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2022-12-31-accounts

ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2022

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Lees Court Estate Neolithic
Round Barrow
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Kent Archaeological Society – charity number 1176989

TABLE OF CONTENTS

1. BOARD OF TRUSTEES 3
1.1 Trustees 3
1.2 The Society’s main agents and advisers are: 4
Bankers
Independent Examiners
Investment Managers
Solicitors
2. STRUCTURE, GOVERNANCE & MANAGEMENT 4
3. ANNUAL GENERAL MEETING 2022 4
4. OBJECTS 4
5. PUBLIC BENEFIT 5
6. PLANS FOR THE FUTURE 6
6.1 Strategy
6.2 Maidstone Museum (Memorandum of Understanding)
6.3 Accreditation
6.4 Fundraising
6.5 Inclusion
6.6 Brian Reginald Fagg Legacy
6.7 The Museum of Kent Archaeology and History
6.8 Board of Trustees and Board Reports
7. HERITAGE ASSETS 9
7.1 Acquisitions
7.2 Disposals
8. FINANCIAL REVIEW 10
8.1 Reserves
8.2 Investments
8.3 Investment powers
8.4 Accounts Independent Examination
9. MEMBERSHIP 11
9.1 Membership data
10. TRUSTEE RESPONSIBILITY STATEMENT 12
Annual Accounts for the year ended
31st December 2022 13
Independent Examiner’s Report to
the Trustees of Kent Archaeological Society 13
Statement of Financial Activities for the year
ended 31st December 2022 14
Balance Sheet as at 31st December 2022 15
Cashfow Statement for the year ended 31st
December 2022 16
Notes to the Accounts 17

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Annual report and accounts for the year ending 31st December 2022

1. BOARD OF TRUSTEES

1.1 TRUSTEES

Council as of 1st January 2022

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Name Position
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Name Position
K Brown President
G Cramp Vice President
S Sweetinburgh Vice President
S Willis Vice President
E Blanning Curator
R Hills MembershipSecretary
T Lawson Editor
R Smalley Librarian
CN Blair Myers
L Bosworth
R Chaplin
S Clifton
M Curtis
L Dixon
KH Kersey
E Knight
E Roberts

The newly constituted Board of Trustees, after the membership decision at the AGM and Charity Commission acceptance, during September 2022 is as follows:

Name
K Brown Chair of the Board of Trustees
CN Blair Myers
L Bosworth
R Chaplin
S Clifton
M Curtis
L Dixon
KH Kersey
E Knight
E Roberts

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Kent Archaeological Society – charity number 1176989

1.2 THE SOCIETY’S MAIN AGENTS AND ADVISERS ARE:

Bankers:

Independent Examiners:

Investment Managers:

Solicitors:

2. 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 Manager 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 Board of Trustees. Members of The Board of Trustees are its charity trustees. They 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. 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 Board of Trustees, committees and officers carry out its activities. The Board of Trustees does not consider it proper to be involved in this process beyond advising members of their right of nomination.

3. ANNUAL GENERAL MEETING 2022

The Society held an Annual General Meeting on Saturday 17th September 2022, at the University of Kent at Canterbury. 30 members were in attendance.

A resolution was put to the Membership to reduce the size of Council from 22 Trustees to 12 Trustees and to rename Council to the Board of Trustees. Additionally, the appointment of Officers would cease. Over 75% of those present voted in favour, including proxy votes cast. The resolution was passed with 83 members voting for, 8 against and 2 abstentions. The resolutions and members’ decisions were submitted to the Charity Commission, which agreed to the constitutional changes.

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.

