Company registration nutnber: 00012722 (hrity registration number: 1014370 The Philological Society (A company limited by guardntee) Report of the Counal and unalted Financial Statements for the Year Ended 31 Dmber 2024
The Philological Society Contents Noti of Meeting Constitutional and Administrative Details Directorg (Council) Report for 2024 3to6 Indepenéent Examinevs Report Statement of nancial Activilies Balance Sheet Notes to the Financial Ststements ioto15
The Philological Society Notice of Meeting The Annual General Meeting of the Society will be hekl at 4. 15 p.m. on 7 June 2025 at Somerville College, Oxford, and online via Zoom. Agenda i) MinLttes of the meeting held 8 June 2024 New members of tIE Society Treasurerfs Report for 2024 2) 3) Secretaries. Reports 5) Election of Members of Counal 6) Vote of Thanks Prof. Rithard Dance (St Catharinds Cdlege Cambridge), Mythsand Monsters- Beowulfand Etymologists. The Setary for Publican$ (Transactions) is, as always, eager to receive articles from members and non-members, for publicatson in tt£ joumal. Council draws the attention of members to the provisi)n whereby members of the Society of twenty or more years stsnding, who have t[red from full-time employment, may, on application to the Council, arKI at its absolute discretion, be given continued membership without fvrther payment of subscriptions. Members $Uld write to the Membership 5ecTetrary in the first instance.
The Philological Society Report and Accounts of The Philological Society for 2024 Re9iSttred Charity No. 1014370 Company 00012722 Presld@nt ar DItUr of the Company: Prof. L MARTEN, M.A, Ph.D. (from 8 JurE 2024) e Presldent-: Dr E.K BROWW, M.A. Ph.D. (not a of the Company) Vic4 Presldwts and Director5 of the COMPv. Prof. S. ADAM50N, MA. Prof. W. AYRES-BENN, M.A, D.Phl. Pr(rf. S. FThZmAuRI, B.A., M.Phl., Ph.D. Prof. A. LAHIIU, BA., M.A., DPNI.. F.BA. QB.E. Pn)f. N. SIMS-WIIL]AMS. MA.. Ph.D.. F.BA Prcé. N. VIN. M.A., F.BA. Ordinary mberS of the Coun(71 as at 31 December 2024 (Jll Jlso Direftors of the Company): Dr V. ACEDO_MATELNN Licenciado. Llicenciat. Prof. H.C. GIBSON B.A, M.A. Ph.D. S.F.H.E.A Doctor Prof. N.S. GISBORNE, B.A., M.A., Ph.D. Dr K. ALLAN. M.A., Ph.D. Dr P.G. HONEYBONE, B.A.. .. Ph.D. Dr LR. &41LEY, B.A.. M.tL, PhD. S.F.H.E.A. Prof. A. N. LEDGEWAY, 8.A., M.A., Ph.D., Dr h.c. Dr M. BIANCONI, BA., M.A., D.Phil., F.H.EA. F,B.A., M.LE. Prof. K. E. BOFUARS, M.A., Ph.D., M.A.E. Dr C B. LUCAS, M.A., M.Phil., Ph.D. DrT. BREBAN, B.A., M.A., Ph.D. Drs. M. PON>SANZ, M.Phil.. Ph.D.. S.F.H.E.A. Prof. D. BROWN., B.A., M.Lin8., Ph.D. Prof. B. POST, M.A.. Ph.D. Prof. J. L CHESHIRE, B.A., Ph.D., F.B.A., F.R.S.A. Dr K. J. RAM-PRASAD, B.A., M.Phil., Ph.D. Prof. R. W. DANCE, M.A., M.St., D.Phil. Prof. J. J. SMITH., B.A., M.Phil., Ph.D., F.R.S.E., F.E.A., Prof, K. FISCHER, Er5te Staatspriifung Sek11, Ph.D. F.R.5.A. { Appointed os Diretto on 8June 2024) Treasurer. Dr li SEN. MA., D.Phll. (also a Directcr of tFE CoThyany) Secretaries (aiw Directtys of the Company): Prof. p. RUSSELL (also Company Secretsry, appointed l January 2024, re9nl 31 D&ernb 2024) Pn)F. D. BENtLEY, Dott. LiThJue, M.L, Ph.D. (for Publicat) Dr Pll. GIIEEN, B., M.A, Ph.D. (for