OpenCharities

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

2020-12-31-accounts

ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2020

----- Start of picture text -----
Darent Valley Landscape Partnership
excavation of the chalk pit in the field
above Lullingstone Roman Villa, July 2020
----- End of picture text -----

Kent Archaeological Society – charity number 1176989

TABLE OF CONTENTS

1. Council 3
1.1 Trustees 3
1.2 The Society’s main agents and advisers 3
2. Activities and Achievements including COVID-19 Pandemic 4
3. Structure, governance and management 4
4. Objects 5
5. Public beneft 5
6. Plans for the future 6
6.1 Strategy 6
6.2 Fundraising 6
6.3 Inclusion 6
7. Financial Review 7
7.1 Reserves 7
7.2 Investments 7
7.3 Investment powers 7
7.4 Magazine Editor Honorarium 7
7.5 Brand & Communications Manager Honorarium 7
7.6 Accounts Independent Examination 7
8. Membership 8
8.1 Membership data 8
9. Trustee responsibility statement 9
Annual Accounts for the year ended
31st December 2020 10
Independent Examiner’s Report to
the Trustees of Kent Archaeological Society 11
Statement of Financial Activities for the year
ended 31st December 2020 12
Balance Sheet as at 31st December 2020 13
Cashfow Statement for the year ended 31st
December 2020 14
Notes to the Accounts 15

2

Annual report and accounts for the year ending 31st December 2020

1. Council

1.1 TrusTees

Name Position Additional comments
K Brown* President-Elect * President-Elect Covid AGM Exemption 2020
B F Beeching Treasurer
E Blanning Curator
S B Broomfeld Membership
Secretary
C Drew General Secretary
T G Lawson Editor
R Smalley Librarian
M L M Clinch Vice President
R F LeGear Vice President
S H Willis Vice President
G Cramp** Vice President-Elect ** Vice President-Elect Covid AGM Exemption 2020
H Basford*** *** Co-Opted Trustee Covid AGM Exemption 2020
F Birkbeck
C N Blair-Myers*** *** Co-Opted Trustee Covid AGM Exemption 2020
P Burton
S Clifton**** **** Co-Opted Trustee September 2020
M Curtis
K H Kersey
A Mayfeld* * Resigned Trustee May2020
S M Sweetinburgh
R Taylor
P Titley*** *** Co-Opted Trustee Covid AGM Exemption 2020
C P Ward

1.2 The socieTy’s main agenTs and advisers:

Bankers:

National Westminster Bank plc, 3 High Street, Maidstone, Kent, ME14 1HJ

Independent examiners:

MHA MacIntyre Hudson, Maidstone, United Kingdom

Investment Managers

CCLA Investment Management Ltd, Senator House, 85 Queen Victoria Street, London EC4V 4ET

Solicitors

Thomson Snell & Passmore, LLP Heathervale House, 2-4 Vale Avenue, Tunbridge Wells, Kent TN1 1DJ

3

Kent Archaeological Society – charity number 1176989

2. Activities and Achievements including COVID-19 Pandemic

When writing last year’s Annual Report, the pandemic was in its early stages. With the first national lockdown just starting, 12 months later, the pandemic remains an ever-present danger, with its mutated variants bringing about further government restrictions. There is, however, the glimmer of hope in the roll-out of the Corona Virus vaccination.

The Society shut all activities that needed any form of personal contact and moved many of its committee activities online. Minimal expenses were incurred to preserve Society funds and only contractually enforceable expenses such as rental payments, or expenses vital to the future of the Society, were expended during 2020. Consequently, many outdoor activities, such as excavations, have been postponed, and additional archiving and finds processing have become individual endeavours at home. In line with COVID 19 protocols, Microsoft Teams have become the primary meeting place for the Society.

Assuming that Covid restrictions will be further relaxed towards the end of 2021, the Society plans to resume many of its public engagement activities and has scheduled two conferences in November 2021: one conference is history orientated, and the other is archaeological.

3. Structure, governance and management:

The Society is a Charitable Incorporated Organisation (CIO) governed by its constitution, published in Archaeologia Cantiana and the Society’s Website, copies of which can be obtained from the General Secretary, or from:

https://kentarchaeology.org.uk/sites/default/files/ constitution.pdf

It is also registered as a charity with HM Revenue & Customs, which has made a direction under section 201 of the Income and Corporation Taxes Act 1988,

1905 date stone over a shop in New Street, Sandwich

----- Start of picture text -----
Early Middle Palaeolithic Ficron and Cleaver Handaxes
from Canterbury: The Seaside Museum – Herne Bay
----- End of picture text -----

permitting certain members (generally those whose employment is related to the Society’s activities) to obtain income tax relief on their subscriptions to the Society; further details can be obtained from the Hon. General Secretary.