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Annual report and accounts for the year ending 31st December 2022

5. PUBLIC BENEFIT

The Board of Trustees has paid due regard to the Charity Commission’s guidance on public benefit in deciding what activities the Society should undertake. The Board of Trustees considers that some Society activities are more effective and efficiently delivered through a membership structure, providing exclusive benefits:

  1. OpenAthens access.

  2. Use of geophysical and survey equipment.

  3. Editorial and publication services via the redesigned Society Website.

However, the main activities conducted by the Society to carry out its Objects for public benefit comprise:

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Trosley Court Heritage
Project Excavation
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Kent Archaeological Society – charity number 1176989

6. PLANS FOR THE FUTURE

6.1 STRATEGY

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

During 2022 the strategic aims of the Society have been implemented. In addition to the usual Society activities, four short to medium-term projects have been instigated. Long-term projects are mentioned in section 6.7:

The short to medium-term projects are:

1. Society Website

The Society’s website is undergoing a significant redevelopment. In particular, Archaeologia Cantiana will be refreshed so site visitors can interact better with our beacon publication. Plans are in hand to make all future articles peer-reviewed and Digital Object Identifier (DOI) registered.

2. Implementation of Collection Management Systems

A Collection Management System (CMS) will be implemented in 2023 that will ho the collections, artefacts, and images. All the Society’s heritage assets will be available online. The acquisition of the Ozengell collection (1750 items) is being used to pilot the purchase and implementation of a CMS system. The CMS contents will be made available via the Society website and booking systems so that members can see material that may be relevant to their personal research.

3. County Pottery Reference Collection

The Society is currently testing an in-house pottery reference model. The aim is to have a Countywide online solution supported by a physical collection that can be used by anyone free of charge. It is anticipated that a pilot will be released for membership testing in early 2024.

4. Membership System

The Membership System is being upgraded so that Direct Debit can collect membership subscriptions from January 2024 onwards, allowing for yearly or monthly subscription payments. By mid-2023, members can log onto the membership system, update their details, and make bookings and payments for Society events.

6.2 MAIDSTONE MUSEUM (MEMORANDUM OF UNDERSTANDING)

In December 2022, Professor Kerry Brown, and Victoria Barlow (Museums Director) signed a Memorandum of Understanding (MOU) between the Society and Maidstone Borough Council. The MOU was initiated in 2019; the understanding will allow the Society to use the Society’s heritage assets better to fulfil our public benefit requirements. The assets will be more readily available to our members to facilitate their research.

1. Archaeology Gallery

The Museum is creating a dedicated archaeology gallery aimed at the Maidstone geographic area. The gallery will open in 2024, and the Society’s collections will play a significant part in this new gallery. The Society sits on the project board, and individual members assist the Museum with collections.

2. Society Exhibition (2023)

The Society will host an exhibition from May 2023 for two years, displaying some of the Society’s key work throughout its history. The exhibition will utilize existing archaeology gallery space to display a range of artefacts and documents highlighting key excavations and accomplishments.

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Annual report and accounts for the year ending 31st December 2022

6.3 ACCREDITATION

The Society is seeking Arts Council Accreditation, Museum Accreditation and Archive Service Accreditation. The resulting SPECTRUM compliance will impose much-needed discipline upon managing the Society’s collections, particularly policies and procedures for acquiring and retaining collections. Furthermore, as an accredited museum, the Society would be directly offered material as part of the “Treasure” process.

6.4 FUNDRAISING

The Society has increased its fundraising with active campaigns to seek funding for:

Furthermore, during 2023, the Society will look at incorporating an online donation facility via the redesigned Society website.

6.5 INCLUSION

Our community excavations, and learning programmes engage with various community groups, educational facilities and Special Education Needs and Disability Establishments.

6.6 BRIAN REGINALD FAGG LEGACY

Work by students at both Universities (Canterbury Christ Church and The University of Kent at Canterbury) are still ongoing using the Brian Reginald Fagg Legacy funding.

6.7 THE MUSEUM OF KENT ARCHAEOLOGY AND HISTORY

A long-term Society project is to find a permanent home where all the Society’s materials can be securely housed under one roof. An integral part of this project would be to host The Museum of Kent Archaeology and History.

