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2023-06-30-accounts

i.// IIOYAL TKUSTEES ANNUAL KEPOKT & AUDITED FINANCIAL STATEMENTS 1 July 2022 to 30 June 2023 A company incorporated by Royal Charter IRC000478) A registered charity (charity number.. 206888) University College London. Gower Street, London. WC1 E 6BT

CONTENTS

Report of the Society’s Activities During the Financial Year 1 July 2022 to 30 June 2023 ................................ 3 Plans for the Future.................................................................................................................................................. 18 Structure, Governance and Management ............................................................................................................. 21 Reference and Administrative Information ........................................................................................................... 26 Financial Review ....................................................................................................................................................... 28 Statement of Trustees Responsibilities .................................................................................................................. 31 Independent Report of the External Auditor ........................................................................................................ 32 Financial Statements for the Year Ended 30 June 2023 ...................................................................................... 35

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Report of the Society’s Activities During the Financial Year 1 July 2022 to 30 June 2023

The Annual Report of the Trustees of the Royal Historical Society (RHS), and the accompanying Financial Statements, provides a valuable opportunity for the Society to communicate the activities of the year 1 July 2022 to 30 June 2023 to our Fellowship, the historian community, and the public more generally. As a charity, we are committed to supporting our Fellows, Members, and the historian community in as impactful a manner possible.

We are delighted that this report demonstrates a further successful year, characterised not only by the continuation of our well known activities from previous years, but through the development of new programmes through which we can support historians at different career stages; through the consolidation of valuable initiatives implemented as new in previous years; and, through the evolution of our ongoing charitable activities, to ensure that we continue to meet the needs of historians in the best way possible.

As the UK’s foremost learned society working for historians, and the scholarly study of the past, we have a vital position and duty to advocate for our Fellows, Members, and the historian community in the face of growing challenges faced by the discipline, to ensure its significance and place in the UK Higher Education Sector. As a result, in the past year, we have focused our advocacy programme on responding to the unprecedented turbulence and uncertainty currently faced by many within the sector, as universities threaten closures of history departments; implement redundancy programmes; and restructure faculties to reduce the distinctness of historical scholarship. The ‘Advocacy and Professional Support’ section of this report outlines the work undertaken by the Society in support of those at threat from these and similar actions. The report also identifies new initiatives under development by the Society to ensure the ongoing impact and efficacy of our advocacy work.

In the report’s ‘Scholarships’ section we are pleased to highlight the extension of the Society’s programme of support for postgraduates with the implementation of the ‘RHS Masters’ Scholarships’ scheme in support of nascent postgraduate historians from groups currently underrepresented within the sector. These Scholarships provide a valuable financial bridge, enabling the continuation of a university education by postgraduate students who may not otherwise have been able to pursue an academic career in history.

In its discussions throughout the year, the Society’s governing Council has reinforced the importance of expanding resources for postgraduate and early career historians. At the same time, Trustees have noted a demonstrable lack of equivalent support for ‘mid-career’ historians. As a result, as part of a review of the Society’s ‘Grants and Research Support’ programme, new grants have been introduced that are open to historians who are beyond the ‘early career’ phase of their professional lives. These new grants seek to provide financial research assistance to those who do not have access to adequate departmental resources to support their research, or, with no institutional affiliation, have no access to research support funds.

Continuing with this theme, we are delighted to report on a new events series of ‘Mid-Career Conversations’. These informal discussions provide members of the Society with opportunities to discuss topics of importance at this career stage, and also enable the Society to identify particular areas of focus for future work. Relatedly we have this year implemented a new ‘Funded Book Workshops’ scheme to support historians currently working on a second or third major research project, that will lead to the publication of a monograph. The scheme provides funding for

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authors to bring together experts in their subject to discuss a manuscript. In this way, the Society aims to further assist mid-career historians, many of whom lack the level of peer-support they received earlier in their careers.

As always, it is the duty of the Society’s Trustees to make the greatest impact with the finite resources available. As such, although the Trustees see the importance of prizes and other celebrations of exceptional research (and will continue with our major book and essay prizes into the future), the Society recognises the greater value in supporting historical research and teaching at an earlier stage, using its available funds to enable scholarly work and to benefit a greater number of recipients. As a result, the Society has restructured a selection of its prizes into funding grants and allocated increased funds to these from within our general resources, and from endowments made to the Society. More detail on this can be found in the ‘Grants and Research Support’ section of this report.

The past year also saw the further consolidation of changes made to our publishing programme, including the evolution of Transactions of the Royal Historical Society from a journal solely of research delivered as part of the Society’s lecture series, to one to which direct submissions of articles can be made, from all historians. This year has also seen the development of new article formats for Transactions , to encourage academic debate and commentary, alongside the journal’s provision of research articles. Additionally, the decision was taken by the Council this year to end the Society’s ongoing financial support for the Bibliography of British and Irish History . This change will take effect from January 2025 until when the Society’s support for the Bibliography will continue. We were delighted that the Institute of Historical Research (IHR) has been able to continue to support the Bibliography and that the resource will continue at its present level from 2025.

The Society is first and foremost a membership organisation. We are therefore delighted to report on the continued growth of the Society’s Fellowship and Membership, including the continued bedding in of the ‘Associate Fellow’ and ‘Postgraduate Member’ categories implemented in the previous year. These new membership categories were launched to meet the Society’s goal of representing the breadth and changing nature of the historian community and ensuring that all those with an interest in the scholarly study of the past may participate in and benefit from the RHS.

It is from the subscription payments of our Fellows and Members that the majority of the Society’s funds originate. We are pleased therefore to report that changes made in the mechanism by which these funds are managed, and how the Society plans for its financial future, have further solidified the firm foundation on which the RHS can continue to operate over the coming years. A key element of this has been the Society’s reassessment of how its reserves are considered, and best used in support of our charitable activities. You can read more on this in the financial sections later in this report.

Finally, in continuation of the Trustees’ duties of ensuring transparency across the Society, throughout this report we will highlight key statistics related to each area of our activities. We are encouraged that almost uniformly these illustrate a positive and impactful year. Where a slightly different picture is presented, the Society seeks to use this information to learn and develop our strategies for the future, so responding to the needs of our community and ensuring that the historians for whom we work, and represent, receive the best support possible.

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LECTURES, WORKSHOPS & EVENTS

A key component of the Society’s regular activities is our programme of meetings, lectures, workshops, and other events. Within the past year, the Society has worked to expand this portfolio of events to offer a greater diversity of format, purpose and location. Selected events, relating to academic training, are served for Fellows and Members of the Society, but the majority remain open to the public to attend, both in person and online. Additionally, where possible, the Society endeavours to record each event, not only to ensure the accessibility of research presented to the widest audience possible, but also to add to the growing archive of Society events available online.

The Society hosted four meetings in its standard lecture series:

The first of two RHS-sponsored lectures, ‘ Plague and Poverty in Early Modern London ’, was given by Professor Vanessa Harding (Birkbeck University), and hosted at the University of Roehampton on 12 January 2023. This was followed, on 17 May 2023, with ‘ British Encounters with Spain’s Muslim past, c.1760-1820 , delivered by Professor Roey Sweet (University of Leicester), as part of the Society’s Visit to the History Department of the University of Northampton.

In collaboration with Gresham College, the Society’s 2022 Public History Lecture was given by the historian and broadcaster, Kavita Puri, on ‘ Partition of British India, 75 Years On’ , (1 November 2022)

In partnership with the Ukrainian Institute London, on 16 May 2023, we hosted the leading scholar of Ukrainian history, Professor Serhii Plokhy (Harvard University) in discussion with Sir Richard J. Evans, on publication of Professor Plokhy’s new book ‘ The Russo-Ukrainian War’ (Penguin).

