OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-09-30-accounts

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

Registered number: 03446016 Charity number: 1064670

THE MODERN HUMANITIES RESEARCH ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Association, its Committee Members and 1 - 3
Advisers
Trustees' Report 4 - 11
Independent Auditors' Report on the Financial Statements 12 - 15
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Financial Statements 19 - 38

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE ASSOCIATION, ITS COMMITTEE MEMBERS AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Trustees Dr B Burns, Company Secretary1,2,3 Professor D Connon, Chair1,2,3 Professor C Paver, Honorary Treasurer Professor K Astbury (resigned 10 November 2022) Professor T Baldwin (appointed 13 May 2023) Professor B Bollig Professor G Bonsaver Dr G Colom-Montero Professor S Dixon Professor S Evangelista (resigned 13 May 2023) Professor F Finlay Professor S Gilson (resigned 13 May 2023)3 Dr J Goodman Professor A Hadfield2 Professor A Hiscock Dr D Holmes Dr A Lewis1 Professor J Long Professor M Maguire Professor P De Medeiros (resigned 14 October 2023) Dr C Moran Dr L O'Meara Dr S Rodway Professor D Wheeler Mr J Wong

1 Member of Conference Grants subcommittee

2 Member of Research Associateships subcommittee

3 Member of Research Scholarships subcommittee

In addition, attendance by invitation as (non-trustee/director) advisers: Mrs A. Callander, Dr S. Davies, Mr G. Lowe, Dr G. Nelson, Ms A. Schumacher, and as postgraduate representatives: Ms E. Di Dodo, Ms R. Hayes

Company registered number 03446016

Charity registered number 1064670 Registered office Salisbury House Station Road Cambridge CB1 2LA

Company Secretary Dr B Burns

Honorary Treasurer Professor C Paver Associate Treasurer Mr J Wong

Page 1

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE ASSOCIATION, ITS COMMITTEE MEMBERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Independent auditors Peters Elworthy & Moore
Chartered Accountants
Statutory Auditors
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers Lloyds Bank Plc
3 Sidney Street
Cambridge
CB2 3HQ
Solicitors Trowers & Hamlins LLP
3 Bunhill Row
Southernhay Gardens
London
EC1Y 8YZ
Keystone Law
48 Chancery Lane
Holborn
London
WC2A 1JF
Stone King LLP
3rd Floor
Bateman House
82-88 Hills Road
Cambridge
CB2 1LQ
Investment managers Brewin Dolphin Securities Limited
12 Smithfield Street
London
EC1A 9LA
Evelyn Partners
45 Gresham Street
London
EC2V 7BG
CCLA Investment Management Limited
One Angel Lane
London
EC4R 3AB
Managing Editor Dr G Nelson

Page 2

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE ASSOCIATION, ITS COMMITTEE MEMBERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Printers, publishers and Lightning Source agents Chapter House Pitfield Kiln Farm Milton Keynes MK11 3LW

CPI Books 108-110 Beddington Lane Croydon CR0 4YY Turpin Distribution Stratton Business Park Pegasus Drive Biggleswade SG18 8TQ InterMedia Brand Marketing Ltd Unit 6 The Enterprise Centre Kelvin Lane Crawley West Sussex RH10 9PE

JSTOR 1 Liberty Plaza 165 Broadway 5th Floor New York NY10006 USA Project MUSE 2715 North Charles Street Baltimore Maryland 21218 USA

Publishing Manager Mr G M Lowe (retired 31 March 2023) Dr S Davies (appointed 1 March 2023)

Page 3

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Trustees present their Annual Report together with the audited financial statements of the Association for the year ended 30 September 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) Second Edition October 2019 (effective 1 January 2019).

Since the Association qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

OBJECTIVES AND ACTIVITIES

The Association was founded in Cambridge in 1918 and incorporated in 1997. The Association has become an international organisation with members in all parts of the world. Its purpose is to encourage and promote advanced study and research in the field of the modern humanities, especially modern European languages and literatures (including English). It is concerned to break down the barriers between scholars working in different disciplines and to maintain the unity of humanistic scholarship in the face of increasing specialisation.

The trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Company Secretary’s Review of the activities of the Association for the period 1 October 2022 to 30 September 2023

The present report covers the twenty-sixth year of the Association’s activities since its incorporation as a charitable company limited by guarantee. The Officers for the current reporting year were Professor Derek Connon (Chair), Dr Barbara Burns (Company Secretary), and Professor Chloe Paver (Honorary Treasurer).

At the Committee meeting held on 13 May 2023, Trustees noted the retirement of Professor Katherine Astbury, Professor Stefano Evangelista, and Professor Simon Gilson and thanked these three colleagues for their service and generous contribution to the Association. Professor Evangelista and Professor Gilson are continuing in their roles as Editor of the Jewelled Tortoise series for Critical Texts and of Italian Perspectives for Legenda respectively. This year also saw the retirement of the MHRA’s much respected Senior Publishing Manager, Mr Gerard Lowe, after 34 years’ service with the Association. Colleagues echoed Professor Connon’s warm tribute to Mr Lowe for his reliability, efficiency, and sound advice, as well as his calmness and professionalism in dealing with challenging situations, and wished him a very happy retirement. During the year the Committee welcomed four new members: Professor Thomas Baldwin as Legenda representative, Dr Simon Davies as the Association’s new Publishing Manager, Ms Anke Schumacher as Editor of the Annual Bibliography of English Language and Literature, and Ms Rachel Hayes as second Postgraduate Editor of MHRA Working Papers in the Humanities.

