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2024-12-31-accounts

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

Charity number: 1188638

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 28

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees M. Alberti
L. Allason-Jones
Dr. M. Barke
Prof. R. Collins
Dr. S. E. F. Collins
D. Cutts
C T Dodds (appointed 1 May 2024)
R. W. Fern
D. H. Heslop
Dr. N. Hodgson
Dr. F. C. McIntosh
D. O'Meara
K. C. Mountain
Prof. S. D. Pallett
Dr. R. Pears
S. Ward
G. N. Woodward
Charity registered
number
1188638
Principal office
Great North Museum: Hancock
Barras Bridge
Newcastle upon Tyne
NE2 4PT
Accountants
Kinnair Associates Limited
Chartered Accountants
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB
Bankers
Lloyds Bank plc
PO Box 1000
BX1 1LT
Solicitors
Weightmans LLP
1 St James' Gate
Newcastle upon Tyne
NE1 4AD
Investment Managers
RBC Brewin Dolphin Ltd
Time Central
Gallowgate
Newcastle upon Tyne
NE1 4SR

Page 1

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the financial statements of the Charity for the year 31 December 2024.

Objectives and activities

Policies and objectives

Objects and Aims

The objects of the Society are the study, investigation, description and presentation of antiquities and historical records in general and those in Northumberland, Durham and Newcastle upon Tyne in particular. The Society pursues its objects through:

The Trustees have referred to the guidance on public benefit issued by the Charity Commission and designed the programme of activities so as to ensure a substantial public benefit.

Council has considered how to make the Society more attractive to students and has offered additional sessions aimed at this audience. In addition students can join as electronic members for as little as £5.00 per annum and there is also a concessionary rate which includes a copy of Archaeologia Aeliana.

At least one meeting each year is open to the public and non-members are allowed to attend one lecture meeting to see whether they wish to join. The Trustees are satisfied that the Society provides considerable public benefit, as is clear from the list of activities above.

The Trustees confirm that they have complied with the requirements of Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance

Main achievements of the Charity

2024 the Society’s programme of activities has continued to run largely on a face-to-face basis, but learning from the success of Zoom lectures during the pandemic in reaching a wider national and international audience, face-to-face lectures are now live streamed on Zoom and recordings put on the website.

A summer social was held at the Tyneside Irish Centre and a very successful trip to the Brancepeth Castle, St Brandon’s Brancepeth and Croxdale Hall took place, run in conjunction with other societies in order to attract sufficient numbers. There have also been a number of walks and one research showcase, aimed primarily at students, has been held at the Tyneside Cinema with free entry.

Archaeologia Aeliana 2023 and 2024 have been successfully produced and distributed, with the 2024 volume available before the year end, getting the production timetable back to normal.

Work on digitising Archaeologia Aeliana was completed in 2019 and all but the most recent year will soon be digitally available through the Archaeology Data Service at the University of York. Work on getting the Proceedings of the Society of Antiquaries of Newcastle upon Tyne online remains to be completed. The digitisation work was supported by the Marc Fitch Fund and the Sir James Knott Trust.

The Society produces a twice yearly news bulletin for its members and regular e-bulletins with news about events, including those run by other bodies which the Society’s members can also take part in. It also has a presence on some social media platforms in order to publicise its activities.

The Society's collection of antiquities continues to be on public display in the Great North Museum, while its collections of historical items are on loan to other public museums in the region and elsewhere in Britain. A number of acquisitions have been made during the year. Its extensive archive collections are housed at Woodhorn Museum and Northumberland Archives, where they are publicly accessible. The Society also continues to invest in its Library, in both journals and books, which are available for public reference, and also in preserving its archive at Woodhorn.

During the year a great deal of work has been carried out to prepare for a major upgrade and redesign of the website, in particular moving archival holdings to a separate website to reduce the amount of material on the main website. The archival material will remain accessible to the public. The new website will focus on meeting the needs of members and potential members and will be managed by the Activities and Membership Committee.

