefits. The database will be updated once the work is complete, and a new membership application form designed.
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A total review has been undertaken by another group of trustees of all Society policies and rules. These do not identify with the Society of today, we do not have the sub-committees listed, it refers to ‘Council’ and there are differences in the quorum and trustee figures. There are plans to develop an Equality and Diversity policy.
Following on from this there is the need for a new trustee information pack to be put together and a clear induction programme. A clear understanding of what underpins the success and the longevity of the Society is crucial for trustees to carry out their duties.
The website has continued to be improved by the Web Manager with many new features, including the members’ area. It is intended to enable members to access the latest two years of the Proceedings online (embargoed for the general public). Representatives of Associated Societies can now access Proceedings digitally on behalf of their members. Previously only one hard copy was available to the Assoc. Socs. Unfortunately, the Web Manager has recently resigned and there are no trustees with the knowledge or time to take on this activity. She had done a superb job and we are actively looking for a volunteer to replace her.
Two of our Holding Trustees have stood down for personal reasons. The Holding Trustees are the official signatories when leases are renewed or withdrawn. Solicitors have been instructed to execute a Transfer of Ownership to the new Holding Trustees. We currently have three Holding Trustees but would welcome any enquiries about this role from interested parties.
The Board of Trustees, along with the Office Manager, are responsible for the day to day running of the Society and would welcome enquiries to join them in this important activity. For the efficient running of the Society, a variety of skills are required, and we look to our membership to fulfil that need. Please contact the Office Manager, Louisa Gillett, if you are interested: email office@sanhs.org or telephone 01823 272429.
The committees’ programme of webinars has been well received and resulted in new members. These will continue as they engage with members who are unable to attend face to face meetings, including those overseas.
The rent review is due for the Castle in March (2022) as is the lease for the Northern Gardens, both of which are progressing.
The museum being developed on the Hadspen Estate is to house some of the Society’s artefacts. The South West Heritage Trust (SWHT) has overseen the arrangements including security, transport and curating. The agreement is for five years.
A working party is being formed to consider the future of the Wyndham Hall, of which Somerset County Council are the current lease holders. It is deteriorating year on year. If the Society were to take back the lease it would give a base in the centre of town for members’ use.
One of our lease holders has failed to pay rent due over a period of time and this is currently being pursued through the legal channels.
Financial Report
The overall assets of the society were £364k at the end of 2021, a reduction of about £15k over the year. The society assets are segregated into:
- Endowment funds, the capital of which is inviolate, but the income and gains are used for specific purposes in accordance with both the bequest and the society charitable objectives.
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Restricted funds, either derived from the endowment funds or obtained for a specified purpose, the use of which is therefore strictly controlled.
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Unrestricted funds, which, although some are designated for particular purposes, can largely be used at the discretion of the trustees to support the society.
The endowment funds, many of the restricted funds and parts of some unrestricted funds are held by an investment management company. After an unfavourable year in 2020 when investment values reduced, the value of the underlying investments increased in 2021 from £297.6k at year start to £311.6k at year end (about 4.7%), although the investment income reduced from £11.0k in 2020 to £9.3k in 2021.
Endowment and Restricted Funds
The total of the endowment funds increased from £203.8k at the year start to £215.9k at year end, notwithstanding a transfer of £4.2k to the corresponding restricted funds. Expenditure on grants from the restricted funds aligned to the endowments increased from £3.5k in 2020 to £9k in 2021; this marks increased activity following the relaxation in Covid limitations in 2021.
The largest single expenditure in 2021 was from another restricted fund, £72.5k on the Norman Gardens, although this expenditure is fully covered by grants received for the said project. This project is now drawing to a close; it has been delayed by Covid.
Unrestricted Funds
The Dunster Project has been moved into the Restricted funds; in 2020 it was shown partly in unrestricted and partly in restricted, but it sits better in the latter since the grants received have been specifically for Dunster.
The Museum Replacement Fund and the Publications Fund are part invested, and so accrue gains and interest according to the performance of our investments. The Contingency fund has been included in these investments in 2021 with the aim of producing long-term growth in accordance with society policy. The Museum Exhibition Replacement Fund, although categorised as unrestricted, is designated according to an agreement with the Museum of Somerset to be used solely in support of the SANHS museum collection. Following expenditure of £4.8k, it reduced in value form £22.1k to £19.0k. Although preparatory work was undertaken by the Publications Committee for future volumes, expenses in 2021 were very small, and the Publications Fund increased. There were no calls on the Contingency Fund during 2021.
