The Hellenic and Roman Library Annual Report and Unaudited Financial Statements 31 December 2023 Company Registraiion Number 09212403 Chsrity RegistratKn Number 1163798
Contonts Reports Reference and administrative infomialion Trustees, report Independent examiner's report Financial Statements Statement of financial activities Balance sheet 12 .8talemenl of cash flows 13 Principal accounting policies 14 Notes lo the financial statements 17 The Hellenic and Roman Library
Refereneg and administrative information Trustees Professor Paul Cartledge Ms J. Lesley Fitton Profes50r Roy Gibson Dr Philip Kay Mr Peter Lennon Professor Roland Mayer Dr Margaret Mountford Company Secretary Dr Fiona Haarer Principal office Senate House Malel Street London WC1E 7HU Company registration number 09212403 Charity registration number 1163798 Independent Examlner UHY Ross Brooke Chartered Accountants Suite 1 Windrush Court Abingdon Business Park OX14 1SY Bankers Natwesl Bank plc Bloomsbury, Parrfs Branch PO Box 158 214 High Holborn London WC1V7BX Investment rn•nagers Newton Investment Management Limited BNY Mellon Cent. 160 Queen Victoria Street London EC4V 4LA The Hellenic and Roman Library 1
Trustees. report 31 December 2023 The trustees present their annual report and financi81 statements of The Hellenic and Roman Library I'HARL") for the year ended 31 December 2023. The Iruslees have adopted the provisions of the Statement of Recommended Pracliee ISORPI Accounting and Reporting by Charities IFRS 1021" in preparing the annual report and financial statements of the charity. The financial slalements have been prepared in accord8nee with the accounting policies sel out on pages 14 10 16 and comply with HARL'S Memorandum and Articles of Associabon, applicable laws and Accounting and Reporting by Charities." Statement of Recommended Practice applicable in the United Kingdom and Republic of Ireland IFRS 1021. GOVERNANCE. STRUCTURE AND MANAGEMENT Governance HARL is a company limited by guarantee, Incorporated In England on 10 September 2014 and registered as a charity on 1 October 2015. HARL was established under a Memorandum of Association which established Ils objects and powers and Is governed under ils Articles of Association. In the event of HARL being wound up. member$ are required to contribute an amount not exceeding £5. Eleetions of officers HARL has two members". The Society for the Promotion of Hellenic Studies I'SPHS") and The Society for the Promotion of Roman Studies I"SPRS"l. The governing body consists of the three offirS appointed by each of the Soeielies 11 Is envisaged that the Societies, appointees would normally be the Presidents, Honorary Secretaries and Honorary Treasurers of the two Societies and be in post as Iruslees of HARL for the duration of Iheir election as officers of their Societies. The Iruslee5 are also directors for the purposes of company law. Those who served during the period and up lo the dale of signing the financial slalements are set out on page 1. Trustee induction and training Prospective Iruslees are Informed that. if elected, they will become directors of a company limited by guarantee, and also a Iruslee of a charity They will also be sent copies of HARL'S most recent sel of financial stslements, the Memorandum and Articles of Association and a leaflet from the Charity Commission on the 'Responsibililies of Charity Trustees.. On their election they are sent the schedule of meetings for the coming year and asked lo complete the Companies House form for the election of new directors. Shortly before their first Board meeting they are sent a document detailing HARL'S structure and the procedures of the Board, emphasising their responsibility for approvina all financial expenditure and planning future policy and their duty to ensure that they are satisfied with the financial slalemenls. The Hellenic and Roman Library 2