During the year the Society has continued to support the African Lives in Northern England project and managed its finances. Related income and expenditure are shown in Restricted Funds.

In autumn 2024 a palaeography course was run jointly with Explore (Joseph Cowen Lifelong Learning Centre) which should equip more members of both organisations to take part in future transcription projects.

The Society is run by volunteers supported by a part-time Membership Administrator, so all this activity is the result of voluntary effort. The Council of the Society (the Trustees) are immensely grateful to all of its members who voluntarily run activities and produce publications.

At the end of 2023 the Society of Antiquaries of Newcastle upon Tyne had 545 individual members and 78 institutional subscribers. It exchanged its journal with 38 other institutions.

IIn 2024 the following lecture meetings were held:

31 January

Understanding the Northumbrians: Cultural Dan Jackson Archaeology and the Longue Durèe in the

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Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

History of North East England
28 February The Late Medieval Settlement of Linbrig David Jones &
Richard Carlton
27 March Discovering African Lives in North East England Beverley Prevatt
Goldstein
26 April Annual General Meeting. North-East Miners’ Ken Smith
Banners
29 May The Northumberland Landholdings of the House Colm O’Brien
of Cospatric
26 June New Discoveries at Yeavering, Northumberland Sarah Semple &
Roger Miket
31 July Bishop Auckland: The Growth of an Historic Clare Howard &
Market Town Jules Brown
28 August Pregnancy and Childbirth in Nineteenth-Century Jessica Cox
Tyneside
25 September Lindisfarne and Archaeological Approaches to Christina Cowart-Smith
Britain’s High Crosses
30 October The Extramural Settlement and Bathhouse at Ian Haynes &
Birdoswald – Excavations 2021-24. Tony Wilmott
27 November Silver Stories: The Traprain Law Treasure and Fraser Hunter
the Roles of Silver around the late Roman
Frontier

The lectures were live streamed to members and most are made available on our free-to-watch YouTube channel, making them available to a wider audience and to non-members.

Deaths Notified

The Society learned with great sadness of the deaths of the following members:

Alan Bill, a member since 2015

Andy Bogle, a member since 2020

Mike Calvert, a member since 1996

Professor Norman McCord, a member since 1949

Ivan Edward Stretton, a member since 1986

Jenny Vaughan, a member since 1981

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

Fundraising activities and income generation

The Society is required to report how it deals with fundraising from the public. The Society does not use a professional fundraiser or commercial participator to raise funds. Any monies received direct from the public are raised in accordance with the guidelines set by the Charity Commission and UK law in every respect. The privacy and contact preferences of all public donors are respected.

Investment policy and performance

The investments in the Capital Fund are professionally managed in line with the Society’s instructions with a view to achieving capital growth so as to maintain its real value and generate an increasing annual income. The investments are overseen by the Investment Committee which meets annually with the Society’s fund managers. The Society adopts a total return approach so that capital gains as well as interest and dividends can be used in a prudent way, which does not damage the long-term performance of the investments.

Financial review

Overview

In 2024 the Society made an operating deficit on unrestricted funds of £13,157. There are a number of reasons for this, some linked to the legacy of the Pandemic and to the cost of living crisis. Another is reduced investment income, which appears to be part of a longer-term trend. The Society has always used this income to support its operations, so the loss of about a quarter of it has had consequences. Nevertheless the level of unrestricted reserves is so high that there is no danger to the Society’s survival in the short or the medium term.

The value of the Society’s investment portfolio has been extremely volatile, reflecting economic conditions and the state of the world. However, its value at 31 December 2024 was £804,711 (2023: £753,149) and a £59,060 gain in the value of the portfolio was achieved (2023: £39,168 gain in value).

The Society has also suffered a loss of membership and therefore of membership income compared to before the Pandemic. However, 2024 did see some stabilisation in net numbers, as the number of new members was sufficient to match the number of resignations. Post Pandemic many voluntary organisations have faced the same problem. Activities Committee is developing plans to rebuild the Society’s membership and a good number of new members joined in 2024. Council decided that despite the deficit, this was not the time to be raising subscription levels, given cost of living pressures.

