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 offi￿rS 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 be￿een 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 cu￿entlY 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 De￿rnber 2023
GOVERNANCE, STRUCTURE AND MANAGEMENT Icontinuedl
Risk managernent Iconlinuedl
Finanelal risks fcontinued)
How HARL Cu￿n11Y 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 COn￿P1 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 suc￿Ssful 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
Ac￿pIed 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 reSoUr￿s, 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 De￿rnber 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• {ex￿ndItur•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 De￿mber 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 d￿rease 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
Restr￿ed
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
Un￿StrIcted Restricted
fund5
funds
Tolal unrestr￿t￿d
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 De￿rnber 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 be￿een
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