## **2022 Annual Report of the Trustees** 

## **Trustees** 

Christopher Chanter 2016 to 2023 Sue Goodman 2019 to 2022 Lizzie Induni 2020 to 2023 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 Emma Turk 2022 to 2025 

## **Charity Number:** 201929 

**Registered address:** 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 in 2022** 

The Society has been working with a small number of trustees over most of the year with the burden of administrative tasks falling on a few shoulders. However, there is now a full complement within the Executive Committee which now comprises of the Chair, Deputy Chair, Honorary Treasurer and an Honorary Secretary. 

The 2022 AGM was held in May, when a rule change was tabled and approved to allow the then Chair to extend his tenure as a trustee from six to seven years, and thereby allow him to remain as Chair. However, the Charity Commission advised the Society that the approach adopted to extend tenure was inadmissible and a further Special General Meeting was held in July to rectify this matter. The proposals of the Membership Working Party to update the membership categories (including a new Family Membership) and to increase the subscriptions from January 2024 were approved by the members during this AGM. The process of integrating the membership databases was started in 2022 to ensure all the changes required could be dealt with in an efficient way. 

Perhaps the most important issue raised during the May AGM was the agreement by Society members to support changing the Society from an ‘Unincorporated Association’ to a ‘Charitable 

Adopted by the Board of Trustees on 14[th] March 2023 Adopted at the Annual General Meeting on 20[th] May 2023 

1 



Incorporated Organisation (CIO)’. Although this is primarily a governance issue, it is the modern approach to charity management, favoured by the Charity Commission and others. It reduces the liability of trustees and in certain circumstances other members of the Society, and there are certain external funding sources are available to CIOs which are not available to Unincorporated Associations. A dedicated team to spearhead this project was set up late in 2022 with initial work focusing upon: - identifying the assets and the legal documents that underwrite them; - and, drafting a new constitution. The conversion process is complicated, exacerbated by the numerous Society assets and endowment funds, and will continue throughout 2023. 

The Society Welfare Policy was reviewed in 2022 to include a rigorous risk assessment form and an Equality, Diversity and Inclusion Policy was composed. The Trustees are still very aware that there needs to be 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 webinars, created through necessity in Covid lock-downs, continued in 2022, with eight events held throughout the year, again supported by all sections of the Society, ranging from single lectures (mainly held weekday evenings) through to a multi-lecture event, on an archaeological topic. The webinars have been well supported; their smooth running and success is due to a small behind-the-scenes team of members.  Webinars, enabling, as they do, participation from Society members geographically remote from Somerset and members who, for other reasons, might be unable to participate, will become a long-term addition to the SANHS repertoire. 

During late 2022, it became clear that the website needed vital updating. A website development team were brought in to make the system stable and secure but more work is required in 2023. The Society has been fortunate to recruit a new Web Manager who has approached the job with great enthusiasm. It is hoped to provide thorough training to ensure she is supported in this vital role. 

The South West Heritage Trust (SWHT) is a key partner is the management and use of SANHS assets. After a number of years when regular meetings between SANHS and SWHT had lapsed, a meeting was held in 2022, and regular meetings will now resume. The Society is now looking forward to working with the SWHT in setting up some events and activities in the future. 

For many years the Wyndham Hall, also part of the SANHS Castle Estate, has been held by Somerset County Council, unused and unloved. From September, SANHS resumed direct custody of the building and took the opportunity to open the building for six days during the national September Heritage Open Days, when it attracted considerable interest from the public. It is proposed to undertake minimal remedial work before getting the Hall into routine use both by the Society and local organisations. As example, a Taunton Art Cinema group has expressed considerable interest in using the facility. The long-term viability of the hall will depend upon further development and attracting regular community usage. 

2022 was an ambitious year for SANHS with a number of new developments. The trustees, however, are aware of the risks that are faced by the Society. Funding is being sought for the CIO conversion, the Wyndham Hall refurbishment as well as the overhaul of the SANHS Website and the Executive are working hard to source the required finance. There are only seven 

Adopted by the Board of Trustees on 14[th] March 2023 Adopted at the Annual General Meeting on 20[th] May 2023 

2 



Trustees and it is vital that this number is increased to allow the Society to carry out its charitable duties. Developing and maintaining a secure and fully functioning website which supports the aims of the Society is high on our list of priorities for 2023 together with halting the deterioration of parts of the SANHS estate. 

## **Financial Report 2022** 

The overall assets of the society were £332k at the end of 2022, down £33k from £365k at the year start. 

The society assets are segregated into: 

- Endowment funds, which are treated as inviolate, but the income and gains are used for specific purposes in accordance with both the bequest and the society charitable objectives. 

- Restricted funds, either derived from the endowment funds or funds obtained for specified purposes, 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 in an investment portfolio by an investment management company. As anticipated in my report for 2021, 2022 proved a difficult year for such investments. The value of the portfolio reduced by £43k from £312k at year start to £268k at year end, although the income paid by the portfolio over the year was not substantially different (about £9k). 

## Endowment and Restricted Funds 

The total of the endowment funds reduced from £216k at the year start to £190k at year end, this figure including the transfer of £4.7k to the corresponding restricted funds. Payment of grants from the restricted funds aligned to the endowments has increased from £3.5k in 2020 to £9.0k in 2021 and £10.8k in 2022; this marks welcomed increased activity following the relaxation in Covid limitations from 2021 onward. 

The accounts identify two Restricted funds which are not included in the investment portfolio; the Norman Gardens Project and the Dunster Project. The Norman Garden Project is very nearly complete and there were no financial transactions recorded during 2022; the fund currently stands at £18.4k. It is hoped that the remaining activities can be concluded during 2023 and the project formally closed. 

