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2023-12-31-accounts

THE PREHISTORIC SOCIETY (A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

For the Year Ended 31 December 2023

Company Number: 02532446 Charity Registered in England and Wales Number: 1000567

The Prehistoric Society Contents For the Year Ended 31 December 2023

Page
Reference and Administrative Details 2
Trustee Directors’ Report 3 – 11
Independent Examiners’ Report 12
Statement of Financial Activities 13
Balance Sheet 14
Notes to the Financial Statements 15 – 27

Page 1

The Prehistoric Society Reference and Administrative Details For the Year Ended 31 December 2023

Charity Name The Prehistoric Society The Prehistoric Society
Trustee Directors Dr J Bates
Dr A Bricking
Dr O Davis
Dr C Frieman
Dr J Gardiner
Prof R Hosfield
D R Housley
Prof L Hurcombe
Dr M Laing
Dr F McDowall
Dr L-E Meyering
Dr R Pope
Dr G Prew
Dr J Wexler
Company Secretary Dr M Laing
Registered Office University College London
Institute of Archaeology
31-34 Gordon Square
London
WC1H 0PY
Independent Examiner Michelle Ferris BSc (Hons) FCA DChA
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
Bankers HSBC Barclays Bank PLC
PO Box 85 6 East Parade
City Office Leeds
Cambridge LS1 1HE
CB2 3HZ

Page 2

The Prehistoric Society Trustee Directors’ Report For the Year Ended 31 December 2023

The Trustees (who are also the Directors for the purpose of Company Law) have pleasure in presenting their annual report and the financial statements for the year ended 31 December 2023. The provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP FRS 102- implemented 1 January 2019) have been adopted in preparing the annual report and financial statements of the charity.

Directors and Trustees

The Directors of the charitable company are also its Trustees for the purpose of charity law. The Directors and Trustees who served during the year covered by the accounts and up to the date of this report were:

President Professor L Hurcombe
Vice-Presidents Professor E Wilkes (demitted in January 2024)
Dr R Housley
Professor R Pope
Professor J Mulville (demitted at AGM June 2023)
Professor R Hosfield (elected shortly after AGM 2023)
Secretary Dr R Crellin (demitted at AGM June 2024)
Dr M Laing (elected at AGM June 2024)
Treasurer Dr L-E Meyering
Editor Dr J Gardiner
Editor – Newsletter Dr S Greaney (demitted at AGM June 2024)
Meetings Secretary Dr F McDowall
Council Members Mr R Hedge (demitted at AGM June 2024)
Dr M Laing (demitted at AGM June 2024)
Dr R Wiseman (demitted at AGM June 2023)
Dr C Frieman
Dr S Harris (demitted at AGM June 2023)
Dr J Cole (demitted at AGM June 2023)
Dr B Roberts (demitted at AGM June 2023)
Dr J Bates (elected at AGM June 2023)
Dr O Davis (elected at AGM June 2023)
Dr J Wexler (elected at AGM June 2023)
Dr A Bricking (elected at AGM June 2024)
Dr G Prew (elected at AGM June 2024)

Page 3

The Prehistoric Society Trustee Directors’ Report For the Year Ended 31 December 2023

Structure, Governance and Management

Governing Document

The Prehistoric Society is a company limited by guarantee governed by its Memorandum and Articles of Association dated 2 August 1990. The company incorporated the assets and liabilities of The Prehistoric Society on 5 February 1991. The Prehistoric Society was registered as a charity on 12 October 1990. Anyone throughout the world can become a member of the Society. Members are required to pay an annual subscription to the Society. Council reviews the annual subscription every five years. Members guarantee to contribute an amount not exceeding £5 to the assets of the company in the event of winding-up.

Appointment of directors and trustees

The directors of the company are also charity trustees for the purposes of charity law and under the Articles of the company are known as the Council. The Council comprises the President, four VicePresidents, the Officers and the Council Members.

