## Trustees Annual Report & Audited Financial Statements 1 July 2021 - 30 June 2022 Registered Charity Number: 206888 ## Contents |Report of the Society’s activities during the financial year|3| |---|---| |1 July 2021 to 30 June 2022|| |Plans for the future|15| |Structure, governance and management|17| |Reference and administrative information|21| |Financial Review|23| |Statement of Trustees Responsibilities|26| |Independent report of the External Auditor|28| |Financial Statements for the year ended 30 June 2022|31| ## Report of the Society’s Activities during the financial year 1 July 2021 to 30 June 2022 The Trustees Annual Report and Financial Statements serves as a record of the activities and impact of the Royal Historical Society in the financial year 1 July 2021 to 30 June 2022. The Trustees are pleased to report a successful year of continuing and new activities in support of the Society’s Fellows and Members, as well as the historical community more broadly. Starting with the Fellows and Members, this year has been especially notable as we welcome historians who have entered the Society via two new membership categories—the Associate Fellowship and Postgraduate Membership—which were launched in November 2021. By introducing these categories, we seek to make joining the Society more straightforward; to provide more opportunities to do so for those working as historians in sectors beyond higher education, or yet to publish a book; and to create a membership structure that enables new arrivals to remain with the Society as, and however, their careers develop. Of those joining via these new membership categories, some are postdoctoral and early career researchers within UK and overseas higher education. Many others work as historians outside the university system, though often in close contact with academic researchers. This year’s intake of curators, heritage specialists, research librarians and archivists, broadcasters, history publishers and teachers reflects well the breadth of the modern historical profession. We are keen to make the Society a supportive and collaborative environment for our 2022 cohort and those who follow. Welcoming new arrivals is a timely reminder that the Society is, and always has been, first-andforemost a membership organisation. This year’s work to catalogue the RHS archive, for example, has explored the Society’s earliest minute books, dating from the late 1860s and 1870s, in which lists of newly elected Fellows were written up after each meeting. Over the Society’s history, the profile and priorities of this membership have shifted. As present custodians, the Trustees are charged with creating a Society that best reflects, supports and caters for those currently involved in historical scholarship and research, whilst maintaining the public benefit a charity of our stature must support. Our members make things happen. In March 2022 the Society launched a Scholars at Risk Fellowship programme to help Ukrainian historians continue their professional lives having fled the Russian invasion. It was thanks to the ideas and support of our membership that we were able to respond quickly to this dreadful situation. Networking by RHS members, many linked to other organisations, enabled us to expand the Fellowship scheme well beyond our original expectations and resources. In collaboration with the British Association of Slavonic and East European Studies, Past & Present Society, German History Society, and Ecclesiastical History Society we were able to award six Fellowships to Ukrainian historians in exile. A seventh Fellowship was made possible through the generosity of RHS members who supported a fundraising call. In turn, the Society exists to provide many forms of support—intellectual, professional, financial or social—to its broadening membership of professional historians. At a fundamental level, this means campaigning for the discipline and those who make it possible. The vitality and independence of our subject, and of individual historians, is a key concern for us, and one that we are uniquely well equipped to defend. In 2022, in addition to our behind-the-scenes lobbying and public statements on the value (in all senses) of individual History degree programmes, we have also met with heads of university History departments, to review the impact of the latest 3 Research Excellence Framework (REF), and the ongoing implications of lifting the cap on student numbers. In May we published ‘Supporting History Teaching and Research’, an online toolkit which collates advice and data for responding to threatened closures. Alongside advocacy, one of the Society’s primary commitments is encouraging and facilitating historical research. Our grants and fellowships programme forms the largest element of our charitable expenditure and now stands at c£136k per year. A broadening membership, coupled with the disruption we all experienced with Covid, has also encouraged us to rethink both the range and format of the events we offer. The Society’s annual lectures are, and remain, at the heart of this programme. In addition, we have recently trialled book panels, roundtables, and career training workshops as new event formats. Speakers (and attendees) at these events reflect the breadth of the Society, with contributions not only from academic historians but organisations including Historic England, Black Cultural Archives, Historic Royal Palaces and the popular magazine _History Today_ . We are also keen to make our events as accessible as we can. Dedicated online sessions make it possible to attract international panels and audiences, and it is very rewarding to connect with historians at all career stages across the globe. In the Society’s last Trustees Annual Report we referenced the major project in 2020–21 to review the Society’s supporting office, and to create a professional staff that will support and drive the work of the Society in a manner that volunteer Trustees alone cannot, and that brings our internal structure in line with other major learned societies within the Humanities and further afield. During this period a new Chief Executive Officer was appointed, who joined our Academic Director and Membership and Grants Officer. This structure was finally completed nearing the end of 2021. The scale of the activities outlined within this report demonstrate that the successful implementation of this structure expands the number and impact of potential Society endeavours for the current and future years. In addition to structural changes within the RHS Office, this year also saw changes within the governing Council of the Society. Following the introduction of new Editors for both _Transactions of the Royal Historical Society_ and the Camden Society Series, the post of Literary Director was retired from the Society’s governance at the end of the terms of office of Professors Andrew Spicer and Richard Toye. The Trustees are very grateful to Andrew and Richard for their long service to Society publishing and for making possible the transitions and new ventures discussed later within this report. We thank also Professor Olivette Otele and Dr Alana Harris, who this year departed their roles as Vice President and Honorary Secretary respectively. Finally, in line with the Society’s constitution three Councillors retired in November 2021, Dr Oleg Benesch, Professor Clare Griffiths and Professor Paul Readman, to whom the Council offers its sincere gratitude. The remainder of this report outlines the Society’s ongoing and new activities within the period from 1 July 2021 to 30 June 2022. As an organisation representing and serving historians and the historical community, transparency in our activities and achievements is of the utmost importance. Throughout this document we therefore provide statistics underlining the value and impact of the Society’s work. At the end of this section we set out some of our goals for the coming year, and how we seek to evolve over time, in line with the priorities and interests of our community. 4 ## EVENTS Five meetings of the Society were held on the following dates, at which RHS Lectures were presented: - ‘ - 2 July 2021: The Roads Not Taken: Liberty, Sovereignty and the Idea of the Republic in Poland-Lithuania and the British Isles, 1550–1660’ , Annual Prothero Lecture, Professor Robert Frost FBA FRSE (Aberdeen) - 24 September 2021 : ‘Accumulations and Cascades: On the Ecological Impact of British Imperialism’ , Dr Jonathan Saha (Durham) - 26 November 2021: ‘Writing about Life Writing in Eighteenth and Nineteenth- - Century Britain’ **,** Annual President’s Address **,** Professor Emma Griffin (University of East Anglia and Royal Historical Society) - ‘ - 4 February 2022: Monks and the Muslim Enemy: Conversion, Polemic and Resistance in Monastic Hagiography in the Age of the Crusades, c.1000-1250’, Professor Andrew Jotischky (Royal Holloway, University of London) - 6 May 2022: ‘The History Lecture: Past, Present and Future’ , Professor Toby Green (King’s College, London) Two further lectures were held: - 2 November 2021: ‘Portraits, Biographies and Public History’, RHS Colin Matthew Memorial Lecture, with Gresham College, Professor Ludmilla Jordanova (Durham) - 19 January 2022: ‘An Eastern Question and its History: Writing about the ’ - - Greek War of Independence , RHS In ternational Lecture, Professor Mark Mazower (Columbia University, New York) The Society also presented the following nine training workshops, panel discussions and conferences: - 14-15 July 2021: ‘New to Teaching’ , interactive online workshop with History UK - 21 July 2021: ‘Getting Published: a Guide to First Articles and Journal Publishing’ , Workshop for Early Career Historians, with Professor Sandra den Otter (Queen’s University, Ontario), Professor Rebekah Lee (Goldsmiths, University of London) and Professor Jane Winters (School of Advanced Study, University of London) - 29 July 2021: RHS Awards and Prize Ceremony , in association with the Institute - of Historical Research - 4 August 2021: ‘Applying for an Academic Career’ , Workshop for Early Career Historians of Colour 5 - 17 September 2021 **:** ‘New Ways to Work: future directions for archival and historical practice’ , conference, with The National Archives and Institute of Historical Research - 7 December 2021: ‘Creating Public History: a Guide to Co-production and Community Engagement’ , Workshop for Early Career Historians, with Professor Catherine Clarke (IHR), Dr Sara Huws (Cardiff) and Amy Todd (Newington Green Meeting House) - 18 February 2022: ‘Freedom Seekers: Escaping Slavery in Restoration London’ , panel discussion, with Professor Simon P. Newman (University of WisconsinMadison and University of Glasgow), Professor Corinne Fowler (University of Leicester) and Professor Gretchen Gerzina (University of Massachusetts) - 