Trustees. report 31 December 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontinuedl Risk management In reaching decisions, the Iruslees continually bear in mind the major governing. operational and financial risks which the Library faees. These are sel out in a formal Risk Asse5smenl, which is considered by the Board annually. Governance rlsks Issues lo be considgr8d.' poor organisalion81 structure", Iruslees benefitting from the charity by remuneration and other such conflicts", 8clivilies potentially outside the charity s objects,. difficulties in recruity'ng trustees and officers. How HARL minimises those risks HARL is a company limited by guarantee," its constitution is set out in its articles of association and ils governance is also regulated by an Agreement beeen il and the Societies. Under these arrangements, SPHS and SPRS each has the right lo appoint al least three Directors, and il is not anticipated that there will be any difficulty filling those roles. Secretarial services are provided by the Secretary of SPRS. No Iruslee receives any remuneration from HARL lexcepl to reimburse travel and other necessary expenses). HARL does not carry out any activities such as grant giving where a conflict of interest might arise. The conduct of HARL'S Campaign Board is regulated by terms of reference for that body. Operational risks Issues lo be considered.. service quality, contract pricing. security of assets (including fraud risk). employment issues., health and safety,. infom)alion technology". insurance How HARL cuentlY minimises those risks HARL'S only seNice obligations relate lo the provision of books lo the Joint Library and the Societies have underwritten this obligation. HARL has assets, Including cash al bank and the benefit of the agreements described above. One-off donations over £1,000 are invested in a Newton Growth and Income Fund held by BNY Mellon. HARL has one part-time employee bookkeeper whose salary payment Is handled by UOL. HARL has no premises or equipment. HARL has obtained a CRM system lo manage Its contacts. HARL has taken adviTr on the legal and regulatory framework lo which il must adhere in ils fundraising campaign. There are four signatories on HARL'S bank account and no payment above £250 can be made unless authorised by tsvo signatories. Flnanclal rlsks Issues to be considered.. Budgetary control. accuracy and timeliness of financial reporting. adequate reserves and cash flow, Inflexibility of costs. diversity of income. investment management. The Hellenic and Roman Library 3
Trustees. report 31 Dernber 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontinuedl Risk managernent Iconlinuedl Finanelal risks fcontinued) How HARL Cun11Y n7inimises those risks HARL'S budget is approved by ils Board The Societies have agreed lo meet HARL'S costs and lo pay il enough lo meet ils obligations to UOL and its fundraising costs. HARL'S principal financial risk Is therefore that either or both of the Societies does not have sufficient funds lo pay the amounts needed to fund ils obligations to UOL. Clause 8 of the UOL agreement entitles HARL lo lerminale that agreement if il has been unable lo raise £1.5 million from third parties, despite making reasonable endeavours lo do so by an agreed dale, or if either of the Societies would be unable because of a reduction in its unreslricled reserves lo support HARL without significant detriment to ils other aelivilies. HARL continues ils fundraising campaign and the HARL Board keeps the financial situation under regular review and consider5 in what way the fundraising campaign can best be pursued. There is a HARL Investment Committee which reviews the Investment strategy regularly. Compliance wlth law and regulation Issues fo be considered.. Charity law., Data Protection Law., Health and Safety, HARL'S conslilulion. How HARL currently minimises those risks.. HARL'S objects satisfy the public benefits lesl HARL'S officers are kept up-lo-date with the Charity Commission's guidelines and regulations. HARL Is registered with the ICO and has taken legal advice on how to comply with the laws and regulations concerning fundraising and data protection. UOL is responsible for the health and safety aspects of the Combined Library. Organlsation structure The Board administers the fund5 and other property of HARL in accordance with ils objects. 11 oversees the detailed relations with the Societies, the Institute of Classical Studies I ICS l and the University of London l UOL'I, and manages all ils other affairs and activities Related parties For many years SPHS and SPRS co-operated in the provision and operation of a Joint Library which was managed in ¢onjunclion with the library of ICS. part of UOL. In 2014, the Societies formed a joint venture company, HARL, which was incorporated in England on 10 September 2014 and registered as a charity on 1 October 2015 While the Societies retain ownership of the books in the library, HARL is responsible for managing the Societies, interests in the library On 27 April 2016 Ibut effective from 1 January 20161 HARL and the Societies entered into a 25 year agreement with LIOL for the manaoemenl and operation ofthe combined library. Under that agreement. HARL has undertaken. inter alia, to bear with effect from 1 January 2016 certain expenses in respect of the operation of the library, principally relating to the costs of the librarians. The two Societies have separately agreed lo pay lees lo HARL covering HARL'S costs and obligations under the agreement with UOL. The Hellenic and Roman Library 4
