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2022-12-31-accounts

Company registration number: 00012722 Charity registration number: 1014370

The Philological Society

(A company limited by guarantee)

Report of the Council and Unaudited Financial Statements

for the Year Ended 31 December 2022

The Philological Society

Contents

Contents
Notice of Meeting 1
Constitutional and Administrative Details 2
Directors’ (Council) Report for 2022 3 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 15

The Philological Society

Notice of Meeting

The Annual General Meeting of the Society will be held at 4.15 p.m. on 10 June 2023 at St. Catherine’s College, Oxford.

Agenda

The Secretary for Publications (Transactions) is, as always, eager to receive articles from members and non-members, for publication in the journal.

Council draws the attention of members to the provision whereby members of the Society of twenty or more years standing, who have retired from full-time employment, may, on application to the Council, and at its absolute discretion, be given continued membership without further payment of subscriptions. Members should write to the Membership Secretary in the first instance.

1

The Philological Society

Report and Accounts of The Philological Society for 2022

Registered Charity No. 1014370

Company No. 00012722

President and Director of the Company:

Prof. S. FITZMAURICE, B.A., M.Phil., Ph.D.

Vice President:

Dr E.K. BROWN, M.A., Ph.D. (not a director of the Company)

Vice Presidents and Directors of the Company:

Prof. S. ADAMSON, M.A. Prof. W. M. AYRES-BENNETT, M.A., D.Phil. Prof. A. LAHIRI, B.A., M.A., D.Phil., F.B.A.

Prof. P. H. MATTHEWS, M.A., Litt.D., F.B.A. (resigned as Vice President and Director on 7 April 2023) Prof. N. SIMS-WILLIAMS, M.A., Ph.D., FBA.

Prof. N. VINCENT, M.A., FBA.

Ordinary Members of the Council as at 31 December 2022 (all also Directors of the Company):

Dr. K. ALLAN, M.A., Ph.D. Dr. L.R. BAILEY[[*]] , B.A., M.Litt., PhD, S.F.H.E.A

Dr. K. ALLAN, M.A., Ph.D. Dr C. B. LUCAS, M.A., M.Phil., Ph.D. Dr. L.R. BAILEY[[]] , B.A., M.Litt., PhD, S.F.H.E.A Prof. M. D. MAIDEN, M.A., M.A., M.Phil., Ph.D., Dr h.c., F.B.A., M.A.E. Prof. K. E. BÖRJARS, M.A., Ph.D., M.A.E. Dr. R. MEYER, MA., M.Phil., D.Phil. Prof. J. L. CHESHIRE, B.A., Ph.D., F.B.A., F.R.S.A. Mr G. POINTON, M.A., M.Litt. Prof. R. W. DANCE[] , M.A., M.St., D.Phil. Dr S. M. PONS-SANZ, M.Phil., Ph.D., S.F.H.E.A. Prof. K. FISCHER, Erste Staatsprüfung Sek II, Ph.D. Prof. B.M. POST[] , M.A., Ph.D Prof. N.S. GISBORNE[] , B.A., M.A., Ph.D. Dr J. ROBINSON, B.A., B.Sc., M.A., M.Sc., Ph.D. Dr S. J. HELLMUTH, B.A., M.A., Ph.D., S.F.H.E.A Dr R. SEN, M.A., D.Phil. (until December 2022, see below) Dr P. G. HONEYBONE, B.A., M.A., Ph.D. Prof. L. SYLVESTER, M.A., Ph.D. Prof. N. C. KULA, B.A., M.A., Ph.D., S.F.H.E.A. Dr S. WOLFE, M.A., M.Phil., Ph.D. (* Appointed as Directors on 11 June 2022.)