The President retires from office at the fourth Annual General Meeting after being appointed. At each Annual General Meeting, the longest-serving Vice-President retires from office and is not eligible for re-appointment for four years, the Officers of the company retire from office but are eligible for reappointment, and the three longest-serving Council Members retire from office and are not eligible for re-appointment for one year.

The objectives and activities of the Society cover all prehistoric periods throughout the world. The Council seeks to ensure that this wide range of interests is reflected as much as possible in the diversity of members of Council.

After due consideration Council nominate to the members of the Society suitable persons to be President (when applicable) and Vice-President on the basis of their specialist expertise and suitable experience. The Officers usually continue in office from year to year. When an Officer retires from office, the new Officer is either co-opted from Council or, where specialist professional knowledge is required , all members of the Society are notified of the vacancy in the Society’s newsletter. The nominated President, Vice-President and Officers are elected by the members at the following Annual General Meeting.

All members of the Society are invited to nominate potential Council Members. A notice requesting nominations is published in the Society’s newsletter and on the Society’s website. Each nomination is requested to include a short statement about the suitable expertise and experience of the proposed candidate. Based on these criteria, Council produces a shortlist of nominees to be put forward for election by the members at the following Annual General Meeting.

Page 4

The Prehistoric Society Trustee Directors’ Report For the Year Ended 31 December 2023

Trustee induction and training

New trustees are provided with an induction pack explaining the legal status of the charitable company, the obligations of trustees under company and charity law, the composition of Council, and the activities of the Society.

Risk Management

The Council has conducted a review of the major risks to which the charity is exposed. The significant external risk is a reduction in the total amount of member’s subscriptions, which are the main incoming resource. However this risk is minimised because about two-thirds of each year’s subscriptions are received during the first month of the year. Internal risks are minimised by control procedures for the authorisation of external payments. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.

Organisation

The Council, which meets three times each year, makes the strategic decisions about the current and future direction of the charity. Sub-committees, comprising several members of Council, are created, when appropriate, to consider specific matters affecting the Society. These sub-committees report their conclusions to the following Council meeting. The Executive Committee, which comprises the President, Vice-Presidents and Officers, meets twice each year and formulates strategic and tactical policies for consideration by Council. The Officers manage the day-to-day operations of the charity.

Council members are kept informed by electronic communications of all important actions made by Officers on behalf of Council.

Objectives and activities

The objectives of the charity are the advancement of education and interest in prehistory and all its branches and allied subjects, and the promotion of the conservation of the prehistoric archaeological heritage for the benefit of the public.

The Society’s membership at 31 December 2023 stood at 1033. There were 113 new members compared to 84 in 2022. As usual, some members are lost each year and these figures are broadly comparable to other years except for the higher losses amongst ‘joint’ and institutional’ members. The latter effect is seen across other learned societies.

The principal activities of the charity are:

Page 5

The Prehistoric Society Trustee Directors’ Report For the Year Ended 31 December 2023

The purpose of the Prehistoric Society

The Prehistoric Society, founded in 1935, is dedicated to researching, protecting and promoting the global archaeology of deep human history. The purpose of the Society is to investigate the fundamental questions of humanity; who we are, where we came from and how we evolved. Since its founding the objects of the Society have been to advance education and promote interest in prehistory in all its branches and allied subjects and to promote the conservation of the archaeological heritage for the benefit of the public Through its grants, publications, conferences and meetings, the Society supports those interested in human prehistory to discover new evidence both from the field and in curated museum archives. Through its advocacy for prehistoric heritage, the Society provides a voice to help protect landscapes, monuments and artefacts that may be under threat. Through its promotion of the value of prehistoric archaeology, the Society benefits primary, secondary and tertiary education as well as everyone with a passion for, and interest in, the deep human past.

What is Prehistory?