8 March 2022: ‘Applying and Interviewing for your First History Lectureship’ Workshop for Early Career Historians, with Professor Elaine Chalus (Liverpool), Professor Julian Wright (Northumbria) and Dr Matthew Johnson (Durham) - 25 May 2022: Visit to the University of Lincoln The programme for 2021-22 combined established and new event formats as the Society moved both to increase the number of events it provided, and to broaden the range of events to appeal to different elements of its membership and the wider historical community. In each case, the Society continued to hold meetings online, allowing for new formats and new audiences, notably among early career historians outside the UK. From mid-2022, the Society began a move back to in-person events, with the intention of offering both ‘hybrid’ physical/online events from later 2022, and online options. This year saw the first in a new series of ‘Training Workshops for Early Career Historians’, to be held three times each year. The Workshops are aimed specifically at early career researchers and provide practical, specialist guidance on topics of importance at this career stage: for example, article publishing, public engagement, applications for lectureships. The Workshops have attracted a new (and significant) audience to RHS events; their popularity will lead to the broadening of the category to provide tailored events for historians at mid-career and later career, for whom very little training provision is currently available. Other initiatives include the continuation of the Society’s ‘International Lecture’, started in 2020 and reserved for presentations by non-UK historians on subjects relating to European and global history; the hosting of occasional panel discussions, for example to discuss important new publications or resonant topics; and the creation of an annual training day for early career historian of colour, as part of the Society’s programme to advance greater equality within the profession. 6 ## PUBLICATIONS 2021-22 marked a significant change in the editorship and management of two of the Society’s principal publications, the RHS journal, _Transactions of the Royal Historical Society_ , and its Camden Society Series of scholarly primary source editions. The previous model, appointing editors from within the Society’s Council, was replaced by the creation and external recruitment of teams of historians to serve as editors and board members. Members of these editorial structures are selected by the Society and ultimately responsible to the RHS, though now operate with greater autonomy from the Society and its Council on matters of academic content and title development. In January 2022, and following an open call for applications, the Society made appointments to both _Transactions of the Royal Historical Society_ and the Camden Society Series, which now join the existing board for the Society’s _New Historical Perspectives_ book series. These changes led, in turn, to the ending of the Council role of Literary Director whose holders had previously been responsible for editing the _Transactions_ and the Camden Series. 2022 has seen development of both titles under their new Editors, with a number of changes made in relation to _Transactions_ . These include: publication of the first articles submitted externally for peer review (following the opening up of _Transactions_ in early 2021); the publication of articles using CUP’s FirstView platform, in advance of their annual print publication; and the redesign of _Transactions_ for its November 2022 volume (6[th] series, vol. 32) in what will be the 150[th] anniversary of its first publication. In 2021-22, the Society also published the following across its four series: - One volume of the Transactions of the Royal Historical Society (6[th] series, volume 31: November 2021). - Two volumes in the Camden Society series: Sir Earle Page’s British War Cabinet Diary, 1941–1942 , edited by Kent Fedorowich and Jayne Gifford, and British Financial Diplomacy with North America 1944–1946. The Diary of Frederic Harmer 7 and the Washington Reports of Robert Brand, edited by Michael F. Hopkins (2021). Four volumes in the New Historical Perspectives series: Heidi Egginton and Zoë Thomas eds., Precarious Professionals: Gender, Identities and Social Change in Modern Britain (October 2021); Alexandra Hughes-Johnson and Lyndsey Jenkins eds., The Politics of Women's Suffrage. Local, National and International Perspectives (November 2021); Charlotte Berry, The Margins of Late Medieval London, 14301540 (February 2022); and Sarah - Fox, Giving Birth in Eighteenth Century England (April 2022). - Four updates to the Bibliography of British and Irish History (c.6,000 new records), following the appointment of a new Editor for the Bibliography in June 2021. ## PRIZES AND FELLOWSHIPS The Society’s 2021-22 programme of prizes and awards recognised excellence and achievement in publishing, research and teaching—with a particular focus on the work of early career historians. The Society received 172 submissions for its two book and two article prizes; books were submitted by 32 publishers in the UK, EU and North America; while 45 different journals were represented in the article submissions. The 2022 prizes were awarded to: - Dr Kristin D. Hussey , winner of the Whitfield Prize for her book: Imperial Bodies in London Empire, Mobility, and the Making of British Medicine, 1880–1914 (University of Pittsburgh Press, 2021) - Dr Emily Bridger , winner of the Gladstone Prize for her book: Young Women Against Apartheid. Gender, Youth and South Africa’s Liberation Struggle (Boydell & Brewer 2021) - Dr Tamara Fernando , ‘“Seeing Like the Sea”: A Multispecies History of the Ceylon Pearl Fishery 1800-1925’ (Past & Present, February 2021), joint-winner of the Alexander Prize - Dr Anna McKay, ‘“Allowed to Die?” Prison Hulks, Convict Corpses and the Enquiry of 1847’ (Cultural & Social History, May 2021) _,_ joint-winner of the Alexander Prize 8 - Cameron Maclean, ‘The Scottish Post-Union Copper Coinage of James VI: New Evidence’ (British Numismatic Journal, 2021) , winner of the David Berry Prize - Jamey Jesperson, winner of the Rees Davies MA Dissertation Prize: ‘The brutal binary: deployments of colonial gender and queer indigenous elimination in the settlement of the North American west coast, 1769-1900’ (Goldsmiths, University of London) - RHS Innovation in Teaching Award: Dr Rosalind Crone (Open University) - RHS Jinty Nelson Award For inspirational teaching and supervision: Dr Peter Good (University of Kent) In 2022, the RHS Centenary and Marshall Fellowships for PhD students were awarded to: - Sofya Anisimova (University of St Andrews) to complete her thesis: ‘Russia’s Military Strategy and the Entente, 1914-1917’. - Daniel Banks (European University Institute) to complete his thesis: ‘The Floating Revolution: revolutionary mobilities, organisation and practices in the western Mediterranean, c.1856-1875’. - Urvi Khaitan (University of Oxford) to complete her thesis: ‘Women and Work in the Indian Economy: Empire, Famine, and Labour during the Second World War’. - Beckie Rutherford (University of Warwick) to complete her thesis: ‘Disabled Women Organising: Rethinking Agency within British Liberation Movements, 1976-2000’. ## GRANTS AND RESEARCH SUPPPORT In addition to recognising excellence within the field, the Society also provides a portfolio of grants for Early Career Researchers, in support of various areas of their research. Within the year the Society awarded: - In support of early career organised conferences or workshops, ~£4,100 Conference Organisation grants were awarded to 7 recipients; - ~£2,840 of Conference Travel grants were awarded to 8 recipients, to enable them to travel to present papers both domestically and overseas; 9 - 32 Research Expenses grants, totalling ~£15400, were awarded; - ~£18,300 was awarded across 11 ECR Fellowships , in support of discrete research projects; and, - One Martin Lynn Scholarship, was awarded to support research of African history. The impact of the Covid-19 pandemic on the ability of ECR grant recipients continued to be felt, with approximately £15,500 of grants distributed to those who were unable to complete their funded activities within the year of the award due to travel, assembly and access restrictions across the globe. In the second half of the year, the Trustees of the RHS elected to make the Early Career Research Support Grants eligible to members only. This brings the scheme in line with those offered by sister societies both within the arts and humanities, as well as further afield. ## RHS LIBRARY AND ARCHIVE In 2021-22, the Society undertook a major cataloguing and preservation project of its archive, which largely relates to the history of the Society, the development of the historical profession, and the papers of selected historians. The work was funded jointly by the Society and a grant from the Marc Fitch Fund which enabled the part-time employment of a professional archivist, Zoë Karens. The project has involved the assessment of the Society’s archive collections (much of which was previously uncatalogued and unsuitably stored); the writing of four new catalogues for the main sections of the archives; conservation reports on the condition of the archive; correct storage of the collections; and the scanning of selected items from the collection which are now available, with the four public catalogues, on the Society’s website. The four main collection areas which have now been catalogued and conserved are: - Papers of Sir George Walter Prothero (1848-1922): c. 10,000 items in 25 box files relating to the life and work of the historian and RHS President, 1901-05. - The RHS Collection (1868-2021): papers relating to administration and activities of the Society from its foundation, comprising bound volumes and 15 box files. - Papers of the Camden Society (1838-1897): papers relating to the formation and management of the Camden Society, responsible for primary source publications until its merger with the Royal Historical Society in 1897; 10 box files. - Literary Papers of Sir Geoffrey Elton (1921-1994): correspondence relating to the literary estate of the historian and former RHS President (dating from 1948); comprising 20 box files. Following the end of lockdown, the RHS archive, which is housed at the Society’s offices, has reopened, and has contributed in 2022 to projects on early women historians, the careers of selected fellows and developments in historiography. 