Publtrations) Mr G. FQINfoN, MA.. M.LFit. (for MemlJff5hip) -Prof.K E."BOFiJARS rè5ign&i as Ordinary MrI)er armd 7ABS appointed as Company SecTetary on l January 2025 SecTetary": Mis5 R. Hunt B.A, MA (f sdent Associates) Techniol and CommuThkatknn5 Adminislration": Dr li MEYEK MA., M.Phli.. D.Phil. . notrr5 of the Comp3ny) WebsiiE: lrttps:Ilww.pFilKt.org.uk Accwntsnts: V&A Wtgar Group Ltd, Stoneygate HSe, 2 Greenfield Road, Holmfirth, West Yorf<shlre, HD9 2Tr Banker5: Bay5 Bank c, I Pall Mall EX LO10, SWIY SAX Agents and publishe forthe Soctety: Blackwell FblIShij Ltd, 9600 Gar5ington Road, (Ixford, OX4 2DQ Reglstered Offi. 7 Bdl Yard, Ilf2A 2J
The Philological Society Report of the Philological Society for 2024 The Philological Soaety is the oldtst learned society in Great Britain devoted to the scholarly study of language and languages. It was established in its present fom in 1842, consisting partly of rnembers of a Society of the same name established at the University of London in 1830. Structurei governance and management The Society is a registered charity and a company limited by guardntee. It was incorporated on 2 January 1879. It is governed by a Memorandum and Artides of Association which were most rntlY 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 Wictrpresidents, who are appointed for life at an Annual General Mts'ng, the other OffirS, and up to twenty ordinary members of Counal, who are elected annually at an Annual General Meeting. Objectlves The objects of the Soaety are to inld&Stigate and promote the study and knowledge of the structure, the affinities, and the history of languages, arKI to apply all the profits (if any) or other income of the so(iation for the promotion of the above objett, 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 objetts. Actfvities and achievements of the Society In 2024 During 2024 the Soaety held seven meetiros: 19 January: Keith Williamson (Edinburgh) {with additional contribubons by Rhona Alcorn {Edinburgh) and Jeremy Smlth (Glasgow)), '3wat ech lettre signefie,: In celebratson of the scholarshlp ofDr IWargaretLalng 16 February (online): Sarah Holmstrom, Joseph SalMC5, and tharlotte Vanhecke (University of Wisconsin - Nadison), Ian3bic typo/LyyandA/gonquian 16 March: Yvone Treis (LLACAN, CNRS Paris). Shared/exKalisattron pattems in the Ethiyan Ltnguistsc Area 10 May: Davld Willis (Oxford), Whatsoaal media (3n tell us about dialett vanabon and change (Anna Morpurgo Davies lecture in association with the British Academy) 8 June and AGM: Susan M. Fitzmauri (Sheffield), &vng meaning." v/sua/isation techniques to ayplore Gonceptualpattems in Earfymodem Englith <f1sLiweS 18 October: Laura Wright (Cambridge), On lexKalsoc1lngUjS&CS 15 November: Savio Meyase (York). Eve suharardY (Manch&ter), Early Career Researdr Panel.. Familiarprobkn and less studRdlanguages During the year, vols. 122.1, 122.2, and 122.3 of Transactions of the Philological Society were distributed to members. The Society continued in 2024 to make audio-visual recordings of presentations delivered at meetings with the Speakers, permission, and then make the recordlngs available on YouTube for public viewlng.
