2023-03-31-accounts - Society Of Antiquaries Of London

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				Contents
OBJECTIVES AND ACTIVITIES
KEYACHIEVEMENTS	AND PERFORMANCE
Introduction
Summary ofthe year..
Conservation
Kelmscott Manor and Estate and the Kelmscott and Morris: Past, Present 6 Future
project.
Collections .....
Research.
Grant programme.
Library .
Library and Collections	Strategic		Plan.
Other activities ..
Dissemination. .
Loans from the Society's collections. .
Regional Fellows' Groups.					...10
Enabling the Soci ty to	Achieve		its Objectives ..		.....12
Burlington House lease	renewal.				....13
Development Office,					....13
Governance.					....14
FINANCIAL REVIEW..					... .15
Income.					15
Expenditure					....16
Conservation (note 7)..					....16
Research (note 7) .					....16
Dissemination (note 7)..					....17
Fixed Asset Additions ..					....17
Kelmscott Manor incorporating		Lucerna		Ltd	....17
Revaluation of Investments.					....17
Actuarial Losses on Defined Benefit Pension Schemes					....17
FUTURE PLANS					.18
Enabling the Society to Achieve			its Objectives.		....18
Strategic Review. .............................................					...,18
Burlington House Lease	and Rent.				....18
Conservation ..					....18
Kelmscott Manor					....18

Research.			...18
Grants.			... 18
Library and Collections Strategic Plan.			.....18
Dissemination. .			....20
Periodicals			.....20
Monograph programme			.....20
Public events at Burlington House.			.....20
Digital dissemination of lectures and meetings.			20
Governance.			.....20
Reserves Policy ..			.....21
Investment Policy.			...21
Grant-making Policy.			....22
LEGAL STRUCTURE, GOVERNANCE	AND	MANAGEMENT. ....	.....24
Organisation ..			....24
Council (Trustees) and advisory committees.			...24
Appointment and training of Council members		(Trustees) .............	...25
Contribution ofvolunteers.			...25
The Society's staff.			....26
Remuneration ofsenior staff			.....26
Subsidiary relationships .			.....26
Risk management.			.....27
FUNDRAISING ACTIVITIES..			30
ADMINISTRATIVE DETAILS.			31
STATEMENT OF COUNCIL'S RESPONSIBILITIES.			35
INDEPENDENT AUDITOR'S REPORT	TO THE COUNCIL OF THE SOCIETY OF
ANTIQUARIES OF LONDON ..			36

						Benchmark	Low	High
						(%)	(%)	(%)
Cash —1 Month LIBOR						0.5	0.0	10.0
Government Bonds —BofAML Gilts	All	stocks Index				10.25	0.0	35.0
Corporate Bonds - BofAML Sterling	Corporate			Bond		9.75	0.0	35.0
Total Bonds 6 Cash						20.5	5.0	35.0
UK Equities —MSCI UK Investahle	Market		Index (IMI)			19.0	9.0	29.0
International Equities (5 Hedged)	—MSCI		All	countries	World ex-UK (Local	9.C	26.0	56.0
Currency) (GBP)
International Equities —MSCI All Countries			World ex UK			37
Total Equities						65.0	45.0	75.0
UK Property —IIIISCI All Balanced		Property		Fund Index —One Quarter		4.5	0.0	10.0
Lagged
Alternatives						10.0	0.0	20.0
Total						100.0
Sterling Weighting						63.0	52.5	100.0

Strategic				Risk Description	Risk Description	Consequence	Control	Procedure	Procedure	Procedure				Responsibility
Action
				Pension fund		Unsustainable levels	Society	has set		up a subsidiary		Company		Treasurer/
				deficit teargng	to	of employer and	owned	by	SAL (Lampada)		and	in future		General Secretary/
				unsustainable		employee	new staff		will be	employed	through		the	Finance
				contributions	/ cost	contributions will	company,		which	will offer a Dc		pension.		Committee
				savings.		increase employer
						costs and lead to
						high levels ofstaff
						opting out ofthe
						scheme.
Maintain	and			The lease has		Tenure of BH in	Significant		efforts are underway			to		Gen. Sec.and
develop				been renewed		jeopardy; inability to	determine		an outcome about the lease.					Council.
Burlington				until March 2025		make strategic plans
House as a				under the old		for the future.
viable entity		and		terms, leading to
improve the				massive increase
intellectual		and		in rent. Continued
financial				uncertain:y over
contribution		of		future at BH
the properties			to	continues to	stifle
the Society.

