The Hellenic and Roman Library Annual Report and Unauditsd Financial Statements 31 December 2024 Company Reoi8tratKsn Number 09212403 Charity Registr*ion Number 1163798 Content8 Reports Reference and administrative Infomial￿n Trustees, report Independent examinerfs report Flnanclal Statoments Statement of financial activities 11 Balance sheet 12 Statement of cash flows 13 Principal accounting policies Notes to the financial statements 14 17 The Hellenic and Roman Library Ref•rence and adminlstrntlvo Infomiatlon Trustoes Professor Paul Cartledge (until June 2024} Ms J. Lesley Fitton Professor Roy Gibson Dr Philip Kay Mr Peter Lennon Professor Roland Mayer Dr Margaret Mountford (from June 20241 Dr Fiona Haarer Company Socretary Prlnclpal office Senate House Malet Street London WC1E 7HU Company regl8tr•tson numbor 09212403 Charlty rn918tration number 1163798 Indepondent Examlner UHY Ross Brooke Chartered Accountants Suite 1 ndfush Court Abingdon Business Park OX14 ISY Banker8 Nalwesl Bank plc Bloornsbury, Parfs Branch PO Box 158 214 High Holbom London WC1V 7BX Investment managevs Newton Investment Management Limrted BNY Mellon Centre. 160 Queen Victoria Street London EC4V 4LA The Hellenic and Roman Library 1 Tru8toes' rnport 31 December 2024 The trustees present their annual ￿pOrt and financial statements of The Hellenic and Roman Library I'HARL'I for the year ended 31 December 2024. The trustees have adopted the Provisions of the Ststement of Recommended Practice ISORPI 'Accounling and Reporting by Charities IFRS 102). in prepanng the annual report and financial statements of the charity. The finan¢ial statements have been prepared in accordance with the accounting policies sel out on pages 14 to 16 and comply wrth HARL'S Memorandum and Articles of Association, applicable laws and Accounting and Reporting by Charitses.. Statement of Recommended Practice applicable in the United Kingdom and Republic of Ireland IFRS 1021. GOVERNANCE, STRUCTURE AND MANAGEMENT Govemancfj 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 its objects and powers and is governed under ils Articles of Association. In the event of HARL being wound up, members are requiled lo contribute an amount not exwling £5. Eledlon8 of offlcers HARL has tsvo members.. The Society for the Promotion of Hellenic Studies I'SPHS") and The Society for the Promotion of Roman Studies I'SPRS"). The governing body consists of the th￿ officers appointed by each of the tsvo Societies. It is envisaged that the Societies, appointees would nomially be the Presidents, Honorary Secretaries and Honorary Treasurers of the tsvo Societies and be in post as trustees of HARL for the duration of their elects'on as officers of their Societies. The Iruslees are also directors for the purposes of company 18w. Those who served during the period and up to the date of signing the financial statements are set out on page 1. Trustge Induction and trainlng Prospective Iruslees are informed that. if elected, they will becomg directors of a company limited by guarantee, and also a trustee of a charity. They will also be sent copies of HARL'S most re¢enl sel of financial stalemenls, the MerTh)randum and Articles of Association and a leaflet from the Charity Commission on the 'Responsibililies of Charity Twstees,. On their election they are sent the schedule of meetings for the coming year and asked to complete the Companies House fomi for the ele¢lion of new directors. Shortty before their first Board meeting they are sent a document detailing HARL'S slruclure and the procedures of the Board, emphasising their responsibility for approving all financial expenditure and planninu future policy and their duty to ensure that they are satisfied with the financial stslements. The Hellenic and Roman Library 2 Tn￿tea8. roport 311)ecember 2024 GOVERNANCE, STrUCTURE AND MANAGEMENT Iconlinued) Rlsk managemonl In reaching decisions. the twslees continually bear in mind the major goveming, operational and financial risks which the Library faces. These are set out in a formal Risk Assessment, which is considered by the Board annually. Govomance rlsks Issues to be con&dered'. poor organisational structure., trustses benefrtting from the chanty by remuneration and other such confliclg," activities polentialty outside the chanty's objects., difficulties in recruiting Iruslees and officers. How HARL