OpenCharities

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

2023-04-30-accounts

Company no. 05153841 Charity no. 1104632

The Herculaneum Society

Report and Unaudited Financial Statements For the year ended 30 April 2023

The Herculaneum Society

Reference and administrative details

For the year ended 30 April 2023

Company number 05153841
Charity number 1104632
Registered office Alexandra House
St Johns Street
Salisbury
Wiltshire
SP1 2SB
Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report were as follows:
R Bithell
K Byers
A Carter
G Del Mastro
H Essler
R Fowler
A Marzano
C Scott
K Starling
N Wilson
Company secretary Wilsons (Company Secretaries) Limited
Alexandra House
St Johns Street
Salisbury
Wiltshire
SP1 2SB
Bankers Charities Aid Foundation Lloyds Bank plc
25 Kings Hill Avenue 25 Gresham Street
Kings Hill London
West Malling EC2V 7HN
Kent
ME19 4TA
Accountants Godfrey Wilson Limited
Chartered Accountants and Statutory Auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

The Herculaneum Society

Report of the Trustees

For the year ended 30 April 2023

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

Governing document

The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Risk management

The Trustees have identified the major risks which may affect the charity and have taken reasonable steps to mitigate those risks.

Organisation

The Herculaneum Society is a charitable company limited by guarantee. It is governed by its Memorandum and Articles of Association dated 15 June 2004.

New Trustees are appointed either to fill a casual vacancy or by way of addition to the board. Particular emphasis is placed upon the appointment of the Trustees with knowledge and experience relevant to the charitable company's activities. When new Trustees are appointed they are given an introduction to the work of Herculaneum Society and provided with information they need to fulfil their roles, which includes information about the roles of the Trustees and their responsibilities under the Companies and Charities Acts.

Day to day administration of the Society is delegated to an administrator under the supervision of the trustees. Decision-making powers are retained by the Council exercised at regular Trustees' meetings.

Objects and activities

The objects of the company are to advance the education to the public concerning the World Heritage Site at Herculaneum, to promote research into Herculaneum, and to promote the conservation of the artefacts and the buildings at Herculaneum.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives for the year.

Achievements and performance

The Society has enjoyed an exceptionally active year. It has been assisted by the Benefactor memberships of K. Byers, A. Delderfield, R. Domergue, R. Fowler, J. Lorenzen, M. Otranto, G. Shaw, and N. Wilson, and by all those who contributed to the Custodian’s Room Project (below). We thank these individuals and all our new and continuing members, who now number 147, for their welcome support.

2

The Herculaneum Society

Report of the Trustees

For the year ended 30 April 2023

The highlight of the year was the return to Herculaneum after the Covid cancellation of 2020. A full report of this eighth, highly successful Congress, which took place 29 September–2 October, can be found in issue 27 of the Society’s Newsletter, available online. The AGM was held by Zoom on 5 November, and included a superb talk by Dr. Amin Benaissa, Associate Professor of Papyrology in Oxford University, on ‘Mary Elizabeth Dicker: Britain’s first woman papyrologist’; for this we were joined online by an appreciative international audience. On 5 December in Oxford, Professor Brent Seales arranged an event for alumni of the University of Kentucky who were touring the UK at the time; three brief talks by Robert Fowler of the Society, Tobias Reinhardt, Professor of Latin in Oxford, and Professor Seales gave an overview of the history of the papyri, and especially of the latest progress in reading them with non-invasive techniques. We also heard from Prof. Seales’s PhD student, Stephen Parsons, who dramatically revealed the first successful attempt ever to detect ink on the lower, hidden layer of a Herculaneum papyrus using machine-learning methods he has refined as part of his PhD research. On 10 March an online event was held to thank our Benefactors, featuring trustee Annalisa Marzano speaking about her important research on Roman arboriculture. We are grateful to all these speakers for donating their time.

Throughout the year administrative assistance was rendered to the University of Kentucky’s project, funded by the Andrew W. Mellon Foundation, to image all the Herculaneum papyri. The nature and scope of this project is described elsewhere in these Accounts (see note 13). The result will be a wealth of images (produced with a variety of techniques) and metadata, all made available online to the worldwide scholarly community; an invaluable resource for further research.