The Society’s programme of academic training continued with the following events:

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In support of our ongoing commitment to students and scholars currently underrepresented in academic history, we held on:

We continued our programme of international panel discussions, focusing on key subjects of current interest to historians:

As part of its new focus on supporting historians of all career stages, the Society implemented a new series of events designed to engage with ‘mid-career historians’, in dialogue on topics of particular import to those at this stage in their careers. The programme is ongoing and within this year featured:

Finally, on 29 March 2023, the Society continued its partnership with the Institute of Historical Research (IHR) and The National Archives (TNA) in presenting ‘ Collecting Communities:

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Working Together with Collections ’, the 2023 History and Archives in Practice Conference, hosted by the IHR at the University of London.

Although the Society strives to deliver hybrid opportunities for the majority of its meetings, within the past year technical issues encountered at some events have led to the experience of our online audience falling below the standards we expect. To address this, the Society has expanded its network of professional media partners to ensure recordings are of a high and accessible quality. In addition, it has invested in new audio-visual technology with which to record/stream our events. Finally, we have reviewed our operating procedures for the production of events to enhance standards and reinforce fallback options for use on occasions when problems with a venue, technology or connectivity occur.

PUBLICATIONS

In the Society’s previous Annual Report, we highlighted the significant changes made in both the leadership personnel within the Society’s portfolio of publications, and also in the format and editorial model of the journal Transactions of the Royal Historical Society. Throughout this year, the Editors (see below) and Editorial Boards of all our titles have continued to lead in the adoption of these changes and the further development of our publishing agenda.

EDITORIAL BOARDS

Transactions of the Royal Historical Society

Dr Harshan Kumurasingham (University of Edinburgh) Dr Kate Smith (University of Birmingham)

13-person UK Editorial Board 16-person International Advisory Board

Camden Society Series

Dr Richard Gaunt (University of Nottingham) Dr Siobhan Talbott (Keele University)

New Historical Perspectives

Professor Elizabeth Hurren (University of Leicester) Professor Heather Shore (Manchester Metropolitan University)

14-person Editorial Board

For Transactions of the Royal Historical

Society (TRHS) , Volume 32 of the Sixth Series was released in November 2022. This volume contained 11 research articles (against the previous year’s 8), five of which were received directly through external submission, rather than as papers linked to Society lectures, as had been the case before 2022. These articles were also the first to be presented in ‘First View’ format, on the journal’s webpage hosted by Cambridge University Press (CUP).

In addition to changes in editorial leadership,

editorial model and production workflow, the journal’s Co-Editors implemented a number of initiatives to both generate content, and also enhance the academic impact of TRHS as a Societyowned journal. These activities included attendance of key academic conferences to identify new opportunities for content in the future, as well as engagement in the ‘Futures of the Historical Journal’ panel event (see ‘Lectures, Workshops and Events’).

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Key within these new initiatives was the creation of the ‘ TRHS Workshops’ - a series of funded academic workshops established to bring together scholars to facilitate debate, and to lead to the publication of proceedings as articles within the journal. Twenty-one applications were received from the first call in September 2022, with four projects awarded funding. The workshops for two of these projects (Laqua and Hibberts) took place within the reporting year, with the others scheduled for later in 2023.

The quality of submissions was such that the Society has also created a new programme of parallel workshops, drawn initially from four submissions from the original 21 submissions made to this series (see ‘Research Support’).

During the year, three volumes of the ‘ Camden Series’ of primary source materials were published:

The Society’s ‘ New Historical Perspectives’ book series, which publishes Open Access monographs and edited collections by Early Career Historians, released four volumes as online and print editions:

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The NHP series also acquired funding from the ‘JISC Open Access Community Framework’ programme which will contribute towards the publications of 9 Open Access titles in the series over the next three years. In addition, ‘Knowledge Unlatched’ agreed to fund the cost of publishing of one further NHP volume which will appear in November 2023.

In 2022-23 the RHS Council continued its strategic review of publications, with a focus on how best to use the limited resources at its disposal in support of ongoing and new endeavours both now, and in the future. As a result, the Council took the decision to end its ongoing formal relationship with the Bibliography of British and Irish History (BBIH) at the next contractual renewal point at the end of 2024, formally notifying its partners, the Institute of Historical Research and Brepols Publishing, in June 2023.

The RHS will continue to work positively and proactively with its BBIH partners until the end of the contract. The Society is also pleased to note that the IHR has indicated their commitment to the continuation of the Bibliography for the current time, and that the new partners have agreed to allow RHS Fellows and Members to retain their discounted personal subscriptions from 2025.

The Society is currently developing plans for new publishing which it hopes to announce in the coming months.

PRIZES

The Society’s 2022-23 programme of prizes and awards recognised excellence and achievement in published work by Early Career Historians. This year saw 26 publishers submit 58 titles for consideration for our two book prizes, with the following awards being presented:

Following the submission of 47 articles published in 42 journals, the Society’s Alexander Prize for articles / chapters based on research by doctoral candidates, or those recently awarded their doctorate, was awarded to:

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During the year, the RHS Council reviewed the major routes by which the Society undertakes its charitable giving. To make the most of its limited resources, and to ensure funding is given where it is needed most, the Society decided to move from its previous focus on rewarding the achievement of selected individuals/projects, to providing financial support for academic work not yet undertaken or completed. In doing so, the RHS Council seeks to provide greater levels of funding to research project(s) that are worthy of support, but currently without access to sufficient financial resources.

As a result of this decision, the following changes were approved, and will be implemented in the next financial year:

RHS DOCTORAL FELLOWS

In 2023, the RHS Centenary and RHS Marshall Fellowships, for postgraduate historians in their final year of PhD research at a UK University, were awarded to:

RHS Centenary Fellowships

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RHS Marshall Fellowships

MASTERS’ SCHOLARSHIPS

In 2022 the Society’s Council considered the scarcity of funding for Masters’ level postgraduate study as a major barrier for early career historians from backgrounds currently underrepresented within academic History. In July 2022 the Society implemented the new ‘RHS Masters’ Scholarships’, of £5,000 per award, to students whose undergraduate studies had been supported by non-repayable government funding, and who originate from underrepresented ethnic groups; have specific socio-economic backgrounds; have spent time in care, or are estranged from their family; have, or currently hold caring responsibilities; or have a disability.

Although the Society intended to fund four scholarships for the academic year 2022-23, the number and quality of applications was such that the programme was extended to five Scholarships, funded directly by the RHS, and with one Scholarship generously funded by a donation from within the Society’s Fellowship.

Scholarships were awarded to:

During their studies, the Society has kept in contact with the recipients of these Scholarships and will continue with this initiative in the coming academic year.

GRANTS AND RESEARCH SUPPORT

In addition to the PhD Fellowships, and Masters’ Scholarships schemes, the Society has continued its established work of providing research funding to early career historians who are members of the Society. Aligned to the Society’s goal to expand its research funding, the Council introduced a new programme of grants, incorporating financial support not only for Postgraduate and Early Career Researchers, but also for those at the ‘Mid-Career’ stage, and those working outside of Higher Education Institutions.

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Prior to the changes the Society awarded:

Following the implementation of the new funding programme, in January 2023, the Society has also awarded:

The Society also continued its ‘Early Career Fellowship Grant’ programme, awarding 9 Fellowship grants in support of discrete research projects lasting a maximum of 6 months. Due to a subvention from ‘The History of England Podcast’, the Society is able to extend the number of these grants available in the coming year.

