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2021-12-31-accounts

ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2021

Medieval tile from St Andrews Chapel near Maidstone, under excavation by the Society for the Protection of Ancient Buildings

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 are: 4
Bankers
Independent Examiners
Investment Managers
Solicitors
2. COVID-19 PANDEMIC 4
3. STRUCTURE, GOVERNANCE & MANAGEMENT 4
4. OBJECTS 5
5. PUBLIC BENEFIT 5
6. PLANS FOR THE FUTURE 6
6.1 Strategy
6.2 Fundraising
6.3 Inclusion
7. FINANCIAL REVIEW 8
7.1 Reserves
7.2 Investments
7.3 Investment powers
7.4 Accounts Independent Examination
8. MEMBERSHIP 9
8.1 Membership data
9. TRUSTEE RESPONSIBILITY STATEMENT 10
Annual Accounts for the year ended
31st December 2021 11
Independent Examiner’s Report to
the Trustees of Kent Archaeological Society
Statement of Financial Activities for the year
ended 31st December 2021 12
Balance Sheet as at 31st December 2021 13
Cashfow Statement for the year ended 31st
December 2021 14
Notes to the Accounts 15

2

Annual report and accounts for the year ending 31st December 2021

1. COUNCIL

1.1 TrusTees

Trustees as of 31st December 2021

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Name Position Additional comments
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Name Position Additional comments
K Brown President Appointed May2021
G Cramp Vice President Appointed May2021
S H Willis Vice President
S Sweetinburgh Vice President Appointed May2021
E Blanning Curator
R Hills MembershipSecretary
T G Lawson Editor Appointed May2021
R Smalley Librarian
C N Blair Myers Appointed May 2021
L Bosworth Appointed May2021
R Chaplin Co-Opted November 2021
S Clifton Appointed May2021
M Curtis
L Dixon Co-Opted November 2021
K H Kersey
E Knight Co-Opted November 2021
E Roberts Appointed May2021

Changes in Trustees during 2021

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Name Position Additional comments
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Name Position Additional comments
M Clinch Vice President Died May2021
R LeGear Vice President Resignation May2021
S Broomfeld MembershipSecretary Resignation May2021
B Beeching Treasurer Resignation September 2021
C Drew General Secretary Resignation June 2021
H Basford Resignation May2021
F Birkbeck Resignation June 2021
P Burton Resignation May 2021
R Taylor Resignation June 2021
C Ward Resignation May2021

3

Kent Archaeological Society – charity number 1176989

1.2 The socieTy’s main agenTs and advisers are:

Bankers:

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

Independent examiners:

Mr J Plummer FCA Ramsgate

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

2. COVID-19 PANDEMIC

Again throughout 2021, the Covid 19 Pandemic was an ever-present restriction on the Societies activities.

During the year Council has undergone training on their duties as Trustees and the delivery of “Public Benefit” as part of our statutory requirement.

Public Benefit is at the forefront of the Strategy.

3. STRUCTURE, GOVERNANCE & 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, 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.

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An early 14th-century florin recovered from
Romney Marsh
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Foundations of St Andrews Chapel near Maidstone, under
excavation by the Society for the Protection of Ancient Buildings
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The Society’s activities are carried out throughout the ancient county of Kent. The Society has five part-time paid staff, and its officers are paid out-of-pocket expenses only. It co-operates with its affiliated societies and the organisations it is affiliated with 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.

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Annual report and accounts for the year ending 31st December 2021

4. OBJECTS

The Society was established to promote the study and publication of archaeology and history in all its branches within the ancient county of Kent. The Society’s area of benefit 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 effective and efficiently delivered through a membership structure that provides personnel with its work. The main activities conducted by the Society to carry out its objects for the public benefit comprise:

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The Sima de los Huesos family at Atapuerca circa MIS 11c ©
Mauricio Anton. reproduced with kind permission of Mauricio Anton.
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5

Kent Archaeological Society – charity number 1176989

6. PLANS FOR THE FUTURE

6.1 sTraTegy

Throughout the year, the Trustees have been refining the strategic direction of the Society for the next 166 years.