10 ## MEMBERSHIP The Society’s Fellows and Members continue to be the bedrock of our organisation. Within the year, the Society continued its work to evolve its various options for membership; to create defined categories with related benefits open to academic historians throughout the lifecycle of their career; and to ensure opportunities to join and participate for those outside of Higher Education with a demonstrable professional or personal interest in historical research. ‘ Fellowship’ remains the Society’s principal category, allowing use of the postnominal letters FRHistS and indicating a recipient’s original contribution to historical scholarship and research. Fellows are also eligible for election to positions within the Society’s governance, and may cast a vote at Anniversary General Meetings, directly influencing the ongoing business and strategic direction of the Society. The form and extent of a potential Fellow’s contribution to historical scholarship has remained under review this year. Appreciation of the many forms of scholarly work has led to a broadening of the terms by which a Fellow may gain election to the Society. In addition to publication of a monograph, the Society’s Membership Committee may now include a submission of a similar scale and impact, comprising one or more of the following: a body of journal articles; the organisation of exhibitions; or the editing of reputable journals and other works of diffusion and dissemination grounded in historical research. The Society also seeks to recognise the impact of other historians who do not presently meet the criteria for Fellowship but, through their work, demonstrate a tangible contribution to the discipline. To that end, in November 2021, the Society implemented a new ‘Associate Fellowship’ category, open to those historians within Higher Education, who have not yet reached the extent of publications, or similar, necessary to become a full Fellow. Associate Fellowship is also open to those who work within adjacent sectors (e.g. museums and heritage, libraries and archives, teaching, publishing and broadcasting) or are private researchers of equivalent standing. Since its inception in November 2021, up to 30 June 2022, 133 new Associate Fellows have joined the Society. In addition to the introduction of Associate Fellowship, the Society also implemented a new ‘Postgraduate Membership’ category, open to all studying History, or a cognate subject, either at Masters’ or PhD level within a recognised UK or overseas institution. This category caters for the specific career stage and related priorities of researchers at the start of their careers, and presents tailored benefits and support for members to progress through their degree, and into the early years of postdoctoral research. Within the year to 30 June 2022 the Society admitted 166 new members to this category. The Society also retains its ‘ Membership’ category for those with a personal interest in History and historical research who wish to join the Society. The Society fully appreciates the important contribution of private researchers and the (often voluntary) work of many in public and community history projects, as well as those supporting historical activity in sectors such as heritage, museums and archives. Through the RHS Members category, the Society seeks to provide the means for these individuals to collaborate and remain informed about new research and work across the historical community. In addition to the expansion of our membership offering, the Society continued to pursue a proactive strategy of recruitment and retention including direct contact with prospective members, recently published authors, and in the coming year, advertising and promotional 11 activity outside of the Society’s own publications and meetings. This has been supported by the implementation of a new membership database, designed to assist the RHS Office in managing the subscriptions and benefits of our members, but also—in due course—to enable granular development and targeting of Society activities to address the varied interests of our membership. The implementation of the Society’s new database also enables a more accurate analysis of where our members are located. This has supported the implementation of a new tiered membership level, with varied prices depending upon a member’s location either in, or outside the United Kingdom. As of June 2022, 886 Fellows and Members were resident outside the United Kingdom, in 72 countries worldwide. 12 ## ADVOCACY AND PROFESSIONAL SUPPORT ## Advocacy Advocacy is a central, and increasingly important, dimension of the Society’s work. The programme takes place at a range of levels—individual, departmental and sectoral; it combines responses to personal requests for assistance received by the Society, alongside proactive campaigning for the historical profession and discipline. The last year has regrettably witnessed a growing number of risks to, or closures of, History programmes and departments in UK Higher Education. The Society is open to (and encourages) contact from those faced with such change, and this year it has held private meetings with a number of representatives from at-risk departments. With the support of the departments concerned, our public-facing advocacy has focused on proposed cuts to courses and staff numbers at Goldsmiths, University of London, and the University of Roehampton. On each occasion, this work has involved detailed review of the university’s case for change, correspondence with an institution’s senior management team, and publication of our analysis. Discussion with UK heads of History departments has also led to the Society’s publication, in May 2022, of ‘Supporting History Teaching and Research’, an online toolkit which collates advice and data for responding to proposed cuts or closures. This resource is regularly updated and provides a first point of call for colleagues seeking advice, data and contacts. A further example of direct professional support in 2021/22 is the Society’s Ukrainian Scholars at Risk Fellowship scheme. ## Scholars at Risk Fellowships Like many other organisations, the Society has sought to support those affected by the Russian invasion of Ukraine. In May 2022 the RHS, and partners, awarded Fellowships to seven Scholars at Risk from Ukraine. The Fellowships are assisting historians and Slavonic and East European Studies scholars unable to continue their work at home universities. At the time of publication of this report, six of the seven recipients have now taken up their positions at UK and European universities, with the final Fellow shortly due to arrive. The Ukraine ‘Scholars at Risk’ programme began in March with a partnership between the Society and the British Association for Slavonic and East European Studies (BASEES) who jointly pledged to fund four fellowships, with assistance from the Past & Present Society. Additional funding from two more learned societies—the German History Society and the Ecclesiastical History Society—has made further fellowships possible. An extra position has been generated through public donations to a recent fundraising campaign by the Royal Historical Society and BASEES. 13 The Fellowships are being held, for a minimum of three months, at seven UK and EU universities: Aberdeen, Bremen, Edinburgh, Roehampton, St Andrews, Sheffield, and the University of the West of England, where scholars are partnered with a colleague working in History or Slavonic and East European Studies. The Fellows also receive 12-months Fellowship or Membership of the RHS and BASEES. The Society, and its partners, would like to thank all those who supported the Fellowship programme, and who have made available facilities at host institutions. ## Communications and Social Media Within the year, the Society has sought to increase the impact and reach of its communications to the membership and broader historical community. This work has included: - Implementation of a new weekly e- circular sharing news on activities and initiatives within the Royal Historical Society and elsewhere in the sector; and promoting events of interest to the membership. Within the year the average open rate for these bulletins was 49%, 23.8% above the average expected rate for similar communications within the Charity and Non-Profit sector, and 25.6% above the academic sector equivalent[1] ; - Restructure, redesign and rewriting of the Royal Historical Society website, including enhanced navigability to improve the experience for all seeking to access Society information; this resulted in a 29% increase in page views within the year; - A campaign of informative, timely and engaging articles posted on the Society’s ‘Blog’, increasing usage by 6% on the previous year; and, - Implementation of a creative and academically-focused Social Media strategy, expanding the Society’s reach within the domestic and international community, ensuring circa 4.3 million impressions on Twitter. > 1 https://mailchimp.com/en-gb/resources/email-marketing-benchmarks/ 14 ## PLANS FOR THE FUTURE In the coming year, the Royal Historical Society will continue to deliver its portfolio of activities to Fellows and Members, the wider research community and the public. It will review each of its ongoing and new initiatives to ensure their continued relevance and value, within the Society’s available resources. This will make full use of the Society’s new professional Office structure and increased use of Society finances to ‘pump prime’ and support activities that had previously not been possible. Key plans of note include: ## Events Continued support for the current series of public lectures, whilst reviewing new and innovative forms of meeting, including book panels, roundtables and career training workshops. We will make the most of the lessons learned during the pandemic by using technology to run hybrid meetings where possible, expanding the scope and reach of the research presented and discussions convened. We will investigate new mechanisms in which to sponsor, both financially and with communications assistance, events run outside of the Society, selected by open call and robust peer review. New partnership and sponsorship events will also extend the number and range of in-person activities taking place across the UK, and beyond the Society’s London premises. ## Publications Building on recent changes, 2022-23 will see development of new editorial structures. This will be especially so with reference to the Society’s journal, _Transactions of the Royal Historical Society_ , whose editors and board will introduce new forms of published content and oversee Society-funded research workshops to generate new articles for publication. Similar initiatives in format will also be considered for the Camden Society Series to better capture the range of primary sources available to researchers, and to broaden the Series’ appeal to a new generation of historians. The Society’s Office, and the RHS Publications Committee will also review and evaluate potential new publishing initiatives, and to expand potential revenue generation and/or in-kind agreements with external partners to promote our publications and ensure a pipeline of impactful and relevant content. ## Prizes We will review our current programme of prizes to ensure they continue to recognise and support excellence within the discipline in a constructive manner. This will include continued regard for the diversity of our community, subject area and reach to ensure future submissions reflect the full breadth of the profession and its current research. ## Fellowships and Research Funding We will continue to provide financial and institutional support to members of our community in need of resources to undertake and sustain their research. Much of the Society’s focus here has traditionally been on early career historians. In 2022-23 we will also engage with our membership to identify new areas of support, with a particular focus on mid-career historians who do not have access to institutional funds for research. 