Additionally, 2 Martin Lynn Scholarships of £1,500 each, were awarded to postgraduate researchers of African history. These are kindly supported by the widow of the eminent historian of West Africa, Professor Martin Lynn (Queen’s University Belfast).

In addition to the Society’s new Research Support Grants—and following the popularity of the first round of TRHS Workshop Grants (see under ‘Publications’) - the Society introduced a supplementary programme of ‘ RHS Workshop Grants’. Like the TRHS grants, these enable historians to come together to pursue projects of shared interest (for example, development of a funding bid) that need not result in a publication or be primarily focused on academic research. With these grants, the Society therefore seeks to support a wider range of activities in support of projects in addition to academic research. The first RHS Workshop Grants were awarded to the following projects:

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LIBRARY AND ARCHIVE

In 2022-23 the Society completed its project to catalogue, conserve and store the archival papers in its collection. In the previous year catalogues had been created for the Society’s Prothero Papers (relating to the historian and government adviser, George W. Prothero, 1848-1922) and the papers relating to the administration of the Society, the RHS Collection, c.1868-2021.

This concluding work saw cataloguing and conservation of the Camden Society Papers, (containing c.850 items), relating to the Camden Society (1838-97), prior to its absorption into the RHS, and of the literary papers of the historian, Sir Geoffrey Elton (1921-1994), amounting c.500 documents and records.

These most recent catalogues created as a product of this work can be found here:

Those from the earlier stages of the project can be found here:

MEMBERSHIP

The Royal Historical Society operates on the solid foundation of its Fellowship and Membership. From our principal category of ‘Fellow’, and through the recently introduced ‘Associate Fellow’ and ‘Postgraduate Member’, the Society aims to provide a home for all academic historians working within Higher Education, as well as in related sectors. For those outside the professional study of the past, we continue to offer ‘Membership’ of the Society.

The year 2022 to 2023 has seen considerable growth with the Society’s paid membership (Fellows, Retired Fellows, Associate Fellows and Postgraduate Members - and their international variants) reaching 5,354 - an increase of 685 over the previous year, and 1,178 on that of 2020-21. The Society also includes several additional membership categories for which fees are not paid (Emeritus Fellow, Honorary Vice-President and Early Career Member, the latter now closed to new entrants). These additional categories bring the total ‘Membership’ for 2022-23 to 5,791 (compared with 5,109 in 2021-22, and 4,543 in 2020-21). This incorporates:

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These increases are due, in part, to the changes in admission requirements made in the year 2020 to 2021. At the same time, the criteria for entry to the Society’s ‘Fellowship’, which—amongst other benefits, enables use of the postnominals ‘FRHistS’—remains an applicant’s clear, demonstrable contribution to scholarship and research. Fellows are also the ‘corporate members’ of the Society, and therefore enabled to vote in Society elections and resolutions presented at general meetings. Nominations for Fellowship are reviewed by the Membership Committee and must be supported either by a current Fellow, the President, or the Committee itself, following a review of an applicant’s credentials, including publication record. Fellows are then elected directly by the Society’s Council.

The growth in Society membership comes from a series of recent initiatives to engage with potential Fellows, identified through their recent publications, research projects and contribution to historical scholarship. In addition, a project to bring back Fellows and Members who had lost touch with the Society has enabled more than 225 Fellows and Members to revive their subscriptions. This, in turn, has increased the Society’s overall Fellow/Member retention rate from 83.2% in the previous year, to 89.7% in 2022-23.

Whilst maintaining the high standards necessary for admission, the RHS Council is committed that the Society’s Fellowship and Membership represent the changing nature of the historian community at large. In support of these goals, in November 2021 the Society introduced the category of ‘Associate Fellow’ which recognises the many ways in which history is researched, studied and promoted. Associate Fellows include those within higher education who do not currently meet the criteria for full Fellowship, as well as those in sectors adjacent to academia, such as museums and heritage, libraries and archives, teaching, publishing and broadcasting. The past year has seen the continued ‘bedding in’ of this category, which now comprises 347 members with 79 from overseas. Of those who have formally recorded specific organisational affiliation, there are representatives of over 170 different bodies, including:

Launched at the same time as the Associate Fellowship, the Postgraduate Membership category has continued to grow within the past year with member numbers at 432 (from 210 universities and research institutes worldwide), against 269 reported in the previous year. These members pay a reduced subscription fee and, among other benefits, have access to specific research funding programmes run by the Society (see ‘Grants and Research Support’).

Within the year, the Society made additional benefits available to Fellows and Members. These include discounts on history titles published by Oxford University Press; on subscriptions to the magazine and/or the archive of History Today; and discounted subscriptions to the broadcaster,

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‘History Hit’. As reported last year, applications to the majority of the Society’s research grants remain reserved for RHS Fellows and Members.

ADVOCACY AND PROFESSIONAL SUPPORT

It is a very unwelcome fact that this year has seen an increase in the number of UK history departments, and academic and professional support staff, facing threats of cuts, mergers closure or redundancy. Since July 2022, historians from 11 UK History departments have contacted the Society, seeking advice about potential threats or responses to programmes of cuts and closures. A statement released by the RHS President and Council on 13 June 2023, spoke of “unprecedented turbulence and uncertainty” in the sector, evidenced through closure of departments; programmes of voluntary and compulsory redundancy; cuts to courses and optionality; and the persistent threat of actions of this kind. The statement drew attention to the role of political decisions in creating turbulence: “We must look to political decisions to explain this troubling situation. UK universities now operate in a market economy. Institutions are placed in direct competition, with income generation via intake the principal measure of success.” What is in crisis is not history, which “remains in good health”, but “the structures that enable and sustain History in UK Higher Education.” This message was also central to the President’s Letter (16 June 2023) to all Fellows and Members of the Society.

The Society has long worked, often behind the scenes, to support departments and historians facing threat to courses, staffing and departmental identity. As the number of communications to the Society in 2022-23 has increased, so too has the time given by the Society to supporting the discipline and profession. This support took several forms. In addition to public statements, promotion of individual campaigns, and communications to university senior managers, the Society has continued to provide resources to assist historians at risk of cuts and closures. The Society’s online ‘Toolkit for Historians’ (launched in May 2022) was regularly updated with new information about the profession, and a new page on Data on the UK Historical Profession and Discipline was created for the RHS website. In 2023, the Society also revived its series of visits to UK history departments which provide opportunities to meet staff and students to discuss their priorities and concerns in detail.

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In May 2022, the Society visited Edge Hill University and the University of Northampton. Plans were also made to visit, between September 2023 to May 2024, the universities of Christ Church Canterbury, Kent, the Highlands and Islands, Hertfordshire, York, York St John, and Brunel.

In this year the Society also published ‘Race, Ethnicity and Equality in History: a Review and Look Ahead ’, to record the work of the RHS Race, Ethnicity and Equality Working Party, and to highlight the Society’s work in equalities following the release of ‘ Race, Ethnicity & Equality in UK History. A Report and Resource for Change ’ in 2018. The working party, and its related project, was a time-bound initiative to promote the recommendations of its seminal report in the immediate period after publication. In 2022-2023, where possible, these initiatives were absorbed into the Society’s standard recurring business, where they will continue to inform our ongoing activities. Such initiatives include the Masters’ Scholarships scheme (see above); the Society’s annual mentoring and training programme, ‘Applying for an Academic Job: A Workshop for ECR Historians of Colour’; our co-funding (with the Runnymede Trust) of the BrANCH ‘ Harriet Tubman Prize’ and the Social History Society’s ‘ BME Small Grants Fund’ for Black and Minority Ethnic historians; our representation on external projects, such as the AHRCfunded Connected Curriculum Network project; and work to promote UK-wide activities and events marking, for example, the 75th anniversary of the arrival of Empire Windrush in June 2023.