Trustees. report 31 December 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT Iconlinuedl Key managemgnt personnel Key management personnel of the charity comprises of Iruslees. Trustees are not remunerated and details of expense5 reimbursed to Iruslees in the year are included in note OBJECTIVES AND ACTIVITIES Objects The objects for which HARL is established are.. The support of education and research on the Greco-Roman World and ils legacy by.. The maintenance and operation of 8 research library specialising in the history, archaeology, languages, lileralures and cultures of Ancient Greece and Rome. the post classical Hellenic and Latin World, and, their reception., The provision of library facilities generally and maintenance of a centre for study and research on these subjects, Publicising the library and facilitating access lo il by qualified scholars, students and lay persons from around the world,. Facilitating research and educational activities that use the resources of the library to best advantage,. and Collaboration with similar research facilities around the wodd. Public Beneflt The Board considers that the above objects are fully consistent with the COnP1 of public benefit, In that the provision of a library helps to promote Hellenic and Roman studies in different ways. No harm or delrimenl arises from the carrying out of any of these aims. The Library aims lo benefit academics and any member of the public with an Interest in any aspect of Hellenic and Roman stLJdies. Anyone who is interested may join one of the Societies and benefit from borrowing rights in the library. Reading rights in the library are open lo non- members. Review of development. activities and achlevernents The year started with a fundraising event.. a poetry reading by A.E. Stallings, Love Poems from the Institute of Classics Studies followed by a reeeplion in the Library. In May. Joanna Ashe ILibrarianl and Gabnel Bodard IReader In Digital Classics. ICSI organised a workshop, Greek & Roman antiquities handling workshop.. Recording, illustrating. 3D modelling The Hellenic and Roman Library S
Trustees. report 31 December 2023 OBJECTIVES AND ACTIVITIES Iconlinuedl Revlew of development. activities and achievements (continued In June, a guided tour of the 8assai Gallery at the British Museum was arranged for Helleni¢ Society members". there was no fee bul many members made a donation lo HARL. In August, a group of HARL supporter5 visited the Sir John Soane Museum for an exclusive guided lour and a group of Sir John Soane Museum supporters visited HARL In return for a viewing of the Library's rare books collection. This viewing, Palmyra and Rome in the collection of the Hellenic and Roman Library. was repealed for members of the Hellenic Society ancs Roman Society in October. In December. another fundraising event was held.. Professor Michael Wood gave a talk on In the Footsteps of Alexander. Further rellections on an epic Journey followed by a reception in the Library. Members continued to contribute their monthly and annual donations by direct debil and lo give small donations in addition lo their membership subscriptions. The Classical Association renewed ils generous grant towards running costs. HARL continued lo be registered with the Give As You Live scheme. The fundraising campaign was highlighted lo members, and lo other organisalions, such as the Classical Association, Classics for All and the Society of Antsquaries. During the year, the Library has continued to pijrsue its objectives on a sucSsful basis by building up ils collection of print and online material and, in collaboration with the Institute of Classical Studies, actively developing digital resources. The Library Management Committee and Collections Development Committee mel online. PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS In May we will hold a fundraising event with Emlyn Dodd.. Taste5. placgs. and processes of anGienl winemaking, followed by a reception In the Library. We have arranged for a group of the Civil Service Classicis15 UK lo visit the Library in June to see the Ra Books. In October, we will hold a fvndraising event with Tom Holland. FINANCIAL REVIEW Total income for the year was £438,687 12022. £439,871). Donations from individuals and from reslricled grants decreased lo £97.62012022.' £135,147), which was eompensaled by an increase in fees charged lo the Societies lo £320,80212022." 85,658) and investment income was £18,74012022. £17.1161 Total expenditure for the year was £384,909 12022 - £388,185). Net gains on investments held In BNY Mellon Newton Growth & Income Fund were £39,443 12022 nel losses of £52,438). Nel income In the year after Investment gains and losses was £93,221 12022 - net expenditure of £7521 The Hellenic and Roman Library
