2023-12-31-accounts - The Somerset Archaeological And Natural History Society

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Paper 3a SANHS Annual General Meeting 4th May 2024

2023 Annual Report of the Trustees

Trustees

Lizzie Induni 2020 to 2023; 2023 – 2026 Nigel Pearce 2023- 2026 David Reid 2021 to 2024 Martin Salzer 2021 to 2024 James Spencer 2023 -2026 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

SANHS is still working with a minimum number of trustees (at the time of writing) but with potentially another 4 trustees coming on board in the very near future. Trustee - James Spencer - will focus on integrating new trustees into the society ensure that they are well informed with all aspects of SANHS. The new Trustee Information pack is underway.

Membership

The increase in the cost of subscriptions began from January 2024 to £40 per year for individual membership. The process of integrating the membership databases is now completed and all members have been alerted to the fact that they are able to update their membership online. Potential new members can also join the society online.

Events and Lectures

Throughout 2023 we were able to run many visits, events and live lectures which covered all our subject committees; but this year we were also able to include geology, with a guided tour to learn about the varied building stones of Taunton. We opened the Wyndham Hall for several days in Heritage Open Days and the Trustees were treated to a tour of the Newt reconstructed Roman Villa, by Bob Croft to view SANHS artefacts on loan to the museum and explore SANHS promotion opportunities.

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Website

Mark Francis maintains the smooth operation of the website which is now running at a sprightlier pace. Mark has also completed work on the Members Area. When the member’s area’s issues are migrated, members will be notified how to access it. The committees have been encouraged to submit articles for the website which reflect their activities. This will help maintain a fresh look to the site.

YouTube, Webinars and Legacy Films

The webinar team have created a SANHS You Tube channel which has now achieved over 100 subscribers. This can be found via the SANHS website or through You Tube. Most of the webinars can be found on YouTube, but as some of the webinars have copyright issues, not every webinar is on the site.

The webinars have now settled into a pattern on once a month, preferably on a Thursday evening. We are fortunate to attract high quality speakers for the webinars and have been commended by them for the quality of the team’s approach and skills.

Also on the YouTube channel are the Legacy Films. The webinar team have begun a process of enabling the members of the society to achieve better access to our library and other collections. The first part of this project has been to film the library collections, focussing on some of SANHS rare and beautiful books.

Charitable Incorporated Organisation (CIO)

The process of achieving CIO for SANHS is still ongoing. In the last year we have received funding from the Fairfield Trust and from the Heritage Lottery Fund. This has helped finance the frequently needed consultation with the solicitors - Counterculture, who specialise in charities. The trustees at SANHS have competed their side of the work, but we still await confirmation from Somerset Council, who as you will know, are having considerable difficulties of their own.

Estate

Castle Gardens

We are still waiting for the railings to be installed as well as the display boards which have been prepared by SWHT. These should be completed soon. The Castle Hotel seems to be employing a gardener one day a week, though this is not keeping up with the growth of weeds in the garden.

Northern Gardens

The Northern gardens lease is due for renewing in 2027 having been leased by Taunton Deane since 1977. The lease for the garden has been taken on by Somerset Council. Part of the mill leat wall is in bad repair, and we are continuing discussions as to how, and by who this should be repaired. Steve Parker very kindly surveyed the planting in the garden, and we agreed that a certain amount of replacement was becoming necessary.

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Wyndham hall

Refurbishment continues in the Wyndham Hall. The windows are being cleaned and repainted and discussions about the new seat coverings are taking place. It doesn’t help that so many fabric firms have gone bankrupt over the last few months, restricting our choice of material. We are very pleased to announce the first event at the hall took place last December when we held a members’ meeting. Martin Salzer and Chris Chanter showed some slides of historic Somerset. At the time we had not installed the heating, but fortunately when Mary Siraut gave the first public lecture in March, the heating was working well. We also have our first ‘proper’ Wyndham Hall booking taking place next Christmas, when Music on the Quantocks will be giving a seasonal performance.