Prehistory describes the study of the deep history of humanity through material, rather than written, evidence. This distinctive approach to the study of the past gained traction among the northern antiquaries of Europe in the middle of the nineteenth century. Today researchers employ rigorous field methods and cutting-edge scientific techniques, often in conjunction with methods from the arts and humanities, to answer a wide range of questions about communities in prehistory. These relate to their identities, economies, beliefs and are often concerned with matters such as long-term cultural stability, social change and innovation. Understanding chronology and the environments of the past are central to the work of prehistorians and it is common for research to consider millennial timescales. The theories and techniques of prehistory can be applied to all people whose history depends on the evidence of objects rather than texts and oral traditions. Deep human history starts with the first stone tools over 3 million years ago. Its legacy continues today.

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The Prehistoric Society Trustee Directors’ Report For the Year Ended 31 December 2023

The aims of the Prehistoric Society are to:

Report on the year 2023

Research

The benefits of the research work of the Prehistoric Society are enshrined in our annual conference, publications and the support of research through grants.

The annual Europa conference celebrating the work of Prof Marie-Louise Stig-Sørensen was held in person in Cambridge, June 2-4th. This was only the second in person conference since the pandemic and was organised by Dr Jess Bates and with the support of Prof Graeme Barker. Speakers from Britain and Europe addressed the theme of Peopling the Past: Reflecting on Prehistoric Europe. The mixture of presentations covered a range of new approaches and data bringing the people of the past into focus. Speakers included early career researchers and key establishment figures, with a warm and encouraging atmosphere to present cutting edge research. This was followed by a fieldtrip to Wandlebury Hill Fort, led by Dr Chris Evans and a curators tour of Museum of Archaeology and Anthropology, led by senior curator Dr Jody Joy.

From its research funds the Society gave grants to six research projects with the society able to support a mixture of established and early career researchers. The 2023 research grants awarded totalled £5774 for fieldwork and/or archival research on a range of prehistoric sites and collections in Africa, and Croatia as well as the UK. Some grants from previous years were now completed, others were still disrupted by the pandemic but these were gradually being cleared and firm deadlines were set.

In 2023, the undergraduate dissertation prize winner and runners up were all invited to receive their certificates in person at the Sara Champion lecture in October 2023. This year this prestigious lecture presented by an early career researcher was given by Dr Adele Bricking. on Mortuary Practices in the Iron Age of Southwest Britain.

Most members opt to receive a paper copy of our annual academic journal the Proceedings of the Prehistoric Society (PPS) as well as three issues of our newsletter PAST. These are available also on-line through our publisher Cambridge University Press. They are also available more widely to non-members through library purchases. Volume 89 covered a broad geographical and chronological spread. Publishing in the Proceedings is open to all contributors subject to our rigorous editorial and peer review process. In addition, the research papers series continues as a strong addition to the research publication profile.

Page 7

The Prehistoric Society Trustee Directors’ Report For the Year Ended 31 December 2023

Skills and expertise

The Society recognises the importance of training and passing on skills and knowledge about prehistory. We also support the teaching of prehistory as part of the school curriculum, facilitated by our website, to provide schools with the resources about prehistory.

The appointment of new Council members is now overseen by a committee of Council that reviews skill sets and expertise, as well as equality, diversity and inclusion before recommending names to Council for nomination. The review of all our policies undertaken in 2021 continues to serve us well. Our aim has been to bring our governance further into line with Charity Commission best practice. New policies have been written and approved by Council and remain under active review.

Dissemination

In addition to our publications and conferences we held lecture meetings and a day-school during 2023 either on-line or in a blended format. Many of these were in partnership with local and national archaeological societies and formed a wide geographical spread. This year we partnered meetings with the London and Middlesex Archaeological Society, the Yorkshire Archaeological and Historical Society, Welwyn Archaeological Society, Cambridge Antiquarian Society, Devon Archaeological Society, Society of Antiquaries of Scotland, Cornwall Archaeological Society, The Leicestershire Fieldworkers and the Norwich and Norfolk Archaeological Society. We continued our support for the Annual Pitt Rivers Lecture held in Bournemouth University. The meetings were all well attended and are an example of how the Society takes prehistory into the wider local and worldwide community.