Trustee$. report 31 December 2023 FINANCIAL REVIEW Icontinuedl Reseryes policy and going concern assessrnent The nel assets of HARL al 31 December 2023 amounted lo £1,011,21412022 - £917,993), of which £4,538 12022 £7681 related lo reslricled fvnds and £1,0(JS,676 related lo unrestricted funds 12022 £917,225). The free reserves of the charity, equating lo the unreslricled funds, amounted to £1,006,676 12022 - £917,225> of which £707,314 12022 £669.4431 were held as investments in the BNY Mellon Newton Growth & Income Fund. HARL has formed an Investment Committee that meets regularly lo oversee the performance of the Fund and receive reports from BNY Mellon. HARL aims to continue increasing its free reserves as it seeks lo fundraise for ftjture Investment in the library. Investmont policy HARL'S investments are ovetseen by an Investment Committee which meets several times a year and pOrtS regularly to the Board. The objective for HARL'S investments Is lo produce a steady income lo support ils various aclivilies, whilst al the same time at least maintaining the value of the capital in real terms. Newton Investment Management Ltd is manager of HARL'S investments in the Newton Growth and Income Fund for Charities. The benchmark for the Fund is a Comparative Index, comprising 500/0 FTSE All Share Index," 25 10 FTSE World lex-UKI". 200/0 FTSE Government All Stocks Index and 50/0 7-day cash. In 2023, the Fund delivered a nel return of 8.60kn lincluding dividends) bul underperformed compared lo ils Performance Benchmark which was up by 9.3°/o. At the end of 2023, the Fund had a yield of 2.3ts/o which was up slightly on the previous year's 2.2Yo but which was lower than the yield on the Fund's Performance 8enchmark which was 3.40h. STATEMENT OF TRUSTEES, RESPONS181LITIES The Iruslees (who are also directors of HARL for the purposes of company lawl a responsible for preparing the Iruslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Genefally AcpIed Accounting Praclicel. Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the slate of affairs of HARL and of the Incoming resources and application of reSoUrs, including income and expenditure. of HARL for the year. In preparing these finaneial slalemenls. the Iruslees are required lo. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP 2015 IFRS1021", make judgements and estimates that are reasonable and prudent., slate whether applicable UK Axounling Standards have been followed, subject lo any material departures disclosed and explained in the financial statements." and Prepare the financial statements on a going eoncern basis, unless it is inappropflate to presume that HARL will continue in operation. The Hellenic and Roman Library 7
Trustees. report 31 Dernber 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES Iconlinuedl The Iruslees are responsible for keeping adequate accounting CordS that disclose with reasonable accuracy at any time the financial position of HARL and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also spOnSible for safeguarding the assets of HARL and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board and signed on its behalf by.. Trustee Date.. Ly The Hellenic and Roman Library
Independent examiner's report 31 December 2023 Independent examiner's report to the members of The Hollenic and Roman Library I report lo the charity trustees on my examination of the accounts of the company for the year ended 31 December 2023 which are sel out on pages 11 to 22 Responsibilltl05 and basis of report As the charity Iruslees of the company land also ils directors for the purposes of company 18wI you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061.the 2006 Act'i. Having satisfied myself that the accounts of the company are not required lo be aLJdiled under Part 16 of the 2006 Aet and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Acl'}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 1451Sllbl of the 2011 Act. Independent examiner's statement Since the company's gross income exceeded £250,000 your examiner musl be a member of a body listed In section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of the Inslilule of Chartered A¢¢ountsnts In England and Wales, which is one of the listed bodies. I have completed my ex8mination. I confim) Ihal no matters have come lo my allenlion in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any qUirement that the accounts give a 'lrue and fair view, which is not a maller considered 8$ part of an independent ex8minalion', or the accounts have not been prepared in accordance with the methods and principles of the Slalement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Hellenic and Roman Library 9
