2020-12-31-accounts

Reports
Referenceandadministrativeinformation	1
Trustees'report	3
Independentauditor'sreportonthe
financialstatements	12
Financialstatements
Statementoffinancialactivities	17
Balancesheet	18
Statementofcashflows	19
Principalaccountingpolicies	20
Notestothefinancialstatements	26

President	ProfessorTimothyJ.Cornell
Vice-Presidents	DrAndrewBurnett,CBE,FBA,FSA
	ProfessorCatharineH.Edwards
	ProfessorDominicW.Rathbone
ElectedMembersofCouncil	DrHenriettevanderBlom**	ProfessorChristopherM.Kelly*
	ProfessorWillBowden**	ProfessorChristianLaes**
	DrDarioCalomino*	ProfessorHelenLovatt
	DrSiobhanChomse	DrGeorgeMaher*
	DrSimonJ.J.Corcoran	ProfessorRolandG.Mayer
	DrJamesCorke-Webster	DrMaireadMcAuley
	ProfessorTimJ.Cornell	DrKatherineMcDonald*
	ProfessorSerafinaCuomo	DrDonnchaO'Rourke
	DrKatharineEarnshaw**	ProfessorAndrewG.Poulter*
	ProfessorHellaEckardt	DrVictoriaRimell*
	DrPennyGoodman**	DrBenRussell*
	DrSophieHay	DrRossI.Thomas
	ProfessorJuliaHiliner**	ProfessorPeterThonemann**
	MsSophieJackson*	DrBobbyXinyue
	DrPhilipB.Kay,FSA	ProfessorManthaZarmakoupi*
	ResignedJune2020;*ElectedJune2020
HonoraryTreasurer	DrPhilipB.Kay,FSA
HonorarySecretary	ProfessorRolandG,Mayer
EditorialCommittee
Editor,JRS	ProfessorChristopherM.Kelly,FSA(untilJune2020)
	ProfessorPeterThonemann(fromJune2020)
Editor,Britannia	ProfessorHellaEckardt,FSA
ReviewsEditor,JRS	ProfessorPeterThonemann(untilJune2020)
	DrMylesLavan(fromJune2020)
ReviewsEditor,Britannia	DrWillBowden
CompanySecretary	DrFionaK.Haarer,FSA
Registeredaddress	SenateHouse
	MaletStreet
	London
	VVC1E7HU

Companyregistrationnumber	00114442
Charityregistrationnumber	210644
Auditor	BuzzacottLLP
	130WoodStreet
	London
	EC2V6DL
InvestmentManagers	NewtonInvestmentManagementLimited
	BNYMellonCentre,
	160QueenVictoriaStreet
	London
	EC4V4LA
Bankers	CafCashLtd
	KingsHill
	WestMailing
	Kent
	ME194TA
	NatWestBankplc
	Bloomsbury,Parr'sBranch
	POBox158,HighHolborn
	London
	WC1V7BX

							2019
				2020	Unrestricted		Total
		Unrestricted	Restricted	Total	fund	Restricted	funds
		fund	funds	funds	restated	funds	restated
	Notes	£	£	£	£	£	£
Incomefrom:
Donationsandlegacies	1	11,424	43,850	55,274	198,930	6,000	204,930
Charitableactivities	2	271,329	-	271,329	316,297	-	316,297
Investmentincome	3	18,739	14,190	32,929	24,002	18,082	42,084
Otherincome	9	67,476	—	67,476	51,925	-	51,925
Totalincome		368,968	58,040	427,008	591,154	24,082	615,236
Expenditureon:
Charitableactivities	4	337,289	27,840	365,129	435,837	21,725	457,562
Totalexpenditure		337,289	27,840	365,129	435,837	21,725	457,562
Netincomebeforetransfers		31,679	30,200	61,879	155,317	2,357	157,674
Transfersbetweenfunds					(3,999)	3,999
Netincomebeforeinvestment(losses)
gains	5	31,679	30,200	61,879	151,318	6,356	157,674
Net(losses)gainsoninvestments		(7,642)	(6,536)	(14,178)	118,022	100,943	218,965
Netincomeandmovementinfunds		24,037	23,664	47,701	269,340	107,299	376,639
Reconciliationoffunds
Totalfundbalancesbroughtforward
at1January(asrestated—seenote23)		1,928,218	891,992	2,820,210	1,658,878	784,693	2,443,571
Totalfundbalancescarriedforward
at31December		1,952,255	915,656	2,867,911	1,928,218	891,992	2,820,210