15 ## Library and Archive Following the archival work undertaken in the past year, we will move to the cataloguing, preservation and correct storage of the society’s detailed membership records, dating for the Fellowship from 1887. The resulting database of early Fellows of the Society will provide information on the backgrounds, profile, motivation and sponsorship networks of the first generations of professional and amateur historians active from the 1870s to the 1910s. This work will supplement that of 2021-22 in developing a record of an emerging historical profession in Britain. ## Membership We will work to enhance the benefits of our Fellows and Members, starting with expanded access to the Society’s Camden Society Series and _Transactions_ including their valuable online archives, dating from 1838 and 1872 respectively, and facilitated in partnership with Cambridge University Press. We will seek to work with other external partners to expand the benefits, and implement, where possible, added flexibility in the menu of benefits offered. We will continue to develop our in-house infrastructure to ensure a simpler and securer membership joining and renewal process. This will include additional secure methods of payment; opportunities to indicate preferences and areas of research interest; and the opportunity for a self-serve members’ portal, including a directory of research interests. ## Advocacy and Professional Support We will pursue the Society’s advocacy policy in keeping with a changing academic and political landscape. In addition to our existing programme of individual and institutional support, the Society will work more proactively to explain the value of History and historical understanding, both within Higher Education and society more broadly. This will see greater partnership working and collaboration with other organisations with similar interests and agenda. Following the end of the Society’s externally-funded Fellowship in Race, Ethnicity and Equality in Autumn 2022, the Society will review its governance of equalities work to ensure that all functions previously undertaken by the Fellow, and by other external groups, will be continued and developed within the Society’s Council and RHS Office. This will ensure that equalities considerations are integral to all our activities, and enable the Society to focus on pragmatic interventions to promote greater equality within the profession. This will include the creation of a new portfolio of Masters’ Scholarships to support students from groups currently underrepresented in the subject. We will seek to expand our network of connections to directly and more broadly related organisations, both within and without the learned society sector, to ensure opportunities for partnerships, collaborative development of best practice and funding are explored. 16 ## STRUCTURE, GOVERNANCE AND MANAGEMENT ## INCORPORATION, CONSTITUTION AND REGULATION The Society was incorporated by Royal Charter on 23 November 1868 and gained its protected royal status in 1872. In 1897 the Society took over the Camden Society (established in 1838 for the publications of primary source volumes). The Society’s activities are governed by a Council of Trustees (Directors) sourced from within the academic history sector, and by the By-Laws of the Royal Historical Society which were last amended via special resolution of the Fellows at a general meeting in November 2021. The day to day running of the Society is overseen by the RHS Office, led by the Chief Executive Officer. Society staff work closely with Society Trustees. ## OBJECTS, OBJECTIVES, ACTIVITIES AND PUBLIC BENEFIT The Society has referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing its aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. The Society remains the foremost society in United Kingdom promoting and defending the scholarly study of the past. The Society promotes the discussion of History by means of a full programme of public lectures, workshops and events, and disseminates the results of historical research and debate through its publications and online communication channels. It represents the interest of historical scholarship to various official bodies. It also speaks for the interests of History and historians for the benefit of the public. The Society offers monetary grants and fellowships, both directly and via subventions to selected partners, in support of primary research and research training, and annual prizes for historical essays and publications. It publishes one academic journal, _Transactions of the Royal Historical Society_ and the Camden Society Series with Cambridge University Press, and the _New Historical Perspectives_ book series with University of London Press. It produces (in conjunction with the Institute of Historical Research and Brepols Publishers) the Bibliography of British and Irish History, a database of over 637,000 records on British and Irish history, including relations with the empire and the Commonwealth. The Bibliography is kept updated and includes near-comprehensive coverage of works since 1901 as well as selected earlier works. The Society produces a full series of lectures, workshops, book launches, visits and other activities to facilitate the dissemination of valuable historical research to its membership, the wider historian community and the public. The Society works with a selection of sister societies, universities and other key partners to advocate for the position and continued importance of historical scholarship. ## The Council During the period covered by this report, the elected officers of the Society were the President, three Vice-Presidents, the Honorary Treasurer, the Honorary Secretary, two Literary Directors and the Secretary for Professional Development. As of November 2021, the elected officers of the Society are the President, the Honorary Treasurer, the Honorary Secretary and three VicePresidents. 17 These officers, together with twelve Councillors constitute the governing body of the Society and are its directors/trustees. ## Appointment of Trustees A full listing of Trustees can be found on page 21. All Fellows of the Society are able to nominate prospective Councillors who are then elected by a ballot of Fellows, and confirmed as members of the Council at the Anniversary Meeting (Annual General Meeting). Other trustees are elected directly by Council, as stipulated by the By-Laws. In accordance with By-Law XIX the President shall hold office for a term of four years, following a year as President Elect. During the period covered by this report, in accordance with By-Laws XIX, XX and XXI, the officers of the Society shall hold office for an initial term of two years, with the opportunity for an extension to a maximum of four years. Following the conclusion of their term of office, they shall not be eligible for re-election before the Anniversary Meeting of the year after they step down. In accordance with By-Law XXIII, Councillors shall hold office for a term of four years. Following the conclusion of their term of office, they shall not be eligible for re-election before the Anniversary Meeting of the year after they step down. Due care is given to the overall skill set of the Council in relation to the business of the Society. Where matters arise that are not sufficiently covered, guidance is provided by the Chief Executive Officer and/or additional external consultant experts when necessary. ## Trustee Training and Induction Trustees are elected from the Fellows of the Society and therefore have initial familiarity with its workings. Following election, new trustees are given a formal introduction by the President, and an induction by the Chief Executive Officer and Academic Director. They are provided with a governance handbook incorporating the constitution and By-laws of the Society, as well as reference material on the Society’s activities and finances from the previous year. They are also supplied with guidance material on the role of a trustee, related rights and responsibilities, best practice in charity governance and the Society’s various codes of conduct. Training is available to trustees who express a request to reinforce their skills in areas related to their role, for example, in charity finance. ## Sub-Committees of the Council The Council is supported by seven sub-committees to whom responsibility for in-depth discussion relating to their respective subject areas is delegated. All sub-committees are composed of trustees, however with due reference to the responsibility of trustees to refer to external expertise where appropriate, a number of sub-committees also have members co-opted for their subject specific skills and knowledge. Committees are attended by Society staff, but staff do not have voting rights on resolutions and/or decision making within these bodies. A listing of the current Committees is provided below. - Finance Committee; - Membership Committee; - Publications Committee; 18 - Research Support Committee; - Research Policy Committee; - Education Policy Committee; and, - General Purposes Committee. ## **Management of the Society’s Business and Activities** The Trustees have delegated the day-to-day running of the Society’s business to the Chief Executive Officer (CEO) who reports directly to the President, and other trustees when appropriate. The Senior Management of the Society also includes the Academic Director who works in tandem with the CEO and leads on ‘academic’ areas of the Society’s work providing a constant historically-informed presence to work jointly with the CEO, President and Council. ## Risk Assessment and Management The Society holds a register of risks and associated mitigating activities in line with its Risk Management Policy. Management of this register is delegated to the Finance Committee and the Chief Executive Officer, notifying the Trustees