SWHT

The SANHS Executive are meeting with the SWHT every month as well as every 6 months with both SWHT and Somerset Council. This is going well, and the Society is now looking forward to creating some joint events to celebrate the 150 years since the Society bought Taunton castle. These regular meeting also allow for discussions about the SANHS estate and how we can work better together to mitigate any challenges brought on by the difficulties with Somerset Council.

Early Dunster Project

The Early Dunster Project has been completed this year after 6 years work. On 4th June 2023, the Final Event was held in the Dunster Tithe Barn, with around 80 people attending. Approximately 34 premises have been surveyed. An article on the Project has been published in the Exmoor Magazine and the current Early Dunster display in the Museum, is being replaced hopefully for when it re-opens after Easter. A further article has been requested for the annual Vernacular Architecture Group publication and there will be further reports in SANHS Proceedings. A Heritage leaflet for Dunster is being prepared based on the Project and it is hoped eventually to prepare a book on the subject.

Risk Management

The Trustees regularly review and monitor potential risks to the Society. Most risk arises from outside SANHS, but there is one internal risk that is becoming increasingly critical – the lack of volunteers interested in serving as a Trustee. In February 2024, a circular was issued to all members, explaining the problems caused by a reduced number of Trustees and inviting members to express interest in joining the Board.

Three members have now applied to become Trustees and we are grateful for their support. We still need more applicants, however, and the continuing vacancy for Vice Chair is becoming a particular concern.

Somerset Council is a significant partner in the upkeep and operation of the Society’s collections and estate. The Council is currently undergoing a major financial restructuring, and we have been unable to secure any firm response to our request for their co-operation in establishing who is responsible for the upkeep of a deteriorating part of the estate. As a

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result, we have had to delay a major decision until they do give a meaningful response, while continuing to run the risk of damage to the estate through neglect. It has also caused some delay to the transfer of the Society to a Charitable Incorporated Organisation.

We must maintain and improve membership numbers to ensure a steady financial base and to increase the pool of members willing to help the Society as volunteers. We aim to use the forthcoming 175[th] anniversary of the founding of the Society, together with projects such as the renovation of our Wyndham Hall, to advertise and to attract new members.

Lizzie Induni

(SANHS Chair 2023)

SANHS – Financial Statement to Accompany Annual Report of Trustees for 2023

These notes they seek to summarise key financial issues and provide certain explanations; they should be read in conjunction with the 2023 Annual Accounts. Figures in this note are rounded, either to the nearest thousand for larger sums (£xk) or to the nearest hundred (£x.yk) for smaller sums. Rounding errors account lead to small discrepancies – for definitive figures in all cases refer to the annual accounts.

Overview

The overall financial assets of the society were £698k at the end of 2023, up £367k from £331k at the year start. This is primarily due to the receipt of £355k (including accrued interest) from the estate of the late Brian Murless; if this exceptional item (see section 0) is discounted, the comparative end of 2023 figure is £343k, up £12k on the figure for the end of 2022. This is largely due to external grants received in 2023, mainly for CIO conversion, for work which is continuing in 2024, and a transfer from the Murless bequest to the General Purposes fund for Wyndham Hall refurbishment - again for work continuing in 2024.

Background

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 objects.
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.

Investment Portfolio

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. After a difficult year for these investments in 2022, the portfolio value increased marginally from £268k at year start to £272k at year end, although when dealing charges and other costs are taken into account, there

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is a small reduction over the year (£1.6k). The income paid by the portfolio over the year was not substantially different (£9.3k in 2022; £8.5k in 2023).

Endowment and Restricted Funds

The total of the endowment funds reduced marginally from £190.5k at the year start to £189.3k at year end, this latter figure after the transfer of £4.3k to the corresponding restricted funds. Payment of grants from the restricted funds aligned to the endowments reduced from £10.8k in 2023 to £4.6k in 2023; the higher figure in 2022 being largely due to completion of projects which had been delayed by Covid. Although the grant payments (£4.7k) from these restricted funds were slightly greater than the income (£4.3k), there are still significant sums available, particularly in funds which have not recently been active.

