The Society for the Promotion of Roman Studies Annual Report and Financial Statements 31 December 2021 Company Limited by Guarantee Registration Number 00114442 (England and wa8) Chanty RegVd1ratn Number 210644
Contsnts Reports Reference and administrative information Trustees, reF)Ort Independent auditoys report on the financial statements 12 Flnanclal statgmgnts Statement of financial activities 17 Balance sheet 18 Statement of cash flows 19 Principal accounting policies 20 Notes to the financial statements 26 The Society for the Promotion of Roman Studies
Refer8nco and administratlve Inforniatlon President Professor Timothy J. Cornell Wice-President$ DrAndrew Bumett CBE, FBA, FSA Professor Catharine H. Edwards, FBA Professor Dominic W. Rathbone Ele¢tod Members of Council Dr Caroline Barron" Dr Henriette van der Blom Professor Will Bowden Ms Caroline Brislow." Dr Siobhan Chomse Dr Simon J.J. Corcoran" Dr James Corke-webster. Professor Tim J. Comell Professor Serafina Cuomo. Dr Katharine Earnshaw Professor Hella Eckardt. Dr Penny Goodman Dr Sophie Hay" Professor Julia Hillner Dr Philip B. Kay, FSA Professor Christian Laes Professor Helen Lova Dr Shushma Malik"" Professor Roland G. Mayer Dr Mairéad McAuley Dr Mai Musié"" Dr Harriet O'Neill" Dr Donncha O'Rourke Dr Ross l. Thomas. Professor Peter Thonemann Professor Jamie Wood" Dr Bobby Xinyue 'Resigned June 2021,. -Elecled June 2021 Honorary Treasurer Dr Philip B. Kay, FSA Honorary SeGretsry Professor Roland G. Mayer Editorlal Committee Editor, JRS Editor. Britannia Professor Peter Thonemann Professor Hella Eckardt, FSA (until June 20211 Professor Will Bowden (from June 20211 Dr Myles Lavan Professor VWII Bowden {until June 2021} Dr Nick Hodgson (from June 2021} Dr Fiona K. Haarer, FSA Reviews Editor, JRS Reviews Editor, Britannia Company Secretary Registered addre88 Senate House Malet Street London WC1E 7HU Company registration number 00114442 The Society for the Promotson of Roman Studies 1
Reference and administrattve infom•tion Charity registration number 210644 Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Investment Managers Newton Investmenl Management Limited BNY Mellon Centre, 160 Queen Victoria Street London EC4V 4LA Bankers Cafcash Ltd Kings Hill West Malling Kent ME19 4TA Natwesl Bank plc Bloomsbury, Parls Branch PO Box 158, High Holborn London WC1V7BX The Society for the Promotion of Roman Studies 2
Tw$tees' report Year to 31 December 2021 The truste85 of The Society for the Promotion of Roman Studies I'the Society,) present their annual report together with the financial statements and the auditor's report of the charity for the year to 31 December 2021. The trustees have adopted the provisions of the Statement of Recommended practi (SORPI 'Accounling and Reporting by Charitie5 {FRS 102}° in preparing the annual report and financial statements of the Society. The annual report selves the purposes of both a trustees, report and a directors, report under company law. The financial statements have been prepared in accordance with the accounting policies set out on pages 20 to 25 of the attached financial statements and comply with the charitable company's memorandum and artioles of association, applicable laws and Accounting and Reporting by Charities.. Statement of Recommended practi applieable lo chaiities preparing their accounts in accordance with the Financial Reporb'ng Standard applicable in the United Kingdom and Republic ol Ireland {FRS 1021. STRUCTURE, GOVERNANCE AND MANAGEMENT GovernSng documenl The Society is a charf(able company limited by guarantee (Registered Company Number 00114442), incorporated in England on 28 February 1922 and registered as a charity on 2 October 1962 (Charity Registration Number 2106441. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the charitable company being wound up, members are required lo contribute an amount not exceeding £1. Election of offlcers and Council The governing body is the Council consisting of the President, Vice-Presidents, the Honorary Treasurer, the Honorary Secretsry, the Editors, and not more than enty-fOUr ordinary members. As the Society is a charit8ble company, the members of the Council are the directors under company law and the trustees *Jnder charity Iw. The trustees who served during the year and since the year end are Set out on page 1. The Vice-Presidents, Hon. Treasurer and Hon. Secretary are elected by the rnembers for a year at a time al the Annual General Meeting held each June. The President is elected for a three-year term, with a possible extension up lo five years, also at the AGM. Likewise, up lo eight ordinary members of the Council are elected by the members al each AGM for a period of three years. The Editors and Review Editors of the joumals are appointed by Council on the recommendation of the JRS and Brttannia Committees. The Society for the Promotion of Roman Studie$ 3