The start of the Custodian’s Room Project, highlighted in last year’s report, was delayed by an instruction from the Italian Ministry of Culture to recalculate all costs in the wake of the disruption caused by Covid and the war in Ukraine. This has now been done (several hundred pages of detailed documentation including the work plan), and the work will commence in the autumn of 2023. We thank again all the donors who made this worthwhile project possible: B. Aldridge, G. Austin, R. Fowler, R. Gossage, S. Hampson, L. Holford-Strevens, P. Smith, P. Spital, K. Starling, and others who prefer to remain anonymous.

An exciting development was the launch of the ‘Vesuvius Challenge’ on the Ides of March 2023. US $1,000,000 in prizes were offered by Mr Nat Friedman and other IT entrepeneurs, who invited teams of machine-learning experts to build on results already achieved by Professor Seales. Over 1200 teams have entered from all over the world, and we are beginning to see results. Preliminary prizes are for improved segmentation of the rolls, detection of ink and identification of letters; the grand prize of $700,000 will be awarded to the team who succeed in reading at least four passages from two scrolls, each containing at least 140 characters of continuous text. There are two juries, one to judge the IT component and the other the papyrology; both the UK and the American Friends have representation on the latter. The deadline for submissions for the grand prize is 31 December 2023. Details at www.scrollprize.org.

The popular monthly news bulletins have been published throughout the year, as well as issue 27 of the printed Newsletter. Two more volumes of the Society’s series Sozomena appeared (https://www.degruyter.com/serial/sozomena-b/html). Future plans include an excursion to Colchester on 2 July to tour the Roman remains, the autumn AGM, preparations for the next Herculaneum Congress 26–29 September 2024, and for a special international conference marking the 21st anniversary of the Society’s founding in 2025. The website and YouTube channel will be further developed. Sozomena, the Newsletter and news bulletins will continue. Collaboration will be maintained with the American Friends of Herculaneum, and the projects mentioned above will progress.

3

The Herculaneum Society

Report of the Trustees

For the year ended 30 April 2023

Financial review

Reserves policy

The Herculaneum Society has a policy of retaining sufficient unrestricted reserves to finance its planned activities and meet its future financial obligations.

For this purpose, the Trustees have established systems to monitor financial performance and to forecast the future commitments and reserves for a minimum of 18 months ahead. Where any potential shortfall is identified, The Herculaneum Society has a policy of amending planned future activities or cutting overhead costs in order to maintain a sufficient level of unrestricted reserves.

This policy is reviewed on an annual basis.

The trustees have considered the charity’s current and future financial position. The charity holds unrestricted, general reserves of £19,405, restricted reserves that can be drawn down with consent of the funders if necessary of £6,361, and a cash balance of £45,653. The trustees consider that the charity has sufficient unrestricted reserves and cash flow to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

4

The Herculaneum Society

Report of the Trustees

For the year ended 30 April 2023

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Approved by the trustees on 30 September 2023 and signed on their behalf by

Prof Robert Fowler Trustee

5

Independent examiner's report

To the trustees of

The Herculaneum Society

I report to the trustees on my examination of the accounts of The Herculaneum Society (the charitable company) for the year ended 30 April 2023, which are set out on pages 7 to 16.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts 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

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

William Guy Blake

Date: 6 October 2023 William Guy Blake ACA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited

Chartered accountants and statutory auditors 5th Floor Mariner House

62 Prince Street Bristol BS1 4QD

6

The Herculaneum Society

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 April 2023

Restricted Unrestricted
£
£
Income from:
Donations and legacies
3
2,435
2,065
Charitable activities
4
65,398
22,734
Investments
-
27
Total income
67,833
24,826
Expenditure on:
Charitable activities
63,770
25,074
5
63,770
25,074
6
4,063
(248)
Reconciliation of funds
Total funds brought forward
2,298
19,653
Total funds carried forward
13
6,361
19,405
Total expenditure
Note
Net income / (expenditure) and net
movement in funds		 2023
Total
£
4,500
88,132
27
92,659
88,844
88,844
3,815
21,951
25,766		 2022
Total
£
1,653
8,634
-
10,287
11,457
11,457
(1,170)
23,121
21,951

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 13 to the accounts.