minimises those nsks HARL is a company limited by guarantee., its constitution is set out in its articles of association and its govern8nee is also regulated by an Agreement be￿eeTr it and the tsvo Societies. Under these affangements, SPHS and SPRS each has the right to appoint at least three Directors. and it is not anticipated that there will be any difficulty filling those roles. Secretarial services are provided by the Secretary of SPRS. No trustee receives any remuneration from HARL {except lo reimburse travel and other necessary expenses). HARL does not carry out any acb'vitie5 such as grant giving where a conflict of interest might arise. The conduct of HARL'S Campaign Board is regulated by lems of reference for that body. Oper•tlonal risks Issues to be considgr8d.' service quality, contract pricing. securrty of assets (including fraud risk), employment iS5ues', health and safety, information technology., insurance. How HARL CU￿antlY minimises those nsks HARL'S only service obligations relate to the provision of books to the Joint Library and the Societies have underwritten this obligation. HARL has assets, including cash at bank and the benefit of the agreements described a￿Ve. One-off donatsons over £1,000 are invested in a Newton Growth and Income Fund held by BNY Mellon. HARL has one part-lime employee bookkeeper whose salary payment is handled by UOL. HARL has no premises or equipment. HARL has obtsined a CRM system to manage rts eontacls. HARL has taken advice on the leg81 and regulatory framework lo which il must adhere in its 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 r14Fks Issues to be ConS￿er8d.. Budgetary control, accuracy and trmeliness of financial reporting, adequate reserves and cash flow, inflexibility of costs, diversity of income, investment management. The Hellenic and Roman Library 3 Trustees. roport 31 December 2024 GOVERNANCE, STRLICTURE AND MANAGEMENT Iconts'nued) Risk managomfrnt Iconts'nuedl Flnancial rlsks (continued) How HARL currently minimises those risks HARL'S budget is approved by its Board. The Societies have agreed to meet HARL'S COSt5 and to pay il enough lo meet its obligations to UOL and its fundraising costs. HARL'5 principal financial risk is therefore that either or both of the Societies does not have sufficient funds lo pay the amounts needed to fvnd its obligations to UOL. Clause 8 of the UOL agreement entitles HARL to lemiinale that agreement if il has been unable lo raise £1.5 million from third parties, desprte making reasonable endeavours lo do so by an agreed dale, or ifeilher of the Societies would be unable because of a reduction in its unreslri¢led reserves lo support HARL without significant detriment to ils other 8elivities. HARL has begun a fundraising campaign and the HARL Board keeps the financial situation under regular review and eonsiders in what way the fvndraising campaign can best be pursued. There is a HARL Investment Committee which reviews the investment strategy regularly. Compllance wlth law and regulation Issues to be consid8red.' Charity law., Data Prolectson Law,. Heatth and Safety.. HARL'S constitution. How HARL currently minimises thosg risks.. HARL'S objects satisfy the public benefits test. HARL'S officers are kept UP-lTrdate with the Charity Commission's guidelines and regulations. HARL is registered wrth the ICO and has taken legal advice on how to comply with the laws and regulations concernin9 fvjndraising and data protection. UOL is responsible for the health and safety a5￿CtS of the Combined Library. Organlsatlon •tru¢ture The Board administers the fvnds and other propety of HARL in accordance with its objects. It oversees the detailed relations with the tsvo Societies, the Inslitule of Classical Studies I'ICS") and the University of London I"UoL"l. and manages all its other affairs and a¢b'vits'es. Related partles For many years SPHS and SPRS co-operated in the provision and operation of a Joint Library which was managed in conjunction 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 charify on 1 October 2015. ￿lIe thÈ Societies retain c)wnership of the books in the library, HARL is responsible for managing the Societies, interests In the library. On 27 April 2016 {but effective from 1 January 20161 HARL and the Societies entered into a 25 year agreement with UOL for the management and operation of the combined