Unrestricted Funds – the General-Purpose Fund
Notwithstanding the significant total assets of the society, the day-to-day operation of the society is dependent upon the General-Purpose Fund, the last of the unrestricted funds. Its assets were £14.0k at year start reducing to £12.9k at year end. These values, however, include fixed and intangible assets, with the result that at the end of the year the money available in this fund was about £6.2k.
The principal income for the general purposes fund is from subscriptions. This has shown a gradual reduction over the last few years. The reduction continued in 2021, the 2021 value of £12.3k being about £1.3k less than in 2020, although a review of membership and telephone engagement is showing prospect that further reduction will be stemmed in 2022.
The other main income stream for the general-purpose fund is rents received from the Castle Estate properties. This was £8.7k in 2021, up from £7.8k in 2020, but there is an ongoing dispute with one of the lease holders which may take considerable time to resolve. Until resolved, total rental income is substantially reduced from the expected value. Sundry donations increased from £0.6k in 2020 to £2.1k in 2021, largely driven by donations relating to the highly successful webinar programme.
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The largest single expense against the general-purpose fund is the salary and employment cost of the office manager. After accounting for an employment allowance grant, this increased only marginally in 2021 from £15.1k to £15.3k.
The other large expenditure against the fund is the Proceedings production costs which was £7.6k in 2021. However, for Issue 164 (released in early 2022 and part funded in 2021 and 2022), the editor secured substantial grants in support of publication, so the net cost to the General Purposes fund for that issue was only about £1.1k.
Looking Forward
With the current political situation in Eastern Europe, and its effect on financial markets, the society needs to be prepared for a less favourable outcome from its investments in 2022 than achieved in 2021. This will primarily impact the endowment funds and the corresponding restricted funds.
The major concern looking forward is the balance of the general purposes fund. As intimated above, the ongoing initiative relating to subscription income is expected to reverse the decline over recent years. The Trustees intend also actively to promote the society at a number of public events in attempt to increase profile and thereby membership.
The other main stream of income is the rents received from the Castle Estate. Increases from some lease holders, due to renegotiation or routine uplifts are expected in 2022. However, the ongoing dispute with one of the leaseholders, mentioned above, may take some time to resolve and it has been considered necessary to provision for legal costs in 2022 to resolve that and other lease matters.
It remains therefore that the general-purpose fund is fragile. In these circumstances, the Trustees have agreed a negative but sustainable interim budget for 2022, which will be reviewed mid-year.
I was elected Hon. Treasurer at the AGM in September 2021. I would like to thank my predecessor, David Victor, for his help in introducing me to the role. The society owes debt to our office manager, Louisa Gillet, in managing our finances during much of 2021 and I to her patience in describing to me, often repeatedly, the intricacies of the society finances.
Martin Salzer, Hon. Treasurer, April 2022
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SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY INDEPENDENT EXAMINERS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 I report on the accounts of the Somerset aeOlOgIcal and Natural History Society for the year ended 31 Decemter 2020, which a set out on pages 1 to 8. Respective responsibilities of trustees and examlner The Charity's Iruslees are responsible for the preparation of the accounts. The trustees consider th21 an audll is not required for this year under Section 14412) of the Charibes Act 2011 (The 2011 Actl and that an independent examination i¥ required. 