In the view of the Trustees there are no uncertainties about the Society’s ability to continue as a going concern. Unrestricted reserves amounted to £841,622, which provides a substantial cushion, despite the financial challenges faced.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves policy

The Trustees’ policy in the medium term is that the Society should seek to live within its annual income from activities, subscriptions and income from its investments in the Capital Fund. Its policy is to maintain the real value of the Capital Fund in the medium term and only to spend income and capital in a way which is compatible with this. The Capital Fund is a designated fund, so it remains available to deal with emergencies, and is included in Unrestricted Funds in the financial statements. However, in the current very difficult conditions, the Trustees accepted that they would have to draw on reserves to a small extent. Unrestricted reserves at £841,622 are very high in relation to annual expenditure, so the Society can afford to do this.

Structure, governance and management

Constitution

The Society of Antiquaries of Newcastle upon Tyne (a registered charity, number 1188638) is constituted as a Charitable Incorporated Organisation (CIO).

Methods of appointment or election of Trustees

The Trustees of the Society are the members of Council, who will be elected by rotation at the Annual General Meeting in April each year. They are “the persons having the general control and management of the administration of the Charity”.

Pay policy for key management personnel

The Council of the Society does not consider that there are any key management personnel other than the Members of Council (Trustees) themselves, who receive no remuneration.

Policies

The Trustees have a policy on Conflicts of Interest and have set up a Register of Interests for Members of Council. The Trustees also have a Risk Management Policy and have established a Risk Register, which is subject to annual review by the Trustees.

Plans for future periods

The Society’s Council plans to continue to adopt a hybrid approach, which combines face-to-face lectures with live streaming via Zoom and making recordings of lectures available, so as to reach as many members as possible. Additional specialist equipment has been purchased to ensure that members attending on-line get an equally good experience. In addition most lectures are available for all to view without charge on our You Tube channel.

The Society hopes soon to be able to make past editions of Proceedings available on-line through the Archaeology Data Service at the University of York in addition to Archaeologia Aeliana which is already available via ADS.

Council also plans to make further archival material available on-line, as has already been done for the Poll Book and the Flood Book, using volunteers to carry out the work, whilst seeking grant aid, where appropriate, to subsidise the costs of publishing. The palaeography course run in autumn 2024 should equip more members to take part in this work.

The Society also intends to add to its collections as and when suitable artefacts and documents relevant to the history and archaeology of the North East of England become available.

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for future periods (continued)

The Society is in the midst of a major revamp of its website in order to improve its look and functionality, which will take place in 2025.

Reappointment of independent examiner

A motion for the reappointment of Kinnair Associates Ltd as independent examiners will be proposed at the annual general meeting.

Statement of Trustees' responsibilities

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

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 26 March 2025 and signed on their behalf by:

Prof. S. D. Pallett

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Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Independent Examiner's Report to the Trustees of The Society of Antiquaries of Newcastle upon Tyne ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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 2011 Act; or

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

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

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

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 26 March 2025 Deltev Anderson FCA Kinnair Associates Limited Chartered Accountants Aston House Redburn Road Newcastle upon Tyne NE5 1NB

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8,9
Charitable activities
11
Total expenditure
Net income/(expenditure) before net
gains on investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
7,185
6,304
-
-
-
13,489
-
12,277
12,277
1,212
-
1,212
46,837
1,212
48,049		 Unrestricted
funds
2024
£
27,717
-
1,554
22,849
2,000
54,120
9,396
57,881
67,277
(13,157)
59,060
45,903
795,719
45,903
841,622		 Total
funds
2024
£
34,902
6,304
1,554
22,849
2,000
67,609
9,396
70,158
79,554
(11,945)
59,060
47,115
842,556
47,115
889,671		 Total
funds
2023
£
29,481
3,058
1,342
22,473
37
56,391
10,545
59,342
69,887
(13,496)
39,168
25,672
816,884
25,672
842,556

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 28 form part of these financial statements.