library. Under that agreement, HARL has undertaken, inter alia, lo bear with effect from 1 January 2016 certain expenses in respect ofthe operation of the library, principally ￿lating to the costs of the librarians. The Societies have separately agreed tr) pay fees to HARL tt*vering HARL's costs and obligation8 under the agreement with UOL. The Hellenic and Roman Library 4 Trustees. roport 310ecember 2024 GOVERNANCE, STRUCTURE AND MANAGEMENT {continuedl Key management personnel Key management personnel of the charity comprises of Iruslees. TTuslees are not remunerated and details of expenses ￿1MbUrSed lo trustees in the year are included in note OBJECTIVES AND ACTIVITIES Ob]octs The objects for which HARL is established are.. The support of education and research on the Grec(pRoman World and its legacy by.. The maintenance and operab'on of a research library speciali5ing in the history, archaeology, languages, lileralures and cultures of Ancient Greece and Rome, thè post classical Hellenic and Latin Wortd, and, their reception- The provision of library facilities generally and maintenance of a centre for study and search on these subjects., Publicising the library and facilitating access to it by qualified scholars, students and lay persons from around the world.. Facilitsting research and edU￿tiOnal activities that use the resources of the library lo best advantsge,. and Collaboration wrth similar research facilities around the world. Public Benefit The Board considers that the above objects are fvlly consistent with the concept of public benefiL in that the provision of a library helps to promote Hellenic and Roman studies in different ways. No harm or detriment 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 studies. Anyone who is interested may join one of the Societses and benefit from borrowing rights in the library. Reading rights in the library are open lo non- members Review of development. aGtlvltle8 and achlevements A fun¢Jraislng event was held in May.. Emlyn D¢)dd gave a lecture on Tas¢es, places, 8nd processes of ancient winemaking, aecompanied by wine tssting, followed by a reception in the Library. In November, there was a guided tour for HARL supporters of the sculptural and archrteclural materials from the Mausoleum of Halikarnassos at the British Museum The Hellenic and Roman Library 5 Trustee8' report 31 December 2024 OBJECTNES AND ACTIVITIES Icontinuedl Reviow of d¢volopmenL activStle8 and achlev&m8nls {conlinued} Members continued to contribute their monthly and annual donations by dI￿t debit and lo give small donations in addition to their membership Sub￿rIPtIons. The Classical Association renewed 11$ generous grant towards running costs. HARL continued lo be registered with the Give As You Live scheme. The fundraising campaign was highlighted to members, and to other organisalions, such as the Classical Asscciation, Classics for All and the Society of Antiquaries. During the year. the Library has ￿ntinUed lo pursue its objectives on a successfijl basis by building up its collection of print and online material and, in collaboration with the Insbtule of Classical Studies, actively developing digital resources. The Library Management Committee and Collections Development Committee met online and in person. PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS Further events are being planned for 2025. including a quvz evening. and a fundraising event with Tom Holland (postponed from October 2024). FINANCIAL REVIEW Total income for the year was £388,750 {2023'. £438,687). Donations from individuals and from reslricled grants decreased lo £71,397 {2023.' £97,620). Fees charged to the tsvo Soc*ties decreased lo £297.519 {2023'. £320,802} and investment income remained stable at £18,36312023.. £18,740). Total expenditure for the year wa5 £379,67912023 - £384,909}. Nel gains on investments held in BNY Mellon Newton Growth & Income Fund were £50,244 12023 - nel gains of £39,443). Net income in the year after investment gains and losses was £59,31512023- net income of £93,221). The Hellenic and Roman Library 6 Trn8tee8' rèport 31 December 2024 FINANCIAL REVIEW Iconlinuedl Roserve8 policy and golng ¢oncern 4$sessmont The net assets of HARL at 31 December2024 amounted 10£1,070,52912023-£1,011,2141, which were all unrestricted funds12023 unreslricled funds- £1,006,676 and restricted funds £4,538). The