## Somerton Church Lands Estate
Annual Report and Financial Statements for the Year Ended 31 December 2024
## **Somerton Church Lands Estate**
## **Year Ended 31 December 2024**
## **Contents**
Reference and Administrative Details 1 Trustees' Report 2 to 3 Accountant’s Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes to the Financial Statements 7 to 14
## **Somerton Church Lands Estate**
## **Reference and Administrative Details**
## **Year Ended 31 December 2024**
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.
**----- Start of picture text -----**
|||
|---|---|
|Address|10 Ivyleaf Road|
|Somerton|
|Somerset|
|TA11 6RP|
|Chairman|Roger Calderwood|
|Honorary Treasurer|Ray Thompson|
|Honorary Secretary|Janet Hayter|
|Trustees|Ray Thompson (Resigned 11.03.2023)|
|Steve Davis (Appointed 03.11.2023)|
|Mary Ann Pike|
|Alan Hilbourne|
|Bankers|National Westminster Bank|
|Reporting Accountants|Blue Lias Accounting Limited|
|Walker House|
|Market Place|
|Somerton|
|Somerset|
|TA11 7LZ|
**----- End of picture text -----**
1
## **Somerton Church Lands Estate**
## **Trustees' Report**
## **Statement of trustees' responsibilities**
Law applicable to charities in England and Wales requires the trustees to prepare the 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 year end. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. Safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Objectives and activities**
- 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 cooperates who shall organise the assets of the trust to maximise the available income from the property and other investments in order to achieve the objectives as detailed above.
## **Review of the Activities and achievements and commentary of the accounts for the year ending 31 December 2024.**
## **Summary**
Greenslade Taylor Hunt continue to manage the property portfolio and they are responsible for the collection of rents and arranging for essential maintenance works to properties as and when required. In addition, any works required to ensure compliance with statutory regulations have been undertaken and there are no outstanding issues.
## **Conclusion**
All properties remain in a good condition and continue to provide a reasonable income to the Trust.
2
## **Somerton Church Lands Estate**
## **Trustees' Report**
The annual report was approved by the trustees of the charity on 31 July 2025 and signed on its behalf by:
Mr R Calderwood
3
## **Somerton Church Lands Estate**
## **Independent Examiner's Report to the trustees of Somerton Church Lands Estate**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.
## **Respective Responsibilities of member 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 this year under section 144 of the Charities Act 2011 (The Charities Act) and that an independent examination is needed.
It is our responsibility to:
- Examine the accounts 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 charities act), and
- To state whether particular matters have come to our attention.
## **Basis of independent examiner’s report**
Our examination was conducted 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 our examination, no matter has come to our attention:
1. Which gives me reasonable cause to believe that, in any material respect, the requirements have not been met:
- a. To keep accounting records in accordance with section 130 of the charities act.
- b. To prepare accounts which accords with the accounting records and comply with the accounting requirements of the Charities Act; or
2. To which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Blue Lias Accounting Limited
Walker House
Market Place
Somerton Somerset TA11 7LZ
Date: 31 July 2025
4
## **Somerton Church Lands Estate**
## **Statement of Financial Activities for the Year Ended 31 December 2024**
||**Unrestricted**
**Total**|
|---|---|
||**funds**
**2024**|
|**Note**|
**£**
**£**|
|**Income and Endowments from:**||
|Investment income
3|114,181
114,181|
|Total income||
||114,181
114,181|
|**Expenditure:**||
|Total Expenditure
3|(22,770)
(22,770)|
|Gains/losses on investment assets
7|42,939
42,939|
|Net income||
||134,350
134,350|
|Net movement in funds||
||134,350
134,350|
|**Reconciliation of funds**||
|Total funds brought forward||
||3,364,495
3,364,495|
|Total funds carried forward||
||3,498,845
3,498,845|
|||
|||
|||
|||
||**Unrestricted**
**Total**|
||**funds**
**2023**|
|**Note**|
**£**
**£**|
|**Income resources:**||
|Investment income|115,486
115,486|
|Total income
2||
||115,486
115,486|
|**Expenditure:**||
|Total expenditure
3||
||(90,924)
(90,924)|
|Gains/losses on investment assets
7|114,205
114,205|
|Net income||
||138,767
138,767|
|Net movement in funds||
||138,767
138,767|
|**Reconciliation of funds**||
|Total funds brought forward||
||3,225,728
3,225,728|
|Total funds carried forward||
||3,364,495
3,364,495|
The notes on pages 8 to 14 form an integral part of these financial statements.