The Association’s scholarly journals remain in good health and continue to publish high-quality articles across our range of disciplines. Thanks are due as ever to our authors, editors, and employees for their effort and commitment in what remains a challenging academic environment. The Modern Language Review , Vol. 118, 651 pp., contains nineteen articles and a very substantial reviews section. The Slavonic and East European Review , Vol. 101, is slightly behind schedule because of the pandemic-related loss of two special issues and Russia’s invasion of Ukraine which has interrupted contributions from both countries. The first two issues, which include a large reviews section, have appeared, and the remaining two are on track for publication soon. Vol. 96 of The Annual Bibliography of English Language and Literature (report year 2021), xxv + 1098 pp., contains 17,328 entries, and the online database now has almost 1,200,000 entries. The Yearbook of English Studies , Vol. 53, edited by Sue Niebrzydowski, on the theme of Chaucer, is scheduled for publication in the autumn.

Page 4

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Portuguese Studies , Vol. 39.1, 99 pp., contains six articles and a reviews section, and Vol. 39.2 is due to appear by the end of the year. Vol. 30 of Austrian Studies , 221 pp., edited by Caitríona Ní Dhúill and Nicola Thomas, contains eleven contributions on the theme ‘Anthropocene Austria’, as well as an introduction and reviews section. Vol. 17 of the electronic open-access journal MHRA Working Papers in the Humanities , edited by the postgraduate representatives Alma Prelec and Emily Di Dodo, contains articles on the theme ‘On Forgetting’, spanning a range of European languages. As in previous years, this volume showcases what are often the first published articles of promising postgraduate researchers. The benefits of this journal are extended each year also to the two postgraduate editors who receive mentoring in the process of designing a call for papers, evaluating proposals, editing articles, and seeing the volume through to publication.

The Association is now well into its second year of partnership with Project MUSE, a respected international online database of peer-reviewed academic publications, which hosts our journal content. Having this platform enables us to enhance the impact of our journal articles by disseminating work electronically to a broad range of library users in the humanities and social sciences.

During the report year Legenda published twenty-six new hardbacks and ebooks, and twenty-five paperback editions of previously published titles. Joanna Raisbeck’s rediscovery of Karoline von Günderrode, a writer of the age of German Romanticism, drew particular attention, but the most conspicuous feature of Legenda’s work remains its range: from the image of blood in Dante to the ethics of Harry Potter fan fiction. It was a strong year for theatre, with books on commedia dell’arte , on spiritual Renaissance plays, and on contemporary Uruguayan drama. History novels also drew attention, both as quests for national identity in postcolonial Angola and in Latin America, and in modern Italy to confront the Holocaust as it came to Rome. Political strands included the reconstruction of the French landscape, the role of women in Spanish politics, the question of how fiction can change our world, and what culture can do to serve transitional justice after a genocide. The strong list of forthcoming titles confirms Legenda’s importance as a high-quality imprint for researchers across the spectrum of specialisms and career stages.

There were three publications in the MHRA Critical Texts series: Alexis Piron, ‘ Le Claperman ’ and ‘L’Âne d’or’ , edited by Derek Connon (Vol. 84); Louis-Sébastien Mercier, ‘Le Vieillard et ses trois filles’ and ‘Timon d’Athènes’ : Two Shakespeare Adaptations , edited by Joseph Harris (Vol. 82), and Decadent Writings of Aubrey Beardsley, edited by Sasha Dovzhyk and Simon Wilson (Vol. 78). The Beardsley edition also appeared as Vol. 10 in the Jewelled Tortoise subseries, dedicated to aesthetic and decadent literature of the British and European fin de siècle . It caught the attention of the writer of an article in the New Yorker magazine who praised the volume’s ‘lavish scholarly attention’ to Beardsley’s work. Academic reviews of books in the Critical Texts series have continued to highlight the public-benefit aspect of these publications, which are modestly priced and useful to students, scholars, and more general readers alike. Recent comments include praise of one text as ‘an indispensable new resource for students and scholars’, of another as an ‘invaluable scholarly edition’, and of yet another as a volume that will ‘enliven the reading lists of many undergraduate courses’. Fifteen further volumes are under contract.

Work on the MHRA Translations series proceeds steadily. The MHRA Tudor and Stuart Translations series saw three publications: the first two parts of Vol. 26, Erasmus in English 1523–1584 , edited by Alex Davis, Gordon Kendal, and Neil Rhodes (Vol. 1: The Manual of the Christian Soldier and Other Writings , and Vol. 2: The Praise of Folly and Other Writings) , and Vol. 30, Anne Cooke’s Englishing of Bernardino Ochino , edited by Patricia Demers. The Erasmus volumes have been warmly welcomed by the academic community, with one review applauding the ‘superlative editorial attention’ which the texts receive. There is also a busy slate of sixteen forthcoming titles. There has been one new publication in the MHRA New Translations series: Le Philosophe sans le savoir , by Michel-Jean Sedaine, edited and translated by Derek Connon (Vol. 19). This was the 250th volume published under the Texts and Translations imprint. Four further volumes are under contract. There have been no new publications in the MHRA European Translations series, but four new volumes are under contract. Finally, volumes in the Association’s Library of Medieval Welsh Literature series continue to sell well, meeting the need for high-quality student editions used on university courses where Middle Welsh is taught through the medium of English. Although no new texts have appeared this year, three volumes are forthcoming.

Page 5

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

The MHRA Style Guide continues to be the Association’s best-selling publication and most-used online resource, serving the academic community in the Arts and Humanities well beyond the parameters of the MHRA’s own focus on Modern Languages and English Studies. Throughout the past year, a working group has met regularly to prepare a new edition. Extensive revisions have been made which respond to developments in electronic publishing and take account of the wider range of sources now available for citation such as film, TV, music, and new media. The updates better reflect the diversity of our subject areas, as well as straightening out anomalies and simplifying citation conventions. A major re-ordering has reduced the previous thirteen chapters to a more manageable eight, and the text will have a new Introduction, a summary of the changes to the MHRA’s core style, a clearer Quick Guide, and abstracts for each chapter. It is hoped that a launch date of 1 January 2024 for both the website and the paper version will be achievable.