COMMUNICATIONS AND SOCIAL MEDIA

Within the year, the Society continued to engage with its Fellows and Members through multiple channels as the following statistics attest:

EXTERNAL RELATIONS

Whilst the Society pursues its agenda of initiatives and activities through the robust management and application of its resources, to ensure the greatest impact and reach, it also continues to collaborate with a variety of other organisations within the sector. The Society thanks all those with whom it continues to work.

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In addition to the continuation of its collaborative agenda, within the past year the Society sought to make connections with international sister societies and to reinforce the Society’s position, nationally and internationally. In 2022-23, the Society’s President and senior staff attended the North American Conference on British Studies Conference in Chicago and the American Historical Association (AHA) Annual Conference in Philadelphia, where it held meetings with the directors of the AHA. Through this attendance, the Society seeks to forge and strengthen connections, to demonstrate and learn from examples of best practice and impactful community focussed initiatives, as well as to identify opportunities for future collaboration.

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Plans for the Future

In the coming year, the Royal Historical Society will continue to deliver its portfolio of activities to Fellows, 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 professional Office and increased used of the Society’s finances to ‘pump prime’ and support activities that had previously not been possible. Key plans of note include:

LECTURES, WORKSHOPS & EVENTS

PUBLICATIONS

PRIZES

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FELLOWSHIPS AND SCHOLARSHIPS

GRANTS AND RESEARCH SUPPORT

MEMBERSHIP

ADVOCACY AND PROFESSIONAL SUPPORT

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better communicate the value and popularity of history as a discipline, and our concern for departments at risk.

EXTERNAL RELATIONS

GOVERNANCE

FINANCIAL MANAGEMENT

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Structure, Governance and Management

INCORPORATION, CONSTITUTION AND REGULATION

The Royal Historical Society was incorporated by Royal Charter on 23 November 1868 and gained its protected royal status in 1872. In 1897 the RHS took over the Camden Society (itself established in 1838 for the publication of primary source scholarly volumes). The Society’s activities are governed by a Council of Trustees (Directors) drawn from within the academic history sector, and by the ‘By-Laws of the Royal Historical Society’ which we last amended by 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 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 toward the aims and objectives they have set.

The Society remains the foremost Society in the 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 both within and outside of the academy. It also speaks for the interest of History and historians for the benefit of the public.

The Society offers monetary grants, fellowships, and scholarships, both directly and via subventions to selected partners, in support of primary research and research training on historical subjects, and annual prizes for publications. Where possible, the Society aims to fund those with the greatest need.

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 646,000 records of publications relating to British and Irish history, including relations with the empire and the Commonwealth. As of 31 December 2024, the RHS will no longer provide financial and managerial support for production of the Bibliography and will seek to use its resources to support new publishing activities.

The Society produces an annual series of lectures, training workshops, panel discussions, visits and other activities to facilitate the dissemination of innovative 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 and supports historians both within and outside the higher education sector.

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THE COUNCIL

The Officers, together with twelve Councillors, constitute the governing body of the Society and are its Directors/Trustees.

During the period covered by this report, the elected officers of the Society were initially the President, three ‘Vice-Presidents’, the Honorary Treasurer and the Honorary Secretary. As of November 2022, the officers are the President, two Vice-Presidents, the Honorary Treasurer and the Honorary Secretary.

Looking to the future, the governance structure will undergo minor adjustments, as supported by the amendments to the By-Laws proposed and accepted at the General Meeting held on 26 November 2021. Following the ends of the terms of office of both the Vice-President for Research Policy, and the Vice-President for Publications, their respective areas of responsibility will transfer to the newly constituted ‘Secretaries’.

During the year, as a result of the early retirement of the Vice-President for Education Policy, a new Secretary for Education was appointed. In addition to these changes, the coming year sees the removal of the Honorary Secretary position from the Council of Trustees, and the implementation of a new Vice-President role, designed to take over some of the responsibilities previously held by the Honorary Secretary, but also provide support for the President in managing the senior governance workload. In line with the By-Laws, Officers are appointed directly by the Council, following an open call for nominations from the Society’s Fellows, and are selected based upon the suitability of their experience and areas of expertise as applied to the remit of their position.

APPOINTMENT OF TRUSTEES

A full listing of Trustees can be found on page 26. All Fellows of the Society are able, and encouraged, to nominate prospective Councillors who are then elected by a ballot of the Fellows and confirmed as members of the Council at the next Anniversary Meeting (Annual General Meeting, AGM). Officer positions are elected directly by the Council, as stipulated in 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 which continuity and handover activities can take place.

During the period covered by this report, in accordance with By-Laws 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 term of four years. Following the conclusion of their term of office, they shall not be eligible for re-election to the same position 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 external consultant experts when prudent.

TRUSTEE TRAINING AND INDUCTION

Trustees are elected from the Fellows of the Society and therefore have an initial familiarity with its workings. Following election, new Trustees are given a formal

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introduction by the President, and induction by the Chief Executive Officer and Academic Director. Trustees receive a governance handbook incorporating the constitution and ByLaws of the Society, as well as reference material on the Society’s activities from the previous year, plans for the coming year, and financial position. They are provided 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, or where enhanced familiarity with related regulatory matters is essential, 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, and in some cases, decision making, relating to their respective areas of subject focus are delegated. All sub-committees are composed of Trustees. However, with due reference to the responsibility of those within governance positions to refer to specialist expertise where appropriate, the Finance Committee also has members coopted for their knowledge and specialist skills in this area. Committees are routinely attended by at least one member of senior management within the RHS Office in an advisory capacity, however decisions/resolutions are made solely by elected Trustees.

The current sub-committees and their areas of focus are:

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 as appropriate. The Senior Management of the Society also includes the Academic Director who works collaboratively 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.

23

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 any key changes in the risk profile where necessary. The Council review the Risk Register in full once per session (calendar year).

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 (carrying a Gross Risk score of 20 or above); however, the Trustees have identified the following as moderate risks, key mitigating actions are included in the below:

The Society maintains scrutiny of developments in this area, inputting in the most appropriate fashion on a case-by-case basis. The Society has implemented a new programme of advocacy activities in order to reinforce the importance of the discipline, and those working within it, both academically and to the greater public good.

Fellowship and Membership figures under regular review by Senior Management, the President and the Finance Committee. Database implemented to manage membership data enables more accurate segmentation and analysis of trends within Fellowship and Membership and forms the basis of retention campaigns, as well as lapsed and cancelled fellow/member campaigns. New membership categories ‘Associate Fellow’ and ‘Postgraduate Membership’ were introduced in November 2021 to provide a ‘home’ within the Society’s membership for additional key demographics of community. A Fellowship/Membership development strategy in place and reviewed annually. Budgeting of anticipated subscription income is set at data driven conservative levels, via robust modelling shared with, and approved by Finance Committee on an annual basis.

The Society proactively engages with the open access movement through direct interaction with funding bodies and via its publishing partners. Planning of publishing-related finances is undertaken in liaison with our publishing partners. Budgeting exercises for publishing related revenue to use information/metric driven conservative scenarios. Opportunities for revenue diversification underway in early 2022. BBIH and Camden and NHP series are out of scope for UKRI OA changes, especially monographs.