The Philological Society Five Masterfs bursaries of £15,000 were awarded to sbjdents in linguistics or philology, following a competitsve application process. One of the Masterfs 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, eight doctoral trdvd and fieldwork bursaries were awarded to support conducting arthival work in various lootions in Scotland, and presenti'ng at the Centre for Language, Interaction and Culture (CLIC), Universty Califomia Los Angeles, the Annual Meeting of the Society for aassical Studies (SCS) (two awards), the 30th Germanic LinguistÈcs Annual conferen (GLAC), thtin Vulgaire Latin Tardif 2024, the Forum for Research on the Languages of Scotjand and Ulster (FRLSU) conferen, the LirMJuistic Society of Amerio (LSA) Annual Meeting 2025 (funding provided in 2024). The Society also provided sponsorship of £500 for the Manchester Forum in Linguistics 2024 (MFIL. postgraduate and early-career conference), £500 for the Workshop on the Afroasiatic Middle t- Morpheme at the University of E(linburgh, £1,000 for the Ancient Anatolia Day and Summer SthcK)l at the University of Oxford, £500 for the Martin Worthington Sumerian film project and £2,500 to support the 2025 UK Linguistics Olympiad. From 2022 the Society has moved more of its activities online, indLKling applications for Masterfs Bursaries. The Society continued a blog whKth 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 2024 the Society had 651 members, of whom 108 are sttKlent associate members and 543 are ordinary members {including 65 life OT t¥Orary members). AcnvmES PLANNED FOR 2025 Seven meetings are scheduled for 2025 to be delivwed online or hybrid, as follows.. 17 January: Eva Zehentner (Zurich), All things preposition2J: Argument structure throughout the history of English 14 February (onllne): Kaius sInrmakI (Helsinki), convergen and dirgenCe of languages In contact ecologies: A typological approach 15 March: Monika Sthmid (York), Negotiatiro multilingualism: Language conflict in times of war and tlmes of pea 9 May: Bjarke Frellesvig {OxFord), On Imperative arKI the Optslive in Old Japanese 7 June and AGM: Rlchard Dan (Cambrldge), Myths and Monsters - Beowulf and the Etymo5ogists 17 October: Erlch Steiner (Universitst des Saarlandes). Topic to be confirmed .15..November: Rik..van.&jn (Leiden.University),-Topic to be confirmed A total of up to five Masterfs bursaries wlll be awarded. Further grants wlll be made available tg research dents presenting papers at conferences or urtdertaklng fieldwork. The Society welcomes donations to the Anna Morpurgo Davi bursary fund and the Burr research fvnd. Reserves Council's policy is to retsin a level of resour both now and for the future generations that will, together wth other incomei generate suffiaent funds to enable the publication of speclal Interest publication5 and promote other projetts in fvrtheran of the objetts of the charty. Aggregate reseprfes held at 31 December 2024 totalled £749,712 (2023: £739,545).
The Philological Society Investments Investsnentpo/ic7es Under its Metnorandum and Artides of Associati(m, the Society has the power to make any investments as the directors fiL The policy of the direttors has been to invest the Society'5 funds so as to produ a regular aNI sustainable level of income. Funds are invested in a combination of cash deposits, managed funds and quoted equitie Funds are invested with established fund managers whose strategy dosely aligns with the values, ethos and principles of the Society includirYJ appropriate environmentsi, social and governan criteria for the selection of invesbnents. The policy of the directors is intended to manage risk within agreed parameters. Outside of the normal market fluctuations associated with equity inveslrnents, policy takes account of the following prinaple potential risks: Cash fiow risk The Society's cash investment activitEs expose it primar11 y to the finanaal risks of changes in interest rates. Certain interest-bearing assets and liabilities are held at fixed rate to ensure rtaInty of cash flows. Credit nsk The S(KieVs prinapal finanaal assets are bank balanc and Ga5h, trade and other Ye1vable5, and investments. The Socievs credit risk is primarily attributsble to its trade receivables. The amounts presented in the balan sheet are net of allowances for doubtfvl receivables. An allowan for impairment is made where there is an identified loss event which, based on previous experIen, is eviden of a reduction in the recoverabillty of the cash flows. The credit risk on liqui(1 funds and derivative finanoal instruments is limited because the counterpartie5 are banks wlth high credlt-ratings assigned by international credit-rating agencies. The Society has no 5igniflcant conntratiOn of credit risK with exposure spread over a number of counterparties. Investment perforniance in 2024 At the start of the year, the Company was directly holding £501,458 of cash. During the year £400,000 of those cash balances has been invested in accordan with the investment policies set out above. At the end of the period the Company was dlrectrjy holding £91,758 of (zsh. Investment perfOr[T]an during 2024 reflected Ix)th the level of addltlonal funds invested and the Performan of markets generally and, when taking into acLDunt the additional sums invested in the period, saw an increase in the value of the Companys Investsnent holdings of 3.7%.