The Dunster Project received two final grants during 2022 (totalling £2k) and incurred £0.8k expenditure. It is hoped that this project also will be closed in 2023. 

## Unrestricted Funds 

The Museum Exhibit Replacement Fund and the Publications Fund are part invested in the investment portfolio, and so accrue gains, losses, interest and management charges according to the portfolio performance. The Contingency Fund was included in the portfolio in 2021 with the aim of producing long-term growth in accordance with society policy. 

The Museum Exhibit 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 

Adopted by the Board of Trustees on 14[th] March 2023 Adopted at the Annual General Meeting on 20[th] May 2023 

3 



SANHS museum collection. There was no expenditure during 2022, but the fund value reduced from £19.0k to £17.4k over the year as a result of the above discussed portfolio performance. 

The Publications Fund incurred costs of £3.8k, primarily in the issue of a new publication. This was offset by a grant of £0.8k, and there was additional income from sales of £1.8k. In combination, and as a result also of the partial exposure to the investment portfolio, the Publications Fund reduced from £9.2k at year start to £7.3k at year end. 

There were no calls on the Contingency Fund during 2022, but because it is included in the investment portfolio its value reduced from £5.4k to £4.9k at year end. 

## Unrestricted Funds – the General Purposes Fund - Overview 

Notwithstanding the significant total assets of the society, the day-to-day operation of the society is dependent upon the General Purposes Fund, the last of the unrestricted funds. Its assets were £12.9k at year start increasing to £20.8k at year end. These values, however, include fixed and intangible assets, with the result that at year end the money available in this fund was about £12.6k. 

Unrestricted Funds – the General Purposes Fund - Income 

One of the principal income streams for the general purposes fund is from subscriptions. After a gradual reduction in subscription income over several years, this showed a small increase in 2022 (2021 = £12.3k; 2022 = £12.5k). In addition, at the end of 2022, there was already £1.0k from advance subscriptions for 2023. 

The other main income stream for the general purposes fund is from rents received from the Castle Estate properties. At the beginning of the year, there was an ongoing dispute with one of the lease holders. Following legal intervention, the rental payment aspects of this dispute were resolved, resulting in a back payment as well as a resumption of regular payments. In addition, scheduled rent increments were assessed and paid on two properties. As a result, rental income for the year was £18.1k, up from £8.7k the previous year, but this figure is inflated by the back payment from one tenant from earlier years. 

Sundry donations reduced marginally from £2.1k in 2021 to £1.5k in 2022, but there was also an exceptional payment of £7k, paid by the Council upon return of the Wyndham Hall to direct SANHS custody. Although not so prescribed by the Council, this £7k is being ring-fenced for the Wyndham Hall costs. 

Unrestricted Funds – the General Purposes Fund - Expenditure 

The largest single expense against the general purposes fund is employment cost of the office manager. After accounting for an employment allowance grant, this increased marginally in 2022 from £15.3k to £15.7k. 

Significant professional fees (£6.6k), essentially legal costs, were accrued during 2022 on issues relating to the Castle Estate (2021 = £2.4k). 

Another significant expenditure against the fund is the Proceedings. 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 

Adopted by the Board of Trustees on 14[th] March 2023 Adopted at the Annual General Meeting on 20[th] May 2023 

4 



The investment market seems mainly to have accounted for the ongoing political situation in Eastern Europe, but high inflation is certain to remain for much of 2023, resulting in higher costs for most of SANHS activities. Our investment portfolio, which dipped to a minimum in Q3 2022, recovered slightly in Q4 2022, and this trend is expected to continue at least for the first part of 2023.  (I will provide an update for Q1 2023 at the AGM). 

The major concern looking forward remains the balance of the general purposes fund. It did not prove practicable to implement the increase in membership fees, agreed at the 2022 AGM, for 2023, and this is now scheduled for 2024. So, any increased subscription income will depend upon a continued drive to recruit new members. The other main stream of income is the rents received from the Castle Estate. No routine uplifts are scheduled for 2023, and the elevated rental income for 2022 (which included significant back-payments) will in consequence reduce in 2023. Legal costs associated with the Castle Estate will continue during 2023, and there remains much uncertainty over the likely total of these costs. It is hoped that two issues of Proceedings will be released in 2023 (165 and 166), and, despite the grants received, these also will have a negative impact upon the general purposes fund. 

Two initiatives, commenced during 2022, deserve comment. Firstly, despite the above-mentioned receipt of £7k upon return of the Wyndham Hall to SANHS direct custody, even the minimal costs involved in basic restoration and getting the hall operational will exceed that figure. External fundraising will be critical to this project. 

Secondly, is CIO conversion. Society members (and others) have already expended very many hours in supporting this project, but significant legal (and other) costs will be incurred before this project can be brought to fruition. SANHS is contributing £2k to initiate formal legal discussions, and external fundraising has already commenced to cover anticipated costs. 

It remains therefore that the general purposes fund is fragile with very significant uncertainties over expenditure which will be closely monitored. 

I would like to thank Anthony Porter (of Amherst and Shapland) for production and assessment of the annual accounts. The society continues to owe debt to our office manager, Louisa Gillet, in managing the day-to day finances of the Society and I to her patience in describing to me, often repeatedly, many the intricacies of the society finances. 