The governing body of the Society is the Council. Members of Council are its charity trustees and are elected by the members of the Society at its annual general meeting (AGM) in May each year. A list of them is set out in 1.1 above.

The Society’s activities are carried out throughout the ancient county of Kent. It has no staff, and its officers are paid out-of-pocket expenses only. It co-operates with its affiliated societies and the organisations to which it is affiliated or a member. The Council, committees and officers carry out its activities. The Council does not consider it proper for it to be involved in this process beyond advising members of their right of nomination.

4

Annual report and accounts for the year ending 31st December 2020

4. Objects

The Society is established to promote the study and publication of archaeology and history in all their branches within the ancient county of Kent. The Society’s area of interest is mainly (but not exclusively) the ancient county of Kent, regarded as the administrative County of Kent, Medway Council, and the London Boroughs of Bexley, Bromley, Greenwich and part of Lewisham.

5. Public benefit

The Council has paid due regard to the Charity Commission’s guidance on public benefit in deciding what activities the Society should undertake. Council considers that some activities can be more effectively and efficiently delivered through a membership structure that also provides personnel with its work. The main activities conducted by the Society to carry out its objects for the public benefit comprise:

The Society relies on its officers and other members giving their time freely to organise activities. Without these contributions, a substantial sum would likely be spent on salaries and additional professional fees.

----- Start of picture text -----
Use of structure-from-Motion (SfM) photography to
make 3-D models, used at Rochester Cathedral
----- End of picture text -----

5

Kent Archaeological Society – charity number 1176989

6. Plans for the future

6.1 sTraTegy

Throughout the past year, the Strategy Group has been meeting weekly online using Microsoft Teams. As part of its work, the Strategy Group commissioned a detailed survey of the Society’s Membership. With 47% of the members responding, much time and thought has been spent understanding and acting upon the results.

In tandem with the Membership survey, detailed conversations have been had with external bodies (Historic England, Kent County Council, the Commercial Archaeology sector, Higher Education and other charities working with people of mixed ability) to gain an in-depth understanding of what the Society could do to assist these organisations better.

Kent Underground Research Group (KURG) excavating an air-raid shelter at Maidstone Grammar School for Girls

The survey results spoke powerfully about the wish of our members for the Society to continue with the Lees Court Estate Project and offer structured training and educational activities.

Maidstone Museum has been the home of the Society almost from its inception. Discussions with the Museum are ongoing to enhance that relationship, and this will take the form of a Memorandum of Understanding that improves this meaningful bilateral heritage relationship. Indeed, the Society has agreed to undertake an exhibition at the Museum post-pandemic.

As the Society Strategy has evolved, Council has discussed and endorses many of its recommendations. At an online event for the Membership on 15th May 2021, the President will outline the Society Strategy and how it will be implemented. As soon as practicable after the pandemic, a meeting of the Society will be called so that the Membership can endorse this future direction for the Society.

A volunteer carrying out a mag survey for the Fifth Continent Project

The constitution has been reviewed in detail; the review has been conducted to iron out anomalies and make changes to streamline the management of the Society for the future. In consultation with our Solicitors, these changes will be put before the Membership at a Special Meeting of the Society as and when the pandemic permits.

6.2 Fundraising

NN Fundraising & Sponsorship undertook detailed research into the “fundability” of the Society, based upon the strategic vision for the future of the Society. Albeit pleasing to note that the Society is eminently fundable, structural problems within the Society must be overcome to make any future fundraising a success. The Society accepted the report from NN Fundraising & Sponsorship, and actions have been taken where necessary.

6.3 inclusion

Previous plans for holding material handling sessions for mixed ability groups have been put on hold until after the pandemic. The Society recognises a lack of diversity amongst the Membership and the audience for its activities. Post-pandemic, the Society will enhance its outreach to communities not readily associated with archaeology (e.g. socially isolated groups). A focus on physical and mental wellbeing for all will be at the forefront of the Society’s outreach activities.

6

Annual report and accounts for the year ending 31st December 2020

7. Financial review

The accompanying financial statements for the year ending 31st December 2020 show the current state of the Society’s finances, which its Council considers to be sound. They comply with the Council’s understanding of the current statutory requirements of the Society’s rules. Total reserves held at the year-end amounted to £1,792,292 of which £117,593 were held as restricted funds and £1,489,309 were held as designated funds.

7.1 reserves

The Council’s policy regarding reserves is that the Society should have unrestricted funds representing a minimum of six months expenditure. The unrestricted reserves at 31st December 2020 represent approximately nineteen months of expenditure.

7.2 invesTmenTs

The Society’s funds are invested in CCLA COIF Charities Investment Fund Income units. The units had a midmarket valuation of £1,683,028 on 1st January 2020, increasing by net gains during the year of £107,608, (+6.39%) to a 31st December 2020 mid-market valuation of £1,790,636. This outcome did not seem probable when the investments were valued at £1,477,037 on 31st March 2020, a fall of £205,991 (-12.24%) from the beginning of the financial year.