				2019	2019
		2020	2020	restated	restated
	Notes	£	£	£	£
Fixedassets
Intangiblefixedassets	10		—		—
Tangibleassets—heritageassets	11		948,590		909,034
Tangibleassets—other	11		523		858
Investments	12		1,787,726		1,623,904
			2,736,839		2,533,796
Currentassets
Debtors	13	154,628		110,410
Shorttermdeposits		10,501		10,481
Cashatbankandinhand		72,135		202,354
		237,264		323,245
Liabilities
Creditors:amountsfallingdue
withinoneyear	14	(54,265)		(30,208)
Netcurrentassets			182,999		293,037
Totalassetslesscurrent
liabilities			2,919,838		2,826,833
Creditors:amountsfallingafter
morethanoneyear	15		(51,927)		(6,623)
Totalnetassets			2,867,911		2,820,210
Funds
Unrestrictedfunds			1,952,255		1,928,218
Restrictedfunds	16		915,656		891,992
Totalfunds			2,867,911		2,820,210

		2020	2019
	Note	£	£
Netcashinflowfromoperatingactivities
Netcashprovidedbyoperatingactivities	A	14,872	35,804
Cashflowsfrominvestingactivities
Purchaseofinvestments		(178,000)
Investmentincome		32,929	42,084
Netcashusedininvestingactivities		(145,071)	42,084
Netincreaseincashandcashequivalents		(130,199)	77,888
Cashandcashequivalentsat1January	B	212,835	134,947
Cashandcashequivalentsat31December	B	82,636	212,835

		2019
	2020	restated
	£	£
Netincomefortheyear	47,701	376,639
Adjustmentfor:
Booksandperiodicals	(22,521)	(34,426)
Depreciationandamortisationoffixedassets	335	2,123
Netloss(gain)oninvestments	14,178	(218,965)
Investmentincome	(32,929)	(42,084)
(Increase)decreaseindebtors	(44,218)	1,678
Increase(decrease)increditors'	52,326	(49,161)
Netcashprovidedbyoperatingactivities	14,872	35,804

	2019	Cashflows	2020
Cashatbankandinhand	202,354	(130,219)	72,135
Shorttermdeposits	10,481	20	10,501
Totalcashandcashequivalents	212,835	(130,199)	82,636

Donationsandlegacies
	2020	2019
	£	£
JournalofRomanStudiesgrants	500	1,000
Britanniagrants	2,000	530
Monographsgrants	13,850	6,000
GermanicusScholarship	30,000	—
Donations	2,701	5,961
Legacies	1,776	178,000
Librarybooksgifted	4,447	13,439
	55,274	204,930

Incomefromcharitableactivities
	2020	2019
	£	£
Subscriptions:
Subscriptionsreceivable	83,087	81,441
Giftaidonsubscriptions	4,184	3,612
Lifecompositions	662	736
Publications:
JRSandBritanniapublicationincome	134,987	144,133
Digitalarchiveincome	824	5,613
Salesofpublicationsandbackvolumes	4,223	10,047
Periodicalexchanges	18,074	19,076
Royalties	23,676	21,059
Conference
Conferenceandevents	1,115	3,862
FIEC	-	24,484
Library
Salesofduplicatebooks	497	2,233
	271,329	316,296

Investmentincome
	2020	2019
	£	£
Incomefromdividends	32,753	41,736
Bankdepositinterest	176	348
	32,929	42,084