Signed 


Christine Webster Hon. Secretary 

Adopted by the Board of Trustees on 14[th] March 2023 Adopted at the Annual General Meeting on 20[th] May 2023 

5 



SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
INDEPENDENT EXAMINERS. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
I r8PQrt on the accounts of the Sornerset Archaeologlc81 and Natural History Socittly for the year ended 31 De¢embeT
2022. vhich ar6 set out c>n pagos 110 8.
Respective responsibilltles of trustees and examlner
The Charitls Ituslegs arg re$pon$ible fof the preparation of the accounts. Tha trustees consider that an audit is not
requlred for this year under S8clion 144121 of the Charlli8s Act 2011 (The 2011 Adi and that gn Indep&ndent
examination Is requlred.
11 is my responsibility to..
il Exainlne the accounts unde¥ sectlon 145 of the 2011 Act.,
ill To follow proCedu￿S laid down in the General Directions given by the Charity commis￿on under Section 14515llbl
of the 2011 Act,. and
iiil To state whether any particular matters have come lo my attention.
8asis of oplnion
My examlnation was carried out in accordance wlth the General Directions given by the Charlly CommlssionÈr. An
examination includes 8 ￿VIeW of the accounting reords rnainlained by the Charily and a comparison ol the accounts
th those records. 113lso includes consider*iDn of any unusual ilerns or disclosures in Ihe accounts, and the seeking
of explanations from you as Iwstees conceming such mallers. The procedures undertaken do not provider all the
evidence that would be required in an audit, and ctsnsequently no opinion is given as to whether the 8¢counts give 8
'true and fair view and the report is limited lo the matters sel out in the statement below.
Indep6ndent Examinets. Statement
In connection ￿th my ex8mirn81ion, no matter has come to my atterrtion,.
11 which gives me reasonable cause to believe that in any malorial respect the requirèments lo keep 3ccounting
records in accordance with section 130 of The 2011 Act; and io prepare accounts whith accord the accounting
records and comply with the roqu1￿MentS ol The 2011 Act hav8 not been mel., or
21 to which, in my opinlon. 8118ntlon should be drawn to enable a proper understanding ol the accounts lo be
reaclied.
Anthony Porter BAIHonsl FCA
Amherst & Shapland
(Taunton and Wiveliscornbel
Chartered A¢countsnls
Old Brewery Road
Wivellscombe
TaLJnlon
Somersel

SOPAERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
STATEIXENT OF FINANCIAL ACTIVITIES
FOR THE YEAR EWDED 31 DECEIVIBER 2022
U￿restrIcted
Fund5
Restrlcted
Fund
Endowed
Funds
Total
2022
Total
2021
Incoming Resources
Note
Incoming Resources from gengrated funds
Subscriptions
Gift Aid
Rent Received
Investment In¢om&
Legacles and E)onatlons
Publication Sales and Conlributioiis
Royalties
Pi'oceedings
Fun¢tion In¢ome
Group svenls Income
Other Income
12,487
1,090
18,055
931
10.066
2,621
851
5,540
12,487
1,090
18,055
9,728
12.066
2.621
851
5,540
12,293
1,100
8,730
9,360
52,156
663
751
7,638
2.087
2,000
6,708
1,008
1.290
1,OQ8
1,290
800
124
Totsl Incominy R&sourcés
53,939
4,087
6,708
64.734
93,615
Chari2abEe Actlvtlles
Grants
14
MuseLini Exhlblls & Repl8￿mentS
Proceedings
Newsletter
Library Acquisitions
Library maintenance
Function Costs
Publications
Group events expenditure
Dunsler Project
Norman Gardens Project
Wyftdham Hall
New Website
Office Costs
10.781
10,781
9,049
4,800
8.109
706
1.196
86
8.890
8,890
904
156
3.807
713
158
3,807
713
781
165
384
1.159
72,528
781
732
732
24,035
601
1,972
26,608
22.318
39.237
12,163
1,972
53,372
121,146
Gov$man¢e Costs
7.357
7.357
6,253
Total Re$ource$ Expended
46.594
12,163
1,972
60,729
127,399
et Incomlngl{Qutgolng} Rgsources
7,345
18,0761
4,736
4.005
133,7841
Other Recognised ILossesyGalns
Ttsnslers betbveen funds
13,5331
17,7601
4,736
12J,4671
14,7361
{36,7601
18,502
Net Dfiovement In Funds
3.812
111,1001
125,457)
132,7551
115.2821
Total Funds srought Fornard
,546
102.060
215,926
364,S32
379,814
Total Funds Cayrfed Foyward
50,358
90,960
I￿,459
331,T17
364,532
Th& notes on pages 3 10 8 lomi part of Ihes$ financial slalenienls
Page 1

SQMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
BALANCE SHEET
AS AT 31 DECEiW8ER 2022
2022
2021
Note
Fixed Assets
Heritage Assets
Office Equipment
2,587
227
Investments
Shares at valu81ion
268,330
311,684
Intangible Assets
Leases
5.558
6.421
276,475
318,332
Current Assets
Stocks of itgms for resa18
Debtors
Cash at bank and in hand
10
11
613
59,300
263
47,245
59.913
47.508
Current Liabilities
Creditors and ac¢Nals
12
4,611
1,308
Net Cuffgnt Assèts
55,302
46.200
Totsl Nel Assets
331.777
364,532
Funded By
14
Unrestricted Funds
General Purposes Fund
50,358
46,546
50.358
46,54
Re8tri¢led Funds
Endowment FLtnd5
90,960
1￿.459
102.060
215,926
331,777
364,532
The Financial Slalemenls wgrè approved by the trustees on 5141 £ 3
IHonorary Treasurerl
ri,L.U SAL￿7
and signed on thèir bthalf by Mr
19/4J£3
The notes on pagos 3 10 8 fomi part Df these financial statements
Page 2