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 Practi} and applicable law and regula1ion5. 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 arKI fair view of the state of affairs of the company and of its incoming resources and application of resources, induding its income and expenditure, for that period. In preparing these financial statements, the directors a required to: selett suitable accounting policies and apply them consistenty. observe the methods and principles in the Charities SORP; make judgements and estimates that a reasonable and prudent. state whether applioble UK Accounting Stsndards have bn followed, subject to any material departures disdosed and explained in the financial statements. and prepare the financial ststements on the gy)1[ corKern bas unless it is inappropriate to presume that the company will continue in busines& The direttors are resporsible for keeping adequate accounting records that are suffiaent 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 finanaal ststements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the company and hen for taking reasonable steps fcr the prevention and detection of fraud and other iwularities. Thls report has b*n prepared in accordan with the special provisions for small companSes under section 415A of the Companies Act 2006. Approved by Council on 7 JLme 2025 and signed on their behalf by Prof L. Marten of K.E. Boriars Pregdent
The Philological Society Independent Examiner's Report to the Directors of The Philological Society ('the Company") I report to the (tirectors on my examinatson of tIE accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the director5 of Cotnpany you are responsible for the preparat of the accounts in accordan with the requirements of the Companies Act 2006 Cthe 2006 Att). 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 indepeTKtent examination, I pOrt in respect of my examination of your charity s accounts a5 carried out under seclion 145 of the Charities Act 2011 Cthe 2011 ACY). In carrying out my examination I have followed the DirectK)ns gtven by the Charity Commission under section 145(5)(b) of the 2011 Att. The report induding my statement has b&n prepared for arKI only for the board of directors of the Q)mpany as a body. My WO has bn undertaken so that I might state to the ty)ard of directors tho 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, E do not accept or assume responsibility to anyone other than board of directors of the Company for my examination wor, for this report, or for the ststements I have made. Basis of iDdependent examinerfs report My examination was carried out in accordan with the general Direttioris given by the Charity Commission, An examination indudes a rewew of the accounting rea)rds kept by the Company and a comparison of the finanaal statements presented to those records. It also includes consideration of any unusual Items or disclosures in the financial statements and kIng explanations from you as dlrectors COnrnIng any such matte. The procedures undertaken do not provide all the evidence that would be qUired in an audit and, consequently, no opinFon is given as to whether the financial statements present"a true and fair Vie and the report is limited to those matters set out in my statement below. Independent examinerfs statement I have completed my examination. I confinn that ro matters have come to my attention in connecknon with examination giving me cause to believe: l. accounting rEcords were not kept in respect of The Philological Sooety as required by settion 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply wlth the accounting requirements of section 39S of the 2006 Act other as part of an independent exarninat'on; or 4. the accounts have not been prepared in aCColan with the mettlS and prinaples of the statement of Recommended Practice for accounting and reporting by chariti&s applicable to charities pparIng their accounts in accordan with the Trancial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection wtth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. V&A Wigar Group Ltd Stoneygate Hou, 2 Greenfield Road HQIMfirt West Yorkshi, HD9 LIT ependent Examiner Date:
