## **SOMERTON CHURCH LANDS ESTATE**
## **ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2020**
**Brunel House | Cook Way | Taunton | Somerset | TA2 6BJ**
## **T. 01823 253778**
**E. Info@davidcollardandco.co.uk**
## **SOMERTON CHURCH LANDS ESTATE**
## **YEAR ENDED 31 DECEMBER 2020**
## **CONTENTS**
||**Page**|
|---|---|
|Legal and administrative details|1|
|Trustees’ report|2 – 4|
|Accountant’s report|5 – 6|
|Statement of financial activities|7|
|Balance sheet|8|
|Notes to the accounts|9 - 16|
## **SOMERTON CHURCH LANDS ESTATE**
## **LEGAL AND ADMINISTRATIVE DETAILS YEAR ENDED 31 DECEMBER 2020**
The Somerton Church Lands Estate Trust was established under a trust deed dated 16 October 1889. The Trust was registered with the Charity Commission (registration number 11335 Somerset) on the 16 October 1889 as a charity.
**ADDRESS** The Vicarage Rosemount Sutton Road SOMERTON TA11 6QP **CHAIRMAN** The Reverend Alan J Symonds **HONORARY TREASURER** Ray Thompson **HONORARY SECRETARY** Janet Hayter **TRUSTEES** The Reverend Alan J Symonds Ray Thompson Ron Kench Janette Turner (resigned as trustee on 2 December 2020) Susan Elizabeth Cave Mary Ann Pike (appointed as a trustee on 2 December 2020) **BANKERS** COIF National Westminster Bank **REPORTING ACCOUNTANTS** David Collard and Co C/o Brunel House Cook Way Taunton Somerset TA2 6BJ
Page 1
## **SOMERTON CHURCH LANDS ESTATE**
## **TRUSTEES’ REPORT**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **OBJECTIVES OF CHARITY**
- **a)** Defraying all proper costs, charges and expenses of the administration and management of the Charity, in respect of the property of the Charity.
- **b)** Providing funds for the extraordinary repair of the Church and thereafter for the maintenance, repair of the fabric and afterwards for the maintenance of the services and furnishings of the Church.
## **TRUSTEES AND GOVERNANCE**
The Trustees are the Vicar, the Churchwardens and two co-optees who shall organise the assets of the Trust to maximise the available income from property and other investments in order to achieve the objectives as detailed above.
## **REVIEW OF ACTIVITIES AND ACHIEVEMENTS AND COMMENTARY ON THE ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2020**
## **Summary**
As expected several of the properties have needed some general remedial maintenance. This has included; upgrading smoke and CO2 alarms to several properties where necessary. Solving electrical problems, undertaking gas safety checks plus general maintenance including painting.
The property 23 Pinewood has incurred considerable expense due to a major upgrade. All this work has resulted in the properties being maintained to a relatively high standard. Obviously this type of maintenance will continue in the coming year.
During the year we continued to ensure, via our solicitor, that all of our properties are correctly registered with HM Land Registry. This has taken much longer than expected due to a backlog of work at the Land Registry.
## **Details of work undertaken on each of the Church properties is as follows:**
## **Church Cottage, New Street.**
This property has not incurred any cost, the property remains in relatively good condition, although several of the windows which should have been repaired and painted this year (2020) were not done due to painter availability. This work will be undertaken in 2021.
## **Church Cottage, West Street** .
The only cost incurred by this property was the replacement of a hot water tank and immersion heater at a cost of £890.
## **Leaver’s Court**
This property has not incurred any cost, the property remains in good condition.
## **Premier – County Stores (ex Spar Shop)**
The only work carried out on this property has been some minor repairs to the electrical wiring.
## **23 Pinewood**
This property became vacant in November 2019 and the opportunity to upgrade the property was undertaken. The work started in December 2019 and continued well into 2020.This included fitting a new kitchen, upgrading the electrics, fitting a new central heating system, fitting some new double glazing units to the porch, fitting a new garage door, painting the whole interior and re-carpeting the property at a total cost of about £15000.
## **The Old Vestry**
The exterior of the property has been re-painted. The hand water heating system has also been replaced.