The Association continues to disburse grants in support of high-quality applications for research in our disciplines. Two Research Associateships were awarded this year: Dr Luca Mazzocchi was appointed to work with Professor Federica Pedriali at the University of Edinburgh on the ‘Edinburgh Gadda Encyclopedia’, and Dr Lucinda Borkett-Jones was appointed to work with Professor Max Saunders at the University of Birmingham on ‘The Collected Letters of Ford Madox Ford’. In response to feedback from award holders and following discussion with Trustees, it was decided to rename these awards ‘Research Fellowships’ in the interests of using a term that is more recognizable in academic circles and possibly more prestigious. This year the Association again received very encouraging reports from award holders at the end of their funding period. One beneficiary of the scheme reported that the award had been ‘game changing’ not merely for the general editors, but for the entire editorial team, stating that the RA’s contribution had exceeded their expectations and resulted in findings on which the team would continue to draw following the RA’s departure. Another commented that their collaboration with the RA would carry on beyond the lifetime of the funding, such had been the value of her input to the project. The Committee also received expressions of thanks from the grant holders themselves, whose professional development has benefitted from these one-year positions. The evidence therefore suggests that this MHRA funding is addressing a real need in the academic community and adding value both on an individual career-development level and in terms of facilitating high-quality publications.

The Association also remains committed to its Research Scholarships scheme, which aims to help retain the most talented early-career researchers within the discipline, as well as to fund excellent research projects, by awarding one-year postdoctoral scholarships. In 2023 there was an increase in the number of applications, perhaps attributable in part to the uplift in the value of the award. Four Scholarships were awarded to be held in the academic year 2022–23, as follows: Dr Jack Arscott, working on the inter-war German newspaper Die Weltbühne at ILCS, London; Dr Andrea Brondino, working on the writing of history in the works of Umberto Eco, Carlo Ginzburg, and Wu Ming at Warwick; Dr Simona Di Martino, working on the Italian Gothic between 1789 and 1816 at Warwick; and Dr Michele Maiolani, working on anthropology and modern Italian literature at Cambridge. In the reports submitted by last year’s Research Scholars, a repeated theme was the additional benefits of the MHRA grant, apart from enabling award holders to work on publishing their thesis as a book. Key points included institutional affiliation and mentorship, teaching opportunities, training courses, and the reputational status of the MHRA funding as a stepping stone to the next postdoctoral position.

Finally, the number of applications to the Conference Grant Fund increased again slightly, following a quieter two-year period during the pandemic. Some of the proposed conferences were to be held in-person only, while others were offering a hybrid format, with delegates able to join online without charge. The selection committee sought evidence in these applications of alignment with the MHRA’s priorities for this scheme, which include good early-career support, clearly developed plans for a solid publication outcome, and careful costings. The following four awards of up to £1,500 each were made: Dr Caroline Summers (Warwick), ‘Afterlives of an Essay: 100 Years of Benjamin’s Task of the Translator ’; Dr Tobias Heinrich (Kent), ‘Migrant Voices in Contemporary European Filmmaking’; Dr Amanda Davis (Derby), ‘The Shelley Conference: Posthumous Poems , Posthumous Collaborations’; Professor Alison Fell (Liverpool), ‘War and Gender in Modern Europe’.

The Association’s Communications Officer, Dr Guillem Colom-Montero, has invested further work this year in building the MHRA’s national and international social media profile. The Association’s ‘X’ (formerly Twitter) account now has almost 3,000 followers, and our authors, as well as other learned societies, publishers, and

Page 6

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

university departments, regularly engage with us to publicize work and announce book launches and other events. There have recently been popular messages by scholars thanking the MHRA for initiatives we have sponsored, and some of our new book announcements have generated thousands of responses. The Company Secretary has this year conducted sixteen further interviews with recently published MHRA authors and current grant holders, which have been added to the news blog and disseminated via ‘X’. All of this online activity has increased our visibility and impact in the wider community, as well as giving our authors and scholars the opportunity to showcase their work to a large audience.

The Association continues to implement a focused approach to legal compliance, risk management, and strategic planning. In 2023 the Risk Register, introduced in 2022, was augmented to include further measures on fraud prevention, data resilience, and legal risks related to the content of publications. Updates on and strategic discussion of selected points from the Risk Register now form part of every Committee meeting agenda. Our policies conforming to GDPR legislation are being followed, and letters were sent in the autumn by the Data Protection Trustee, Dr Burns, to all staff, Committee members, and external editors of the Association’s journals and monograph series, to remind colleagues of their legal responsibilities regarding data management. All replies confirming compliance with procedures are logged, and a 100% return was again achieved last year.

Mr Lowe and his successor Dr Davies have updated the Committee regularly on developments relating to Open Access. Discussions have included not only the implications of the forthcoming REF requirements for the MHRA but also the broader strategy the Association wishes to adopt in terms of OA publishing.

The Committee has periodically discussed matters relating to Equality, Diversity, and Inclusion. Work has been carried out to make the website as accessible as possible to all users, and the Association’s key public-facing documents, such as membership forms and funding scheme information, have been reviewed to facilitate a more user-friendly experience for readers with visual impairments. Progress has also been made in implementing the use of ‘alt text’ (alternative text) captions for all images included in the Association’s journals. These are short written descriptions of each image supplied for online publication via Project MUSE. Our aim is to be compliant with the European Accessibility Act by the deadline of June 2025.

