
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2022 


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Lees Court Estate Neolithic<br>Round Barrow<br>**----- End of picture text -----**<br>




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|



**2** 



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

## 1. BOARD OF TRUSTEES 

## **1.1 TRUSTEES** 

- The Board of Trustees of the Society presents its report for the year ending 31st December 2022. 

- The Society is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission, 1176989. 

- The principal address of the Society is Maidstone Museum, St Faith’s Street, Maidstone, Kent ME14 1LH. However, correspondence should be addressed to the relevant Society Officer. 

- The members of the governing body of the Society (called “The Board of Trustees” and whose members are charity trustees) during the period covered by this report were: 

## **Council as of 1st January 2022** 


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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||



**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 

- Metro Bank, One Southampton Row, London WC1B 5HA 

## **Independent Examiners:** 

- Mr J Plummer BA 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. 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. 

**4** 



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: 

- A.  The Society’s annual journal, _Archaeologia Cantiana_ , the Society’s biannual Magazine, and other occasional publications are produced, in the first instance, for the members. 

- B.  Further publication of historical and archaeological research is made available on the Society website. 

- C.  Use of Social Media to advance our objects and encourage a broader audience to engage with the Society. 

   - Facebook: https://www.facebook.com/theKentArchaeologicalSociety1857/ Instagram: @kentarchaeologicalsociety_kas 

- D.  Making information available via the Society’s library, websites, blogs, conferences, field trips, study days, community-based local study projects, and lectures to members and nonmembers. 

- E.  The Society has conducted a series of online lectures freely available to anyone. The lectures are recorded and then available on the Society’s YouTube Channel @ kentarchaeologicalsociety8317 

- F.  The Society held various committee-led conferences during the year. In addition, the Society hosted a joint KAS/CBASE conference at the University of Kent. 

- G.  In September 2022, a Society-led community excavation of a Roman Villa in Trottiscliffe was held over a two-week period. The excavation engaged nine hundred hours of members’ volunteer excavation time, an open day attended by over fifty local residents, and a local primary school visited the site. Trottiscliffe Church of England Primary School pupils contributed articles to the Magazine. 


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Trosley Court Heritage<br>Project Excavation<br>**----- End of picture text -----**<br>


**5** 



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. 

**6** 



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: 

- A) Conservation costs relating to the Ozengell Collection; 

- B) Digitisation of the Society’s collections; 

- C) Post-excavation costs for forthcoming community excavations. 

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:** 

- a.  The Chair is elected for a four-year term by the Trustees. The Chair is responsible for Chairing Meetings of the Society and meetings of the Board of Trustees. 

- b.  Will ensure that the Advisory Council are regularly consulted on matters relating to archaeology and history 

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Kent Archaeological Society – charity number 1176989 

## **b) Governance:** 

- a. Custodian of the Constitution 

- b. Oversee the Trustee election cycle. 

- c.  Deal with any questions arising from the Constitution. 

- d.  Manage the legal aspect of the MoU with Maidstone Museum 

- e. Vet the Society’s insurance cover 

- f.  Recommend, if appropriate, Trustee indemnity insurance. 

## **c) Finance:** 

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

- b.  Report to the Trustees on the financial status of the Charity 

- c.  Approve any fundraising bids over £5,000 – this is to be done in conjunction with the Governance Report 

- d.  Set and manage a Reserves Policy, ensuring no conflict exists between fundraising and cash/investment assets. 

## **d) Communications and Membership:** 

- a.  Ensure all membership matters are addressed under the terms of the Constitution. 

- b.  Report and publicise Society business to the Membership. 

- c.  Oversee the communication (via all methods) of Society news and promotions to the Membership and the public. 

## **e) Education and Outreach:** 

- a.  Ensure a county-wide Society engagement of history and archaeology within the educational establishment. 

- b.  Promote a diversity remit that promotes history and archaeology to all social groups. 

- c.  Recruit and maintain a pool of skilled and motivated volunteers to help promote and deliver Society projects. 

- d.  Oversee the staging and promotion of Society events, conferences, and lectures. 


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Anglo-Saxon disc brooch<br>(Ozengell Collection)<br>**----- End of picture text -----**<br>



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XXXXX<br>Anglo-Saxon disc brooch<br>(Ozengell Collection)<br>**----- End of picture text -----**<br>



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Bronze Age Incense Burner<br>(Ozengell Collection)<br>**----- End of picture text -----**<br>


**8** 



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

## **f) Fundraising:** 

- a.  Advise on any Fundraising bids and documentation. 