11 is my responsibility lo.. il Examine the a¢counls under seth.on 145 of the 2011 Art ill To follow procedures laid down in the General Directions given by Ihe Charity Commission under section 14515llbl of the 2011 Act., and iiil To state whether any particular matters have Come to my attèntion. Ba818 of oplnlon My examination was carried oul in accordance wrth the General Oirections given by the Charity Commissioner. An examination includes a review of the accounting reords maintsined by the Chanty and a comparison of the accounts with Ihose records, It also includes consideratson of any unusual itsms Of disclosures in the arLounts, and the seeking of explanatnS from you as trustees concerning such matters. The procedures undertaken do not provider all the evidence that would be rèquired in an audit, and oonsequenlly no opinion is given as to whether the accounts give a 'true and fair view. and the report is limlted lo the matter5 set out in the slatement bekN. Indapondont Examlners. Statement In connection with my examinalion, no matter has come to my attention: 11 which gives me reasonabb cause to b8lieve that in any mat&rial respect the requlr8ments to keep accounllng records in accordance with section 130 of The 2011 Act,. and to Prepare accounts which accord with the accounting records and compty wlh the requirnents of The 2011 Act have not been mel,. or 21 to which. in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached. Anthony Porter BAIHonsl FCA Amherst & Shapland (Taunton and Wiveliscombel Chartered Ac¢ounlanls Old Brewery Road Wiveliscombe Taunton Somersel
SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 UnrestrIc Restricted Endowed Funds Funds Funds Total 2021 Total 2020 In¢omlng Resour¢ Incomlng Resources from g•n•ratod fund8 SubsGriplions Gift Aid Rent Received Investment Income Lega¢ies and Donatlons Publication Sales and Contributsons Royalties Proceedings Function Income Group events income Other Income 12.293 1,100 8,730 1,056 3.686 12,293 1,100 8,730 13,639 993 7,799 10,959 43,856 1,070 828 705 2,183 48,470 8.121 52.156 751 7.638 751 7,638 800 124 124 61 Total Incomlng Re8OllfC 36,841 50,653 6.121 93,615 80,806 Chorltoble A¢tlvltle8 Grants 14 Museym Exhibits & Replacements Proceedings Newsletter Library Acquisitions Library maintenance Function Costs Publications Group events expenétture Dunster Project Noman Gardens Project New Website Office Costs 9,049 9,049 4,800 8,109 706 1,196 88 165 4.071 2,166 4,447 631 1,312 35 14 44 867 1,023 55,586 3,189 19,994 4,800 8,109 1.196 165 384 1,159 72,528 646 22,318 1,159 72.528 19,805 569 35,897 83.305 121.146 93,379 Governance Cost8 6,253 6,253 6,221 Total Resources Expend•d 42,150 83,305 127,399 99,600 Net Incomlngl(Outgolngl Resources (5.309) 132.6521 4,177 133.7841 {18,794} Other Recognssed ILossesllGains Transfers between funds 2,089 (2.226) 4,314 6,403 12,099 14,1771 18.502 (13,6141 Net Movement in Fund¥ (5.446) {21,9351 12.099 {15,282) 132,4081 Total Funds Brought Forward 51,992 123,995 203,827 379,814 379,814 Total Funds Carrled Forward 102,IXO 215.926 364,532 347,406 The notes on pages 3 to 8 fom part of these financial statements Page 1
SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIErY BALANCE SHE AS AT 31 DECEMBER 2021 2021 2020 Note Fixe(l Assets Heritage Assets offi Equipment 227 452 Investments Shares at valuation 311,684 297,636 Intangible Assets Leases 8.421 7,284 318.332 305,372 Current Assets Stocks of items for resale Debtors Cash al bank and in hand 10 11 263 47,245 19,327 56,701 47,508 76,028 Currenl Liabilitles Creditor5 and accrua15 12 1,308 1,588 Nel Current Assets 46,200 74,442 Total Net Assets 364,532 379,814 Funded By 14 UnStrICted Funds General Purposes Fund 51,992 46,546 51,992 Restricted Funds Endowrnent Funds 102.060 215,926 123,995 203,827 364,532 379,814 The Financial Statements were approved by the trustees on (Honorary TreaSUrI and signed on their behalf by Mr The notes on pages 3 to 8 form part of these financial statements Page 2
SOMERSEf ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 1 Accounting Policies (a) Basls of pr•par8tk)n The Financial Statements have pPared under the historical cost convention, with the exception of investments which are included at market value. The Financial Ststements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporrting by Charities ISORP 2005) is¥ued in May 2008 and applicable UK Ac¢ounting Stsndards and the Charities Act 2011. (b) Incoming resources All incoming resources are recognised oftce the charity has entillement to the resour$, it is certain that the resources will be weived and the monetary value of incoming resources can b8 mèasured with sufficient reliability. f¢) Rosourcos expended Liabilities are recognised as resour expended as soon as there is a gaI or constructive obligation committing the charity lo the expenditure. 