Independent examiner's rèport 310ecember 2023 Independent examiner's roport to the members of The Helleni¢ and Roman Library Iconlinuedl I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this rewrt in order lo enable a proper understanding of the accounts lo be reached. Caroline Webster FCA UHY Ross Brooke Windrush Court Abingdon Business Park Abingdon OX14 1SY Oale. 1010712024 The Hellenic and Rornan Library 10
Statement of financial activiti Year to 31 December 2023 Iincluding the income and expenditure accounti Unre8trlcto11 R08trlct8d funds funds Totsl Unrestncaed R8Stricl8d 2023 funds funds Totsi 2022 Notes Inc¢>m8 from.. Donations Charilable adivilies Inveslmenl Income Total Income $0,588 322,327 18,740 391,6S5 47.032 97,620 322,327 18,740 438,687 80,429 287.608 17.116 385.153 54.718 135,147 287.S08 47,032 54,718 439.871 Expenditure on.. Raising funds Charitable activit$ Total trxpendltur• 9,680 331,967 341,647 9,680 375,229 384,909 8,917 325318 334.235 8.917 379.268 388,185 43,262 43.262 53.950 53,950 Incom• {exndItur•I bgloro transfor5 50.008 3.770 63,778 50,918 768 51.666 Trnnsfe beNv8en fund5 Net income lexp8ndituro1 lore investment 9alns Ilos$ul Net gains Ilossesl on Inve5trnenls 50.008 39,443 3.770 $3,778 39,443 50,918 152,4381 768 51.686 152,4381 Nèt lexpendlturel income and movement in fund$ 89,451 3,770 93,221 11.5201 768 17521 RgGonclllaUon tsf fund8'. Total fund5 brought forward 12 917,225 917,993 918.745 918,745 Total funds ¢arFied forward 12 1,006,676 4,538 1,011,214 917.225 768 917.993 All recogni5ed gains and losses a Included in the above slalemenl of financial aclivilies. All of the charity's activities were derived from continuing operations during the above two financial periods. The Hellenic and Roman Library 11
Balan¢¢ sheet 31 Dember 2023 2023 2023 2022 2022 Notes Flx•d assets Investments 707,314 669.443 Current assets Debtors Cash at bank and in hand 34,528 44S.1579 480.407 37.297 383.635 420,932 Creditors. amounts falling due within one year Net eurrent assets 10 1176,5071 1172,3821 303.900 248,550 Total nèt a¥$ets 1,011.214 917,993 The funds of the charity.. Unrestricted funds Restricted fund 1,006,676 4,538 1,011,214 917,225 768 917.993 12 Approved by the Iruslees and signed on their behalf by". Trustee Approved on.. Company registration number". 09212403 The Hellenic and Roman Library 12
ststement of cash flow$ 31 December 2023 2023 2022 Not8s Cash flows from operating actlvities: Net cash provided by operating activitiès 60,672 100,672 ash flows from investing activities Disposal ol investments Purchase of investments Nel cash provided by investing activities 1,572 1,572 Net lin¢reasel drease in cash and cash equivalents 62,244 100,672 Cash and cash equivalents èt 1 January 383,635 282.3 Cash and cash equival•nts at 31 December 445,879 383.635 Reconeiliation of net movemont Sn funds to net cash provided by operating activitles 2023 2022 Net income for the year Adjustments for.. Net Igainl loss on investments Ilncre3sel decrease in debtors Increase In creditors Net cash provided by operating activities 93,221 17521 139,4431 2,769 4,125 60.672 52,438 14.2271 53,213 100.672 8 AnalysSs of changes in cash and cash èquivalents 2022 Cash llows 2023 Cash at bank and in hand Totsl cash and cash equivalents 383.635 383,635 62.244 S2.244 445,879 445,879 The Hellenic and Roman Library 13