24

FUNDRAISING

The Society receives most of its funds from Fellowship and Membership subscriptions, from publishing related income, and its investment portfolio. During the financial year 1 July 2022 to 30 June 2023 the Society also received subventions of £5k from the Ecclesiastical History Society (in support of a ‘Scholars at Risk Fellowship’ awarded in the previous year that, for logistical reasons, could not be fulfilled until the year under report); £18k from Professor Peter Marshall in support of the ‘RHS Marshall Fellowships’; £4k from Swincombe Limited, operating for the ‘History of England Podcast’, in support of two Early Career Fellowships, ideally in the history of England; and £1,500 from the widow of the late Professor Martin Lynn, in support of the scholarship in his name. An additional subvention of £5k was received from a Fellow of the RHS in support of the Masters’ Scholarship Scheme.

The Society also received a number of donations as outlined on page 29. Donations can also be given by Fellows and Members at the point of subscription renewal.

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 among its Fellows to act as appointed Officers and elected Councillors. Officers give their services freely, although they are reimbursed for reasonable expenses incurred during the performance of their duties, which is usually travel and accommodation costs. In the year under report, the Society paid the University of East Anglia £10,000 per annum as a ‘buy out’ of the time spent by the President on financial matters. This figure is renewed annually in line with the time and commitment expected within the coming year, as well as the willingness to enter into such an arrangement by the President’s employer.

During the Financial Year 1 July 2022 to 30 June 2023, the Society employed an average of three permanent and two part-time staff members. The Society has adopted the administrative pay scales used in London Universities to ensure that staff salaries are both attractive and equitable. This policy, along with other key staff policies, will be reviewed should developments in the structure of the Society, as well as ongoing developments between the relevant unions and sector bodies require it. Within these parameters, benchmarking is undertaken and used as an evidence-based marker for any changes to remuneration or implementation of new roles, ensuring the Society remains a competitive employer within the learned society and professional body charity sector. All changes in remuneration are proposed to, and assessed and authorised by the Finance Committee, acting as de facto Remunerations Committee.

25

Reference and Administrative Information

MEMBERS OF COUNCIL (TRUSTEES)

Professor E. GriffinBA, MA, PhD President
Dr A. SmithMA, MLitt, MBA, PhD Honorary Secretary
Professor J. StobartBA, DPhil Honorary Treasurer
Mr P. D’Sena BA,MPhil, PGCE Vice-President, Education (to 25 November 2022)
Professor J. MorrisBA MA PhD Vice President, Research Policy
Professor J. WintersMA, PhD Vice-President, Publications
Professor J. WrightMA, DPhil Secretary for Professional Engagement
Dr A. BuddBA, MA, MA, PhD Councillor (to 25 November 2022)
Secretary for Education (from 6 March 2023)
Professor C. MarshBA, PhD Councillor (to 25 November 2022)
Professor H. NicholsonBA, MA, PhD Councillor (to 25 November 2022)
Dr S. BauerMA, PhD Councillor
Professor C. BeaumontBA, MA, PhD Councillor
Professor B. BombiBA, PhD Councillor
Dr M. CalaresuBA, MA, PhD Councillor
Dr R. LeeBA, MA, DPhil Councillor
Professor S. MacLeanBA, MPhil, PhD Councillor
Dr E. MurphyBA, MA, PhD Councillor
Professor T. OtteBA, MA, PhD Councillor
Dr E. RobinsonBA, PhD Councillor
Dr K. BradleyBA, MA, PhD Councillor (from 25 November 2022)
Dr H. PaulMA, MLitt, PhD Councillor (from 25 November 2022)
Professor O. PurdueBA, MA, PhD Councillor (from 25 November 2022)

26

KEY CONTACTS

Chief Executive Officer A. Hughes BSc, MA Academic Director P. Carter MA, DPhil Registered Office University College London Gower Street, London. WC1E 6BT Telephone 020 3821 5311 Email administration@royalhistsoc.org Website www.royalhistsoc.org Charity Registration Number 206888 Royal Charter Number RC000478 Auditors Xeinadin Auditing Chartered Accounts and Statutory Auditors Beckett House, 36 Old Jewry, London. EC2R 8DD Investment Managers Cazenove Capital 1 London Wall Place, London. EC2Y 5AU Bankers Barclays Bank PLC 27 Soho Square, London. W1A 4WA

27

Financial Review

PERFORMANCE

In the Financial Year ended 30 June 2023 the Society reported a minor operating surplus[1] of £5,428 against a surplus of £80,307 from the previous year. This ‘break even’ position was a result of both increased income and charitable expenditure, as the Society implemented a number of new initiatives and returned to a period of ‘in person’ activity similar to that before the Covid-19 pandemic. The increase in income was largely driven by growth in the number of Fellows/Members within the year resulting in ~£85k of additional subscription revenue, which included funds recouped via the HMRC ‘Gift Aid’ scheme, for those Fellows/Members who were eligible, and indicated their willingness to participate. This was countered by a reduction in external funding, as well as revenue generated as royalties from the Society’s publications portfolio, which represented the ongoing impact of the various national and international Open Access mandates on academic publications. As reported in the previous Annual Report, this is not unexpected with the overall expected impact factored into future strategic forecasting activities.

----- Start of picture text -----
Donations &
Legacies
Investment Income
1%
6%
Publications &
Royalties
9%
4%
12%
43%
Grants &
Subventions 13% Income
55%
29%
28%
Fellowship/
Membership
Subscriptions
Member Services
Publications
30%
14%
26%
27% Lectures & Meetings
Expenditure 8%
9% Communications,
Engagement & Online
4% Resources
4% 6%
23% 2%
5% Advocacy &
31% 6% Research Policy
4%
1% Raising Funds
Library & Archive
Grants, Awards &
Scholarships
FYE 2023
FYE 2022
FYE 2023
FYE 2022
----- End of picture text -----

Balancing the increase in income was a proportionally greater increase in charitable expenditure, most notably driven by an increase in ‘Grants for Awards’ of ~£45k, which includes a revised Research Support Grants programme, the implementation of the new

1 Surplus/Deficit prior to the inclusion of gains/losses in investments.

28

RHS Workshops initiative and the introduction of the RHS Masters’ Scholarships scheme. Additionally, the Society committed a further ~£17k of expenditure to its Research Policy and Advocacy work. Finally, use of Society resources on events, lectures, workshops and meetings (including those of the Society’s governing body) increased across the board as the balance of ‘in person’ against ‘online’ activities returned to pre-pandemic levels.

The Financial Year ended 30 June 2023 also saw the investment markets begin to recover from the initial impact of the Russian invasion of Ukraine, the ongoing ‘cost of living crisis’ and the turmoil in the UK government following the changes in Prime Ministers within the year. As a result, the Society reported a £34,645 gain on its investment portfolio, against the ~£286k loss reported in the previous year. The Trustees of the Society attribute this both to movements felt across the market, and diversity of assets held within the Cazenove Charity Responsible Multi-Asset Fund, in which the Society’s investment funds are held.

As a result of the above the Society reports a £40,073 Net Income for the financial year.