5
## **Somerton Church Lands Estate**
## **Balance Sheet as at 31 December 2024**
||**2024**
**2023**|
|---|---|
|**Note**|**£**
**£**|
|**Fixed assets**||
|||
|Tangible assets
6|1,704,945
1,914,945|
|Investments
7|1,427,699
1,362,282|
||3,132,644
3,277,227|
|**Current assets**||
|||
|Debtors|2,185
1,440|
|Cash at bank and in hand
8|365,081
86,892|
||367,266
88,332|
|**Creditors: Amounts falling due within oneyear**
9||
||(1,065)
(1,064)|
|**Net current assets**||
||366,201
87,268|
|**Net assets**||
||3,498,845
3,364,495|
|**Funds of the charity:**||
|**Unrestricted income funds**||
|||
|Unrestricted funds|3,498,845
3,364,495|
|**Total funds**||
||3,498,845
3,364,495|
The financial statements on pages 5 to 14 were approved by the trustees and authorised for issue on 31[st] July 2025 and signed on their behalf by:
## Mr R Calderwood
6
**Notes to the Financial Statements for the Year Ended 31 December 2024**
## **Somerton Church Lands Estate**
## **1 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The accounts are prepared on the basis that the income is credited to the income account as received, expenditure is charged on the accrual’s basis including VAT.
## **2 Basis of preparation**
## **Investment income**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## **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 the year-end 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 the General Fund. The difference between the balance sheet value and the proceeds of investments disposed of are shown as gain/ loss in the General Fund.
## **2 Investment income**
||**Unrestricted**
**funds**
**Total**
**General**
**£**
**funds**
**£**
12,194
12,194
27,403
27,403
74,584
74,584
114,181
114,181
115,486
115,486|
|---|---|
|||
|||
|||
|||
|Investment Income||
|Bank Interest Received||
|Income from rents||
|**Total for 2024**||
|**Total for 2023**||
7
## **Somerton Church Lands Estate**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **3 Resources Expended**
## **a)**
**Fess for examining the accounts**
||**Unrestricted**
**funds**
**Total**
**General**
**£**
**funds**
**£**
(864)
(864)
(864)
(864)
**2024**
**£**
**2023**
**£**
3,768
4,531
200
200
10,868
6,461
120
120
9,740
8,548
-
46,593
1,143
2,076
199
-
22,918
21,014
864
864
381
517
(27,431)
-
22,770
90,924|
|---|---|
|||
|||
|**Note**||
|Independent examiners fees for the report on the accounts.||
|**Total for 2024**||
|**b)**
**Analysis of resources expended**||
|||
|||
|Insurance||
|Secretary’s Honorarium||
|Repairs and Improvements||
|Somerton in Need Donation||
|Property Agent Fees||
|Property Refurbishment||
|Legal and Professional||
|Light & Heat||
|Funds to PCC||
|Examiner’s Fees||
|Rates||
|Profit on Sale of Property||
|||
|**Total**||
## **4 Paid Employees**
The trust has no paid employees, other than the secretary who is paid an honorarium of £200 (£200 2023) for the year.
## **5 Trustee and other related parties**
There were no related part transactions or expenses paid to the trustees in the year (£nil 2023).