Treasurer:

Prof. P. K. AUSTIN, B.A.(A.S), Ph.D., Ph.D. honoris causa. (also a Director of the Company until resigning as both Director and Treasurer on 2 November 2022)

Dr R. SEN, M.A., D.Phil. (also a Director of the Company, Treasurer from December 2022)

Secretaries (also Directors of the Company):

Dr S. PULLEYN, M.A., D.Phil., LL.M., F.R.Hist.S. (also Company Secretary, resigning as both Director and Company Secretary on 24 October 2022) Dr R.K. ASHDOWNE, M.A., D.Phil. (for Membership) Mr J. J. BOOTH, B.A., M.Phil. (for Student Associates) Dr M. GREEN, B.A., M.A., Ph.D. (for Publications) Prof. L. MARTEN, M.A., Ph.D. (for Publications) The Company currently has no Company Secretary

Website: https://www.philsoc.org.uk

Accountants: V&A Vigar Group Ltd, Stoneygate House, 2 Greenfield Road, Holmfirth, West Yorkshire, HD9 2JT Bankers: Barclays Bank plc, 1 Pall Mall East, London, SW1Y 5AX

Agents and Publishers for the Society: Blackwell Publishing Ltd, 9600 Garsington Road, Oxford, OX4 2DQ Registered Office: 7 Bell Yard, London WC2A 2JR.

2

The Philological Society

Report of the Philological Society for 2022

The Philological Society is the oldest learned society in Great Britain devoted to the scholarly study of language and languages. It was established in its present form in 1842, consisting partly of members of a society of the same name established at the University of London in 1830.

Structure, governance and management

The Society is a registered charity and a company limited by guarantee. It was incorporated on 2 January 1879. It is governed by a Memorandum and Articles of Association which were most recently amended at an Annual General Meeting held in London on 7 May 1999.

The Trustees of the Society, that is, directors listed with Companies House, are constituted by its President, who is appointed at an Annual General Meeting for a period of three years (renewable for one further year only), the Vice-Presidents, who are appointed for life at an Annual General Meeting, the other Officers, and up to twenty ordinary members of Council, who are elected annually at an Annual General Meeting.

In addition to the directors listed on page 2, Prof S.C. Colvin, Dr H. Gibson, Prof F. Plank and Dr P. Stiles also acted as directors of the Company during the year to 31 December 2022, each resigning as a director on 11 June 2022 at the end of their term. On that same day, Dr L.R. Bailey, Prof R.W. Dance, Prof N.S. Gisborne and Prof B.M. Post were appointed as directors.

Objectives

The objects of the Society are to investigate and promote the study and knowledge of the structure, the affinities, and the history of languages, and to apply all the profits (if any) or other income of the Association for the promotion of the above object, without payment of any dividend to the members of the Association, and the doing of all such other lawful things as are incidental or conducive to the attainment of the above objects.

Activities and achievements of the Society in 2022

During 2022 the Society held six meetings via Zoom and in person:

During the year, vols. 120.1, 120.2, and 120.3 of Transactions of the Philological Society were distributed to members.

3

The Philological Society

REPORT of the PHILOLOGICAL SOCIETY 2022 (continued)

The Society continued in 2022 to make audio-visual recordings of papers delivered online at meetings, and, with the speakers’ permission, to make the recordings available on YouTube for public viewing.

Five MA bursaries of £5,500 p.a. were awarded to students in linguistics or philology, following a competitive application process. One of the MA bursaries was awarded from the Anna Morpurgo Davies fund (one bursary per year may be awarded from this fund to support a student working on ancient languages). In addition, five Bursaries were awarded from the Martin Burr fund to support attendance at the Societas Linguistica Europaea conference, the 34th Deutscher Orientalitentag, and for three researchers to undertake fieldwork in Italy, and Brittany, France. One doctoral travel and fieldwork bursary was awarded to support attendance at the 25th International Conference on Historical Linguistics. The Society also provided £750 to support the International Conference on Historical Linguistics, held at the University of Oxford, and £2,000 to support redevelopment of the website of the UK Linguistic Olympics Committee.