DONATIONS AND SUBVENTIONS

The Council records with gratitude the benefactions made to the Society by the following:

Dr W. D. Acres Y. Gao Dr S. Mooers Christelow Ms A. Adjei Mr W. Gibson Mr J. Morris Dr G. Barclay Dr C. Godden Dr J. A. Moretz Dr M. Beaulieu Professor A. Goldgar Dr D. Moshier Ms G. Bennett Mr T. Green Dr J. Moyle Mr A. Biebuyck Dr I. A. Gregg Professor R. A. McWilliam Z. Biedermann Professor R. Griffiths Dr K. B. Neal Mr N. Block Ms S. Gristwood P. Norwood Mrs S.J. Boote Powell Dr R. P. Hallion Dr A. Rabin Dr J. Broom Miss B. Harvey Professor I. L.E. Ramelli Mr C. Buck Professor P. Harnetty Dr M. Redley Ms B. L. Burman Dr C. Helling Mr H. Roussel Professor R. Callahan A. Homei Commander R. Ryan Dr M. C. Campbell Hope Ms E. V. Huggett Dr E. Salje Dr N. A. Cambridge J. Humphrey Mr C. Schmeiduch Ms J. Card D. Hunt Professor L. Scott Mr T. Cripps Dr H. M. Hyde Dr W. Sheehan Professor G. Dawson Dr M. Jolles Dr V. Solomonidis-Hunter Miss E. Dooley J. Keppler Professor K. Somerville Dr D. L. Drakeman Dr P. Kerry Professor R. Sweet Professor Sir D. Eastwood Professor E. King Dr J.S. Tyson Dr J. R. T. Ellis Gregory C. Levillain Professor O. Uwe Janzen Mr C. Emmerson Professor R. D. Long Professor E. Vallance Professor M. Finn Lund Trust Mr S. E. White Miss F. Fraser Professor E. L. Malcolm Mr I. Whitehurst Dr G. Frei Dr L. H. Maynard Professor K. Williams Dr A. E. Gallon Dr D. McMahon Professor L. Witherell

29

CHANGES IN SOCIETY FINANCIAL STRATEGY AND MANAGEMENT POLICIES

Following changes made to the Society’s financial management policies in the previous reporting period, largely as a result of the appointment of the new CEO, further changes were made within the year, most notably in the allocation and designation of the Society’s free-cash reserves.

As a result of a change to the Society’s ‘Reserves Policy’ (see below), £150k of the Society’s current cash reserve holdings was designated as a ‘Development Fund’ to be split across three years and designed to support the implementation and evaluation of new activities/programmes. Initiatives funded by this route must demonstrate sufficient return on investment (either monetarily, or via subjective impact on community, as assessed by the Society’s Trustees) prior to being transferred into ‘business as usual’ and incorporated into the Society’s standard operational budget.

Additionally, due to the level of cash reserves held (£467.68k at 30 June 2023), in the coming year the Society will utilise a portion of these funds as a replacement for the regular annual draw-down on RHS Investment Funds. This will enable a more appropriate use of the cash reserves and would assist in enabling the Society’s investments to recover the value lost in the year as a result of the impact of national and international economic factors.

RESERVES POLICY

In the year under report, as planned, the Society revised its Reserves Policy. As of April 2023, the Trustees consider it appropriate to hold free reserves equivalent to six months of budgeted operating costs, with an upper bound of eight months and lower bound of four months. The Trustees believe this to be a sufficient buffer against unforeseen events impacting upon expected Society income without amassing unreasonable levels of cash reserves.

As of 30 June 2023, the Society has reserves of £4.37m (predominantly held in investment portfolio and cash). In the coming year we seek to designate a portion of this reserve as a fund in support of the development of further charitable activities for the next three years and will seek to replace our annual draw-down of investment income into our operational budget, with funds from current free cash reserves. In future years, the Society aims to return to the use of income derived from its investments in support of its operational activities (including grant giving) and therefore retains this level of reserves to enable the generation of sufficient levels of income.

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 17 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, the impact of changes to publications related income as a result of a potential ‘flip to fully Open Access’, and 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 next twelve months at least.

30

Statement of Trustees Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and Financial Statements in accordance with applicable law and United Kingdom 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:

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 thence 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.

The Trustees of the Royal Historical Society approve this report and the following financial statements.

Signed,

Professor Emma Griffin President, Royal Historical Society

31

Independent Report of the External Auditor

Opinion

We have audited the financial statements of Royal Historical Society (the 'charity') for the year ended 30 June 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of 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 or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of

32

assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

33

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 higher than for one resutting from error. as fraud may involve collusion, forgery, intentional omission5, misrepresentations or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressi ng an opinion on the effettiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors. Conclude on the appropriateness of the directors, use of the going concern basis of accounting and, b3sed on the audit evidence obtained, whether a material uncertainty exists related to event or condition5 that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditors, report to the related disc105ure in the financial statements or, if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the companyto cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. A further descri ption of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at vww.frc.org.uk/auditorsrespon5ibilities. This description forms part of our Report of the Independent Auditors. Use of our report 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. Our audit work has been undertaken so thatwe might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Xeinadin Auditing Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD Date..

Financial Statements for the Year Ended 30 June 2023

Notes
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Grants for awards
Subscriptions
Royalties
Investment income
3
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Grants for awards
Library
Members Services
Publications
Lectures & meetings
Website/Communications
Research/Advocacy
Total
Net gains/(losses) on investments
NET
INCOME/(EXPENDITURE)
RECONCILIATION OF
FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
funds

£
7,798
16,375
312,831
54,711
163,852
555,567
8,800
150,626
7,764
168,804
92,445
47,994
36,836
39,677
552,946
31,779
34,400
4,336,766
4,371,166		 Restricted
funds
£
-
19,500
-
-
4,890
24,390
266
19,661
-
1,656
-
-
-
-
21,583
-
2,807
16,450
19,257		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,866
2,866
113,534
116,400		 2023
Total
funds
£
7,798
35,875
312,831
54,711
168,742
579,957
9,066
170,287
7,764
170,460
92,445
47,994
36,836
39,677
574,529
34,645
40,073
4,466,750
4,506,823		 2022
Total
funds
£
22,999
69,125
241,095
70,818
158,758
562,795
10,068
129,841
22,390
113,905
124,830
45,287
18,146
18,021
482,488
(286,243)
(205,936)
4,672,686
4,466,750

The notes form part of these financial statements

35

ROYAL HISTORICAL SOCIETY

Balance Sheet 30 June 2023

Notes
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within
one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Unrestricted
funds

£
7,912
3,726,467
3,734,379
243,708
448,422
692,130
(55,343)
636,787
4,371,166
4,371,166		 Restricted
funds
£
-
-
-
-
19,257
19,257
-
19,257
19,257
19,257		 Endowment
funds
£
-
116,400
116,400
-
-
-
-
-
116,400
116,400		 2023
Total
funds
£
7,912
3,842,867
3,850,779
243,708
467,679
711,387
(55,343)
656,044
4,506,823
4,506,823
4,371,166
19,257
116,400
4,506,823		 2022
Total
funds
£
5,550
3,810,591
3,816,141
135,839
585,779
721,618
(71,009)
650,609
4,466,750
4,466,750
4,336,766
16,450
113,534
4,466,750

The financial statements were approved by the Board of Trustees and authorised for issue on 8 November 2023 and were signed on its behalf by:

E Griffin – President and Trustee

The notes form part of these financial statements

36

ROYAL HISTORICAL SOCIETY

Cash Flow Statement for the year ended 30 June 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (285,725) (18,064)
Net cash used in operating activities (285,725) (18,064)
Cash flows from investing activities
Purchase of tangible fixed assets (4,261) (6,115)
Purchase of fixed asset investments (6,894) -
Sale of fixed asset investments 10,038 -
Interest received 1,847 164
Dividends received 166,895 158,594
Net cash provided by investing activities 167,625 152,643
Change in cash and cash equivalents
in the reporting period (118,100) 134,579
Cash and cash equivalents at the
beginning of the reporting period 585,779 451,200
Cash and cash equivalents at the end
of the reporting period 467,679 585,779

