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2023-12-31-accounts

Society for French Studies (a company limited by guarantee)

Directors’ report and financial statements for the year ended 31 December 2023

Company Number: 03801778

Charity Number 1078038

Society for French Studies (a company limited by guarantee)

Contents

Page
Directors, officials and advisors 1
Report of the directors 2 – 4
Statement of directors’ responsibilities 5
Independent examiner’s report 6
Statement of financial activities incorporating income and expenditure account 7 - 8
Balance sheet 9
Notes to the financial statements 10 - 18

1

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Company information

Directors

Directors
Thomas Baldwin
Tobias Barnett
Madeleine Chalmers
Derval Conroy
Martin Crowley
Larry Duffy
Natalie Edwards
Catherine Emerson
Kate Foster
Nicholas Harrison (Vice president)
Paul Hegarty (Treasurer)
Diana Holmes (President)
James Illingworth
Siobhan Mcilvanney
John McKeane
Giovanni Menegalle
Edward Mills
Douglas Morrey
Nina Parish
Alexandra Pugh
Jennifer Rushworth
Richard Scholar
Martina Williams
Steven Wilson
Principal office and Faculty of Modern Languages
Registered office 41 Wellington Square
Oxford
Oxfordshire
OX1 2JF
Independent examiner Henderson Loggie LLP
Chartered Accountants
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Company number 03801778
Charity number 1078038

1

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Report of the directors for the year ended 31 December 2023

The directors, who are also the trustees of the Society for the purposes of Charity Law, submit their annual report and the financial statements for the year ended 31 December 2023.

The Society is a charitable company and is limited by guarantee, incorporated on 6 July 1999.

The Society was established by a Memorandum of Association and is governed by its Articles of Association.

Structure, governance and management

The directors are responsible for the overall strategy of the Society. The directors are responsible for approving policies and the direction of the Society.

Directors

The directors as at the date of this report are shown on page 1.

During the year and since the year end the following directors were appointed:

During the year and since the year end the following directors resigned:

Appointment, induction and training of directors

The directors are recruited when potential new directors are identified. An informal discussion is held to discuss the position. Induction information is provided to all new directors, and ongoing training is provided to all existing directors as required.

Key management personnel remuneration

The directors consider the board of directors to be the key management personnel of the Society, in charge of directing and controlling the Society and running and operating the Society on a day to day basis. All directors give of their time freely and no director remuneration was paid in the year.

Directors are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises.

Objectives and activities

The Society for French Studies, the oldest and leading learned association for French studies in the UK and Ireland, exists to promote teaching and research in French studies in higher education.

2

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Report of the directors for the year ended 31 December 2023 (continued)

Financial review

The results for the year are set out on page 7 of the financial statements.

The Society for French Studies' major sources of income continue to be royalties from the journal account (the prestigious French Studies and the French Studies Bulletin published by Oxford University Press) and membership subscriptions and contributions received towards the journal costs. In 2023 royalties were £65,706 (2022 - £60,694). Membership subscription income in 2023 was £15,077 (2022 - £16,163), Receipts from members (conference fees) were £38,964 (2022 - £22,693) and contributions received towards journal costs were £21,009 (2022 – £18,402).

Total expenses in the year amounted to £129,391 (2022 - £133,412), a reduction of £4,021. French Studies editorial research expenses decreased this year to £1,197 (2022 - £5,135). Conference costs for the year increased to £55,904 (2022 - £48,885) and the early career fellowship being £nil (2022 - £7,599).

Public benefit

The directors confirm that they have given due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act and are confident that they have complied with their duty under the Charities Act.

Achievements and performance

In 2023, the Society continued to invest in the editing of its two journals to produce high-quality research in the field of French Studies, and in the editing of its prestigious monograph collection, published by Legenda. The membership levels remained strong, as did the engagement with the journal from both writers and subscribers. 2023 saw the continued strength of the Society’s flagship annual conference, which took place in Newcastle. The society agreed to hold the 2024 conference in Stirling and undertook preparatory work to that end. 2023 The Society continued to support colleagues at all career stages via its Research Support and Conference Schemes, and also through the postdoctoral fellowship (held in Birmingham in 22-23 and then in Glasgow in 2023-24).

