**REGISTERED COMPANY NUMBER: 06447148 (England and Wales) REGISTERED CHARITY NUMBER: 1141524** Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2024 for Subterranea Britannica R A McLeod and Co Chartered Accountants 10 Portland Business Centre Manor House Lane Datchet Berkshire SL3 9EG Subterranea Britannica Contents of the Financial Statements for the Year Ended 31 December 2024 ||Page| |---|---| |Report of the Trustees|1 to 5| |Independent Examiner's Report|6| |Statement of Financial Activities|7| |Balance Sheet|8| |Notes to the Financial Statements|9 to 13| |Detailed Statement of Financial Activities|14 to 15| Subterranea Britannica Report of the Trustees for the Year Ended 31 December 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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). Page 1 Subterranea Britannica Report of the Trustees for the Year Ended 31 December 2024 ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** Subterranea Britannica Trustees' Report 2024 Subterranea Britannica is a charitable organisation committed to the study, recording and preservation of our underground heritage. Although of great historical importance, this often has little statutory or other protection, and remains at risk from neglect and commercial development. We ran a full programme of activities in 2024, including a range of UK site visits and a Spring Conference with a programme of invited speakers. We also arranged a European Study Visit to Germany. We have continued to add to our public database of subterranean sites and to our public archive of the charity's publications. ## 1) Background Subterranea Britannica was formed in 1974. It was incorporated as a company limited by guarantee in 2007 and became a registered charity in 2011. Our mission remains to ensure that our underground heritage is more widely understood, appreciated, recorded and, where practical, protected. ## 2) Reference and Administrative Details The full name of Subterranea Britannica is often abbreviated to 'Sub Brit' in day-to-day activity. Subterranea Britannica is a registered charity (number 1141524), and a not-for-profit company limited by guarantee (number 06447148). The charity's registered office is at Heathend Cottage, Windsor Road, Ascot SL5 7LQ. As of 31 December 2024, the trustees of Subterranea Britannica were as follows: (company status indicated in brackets) Linda Dixon (Director) Martin Dixon (Director) Neil Iosson (Director) Tony Radstone (Director) Tim Wellburn (Director) Richard West (Director) Banking services are provided by: Unity Trust Bank PLC Nine Brindley Place Birmingham B1 2JB ## 3) Structure, Governance and Management Subterranea Britannica's activities are organised and governed according to a Memorandum and Articles of Association. Management of the charity is vested in a committee that is elected at each annual general meeting (AGM). Any adult member of Subterranea Britannica may stand for election. We held our 2023 AGM on 13 April 2024, at Canada Water Theatre, London, with a good attendance of 87 members. The trustees of the charity (and directors of the company) are drawn from the officers and established members of the committee. Many other members who are not on the committee play major roles in helping the charity to achieve its goals, under the guidance of the elected committee. The committee met online twice in 2024. We maintain an active online dialogue, in which discussions are held and issues resolved outside the formal meetings. Significant online decisions are ratified and minuted at the following committee meeting. Summaries of committee meetings are published for the information of members. The committee is also responsible for managing risk. Three major areas are routinely monitored: Page 2 ## Subterranea Britannica ## Report of the Trustees for the Year Ended 31 December 2024 o Health and safety, especially with regard to potential hazards attaching to our visits to underground spaces; o Security of data held to ensure it is protected from unauthorised access and securely backed-up; o Financial reserves of the charity. Subterranea Britannica has no paid staff and relies on the generous donation of time and energy from many of its committed members. The committee always strives to ensure that Subterranea Britannica operates as cost-effectively as possible to maximise the benefit of subscriptions and donations. ## 4) Financial Review The trustees reviewed Subterranea Britannica's year-end reserves at their meeting on 1 February 2025. Our target is to have financial reserves equivalent to 6-18 months of annual incoming resources to cover any short-term reduction in membership income, to cope with unexpected costs (such as outsourcing activities currently done by volunteers), and to ensure that we have ready funds available for worthy projects. The 2024 year-end reserves are at the upper quartile of this target range. We gained 122 new members during the year but lost 161, resulting in a total paid-up membership at the close of 2024 of 866 compared with 924 at the close of 2023. We continue to benefit from the UK Government's Gift Aid scheme. None of the society's funds is restricted in their application across our charitable aims. A donation of £5,000 was authorised during the year. ## 5) Objectives and Activities The charity's objectives are to advance education and science for the public benefit by the study, understanding, recording and (where practical) the preservation and protection of man-made and man-used underground structures, objects and spaces. The trustees of Subterranea Britannica have complied with their duty under