Strategic	Risk Description	Risk Description	Risk Description	Consequence			Control Procedure	Control Procedure	Control Procedure			Responsibility	Responsibility
Action
	any future plans
	for the Society.
	Society	has to re-		Re-location would			The General Secretary			and sta'f have		Gen. Sec.	and
	locate in		2024-5	have significant			mitigations	in	place in case a		rrove is	Council.
				financial			necessary.
				consequences		and
				will change the
				nature ofthe Society
				and its activities		and
				will potentially	limit
				pubkc access	to our
				Library and
				Collections.
Financial	The Society			Erosion ofassets			The Society has been operatinc at a					General Secretary
Management	continues		to	and ultimately			deficit for a	significant period.			RMPPF	/ Treasurer/	Head
	operate at a deficit			Society is unable to			Project will	smooth over deficit			for next	of Finance	and
				continue in			few years, however, this has been					Resources.
				operation.			threatened	by	huge rent increases at BH.
							Capital liquidated to fast until 2024-5 to
							cover major	items of expenditure such as
							BH rent.
							Sources of	sustainable		income	are being
							sought
Virus attacks	External	virus		Financial loss to			Our ITsupport		providers	have		Head ofFinance
	attack is			Society, reputational			implemented	a series ofdetective and				and Resources		/
	successful		at	damage and staff			preventative	controls to		prevent	viruses	General Secretary.
	destroying		data or	time utilised in			getting through		to our network.		They also
	obtaining		banking	rectifying resultant			complete daily		backups	to the cloud to
	passwords			damage.			ensure we can		restore data ifan attack
	personal	data.					does succeed.

Strategic			Risk Description	Consequence	Consequence	Consequence	Control Procedure		Responsibility
Action
Terrodism	&	civil	Terrorist attack or	Damage	/		Main responsibility for BH Courlyard		General Secretary
disorder			explosion at BH or in courtyard.	destruction of property, contents			security rests with DCLG and their agents (Gv/Aj Security presence at the gateway:		/ Security Manager / DCLG's agents
				and injury		/ death to	gates closed at times of civil disorder.
				people.			Emergency evacuation plans in place for
							orderly evacuation. The Society has
							signed up to the Heart of London radio
							link that provides info on civil
							disturbances, protests etc.across the
							Capital. Security Manager has attended
							Heart of London security training
							procedures. A lockdown procedure is
							being developed and will be implemented
							by the end ofthe summer. There are
							Disaster Recovery plans for BH and KM
							and a Business Continuity Plan which	will
							be reviewed and updated by the end of
							the financial year.

					2023	2023	2023	2023	2022
					Unrestricted	Restricted	Endowment	Total	Total
				Notes	Funds	Funds	Funds	Funds	Funds
Income and endowments	from:
Donations, grants and legacies					227,998	466,923		694,921	1,232,441
Charitable activities
Subscriptions and admissions Sales of publications, copyrights Other trading activities Investments		and merchandise 4 5			606,275 11,979 96,355 159,398	43,440 565,216 347,885		606,275 55,419 661,570 507,283	578,860 48,596 40,019 510,623
Other					3,985	2,626		6,612	11,444
Total Income					1,105,990	1,426,090		2,532,080	2,421,985
Expenditure on:
Raising funds
Development office Costs ofsales (commercial acsvtties)					101,944	284,015		101,944 284,015	64,027 48,572
Costs ofsales (hire of rooms)					199,545			199,545	160,519
Chadtable activities
Conservation					135,997	930,913		1,066,910	967,475
Research					484,241	375,427		859,668	709,785
Dissemination					457,696	141,565		599,260	599,694
Total Expenditure					1,379,422	1,731,919		3,111,343	2,550,072
Net expendnure betore gains/posses)			on
investment assets and actuarial					(273,432)	(305,829)		(579,262)	(128,087)
aaiaclnaccac'I
Unrealised (loss)/ gains on	investments			14	(30,531)			(30,531)	5,436
Net unrealised (loss)/ gains	on investments			14	(322,900)	(171,282)	(450,635)	(944,816)	197,503
Unrealised gain on fixed asset revaluation				13					210,000
Net (deficit)/income					(626,863)	(477,111)	(450,635)	(1,554,609)	284,852
Transfers between funds				11	(112,382)	112,382
Other recognised gains:
Actuarial gains on defined schemes	bene6t	oension			12,276			12,276	48,206
Net movement in funds									333,058
Reconciliation offunds:
Total funds brought forward	at 1 Aoril 2022				6,535,522	8,577,693	6,546,888	21,660,104	21,327,046
Total funds carried forward	at 31	1/larch 2023		20	5,808,553	8,212,964	6,096,253	20,117,770	21,660,104