Trustses, report Year to 31 December 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT {continuedl TTUSto• inductlon and training Piospective Council Members are infomed that. if elected, they will become a trustee of the charity. They are also sent copies of the Society's most recent sel of financi81 ststements, the Memorandum and Articles of Association and a le8flet from the Chartty Commissioners on the 'Responsibilities of Charity Tnjstees,. On their election they are sent the schedule of meetings for the coming year and asked to complete the Companies House ft)mi for the election of new directors. Shorlly before their first Council meeting, they are sent a document detailing the Society's committee structure and the procedures of Council, emphasising their responsibilty for approving all financial expenditure and planning future policy and their duty to ensure that they are satisfied with the financial ststemenls. Rlsk management In reaching decisions, the trustees conts'nually bear in mind the major goveming, operational and finanaal risks which the Society faces. These are set out in a fomial Risk A$5essment which is considered by Council annually. The major rtsks faced by the Scciety are.. l Govemance Risks PoorOrganisatn, trustees benefflting from the cherity bytsmuner8tion & olherconflicts, activib'es outside the Society's objects The SPRS is a corporate body as well as a charity. 11 has a clear organisational structure with annually elected offirS, and an elected Council. The Society's purposes are clearly laid out in its Memorandum and Articles of Association and its financial ststements are subjeGtto annual auditing by professional auditors. Trustees are not remuneTated, except for the payment of travel and other legitimate expenses. All activities of the Society are Carefully considered by Council to ensu that they are within the remit of the Society. Grant-giving is subject to a clear general policy and in some cases also to restrictions applying to the relevant funds. 2 Operatlonal Rlsks Quality and pr(Iduction of th8 Joumals, Quality of the Library, Assets & InsuranGe. Employaes. The quality of the joumals is assured by a rigorous process of peer review for potential conth"bub"ons by leading academics in the field. Oversight of the Combined Library is maintained through The Hellenic and Roman Library (HARL}, the Library Management Committee, the Collections Development Conimrtlee and by the Hon. Librarian of the Joint Library. The Society takes legal advice or involves appropriate oxperts when it enters into other major contracts, for example, with Cambridge University Press in relation lo journals and Newton Investment Management Limited in relation lo investments. The Society has its own office insurance and the insurance of the Combined Library is covered by the University of London, {UoLI. The SocÈety's employees are on the IUOLI payroll. The Society for the Promotion of Roman Studies 4
Tru3tses' report Year to 31 December 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl Risk management Iconlinuedl 3 FITnanclal Rtsks Budgeting & reporting. s6&S and cash flow. expendituTr and income, MeMbe1P, open access The Hon. Treasurer is responsible for the Society's finan¢es and reports regularly lo Council. The Society has a clear reserves policy in place and maintsins adequate reserves. All expenditure and income is monitored ctosely, especialty on the Library and journals. The Society is working closely with Cambridge University Press ICUPI and other arned societies on the issue of open access. 4 External rlsks Public percoption, demographic change, governmentpolicy Council is well aware of the need to promote Roman studies in schools, unNersities and generally, and regularly considers the status of Roman studies and how the Society can be involved. The Society undertakes advocacy work where approprvate. 5 Legal Charity and Company L8w, Health & Safely, Rules & Obi8clives The Society's administrat'on keeps up to date with the guidelines and regulations of the Charty Commission and Company Law, and the Society is registered under the Data Protection Act. Health and Safety and Employment laws issue5 are covered by the UOL'S regulations which apply to the office stsff and administration. The Council keeps the Society's rules and objectives under review, putting any revision to or updating the Annual General Meeting as necessary. Organisatlon structure Council administers the funds and other assets of the Society in accordance with the Society's objects. 5t controls all the Society's publications, and manages all ils other affairs and actNlties. It delegates powers to committees, including JRS, Brrtannia, Archaeology. InvestmenL Schools and Roman Studies Cornmittees, all of which report back direcuy lo Coun¢il. The President IS gx officio a member of all these committees. Al the Annual General Meeting, Council presents to the members a report and financial statements fortheir approval,. the AGM appoints the auditors and elects officers and ordinary Council members. The Society for the Promotion of Roman Studies