of key changes in risk profile where necessary. The Council review the risk register in full once per session. The Trustees are satisfied that they have considered the major risks to which the charity is exposed, and have sufficiently implemented proactive and reactive strategies for mitigating the impact of these risks. At the time of writing there are no risks considered to be high on this index (a gross risk rating of 20 or above, however the Trustees have identified the following as moderate risks, key mitigating actions are included in the below: - Implementation of new fellowship and membership categories creates reduction in overall income from membership subscriptions This is mitigated through careful management of implementation, including clear communications campaign and representation in Society web-presence. Robust modelling of financial impact of new categories undertaken to ensure financial sustainability of Society whilst broadening its ability to engage with all sectors of the historian sector. At the time of writing the implementation of this expanded portfolio has been received well and has shown encouraging numbers of signups. As the Society membership year runs from July to June, it is prudent to allow this to run for at least one full cycle before reconsideration of the impact and probability of this risk. - cOAlition S/Plan S negatively impacts income derived from RHS publications The Society continues to proactively engage with the open access movement through direct interaction with funding bodies and via its publishing partners. Planning of publishing related finances undertaken with publishing partners, with review of key related metrics. 19 ## Fundraising The Society receives most of its funds from fellowship and membership subscriptions, from publication related income, and its investment portfolio. During the financial year July 2021 to June 2022 the Society also received subventions from Past and Present of £45,500 to support the employment of the Past and Present Research Fellow on Race, Ethnicity and Equality in History, as well as a further £5,000 in support of our grants schemes supporting Early Career Historians; from the Marc Fitch Fund in support of our ongoing archival projects; from Peter Marshall, in support of the ’RHS Marshall Fellowship’; and, the British Association for Slavonic and Eastern European Studies, the Ecclesiastical History Society, and the German History Society, in support of the Scholars at Risk Fellowship programme. The Society also received income from a number of other donations as outlined on page 24. Donations can also be given my fellows and members at the point of subscription renewal. In the coming year, the Society seeks to further develop its fundraising plans to both expand upon these income streams and engage other new/underdeveloped income sources. During the year, the Society also received £4,632 in direct fundraising income also related to the Scholars at Risk Fellowship programme. The Society does not employ third-party fundraisers. We follow the Charity Commission’s and Institute of Fundraising’s guidance on best practice in fundraising. As at the time of writing, within the reporting period and in previous years, the Society has not received any complaints regarding our fundraising approach from the general public, or institutions and foundations with whom we engage. ## Remuneration The Society relies on volunteers from among its Fellows to act as elected Officers, Councillors and Vice-Presidents. Officers give their services freely, although their reasonable expenses on behalf of the Society (usually travel to the Society’s meetings and events) are reimbursed. As of August 2021, the Society pays the University of East Anglia £10,000 as a buy out of the time spent by the President on Society matters. This figure is reviewed annually in line with expected time commitment within the coming year. During the financial year 1 July 2021 - 30 June 2022, the Society had an average of 5 salaried staff and one salaried Research Fellow. The Society has adopted the administrative pay scales used in London universities to ensure that staff salaries are both attractive and equitable. Benchmarking is undertaken and used as an evidence based marker for any changes to remuneration or implementation of new roles. All changes in remuneration are proposed to, and assessed and authorised by the Finance Committee, acting as _de facto_ Remunerations Committee. 20 ## REFERENCE AND ADMINISTRATIVE INFORMATION ## **Members of Council (Trustees)** Professor E. Griffin BA, MA, PhD President Dr A. Harris BA, MA, MDiv, DPhil Honorary Secretary (to 26 November 2021) Dr A. Smith MA, MLitt, MBA, PhD Honorary Director of Communications (to 26 November 2021) Honorary Secretary (from 27 November 2021) Professor J. Stobart BA, DPhil Honorary Treasurer Mr P. D’Sena BA, MPhil, PGCE Vice-President, Education Professor O. Otele BA, MA, PhD Vice-President (to 26 November 2021) Professor J. Winters MA, PhD Vice-President, Publications Professor A. Spicer BA, MA, PhD Literary Director (to 26 November 2021) Professor R. Toye BA, PhD Literary Director (to 26 November 2021) Professor J. Wright MA, DPhil Secretary for Professional Engagement (from 27 November 2021) Dr O. Benesch BA, MA, PhD Councillor (to 26 November 2021) Professor C. Griffiths BA, DPhil Councillor (to 26 November 2021) Professor P. Readman MA, MPhil, PhD Councillor (to 26 November 2021) Professor B. Bombi BA, PhD Councillor Dr A. Budd BA, MA, MA, PhD Councillor Dr M. Caleresu BA, MA, PhD Councillor Dr R. Lee BA, MA, DPhil Councillor Professor S. MacLean BA, MPhil, PhD Councillor Professor C. Marsh BA, PhD Councillor Professor J. Morris PhD Councillor Professor H. Nicholson BA, MA, PhD Councillor Professor T. Otte BA, MA, PhD Councillor Dr E. Robinson BA, PhD Councillor Dr S. Bauer MA, PhD Councillor (from 27 November 2021) Professor C. Beaumont BA, MA, PhD Councillor (from 27 November 2021) Dr E. Murphy BA, MA, PhD Councillor (from 27 November 2021) 21 ## KEY CONTACTS |**Chief Executive Officer**
(from October 2021)
**Academic Director**
(from July 2021)
**Registered Office**
**Telephone**
**Email**
**Website**
**Charity Registration Number**
**Royal Charter Number**
**Auditors**
**Investment Managers**
**Bankers**|A. Hughes BSc, MA
P. Carter MA, DPhil
University College London
Gower Street,
London. WC1E 6BT
020 7387 7532
administration@royalhistsoc.org
www.royalhistsoc.org
206888
RC000478
Xeinadin Auditing
Chartered Accounts and Statutory Auditors
Beckett House,
36 Old Jewry,
London. EC2R 8DD
Cazenove Capital
1 London Wall Place,
London. EC2Y 5AU
Barclays Bank PLC
27 Soho Square,
London. W1A 4WA| |---|---| 22 ## FINANCIAL REVIEW ## Performance In the financial year ended 30 June 2022, the Society reported an operating surplus of £80,307 against a restated surplus of £76,679 from the previous year. The year saw an increase in income, largely driven by ~£38k of additional membership subscription income, an increase of a further ~£38k of investment income, and an increase of ~£6k in subventions from outside of the Society. The overall potential net growth in income was lessened however due to the impact of reduced royalties income from the Society’s publications, a predicted downward trajectory related to the ongoing changes in the academic publishing market as a result of the introduction of open access mandates from major funding bodies, and the transition within the publishing sector away from previously standard subscription models, to those driven by article processing charges and ‘Read and Publish’ deals. This proportional increase in income was matched by a proportionally similar increase in expenditure driven by the ongoing archival project work; additional support funding, most especially for the Scholars at Risk programme; and most notably by increased expenditure on lectures and events. This latter development an expected outcome of the emergence from the Covid-19 pandemic enforced lockdown periods and the reintroduction of ‘in person’ events. Within the financial year the UK and international investment markets entered a period of considerable turmoil driven by international socio-political factors, including the Russian invasion of Ukraine, the ‘cost of living crisis’ and the ongoing domestic political situation. As a result, the Society reported a ~£286.2k loss on the value of investments against their valuation in the previous year. It is the view of the Trustees that the overall impact on the value of the Society’s 23 investments was mitigated by the transition to the Cazenove Charity Responsible Multi-Asset Fund, which was somewhat shielded by diversification of asset classes of the funds holdings. As a result of the above the Society reports a £205.9k Net Expenditure for the year. ## Donations and Subventions The Council records with gratitude the benefactions made to the Society by the following: Dr S. Barrow Dr A. Lopez Professor D. Bates Professor P. Lucas Mr P. Bell Mr M. Magnacca Sancho Ms G. Bennett Professor P. J. Marshall Professor R. Bridges Dr P. Mather Dr E. Cameron Dr P. McMichael Dr C. Carmichael Dr A. Morrison Dr P. Carter Dr S. O’Connor Dr A. Chitnis Ms O . Palko Mr J. Crutchfield Dr A. Perna Dr R. Dale Dr L. Rausing Dr S. Dempsey Mr J. Skelton-Wallace Professor Sir D. Eastwood Dr J. Story Dr M. Gibson Dr W. Sunderland Dr G. Gilbert Professor R. H. Sweet Professor T. Green Dr G. Tokay Professor R. Griffiths Professor N. Vincent Professor C. Griffiths Professor P. Waldron Miss B.F. Harvey CBE Dr D. Worsley Professor C. Heyl British Association for Slavonic and Dr A. Hobbs Eastern European Studies Professor. G.A. Hosking Ecclesiastical History Society Professor A. Jackson Economic History Society Dr J. Kenna German Historical Society Dr E. King Lynd Fund Ms S. Knapton Marc Fitch Fund Dr A. Kreutzmann Past & Present Society Dr N. Kuhrt Social History Society Dr C. Levillain ## **Changes in Society Financial Strategy and Management Policies** During the year considerable changes were made to the policies and mechanisms employed to manage the Society’s financial resources and overall financial strategy. A key contributor to this being the employment of the Society’s first Chief Executive Officer in October 2021. Working with the Society’s accountants, Tudor John, and the Finance Committee, a new series of financial controls, processes and policies have been implemented. These include the redesign of the structures in place to manage reserved and designated funds; streamlining of the operational processes used to conduct the Society’s financial affairs; enhancement of the financial management reporting used by the Senior Management and Finance Committee to monitor the Society’s finances, including redesign of the Society’s chart of accounts; as well as the implementation of new mechanisms for receiving payments, donations and subscription dues from fellows and members. 