	Membership			Membership
	publications		Total	publications		Total
	&events	Grants	2020	&events	Grants	2019
	£	£	£	£	£	£
Direct:
JournalofRomanStudies	72	—	72	16,787	—	16,787
Britannia	8,591	-	8,591	16,702		16,702
Monographexpenses	12,840	-	12,840	862		862
Conferenceandeventcosts	2,517	-	2,517	11,005		11,005
FIEC	-	-	-	22,830		22,830
AnnualReportcosts	—	—	—	1,559	-	1,559
Grantspayable(note6)	—	40,739	40,739	-	38,009	38,009
Librarycosts(note7)	143,714	—	143,714	215,948	-	215,948
Meetingandcommittee
expenses	15,807		15,807	21,486		21,486
Supportcosts:
Staffcosts	36,775	3,371	40,146	17,955	4,608	22,563
Staffcosts(HellenicSociety)	50,316	-	50,316	18,974	-	18,974
Staffcosts(HARL)	17,160	-	17,160	32,951	-	32,951
Officerent	3,604	-	3,604	3,838	-	3,838
Insurance	393	—	393	709	-	709
Postage,printingand
stationery	398		398	5,495	-	5,495
Telephoneandcomputer
expenses	2,114	-	2,114	1,622		1,622
Subscriptions	(18)	-	(18)	338		338
Bankandcreditcardcharges	2,828	-	2,828	1,654	-	1,654
Miscellaneous	72	—	72	46	—	46
Depreciation	336	—	336	544	—	544
Amortisation	—	—	—	1,579	-	1,579
Governance(note5)	23,500	-	23,500	22,061	-	22,061
	321,019	44,110	365,129	414,945	42,617	457,562

Governancecosts
	2020	2019
	£	£
Auditor'sRemuneration
.Currentyear	6,360	6,300
.Prioryearoveraccrual		(1,922)
Trusteeexpenses	351	1,152
Staffcosts	10,113	13,825
Officerent	1,201	1,279
Telephoneandcomputerexpenses	740	541
FeeschargedbyHARL:(note22)
.Bookkeepingcosts	4,735	886
	23,500	22,061

Grantsexpenditure
	Grantsto	Grantsto	Total	Grantsto	Grantsto	Total
	Institutions	Individuals	2020	Institutions	Individuals	2019
	£	£	£	£	£	£
ArchaeologyCommittee	—	5,455	5,455	1,100	1,445	2,545
RomanStudies/Schools
Committee	18,789	-	18,789	19,520	-	19,520
DonaldAtkinsonFund	4,500	2,100	6,600	3,000	3,630	6,630
HughLastFund	5,800	100	5,900	5,959	-	5,959
GermanicusScholarship	-	2,500	2,500	—	—	—
GeneralFunds	500	995	1,495	1,900	1,455	3,355
	29,589	11,150	40,739	31,479	6,530	38,009

	2020	2019
Recipientsofinstitutionalgrants:	£	£
Grantsof£1,000ormore:
DonaldAtkinsonandHughLastFundgrants
.BritishSchoolofRome	4,000	4,948
BritishMuseum		2,000
.RomanFindsGroup		1,000
.FondationHardt	800	1,011
.NeneValleyArchaeologicalTrust	2,500
.OldDominionUniversity	2,000
BarefacedGreek	1,000
SchoolsCommitteegrants
UniversityofReading		3,500
Grantsunder£1,000:
GrantstoprimaryandsecondaryschoolsforRomaneducational
projectsandteachingmaterials	18,789	16,020
VariousotherInstitutionalgrants	500	3,000
	29,589	31,479

Librarycosts
	2020	2019
	£	£
FeeschargedbyHARL:(note22)
.Servicecharge	12,691	12,853
Fees	8,141	11,222
.Librariansalaries	113,142	174,436
.Administratorsalary	8,580	16,475
.Bookpurchaseshandlingfee	1,160	962
	143,714	215,948

Netincome
	2020	2019
	£	£
Thisisstatedaftercharging:
Depreciationoftangiblefixedassets	335	544
Amortisationofintangiblefixedassets		1,579
Auditor'sremuneration:
.Auditandfinancialstatementspreparation
.Currentyear	6,360	6,300
.Prioryearoveraccrual		(1,922)