## **Palmer Snell, Churchside House.**
This property has not incurred any cost and remains in relatively good condition. However, due to the Covid 19 pandemic which resulted in the country going into lockdown in March this year, the tenants have decided to temporarily move out of the front office. However, the flat over the office continues to be occupied. This property has a commercial lease which runs for a further two years. The rent continues to be paid.
## **Waverley**
This property has incurred some major cost as the car port was blown down by strong winds and has now been totally replaced at a cost of £1420. Some electrical problems have been rectified and some maintenance/repairs have been carried out on the gas central heating system resulting in an expenditure of around £710.
## **Land at Kingsmoor**
This land continues to be rented out to a local farmer at a commercial rate.
## **Conclusion**
All properties remain in relative good condition and continue to provide a good income to the Trust. I do not anticipate any major expenditure in the coming financial year.
Prepared by: R Kench,
Trustee (Property Manager) Date: 8[th] March 2021
Page 4
## **SOMERTON CHURCH LANDS ESTATE**
## **Independent Examiner’s Report to the Trustees of Somerton Church Lands Estate**
I report on the accounts of the Trust for the year ended 31 December 2020, which are set out on pages 7 to 16.
## **Respective responsibilities of members and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- ❖ examine the accounts under section 145 of the Charities Act,
- ❖ to follow the procedures laid down in the General Directions given by the Charity Commissioner (under section 145(5)(b) of the Charities Act), and
- ❖ to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in, any material respect, the requirements:
- ❖ to keep accounting records in accordance with section 130 of the Charities Act; ❖ to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Page 5
## **SOMERTON CHURCH LANDS ESTATE**
## **INDEPENDENT EXAMINER’S REPORT (Continued)**
## **David Collard and Co Chartered Certified Accountants**
25 March 2021
David Collard and Co Brunel House Cook Way Taunton Somerset TA2 6BJ
Page 6
## **SOMERTON CHURCH LANDS ESTATE**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31 DECEMBER 2020**
|**Unrestricted**
**Funds**
2020
**Note**
£
INCOMING RESOURCES
Investment income
**2**
90,598
Grants and donations
-
–––––––––
Total Income resources from
Charitable Activities
90,598
–––––––––
RESOURCES EXPENDED
Charitable expenditure:
Grants and donations payable
**4**
8,648
Support costs
**3**
27,586
Management and administration**3**
828
–––––––––
Total resources expended
37,062
–––––––––
NET (OUTGOING)/INCOMING RESOURCES
53,536
–––––––––
LOSSES AND GAINS ON THE REVALUATION AND
DISPOSAL OF INVESTMENT ASSETS**8**
14,940
–––––––––
NET MOVEMENT IN FUNDS
68,476
–––––––––
TOTAL FUNDS BROUGHT FORWARD
2,992,702
––––-––––
TOTAL FUNDS CARRIED FORWARD
3,061,178|2019
£
93,305
-
–––––––––
93,305
–––––––––
13,665
8,436
804
–––––––––
22,905
–––––––––
70,400
–––––––––
141,366
–––––––––
211,766
–––––––––
2,780,936
–––––––––
2,992,702|
|---|---|
Page 7
## **SOMERTON CHURCH LANDS ESTATE**
## **BALANCE SHEET AS AT 31 DECEMBER 2020**
|**Unrestricted**
**Funds**
2020
**Note**
£
FIXED ASSETS
Tangible fixed assets
**7**
1,914,945
Investments
**8**
957,064
–––––––––
TOTAL FIXED ASSETS
2,872,009
–––––––––
CURRENT ASSETS
Bank accounts
**9**
188,977
Debtors and prepayments
1,169
Cash in hand
27
–––––––––
TOTAL CURRENT ASSETS
190,173
–––––––––
CREDITORS: amounts falling due within
one year
**10**
1,004
–––––––––
NET CURRENT ASSETS
189,169
–––––––––
NET ASSETS
3,061,178
FUNDS OF THE CHARITY
INCOME FUNDS
Unrestricted funds
3,061,178|2019
£
1,914,945
942,124
–––––––––
2,857,069
–––––––––
135,451
1,135
27
–––––––––
136,613
–––––––––
980
–––––––––
135,633
–––––––––
2,992,702
2,992,702|
|---|---|
These accounts were approved by the Trustees on
Signed by …………………………………………………………….. (PRINT NAME)
Signed by …………………………………………………………….. (PRINT NAME)
The notes set out on pages 9 to 16 form an integral part of these accounts.