The Philological Society Statement of Financial Artivities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Totsl Recognised Gains and Losses) 2024 2023 Note Income and Endowments from: Membership and Substripticffts Publications 11,141 9,720 Totsl charitable actiwties 74,951 75,528 Dividend income 19,043 8,367 Interest income Investment income Total Income Expenditure on: Bursaries awarded (82,515) (2,500) (85,015) (60,000) (4,943) (64,943) Stsjdent conference support Charitable expenditure Administrative and governan costs Totsl expendlture Realised gains/(losses) on investment assets Net income before unreali1 gainsl(losses) Unrealised galnsl{losses) on Investment assets (107,443) (87,283) (11,108) 1,157 986 Net Movement in fvnds after 9ainsl(l(vJses) Rexonaliation of rnovement in funds Total funds brought fOard 739 545 737 402 -lots]..funds carried.forward -749 712 All of the Companvs activities derive from continuing opeTrtions during the atx)ve two periods. The Companys net income before unrealisd gains and losses relates to movements in unrestricted general funds. The notes on pages 10 to 15 form an intejral part of these financial statements.
The Philological Society (Registration number. 00012722) Balan Sheet as at 31 December 2024 2024 2023 Note Fixed assets Investsnents 595,583 174,308 Current assets Accrued publication income Unpaid subscrFptions Prepayrnents Accwed investment income Cash at bank and in hand 63,810 1,220 65,808 1,232 2,154 501458 570,652 156,788 Creditors: Amounts falling due within one year Creditors, amounts falling due within one year Subscriptions paid in advan Accruals (249) (560) (30) (3,392) Net current assets 565 237 Net assets Funds of the charity: Unrestricted funds Revaluation reserve General Fund MaFtin BU Fund 110,581 616,222 89,306 627,330 749 712 739 545 For the financial year ending 31 December 2024 the charlty was entitled to exemption from audtt under Directors, responslbllities: The members have not required the (tharty to obtain an audlt of Its accwnts for the year in qu&*ion in accordan with section 476; and The dirertors acknowledge their responsibilities for complying with the reqU1ments of tho Act with respect trj accounting records and the preparation of accounts. The financ tements on pages 8 to 15 were approved by the director5, and authorised ft>r issue on 7 June ndsi ned on their behalf by: Prof L. Marten Director The notes on pages 10 to 15 fomi an integral part of these finanaal statements.
The Philological Society Notes to the Financial Statements for the Year Ended 31 December 2024 l Legal status of the Society The Philological Soaety is a company limited by guarantee and has no share capital, incorporated in England & Wales. In the event of the charity being wourKI up, the liabilty in SPect of the guarantees is limited to £1 per ordinary rnern of the Sc(iety. The address of its registered Offi is: 7 Bell Yard London WC2A 23R The prinapal activity of the Society is to investigate and promote the study and knowledge of the structure, the affintties and the history of language& 2 Accounting polici Functional currency These financial ststements are presented in pounds Sterling and this is the fvnctional currenLy of the charity. Summary of signfflcant accountlng policies and key accounting o5ts"mates The principal accounting poliaes applied in the prepaRtion of these finanaal statements are set out bdow. TFEse policies have been consistently applled to all the years presented, unless otherwise stated. Statement of compllance The financial statemerts have been prepared in accordan with Accountir¥J and Reporttng by Charities: Ststement of Recommended Practi (applicable to charities preparing their accounts in accordance with rinCIal Reporting StsrKlard applicable in the UK and Republlc of Ireland (FRS 102)) (155ued in October 2019) - (Charities SORP (FRS 102)), the Financ1 ReEng Standard applioble in the UK and Republic of Ireland (FRS 102) and the Companies Act 20ChS and Chariknes Act 2011. Basis of preparation The Phllological Sodety rnts the definition of a pubfic benefft entity under FRS 102. Ats and liabilities a initially recogni*d at historical cost or transaction value unless otherwise ststed in the -"relevant accounting poliry notes-""_"-""-_____"-" Going concern The directors consider that there are no material Uncertain about the Company's abilty to cont'nue as a going conrn nor any significant areas of UnrtaInty that affect the G3nylng value of assets held by the charity. Judgements and accounting estimates In applying the Companvs accounting poliaes, the direttors may be required to make judgements, estimates and assumptions in detemiining carrying values of the assets and liabilities. Due to the natu of the Companvs activities and financial statements the d1ctOrS do not consider there to be any significant judgerllents or sources of estimation nrtaInty whlch could in11uence a reader's understanding of the financial statements. 10