In 2022 the Society moved more of its activities online, including applications for MA Bursaries. The Society continued a blog which is hosted on a Wordpress webpage. It is curated by the Secretary for Student Associates and all members are encouraged to contribute items of interest.

On 31st December 2022 the Society had 617 members, of whom 126 are student associate members and 491 are ordinary members (including 55 life (or honorary) members).

Activities planned for 2023

Seven meetings are scheduled for 2023 to be delivered in person, as follows:

October, tba

November, tba

A total of five MA bursaries will be awarded. Further grants will be made available to research students presenting papers at conferences or undertaking fieldwork. The Society welcomes donations to the Anna Morpurgo Davies bursary fund and the Burr research fund.

Impact of COVID-19

COVID-19 affected the performance of the Society at the beginning of 2022, with meetings and presentations being held virtually by Zoom. From May 2022 meetings and presentations were resumed in person.

4

The Philological Society

Reserves

Council’s policy is to retain a level of resources both now and for the future generations that will, together with other income, generate sufficient funds to enable the publication of special interest publications and promote other projects in furtherance of the objects of the charity.

Aggregate reserves held at 31 December 2022 totalled £737,402 (2021: £716,474).

Investments

Investment policies

Under its Memorandum and Articles of Association, the Society has the power to make any investments as the directors see fit. The policy of the directors has been to invest the Society’s funds so as to produce a regular and sustainable level of income. Funds are invested in a combination of cash deposits, managed funds and quoted equities.

Funds are invested with established fund managers whose strategy closely aligns with the values, ethos and principles of the Society including appropriate environmental, social and governance criteria for the selection of investments.

The policy of the directors is intended to manage risk within agreed parameters. Outside of the normal market fluctuations associated with equity investments, the policy takes account of the following principal potential risks:

Cash flow risk

The Society’s cash investment activities expose it primarily to the financial risks of changes in interest rates. Certain interest-bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The Society’s principal financial assets are bank balances and cash, trade and other receivables, and investments.

The Society’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The Society has no significant concentration of credit risk, with exposure spread over a number of counterparties.

Investment performance in 2022

Performance during 2022 reflected the performance of markets generally and saw a decline in the value of the Company’s holdings of just under 8%.

During the previous year, one of the funds in which the Society had invested was closed by its manager, Barings. Upon the closure, the Society realised its investment leading to a net addition to cash deposits.

5

The Philological Society

Statement of Directors’ Responsibilities

The directors are responsible for preparing the directors’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the 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 special provisions for small companies under section 415A of the Companies Act 2006.

Approved by the Council on …………………….. and signed on their behalf by

Dr Ranjan Sen

Prof S. Fitzmaurice

Treasurer

President

6

The Philological Society

Independent Examiner's Report to the Directors of The Philological Society ("the Company")

I report to the directors on my examination of the accounts of the Company for the year ended 31 December 2022.

Responsibilities and basis of report

As the directors of the Company 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.

The report including my statement has been prepared for and only for the board of directors of the Company as a body. My work has been undertaken so that I might state to the board of directors those matters that I am required to state to them in an independent examiner’s report and for no other purposes. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than board of directors of the Company for my examination work, for this report, or for the statements I have made.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Company and a comparison of the financial statements presented to those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as directors 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 financial statements present “a true and fair view” and the report is limited to those matters set out in my statement below.

Independent examiner’s statement

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

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

  2. the accounts do not accord with those 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.

...................................... Amanda Vigar Independent Examiner

V&A Vigar Group Ltd Stoneygate House, 2 Greenfield Road Holmfirth, West Yorkshire, HD9 2JT

Date: ……………………….