section 4 of the Charities Act 2006 in having due regard to the public benefit guidance published by the Charity Commission. Key activities undertaken through the year include: o Publishing three editions of our magazine Subterranea. o Providing the website www.subbrit.org.uk. o Using social networking channels to reach over 15,000 subscribers. o Maintaining a publicly accessible archive which includes prior copies of our journal Subterranea, as well as all of our other publications, going back to our inception in 1974. o Donating to the Historic England Archive and Library and to the Northern Mining Institute, substantial requested selections from the extensive library of the late Paul Sowan, a former Chairman of Subterranea Britannica. These books, including some rare volumes, will therefore become accessible to the public. o Maintaining links with other groups who share our interests and objectives. o Responding to enquiries received from the public, researchers and professionals. o Arranging a programme of underground or underground-related site visits, which are then written up and published in Subterranea, for future reference. o Monitoring planning applications and making the heritage conservation/preservation case for those which imperil important underground structures. o Holding a Spring Conference, with an associated day visit. o Arranging a European Study Visit to Germany, visiting a wide range of sites. Subterranea Britannica invites applications for grant support, the committee focusing on projects that provide public benefit. In 2024 we approved a new grant to Nenthead Mines Conservation Society towards the cost of the acquisition of an adapted container to serve as high quality long-term storage space for the Society's mining-related archives, artefacts and mineral collection, in turn freeing space for their public-facing activities, in line with their own charitable objectives. The trustees sees this type of funding as a vital part of our activity. Page 3 ## Subterranea Britannica Report of the Trustees for the Year Ended 31 December 2024 The charity's website, past publications and webinars are all open to the public and we have striven to publicise these to a wide audience. For reasons of insurance, participation in Subterranea Britannica's underground site visits will continue to remain restricted to our members. We increased membership fees by £2 (7%) in 2024. The committee believes that these remain at a level that is both affordable and continue to compare favourably with those of many similar charities. ## 6) Future Plans We will continue to seek to engage members in volunteering to help contribute to the activities of the charity. We are planning a broad range of activities in 2025 including UK site visits, a Spring Conference in London, and a European Study Tour to the Czech Republic. Our public website (www.subbrit.org.uk) is our main 'shop window' and we will continue to extend and develop our coverage of underground locations as a valuable resource to the general public and researchers. Subterranea Britannica remains keen to increase public awareness and appreciation of underground sites, and we will continue to work in partnership with site owners, other charities and statutory authorities to record and interpret such locations. Our relationship with continental European groups is also important and we are represented on the International Union of Speleology 'Artificial Cavities' Commission. On behalf of the Trustees Tim Wellburn, Chairman ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 06447148 (England and Wales) ## **Registered Charity number** 1141524 ## **Registered office** Heath End Cottage Windsor Road Ascot Berkshire SL5 7LQ ## **Trustees** L J Dixon A M Dixon A Radstone Timothy Wellburn Richard West N Iosson (appointed 20.2.24) Page 4 Subterranea Britannica Report of the Trustees for the Year Ended 31 December 2024 ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Independent Examiner** R A McLeod and Co Chartered Accountants 10 Portland Business Centre Manor House Lane Datchet Berkshire SL3 9EG Approved by order of the board of trustees on 14 February 2025 and signed on its behalf by: Timothy Wellburn - Trustee Page 5 Independent Examiner's Report to the Trustees of Subterranea Britannica ## **Independent examiner's report to the trustees of Subterranea Britannica ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the charity's trustees of the 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 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 your charity'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 matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). 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. Robert McLeod R A McLeod and Co Chartered Accountants 10 Portland Business Centre Manor House Lane Datchet Berkshire SL3 9EG 14 February 2025 Page 6 ## Subterranea Britannica Statement of Financial Activities for the Year Ended 31 December 2024 |||31.12.24|31.12.23| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**INCOMING RESOURCES FROM**|||| |Subscriptions & donations||27,947|27,976| |Income from self funded events|2|36,433|31,207| |Investment income|3|2,357|2,017| |**Total**||66,737|61,200| |**EXPENDITURE ON**|||| |**Application of funds and self funded activities**|||| |Application of funds|4|18,468|25,465| |Self funded activities||44,288|23,801| |||62,756|49,266| |Other||7,464|5,046| |**Total**||70,220|54,312| |**NET INCOME/(EXPENDITURE)**||(3,483)|6,888| |**RECONCILIATION OF FUNDS**|||| |Total funds brought forward||88,287|81,350| |**TOTAL FUNDS CARRIED FORWARD**||84,804|88,238| The