In 2023 the accounts identify three Restricted funds which are not included in the investment portfolio; the Norman Gardens Project, the Dunster Project and CIO conversion.

The Norman Garden Project is very nearly complete and there were no substantive financial transactions recorded during 2023; the fund currently stands at £17.9k. It had been hoped that the outstanding activities (mainly associated with the erection of fencing) would have been concluded during 2023, but this was not achieved; it remains a firm aspiration for 2024.

The Dunster Project is now approaching conclusions. Much of the expenditure during 2023 (£2.1k) was in support of a public information event. The accounts also show a transfer to the project of £1.4k, this being to address certain anomalies which were identified when a detailed audit of income and expenditure was undertaken. Work on this project continues during 2024, and this project many also conclude in 2024.

The Charitable Incorporated Organisation conversion project appears for the first time in the restricted funds, because grants totalling £15.8k were obtained during 2023 specifically for this purpose. Expenditure in 2023 was modest, mainly on legal advice (£3.0k), but substantive expenditure can be expected in 2024 when legal transfer documents have to be drawn up. As part of the grant application processes, SANHS committed £2k to the project, but this remains in the unrestricted fund (see section 0) and in 2023 funded some additional administrative work by our Office Manager.

Unrestricted Funds

Unrestricted Funds – the Murless Bequest

As intimated in the overview, the sum received to-date from the estate of the late Brian Murless (£350k) constitutes more than 50% of the total financial assets of the Society; it is accordingly treated as an exceptional item in the accounts. We have been told that there are no restrictions placed upon the use of this bequest – other than that the use must comply with the charitable objects of the Society – and it is thus provisionally identified in the accounts as ‘unrestricted’. However, until we receive documented evidence that there are no conditions, the Trustees are adopting a cautious approach to expenditure. In 2023, £10k from this source was allocated to support initial refurbishment of the Wyndham Hall (see section 0) and a further similar sum was allocated in early 2024. Notwithstanding, it is anticipated that the bequest will be divided and used for a number of projects and activities, and a process has been drafted for the selection and management of such projects. We have been told that a further substantial sum should be forthcoming once certain outstanding issues relating to the estate are concluded.

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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. Its assets were £20.7k at year start increasing to £31.4k at year end. This was mainly due to a transfer to the fund of £10k from the Murless Bequest (for Wyndham Hall refurbishment) less a transfer to the Dunster project of £1.4k (see section 0). These values, however, include fixed and intangible assets, with the result that at year end the money available in this fund was about £24.4k.

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, the subscription income has been substantially stable for the past three years (2021 = £12.3k; 2022 = £12.5k; 2023 = £12.1k). In addition, at the end of 2023, there was already £4.3k from advance subscriptions for 2024 (£1.0k in 2023). Subscription rates are increasing in 2024 (as agreed at the 2022 AGM). This is causing much additional work for the Office Manager, offset in part by options for members to manage their membership directly from the SANHS website. The extent to which a potential increase in this income stream will be offset by a loss of members remains to be seen and will be carefully monitored.

The other main income stream for the general purposes fund is from rents received from the Castle Estate properties. There were no scheduled rent increments during 2023. A new lease for one property (due from 2022) has been produced, but at year end it was awaiting final approval. Rental income for 2023 was £16.0k, down from £18.1k in 2022. The 2022 figure was, however, inflated by the back payment from one tenant from earlier years. One tenant has expressed a desire to terminate a lease early, but with very substantial repair costs relating to this property outstanding, this issue will need to be managed carefully in 2024.

Unrestricted Funds – the General Purposes Fund - Expenditure

The largest single expense against the general purposes fund is the employment cost for the Office Manager. The Society receives an Employment Allowance grant towards this (2023 £1.3k, 2022 £1.5k). Therefore, the cost to the Society increased from £15.6k in 2022 to 16.6k in 2023, but this latter figure includes £0.5k overtime costs associated with the CIO conversion project (see section 0).

