Somerton Church Lands Estate Annual Report and Financial Statements for the Year Ended 31 December 2023 ue ias CHAR TERED ACCOVtrITANTS
Somerton Church Lands Estate Year Ended 31 December 2023 Contents Reference and Administrative Detalls Trust88s' Report 2to3 Accountant's Report statement of Financial Activities Balance Sheet Notes to the Financial Statements 7t014
Somerton Church Lands Estate Reference and Administrative Details Year Ended 31 December 2023 The Somerton Church Lands Estate Trust was established under a twst deed dated 16 October 1889. The trust was registered with the Gharity Commissien (Registration Number 11335 Somarsetl on the 16 October 1889 as a charity. Address 10 Ivyleaf Road Somerton Somerset TA116RP Chairman Roger Caldemood Honorary Tr8asurer Ray Thornpson Honorary Secrotary Janet Hayter Trustees Ray Thompson (Resigned 11.03.2023) st8ve D8vis (Appoint8d 03.11.2023) Mary Ann Pike Alan Hilbourne Bankers National Westminster Bank Reporting Accountants Blue Lias Accounting Limited Walker House Market Place SDrnerton Somerset TA117LZ
Somerton Church Lands Estate Trustees. Report Statement of trustees, responsibilities Law applicable to charities in England and Wales requires the trustees to prepare the finanGial statements for each financial year which give a true and fair view of the charlty's flnancial activities during the year and of its financial position at the year end. In preparing financial statements giving a true and fair view. the trustees should follow b8St practice and.. select SUbt8ble accounting policies and appty them consist8ntly,' make judgements 8nd estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed" prepare the financial stalements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The twstees are responsib18 for keeping proper accounting records that can disclose with reasonable accuracy at any time the financi81 position of the charitable company and enable them to ensure that the financial stalements comply with the Compani8s Act 2006. Safeguarded the assets of th8 charitable company and hence for taking reasonable steps for the prevention and deteGtion of fraud and other iegUlatieS. Objectives and actlvltles a) Defraying all proper costs. charges and expenses of the administration and managernent of the charity. in respect of the property of the char5ty. b) Provlding funds for the extraordinary repalr of the church and thereafter for the maintenance. repalr of the fabric and afteMards for the maintenance of Ihe servic@s and fumishings of the churGh. Trustees and Governance The trustees are the vicar, the churchwardens and co-operates who shall organise the assets of the trust to maximise the available income trom the property and other investments in order to achieve the objectives as detsiled above. Review of the Activities and achievements and commentary of the accounts for the year ending 31 Decernbar 2023. Summary Greenslade Taylor Hunt continu8 to fflanage the property portfolio and they are r8sponsible for the collection of rents and arranging for essential maintenance works to properties as and when required. In addition. any works required to ensure Complian with ststutory regulations have been underlaken and ther8 are no outstanding issues. Concluslon All properties remain in a good condition and continue to provide a reasonable Income to the TrLLqt.
Somerton Church Lands Estate Trustees, Report The annual report was approved by the trustees of the charity on . slgned on its b8half by- . Mr R CaldeNood
Somerton Church Lands Estata Independent Examlnerfs Report to the trustees of Somerton Church Lands Estate I report to the charity trustees on my examination of the aGrounts of the Company for the year ended 31 December 2023. R8SP8Ctive Responsibilities of member and examiner The chariti8s trust8es ar8 responsible for the preparation of the accounts. The charitys truste&s consider that an audit is not required this year under section 144 of the Charities Act 2011 {Th8 Charities Act) and that an independent examination is nee(led. It is our responsibility to: Examine the acGounts under 145 of the Charities Act. To follow the procedure laid down in the general directions given by the charity Commissioner (under section 145{5) (b) of the chariti8s act), and To state whether partlujlar matters hav8 come to our att8ntion. Basis of independent examiner's report Our examination w8s conducted in accordance with the general directions given by the Charity Commissioner. An examination indudes 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 disdosures in the 8ccounts and seeking explanations from the trustees conmIng any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is giv8n as to whether the accounts present a 'true and fairf view, and the roport is limited to those matters set out in the statement b810w. Independent examiner's statement In connection wilh our examination, no matter has come to Dur att8nlion: 1. Which gives me re850n8ble cause to believe that in, any material respect, the requirements. a. To keep accounting records in accordance with section 130 of the chariti8s act. b. To prepare accounts which accords wilh the accounting records and comply with the accounling requirements of the Charities Act have not been met,. or 2. To which, in our oplnion, attention should be drawn in ord8r to 8nable a proper understanding of the accounts to be reached. Blue Lias Accounting LimFted Walker House Market Place Somerton Somerset TA117LZ Date.. 6th September 2024
Somerton Church Lands Estate Statement of Financial Activities for the Year Ended 31 December 2023 Unrestricted funds Total 2023 Note Income resources: Investrn8nt income 115.486 115.486 Total income 115,486 115.486 Expendlture: Total expenditure Gains1105ses on investment a55ets (90,924) 114.205 190,924) 114,205 Net income 138767 138 767 Net movement In funds 138.767 138,767 Reconciliation of funds Total funds brcught forward 3,225,728 3,225,728 Total funds carried foDNard 3 364 495 3 364 495 Unrestrlcted funds Totsl 2022 Note Income and Endowments from: Inv8Stm8nt incnme 104.962 Total income 104,962 Expenditure: Total expenditure Gainsllosses on investment assets (34.405) 118.340 (34.405) 118340 Net expenditure Net movement in funds (47.783) (47.783) Reconciliation of funds Total funds brought forward 3.273,511 3273511 Total funds carried forward 3 225 728 3 225,728 The notes on pages 8 to 14 form an intsgral part ofthese financial ststemenls.
