OpenCharities

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

← The Herculaneum Society

2024-04-30-accounts

Company no. 05153841 Charity no. 1104632

The Herculaneum Society

Report and Unaudited Financial Statements For the year ended 30 April 2024

The Herculaneum Society

Reference and administrative details

For theyear ended 30 April 2024 For theyear ended 30 April 2024
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
T Reinhardt (appointed 20 October 2023)
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 2024

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, whose membership currently stands at 163, enjoyed another active year. It has continued to advance its charitable objects, promoting education, conservation and research at Herculaneum. Members were invited to a study day in Colchester, and to the AGM, with talks, in Oxford. Research and conservation work in Herculaneum has been funded, scholarly publications have continued and the papyri imaging project in Naples has been facilitated in association with the Andrew W. Mellon Foundation. During the year, several trustees worked with the Society’s administrator on preparations for the 2024 Congress, as well as on website development. The Society’s work has been greatly assisted by the Benefactor memberships of K. Byers, R. Fowler, J. Lorenzen, G. Shaw, N. Wilson and G. Zugmaier. We thank these individuals and all our new and continuing members for their welcome support.

2

The Herculaneum Society

Report of the Trustees

For the year ended 30 April 2024

On 2 July 2023, some 20 Friends gathered in Colchester for a study day, visiting the Roman circus and its attached museum, and Colchester Castle. We are grateful to Dr Philip Crummy, the archaeologist who discovered and excavated the circus, for his tour, and to Dr Glynn Davis for guiding us around the Castle museum; we also thank member Sam Rowley, Education and Outreach Officer at the Roman Circus Visitor Centre, for making all the arrangements.

The Annual General Meeting took place on 28 October 2023 in the Ioannou Centre in Oxford, in person and by Zoom with a sizeable audience. After the business meeting we enjoyed two informative talks. The first was by John Hanson, Lecturer in Roman Archaeology at the University of Oxford, on “Linguistic Theory, Urban Theory, and the Housing Stock of Herculaneum,” mapping the demography of the ancient town according to the latest and most reliable methods of calculation. The second talk was given by trustee Annalisa Marzano, Professor of Classical Archaeology at the University of Bologna, on “Excavating a Roman Garden: the Casa della Regina Carolina Project at Pompeii.” Prof. Marzano is co-director of the important project underway at this Casa. Her talk is available on the Society’s YouTube channel.

On 4 March 2024 we held our annual appreciation event for our Benefactors. The theme this year was the latest results in the non-invasive scanning of papyri emerging from the Vesuvius Challenge (www.scrollprize.org). Dr Stephen Parsons, University of Kentucky, spoke to the computing aspects of the process, while papyrologist Dr Michael McOsker, Research Fellow at University College London, and a trustee of the American Friends of Herculaneum, spoke about the texts being read, both from a palaeographical and a philosophical point of view.

Preparations continued throughout the year for the upcoming Ninth Congress in September 2024. We continued to facilitate the ambitious imaging project funded by the Andrew W. Mellon Foundation and conducted by Prof. Brent Seales’s team at the University of Kentucky, with on-site management in Naples by Dr Federica Nicolardi. Work on the Custodian’s Room Project began finally in March 2024. Several current and former trustees (Daniel Delattre, Gianluca Del Mastro, Robert Fowler, Richard Janko and Tobias Reinhardt) were part of the team that produced a scholarly edition of the First Letters Prize text of the Vesuvius Challenge, available in open access through the prestigious journal Zeitschrift für Papyrologie und Epigraphik (https://tinyurl.com/ZPE-First-Letters-Prize). The same scholars produced an edition of the spectacular Grand Prize entry, which will be published in the Cronache Ercolanesi in November 2024.

Monthly news bulletins have been published throughout the year, reaching nearly 500 readers, as well as issue 28 of the printed Newsletter, which was published in October 2023. Several more volumes of the Society’s series Sozomena are in various stages of preparation (https://www.degruyter.com/serial/sozomena-b/html?lang=en#overview). Future plans include the Ninth Congress and the autumn AGM. Planning continues for a special international conference to be held in 2025 marking the 21st anniversary of the Society’s founding in 2004, jointly sponsored by the American Friends of Herculaneum and the Institute of Classical Studies, University of London. A redesign of the website is underway. The YouTube channel will be further developed, and the Newsletter and news bulletins will continue. Collaboration will be maintained with the American Friends of Herculaneum.

3

The Herculaneum Society

Report of the Trustees

For the year ended 30 April 2024

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 £18,830, and a cash balance of £47,293. 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 2024

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 9 November 2024 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 2024, 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: 11 November 2024 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 2024

Restricted Unrestricted
£
£
Income from:
Donations and legacies
3
-
1,767
Charitable activities
4
31,782
12,176
Investments
-
27
Total income
31,782
13,970
Expenditure on:
Charitable activities
39,000
14,545
5
39,000
14,545
6
(7,218)
(575)
Reconciliation of funds
Total funds brought forward
6,361
19,405
Total funds carried forward
13
(857)
18,830
Total expenditure
Note
Net income / (expenditure) and net
movement in funds		 2024
Total
£
1,767
43,958
27
45,752
53,545
53,545
(7,793)
25,766
17,973		 2023
Total
£
4,500
88,132
27
92,659
88,844
88,844
3,815
21,951
25,766

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 2024

2024 2023
Note £ £ £
Current assets
Debtors 9 2,575 875
Cash at bank and in hand 47,293 45,653
49,868 46,528
Liabilities
Creditors: amounts falling due within 1 year 10 (31,895) (20,762)
Net current assets 17,973 25,766
Net assets 12 17,973 25,766
Funds
Restricted funds (857) 6,361
Unrestricted funds 18,830 19,405
Total charity funds 13 17,973 25,766

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 2024, the charitable company was entitled to the exemption under section 477 of the Companies Act 2006.