The average yield during 2020 was 3.00%.

Since the year-end, the fair value of the CCLA COIF Charities Investment Fund Income units has fallen by £21,808 (-1.22%) to £1,768,828 as of 11th March 2021.

7.3 invesTmenT powers

The Society’s investment powers are those given by the general law; its rules do not give it any special investment powers. The Council has delegated some of its investment powers to CCLA Investment Management Limited in accordance with a scheme made by the Charity Commissioners on 18th April 1994.

7.4 magazine ediTor honorarium

It is noted that Mr Richard Taylor, a Trustee, also holds the post of Magazine Editor, producing a tri-annually printed magazine which attracts an Honorarium of approximately £3,300 per year. Regarding value for money and effectiveness, a review of recruitment websites (April 2020) an equivalent full-time salary for a comparable position would attract a salary of between £35k and £55k. It is the view of Council that this honorarium is cost-effective and well below current market value.

7.5 Brand and communicaTions manager honorarium

It is noted that Mr Fred Birkbeck, a Trustee, also holds the post of Brand and Communications Manager. The role includes managing the Society’s website and communications to our members, attracting an Honorarium of approximately £3,300 per year. Regarding value for money and effectiveness, a review of recruitment websites (April 2020) an equivalent full-time salary for a comparable position would attract a salary of between £40k and £55k. It is the view of Council that this honorarium is cost-effective and well below the current market value.

7.6 accounTs independenT examinaTion

The Society’s accounts for the year to 31st December 2020 have been subjected to an Independent Examination, as they were in 2019. In previous years they have been audited.

7

Kent Archaeological Society – charity number 1176989

8. Membership

8.1 memBership daTa

The following table details the Membership numbers from 2016 to 2020:

December
2020		 December
2019		 December
2018		 December
2017		 December
2016
OrdinaryMembers 610 631 662 692 712
Joint Members 234 226 220 210 216
Student members 4 4 4 10 12
Life Members 49 49 50 50 50
Afliated Societies 63 60 47 48 52
HonoraryMembers 3 3 3
Over 50years membership 18 17
Student 2021 Members 27
Total Membership 1,008 990 986 1,010 1,042

The Membership numbers are keeping reasonably steady. However, some of the shortfalls in the number of ordinary members are due to increasing age and infirmity; some are looking at their financial position because of Covid 19. The new category of Student membership has been introduced to encourage younger people to become interested and continue as members to represent the future. This category is offered at no cost as all publications etc., will be electronic. A decision was taken to encourage any membership category to join online, which has also been a popular move.

----- Start of picture text -----
A Kent County Council community archaeology
volunteer working in Shorne Woods Country Park
----- End of picture text -----

8

Annual report and accounts for the year ending 31st December 2020

9. Trustee responsibility statement

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. ln preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the charity’s assets and taking reasonable steps to prevent and detect fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and the financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Clive Drew General Secretary, secretary@kentarchaeology.org on behalf of the Council, 6th May 2021

KAS Discovering Kent’s heritage Bringing the past to the present for everyone

9

Kent Archaeological Society

Charity Number 1176989

Annual Accounts for the year ended 31st December 2020

10

Annual report and accounts for the year ending 31st December 2020

Independent Examiner’s Report to the Trustees of Kent Archaeological Society

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 12 to 24.

responsiBiliTies and Basis oF reporT

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

independenT examiner’s sTaTemenT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Duncan Cochrane-Dyet BSc BFP FCA, Independent Examiner MHA MacIntyre Hudson Chartered Accountants Maidstone United Kingdom

