2024-03-31-accounts

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THE SOCIETY OF ANTIQUARIES OF LONDON

Registered Charity No. 207237

Charity registered in England and Wales

REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2024

Burlington House Piccadilly London W1J 0BE www.sal.org.uk

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Contents	Contents	Contents	Contents	Contents
OBJECTIVES AND ACTIVITIES ............................................................................... 1
KEY ACHIEVEMENTS AND PERFORMANCE ......................................................... 4
Introduction ................................................................................................................ 4
Summary of the year .................................................................................................. 4
Conservation .............................................................................................................. 5
Kelmscott Manor and Estate and the Kelmscott and Morris: Past, Present & Future
project ........................................................................................................................ 5
Museum	Collections................................................................................................ 6
Research .................................................................................................................... 7
Grant programme..................................................................................................... 7
Library and Collections Strategic Plan................................................................... 8
Other activities......................................................................................................... 9
Dissemination ........................................................................................................... 10
Loans from the				................................................................... 10
	..................................................................................... 12
Enabling	the Society to Achieve its			Objectives ......................................................... 13
Development Office................................................................................................ 14
Governance............................................................................................................ 14
FINANCIAL REVIEW ............................................................................................... 14
Income.................................................................................................................... 14
Expenditure............................................................................................................ 15
Conservation (note 7)............................................................................................ 15
Research (note 7)................................................................................................... 16
Dissemination (note 7)........................................................................................... 16
Kelmscott Manor Incorporating Lucerna Limited................................................ 16
Revaluation of investments................................................................................... 16
Actuarial Losses on Defined		Benefit Pension Schemes..................................... 16
FUTURE	PLANS ..................................................................................................... 17
Enabling	the Society to Achieve its			Objectives ......................................................... 17
Burlington House Lease and			Rent........................................................................ 17
Research .................................................................................................................. 17
Grants..................................................................................................................... 17
Library, Archives, and Museums				Strategic Plan.................................................. 17
Public events at Burlington House....................................................................... 18
Digital dissemination of lectures				and meetings................................................... 18
Governance.............................................................................................................. 18

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Reserves Policy ....................................................................................................... 19 Grant-making Policy ................................................................................................. 21 LEGAL STRUCTURE, GOVERNANCE AND MANAGEMENT ................................ 22 Organisation ............................................................................................................. 22 Council (Trustees) and advisory committees ...................................................... 22 Appointment and training of Council members (Trustees) ................................. 23 Contribution of volunteers .................................................................................... 24 .................................................................................................. 24 Remuneration of senior staff ................................................................................. 25 Subsidiary relationships ........................................................................................ 25 Risk management ................................................................................................... 25 FUNDRAISING ACTIVITIES .................................................................................... 26 ADMINISTRATIVE DETAILS ................................................................................... 27 ............................................... 30 ANTIQUARIES OF LONDON ............................................................................... 31 STATEMENT OF FINANCIAL ACTIVITIES ............................................................. 36 BALANCE SHEET ................................................................................................... 37 STATEMENT OF CASH FLOWS ............................................................................. 38 NOTES TO THE FINANCIAL STATEMENTS .......................................................... 39

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

OBJECTIVES AND ACTIVITIES

The Society of Antiquaries of London is an educational charity that promotes the understanding of the human past and a learned society that recognises distinction in this field through election to its Fellowship. advancement and furtherance of the study and knowledge of the antiquities and history of this and other and architectural history (including heraldry), history, literature, heritage conservation and material culture studies. In addition, it has a new public membership category, Affiliates, who are keen enthusiasts and advocates of its work. A leading non-government organisation working in the cultural heritage sector, it awards grants from its own funds for academic research and the conservation of historic buildings, and is active, both in its own right, and in partnership with other UK NGOs, in formulating policy and good practice for the investigation, interpretation, conservation and management of the material remains of the past. This is done across two sites - at Burlington House, Piccadilly, London where the Society has been in residence for 150 years and at Kelmscott Manor, Lechlade, Oxfordshire.

approach to meet its charitable objectives is to use the assets of the Society (its buildings, library and museum collections, and grant programme) to aid the Fellowship and others in conservation and research of the remains of the past, and to communicate, engage and educate with the public about the importance of this work. In March 2023, the Council of the Society of Antiquaries (its trustee and governing body) approved a new strategy, a new set of values and later a new purpose: This new strategy has four main pillars of activity, they are:

Nourish existing and future communities
Stimulate our sector
Excite the world
Organise to deliver sustainably

The new strategy recognises the need to be more outward facing and inclusive in approach in order that a much broader audience benefits from the Society. For both sites, the new strategy has meant launching a learning and outreach programme, enabling new audiences to engage through free events and activities, social media and newsletters. This strategy has not only benefited new audiences, but also the Fellowship, who have actively supported in the delivery of the activities and engagement programmes.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

To achieve its objectives, the Society has prioritised the following activities:

Nourish our existing and future communities we:
a. Actively enable and encourage a diverse Fellowship and Affiliate membership
b. Induct and support new Fellows and Affiliates so that they are able to maximise their membership
c. Provide governance, networking and outreach opportunities for Fellows
d. Create a holistic approach to content (knowledge) development and grant making
e. Deliver a series of events that stimulate debate

2. Stimulate our sector we:

a. Progress digitisation and cataloguing programmes to ensure that collections and documents are fully accessible globally
b. Ensure our collections are relevant, reviewed regularly and cared for appropriately to inspire the curious and support research
c. Create an ecosystem with our community whereby research and improved access is supported and encouraged through our collections
d. Ensure our professional standards support our ambitions as a key contributor to the sector
Excite the world we:
a. Increase our engagement with new audiences as well as Fellows and Affiliates to create a diverse and thriving community
b. Amplify recognition as a key player in the sector through exhibition loans to museums and galleries worldwide
c. Ensure our communications (tone of voice) and engagement are increasingly modern and inclusive and support the diverse audiences in our community
d. Actively collaborate with like-minded organisations to support our strategic aims

4. Organise to deliver sustainably we:

a. Ensure our organisation is sustainable: premises to suit need and has a clear financial plan
b. Simplify our systems and processes so that we are effective and efficient
c. Motivate our team through effective structures
d. Provide platforms for collaborative working and clear decision making

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

In shaping objectives for the year and planning its activities, the Trustees have considered Public Benefit: Running a Charity (PB2).

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

KEY ACHIEVEMENTS AND PERFORMANCE

Introduction

The Society is based at two sites:

New Burlington House, on Piccadilly in London, where it hosts lectures, research seminars and events, and houses an Accredited Museum of over 45,000 objects and paintings, as well as a world-renowned library of over 130,000 books, manuscripts, prints and drawings.
Kelmscott Manor, in Oxfordshire, the former summer home of William Morris, who was a Fellow of the Society. The Manor is open to the public during the summer months, showcasing the house and contents as when the family were in residence.

In addition, the Society supports meetings of its Fellows in regions of the UK and internationally.

Summary of the year

The highlight of the year for the Society of Antiquaries of London was the resolution of recent uncertainty about the lease of the premises, thereby securing future at Burlington House. In March 2024, the Society of Antiquaries and the other Learned Societies at Burlington House signed Heads of Terms for a 999-year lease agreement with the DLUHC (Department for Levelling UP, Housing and Communities). Once the contractual arrangements are finalised, work will begin to raise funds to ensure that the Society is fit for future purpose.

Along with many other heritage and academic communities, engagement with the collections and other activities have changed since the COVID-19. However, during this financial year, in-person visits to Burlington House began to increase compared to the previous year, whilst not yet reaching the levels prior to the pandemic. Use of the library has shifted, with many Fellows increasingly using e-resources while greater in-person use has been seen from Affiliate members and external researchers. All use of archives has soared due to the growth of online catalogues.

2023 was Kelmsc since the conservation and improvement works were completed. 24,272 visitors came to the Manor between April and October which includes 241 pupils on school visits, 169 from community and special projects and 1,798 from organised coach visits. The Learning Barn continued to be a hive of activity throughout the season with many opportunities for visitors to be creative with a calendar of engaging events. Although admission figures were down on the previous year, secondary spending in the shop and tearoom was good and, in November 2023, we launched our online shop which saw an uplift in pre-Christmas sales. Visitor feedback continued to be excellent with

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

people returning to the Manor to take part in our activity days. Kelmscott also took part in the National Heritage Open Day for the first time, which allowed visitors to enter free of charge.

One focus for this year was to change engagement with Fellows and Affiliate members to ensure the Society of Antiquaries is more inclusive and engaging. While we have maintained our programme of events, grant awards, and core publications, we have introduced a more proactive approach to ensuring our community feels supported, particularly new members. In doing so, the feedback from new Fellows and Affiliates has been overwhelmingly positive. 10 public lunchtime public lectures and 30 Ordinary Meetings were delivered all of which were open to the public in person or on-line. Total audience numbers for lunchtime lectures were: 260, an increase of 38% from the previous year; and Ordinary Meetings saw 1,024 audience participants in person (63% increase) and 1286 (7% increase) of online participants. Themed programmes delivered included , with several other conferences are programmed for 2024-2025. This was supported by an active social media campaign with engagement that reached 5.9k on X, 11.4k on Instagram, 8.8k on Facebook and 1.2k on LinkedIn.

Conservation

The Society undertook conservation of its own historic buildings, library and museum collections at Burlington House and Kelmscott Manor.

Kelmscott Manor and Estate and the Kelmscott and Morris: Past, Present & Future project

Kelmscott Manor, located in West outward-facing heritage charity, engaging and informing the public about the past. The former summer home of William Morris, himself a Fellow of the Society and a founder of the heritage conservation movement, the Manor was the subject of a major Present and Future part funded by the National Lottery Heritage Fund (NHLF).

The year saw the completion of snagging for the conservation and improvement of the buildings at Kelmscott Manor. An issue with the sewage tank from the main toilets required new pipework to be installed and repairs to the main tank, which had cracked in several places.

Throughout the year the maintenance of the estate cottages has continued alongside maintaining the historic barns and buildings onsite.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Museum Collections

The museums at Burlington House and Kelmscott Manor each hold Accredited Museum status, which was due for renewal in 2024 for both sites. The renewal applications were submitted in December, following a thorough revision of our collections policies and plans. The collection of over 45,000 objects at Burlington House contains prehistoric, classical and medieval antiquities, seal matrices and impressions, and paintings as well as items relating to the history of the Society. The Society also owns an outstanding collection of historical prints and drawings of British topography and antiquities. The collection at Kelmscott Manor is primarily the contents of the house and comprises c. 800 objects. With the help of National Lottery Heritage Fund and other funders and donors, we have raised £300,000 for the conservation of the 17[th] -century Samson Tapestries and reinstatement of the Tapestry Room as it was in return all the domestic spaces to how they were when Frederick Evans photographed the Manor in 1896, completing original vision for Kelmscott Manor; Past Present and Future.