Analysisofstaffcostsandremuneration Thetotalstaffcostswereasfollows:	ofkeymanagementpersonnel
	2020	2019
	£	£
Salaries	43,275	67,171
Socialsecuritycosts	4,293	6,855
Pensioncontributions	7,426	19,303
	54,994	93,329

StaffcostsforRomanSocietyinclude:
	2020	2019
	£	£
RomanSocietystaffcosts	50,259	36,388
RomanSocietyFlECSecretarystaffcosts	-	22,830
RomanSocietyJRSandBritanniaEditorialAssistancestaffcosts	—	33,225
RomanSocietybookkeepingcosts(rechargedfromHARL)	4,735	886
	54,994	93,329

Thenumberofemployeesduringtheyearwas:
	2020	2019
Publications		1
Managementandsupport	2	2
	2	3

Intangibleassets
	CRM
	software
	E
Cost
At1January2020	4,737
Additions
DisposalsAt31December2020	4,737
Amortisation
At1January2020	4,737
Chargefortheyear
At31December2020	4,737
Netbookvalue
At31December2020	4,737
At31December2019

Tangibleassets
	Heritage	Library	Office	Computer
	assets	equipment	equipment	equipment	Total
	£	£		£
Cost
At1January2020	909,034	8,198	3,258	1,667	922,157
Additions	39,556		-	-	39,556
At31December2020	948,590	8,198	3,258	1,667	961,713
Depreciation
At1January2020	-	7,502	3,258	1,505	12,265
Chargefortheyear	—	173	-	162	335
At31December2020		7,675	3,258	1,667	12,600
Netbookvalue
At31December2020	948,590	523			949,113
At31December2019	909,034	696		162	909,892

Investments
	2020	2019
	£	£
Investmentsatmarketvalue:
At1January	1,623,904	1,404,939
Additions	178,000
Unrealisedinvestment(losses)gains	(14,178)	218,965
Marketvalueat31December	1,787,726	1;623,904
Marketvalueat31Decemberisrepresentedby:
Multi-AssetsFunds	1,787,726	1,623,904
Historicalcostasat31December	1,207,436	1,029,436

		2020	2019
		Market	Market
		value	value
Unitsheld	Holding	£	£
1,111,502	BNYMFMNewtonGrowth&IncomeFundforCharities	1,787,726	1,623,904

	2020	2019
	£	£
Reconciliationofmovementsinunrealisedgains:
Totalunrealisedgainsat1January	594,468	375,503
Add:(losses)gainsarisingonrevaluationsintheyear	(14,178)	218,965
Totalunrealisedgainsat31December	580,290	594,468

Debtors
	2020	2019
	£	restated
		£
Otherdebtors	14,634	20,145
Accruedincome	139,993	90,265
	154,628	110,410
Creditors:amountsfallingduewithinoneyear
		2019
	2020	restated
	£	£
Tradecreditors	663	10,932
DuetoTheSocietyforthePromotionofHellenicStudies	41	291
DuetoTheHellenicandRomanLibrary	26,864	8,214
Accruals	22,877	6,300
Deferredincome	3,820	4,471
	54,265	30,208
	2020	2019
	£	£
Deferredincome
Deferredincomeasat1January	4,471	9,728
Resourcesdeferredintheperiod	3,820	4,471
Amountsreleasedfrompreviousperiod	(4,471)	(9,728)
Deferredincomeasat31December	3,820	4,471

Creditors:amountsfallingdueaftermorethanoneyea	r
	2020	2019
	£	£
Deferredincome—lifecompositions	5,961	6,623
Deferredeventsincome	45,966	-
	51,927	6,623
Deferredincome	2020	2019
	£	£
Balancebroughtforward	6,623	6,482
Amountsreceivedfromnewsubscriptions	-	877
Less:transferredtoincomeandexpenditureaccount	(662)	(736)
Otherresourcesdeferredintheperiod	45,966	-
	51,927	6,623