Dated 28 October 2021

11

Kent Archaeological Society – charity number 1176989

Statement of Financial Activities for the Year ended 31 December 2020

Note
Income and endowments from:
Donations and legacies
Donations
Charitable Activities
Subscriptions
3
Incoming resources from charitable activities
5
Archaeologia Cantiana grants
2
Investment and other income
Investment Income
4
Total Income
Expenditure on:
Raising funds
Investment management fees
Fund raising report
Charitable activities
Archaeologia Cantiana Expenses
6
Excursions, Events and Lectures
7
Committees Expenditure
8,9
Magazine and Magazine Editor
Grants by Council
9
Subscriptions to other bodies
Allen Grove awards
9,10
Support and other costs
11
Total expenditure
Net gains / (losses) on investments
17
Net income / (expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of Funds
Total funds brought forward 1 January 2020
Total funds before extraordinary items
Extraordinary Items
Transfer from unincorporated body
26
Total funds carried forward at 31 December 2020		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
£
134
0
0
134
6,233
25,965
0
0
25,965
27,064
745
0
0
745
8,800
162
0
0
162
504
4,313
44,388
3,344
52,045
68,040
31,319
44,388
3,344
79,051
110,641
0
0
0
0
9,364
0
4,440
0
4,440
0
16,635
0
0
16,635
17,369
793
0
0
793
8,858
30,557
16,964
0
47,521
84,877
11,744
0
0
11,744
10,686
0
0
0
0
1,500
580
0
0
580
623
0
0
0
0
650
17,771
16,073
0
33,844
25,963
78,080
37,477
0
115,557
159,890
8,919
91,782
6,907
107,608
129,748
(37,842)
98,693
10,251
71,102
80,499
44,793
(44,793)
0
0
0
6,951
53,900
10,251
71,102
80,499
178,439
1,435,409
107,342
1,721,190
0
185,390
1,489,309
117,593
1,792,292
80,499
0
0
0
0
1,640,691
185,390
1,489,309
117,593
1,792,292
1,721,190

12

Kent Archaeological Society – charity number 1176989

Balance Sheet as at 31 December 2020

Note
Fixed Assets
Tangible fxed assets
16
Investments
17
Current Assets
Stock
Debtors and Prepayments
18
Cash at Bank and in Hand
Current Liabilities
Creditors amounts falling due within one year
19
Net current assets / (liabilities)
Creditors amounts falling due after more than one year
20
Provisions
21
Net Assets
Funds of the Society
Unrestricted
General
22
Designated
Capital Reserve
Margary
Piercy Fox
Churches
Roome
Life Composition Fund
Restricted
Allen Grove
Romney Marsh Research Fund
Ian Coulson Memorial Fund
Total Funds		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
£
1,880
16,274
0
18,154
34,895
200,008
1,473,035
117,593
1,790,636
1,683,028
201,888
1,489,309
117,593
1,808,790
1,717,923
146
0
0
146
271
20,077
0
0
20,077
21,658
42,479
0
0
42,479
12,292
62,702
0
0
62,702
34,221
36,874
0
0
36,874
13,854
36,874
0
0
36,874
13,854
25,828
0
0
25,828
20,367
227,716
1,489,309
117,593
1,834,618
1,738,290
25,047
0
0
25,047
0
17,279
0
0
17,279
17,100
185,390
1,489,309
117,593
1,792,292
1,721,190
185,390
185,390
178,439
0
324,343
0
324,343
304,846
0
1,051,988
0
1,051,988
1,023,995
0
93,590
0
93,590
87,964
0
3,993
0
3,993
3,647
0
12,953
0
12,953
11,830
0
2,442
0
2,442
3,127
0
0
100,297
100,297
91,545
0
0
11,124
11,124
10,160
0
0
6,172
6,172
5,637
185,390
1,489,309
117,593
1,792,292
1,721,190

The accounts were formally approved by the Finance Committee on 6 May 2021 acting under powers delegated by the Society’s Council.

Prof. K Brown President

B F Beeching Hon Treasurer

13

Kent Archaeological Society – charity number 1176989

Cashflow Statement for the year ended 31 December 2020

Note
Net cash infow from operating activities
(i)
Capital expenditure
Payments to acquire tangible fxed assets
Disposals
Cashfows from investing activities
Purchase of investments
Disposal of investments
Movement in cash deposits
Cashfows from fnancing activities
New loan fnance - Bounce Back Loan
Repayment of borrowings
(Decrease) / increase in cash
(iii)
Notes to the Cashfow
(i) Adjustments to exclude non cash items
Net incoming resources
Depreciation
Net gain on investments
(Increase)/decrease in stock
(Increase)/decrease in debtors
(Decrease)/increase in creditors
(Decrease)/increase in provisions
Net cash infow from operating activities
(ii) Changes in cash funds
Cash held by Investment manager
Bank and cash
(iii) Reconciliation of net cash fow to movement
in net cash funds
(ii)
(Decrease) / increase in cash in the year
Net funds at 1 January 2020
Net cash funds at 31 December 2020
Analysis of net changes in net debt
Cash and cash equivalents
Loans falling due within one year
Loans falling due after more than one year		 2020
£
(549)
-		 2020
£
3,076


(549)


1


27,660
30,188
71,102
17,290
(107,608)
125
1,581
20,407
179
3,076
01/01/2020
£
348
12,292
12,640
2020
£
30,188
12,640
42,828
01/01/2020
£
12,640
-
-
12,640		 2019
£
(3,232)
-
(341,531)
369,061
-
-
-
Cashfow
£
1
30,187
30,188
Cashfows
£
30,188
(2,613)
(25,047)
2,528		 2019
£
(43,262)
(3,232)
27,530
-
-
-
1
27,660
-
(18,964)
80,499
17,468
(129,748)
814
5,071
(17,966 )
600
(43,262)
31/12/2020
£
349
42,479
42,828
2019
£
(18,964)
31,604
12,640
31/12/2020
£
42,828
(2,613)
(25,047)
15,168

14

Statement of Financial Activities for the year ended 31 December 2020

Notes to the Accounts for the year ended 31 December 2020

1. Principal accounting policies

a) Basis of Accounting

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018) and the Charities Act 2011. The accounts are presented in sterling which is the functional currency of the charity.