Trustees, report Year to 31 December 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT {continuedl Related parties The Society has a close relationship with its sister society, the Society for the Promotion of Hellenic Studies I'The Hellenic Society'l. For many years, the societies have cooperated in the provision and operation of a Joint Library which was managed in conjunction with the library of the Institute of Classical Studies. part of the UnNersty of London ('UoL'). Wth effect from 1 January 2016, the sociebes, aangernents for the management of the Joint Library have changed. Vwhile the societies retain ownership of the books in the Library, a joint ventur8 Company formed by the iwo societies, the Hellenic and Roman Library I'HARL'I, is responsible for managing the societie5' interests in the library. To that end, on 28 April 2016, HARL and the societies entered into a 25 year agreement with UOL for the combined management and operation of the Library. Under that agreement, HARL has undertaken inter ali8 to bear, with effect from 1 January 2016. certain expenses in respect of the operation of the library, principally relating lo costs of the librarians. The swieties have separatety agreed to reimburse HARL'S costs and obligations under the agreement with UOL. Since 1 July 2019, the Society and the Hellenic Society have cooperated more closely In the management and administration of their affairs.. the Society seconds ils Secretary, Assistant Secretary and Finance Assistant lo the Hellenic Society for part of their lime in return for payment of the appropriate proportion of their employment costs, and the accommodation costs of the offices in Senate House are divided equally beiween the Societies. Part of the Secretary's lime is a150 seconded to HARL on an equivalent basis. OBJECTIVES AND ACTIVITIES Objects The objects for which the Society is established are: 1 To promote the study of the history, archaeology, literature and art of Italy and the Roman Empire, from the earliest times down lo about AD 700. 2 To publish a joumal or journals, which shall ntain original articles, reports of recent research and exploration in Roman lands. and notice5 of rnt lilerature, and such other matters as the Council shall from time lo time determine. 3 To fomi a library and to collect photographs. slides and other materials for study and to offer facilities for study to those working upon the subjects to be promoted by the Society. 4 To hold meetings at whi¢h communi¢ations shall be made and discussions held on subjects 1251ing within the scope of the Society. The Society for the Promotion of Roman StL¢dies 6
TTU$tees' roport Year to 31 December 2021 OBJECTIVES AND ACTIVITIES Icontinuedl Objects Iconlinuedl 5 To work in hamiony with and from lime to lime make grants. lo be applied for purposes to which the same could be applied by the Society under this Memorandum, to the British School al Rome and to other institutions, societies and persons concerned with Roman history. archaeology, literature and art, bul so that no grant or assistance in money or money's worth shall be made or given to any such instrtubon or society, unless rt shall limit the distribution of its income and propety amongst ils members lo an extent at least as great as is imposed on the Society by virtue of clause 4 of the Memorandum of ASslation. 6 To do all such other lawful things as are incidental or conducive to the attainment of the above objects. Public benefit The Council consKlers that the above objects are ftAIty consistent with the concept of public benefit, in that the provision of a library, the publication of annual journals and occasional monographs, the award of grants to schools, institutions and individuals, and the holding of lectures and conferen$ all help to promote Roman studies in different ways. No harm or delrimenl arises from the carrying out of any of these aims. The SOcty aims to benefit academics and any member of Ihe public with an interest in any aspect of Roman studies. The Society has a worldwide membership and anyone who is interested may join and benefit from receipt ofthejournals and borrowing rights in the Library. Reading rights in the Library are open to non-members, and non-members may attend lectures orconferences, and apply for a grant. Different rates of charges apply lo ftjll members and student associates. No one received any private benefits from the Society. Revlew of developmont, activities and achigvgmonts In 2021. all four main areas of the Society's a¢b'vib'es Continued on a successful basis. By the er¢d of the year, 1,476 members had received copies of and online access lo the Journal of Roman Studies and l or 8ritannia and 288 student members had received online access185 paid extra for the print version). 2 The Library recorded the following ststislics for 2021.. turnstile entries.. 14,807., number of borrowers.. 1,867,. books borrowed.. 4.456,. books re[Ved IJL).. 2.140. The Society for the Promots'on of Roman Studies 7
Trustees, report Year to 31 December 2021 OWECTIVES AND ACTIVITIES Iconbnuedl Revlew of devglopmont, actlvltles and achi•vements Iconts'nued} 3 All events in the first 9 months of the year were online, due to the contsnuing COVID-19 restrictions. In March. the Society held a joint event with the Hellenic Society.. Domesticity and Domestic Life, with Dr Zosia Archibald, Professor Penelope Allison and Professor Julia Hillner. In April, anotherjoint event took place.. Race.. Antiquity and its Legacy. This was a panel discussM)n with Zena Kamash, Denise Mccoskey, and Dan*1 Padilla Peralta, chaired by Professor Phiroze Vasunia. In May, the Society held a joint eventwilh the Association for Roman Archaeology and host by the Brrtish Museum on New Research on Nero with Andrew Burnett, Susie lthhite, Ross Thomas and Carey Fleiner. In July, the Society organised a visit to Brading Roman Villa on the Isle of Imght. In September, the Society held the first in-person event (which was 81so live-streamed to members) on Knowledge and Curiosty at the Court of Nero, with Shushma Malik, Dominic Rathbone, Rebecca Flemming and Siobhan Chomse. The third ol our Nero events as an online talk by Thorsten Opper (the Curator of the British Museum's Nero exhibition).. The Man Behind the Myth.. Behind the scenes with the Curator. Al the end of October, the Society held a City of Rome colloquium with Janet Delaine, lan Haynes and Claire Holleran. Finally, in December, the Society organised a visit to Colchester - the circus and museum. 