Another significant expenditure against the fund is the Proceedings. During covid one issue had been delayed. Volume 165 for 2021 was released early in 2023 and the preparation of volume 166 for 2022 was also completed in the year, although the costs and grants for this latter volume were not accrued until early 2024. The costs for each volume of Proceedings exceed the income generated, this being an expected charge on the general purposes fund, but the excess costs of production of the delayed volume were largely covered by an external grant of £4k obtained in 2023. Including that external grant (which will be required to cover costs incurred in 2024), income for Proceedings in 2023 was £10.1k, and expenditure £8.8k. As part of the aforementioned subscription uplift in 2024, all members will receive a copy of Proceedings 167 (scheduled for autumn 2024) unless they elect otherwise: the impact of this policy will be monitored.

Legal charges for issues relating to the Castle Estate in 2023 were £1.9k, down from £5.8k in 2022. However, charges for legal work commenced but not completed in 2023 remain

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outstanding and the charges for 2024 are expected to be c.£9k. (Legal fees for CIO conversion are treated separately in section 0).

The Other Unrestricted Funds – Museum Exhibit Replacement,

Publications and Contingency

The Museum Exhibit Replacement Fund, the Publications Fund and the Contingency funds are part invested in the investment portfolio, and so accrue gains, losses, interest and management charges according to the portfolio performance.

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 SANHS museum collection. There was expenditure of £3.4k during 2023, but the fund value reduced only by £2.9k owing to a small gain resulting from the investment portfolio. (£17.4k at year start; £14.5k at year end.

The Publications Fund accrued income of £1.5k during the year, mainly from sales and incurred minimal costs. As a result, the Publications Fund increased from £7.3k at year start to £8.6k at year end. In 2023 the Publications Committee undertook much work in the preparation of a new publication (The River Tone), but the costs for typesetting and printing were not incurred until early in 2024.

There were no calls on the Contingency Fund during 2023, and because it is included in the investment portfolio its value increased marginally (from £4.9k at year start to £5.1k at year end).

Looking Forward

Even after discounting the Murless bequest, looking forward in 2024 the financial position of the Society is considered satisfactory providing the following issues can be managed:

costs in the refurbishment and operation of the Wyndham Hall with external fund-raising hopefully covering excess of costs over income;
a solution found relating to one of the lease properties, the reinstatement costs for which are expected to be substantial.

Issues which need to be monitored include:

impact of the subscription increase on membership numbers and thereby income;
cost of provision of a printed copy of the Proceedings to most members;
legal costs.

However, the long-term financial security of the Society depends upon increasing membership, and this has been identified as one of the Society priorities. Part of the Murless bequest can hopefully be used to facilitate developments which will provide a firm financial platform for the Society’s future.

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, the many intricacies of the Society finances.

Martin Salzer Hon. Treasurer

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813

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOGIErY INDEPENDENT EXAMINERS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 I report on the accounts of the Somersel Archological and Natural History Society for the year ended 31 Oeeember 2023. which are sel out on pages 1 10 8. Respective responsibilities of twstees and examlner The Charity's Iruslees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for thls year under Section 14412} of the Charities A¢t 2011 (The 2011 Acll and that an indepetyjenl examination is requir. It 18 my responsibility to.. il Examine the accounts under section 145 of the 2011 Act.. ill To follow procedures lald down in the General Directions given by the Charity Commission under section 14515llbl of the 2011 Act., and iiil To slate whether any partbcular matters have come lo my attention. Basls of oplnlon My examination was carried out in accordance wth the Gen6ral Directions given by the Charity Commissionèr. An examination inclLdes a review of the accounting reords malnlained by the Charily and a comparison of the accounts with those records. 11 also includes ¢onsideralion of any unusual items or dis¢losures in the accounts. 8nd the seeking ef explanalicns from you as Iruslees Goncerning such matter& The procedures undertaken do not provlde all the evidence that would be requlred in an aLrdil, and consequenuy no opinion is given as lo whether the accounts give a 'Irue and fair view and thé report 18 limited to the mallers set out in the statement below. Independent Examlner8' Statement In conneclion with my examination, no matter has Gome to my attention.. 11 whlch gives me reasonable eaLBO to Lelieve that in any material respect the requirements lo keep accounting records in accordance with se¢li¢n 130 of The 2011 Act,. and lo prepare accounts which accord wtlh the accounting records and comply with the requlremenls of The 2011 Act have not been mel., or 2110 which, in my opinion, attention $hould be drawn to enable 8 kyoper und6rstancJlng of the accounts lo be reached. Anthony Porter BAIHon51 FCA Amherst & Shapland (Taunton and Wiveliscornbel Chartered Ac¢ounlanls Old Brewery Road Wiveliscomt Taunton Somerset