Thanks to a very successful internal fundraising campaign, and the award of a small Printing Historical Society grant, we were able to recruit Collaborative Doctoral Award student, Chiara Betti, to catalogue of c .170 copper printing plates. The collection is now accessible for all -line platform. This work enabled us to begin the packing of the plates to museum conservation and storage standards.

Dugdale (LDSAL 506) and of Roger Gale FSA (LDSAL 1307) were removed, via scaffold, from their highlevel position in the library for assessment, preventative conservation treatment and conservation framing. The on-site work saw both portraits and frames thoroughly cleaned (with Dugdale re-varnished); the canvases re-tensioned and lined, canvas wedges replaced and secured; losses to frame details filled and re-touched; and canvases refitted into frames according to modern conservation standards. Full conservation records and treatment reports have been produced for the object history files. The work th-century Lamp of Knowledge, the colourful screen print incorporates images of the Roman and Athenian fictile and votive lamps held in the museum collection, with the lamps representing the work and contribution of the women associated with the Society from 1870 to 1950 (identified through the Beyond Notability project).

The Integrated Pest Management programme showed a dramatic drop in pests over the last five years due to improved cleaning and targeted treatment in areas where pests have been found.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Research

The Society encourages research into all aspects of the material past through a programme of grants and by maintaining and developing a world-famous antiquarian library and associated collections.

Grant programme

The Society encourages research by awarding grants to a wide spectrum of researchers and students of the material past.

Research and Travel Awards:

£156,223 was awarded across 30 funded projects.
These included:
Excavation at King Arthur's Round Table, Cumbria
Early Colonial Glass in the Dominican Republic
The Common Senses of Fancy Dress in C18th England
The Kenyan Kanga: The Coastal Dress of Kenya
VENETIA Archaeology of lagoonal and fluvial harbours of the Venetia during the Roman era

William and Jane Morris Church Conservation Grants:

£24,000 was awarded to 10 conservation projects.
These included:
Stained glass at All Saints, Slingsby
William Morris & Burne-Jones stained glass at Salisbury Cathedral
An altarpiece at St James, Cranham

Library and Archives

Burlington House contains the largest antiquarian library in Britain, with an outstanding collection of more than 130,000 books dating from the 15[th] century to the present day, covering British and European archaeology, architectural history, medieval decorative arts, and other subjects based on the study of the material remains of the past. There are special collections of broadsides proclamations and around 600 manuscripts, including the finely illuminated Lindsey Psalter of the early 13th century and three contemporary copies of the third revision of the Magna Carta of 1225. Together, the library, archives, and museum collections form a unique resource for Fellows, Affiliate members, external researchers, and the public.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Conserving and adding to the collection and making it more widely available for research lies at the heart library, archive and museum collections research resource for scholars from Britain and around the world. The library remained open five days a week and closed for the month of August, as usual. After a post-Covid surge, usage figures dropped slightly, a common pattern across libraries, archives and museums. In 2023-24 there were 1,567 research visits (1,634 in 2022-23, 740 in 2021-22, and 40 in 2020-21) 1,191 enquiries (1,270 in 2022-23, 841 in 2021-22 and 705 in 2020-21), and Fellows and Affiliates borrowed 558 books (635 in 2022-23, 391 in 202122, and 171 in 2020-21). The use of electronic resources, such as JSTOR, remained stable with a total of 8,349 articles being consulted (8,309 in 2022-23, 8,459 in 2021-22, and 7,099 in 2020-21).

Library and Collections Strategic Plan

Implementation of the Library and Collections Strategic Plan for 2023-25 continued.

In 2023-24 we:

Developed and began implementing a new collections strategy for 2023-25
Submitted an application to Arts Council England to renew the Accredited status for our Burlington House and Kelmscott Manor museums
Continued barcoding the basement library collections
Had our Roll Chronicle (MSS/0501) and our Pedigree of the Kings of England (MSS/0570) digitised by Nottingham Trent University
Continued cataloguing 19[th-] century Society correspondence, topographical photographs and records of historic Fellows, as well as a number of archival collections such as the Alwyne -century collection of tile drawings and tracings, watercolour drawings of wall
paintings by E C Rouse, the Census for Medieval Tiles, the Earle collection of Essex and Suffolk historic financial records, a collection of photographs by Sidney Pitcher and the papers of the Standing Conference on London Archaeology (SCOLA)
Further existing records, such as the collection of T E Lawrence photographs catalogued with the help of Bill Woodburn FSA, were added to the online catalogue
Began phase 2 of a project to enhance cataloguing and begin digitisation of the Prattinton Collection

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Completed digitisation of the Croft Lyons heraldic index by Ancestry UK
Provided access to Ancestry UK to Fellows, Affiliates and external researchers onsite at Burlington House and Kelmscott Manor
Completed the disposal of the digitised Croft Lyons index
Drafted collection development policies for the Library and Archives
Relocated all archives in the Archives Room to more accessible storage
Had the entire building sprayed to control insect infestation
Renewed our collections insurance following agreement with Committee/Council on best option
Carried out a deep clean of collections
Promoted the SCONUL scheme and saw a 10% increase in use
Recruited and trained a new cohort of archives volunteers
Supported Open House Fridays, Lates, and school visits
Recruited and trained a part-time Loans Administrator
Contributed at least one collections-related item to each issue of Salon
Contributed to new funding applications for a part-time Curatorial Assistant role
Updated Society of Antiquaries of London entries for manuscript and archive records in TNA Discovery
Continued catalogued our collection of 3,000-4,000 wooden printing blocks

Other activities

On 24 April the Society welcomed its first group of primary school pupils as part of the Sensing History programme. The Librarian collaborated Officer to theme the session around items from

Britain

The Library and Collections Team collectively produced a four-case exhibition on the theme of
We continued our partnerships with Kingston University, University College London, Notre Dame, and the City and Guilds Art School to deliver workshops on collections management and conservation
We welcomed pupils from St Marylebone School, gave them tours of the library and talked to them about careers in libraries and archives
We continued to deliver inductions and tours for new Fellows and Affiliates

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

We created displays of Library collections and captions for the public Halloween late events -and-tell on the evening) and before the film screening of
The Mummy. Objects from the Burlington House Museum collection were displayed as a backdrop to the Halloween family day events on the 31 October

Dissemination

The Society disseminates its work, as well as that of its Fellows, by means of exhibitions and loans, publications, lectures, seminars, and electronically through the web and email. As discussed under Conservation (above), visitors to Kelmscott Manor and users of the Library at Burlington House are significant indicators heritage.

The Society runs an active loans programme, supporting both national and international long term and widest possible audience. In 2023-24 we lent several objects to important exhibitions.

Museum, whilst a second Daisy wall-hanging and a jewel casket belonging to Jane Morris were lent to the Colour Revolution: Turner to Whistler exhibition at the Ashmolean Museum, and the Kelmscott Manor copy of The Anatomy of Melancholy by Robert Burton, 1651 (with a portrait of Jane Morris by Dante Gabriel Rossetti on the flyleaf) featured in The Rossettis exhibition at Tate Britain.

A clothing pin from the tomb of Archbishop Wulfstan and a pilgrim badge of St Michael were among the Burlington House objects lent to the newly-launched Bishop Auckland Faith Museum for an initial threeyear period. The Coronation Procession of Edward VI watercolour by Samuel Hieronymus Grimm travelled Chepeside: Metropolis et Emporium .

Publications : The Antiquaries Journal

Volume 103 of The Antiquaries Journal was published in November 2023, and featured sixteen research articles, nine of which are also available through Open Access. This significant increase in open access content has been achieved by the uptake of transformative agreements between Cambridge University Press and institutions and library consortia worldwide. Despite this development, monthly download trends have not increased significantly in 2023 24, with full-text downloads remaining stable from 2022

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Likewise, negotiated sales and donation agreements have not grown substantially since 2020, with demand stable in most global territories.

As of 2023, CUP are calculating the Impact Factor (IF) of The Antiquaries Journal . Each IF is calculated using the number of citations made in any given year to papers published in the journal within the two consecutive years immediately preceding, divided by the total number of eligible articles published. In the 2023 IF-year, The Antiquaries Journal 2-year IF was 0.2.

Monograph programme

-quality, peer-reviewed research, making this available in print and Open Access to disseminate the research quickly and widely. The primary focus of work this year was the publication of the final volume of the Roman Mosaics of Britain series; this was published in April 2024. Work has also included production of Lordship and Landscape in East Anglia, AD 400 800 (scheduled for publication in December 2024) and a further paper in the relaunched online Archaeologia : An Early Bronze Age Cemetery at Windmill Fields, Ingleby Barwick, Teesside, North Yorkshire (published spring 2024).

The Monographs Manager has continued to liaise with authors regarding both legacy projects and new titles, including two new papers for Archaeologia.

Ordinary Meetings and seminar programme

The role of organising the Society's public facing events has now been divided into two separate roles so that Communications and Events are no longer under one job title. The Communications and Marketing Manager now line-manages the new position of Programme Development Manager. Starting at the end of the financial year, the Programme Development Manager and conference programme to make the programme more thematically structured.

Between April 2023 and end of March 2024 we delivered 9 lunchtime lectures and 20 evening lectures, all of these were hybrid. There was an average attendance of 28 in-person attendees and 21 online attendees per lunchtime lecture, and an average attendance of 52 people in-person and 43 attendees online per evening lecture. Please note that some lectures were online only.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

The Regional Groups have now increased to include the Belgium, Netherlands and Luxembourg group, who plan to have their first meeting in November 2024. The UK-based groups all had successful Out of London meetings which were well attended.

Australia and New Zealand Group

David Gaimster FSA has taken over as Secretary of this group. He hopes to plan events in early 2025 to coincide with a variety of conferences coinciding in the region at the time.

Communications, social media and website

Fellowship News has been discontinued and replaced by The Antiquary , which is an annual publication sent out to Fellows with their Anniversary Postal mailing. Fellows will now only receive one postal mailing per year, instead of the previous four. This is for cost efficiency and towards reduction of our carbon footprint.

Website Analytics

From March 2023-2024 the website had 145k users.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

The Society continues to publish its fortnightly e-newsletter Salon, which contains a digest of news about Fellows and their activities, new research findings and public debates on heritage policy. The Editor Katie Ramsey gives the publication a unique voice, whilst still providing the top-quality content expected. Currently, there are 4,100 subscribers, with open rates of around 46.5%.

Our social media accounts continue to do well. Our posts highlight the collections (library and museum), events, Society of Antiquaries and Burlington House news, as well as reciprocal swaps with similar heritage/cultural institutions. The subscribers on our social media channels for the Society were as follows; Instagram 3,765, Facebook 4,504, Twitter / X 12,595, LinkedIn 879.

Electronic dissemination of lectures and seminars:

YouTube views are still doing very well, with high levels of traffic. All lectures are streamed via Zoom to YouTube, with subscribers at 4,581, which is up 30% from last year with an additional 1,046 new subscribers. Countries with the most viewers are UK (35%) and US (24%).

Other public events:

Two conferences took place, one on William Camden and the other on Mostar Bridge. The annual Collections and Research Day also took place, with the help of the Library and Collections team. We also took part in the Open House Festival.