The notes form part of these financial statements

37

ROYAL HISTORICAL SOCIETY

Notes to the Cash Flow Statement for the year ended 30 June 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2023 2022
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 40,073 (205,936)
Adjustments for:
Depreciation charges 1,899 565
(Gain)/losses on investments (35,420) 286,243
Interest received (1,847) (164)
Dividends received (166,895) (158,594)
(Increase)/decrease in debtors (107,869) 39,628
(Decrease)/increase in creditors (15,666) 20,194
Net cash used in operations (285,725) (18,064)
ANALYSIS OF CHANGES IN NET FUNDS
At 1.7.22 Cash flow At 30.6.23
£ £ £
Net cash
Cash at bank 585,779 (118,100) 467,679
585,779 (118,100) 467,679
Total 585,779 (118,100) 467,679

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

38

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements for the year ended 30 June 2023

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in 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 investments which are included at market value, as modified by the revaluation of certain assets.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement 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 has specified that it may only be used for a future period or has imposed conditions that must be met before the charity has unconditional entitlement to the grant.

Subscription Income

Subscription income is recognised in the year it became receivable with a provision against any subscription not received.

Donations and other voluntary income

Donations and other voluntary income are recognised when the Society becomes legally entitled to such monies.

Royalties

Royalties are recognised on an accruals basis in accordance with the terms of the relevant agreement.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be 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 notified to recipients. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Cost of raising funds

The costs of generating funds are those costs of seeking potential funders and applying for funding.

continued...

39

Allocation of costs

Indirect costs are those costs incurred in support of the charitable objectives. These have been allocated to the resources expended on a basis that fairly reflects the true use of those resources within the organisation.

continued...

40

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

1. ACCOUNTING POLICIES - continued

EXPENDITURE

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 10% on cost Computer equipment - 25% on cost

TAXATION

The charity is exempt from tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated

These are unrestricted funds which have been set aside by the trustees for specific purposes.

Restricted

These funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment

Permanent endowment funds must be held permanently by the trustees and income arising is separately included in restricted 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 COSTS AND OTHER POST-RETIREMENT BENEFITS

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

FINANCIAL INSTRUMENTS

i. Cash and cash equivalents

Cash and cash equivalents include cash at banks, cash in hand and short-term deposits with a maturity date of three months or less.

ii. Debtors and Creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to 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.

continued...

41

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

2. DONATIONS AND LEGACIES DONATIONS AND LEGACIES
2023 2022
£ £
Donations 7,338 20,959
Other income 460 2,040
7,798 22,999
3. INVESTMENT INCOME
2023 2022
£ £
Dividends and interest on investments 166,895 158,594
Deposit account interest 1,847 164
168,742 158,758
4. INCOME FROM CHARITABLE ACTIVITIES
2023 2022
Activity £ £
Grants Grants for awards 35,875 69,125
Subscriptions Subscriptions 312,831 241,095
Royalties Royalties 54,711 70,818
403,417 381,038
Grants received, included in the above, are as follows:
2023 2022
£ £
PJ Marshall Fellowship 18,000 18,000
General 11,375 51,125
29,375 69,125

continued...

42

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

5. RAISING FUNDS

INVESTMENT MANAGEMENT COSTS

Portfolio management 2023
£
9,066		 2022
£
10,068

6. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
Direct (see note costs (see
Costs 7) note 8) Totals
£ £ £ £
Grants for awards 40,764 127,098 2,425 170,287
Library 7,138 - 626 7,764
Members Services 168,015 - 2,445 170,460
Publications 91,459 - 986 92,445
Lectures & meetings 47,349 - 645 47,994
Website/Communications 35,850 - 986 36,836
Research/Advocacy 38,691 - 986 39,677
429,266 127,098 9,099 565,463

7. GRANTS PAYABLE

All grants were paid to individuals. The charity makes three types of grants:

Of the grants awarded in the year £45,186 (2022 - £47,562) related to research support, £73,831 (2022 - £48,789) related to fellowships and scholarships and £41,999 (2022 £39,833) to support costs

continued...

43

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

8. SUPPORT COSTS

SUPPORT COSTS
Governance
Other costs Totals
£ £ £
Grants for awards 265 2,160 2,425
Library 266 360 626
Members Services 285 2,160 2,445
Publications 266 720 986
Lectures & meetings 285 360 645
Website/Communications 266 720 986
Research/Advocacy 266 720 986
1,899 7,200 9,099
Charitable activity costs are apportioned by the charity on the basis of staff time.
Support costs, included in the above, are as follows:
Grants
for Members
awards Publications Library Services
£ £ £ £
Depreciation of tangible
fixed assets 265 266 285 266
Auditors' remuneration 2,160 360 2,160 720
2,425 626 2,445 986
2023 2022
Lectures Website & Research Total Total
& meetings Communications & Advocacy activities activities
£ £ £ £ £
Depreciation of tangible
fixed assets 285 266 266 1,899 565
Auditors' remuneration 360 720 720 7,200 4,800
645 986 986 9,099 5,365

9. TRUSTEES' REMUNERATION AND BENEFITS

Last year one trustee was paid £270 as a grant for admin support on a research project, this year there was no remuneration made to any trustees.

continued...

44

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

9. TRUSTEES' REMUNERATION AND BENEFITS - continued

TRUSTEES' EXPENSES

During the year travel expenses were reimbursed to 12 (2022: 4) Councillors attending Council meetings at a cost of £3,841 (2022: £1,008).

Key management personnel include the Trustees, (and senior staff reporting directly to the Trustees). The total employee benefits of the charity's key management personnel were £44,805 (2022: £44,805).

10. STAFF COSTS

STAFF COSTS
2023 2022
£ £
Wages and salaries 181,307 162,892
Social security costs 15,939 13,050
Other pension costs 15,571 13,575
212,817 189,517

The average monthly number of employees during the year was as follows:

Support 2023
5		 2022
4

No employees received emoluments in excess of £60,000.

Two employees received remuneration in the £60,000-£70,000 band.

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Grants for awards
Subscriptions
Royalties
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Grants for awards
Library
Members Services
Publications		 Unrestricted
funds
£
12,000
2,000
241,095
70,818
154,033
479,946
9,770
89,387
22,390
101,225
110,210		 Restricted
funds
£
10,999
67,125
-
-
4,725
82,849
298
40,454
-
12,680
14,620		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
£
22,999
69,125
241,095
70,818
158,758
562,795
10,068
129,841
22,390
113,905
124,830

continued...

45

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Lectures & meetings
Website/Communications
Research/Advocacy
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
TANGIBLE FIXED ASSETS
COST
At 1 July 2022
Additions
At 30 June 2023
DEPRECIATION
At 1 July 2022
Charge for year
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022		 Unrestricted
funds
£
30,667
18,146
18,021
399,816
(277,713)
(197,583)
4,534,346
4,336,763		 Restricted
funds
£
14,620
-
-
82,672
-
177
16,276
16,453
Fixtures
and
fittings
£
1,134
-
1,134
1,134
-
1,134
-
-		 Endowment
funds
£
-
-
-
-
(8,530)
(8,530)
122,064
113,534
Computer
equipment
£
39,339
4,261
43,600
33,789
1,899
35,688
7,912
5,550		 Total
funds
£
45,287
18,146
18,021
482,488
(286,243)
(205,936)
4,672,686
4,466,750
Totals
£
40,473
4,261
44,734
34,923
1,899
36,822
7,912
5,550

continued...