		Notes	Notes	Group 31 Mar	Society 31 Mar	Group 31 Mar	Society 31 Mar
				2023	2023	2022	2022
Fixed assets
Intangible assets Tangible assets Investments Heritage asset		12 13 14 15		4,225,885 15,818,706 544,169	4,211,918 15,818,706 544,169	12,476 4,218,144 17,135,329 544,169	12,476 4,196,105 17,135,329 544,169
				20 588 760	20 574793	21,910118	21 888,079
Current assets
Stock Debtors Cash at bank and in hand		16		57,579 566,498 135839	628,491 99147	41,233 668,429 359459	658,782 299261
Liabilities				759,916	727638	1 069,121	958,043
Creditors: Amounts falling due within one year Net current liabilities		17	~1074932 ~315017		~1044 371 ~31373	~1449658 ~50537	~9802119 ~22166
Creditors: Amounts falling due after one year Provision for liabilities		17 18	~455 974		~455974	(31,222) ~, 468,255	(31,222) ~168,255
Total net assets				2011777D	20105084	21660104	21666436
The funds ofthe charity
Endowment funds Restricted funds		19		6,096,255	6,096,255	6,546,888	6,546,888
Restricted capital Restricted income Unrestricted funds	funds funds	20 21		4,531,258 3,681,705 5808553	4,531,258 3,669,020 5808553	4,792,539 3,785,155 6535522	4,792,539 3,791,487 6535522
Total charity funds				20117770	20105085	21660104	21666436

						Notes
Cash flows from operating activities
Net cash provided by operating activities		(see below)					(817,257)	(414,702)
Cash flows from investing activities
Dividends, interest and rents from investments							507,283	510,623
Purchase of properiy, plant and equipment Proceeds from sale of investments							(254,923) 800,116	(712,095) 380,000
Purchase of investments							(155,000)
Change in cash held in investments							(303,840)	(50,442)
Net cash provided by/(used in) investing		activities					593,636	128,086
Change in cash and cash equivalents	in the		reporting		period		(223,622)	(286,615)
Cash and cash equivalents at the beginning				ofthe reporting
period							359,459	646,074
Cash and cash equivalents at the end	ofthe			reporting		25
Reconciliation of net income/(expenditure)			to net cash		flow	from	2023	2022
operating activities							Groupf	Group 6
Net income							(1,542,333)	284,852
Adjustments for: Depreciation charges							247,179	70,586
Amortisation							12,476	13,292
Decrease in pension provision							(12,281)
Losses/ (Gains) on investments							975,347	(202,939)
(Gain) on revaluation								(210,000)
Dividends, interest and rents from investments							(507,283)	(510,623)
Increase in stocks							(16,346)	(28,147)
(Increase)/decrease in debtors							101,931	(161,327)
Increase/(decrease) in creditors							(75,948)	329,604
Net cash provided by operating activities							,257	7555522