Enabling the Society to Achieve its Objectives

In addition to the cost of maintaining and running Burlington House, the following key tasks were undertaken during the year.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Development Office

Fundraising for Kelmscott Manor included £196,557 from the National Lottery Heritage Fund (NLHF), £25,000 from L.G.Harris Trust, £24,647 from individual donations, and £5,000 from the Woolbeding Charitable Trust.
Legacy bequests were received from Elizabeth Horne (£1,000) and Leslie Michael Macdonald Saunders (£24,647)
Fundraising at Burlington House included £9,875 towards digitising and cataloguing the early printing blocks
Managing externally funded Sensing History project which reached an audience of 7,500 and included a pool of 30 volunteers
Promoting the Affiliate Membership Scheme through the Sensing History public outreach increasing membership from 336 to 500

Governance

The Society held eight ballots and admitted 117 new Fellows during the reporting period (126 in 202122). A statute change was approved by the Fellowship to hold all ballots on-line rather than in person to allow more Fellows to be elected per ballot and to hold ballots over the summer period.

In addition, a Statute change, as reported previously, was approved by the Fellowship to allow for the creation of an Affiliate Members scheme which was launched in June 2022 and outperformed the target number of Affiliates.

FINANCIAL REVIEW

The Consolidated Statement of Financial Activities shows a deficit of £531,868 (2023: £579,262 deficit); this is before gains on investments of £1,048,429 (2023: £975,347 deficit), and actuarial gains of £57,055 (2023: gains of £12,276). The total gain on investments includes an unrealised gain of £1,053,202 for the year. The results for the year are a gain of £573,616 (2023: deficit of £1,542,333) and include the , Lampada Limited and Lucerna Limited.

Income

The Society derives income from several sources, the principal being donations, grants and legacies, investment income, subscriptions and admissions, trading income from Kelmsott Manor, and room hire at Burlington House. Total income for the year was £3,129,568 compared to last year of £2,532,080. Major variances to last year were:

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Income from donations and legacies were £925,911 compared to £227,998 received last year and the Society is grateful for the continued support through our legacy programme
A large part of this increase has been provided for as an accrual in the accounts and as a result other debtors has increased to £1,251,508 from £99,683 in the previous year
Room hire income increased by £12,713 to £109,068, an increase of 13%
We received £236,639 (2023: £231,961) from our trading subsidiary at Kelmscott Manor
We received £634,286 (2023: £606,275) from subscriptions and admissions

cottages at Kelmscott. These are split between restricted and unrestricted funds. During the year, £800k was withdrawn from the unrestricted funds to cover unrestricted operational costs in excess of income (see investment policy section). Investment income fell slightly to £497,340 (2023: 507,283) (Note 5 of the accounts).

The income from the restricted investment portfolio was £294,645 (2023: £288,569). The restricted rental income from the Kelmsott cottages fell to £53,752 from £59,320.

Total income publications and merchandise was lower at £43,017 compared to the previous year of £55,419.

Expenditure

Consolidated expenditure increased to £3,661,436; up from £3,111,343 in 2023. This is due to increasing deliverables in conservation and dissemination activities.

Expenditure on raising funds which comprise Development Office costs, Lucerna cost of sales and room hire running costs, are £10k higher than in the previous year. Cost of sales of the trading subsidiary were £73k lower than in the previous year. Other cost of sales fell by £55k driven mainly by the fall in Development Office costs to £52,484 from £101,944 in the previous year.

Conservation (note 7)

Total conservation costs were £1,320,926, higher than in 2023 at £1,066,910. The increase is due to the Kelmscott Manor Past, Present and Future project with spend of £427,012 compared to £216,350 in 2023. This expenditure represents staff and associated support costs. A grant from the National Lottery Heritage Fund (NLHF) of £153,401 supports this work and is disclosed under note 2 in the financial statements.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Research (note 7)

The cost to maintain and run the library, its core services and functions, as funded by the Unrestricted Fund was £169,733 (2023: 187,974) before support costs. The Library remains a vital resource for the Society.

Research grants awarded from the Restricted Funds during the year amounted to £191,549 (2023: £160,929). The Society increased the amount awarded to use funds that had built up in restricted funds rants is detailed on page 7. The Library Strategic Plan costs are also allocated to this category but are funded by the restricted Gravett fund.

Dissemination (note 7)

Total expenditure under dissemination was £860,159 compared with £599,260 in the previous year. The costs in this section vary depending on how staff time is focussed on the various activities. Except for the Antiquaries Journal, work on publications was funded by grants, bequests and donations.

Kelmscott Manor Incorporating Lucerna Limited

Appendix 1 shows the operational results of Kelmscott Manor with a deficit of £279,177, a slight movement from 2023 of £276,253. The deficit was programmed into the business plan during the four years in which we receive funding for the activity programme at Kelmscott from NHLF.

Revaluation of investments

Net unrealised gains on investments were £1,053,202 (2023: £944,816 loss). Investments are valued at market value. The investment property, which comprises the Kelmscott cottages and agricultural land, was desktop valued by Ross Kent MRICS FAAV of Carter Jonas LLP as at 31[st] March 2022.

Actuarial Losses on Defined Benefit Pension Schemes

The Society participates in the Universities Superannuation Scheme (USS). Under the accounting rule FRS 102 the Society must recognise its share of the pension scheme deficit from 1 April 2015. Using the model provided by USS, the Society decreased its pension provision by £254,893 (2023: £12,281 decrease).

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

FUTURE PLANS

The key aims of the Society for the next financial year include the following:

Enabling the Society to Achieve its Objectives

Burlington House Lease and Rent

The Society will continue to work with the other Courtyard Societies to finalise the purchase of the longterm tenure of Burlington House.

Research

Grants

The Society will continue to support its grant-giving programme and will build on its success in seeking additional funds from sponsorship, donations and legacies.

Library, Archives, and Museums Strategic Plan

In 2024-25 we will:

Complete cataloguing and digitisation of 75% of our printing blocks
Digitise 5% of manuscripts collection
Begin systematic registering, cataloguing and digitisation of Prints and Drawings collection (subject to external funding)
Continue barcoding Library collections (excluding rare books and tracts)
Ensure Burlington House historic institutional archive is catalogued to top level
Begin cataloguing and digitising Rassweiler donation of seals and matrices
Carry out annual spraying of the entire building to control insect infestation
Extend access to remote environmental monitoring to Building and IT Manager, HOLMC, Archivist, and Librarian
Review arrangements for housing non-SAL libraries and archives
Continue contributing to Archives Hub
Explore Kelmscott Manor Archives Accreditation
Explore Burlington House Archives Accreditation
Continue to deliver induction tours for new Fellows and Affiliates
Continue to support 2 Courtyard Late events per year

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Continue to deliver workshops, seminars, and visits for university students, onsite conference and offsite promotion
Continue to support Open House Fridays by curating 3 themed displays annually and contributing to briefing volunteers
Plan and begin delivery of Magna Carta project
Seek funding for new display cases
Secure additional support for curating display programme
Contribute to joint events with Westminster Abbey, City Lions, We are Beams and, potentially, Classics for All
Contribute to Kingston University MA in Museum and Gallery Studies
Contribute to Notre Dame University Archaeology and Ethics and Celtic Art modules
Continue to collaborate with local history societies to describe digitised Prattinton collection
Collaborate with Watercolour World and local history societies to digitise and catalogue Prints & Drawings

Public events at Burlington House

The Society will continue to expand the range of public events available during 2024-25, aiming to broaden its public reach. It is anticipated these will include a conference for researchers, and a programme of public and Ordinary Meeting lectures. The Society will also aim to collaborate with the other Courtyard Societies at Burlington House on shared events highlighting the added value gained by the multi-disciplinary nature of the courtyard. We have opened our doors on most Fridays and are welcoming in the public, including children and families, to learn about our Society and our collections. For younger visitors, we will be expanding our activities to include workshops and other learning opportunities.

Digital dissemination of lectures and meetings

The Society will continue to invest in upgrading its IT and audio-visual facilities to enable live streaming activities to a global audience in real-time.

Governance

The Society will continue to look at ways to increase and diversify the Fellowship.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Reserves Policy

unrestricted fund or restricted funds donated for specific purposes, but all need a continuity of income provided by a consistent and preserved capital base. A significant factor affecting the general policy towards reserves is that, during its existence and in fulfilment of its objectives, the Society has built up significant holdings of manuscripts, books, pictures, artefacts and other objects of antiquarian importance. It also employs the specialist staff required to manage the care and use of these collections. The provision of sufficient capital to provide the income to allow for the continued growth and maintenance of and access to these collections is therefore a prime objective. The policy is kept under review, but Council wishes, as far as possible, to maintain and increase the current levels of capital and income.

Total funds of the Society and its subsidiaries at the year-end amounted to £20,691,385 (2023: £20,117,700). This includes endowment capital funds of £6,615,054 (2023: £6,096,255), restricted capital funds of £4,302,841 (2023: £4,531,258) and restricted income funds totalling £3,311,743 (2023: £3,681,705). Free reserves at the year-end amounted to £1,287,011 (2023: £933,486), representing retained unrestricted income reserves, excluding an amount of £49,379 (2023: £81,660) for the book value of intangible and tangible fixed assets, the heritage assets of £65,800 (2023: £40,000), an amount of £5,158,476 (2023: £4,909,386) for the long-term investments and an amount of £98,919 (2023: £155,974) for the pension provision (see note 22 to the financial statements).

The free reserves at the year-end of £1,287,011 (2023: £933,486) were higher than the reserves policy target Unrestricted Fund.

Investment Policy

s are managed by Sarasin & Partners LLP within their Charity Authorised Investment Funds. These funds are structured to minimise risk by maintaining a balance between fixed interest and equities (see below). Since the Society does not have a segregated portfolio, income is received net of the Finance Committee, which reports to the Council. The policy of the Council of the Society is to maintain the invested capital of the Society for both the long-term benefit and the present activities of the Society.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

different types of investment, the Council believes that it is appropriate to the aim of achieving steadily growing income and capital appreciation to maintain and improve upon the value in real terms and provide long-term protection from inflation. The agreed structural asset allocation for the portfolio is a benchmark composite comprising a 90% allocation to the Sarasin Endowments Fund and a 10% allocation to the Sarasin Income and Reserves Fund. This benchmark composite thus produces an asset allocation as follows:

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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 & Cash 20.5 5.0 35.0
UK Equities MSCI UK Investable Market Index (IMI) 19.0 9.0 29.0
Internation Equities (£ Hedged) MSCI All countries World 9.0 26.0 56.0
ex-UK (Local currency) (GBP)
International Equities MSCI All Countries World ex UK 37
Total Equities 65.0 45.0 75.0
UK Property MSCI All Balanced Property Fund Index One 4.5 0.0 10.0
Quarter Lagged
Alternatives 10.0 0.0 20.0
Total 100.0
Sterling Weighting 63.0 52.5 100.0
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At £14,218,706).

