Registered Charity Number: 1052680 EUROPEAN HISTORICAL ECONOMICS SOCIETY ACCOUNTS FOR THE YEAR ENDED 6 APRIL 2024 Friend-James Limited Chartered Accountants 4th Floor. Park Gate 161-163 Preston Road Brighton East Sussex BN16AF EUROPEAN HISTORICAL ECONOMICS SOCIETY CHARITY INFORMATION Date of registration 5 February 1996 Trustees Dr Leigh Gardner Dr Eric Schneider Dr Neil Cummins Registered addre88 Department of Economic History London School of Economics Houghton Street London WC2A 2AE Charlty number 1052680 Bankors Barclays PIC Accountants Friend-James Limited 4th Floor. Pafk Gate. 161-163 Preston Road Brighton East Sussex BN16AF EUROPEAN HISTORICAL ECONOMICS SOCIETY CONTENTS Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the accounts EUROPEAN HISTORICAL ECONOMICS SOCIETY TRUSTEES, REPORT FOR THE YEAR ENDED 6 APRIL 2024 The trustees present their report and accounts for the year ended 6 April 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011. Objectlves and actlvltles The charity's objective is the advancement of education in European economic history through the study of European economics and economic history. particularly through the comparison and analysis of European economies. During the year under review, the charity's activities included.. the publication of the charity's journal, the European Review of Economic History (Oxford University Press)., sponsorship of WEast Initiative.. the publication of the charity's blog called 'Positive Check,. The trustees have had regard to the guidance issued by the Charity Commission on public benefit. Aehlevèment8 and performance According to the most recent data available, subscriptions to the European Review of Economic History reduced slightly but are mostly consistent. Membership numbers have begun to recover from pandemic lows but are not yet back to where they were in 2019. The European Review of Economic History is included in Oxford University Press. Gratis scheme, which provides free or greatly reduced online access to Journals for low-income countries. Structure, governance and management The charity is an unincorporated association. The charity is governed by its constitution document and the trustees have absolute discretion to apply the funds for charitable purposes. The trustees are also responsible for the day to day running of the charity. Trustees are appointed by other trustees of the charity. Financial review The charity reports a surplus of income over expenditu￿ for the year of £33,480.04 {2023: £6.692.831 The financial accounts below, covering the period from 7 April 2023 to 6 April 2024, comprise income mainly from Oxford University Press, royalty payments to the society and membership fees. An advance on the 2023 royalty was included in the 2022123 accounts and the remaining balance as well as the 2023 membership credits have been reported here. Income is steady but not rising quickly. and subject to uncertainties linked to subscription models. In 2023124, expenditure mainly included European Review of Economic History editors. fees as well as other miscellaneous expenses (accountants. secretarial fees, IEHA membership). We have also had expenditures related to the return of in-person meetings by the WEAST and FRESH initiatives. EUROPEAN HISTORICAL ECONOMICS SOCIETY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 6 APRIL 2024 Statement on reserve policy The Society aims to build up and maintain reserves equivalent to three times the average annual income over the preceding three years_ This is necessary to maintain committed expenditure should there be an unexpected reduction in the S¢xiety's Income stream. which is heavily dependent on the European Review of Economic History. The Society currently faces a strong threat to this income from pressures to make academic articles available through open access publishing. Other sources of funding for students and scholars are also facing pressure across multiple contexts. We are seeing ways of diversifying our income and have expanded funding for our initiatives to support junior scholars. At year*nd, the charity's reserves were £226.559.06 {2023'. £193,079.02). Trustees The trustees who served during the year and up to the date of signature of the accounts were.. Dr Leigh Gardner Dr Eric Schneider Dr Neil Cummins Statement of trustees. responsibilities Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing those financial statements, the trustees are required to= select suitable accounting policies and apply them consistently., observe the meth¢xls and principles in the applicable Charities SORP; make judgements and estimates that are ￿asOnable and prudent; state whether applicable accounting standards and ststements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the firsancial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the trustees on . &...fflA4.¢*...lè.J -: and signed on their behalf. Dr Leigh Gardner Trustee EUROPEAN HISTORICAL ECONOMICS SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report on the accounts for the charity for the year ended 6 April 2024, which are set out on pages 4 to 6. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act.). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable directions given by the Charity Commission under section 14515)(b) of the Act. Independent examlner'8 Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect.. accounting records were not kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records I have no concerns and have come across no other rnatters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Wllllam Roberts FCA for and on behalf of FrlendJame8 Llmlted Date 4th Floor. Park Gate 161-163 Preston Road Brighlon BN16AF Chartered Accountants EUROPEAN HISTORICAL ECONOMICS SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 6 APRIL 2024 2024 2023 Incomin resources Royalties from the European Review of Economic History Oxford University Press (for 2022 less advance) Oxford University Press (for 2021 less advance) Oxford University Press (advance for 2024} Oxford University Press (advance for 2023) Oxford University Press (honoraria) Interest on Business Premium Account Lifetime membership Website refunds 13.010.00 16,118.00 15,098.71 14.673.00 2.658.69 620.93 2.581.26 112.37 750.00 126.12 Total Incoming resources 46,061.33 19,687.75 Resources ex ended Secretarial wages European Review of Economic History editors, fees Subsidy for WEast Initiative Membership, IEHA European Historical Economic Society website Accountancy Luzzatto Prize FRESH 1,500.00 7,893.43 1,084.93 177.62 208.28 1,068.00 1,500.00 7,809.85 71.71 174.87 1,581.14 972.00 885.35 649.03 Total resources expended 12,581.29 12.994.92 Net incominglloutgoing) resources Net movement in funds 33,480.04 33,480.04 6,692.83 6.692.83 Total unrestricted funds brought forward at 7 April 2023 193.079.02 186,386.19 Total unrestricted funds carried forward at 6 April 2024 226,559.06 193,079.02 Unrestricted Funds are held to further the charity's objectives. EUROPEAN HISTORICAL ECONOMICS SOCIETY BALANCE SHEET AS A T 6 APRIL 2024 2024 2023 Cash at bank and In hand 226.559.06 193,079.02 Net assets 226,559.06 193.079.02 Unrestrlcted Income fund8 226.559.06 193,079.02 Approved by the tnjstees on and signed on their behalf. Dr Leigh Gardner Trustee Charlty reglstratlon numbor: 1052680 EUROPEAN HISTORICAL ECONOMICS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 11 Accounting Policies Charity Information The European Historical Economics Society is an unincorporated association registered with the Charity Commission in England & Wales. The registered office is Department of Economic History, London School of Economics, Houghton Street. London. WC2A 2AE 1.1) Ba818 of preparatlon The accounts have been prepared in accordance with the trust deed and the Charities Act 2011. The accounts are prepared in sterling. which is the functional currency of the charity. The accounts have been drawn up on a receipts and payments basis. The accounts are also prepared under the historical cost convention and, where applicable, are modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.21 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. 1.3) Flxed asset Investment Where applicable. fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value afe recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred 1.4) Golng conc6rn At the time of approving accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. 2) Trustee8 In the year under review no trustees We￿ reimbursed expenses. 31 Employees In the year under review the charity had no employees. 41 Related party transactions There were no disclosable related party transactions during the year {2023.' None).