	for the year ended 3	for the year ended 3	1		March 2023 (co	ntinued)
4	Income from other trading activities					Total 2023	Total 2022
	Unrestricted funds					6	6
	Hire ofrooms					96,355	35,261
	Restricted fords
	Turnover from trading subsidiary	(Lucerna	Ltd)			565,216	4,758
	Total income from other trading	activities				661,570	40,020
5	Income from investments					Total	Total
	Unrestricted funds					2023f	2022 6
	Listed investments					159,398	173,435
	Restricted funds
	Listed investments					288,569	287,710
	Rent from Kelmscott Cottages					59,317	49,478
	Total income from investments					507,284	510,623
6	Expenditure on raising funds					Total 2023	Total 2022
	Unrestricted funds					6	6
	Cost of sales - wire of rooms					21,476	14,042
	Development office Support costs (note 7a)					101,944 178,069	64,027 146,477
	Reslricfed funds
	Cost ofsales -trading subsidiary					284,015	48,572
	Total expenditure on raising funds					585,503	273,118
7	Expenditure on charitable activities Unrestricted funds					Total 2023	Total 2022
	Conservation						6
	Maintain museum collection at Burlington Kelmscott Manor		House and			44,473	45,966
	Ensure library and museum collections are preserved ard housed			adequately		15,760	4,609
	Strengthen management and development collections			of	library and	42	535
	Support costs lnote 7a)					75,722 135,997	88,409 139,519
	Research
	Maintain and -un library, its core	services	and		functions	187,974	186,512
	Support costs inote 7a)					296,267 484,241	346,102 532,614
	Dissemination
	Raise profile o' Society and improve access to its collections through temporary loans and exhibitions					18,348	7,216
	Improve and widen access to library and resources and services		museum			23,635	12,013
	Strengthen and maintain the Society through of more diverse Fellowship Engage the Fellowship in the activities ofthe Strengthen and maintain lecture and seminar				recruitment Society programme	16,898 5,782 36,077	22,020 12,112 38,116
	Raise profile with Fellows, the Heritage sector and general public through communications strategy					72,741	70,195
	Engage and shape government, opinion and policy Support costs (note 7a)	public and		professional		14,488 269,727 457,696	10,268 233,133 405,073
	Total unrest-icted expenditure	on charitable activities				1,077,934	1,077,206

7	Expenditure on charitable activities Restricted funds	Expenditure on charitable activities Restricted funds	Expenditure on charitable activities Restricted funds	Expenditure on charitable activities Restricted funds	(continued)	(continued)		Total 2023	Total 2022
	Conservation Encourage and support conservation			by making				6	8
	grants (note 7c)							22,865	18,751
	Kelmscott Manor Past, Present Maintain and develop Kelmscott	and Future project Manor as a viable						216,350	335,648
	entity Support costs (note 7a)							608,708 82,989	382,189 91,368
	Research							930,913	827,956
	Encourage and support research		by making			grants
	(note 7c) Library Strategic Plan Support costs (note 7a) - strategic		plan		support			160,929 70,874	113,345 63,010
	costs need re-allocating here in 2022							143,624	816
	Dissemination							375,427	177,171
	Publications programme Support costs (note 7a)							80,606 60,959	75,123 119,498
								141,565	194,621
	Total restricted expenditure on		charitable			activities		1,447,904	1,199,748
	Total expenditure on charitable		activities					2 525 858	2 27 254
7a	Analysis ofsupport costs							Total	Total
								2023	2022
	Unrestricted funds							8
	Maintain and develop Burlington	House			as a
	viable entity Finance and administration Information management Administrative support Human resources Legal and professional Depreciation Support charge to restricted funds Governance costs (note 7b)							575,894 100,871 49,634 50,805 102,579 19,566 119,448 (287,572) 89,064	554,448 85,953 70,065 74,475 84,162 7,690 80,286 (211,682) 52,180
	Restricted funds
	Support charge from unrestdcted Governance costs (note 7b)	funds						287,572 40,087	211,682 16,544
								1,147,948	1,025,803
7b Analysis ofgovernance costs								Total	Total
								2023	2022
	Unrestricted funds								8
	Facilitate the strategic and operational			aims ofthe business			plan	43,537	12,423
	Maintain good governance							34,540	25,640
	Financial and professional regulation							51,074	30,661
								129,151	68,724
Included in above governance costs:
Audit fee - Society - current year								24,850	24,850
Audit fee - Lucerna - current year									4,650
Audit Fee - Lampada - current year									2,950
Audit fee - Society - prior year								2,100
								26,950	32,450

