Company registration nutnber: 00012722 (hrity registration number: 1014370 The Philological Society (A company limited by guardntee) Report of the Counal and una￿lted Financial Statements for the Year Ended 31 D￿mber 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 Se￿tary for Publica￿n$ (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￿ DI￿tUr 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 COMP￿v. 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 m￿berS 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, re￿9n￿l 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 M￿rI)er armd 7ABS appointed as Company SecTetary on l January 2025 SecTetary": Mis5 R. Hunt B.A, MA (f￿ s￿dent Associates) Techniol and CommuThkatknn5 Adminislration": Dr li MEYEK MA., M.Phli.. D.Phil. . not￿r￿r5 of the Comp3ny) WebsiiE: lrttps:Ilww.pFilKt.org.uk Accwntsnts: V&A Wtgar Group Ltd, Stoneygate H￿Se, 2 Greenfield Road, Holmfirth, West Yorfr 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 ￿r￿inCIal Reporting StsrKlard applicable in the UK and Republlc of Ireland (FRS 102)) (155ued in October 2019) - (Charities SORP (FRS 102)), the Financ￿1 ReE￿ng 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 rn￿ts the definition of a pubfic benefft entity under FRS 102. A￿ts 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 con￿rn nor any significant areas of Un￿rtaInty 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 d1￿ctOrS do not consider there to be any significant judgerllents or sources of estimation ￿n￿rtaInty whlch could in11uence a reader's understanding of the financial statements. 10 The Philological Society Donations, subscriptions and royalty income DOr￿tionS 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 recogni*d 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￿ in￿rred. 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 d1￿ctOr￿ 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 m￿ts the definition of a charitable company for UK corporation tsx purposes. AccordI￿lY, the chaiity is potentially exempt from Lixation in respett of ina)me or capital gains re￿iVed •• 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￿. r￿ed 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 tranS￿l0n5 undertaken in accordance with the Soaevs objects and in the ordinary a)urse of business. Debtors are recoJni*d 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 re￿rtIng 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 re￿iVed 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￿ sha￿S aThJ non-puttable ordinary or p￿fe￿n￿ sha￿S (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 impai￿ent 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 Cl￿rnStanceS 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 re￿IPts, 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 b￿n 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 De￿rnber 2024 595 583 6 Revaluation reserve The revaluation reserve refle(ts the unrealised differen￿ betw*n 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. Designa￿1 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 De￿rnber 2024 7 Funds (continued): Movement on funds in the V￿or 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 Un￿liSed gairts on investments) 739 545 15