## **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**|**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: 1. Nourish existing and future communities 2. Stimulate our sector 3. Excite the world 4. 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. 1 **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: 1. 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 3. 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 2 **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). 3 **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 4 **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. 5 **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. 6 **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. 7 **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 8 **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 9 **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. A 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 10 **The Society of Antiquaries of London** **Annual Report of Council** **1 April 2023 to 31 March 2024** 23. 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. 11 **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. 12 **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. 13 **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: 14 **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. 15 **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). 16 **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 17 **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. 18 **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. 19 **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: **----- Start of picture text -----**
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
**----- End of picture text -----**
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. 20 **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/). 21 **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. 22 **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. 23 **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 24 **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. 25 **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. 26 **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 27 **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 28 AppnJ¥al of Annual Report0fc￿h¢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. 30 **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 31 **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 32 **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. 33 **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. 34 **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 oo 9 Appold Street **----- Start of picture text -----**
2025
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London EC2A 2AP 35 ## **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| |---|---|---|---|---| 36 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 I1￿1￿ 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)| |---|---|---| 38 ## **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. 39 **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/ 40 **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| |---|---|---| 41 ## **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| |---|---|---|---| 42 ## **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| |---|---|---|---| 43 **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 44 ## **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%| 45 **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| |---|---|---|---|---|---|---| 46 ## **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| |---|---|---| 47 ## **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| |---|---| 48 **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| |---|---| 49 ## **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| |---|---|---|---|---| 50 **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. 51 **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. 52 ## **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| |---|---|---|---|---| 53 **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. 54 |||**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. 56