In terms of environmental accountability, Directors were pleased to note that our international book suppliers are now making increased use of local printing facilities, thus reducing the shipping distance for our books. The MHRA Committee is continuing with its recently established practice of holding just two in-person meetings in London, using video conferencing for the February meeting, as well as for periodic meetings of editorial committees and other working groups. Interviews this year for the positions of Publishing Manager and ABELL Editor were also held online. The Association’s investment fund managers follow their companies’ guidelines for making environmentally sustainable investments (in particular, not investing in carbon-heavy industries) and report that the companies they invest in also routinely present their sustainability goals in their prospectuses and reports. While allowing for the possibility of some greenwashing at different points along the chain, the Association is satisfied that its investments conform overall with its environmental commitments.

Finally, the Association recognizes the importance of engagement with the broader academic community. The MHRA is represented at relevant meetings with other learned societies, including the British Academy, the Arts and Humanities Research Council, the Institute of Languages, Cultures and Societies, the Alliance of Modern Languages, Area Studies and Linguistics Subject Associations UK (AMLUK) and similar bodies, and responds to requests for consultation. The MHRA this year joined the Independent Publishers Guild, a not-for-profit organization offering information, guidance and online training to independent publishing companies. It also restarted its membership of the Association of Learned and Professional Society Publishers. The Association’s Trustees and editors, who are based across the United Kingdom and beyond, engage with audiences in order to disseminate research, train and encourage early-career academics, and promote awareness of the ways in which the MHRA can help support researchers across its range of disciplines.

Page 7

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Plans for the future

The Association’s objectives for 2023–24 include its commitment to publishing high-quality peer-reviewed journal articles across the range of its disciplines, the addition of further titles to its Critical Texts series, MHRA Translations series, Library of Medieval Welsh Literature series, and new monographs in the Legenda imprint. The Committee has decided to issue hardback editions for new titles in the series Critical Texts, European Translations, and New Translations, thereby aligning them with the Association’s other book series. This development has advantages for authors in that a hardback version of a title arguably confers a prestige that paperbacks lack, and for the MHRA in that hardback editions carry a higher profit margin. It is further planned next year to take advantage of the facility offered by Project MUSE to set a price for the purchase of individual journal articles, enabling readers without access to an institutional subscription to pay to access a particular article. It is envisaged that this will have benefits both in terms of the dissemination of research and in terms of potential extra revenue. The Association plans in early 2024 to release the revised edition of its highly popular MHRA Style Guide, an academic resource widely used by both university students and scholars. The paper version will be published as close as possible to the launch of the new website. Work will be done to publicize the changes and the opportunity will be taken to persuade those databases that do not yet offer to generate references in MHRA style to do so.

The MHRA funding schemes will remain central to its public benefit objectives. The Conference Fund will offer up to four bursaries to successful candidates. The Research Fellowship (formerly Research Associateship) scheme for 2024 will provide up to two Associateships for projects of the highest academic calibre, and applications will be invited for up to five Research Scholarships, this support for early-career academics reflecting one of the Association’s key priorities.

Finally, the MHRA Committee will maintain a sharp focus on the key challenges and opportunities arising from our activities. In view of the Association’s increased use of social media to promote its work and engage with the wider academic community, a social media policy will be drawn up in 2024 to manage potential risks arising from this. Consideration will also be given to extending MHRA social media activity beyond ‘X’. In view of the strategic importance of decisions around Open Access publishing, not only in regard to the forthcoming REF requirements but also in the broader context of the dissemination of academic research, the Association will consider potential new models and decide on the next steps to be taken.

Barbara Burns Company Secretary, Modern Humanities Research Association

Page 8

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Policy Statement and Report by the Honorary Treasurer, Modern Humanities Research Association, 2022-23

FINANCIAL REVIEW

Risk management

Major financial decisions, in common with all matters of policy, are taken by the Committee (the membership of which includes all the Directors) and duly minuted. The Honorary Treasurer and Associate Treasurer (Trustees) attend to daily accounting matters and are in constant discussion about issues affecting the Association’s financial well being and the minimising of risk. The Publishing Manager and the MHRA Managing Editor provide professional advice to the treasurers, Company Secretary and Committee about current compliance issues relating to the rapidly expanding field of electronic publishing and communications. Throughout its periodic review of all the Association’s activities, the Committee, drawing on the advice of its specialist editors, administrators, accountants and investment managers, identifies risk, giving due regard to the likelihood of occurrence and severity, and considers the most appropriate and cost effective measures. A risk register, regularly reviewed and updated, informs the Trustees’ policy discussions and decision-making and provides a framework within which mitigations and counteraction can be developed. Risks recently discussed include: financial fraud and its avoidance; problems arising from the devolution of editorial control to guest editors; a continuing shortage of high-quality submissions to journals; and open access and its implications for financial sustainability.

Reserves policy

Since 2005 the Association has maintained a designated Investment Fund, income from which is used to support the Association’s current work, in particular its monograph-publishing programme and other relevant academic charitable disbursements, and to provide resources for new publishing ventures as suitable proposals arise. There being no decrease in the demands on the Investment Fund, the Committee intends to continue the designation and, in addition, to maintain a free reserve equivalent to two years’ total annual expenditure to meet short-term contingencies. The reserves are subject to periodic review by the Committee to ensure that financial strategy reflects changing economic circumstances and new undertakings.

Honorary Treasurer's Report on the financial activities and standing of the Association during the period 1 October 2022 to 30 September 2023

The strength of the Association’s financial reserves has continued to ensure that publication and grant-giving activities can proceed at the current level and that the Trustees can undertake publishing projects for which payback could not be envisaged within normal commercial timescales. Following a period of financial turbulence, arising both from the bankruptcy of a subscription agent and poor investment returns in 2021-22, more positive outcomes have ensued in the year of report.