7

The Herculaneum Society

Balance sheet

As at 30 April 2023

Note
Current assets
Debtors
9
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
10
Net current assets
Net assets
12
Funds
Restricted funds
Unrestricted funds
Total charity funds
13		 £
875
45,653
46,528
(20,762)		 2023
£
25,766
25,766
6,361
19,405
25,766		 2022
£
2,288
38,658
40,946
(18,995)
21,951
21,951
2,298
19,653
21,951

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

For the year ended 30 April 2023, the charitable company was entitled to the exemption under section 477(2) of the Companies Act 2006.

No notice has been deposited under section 476 in relation to its accounts for the year ended 30 April 2023 and no members have requested an audit.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records complying with section 386; and preparing accounts which give a true and fair view of the state of affairs of the company as at 30 April 2023, and of its profit or loss for the financial year in accordance with sections 394 and 395, and which otherwise comply with the requirements of the Companies Act 2006.

Approved by the trustees on 30 September 2023 and signed on their behalf by:

Prof Robert Fowler Trustee

8

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2023

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Herculaneum Society 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 notes.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

d) Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the bank.

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charitable company. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charitable company's work or for specific projects being undertaken by the charitable company.

f) Expenditure and irrecoverable VAT

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

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

9

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2023

g) Allocation of support and governance costs

h) Grants payable

Grants authorised by the trustees are included in the Statement of Financial Activities. Grants payable are recognised when full approval is made. Grants that have been provisionally approved by the trustees for future periods are disclosed as a future commitment.

i) Debtors

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

j) 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 of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Creditors

Creditors and provisions are recognised where the charitable company 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 discounts due.

l) Financial instruments

The charitable company 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 recognised at amortised cost using the effective interest method.

m) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

10

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2023

m) Accounting estimates and key judgements (continued)

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

2. Statement of financial activities: prior period comparatives

Income from:
Donations and legacies
Charitable activities
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income / (expenditure) and net movement in
funds		 Restricted
£
£
703
950
-
8,634
703
9,584
-
11,457
-
11,457
703
(1,873)
Unrestricted		 2022
Total
£
1,653
8,634
10,287
11,457
11,457
(1,170)

3. Income from donations and legacies

Income from donations and legacies
Voluntary donations
Total income from donations		 Restricted
£
£
2,435
2,065
2,435
2,065
Unrestricted		 2023
Total
£
4,500
4,500		 2022
Total
£
1,653
1,653

In the prior year £703 of voluntary donations was restricted.

4. Income from charitable activities

Grants
Herculaneum congress
Membership
Other income
Total income from charitable activities		 Restricted
£
£
65,398
-
-
14,145
-
8,342
-
247
65,398
22,734
Unrestricted		 2023
Total
£
65,398
14,145
8,342
247
88,132		 2022
Total
£
-
-
8,391
243
8,634

All income from charitable activities in the prior year was unrestricted.

11

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2023

5. Total expenditure

Salaries and wages (note 7)
Bursary
Accountancy
Bank fees
Insurance
Legal fees
Meetings
Office running costs
Herculaneum Congress
Studentship
Donations
Sub-total
Allocation of support and governance costs
Total expenditure
Total governance costs were £1,747 (2022: £1,477).
Prior period comparative:
Salaries and wages (note 7)
Bursary
Accountancy
Bank fees
Insurance
Legal fees
Meetings
Office running costs
Sub-total
Allocation of support and governance costs
Total expenditure		 £
£
-
8,885
750
-
-
1,380
-
735
-
417
-
367
237
-
555
-
9,899
-
58,737
-
6,882
-
77,060
11,784
11,784
(11,784)
88,844
-
£
£
-
7,660
750
-
-
1,110
-
656
-
358
-
367
240
-
-
316
990
10,467
10,467
(10,467)
11,457
-
Charitable
activities
Support and
governance
costs
Support and
governance
costs
Charitable
activities		 £
8,885
750
1,380
735
417
367
237
555
9,899
58,737
6,882
2023
Total
88,844
-
88,844
£
7,660
750
1,110
656
358
367
240
316
2022
Total
11,457
-
11,457

12

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2023

6. Net movement in funds

This is stated after charging:

Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners' remuneration (excl. VAT):
Independent examination
Accounts preparation		 2023
£
Nil
Nil
1,150
-		 2022
£
Nil
Nil
-
900

7. Staff costs and numbers

Salaries and wages
No employee earned more than £60,000 during the year.
Average head count		 2023
£
8,885
1		 2022
£
7,660
1

The key management personnel of the charitable company comprise the trustees. There were no employee benefits paid or given to the key management personnel during the year (2022: £Nil).

8. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9. Debtors

Gift aid claim
Prepayment
Creditors : amounts due within 1 year
Accruals
Deferred income (note 11)		 2023
£
875
-
875
2023
£
20,762
-
20,762		 2022
£
1,073
1,215
2,288
2022
£
3,415
15,580
18,995

10. Creditors : amounts due within 1 year

13

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2023

11. Deferred income

Deferred income
At 1 May 2022
Deferred during the year
Released during the year
At 30 April 2023		 2023
£
15,580
-
(15,580)
-		 2022
£
-
15,580
-
15,580

Deferred income related to income received in advance of the charity's Herculaneum Congress event, which took place in October 2022.

12. Analysis of net assets between funds

Analysis of net assets between funds
Current assets
Current liabilities
Total funds carried forward
Prior period comparative
Current assets
Current liabilities
Total funds carried forward		 Restricted Unrestricted
£
£
17,909
28,619
(11,548)
(9,214)
6,361
19,405
Restricted Unrestricted
£
£
2,298
38,648
-
(18,995)
2,298
19,653		 2023
Total
£
46,528
(20,762)
25,766
2022
Total
£
40,946
(18,995)
21,951

14

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2023

13. Movements in funds

Restricted funds
Special Projects fund
Custodians Room
Mellon / UKentucky Project
Total restricted funds
Unrestricted funds
General funds
Total funds
Total unrestricted funds		 At 1 May
2022
£
1,595
703
-
2,298
19,653
19,653
21,951		 Income
£
£
-
(1,595)
2,435
(3,138)
65,398
(59,037)
67,833
(63,770)
24,826
(25,074)
24,826
(25,074)
92,659
(88,844)
Expenditure		 £
-
-
6,361
At 30 April
2023
6,361
19,405
19,405
25,766

Purposes of restricted funds Special Projects fund

The Special Projects fund is reserved for initiatives undertaken from time to time by The Herculaneum Society in pursuit of its charitable aims in addition to its regular, ongoing activities, and for which donations have been specially solicited and/or given. The purposes to which the fund may be applied are determined by the Trustees in consultation with the members.

Custodians Room

The Custodians room project will involve completing the excavation, scientific examination of the skeleton, reconstruction of the face, restoration and stabilisation of surfaces in the room, and visitor information including a 3D experience with headsets. This work will open up the room to the public, which has previously been closed to the public due to lack of funds.

Mellon / UKentucky Project

The Herculaneum Society will work in conjunction with The Biblioteca Nazionale to create and support Mellon-Friends of Herculaneum Society Scholars. The work of the Mellon-Friends of Herculaneum Society Scholars will include organising and preparing auxiliary sources of information, e.g. sources, transcriptions, multilingual translations, and bibliographic material–together with data produced from The Digital Restoration of Herculaneum Papyri project objectives, for the purpose of dissemination via the Biblioteca Nazionale’s web archive.

15

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2023

13. Movements in funds (continued)
Prior period comparative
At 1 May
2021
Restricted funds
Special Projects fund
1,595
Custodians Room
-
1,595
General funds
21,526
21,526
Total funds
23,121
Total restricted funds
Unrestricted funds
Total unrestricted funds		 Income
£
£
-
-
703
-
703
-
9,584
(11,457)
9,584
(11,457)
10,287
(11,457)
Expenditure		 Transfers
between
funds
£
-
-
-
-
-
-		 At 30
April 2022
£
1,595
703
2,298
19,653
19,653
21,951

14. Related party transactions

The trustees have made donations to the charitable company during the year in aggregate of £1,360 (2022: £830). These donations were made without any conditions.

16