In 2023 the Global Pasts online lectures continued with a set of online meetings presented by colleagues in India and S. Africa on prehistoric landscapes in SE India, and human evolution research, respectively. These are also made available on the Society’s youtube channel. These online lectures allow us to reach new audiences and to extend our geographical coverage. They are the Covid online dividend.

Our lively day school, organised by Dr Sophia Adams, on ‘Prehistory in the Past’ took place in person 4th March 2023 and was extremely well attended.

In June 2023, the society organised a curator’s tour to the Ashmolean exhibition ‘Labyrinth: Knossos, Myth and Reality.

The redesigned website, https://www.prehistoricsociety.org/ received around 400 individual visitors per month from over 67 countries, with 30% of visitors coming to us from beyond the UK.

Page 8

The Prehistoric Society Trustee Directors’ Report For the Year Ended 31 December 2023

In 2023 we continued sustained growth in our on-line and social media presence. The Society's social media output continued to grow with over 8000 twitter followers and 19,000 people, from over 90 countries, in our Facebook group. We now have more online platforms given the recent Twitter upheavals, and established a Mastodon presence in November 2022, and had over 700 followers. The Facebook group welcomes professional and amateur members and topics range from the latest research in prehistory, through to descriptions of museum and site visits, requests for information and favourite prehistoric finds. The group has a strong, and enforced, Code of Conduct which ensures a safe and inclusive environment in which to discuss all aspects of world prehistory. All channels host lively discussions of current issues affecting prehistory and archaeology more generally, and regularly provide a route to membership. We aim to grow this area of our offer as a ‘trusted source’. However, our social media continued to provide an international meeting place for all prehistorians during the ongoing world crises and an opportunity to share experiences. The community of prehistorians remains strong.

We were sensitive to the hesitancy of some to return to in-person meetings. We also recognised the accessibility and inclusion benefits of maintaining an online presence. We aim to maintain this mix in future, holding hybrid and online events wherever possible. We now have an established membership and social media presence and are building upon our expertise in running very successful conferences, meetings and day schools on-line and now also a YouTube channel. We look forward to running more hybrid events.

Raising awareness and Advocacy

The Society continues to make representations regarding the threatened closure/restructuring of Museums or to advocate for specific sites or landscapes.

In 2023 The Prehistoric Society continues to prosper during some challenging times.

Investment policy

The investment funds of the charity are held in specialised investment funds, designed for charities, which provide income with a low risk to capital. Bank funds are held in bank deposit accounts paying a commercial rate of interest.

Grant making policy

The charity invites applications for grants by notices in the Society’s newsletter and website. Applicants are invited to submit a summary of their proposed project in a defined format. The awards committee reviews the applications against specific criteria and research objectives, and makes recommendations to Council on which projects should receive grants. Successful applicants are requested to provide a report on the completed project, which may be published in the Society’s newsletter.

Page 9

The Prehistoric Society Trustee Directors’ Report For the Year Ended 31 December 2023

Financial review

During the year, the charity generated income of £69,831, of which £11,716 was restricted (2022 - £63,908, of which £8,680 was restricted). Offset against this was expenditure of £102,020, of which £19,589 was restricted (2022 - £44,537, of which £13,342 was restricted). The charity investments generated an unrealised gain of £11,746 (2022 – loss of £24,919).

The loss for the year end is therefore £20,443 (2022 – £5,548), giving carried forward funds of £205,068 (2022 - £225,511).

Reserves policy

The reserves policy of Council is to maintain free reserves so that the future of the Society is not threatened if resource deficits are incurred in consecutive years. The operating policy of Council is that each year the charity will continue to maintain its educational and publication commitments at a level similar to previous years with the aim of approximately breaking even between incoming and outgoing resources. The subscription policy of the charity is to increase its annual subscription to members every five years. Thus during each five year cycle the charity would expect to make a small surplus during the early years and a small deficit in the later years. If the charity operates at a deficit during the early years of the subscription cycle then Council will consider reducing its spending commitments until further financial resources are established. If the charity operates at a surplus during the later years of the subscription cycle then Council will consider increasing the funds allocated to promote the principal activities of the Society.