Publications:

The acquisition of a new subscription agent enabled the Association to stabilise its subscriber base, resulting in a slight increase in journal income (£477,410 (2022: £467,423)). Total publications income increased by 2.2% to £557,539 (2022: £545,610). The overall surplus of the Publications Account for 2023, however, declined to £73,759 (2022: £94,614) owing to a 7.2% increase in costs, some of which were attributable to the fulfilment of orders which remained unserviced by the previous subscription agent.

Periodicals:

Surplus from some journals improved in 2023. Modern Language Review increased its yield to £146,661 (2022: £141,929), Yearbook of English Studies to £31,797 (2022: £29,596) and Austrian Studies to £4,252 (2022: £1,542). Net returns from Slavonic and East European Review declined markedly to £24,764 (2022: £33,467),

Page 9

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

owing to a 14% increase in production costs, Portuguese Studies returned an increased deficit (£1,669 (2022: deficit of £1,565)). Net returns from Annual Bibliography of English Language and Literature declined to £19,186 (2022: £22,570).

MHRA books:

As in previous years, the delay before income from book sales begins to offset the costs of newly published titles determines the outcomes for the Association’s book series. Deficits were returned by Jewelled Tortoise (£234 (2022: deficit of £2,809)), the Translations series (£3,165 (2022: surplus of £102)) Critical Texts (£601 (2022: surplus of £528)). By contrast, the Library of Medieval Welsh Literature returned a net surplus (from back-list alone) of £361 (2022: surplus of £1,361). Legenda sales income increased to £67,540 (2022: £61,861) and the annual deficit reduced to £34,045 (2022: £36,826). The surplus generated by the printed version of the Style Guide declined to £632 (2022: £1,814).

Funding schemes:

The Association has maintained its commitment to supporting research by scholars, from their early career stage onwards, through its funding schemes as set out in the Company Secretary’s Report. The Committee awarded 4 Conference Fund grants, 2 Research Associateships and 4 Research Scholarships in Modern European Languages to take effect in 2023-24.

Membership:

Income from membership subscriptions realised £900 in 2023 (2022: £973). While membership therefore plays little part in the Association's finances, it is, as the Company Secretary's report makes clear, of considerable significance for the Association's ethos and for its role in the scholarly community.

Investments and accounts:

Book valuation of the total accumulated funds at 30 September 2023 stood at £7,361,060 (2022: £7,161,983) representing a growth in net asset value of 2.7%. The total valuation of investments at the same date was £6,414,780 (2022: £6,493,263). During the year, investments to the value of £300,000 were liquidated and the capital used to supplement the Association’s free reserves.

At 30 September 2023, free reserves (the General Fund) were valued at £1,549,317 (2022: £1,369,148). Annual expenditure in 2022-23 amounted to £762,422. The Trustees’ policy being to maintain a free reserve equal to twice the value of annual expenditure. Free reserves covers more than twice the 2022/23 annual expenditure. The Trustees' will continue to keep the adequacy of the reserve under review.

Conclusion:

The 2023 deficit of £5,957 (surplus less unrealised gains) is more modest than the cost and revenue budgets for 2022/23 (£130,037) had predicted. Results were improved by a significant increase in income from investments and bank deposits (2023: £150,542 (2022: £82,749) and it is hoped that the higher-income environment, in which the Association’s investments are being managed, will positively effect future financial outcomes.

I should like to thank the academic editors of our publications, whose dedicated and generous outlay of time in a range of activities provides a vast financial benefit to the Association; and to thank our Chair, Professor Derek Connon, and our Company Secretary, Dr Barbara Burns, whose support, together with that of the other members of the Committee in their capacity as Trustees, has been essential. Also deserving of the Association’s gratitude are the many paid editorial and administrative assistants by whom most of our publishing projects are supported, and our management team of Mr Jeremy Wong, Associate Treasurer, and Dr Simon Davies, Publishing Manager, both of whom have assisted greatly in compiling this report; as well as Dr Graham Nelson, MHRA Managing Editor.

Page 10

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also the directors of the Association for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees 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 Association and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Association's transactions and disclose with reasonable accuracy at any time the financial position of the Association and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that: - so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

AUDITORS

The auditors, Peters Elworthy & Moore, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Professor C Paver Honorary Treasurer Date: 06 March 2024

Page 11

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MODERN HUMANITIES RESEARCH ASSOCIATION

OPINION

We have audited the financial statements of The Modern Humanities Research Association (the 'association') for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 12

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MODERN HUMANITIES RESEARCH ASSOCIATION (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

Page 13

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MODERN HUMANITIES RESEARCH ASSOCIATION (CONTINUED)

concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we;

Page 14

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MODERN HUMANITIES RESEARCH ASSOCIATION (CONTINUED)

and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Hewett (Senior Statutory Auditor) for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 07 March 2024

Page 15

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Note
INCOME FROM:
Charitable activities
4
Investments
5
TOTAL INCOME
EXPENDITURE ON:
Raising funds
6
Charitable activities
7
TOTAL EXPENDITURE
NET EXPENDITURE BEFORE NET GAINS/(LOSSES)
ON INVESTMENTS
Net gains/(losses) on investments
12
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
16
Net movement in funds
16
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2023
£
558,439
150,542
708,981
50,137
712,285
762,422
(53,441)
252,518
199,077
7,161,983
199,077
7,361,060		 Total
funds
2023
£
558,439
150,542
708,981
50,137
712,285
762,422
(53,441)
252,518
199,077
7,161,983
199,077
7,361,060		 Total
funds
2022
£
546,583
82,749
629,332
44,774
779,244
824,018
(194,686)
(1,217,641)
(1,412,327)
8,574,310
(1,412,327)
7,161,983

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 19 to 38 form part of these financial statements.