The Society operates a Total Return policy, which permits a small amount of capital to be withdrawn each year. The current maximum percentage is 1.5% of funds. During the year a withdrawal of £800k was made from unrestricted investments (2023: £379,000). This is used to fund unrestricted operational costs in excess of unrestricted income and where cashflow management cannot alleviate this shortfall.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

The Finance Committee continues to monitor the capital withdrawals and Council reviews the Total Returns policy when the budget for each year is prepared, to ensure that the long-term stability of the Society is preserved.

Grant-making Policy

A primary objective of the Society, and one that reflects its Royal Charter of 1751, is its support for research into the cultural heritage of the UK and overseas, and for communicating the research results. It ations programme meets the needs of both its Fellowship and the wider research community, particularly the individual researcher. Thus, in a climate of reduced public expenditure, the Society can make a more strategic contribution to the support of UK and international research relating to cultural heritage.

The Society also invites applications for support of the conservation of historic buildings mainly churches through its Morris Fund, which was formed in 1939 following the death of May Morris, the younger daughter of William Morris, FSA. Under the terms of her will, the Society received her residuary ried out in accordance with the principles of the Society for the Protection of Ancient Buildings (SPAB).

Details of how to apply for research and conservation grants, together with relevant (www.sal.org.uk/about-us/what-we-do/grants/).

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

LEGAL STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The present Society can trace its origins back to 1707. It received a Royal Charter in 1751 and was given accommodation in Somerset House in the Strand by order of the Treasury and with royal consent in 1781. The Society moved to Burlington House, Piccadilly, in 1874. The premises are currently occupied under a lease agreed with the then Office of the Deputy Prime Minister (ODPM) in 2005. It is registered as a charity with the Charity Commission for England and Wales (number 207237).

collection of antiquities, manuscripts and paintings, and the administrative offices of the Society. The Society has Accredited Museum status for its historic collections at Burlington House and for its collections at Kelmscott Manor, in Oxfordshire, the former summer home of William Morris, Fellow, and leader of the English Arts and Crafts movement.

The Society is composed of an elected college of more than 3,000 Fellows, drawn from scholars and practitioners working in the fields of archaeology, architectural and art history, museum studies, conservation and cultural resource management, together with ecclesiastical, documentary, heraldic, musical and linguistic study the common theme being the study of the material past. The Society plays a significant role in encouraging scholarship nationally and internationally and performs advisory and advocacy roles in matters involving the historic environment and the wider cultural heritage. As an independent charity and a leading non-governmental organisation in its sector, the Society is uniquely placed to encourage and facilitate public debate on the management, conservation, presentation and wider understanding of the cultural heritage. It nominates representatives to the Council of the National Trust and appoints T advises the All-Party Parliamentary Groups concerned with culture and heritage.

Council (Trustees) and advisory committees

The Society is governed by its Royal Charter and Statutes (revised 2015 16 and further updated in 2020 and 2022). The main governing body of the Society is the Council, which can consist of between twelve and twenty-one members (Trustees) elected by Fellows, including the President, Treasurer, Director and Hon. Secretary, who act as Honorary Officers. It meets four times a year to set the broad strategy and business planning of the Society, investment of reserves and risk-management policies, and also to monitor performance in all areas of activity.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Council is advised by eight advisory committees made up of expert Fellows and advisers. These are: Finance, Research (Research Grants), Publications, Library and Collections, Kelmscott, Morris Fund (conservation grants), Policy, and Fellowship. Each committee oversees the delivery of an aspect of the . Council & Committees - Society of Antiquaries of London) To facilitate effective operations, the General Secretary (Chief Executive Officer) has delegated authority, within terms of delegation approved by Council, for implementing the Strategic Business Plan and for all day-to-day operational matters.

Appointment and training of Council members (Trustees)

The 2023 Annual General Meeting confirmed the following as members of Council:

Martin Millett, DPhil, FBA (President)
Carol Bell, MA, PhD (Treasurer)
John Cooper DPhil, FRHistS (Director)
Heather Sebire PhD, MCiFA, FSAScot (Hon. Secretary)
Rosemary Sweet, MA, DPhil (Vice- President)
Robert Bewley, BA, MPhil, PhD
Victoria Bryant, BA, MA, MClFA
Emily Cole, BA, MA, DPhil
Timothy Schroder, MA, DLitt
Ann MacSween MA, MSc, PhD, FSAScot
Simon Kaner MA, PhD
Elizabeth Hallam Smith, CB, PhD, FRHistS
Shahina Farid, BA
Thomas Williams, PhD (co-opted)

Council keeps the expertise and skill requirements for its membership under review and aims to ensure that it is both reflective of the interests of the Fellowship of the Society and has the business competence to administer the charity effectively. Shortly after their election, new members of Council undergo formal induction to brief them on their legal obligations under charity law, the governance of the Society, the committee and decision-making process, the strategic and business plan, accounting and riskmanagement cycles, and on the recent financial performance of the charity. During the induction day, new Trustees meet senior staff and other Trustees. Several Trustees also attend seminars held by our investment managers Sarasin & Partners on investment strategy.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Contribution of volunteers

The Society is dependent on voluntary help to assist with the documentation and conservation of its historic resources (library, archives and museum collections) and to assist with the opening of Kelmscott Manor for public enjoyment and education. In the period of this report, Kelmscott Manor has utilised approximately 100 volunteers who normally contributed to the operation of Kelmscott Manor. At Burlington House in 2023-24, 30x people ranging in age from 22 to 70+ were recruited and trained as room steward and welcome volunteers to support the delivery of Open Friday events as part of the Sensing History project, funded by the National Lottery Heritage Fund. These Sensing History volunteers collectively gave more than 700 hours of their time to ensure more than 2,000 people from all parts of the world enjoyed a positive visitor experience at 20+ Open Friday events. In the Library and Collections, this period saw work from 10 in-person volunteers in the archives and several groups of online cataloguers. We are also grateful to the six book conservation volunteers and the three library volunteers.

staff

In 2034-24, the Society employed on average 33 full-time equivalents under the overall leadership of the Kelmscott Manor. Andrew Macdonald stood down as General Secretary at the end of April 2023, and Memoria Lewis took on the role of Interim General Secretary for the remainder of 2023 24.

Staff

and day-to-day objectives at both locations. At Burlington House, along with the General Secretary, our mainly full-time staff maintain and manage the library and the collections, provide general administration, financial services and governance, and deliver our programmes of publication, communications and development. Training courses and other forms of career development are available, when requested, to members of staff to enhance their skills in risk-related areas.

Council regularly reviews the appropriateness of all staff posts to ensure that the Society is operating as effectively as possible in achieving its objectives as required by our charitable status and Royal Charter. At Kelmscott Manor, the focus for our staff, a large proportion of which only work during the open season, is on maintaining the Kelmscott Estate, and ensuring that it functions well as an attraction for visitors. During the period when the Manor is open, much effort is expended, with the support of the volunteer team, on ensuring that visitors to Kelmscott receive a proper welcome through the provision of services, including the restaurant and shop. We also employ staff, with assistance from Burlington House as

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

needed, to keep the estate, its collection and its garden maintained, and to administer the property and manage its finances. The Society acknowledges with gratitude the work of our staff at both locations during the past year.

Remuneration of senior staff

The Society has salary bands for assistants, officers, management and senior management. When a new senior management appointment is made the salary is determined by researching market rates for the post. All senior management salaries are approved by Finance Committee and Council.

Subsidiary relationships

The Society is the sole registered member of Lucerna Ltd, a company limited by guarantee, which operates the shop, collects admission fees and provides refreshment facilities to the public at Kelmscott Manor, The Society is also the sole shareholder of Lampada Ltd which provides human resource services to the Society.

Risk management

Council has an annual process for reviewing the major risks to which the Society is exposed. The process for reviewing risk accords closely with the Strategic Business Plan. It has established systems and procedures to identify, prioritise and manage those risks. Particular attention has focused on the new Burlington House lease and the nature of the Society and its activities.

The Society has ongoing processes, which operate throughout the financial year for identifying, evaluating and managing the principal risks and uncertainties faced by the Society and its subsidiaries in undertaking their activities. When it is not able to address risk issues using internal resources, the Society takes advice from external experts with specialist knowledge. Policies and procedures within the Society are reviewed by the relevant Committee. Financial and investment risks are monitored and assessed by the Finance Committee.

Council, which has the ultimate responsibility for managing any risks faced by the Society, has reviewed the processes in place for managing risk and the key identified risks to which the Society and its subsidiaries are exposed, and has concluded that robust systems are in place to manage these risks. The S records risks identified by senior management and Council, and the measures put in place to mitigate these risks. The Register is reviewed by senior management each quarter, and by Council every six months.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

FUNDRAISING ACTIVITIES

Although raising funds from the public still represents a small percentage of our income, we are compliant with the Charities (Protection and Social Investment) Act 2016, including the guidance outlined by the Charity Commission for England and Wales (CC20 and CC15d) regarding trustee duties and reporting, respectively. We have never received a complaint regarding our fundraising approach from the general public, or any corporates, institutions, or foundations with whom we engage. All staff and others working do not employ any third-party organisation to conduct fundraising activities on our behalf. All corporate partnerships are agreed after a full due diligence and conflict of interest check has been passed and the relationship is based on a contract stipulating clear monitoring and reporting requirements.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

ADMINISTRATIVE DETAILS

Trustees from 1 April 2023 to 31 March 2024:

President

Professor Martin Millett BA DPhil FBA

Vice-Presidents

Professor Rosemary Sweet, DPhil

Dr Elizabeth Hallam Smith, CB FRHistS

Treasurer

Dr Carol Bell FLSW

Director of Research and Publications

John Cooper DPhil FHistS

Hon Secretary

Heather Rose Sebire BA PhD DipArch PGCE Med

Ordinary Members of Council

Dr Robert Bewley, PhD, FSA

Ms Victoria Bryant, MA, MCIfA, FSA

Dr Emily Cole, DPhil, FSA

Dr Timothy Schroder, DLitt, FSA

Professor Rosemary Sweet, DPhil, FSA (Vice President)

Dr Ann MacSween, PhD, FSAScot, FSA Professor Simon Kaner, PhD, FSA

Dr Elizabeth Hallam Smith CB FRHistS (Vice President) Dr Thomas Williams (co-opted)

The list of standing committees, their responsibilities, membership and frequency of meetings can be

found at: Council & Committees - Society of Antiquaries of London

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Senior Staff

General Secretary (Chief Executive Officer)

Andrew Macdonald BA (from 29[th] April 2022 until 30[th] April 2023) Memoria Lewis (Acting General Secretary from 3[rd] May 2023)

Head of Library and Museum Collections

Dunia Garcia-Ontiveros BA MA MCLIP

Head of Finance and Resources

Katy Drake BA MA ACA

Head of Development

Dominic Wallis BA

Property & Estate Manager, Kelmscott Manor

Gavin Williams PGCM

Project Manager Lease Renewal

Andrew Macdonald BA (from 1[st] May 2023)

Principal Advisers

Bankers Legal Advisers Coutts & Co Stone King LLP Boundary House 440 Strand 91 Charterhouse Street London WC2R 0RS London EC1M 6HR Auditor Investment Managers Moore Kingston Smith LLP Sarasin & Partners LLP Chartered Accountants Juxon House 9 Appold Street London EC2A 2AP London EC4M 8BU

AppnJ¥al of Annual Report0fch¢il The Anfiual R¢port of Council set out on pa8es I to 29 was approved by the Council on l M•y 2025. Martin Millett President Dr Carol Bell Treasurer Members of Council

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

The Council is responsible for preparing the Report of the Council and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

Under charity law, the Governing Body must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the Charity and of its net income or expenditure for that period. In preparing these financial statements, the Governing Body is required to:

select suitable accounting policies and then apply them consistently

observe the methods and principles in the Charit
make judgements and estimates that are reasonable and prudent
state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements
state whether a SORP applies and has been followed, subject to any material departures that are explained in the financial statements
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in business

The Council is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable it to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the Royal Charter. It is also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

Opinion

We have audited the financial statements of the Society of Antiquaries for the year ended 31 March 2024 which comprise the Group Statement of Financial Activities, the Group and Charity Balance Sheet, the Group Cash Flow and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their Financial Reporting Stand Accounting Practice).