1 expenditure is accounted for on an accrual$ basis and ha5 been classified under heaclings that aggregate all costs related lo the category. Grants payable are payments made lo third parties in the futherance of the charitable objects of the charity. Provisions for grants are made when the intention to make the grant has been communicated to the recipienl. (d) Allocatlon of 0rhead andsupport ¢o$ts Overhead and support costs have been all¢xated have been allcKed tetsveen charitable acbvity and govèrnance. osts relating to Charitable Activities have been apporb'oned on the basis of an ossessment of the proportion of work done in respect of Charrtable Activibes and Governance and is detailed in note 4. (e) Govemance costs Governance costs comprise all Costs involving the public accountabilty of the charity and its compliance with regulation and good pra¢lice. Thes& costs include costs re18ted to Independent Examinatr'on and legal fees together with an apportionment of overhead and support costs. (IJ Flxed asset Investments Investments are staled al markel value as at the balance sheet date. The Ststement of Financi81 Activlties includ85 the net gains and losses arising on revaluabon and disposals throughout the year. Realised and unrealised gains are not separated. realised gains and losses on invèslments are calculated as the difference beleen the sales proceeds and the opening market value or purchase date if later. Unrealised gains and losses are calculated a$ the difference behveen the market value at the year end and opening market value or purchase date if later. (g) Herltage asset8 Herltage assets are accounted for in accordance wrth Financial Repoth"ng Standard 30. Thesè consist of lil Museum exhibits and related fixtures and fittings on loan to Somersel Cour¢ty Council. li1} The contents of the library together with related fixtures and fittings, liiil Records and archNes on loan to Somerset County Council, livl The Castle Estate. For all these assets no valuion 1$ included as the costs involved in obtaining a valuation would be prohibitive when compared to the benefit lo the users of the financial ststements. The colkctions include many items that would be irreplacable see pages 9 to 11 above. (h) Funds The charity has a number of Endowment funds which are detailed in note 15 lo the accounts. The Trustees at their dIretIon may allocate 8ny part of the total retum to the general purposes or to restricted income funds. The Trustees invest the ¢8pilal in perpetuity and is managed on a total rebjms basis. Restricted funds are funds which are to be used in aco)rdance vth speerf restrictions imposed by the donor or trust deed. Details are in note 15 to the accounts. (l) Leases The professional costs in relation to setting up new teases in excess of 5 years are capitalised and amortlsed, on a 6*raght line basis, over the t•m of the lèase. Page 3
SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY socIErY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 2 Sub5¢rfptions Membership subscriplions for the 2021 ye 12,293 13,639 3 Donatlons and legacl•8 2021 2020 Sundry donaknons Dunster Project Norman Gardens Project New Website Grants {Employment Allowance) LegaeS 2,118 1,025 47,445 629 1,750 40,549 45 883 1.568 52,156 43,856 4 Rents Recelvod 2021 2020 Commercial rents- private sector Non-commercial - Publ1¢ sector 4,480 4,250 3,250 4,549 8,730 7,799 Somerset County Council provide office and meeting room faciltties within the Somerset Heritsge Cenlre, fffje of charge. The value of these facilities Is eslrmat8d lo b& in th& region of £7,500 per annum. 5 Support Costs Basis of apportionment Charilab Acts'vity Totsl 2021 Total 2020 Governance Salaries and employment costs Rent Insurance Committee and general expenses Postage Printing and Stationery Telephone and Internet Computer and Equipment Costs Sundry Castle Estate mainlenance Depreciation Website Lease Amortisalion Accountancy and payroll Professional Fees work done actual work done gctual work donè work done work done work done work done actual work done actual actual actual tual 12,648 4,218 16,864 16,029 745 994 13 517 510 249 994 213 689 680 1,15S 429 300 261 687 634 115 1,860 676 225 20 863 810 2,767 200 172 170 289 107 322 169 225 519 390 4,625 344 450 4,625 22,318 6,253 28,571 26,215 Page 4