7

The Philological Society

Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

2022
2021
Note £
£
Income and Endowments from:
Membership and Subscriptions 9,448
9,300
Publications 67,754
64,605
Total charitable activities
77,202
73,905
Dividend income
5,649
5,793
Interest income
451
43
Investment income
6,100
5,836
Total Income
83,302
79,741
Expenditure on:
Bursaries awarded (30,500)
(54,885)
Student conference support (4,341)
(682)
Charitable expenditure (34,841)
(55,567)
Administrative andgovernance costs
3
(12,591)
(8,971)
Total expenditure
(47,432)
(64,538)
Realisedgains/(losses)on investment assets
-
2,017
Net income before unrealised gains/(losses)
35,870
17,220
Unrealisedgains/(losses)on investment assets
(14,942)
4,161
Net movement in funds aftergains/(losses)
20,928
21,381
Reconciliation of movement in funds
Total funds brought forward
8
716,474
695,093
Total funds carried forward
8
737,402
716,474

All of the Company’s activities derive from continuing operations during the above two periods.

The Company’s net income before unrealised gains and losses relates to movements in unrestricted general funds.

The notes on pages 10 to 15 form an integral part of these financial statements.

8

The Philological Society

(Registration number: 00012722) Balance Sheet as at 31 December 2022

2022 2021
Note £ £
Fixed assets
Investments 5 173,322 188,264
Current assets
Accrued publication income 63,254 60,105
Unpaid subscriptions 1,184 940
Prepayments - 500
Accrued investment income - -
Cash at bank and in hand 506,689 471,637
571,127 533,182
Creditors: Amounts falling due within one year
Creditors, amounts falling due within one year (200) -
Subscriptions paid in advance (3,148) (3,772)
Accruals (3,699) (1,200)
(7,047) (4,972)
Net current assets 564,080 528,210
Net assets 737,402 716,474
Funds of the charity:
Unrestricted funds
Revaluation reserve 6 88,320 103,262
General Fund 7 625,691 585,756
Martin Burr Fund 7 23,392 27,456
8 737,402 716,474

For the financial year ending 31 December 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 8 to 15 were approved by the directors, and authorised for issue on ………………. and signed on their behalf by:

......................................... Prof S. Fitzmaurice

President

The notes on pages 10 to 15 form an integral part of these financial statements.

9

The Philological Society

Notes to the Financial Statements for the Year Ended 31 December 2022

1 Legal status of the Society

The Philological Society is a company limited by guarantee and has no share capital, incorporated in England & Wales. In the event of the charity being wound up, the liability in respect of the guarantees is limited to £1 per ordinary member of the Society.

The address of its registered office is: 7 Bell Yard London WC2A 2JR

The principal activity of the Society is to investigate and promote the study and knowledge of the structure, the affinities and the history of languages.

2 Accounting policies

Functional currency

These financial statements are presented in pounds sterling and this is the functional currency of the charity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and Charities Act 2011.

Basis of preparation

The Philological Society 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 notes.

Going concern

The directors consider that there are no material uncertainties about the Company’s ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Judgements and accounting estimates

In applying the Company’s accounting policies, the directors may be required to make judgements, estimates and assumptions in determining the carrying values of the assets and liabilities.

Due to the nature of the Company’s activities and financial statements the directors do not consider there to be any significant judgements or sources of estimation uncertainty which could influence a reader’s understanding of the financial statements.

10

The Philological Society

Notes to the Financial Statements for the Year Ended 31 December 2022

Donations, subscriptions and royalty income

Donations and subscriptions are credited to the accounts in the year in which they are receivable.

Royalties from the sales of publications and journals are included in the year in which the relevant publications were sold.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

Publications costs are treated as expenditure in the year in which they are incurred.

Charitable activities

Charitable expenditure comprises those costs incurred by the Company in the delivery of its activities and the furtherance of its objects. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Bursaries and similar grants

Bursaries and provisions of similar grants are recognised when the intention to make a grant has been communicated to the recipient.

Administrative and governance costs

These include costs attributable to operational management of the Society as well as compliance with constitutional and statutory requirements, including directors’ meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the revaluation reserve and reflected in the Statement of Financial Activities based on the market value at the year end.