The strategy is defined as:

“Kent Archaeological Society Discovering Kent’s Heritage Bringing the past to the present for everyone”

With the strategic aims of

By delivering this strategy, the following Changes, Benefits and Impacts will occur.

The Society will continue delivering Archaeologia Cantina , The Magazine, Conferences, The Library, Lectures, and assistance to Community History and Archaeology Groups.

6

Annual report and accounts for the year ending 31st December 2021

Two key deliverables envelop the Strategy, and they are:

The Museum of Kent Archaeology and History: There is no Museum in the county dedicated to the rich history and archaeology of Kent. The Society aims to build and host, solely or in partnership, an accredited Museum of Kent Archaeology and History. Discussions are ongoing with Maidstone Museum and others about providing facilities for the Museum.

Digitisation of the Society’s Assets: The Society owns a considerable and significant body of assets, from Gold Torqs to Hasted original manuscripts. These assets will be photographed, 3D scanned, digitised, catalogued, keyworded, and then available via the Society’s website.

Drem Q367/41 control shelter on RAF Manston’s Q50B decoy airfield

6.2 Fundraising

The Society has a part-time fundraiser in post. The fundraiser is now actively seeking funds for the Museum of Kent Archaeology and History and the Asset Digitisation Project. The Society is registered with the Fundraising Regulator.

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.

Moir pillbox at Botany Bay

6.4 Brian reginald Fagg legacy

During the year, the Society was very fortunate to receive a legacy from the estate of Brian Reginald Fagg from Ramsgate. Brain Fagg was a noted local historian, and it was decided to split the legacy with two-thirds being donated to Canterbury Christ Church University. Part of this legacy has been used to fund a PhD dealing with maritime Kent under the supervision of Dr S Sweetinburgh (Vice President)

The remaining third of the legacy has been donated to The University of Kent of Canterbury, where under the supervision of Dr S Willis (Vice President), the Society excavation at Sedgebrook Roman Villa is being completed by two Master students at the School of Archaeology.

7

Kent Archaeological Society – charity number 1176989

7. FINANCIAL REVIEW

The accompanying financial statements for the year ending 31st December 2021 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 £1,960,552 of which £124,548 were held as restricted funds and £1,639,251 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 on 31st December 2021 represent approximately seventeen 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 £1,790,636 on 1st January 2021, increasing by net gains during the year of £223,021, (+12.45%) to a 31st December 2021 mid-market valuation of £1,961,657.

The average yield during 2021 was 3.00%.

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 accounTs independenT examinaTion

The Society’s accounts for the year to 31st December 2021 have been subjected to an Independent Examination as they were in 2020.

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Roman pottery assemblage from
Chart Sutton
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Image of King George depicted as a farmer
in Margate Caves
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Annual report and accounts for the year ending 31st December 2021

8. MEMBERSHIP

8.1 memBership daTa

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

December
2021		 December
2020		 December
2019		 December
2018		 December
2017		 December
2016
OrdinaryMembers 653 610 631 662 692 712
Joint Members 250 234 226 220 210 216
Student members 2 4 4 4 10 12
Life Members 46 49 49 50 50 50
Afliated Societies 69 63 60 47 48 52
HonoraryMembers 2 3 3 3
Over 50years membership 22 18 17
Student 2021 Members 85 27
Total Membership 1,044 1,008 990 986 1,010 1,042

The Membership numbers are increasing, with the free student membership being a popular option.

During 2021 and in conjunction with Subscriber CRM, a project has been initiated by our membership system providers. The project will deliver new member sign up online, existing members to login and make changes to their details, members to be able to book and pay for conference tickets, membership logon to exclusive membership web content, and the collection of membership subscriptions via Direct Debit or Credit Card. This project will be delivered towards the end of 2022.

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British World War One trench reconstruction with volunteers manning the
trenches at the Centre for Experimental Military Archaeology in Detling
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9

Kent Archaeological Society – charity number 1176989

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 Manager, clive.drew@kentarchaeology.org.uk on behalf of the Council, 31st May 2022

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

10

Annual report and accounts for the year ending 31st December 2021

Kent Archaeological Society Charity Number 1176989 Annual Accounts for the year ended 31st December 2021

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 2021 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a “true and fair view’ which is not a matter considered as part of an independent examination.