Principal ac¢ountlng policle$ 31 December 2022 The principal accounting policies adopted, principal judgement$ and key sourees of estimation uncertainty in the preparation of the financial slalements are laid out below. Basis of preparatlon HARL conslitules a public benefit entity as defiried by Financial Reporting Standard IFRSI 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities,. the FRS 102 applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial slalements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the funcbonal currency of the entity and rounded to the neare51 pound. The significant accounting policies applied in the preparation of these financial stslemenls are sel out below Assessment of going con¢ern The Iruslees have assessed whelherthe use of the going concern assumption is appropriate In preparing these financial statements. The trustees have made this assessment in respect of a period of one year from the date of approval of these financial statements. The Irijslees of the charity have concluded that there are no material uncertainties related lo events or conditions that may cast significant doubl on the ability of the charity lo continue as a going Concern. The Iruslees are of the opinion that the charity will have sufficient resources lo meet Ils liabilities as they fall due. With regard to future aecounling periods, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment section of the trustees, report for more information). Incomg recognition All Income is included in the statement of financial activities ISOFAI when HARL is legally enlilled lo the income. the income is probable, and the amount can be quantified with reasonable accuracy. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing HARL lo that expenditure. il is probable that selllemenl will be required and the amount of the obligation can be measured reliably. Taxatlon HARL Is a registered charity and is exempt Irom tax under the provisions of the Corporation Tax Act 2010 on ils charitable activities. The Hellenic and Roman Library 14
Principal ac¢ountlng policles 31 December 2022 Fixed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured al their fair value as al the balance sheet dale using the closing quoted market priee The stslement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. HARL does not acquire pul options, derivatives or other complex financial inslrumenls. The main form of financial risk faced by the charity is that of volalilrty in equity markets and investment markets due lo wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. The charity manages the investment risks by careful asset allocation and the Ltse of professionally managed funds with the help of Its investment advisers. Investment policy Is regularly reviewed by the Iruslees and by the Investment Committee. Cash and cash equivalenls Cash is represented by cash in hand and deposits with financial institutions repayable without penalties on notice of no more than 24 hours. Pensions One employee of SPRS provides fundraising and adminislralive services for HARL, and HARL reimburses SPRS an appropriate proportion of the salary costs, including social security costs and pension contributions paid to the Universities Superannuation Scheme IUSSI. of the employee. According to the latest actuarial valuation of the USS, a defined benefit multi-employer scheme, as at 31 March 2020 the USS, assets were sufticienl lo cover 780/0 of its liabilities at that date. The USS has completed its most recent review as al 31 March 2022. The indicative future service contribution rale based on financial conditions as al 31 March 2022 for benefits accruing from 1 April 2022 is 24.50A of Salary (reducing to 23 70kn of salaries from 1 April 20241. Fund a¢countlng General funds are unreslricled funds which are available for use al the discretion of the trustees in furtherance of the general objectives of the charity and which have not been desigr7aled for other purposes. Re51ricled funds are funds which are to be used in accordance with specific restrictions Imposed by donors, or which have been raised by HARL for specific purposes. Designated funds are unreslricled funds earmarked by the Iruslees for a particular purpose. The Hellenic and Roman Library 15
Principal accountlng policles 31 December 2022 Flnancial instruments The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows.. Financial assets - other debtors are basic financial instruments and are debt Instruments measured al amortised cost. Prepayments are not financial instruments. Cash at bank- classified as a basic financial instrument and is measured al face value. Financial liabilities accruals and other creditors are financial instruments. and are measured al amortised cost. Judgements and key sources of estimation uncertalnty Aside from those areas included in policies above, HARL does not have any other key sources of eskn'malion or uncertainly which requi disclosure. The Hellenic and Roman Library 16