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accountlng PollcSes
(a) Basis of pweparation
The Flnanclal Slalemenls have been prepared under the historical cost convention, wlh tha exception of
investments which are included at market value. The Financial Statem8nts hav& been prepared accordance with
the Stalemenl ol Recommended Practice.. Accounting and Rewrrting by Charities ISORP 20051 issued in May
2008 and applicable UK Accounting Standards and the Charities Act 2011.
fb) Incomlng r8sourc8$
All incoming resources are recognised once the tharity has entitlement to the ￿sources, it is certain that lh6
resources will be recBived and the monetary va5ue of incoming resources can bts Tne8surod ￿th 8uffiGienl reliability.
{c) ResoU￿e5 expènded
Liabilities are recognised as resources expended as soon as there is a legal or conslruclive obligation committing
the charity lo the expendilure. All expenditure is accountod lor on an accruals basis and has been classified Ljnder
hfyadings Ihal aggregale all costs relal8d lo th8 category.
Grants payable 8re payments made to third parties in the futherance of the charfl8ble oblects of the charfly.
Provisions for grants are madg when the Inlenllon to make the grant has been communicated to the recipient.
fd) Allo¢atlon of overhead and support costs
Qverhead and support costs have been 211ocated have been allocated between charitable activity and govemance.
Costs relating to Charitable Activities have bèèn apportioned on thè basis of an 2ssessmenl of the proportion ol
work done in respect Df Charitable Activities and Governanc¢ and is detailed in nole 4.
19) Govtrnanee costs
Governance costs comprise all costs involving the public aceounlBbility of the charity and its compli8nce with
r9gu18tion arKI good pr8ciic8. Thèsa costs includè costs rèlatéd to Indèpend8nt Ex8min8tion a￿d 18gal fe88 together
with an apportionment of overhead and support costs.
(Q Fixod asset investm8nts
Investments are slated al market value as al the balance sheet dale. The Statement of Finafflcial Acts"vities includes
the net gains and losses arising on revaluation and disposals throughout the year. Rgalised and unrealised gains
are not separated. realised gains and losses on investments are calculated as the difference between Ihg sales
pro¢è&ds and tho opening market value or purchase da10 if lat¢r. Unrealised gains and losses are calGulaled as the
difference between the niarket value al the year end and opening ni81.kel value or purchase date if later.
fg) Heritage 4558ts
Heritage assets are accounted for in accordance wth Financial Reporting Standard 30. These consisl of lil
Museum exhibits and relaled fixlures 2nd fittings on loan to Somerset County Council, lill The contents of the
library together with related fixtureg and fitti'ngs, liiil Record8 and archive5 on loan lo Somersel County Council, livl
The Castle Estate. For all these assets no valuation is induded as the costs involved in obtaining a valuation would
be prohibitive when compared to the benefit to the users of the financial statements. The collections include many
items Ihat would be irreplacable see pages 9 10 11 above.
(h) Funds
The charity hos a number of Endowment fijnds which are detailed in ftote 15 to the acBount5. The Trustee5 al their
discretion may allocate any part of the total return lo the gènerèl purposes or to restricted income funds. The
Trustees invest the capital in perpetuity is ni8naged on a lol£l returns bas15.
Restricted funds are funds which are to be used in a¢wrdance with specific restrictions imposed by the donor or
trust deed. Details are In note 15 10 the accounis.
(i) Lease5
The profesgonal costs in relation to setting up new leases in excess of 5 years are capitalised and amortised, on 8
slraiglit line basis, over the torm of the 1o38e.
Page 3

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
NOTES TO THE FINANCIAL STATEllnENTS {contiftued)
FOR THE YEAR ENDED 31 DECEMBER 20212
2022
2021
2 Subscrlptlons
bjlembership subscriptSons for the 2022 year
12,487
12,293
3 Donations and 18gacies
2022
2021
Sundry donations
Dunstar Project
Normali Gardens Pfojecl
Somerset grant
Grants {Employment Allowan￿)
Legacies
1,543
2,000
2,118
1,025
47,445
7,000
1,523
1.568
12,066
52,156
4 Rents Recelved
2022
2021
Commerd81 ren18- private sector
Non-commerclal - Public sector
13.688
4,367
4,48Q
4.250
18,055
8.730
Soineysel County Couiiul piDvide office and meeting room facilities withiii the Somersel Heritag& Cenlr6, free ol
charge. The valuts of th&so facilities Is ostimated to be 117 the region of £7,500 per annum.
5 Support Costs
of
apportionmenl
Charitsble
Activity
Toial
2022
Total
2021
Govemance
Salaries and employment costs
Rent
Insurancè
Committee g8neral 8xpenses
Postage
Printiiig and Stati￿ery
Telephone and Intemet
Computer and Equlpmenl Costs
Sundry
Castle Estate maintenance
Depreciation
Website
Membership datsbase
Lease Amortisalion
Accountancy 8nd p8yioII
Professional Fees
work done
8Ctual
work done
actual
work done
WOt* done
wod¢ done
work done
vwod( done
8Gtual
wod< done
actual
actual
actual
actual
actual
t2,851
4,284
17.135
16,864
814
272
1,086
994
994
213
689
680
1.155
429
816
316
475
531
304
300
106
159
177
101
1,116
422
634
384
576
128
512
576
1,036
863
810
8,662
225
1,036
344
450
519
360
8.662
863
840
4,625
26,608
7,357
33.965
28.571
P49e 4

SOIVIERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
NOTES TO THE FINAWCIAL ST ATEllnEMTS Icontlnuedl
FOR THE YEAR ENDED 31 DECEiIfiBER 2022
2022
2028
6 Staff Costs
Salaries and wages
Employmenl costs
15,612
1.523
15,296
1,568
17,135
16,864
2022
No.
2021
The number of employees was
ND remuneration was paid lo any Iruslee in the year. Travd and moeting exponsts8 reirnbursed were £Nil12020'.
£Nill
oiri¢o
Equipment
Heritag$
Assets
7 Tanglblo Flxed Assets
Cost al 1 January 2022
Additions
Olsposals
13,344
2,872
Cost at 31 December 2021
16.216
Depreciation
As at l January 2022
On Disposals
For tlie Year
13.117
512
As at 31 December 2022
13.629
Written Doun Value at 31 Deceinber 2022
2,587
Written Down Value al 31 December 2021
227
8 Invostments
Cost
Value
Cost
Value
2022
2021
Under management wlth BYewl¥t Dolphiti
Allocated to Endowment Funds
200,476
190,459
202,585
215,926
Allo¢81gd lo Restricted Funds
56,692
53,859
81,733
85,798
AllocalȢi lo unreslricled fLinds
25,274
24,012
28,109
29,960
282.442
268,330
292.427
311,684
Page 5

SOIiqER8ET ARCHAEOLOGICAL AND bSATURAL HISTORY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS {¢ontlnu6d
FOR THE YEAR ENDED 31 DECE1148ER 2022
8 Investments Icontinuedl
Valu&
2022
Value
2021
C05t
Allian2 Global Investors
Finsbury G & l Trust
Allionz Global siralegic Bond
Baille Glfford
88 Healthcare
City ol London
Coupland Cardiff Japan
Diverse Income Trust
DC￿ge & Cox Worldwide
Fid8lily Eurotrust
Findlay Park
Gam star fLrnd
Henderson Euro Trust
Henderson FE
Henderson Janus
HICL Infrastructure Ord
Legal & General Global InllailOII
JPMoi'gan Funds US Equity
Jupiler UT MaiiacJers Strategic Bond
Mayfair Capital in prop inc trust
Mercantile Investment
Muzinich Funds
Onesavings Bank 7.875VoSTP
ParagonGroup 6.125tTr/o SNR 2022
Personal Assel Trust
Pimco Global
Prusik UDAB
RIT Cap Partnei'5
S & W Fund Adrnin Church House
Scottish Amttiiean Investment Trust
Sequoia Econ￿1¢ 1
16,500
15,006
10,000
8,001
5,751
14.675
14,578
7,397
7,832
5,194
13,941
9.206
6,744
19,838
6.858
16,013
13,203
6,946
13.726
9,782
6.933
8,088
10,236
9,748
5,000
16,423
10,000
7,907
6,775
12,768
13,562
9,756
16,000
9.238
15,000
10.000
13,000
9.289
14,96
16.292
13,803
12,817
9,307
12.901
15,199
11,102
7.248
11.373
14,606
13,337
14,253
13,520
8,264
15.117
14,383
13,685
13,028
16,064
14,366
14,048
15.000
8,001
5,035
11,899
5,02
11,269
15,328
12,468
8,125
5.174
12.708
5,548
8,552
7.150
14.202
5,897
10,513
282,442
268.330
311,684
Dealing charges deducted by Brewn Dolphin in the year were £2,965.9212021: £2,965.92).
2022
2021
9 Leasès
Capitsl c05t of leases brought for¥vard
Nfyw leases
Amorlisalion brought fotward
Amortised in the yèar
11,388
11.388
4.967
863
4.104
863
5,558
6,421
2022
2021
10 Debtor8
Debtors
Bremn Dolphln
613
263
613
283
Page 6

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
NOTES TO THE FINANCIAL STATERIIENTS Icontinuedl
FOR THE YEAR ENDED 31 DECEIIfiBER 2022
2022
2021
11 Cash at Bank and In Hand
Bank CLsrrenl Accounts
P&lly Cash
Paypal
Cash held by Brewin D￿phin
Norman Gardens account
COIF Maltwood Deposit A¢counl
24.918
392
82
11.154
18,330
4,424
16,733
209
234
7.4Q7
18.280
4,382
59.300
47,245
2022
2021
12 Craditorg and Ac¢+wals
Rent re￿iVed in advaiice
2,615
239
1,007
750
149
379
90
750
PAYE & NIC
2023 Subscrtptions
Accountancy
4,611
1,308
Unre8tii¢led
Funds
Restricted
Funds
Endowerj
Funds
Total
2022
Totsl
2021
13 Analysi$ of Assets Between Funds
T8nglble Fixad Assets
Intsnglble Assets
Invèstments
Ban1( al￿ cash
Othei. Net Cuivent Liabilities
2,587
5,558
24.012
22,199
13,9981
2,587
5,558
268,330
59,300
13,9981
227
6,421
311,684
47,245
11,0451
53,859
37,101
190,459
So,￿8
90,960
190.459
331,777
364,fJ32
InGluded in Unrèstricled luiid5 IS the Museum Exhibit R¢plac¢menl Fund. Under an agreement made with the
Museum of Soine¥sel this lui7d was designated lo be used solely for the restoration, mainlenance and acquisition of
g¥hibil$ the museum collectioii.
14 Grants Approved
Approved
and
unclaimed
clfwd
Approved and
unclaimed
blfwd
Nevrf offers
2022
Lapsed
2022
Paid in 2022
Gray
Murless
Mallwood
Williams
Natural Sciences
Museum
2.002
1.9
14001
3.592
14,396
4,667
110.381)
(1,1951
7,487
1,122
1,122
16.398
7,779
10,7811
1,1951
12,201
Page 7