- b.  With the Governance and Finance Board Reports, approve proposals above £5,000. 

## **g) Committees and Special Interest Groups:** 

- a.  Ensure the Committees and Special Interest Groups address the Society’s aims and public benefit remit. 

## **h) Projects:** 

- a.  Ensure the delivery of the Society fieldwork projects. 

- b.  Confirm special or discreet projects are done so for the benefit of the Society. 

## **i) Collections:** 

- a.  Ensure policy documentation regarding acquiring, dispersal and disposing of the Society’s collections. 

- b.  Oversee the relationship/partnership with Maidstone Museum. 

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<br>(Ozengell Collection)<br>**----- End of picture text -----**<br>



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Anglo-Saxon glass jar<br>(Ozengell Collection)<br>**----- End of picture text -----**<br>


**9** 



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<br>Excavation, Pilae Stack<br>**----- End of picture text -----**<br>


**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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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: 

- select suitable accounting policies and then apply them consistently 

- observe the methods and principles in the Charities Statement of Recommended Practice 

- make judgements and estimates that are reasonable and prudent 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements 

- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue operating. 

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** 

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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 

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Kent Archaeological Society – charity number 1176989 

## Statement of Financial Activities for the Year ended 31 December 2022 

|**Note**<br>**Income and endowments from:**<br> **Donations and legacies**<br>Donations<br>**Charitable Activities**<br>Subscriptions<br>**3**<br>Incoming resources from charitable activities<br>**5**<br>Grants<br>**2**<br>**Investment and other income**<br>Investment Income<br>**4**<br>**Total Income**<br>**Expenditure on:**<br>**Raising funds**<br>Investment management fees<br>Fund raising report<br>**Charitable activities**<br> _Archaeologia Cantiana_Expenses<br>**6**<br>Excursions, Events and Lectures<br>**7**<br>Committees Expenditure<br>**8**<br>Magazine<br>Grants by Council<br>**9**<br>Subscriptions to other bodies<br>Allen Grove awards<br>**10**<br>Support and other costs<br>**11**<br>**Total expenditure**<br>**Net gains / (losses) on investments**<br>**17**<br>**Net income / (expenditure)**<br>**Transfers between funds**<br>**22**<br>**Net movement in funds**<br>**Reconciliation of Funds**<br>**Total funds brought forward 1 January 2022**<br>Total funds before extraordinary items<br>**Extraordinary Items**<br>Transfer from unincorporated body<br>**Total funds carried forward at 31 December 2022**|**Unrestricted**<br>**Funds**<br>**Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022**<br>**Total**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>3,257<br>0<br>0<br>3,257<br>29,329<br>22,655<br>0<br>0<br>22,655<br>24,190<br>1,067<br>0<br>0<br>1,067<br>5<br>2,091<br>0<br>0<br>2,091<br>4,815<br>2,797<br>47,247<br>1,666<br>51,709<br>53,335|
|---|---|
||31,867<br>47,247<br>1,666<br>80,780<br>111,674|
||0<br>0<br>0<br>0<br>0<br>20,495<br>0<br>0<br>20,495<br>0<br>9,744<br>0<br>0<br>9,744<br>14,884<br>0<br>0<br>0<br>0<br>0<br>83,131<br>27,394<br>0<br>110,525<br>49,407<br>23,977<br>0<br>0<br>23,977<br>16,543<br>0<br>0<br>9,020<br>9,020<br>18,039<br>1,705<br>0<br>0<br>1,705<br>489<br>0<br>0<br>11,730<br>11,730<br>1,055<br>81,787<br>5,213<br>0<br>87,000<br>66,018|
||220,840<br>32,607<br>20,750<br>274,197<br>166,436|
||(12,629)<br>(189,519)<br>(7,524)<br>(209,672)<br>223,021|
||(201,602)<br>(174,880)<br>(26,607)<br>(403,088)<br>168,259<br>89,405<br>(44,499)<br>(44,906)<br>0<br>0|
||(112,197)<br>(219,379)<br>(71,513)<br>(403,088)<br>168,259<br>196,753<br>1,639,251<br>124,548<br>1,960,552<br>1,792,292|
||84,556<br>1,419,872<br>53,035<br>1,557,464<br>1,960,551<br>0<br>0<br>0<br>0<br>0<br>84,556<br>1,419,872<br>53,035<br>1,557,464<br>1,960,551|