3

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Report of the directors for the year ended 31 December 2023 (continued)

Investment policy

The directors have the power to invest the monies of the Society, not immediately required for the furtherance of its objects, in such investments, securities or property as may be thought fit, subject to such conditions and consents as may be imposed or required by law.

As indicated the directors’ reserves policy is geared around maintaining an appropriate level of working capital. Accordingly, any surplus funds are invested in liquid funds such as interest earning bank accounts.

Reserves policy

The directors have adopted a reserves policy whereby unrestricted funds, not committed or invested in tangible fixed assets held by the Society, equate to at least 6 months of unrestricted resources expended. This equates to £62,393 (2022 - £64,656). At present free reserves amount to £199,314 (2022 - £181,436) therefore the target has been achieved.

The directors feel that it is prudent to retain a fairly high level of funds in reserves due to uncertainties about future royalty income as academic publishing moves towards an open access model.

Risk management

The principal risk faced by the Society lies in its ability to continue to secure appropriate funding to enable it to carry out its ongoing operations. The ongoing financial position is reviewed and discussed by directors at each meeting. This review process ensures that the Society only provides services where financially able to do so.

Plans for the future

The directors propose to continue their current activities going forward, including the annual conference.

Small company provisions

This report has been prepared in accordance with the provisions available in Part 15 of the Companies Act 2006 applicable to companies under the small companies regime.

Approved by the board on 14 January 2025 and signed on its behalf by:

Paul Hegarty Treasurer

4

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Statement of directors’ responsibilities

The directors (who are also the trustees for the purposes of charity law) are responsible for preparing the directors’ report and the financial statements in accordance with applicable law United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial period, which give a true and fair view of the state of affairs of the charitable company and of its income and expenditure for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Companies Act 2006 and the governing documents. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

5

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Report of the Independent Examiner to the directors of Society for French Studies

I report on the financial statements of the Society for the year ended 31 December 2023 which are set out on pages 7 to 18.

Responsibilities and basis of report

As the Trustees of the company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the financial statements of the Society are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Society’s financial statements as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act).

Independent examiner’s statement – matter of concern identified

I have completed my examination. I confirm that no material matters have come to my attention except as noted below, which gives me cause to believe that:

In carrying out my examination I noted three areas where it was not possible to verify whether proper accounting records were maintained.

  1. Investments – An investment managers report at 31 December 2023 had not been received and it was noted that the valuation was prepared by yourselves. We have therefore not been able to verify the accuracy of the value of the investments.

  2. Bank statements were not available for a term deposit account in the name of the Society. We have therefore been unable to confirm the balance held on that account or the attributable interest earned on that deposit for the period to 31 December 2023. It is not believed that the balance is materially misstated.

  3. A foreign currency account held by Barclay’s bank with a value of £8,130 has been closed by the bank, it has been confirmed that the funds have been transferred to an internal holding account pending investigation and transfer back to the Society. This issue remains outstanding at the date of signing of the accounts and therefore the recoverability of these funds has not been confirmed.

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the financial statements to be reached.

Andrew Niblock

Partner For and on behalf of Henderson Loggie LLP Chartered Accountants The Vision Building 20 Greenmarket Dundee DD1 4QB 14 January 2025

6

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 December 2023

2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
Note £ £ £ £ £ £
Income from:
Charitable activities 3 86,715 3,000 89,715 79,096 3,000 82,096
Investments 5,099 193 5,292 1,810 44 1,854
Other trading activities 3 54,041 - 54,041 40,126 - 40,126
_ _ _ _ _ _
Total income 145,855 3,193 149,048 121,032 3,044 124,076
_ _ _ _ _ _
Expenditure on
Raising funds 4 2,175 - 2,175 1,780 - 1,780
Charitable activities 5 122,611 4,605 127,216 127,532 4,100 131,632
_ _ _ _ _ _
Total expenditure 124,786 4,605 129,391 129,312 4,100 133,412
_ _ _ _ _ _
Net (expenditure) and movement in
funds before (losses)/gains on
investments 21,069 (1,412) 19,657 (8,280) (1,056) (9,336)
Gains/(losses) on investments 7 9,236 - 9,236 (15,798) - (15,798)
_ _ _ _ _ _
Net movement in funds 30,305 (1,412) 28,893 (24,078) (1,056) (25,134)
Reconciliation of funds
Total funds brought forward 337,669 11,823 349,492 361,747 12,879 374,626
_ _ _ _ _ _
Total funds carried forward 10 367,974 10,411 378,385 337,669 11,823 349,492
====== ====== ====== ====== ====== ======