24 Over the coming years, the Society seeks to invest in the growth and development of its charitable activities and related operations, driven by intelligence gathered from the fellowship/membership and wider community. Similarly, it seeks to continue with key popular initiatives supporting postgraduates, early career researchers, and expand those to support midcareer historians who may not otherwise have access to financial support from their respective institutions. It is intended that this will be funded by a combination of increased income via ongoing development initiatives where possible, careful management of the Society’s expenditure profile, and strategic application of the Society’s investment reserves. These ambitions will be supported by sound financial management and a continued focus on the return to the membership/fellowship of investments made. ## Reserves Policy As of 30 June 2022, the Society has ~£4,337k in free reserves (predominantly held in investment portfolio and cash). The Society has to maintain high levels of investments to generate sufficient income for its charitable purposes, this leads to a high level of unrestricted reserves. The Society aims to use investment income to support its charitable activities including the grants programmes. To safeguard the core activities of the Society, the Trustees consider it prudent to retain unrestricted free reserves sufficient to cover one year of operational costs budgeted at ~£578k. The Trustees will review this policy in the coming year. The Society’s restricted funds consist of a number of different funds where the donor has imposed explicit restrictions on the use of the funds which is legally binding. Further detail on these funds can be found in note 18 of the Financial Statements below. ## Going Concern The Trustees have assessed the use of “going concern” and have considered possible events or conditions that might cast material doubt on the ability of the charity to continue as a going concern. In particular, the Trustees have considered the charitable company’s financial forecasts and have taken account of pressures on fee income and the impact of Covid-19, as well as the ongoing performance of the charity’s investments. The Trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. 25 ## STATEMENT OF TRUSTEE RESPONSIBILITIES The Trustees are responsible for preparing the Trustees’ 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In 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 SORP; - Make judgements and estimates that are reasonable and prudent; - State whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; - State whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements; and, - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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 Royal Charter. 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. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In determining how amounts are presented within items in the Statement of Financial Activities and Balance Sheet, the Trustees have had regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting policies and practice. 26 The Trustees of the Royal Historical Society approve this report and the following financial statements. Signed, on 14 November 2022 Professor Emma Griffin President, Royal Historical Society 27 Report of the Indepond•ntAudltotsto tho TTrwstse$ of Royal Historical Sotiety Opinion We have audited the fin3nci31 statements of Royal Historical Society Ithe'charity'l for the year ended 30 June 2022 which comprise the Statement of Fin3nci81 Attivities. the 88lance Sheet. the C3sh Flow Statement and notes to the financial ststements, includin9 a summary of significant accounting policies.The financial reporting frameworkth£thas been applied in their prepar8tion is applicable law and United Kingdom Accounting Standards (United Kin9dom Generally Accepted AccountiDg Practricel. ID our opinion the liDincial staternents-. give a true fair view of the statr of the ch8rity'$ 8Mairs as at 30 June 2022 and ol its incoming resoJrce$ 8nd app11¢3tion of resources. for the year th*n ended. have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the iequirements of the Charitie5 Act 2011. Basi$foropinion We conducted our audit in 8ccord8nce With International Stand8rds on Auditin9 IUKI IISAS IUKII 8ppIic8ble law our responsibilities under ihose standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of ihe charity in accord3nce with the ethical requirements that are relevant to our 8udit of the financial statements in the UK, includin9 the FRC'S Ethic81 Standard. and we h3ve fulfilled our otherethical responsibilities In accordance With these requirements. We believe thatthe audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion. Conclu$ion$ relating to 90iny coneern ID auditing the financial 5taterDents, we have coDcluded that the tru5tees' use of the going coDcerD basis ol accounting in the preparation of the financial Statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually orcollectively, may castsignificant doubtonthe charity's abilityto continue as a going concern fora period of at least twelve months from when the financial statements are authorised for iSS￿e. Our re5poTrsibilitie5 and the responsibilitie5 of the trustees with respect to going concern are described in the relevant settions olthis report. oiher inforniation The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, otherthan the financial statements and our Report of the IndependentAuditors thereon. Our opinion on the financial statements does not cover the other Information and, excepttothe extent othervwse explicitly Stated in our report, we do Dot eMpre55 any form of a￿u[￿￿[e conclu51On thereoD. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doin9 SO, consider whether the other Information is materially inconsistent with the financial ststements or our knowledge obtained in the auditor otherwise appearsto be materially misstated. If we identifysuch material inconsistenciesorapparentmaterial misstatements. we are required to determine whetherthis gives rise to a material misstatement In the financial statements therD5elve5. If. based on the work we have performed, we conclude that there 15 a material mi5Statement ol thi5 Other information, we are required to reportthat fact. We have nothing to report in thi5 regard. Matteys on whl¢h we aye ￿qUIred to mport by•x¢eptlon We have nothing to report In respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires to report to you if. in our opinion. the Information given In the Report of the Trustees Is inconsistent in any material respect with the financial statements., sufficient accounting record5 have not been kept,. or the financial Statements are not In agreernentwith the accounting record5 aDd return5.- or we h3ve not retrived all the inform81ion and exp13nations we require for our audit 28 R•port olth• IndependentAuditor5 to th•Truste•s ol Royal Historical Society Responslbllltles of trustees As explained more fully In the Statement olTrustees' Responsibilitie5, the trustees are respon51ble lorthe preparation of the financial *8temenis which give a true 8nd f8ir view. and for such internal control as the trustees determine is necessary to enable the prep3ration ol h'nancial statements that are free from materi31 misstaiement, whether due to fraud or error. In preparing the financial 5tatement5, the trustees are responsible for a55es5ing the charity'5 ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going con￿r￿ basis of accounting unles5 the trustees either intend to liquidate the charity or to ￿ase operations. or have no realistic alternative but to do $0. Our responsibilitiesft¥Tthe audit of thefinancial statements We h8ve been 8ppointed as auditors under Section 144 of the Charities Act 2011 and report in 8ccord8nce with the Act and relevant regulations rnade or having effectthereunder. Our objectives are to obtain reasonable assurance 3bout whether the financial statements as a whole are free from rnaterial mi55tatement, whether due to fraud or error, and to 155ue a Report of the Independent Auditors that includes our opinion Reasonable 8ssurance is 3 high level of 8ssurance. but is not 8 guarantee that an 8udit conducted In accordance with ISAS IUKI Will always detect a material misststement when it exists. Missiatements can 8rise from fraud or error and are considered material if, Individually or Inthe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial 5tatement5. The extentto which our procedures are capable ol detecting irregularitie5, including fraud Is detailed below.. Ideniify end assess the risk of material misstatement of the fin8ncial $181emenis. whether due to fraud or error. design and perform audit Pro￿dureS responsive toth05e risks, and obtain audit evidence that IS sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higherthan for one rèsulting from error. as fraud may involve collusion, lorgery, Intentional tsmissitrns, misrepresentations Or the override of Internal control. Obtain an understanding of internal control relevant to the aLJdit in order to design aLJdit procedures that are appropriate In the circumstances, but not foi the purposes of expressing an opinion on the effectiveness of the company's Internal control. Evaluate the appropriateness of accounting policies used and the rea50nableness ol accounting e5tirnates and the rel8ted disclosures mede by the directors. Conclude on the appropriateness ol the directors, use ol the going concern basis of acctrunting and, based on the audit evidence obtained. whether a material uncertainty exists related to event or conditions that may cast significant doubt on the company's abilityto continue 3$ 8 going concern. If we conclude that 3 material uncertsinty exists, we are required to draw attention In our auditors report to the related d15c105ure in the financial 5taternent5 or, il such disclosures are Inadequateto modify our opinion. Our conclusions are based on the audit evidence obtained up tothe d3te ol our 3uditor's report. However, future events or conditions may cause the company to ce3se to continue as a going concern. -Ev8lu8te ihe overall present3lion. structure and content of the fin3nci81 $18tements. including the disclosures. and whether the financial statements represent the underlying transaction5 and event5 In a manner that achieve5 lair presentation. A lurthÈr description tsfour r&sponsibilitiesftsrth& audit ofthe linèncial statements is located on the Financi81 Reporting Council's website at www.frc.org uklauditorsresponsibilities. This description forms part of our Report of the IndependeniAudiiors. 