**14** 



Kent Archaeological Society – charity number 1176989 

## Balance Sheet as at 31 December 2022 

|**Note**<br> **Fixed Assets**<br>Tangible fxed assets<br>**16**<br>Investments<br>**17**<br>**Current Assets**<br>Stock<br>Debtors and Prepayments<br>**18**<br>Cash at Bank and in Hand<br>**Current Liabilities**<br> Creditors amounts falling due within one year<br>**19**<br>**Net current assets / (liabilities)**<br>**Creditors amounts falling due**<br>**after more than one year**<br>**20**<br>**Provisions for****_Archaeologia Cantiana_**<br>**Net Assets**<br>**Funds of the Society**<br>**Unrestricted**<br>General<br>**22**<br>**Designated**<br>**Restricted**<br>**Total Funds**|**Unrestricted**<br>**Funds**<br>**Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022**<br>**Total**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>3,967<br>9,950<br>0<br>13,917<br>16,044<br>89,026<br>1,409,923<br>53,036<br>1,551,985<br>1,961,657|
|---|---|
||**92,993**<br>**1,419,873**<br>**53,036**<br>**1,565,903**<br>**1,977,701**|
||0<br>0<br>0<br>0<br>98<br>15,411<br>0<br>0<br>15,411<br>18,383<br>31,039<br>0<br>0<br>31,039<br>20,466|
||**46,450**<br>**0**<br>**0**<br>**46,450**<br>**38,947**|
||30,493<br>0<br>0<br>30,493<br>19,901|
||**30,493**<br>**0**<br>**0**<br>**30,493**<br>**19,901**|
|||
||**15,957**<br>**0**<br>**0**<br>**15,957**<br>**19,046**|
||**108,951**<br>**1,419,873**<br>**53,036**<br>**1,581,860**<br>**1,996,747**<br>14,396<br>0<br>0<br>14,396<br>19,721<br>10,000<br>0<br>0<br>10,000<br>16,474|
||**84,555**<br>**1,419,873**<br>**53,036**<br>**1,557,464**<br>**1,960,552**|
||84,555<br>0<br>0<br>84,555<br>196,753<br>1,419,873<br>1,419,873<br>1,639,251<br>53,036<br>53,036<br>124,548|
||**84,556**<br>**1,419,873**<br>**53,036**<br>**1,557,464**<br>**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**<br>**Net cash infow (outfow) from operating activities**<br>**(i)**<br>**Capital expenditure**<br>Payments to acquire tangible fxed assets<br>Disposals<br>**Cashfows from investing activities**<br>Purchase of investments<br>Disposal of investments<br>Movement in cash deposits<br>**Cashfows from fnancing activities**<br>New loan fnance - Bounce Back Loan<br>Repayment of borrowings<br>**(Decrease) / increase in cash**<br>**(iii)**<br>**Notes to the Cashfow**<br>**(i) Adjustments to exclude non cash items**<br>Net incoming resources<br>Depreciation<br>Net gain on investments<br>(Increase)/decrease in stock<br>(Increase)/decrease in debtors<br>(Decrease)/increase in creditors<br>(Decrease)/increase in provisions<br>**Net cash infow from operating activities**<br>**(ii) Changes in cash funds**<br>Cash held by Investment manager<br>Bank and cash<br>**(iii) Reconciliation of net cash fow to movement**<br>**in net cash funds**<br>**(ii)**<br>(Decrease) / increase in cash in the year<br>Net funds at 1 January 2022<br>**Net cash funds at 31 December 2022**<br>**Analysis of net changes in net debt**<br>Cash and cash equivalents<br>Loans falling due within one year<br>Loans falling due after more than one year|**2022**<br>**£**<br>(5,108)<br>0|**2022**<br>**£**<br>(184,319)<br>(5,108)<br> <br> <br>0<br> <br> <br>0<br>**(189,427)**<br>(403,088)<br>7,234<br>209,672<br>98<br>2,972<br>5,267<br>(6,474)<br>**(184,319)**<br>**01/01/2022**<br>**£**<br>349<br>20,466<br>**20,815**<br>**2022**<br>**£**<br>(189,427)<br>20,815<br>**(168,612)**<br>**01/01/2022**<br>**£**<br>20,815<br>(5,325)<br>(19,721)<br>**(4,231)**|**2021**<br>**£**<br>(19,949)<br>0<br>0<br>0<br>0<br>0<br>0<br>**Cashfow**<br>**£**<br>0<br>(189,427)<br>**(189,427)**<br>**Cashfows**<br>**£**<br>(189,427)<br>(5,325)<br>5,325<br>**(189,427)**|**2021**<br>**£**<br>(2,064)<br>(19,949)<br>0<br>0|
|---|---|---|---|---|
||0<br>0<br>0||||
||0<br>0||||
||||||
|||||**(22,013)**|
|||||168,260<br>22,059<br>(171,021)<br>48<br>1,694<br>(22,298)<br>(805)|
|||||**(2,064)**|
|||||**31/12/2022**<br>**£**<br>349<br>(168,961)|
|||||**(168,612)**|
|||||**2021**<br>**£**<br>(22,013)<br>42,828|
|||||**20,815**|
|||||**31/12/2022**<br>**£**<br>(168,612)<br>(5,325)<br>(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**<br>Grants for_Archaeologia Cantiana_<br>Grants for_Maritime Kent_|**Unrestricted**<br>**Fund**<br>**Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022**<br>**Total**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>2,091<br>0<br>0<br>2,091<br>1,465<br>0<br>3,350|
|---|---|
||**2,091**<br>**0**<br>**0**<br>**2,091**<br>**4,815**|