The Philological Society Donations, subscriptions and royalty income DOrtionS and subscriptions a credited to the accounts in the year in which they are receivable. Royalties from the sales of publication5 and journals are induded in the year in whith the relevant publications were sold. Expenditure All expenditure is recognid On there is a legal or constructive obligation to that exFEnditure, 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 expenditre in the year in which they a inrred. Chan"table adivities Charitable expenditurE comprises tho costs incurred by the Company in the delivery of its activities and the furtherance of its objects. It inclLKles both costs that can be alloGted directly to such activiti&s and those costs of an indirect nature necessary to support them. Bursaries andsimi"largrants Bursaries and provisions of similar grants are recognIs when the intention to make a grant has been communicated to the recipient. Adminlstrative and governance costs These irKlude costs attributsble to operational management of the Society as well as Complian with constitutional and statutory requirements, including d1ctOr meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Pardgrdph I Schedule 6 of the Finance Act 2010 and therefore it mts the definition of a charitable company for UK corporation tsx purposes. AccordIlY, the chaiity is potentially exempt from Lixation in respett of ina)me or capital gains reiVed •• wlthln categories covered by Chapter 3 Part 11 of the Corporntion Tax Att 2010 or Settion 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purpo. red asset investments Fixed asset investments, other than programme rdated investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the differen between sales proceeds and their market value at the start of the year, or their subsequent cost, and -re charged or.4Tedited.to the Statement.of~nanClal ActNities in.the-pemd of-disposal.. i• Unrealised gains and losw represent trE movement in market values during the year and are credited or tharged to the revaluation reserye and reflected in the Ststement 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 2024 Debtors Debtors are amounts due frorn members andlor third parties for tranSl0n5 undertaken in accordance with the Soaevs objects and in the ordinary a)urse of business. Debtors are recoJnid initially at the transattion pri. They are subsequently measured at amortised cost using the effective interest method, less provision for impaimienL A provision for the impairment of debtors is established when there is objettive evideno that the Company will not be able to collect all amounts due according to the original terms of the receivable& Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-temi highly liquid investsnents that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund strurture Unrestricted fijnds are general furKls that are available for u at the directors, discretion in fvrtheran of the objectives of the SocEty. The Society had no restricted funds during the year or the prior year. Credltors Creditors are obligations to pay for goods or Servi that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of reportlng peri(Kl, to defer settlement of the creditor fDr at least e1ve months after the reporting date. If therp is an unconditional right to defer settlement for at least twelve months after the rertIng date, they are presented as non-current liabilities. Creditors are recognised inlttal at the tsBnSact1 pri ?d subsequently measured at amortlsed cost using the effectrve interest tnethod. Deferred income Where amounts are reiVed by the Company in alfvan of the ddivery of services or goods by the &)ciety, the liability to prowde those Sep41 or go(KIs is recognised in ft]11 as at the date of receipt. Flnancial instruments Classification Ftnanaal assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instnJmenL Financlal liabilities and equity instruments are dassffied accordlng to the Substan of the contractual arrangements entered into. An equity instrument is any contratt that eviden a residual interest in the assets of the Company after dedutting all of its Ilabiltties. Recognltion andnwsurnnent All finanaal assets and liabilities are initially measured at transaction pri (including transaction costs). Flnancial assets are derecognised and only when a) the contractual rights to the cash fiows from the financial asset expire or are settled, b) the Company transfers to another party subsfAntially all of the risks and rewards of ownership of the finanaal asseL or c) the Company, despite having retrdined some, but not all, significant risk5 and rewards of ownershlp, has transferred control of the asset to another party. Flnanoal liabilities a derecognised only when the ob1lgatk specified in the contratt is discharged, cancelled or expires. 12