Notes to tho financial statements 31 December 2023 1 Donatlons Unrestrieted R•slricted funds funds Totsl Unrestricted 2023 funds Restred funds Tol81 2022 Donations Gift aid on donations Fundraising events Legacie5 received Grants 27,S35 3,257 3,796 1,000 15,000 50,588 27,535 3.257 3,796 1.000 62,032 97,620 57.019 7,OS3 1.347 57.019 7,3 1.347 47,032 47,032 15,OCKJ 80.429 54.718 54.718 69,718 135.147 2 Income from charitable activlties UnStrIcted Restricted fund5 funds Tolal unrestrtd 2023 funds Restncted funds Total 2022 Fees charged to Rornan and Hellenic Societies Fines Photocopying Scanning Postage 320,802 35 113 530 320,802 35 113 530 285,658 355 191 421 983 287,608 285,658 355 191 421 983 287.608 322.327 322,327 3 Expenditure on raising funds Unrestricted Re8tricted funds funds Totsl Unrèstricte 2023 funds Restricted funds Total 2022 Fundraising expensès Personnel costs (note 61 1,108 8,572 9,680 1,108 8,572 9.680 713 8.204 8,917 713 8.204 8,917 The Hellenic and Roman Library 17
Notes to the financial statements 31 December 2023 4 Expendlture on charltable activities Unrestricted funds Restricted funds Total 2023 Total 2022 Dlreet Librarian charges SeNice char Leven115 Scanner operator 278,320 26.422 17,801 294,121 28,422 25,461 294.359 24,394 28,483 25.461 Support Personnel costs (note 61 Printing and stationery Postage Bank charyes Other expenses Office machine maintenance Bookkeeping ISPHSI Bookkeeping ISPRS) Governancè.. Trustee expenses Independent Examination 8nd Audit Intst8 51 Bookkeeptng Inole 61 8,571 347 1,072 593 86 650 4.909 3.926 8,571 347 1,072 593 86 650 4,909 3,926 8,204 293 1,866 594 82 1,260 3.836 3.918 98 3,650 5.323 331,7 98 3,650 S,323 375,229 98 7.185 4.916 379.268 43,262 In 2023 £43.26212022 - £53.9501 of expenditure on charitable activities was restricted. S Net lexpendlturel income before investmont galns (losses) Total 2023 Total 2022 This is slated after chaiging.. Independent Examination and Accounts Preparation Auditor's muneratIon 3,650 7,185 6 Staff cost$ and remuneration of key management personnel Totsl 2023 Total 2022 The total staff costs were as follows.. Salaries Social security costs Pension conlnbutions 18,122 1,579 2,765 22.466 17.122 1.572 2.630 21.324 No employee earned more than £60,000 per annum12022- none). 2023 2022 The number of employees during the year was". HARL has borne the cost of staff for the Joint Library from 1 January 2016. who are employed by UOL. These costs are shown as Librarian charges in note 4 and relate lo six librarians, and are not included in the staff costs shown above. The Hellenic and Roman Library 18
Notos to the financial statements 310ecember 2023 6 Staff costs and remuneration of key management personnel Icontinuedl One employee of SPRS provides fundraising and adminislralive services for HARL. and HARL reimburses SPRS an appropriate proportion ol the salary costs, Including social security costs and pension contributrons paid lo the Universities Superannuab'on Scheme IUSSI, for the employee This employee's cost is included in Personnel costs in notes 3 and 4. Included in staff costs above is the govemance cost relating lo the HARL bookkeeping. The bookkeeping costs for SPRS and SPHS are included in note 4. SPRS and SPHS reimburse HARL for the appropriate proportion of this salary cost and this income is included in note 2. Staff costs for HARL comprise". Total 2023 Total 2022 HARL staff costs (recharged from Rornan Societyl HARL bookkeeping costs 17.143 5,323 22.466 16,408 4.916 21.324 According to the latest actuarial valuation of the USS, a defined benefit mulli-employer scheme. as al 31 March 2020 the USS. assets were sufficient lo cover 780/0 of ils liabilities al that date The USS has completed ils most recent review as at 31 March 2022. The indicative future seNice contribution rale based on financial conditions as al 31 March 2022 for benefits accruing from 1 April 2022 is 24.5Qkn of Salary Ireducing lo 23.7 /0 of salaries from 1 April 20241. Key management personnel of the charity comprises of Irijslees Trustees are not remunerated. One Iruslee was reimbursed expenses of £9812022- one trustee was reimbursed £981. 7 Taxation HARL is a UK registered charity and, therefore, is not liable lo income tax or corporation tax on income derived from its charitable aclivilies, as Il falls within the various exemptions available lo registered charities. 8 Investments 2023 2022 The movement of investments is represented by.. Market value at 1 January Disposals Totsl unrealised Investment gains Ilossesl Markèt value at 31 D8Cgmber 669,443 11,5721 39,443 707,314 721,881 152.4381 669,443 Market value at 31 December is represented by.. BNY MFM Ltd Newton Growth Inc. Fund 707.314 669,443 Hi6torlcal eoBt at 31 Dt¢*rnber 556,270 557.842 The Hellenic and Roman Library 19