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

|**3. Subscriptions**<br>Annual subscriptions<br>Gift aid recovered on subscriptions|22,655<br>0<br>0<br>22,655<br>24,180<br>0<br>0<br>0<br>0<br>10|
|---|---|
||**22,655**<br>**0**<br>**0**<br>**22,655**<br>**24,190**|



Previous year subscriptions income amounted to £24,190, all of which was attributable to unrestricted funds. 

|**4. Investment Income**<br>Income from listed investments and<br>cash at brokers<br>COIF Common Investment Fund<br>Interest receivable on cash deposits|0<br>0<br>0<br>0<br>0<br>2,797<br>47,247<br>1,666<br>51,709<br>53,335<br>0<br>0<br>0<br>0<br>0|
|---|---|
||**2,797**<br>**47,247**<br>**1,666**<br>**51,709**<br>**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**<br>**activities**<br>Newsletter<br>Lectures and courses|**Unrestricted**<br>**Fund**<br>**Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022**<br>**Total**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,067<br>0<br>0<br>1,067<br>5<br>0<br>0<br>0<br>0<br>0|
|---|---|
||**1,067**<br>**0**<br>**0**<br>**1,067**<br>**5**|



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

|**6.****_Archaeologia Cantiana_ Expenses**<br>Production<br>Distribution|7,744<br>0<br>0<br>7,744<br>11,011<br>2,000<br>0<br>0<br>2,000<br>3,873|
|---|---|
||**9,744**<br>**0**<br>**0**<br>**9,744**<br>**14,884**|



Previous year _Archaeologia Cantiana_ expenses amounted to £14,884, all of which was attributed to unrestricted funds 

|**7. Excursions, Events and Lectures**<br>Excursions and Events<br>Lectures and courses|0<br>0<br>0<br>0<br>0<br>0<br>0<br>0<br>0<br>0|
|---|---|
||**0**<br>**0**<br>**0**<br>**0**<br>**0**|