11

The Philological Society

Notes to the Financial Statements for the Year Ended 31 December 2022

Debtors

Debtors are amounts due from members and/or third parties for transactions undertaken in accordance with the Society’s objects and in the ordinary course of business.

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents 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.

Fund structure

Unrestricted funds are general funds that are available for use at the directors’ discretion in furtherance of the objectives of the Society. The Society had no restricted funds during the year or the prior year.

Creditors

Creditors are recognised where the Company has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Deferred income

Where amounts are received by the Company in advance of the delivery of services or goods by the Society, the liability to provide those services or goods is recognised in full as at the date of receipt.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs).

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

12

The Philological Society

Notes to the Financial Statements for the Year Ended 31 December 2022

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value with movements reflected through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using an appropriate valuation technique.

3 Administrative and governance costs

Administrative and governance costs include:

2022
2021		 2022
2021
£
£
Independent Examiner’s fees relating to examination of the current
year financial statements 2,790
1,200
Other governance costs 193
339
General administrative expenses 9,608
7,432
12,591
8,971

No emoluments have been paid or are payable to the directors. However, on provision of receipts, out of pocket expenses have been reimbursed totalling £1,452 (2021: £956).

The Company has no paid employees.

4 Taxation

The Company is a registered charity and is, therefore, exempt from taxation.

13

The Philological Society

Notes to the Financial Statements for the Year Ended 31 December 2022

5 Fixed asset investments

Fixed asset investments comprise public equities and investments in funds operated by fund managers that invest in equities or traded bonds.

The Company’s directly held cash deposits are reported separately.

The movement on fixed asset investments during the year was as follows:

Market
Cost Value
£ £
At 1 January 2021 105,002 204,104
Disposals in the year (20,000) (22,018)
Gain realised on disposal - 2,017
Movement in market value in theyear - 4,161
At 31 December 2021 and 1 January 2022 85,002 188,264
Disposals in the year - -
Gain realised on disposal - -
Movement in market value in theyear - (14,942)
At 31 December 2022 85,002 173,322

6 Revaluation reserve

The revaluation reserve reflects the unrealised difference between the cost and the market value of the fixed asset investments.

At 31 December 2022 the market value of the fixed asset investments was £173,322 against the originally invested amounts of £85,002 giving a unrealised gain of £88,320 (2021: unrealised gain of £103,262).

7 General and Designated Funds

All funds are unrestricted.

General Fund

The General Fund is available to support the general charitable activities of the Company.

Designated funds: Martin Burr Fund

The Martin Burr Fund is available to support activities for which regular funding is not available in a given year. Anticipated uses include support for mature students undertaking an MA in linguistics or philology, grants to enable independent scholars and retired members to attend meetings of the Society or other academic events.

14

The Philological Society

Notes to the Financial Statements for the Year Ended 31 December 2022

7 Funds (continued): Movement on funds in the year

Balance at
Balance at
1 January
Net incoming
Resources
31 December
2021
resources
expended
2021
£
£

£
£
General
General Fund 567,650
17,220
886
585,756
Designated
Martin Burr Fund 28,342
-
(886)
27,456
Total unrestricted funds
595,992
17,220
-
613,212
Balance at
Balance at
1 January
Net incoming
Resources
31 December
2022
resources
expended
2022
£
£

£
£
General
General Fund 585,756
35,870
4,065
625,691
Designated
Martin Burr Fund 27,456
-
(4,065)
23,391
Total unrestricted funds
613,212
37,876
-
649,082

8 Funds of the charity

The analysis of the funds of the charity at each year end is as follows:

2022
2021
£
£
General Fund 625,691
585,756
Martin Burr Fund 23,391
27,456
649,082
613,212
Revaluation reserve(net unrealisedgains on investments) 88,320
103,262
737,402
716,474

15