Notes to the financial ststements 31 Dernber 2023 Investments Iconlinuedl The lolal unrealised gains as at 31 December included in the above constitute movements on revaluation of the charity's listed investments. Movements during the year were as follows". 2023 2022 ReconciliatFon of movements in unrealls•d gains.. Total unrealised losses al 1 January Add. gain Ilossesl arising on revaluations in the year Total unrealised gains at 31 Decetnber 111,601 39,443 151.044 164.039 152,4381 111,601 9 Debtors Total 2023 Total 2022 Prepayrnenls and ac£rued in¢ome 34,528 34,528 37.297 37,297 10 Creditors: amounts falling due wlthin one year Total 2023 Total 2022 Trade credrtors Tax and Social secunty creditor Due lo the Society for the Promotion of Hellenic Studies Due to the Society for the Promotion of Roman Studi8s Accrual$ 1,057 9,588 52.757 75.67S 37.430 176,307 16.683 48,626 63,926 43,147 172.382 11 Restricted fund$ Balance at31 Decembèr 2023 Balance at 1 January 2023 Income Expènditure Transfers Leventis Scanner Operator Fund Winnington Ingiam Fun¢J 768 29,231 17,801 47,032 125,4811 117,8011 143.2621 4.538 768 4,538 8alanc8 at31 December 2022 8al8nce al l January 2022 Income Expenditure Transfe Levenlis Se8nn&r Oper8torFund Wff'nnington Ingram Fund 29.237 25,487 54. 718 (28.4631 125,487) (S3,9) T66 768 The Hellenic and Roman Library 20
Notes to thè financial statements 31 DeTrmber 2023 11 Restricted funds Iconlinuedl Levèntis Scanner Operator Fund Fund received by HARL for a scanner operator. Winnington-lngram Fund Fund received by HARL for a Library Traineeship. The funds are received from the University of London lo fund the annual library traineeship for post graduate students. 12 Analysis of net assets between funds Unrestricted Restrictsd funds fund8 Total Unre8lrictèd 2023 funds Restricted funds Total 2022 Fixe(l asset investments Current assets Current liabilities Net assets at 31 D•eember 707,314 475,869 1176,5071 707,314 66 9.443 480,407 420.164 1176.SJ71 1172.3821 669.443 420.932 1172.3821 4,538 768 1.006,676 4,538 1.011,214 917,225 768 917.993 13 Related party tran$action$ For the reasons explained in the Related Parties narrative on page 4 of the Iruslees, report. the Society ftir the Promotion of Roman Studies and the Society for the Promotion of Hellenic Sludies are considered lo be related parties of HARL. As disclosed in note 15, an agreement is In place beeen the Societies and HARL, under which the Societies pay fees lo HARL for the running of the library and for the acquisition of books. During the year, the cost of books acquired by HARL on behalf ol the Societies amounted lo £30,80212022 - £32,458). As disclosed in note 6. bookkeeping costs for the Societies are also recharged by HARL lo the Societies. The amounts earned by HARL under these arrangements during the year, and reeognised In the st8tement of financial aclivilies, amount to £320,80212022 £285.6581, being £129.03712022 £116,940) from SPHS and £191,76512022 - £168,718> from SPRS. Atlheyearend, £52,757 was due lo SPHS12022-£48.626 was due lo SPHSI and £75.675 was due lo SPRS12022- £63,926 was due lo SPRSI. The charity received a donation of £nil from SPRS during the year12022 - £15,000). The charity received total donations of £3,20012022 - £6,844) from tsvo12022 - four) Iruslees during the year, all of which were unrestricted. 14 Llability of membern HARL is limited by guarantee, having no share capital and, in terms of the Memorandum of Association, every member of the company undertakes to contribute lo the assets of the company in the event of Il being wound up while he or she is a member. or within one year after he or she ceases to be a mèmber. such amount as may be required not exceeding five pounds. The Hellenic and Roman Library 21
Notes to the financlal statements 31 December 2023 15 Financial commitments On 27 April 2016 Ibul effective trom 1 January 20161 HARL and the Societies entered into a 25 year agreement with UOL for the combined management and operation ofthe library. Under that agreement. HARL has undertaken lo bear with effect from 1 January 2016 certain expenses in respect of the operation of the library, principally relating lo the costs of the librarians. HARL has also undertaken lo procure the acquisition of library books on behalf of the Societies. The Societies have separately agreed lo pay fees to HARL covering HARL'S costs and obligation5 under the agreement with UOL. The Hellenic and Roman Library 22