8
## **Somerton Church Lands Estate**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **6 Tangible Fixed Assets – Freehold Property**
||Market Value|Market Value|Increase/|
|---|---|---|---|
||2024|2023|(Decrease)|
||£|£||
||||£|
|Church Cottage – New Street|150,000|150,000|-|
|Church Cottage – West Street|210,000|-|-210,000|
|Leavers Court|290,000|290,000|-|
|Premier Stores|330,000|330,000|-|
|23 Pinewood|170,000|170,000|-|
|Old Vestry House|150,000|150,000|-|
|Waverley|214,945|214,945|-|
|Palmer Snell – Churchside House|380,000|380,000|-|
|Kingsmoor Land|20,000|20,000|-|
||**1,914,945**|**1,704,945**|**-210,000**|
## **7 Investment Assets – See page 10.**
9
## **Somerton Church Lands Estate**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
|**Quoted Investments**
**Units**
**Income Bonds**
**at 01.01.24**
**Price**
Blackrock
48,101.349
7.284679
Common Investment Fund
COIF - 11335001R
1,295.68
248.0003
Charities' Investment Fund
Income Units - 24.02.22
COIF - 11335001AB
136,044.78
5.07590
Charities' Ethical Investment Fund
Income Units - 24.02.22|**Bid Value**
**at 01.01.24**
350,402.89
321,329.03
690,549.70
**1,362,281.61**|**Accumulated**
**Total Units**
**Price**
**Interest**
**at 31.12.24**
48,101.35
7.49
6,928.90
1,295.68
260.62
15,549.91
136,044.78
5.36
22,478.81|**Bid Value**
**Increase /**
**Dividend**
**Dividend**
**at 31.12.24**
**Decrease**
**2024**
**2023**
360,185.59
9,782.71
12,193.69
11,640.52
337,674.42
9,416.49
729,839.43
23,739.82|
|---|---|---|---|
||||**1,427,699.45**
**42,939.02**
12,193.69
11,640.52|
10
## **Somerton Church Lands Estate**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **8 Cash and cash equivalents**
|||**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
|NatWest|Bank|24,723|19,860|
|NatWest|35 Day Notice Account|282,223|-|
|NatWest|Deposit|47,870|56,767|
|COIF||10,265|10,265|
|||365,081|86,892|
## **9 Creditors: amounts falling due within one year**
|**9**
**Creditors: amounts falling due within one year**||
|---|---|
||**2024**
**£**
**2023**
**£**
864
809
200
200
1,064
1,009|
|||
|Accountancy||
|Secretary’s Honorarium||
|||
## **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 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.
11
## **Somerton Church Lands Estate**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **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.
## **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.
## **12 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 the 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 of the amount realised.
## **Gifts in kind for use by the charity**
These are included in the SOFA as incoming resources when receivable .
12
## **Somerton Church Lands Estate**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **Intangible income (e.g., 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 the use by the charity**
These are capitalised if they can be used for more than one year and cost at least £250.00. 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 cost or market value.
13
## **Somerton Church Lands Estate**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2024**
||**Total**
**2024**
**£**
**Total**
**2023**
**£**
74,584
68,584
-
11,867
27,403
23,394
12,194
11,641
114,181
115,486
(200)
(200)
(3,768)
(4,531)
(10,910)
(6,461)
(120)
(120)
(864)
(864)
(11,890)
(8,548)
(381)
(517)
-
(46,593)
(22,918)
(21,014)
24,731
-
(1,143)
(2,076)
(24,962)
(90,924)
**91,412**
**24,562**|
|---|---|
|||
|**_Investment income_**||
|Rent||
|Lease Surrender||
|Interest||
|Dividends||
|||
|**_Expenditure_**||
|Secretary’s Honorarium||
|Insurance||
|Repairs and maintenance||
|Somerton in Need Donation||
|Accountancy fees||
|Property Agent Fees||
|Rates||
|Property Refurbishment||
|Funds to PCC||
|Profit on Disposal of Property||
|Legal andprofessional fees||
|||
|**Net income**||
14