Page 8
## **SOMERTON CHURCH LANDS ESTATE**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **1. GENERAL**
The accounts are prepared on the basis that income is credited to the income account as received, expenditure is charged on the accruals basis including VAT.
## **2. BASIS OF ACCOUNTING**
## **a) Investment income**
Bank interest is included in the income and expenditure account on receipt. Dividends are included in the income and expenditure account when they are declared.
## **b) Investments**
Stocks and shares quoted on a recognised stock exchange are included in the balance sheet at their mid-market value at the year end. Other investments are shown at a year end market value estimated by the Trustees. Investment property is shown at year end market value as estimated by the Trustees. The differences between market value and the original cost of the investments are shown as unrealised investment gains or losses and transferred to the General Fund. The difference between the balance sheet value and the proceeds of investments disposed of are shown as a gain/loss in the General Fund.
|**2.**
**INVESTMENT INCOME**
Rent (note 7)
Investment income (note 8)
Bank interest received
**3.**
**RESOURCES EXPENDED**
**a)**
**Fees for examining the accounts**
Independent examiners fees for
report on the accounts
Other fees paid to independent examiner||2020
£
64,390
25,979
229
–––––––––
90,598
200
828
|2019
£
66,355
26,950
-
–––––––––
93,305
200
804
|
|---|---|---|---|
|||||
Page 9
## **SOMERTON CHURCH LANDS ESTATE**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2020**
|**3.**
**RESOURCES EXPENDED (continued)**
**b)**
**Analysis of resources expended**
Insurance
Secretary’s honorarium
Repairs and improvements
Somerton in Need rent
Professional fees
Council tax
Bank charges
Print, postage and stationery
Management and administration costs
Accountancy
**4.**
**GRANTS MADE**
St Michaels Church Repairs and
Maintenance|2020
£
4,643
200
19,665
120
2,254
704
-
-
–––––––––
27,586
828
8,648|2019
£
3,721
200
2,905
120
1,494
-
(81)
-
–––––––––
8,436
804
13,665|
|---|---|---|
## **5. PAID EMPLOYEES**
The Trust has no paid employees, other than the Secretary who is paid an honorarium of £200 (2019 £200) for the year.
## **6. TRUSTEES AND OTHER RELATED PARTIES**
There were no related party transactions or expenses paid to the Trustees in the year (2020 £ NIL, 2019 £ NIL).
## **7. TANGIBLE FIXED ASSETS - FREEHOLD PROPERTY -** see page 12
## **8. INVESTMENT ASSETS -** see page 13
Page 10
## **SOMERTON CHURCH LANDS ESTATE**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2020**
|**9.**
**BANK ACCOUNTS**
Nat West Bank
COIF
**10.**
**CREDITORS AND ACCRUALS**
Accountancy
Rent paid in advance
Insurance paid in advance
Secretary’s honorarium|2020
£
89,245
99,732
–––––––––
188,977
804
-
-
200
–––––––––
1,004||2019
£
50,256
85,195
–––––––––
135,451
780
-
-
200
–––––––––
980|
|---|---|---|---|
|||||
Page 11
## **SOMERTON CHURCH LANDS ESTATE**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **11. OTHER INFORMATION**
The charity has no material commitments not provided in the accounts.
The charity has given no guarantees to third parties.
The charity made no ex-gratia payments during the year.
## **12. DECLARATIONS**
## **Adequacy of assets to meet fund restrictions**
Sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with the restrictions imposed.
## **Branches**
The financial activities, assets and liabilities of all the charity’s branches or sections have been included.
## **Change in year end**
The trustees have not changed the year end date nor the length of the charity’s financial year.
## **Designated funds**
The charity does not have any designated funds.
## **Discontinued, continuing and acquired operations**
All the charities operations are continuing operations and there were no operations discontinued or acquired during the year.
## **Funds in deficit**
No funds (unrestricted, designated, restricted or endowment) are in deficit at the balance sheet date.
## **Inalienable or historic assets**
The charity had no assets at the balance sheet date classed as inalienable or historic.
## **Intangible assets**
The charity has no intangible assets.
## **Inter-fund loans**
There were no inter-fund loans outstanding at the balance sheet date.