6.8 BOARD OF TRUSTEES AND BOARD REPORTS

To oversee the strategy and the public benefit deliverable, key areas of oversight have been allocated to individual Trustees, who will in turn report in detail to their fellow Trustees on these areas of responsibility.

Prior to each Board of Trustee meeting the Senior managers will submit a written report using the below listings as report headings.

a) Chair of the Board of Trustees:

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Kent Archaeological Society – charity number 1176989

b) Governance:

c) Finance:

a. Will ensure financial security and probity of the Society.

d) Communications and Membership:

e) Education and Outreach:

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Anglo-Saxon disc brooch
(Ozengell Collection)
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XXXXX
Anglo-Saxon disc brooch
(Ozengell Collection)
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Bronze Age Incense Burner
(Ozengell Collection)
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Annual report and accounts for the year ending 31st December 2022

f) Fundraising:

g) Committees and Special Interest Groups:

h) Projects:

i) Collections:

NB The Allen Grove Local History Fund is a fund that is administered directly by the Trustees; Kate Kersey is the current Administrator.

7. HERITAGE ASSETS

7.1 ACQUISITIONS

In October 2022, the Society acquired the Ozengell Collection. This is a collection of 1750 Early Medieval grave goods from a cemetery site on the Isle of Thanet. The collection was purchased before a public auction, and the inclusive cost was £16,500.

7.2 DISPOSALS

No heritage assets were disposed of in 2022.

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Anglo-Saxon buckle
(Ozengell Collection)
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Anglo-Saxon glass jar
(Ozengell Collection)
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Kent Archaeological Society – charity number 1176989

8. FINANCIAL REVIEW

The accompanying financial statements for the year ending 31st December 2022 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 £1,557,464 of which £53,036 were held as restricted funds and £1,419,873 were held as designated funds.

8.1 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 2022 represent approximately seven months of expenditure.

8.2 INVESTMENTS

The Society’s funds are invested in CCLA COIF Charities Investment Fund Income units. The units had a midmarket valuation of £1,961,657 on 1st January 2022, decreasing by net losses during the year of £209,672, (-10.69%) to a 31st December 2022 mid-market valuation of £1,551,985.

8.3 INVESTMENT POWERS

The general law gives the Society investment powers; its rules do not give it any special investment powers. The Board of Trustees 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.

8.4 ACCOUNTS INDEPENDENT EXAMINATION

The Society’s accounts for the year to 31st December 2022 have been subjected to an Independent Examination.

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Trosley Court Heritage Project
Excavation, Pilae Stack
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10

Annual report and accounts for the year ending 31st December 2022

9. MEMBERSHIP

9.1 MEMBERSHIP DATA

The following table details the Membership numbers from 2016 to 2022:

Dec 2022 Dec 2021 Dec 2020 Dec 2019 Dec 2018 Dec 2017 Dec 2016
OrdinaryMembers 693 653 610 631 662 692 712
Joint Members 230 250 234 226 220 210 216
Student members 5 2 4 4 4 10 12
Life Members 45 46 49 49 50 50 50
Afliated Societies 66 69 63 60 47 48 52
HonoraryMembers 2 2 3 3 3
Over 50years 22 22 18 17
Student 2021 Members 105 85 27
Total Membership 1,168 1,129 1,008 990 986 1,010 1,042

With the increase in Society activities and people’s desire to get out and about post-Covid a healthy increase in Membership can be reported. The free Student membership has been popular; please note an increase in Ordinary members, albeit tempered with the loss of 20 joint members.

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Lees Court Estate
Neolithic Mortuary Pit
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Kent Archaeological Society – charity number 1176989

10. TRUSTEE RESPONSIBILITY STATEMENT

The trustees are responsible for preparing the Trustees’ Annual Report and 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 charity’s state of affairs and the incoming resources and application of the charity’s resources 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 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 Board of Trustees, 4th April 2023

12

Annual report and accounts for the year ending 31st December 2022

Kent Archaeological Society Charity number 1176989

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 2022, which are set out on pages 14 to 26.