Somerton Church Lands Estate Balance Sheet as at 31 December 2023 2023 2022 Nole Fixed assets Tangibl8 assets Investments 1.914,945 1.362 282 3.277,227 1.914,945 1226 943 3 141,888 Current assets Deblors Cash at bank and in hand 1.440 1,373 83,477 84.850 88.332 Credltors: Amounts falllng due within one year Nel current assets 87,268 83,840 Nel assets 3.364,495 3 225 728 Funds of the charity: Unrestricted inGome funds Unrestricted funds 3 364 495 3 225,728 Total funds 3,364 495 3,225,728 Th8 financial tat8ments on pages 5 to 14 wer8 approvad by the truste8s and authorised for issue on 2DI+.... and signed Dn iheir beh81f by: ,q A UJ.- . Mr R Calderwood
Somerton Church Lands Estats Notes to the Financial Statements for the Year Ended 31 December 2023 1 Accountlng pollcles Summary of slgnlficant accounting policies and key accounting estimates The accounts are prepared on the basis that the income is credited to the income aGGount as received, expendlture is charged on the accrual's basis including VAT. 2 Basis of preparation Investment income Interest Dn funds held on deposit is included when receivable and the amount can be measured reliab by the charity. this is normally upon notlfication of the interest paid or payable by the bank. Investments sto¢ks and shares quoted on a recognised stock exchange are included in the balanc8 sheet at their mid-mark8t value at the year end. Oth8r investments are shown at a yearry8nd market value estimated by the trust88s. Inv8Stment propety is shown at the year*nd market value estimated by the trustees. The differences between market value and the original cost of the investments are shown as unrealised gains and losses and transferred to thew General Fund. The difference between the balance sheet value and the proceeds of investments disposed of are shown as gainl loss in the general fund. 2 Investment income Unrestrlcted funds General Total funds Investment Income Lease Surrender Bank Interest Received Income from rents 11.641 11,867 23.394 68.584 11,641 11,867 23.394 Total for 2023 115,486 115.486 Total for 2022 104 962 104.962
Somerton Church Lands Estate Notes to the Financlal Statements for the Year Ended 31 December 2023 3 Resources Expended Fess for axamining the accounts Unrestricted funds Genoral Total funds Note Ind8pend8nt examiners fees for the report on the accounts, Total for 2023 864 864 864 864 b) Analysis of resourc85 expended 2023 2022 Insurance Secretary's Honorarium Repairs and Improv8ments Somerton in Need Donation Propety Agent Fees Propety Refvrbishment Legal and Professional Funds to PCC Examiners Fees Rates 4,531 200 6,461 120 8,548 46,593 2.076 21,014 864 517 4.251 200 5.536 120 8.934 14.554 810 Total 34.405 Paid Employees The trust has no paid employees, other than lh8 secr8tary who is paid an honorarium of £200 {£200 2022) for the year. Trustee and other related parties There were no related part transactions or expenses paid to the trustees in the year (£ nil 20221.
