## 

## 

|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|





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||||||||2019|
|---|---|---|---|---|---|---|---|
|||||2020|Unrestricted||Total|
|||Unrestricted|Restricted|Total|fund|Restricted|funds|
|||fund|<br>funds|funds|restated|funds|restated|
||Notes|£|<br>£|£|£|£|£|
|Incomefrom:||||||||
|Donationsandlegacies|1|<br>11,424|<br>43,850|55,274|198,930|6,000|204,930|
|Charitableactivities|2|271,329|-|271,329|316,297|-|316,297|
|Investmentincome|3|18,739|<br>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|<br>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|





## 

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## 

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