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 regarding my examination of the charity’s accounts carried out under section 145 of the Act. 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 to enable a proper understanding of the accounts to be reached.

James Plummer BA, Independent Examiner Ramsgate Dated 24 April 2023

13

Kent Archaeological Society – charity number 1176989

Statement of Financial Activities for the Year ended 31 December 2022

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
Magazine
Grants by Council
9
Subscriptions to other bodies
Allen Grove awards
10
Support and other costs
11
Total expenditure
Net gains / (losses) on investments
17
Net income / (expenditure)
Transfers between funds
22
Net movement in funds
Reconciliation of Funds
Total funds brought forward 1 January 2022
Total funds before extraordinary items
Extraordinary Items
Transfer from unincorporated body
Total funds carried forward at 31 December 2022		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
£
3,257
0
0
3,257
29,329
22,655
0
0
22,655
24,190
1,067
0
0
1,067
5
2,091
0
0
2,091
4,815
2,797
47,247
1,666
51,709
53,335
31,867
47,247
1,666
80,780
111,674
0
0
0
0
0
20,495
0
0
20,495
0
9,744
0
0
9,744
14,884
0
0
0
0
0
83,131
27,394
0
110,525
49,407
23,977
0
0
23,977
16,543
0
0
9,020
9,020
18,039
1,705
0
0
1,705
489
0
0
11,730
11,730
1,055
81,787
5,213
0
87,000
66,018
220,840
32,607
20,750
274,197
166,436
(12,629)
(189,519)
(7,524)
(209,672)
223,021
(201,602)
(174,880)
(26,607)
(403,088)
168,259
89,405
(44,499)
(44,906)
0
0
(112,197)
(219,379)
(71,513)
(403,088)
168,259
196,753
1,639,251
124,548
1,960,552
1,792,292
84,556
1,419,872
53,035
1,557,464
1,960,551
0
0
0
0
0
84,556
1,419,872
53,035
1,557,464
1,960,551

14

Kent Archaeological Society – charity number 1176989

Balance Sheet as at 31 December 2022

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 forArchaeologia Cantiana
Net Assets
Funds of the Society
Unrestricted
General
22
Designated
Restricted
Total Funds		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
£
3,967
9,950
0
13,917
16,044
89,026
1,409,923
53,036
1,551,985
1,961,657
92,993
1,419,873
53,036
1,565,903
1,977,701
0
0
0
0
98
15,411
0
0
15,411
18,383
31,039
0
0
31,039
20,466
46,450
0
0
46,450
38,947
30,493
0
0
30,493
19,901
30,493
0
0
30,493
19,901
15,957
0
0
15,957
19,046
108,951
1,419,873
53,036
1,581,860
1,996,747
14,396
0
0
14,396
19,721
10,000
0
0
10,000
16,474
84,555
1,419,873
53,036
1,557,464
1,960,552
84,555
0
0
84,555
196,753
1,419,873
1,419,873
1,639,251
53,036
53,036
124,548
84,556
1,419,873
53,036
1,557,464
1,960,552

The accounts were formally approved by a Committee of Trustees on 4th April 2023 acting under powers delegated by the Society’s Council.

Prof. K Brown President

Brie Thomas Society Accountant

15

Kent Archaeological Society – charity number 1176989

Cashflow Statement for the year ended 31 December 2022

Note
Net cash infow (outfow) 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 2022
Net cash funds at 31 December 2022
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		 2022
£
(5,108)
0		 2022
£
(184,319)
(5,108)


0


0
(189,427)
(403,088)
7,234
209,672
98
2,972
5,267
(6,474)
(184,319)
01/01/2022
£
349
20,466
20,815
2022
£
(189,427)
20,815
(168,612)
01/01/2022
£
20,815
(5,325)
(19,721)
(4,231)		 2021
£
(19,949)
0
0
0
0
0
0
Cashfow
£
0
(189,427)
(189,427)
Cashfows
£
(189,427)
(5,325)
5,325
(189,427)		 2021
£
(2,064)
(19,949)
0
0
0
0
0
0
0
(22,013)
168,260
22,059
(171,021)
48
1,694
(22,298)
(805)
(2,064)
31/12/2022
£
349
(168,961)
(168,612)
2021
£
(22,013)
42,828
20,815
31/12/2022
£
(168,612)
(5,325)
(14,396)
(193,658)

16

Annual report and accounts for the year ending 31st December 2022

Notes to the Accounts for the year ended 31 December 2022

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.