Plans for future periods

The charity intends to continue its principal activities in future years as long as funding arrangements continue to be satisfactory.

Further volumes of the Prehistoric Society Research Papers are planned for future years.

Trustees responsibilities in relation to the financial statements

The trustees (who are also directors of The Prehistoric Society for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Page 10

The Prehistoric Society Trustee Directors’ Report For the Year Ended 31 December 2023

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing those financial statements, the directors should follow best practice and:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the Statement of Recommended Practice – Accounting and reporting by Charities and in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Council on 26 September 2024 and signed on its behalf by:

Dr M Laing Council Member

Page 11

The Prehistoric Society Independent Examiners' Report to the Members and Trustees For the Year Ended 31 December 2023

Independent examiners report to the Trustees of The Prehistoric Society

I report to the charity trustees on my examination of the accounts of The Prehistoric Society (“the Company”) for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not comply with these records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Michelle Ferris BSc (Hons) FCA DChA

Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX Date: 26 September 2024

Page 12

The Prehistoric Society Statement of Financial Activities (including an Income and Expenditure account) For the Year Ended 31 December 2023

Unrest- Rest- Unrest- Rest-
ricted ricted Total ricted ricted Total
Notes Funds Funds 2023 Funds Funds 2022
£ £ £ £ £ £
Income from:
Donations and general grants 2 39,163 - 39,163 39,079 - 39,079
Charitable activities 3 17,081 8,449 25,530 14,264 5,247 19,511
Investment income 4 1,871 3,267 5,138 1,885 3,433 5,318
Total income 58,115 11,716 69,831 55,228 8,680 63,908
Expenditure on:
Raising funds 7 8,649 - 8,649 8,044 - 8,044
Charitable expenditure 8 62,491 19,589 82,080 15,679 13,342 29,021
Governance 9 11,291 - 11,291 7,472 - 7,472
Total expenditure 82,431 19,589 102,020 31,195 13,342 44,537
Net income/(expenditure) before
transfers		 (24,316) (7,873) (32,189) 24,033 (4,662) 19,371
Unrealised investment gains 12 3,252 8,494 11,746 (8,826) (16,093) (24,919)
Net movement in funds (21,064) 621 (20,443) 15,207 (20,755) (5,548)
Reconciliation of funds
Fund balances at 01 January 2023 131,024 94,487 225,511 115,817 115,242 231,059
Fund balances at 31 December 2023 15 109,960 95,108 205,068 131,024 94,487 225,511

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

The statement of financial activities incorporates the income and expenditure account.

Page 13

The Prehistoric Society - Company Registration Number: 02532446 Balance Sheet As at 31 December 2023

----- Start of picture text -----
Notes 2023 2022
£ £
Fixed assets
Tangible fixed assets 11 301 604
Investments 12 187,345 175,599
187,646 176,203
Current assets
Debtors 13 13,192 20,402
Cash at bank and in hand 46,989 43,274
60,181 63,676
Creditors
Amounts falling due within one year 14 (42,759) (14,368)
Net current assets 17,422 49,308
Net assets 205,068 225,511
Funds
Unrestricted funds 15 109,960 131,024
Restricted funds 15 95,108 94,487
Net assets 205,068 225,511
----- End of picture text -----

The financial statements have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

For the year ended 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the Council for issue on 26 September 2024 and signed on their behalf by:

Prof. L Hurcombe President

Page 14

The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

1 Accounting Policies

1.1 General information and basis of accounting

The Prehistoric Society is a company limited by guarantee incorporated in the United Kingdom under the Companies Act. The maximum liability of each member is limited to £5. The address of the registered office is given on page 2. The nature of the charity’s operations and its principal activities are set out in the Trustees report on pages 3-11.

The financial statements have been prepared in £ sterling on the historical cost basis and in accordance with accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)- (Charities SORP (FRS 102)) and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Income

All income is included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.