7

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 December 2023

Notes to the statement of financial activities

8

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Balance sheet at 31 December 2023

2023 2022
Note £ £ £ £
Fixed assets
Investments 7 165,469 156,233
_ _
165,469 156,233
Current assets
Debtors 8 13,484 4,612
Bank balances 205,002 227,888
_ _
218,486 232,500
Creditors
Amounts falling due within one
year 9 (5,570) (39,241)
_ _
Net current assets 212,916 193,259
_ _
Net assets 378,385 349,492
====== ======
Reserves
Restricted funds 10 10,411 11,823
Unrestricted funds 10 367,974 337,669
_ _
378,385 349,492
====== ======

For the year ending 31 December 2023 the charitable company was entitled to exemption under Section 477 of the Companies Act 2006 relating to small companies. No members have required the charitable company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

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

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

The financial statements were approved by the board on 14 January 2025 and signed on its behalf by:

Paul Hegarty Treasurer

The notes on pages 10 to 18 form part of these financial statements.

9

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Notes to the financial statements

1 Accounting policies

Legal status of the Society

Society for French Studies is a company limited by guarantee by its members and does not have a share capital. In the event of the company being wound up, the liability of each member is limited to £1.

Basis of preparation and assessment of going concern

The financial statements are prepared under the historical cost convention as modified to include the revaluation of investments and include the results of the Society’s operations in the year, as indicated in the report of the directors. All activities are continuing.

The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice Accounting and Reporting by Charities, preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), comply with the Charities Act 2011.

No statement of cash flows has been produced as the directors have adopted the provisions of the Charities SORP (FRS 102) update bulletin 1, which exempts the Society from the requirement to produce a statement of cash flows on the basis it is not a large charity.

The Society constitutes a public benefit entity as defined by FRS 102.

At the time of approving the financial statements, the directors have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The financial statements are prepared in sterling, which is the functional currency of the Society. Monetary amounts in these financial statements are rounded to the nearest £.

The following is a summary of the significant accounting policies adopted by the directors in the presentation of the financial statements.

Income

All income is recognised once the Society has entitlement to the income, it is certain that the resources will be received and the monetary value of income can be measured with sufficient reliability. The following specific policies are applied to particular categories of income:

Investment income is accounted for when receivable.

Voluntary income is received by way of membership subscriptions and is included in the Statement of Financial Activities when receivable and in the period to which it relates.

Income from charitable activities held in the year and is included in the Statement of Financial Activities when receivable and in the period to which it relates.

10

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Notes to the financial statements (continued)

1 Accounting policies (continued)

Resources expended

Resources expended are included in the Statement of Financial Activities on an accruals basis inclusive of any VAT which cannot be recovered. Certain expenditure is directly attributable to specific activities and has been included in those cost categories.

Charitable expenditure comprises those costs incurred by the Society in the delivery of its activities and services. It includes both direct costs and those of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting constitutional and statutory requirements of the Society and include independent examination fees and costs linked to the strategic management of the Society, and are included within expenditure on charitable activities.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Certain costs, which are attributable to more than one activity are apportioned across cost categories on an appropriate basis as set out in note 5.

Debtors

Trade and other debtors are recognised at the settlement amount due.

Cash at bank and in hand

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

Creditors and provisions

Creditors and provisions are recognised where the Society has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount.

Financial instruments

The Society 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.

11

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Notes to the financial statements (continued)

1 Accounting policies (continued)

Critical accounting estimates and judgements

In the application of the Society’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are revised on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In preparing these financial statements, the directors have made the following judgements:

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in statement of financial activities.

