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 2023
The Philological Society
Contents
| Contents | |
|---|---|
| Notice of Meeting | 1 |
| Constitutional and Administrative Details | 2 |
| Directors’ (Council) Report for 2023 | 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 8 June 2024 at St. Catharine’s College, Cambridge.
Agenda
-
1) Minutes of the meeting held on 10 June 2023
-
2) New members of the Society
-
3) Treasurer’s Report for 2023
-
4) Secretaries’ Reports
-
5) Election of President
-
6) Election of Members of Council
-
7) Vote of Thanks
-
8) Prof. Susan M. Fitzmaurice (Sheffield), Seeing meaning: Using visualisation techniques to explore conceptual patterns in Early Modern English discourses
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 2023
Registered Charity No. 1014370
Company No. 00012722
President and Director of the Company:
Prof. S. FITZMAURICE, B.A., M.Phil., Ph.D. (from 14 June 2020)
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. N. SIMS-WILLIAMS, M.A., Ph.D., FBA. Prof. N. VINCENT, M.A., FBA.
Ordinary Members of the Council as at 31 December 2023 (all also Directors of the Company):
Dr. K. ALLAN, M.A., Ph.D. Dr P. G. HONEYBONE, B.A., M.A., Ph. D. Dr. L.R. BAILEY, B.A., M.Litt., PhD, S.F.H.E.A Prof. N. C. KULA[^] , B.A., M.A., Ph.D., S.F.H.E.A. Dr M. BIANCONI[] , B.A., M.A., D.Phil., F.H.E.A Prof. A. N. LEDGEWAY[] , B.A., M.A., Ph.D., Dr h.c. F.B.A., M.A.E Prof. K. E. BÖRJARS, M.A., Ph.D., M.A.E. Dr C. B. LUCAS, M.A., M.Phil., Ph.D. Dr T.A.A. BREBAN[] , B.A., M.A., Ph.D., 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. 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.B. POST, M.A., Ph.D. Prof. N.S. GISBORNE, B.A., M.A., Ph.D. Dr K. J. RAM-PRASAD[] , B.A., M.Phil., Ph.D. Dr S. J. HELLMUTH, B.A., M.A., Ph.D., S.F.H.E.A (* Appointed as Directors on 10 June 2023 | ^ Resigned as a director 19 January 2024)
Treasurer:
Dr R. SEN, M.A., D.Phil. (also a Director of the Company)
Secretaries (also Directors of the Company):
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 had no Company Secretary as at 31 December 2023. Prof P. RUSSELL was appointed as Company Secretary on 1 January 2024
Technical and Communications Administration: Dr R. MEYER, MA., M.Phil., D.Phil. (ceased to be a director of the Company on 10 June 2023)
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 2023
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 Meetings held in London on 7 May 1999 and 8 May 2009.
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. P.H. Matthews served as a director of the Company during the year to 31 December 2023 resigning on 7 April 2023 and Dr R. Meyer, Dr J. Robinson, Prof. L. Sylvester and Dr S. Wolfe also acted as directors of the Company during the year to 31 December 2023, each resigning as a director on 10 June 2023 at the end of their term. On that same day, Dr M. Bianconi, Dr T.A.A. Breban and Prof. A.N. Ledgeway were appointed as directors. Since the year end, Prof. P. Russell has been appointed as Company Secretary on 1 January 2024 and on 19 January 2024 Prof. N.C. Kula resigned as a director.
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 2023
During 2023 the Society held five meetings via Zoom and in person:
17 February, Prof. Michelle Sheehan (Newcastle) Long passives in Romance: Finding patterns in the chaos
18 March, Prof. Kasia M. Jaszczolt (Cambridge) Tensed and tenseless languages for tenseless reality: The importance of cross-linguistic data in the philosophy of time
5 May, Prof. Amalia Arvaniti (Nijmegen) “It’s not what you said, it’s how you said it”: Recent advances in the study of intonation
11 June, AGM and Prof. Emma Moore (Sheffield) Socio-syntax: Exploring the social life of grammar
20 October, Eleanor Coghill (Uppsala) New evidence for the grammaticalization of a Neo-Aramaic past perfective marker from a verb of movement (postponed from January 2023)
During the year, vols. 121.1, 121.2, and 121.3 of Transactions of the Philological Society were distributed to members.