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrleted Funds Restricted Funds Endowed Funds Total 2023 Total 2022 Incoming Resources Note Incoming Resources frorn generated funds Subscriptions Gift Aid Rent Received Investment Income Legacies and Donations Publication Sales and Contributions Royalties Proceedings Function Income Group events income Other Income 12,091 2.657 15,961 6,463 359, 508 1.332 soo 10,148 SD 1,660 326 12,091 2,657 15,961 14,838 375,326 1,332 600 10,148 50 1.660 326 12,487 1,090 18,055 9.726 12,066 2,621 851 5,540 2.183 15,818 6,192 1,008 1,290 Total Incomlng Re8our¢08 410.796 18,001 8,192 434,989 64,734 Charltable Actlvltle8 Grants 14 Museum Exhibits & Replacements Proceedings Newsletter Library Acquisitions Library maintenance Function Costs Publications Group evenl8 expenditure Dunsler Project Noiman Gardens Proje¢l Wyndham Hall Charitable Incorporated Organisatlon Website Office Costs 4,621 4,621 3.416 8,752 923 1,452 10,781 3,416 8,752 923 1,452 8,890 904 65 81 653 65 81 853 2,157 513 7,364 3,01S 1,97e 24,370 156 3,807 713 781 2,157 513 7.364 732 3,015 1,976 21,866 576 26,608 616 1,888 46.548 10,922 1,888 59,358 53,948 Governance Costs 8,155 8,155 7,357 Total Resources Expended 54,703 10,922 1,888 67,513 81,305 Nèt Incominglloutgoingl R95ources 356,093 7.079 4,304 367,476 3,429 Other Recognised ILossesllGains Transfers between funds 1851 11,3501 13771 5,654 (1,1571 14,3041 {1,6191 136,7601 Not Movfrmont In Funds 354,658 12.356 11,1571 36S,857 133,3311 Total Funds Brought Forward 50,358 90,960 1,459 331.777 364,532 Total Funds Carried Forward 405.016 103.316 189,302 697,634 331,201 The notes on pages 310 8 form part of these financial statements Page 1

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed Assets Heritage Assets Office Equipment 2,302 2,587 Inv2stmenls Shares al valuation 272,497 268, 330 Intangible Assets Leases 4.695 5,558 279,494 276.475 Current Assets Stocks of items for resale Debtors Cash al bank and in hand 10 11 786 425,240 613 S9, 300 426,026 59,913 Current Liabilities Credilors and aGGruals 12 7,888 4,611 Nel Current Assets 418,140 55,302 Total Nèt Assets 697,634 331.777 Funded By 14 Unreslri¢led Funds General Purposes Fund 405.016 50, 358 405.016 50,358 Restricted Funds Endowment Funds 103,316 189,302 90,960 190,459 697,634 331.777 The Financial Statements were approved by the trustees on (Honorary Treasurer) and signed on their behalf by Mr The notes on pages 3 to 8 form part of these financial slalements Page 2