Somerton Church Lands Estate Notes to the Financial Statements for the Year Ended 31 December 2023 Tangible Fixed Assets - Freehold Property Mark8t Value 2023 Market Value 2022 Irlcreasel (DeGrea5e) Church Cottage - New Street Church Cottage - West Street Leavers Court Premier Stores 23 Pinewood Old Vestry House Waverley Palmer Sn811- Churchsid8 House Kingsmoor Land 150,000 210,000 290,000 330,000 170,000 150,000 214,945 380,000 20.000 150,000 210.000 290,000 330,000 170,CIOO 150.000 214.945 380.000 20.000 Investment Assets - See page 10.
Sornerton Church Lands Estate Notes to the Financial Statements for the Year Ended 31 December 2023 8 Cash and cash equivalents 2023 2022 Natwest Bank Petty Cash Natwest Deposit COIF 19,860 7.153 27 10.265 58,767 86,892 83,477 9 Creditors: amounfs falling due within one year 2023 2022 Accountancy SeGretary's Honorarium 864 200 1,064 809 200 10 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. 11 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 th8 charty's branches or sections have been included. Chango in year 8nd. The trustees have not changed the year end date nor the length of the charittys financial year. Designated funds The charity does not have any designated funds. Dlscontlnued, contlnulng, and acqulred 0ratIons. All the charities operations are continuing op8rations and th8r8 W8r8 no op8rations discontinued or acquired during the year. Funds in deficit No funds (unrestricted, designated, restricted or endowment) are in deficit at the balance sheet date. li
Somerton Church Lands Estate Notes to the Financial Statements for the Year Ended 31 December 2023 Inalienable or historic assets The charity had no assets at the balance sh88t date classed as Inalienable or historic. Intanglble as$et$ The charity has no Intangible assets. Inter-f und loans There ware no interfund loans outstanding at the balance sheet date. Revaluations None of the charty's functional fixed ass8ts have been revalued during the year, the charity has a policy of periodic review. Subsldlarles The charity has no subsidiary Gompanies. Uncapltsllsed fixed assets The charity has no material fixed assets which have not been capitalized and included on the balance sheet. 12 AcGounting Pollcles Incomlng Resources Donations, legacies. and slmllar 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 conditlons 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 glfts. Incoming r8sources from t8x claims are included on the SOFA at the same t'me as the gift to which they relate. Incoming resources from fund-raising These ar8 the reported gross in the SOFA. Glfts In klnd for sale or distributlon 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 of the amount actually realized. Gifts in kind for use by the charEty These are induded in the SOFA as Incoming resources when r8C8ivable. Intangible Income (e.g., donated facilities) 12
Somerton Church Lands Estate Notes to the Flnancial Statements for the Year Ended 31 December 2023 Inanglble Income (e.gay donated facilities) This is only inclLtded in incoming resources (with an equivalent amount in resources expended) where another paty is bearing the financial cost of the resources supplied and the benefit is quantifiable. receivable and materlal. Intangible incomp is valued at th8 lower of the cost borne by th8 party bearing the cost and a reasonable estlmate of the value of the donation to the charity. Volunteer help The value of any voluntary help received is not included in the awounts but is described in the annual report. Investment Income Th15 and any associated tax credits are included in the accounts but when receivable. Exp8ndrtur8 and Liabilities Llabllrty recognltlon Generally, liabilities are recognised as 500n as there is a legal or constructive obligation committing the charity to the expenditure, Assets Tanglble fixed assets for the use by Ihe charity These are capitalised if they can be used for more than one year and cost al least £250.00. They are valued at cost or a reasonable value on receipt. The charity does not have a policy of revaluation. Investmonts Investments on 8 recognised stock exchange are valued at maret value at the year end. Oth8r Inveslment assets are included at trustees, best estimate of market value. Stocks and work in progress These are valued at th8 lower cost or market Valu8. 13
Somerton Church Lands Estate Detailed Statement of Flnanclal Activities for the Year Ended 31 December 2023 Total 2023 Total 2022 Investment income Rent Lease Surrender Interest Dividends 68,584 11,867 23.394 11.641 115486 70,895 22,855 104.962 Expenditure Secretarfs Honorarium Insurance Repairs and maintenance Somerton in Need Donation Accounlancy fees Propety Agent Fees Ratss Propety Refurbishment Funds to PCC Legal and professional fees (200) 14,531) (8,4611 (120) (864) 18,548) (517) (46,593) (21,014) 2,076 90,924 12001 (4,2511 (5.5371 {1201 {8101 (8,9331 (14,5541 34,405 Net Income 70.557 14