Page 16

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee) REGISTERED NUMBER: 03446016

BALANCE SHEET AS AT 30 SEPTEMBER 2023

Note
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Provisions for liabilities
15
TOTAL NET ASSETS
CHARITY FUNDS
Unrestricted funds
16
TOTAL FUNDS		 137,504
956,777
1,094,281
(222,974)		 2023
£
924
6,647,378
6,648,302
871,307
7,519,609
(158,549)
7,361,060
7,361,060
7,361,060		 113,903
709,977
823,880
(216,854)		 2022
£
1,849
6,738,107
6,739,956
607,026
7,346,982
(184,999)
7,161,983
7,161,983
7,161,983

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ Professor C Paver Dr B Burns Honorary Treasurer Company Secretary: Date: 06 March 2024 06 March 2024

The notes on pages 19 to 38 form part of these financial statements.

Page 17

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
18
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Net cash transferred from investment portfolio
Purchase of tangible fixed assets
NET CASH PROVIDED BY INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
19		 2023
£
(246,950)
150,542
343,208
-
493,750
246,800
709,977
956,777		 2022
£
(164,903)
82,749
38,850
(2,773)
118,826
(46,077)
756,054
709,977

The notes on pages 19 to 38 form part of these financial statements

Page 18

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. GENERAL INFORMATION

The Association is a company limited by guarantee. The members of the Association are the Committee named on page 1. In the event of the Association being wound up, the liability in respect of the guarantee is limited to £1 per member of the Association.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Modern Humanities Research Association 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.

2.2 GOING CONCERN

The Trustees have prepared forecasts for 2023-24. Upon their review, the Trustees believe the Association will have sufficient resources to meet its liabilities as they fall due for the period until at least 30 September 2025 and therefore continue to adopt a going concern basis in preparing the financial statements.

2.3 INCOME

All income is recognised once the Association has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Publication income is recognised at the later of the publication date or receipt of a sales order.

Membership income is recognised in the period to which it relates, with subscriptions received early being deferred.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Page 19

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Support costs are those incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with consitutional and statutory requirements and are allocated based on time spent.

Expenditure on raising funds includes all expenditure incurred by the Association to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Association's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Association; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 FOREIGN CURRENCIES

The functional currency is GBP.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

Page 20

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £2,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 20% straight line

2.8 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.9 STOCKS

No account has been taken of volumes of stock at the year end. At this point in time, all volumes published in the current period become back issues and it is impossible to predict the reliable value of these therefore no value is included in these accounts for stock held at the year end.

2.10 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 21

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.12 LIABILITIES

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Association anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.13 FINANCIAL INSTRUMENTS

The Association only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 PENSIONS

The Association participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The Association is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis.

As required by Section 28 of FRS 102 “Employee benefits”, the Association therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme.

Since the Association has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

2.15 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Association and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

All income and expenditure in the current and prior year is unrestricted.

Page 22

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Association makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

USS Pension Deficit Provision

The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102.

The Trustees are satisfied that Universities Superannuation Scheme meets the definition of a multi employer scheme and have therefore recognised a provision for the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

Calculating the provision requires the use of several estimates and judgements, such as future salary inflation, interest rates and increases in headcount.

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2023
£
Membership
900
Publication sales
557,539
558,439
TOTAL 2022
546,583		 Total
funds
2023
£
900
557,539
558,439
546,583		 Total
funds
2022
£
973
545,610
546,583

Page 23

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. INVESTMENT INCOME

Unrestricted
funds
2023
£
Listed investments income
133,684
Bank interest
16,858
150,542
TOTAL 2022
82,749		 Total
funds
2023
£
133,684
16,858
150,542
82,749		 Total
funds
2022
£
80,646
2,103
82,749

6. INVESTMENT MANAGEMENT COSTS

Unrestricted
funds
2023
£
Portfolio management charges
50,137
TOTAL 2022
44,774		 Total
funds
2023
£
50,137
44,774		 Total
funds
2022
£
44,774

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Modern Humantities
TOTAL 2022		 Activities
undertaken
directly
2023
£
446,106
410,598		 Grant
funding of
activities
2023
£
194,340
172,044		 Support
costs
2023
£
71,839
196,602		 Total
funds
2023
£
712,285
779,244		 Total
funds
2022
£
779,244

All expenditure incurred was unrestricted in 2023 and 2022.

Page 24

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS

Staff costs
Publication expenditure
Stationery, postage, telephone, equipment
Bank charges
Miscellaneous expenses
Electronic publishing
Exchange gains/(losses)
Pension interest cost
TOTAL 2022
ANALYSIS OF SUPPORT COSTS
Supporting administration services
Auditors' fees - Audit (governance)
Auditors' fees - Other services
Travel expenses (governance)
Wages and salaries
TOTAL 2022		 Modern
Humantities
2023
£
220,252
187,624
2,199
149
4,374
25,375
(27)
6,160
446,106
410,598
Modern
Humantities
2023
£
2,356
9,500
7,450
5,503
47,030
71,839
196,602		 Total
funds
2023
£
220,252
187,624
2,199
149
4,374
25,375
(27)
6,160
446,106
410,598
Total
funds
2023
£
2,356
9,500
7,450
5,503
47,030
71,839
196,602		 Total
funds
2022
£
209,015
165,810
1,836
204
3,483
30,240
10
-
410,598
Total
funds
2022
£
4,981
7,000
7,470
4,552
172,599
196,602

Page 25

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

8. GRANT COSTS

Institutional grants are detailed below:

Research Associateships
Editorial Expenditure
Research Scholarships
Publications and Conferences		 2023
£
55,000
80,774
56,000
2,566
194,340		 2022
£
43,349
73,990
50,000
4,705
172,044

Research associateships

Research associateships are awarded annually to institutions for research projects.