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” 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.

17

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.

18

Annual report and accounts for the year ending 31st December 2022

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
2022
Total
2021
£
£
£
£
£
2,091
0
0
2,091
1,465
0
3,350
2,091
0
0
2,091
4,815

Previous year grant income amounted to £4,815, all of which was attributable to unrestricted funds.

3. Subscriptions
Annual subscriptions
Gift aid recovered on subscriptions		 22,655
0
0
22,655
24,180
0
0
0
0
10
22,655
0
0
22,655
24,190

Previous year subscriptions income amounted to £24,190, 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
0
2,797
47,247
1,666
51,709
53,335
0
0
0
0
0
2,797
47,247
1,666
51,709
53,335

Previous years investment income amounted to £53,335, of which £2,683 was attributed to unrestricted funds £49,054 designated funds and £1,598 restricted funds

All income arises on UK investments or UK cash deposits

19

Kent Archaeological Society – charity number 1176989

5. Incoming resources from charitable
activities
Newsletter
Lectures and courses		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
£
1,067
0
0
1,067
5
0
0
0
0
0
1,067
0
0
1,067
5

Previous year incoming resources from charitable activities amounted to £5, all of which was attributed to unrestricted funds

6.Archaeologia Cantiana Expenses
Production
Distribution		 7,744
0
0
7,744
11,011
2,000
0
0
2,000
3,873
9,744
0
0
9,744
14,884

Previous year Archaeologia Cantiana expenses amounted to £14,884, 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
0
0
0
0
0
0

Previous year expenditure on excursions, events and lectures, amounted to £0

8. Committees’ expenditure
Library
Learning and Engagement
Communications
Fieldwork
Trottisclife excavations
Lees Court Estate Project
Publications
Thirsk Prize
Website
Marsham Street Research Centre		 40,875
0
0
40,875
14,885
0
0
0
0
0
40,211
0
0
40,211
13,098
0
1,558
0
1,558
1,528
0
4,244
0
4,244
0
0
0
0
0
1,340
262
0
0
262
6,442
1,000
0
0
1,000
0
0
15,596
0
15,596
5,415
783
5,997
0
6,780
6,699
83,131
27,394
0
110,525
49,407

Previous years committees’ expenditure amounted to £49,407, of which £35,127 was attributed to unrestricted funds and £14,280 to designated funds

20

Annual report and accounts for the year ending 31st December 2022

9. Grants
Included within Committees’ expenditure
Grants to individuals
Grants to institutions
Brian Fagg Legacy to Canterbury CC University
Previous years grants expenditure amounted to £18,039 all
10. Allen Grove Awards
Grants to individuals
There were two Allen Grove awards to an individual in 2021
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)		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
£
0
0
0
0
0
0
0
9,020
9,020
18,039
0
0
9,020
9,020
18,039
of which was attributed to restricted funds
£
£
£
£
£
0
0
11,730
11,730
1,055
0
0
11,730
11,730
1,055
amounting to £1,055
£
£
£
£
£
7,315
0
0
7,315
2,207
53,873
0
0
53,873
20,675
1,681
0
0
1,681
900
2,231
0
0
2,231
2,119
0
0
0
0
6
565
0
0
565
332
35
0
0
35
35
2,987
0
0
2,987
9,600
2,022
5,213
0
7,234
22,059
11,078
0
0
11,078
8,087
81,787
5,213
0
87,000
66,018