In our opinion the financial statements:

of 31 March 2024, and of its
incoming resources and application of resources, for the year then;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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 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

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 continue as a going concern for a period of at least twelve months from when the financial statements

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

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 other information comprises the information included in the annual report, other than the financial 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 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Act 2011 requires us to report to you if, in our opinion:

the information given in the the financial statements; or
the charity has not kept adequate accounting records; or
the financial statements are not in agreement with the accounting records and
we have not received all the information and explanations we required for our audit.

Responsibilities of trustees

responsible for the preparation of the financial statements and for being satisfied that they 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

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

error.

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.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, 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 expressing an
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

and, based on the audit evidence obtained, whether a material uncertainty exists related to concern. If we conclude that a material uncertainty exists, we are required to draw attention in are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audi charity to 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.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

The Society of Antiquaries of London

Annual Report of Council

1 April 2023 to 31 March 2024

We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of trustees those matters we are required to state to To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

James Cross (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street

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2025
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London EC2A 2AP

The Society of Antiquaries of London Consolidated Statement of Financial Activities for the year ended 31 March 2024

2024 Unrestricted Notes Funds £ Income and endowments from: Donations, grants and legacies 2 19,110 Charitable activities 3 Subscriptions and admissions 634,286 Sales of publications, copyrights and merchandise 10,228 Other trading activities 4 109,068 Investments 5 148,942 Other 8,237 Total Income 929,870 Expenditure on: Raising funds 6 Development office 52,484 Costs of sales (commercial activities) - Costs of sales (hire of rooms) 193,344 Charitable activities 7 Conservation 226,893 Research 491,371 Dissemination 488,195 Total Expenditure 1,452,287 Net expenditure before gains/(losses) on investment assets and actuarial gains/(losses) (522,417) Unrealised (loss)/ gains on investments 14 (4,773) Net unrealised (loss)/ gains on investments 14 337,571 Unrealised gain on fixed asset revaluation 13 - Net (deficit)/income (189,619) Transfers between funds 11 (140,153) Other recognised gains: Actuarial gains on defined benefit pension schemes 10 57,055 Net movement in funds (272,717) Reconciliation of funds: Total funds brought forward at 1 April 2023 5,808,553 Total funds carried forward at 31 March 2024 20 &21 5,535,836	2024 Restricted Funds £ 1,258,524 - 43,017 548,777 348,398 982 2,199,696 - 293,963 - 1,094,033 449,189 371,964 2,209,149 (9,452) - 196,832 - 187,379 140,153 - 327,532 8,212,964 8,540,495	2024 Endowment Funds £ - - - - - - - - - - - - - - - - 518,799 - 518,799 - - 518,799 6,096,253 6,615,052	2024 Total Funds £ 1,277,633 634,286 53,245 657,845 497,340 9,218 3,129,568 52,484 293,963 193,344 1,320,926 940,560 860,159 3,661,436 (531,868) (4,773) 1,053,202 - 516,561 - 57,055 573,616 20,117,770 20,691,386	2023 Total Funds £ 694,921 606,275 55,419 661,570 507,283 6,612 2,532,080 101,944 284,015 199,545 1,066,910 859,668 599,261 3,111,343 (579,262) (30,531) (944,816) - (1,554,609) - 12,276 (1,542,333) 21,660,104 20,117,770

Th• Socioty of Antiquaries of London Balance Sheet as at 31 March 2024 Group 31 Mar 2024 Soci 31 M•r 2024 Group 31 VAar 2023 Soclety 31 Alar 2023 Flxed a••ots Intangiblc •tssets Tangible assets Invesirnents Heritsge 12 13 14 15 4,001.319 10.IX7,8( 569, 3.994.335 lo.7.800 569.969 4.225,885 15.010,7C15 544,169 4.211.918 15,818.706 544,169 20 839 11118 fs?? 1¢)4 ?0.fj74 79.3 Stock Debtors Cash at bank In hon¢5 70.075 1.525,843 57,579 586,498 135839 759 916 18 1.813,413 028,491 99 147 Uabllltlo• Credltors.. Arnunts f•lling wilhin ono y••r 17 N•t ¢urr•nt a•••tsllll*bllltl••l 1074 932 315017 1041 371 313735 151215 186913 for I11 Total n•t Th• fvnd• of th• charlty Endowment fvnd8 Regtricted funds Restricted Capit fund$ Rtsstn"et•d incom¢ tynds Unrèstrictsd knnds Totsl charlty fvnd• 19 8.615.054 6.615.054 8,096,255 8,096,25S 20 21 4.302.841 3,311,743 6 461 747 4.302,841 3.287,180 8 535 025 4.S31.2S8 3,681.705 5 808 553 4,531.258 3,e89.020 5 808 553 4>woved by th• Council ond aultrthis for on 1st May 2025 Martin Millett Prèsident Cord Be Treasurer 37

The Society of Antiquaries of London Consolidated Statement of Cash Flows for the year ended 31 March 2024

Notes Cash flows from operating activities Net cash provided by operating activities (see below) Cash flows from investing activities Dividends, interest and rents from investments Purchase of property, plant and equipment Purchase of heritage assets Proceeds from sale of investments Purchase of investments Change in cash held in investments Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period 25 25 operating activities Net income Adjustments for: Depreciation charges Amortisation Decrease in pension provision Losses/ (Gains) on investments (Gain) on revaluation Dividends, interest and rents from investments Increase in stocks (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by operating activities Reconciliation of net income/(expenditure) to net cash flow from Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting	£ 2024 (1,244,551) 497,340 (118,092) (25,800) 385,000 - 414,339 1,152,787 (91,764) 135,838 44,075 2024 Group £ 573,616 342,657 - (57,055) (1,048,435) - (497,340) (12,496) (959,345) 413,847 (1,244,551)	£ 2023 (817,257) 507,283 (254,923) 800,116 (155,000) (303,840) 593,636 (223,621) 359,459 135,838 2023 Group £ (1,542,331) 247,179 12,476 (12,281) 975,347 - (507,284) (16,346) 101,931 (75,948) (817,256)

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024

1 Accounting policies

The following policies have been adopted consistently in dealing with all material items in the financial statements.

Accounting basis and standards

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.The financial statements are produced in sterling which is the functional currency of the charity. Monetary amounts are rounded to the nearest pound. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Preparation of the accounts on a going concern basis

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Society to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements.

On this basis the trustees consider that the Society has adequate resources to continue in operational existence for the foreseeable future and for this reason they continue to adopt the going concern basis in preparing the annual financial statements.

Subscriptions

Fellows' subscriptions cover a calendar year to 31 December. They are time apportioned over the accounting periods to which each calendar year relates. Sums received in respect of subscriptions compounded in accordance with the Society's statutes are included in the Statement of Financial Activities in the year in which they are received. No reserve has ever been made for any unexpended balance as the amounts involved are not material.

Investment income

Investment Income is recognised when received by the investment managers.

Allocation of expenditure

The allocation of expenditure is based on staff costs incurred by charitable objective. Figures given in notes 7 and 7a include the cost of staff for that activity. Support costs have then been allocated in proportion to the staff cost incurred.

Governance costs

Governance costs relate to the direct costs associated with the constitutional and statutory requirements of the charity and include the costs of external audit, secretariat and other constitutional related costs

Grants payable These are charged to the relevant fund in the Statement of Financial Activities in the period in which the commitment is made and communicated to the recipient.

Intangible fixed assets and amortisation

Expenditure in excess of £1,000 of a capital nature is capitalised and amortisation on intangible fixed assets is provided at rates estimated to write off the cost, less the estimated residual value, of each asset over its expected useful life, as follows:-

Website management software 4 years

Tangible fixed assets and depreciation

Expenditure in excess of £1,000 of a capital nature is capitalised and depreciation on tangible fixed assets is provided at rates estimated to write off the cost, less the estimated residual value, of each asset over its expected useful life, as follows:-

Building improvements - general	10 years
Building improvements - Burlington House refurbishment	over the term of the lease
Boiler - Burlington House	15 years
Building improvements at Kelmscott	25 years
Lift	25 years
Furniture, fittings and equipment	4 - 5 years
Computer equipment	4 years

No depreciation is charged on the Kelmscott cottage as this is shown at fair value. No value is attributed in the balance sheet to the Society�s library, pictures or antique furniture at Burlington House, as most of these items were acquired or donated over many decades and reliable cost information or value at the time of donation is not available. Acquisitions of library items are accounted for in the period in which the expenditure is incurred

Investments

The Society's investments are included in the financial statements at their mid-market values at the balance sheet date. Realised and unrealised gains and losses on investments are added to, or deducted from, the appropriate fund in the balance sheet.

Cottages on the Kelmscott Estate are not depreciated but are shown at their open market values as the Society receives rental income therefrom.

Operating leases

All leases are regarded as operating leases and payments made under them are charged to the Statement of Financial Activities as incurred.

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

1 Accounting policies (continued)

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the group balance sheet when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 16 and 17 for the debtor and creditor notes.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting polices, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised

The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to:

Defined benefit pension provision - The provision brought forward and the charge for the current financial year were calculated using modellers provided by the pension provider (USS). Any judgements made when completing these have supporting documentation.

Heritage assets

The Society�s museum collections and Kelmscott Manor are maintained principally for their contribution to knowledge and culture and therefore fall within the definition of heritage assets under Financial Reporting Standard 102 and the Charities SORP. Substantially all of these items have been donated to the Society over many years and reliable cost/valuation information is not available, and the cost of obtaining current valuations would be onerous when compared with any additional benefit that might be derived in assessing the stewardship of the Society�s assets. In addition, it is considered inappropriate to apply conventional valuation techniques to these assets, due to the uniqueness of and association with particular individuals or periods in history, making them irreplaceable in terms of recreating the same service potential. Consequently, heritage assets acquired prior to 30 September 2010 are not recognised in the financial statements. Further information on the Society's collections is given in the Trustees' Annual Report.