		Notes to the Fin for the year ended 31	ancial Statements March 2023 (continued)
7c	Analysis ofgrants Restricted funds Grants to individuals		Total 2023f 105,062	Total 2022f 84,882
	Grants to institutions Unspent/unclaimed	grants released	77 186 ~0„000 180248	48324 ~1,110 132096

	year end three quarters of memb	ership inc	ome paid in this way is deferred at the	year e	nd.
9	Employee information			2023		2022
	The average number ofpersons Library and museum Administration and management Publications Development Kelmscott Manor	employed	by the Society during the period was:		7 11 1 1 24 44		7 8 1 1 15 32

the activities. Only three	members of staff have a Full T	ime Equivalent (0FTE0)exceeding 0.7.
		2023	2022
Their total remuneration Wages and salaries Social security costs Pension costs	was:	1,075,318 99,319 153,333 1,327,970	723,209 65,293 117,789 906,291

Ihe number ot employees dunng the	Ihe number ot employees dunng the	year whose gross pay and benetits	(excluding	employer	pension
contributions) fell within	the following	bands was:	2023		2022
f60,000- f70,000				1
f70,001 - F80,000 f80,001 - F90,000				1	1
Pension paid on behalf were	ofthese employees			18,053	17,407

1	Transfers between funds
								Unrestrictei		Restricted	Total
									2023	2023	2022
	Transferred from Hugh Phillips fvevr: To tund Bicentenary reshicted income fund deficit									(82,586)	(19,7D7)
	Transfer from Bicentenary Resfri 'ed income Antiquaries Journal Digital Sales		lo Restricted Capital								(13,196)
	Transfer fram Gravetl Reslricfed Capilal lo Restricted Income To fund Gravett restricted income deficit									(90,000)
	Transfer fram unrestricted funds to Kelmscolt In relation to Kelmscott prior year adjustment		reslricted income						(178,134)	178,134	(355,235)
	Transfer lo unreslricled funds frcn To reflect mis-allocation ofsupport	Library restricted income costs in prior year		funds					65,752	(65,752)
12	Intangible Assets							Website	Society Total	Lucerna Limited	Group Total
									F.	f	F.
	Cost At1April2022and 31March2023							49,90D	49,900	2,450	52,350
	Amortisation At 1 Apnl 2022 Charge for the year							37,424 12,476	37,424 12,476	1,633 817	39,057 13,293
	At 1April2022and 31March2023							49,900	49,900	2,450	52,350
	Net Book Value
	At 31 March 2023
	At 31 March 2022							12,476	12,476	817	13,293
13	Tangible assets Cost At 1 April 2022 Additions	Land E 167,038	Buildings & Building Improvements f 1,960,306	Furniture Fittings and Equipment f 187,364 1,079		Computer Equipmsnt E 56,092	KMPPF Buildings & Buildings Improvements 5 2,870,223 103651	KMPPF Fittings & Equipment f 341,084 150189	Society Total 8 5,582,107 254,919	Lucerna Limited Fittings E 51,732	Group Total f 5,633,839 254,919
	At 31 March 2023	167.038	1,960.306		188,443	56,092	2,973,874	491,274	5,837,026	51,732	5,888,758
	Depreciation
	At 1 April 2022 Charge for Ihe year		1,178,318 47,865		153,406 15,597	54,277 1,815	75,576	98,255	1,386,001 239,107	29,693 8,072	1,415,694 247,179
	At 31 March 2023		1,226,183		169,002	56,092	75,576	98,255	1,625,108	37,765	1,662,873
	Net Book Value At 31 March 2023	167,038	734,123		19,440		2,898,298	393,019	4,211,918	13,967	4,225,885
	At 31 March 2022	167,038	781,988		33,958	1,815	2,870,223	341,084	4,196,1D6	22,039	4,218,145

Investments
	31 Mar	31 Mar
	2023	2022
	6	f
Market value at 1 April 2022 Net loss on revaluation	1,600,000	1,635,000 (35,000)
Market value at 31 March 2023	1,600,000	1,600,000