4 The Hugh Last Fund Committee made three grants in February 2021 Itolalling £5,140). The joint Audrey Barrie Brown (Roman Research Trust) ar¢d Donald Atkinson Funds Commbttee made a total of fourteen grants, six from DA Funds, totalling £8,919. The Schools Committee awarded a total of £25,139 in seventy-three grants to sehools and three prizes of £200 to PGCE students. Ten bursaries were given to students taking up summer placements in museums and heritage organisations. PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENT The Joumal of Rom8n Studies and Britanni8 will be published in November by Cambridge University Press on behalf of the Society, and the next editions of Epistula will be circulated circulated in June and December. We will continue lo hold our usual programme of events in-person and live-streamed. There will be joint events wÉth the Hellenic Society in March IBeing an Islander) and with the Hellenic Society and Society for the Promotion of Byzantine Studies in June la lecture by Professor Judith Herrinl. The M.V. Taylor Lecture will be delivered by Professor Ida Ostenberg in April, 8nd the AGM wi15 be held in May followed by a colloquium on Hadrian. In April, RARAc will be held in Splrt. Croatia, having been postponed from April 2020. The Society for the Promotion of Roman Studies 8
Trustees, report Year to 31 December 2021 FINANCIAL REVIEW The results for the year are set out on page 17 of the financial statements. Total income for the year was £452,978 12020.. £427,008>, an increase of 6Vo. Income from the publishing agreements with Cambridge University Press, for JRS and Britannia. was up by 7Qk at £145,832 (2020.. £135,811), while revenue from membership subscriptions showecl a 16% increase to £102,023, followsng an increase in rates. Investment income largely recovered lo pre-pandemic levels as CoMpanS in our investment portfolio reinstated dividends that had been cul during 2020. Total ¢sts for the year were marginally higher at £367,381 12020.. £365,129}, the only significant change being an increase in Library ¢05ts, from £143,714 in 2020 to £159,184 in 2021, following the ending of 2020,5 furlough arrangements. Net income before investment gains and losses was £85,59712020'. £61,879). Net cash flow from operating activities {and investment income) in 2021 was a FX)Sitive £36,030 12020.. £47,801}. Net gains for the year on units held in the BNY Mellon Newton Growth & Incorne Fund were £286.17512020.' nel losses of £14,178) and the value of the investment portfolio at the end of the year was £2,083.901. Of this amouril, £1,003,674 12020.. £865,773) was in reslricled fvnds and £1,080,22712020'. £921,953) was unrestricted. The total assets of the Society at 31 December 2021 were £3,239,68312020'. £2,867,911) Reserves policy and going coneern assessment The Society maintsins general reserves as a matter of prudence lo protect itself against sudden or unexpecled expenditu$ in pursuance of ils objects or in relation to its premises. These SeNeS are normally almost wholly invested in securitie5. The Council reviews the Society's investments and reserves regularty, and the Council's ¢ent policy is to maintsin them at around al least g months, operational costs, which would currently be about £275,000 12020.. £250,000). The Society's free reserves equating to unrestricted funds, less amounts held as tangible and intangible fixed assets, amounted to £1,184,314. Grant awarding policy Decisions about grants are made by the Committees of the Society. whose reports and decisions are received and ratified by the Council. The Hugh Last Fund Committee and Donald Atkinson Fund Committee make awards from the income of the ftjnds, tOW8rds the undertaking, completion or publication of work that relates to any of the general scholarly purposes of the Society. The Schools Committee makes awards to schools lo help promte the leaching of Latin and Roman studies and awards archaeological bursaries lo sixth- formers. The Roman Studies Committee awards bursaries for summer placements in museums and heritage organisalions. The Archaeology Committee supports conferen$ and workshops with grants and offers burs8ries and prizes lo students. The Society ft)r the Promotion of Roman Studies 9