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

|**8. Committees’ expenditure**<br>Library<br>Learning and Engagement<br>Communications<br>Fieldwork<br>Trottisclife excavations<br>Lees Court Estate Project<br>Publications<br>Thirsk Prize<br>Website<br>Marsham Street Research Centre|40,875<br>0<br>0<br>40,875<br>14,885<br>0<br>0<br>0<br>0<br>0<br>40,211<br>0<br>0<br>40,211<br>13,098<br>0<br>1,558<br>0<br>1,558<br>1,528<br>0<br>4,244<br>0<br>4,244<br>0<br>0<br>0<br>0<br>0<br>1,340<br>262<br>0<br>0<br>262<br>6,442<br>1,000<br>0<br>0<br>1,000<br>0<br>0<br>15,596<br>0<br>15,596<br>5,415<br>783<br>5,997<br>0<br>6,780<br>6,699|
|---|---|
||**83,131**<br>**27,394**<br>**0**<br>**110,525**<br>**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**<br>**Included within Committees’ expenditure**<br>**Grants to individuals**<br>**Grants to institutions**<br>Brian Fagg Legacy to Canterbury CC University<br>Previous years grants expenditure amounted to £18,039 all<br>**10. Allen Grove Awards**<br>**Grants to individuals**<br>There were two Allen Grove awards to an individual in 2021<br>**11. Support and other costs**<br>Administration and secretarial<br>Wages and NI 'ers<br>Training<br>Insurances<br>Bank charges<br>Bounce Back Loan interest<br>Data Protection fee<br>Archiving<br>Depreciation<br>Governance costs (see note 12)|**Unrestricted**<br>**Fund**<br>**Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022**<br>**Total**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>0<br>0<br>0<br>0<br>0<br>0<br>0<br>9,020<br>9,020<br>18,039|
|---|---|
||**0**<br>**0**<br>**9,020**<br>**9,020**<br>**18,039**|
||of which was attributed to restricted funds<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>0<br>0<br>11,730<br>11,730<br>1,055|
||**0**<br>**0**<br>**11,730**<br>**11,730**<br>**1,055**|
||amounting to £1,055<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>7,315<br>0<br>0<br>7,315<br>2,207<br>53,873<br>0<br>0<br>53,873<br>20,675<br>1,681<br>0<br>0<br>1,681<br>900<br>2,231<br>0<br>0<br>2,231<br>2,119<br>0<br>0<br>0<br>0<br>6<br>565<br>0<br>0<br>565<br>332<br>35<br>0<br>0<br>35<br>35<br>2,987<br>0<br>0<br>2,987<br>9,600<br>2,022<br>5,213<br>0<br>7,234<br>22,059<br>11,078<br>0<br>0<br>11,078<br>8,087|
||**81,787**<br>**5,213**<br>**0**<br>**87,000**<br>**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**<br>Annual General Meeting costs<br>Independent Examination fee<br>Legal fees/Incorporation expenditure|13,251<br>0<br>0<br>13,251<br>1,969<br>2,500<br>0<br>0<br>2,500<br>1,470<br>(4,673)<br>0<br>0<br>(4,673)<br>4,648|
|---|---|
||**11,078**<br>**0**<br>**0**<br>**11,078**<br>**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**<br>Equipment at 1 January 2022<br>Additions in year<br>Equipment at 31 December 2022<br>Depreciation at 1 January 2022<br>Depreciation for year<br>Depreciation at 31 December 2022<br>**Net book value at 31 December2022**<br>**Net book value 1 January 2022**|**Unrestricted**<br>**Fund**<br>**Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022**<br>**Total**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>70,455<br>84,242<br>5,000<br>159,697<br>139,748<br>5,108<br>0<br>0<br>5,108<br>19,949|
|---|---|
||**75,563**<br>**84,242**<br>**5,000**<br>**164,805**<br>**159,697**|
||69,574<br>69,079<br>5,000<br>143,653<br>121,594<br>2,022<br>5,213<br>0<br>7,234<br>22,059|
||**71,596**<br>**74,292**<br>**5,000**<br>**150,887**<br>**143,653**|
|||
||**3,967**<br>**9,950**<br>**0**<br>**13,917**<br>**16,044**|
|||
||**881**<br>**15,163**<br>**0**<br>**16,044**<br>**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**<br>Market value at 1 January 2022<br>Additions<br>Disposal proceeds<br>Net gains / (losses) on investments<br>Movement in deposit funds<br>Market value at 31 December 2022<br>**Represented by:**<br>COIF Common Investment Fund<br>Cash Deposits|**Unrestricted**<br>**Fund**<br>**Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022**<br>**Total**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>212,521<br>1,624,088<br>125,048<br>1,961,657<br>1,790,636<br>0<br>0<br>0<br>0<br>0<br>0<br>(200,000)<br>0<br>(200,000)<br>(52,000)<br>(12,629)<br>(189,519)<br>(7,524)<br>(209,672)<br>223,021<br>(110,866)<br>175,354<br>(64,488)<br>0<br>0|
|---|---|
||**89,026**<br>**1,409,923**<br>**53,036**<br>**1,551,985**<br>**1,961,657**|
||89,026<br>1,409,574<br>53,036<br>1,551,636<br>1,961,308<br>0<br>349<br>0<br>349<br>349|
||**89,026**<br>**1,409,923**<br>**53,036**<br>**1,551,985**<br>**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**<br>Other debtors<br>Prepayments<br>**19. Creditors amounts due in one year**<br>Bounce Bank Loan<br>Accruals<br>Deferred income<br>**Deferred Income**<br>Deferred income as at 1 January 2022<br>Resources deferred in the period<br>Amounts released from previous period<br>Deferred income as at 31 December 2022|**Unrestricted**<br>**Fund**<br>**Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022**<br>**Total**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>11,677<br>0<br>0<br>11,677<br>14,143<br>3,734<br>0<br>0<br>3,734<br>4,240|
|---|---|
||**15,411**<br>**0**<br>**0**<br>**15,411**<br>**18,383**|
||5,325<br>0<br>0<br>5,325<br>5,325<br>24,677<br>0<br>0<br>24,677<br>13,381<br>490<br>0<br>0<br>490<br>1,195<br>**30,493**<br>**0**<br>**0**<br>**30,493**<br>**19,901**<br>1,195<br>0<br>0<br>1,195<br>1,195<br>490<br>0<br>0<br>490<br>0<br>(1,195)<br>0<br>0<br>(1,195)<br>0<br>**490**<br>**0**<br>**0**<br>**490**<br>**1,195**|