Kent Archaeological Society is a charitable incorporated organisation (CIO) charity in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office of the Charity is, The Museum, St. Faith’s Street, Maidstone, Kent, ME12 1LH. The nature of the charity’s principal activities and operations are to promote the study and publication of archaeology and history in all their branches, especially within the ancient county of Kent.

The association constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist in respect of going concern. The trustees have considered the level of funds held and the expected level of income and expenditure for the twelve month period from the date of authorising these financial statements. The budgeted income and expenditure is sufficient with the level of resources for the charity to be able to continue as a going concern. The Trustees considered the economic impact of Covid-19 as part of their going concern assessment.

b) Tangible fixed assets

i) Heritage Assets

Heritage assets are not capitalised because reliable cost information is not available and conventional valuation approaches lack sufficient reliability. The Society is restricted by its governing document from disposing of its Library and Collections, its manuscripts at the Centre for Kentish Studies and its pictures at Bradbourne House. These assets are not therefore shown in the accounts. The cost of additions to the Society’s collections is charged under the heading “Fieldwork Committee”. The value of items donated as additions to the Society’s collections during the course of the year is treated as a cost within “Library and Muniments” expenditure and the resulting equal and opposite credit entry within “Donations” income. Newly purchased or donated heritage assets will be recognised on the balance sheet, initially measured and recognised at their cost. Where it is difficult to place a value on a specific item, this will be left off the balance sheet in line with the Charities SORP.

ii) Other Assets

Fixtures fittings and equipment acquired since 1999 have been capitalised and are written down to their residual value on a straight line basis over 4 years. Assets acquired in a financial year receive a full year’s depreciation, irrespective of the date within the year they were acquired. Fixtures, fittings and equipment purchased in years prior to 31 December 1999 were written off in the year of acquisition. From 1 January 2013, individual assets costing in excess of £100 each are capitalised. Previously, all assets acquired since 1999 were capitalised.

c) Income

Membership subscriptions are allocated to the calendar year to which they relate. Life membership subscriptions when received were credited to the Life Composition Fund (a designated fund). A transfer is made each year, from the Life Composition Fund to the Unrestricted Fund, arrived at, by multiplying the number of life members who it is assumed would continue to be paying members by the annual subscription rate. The CIO does not have a Life Membership category option so the fund will be reduced to zero over the next three or so years. Voluntary income and donations are accounted for as received by the Society.

15

Kent Archaeological Society – charity number 1176989

1. Principal accounting policies (continued)

d) Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is recognised on an accruals basis.

e) Legacies

Legacies are accounted for when receipt becomes probable so that there is a grant of probate, the executors are satisfied there are sufficient funds available, and any conditions are met, or within the control of the charity.

f) Grants

Grants payable by the Society are recognised as soon as there is a legal or constructive obligation committing the charity to the expense.

g) Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted mid-market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to 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 the use of expert advisors and operates an investment policy reviewed at trustee meetings.

h) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalties on notice of no more than twenty-four hours.

i) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

j) Value added tax

Value added tax is not recoverable by the Society, and as such is included in the relevant costs in the Statement of Financial Activities.

k) Expenditure on management and administration of the Society

Governance expenditure includes all expenditure not directly related to the charitable activity. Details of governance expenditure are contained in note 12.

I) Provision for Archaeologia Cantiana

Each year a provision is made for expenditure to be incurred on the Archaeologia Cantiana in the following year. The provision is included as there is an obligation for this expenditure to be incurred based on members paying their current year’s subscriptions. These amounts are debited to the Statement of Financial Activities. See also note 21.

16

Annual report and accounts for the year ending 31st December 2020

1. Principal accounting policies (continued)

m) Stocks of publications and stationery

The stocks are valued at the lower of cost or net realisable value. A provision has been made for stocks of publications representing 100% of the cost of the stocks.

n) Funds of the Society

The nature and purpose of each fund is explained in note 22. Investment income, gains and losses are allocated to the appropriate fund. All investment management fees are borne by the General Fund.

o) Judgements and key sources of estimation uncertainty

Aside from those mentioned above, the Society does not have any other key sources of estimation or uncertainty which require disclosure.