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1 Accounting Policie8 (a) Basis of preparation The Financial Statements have been prepared under the hislorlcal cost ¢onvenlion, with the exception of investments which are included at market value. The Financial Statements have been prepared in accordance with the Statement of Recomrnended Practice.. Accounting and Reporrting by Charities ISORP 20051 issued in May 2008 and applicable UK Accounting Stsndard5 and the Charibes Act 2011. fb) Incoming resources All incoming resoLtrces are recognised once the charity has entillemenl lo the resources, it is certain that the resources 1[ k received and the monetary v81ue of incoming resoulces can be measured with sufficient (c) Resources expended Liabilities are recognised as resources expended as Swn as there is a legal or constructive obligation committin9 the charity lo the expenditure. All expenditure is accounted for on an *crual$ basis and has classified under headings Ihal aggregate all costs related lo the category. Grants pay8ble are payments made lo third parties in the fulherance of the charitable objects of the charity. Provisions for gr8r)Is are mado when the intention to make the grant has been communicated to the recipient. (d) Allo¢•tlon of overhead and support costs Overhead and support costs have been allocated have ljeen allocated beeen eharitabla acllvily and governan¢e. Costs relating to Charitable Activities have been apportioned on th8 basis of an assessment of the proportion of work done in respect of Chanlable Aclivilios and Governance and is detsiled in note 4. {$) Governan¢• costs Governance costs comprise all costs involving the public accountability of the charity and ils complian¢• with ulation and good practice. These costs include costs relat to Independent Examinatlon and legal fee5 together rilh an apportlonmenl of overhead and support costs. (fj Flxed asset Investments Investments are stated al market value as at the balance Sheet date. The Slalemenl of Financial Activities includes the nel gains and losses arlslng on revaluation and disposals IhrougFNJut the year. Realised and unrealised gains are not separated, reaSised gains and losses on investments are ¢alculaled as the difference beeen the sales proceeds and the opening market valLte or purchase dale if later. Unrealised gains and losses are calculated as the difference between the market value al thè year end and opening market value or purchase dale if later. (g) Heritage assets Heritage assets are accounted for in accordance with Financial Reporting Stsndard 30. These consist of lil Museum exhibits and related fixtures and fillings on loan lo Somersel County Council, lill The contents of the library together with related fixtures and fillings, liiil Records and archives on loan lo Somersel County Council, livl The Castle Eslale. For all these assets valuation is Incled as the costs involved in obtaining a valuation would be prohibitive when compared lo the benefit to the users of the financial stalemenls. The collections include many items that would be IrrepCable see pages 9 10 11 above. (h) Funds The charity has a nLmber of Endowment funds which are detailed in note 15 to the a¢¢ounts. The Trustees al their discretion may allocate any part of the total return to the general purFk)ses or lo restricted income funds. The Truslees invest the capital in perpetuity and is managed on a total returns basis. Restricted funds are funds whlch are to be used in ac¢ordan¢e with specific restfictions imposed by the donor or trust deed. Details are in note 15 to the accounts. (i) Leases The professional costs in relation lo setting up new leases in excess of 5 year5 aE capitalised and amortised. on a straight line basis, over the term of the lease. Page 3

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS {continuodl FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 2 Subscriptions Membership sub5criplions for the 2023 year 12.091 12,487 3 Donations and legacies 2023 2022 Sundry donations Dunsler Project Wyndham Hall Project Somersel grant Grants {Employm8nl Allowancel Grants CIO Legacies 2.896 1,264 2,362 1,543 2,000 7,000 1,523 1,283 15,800 361, 921 375, 326 12,066 4 Rent¥ Re¢elved 2023 2022 Commercial ren18- private $e¢lor Non.commerci81 Public sector 10,500 5,461 13,688 4,367 15,961 18,055 Somersel County Council provlde office and meeting room facllllles wlhin the Somerset Heritage Cenlre, fre& of charge. The value of these facilities is estimated to be In the region of £7,500 per annum. S Support Costs B8s13 of apportionment Charitable Activity Total 2023 Total 2022 Governance Salaries and employment costs Rent Insurance Committee and general expenses Postage Printing and Stationery Telephone and Inlernel Computer and Equlpment C051s Sundry Castle Eslale maintenan Depreciation Membership database Lease Amortisation Accountancy and payroll Professional Fees work done actual work done actual work done work done work don8 work done work done actual work done actual actual actual actual 13.449 4,483 17.932 17,135 841 280 1.121 1,086 627 808 520 1,301 554 400 270 174 434 213 1,027 1,078 1,116 422 634 1,735 767 405 214 71 1,036 344 450 285 1,724 512 1,036 519 360 4.489 810 4,489 810 8,662 24,370 8,155 32,525 33,389 Page 4