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.

James Plummer BA, Independent Examiner Ramsgate Dated 11 June 2022

11

Kent Archaeological Society – charity number 1176989

Statement of Financial Activities for the Year ended 31 December 2021

Note
Income and endowments from:
Donations and legacies
Donations
Charitable Activities
Subscriptions
3
Incoming resources from charitable activities
5
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
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 2021
Total funds before extraordinary items
Extraordinary Items
Transfer from unincorporated body
26
Total funds carried forward at 31 December		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
£
80
0
29,249
29,249
134
24,190
0
0
24,190
25,965
5
0
0
5
745
4,815
0
0
4,815
162
2,683
49,054
1,598
53,335
52,045
31,773
49,054
30,847
111,674
79,051
0
0
0
0
0
0
0
0
0
4,440
14,884
0
0
14,884
16,635
0
0
0
0
793
35,127
14,280
0
49,407
47,521
16,543
0
0
16,543
11,744
0
0
18,039
18,039
0
489
0
0
489
580
0
0
1,055
1,055
0
44,958
21,060
0
66,018
33,844
112,001
35,340
19,094
166,435
115,557
12,513
203,053
7,455
223,021
107,608
(67,715)
216,767
19,208
168,260
71,102
79,078
(66,825)
(12,253)
0
0
11,363
149,942
6,955
168,260
71,102
185,390
1,489,309
117,593
1,792,292
1,721,190
196,753
1,639,251
124,548
1,960,552
1,792,292
0
0
0
0
0
196,753
1,639,251
124,548
1,960,552
1,792,292

12

Kent Archaeological Society – charity number 1176989

Balance Sheet as at 31 December 2021

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
Restricted
Total Funds		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
£
881
15,163
0
16,044
18,154
212,521
1,624,088
125,048
1,961,657
1,790,636
213,402
1,639,251
125,048
1,977,701
1,808,790
98
0
0
98
146
18,383
0
0
18,383
20,077
20,466
0
0
20,466
42,479
38,947
0
0
38,947
62,702
19,401
0
500
19,901
36,874
19,401
0
500
19,901
36,874
19,546
0
(500)
19,046
25,828
232,948
1,639,251
124,548
1,996,747
1,834,618
19,721
0
0
19,721
25,047
16,474
0
0
16,474
17,279
196,753
1,639,251
124,548
1,960,552
1,792,292
196,753
196,753
185,390
1,639,251
1,639,251
1,489,309
124,548
124,548
117,593
196,753
1,639,251
124,548
1,960,552
1,792,292

The accounts were formally approved by a Committee of Trustees on 3rd June 2022 acting under powers delegated by the Society’s Council.

Prof. K Brown President

Brie Thomas Society Accountant

13

Kent Archaeological Society – charity number 1176989

Cashflow Statement for the year ended 31 December 2021

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 2021
Net cash funds at 31 December 2021
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		 2021
£
(19,949)
0		 2021
£
(2,064)


(19,949)


0


0
(22,013)
168,260
22,059
(171,021)
48
1,694
(22,299)
(805)
(2,064)
01/01/2021
£
349
42,479
42,828
2021
£
(22,013)
42,828
20,815
01/01/2021
£
42,828
(2,613)
(25,047)
15,168		 2020
£
(549)
0
0
0
1
27,660
0
Cashfow
£
0
(22,013)
(22,013)
Cashfows
£
(22,013)
(2,712)
5,326
(19,399)		 2020
£
3,076
(549)
1
27,660
0
0
0
0
0
30,188
71,102
17,290
(107,608)
125
1,581
20,407
179
3,076
31/12/2021
£
349
20,466
20,815
2020
£
30,188
12,640
42,828
31/12/2021
£
20,815
(5,325)
(19,721)
(4,231)

14

Statement of Financial Activities for the year ended 31 December 2020

Notes to the Accounts for the year ended 31 December 2021

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.