Keele University
University of Birmingham
University of Edinburgh
University of Liverpool
University of Sheffield		 2023
£
-
27,500
27,500
-
-
55,000		 2022
£
(6,651)
-
-
25,000
25,000
43,349

Page 26

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Editorial expenditure

Grants are provided to defray editorial expenditure related to MHRA publications and activities.

School of Slavonic and East Eurpean Studies (Slavonic and East European
Review)
University of Bangor (Modern Language Review and Yearbook of English
Studies)
University of Oxford (Austrian and Portuguese Studies)		 72,204
6,000
2,570
80,774		 66,482
5,627
1,881
73,990

Research scholarships

Research scholarships are provided to support scholars in the early postdoctoral phase of their careers.

Institute of Languages, Cultures and Societies, London (J. Arscott)
University of Warwick (A. Brondino)
University of Warwick (S. Di Martino)
University of Cambridge (M. Maiolani)
University of Cambridge (E. Bellia)
University of St Andrews (R. Walker)
University of Warwick (S. Serafini)
University of Cambridge (T. Vargas Ortiz)		 2023
£
14,000
14,000
14,000
14,000
-
-
-
-
56,000		 2022
£
-
-
-
-
12,500
12,500
12,500
12,500
50,000

Page 27

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Conferences

Non-repayable support for conferences.

University of Leeds (From Analogue to Digital)
University of Newcastle (Song in French Narrative)
University of Warwick (Afterlives of an Essay)
University of York (Science, Gender and Sociability in a Northern City)
University of Leicester (The Future of WWII France in Academia)
University of Oxford (The Heritage of Humanism and Enlightenment in Exile
Literature)
University of Oxford (Editions, Translations, transmissions: 'That Awful
Mess' of Carlo Emilio Gadda)
University of Oxford (What does Literature do? : Rencontres autour de Alain
Viala)		 2023
£
(979)
715
1,387
1,443
-
-
-
-
2,566		 2022
£
-
-
-
-
1,500
1,165
1,500
540
4,705
Reconciliation of grant expenditure
Grant commitments brought forward (Note 14)
Grants paid in the year
Grant commitments carried forward (Note 14)		 2023
£
(100,000)
158,340
136,000
194,340		 2022
£
(150,000)
222,044
100,000
172,044
9. AUDITORS' REMUNERATION
2023 2022
£ £
Fees payable to the Association's auditor for the audit of the Association's
annual accounts 9,500 9,450
Fees payable to the Association's auditor in respect of:
All non-audit services not included above 7,450 5,020

Page 28

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

10. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
228,959
25,143
13,180
267,282		 2022
£
214,547
25,044
142,023
381,614

The average number of persons employed by the Association during the year was as follows:

Publications and related expenditure
Management and administration		 2023
No.
3
3
6		 2022
No.
3
3
6

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 - 1
In the band £70,001 - £80,000 1 1

Key management personnel of the charity comprises the Trustees, Company Secretary, Honorary Treasurer, Associate Treasurer and Publications Manager.

The total key management remuneration in 2023 (including pension contributions and employer's national insurance) was £146,008 (2022 - £181,837). This includes one Trustee (2022 - one Trustee) who received remuneration of £100,117 (2022 - £94,298) by virtue of his employment with the Charity. This payment is allowed by the Charity's articles of association.

During the year, 18 (2022 - 15) Trustees received reimbursement of expenses amounting to £5,155 (2022 - £4,551).

During the year, no other Trustees received remuneration or benefits in kind (2022 - £nil).

Page 29

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 October 2022
Disposals
At 30 September 2023
DEPRECIATION
At 1 October 2022
On disposals
At 30 September 2023
NET BOOK VALUE
At 30 September 2023
At 30 September 2022		 Office
equipment
£
4,993
(2,773)
2,220
3,144
(1,848)
1,296
924
1,849

Page 30

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

12. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 October 2022
Additions
Disposals (proceeds £2,902,637)
Revaluations
Cash movement
AT 30 SEPTEMBER 2023		 Listed
investments
£
6,493,263
2,573,124
(2,852,967)
201,360
-
6,414,780		 Cash held
for
investment
£
244,844
-
-
-
(12,246)
232,598		 Total
£
6,738,107
2,573,124
(2,852,967)
201,360
(12,246)
6,647,378

All the fixed asset investments are held with investment managers in the UK.

VALUATION

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, principally the London Stock Exchange, Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is, their investment value).

The Association holds two major portfolios, one minor portfolio, and a separate holding in a property investment fund. The minor portfolio comprises fixed interest investments and is intended as a low-risk portfolio providing income (in conjunction with the property fund) to underpin current charitable activity.

The major portfolios are intended to support long-term objectives and comprise a diverse range of investments. Although these include a strong equity component, that equity exposure is delivered through a variety of common investment funds, in order to improve risk-adjusted returns available for the risk profile of the portfolios. The portfolios have both equity and non-equity elements. The purpose of the nonequity quotient is to lower the volatility of the portfolios.

The Association does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer-term growth and income.

Page 31

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

13. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
38,886
20,428
78,190
137,504		 2022
£
2,347
14,836
96,720
113,903

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Accruals and deferred income
Grants accrued - institutional		 2023
£
10,792
69,898
6,284
136,000
222,974		 2022
£
57,557
50,992
8,305
100,000
216,854

Deferred income relates to advanced subscriptions.

DEFFERRED INCOME

Deferred income brought forward
Resources deferred during the year
Amounts released from previous periods		 2023
£
7,292
4,121
(7,292)
4,121		 2022
£
6,035
7,292
(6,035)
7,292

Page 32

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

15. PROVISIONS

At 1 October 2022
Additions
Amounts used
Discounted adjustments		 Pension
provision
£
184,999
6,160
(13,690)
(18,920)
158,549

Staff working for the Association have pensions with the Universities Superannuation Scheme (USS). See note 21 for details about this scheme.