Additions to heritage assets since 1 October 2010 are capitalised at cost, or valuation at the time of their donation, if this can be ascertained with sufficient reliability. The capitalisation threshold for additions to heritage assets is £10,000. Major restoration work on Kelmscott Manor was undertaken during the year ended 31 March 2022 which was funded by generous support from the Heritage Lottery Fund. Amounts attributable to the conservation of and capital works to Manor itself have been capitalised as a Heritage Asset at cost. See note 15 for more information

The Society of Antiquaries of London heritage assets fall into three broad collections: the library, the museum collections at Burlington House, and the museum collection at Kelmscott Manor. Each of these is considered in turn, below:

All items in these collections are accessible to the public either on public display or to view by appointment. Items are also loaned out to other exhibitors.

The Library

The Library comprises historic books and printed materials dating from the late 15th century, manuscripts dating from the 10th century, and the Society�s archive. The archive holds papers and documents relating to the Society's history from its foundation in 1707.

The majority of the items in the Library have been bequeathed or given to the Society since its foundation. Other items were purchased.

The Museum Collection at Burlington House

The museum collection consists of objects of historic or associational significance owned by the Society of Antiquaries of London, namely: archaeological artefacts, monumental brasses, clocks, paintings, seal impressions and casts, medals, regalia, prints and drawings, and historic items of furniture associated with the Society�s history. There are around 40,000 objects in the collection. The majority of the objects in the museum collection at Burlington House have been bequeathed or given to the Society since its foundation. Other objects were purchased.

The Museum Collection at Kelmscott Manor

The museum collection at Kelmscott Manor represents the applied and decorative arts produced or collected by William Morris, Dante Gabriel Rossetti and Jane and May Morris, and the pre-Morris occupancy of the Manor. The collection consists of: textiles, ceramics, metalwork, paintings, prints and drawings, historic furniture, and books. There are around 800 objects in the collection.

The museum collections at Burlington House and Kelmscott Manor are Accredited as awarded by the Arts Council. In order to meet the requirements for Accreditation policies and procedures for the management of the collections are in place and were approved by Council. These are all available on the Society�s website at https://www.sal.org.uk/museum-collection/museumpolicies/

Acquisitions and disposals

Acquisitions are only made and gifts only accepted in accordance with the Collections Development Policy. New gifts and bequests are accepted and accessioned into the collections following the approval of the Library and Collections Committee, and reported to Council. Significant and substantial gifts are included in the annual report.

Disposals will only take place in accordance with the Collections Development Policy. The Collections Development Policy is available on the Society�s website at https://www.sal.org.uk/museum-collection/museum-policies/

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

1 Accounting policies (continued)

Stock

The stock of goods for resale is stated at the lower of cost and net realisable value. The majority of the Society's stock of publications are learned journals, research reports and occasional papers which are issued to Fellows. Unissued copies are available for resale, but no value is attributed to them as the demand is uncertain.

Pension scheme contributions

The Society participates in the Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions�employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 �Employee benefits�, the institution therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the Society has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the Society recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and therefore an expense is recognised.

Reserves accounting policy

Unrestricted funds are those which are not subject to restrictions and any surpluses arising may be applied in furtherance of any of the Society�s objectives.

Restricted funds are subject to restrictions imposed by the donor. These are accounted for separately from unrestricted funds and details are given in notes 20 and 21.

Permanent endowment funds are those that are held on trust to be retained for the benefit of the Society as a capital fund and details are given in note 19.

Consolidation

The Society is the sole registered member of Lucerna Limited, a company limited by guarantee, which operates the shop, collects admission fees and provides refreshment facilities to the public at Kelmscott Manor. The company pays its taxable profit to the Society under Gift Aid.

The Society is the sole shareholder of Lampada Limited, incorporated on 11th January, which provides human resource services for the Society of Antiquaries.

Consolidated accounts have been prepared in accordance with the Statement of Recommended Practice on Accounting and Reporting by Charities. No separate Statement of Financial Activities for the Society is presented as permitted by the Charity Commission.

2 Donations, grants and legacies Unrestricted funds Donations & Legacies Grants Legacies Restricted funds Donations Grants Total donations and legacies 3 Income from charitable activities Unrestricted funds Membership subscriptions Admissions Tax recoverable on gift aided subscriptions Publications, copyrights and merchandise Restricted funds Publications and copyrights Total income from charitable activities	Total 2024 £ 19,110 - 925,911 49,019 283,595 1,277,633 Total 2024 £ 554,318 21,113 58,855 10,228 43,017 687,531	Total 2023 £ 227,998 - 24,498 40,914 401,511 694,921 Total 2023 £ 521,531 17,196 67,547 11,979 55,419 673,672

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

4 5 6 7	Income from other trading activities Unrestricted funds Hire of rooms Restricted funds Turnover from trading subsidiary (Lucerna Ltd) Total income from other trading activities Income from investments Unrestricted funds Listed investments Restricted funds Listed investments Rent from Kelmscott Cottages Total income from investments Expenditure on raising funds Unrestricted funds Cost of sales - hire of rooms Development office Support costs (note 7a) Restricted funds Cost of sales - trading subsidiary Total expenditure on raising funds Expenditure on charitable activities Unrestricted funds Conservation Maintain museum collection at Burlington House and Kelmscott Manor Ensure library and museum collections are adequately preserved and housed Strengthen management and development of library and collections Support costs (note 7a) Research Maintain and run library, its core services and functions Support costs (note 7a) Dissemination Raise profile of Society and improve access to its collections through temporary loans and exhibitions Improve and widen access to library and museum resources and services Strengthen and maintain the Society through recruitment of more diverse Fellowship Engage the Fellowship in the activities of the Society Strengthen and maintain lecture and seminar programme Raise profile with Fellows, the Heritage sector and general public through communications strategy Engage and shape government, public and professional opinion and policy Support costs (note 7a) Total unrestricted expenditure on charitable activities	Total 2024 £ 109,068 548,777 657,844 Total 2024 £ 148,942 294,645 53,752 497,340 Total 2024 £ 30,156 52,484 163,188 293,963 539,791 Total 2024 £ 54,003 21,006 - 151,884 226,893 169,733 321,638 491,371 16,892 17,915 24,428 10,742 23,522 76,462 - 318,234 488,195 1,206,459	Total 2023 £ 96,355 565,216 661,570 Total 2023 £ 159,398 288,569 59,317 507,284 Total 2023 £ 21,476 101,944 178,069 284,015 585,503 Total 2023 £ 44,473 15,760 42 75,722 135,997 187,974 296,267 484,241 18,348 23,635 16,898 5,782 36,077 72,741 14,488 269,727 457,696 1,077,934

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

7 7a 7b	Expenditure on charitable activities (continued) Restricted funds Conservation Encourage and support conservation by making grants (note 7c) Kelmscott Manor Past, Present and Future project Maintain and develop Kelmscott Manor as a viable entity Samson Tapestries conservation Support costs (note 7a) Research Encourage and support research by making grants (note 7c) Library Strategic Plan Support costs (note 7a) Dissemination Publications programme Sensing History Support costs (note 7a) Total restricted expenditure on charitable activities Total expenditure on charitable activities Analysis of support costs Unrestricted funds 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) Restricted funds Support charge from unrestricted funds Governance costs (note 7b) Analysis of governance costs Unrestricted funds Facilitate the strategic and operational aims of the business plan Maintain good governance Financial and professional regulation Included in above governance costs: Audit fee - Society - current year Audit fee - Lucerna - current year Audit Fee - Lampada - current year Audit fee - Society - prior year	Total 2024 £ 25,629 427,012 568,467 14,650 58,276 1,094,033 191,549 74,901 182,740 449,189 99,339 72,686 199,940 371,964 1,915,186 3,121,645 Total 2024 £ 529,334 102,094 166,111 229,338 78,799 88,292 58,018 (440,955) 92,434 440,955 34,070 1,378,489 Total 2024 £ 31,008 23,902 89,004 143,914 33,000 6,800 3,900 - 43,700	Total 2023 £ 22,865 216,350 608,708 - 82,989 930,913 160,929 70,874 143,624 375,427 80,606 - 60,959 141,565 1,447,904 2,525,838 Total 2023 £ 575,894 100,871 49,634 50,805 102,579 19,566 119,448 (287,572) 89,064 287,572 40,087 1,147,948 Total 2023 £ 43,537 34,540 51,074 129,151 24,850 - - 2,100 26,950

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

7c Analysis of grants Restricted funds Grants to individuals Grants to institutions Unspent/unclaimed grants released	Total 2024 £ 134,311 45,711 - 180,022	Total 2023 £ 105,062 77,186 (2,000) 180,248

The highest grant awarded in 2023-24 was £16,666 (2022-23 it was two grants of £15,000 each).

8 Income deferral

Membership subscription can be paid annually in advance on the 1st January each year. Therefore at the year end three quarters of membership income paid in this way is deferred at the year end.

9 Employee information

The average number of persons employed by the Society during the period w Library and museum Administration and management Publications Development Kelmscott Manor	2024 as: 8 12 - 1 26 47	2023 7 11 1 1 24 44

Staff at Kelmscott Manor are predominately part time and working patterns reflect the seasonal nature of the activities. Only three members of staff have a Full Time Equivalent ("FTE") exceeding 0.7.

Their total remuneration was: Wages and salaries Social security costs Pension costs Contract staff	2024 £ 1,078,392 98,873 139,910 137,437 1,454,612	2023 £ 1,075,318 99,319 153,333 - 1,327,970

The number of employees during the year whose gross pay and benefits (excluding employer pension contributions) fell within the following bands was:

£60,000 - £70,000 £80,001 - £90,000 £130,001- £140,000	2024 1 - 1 10,124	2023 1 1 - 18,053

Pension paid on behalf of these employees

were

Key management

Total remuneration paid to key management was £472,077 (2022-23 - £394,230). Key management are considered to be the General Secretary, Head of Library and Collections, Head of Finance and Resources Head of Development and the Property Manager at Kelmscott.

Trustee remuneration and expenses

No remuneration has been paid to the members of Council, nor any persons connected with them, other t

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

10 Pension scheme

The Society participates in the Universities Superannuation Scheme. The assets of the scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The Society is therefore exposed to actuarial risks associated with other institutions�employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 �Employee benefits�, the Society therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the Society has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the Society recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

The total cost charged to the Statement of Financial Activities is £3,806 (2021/22: £84,199) comprising pensions contributions of £60,861 and a £57,055 decrease to the pension deficit provision (2022/23: £96,426 and £12,227).

The latest available complete actuarial valuation of the Retirement Income Builder section of the Scheme is at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the Society cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme�s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The provision figures and valuation have been produced using the following assumptions as at 31 March 2023 and 31st March 2020.