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
16
Investments
17
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 5,988
110,538
116,526
(31,991)		 2024
£
425
804,711
805,136
84,535
889,671
889,671
48,049
841,622
889,671		 4,809
112,562
117,371
(28,602)		 2023
£
638
753,149
753,787
88,769
842,556
842,556
46,837
795,719
842,556

The financial statements were approved and authorised for issue by the Trustees on 26 March 2025 and signed on their behalf by:

Prof. S. D. Pallett

The notes on pages 11 to 28 form part of these financial statements.

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

The Society of Antiquaries of Newcastle upon Tyne (a registered charity, number 1188638) is constituted as a Charitable Incorporated Organisation (CIO).

The address of the principal office is Great North Museum, Barras Bridge, Newcastle upon Tyne, NE2 4PT.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Society of Antiquaries of Newcastle upon Tyne meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The functional currency is sterling.

2.2 Going concern

The Trustees have considered the financial position and consider that there are no material uncertainties about the Society's ability to continue as a going concern

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.4 Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregates similar costs to that category.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Supports costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and other costs with an allocation of overhead and support costs.

Governance costs and support costs relating to charitable activities have been allocated as set out in the Support Costs note (note 12).

Governance costs

Governance costs include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and Trustees's meetings and reimbursed expenses.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

2.8 Collections of the Society

These are heritage assets. These assets are irreplaceable originals to which no reliable cost or value can be attributed and accordingly these have not been capitalised in the financial statements.

2.9 Investments

Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.13 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

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THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Income from donations and legacies

Donations
Gift aid reclaimed
Grants
Members subscriptions
Total 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
1,500
160
-
3,495
5,685
-
-
24,062
7,185
27,717
2,090
27,391		 Total
funds
2024
£
1,660
3,495
5,685
24,062
34,902
29,481		 Total
funds
2023
£
116
3,143
2,090
24,132
29,481

4. Income from charitable activities

Publications
Publications licence
African Lives Project
Palaeography course
Total 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
4
-
1,139
-
4,688
-
473
-
6,304
-
2,932
126		 Total
funds
2024
£
4
1,139
4,688
473
6,304
3,058		 Total
funds
2023
£
218
1,172
1,668
-
3,058

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Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2024
£
Events income
1,554
Total 2023
1,342		 Total
funds
2024
£
1,554
1,342		 Total
funds
2023
£
1,342

6. Investment income

Unrestricted
funds
2024
£
Other investment income
20,796
Bank interest
2,053
22,849
Total 2023
22,473		 Total
funds
2024
£
20,796
2,053
22,849
22,473		 Total
funds
2023
£
21,490
983
22,473

7. Other incoming resources

Unrestricted
funds
2024
£
Other incoming resources
2,000
Total 2023
37		 Total
funds
2024
£
2,000
37		 Total
funds
2023
£
37

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Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Expenditure on raising funds

Other trading expenses

Unrestricted
funds
2024
£
Other events
1,696
Total 2023
1,494		 Total
funds
2024
£
1,696
1,494		 Total
funds
2023
£
1,494

9. Investment management costs

Unrestricted
funds
2024
£
Investment management fees
7,700
Total 2023
9,051		 Total
funds
2024
£
7,700
9,051		 Total
funds
2023
£
9,051

Page 17

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Analysis of grants

Grant funding activities
Total 2023		 Grants to
Institutions
2024
£
7,000
7,000		 Grants to
Individuals
2024
£
2,754
3,500		 Total
funds
2024
£
9,754
10,500		 Total
funds
2023
£
10,500

The Charity has made the following material grants to institutions during the year:

Name of institution
Newcastle University - grant for Great North Museum
Woodhorn - grant for Bagpipe Museum
Northumberland County Council - grant for Archives at Woodhorn		 2024
£
5,000
1,000
1,000
7,000		 2023
£
5,000
1,000
1,000
7,000