The Philological Society Jnvarfments Investments in non-converttble Preferer shaS aThJ non-puttable ordinary or pfen shaS (where shares are publidy traded or their fdir value is reliably measurable) are measured at fair value with movements reflected through profft or k>ss. Where fair value cannot be measured reliabty, investments are measured at cost less impaient Fair value measurement The best eviden of fair value is a quoted pri for an identical asset in an attive market. When quoted prices are unavailable, the Pri of a recent transaction for an identical asset provides evidence of fair value as long as the has not been a significant thange in economic ClrnStanceS or a significant lapse of time Sin the transattion took place. If the market is not active and recent transattions of an identical asset on their own are not a good estimate of tdir value, the fair value is estimated by using an approprtate valuation techniqu 3 Administrative and governan costs Administrative and governan costs indude: 2024 2023 Independent Examinerfs fees rdating to examination of the current year financial statements Other governan costs General administrative expenses 1,477 2,100 253 No emoluments have been paid or are payable to the diFPCtors. However, on provision of reIPts, out of pocket expenses have been reimbursed to1311ing £3,109 (2023: £1,609). During the year, the director5 took advi on communications and incurred a fee of £6,250 to Dr Robin Meyer. The strategy has bn implemented in subsequent year. The Company has no paid employees. The Company Is a registered charlty and is, therefore, exempt from tsxation.
The Philological Society Notes to the Financial Statements for the Year Ended 31 December 2024 5 Fixed asset investments Fixed asset investments compri public equities and investsnents in funds operated by fvnd managers that invest in equities or traded bonds. The Companvs directly held cash (Jeposits are Ported Separately. The movement on fixed asset investments during the year was as follows: Market Value Cost At l January 2023 Dispc>sals in the year Gain realised on disposal Movement in market value in the year At 31 December 2023 and l January 2024 Additions in the year 85,002 173,322 986 85,002 174,308 400,000 400,000 Gain realised on disw)sal Movement in market value in the year At 31 Dernber 2024 595 583 6 Revaluation reserve The revaluation reserve refle(ts the unrealised differen betwn the cost and the market value of the fixed asset investments. At 31 December 2024 the market value of the fixed asset Investments was £595,583 against the orlglnally invested amounts of £485,002 giving an unreallsed gain of £1 10,581 (2023: unreallsed gain of £89,305). 7 General and Designated Funds I funds are unrestricted. General Fund The General Fund is available to support general charitable activities of the Company. Designa1 funds: Martin Burr Fund The Martin Burr Fund is available to support activities for which regular fvnding is not available in a given year. Anticipated uses indude support for mature students undertaking an MA In linguistits or philologyi grants to enable irKlependent 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 Dernber 2024 7 Funds (continued): Movement on funds in the Vor Balance at l January 2023 Balance at Net incoming Resour 31 December expended 2023 Genernl General Fund 625,691 1,157 482 627,330 Dasignated Martin Burr Fund Total unrestn.cted funds 650 239 Balan at l January 2024 Balan at Net outgoin9 Resour 31 December resources expended 2024 General General Fund 627,330 (11,108) 616,222 De&£inated Martin Burr Fund Totsi unrastricted funds 650 239 8 Funds of the charity The anatysis of the funds of the charity at each year end is as follows: 2024 2023 General Fund Martin Burr Fund 616,222 627,330 639,131 110 581 749,712 650,239 Revaluation reserve (net UnliSed gairts on investments) 739 545 15