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SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
INDEPENDENT EXAMINERS. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
I r8PQrt on the accounts of the Sornerset Archaeologlc81 and Natural History Socittly for the year ended 31 De¢embeT
2022. vhich ar6 set out c>n pagos 110 8.
Respective responsibilltles of trustees and examlner
The Charitls Ituslegs arg re$pon$ible fof the preparation of the accounts. Tha trustees consider that an audit is not
requlred for this year under S8clion 144121 of the Charlli8s Act 2011 (The 2011 Adi and that gn Indep&ndent
examination Is requlred.
11 is my responsibility to..
il Exainlne the accounts unde¥ sectlon 145 of the 2011 Act.,
ill To follow proCedu￿S laid down in the General Directions given by the Charity commis￿on under Section 14515llbl
of the 2011 Act,. and
iiil To state whether any particular matters have come lo my attention.
8asis of oplnion
My examlnation was carried out in accordance wlth the General Directions given by the Charlly CommlssionÈr. An
examination includes 8 ￿VIeW of the accounting reords rnainlained by the Charily and a comparison ol the accounts
th those records. 113lso includes consider*iDn of any unusual ilerns or disclosures in Ihe accounts, and the seeking
of explanations from you as Iwstees conceming such mallers. The procedures undertaken do not provider all the
evidence that would be required in an audit, and ctsnsequently no opinion is given as to whether the 8¢counts give 8
'true and fair view and the report is limited lo the matters sel out in the statement below.
Indep6ndent Examinets. Statement
In connection ￿th my ex8mirn81ion, no matter has come to my atterrtion,.
11 which gives me reasonable cause to believe that in any malorial respect the requirèments lo keep 3ccounting
records in accordance with section 130 of The 2011 Act; and io prepare accounts whith accord the accounting
records and comply with the roqu1￿MentS ol The 2011 Act hav8 not been mel., or
21 to which, in my opinlon. 8118ntlon should be drawn to enable a proper understanding ol the accounts lo be
reaclied.
Anthony Porter BAIHonsl FCA
Amherst & Shapland
(Taunton and Wiveliscornbel
Chartered A¢countsnls
Old Brewery Road
Wivellscombe
TaLJnlon
Somersel

SOPAERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
STATEIXENT OF FINANCIAL ACTIVITIES
FOR THE YEAR EWDED 31 DECEIVIBER 2022
U￿restrIcted
Fund5
Restrlcted
Fund
Endowed
Funds
Total
2022
Total
2021
Incoming Resources
Note
Incoming Resources from gengrated funds
Subscriptions
Gift Aid
Rent Received
Investment In¢om&
Legacles and E)onatlons
Publication Sales and Conlributioiis
Royalties
Pi'oceedings
Fun¢tion In¢ome
Group svenls Income
Other Income
12,487
1,090
18,055
931
10.066
2,621
851
5,540
12,487
1,090
18,055
9,728
12.066
2.621
851
5,540
12,293
1,100
8,730
9,360
52,156
663
751
7,638
2.087
2,000
6,708
1,008
1.290
1,OQ8
1,290
800
124
Totsl Incominy R&sourcés
53,939
4,087
6,708
64.734
93,615
Chari2abEe Actlvtlles
Grants
14
MuseLini Exhlblls & Repl8￿mentS
Proceedings
Newsletter
Library Acquisitions
Library maintenance
Function Costs
Publications
Group events expenditure
Dunsler Project
Norman Gardens Project
Wyftdham Hall
New Website
Office Costs
10.781
10,781
9,049
4,800
8.109
706
1.196
86
8.890
8,890
904
156
3.807
713
158
3,807
713
781
165
384
1.159
72,528
781
732
732
24,035
601
1,972
26,608
22.318
39.237
12,163
1,972
53,372
121,146
Gov$man¢e Costs
7.357
7.357
6,253
Total Re$ource$ Expended
46.594
12,163
1,972
60,729
127,399
et Incomlngl{Qutgolng} Rgsources
7,345
18,0761
4,736
4.005
133,7841
Other Recognised ILossesyGalns
Ttsnslers betbveen funds
13,5331
17,7601
4,736
12J,4671
14,7361
{36,7601
18,502
Net Dfiovement In Funds
3.812
111,1001
125,457)
132,7551
115.2821
Total Funds srought Fornard
,546
102.060
215,926
364,S32
379,814
Total Funds Cayrfed Foyward
50,358
90,960
I￿,459
331,T17
364,532
Th& notes on pages 3 10 8 lomi part of Ihes$ financial slalenienls
Page 1

SQMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
BALANCE SHEET
AS AT 31 DECEiW8ER 2022
2022
2021
Note
Fixed Assets
Heritage Assets
Office Equipment
2,587
227
Investments
Shares at valu81ion
268,330
311,684
Intangible Assets
Leases
5.558
6.421
276,475
318,332
Current Assets
Stocks of itgms for resa18
Debtors
Cash at bank and in hand
10
11
613
59,300
263
47,245
59.913
47.508
Current Liabilities
Creditors and ac¢Nals
12
4,611
1,308
Net Cuffgnt Assèts
55,302
46.200
Totsl Nel Assets
331.777
364,532
Funded By
14
Unrestricted Funds
General Purposes Fund
50,358
46,546
50.358
46,54
Re8tri¢led Funds
Endowment FLtnd5
90,960
1￿.459
102.060
215,926
331,777
364,532
The Financial Slalemenls wgrè approved by the trustees on 5141 £ 3
IHonorary Treasurerl
ri,L.U SAL￿7
and signed on thèir bthalf by Mr
19/4J£3
The notes on pagos 3 10 8 fomi part Df these financial statements
Page 2