notes form part of these financial statements Page 7 ## Subterranea Britannica Balance Sheet 31 December 2024 |||31.12.24|31.12.23| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**CURRENT ASSETS**|||| |Debtors|8|629|580| |Cash at bank||84,175|87,658| |||84,804|88,238| |**NET CURRENT ASSETS**||84,804|88,238| |**TOTAL ASSETS LESS CURRENT**|||| |**LIABILITIES**||84,804|88,238| |**NET ASSETS**||84,804|88,238| |**FUNDS**|9||| |Unrestricted funds||84,804|88,238| |**TOTAL FUNDS**||84,804|88,238| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. ## The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 14 February 2025 and were signed on its behalf by: A Radstone - Trustee The notes form part of these financial statements Page 8 Subterranea Britannica Notes to the Financial Statements for the Year Ended 31 December 2024 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. No depreciation is provided as the assets have been fully depreciated. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. INCOME FROM SELF FUNDED EVENTS** |**INCOME FROM SELF FUNDED EVENTS**||| |---|---|---| ||31.12.24|31.12.23| ||£|£| |Events income|36,418|31,165| |Publications|15|42| ||36,433|31,207| continued... Page 9 Subterranea Britannica Notes to the Financial Statements - continued for the Year Ended 31 December 2024 ## **3. INVESTMENT INCOME** ||31.12.24|31.12.23| |---|---|---| ||£|£| |Deposit account interest|2,357|2,017| |**APPLICATION OF FUNDS**||| ||31.12.24|31.12.23| ||£|£| |Donations|850|5,504| |Publications & Publicity|17,618|17,870| |Support costs|-|2,091| ||18,468|25,465| ## **4. APPLICATION OF FUNDS** ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOMING RESOURCES FROM**|| |Subscriptions & donations|27,976| |Income from self funded events|31,207| |Investment income|2,017| |**Total**|61,200| |**EXPENDITURE ON**|| |**Application of funds and self funded**|| |**activities**|| |Application of funds|25,465| |Self funded activities|23,801| ||49,266| |Other|5,046| |**Total**|54,312| |**NET INCOME**|6,888| continued... Page 10 Subterranea Britannica Notes to the Financial Statements - continued for the Year Ended 31 December 2024 |**6.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|| |---|---|---|---|---|---| ||||||Unrestricted| ||||||fund| ||||||£| ||**RECONCILIATION OF FUNDS**||||| ||Total funds brought forward||||81,350| ||**TOTAL FUNDS CARRIED FORWARD**||||88,238| |**7.**|**TANGIBLE FIXED ASSETS**||||| ||||||Computer| ||||||equipment| ||||||£| ||**COST**||||| ||At 1 January 2024 and 31 December 2024||||332| ||**DEPRECIATION**||||| ||At 1 January 2024 and 31 December 2024||||332| ||**NET BOOK VALUE**||||| ||At 31 December 2024||||-| ||At 31 December 2023||||-| |**8.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| ||||31.12.24||31.12.23| ||||£||£| ||Prepayments|||629|580| |**9.**|**MOVEMENT IN FUNDS**||||| ||||Net||| ||||movement||At| |||At 1.1.24|in funds||31.12.24| |||£|£||£| ||**Unrestricted funds**||||| ||General fund|88,287|(3,483)||84,804| ||**TOTAL FUNDS**|88,287|(3,483)||84,804| continued... Page 11 Subterranea Britannica Notes to the Financial Statements - continued for the Year Ended 31 December 2024 ## **9. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|66,737|(70,220)|(3,483)| |**TOTAL FUNDS**|66,737|(70,220)|(3,483)| ## **Comparatives for movement in funds** |||Net|| |---|---|---|---| |||movement|At| ||At 1.1.23|in funds|31.12.23| ||£|£|£| |**Unrestricted funds**|||| |General fund|81,350|6,888|88,238| |**TOTAL FUNDS**|81,350|6,888|88,238| Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|61,200|(54,312)|6,888| |**TOTAL FUNDS**|61,200|(54,312)|6,888| A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1.1.23|in funds|31.12.24| ||£|£|£| |**Unrestricted funds**|||| |General fund|81,350|3,405|84,755| |**TOTAL FUNDS**|81,350|3,405|84,755| continued... Page 12 Subterranea Britannica Notes to the Financial Statements - continued for the Year Ended 31 December 2024 ## **9. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|127,937|(124,532)|3,405| |**TOTAL FUNDS**|127,937|(124,532)|3,405| ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2024. Page 13 ## Subterranea Britannica ||Detailed Statement of Financial Activities||| |---|---|---|---| ||for the Year Ended 31 December 2024||| |||31.12.24|31.12.23| |||£|£| |**INCOMING RESOURCES**|||| |**Subscriptions & donations**|||| |Donations||813|274| |Gift aid||4,824|4,686| |Membership subscriptions||22,310|23,016| |||27,947|27,976| |**Income from self funded events**|||| |Events income||36,418|31,165| |Publications||15|42| |||36,433|31,207| |**Investment income**|||| |Deposit account interest||2,357|2,017| |**Total incoming resources**||66,737|61,200| |**EXPENDITURE**|||| |**Application of funds**|||| |Donations||850|5,504| |Publications & Publicity||17,618|17,870| |||18,468|23,374| |**Self funded activities**|||| |Events expenditure||34,016|20,344| |Conference expenditure||10,272|3,457| |||44,288|23,801| |**Support costs**|||| |**Administration costs**|||| |Insurance||337|330| |Web fees & computer expenses||4,969|4,558| |Affiliation fees||243|278| |Post.Pckg,Stat,Tele & Copy||20|30| |Sundry expenses||50|180| |Bank & Paypal charges||525|573| |Accountancy||1,320|1,188| |||7,464|7,137| This page does not form part of the statutory financial statements Page 14 Subterranea Britannica ||Detailed Statement of Financial Activities||| |---|---|---|---| ||for the Year Ended 31 December 2024||| |||31.12.24|31.12.23| |||£|£| |Total resources expended||70,220|54,312| |**Net (expenditure)/income**||(3,483)|6,888| This page does not form part of the statutory financial statements Page 15