3
The Philological Society
Report of the Philological Society 2023 (continued)
The Society continued in 2023 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 Master’s bursaries of £12,000 were awarded to students in linguistics or philology, following a competitive application process. One of the Master’s 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 doctoral travel and fieldwork bursaries were awarded to support attendance at the 28th International Lexical-Functional Grammar Conference, the 3rd Conference of the Language Association of Eastern Africa, the 22nd International Conference on English Historical Linguistics, the 28th Sinn und Bedeutung conference, and the 52nd Colloquium on African Languages and Linguistics. The Society also provided £500 to support the Oxford Postgraduate Conference in Linguistics (LingO) 2023, £500 to support the event ‘Henry Bradley (1845-1923): A Celebration of his Life and Scholarship’, held at the University of Oxford, and £2,500 to support the 2023 UK Linguistics Olympiad. Finally, the Society co-organised and co-sponsored (with St John’s College, Cambridge) the event ‘Contact and Language Change’, a memorial symposium in honour of Peter Matthews, held at St John’s College, Cambridge in November 2023.
From 2022 the Society has moved more of its activities online, including applications for Master’s 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 31 Dec 2023 the Society had 641 members, of whom 130 are student associate members and 511 are ordinary members (including 60 life or honorary members).
Activities planned for 2024
Seven meetings are scheduled for 2024 to be delivered in person or hybrid, as follows:
19 January, Keith Williamson (Edinburgh) ‘3wat ech lettre signefie’: In celebration of the scholarship of Dr Margaret Laing
16 February (online), Sarah Holmstrom, Joseph Salmons, and Charlotte Vanhecke (University of Wisconsin – Madison) Iambic typology and Algonquian
16 March, Yvonne Treis (LLACAN, CNRS Paris) Shared lexicalisation patterns in the Ethiopian Linguistic Area
10 May, British Academy Anna Morpurgo Davies Lecture : Prof. David Willis (Oxford) What social media can tell us about dialect variation and change
8 June and AGM, Prof. Susan M. Fitzmaurice (Sheffield) Seeing meaning: Using visualisation techniques to explore conceptual patterns in Early Modern English discourses
18 October, Prof. Laura Wright , title tba
15 November, Early-Career event (Manchester), details to follow
A total of up to five Master’s 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.
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 2023 totalled £739,545 (2022: £737,402).
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 principle 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 2023
Performance during 2023 reflected the performance of markets generally and saw a modest increase in the value of the Company’s holdings of 0.6%
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:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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
Prof S. Fitzmaurice
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 2023.