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 6 Stsff Costs Salaries and wages Employment costs 16,649 1,283 15,612 1,523 17,932 17,135 During the year Salaries included £SOO in respect of overtime worked specifically in connection wllh the Charitsble Incorporated Organisalion. 2023 No 2022 No. The number of employees was No remuneration was paid lo any trustee in th8 year, Tr8vel and meeting expenses reimbursed were £Nil {2021.' £Nill Office Equipment Heritage Assets 7 Tanglble Flxed A688t8 Cost 811 January 2023 Addllions Dispo8als 16,216 Cost at 31 December 2023 18.216 Depreciation As al 1 J8nuary 2023 On Disposals For the Year 13,625 285 As al 31 December 2023 13,914 Written Down Value at 31 Decemter 2023 2,302 Wrltten Down Value al 31 December 2022 2,587 8 Investmonts Cost Value Cost Value 2023 2022 Und8r management with Brewin Dolphin Allocated lo Endowment Funds 196,203 189.327 200,476 190,459 Allocated lo Restricted Funds 82,964 80.057 56,692 53,859 Allocated to unrestricted funds 3,226 3,113 25,275 24,012 282,393 272,497 282,442 268,330 Page 5

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIErY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 8 Investments {continued) Value 2023 Value 2022 Cost Allianz Global Investors Finsbury G & l Trust Allian2 Global Strategic Bond Baille Gifford BB Healthcare Blackrock Inslilutional BNY Melon Investment Coupland Cardilf Japar) Diverse Income TrLJSt Dodge & Cox Worldwde Fidelity Eurolrust Fidelity Investrnent HS8C Global Lyxor Intemalional Select Managers Bo Henderson Janus HICL Irbfrastructure Ord Legal & General Global Inflation JPMorgan Funds US Equity Jupiter UT Managers Strategic Bond Mayfair Capital in prop inc Iru81 Mercantile Investment Muzinich Funds Qnesavings Bank 7.875%STP WS Ruffer Management PeTsonal Asset Trust Pimco Global Prusik UMB RIT Cap Partners S & W Fund Admin Church House Scollish American Investment Trust Sequoia EcorKJmic 1 14,675 14,578 7,397 7,832 5.194 10,913 10,000 8.001 5,751 12,000 4,987 2, 324 11,373 10,000 4,340 7.98S 16,500 10.766 8,000 16,000 9,238 15,000 10,000 13,000 9,289 10.329 6,683 9,132 4,992 12.151 4,837 4,106 8,000 14,653 5,713 8,404 16,676 10,370 8,474 12,831 7,529 12.795 14,569 11,134 8,445 6,775 12,768 13,562 9,758 12,817 9.307 12.901 15,199 11,102 7,248 11,373 14,806 13,337 16,292 13,803 13,457 14,048 14,845 13,704 13,079 14,979 15,328 12,468 8,125 5.174 12,708 5.S48 8.552 8.cl 5,035 7,458 4,800 S,020 11,269 5,657 8,152 282.393 272,497 268, 330 Dealing Charges dedueled by Brewin Dolphin in the year were £2,639.9912022'. £2,965.92). 2023 2022 9 Leases Capital cost of aSe$ brought fomard New leases Amorlisalion brought forward Amorlised in year 11,388 11,388 5,830 863 4,967 863 4,695 5,558 2023 2022 10 Debtor$ Debtors Brewin Dolphin 786 613 786 613 Pagè 8