SOMERS ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 6 Staff Costs Salari8s and wages Employment costs 15,2 1,568 16.028 16,864 16,028 2021 2020 The number of employees was No remuneration Was paid to any trustee ID the year. Travel and meeting expenses reimbursed were £Nil12020.' £Nill Office Equipment Heritage Assets 7 Tanglble Flx•d Assets Cost at 1 January 2021 Additions Disposals 13,344 Cost at 31 Decèmb8r 2021 13,344 Depreciation As al 1 January 2021 On Disposals For the Year 12,892 225 As al 31 Dember 2021 13,117 Written Down Value at 31 December 2021 227 Written Down Value at 31 December 2020 452 8 Investrngnts Cost Market Value 2021 Cost Value 2020 Under management wlth Brewln Dolphln Allocated to Endowment Funds 203,122 216,498 195,104 203,827 Allocated to Restricted Funds 89,305 95,186 74,338 77,862 Allocated lo unrestrthd funds 15,456 16.147 292,427 311,684 284.898 297,636 Page S
SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIErY NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2021 7 Investments (continued Value 2021 Value 2020 S & W Fund Admin Church House Invesco Perp UK SM ordinary HICL Infrastructure Ord Jupiter UT Managers Stralegtc Bond Accumulation Shares COIF Fund Onesavings Bank 7.8750ASTP Henderson Janus ParagonGroup 6.125% SNR 2022 Mayfair Capital In prop inc trust Gam stsr fund Henderson FE RIT Cap Partners Muzinich Fund$ 11,899 14,202 14,749 13.594 9,605 13,858 15,887 12.233 10.520 13,380 21,044 9,704 8.930 5,369 9.238 13,000 9,748 13,520 13,803 10,000 14,064 9,289 10,000 9,964 5,035 13,685 10,236 13,028 8,264 9,782 8,068 7,150 r ill 14,292 15,0( 20,013 10,000 14,960 10,000 10,000 10,000 4,893 14,383 14,366 19,838 9,206 15,117 13,203 13,726 14,253 6,946 6,933 6,858 6,744 16,064 10,513 13,941 5,897 16,013 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 Pimco Global City of London Allianz Global Strategic Bond Mercantile Investment Dodge & Cox Wortdwide Findlay Park JPMorgan Funds US Equty Fidelity Eurolrusl Henderson Euro Trust Coupland Cardrfl Japan BB Healthcare Personal Asset Trust Srquoia Economic 1 Aaianz Global Investors S¢otlish American Inveslmenl Trust Diverse Income Trust 5,OCN) 5,751 14.048 11.269 14.500 5,020 16.423 292,427 311,684 297,636 Dealing charges deducted by Brewin Dolphin in the year were £2,965 92 (2020: £3.171.19) 2021 2020 9 L¢a888 Capital cosl of leases brought forward New leases Amortisalion brought foThvard Amortised in the year 11,388 11,388 4,104 863 3,241 6,421 7,284 2021 2020 10 Debtors Debtors Grants Brewin Dolphin 1,923 16,879 525 263 263 19,327 Page 6
SOMERSEf ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEf•lBER 2021 2021 2020 11 Cash at Bank and In Hand Bank Current Accounts Pety Cash Paypal Cash held by Brewin Dolphin Norman Gardens account COIF Ma00d Deposit Account 16,733 209 234 7,407 18,280 4,382 19,518 204 87 5,926 26.585 4,38t 47,245 58,701 2021 2020 12 Crodltors and A¢crual8 Rent recelved In advance PAYE & NIC 2021 SubslptiOnS Foot Anstey - leg81 fees A¢counlan¢y 149 319 90 291 575 750 720 1,308 1,586 Un$tr Funds Restricted Funds Endowed Funds Tolal 2021 Total 2020 13 An•ly81$ of Ag8ets 8gtwoen Fund• Tangible Fixed Assets Investments Bank and Cash Other Nel Current Liabilities 227 22.781 24.583 11,0451 227 318,105 47,245 11,0451 452 304,920 56,701 17,741 79,398 22.662 215.926 102.(60 215,926 364,532 379,814 Included In Unrestricted fijnds is the Museum Exhibit Replacement Fund. Under an agreement made with the Museum of Somerset this fund was designaled to be used solely for the festorakn'on, maintenance and acquisition of exhibits in the museum collectson. 14 Grants Approved Approved and Lapsed unclaimed 2021 cld Approved and unclaimed New offers 2021 Paid in 2021 Gray Murless Maltwood Williams Natural Sciences Museum 3,256 9,228 13,256) {5.046} 13.630 (1,4161 16,396 747 4,800 18,031 {747} 14,8001 13,849 13,630 1,416 16,396 Page 7