16

Annual report and accounts for the year ending 31st December 2021

1. Principal accounting policies (continued)

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.

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_
Grants for_Maritime Kent_		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
£
1,465
0
0
1,465
162
3,350
4,815
0
0
1,465
162

Previous year grant income amounted to £162, all of which was attributable to unrestricted funds.

3. Subscriptions
Annual subscriptions 24,180 0 0 24,180 22,693
Gift aid recovered on subscriptions 10 0 0 10 3,272
24,190 0 0 24,190 25,965
Previous year subscriptions income amounted to £25,965, all of which was attributable to unrestricted funds.
4. Investment Income
Income from listed investments and 0 0 0 0 0
cash at brokers
COIF Common Investment Fund 2,683 49,054 1,598 53,335 52,044
Interest receivable on cash deposits 0 0 0 0 1
2,683 49,054 1,598 53,335 52,045

Previous years investment income amounted to £52,045, of which £4,313 was attributed to unrestricted funds £44,388 designated funds and £3,344 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
Newsletter
Lectures and courses		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
£
5
0
0
5
0
0
0
0
0
745
5
0
0
5
745

Previous year incoming resources from charitable activities amounted to £745, all of which was attributed to unrestricted funds

6. Archaeologia Cantiana Expenses
Production
Distribution		 11,011
0
0
11,011
11,787
3,873
0
0
3,873
4,848
14,884
0
0
14,884
16,635

Previous year Archaeologia Cantiana expenses amounted to £16,635, all of which was attributed to unrestricted funds

7. Excursions, Events and Lectures
Excursions and Events
Lectures and courses		 0
0
0
0
0
0
0
0
0
793
0
0
0
0
793

Previous year expenditure on excursions, events and lectures, amounted to £793, 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		 14,885
0
0
14,885
16,019
0
0
0
0
0
13,098
0
0
13,098
7,780
0
1,528
0
1,528
3,157
0
0
0
0
0
0
1,340
0
1,340
3,037
6,442
0
0
6,442
3,163
0
0
0
0
250
0
5,415
0
5,415
6,604
702
5,997
0
6,699
7,511
35,127
14,280
0
49,407
47,521

Previous years committees’ expenditure amounted to £47,521, of which £30,557 was attributed to unrestricted funds and £16,964 to designated funds

18

Annual report and accounts for the year ending 31st December 2021

9. Grants
Included within Committees’ expenditure
Grants to individuals
Grants to institutions
Discover Roman Otford Project
Brian Fagg Legacy to Canterbury CC University
Others (all less that £1,000 each)
Grants by Council		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
£
0
0
0
0
650
0
0
18,039
18,039
0
0
0
0
0
0
0
0
0
0
0
0
0
18,039
18,039
650

Previous years grants expenditure amounted to £650 all of which was attributed to unrestricted funds

10. Allen Grove Awards
Grants to individuals
Peter Joyce – PHD Project
Vince Williams – Book Publication
There was no Allen Grove award to an individual in 2020
11. Support and other costs
Administration and secretarial
Wages and NI 'ers
Training
Insurances
Bank charges
Bounce Back Loan interest
Data Protection fee
Archiving
Depreciation
Governance costs (see note 12)		 £
£
£
£
£
0
0
555
555
0
0
0
500
500
0
0
0
1,055
1,055
0
£
£
£
£
£
2,206
0
0
2,206
939
20,675
0
0
20,675
0
900
0
0
900
0
2,119
0
0
2,119
1,942
5
0
0
5
0
332
0
0
332
0
35
0
0
35
35
9,600
0
0
9,600
0
999
21,060
0
22,059
17,290
8,087
0
0
8,087
13,638
44,958
21,060
0
66,018
33,844

Previous years grants expenditure amounted to £33,844, of which £17,771 was attributed to unrestricted funds and £16,073 to designated funds

12. Governance costs

12. Governance costs
Annual General Meeting costs
Independent Examination fee
Legal fees/Incorporation expenditure		 1,969
0
0
1,969
717
1,470
0
0
1,470
2,550
4,648
0
0
4,648
10,371
8,087
0
0
8,087
13,638

Previous years grants expenditure amounted to £13,638 all of which was attributed to unrestricted funds

19

Kent Archaeological Society – charity number 1176989

13. Independent examiners remuneration

Independent examination fees during the year amounted to £1,470 (2020: £2,550) and accountancy services of £2,058 (2020: £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 2021. (2020: none).

