## **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. 

1 



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. 

2 



- Restricted funds, either derived from the endowment funds or obtained for a specified purpose, the use of which is therefore strictly controlled. 

- 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. 

3 



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_ 

4 



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
explanat￿nS 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 requi￿rnents 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
Un￿StrICted 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 TreaSU￿rI
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 p￿Pared 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 0￿rhead andsupport ¢o$ts
Overhead and support costs have been all¢xated have been allcK*ed tetsveen charitable acbvity and govèrnance.
osts relating to Charitable Activities have been apporb'oned on the basis of an ossessment of the proportion of work
done in respect of Charrtable Activibes and Governance and is detailed in note 4.
(e) Govemance costs
Governance costs comprise all Costs involving the public accountabilty of the charity and its compliance with
regulation and good pra¢lice. Thes& costs include costs re18ted to Independent Examinatr'on and legal fees together
with an apportionment of overhead and support costs.
(IJ Flxed asset Investments
Investments are staled al markel value as at the balance sheet date. The Ststement of Financi81 Activlties includ85
the net gains and losses arising on revaluabon and disposals throughout the year. Realised and unrealised gains are
not separated. realised gains and losses on invèslments are calculated as the difference bel￿een the sales
proceeds and the opening market value or purchase date if later. Unrealised gains and losses are calculated a$ 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 valu*ion 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
dI￿retIon 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 v￿th 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*ra￿ght 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)
Lega￿eS
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 De￿mber 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 Ma￿00d 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 Subs￿lptiOnS
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
cl￿d
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
explanat￿nS 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 requi￿rnents 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
Un￿StrICted 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 TreaSU￿rI
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 p￿Pared 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 0￿rhead andsupport ¢o$ts
Overhead and support costs have been all¢xated have been allcK*ed tetsveen charitable acbvity and govèrnance.
osts relating to Charitable Activities have been apporb'oned on the basis of an ossessment of the proportion of work
done in respect of Charrtable Activibes and Governance and is detailed in note 4.
(e) Govemance costs
Governance costs comprise all Costs involving the public accountabilty of the charity and its compliance with
regulation and good pra¢lice. Thes& costs include costs re18ted to Independent Examinatr'on and legal fees together
with an apportionment of overhead and support costs.
(IJ Flxed asset Investments
Investments are staled al markel value as at the balance sheet date. The Ststement of Financi81 Activlties includ85
the net gains and losses arising on revaluabon and disposals throughout the year. Realised and unrealised gains are
not separated. realised gains and losses on invèslments are calculated as the difference bel￿een the sales
proceeds and the opening market value or purchase date if later. Unrealised gains and losses are calculated a$ 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 valu*ion 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
dI￿retIon 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 v￿th 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*ra￿ght 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)
Lega￿eS
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 De￿mber 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 Ma￿00d 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 Subs￿lptiOnS
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
cl￿d
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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