11. Analysis of expenditure on charitable activities

Summary by fund type

Direct costs - Activities
Total 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
12,277
57,881
6,597
52,745		 Total
2024
£
70,158
59,342		 Total
2023
£
59,342

Page 18

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Analysis of expenditure by activities

Direct costs - Activities
Total 2023		 Activities
undertaken
directly
2024
£
44,101
32,335		 Grant
funding of
activities
2024
£
9,754
10,500		 Support
costs
2024
£
16,303
16,507		 Total
funds
2024
£
70,158
59,342		 Total
funds
2023
£
59,342

Analysis of direct costs

Depreciation
Collections expenditure
Library
Production of Archaeologia Aeliana
Web costs
Monthly meetings
Palaeography course		 Total
funds
2024
£
213
2,075
4,190
28,855
3,924
4,034
810
44,101		 Total
funds
2023
£
212
700
3,833
23,130
1,289
3,171
-
32,335

Page 19

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Postage, telephone and stationery
Insurance
Bank charges
Governance costs
Governance costs comprise:
Wages and salaries
Insurance
Postage, telephone and stationery
Other establishment costs
Bank charges
Independent examination fee
Other governance costs
13.
Independent examiner's remuneration
Fees payable to the Charity's independent examiner for the preparation
and independent examination of the Charity's annual accounts		 Total
funds
2024
£
7,807
2,953
801
409
4,333
16,303
2024
£
867
89
328
538
45
2,190
276
4,333
2024
£
2,190		 Total
funds
2023
£
7,445
3,201
572
436
4,853
16,507
2023
£
792
63
356
1,324
49
2,100
169
4,853
2023
£
2,100

Page 20

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Staff costs

Wages and salaries
Pension costs		 2024
£
8,340
334
8,674		 2023
£
7,920
317
8,237

The average head count of employees during the year was 1 (2023: 1).

No employee received emoluments of more than £60,000 during the year.

15. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, expenses totalling £ 1,882 were reimbursed or paid directly to 7 Trustees (2023 - £1,802 to 5 Trustees) for expenses incurred on behalf of the charity.

Page 21

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16.
Tangible fixed assets
Cost or valuation
At 1 January 2024
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Office
equipment
£
6,340
6,340
5,702
213
5,915
425
638

Page 22

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Fixed asset investments

Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
746,201
53,386
(60,589)
59,060
798,058
798,058
746,201		 Cash held
for
investment
£
6,948
-
(295)
-
6,653
6,653
6,948		 Total
£
753,149
53,386
(60,884)
59,060
804,711
804,711
753,149

At the year end, the following investments represented more than 5% of the value of the investment portfolio:

Ishares Vll Plc S&P 500 - 2,060 shares valued at £97,026 Vanguard Funds Plc S&P 500 - 650 shares valued at £58,274 Fidelity UCITS ICAV Quality Income - 5,900 shares valued at £50,888

The historic cost value of the investments at the year end was £639,572 (2023: £623,113).

18. Debtors

Due within one year
Prepayments and accrued income		 2024
£
5,988
5,988		 2023
£
4,809
4,809

Page 23

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Creditors: Amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 31,991 28,602

20. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 915,249 865,711

Financial assets measured at fair value through income and expenditure comprise listed securities and bank balances.

21. Statement of funds

Statement of funds - current year

Balance at 1
January
2024
£
Unrestricted funds
Capital fund
795,719
Restricted funds
Publications Grant Fund
6,742
Publications Fund
28,952
African Lives Project
2,643
Charlton fund
8,500
Palaeography course
-
Archival website project
-
46,837
Total of funds
842,556		 Income
£
Expenditure
£
54,120
(67,277)
5,685
(5,685)
1,143
-
4,688
(4,619)
-
-
473
(473)
1,500
(1,500)
13,489
(12,277)
67,609
(79,554)		 Gains/
(Losses)
£
59,060
-
-
-
-
-
-
-
59,060		 Balance at
31
December
2024
£
841,622
6,742
30,095
2,712
8,500
-
-
48,049
889,671