No notice has been deposited under section 476 in relation to its accounts for the year ended 30 April 2024 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 2024, 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 9 November 2024 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 2024

1. Accounting policies

a) General information and basis of preparation

The Herculaneum Society is a charitable company limited by guarantee registered in England and Wales. The registered office address is Alexandra House, St Johns Street, Salisbury, Wiltshire, SP1 2SB.

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 2024

g) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to expenditure on charitable activities on the basis that all resources and time are spent in this area. No significant resources are directed towards raising funds.

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 2024

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

Restricted
£
Income from:
Donations and legacies
2,435
Charitable activities
65,398
Investments
-
Total income
67,833
Expenditure on:
Charitable activities
63,770
Total expenditure
63,770
4,063
Income from donations and legacies
Restricted
£
£
Voluntary donations
-
1,767
Total income from donations
-
1,767
Unrestricted
Net income / (expenditure) and net movement in
funds		 £
2,065
22,734
27
24,826
25,074
25,074
(248)
2024
Total
£
1,767
1,767
Unrestricted		 2023
Total
£
4,500
88,132
27
92,659
88,844
88,844
3,815
2023
Total
£
4,500
4,500

3. Income from donations and legacies

In the prior year £2,435 of voluntary donations was restricted.

4. Income from charitable activities

Grants
Membership
Other income
Total income from charitable activities		 Restricted
£
31,782
-
-
31,782		 £
-
11,606
570
12,176
Unrestricted		 2024
Total
£
31,782
11,606
570
43,958

11

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2024

4. Income from charitable activities (continued) Prior period comparative:

Income from charitable activities (continued)
Prior period comparative:
Grants
Herculaneum congress
Membership
Other income
Total income from charitable activities
Total expenditure
Salaries and wages (note 7)
Bursary
Accountancy
Bank fees
Insurance
Legal fees
Meetings
Office running costs
Herculaneum Congress
Studentship
AGM costs
Sub-total
Allocation of support and governance costs
Total expenditure		 Restricted
£
65,398
-
-
-
65,398
£
-
1,000
-
-
-
-
693
13
1,417
39,000
-
42,123
11,422
53,545
Charitable
activities		 £
-
14,145
8,342
247
22,734
£
8,443
-
1,500
557
434
388
-
-
-
-
100
11,422
(11,422)
-
Support and
governance
costs
Unrestricted		 2023
Total
£
65,398
14,145
8,342
247
88,132
£
8,443
1,000
1,500
557
434
388
693
13
1,417
39,000
100
2024
Total
53,545
-
53,545

5. Total expenditure

Total governance costs were £1,888 (2023: 1,747).

12

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2024

5. Total expenditure (continued) Prior period comparative:

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		 £
-
750
-
-
-
-
237
555
9,899
58,737
6,882
77,060
11,784
88,844
Charitable
activities		 £
8,885
-
1,380
735
417
367
-
-
-
-
-
11,784
(11,784)
-
Support and
governance
costs		 £
8,885
750
1,380
735
417
367
237
555
9,899
58,737
6,882
2023 Total
88,844
-
88,844

6. Net movement in funds This is stated after charging:

Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners' remuneration (excl. VAT):
Independent examination		 2024
£
Nil
591
1,250		 2023
£
Nil
Nil
1,150

Trustee's reimbursed expenses comprised of travel expenses for Congress preparation related to one trustee.

13

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2024

7. Staff costs and numbers

Salaries and wages
No employee earned more than £60,000 during the year.
Average head count		 2024
£
8,443
1		 2023
£
8,885
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 (2023: £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

Trade debtors
Gift aid claim
Creditors : amounts due within 1 year
Accruals
Deferred income (note 11)		 2024
£
2,300
275
2,575
2024
£
12,279
19,616
31,895		 2023
£
-
875
875
2023
£
20,762
-
20,762

10. Creditors : amounts due within 1 year

14

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2024

11. Deferred income

Deferred income
At 1 May 2023
Deferred during the year
Released during the year
At 30 April 2024		 2024
£
-
19,616
-
19,616		 2023
£
15,580
-
(15,580)
-

Deferred income related to income received in advance of the charity's Herculaneum Congress event, which took place in September 2024.

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
£
2,538
(3,395)
(857)
Restricted
£
17,909
(11,548)
6,361		 Unrestricted
£
47,330
(28,500)
18,830
Unrestricted
£
28,619
(9,214)
19,405		 2024
Total
£
49,868
(31,895)
17,973
2023
Total
£
46,528
(20,762)
25,766

15

The Herculaneum Society

Notes to the financial statements

For the year ended 30 April 2024

13. Movements in funds

Restricted funds
Mellon / UKentucky Project
Total restricted funds
Unrestricted funds
General funds
Total funds
Total unrestricted funds		 At 1 May
2023
£
6,361
6,361
19,405
19,405
25,766		 Income
£
£
31,782
(39,000)
31,782
(39,000)
13,970
(14,545)
13,970
(14,545)
45,752
(53,545)
Expenditure		 £
(857)
At 30 April
2024
(857)
18,830
18,830
17,973

There has been an expected overspend on Mellon/Ukentucky Project due to FX rates which will be invoiced for when the project is complete.

Purposes of restricted 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.

Prior period comparative

Prior period comparative
Restricted funds
Special Projects fund
Custodians Room
Mellon / UKentucky Project
General funds
Total funds
Total restricted funds
Unrestricted 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		 At 30 April
2023
£
-
-
6,361
6,361
19,405
19,405
25,766

14. Related party transactions

The trustees have made donations to the charitable company during the year in aggregate of £Nil (2023: £1,360). These donations were made without any conditions.

16