Page 14
## **SOMERTON CHURCH LANDS ESTATE**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **12. DECLARATIONS (continued)**
## **Revaluations**
None of the charity’s functional fixed assets have been revalued during the year, the charity has a policy of periodic review.
## **Subsidiaries**
The charity has no subsidiary companies.
## **Uncapitalised fixed assets**
The charity has no material fixed assets which have not been capitalized and included on the balance sheet.
## **13. ACCOUNTING POLICIES**
## **INCOMING RESOURCES**
## **Donations, legacies and similar incoming resources**
These are included in the Statement of Financial Activities (SOFA) when:
- the charity becomes entitled to the donation, legacy or similar income and any conditions for receipt are met;
- the trustees are reasonably certain they will receive it; and
- the trustees are reasonably certain that the value can be reliably measured.
## **Tax reclaims on donations and gifts**
Incoming resources from tax claims are included on the SOFA at the same time as the gift to which they relate.
## **Incoming resources from fund-raising**
These are reported **gross** in the SOFA.
## **Gifts in kind for sale or distribution**
These are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realized.
## **Gifts in kind for use by the charity**
These are included in the SOFA as incoming resources when receivable.
Page 15
## **SOMERTON CHURCH LANDS ESTATE**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **13. ACCOUNTING POLICIES (continued)**
## **Intangible income (eg donated facilities)**
This is only included in incoming resources (with an equivalent amount in resources expended) where another party is bearing the financial cost of the resources supplied and the benefit is quantifiable, receivable **and material** . Intangible income is valued at the lower of the cost borne by the party bearing the cost and a reasonable estimate of the value of the donation to the charity.
## **Volunteer help**
The value of any voluntary help received is not included in the accounts but is described in the annual report.
## **Investment income**
This and any associated tax credits are included in the accounts but when receivable.
## **EXPENDITURE AND LIABILITIES**
## **Liability recognition**
Generally liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure.
## **ASSETS**
## **Tangible fixed assets for use by the charity**
These are capitalised if they can be used for more than one year, and cost at least £250. They are valued at cost or a reasonable value on receipt. The charity does not have a policy of revaluation.
## **Investments**
Investments on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees’ best estimate of market value.
## **Stocks and work in progress**
These are valued at the lower of cost or market value.
Page 16
## **SOMERTON CHURCH LANDS ESTATE**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **8. INVESTMENTS ASSETS**
|Quoted Investments
Units as
01.01.20
**Income Bonds**
Charishare
Common Investment
Fund
48,101,349
COIF
Charities Investment
Fund
8,852.60
COIF
Charities Ethical
Investment Fund
177,069.81
Less cost of purchase of unit additions|Unit
additions
-
-
23,260.32|Total units at|Total units at||Bid value
at 1.1.20
Price
332,765
645.50
149,863
1,797.57
459,496
275.28
**942,124**||Bid|value at
31.12.20
310,494
159,132
487,438|Movement in
investment
(22,271)
9,269
27,942|Movement in
investment
(22,271)
9,269
27,942|Dividend
2020
6,852
4,590
14,537|Dividend
2019
9,091
5,036
12,823|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||31.12.20
48,101.349
8,852.60
177,069.81|31.12.20||||||||||
|||||||||**957,064**||**14,940**|**25,979**|**26,950**|
Page 13
## **SOMERTON CHURCH LANDS ESTATE**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **7. TANGIBLE FIXED ASSETS**
## **FREEHOLD PROPERTY**
||Market|Market|
Increase/|Rent|
|---|---|---|---|---|
||value|value|(Decrease)|received|
||2018|2019|||
||£|£|
£|£|
|Church Cottage, New Street|150,000|150,000|
-|5,700|
|Church Cottage, West Street|210,000|210,000|
-|4,800|
|Leavers Court|290,000|290,000|
-|5,400|
|Premier Stores|330,000|330,000|
-|15,500|
|23 Pinewood|170,000|170,000|
-|5,110|
|Old Vestry House|150,000|150,000|
-|6,616|
|Waverly|214,945|214,945|
-|8,400|
|Palmer Snell - Churchside House|380,000|380,000|
-|11,779|
|Kingsmoor land|20,000|20,000|
-|1,085|
||–––––––––|–––––––––|–––––––––|–––––––––|
||1,914,945|1,914,945|
-|64,390|
Page 12