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 those matters that I am required to state to them in an independent examiners 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:
-
accounting records were not kept in respect of The Philological Society as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| 2023 | 2022 | 2022 | ||
|---|---|---|---|---|
| Note | £ | £ | ||
| Income and Endowments from: | ||||
| Membership and Subscriptions | 9,720 | 9,448 | ||
| Publications | 65,808 | 67,754 | ||
| Total charitable activities | 75,528 | 77,202 | ||
| Dividend income | 8,367 | 5,649 | ||
| Interest income | 4,545 | 451 | ||
| Investment income | 12,912 | 6,100 | ||
| Total Income | 88,440 | 83,302 | ||
| Expenditure on: | ||||
| Bursaries awarded | (60,000) | (30,500) | ||
| Student conference support | (4,943) | (4,341) | ||
| Charitable expenditure | (64,943) | (34,841) | ||
| Administrative andgovernance costs | 3 | (22,340) | (12,591) | |
| Total expenditure | (87,283) | (47,432) | ||
| Realisedgains/(losses)on investment assets | - | - | ||
| Net income before unrealised gains/(losses) | 1,157 | 35,870 | ||
| Unrealisedgains/(losses)on investment assets | 986 | (14,942) | ||
| Net movement in funds aftergains/(losses) | 2,143 | 20,928 | ||
| Reconciliation of movement in funds | ||||
| Total funds brought forward | 8 | 737,402 | 716,474 | |
| Total funds carried forward | 8 | 739,545 | 737,402 |
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 2023
| (Registration number: 00012722) Balance Sheet as at 31 December 2023 |
(Registration number: 00012722) Balance Sheet as at 31 December 2023 |
|---|---|
| Note 2023 £ 2022 £ |
|
| Fixed assets | |
| Investments 5 |
174,308 173,322 |
| Current assets | |
| Accrued publication income | 65,808 63,254 |
| Unpaid subscriptions | 1,232 1,184 |
| Prepayments | - - |
| Accrued investment income | 2,154 - |
| Cash at bank and in hand | 501,458 506,689 |
| 570,652 571,127 |
|
| Creditors: Amounts falling due within one year | |
| Creditors, amounts falling due within one year | (30) (200) |
| Subscriptions paid in advance | (3,392) (3,148) |
| Accruals | (1,993) (3,699) |
| (5,414) (7,047) |
|
| Net current assets | 565,237 564,080 |
| Net assets | 739,545 737,402 |
| Funds of the charity: | |
| Unrestricted funds | |
| Revaluation reserve 6 |
89,306 88,320 |
| General Fund 7 |
627,330 625,691 |
| Martin Burr Fund 7 |
22,909 23,391 |
| 8 | 739,545 737,402 |
For the financial year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 8 to 15 were approved by the directors, and authorised for issue on [DATE] and signed on their behalf by:
......................................... [DIRECTOR] Director
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 2023
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 2023
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 2023
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 2023
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:
| 2023 £ 2022 £ |
2023 £ 2022 £ |
|---|---|
| Independent Examiner’s fees relating to examination of the current year financial statements 2,100 2,790 |
|
year financial statements |
|
| Other governance costs | 253 193 |
| General administrative expenses | 19,987 9,608 |
| 22,340 12,591 |
No emoluments have been paid or are payable to the directors. However, on provision of receipts, out of pocket expenses have been reimbursed totalling £1,609 (2022: £1,452).
During the year, the directors took advice on investments strategy and incurred a fee of £12,000. The strategy has been implemented in the subsequent year.
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 2023
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 2022 | 88,002 | 188,264 |
| Disposals in the year | - | - |
| Gain realised on disposal | - | - |
| Movement in market value in theyear | - | (14,942) |
| At 31 December 2022 and 1 January 2023 | 85,002 | 173,322 |
| Disposals in the year | - | - |
| Gain realised on disposal | - | - |
| Movement in market value in theyear | - | 986 |
| At 31 December 2023 | 85,002 | 174,308 |
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 2023 the market value of the fixed asset investments was £174,308 against the originally invested amounts of £85,002 giving a unrealised gain of £89,306 (2022: unrealised gain of £88,320).
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 2023
7 Funds (continued): Movement on funds in the year
| Balance at 1 January Net incoming Resources Balance at 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 35,870 - 649,082 |
| Balance at 1 January Net incoming Resources Balance at 31 December |
|
| 2023 resources expended 2023 |
|
| £ £ £ £ |
|
| General | |
| General Fund | 625,691 1,157 482 627,330 |
| Designated | |
| Martin Burr Fund | 23,391 - (482) 22,909 |
| Total unrestricted funds | 649,082 1,157 - 650,239 |
8 Funds of the charity
The analysis of the funds of the charity at each year end is as follows:
| 2023 2022 |
|
|---|---|
| £ £ |
|
| General Fund | 627,330 625,691 |
| Martin Burr Fund | 22,909 23,391 |
| 650,239 649,082 |
|
| Revaluation reserve(net unrealisedgains on investments) | 89,306 88,320 |
| 739,545 737,402 |
15