Page 24

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Capital fund
Restricted funds
Publications Grant Fund
Publications Fund
African Lives Project
Charlton Fund
Total of funds		 Balance at
1 January
2023
£
768,472
6,742
27,688
3,982
10,000
48,412
816,884		 Income
£
51,369
2,090
1,264
1,668
-
5,022
56,391		 Expenditure
£
(63,290)
(2,090)
-
(3,007)
(1,500)
(6,597)
(69,887)		 Gains/
(Losses)
£
39,168
-
-
-
-
-
39,168		 Balance at
31
December
2023
£
795,719
6,742
28,952
2,643
8,500
46,837
842,556

Page 25

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Statement of funds (continued)

The specific purposes for which the funds are to be applied are as follows:

Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds, where the Trustees, at their discretion, have created a fund for a specific purpose. It is the policy of the Society in the medium term to maintain the value of the Capital Fund and only spend the income deriving from it.

Capital fund

The Capital Fund is unrestricted. It is the policy of the Society in the medium term to maintain the value of the Capital Fund and only spend the returns deriving from it.

Publication Grant Fund

The Publication Grants Fund consists of grants made to the Society to support the publication of specific articles in Archaeologia Aeliana. Usually paid by commercial archaeology units, as publication is often a condition of planning consent.

Publications Fund

All income from the sale of publications other than Archaeologia Aeliana is used to support new publications, including through the provision of grants to others.

African Lives in Northern England

The Society has handled the finances of this project to produce educational materials, a project in which the Society is a partner. The income comes from the proceeds of 2021's and 2023's calendar, grants, sales of the booklets produced and fees charged for providing walks and talks.

Charlton Fund

The Charlton Fund arises from a legacy from the estate of the late Beryl Charlton who left £10,000 to the Society to be used to support research relating to the history and archaeology of Northumberland and the Border which will result in publication in Archaeologia Aeliana.

Palaeography course

During the year the Society ran a palaeography course jointly with Joseph Cowen Lifelong Learning Centre which runs the Explore programme. This fund represents Joseph Cowen LLC's contribution to the the costs of the course.

Archival website project

An anonymous donation was received to cover the costs of setting up a special website for archival materials, as part of the Society's project to update its website.

Page 26

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

22. Summary of funds

Summary of funds - current year

Balance at 1
January
2024
£
General funds
795,719
Restricted funds
46,837
842,556
Summary of funds - prior year
Balance at
1 January
2023
£
General funds
768,472
Restricted funds
48,412
816,884		 Income
£
Expenditure
£
54,120
(67,277)
13,489
(12,277)
67,609
(79,554)
Income
£
Expenditure
£
51,369
(63,290)
5,022
(6,597)
56,391
(69,887)		 Gains/
(Losses)
£
59,060
-
59,060
Gains/
(Losses)
£
39,168
-
39,168		 Balance at
31
December
2024
£
841,622
48,049
889,671
Balance at
31
December
2023
£
795,719
46,837
Summary of funds - prior year
General funds
Restricted funds
842,556

23. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
425
-
804,711
48,049
68,477
-
(31,991)
48,049
841,622		 Total
funds
2024
£
425
804,711
116,526
(31,991)
889,671

Page 27

Docusign Envelope ID: BD387D13-DC55-4C2B-AC58-1CA7B80D1A89

THE SOCIETY OF ANTIQUARIES OF NEWCASTLE UPON TYNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
£
-
-
46,837
-
46,837		 Unrestricted
funds
2023
£
638
753,149
70,534
(28,602)
795,719		 Total
funds
2023
£
638
753,149
117,371
(28,602)
842,556

24. Related party transactions

During the year a research grant of £2,000 was paid to New Visions Heritage Limited, a company in which one of the Trustees is a director. The research grants scheme is open to all and decisions are based on a set of criteria. The Trustee concerned took no part in the decision making process and will gain no personal pecuniary benefit from the grant.

Page 28