16	Restrictedfunds
			Donald	Hugh	MVTaylor	Germanicus	Britannia	Library
			Atkinson	Last	memorial	Scholarship	monograph	general	Total
			fund	fund	fund	fund	fund	bookfund	2020
			£	£	£	£	£	£	£
	Income		8,920	4,994	276	30,000	13,850	—	58,040
	Expenditure		(6,600)	(5,900)	—	(2,500)	(12,840)	—	(27,840)
	Netincomebeforeotherrecognisedgains		2,320	(906)	276	27,500	1,010	—	30,200
	Unrealisedinvestmentlosses		(3,672)	(2,056)	(113)	-	-	(695)	(6,536)
	Netmovementinfundsbeforetransfers		(1,352)	(2,962)	163	27,500	1,010	(695)	23,664
	Transfersbetweenfunds		—	—	—	—	—	—	—
	At1January2020		485,524	273,815	18,941	—	21,373	92,339	891,992
	At31December2020		484,172	270,853	19,104	27,500	22,383	91,644	915,656
		Donald	Hugh	MVTaylor	Treasure	Britannia	Library	Library
		Atkinson	Last	memorial	Day	monograph	general	special	Total
		fund	fund	fund	fund	fund	bookfund	bookfund	2019
		£	£	£	£	£	£	£	£
	Income	11,366	6,365	351	—	5000	—		24,082
	Expenditure	(6,630)	(5,959)	—	(7,256)	(1,880)			(21,725)
	Netincome(expenditure)beforeother
	recognisedgains	4.736	406	351	(7,256)	4,120			2,357
	Unrealisedinvestmentgains	56,713	31,749	1,752	—	—	10,729	—	100,943
	Netmovementinfundsbeforetransfers	61,449	32.155	2,103	(7,256)	4.120	10,729		103,300
	Transfersbetweenfunds	—	—	—	7,256	—	(1,910)	(1,347)	3,999
	At1January2019	424,075	241.660	16.838		17.253	83,520	1,347	784,693
	At31December2019	485,524	273,815	18,941		21,373	92,339		891,992

				Unrestricted		Total
	Unrestricted	Restricted	Total	funds	Restricted	2019
	funds	funds	2020	restated	funds	restated
	E	£	£	£
Tangiblefixedassets	949,113		949,113	909,892		909,892
Investments	921,953	865,773	1,787,726	753,285	870,619	1,623,904
Currentassets	187,381	49,883	237,264	301,872	21,373	323,245
Currentliabilities	(54,265)		(54,265)	(30,208)		(30,208)
Longtermliabilities	(51,927)		(51,927)	(6,623)		(6,623)
Netassetsat
31December	1,952,255	915,656	2,867,911	1,928218	891,992	2,820,210

					2020	2019
					£	£
Expirein	1	to	2	years	10,600	9,042
Expirein	2	to	5	years	13,692

	At31December	At31December	2019
	As
	previously
	reported	Adjustment	Asrestated
Changestothebalancesheet	£	£	£
Tangiblefixedassets—heritageassets	909,034	—	909,034
Tangiblefixedassets	858		858
Investments	1,623,904	—	1,623,904
Debtors	121,305	(10,895)	110,410
Shorttermdeposits	10,481	-	10,481
Cashatbank	202,354	-	202,354
Creditorsduewithinoneyear	(21,995)	(8,213)	(30,208)
Creditorsdueinmorethanoneyear	(6,623)	—	(6,623)
Netassets	2,839,318	(19,108)	2,820,210
Funds:
Unrestrictedfund	1,947,326	(19,108)	1,928,218
Restrictedfunds	891,992		891,992
Totalfunds	2,839,318	(19,108)	2,820,210

	Yearto31December	Yearto31December	2019
	As
	previously		As
	reported	Adjustment	restated
Changestothestatementoffinancialactivities	£	£	£
Income	615,370	(134)	615,236
Expenditure	(438,588)	(18,974)	(457,562)
Gainsandlosses	218,965	—	22,020
Netmovementinfunds	395,747	(19,108)	2,820,210