2. Grants
Grants for Archaeologia Cantiana
Previous year grant income amounted to £504,
3. Subscriptions
Annual subscriptions
Gift aid recovered on subscriptions		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
£
162
0
0
162
504
162
0
0
162
504
all of which was attributable to unrestricted funds.
22,693
0
0
22,693
23,523
3,272
0
0
3,272
3,541
25,965
0
0
25,965
27,064

Previous year subscriptions income amounted to £27,064, all of which was attributable to unrestricted funds.

4. Investment Income
Income from listed investments and
cash at brokers
COIF Common Investment Fund
Interest receivable on cash deposits		 0
0
0
0
41,291
4,313
44,387
3,344
52,044
26,747
0
1
0
1
2
4,313
44,388
3,344
52,045
68,040

Previous years investment income amounted to £68,040, of which £5,166 was attributed to unrestricted funds £59,413 designated funds and £3,461 restricted funds.

All income arises on UK investments or UK cash deposits.

17

Kent Archaeological Society – charity number 1176989

5. Incoming resources from charitable
activities
Events
Lectures and courses		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
£
0
0
0
0
5,739
745
0
0
745
3,061
745
0
0
745
8,800

Previous year incoming resources from charitable activities amounted to £8,800, all of which was attributed to unrestricted funds.

6. Archaeologia Cantiana Expenses
Production
Distribution		 11,787
0
0
11,787
12,203
4,848
0
0
4,848
5,166
16,635
0
0
16,635
17,369

Previous year Archaeologia Cantiana expenses amounted to £17,369, all of which was attributed to unrestricted funds.

7. Excursions, Events and Lectures
Excursions and Events
Lectures and courses		 0
0
0
0
4,073
793
0
0
793
4,785
793
0
0
793
8,858

Previous year expenditure on excursions, events and lectures, amounted to £8,858, all of which was attributed to unrestricted funds.

8. Committees’ expenditure
Library and Muniments
Learning and Engagement
Communications
Fieldwork
Historic Defences
Lees Court Estate Project
Publications
Thirsk Prize
Website
Marsham Street Research Centre		 16,019
0
0
16,019
15,038
0
0
0
0
8,397
7,780
0
0
7,780
5,403
1,650
1,507
0
3,157
1,332
0
0
0
0
11
0
3,037
0
3,037
46,899
3,163
0
0
3,163
1,923
250
0
0
250
250
0
6,604
0
6,604
5,624
1,695
5,816
0
7,511
0
30,557
16,964
0
47,521
84,877

Previous years committees expenditure amounted to £84,877, of which £31,707 was attributed to unrestricted funds, £52,523 designated funds and £647 restricted funds.

18

Annual report and accounts for the year ending 31st December 2020

Unrestricted Designated Restricted Total Total
Fund Funds Funds 2020 2019
£ £ £ £ £
9. Grants
Included within Committees’ expenditure
Grants to individuals
Christopher Sparey-Green - Homestall Woods 0 0 0 0 (1,000)
Grants to institutions
Discover Roman Otford Project 650 0 0 650 0
Canterbury Archaeological Trust Ltd 0 0 0 0 5,000
Trust for Thanet Archaeology 0 0 0 0 2,000
Lyminge PCC - Pathways to the Past 0 0 0 0 1,000
Charing - Geophys wood 0 0 0 0 300
Others (all less that £1,000 each) 0 0 0 0 2,147
Included within Allen Grove Awards
Others (all less than £1,000) 0 0 0 0 650
Grants by Council
Lyminge PCC - Pathways to the Past 0 0 0 0 1,500
650 0 0 650 11,597
Previous years grants expenditure amounted to £11,597, of which £10,300 was attributed to unrestricted funds and £1,297 to
restricted funds.
10. Allen Grove Awards
There was no Allen Grove award to an individual in 2020, £Nil. (2019: no award, £Nil).
11. Support and other costs
Administration and secretarial 939 0 0 939 996
Insurances 1,942 0 0 1,942 1,623
Bank charges 0 0 0 0 27
Data Protection fee 35 0 0 35 35
Legal Entity Identifer Fee 0 0 0 0 82
Depreciation 1,217 16,073 0 17,290 17,468
Governance costs (see note 12) 13,638 0 0 13,638 5,732
17,771 16,073 0 33,844 25,963
Previous years grants expenditure amounted to £25,963, of which £8,315 was attributed to unrestricted funds and £17,648
to designated funds.
12. Governance costs
Annual General Meeting costs 717 0 0 717 557
Independent Examination fee 2,550 0 0 2,550 3,600
Legal fees/Incorporation expenditure 10,371 0 0 10,371 1,575
13,638 0 0 13,638 5,732

Previous years grants expenditure amounted to £5,732, of which £4,157 was attributed to unrestricted funds and £1,575 to restricted funds.