Donation and legacies income is included in full in the Statement of Financial Activities when receivable.

Income from charitable activities is included in full in the Statement of Financial Activities when earned.

Investment income is included when receivable.

Page 15

The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

1.4 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. All expenditure is gross of VAT which cannot be recovered and is reported as part of the expenditure to which it relates. Expenditure includes those costs that can be allocated directly to each activity and support costs relating to the activity.

Expenditure on raising funds comprises the costs associated with attracting voluntary income.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services to its clients.

Expenditure on governance includes those costs associated with meeting the constitutional and statutory requirements of the charitable company.

Support costs are allocated between expenditure categories on a basis designed to reflect the use of the resource.

Grants payable are payments made to third parties in the furtherance of the objectives of the charitable company. Grants are accounted for when the trustees have agreed to pay the grants without condition.

1.5 Fixed assets

Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives at the following rate:-

Office equipment – 20% per annum straight line basis

Fixed assets are valued at cost less depreciation. No assets are capitalised under £1,000. Fixed assets are reviewed annually for impairment.

1.6

Investments

Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the Statement of Financial Activities, this being considered the fair value for accounting purposes.

1.7

Debtors

Prepayments and accrued income comprises amounts due from funders and is recognised when the charity is entitled to the money, receipt is probable and the amount can be measured reliably and prepayments arise from the payments for services prior to benefit from those services.

1.8 Cash at bank and in hand

Cash at bank and in hand comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.9 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Page 16

The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

1.10 Taxation

The company is a registered charity and is therefore not liable to corporation tax to the extent that income and gains are applied to the charitable objectives of the charity.

1.11 Fund accounting

General funds are unrestricted funds receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.

1.12 VAT

The charitable company is not VAT registered and therefore all costs are inclusive of VAT.

1.13 Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade debtors and deferred income are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 17. Investment portfolios are basic financial instruments measured at fair value through the income and expenditure account. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 17. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Page 17

The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

2 Donations and general grants

----- Start of picture text -----
Unre- Rest- Unre- Rest-
stricted ricted Total stricted ricted Total
funds funds 2023 funds funds 2022
£ £ £ £ £ £
- -
Subscriptions 39,163 39,163 32,935 32,935
- - - -
Donations 6,144 6,144
- -
39,163 39,163 39,079 39,079
----- End of picture text -----

Where grants are received in advance, for a specified period, these funds are deferred and recognised in the period to which they relate.

3 Incoming resources from charitable activities

----- Start of picture text -----
Unre- Rest- Unre- Rest-
stricted ricted Total stricted ricted Total
funds funds 2023 funds funds 2022
£ £ £ £ £ £
Publication grants 1,469 - 1,469 - - -
Publications 13,021 - 13,021 13,769 - 13,769
Other income 125 - 125 345 - 345
Conferences 2,466 8,449 10,915 150 5,247 5,397
17,081 8,449 25,530 14,264 5,247 19,511
----- End of picture text -----

Page 18

The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

4 Investment income

Dividends
Interest		 Unre-
stricted
funds
£
1,486
385
1,871		 Rest-
ricted
funds
£
3,139
128		 Total
2023
£
4,625
513
5,138		 Unre-
stricted
funds
£
1,789
96
Rest-
ricted
funds
£
3,429
4		 Total
2022
£
5,218
100
3,267 1,885 3,433 5,318

5 Support costs

----- Start of picture text -----
2023 2022
£ £
Administration fee 13,941 13,671
Website 612 -
Insurance 460 460
Stationery, postage and software 439 369
Bank charges 688 645
Depreciation 301 301
16,441 15,446
----- End of picture text -----

Support costs are general administration costs incurred by the charitable company that cannot be specially allocated to activities.