free reserves of the charity, equating to the unrestricted fvnds, amounted lo £1.070,529 12023 £1,006,676) of whtch £755,986 12023 - £707,314) were held 8$ investments in the BNY Mellon Newton Growth & Income Fund. HARL has fomied an Investment Committee that meets regularfy to oversee the perfom)ance of the Fund and receive reports from BNY Mellon. HARL aims lo continue increasing its free reserves as il seeks to fundraise for future investment in the library. Investmgnt pollcy HARL'S investments are overseen by an Investsment Commtttee which meets several times a year and reports regulady to the Board. The objective for HARL'S investments is to produce a stearjy ir¢come lo support its various aclivitses, 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 forthe Fund is a Comparalive Index, comprising 50% FTSE All Share Index., 25% FTSE World lex-UKI', 20% FTSE Govemment All Stocks and 5% 7 Day compounded SONIA Icashl. In 2024, the Fund delivered a nel return of 9.4% (including dividends) and outperformed its Perfomiance Benchmark whi¢h was up by 9.3%. At the end of 2024, the Fund had a yield of 2.1 % which was down slightly on the previous yearfs 2.3% but which was lower than the yield on the Fund's Performance Ben¢hmafk which was 3.4%. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees (who are also directors of HARL for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounts'ng Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the tfustees to P￿pare financial statert￿nts for each financial year, which give a true and fair view of the stale of affairs of HARL and of the incoming resources and application of resour¢es. including income and expenditure, of HARL for the year. In preparing these financial stslemenls. the Iruslees are required lo.. select suitable accounting p)licies and then apply them consistently., observe the methods and principles in the Charities SORP 2015 IFRS1021". make judgements and estimates that are reasonable and prudent., stste whether applicable UK Accounting Standards have begn followed, Subject to any material departures disclosed and explained in the financial ststements,. and p￿pare the financial statements on a going concem basis. unless it is inappropriate lo presume that HARL will continue in operation. The Hellenic and Roman Library 7 Trustee8' roport 31 December 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES Iconlinued) The trustees are responsible for keeping adequate accountrng records that disclose with reasonable accuracy at any ts'me the financBI position of HARL and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of HARL and hence for taking reasonable Steps forthe prevention and deleelion of fraud and other irregularities. Approved by the Board and signed on its behalf by.. Trustee Date: The Hellenic and Roman Library 8 Inde￿ndent examlnerfs r&port 31 December 2024 Independent examlnees report to the membgr8 of The Hell?nlc and Roman Library I report to the charity Iruslees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 1110 22 Re8pon$lbilities and ba818 of report As the charity twslees of the company land also ils dire¢lors for the purpo$e5 of company law} you are ￿spOnSible for the preparation of the accounts in aC￿rdance with the requirements of the Companies Act 20061'the 2006 Act,). Having satisfied myself that the accounts of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's 8c¢ounts as carried out under seelion 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under secb'on 14515)Ib} of the 2011 Act Indopend•nl oxamlnerfs 8tatoment Since the ¢ompany's gross in¢ome exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified lo undertake the examination because l am a member of the Institute of Chartered Acwunlants in England and Wales, whrh is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attent￿￿ in connection with the eXaMinat￿n giving me cause to believe that in any material respect.. accounting records were not kept in respect of the company as required by sectson 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 requirement thal the aC￿UnIS give a 'lrue and fair view. which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Ststement 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 Republi¢ of Ireland IFRS 1021. The Hellenic and Roman Library Independent examiner's report 31 December 2024 Indepgndent