Listed investments
Market value brought forward 1 April Less: disposal proceeds (includes capital drawdowns policy, see oaoe 21) Add:purchases	as part oftotal returns	15,319,610 (800,116)	15,461,671 (380,000)
Realised (loss) / gain on disposals Unreaiised net (loss) / gain on revaluation		155,000 (30,530) (944,817)	5,436 232,503
Cash held by investment managers		13,699,147 519,559	15,319,610 215,719
Market value at 31st March		14,218,706	15,535,329
Cost (excluding cash balances)		9,306,939	9,733,420

financial informatio Lucerna Ltd):	n for	the company is as follows (detailed inform	ation is given in the full statutory	accounts for
			Total	Total
			2023	2022
Statement of/ncome and Expenses
Turnover Operating costs Net interest			565,050 (245,330) 177	4,758 (10,462) (872)
(Loss)/Profit on ordinary		activities before taxation	319,897	(6,576)
			31 Mar	31 Mar
			2023	2022
Balance Sheet at	31March:
Fixed assets Current assets Creditors: amounts	falling	due within one year	13,967 93,518 (107,412)	22,039 104,758 (131,724)
			73	(4,927)

Summary statutory	y financial accounts	information for the company is as follows (d for Lucerna Ltd):	etailed information is given in t
			Total
			Period
			ended 31
			Mar 2023
Statement ofIncome and Expenses
Turnover			545,396
Operating costs (Loss) on ordinary		activities before taxation	(531,381) 14,015
			31 Mar
			2023
Balance	Sheet at	31Inarch:
Current	assets		23,332
Current	liabilities		(10,721)
			12,611

1	6 Debtors
			Group 31 Mar		Society 31 Mar	Group 31 Mar	Society 31 Mar
			2023		2023	2022	2022
			6		6	f	6
	Trade Debtors Subscriptions and room hire debtors Taxation receivable Other debtors Amount owed by Lucerna Amount owed by Lampada Prepayments Accrued legacy income		65,698 112,161 5,448 99,683 83,509 200,000		64,583 112,161 4,623 99,683 63,933 83,509 200,000	64,667 74,342 10,002 446,455 72,963	52,737 74,342 9,070 446,455 3,215 72,963
			566,498		628,491	668,429	658,782
17	Liabilities: amounts falling due within	one year	Group 31 Mar		Society 31 Mar	Group 31 Mar	Society 31 Mar
			2023		2023	2022	2022
			6		6	5
	Trade creditors Taxation payable Subscription and grant income received in advanci Amount owed to Lucerna Limited (see below) Amount owed to by Lam pads Accruals, grants payable and other creditors		126,737 9,761 426,380 512,054		109,817 9,761 426,380 20,637 474,777	204,134 18,288 385,344 511,892	200,231 13,511 385,344 (90,258) 471,381
			1,074,932		1,041,371	1,119,658	980,209
	Grants due after more than one year					31,222	31,222
	The amount owed to the Society by Lucerna
	Limited is made up as follows:
	Current account Loan (beading interest at Lloyds Bank pic rate plus 3%)	base			63,933		55,258 35,000
					63,933		90,258
17a	Deferred income					Group &Societ
							31 Mar
							2023
	At 1st April 2022 Release of portion of annual membership Deferral of portion of annual membership	subscriptions subscriptions	received received	in advance on 1.anuary in advance on 1 January			375,219 (375,219) 388,864
As at 31stMarch 2023							388,864

	for the year e	for the year e	nded	31 Marc	h 2023 (c	ontinued)
19	Permanent endowment		funds	Balance at 31-Mar-22	Adjustments	Net investment	Balance at 31-Mar-23
				F	f	gains/losses f
	Stevenson			113,272		(7,309)	105,963
	Somers Clarke			19,180		(1,238)	17,942
	Robert Garraway William Lambarde	Rice Memorial		46,370 52,647		(2,992) (3,397)	43,379 49,250
	William and Jane	Morris		812,426		(57,086)	755,340
	Tessa and Mortimer Wheeler			50,228		(3,224)	47,004
	Hugh Phillips Janet Arnold			2,304,077 643,712		(165,436) (49,473)	2,138,641 594,240
	Margaret and Tcm Jones			630,579		(40,587)	589,992
	Beatrice de Cardi	Fund for
	Archaelogical Research			1,874,397		(119,893)	1,754,504
				6,546,889		(450,635)	6,096,255