29 R•port o*thÈ Independent Auditor¥ lo theTrusl••¥ of Royal Hi5torl¢al Sodety Us•of our r•port Thi5 report is made solelyto the charity's trustees, as a body, in accordènce wth Part 4 of the Charities (Accounts and Report51 Regulation5 2008. Our auditwork has been undortakeD 50 that we might State to the charity's tYUStees tho$8 matters we are required to state to Ihern in an auditors, report and for no otherpurpose. To thgfulle5t extent perrnitted by18w, we do not accept or assume responsibiltyto anyone otherthanthe charity andthe charity'5 trustees as a bocty, lor our auditwork, forthis report. orforthtr opinions we havE IDrmed. Xeinadin Auditing Chartered Accountants and Ststutory Auditors Beckert House 36 Old Jewry London EC2R 8DD 30 ROYAL HISTORICAL S¢XIETY Statement of Financial Activities ft*rthe yearended 30 June 2022 2022 Total funds 2021 Total funds ts restated Unrestricted funds Restricted funds Endowment funds Notes INCOMEAND ENDOWMENTS FROM Donations aDd legacie5 12,000 10,999 22,999 30.220 Charitable aclivitie5 Grants for a￿ardS Subscriptions Royalties 2.000 241.095 70.818 67.125 69.125 241.095 70.818 63.500 203.506 87.774 Investment income 154,033 4,725 1 $8,758 121,172 Total 479,946 82,849 562,795 506,172 EXPENDITURE ON R3isin9 funds 9.770 298 10.068 9.856 Charitableadiviti Grant5 for awards Library Member5 Service5 Publications Lectures & meetin9S 95.730 34,001 102,611 119,741 37,963 40,454 136,184 34,001 115.291 134,361 52.583 134,664 12,740 101,006 I SO,714 18,513 12.680 14,620 14,620 Total 399.816 82.672 482.488 427.493 Net gainslllossesl on investments 1277,7131 18,5301 1286,2431 597,429 NET INCOMVl￿FENDITvREl 1197.5831 177 18,5301 1205.9361 676,108 RECONCILIATION OF FUNDS Total fund5 brought forward 4.534,346 16.276 122.064 4.672.686 3.996.578 TOTAL FUNDS CARRIED FORWARD 4,336,763 16,453 113,S34 4,466,750 4,672,686 31 ROYAL HISTORICAL SOCIETY Balan￿ Sheet 30 June 2022 2022 Total funds 2021 Total funds as restated Unrestricted funds Restricted funds Endowment funds Notes FIXED ASSErs Tangible assets Investments 13 14 5,550 3,697,057 5,550 3.810.591 113,534 4.096.834 3,702,607 113,534 3.816,141 4.096,834 CURRENT ASSETS Debtors Cash at bank 135.839 569,329 135.839 585,779 175.467 4S1,200 16,450 705.168 16,450 721,618 626.667 CREDITORS Amounts falling due within one year 16 171,0091 171,0091 150,8151 NET CURRENT ASSETS 634,159 16,450 650,609 575,852 TOTALASSEfs LESS CURRE LIABIUTIES 4,336.766 16,450 113,534 4.466.750 4.672.686 NET ASSETS 4,336,766 16,450 113,534 4,466,750 4,672,686 FUNDS 18 Unrestricted funds Restncted funds Endowment funds 4,336,766 16,450 113.534 4,534,346 16,276 122.064 TOTAL FUNDS 4.466.750 4.672.686 The financial statements were approved by the Board of Trusfres and 8Uthorised lor issue on and *re signed on its behalf by". 14 November 2022 E Griffin-Twstee The notes form part olthese financial statements 32 ROYAL HISTORICAL SOCIETY Cash Flow 5taternent ft*rthe yearended 30 June 2022 2022 2021 as restated Notes Cash flowsfrtsm operating artiviiies Cash 9enerated from operations 118,0641 1127,8381 Net cash used in operating activitie5 118,0641 1127,8381 Cashflowsfrom Investlng a¢tlvltl8s Purchase oftangible fixed as5et5 Sale ol fixed asset investments Interest received Dividends received 21.310 360 120,812 164 158,594 Net cash provided by investing activities 152,643 142.482 Change Sn cash and cash equlvalents In the reportlng perfod Cash and o$h equivalents at the beginning of the reporting period 134.579 14.644 451.200 436.556 Cash and cash eguivalents at the end ol the reporting period 585,779 451,200 The notes form part olthese financial statements 33 ROYAL HISTORICAL SOCIETY Notes to the Cash Flow Statement ft*rthe yearended 30 Junè 2022 RECONCILIATION OF NEf IExpeNDITUREIIINCOME TO NETCASH FLOW FROM OPERATING ACTivmES 2022 2021 as rea3ted Net (expendi￿re￿I￿£0rne forthe reportlng period las perthe Statement of FinancialActiviliesl Adjustmentsfor.. Depreciation charge5 L05sesllgaiDI on investments Interest received Dividends received Decrease/lincreasel in debtors Increase/ldecreasel in creditors 1205,9361 676,108 565 286,243 1597,4291 13601 1158.5941 39.628 20.194 13.4791 Net tash used in oper8titin$ 118,0641 1127,8381 ANALYSIS OF CHANGES IN NET FUNDS At 1.7.21 Cash flow At 30.6.22 Net Cash Cash at bank 451.200 134,579 585.779 451,200 134,579 585,779 Total 451,200 134,579 585.779 The notes form part olthese financial statements 34 ROYAL HISTORICAL SOCIETY Notes tothe Financial Statements ft*rthe yearended 30 June 2022 ACCOUNTING POLicies BASIS OF PREPARING THE FINANCIALSTATEMENTS The financial staterDent5 of the charity. which 15 a public benetit entity under FRS 102. have been prepared in accordance withthe Charities SORPIFRS 1021'Accounting and Reporting by Charities.. StatementofRecommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable ID the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investment5 which are included at m£rketvalue, as modified by the revaluation of certain assets. CRITICALACCOUNTING JUDGEMENfs AND KEYSOURCES OF ESTIMATION UNCERTAINTY In preparing financial statements it is necessary to make certain judgements. estimates and asS￿mPli0nS that affect the amounts recognised in the linancial statements. In the view ol the trustees ID applying the accouDting policies adopted, no judgements were required that have a 51gnificant effect on the amounts recogni5ed In the financial ststements nor do any estimates or assumptions made carry * significant risk ol mat*ri¥l adjustment in the nemt finanoal year. INCOME All income is recognised In the Statement of Financial Activities once the charity has entidement to the funds, It Is probable that the income will be received and the amount can be measured reliably. Grant Income Grant income Is deferred only where the donor h3$ specified th81 it m3y only be used for 8 luture period or has imposed conditions that must be met before thé charity has unconditional éntiyément to the grant. Subscription Income Subscription income Is recognised in the year It became receivable with a provi510n against any subscription not received. Donations and other voluntary incorne Donations and othervoluntary incorne are recogni5ed when the Society become5 legally entitled to such monies. Royalties Royaltie$ 8re reC￿niSed on en 8ccruals basis in accordance With the terms of the relevant 8greement EXPENDITURE Liabilities are recognised as expenditure as soon a5there isa legal orconstructive obligation committing the charity to th3t expenditure. It is probable thai a tr3nsfer ofeconomic benefitswill be required in settlement3nd the 3mount ol thé obligètion cèn be me3SLJred relitbly. Expénditure 1$ 3ccounted for on an tccrLJals b3si5 ènd has been c13ssified under he8dingsth3t a99re9ate all colt rel8ted to the c8te9ory. Where Costg cannot l)e directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grant Income Grants payable are recognised in the year In which they are approved and Dotified to recipients. GraDts offered subiectto conditions which have not been met at the year end date are noted a5 a commitment but not accrued as expenrjiiure. Cost of raising funds The costs of 9ener8tin9 fund$ 3re those costs of seeking poienii31 funders and applyin9 for fundin9. Allocation of costs Indirectr cost5 are those costs Incurred In 5UPPOrt of the charitsble obiechves. These have been all￿ted to the resources expended on a basis that fairly reflects the knje use of those resources within the organisation. 35 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 ACCOUNTING POLicies- contlnued EXPENDITURE Grant5 offered subject to conditions which h3ve not been met & the year end date tre noted as a commitment but not accrued as expenditure. TANGIBLE FIxEDASS￿s Depreciation is provided at the following aTrDu81 rates In order to write off each a55et over its e5timatsd useful life. Fixtures and fittings Computer equipment 10% on cost 25% on cost TAXATION The charity 15 exempt from tax on its charitible activitie5. FUNDACCOUNTING Unrestricted fund5 can be used In accordance wth the charitable objective5 atthe discretion ofthe trustees. Desi9nated These are unrestricted funds which have been set aside bythe trustees for specific purposes. Restricted funds can only be used for particular restricted purposes wthin the objects of the charity. Restrictions arise when specified bythe donor or when fund5 are raised for particular restricted purposes. Endowment Permanent endowment funds must be held permanently by the trustee$ 8nd income 8rising is Sep?ra￿lY included in restriaed funds for specific use as defined by the donors. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. PENSION cosrs AND OThER posr-RETIREMENT BENEFrrs The charity operate5 a delined contribution peDsion scheme. Contribution5 payable to the charity's pen510 scheme are ch3r9ed to the Statemeni of Financial Activities In the period to which they relate. FINANCIAL INSTRUMENTS Cash and cash equivalents Cash and cash equivalents include cash at banks, cash in hand and 5hortterrn deposits with a maknrity date of three moDths or le55. ij. Debtors and Creditors Debtorg and Creditors receivable or p8yable Within one year of the reporting dete are carried 8t their attransattion price. Debiors and creditors that are receivable or payable in more than one year and not subj-ectto a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of Interest. 36 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 DONATIONS AND LEGACIES 2022 2021 as re5ttted Donations Gift aid Other iTrconie 20,959 16,753 8,787 4.680 2,040 22,999 30.220 INVESTMENT INCOME 2022 2021 as restated Dividends and interest on Irwestments Deposit accountinterest 158,594 164 120,812 360 158,758 121,172 INCOME FROM CHAR￿ABLE A￿1vmE5 2022 2021 as restated Athivity Grant5 for awards Subscriptyons Grants Subscriptions Royalties 69.125 241.095 70.818 63,5 203.506 87.774 381,038 354.780 Gr8nts received. included in the above, 8re 8$ follows.. 