SOMERSET ARCHAEOLOGICAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 11 Cash at Bank and in Hand Bank Current Accounts Petty Cash Paypal Cash held by Brewin Dolphin Norman Gardens ac¢ounl COIF Mallwood Deposit A¢¢ount CCLA 28,688 258 81 2,729 17.886 21,803 353.797 24,918 392 82 11,154 18,330 4,424 425,240 59,300 2023 2022 12 CredStors and Accruals Rent recglved in advance PAYE & NIC 2023 SLJbscriptlons A¢counlan¢y 2.437 440 4,259 750 2,615 239 1,007 750 7,886 4,611 Unrestricted Funds Reslricled Funds Endowed Funds Total 2023 Total 2022 13 Analy81s of Assets 8otWOon Funds Tangible Fixed Assets Intangible Assets Investments Bank and cash Other Nel Current Liabiliti 2,302 4,695 3,113 401,981 17,1001 2, 302 4,695 272,497 425,240 17.1001 2,587 5,558 268, 330 59,300 13,9981 80,057 23,259 189,327 405,016 103,316 189,302 697,634 331,777 Included in Unreslri¢led funds is the Museum Exhibit Replacement Fund, Under an agreement made with the Museum of Somersel Ihls fund was designated lo be used solely for the resloralion, maintenance and acquisition of exhibits in the mu*um ¢ollectlon. 14 Grants Approved Approved and unclaimed Approved and unclaimed bl New offers 2023 Lapsed 2023 Paid in 2023 Gray Murless Maltwood Williams Natural Sciences 3,592 11,5901 2.002 7,487 7.300 12,5271 11401 12,120 1,122 15041 11181 soo 12,201 7.300 14.6211 12581 14,622 Page 7

SOMERSET ARCAAEOLOGAL AND NATURAL HISTORY SOCIETY NOTES TO THE FINANCIAL STATEMENT5 Icontinuedl FOR THE yER ENDED 31 DECEMBER 2023 Transfe Revalualbn between IReEoynised FuTrJs 105sesl BalancÈ ai 31 Demtr 2023 B818r8 at 1 Janu8ry2023 15 Funds Incon ExrndAure Grants Unrestricted Genwa Purposes Fund Murless b¥uest MUsm Ethitxl ReKAacemtht Fund PLibli¢ation$ ContingeY Fund 20,754 53.108 3S5.416 613 1.485 174 151,0701 8.6SO 110,0001 31,442 345,416 14.472 8.611 5.075 17,40S 7,261 4,938 13.4961 1501 1231 1141 Total General Fund8 50.358 410,79e 154.7031 11,3501 1851 40S.016 Restri¢t8d Funds Gray Tite Williams 3,945 1.47S 19,309 19.418 5,267 18,985 6,181 18,380 128 48 628 653 171 1391 376 63 302 3,310 253 1241 191 11.5901 2.796 1.562 19,929 20.611 5.103 17,271 5,374 17,885 12,785 1921 1321 11011 12.5271 15041 Natural Sclences Murless Fund Dunstsr Proleet Norman Gd$ Prgecl Charitable Incorporated Organlsatlc 1521 11681 12,1571 15131 13,0151 1.350 18 15,800 Totol R•$trl¢t•d Funds 90,960 18.001 16.3011 5,654 13771 14,6211 103,316 Endowment Fund8 H Si. Gray E¥cav8lity) Tlte 8equesl Williatns Bequègt The MalNvc¢Jd Fund Natural Sciencw Fund 16,638 2,789 13,391 146,417 11,224 541 91 43$ 4,781 11651 1281 11331 11,4511 13761 1631 13021 13,3101 12531 16,537 2.772 13,310 145,527 11,156 18901 1681 Total Endowm&nt Fund• 190,459 6,192 11,8881 14,3041 189,302 331,777 434.989 62,892 Net fftcomè generated Enduwmat fundj 18 transferred annudty lo r65tricleJ Funds to be rn&Je availsbb for 9rant8 )d F%ojecl¥. In atIon a translar Is recordgd from the n$t ProJ'•ct lo G8nerg1 Funds as a crffttrlbth18 towards 2022 proceding$ ¥1$ and a transfw from Genwal Funds to the Dunster Pr(41 In resp*ct of a tr8n5adlon made in 2020. The flrsi Fortion of the Murle5s B8quesl is shown separatdy abDV8 gs an ExCeptnal Item. rho ScLiety has been advised thal there sre no restrictions on thls b4uÈ5t and that thi8 is not all that is due to the ScKi8ty, al this tirne the Swiety 1$ unable to ouaniify wlh any ¢ertanty the amount which will ullirnatdy be received. Page 8