Restricted capital funds
	Balance at	Fixed Asset	Adjustments	Investment	Balance at
	31-Mar-22	Revaluation		Gain/(Loss)	31-Mar-23
	6	6	6	6	6
Research John Evans Bicentenary (Publications) Kelmscott Kelmscott Cottages - Investment Kelmscott Cottage - Fixed Asset Tercentenary Kenneth Gravett	453,010 314,591 666,565 214,606 1,600,000 660,000 85,593 798,174		(90,000)	(29,158) (20,248) (52,451) (22,712) (4,598) (42,115)	423,852 294,342 614,114 191,894 1,600,000 660,000 80,995 666,059
	4,792,539		~90.000	~171.282	4,531.258

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Analysis of group net assets between fu	nds at 31 March 2023
	Unrestricte	Restricted	Endowmen
	d Funds	Funds	tFunds	Total Funds
	6	6		8
Intangible fixed asset Tangible fixed Assets Heritage assets Investment properties Long term investments Long term liability Other net current assets/(liabilities)	81,660 40,000 4,909,382 (155,974) 933,486	4,144,225 504,169 1,600,000 3,024,302 (1,059,734)	6,285,022 (188,767)	4,225,885 544,169 1,600,000 14,218,706 (155,974) (315,016)
	5,808,553	8,212,962	6,096,255	20,117,770

Analysis ofgroup net assets between fu	nds at 31 March 2022
	Unrestricte	Restricted	Endowmen
	d Funds	Funds	t Funds	Total Funds
	f	F	6
Intangible fixed asset Tangible fixed Assets Heritage assets Investment properties Long term investments Long term liability Other net current assets/(liabilities)	12,476 134,074 40,000 5,972,855 (168,255) 544,372	4,084,070 504,169 1,600,000 3,109,028 (719,573)	6,453,446 93,442	12,476 4,218,144 544,169 1,600,000 15,535,329 (168,255) (81,759)
	6,535,522	8,577,694	6,546,888	21,660,104

24	Related party transactions Three trustees donated 8565to the Society during the year (2021-22:f56	5).
25	Analysis ofcash and cash equivalents	2023 Group	2022 Group
		6	5
	Cash in hand	135,839	359,459
	Notice deposits (less than 3 months)
	Total cash and cash equivalents
26	Post balance sheet events
	There were no pest balance sheet events that require disclosure.

The Society of	The Society of	The Society of	The Society of	Antiquaries	Antiquaries	Antiquaries	of	London
Notes		to the		Financial Statements
			Appendix			I
Lucerna Limited and	Kelmscott			Manor				2023	2022
Combined Income and		Expenditure			Account
for the year ended 31 March			2023
Income
Trading Income								561,886
Donations and grants	(including		admissions			paid by	Gift	28,259	13,644
Interest and investment	income							10,777	10,670
Rents from Cottages								59,317	49,475
Friends of Kelmscott								3,330	4,383
Other income								2,625	8,605
Total Income								666,195	86,777
Cost ofSales
Shop expenses								88.713
Restaurant Expenses								5".942	301
Salaries								117929	44,008
Sundry								5285
Bank and credit card charges								20.146	4263
								28t.015	48,572
Gross Profit								382.180	38,205
Expenditure
Salaries								322,035	181,542
Staff training and recruitment								2,966	4,697
Volunteers 8 Guides								11,926	347
Security and fire protection								5,600	11,374
Repairs and maintenance								28,481	47,198
Electric vehicle costs								1,704	3,954
Utilities, rates and household								35,717	17,644
Insurance								73,959	52,243
Office Costs								14,482	26,903
Publicity								28,761	563
Garden expenses &car park								7,858	4,046
Legal 8 Professional fees								8,786	4,667
Audit and accountancy								6,891	4,725
Depreciation								9,756	3,590
Collections management		&conservation						18,834	10,941
Apportionment of head	office support costs							61,105	15,727
Staff travel								2,623	526
Sundries								13,828	2,978
Acquisition to collection								3,120
Total Expenditure								658,433	393,665
Net Deficit for the period								(276,253)	(355,460)