The Society has one employee in 2021. (2020: 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) £7,466 (2020: £2,566) Fred Birkbeck (Brand and Communications Manager) £7,650 (2020: £3,300)

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 2021
Additions in year
Equipment at 31 December 2021
Depreciation at 1 January 2021
Depreciation for year
Depreciation at 31 December 2021
Net book value at 31 December2021
Net book value 1 January 2021		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
£
70,455
64,293
5,000
139,748
139,199
0
19,949
0
19,949
549
70,455
84,242
5,000
159,697
139,748
68,575
48,019
5,000
121,594
104,304
999
21,060
0
22,059
17,290
69,574
69,079
5,000
143,653
121,594
881
15,163
0
16,044
18,154
1,880
16,274
0
18,154
34,895

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 2021

17. Investments
Market value at 1 January 2021
Additions
Disposal proceeds
Net gains / (losses) on investments
Movement in deposit funds
Market value at 31 December 2021
Represented by:
COIF Common Investment Fund
Cash Deposits		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
£
200,008
1,473,035
117,593
1,790,636
1,683,028
0
0
0
0
0
0
0
0
0
0
12,513
203,053
7,455
223,021
107,608
0
(52,000)
0
(52,000)
0
212,521
1,624,088
125,048
1,961,657
1,790,636
212,521
1,623,739
125,048
1,961,308
1,790,287
0
349
0
349
349
212,521
1,624,088
125,048
1,961,657
1,790,636

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 2021
Resources deferred in the period
Amounts released from previous period
Deferred income as at 31 December 2021		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2021
Total
2020
£
£
£
£
£
14,143
0
0
14,143
16,368
4,240
0
0
4,240
3,709
18,383
0
0
18,383
20,077
5,325
0
0
5,325
2,613
12,881
0
500
13,381
33,066
1,195
0
0
1,195
1,195
19,401
0
500
19,901
36,874
1,195
0
0
1,195
1,515
0
0
0
0
1,195
0
0
0
0
(1,515)
1,195
0
0
1,195
1,195

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
2021
Total
2020
£
£
£
£
£
19,721
0
0
19,721
25,047
19,721
0
0
19,721
25,047

A Bounce Back Loan was drawn down on 29 June 2020 in the sum of £27,660. Of this amount, £5,325 has been included within current liabilities as repayable in the year to 31 December 2022. 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		 19,721
0
0
19,721
21,123
0
0
0
0
2,924
19,721
0
0
19,721
24,047

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 £16,474 (2020 £17,279). 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 2021

22. Funds of the Society (Contd)
Current Year
Restricted Funds
Unrestricted Funds
General Fund
Designated Funds
Prior Year
Restricted Funds
Restricted Funds
Unrestricted Funds
General Fund
Designated Funds
Designated Funds		 Brought
Forward
01.01.2021
Incoming
Resources
Outgoing
Resources
Net gains /
(losses) on
investents
Transfers
Carried
Forward
31.12.2021
£
£
£
£
£
£
117,593
30,847
(19,094)
7,455
(12,253)
124,548
185,390
31,774
(112,002)
12,513
79,078
196,753
1,489,309
49,054
(35,340)
203,053
(66,825)
1,639,251
1,792,292
111,675
(166,436)
223,021
0
1,960,552
Brought
Forward
01.01.2020
Incoming
Resources
Outgoing
Resources
Net gains /
(losses) on
investents
Transfers
Carried
Forward
31.12.2020
£
£
£
£
£
£
107,342
3,344
0
6,907
0
117,593
178,439
31,319
(78,080)
8,919
44,793
185,390
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

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 2021 Buildings 2020
2021 2020
£ £ £ £
At 31 December 2021 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