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SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY INDEPENDENT EXAMINERS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 I report on the accounts of the Somerset aeOlOgIcal and Natural History Society for the year ended 31 Decemter 2020, which a set out on pages 1 to 8. Respective responsibilities of trustees and examlner The Charity's Iruslees are responsible for the preparation of the accounts. The trustees consider th21 an audll is not required for this year under Section 14412) of the Charibes Act 2011 (The 2011 Actl and that an independent examination i¥ required. 11 is my responsibility lo.. il Examine the a¢counls under seth.on 145 of the 2011 Art ill To follow procedures laid down in the General Directions given by Ihe Charity Commission under section 14515llbl of the 2011 Act., and iiil To state whether any particular matters have Come to my attèntion. Ba818 of oplnlon My examination was carried oul in accordance wrth the General Oirections given by the Charity Commissioner. An examination includes a review of the accounting reords maintsined by the Chanty and a comparison of the accounts with Ihose records, It also includes consideratson of any unusual itsms Of disclosures in the arLounts, and the seeking of explanatnS from you as trustees concerning such matters. The procedures undertaken do not provider all the evidence that would be rèquired in an audit, and oonsequenlly no opinion is given as to whether the accounts give a 'true and fair view. and the report is limlted lo the matter5 set out in the slatement bekN. Indapondont Examlners. Statement In connection with my examinalion, no matter has come to my attention: 11 which gives me reasonabb cause to b8lieve that in any mat&rial respect the requlr8ments to keep accounllng records in accordance with section 130 of The 2011 Act,. and to Prepare accounts which accord with the accounting records and compty wlh the requirnents of The 2011 Act have not been mel,. or 21 to which. in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached. Anthony Porter BAIHonsl FCA Amherst & Shapland (Taunton and Wiveliscombel Chartered Ac¢ounlanls Old Brewery Road Wiveliscombe Taunton Somersel
SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 UnrestrIc Restricted Endowed Funds Funds Funds Total 2021 Total 2020 In¢omlng Resour¢ Incomlng Resources from g•n•ratod fund8 SubsGriplions Gift Aid Rent Received Investment Income Lega¢ies and Donatlons Publication Sales and Contributsons Royalties Proceedings Function Income Group events income Other Income 12.293 1,100 8,730 1,056 3.686 12,293 1,100 8,730 13,639 993 7,799 10,959 43,856 1,070 828 705 2,183 48,470 8.121 52.156 751 7.638 751 7,638 800 124 124 61 Total Incomlng Re8OllfC 36,841 50,653 6.121 93,615 80,806 Chorltoble A¢tlvltle8 Grants 14 Museym Exhibits & Replacements Proceedings Newsletter Library Acquisitions Library maintenance Function Costs Publications Group events expenétture Dunster Project Noman Gardens Project New Website Office Costs 9,049 9,049 4,800 8,109 706 1,196 88 165 4.071 2,166 4,447 631 1,312 35 14 44 867 1,023 55,586 3,189 19,994 4,800 8,109 1.196 165 384 1,159 72,528 646 22,318 1,159 72.528 19,805 569 35,897 83.305 121.146 93,379 Governance Cost8 6,253 6,253 6,221 Total Resources Expend•d 42,150 83,305 127,399 99,600 Net Incomlngl(Outgolngl Resources (5.309) 132.6521 4,177 133.7841 {18,794} Other Recognssed ILossesllGains Transfers between funds 2,089 (2.226) 4,314 6,403 12,099 14,1771 18.502 (13,6141 Net Movement in Fund¥ (5.446) {21,9351 12.099 {15,282) 132,4081 Total Funds Brought Forward 51,992 123,995 203,827 379,814 379,814 Total Funds Carrled Forward 102,IXO 215.926 364,532 347,406 The notes on pages 3 to 8 fom part of these financial statements Page 1
SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIErY BALANCE SHE AS AT 31 DECEMBER 2021 2021 2020 Note Fixe(l Assets Heritage Assets offi Equipment 227 452 Investments Shares at valuation 311,684 297,636 Intangible Assets Leases 8.421 7,284 318.332 305,372 Current Assets Stocks of items for resale Debtors Cash al bank and in hand 10 11 263 47,245 19,327 56,701 47,508 76,028 Currenl Liabilitles Creditor5 and accrua15 12 1,308 1,588 Nel Current Assets 46,200 74,442 Total Net Assets 364,532 379,814 Funded By 14 UnStrICted Funds General Purposes Fund 51,992 46,546 51,992 Restricted Funds Endowrnent Funds 102.060 215,926 123,995 203,827 364,532 379,814 The Financial Statements were approved by the trustees on (Honorary TreaSUrI and signed on their behalf by Mr The notes on pages 3 to 8 form part of these financial statements Page 2