Page 19

The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

----- Start of picture text -----
6 Allocation of support costs to activities 2023
Activities Support costs
undertaken (including contribution
directly to core costs) Total
Unrestricted funds
Expenditure on raising funds 264 8,385 8,649
Expenditure on charitable activites:
Grants 4,107 987 5,094
Lectures 517 164 681
Proceedings 43,401 329 43,730
PAST 8,249 493 8,742
Research papers 4,244 - 4,244
Other publication costs - - -
Expenditure on governance 8,496 2,795 11,291
Total unrestricted funds 69,278 13,153 82,431
Restricted funds
Expenditure on charitable activites:
Grants 2,000 - 2,000
Conferences 14,301 3,288 17,589
Total restricted funds 16,301 3,288 19,589
Total funds 85,579 16,441 102,020
----- End of picture text -----

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The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

6 Allocation of support costs to activities (continued) - 2022

----- Start of picture text -----
Activities Support costs
undertaken (including contribution
directly to core costs) Total
Unrestricted funds
Expenditure on raising funds 167 7,877 8,044
Expenditure on charitable activites:
Grants 7,955 927 8,882
Lectures 446 154 600
Proceedings 4,914 309 5,223
PAST - 463 463
Research papers 500 - 500
Other publication costs 11 - 11
Expenditure on governance 4,845 2,627 7,472
Total unrestricted funds 18,838 12,357 31,195
Restricted funds
Expenditure on charitable activites:
Grants 326 - 326
Conferences 9,927 3,089 13,016
Total restricted funds 10,253 3,089 13,342
Total funds 29,091 15,446 44,537
----- End of picture text -----

Support costs are allocated on a basis consistent with the use of resources.

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The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

7 Expenditure on raising funds

----- Start of picture text -----
Unre- Rest- Unre- Rest-
stricted ricted Total stricted ricted Total
funds funds 2023 funds funds 2022
£ £ £ £ £ £
Support costs 8,649 - 8,649 8,044 - 8,044
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8 Charitable expenditure

----- Start of picture text -----
Unres- Res- Unres- Res-
tricted tricted Total tricted tricted Total
funds funds 2023 funds funds 2022
£ £ £ £ £ £
Grants 5,094 2,000 7,094 8,882 326 9,208
Lectures 681 - 681 600 - 600
Proceedings 43,730 - 43,730 5,223 - 5,223
PAST 8,742 - 8,742 463 - 463
Research Papers 4,244 - 4,244 500 - 500
Conferences - 17,589 17,589 - 13,016 13,016
Other publication costs - - - 11 - 11
62,491 19,589 82,080 15,679 13,342 29,021
----- End of picture text -----

9 Expenditure on governance

Hire of meeting rooms
Travel expenses
Membership fees
Miscellaneous
Accountancy
Independent examination
Support costs		 Unres-
tricted
funds
£
4,366
956
130
13
2,431
600
2,795
11,291		 Res-
tricted
funds
£
-
-
-
-
-
-
-		 Total
2023
£
4,366
956
130
13
2,431
600
2,795
11,291		 Unres-
tricted
funds
£
1,191
330
130
480
2,114
600
2,627		 Res-
tricted
funds
£
-
-
-
-
-
-
-
-		 Total
2022
£
1,191
330
130
480
2,114
600
2,627
- 7,472 7,472

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The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

10 Key management personnel, trustee remuneration and related party transactions

The key management personnel of the charitable company are the trustees. No members of the Council received any remuneration during the year for their activities as a trustee. No travel costs were reimbursed to members of Council (2022 – none).

During the year £5,995 was paid to Dr Julie Gardiner, a trustee, for services in relation to copyediting (2022 - £3,920). No amounts were outstanding at the year end (2022 - £nil).