----- Start of picture text -----
2023 2020
Discount rate 4.30% 2.59%
Pension increases (CPI) Set consistently with 4.20%
market-based pricing for
the relevant minimums
and maximums
----- End of picture text -----

The main demographic assumption used relates to the mortality assumptions set out below:

	2023 Valuation	2020 Valuation
Mortality base table	103% of S2PMA �light� for males and 97% of S3PFA for	101% of S2PMA �light� for males and 95% of S3PFA fo
	females.	females.
Future improvements to mortality	The mortality assumption has	CMI 2019 with a smoothing
	been updated to use more	parameter of 7.5, an initial
	recent future projections	addition of 0.5% p.a. and a
	prepared by the Continuous	term improvement rate of 1.
	Mortality Investigation (the	pa for males and 1.6% pa fo
	�CMI 2021� future projection	females.
	tables), and makes some
	allowance for heavier
	mortality to persist given the
	ramifications of the
	coronavirus pandemic,
	leading to slightly shorter
	assumed life expectancies
	than at the previous
	valuation.
Scheme assets		£73.1bn £63.7bn
Total Scheme liabilities		£65.7bn £67.3bn
FRS 102 total Scheme deficit		£7.4bn £3.6bn
FRS 102 total funding level		111% 95%

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

11 Transfers between funds

Transferred from Hugh Phillips fund: To fund Bicentenary restricted income fund deficit Transfer from Gravett Restricted Capital to Restricted Income To fund Gravett restricted income deficit Transfer to unrestricted funds from Library restricted income funds To reflect mis-allocation of employee and support costs in prior year Transfer from KMPPF project funds to KM Operations To reflect mis-allocation of KMPFF costs to KM Operations in 22-23 Transfer from Kelmscott Capital Fund to Kelmscott restricted income fund To fund restricted income deficit Transfer from unrestricted funds to Kelmscott restricted income fund To fund restricted income deficit 12 Intangible Assets Cost At 1 April 2023 and 31 March 2024 Amortisation At 1 April 2023 and 31 March 2024 Net Book Value At 31 March 2023 and 2024	Website £ 49,900 49,900 -	Unrestricted Restricted 2024 2024 £ £ - (65,585) - (206,733) (74,961) 74,961 - (93,336) - (218,515) (65,192) 65,192 Society Lucerna Total Limited £ £ 49,900 2,450 49,900 2,450 - -	Total 2023 £ (82,586) (90,000) - - - - Group Total £ 52,350 52,350 -

13 Tangible assets Cost At 1st April 2023 Additions At 31 March 2024 Depreciation At 1st April 2023 Charge for the year At 31 March 2024 Net Book Value At 31 March 2024 At 31 March 2023	Land £ 167,038 - 167,038 - - - 167,038 167,038	Buildings & Furniture Building Fittings and Computer Improvements Equipment Equipment £ £ £ 1,960,306 188,443 56,092 21,812 4,690 1,151 1,982,118 193,133 57,243 1,226,183 169,002 56,092 44,623 15,081 230 1,270,806 184,083 56,322 711,312 9,050 921 734,123 19,440 -	KMPPF Buildings & KMPPF Buildings Fittings & Improvements Equipment £ £ 2,973,874 491,274 18,344 72,095 2,992,218 563,369 75,576 98,255 163,067 112,674 238,643 210,929 2,753,575 352,440 2,898,298 393,019	Society Total £ 5,837,026 118,092 5,955,118 1,625,108 335,674 1,960,783 3,994,335 4,211,918	Lucerna Limited Fittings £ 51,732 - 51,732 37,765 6,983 44,748 6,984 13,967	Group Total £ 5,888,758 118,092 6,006,850 1,662,873 342,657 2,005,531 4,001,319 4,225,885

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

14	Investments Investment properties Market value at 1 April 2023 Net loss on revaluation Market value at 31 March 2024	31 Mar 2024 £ 1,600,000 - 1,600,000	31 Mar 2023 £ 1,600,000 - 1,600,000

The investment properties are the cottages on the Kelmscott Estate from which rental income is derived. They were valued on an open market basis at 31 March 2022 by Carter Jonas LLP, an independent firm of chartered surveyors.

Listed investments Market value brought forward 1 April Add:purchases Realised (loss) / gain on disposals Unrealised net (loss) / gain on revaluation Cash held by investment managers Market value at 31st March Cost (excluding cash balances) Less: disposal proceeds (includes capital drawdowns as part of total returns policy, see page 21)	13,699,147 (385,000) - (4,772) 1,053,205 14,362,580 105,220 14,467,800 9,537,014	15,319,610 (800,116) 155,000 (30,530) (944,817) 13,699,147 519,559 14,218,706 9,853,400

At 31 March 2024, all of the Society's listed investments were held in Sarasin's Alpha Common Investment Fund.

Market value of all investments at 31st March Investment in subsidiary undertakings	16,067,800	15,818,706

The Society was the sole member of Lucerna Limited (02906521), a company limited by guarantee. Summary financial information for the company is as follows (detailed information is given in the full statutory accounts for Lucerna Ltd):

Statement of Income and Expenses Turnover Operating costs Net interest (Loss)/Profit on ordinary activities before taxation Balance Sheet at 31 March: Fixed assets Current assets Creditors: amounts falling due within one year	Total 2024 475,445 (239,249) 443 236,639 31 Mar 2024 6,983 90,505 (97,415) 73	Total 2023 481,844 (245,330) 177 236,691 31 Mar 2023 13,967 93,517 (107,411) 73

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

14 Investments continued

Investment in subsidiary undertakings

The Society was the sole shareholder of Lampada Limited (13125114), a company limited by shares. Summary financial information for the company is as follows (detailed information is given in the full statutory accounts for Lucerna Ltd):

Statement of Income and Expenses Turnover Operating costs (Loss) on ordinary activities before taxation Balance Sheet at 31 March: Current assets Current liabilities	Total Period ended 31 Mar 2024 £ 749,725 (728,559) 21,166 31 March 2024 £ 65,815 (32,039) 33,776

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

15 Heritage Asset

In the year ended 31st March 2024 the Society purchased the Marie Stillman watercolour, 'Kelmscott Manor' at a cost of £25,000 and letters penned by William Morris at a cost of £800.

In the year ended 31st March 2022 the Society transferred £504,169 from Assets Under Construction to Heritage Assets to reflect the capital and conservation works completed on Kelmscott Manor as part of the KMPPF project.

In the year ended 31st March 2016 the Society purchased 'The Homestead and the Forest Cot Quilt' at a cost of £40,000. There have been no indications of any impairment to its value.

16
Debtors
Group
Society
Group
31 Mar
31 Mar
31 Mar
2024
2024
2023
£
£
£
Trade Debtors
34,751
32,293
65,698
Subscriptions debtors
154,104
154,104
112,161
Taxation receivable
915
915
5,448
Other debtors
1,251,508
1,248,442
99,683
Amount owed by Lucerna
-
97,167
-
Amount owed by Lampada
-
-
-
Prepayments
84,566
80,493
83,509
Accrued legacy income
-
-
200,000
1,525,843
1,613,413
566,498
17
Liabilities: amounts falling due within one year
Group
Society
Group
31 Mar
31 Mar
31 Mar
2024
2024
2023
£
£
£
Trade creditors
401,817
386,577
126,737
Bank overdraft
76,185
76,185
-
Taxation payable
41,747
26,962
9,761
Subscription and grant income received in advance
414,160
414,160
426,380
Amount owed to Lucerna Limited (see below)
-
-
-
Amount owed to by Lampada
-
25,614
-
Accruals, grants payable and other creditors
554,870
506,424
512,054
1,488,779
1,435,922
1,074,932
Grants due after more than one year
-
-
31,222
The amount owed to the Society by Lucerna Limited
is made up as follows:
Current account
97,167
Loan (bearing interest at Lloyds Bank plc base rate
plus 3%)
-
97,167
17a Deferred income
At 1st April 2023
As at 31st March 2024
18
Provision for liabilities
Group
Society
Group
31 Mar
31 Mar
31 Mar
2024
2024
2023
£
£
£
Provision for defined benefit pensions reduction plan
(98,919)
(98,919)
155,974
Release of portion of annual membership subscriptions received in advance on 1 January 2022
Deferral of portion of annual membership subscriptions received in advance on 1 January 2023

Society
31 Mar
2023
£
64,583
112,161
4,623
99,683
63,933
-
83,509
200,000
628,491
Society
31 Mar
2023
£
109,817
-
9,761
426,380
-
20,637
474,777
1,041,371
31,222
63,933
-
63,933
Group & Society
31 Mar
2024
£
388,864
(388,864)
414,160
414,160
Society
31 Mar
2023
£
155,974

The Society of Antiquaries of London Notes to the Financial Statements

for the year ended 31 March 2024 (continued)

19 Permanent endowment funds Stevenson Somers Clarke Robert Garraway Rice William Lambarde Memorial William and Jane Morris Tessa and Mortimer Wheeler Hugh Phillips Janet Arnold Margaret and Tom Jones Beatrice de Cardi Fund for Archaeological Research	Balance at 31-Mar-23 £ 105,962 17,942 43,379 49,250 755,340 47,004 2,138,641 594,240 589,992 1,754,504 6,096,255	Adjustments £ - - - - - - - - - - -	Net investment gains/losses £ 8,382 1,420 3,433 3,897 65,468 3,694 189,805 56,760 46,355 139,585 518,799	Balance at 31-Mar-24 £ 114,345 19,362 46,811 53,148 820,808 50,698 2,328,447 651,000 636,347 1,894,089 6,615,054

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

19 Permanent endowment funds (continued)

The permanent endowment funds represent capital funds which have been donated or bequeathed to the Society, the income from which is to be applied for specific purposes which fall within the Society's objects. The permanent endowment funds do not contain any power to convert capital into income except by application to the Charity Commissioners.

The nature and purpose of each of the funds is as follows:

Stevenson and Somers Clarke Funds

The income from these funds is for the general purposes of the Society.

Robert Garraway Rice Fund

The income from this fund is to be applied to the general purposes of the Society with special reference to the Research Fund, including prehistoric archaeology such as subscriptions to excavations, and to works and papers dealing with the same; also for promoting and assisting genealogical research. The income is therefore transferred to the Research Fund and grants are awarded accordingly.

William Lambarde Memorial Fund

The income from this fund is applied for the provision of a travelling scholarship or scholarships in archaeology or otherwise for the promotion of antiquarian studies.

William and Jane Morris Fund

This was formed in 1939. Its income is devoted primarily to grants for the conservation of churches and their fittings, although secular buildings are not excluded. The fund was augmented in 2004 by the transfer to it of the assets of the Lesley David Trust (registered charity number 262760).

Tessa and Mortimer Wheeler Fund

This was reconstituted in 1976, and provides travel grants to students of archaeology.

Hugh Phillips Fund

The income from this fund is appropriated to the Bicentenary (Publications) Fund and to the Research Fund, both at the discretion of the Council, but with the proviso that research grants awarded therefrom are to be made to increase the knowledge of life and customs of the British Isles in any period prior to AD 1800.

Janet Arnold Fund

This was formed in 2002 and is to fund research into the history of dress.

