|||||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|
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|||||||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|
##
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|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.|||
##
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##
||||||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|
##
##
##
##
##
##
||||||||||W
W|Vl
Vr
0|0
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||||||||||||||||||||||||||0|
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0|||||||||0I|||||||||||||N|
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|||||E I||||||||||||N||||||||||
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||||||||||||||||||||||I|||||
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N|||N||C'||C|||
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0||w|N
r||||||||||||||||||
||||||a|||N||||||||||||||||||
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|||||||||||||||||||||||||I||
|||||||||||||||||||||||||E||
||||||||||||||||||||||||||C|
|||||||||||||||||||||||||0||
||||O0|||||||||||||||||||||'O
0|0|
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I
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ll N||||E|0
0|||||0||||||0
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0|'E
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0|00
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CD||E|||g
0
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tL' 0|||O
0|||E
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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)|