At the year end, the Association was party to a USS deficit recovery plan. Under the plan, the Association is obliged to pay deficit contributions amounting to 6.2% of total pensionable pay until March 2024. After this date, the rate increases to 6.3% until the agreement ends in March 2038.

As the Association has a present obligation to make these contributions, it has provided for the present value of the future deficit recovery payments expected to be defrayed.

To calculate the provision (and associated entries in the Statement of Financial Activities), the Association has used the British Universities Finance Group (BUFDG) model, which was developed by USS to enable members to estimate their liabilities under the USS deficit recovery plan.

The key assumptions used in the calculation are as follows:

Discount rate: 5.49% (2022: 3.33%)

Annual salary inflation: 5% for year 1, 2.5% thereafter (2022: 5% for year 1 & 2, 2.5% thereafter) Increase in headcount: no increase over deficit recovery period (2022: same)

Page 33

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

16. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at
Balance at 1 30
October Transfers Gains/ September
2022 Income Expenditure in/out (Losses) 2023
£ £ £ £ £ £
DESIGNATED
FUNDS
Investment fund 5,792,835 - - (339,475) 313,383 5,766,743
GENERAL
FUNDS
General funds 1,369,148 708,981 (762,422) 339,475 (60,865) 1,594,317
TOTAL
UNRESTRICT-
ED FUNDS 7,161,983 708,981 (762,422) - 252,518 7,361,060
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
Balance at 30
1 October Transfers Gains/ September
2021 Income Expenditure in/out (Losses) 2022
£ £ £ £ £ £
DESIGNATED
FUNDS
Investment fund 6,967,460 - - (15,242) (1,159,383) 5,792,835
GENERAL
FUNDS
General funds 1,606,850 629,332 (824,018) 15,242 (58,258) 1,369,148
TOTAL
UNRESTRICT-
ED FUNDS 8,574,310 629,332 (824,018) - (1,217,641) 7,161,983

Page 34

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2023
£
Tangible fixed assets
924
Fixed asset investments
6,647,378
Current assets
1,094,281
Creditors due within one year
(222,974)
Provisions for liabilities and charges
(158,549)
TOTAL
7,361,060		 Total
funds
2023
£
924
6,647,378
1,094,281
(222,974)
(158,549)
7,361,060
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
TOTAL		 Unrestricted
funds
2022
£
1,849
6,738,107
823,880
(216,854)
(184,999)
7,161,983		 Total
funds
2022
£
1,849
6,738,107
823,880
(216,854)
(184,999)
7,161,983

Page 35

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 18. ACTIVITIES

Net income/expenditure for the year (as per Statement
Activities)
ADJUSTMENTS FOR:
Depreciation charges
(Gains)/losses on investments
Dividends and interests from investments
(Increase)/decrease in debtors
Increase in creditors
Movement on pension provision
NET CASH USED IN OPERATING ACTIVITIES
19.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
TOTAL CASH AND CASH EQUIVALENTS
20.
ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand		 of Financial
At 1
October
2022
£
709,977
709,977		 2023
£
199,077
924
(252,478)
(150,542)
(23,562)
20,120
(26,450)
(232,911)
2023
£
956,777
956,777
Cash flows
£
246,800
246,800		 2022
£
(1,412,327)
924
1,217,641
(82,749)
8,639
6,579
96,390
(164,903)
2022
£
709,977
709,977
At 30
September
2023
£
956,777
956,777

Page 36

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

21. PENSION COMMITMENTS

The total amount included in the consolidated statement of comprehensive income and expenditure, including changes in the deficit provision, is a charge of £19,340 (2022: charge of £142,023).

Deficit recovery contributions due within one year for the institutions are £13,690 (2022: £11,746).

The latest available complete actuarial valuation of the Retirement Income Builder (defined benefit) section of the Scheme is as at 31 March 2020 (‘the valuation date’), which was carried out using the projected unit method.

Since the Company cannot identify its share of Retirement Income Builder assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2020 valuation was the sixth valuation for the Scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the Scheme was £66.5 billion and the value of the Scheme’s technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%.

The key financial assumptions used in the 2020 valuation are described below. More detail is set out in the Statement of Funding Principles available on the USS website.

CPI assumption Term dependant rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a longterm difference of 0.1% p.a. from 2040

Pension increases (subject to a floor of 0%) CPI assumption plus 0.05%

Discount rate (forward rates) Fixed interest gilt yield curve plus: Pre-retirement: 2.75% p.a. Post retirement: 1.00% p.a.

Page 37

DocuSign Envelope ID: A72A6AB6-8202-4B90-B240-FCB52713EDDA

THE MODERN HUMANITIES RESEARCH ASSOCIATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

21. PENSION COMMITMENTS (CONTINUED)

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the Scheme’s experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows:

2020 valuation

Mortality base table101% of S2PMA ‘light’ for males and 95% of S3PFA for females Future improvements to mortality CMI 2019 with a smoothing parameter of 7.5, an initial addition of 0.5% p.a. and a long-term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females

The current life expectancies (in years) on retirement at age 65 are:

2023 2022
Males currently aged 65 24.0 23.9
Females currently aged 65 25.6 25.5
Males currently aged 45 26.0 25.9
Females currently aged 45 27.4 27.3

A new deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period 1 April 2022 to 31 March 2024 at which point the rate will increase to 6.3%. The 2022 deficit recovery liability reflects this plan.

The provision figures have been produced using the following assumptions:

2023 2022
Discount rate 5.49% 3.33%
Pensionable salary growth – year 1 5.00% 5.00%
Pensionable salary growth – year 2-15 2.50% 2.50%

22. RELATED PARTY TRANSACTIONS

Except as disclosed in Note 10, there were no related party transactions during the year, or prior year.

Page 38