11 Tangible fixed assets

----- Start of picture text -----
Office
Equipment Total
£ £
Cost
As at 01 January 2023 2,210 2,210
- -
Additions
As at 31 December 2023 2,210 2,210
Depreciation
As at 01 January 2023 1,606 1,606
Charge for year 303 303
As at 31 December 2023 1,909 1,909
Net book value
As at 31 December 2023 301 301
As at 31 December 2022 604 604
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Page 23

The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

----- Start of picture text -----
12 Investments
2023 2022
£ £
Quoted investments:
As at 01 January 2023 175,599 200,519
Unrealised (losses)/ gains 11,746 (24,919)
As at 31 December 2023 187,345 175,599
Historic cost 172,926 172,926
13 Debtors
2023 2022
£ £
Prepayments and accrued income 13,192 20,402
13,192 20,402
14 Creditors: Amounts falling due within one year
2023 2022
£ £
Trade creditors 33,651 6,948
Accruals & deferred income 9,108 7,420
42,759 14,368
----- End of picture text -----

Funding has been deferred totalling £nil (2022 – £nil) for conferences and events where the event has not taken place as at the year end.

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The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

15 Statement of funds

----- Start of picture text -----
Balance Balance
01.01.23 Income Expenditure Revaluation 31.12.23
£ £ £ £ £
General unrestricted funds 131,024 58,115 (82,431) 3,252 109,960
Total unrestricted funds 131,024 58,115 (82,431) 3,252 109,960
Restricted funds
Europa Fund 78,535 11,091 (19,589) 7,042 77,079
John and Bryony Coles Fund 15,952 625 - 1,452 18,029
Total restricted funds 94,487 11,716 (19,589) 8,494 95,108
Total funds 225,511 69,831 (102,020) 11,746 205,068
----- End of picture text -----

Statement of funds- prior year

----- Start of picture text -----
Balance Balance
01.01.22 Income Expenditure Revaluation 31.12.22
£ £ £ £ £
General unrestricted funds 115,817 55,228 (31,195) (8,826) 131,024
Total unrestricted funds 115,817 55,228 (31,195) (8,826) 131,024
Restricted funds
Europa Fund 97,068 8,143 (12,892) (13,784) 78,535
John and Bryony Coles Fund 18,174 537 (450) (2,309) 15,952
Total restricted funds 115,242 8,680 (13,342) (16,093) 94,487
Total funds 231,059 63,908 (44,537) (24,919) 225,511
----- End of picture text -----

Page 25

The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

----- Start of picture text -----
16 Analysis of net assets between funds
Unre- Rest- Unre- Rest-
stricted ricted Total stricted ricted Total
funds funds 2023 funds funds 2022
£ £ £ £ £ £
Tangible assets 301 - 301 604 - 604
Investments 64,916 122,429 187,345 61,664 113,935 175,599
Current assets 85,502 (25,321) 60,181 77,824 (14,148) 63,676
Current liabilities (40,759) (2,000) (42,759) (9,068) (5,300) (14,368)
109,960 95,108 205,068 131,024 94,487 225,511
----- End of picture text -----

17 Financial instruments

Categorisation of financial instruments

----- Start of picture text -----
2023 2022
£ £
Financial assets measured at fair value through income
187,345 175,599
and expenditure account
Financial assets that are debt instruments measured at
60,181 63,676
amortised cost
247,526 239,275
Financial liabilities measured at amortised cost 42,759 14,368
42,759 14,368
----- End of picture text -----

Page 26

The Prehistoric Society Notes to the Financial Statements For the Year Ended 31 December 2023

17 Financial instruments (continued)

Item of income, expenditure, gain or losses

----- Start of picture text -----
Income Expense Net gains Net losses
£ £ £ £
2023
Financial assets measured at 4,766 - - 11,746
fair value through income
and expenditure account
Financial assets measured at - - - -
amortised cost
Financial liabilities measured at - - - -
amortised cost
- -
4,766 11,746
2022
Financial assets measured at 5,269 - - (24,919)
fair value through income
and expenditure account
Financial assets measured at - - - -
amortised cost
Financial liabilities measured at - - - -
amortised cost
- -
5,269 (24,919)
----- End of picture text -----

18 Company limited by guarantee

The company was incorporated as a company limited by guarantee and has no share capital. The guarantee to the company is £5 per member on the winding up of the company. At 31 December 2023 the company had sixteen members and the total amount guaranteed is therefore £80.

Page 27