Margaret and Tom Jones Fund

The fund was formed during 2007 following the receipt of a bequest of £421,589 from the estate of Mrs Margaret Jones. The terms of the bequest specify that the income arising from the fund is to be utilised to provide funding for research grants to support projects relating to the methods or results gained from the archaeological excavations at Mucking, Essex.

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

Beatrice de Cardi Fund for Archaeological Research

Thanks to the generous bequest of the late Beatrice de Cardi, FSA, the Society�s grant programme will be extended to include archaeological research in the region defined by Baluchistan, the United Arab Emirates (UAE), the Sultanate of Oman, and Saudi Arabia.

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

20 Restricted capital funds

Balance at 31-Mar-23 £ Research 423,852 John Evans 294,342 Bicentenary (Publications) 614,114 Kelmscott 191,894 Kelmscott Cottages - Investments 1,600,000 Kelmscott Cottage - Fixed Asset 660,000 Tercentenary 80,995 Kenneth Gravett 666,059 4,531,258	Fixed Asset Revaluation £ - - - - - - - - -	Adjustments £ - - - (218,515) - - - (206,733) (425,248)	Investment Gain/(Loss) £ 33,301 23,126 59,718 26,621 - - 5,536 48,529 196,832	Balance at 31-Mar-24 £ 457,154 317,468 673,832 - 1,600,000 660,000 86,531 507,855 4,302,841

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

20 Restricted capital funds (continued)

The restricted capital funds have arisen from specific allocations and appeals by the Council for the purposes set out below. They are distinguished from permanent endowment funds by the fact that, if necessary, Council has the power to spend the capital of these funds.

Research Fund

The Research Fund, set up in 1889, provides grants to support archaeological and documentary research within the Society's fields of interest.

Within the Research Fund, the Joan Pye Awards have been established to assist scholars who have completed a post-graduate research degree with further work, in the fields of pre-historic and Roman archaeology within the United Kingdom. The Hugh Chapman Memorial Research Fund provides awards for projects dealing with the Western Roman Empire, and archaeological and antiquarian matters in London and its environs.

John Evans Fund

The John Evans Fund was founded by a legacy from the estate of John Evans, a former president. Although the legacy was not subject to any legal restrictions, his letter of wishes expressed a strong desire for it to be added to the capital of the Research Fund. Accordingly, Council has resolved to invest the funds in the Research Fund. The income arising from the invested funds is credited to the Research Restricted Income Fund.

Bicentenary (Publications) Fund

The Bicentenary (Publications) Fund, established after the Bicentenary of the Royal Charter in 1951, provides for the cost of the Society's publication series.

Kelmscott Funds

Kelmscott Manor and Estate was bequeathed to the Society under the terms of the Will of Miss May Morris. The Manor is not valued in the accounts because it is of a heritage nature. The invested funds have arisen following the disposal of part of the Estate property, which is required to be spent on the maintenance and conservation of historic buildings. Although the capital can be spent under the terms of the Will, currently it is invested and only the income is utilised to maintain Kelmscott Manor.

The cottages on the Estate are let on an arms' length basis, and therefore they have been included at their open market value at the balance sheet date.

The restricted income fund incorporates the activities of Lucerna Ltd through which the trading activities at Kelmscott Manor are conducted. A combined income and expenditure account, which incorporates the activities of Lucerna Limited, is set out in Appendix One.

Gravett Fund

This fund has been created from a bequest from Kenneth Gravett, Fellow. The terms of the bequest permit both capital and income to be spent on the Society's library. Currently the income is credited to a restricted fund which is used for library activities.

Tercentenary Fund

This fund was created following the launch of the Tercentenary Campaign to assist in the delivery of the Society's objectives and to widen public access to its resources, facilities and knowledge.

		Total		£		332,610	348,398	591,794	985	1,273,787	293,963 1,079,384 449,187 371,964	2,194,498	(920,710) 565,401	(355,309) 3,681,705	3,311,743
	Samson Tapes- tries					98,577				98,577	14,650	14,650	83,927 -	83,927 -	83,927
		BH Lease Campaign				9,000				9,000		-	9,000 -	9,000 -	9,000
		Museum				8,152				8,152	- - - -	-	8,152 -	8,152 23,830	31,982
		Sensing History				37,517				37,517	- - - 221,813	221,813	(184,297) -	(184,297) 33,111	(151,186)
		Kelmscott HLF Project		£		153,398	-	-	-	153,398	- 429,008 - -	429,008	(275,610) (93,336)	(368,946) 3,314,856	2,945,910
	Kelms- cott Exhibition Kelms- cott			£ £		- 19,942	- 64,987	- 548,777	- 985	- 634,690	- 293,963 - 619,904 - - - -	- 913,867	- (279,177) 377,043	- 97,866 8,491 (97,866)	8,491 0
		Hugh Phillips		£		-	79,616	-	-	79,616	- - 37,377 -	37,377	42,240 (65,585)	(23,345) 209,267	185,921
	Bi- centenary (Pubns)			£		4,500	24,733	43,017	-	72,250	- - - 150,151	150,151	(77,901) 65,585	(12,316) 5,005	(7,311)
		Ter- centenary		£		-	-	-	-	-	- - - -	-	- -	- 2,031	2,031
		DeCardi				-	57,119	-	-	57,119	- - 65,582 -	65,582	(8,463) -	(8,463) 79,376	70,913
	Margaret & Tom Jones			£		-	18,878	-	-	18,878	- - 16,394 -	16,394	2,484 -	2,484 30,073	32,557
		Research		£		-	25,323	-	-	25,323	- - 39,193 -	39,193	(13,871) -	(13,871) 22,716	8,846
	Tessa & Mortimer Wheeler			£		-	1,537	-	-	1,537	- - 1 -	1	1,537 -	1,537 8,272	9,809
	William & Jane Morris			£		-	27,346	-	-	27,346	- 30,470 - -	30,470	(3,125) -	(3,125) 6,818	3,692
	William	Lambar- de	Memorial	£		-	1,635	-	-	1,635	- - 1,065 -	1,065	569 -	569 4,647	5,216
		Library Activities		£		1,525	23,416	-	-	24,941	- - 247,958 -	247,958	(223,017) 281,694	58,677 (58,676)	0
		Janet Arnold		£		-	23,809	-	-	23,809	- - 41,618 -	41,618	(17,810) -	(17,810) 89,755	71,945
21 Restricted income funds	at 31 March 2024				Income from:	Donations, grants & bequests	Investment income	Sales	Miscellaneous income	Total income	Expenditure on Raising funds Cost of sales of trading subsidiary Charitable activities Conservation Research Dissemination	Total expenditure	Net income/(expenditure) Transfers between funds	Net movement in funds Fund balances carried forward at 31 March 2023	Fund balances carried forward at 31 March 2024

The Society of Antiquaries of London Notes to the Financial Statements for the year ended 31 March 2024 (continued)

22 Analysis of group net assets between funds at 31 March 2024

Intangible fixed asset Tangible fixed Assets Heritage assets Investment properties Long term investments Long term liability Other net current assets/(liabilities)	Unrestricted Funds £ - 49,379 65,800 - 5,158,476 (98,919) 1,287,011 6,461,747	Restricted Funds £ - 3,951,940 504,169 1,600,000 3,024,302 - (1,465,827) 7,614,584	Endowment Funds £ - - - - 6,285,022 - 330,032 6,615,054	Total Funds £ - 4,001,319 569,969 1,600,000 14,467,800 (98,919) 151,215
				20,691,385

Analysis of group net assets between funds at 31 March 2023

Intangible fixed asset Tangible fixed Assets Heritage assets Investment properties Long term investments Long term liability Other net current assets/(liabilities)	Unrestricted Funds £ - 81,660 40,000 - 4,909,382 (155,974) 933,485 5,808,553	Restricted Funds £ - 4,144,225 504,169 1,600,000 3,024,302 - (1,059,734) 8,212,962	Endowment Funds £ - - - - 6,285,022 - (188,767) 6,096,255	Total Funds £ - 4,225,885 544,169 1,600,000 14,218,706 (155,974) (315,016)
				20,117,770

Long Term Investments are defined as total investments less estimated capital drawdowns in the following year and any additional amount required to ensure free reserves (unrestricted other net current assets) are greater than 3 months unrestricted expenditure.

23 Financial commitments

On 14th March 2019 a charge was placed on Kelmscott Manor as a result of accepting NHLF funding for the Kelmscott Manor Past, Present and Future project.

24 Related party transactions

Two trustees donated £130 to the Society during the year (2022-23: £565).

Analysis of cash and cash equivalents Cash in hand Notice deposits (less than 3 months) Total cash and cash equivalents	2024 Group £ 44,075 - 44,075	2023 Group £ 135,839 -
		~~135,839~~

25 Analysis of cash and cash equivalents

26 Post balance sheet events

On 31st October 2024 the Society entered into an finance lease with deferred consideration for Burlington House. The lease runs for 999 years. A deposit of £1,125,000 was paid in September 2024 with the remaining balance of £3,375,000 due in ten annual instalments on the anniversary of the lease. This amount accrues interest at a rate of 5.8% per annum.

THE SOCIETY OF ANTIQUARIES OF LONDON

Registered Charity No. 207237

REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

Contents

OBJECTIVES AND ACTIVITIES

2. Stimulate our sector we:

4. Organise to deliver sustainably we:

KEY ACHIEVEMENTS AND PERFORMANCE

Introduction

Summary of the year

Conservation

Kelmscott Manor and Estate and the Kelmscott and Morris: Past, Present & Future project

Museum Collections

Research

Grant programme

Research and Travel Awards:

William and Jane Morris Church Conservation Grants:

Library and Archives

Library and Collections Strategic Plan

Other activities

Dissemination

Publications : The Antiquaries Journal

Monograph programme

Ordinary Meetings and seminar programme

Australia and New Zealand Group

Communications, social media and website

Website Analytics

Electronic dissemination of lectures and seminars:

Other public events:

Enabling the Society to Achieve its Objectives

Development Office

Governance

FINANCIAL REVIEW

Income

Expenditure

Conservation (note 7)

Research (note 7)

Dissemination (note 7)

Kelmscott Manor Incorporating Lucerna Limited

Revaluation of investments

Actuarial Losses on Defined Benefit Pension Schemes

FUTURE PLANS

Enabling the Society to Achieve its Objectives

Burlington House Lease and Rent

Research

Grants

Library, Archives, and Museums Strategic Plan

Public events at Burlington House

Digital dissemination of lectures and meetings

Governance

Reserves Policy

Investment Policy

Grant-making Policy

LEGAL STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

Council (Trustees) and advisory committees

Appointment and training of Council members (Trustees)

Contribution of volunteers

staff

Remuneration of senior staff

Subsidiary relationships

Risk management

FUNDRAISING ACTIVITIES

ADMINISTRATIVE DETAILS

Trustees from 1 April 2023 to 31 March 2024:

President

Vice-Presidents

Treasurer

Director of Research and Publications

Hon Secretary

Ordinary Members of Council

Senior Staff

Principal Advisers

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Matters on which we are required to report by exception