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accountlng PollcSes
(a) Basis of pweparation
The Flnanclal Slalemenls have been prepared under the historical cost convention, wlh tha exception of
investments which are included at market value. The Financial Statem8nts hav& been prepared accordance with
the Stalemenl ol Recommended Practice.. Accounting and Rewrrting by Charities ISORP 20051 issued in May
2008 and applicable UK Accounting Standards and the Charities Act 2011.
fb) Incomlng r8sourc8$
All incoming resources are recognised once the tharity has entitlement to the ￿sources, it is certain that lh6
resources will be recBived and the monetary va5ue of incoming resources can bts Tne8surod ￿th 8uffiGienl reliability.
{c) ResoU￿e5 expènded
Liabilities are recognised as resources expended as soon as there is a legal or conslruclive obligation committing
the charity lo the expendilure. All expenditure is accountod lor on an accruals basis and has been classified Ljnder
hfyadings Ihal aggregale all costs relal8d lo th8 category.
Grants payable 8re payments made to third parties in the futherance of the charfl8ble oblects of the charfly.
Provisions for grants are madg when the Inlenllon to make the grant has been communicated to the recipient.
fd) Allo¢atlon of overhead and support costs
Qverhead and support costs have been 211ocated have been allocated between charitable activity and govemance.
Costs relating to Charitable Activities have bèèn apportioned on thè basis of an 2ssessmenl of the proportion ol
work done in respect Df Charitable Activities and Governanc¢ and is detailed in nole 4.
19) Govtrnanee costs
Governance costs comprise all costs involving the public aceounlBbility of the charity and its compli8nce with
r9gu18tion arKI good pr8ciic8. Thèsa costs includè costs rèlatéd to Indèpend8nt Ex8min8tion a￿d 18gal fe88 together
with an apportionment of overhead and support costs.
(Q Fixod asset investm8nts
Investments are slated al market value as al the balance sheet dale. The Statement of Finafflcial Acts"vities includes
the net gains and losses arising on revaluation and disposals throughout the year. Rgalised and unrealised gains
are not separated. realised gains and losses on investments are calculated as the difference between Ihg sales
pro¢è&ds and tho opening market value or purchase da10 if lat¢r. Unrealised gains and losses are calGulaled as the
difference between the niarket value al the year end and opening ni81.kel value or purchase date if later.
fg) Heritage 4558ts
Heritage assets are accounted for in accordance wth Financial Reporting Standard 30. These consisl of lil
Museum exhibits and relaled fixlures 2nd fittings on loan to Somerset County Council, lill The contents of the
library together with related fixtureg and fitti'ngs, liiil Record8 and archive5 on loan lo Somersel County Council, livl
The Castle Estate. For all these assets no valuation is induded as the costs involved in obtaining a valuation would
be prohibitive when compared to the benefit to the users of the financial statements. The collections include many
items Ihat would be irreplacable see pages 9 10 11 above.
(h) Funds
The charity hos a number of Endowment fijnds which are detailed in ftote 15 to the acBount5. The Trustee5 al their
discretion may allocate any part of the total return lo the gènerèl purposes or to restricted income funds. The
Trustees invest the capital in perpetuity is ni8naged on a lol£l returns bas15.
Restricted funds are funds which are to be used in a¢wrdance with specific restrictions imposed by the donor or
trust deed. Details are In note 15 10 the accounis.
(i) Lease5
The profesgonal costs in relation to setting up new leases in excess of 5 years are capitalised and amortised, on 8
slraiglit line basis, over the torm of the 1o38e.
Page 3

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
NOTES TO THE FINANCIAL STATEllnENTS {contiftued)
FOR THE YEAR ENDED 31 DECEMBER 20212
2022
2021
2 Subscrlptlons
bjlembership subscriptSons for the 2022 year
12,487
12,293
3 Donations and 18gacies
2022
2021
Sundry donations
Dunstar Project
Normali Gardens Pfojecl
Somerset grant
Grants {Employment Allowan￿)
Legacies
1,543
2,000
2,118
1,025
47,445
7,000
1,523
1.568
12,066
52,156
4 Rents Recelved
2022
2021
Commerd81 ren18- private sector
Non-commerclal - Public sector
13.688
4,367
4,48Q
4.250
18,055
8.730
Soineysel County Couiiul piDvide office and meeting room facilities withiii the Somersel Heritag& Cenlr6, free ol
charge. The valuts of th&so facilities Is ostimated to be 117 the region of £7,500 per annum.
5 Support Costs
of
apportionmenl
Charitsble
Activity
Toial
2022
Total
2021
Govemance
Salaries and employment costs
Rent
Insurancè
Committee g8neral 8xpenses
Postage
Printiiig and Stati￿ery
Telephone and Intemet
Computer and Equlpmenl Costs
Sundry
Castle Estate maintenance
Depreciation
Website
Membership datsbase
Lease Amortisalion
Accountancy 8nd p8yioII
Professional Fees
work done
8Ctual
work done
actual
work done
WOt* done
wod¢ done
work done
vwod( done
8Gtual
wod< done
actual
actual
actual
actual
actual
t2,851
4,284
17.135
16,864
814
272
1,086
994
994
213
689
680
1.155
429
816
316
475
531
304
300
106
159
177
101
1,116
422
634
384
576
128
512
576
1,036
863
810
8,662
225
1,036
344
450
519
360
8.662
863
840
4,625
26,608
7,357
33.965
28.571
P49e 4

SOIVIERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
NOTES TO THE FINAWCIAL ST ATEllnEMTS Icontlnuedl
FOR THE YEAR ENDED 31 DECEiIfiBER 2022
2022
2028
6 Staff Costs
Salaries and wages
Employmenl costs
15,612
1.523
15,296
1,568
17,135
16,864
2022
No.
2021
The number of employees was
ND remuneration was paid lo any Iruslee in the year. Travd and moeting exponsts8 reirnbursed were £Nil12020'.
£Nill
oiri¢o
Equipment
Heritag$
Assets
7 Tanglblo Flxed Assets
Cost al 1 January 2022
Additions
Olsposals
13,344
2,872
Cost at 31 December 2021
16.216
Depreciation
As at l January 2022
On Disposals
For tlie Year
13.117
512
As at 31 December 2022
13.629
Written Doun Value at 31 Deceinber 2022
2,587
Written Down Value al 31 December 2021
227
8 Invostments
Cost
Value
Cost
Value
2022
2021
Under management wlth BYewl¥t Dolphiti
Allocated to Endowment Funds
200,476
190,459
202,585
215,926
Allo¢81gd lo Restricted Funds
56,692
53,859
81,733
85,798
AllocalȢi lo unreslricled fLinds
25,274
24,012
28,109
29,960
282.442
268,330
292.427
311,684
Page 5

SOIiqER8ET ARCHAEOLOGICAL AND bSATURAL HISTORY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS {¢ontlnu6d
FOR THE YEAR ENDED 31 DECE1148ER 2022
8 Investments Icontinuedl
Valu&
2022
Value
2021
C05t
Allian2 Global Investors
Finsbury G & l Trust
Allionz Global siralegic Bond
Baille Glfford
88 Healthcare
City ol London
Coupland Cardiff Japan
Diverse Income Trust
DC￿ge & Cox Worldwide
Fid8lily Eurotrust
Findlay Park
Gam star fLrnd
Henderson Euro Trust
Henderson FE
Henderson Janus
HICL Infrastructure Ord
Legal & General Global InllailOII
JPMoi'gan Funds US Equity
Jupiler UT MaiiacJers Strategic Bond
Mayfair Capital in prop inc trust
Mercantile Investment
Muzinich Funds
Onesavings Bank 7.875VoSTP
ParagonGroup 6.125tTr/o SNR 2022
Personal Assel Trust
Pimco Global
Prusik UDAB
RIT Cap Partnei'5
S & W Fund Adrnin Church House
Scottish Amttiiean Investment Trust
Sequoia Econ￿1¢ 1
16,500
15,006
10,000
8,001
5,751
14.675
14,578
7,397
7,832
5,194
13,941
9.206
6,744
19,838
6.858
16,013
13,203
6,946
13.726
9,782
6.933
8,088
10,236
9,748
5,000
16,423
10,000
7,907
6,775
12,768
13,562
9,756
16,000
9.238
15,000
10.000
13,000
9.289
14,96
16.292
13,803
12,817
9,307
12.901
15,199
11,102
7.248
11.373
14,606
13,337
14,253
13,520
8,264
15.117
14,383
13,685
13,028
16,064
14,366
14,048
15.000
8,001
5,035
11,899
5,02
11,269
15,328
12,468
8,125
5.174
12.708
5,548
8,552
7.150
14.202
5,897
10,513
282,442
268.330
311,684
Dealing charges deducted by Brewn Dolphin in the year were £2,965.9212021: £2,965.92).
2022
2021
9 Leasès
Capitsl c05t of leases brought for¥vard
Nfyw leases
Amorlisalion brought fotward
Amortised in the yèar
11,388
11.388
4.967
863
4.104
863
5,558
6,421
2022
2021
10 Debtor8
Debtors
Bremn Dolphln
613
263
613
283
Page 6

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY
NOTES TO THE FINANCIAL STATERIIENTS Icontinuedl
FOR THE YEAR ENDED 31 DECEIIfiBER 2022
2022
2021
11 Cash at Bank and In Hand
Bank CLsrrenl Accounts
P&lly Cash
Paypal
Cash held by Brewin D￿phin
Norman Gardens account
COIF Maltwood Deposit A¢counl
24.918
392
82
11.154
18,330
4,424
16,733
209
234
7.4Q7
18.280
4,382
59.300
47,245
2022
2021
12 Craditorg and Ac¢+wals
Rent re￿iVed in advaiice
2,615
239
1,007
750
149
379
90
750
PAYE & NIC
2023 Subscrtptions
Accountancy
4,611
1,308
Unre8tii¢led
Funds
Restricted
Funds
Endowerj
Funds
Total
2022
Totsl
2021
13 Analysi$ of Assets Between Funds
T8nglble Fixad Assets
Intsnglble Assets
Invèstments
Ban1( al￿ cash
Othei. Net Cuivent Liabilities
2,587
5,558
24.012
22,199
13,9981
2,587
5,558
268,330
59,300
13,9981
227
6,421
311,684
47,245
11,0451
53,859
37,101
190,459
So,￿8
90,960
190.459
331,777
364,fJ32
InGluded in Unrèstricled luiid5 IS the Museum Exhibit R¢plac¢menl Fund. Under an agreement made with the
Museum of Soine¥sel this lui7d was designated lo be used solely for the restoration, mainlenance and acquisition of
g¥hibil$ the museum collectioii.
14 Grants Approved
Approved
and
unclaimed
clfwd
Approved and
unclaimed
blfwd
Nevrf offers
2022
Lapsed
2022
Paid in 2022
Gray
Murless
Mallwood
Williams
Natural Sciences
Museum
2.002
1.9
14001
3.592
14,396
4,667
110.381)
(1,1951
7,487
1,122
1,122
16.398
7,779
10,7811
1,1951
12,201
Page 7

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