SOMERSEf ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 1 Accounting Policies (a) Basls of pr•par8tk)n The Financial Statements have pPared under the historical cost convention, with the exception of investments which are included at market value. The Financial Ststements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporrting by Charities ISORP 2005) is¥ued in May 2008 and applicable UK Ac¢ounting Stsndards and the Charities Act 2011. (b) Incoming resources All incoming resources are recognised oftce the charity has entillement to the resour$, it is certain that the resources will be weived and the monetary value of incoming resources can b8 mèasured with sufficient reliability. f¢) Rosourcos expended Liabilities are recognised as resour expended as soon as there is a gaI or constructive obligation committing the charity lo the expenditure. 1 expenditure is accounted for on an accrual$ basis and ha5 been classified under heaclings that aggregate all costs related lo the category. Grants payable are payments made lo third parties in the futherance of the charitable objects of the charity. Provisions for grants are made when the intention to make the grant has been communicated to the recipienl. (d) Allocatlon of 0rhead andsupport ¢o$ts Overhead and support costs have been all¢xated have been allcKed tetsveen charitable acbvity and govèrnance. osts relating to Charitable Activities have been apporb'oned on the basis of an ossessment of the proportion of work done in respect of Charrtable Activibes and Governance and is detailed in note 4. (e) Govemance costs Governance costs comprise all Costs involving the public accountabilty of the charity and its compliance with regulation and good pra¢lice. Thes& costs include costs re18ted to Independent Examinatr'on and legal fees together with an apportionment of overhead and support costs. (IJ Flxed asset Investments Investments are staled al markel value as at the balance sheet date. The Ststement of Financi81 Activlties includ85 the net gains and losses arising on revaluabon and disposals throughout the year. Realised and unrealised gains are not separated. realised gains and losses on invèslments are calculated as the difference beleen the sales proceeds and the opening market value or purchase date if later. Unrealised gains and losses are calculated a$ the difference behveen the market value at the year end and opening market value or purchase date if later. (g) Herltage asset8 Herltage assets are accounted for in accordance wrth Financial Repoth"ng Standard 30. Thesè consist of lil Museum exhibits and related fixtures and fittings on loan to Somersel Cour¢ty Council. li1} The contents of the library together with related fixtures and fittings, liiil Records and archNes on loan to Somerset County Council, livl The Castle Estate. For all these assets no valuion 1$ included as the costs involved in obtaining a valuation would be prohibitive when compared to the benefit lo the users of the financial ststements. The colkctions include many items that would be irreplacable see pages 9 to 11 above. (h) Funds The charity has a number of Endowment funds which are detailed in note 15 lo the accounts. The Trustees at their dIretIon may allocate 8ny part of the total retum to the general purposes or to restricted income funds. The Trustees invest the ¢8pilal in perpetuity and is managed on a total rebjms basis. Restricted funds are funds which are to be used in aco)rdance vth speerf restrictions imposed by the donor or trust deed. Details are in note 15 to the accounts. (l) Leases The professional costs in relation to setting up new teases in excess of 5 years are capitalised and amortlsed, on a 6*raght line basis, over the t•m of the lèase. Page 3
SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY socIErY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 2 Sub5¢rfptions Membership subscriplions for the 2021 ye 12,293 13,639 3 Donatlons and legacl•8 2021 2020 Sundry donaknons Dunster Project Norman Gardens Project New Website Grants {Employment Allowance) LegaeS 2,118 1,025 47,445 629 1,750 40,549 45 883 1.568 52,156 43,856 4 Rents Recelvod 2021 2020 Commercial rents- private sector Non-commercial - Publ1¢ sector 4,480 4,250 3,250 4,549 8,730 7,799 Somerset County Council provide office and meeting room faciltties within the Somerset Heritsge Cenlre, fffje of charge. The value of these facilities Is eslrmat8d lo b& in th& region of £7,500 per annum. 5 Support Costs Basis of apportionment Charilab Acts'vity Totsl 2021 Total 2020 Governance Salaries and employment costs Rent Insurance Committee and general expenses Postage Printing and Stationery Telephone and Internet Computer and Equipment Costs Sundry Castle Estate mainlenance Depreciation Website Lease Amortisalion Accountancy and payroll Professional Fees work done actual work done gctual work donè work done work done work done work done actual work done actual actual actual tual 12,648 4,218 16,864 16,029 745 994 13 517 510 249 994 213 689 680 1,15S 429 300 261 687 634 115 1,860 676 225 20 863 810 2,767 200 172 170 289 107 322 169 225 519 390 4,625 344 450 4,625 22,318 6,253 28,571 26,215 Page 4