**23** 



Kent Archaeological Society – charity number 1176989 

|**20. Creditors: amounts falling due after**<br>**more than one year**<br>Bounce Back Loan|**Unrestricted**<br>**Fund**<br>**Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total**<br>**2022**<br>**Total**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>14,396<br>0<br>0<br>14,396<br>19,721|
|---|---|
||**14,396**<br>**0**<br>**0**<br>**14,396**<br>**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**<br>Repayable in years two to fve<br>Repayable in year six|14,396<br>0<br>0<br>14,396<br>19,721<br>0<br>0<br>0<br>0<br>0|
|---|---|
||**14,396**<br>**0**<br>**0**<br>**14,396**<br>**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)**<br>**Current Year**<br>**Restricted Funds**<br>**Unrestricted Funds**<br>General Fund<br>**Designated Funds**<br>**Prior Year**<br>**Restricted Funds**<br>**Restricted Funds**<br>**Unrestricted Funds**<br>**General Fund**<br>**Designated Funds**<br>**Designated Funds**|**Brought**<br>**Forward**<br>**01.01.2022**<br>**Incoming**<br>**Resources**<br>**Outgoing**<br>**Resources**<br>**Net gains /**<br>**(losses) on**<br>**investents**<br>**Transfers**<br>**Carried**<br>**Forward**<br>**31.12.2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
||**124,548**<br>**1,666**<br>**(20,750)**<br>**(7,524)**<br>**(44,906)**<br>**53,035**|
||**196,753**<br>**31,867**<br>**(220,840)**<br>**(12,629)**<br>**89,405**<br>**84,556**|
|||
||**1,639,251**<br>**47,247**<br>**(32,607)**<br>**(189,519)**<br>**(44,499)**<br>**1,419,872**|
||**1,960,552**<br>**80,780**<br>**(274,197)**<br>**(209,672)**<br>**0**<br>**1,557,464**|
||**Brought**<br>**Forward**<br>**01.01.2021**<br>**Incoming**<br>**Resources**<br>**Outgoing**<br>**Resources**<br>**Net gains /**<br>**(losses) on**<br>**investents**<br>**Transfers**<br>**Carried**<br>**Forward**<br>**31.12.2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
||**117,593**<br>**30,847**<br>**(19,094)**<br>**7,455**<br>**(12,253)**<br>**124,548**|
||**185,390**<br>**31,774**<br>**(112,002)**<br>**12,513**<br>**79,078**<br>**196,753**|
|||
||**1,489,309**<br>**49,054**<br>**(35,340)**<br>**203,053**<br>**(66,825)**<br>**1,639,251**|
||**1,792,292**<br>**111,675**<br>**(166,436)**<br>**223,021**<br>**0**<br>**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** 