46

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

13. FIXED ASSET INVESTMENTS

Cash and
Listed
settlements
investments
pending
£
£
MARKET VALUE
At 1 July 2022
3,809,841
750
Additions
-
6,894
Disposals
(9,263)
-
Revaluations
34,645
-
At 30 June 2023
3,835,223
7,644
NET BOOK VALUE
At 30 June 2023
3,835,223
7,644
At 30 June 2022
3,809,841
750
The table below analyses the investments between those inside and outside of the UK.
Cost of investments at 30th June 2023 is £3,528,090 (2022 - £3,536,577).
Investments comprise:
2023
£
UK Equities
103,379
UK Government Stock and Bonds
243,806
Overseas Bonds
194,005
Overseas Equities
2,445,811
Multi Asset Funds
-
Alternatives
562,418
Uninvested Cash
293,448
3,842,867
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Other debtors
223,107
Prepayments and accrued income
20,601
243,708		 Totals
£
3,810,591
6,894
(9,263)
34,645
3,842,867
3,842,867
3,810,591
2022
£
134,639
51,191
249,899
2,496,496
-
705,746
172,620
3,810,591
2022
£
125,715
10,124
135,839

continued...

47

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social security
Other creditors		 2023
£
4,255
5,246
45,842
55,343		 2022
£
20,582
4,050
46,377
71,009

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2023
£
2,980
11,175
14,155		 2022
£
5,496
-
5,496

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
AS Whitfield prize
PJ Marshall fellowship
David Berry Essay Trust
Martin Lynn Bequest
P&P Fellow subvention
Marc Fitch
Endowment funds
AS Whitfield prize fund
David Berry Essay Trust
TOTAL FUNDS		 At 1.7.22
£
4,336,766
3,162
4,022
2,246
4,994
1,656
370
16,450
75,889
37,645
113,534
4,466,750		 Net
movement
in funds
£
34,400
2,093
2,274
1,281
(1,185)
(1,656)
-
2,807
1,976
890
2,866
40,073		 At
30.6.23
£
4,371,166
5,255
6,296
3,527
3,809
-
370
19,257
77,865
38,535
116,400
4,506,823

continued...

48

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:


Unrestricted funds
General fund
Restricted funds
AS Whitfield prize
PJ Marshall fellowship
David Berry Essay Trust
Martin Lynn Bequest
P&P Fellow subvention
Endowment funds
AS Whitfield prize fund
David Berry Essay Trust
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
AS Whitfield prize
PJ Marshall fellowship
David Berry Essay Trust
Martin Lynn Bequest
P&P Fellow subvention
Marc Fitch
Endowment funds
AS Whitfield prize fund
David Berry Essay Trust
TOTAL FUNDS		 Incoming
resources
£
555,567
3,271
18,000
1,619
1,500
-
24,390
-
-
-
579,957		 Resources
expended
£
(552,946)
(1,178)
(15,726)
(338)
(2,685)
(1,656)
(21,583)
-
-
-
(574,529)
At 1.7.21
£
4,534,346
1,206
1,748
1,025
4,094
8,203
-
16,276
81,585
40,479
122,064
4,672,686		 Gains and Movement
losses
in funds
£
£
31,779
34,400
-
2,093
-
2,274
-
1,281
-
(1,185)
-
(1,656)
-
2,807
1,976
1,976
890
890
2,866
2,866
34,645
40,073
Net
movement
At
in funds
30.6.22
£
£
(197,580)
4,336,766
1,956
3,162
2,274
4,022
1,221
2,246
900
4,994
(6,547)
1,656
370
370
174
16,450
(5,696)
75,889
(2,834)
37,645
(8,530)
113,534
(205,936)
4,466,750

continued...

49

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:


Unrestricted funds
General fund
Restricted funds
AS Whitfield prize
PJ Marshall fellowship
David Berry Essay Trust
Martin Lynn Bequest
P&P Fellow subvention
Past and President ECR
Marc Fitch
Students at Risk
Endowment funds
AS Whitfield prize fund
David Berry Essay Trust
TOTAL FUNDS
Endowment Funds		 Incoming
Resources
Gains and Movement
resources
expended
losses
in funds
£
£
£
£
479,946
(399,813)
(277,713)
(197,580)
3,155
(1,199)
-
1,956
18,000
(15,726)
-
2,274
1,570
(349)
-
1,221
1,500
(600)
-
900
34,126
(40,673)
-
(6,547)
5,000
(5,000)
-
-
4,866
(4,496)
-
370
14,632
(14,632)
-
-
82,849
(82,675)
-
174
-
-
(5,696)
(5,696)
-
-
(2,834)
(2,834)
-
-
(8,530)
(8,530)
562,795
(482,488)
(286,243)
(205,936)

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 David Berry Essay Trust (henceforth known as The David Berry Fellowship Trust) The David Berry Essay Trust was an endowment to provide income for annual prizes for essays on subjects dealing with Scottish history. During the reporting year the Charity Commission approved a petition to change the Trust and its purposes to: The David Berry Fellowship Trust which is a grant for historians at any career stage undertaking meaningful research into any aspect of the history of Scotland and the Scottish People/Diaspora.

Restricted Funds

A S Whitfield Prize Fund Income

Income from the A S Whitfield Prize Fund is used to provide an annual prize for the best first monograph for British history published in the calendar year.

P J Marshall Fellowship

The P J Marshall Fellowship is used to provide a sum sufficient to cover the stipend for a one-year doctoral research fellowship alongside the existing Royal Historical Society Centenary Fellowship at the Institute of Historical Research.

continued...

50

ROYAL HISTORICAL SOCIETY

Notes to the Financial Statements - continued for the year ended 30 June 2023

17. MOVEMENT IN FUNDS - continued

The David Berry Essay Trust Income

Income from the David Berry Trust was to provide annual prizes for essays on subjects dealing with Scottish history. Henceforth it will be for providing funds in support of 'The David Berry Fellowship' as indicated above.

The Martin Lynn Bequest

This annual bequest is used by the Society to give financial assistance to postgraduates researching topics in African history.

Past and Present subvention

The Past and Present Subvention was used to cover the employment costs of a fellowship in race, ethnicity and equality in history.

Past and Present ECR subvention

The Past and Present ECR subvention was funding towards the cost of the ECR Fellowships.

Marc Fitch

The Marc Fitch fund relates to income received towards the costs of specific archival project activities related to the RHS Archive, Prothero Papers, Elton Papers and Camden Society Papers.

Scholars at Risk partners subvention

The Scholars at Risk funds were amounts received from partner organisation towards and initiative during the year to provide monetary fellowships, match-funded by host institutions to support Scholars from Ukraine to leave or remain outside Ukraine as a result of the Russian invasion. The Royal Historical Society also used some of its unrestricted funds to support recipients of these Fellowships.

18. OTHER FINANCIAL COMMITMENTS

The charity is entitled to use office space in University College London at no monetary cost. The trustees have sought a professional valuation of this office and have been advised that the true value of the donated space can't be reliably determined because of its location within the University property portfolio. In addition, if the current agreement wasn't in place the charity might choose occupy an office with a different amount of space.

19. RELATED PARTY DISCLOSURES

There were no related party transactions during the year 2023 or 2022.

51