2022 2021 as re￿ated PJ Marshall Fellowship General 18,000 51.125 18.0 45.5 69.125 63.500 37 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 RAISING FUNDS INVESTMENT MANAGEMENT COSTS 2022 2021 as restated PortFolio management 10,068 9,856 CHARITABLEAcrivrriES COSTS Grant funding of Support costs (see note 81 Dirett Costs (see note Totsls Grants for awards Library Members Services PublicatioDs Lecturés & meetings 38.693 33,665 112,795 133,305 52.247 96.350 136,184 34,001 115,291 134,361 52.583 336 2,496 1,056 336 370.705 96.350 5.365 472.420 GRAHfs PAYABLE All 9r3nts were paid to individuals. The charity makes three types of grants.. Fellowships for Early Qreer Historians to support historians who are completing a PhD Research Support Grants for Early Career Hi5toriaTrs to support research expenses, conference organisation and StudeDt5 at Riskto 5UPPOrt Students relocating from the Ukraine as a result of the war with Ru551a. Of the grants awarded ID the year £47.56212021 £36,957> related to research supporL £48,78912021 £77,072) to fellowships and £39,83312021 £20,635lto support CL￿ts. SUPPORT cosrs Governance costs Other Tota15 Gr8nts for awards 565 576 336 2,496 1,056 336 336 2.496 1,056 336 Members Services Publications Lectures & meetings 565 4,800 5,365 38 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 SUPPORT COSTS- ￿ntInUed Charitable artivity costs are apportioned by the charity on the b3sis of staff time. Support CL￿ts, included In the above, are as follows.. Grants for awards Members Services Library Depreciation of tan9ible fixed assets Auditors, remuner8tion 565 576 336 2.496 336 2.496 2022 2021 as restated Total Lectures & meeting5 Total Depreciation of tangible fixed assets Auditors, remuneration 565 4,800 1.056 336 1.050 336 5.365 TRUSTEES. REMUNERATIONAND BENEFITS During the ye3r one trusree was paid £270 8$ a grant for 8dmin support on 8 rese8r¢h projectl2021 nill TRusfEES' EXPENSES During the year travel expenses were reimbursed to 412021'.nill Councillors attending Council meetings at a cost of £1,00812021 nill. Key management personnel Include the Trustees. land senior stslf reporting directly to the Trusteesl- The total employee benefits of the charity's key management personnel vJere £44.80512021. £Nill. STAFF COSTS 2022 2021 as restated Wage5 and salaries 162.892 13.050 13.575 127.213 11.496 8.075 Other pension costs 189,517 146.784 The avera9e monthly number of employees during the ye8r bvas as follows.. 2022 2021 as restated Support 39 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 10. STAFF COSTS- ￿TrtInued No employees received emoluments in excess of £60.000. COMPARATIVES FOR THE sTATEME￿OF FINANaAL AcfiviTIES Unrestricted funds Restricted fund5 Endowment funds Total fund5 a5 iestated INCOME AND ENDOWMENTS FROM Don3ts0ns and le9acie£ 28.720 1.500 30.220 Charitable aclivrtie5 Grants lor awards Sub5criptlOn5 Royalties 63.500 63.500 203,S06 87.774 203,506 87.774 Investment income 117.580 3.592 121.172 Totsl 437.580 68.592 506,172 EXPENDITURE ON Raising funds 9,564 292 9,856 Chayltable actIv￿leS Grants for award5 Library Members Services Publications Lectures & meetin9S 117.664 12.740 99.756 113,417 18.513 17,000 134,664 12,740 101.006 150,714 18.513 1.250 37,297 Total 371,654 55,839 427,493 Net gain5 on Inve5tment5 579.721 17,708 597,429 NET INCOME 645.647 12.753 17,708 676.108 RECONCILIATION OF FUNDS Totsl funds broughtfoM8rd As previously reported Prior year adjustment 3.806.248 82.451 3.523 104.356 3.914.127 82.451 As reststed 3,888,699 3,523 104,356 3.996.578 TOTAL FUNDS CARRIED FORWARD 4,534.346 16.276 122,064 4.672,686 40 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 12. PRIOR YEAR ADJUSTMENT During the course of the 8udii ol the 3ccounts for the ye8r ended 30th June 2021 it 4vas identified ih3t the Royalty income had not been correctly accounted for ID prior years due to a misunderstanding of the time period5 that the Royaltie5 related to. The Royalties received relate to calendaryears and had previously been recognised Inthe year thatthey were re￿ived. Furtherthe Royalties forthe 2019 Calendaryear had not been re￿iVed by Btith June 2020 and were omitted from the accounts for that year. A5 a result of Identifying this error a prior year adjustment was made to the accounts which Increased the Royalty income as at 30th June 2020 and the ass(￿lated debtor by £82.451. It was also identified that a donation had been misallocated as Royalties, this has been reclassified within the accounts. This has increased donation income by £50.000 and reduced Royalty income by the same aMO￿nt 13. TANGIBLE FIXED ASSETS Fixtures and Computer eguipmeni Totals cosr At 1 July 2021 Additions 1.134 33,224 6,115 34,358 6,115 At 30 June 2022 1.134 39.339 40.473 DEPRECIATION At l July 2021 Charge for year 1,134 33,224 565 34,358 565 At 30 June 2022 1.134 33,789 34,923 NET BOOKVALUE At 30 June 2022 5,550 5,550 At 30 June 2021 14. FIXEDASSET INNESTMeNTS Cash and settlements pending investments Totals mARI￿TVALuE Ai 1 July 2021 4,096.084 1286.2431 750 4.096.834 1286,2431 RevaluatlOn5 At 30 JuDe 2022 3 809.841 750 3.810591 NET BOOK VALUE At 30 June 2022 3,809.841 750 3.810.591 AI 30 June 2021 4,096.084 750 4.096.834 41 ROYAL HISTORICAL 50CIErY Notes to the Finantial Statements- continued forthe year ended 30 June 2022 14. FIXED ASSET INVESTMENTS- contlnued The table below analyses the Investments between those Inside and outside ofthe UK. C05t ol investments at 30th June 2022 15 £3,536,577 12021 £3,536,577). Investments comprise: 2022 2021 UK Equities UK Governrnent Stock and Bonds Over5ea5 Bond5 Overseas Equities Multi A55et Fund5 Altsrn3tives Uninvesied Cash 134.639 123.804 79,982 289,383 2,908.022 82,373 574.537 38.733 249,899 2,496.496 705.746 172.620 3.810.591 4.096.834 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 as restated Other debtors Prepayments and accrued income 125,715 10,124 168,674 6,793 135,839 175,467 16. cRED￿oR$. AMovTrifs FALUNG DUE WITHIN ONE YEAR 2022 2021 as restated Trade creditors Taxation and social security Other creditors 20,582 4.050 46,377 9,168 1.716 39,931 71,009 50,815 42 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 17. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases lall due as follo￿ts-. 2022 2021 as restated Within oDe year Between one and five year5 5,496 5,496 5.496 10.992 18. MOVEMENT IN FUNDS Net movement in funds At 30.6.22 At 1.7.21 unrestr1rt￿lumd6 General fund 4,534,346 1197,5801 4,336,766 R05trirtedfunds AS Whitfield pri2e PJ M8rshall fellowship David Berry Essay Trust Martin Lynn Bequest P&P Fellow subventio Marc Fitch 1.206 1.748 1,025 4.Q94 8,203 1.956 2,274 1,221 900 6,5471 370 3.162 4.022 2,246 4.994 1.656 370 16,276 174 16,450 Endowmentfunds AS Whitfield prize fund David Berry Essay Trust 81.585 40.479 15.6961 12.8341 75.889 37.645 122,064 18,5301 113,534 TOTAL FUNDS 4,672,686 1205,9361 4,466,750 43 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 18. MOVEMENT IN FUNDS-continued Net movement in funds. included in the above are as folloknts". Incoming reSoUr￿S Resources expended Gains and losses Movement in fund5 Unrestrlctedfunds General fund 479,946 1399,8131 1277,7131 1197,5801 Restrirtedfunds AS Whirfield pnze PJ Marshall fellowship David Berry Essay Trust MartiD Lynn Bequest P&P Fellow subvention Past and Pre51dent ECR Marc Fitch sI￿dents at Risk 3,155 18.000 1.570 1.500 34.126 5.000 4.866 14.632 1,956 2.274 1.221 900 16.5471 115.7261 13491 140.6731 Is,0001 14.4961 114.6321 370 82.849 182.6751 174 Endowrnentfunds AS Whirfield prize fund David Berry Essèy TrLJSt 15,6961 12.8341 15,6961 12.8341 18.5301 18.5301 TOTAL FUNDS S62,795 1482.4881 286.2431 1205,9361 44 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 18. MOVEMENT IN FUNDS-continued Comparntives for movem•nt in fund$ Net movement in funds year adjustment At 30.6.21 At 1.7.20 Unrestrlctedfunds General fund Desi9nated - EM Robinson bequest 3,630,1 $1 176.097 82,451 645,647 4,358,249 176.097 3,806.248 82.451 645.647 4,534,346 R￿Irt*d*yndS AS Whirfield prize PJ Marshall fellowship David Berry Essay Trust MartiTr Lynn Bequest P&P Fellow subvention 1,206 1,000 844 1,500 8.203 1,206 1,748 1,025 4,094 8.203 748 2,594 3,523 12.753 16.276 Endowmgntfunds AS Whirfield pn2e fund David Berry Essay Trust 69.749 34,607 11,836 5,872 81.585 40,479 104,356 17,708 122,064 TOTAL FUNDS 3.914.127 82.451 676,108 4.672.686 Comparative net movement In funds, included in the above are as follows.. IDcoming resourtrs Re50urTr5 expended GaiD5 losses Movement in funds Unrèstrittedfunds General fund 437,580 1371,6541 579,721 645,647 RÈsirittedfunds AS Whirfield prize PJ M3rshèll léllow5hip David Berry Essay Trust Martin Lynn Bequest P&P Fellow subventio 2,401 18.000 1,206 1.000 844 1.500 8.203 117,0001 13471 1.500 45.500 137.2971 68,592 155,8391 12,753 Endowmentfund5 AS Whirfield prize fund David Berry Essay Trust 11,836 5,872 11,836 5,872 17,708 17.708 TOTAL FUNDS S06 172 4274931 597 429 676 108 45 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 18. MOVEMENT IN FUNDS-continued Endowment Funds A S WhitField Prize Fund The A S Whitfield Prize Fund is an endowment used to provide income for an annual prize for the best first monograph for British history published In the calendar year. The Dawd Berry Essay Trust The David Berry Essay Trust is an endowmentto prowde income for annual prizes for essays on subjects dealin9 With Scottish history Restricted Funds A S WhitField Prize Fund Income Income from the A S Whitfield Prize Fund is Ljsed to provide an annual prize lor the bestfirst monograph for Britlsh h15tory published in the calendar year. P J Marshall Fellowship The P J Marshall Fellowship is used to provide a sum sufficientto cover the stipend for a one-year doctoral research fellowship alongside the existin9 Royal Historical Society Centenary Fellowship at the Institute of Historical Research. The David Berry Es$8y Trust In￿me Income from thé O&vid Berry Trust is to provide annual prizes lor essays on SLJbiects dealing Wlth Scottish history. The Martin Lynn 8eguest Th15 annual bequest is used bythe Society to give financ131 assistan￿ to postgraduates researching topics in African history. Past and Present subvention The Past and Present Subventlon 15 used tocoverthe employmentcosts of a fellowship in race. ethnicityand equality in history. Past and Present ECR subvention The Past and Present ECR subvention is funding towards the cost of the ECR Fellowships. Marc Fitch The Marc Fitch fund rel3tes to income received towards the costs ol specific 8rchival projeu 3CliVities rel8ied to the RHS Arthivé. Prothero Papers. Elton Papers ènd Camden Society P3ptrs. Students at Risk partners subvention The Students at Risk funds are amounts received from partner organisation towards and Initiative during the year to provide monetary fellowships, match-funded by host institutions to 5UPPOrt Scholars from Ukraine to leave or remain outside Ukraine as a result of the Russian Invasion. The Royal Historical Society also used some of It's unrestricted funds to support recipients of these Fellowshi￿. 46 ROYAL HISTORICAL SOCIETY Note5to the Financial Staternents- continued ft*rthe yearended 30 June 2022 19. OTHER FINANCIAL COMMITMENTS The charity is entitled to use officesp3ce in University College London at nomonetary cost.The trustees h3ve sought a professional valuation ol th15 olfice and have been adv15ed that the true value ol the donated space caD't be reliably determined because of its location within the University property portFolio. In addition if the current a9reement wasn't In place the charity might choose occupy an office with a different amount of space. 20. RELATED PARTY DISCLOSURES Durin9the priorye£r one trustee donated their external examining fees of E850. During the currentyearthere were no donations of this nature. 47