oxamlner's report to the members of Tho Hellenlc and Roman Llbrary Iconlinuedl I have no concems and have come across no other mattefs in connection with the examination to which attention should be drawn in this report in order to enable 8 proper understanding of the accounts lo be reached. roline Webster FCA UHY Ross Brooke Windrush Court Abingdon Business Park Abingdon OX14 1SY Date. 0910712025 The Hellenic and Roman Library 10 SLitem•nt of flnan¢lal activitie8 Year to 31 December 2024 (including the income and expenditure account) Unre8trfti•d Ro8trfrctsd fund$ fund• T¢)t•l Unl￿trided RestrKted 2024 fund$ fvnds Totsl 2023 Incomo from.. DOn#t￿nS Chantsb￿ adivilk In¥estmenl inr4 Totsl Income 63,771 298,990 18,363 371,124 17,626 71,397 298.990 18.363 388.750 $0,588 322.327 18.740 391.655 47.032 97,620 322.327 18.740 438.687 17,626 47,032 Ewndltur• on.. Raising fund8 Charitabl8 Total •¥pendltur• 10,331 331,658 341.989 10,331 369.348 379.679 9.680 331.967 341,647 9.680 375,229 384,909 37,690 37,690 43,282 43.262 N•t Income I•xpgndltur•l b•fore 29.t36 120.0641 9.071 50.008 3,770 53,778 Transtsrs t)etsM8n funds 115.S281 15,526 Not Incomo l•xpwndStur•l boforn Invgstment gal￿<109908} Net gain5 Ilosse81 en investment$ 13.009 14.5381 9.071 50.244 50.008 39.443 3.770 53,778 39,443 Net lexpondlturel Incomo and mov8m8nt In fvnd 63,853 14,6381 $9,315 89.451 3,770 93,221 Reconclll•Uon of funds.. Totsl lunds brought fO￿ard 12 1.006.676 4.536 1.011.214 917.225 768 917.993 T¢)tal funds ￿rrfOd for•Mrd 12 1,070,529 1.070,629 1.OC6,678 4,538 1.011,214 I recognised gains and losses are include¢J in the above statement of financial activities. All of the charity's activities were derived from continuing operations during the above ￿ financial periods. The Helleni¢ and Roman Library 11 Balance 8hoet 31 December 2024 2024 2024 2023 2023 Fixed a••ets InveslrrEnts 755.986 707,314 Curr•nt *s¥ots Debtors Cash at bank and in hand 157.184 198,492 355.676 34.528 445,879 480,407 Credltorn.. amounts falling dug within one year N•t curront assets 10 141.133) 1176,507) 314S43 303,￿0 Total nèt ￿￿ots 1,070,529 1,011,214 The funds of the charity: Unrestricted funds Restricted fund 1,070,529 1.006,676 4.538 1.011.214 11 12 1,070.529 Approved by the trustees and signed on their behalf by". Trustee Approved on.. Tr- Company registration number.. 09212403 The Hellenic and Roman Library 12 Statement of cash flows 31 December 2024 2024 2023 Notes Cash flows from opérating actlvitieB: Net cash provided by operating activib.es A {248.9591 60,672 Cash fl¢)w8 from investlng *ctlvltl•s Disposal of investmènts Purchase of investments Net ￿sh prowded by Investing activities 1.572 1,572 1.572 1,572 Net Ilnere¥•el daergas• In e•$h and cash equfvalents 1247.387) 62.244 Cash and ¢a•h equlval•rtts at 1 January 445,879 383,635 Cash and cash equlvalgnts at 31 DeceM￿r 198,492 445.879 RetoTrclllatlon of net movement in funds to net ¢ash provldod by operatlng actlvltios 2024 2023 Net income for the year Adju8tm•nts for.. Net Igainl loss on investments {Increasel decrease in debtors (Decrea￿) increase in creditrxs Nèt provlded by operatlng a¢tivltl•8 59,315 93.221 150.2441 1122.6561 1135,3741 1248.9S91 139.443) 2.769 4,125 60,672 B Analysls of changes In ¢ash and cash equlvalents 2023 Cash flows 2024 Ca3h at bank ar￿ in hand Total cash ¥nd ca8h oquival•nts 445.879 445,879 1247,3871 1247.387) 198.492 198,492 The Hellenic and Roman Library 13 Prln¢lpal ac¢ountlng policie8 31 December 2024 The principal accounting policies adopted, principal judgements and key sources of estimation uncertainty in the preparation of the financial staternenls are laid out below. Basis of prnpafatlon HARL consts'tutes a publi¢ benefit entity as defined by Financ￿1 Reporting Standard IFRS) 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo chanties.. the FRS 102 applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared on a going concem basis under the historical cost convention. The financial statements are prepared in sterling which is the functional Cur￿ncY of the entity and rounded to the nearest pound. The significant accounb.ng policie$ applied in the preparation of these finaneial statements are set out below. Assessment of golng concern The trustees have assessed whether the use ofthe going concem assumption is appropriate in preparing these financial ststements. The trustees