Funds

With the adoption of the Statement of Recommended Practice all income and expenditure is dealt with through the statement of financial activities. In the Statement of Financial Activities funds are classified as either restricted funds or unrestricted funds, defined as follows:

Restricted funds are funds subject to specific purposes, which may be declared by the donor or with their authority.

Unrestricted funds are expendable at the discretion of the board in furtherance of the objectives of Society for French Studies.

2 Operating deficit

2 Operating deficit
2023 2022
Operating deficit is stated after charging: £ £
Independent examiner’s fees 3,175 4,124
===== =====
3 Income
Charitable activities
Royalties on sales 65,706 60,694
Contributions to journal costs from Oxford University Press 21,009 18,402
Contribution to the Gapper Foundation prize 3,000 3,000
______ ______
89,715 82,096
====== ======

12

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Notes to the financial statements (continued)

3 Income (continued)
2023 2022
Other trading activities £ £
Membership subscriptions 15,077 16,163
Conference fees 38,964 22,963
Contribution to conference - 1,000
______ ______
54,041 40,126
====== ======
4 Expenditure on raising funds
2023 2022
£ £
Investment managers costs 1,215 1,213
Stripe fees 960 567
______ ______
2,175 1,780
===== =====
5 Expenditure on charitable
activities
2023 2023 2023 2022
Unrestricted Restricted Total Total
£ £ £ £
FS and FSB costs for members 7,484 - 7,484 8,234
Conference costs 55,904 - 55,904 48,885
Secretarial costs 32,196 - 32,196 29,147
Office, postage and insurance (1,272) - (1,272) 1,547
Editorial expenses 2,380 - 2,380 3,458
Editorial research 1,197 - 1,197 5,135
Bulletin copy editing 1,817 - 1,817 1,793
Conference support 3,994 - 3,994 5,376
Research support scheme 4,387 - 4,387 5,127
Research fellowships - - - 7,599
President’s costs 59 - 59 3,843
Secretary costs 48 - 48 48
Gapper Prize - 4,400 4,400 3,100
Malcolm Bowie award - 205 205 1,000
Professional subscriptions 346 - 346 100
Bank charges 227 - 227 537
Accounting support 2,395 - 2,395 3,280
Website costs 5,174 - 5,174 399
Companies house penalty 3,000 - 3,000 -
Charitable donations 100 - 100 -
______ ______ ______ ______
119,436 4,605 124,041 128,608
====== ===== ====== =====

13

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Notes to the financial statements (continued)

5 Expenditure on charitable
activities (continued)
2023 2023 2023 2022
Unrestricted Restricted Total Total
£ £ £ £
Governance costs
Independent examiner’s fee 3,175 - 3,175 3,024
______ ______ ______ ______
122,611 4,605 127,216 131,632
====== ===== ====== ======

All expenditure in 2023 was unrestricted apart from £4,400 for the Gapper Prize and £205 for the Malcolm Bowie Award.

6 Employees

The Society has no employees and no director received remuneration in either year.

The Society considers its key management personnel to be the directors.

7 Investments
2023 2022
£ £
Listed investments
Fair value at 1 January 2023 156,233 172,031
Increase/(decrease) in unrealised appreciation 9,236 (15,798)
_ _
Fair value at 31 December 2023 165,469 156,233
====== ======
Book cost at 31 December 2023 144,159 144,159
====== ======
The directors consider individual investments holdings in
excess of 5% of the portfolio value to be material:
Fair value at Fair value at
31 December 31 December
2023 2022
£ £
M&G Strategic Corporate Bond I Acc GBP 54,871 50,149
Man GLG Strategic Bond I 110,598 106,084
====== ======

14

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Notes to the financial statements (continued)

Investment risks

FRS 102 requires the disclosure of information in relation to certain investment risks These risks are set out by FRS 102 as follows:

Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

Market risk: this comprises currency risk interest rate risk and other price risk.

Other price risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market prices (other than those arising from interest rate risk or currently risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

The Society has exposure to these risks because of the investments it makes to implement its investment strategy. The directors manage investments risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Society’s strategic investment objectives. These investment objectives and risk limits are implemented through the agreements in place with the Society’s investment managers where advice is received on an ad-hoc basis and monitored by the directors by regular reviews of the investment portfolios.