Previous years support expenditure amounted to £66,018, of which £44,958 was attributed to unrestricted funds and £21,060 to designated funds

12. Governance costs
Annual General Meeting costs
Independent Examination fee
Legal fees/Incorporation expenditure		 13,251
0
0
13,251
1,969
2,500
0
0
2,500
1,470
(4,673)
0
0
(4,673)
4,648
11,078
0
0
11,078
8,087

Previous years Governance expenditure amounted to £8,087 all of which was attributed to unrestricted funds

21

Kent Archaeological Society – charity number 1176989

13. Independent examiners remuneration

Independent examination fees during the year amounted to £2,500 (2021: £1,470) and accountancy services of £5,500 (2021: £2,058) 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 2022. (2021: none).

The Society has five employees in 2022. (2021: one).

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) £0, an employee in 2022 (2021: £7,466) Fred Birkbeck (Brand and Communications Manager) £0, an employee until October 2022 (2021: £7,650)

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 2022
Additions in year
Equipment at 31 December 2022
Depreciation at 1 January 2022
Depreciation for year
Depreciation at 31 December 2022
Net book value at 31 December2022
Net book value 1 January 2022		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
£
70,455
84,242
5,000
159,697
139,748
5,108
0
0
5,108
19,949
75,563
84,242
5,000
164,805
159,697
69,574
69,079
5,000
143,653
121,594
2,022
5,213
0
7,234
22,059
71,596
74,292
5,000
150,887
143,653
3,967
9,950
0
13,917
16,044
881
15,163
0
16,044
18,154

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)).

22

Annual report and accounts for the year ending 31st December 2022

17. Investments
Market value at 1 January 2022
Additions
Disposal proceeds
Net gains / (losses) on investments
Movement in deposit funds
Market value at 31 December 2022
Represented by:
COIF Common Investment Fund
Cash Deposits		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
£
212,521
1,624,088
125,048
1,961,657
1,790,636
0
0
0
0
0
0
(200,000)
0
(200,000)
(52,000)
(12,629)
(189,519)
(7,524)
(209,672)
223,021
(110,866)
175,354
(64,488)
0
0
89,026
1,409,923
53,036
1,551,985
1,961,657
89,026
1,409,574
53,036
1,551,636
1,961,308
0
349
0
349
349
89,026
1,409,923
53,036
1,551,985
1,961,657

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 2022
Resources deferred in the period
Amounts released from previous period
Deferred income as at 31 December 2022		 Unrestricted
Fund
Designated
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
£
11,677
0
0
11,677
14,143
3,734
0
0
3,734
4,240
15,411
0
0
15,411
18,383
5,325
0
0
5,325
5,325
24,677
0
0
24,677
13,381
490
0
0
490
1,195
30,493
0
0
30,493
19,901
1,195
0
0
1,195
1,195
490
0
0
490
0
(1,195)
0
0
(1,195)
0
490
0
0
490
1,195

23

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
2022
Total
2021
£
£
£
£
£
14,396
0
0
14,396
19,721
14,396
0
0
14,396
19,721

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 2023. 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		 14,396
0
0
14,396
19,721
0
0
0
0
0
14,396
0
0
14,396
19,721

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 £10,000 (2021 £16,474).

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.

24

Annual report and accounts for the year ending 31st December 2022

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
01.01.2022
Incoming
Resources
Outgoing
Resources
Net gains /
(losses) on
investents
Transfers
Carried
Forward
31.12.2022
£
£
£
£
£
£
124,548
1,666
(20,750)
(7,524)
(44,906)
53,035
196,753
31,867
(220,840)
(12,629)
89,405
84,556
1,639,251
47,247
(32,607)
(189,519)
(44,499)
1,419,872
1,960,552
80,780
(274,197)
(209,672)
0
1,557,464
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

25

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 2022 Buildings 2021
2022 2021
£ £ £ £
At 31 December 2022 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

26