19

Kent Archaeological Society – charity number 1176989

13. Independent examiners remuneration

Independent examination fees during the year amounted to £2,550 (2019: £3,600) and accountancy services of £Nil (2019: £Nil) within Incorporation expenditure.

14. Trustees and employees

No remuneration was paid to members of the Council, who are trustees, in the year. Apart from reimbursement for payments made for goods or services provided to the Society, no trustees were reimbursed for out of pocket expenses in 2020. (2019: none).

The Society has no employees in 2020. (2019: None).

The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and register them with the Hon. General Secretary.

During the year, the following Honorarium payments were made to Trustees of the Charity:

Richard Taylor (Magazine Editor) £2,566 (2019: £3,055) Fred Birkbeck (Brand and Communications Manager) £3,300 (2019: £Nil)

The role of Trustee in each case is unpaid. No pension contributions were made in respect of these payments in the current or previous year. The Trustees received no other benefits from the Charity.

15. Transfers between funds

The investment income arising on the Capital Reserve, Margary and Piercy Fox Funds is transferred each year to the General Funds of the Society, together with a transfer from the Life Composition Fund for the Life Compounder’s annual subscriptions.

16. Tangible Fixed Assets
Equipment at 1 January 2020
Additions in year
Equipment at 31 December 2020
Depreciation at 1 January 2020
Depreciation for year
Depreciation at 31 December 2020
Net book value at 31 December 2020
Net book value 1 January 2020		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
£
69,906
64,293
5,000
139,199
135,967
549
0
0
549
3,232
70,455
64,293
5,000
139,748
139,199
67,358
31,946
5,000
104,304
86,836
1,217
16,073
0
17,290
17,468
68,575
48,019
5,000
121,594
104,304
1,880
16,274
0
18,154
34,895
2,548
32,347
0
34,895
49,131

All fixed assets shown in the above analysis relate to fixtures, fittings and equipment.

The tangible fixed assets do not include the Society’s Library, its Collections at Maidstone Museum, its Manuscripts at the Kent Archive Office and its pictures at Bradbourne House (see note 1(b)).

20

Annual report and accounts for the year ending 31st December 2020

17. Investments
Market value at 1 January 2020
Additions
Disposal proceeds
Net gains / (losses) on investments
Movement in deposit funds
Market value at 31 December 2020
Represented by:
COIF Common Investment Fund
Cash Deposits		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
£
171,799
1,403,062
108,167
1,683,028
1,610,180
0
0
0
0
341,531
0
0
0
0
(369,061)
8,919
91,782
6,907
107,608
129,748
19,290
(21,809)
2,519
0
(29,370)
200,008
1,473,035
117,593
1,790,636
1,683,028
200,008
1,472,686
117,593
1,790,287
1,682,680
0
349
0
349
348
200,008
1,473,035
117,593
1,790,636
1,683,028

The listed investments consist of direct investment in securities and are managed by investment managers as one fund in which the unrestricted fund and the various designated funds participate in proportion to the value of their original investment at the beginning of the year. The listed funds were transferred from the stewardship of UBS in September 2019 and reinvested in CCLA COIF Charities Investment Fund - Income Units.

18. Debtors and Prepayments
Other debtors
Prepayments
19. Creditors amounts due in one year
Bounce Bank Loan
Accruals
Deferred income
Deferred Income
Deferred income as at 1 January 2020
Resources deferred in the period
Amounts released from previous period
Deferred income as at 31 December 2020		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
£
16,368
0
0
16,368
16,851
3,709
0
0
3,709
4,807
20,077
0
0
20,077
21,658
2,613
0
0
2,613
0
33,066
0
0
33,066
12,339
1,195
0
0
1,195
1,515
36,874
0
0
36,874
13,854
1,515
0
0
1,515
2,193
1,195
0
0
1,195
1,515
(1,515)
0
0
(1,515)
(2,193)
1,195
0
0
1,195
1,515

21

Kent Archaeological Society – charity number 1176989

20. Creditors: amounts falling due after
more than one year
Bounce Back Loan		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
£
25,047
0
0
25,047
0
25,047
0
0
25,047
0

A Bounce Back Loan was drawn down on 29 June 2020 in the sum of £27,660. Of this amount, £2,613 has been included within current liabilities as repayable in the year to 31 December 2021. The final repayment will be made on 29 May 2026.

The loan repayment profle as follows
Repayable in years two to fve
Repayable in year six		 22,123
0
0
22,123
0
2,924
0
0
2,924
0
25,047
0
0
25,047
0

The bounce back loan is repayable monthly from 29 July 2021, following a one year capital repayment and interest holiday. Interest is payable at a fixed rate of 2.5% on the principal amount, for all years two to six inclusive.

21. Provision for Archaeologia Cantiana

The Council have made a provision in the financial statements for publication and distribution (net of any expected grant) of £17,279 (2019 £17,100). See also Note 1l.