7 Investments (continued)

Further information on the directors’ approach to risk management and the Society’s exposure to credit and market risks are set out below.

Credit risk

The Society invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles.

Analysis of direct credit risk

Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. The directors carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes to the regulatory and operating environment of the pooled manager.

Pooled investment arrangements used by the Society comprise authorised unit trusts.

Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. The risk is mitigated by only investing in pooled funds which invest in at least investment grade credit rated securities.

15

Company Number: 03801778

Society for French Studies (a company limited by guarantee) Notes to the financial statements (continued)

Currency risk

The Society is subject to currency risk because some of the Society’s investments are held in overseas markets, via the pooled investment vehicles.

Interest rate risk

The Society is subject to interest rate risk through investments comprising bonds.

Other price risk

Other price risk arises principally in relation to equities held in pooled vehicles. The Society manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets.

8 Debtors
2023 2022
£ £
Other debtors 13,484 4,612
===== =====
9 Creditors
Other creditors and accruals 5,570 39,241
===== =====

16

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Notes to the financial statements (continued)

10 Reserves
Balance at Balance at
2023 31 December 31 December
2022 Income Expenditure 2023
£ £ £ £
Restricted funds
Malcolm Bowie Prize 11,823 193 (205) 11,811
Gapper Foundation Prize - 3,000 (4,400) (1,400)
_ _ _ _
11,823 3,193 (4,605) 10,411
Unrestricted funds 337,669 145,855 (115,550) 367,974
_ _ _ _
Total funds 349,492 149,048 (120,155) 378,385
======= ======= ======= =======
2022
Balance at Balance at
31 December 31 December
2021 Income Expenditure 2022
£ £ £ £
Restricted funds
Malcolm Bowie Prize 12,879 44 (1,100) 11,823
Gapper Foundation Prize - 3,000 (3,000) -
_ _ _ _
12,879 3,044 (4,100) 11,823
Unrestricted funds 361,747 121,032 (145,110) 337,669
_ _ _ _
Total funds 374,626 124,076 (149,210) 349,492
======= ======= ======= =======

17

Company Number: 03801778

Society for French Studies (a company limited by guarantee)

Notes to the financial statements (continued)

10 Reserves (continued)

Purposes of restricted funds

Malcolm Bowie Prize

In 2008 the Society launched an annual Malcolm Bowie Prize from a bequest received. The prize is to be awarded for the best article published in the preceding year by an early-career researcher in the broader discipline of French studies.

Malcom Bowie was not only the most eminent and inspirational Anglophone scholar of French literature and theory of his generation, he was a towering figure in the field because of his tireless devotion to the scholarly community both in the UK and abroad, his service to the Society offering but one example of this.

He was president of the Society from 1994 to 1996 as well as general editor of its journal from 1980 to 1987. The Society felt that it was particularly appropriate to honour his memory by founding a prize for which only early-career scholars will be eligible, since he was a remarkable mentor to countless younger scholars, both in the UK and abroad.

Gapper Foundation Prize

Inaugurated in 2002, the prestigious R Gapper prizes are awarded annually by the Society for the best undergraduate and postgraduate essays submitted, and the best book published, in the field during the preceding year. The prizes, generously funded by the RH Gapper Foundation, celebrate work of outstanding merit, quality and value in the field of French and Francophone Studies.

The fund is overdrawn in the year and will be covered by funding in the current financial year.

11 Analysis of net assets between funds

Analysis of net assets between funds
General Restricted
funds funds Total
2023 £ £ £
Fixed assets 165,469 - 165,469
Current assets 208,075 10,411 218,486
Current liabilities (5,570) - (5,570)
______ ______ ______
Net assets at 31 December 2023 367,974 10,411 378,385
====== ====== ======
General Restricted
funds funds Total
2022 £ £ £
Fixed assets 156,233 - 156,233
Current assets 220,677 11,823 232,500
Current liabilities (39,241) - (39,241)
______ ______ ______
Net assets at 31 December 2022 337,669 11,823 349,492
====== ====== ======

12 Related party transactions

Expenses of £3,243 (2023 – £11,302) were reimbursed to 11 (2023 – 14) directors during the year.

18

Company Number: 03801778