SOMERS ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 6 Staff Costs Salari8s and wages Employment costs 15,2 1,568 16.028 16,864 16,028 2021 2020 The number of employees was No remuneration Was paid to any trustee ID the year. Travel and meeting expenses reimbursed were £Nil12020.' £Nill Office Equipment Heritage Assets 7 Tanglble Flx•d Assets Cost at 1 January 2021 Additions Disposals 13,344 Cost at 31 Decèmb8r 2021 13,344 Depreciation As al 1 January 2021 On Disposals For the Year 12,892 225 As al 31 Dember 2021 13,117 Written Down Value at 31 December 2021 227 Written Down Value at 31 December 2020 452 8 Investrngnts Cost Market Value 2021 Cost Value 2020 Under management wlth Brewln Dolphln Allocated to Endowment Funds 203,122 216,498 195,104 203,827 Allocated to Restricted Funds 89,305 95,186 74,338 77,862 Allocated lo unrestrthd funds 15,456 16.147 292,427 311,684 284.898 297,636 Page S
SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIErY NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2021 7 Investments (continued Value 2021 Value 2020 S & W Fund Admin Church House Invesco Perp UK SM ordinary HICL Infrastructure Ord Jupiter UT Managers Stralegtc Bond Accumulation Shares COIF Fund Onesavings Bank 7.8750ASTP Henderson Janus ParagonGroup 6.125% SNR 2022 Mayfair Capital In prop inc trust Gam stsr fund Henderson FE RIT Cap Partners Muzinich Fund$ 11,899 14,202 14,749 13.594 9,605 13,858 15,887 12.233 10.520 13,380 21,044 9,704 8.930 5,369 9.238 13,000 9,748 13,520 13,803 10,000 14,064 9,289 10,000 9,964 5,035 13,685 10,236 13,028 8,264 9,782 8,068 7,150 r ill 14,292 15,0( 20,013 10,000 14,960 10,000 10,000 10,000 4,893 14,383 14,366 19,838 9,206 15,117 13,203 13,726 14,253 6,946 6,933 6,858 6,744 16,064 10,513 13,941 5,897 16,013 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 Pimco Global City of London Allianz Global Strategic Bond Mercantile Investment Dodge & Cox Wortdwide Findlay Park JPMorgan Funds US Equty Fidelity Eurolrusl Henderson Euro Trust Coupland Cardrfl Japan BB Healthcare Personal Asset Trust Srquoia Economic 1 Aaianz Global Investors S¢otlish American Inveslmenl Trust Diverse Income Trust 5,OCN) 5,751 14.048 11.269 14.500 5,020 16.423 292,427 311,684 297,636 Dealing charges deducted by Brewin Dolphin in the year were £2,965 92 (2020: £3.171.19) 2021 2020 9 L¢a888 Capital cosl of leases brought forward New leases Amortisalion brought foThvard Amortised in the year 11,388 11,388 4,104 863 3,241 6,421 7,284 2021 2020 10 Debtors Debtors Grants Brewin Dolphin 1,923 16,879 525 263 263 19,327 Page 6
SOMERSEf ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEf•lBER 2021 2021 2020 11 Cash at Bank and In Hand Bank Current Accounts Pety Cash Paypal Cash held by Brewin Dolphin Norman Gardens account COIF Ma00d Deposit Account 16,733 209 234 7,407 18,280 4,382 19,518 204 87 5,926 26.585 4,38t 47,245 58,701 2021 2020 12 Crodltors and A¢crual8 Rent recelved In advance PAYE & NIC 2021 SubslptiOnS Foot Anstey - leg81 fees A¢counlan¢y 149 319 90 291 575 750 720 1,308 1,586 Un$tr Funds Restricted Funds Endowed Funds Tolal 2021 Total 2020 13 An•ly81$ of Ag8ets 8gtwoen Fund• Tangible Fixed Assets Investments Bank and Cash Other Nel Current Liabilities 227 22.781 24.583 11,0451 227 318,105 47,245 11,0451 452 304,920 56,701 17,741 79,398 22.662 215.926 102.(60 215,926 364,532 379,814 Included In Unrestricted fijnds is the Museum Exhibit Replacement Fund. Under an agreement made with the Museum of Somerset this fund was designaled to be used solely for the festorakn'on, maintenance and acquisition of exhibits in the museum collectson. 14 Grants Approved Approved and Lapsed unclaimed 2021 cld Approved and unclaimed New offers 2021 Paid in 2021 Gray Murless Maltwood Williams Natural Sciences Museum 3,256 9,228 13,256) {5.046} 13.630 (1,4161 16,396 747 4,800 18,031 {747} 14,8001 13,849 13,630 1,416 16,396 Page 7
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