have made this assessment in respect of a period of one year from the dale of approval of these financial statements. The Iruslees of the charity have Concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the abilty of the charity to continue as a going concern. The Iruslees are of the opinion that the charity will have suffic*nl resources lo meet its liabilities as they fall due. Wth regard to future accounting periods, the most significant areas that affe￿ the carrying value ofthe assets held by the charity are the level of investment return and the performance of the investment markets (see the investment se¢lion of the trustees, report for more information). Incomg recognltlon Al income is included in the statement of financial activities {SOFAI when HARL is legally entiued to the income. the income is probable, and the amount can be quantified with reasonable accuracy. Expenditure recognition Liabilities are reeognised as expenditure as soon as there is a legal or constructive obligation committing HARL lo that expenditure, il is probable th81 settlement will be required and the amount of the obligation can be measured reliably. Taxatlon HARL is a registered charity and is exempt from lax under the provisions of the Corporation Tax Act 2010 on its charitable activrties. The Hellenic and Roman Library 14 Prfn¢ipal ac¢ountlng pollcle8 31 De¢ember 2024 Fixed a860t Inv08tments Investments affj a form of basic financial instrument and are initially recognised al their transaction value and subsequently measured al their fair value as at the balance sheet date using the closing quoted market price. The statement of financial aclNlties includes the nel gains and losses arising on revaluation and disposals throughout the year. HARL does not acquire put options, derivatives or other ¢omplex financial Instruments. The main form of financial ri$k faced by the charity is that of volalilty in equty markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment con￿mIng equities and within particular sectors or sub sectors. The charity manages the investment risks by careftjl asset allocation and the use of professionally managed funds with the help of ils investmenl advisers. Investment policy is regularly reviewed by the InJslees and by the Inv8slment Commrttee. Cash and cash equlvalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalties on noti¢e of no more than 24 hours. Pgnslon8 One employee of SPRS provides fundraising and administrative services for HARL. and HARL ￿l￿b￿r5e$ SPRS an appropriate proportion of the salary costs, including social security costs and pension contributions paid lo the Universities Superannuation Scheme (USSI, of the employee. According to the lalesl actuarial valuation of the USS, a defined benefft mutti*mployer scheme, as al 31 March 2023 the USS, assets stood al £73.1bn against estimated liabilities of £66.1 bn, based on monrtoring of the 2020 valuation, making it 11 lQkn funded on a Technic81 Provisions basis. The employer's contribution rate reduced from 21.6¥0 10 14.50h from 1 January 2024. Fund accounting General funds are unrestricted fvnds which are available for use al the dis¢retion of the Iruslees in fvrtheran￿ of the gener81 objectives of the charity and which have not been designated for other purposes. Restricted fvnds are funds which are to be used in accordance wrth spe¢ific restrictions imposed by donors, or which have been raised by HARL for spe¢ific purposes. Designated funds are Un￿strICted funds eamiarked by th8 trustees for a particular purpose. The Hellenic and Roman Library 15 Princlpal accountlng policies 31 December 2024 FinanGial Instruments The charity only holds basic ffinancial 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 dtrbl instruments Measu￿ at amortised cost. Prepayments are not financial instruments. Cash at bank- classified as a basic financial instrument and is measured at face value. Financial li8biliti&s accruals and other creditors are financial inslnjments, and are measuied at amortised cost. Judgemants and key Source8 of estlmation unegrtalnty Aside from those areas included in policies above, HARL does not have any other key Sour￿ of estimation or uneertainty which require disclosure. The Hellenic and Roman Library 16 Not08 to the flnanclal statem&nts 31 December 2024 l Donations Unre8trSctsd Re8trl¢tsd fund¥ fund8 Total Un￿¥triCte