22. Funds of the Society

Unrestricted Fund

The Unrestricted Fund can be applied for any purpose for which the Society was established.

Designated Funds

The Margary, Piercy Fox and Capital Reserve Funds have been set aside for future major projects the Society may wish to undertake.

The Churches Fund has been set aside for expenditure in connection with churches.

The Roome Fund has been set aside for the library.

The Life Composition Fund comprises the unexpended balance of life subscriptions (see note 1c).

Restricted Funds

The Allen Grove Fund is considered to be restricted in that although the bequest giving rise to it was made to the Society to be held on trust, the wording of the bequest requires it to be applied for special purposes and payments from it to be authorised by the Society’s officers acting jointly, and not by the Society’s Council as a whole.

The Romney Marsh Research Fund was opened in the year to 31 December 2013 representing the closing cash reserves transferred from the Romney Marsh Research Trust (ex-registered charity 297736) which has been wound up. The Fund has been set up to specifically support research on the Romney Marsh and its environs, operating as a sub-committee of the Fieldwork Committee.

The Ian Coulson Bursary Fund was formed in the year to 31 December 2016 in memory of our past President by a donation from his family to set up the Fund. The aim of the Fund is to support the teaching and learning of archaeology and local history in Kent and Medway schools.

22

Annual report and accounts for the year ending 31st December 2020

22. Funds of the Society (Contd)
Current Year
Restricted Funds
Allen Grove Fund
Romney Marsh Research Fund
Ian Coulson Bursary Fund
Unrestricted Funds
General Fund
Designated Funds
Capital reserve
Margary Fund
Piercy Fox
Churches
Roome
Life composition		 Brought
Forward
01.01.2020
Incoming
Resources
Outgoing
Resources
Net gains /
(losses) on
investents
Transfers
Carried
Forward
31.12.2020
£
£
£
£
£
£
91,545
2,856
0
5,896
0
100,297
10,160
314
0
650
0
11,124
5,637
174
0
361
0
6,172
107,342
3,344
0
6,907
0
117,593
178,439
31,319
78,080
8,919
44,793
185,390
304,846
9,429
0
19,497
(9,429)
324,343
1,023,995
31,662
37,477
65,469
(31,661)
1,051,988
87,964
2,721
0
5,626
(2,721)
93,590
3,647
113
0
233
0
3,993
11,830
366
0
757
0
12,953
3,127
97
0
200
(982)
2,442
1,435,409
44,388
37,477
91,782
(44,793)
1,489,309
1,721,190
79,051
115,557
107,608
0
1,792,292

Prior Year

Restricted Funds
Allen Grove Fund
Romney Marsh Research Fund
Ian Coulson Bursary Fund
Unrestricted Funds
General Fund
Designated Funds
Capital reserve
Margary Fund
Piercy Fox
Churches
Roome
Life composition		 Brought
Forward
01.01.2019
Incoming
Resources
Outgoing
Resources
Net gains /
(losses) on
investents
Transfers
Carried
Forward
31.12.2019
£
£
£
£
£
£
72,887
7,279
650
12,029
0
91,545
9,744
416
0
0
0
10,160
6,026
258
647
0
0
5,637
88,657
7,953
1,297
12,029
0
107,342
154,684
43,275
88,422
9,263
59,639
178,439
286,606
12,249
0
18,241
(12,250)
304,846
1,014,926
43,365
70,171
79,240
(43,365)
1,023,995
78,116
3,042
0
9,848
(3,042)
87,964
3,296
141
0
210
0
3,647
10,693
457
0
680
0
11,830
3,713
159
0
237
(982)
3,127
1,397,350
59,413
70,171
108,456
(59,639)
1,435,409
1,640,691
110,641
159,890
129,748
0
1,721,190

23

Kent Archaeological Society – charity number 1176989

23. Taxation

The Society is a registered charity and has no form of income which is liable to corporation tax.

24. Financial Commitments

Land and Other Land and Other
Buildings 2020 Buildings 2019
2020 2019
£ £ £ £
At 31 December 2020 the Society had annual commitments under non-cancellable leases as follows:
Expiry Date:
Within one year 5,000 0 5,000 0
Two to fve years 0 0 0 0
More than fve years 0 0 0 0
5,000 0 5,000 0

Operating leases : Rents payable under operating leases are charged to the SOFA as incurred over the term of the lease.

25. Related party transactions

There were no related party transactions in the year.

Honorarium payments were made out to Trustees of the Charity during the year, as disclosed in note 14.

26. Transfer of net assets and liabilities

Transfer from unincorporated charity represents the net assets gifted from Kent Archaeological Society, charity number 223382, to Kent Archaeological Society registered as a CIO, charity number 1176989 on 1 January 2019.

24