Trustees, report Year to 31 Dernber 2021 FINANCIAL REVIEW Icontinuedl Investment policy and pèrformance The Society's investments are overseen by an Investment Committee which meets several limes a year and reports regularly lo Council. The objective for the Society's investments is to produce a steady income to support its various activities, whilst at the same time al least maintsining the value of the capitsl in real lemis. Newton Investment Management Ltd is manager of the Society's investments in the Newton Growth and Income Fund for Charities. The benchmark for the Fund is a Comparative Index, comprising 50Qh FTSE All Share Index. 25 /0 FTSE World lex-UKI', 200/0 FTSE Government All Stock5 Index gnd 50/0 7-day cash. In 2021, the Fund delivered a net return of 18.sok (including dividends} and signifunlly oulperfomied ils Perforrnan Benchmark which was up 13.3°/o. At the end of 2021. the Fund had a yield of 2.0°k which was up slightly on the previous year's 1.90A and marginalty ahead of the yield on the Perforrnance Benchmark. Key management personnel remuneration The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the char'ty and running and operating the charity on a day to day basis. All trustees give their time freely and no twstee remunerations was paid in the year. Trustees are required to disclose all relevant interests and register them with the Secretary. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of The Society for the Promotion of Rornan Studies for the purposes of company 18wI are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generalty Accepted Acccsunting Practice). Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the stste of affairs of the charitable company and of the incoming resources and application of resourGes, including income and expenditure, of the charitable company for the year. In preparing these financial stslements, the Iruslees are required to.. • Select suitable accounting policies and then apply them corbSiStently'. + Observe the methods and principles in the Charities SORP 2015 IFRS 1021.. Make judgements and estimates that are reasonable and prudent. • State whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and expllained in the financial statements". and • Prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in operation. The Society for the Promotion of Roman Studies 10
Trugtees, roport Year to 31 December 2021 STATEMENT OF TRUSTEES, RESPONSIBILITIES (continLtedy The trustees are responslble for keeping adequate accounting records that disdose wlth reasonable accuracy at any lime the financial position of the charitable company and enable them lo ensure that the finan¢sal statements Comply with the Companies Act 2006. They are also responsible for safegLtarding the assets of the charitable company and hence for taking reasonable steps for the prevenliofj and detection of fraud and other irregularities. In so faT as th8 trustees a aware.. There is no eVant audit information of whlch the charitable company's autlit(Jr is unaware. and The Iruslees have taken ?11 steps that they ought to have taken to make themselves aware of any relevant audlt infom)alion and to eslablish that trte auditor is aware of that Information. The trustees are responsible for Ihe maintenance and Integrity of the financial inform2tion included on the charitable company's website. Legislation in the Uniled Kingdom governlng the prep8ratlon and dissemln*ion of flnancial stslements may differ fiom legislation in other lurisdictions, The.trustees' report was approved by order of the members of the board of truslees and signed on thelr behalf by". Treasurer Dr ilip B Kay Date- The Striety for the Promotion of Roman Studies 11
Independent auditor's report on the flnancial statements 31 December 2021 Independgnt auditorfs report to the members of The Society for the Promotion of Roman Studios Opinion We have audited the financial statements of The So¢ty for the Promotion of Roman Studies (the 'charitable company'l for the year ended 31 December 2021 which comprise the ststement of financial activities, the balance sheet, the slalement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial repo"n9 framework that has been applied in their preparation is applicable law and United Kingdom AoUntIng Stsnd2rds. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generalty Awepted Accountsng Practi¢el. In our opinion, the financial statements.. give a true and fairview of the stste of the charitable company's affairs as at 31 December 2021 and of its income and expenditure for the year then ended., • have been propedy prepared in accordance with United Kingdom Generally Apted Accounting Practi", and • h2ve been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audtt in accordan with International Standards on Auditing IUKI IISAS IUK}} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical 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. ConclusSons rglating to going concem In auditing the financial statements, we have concluded that the trustees, use of the going oncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identsfied any mater*al uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the company's abiSity lo continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilit'es of the trLSStees with respect lo going concern are described in the relevant sections of this report. The Society for the Promotion of Roman Studies 12
Independent auditoV$ port on the flnancial statements 31 December 2021 Other IomIatIon The trustees are responsible for the other information. The other informatDn comprises the information included in the annual rerx)rt other than the financial stalements and our auditor's report thereon. Our opinion on the financial slalements does not cover the othef infomiation and, except lo the extent olheTwise explicfily stated in our report, we do not express any form of assuran conclusion thereon. In connection wrth our audit of the financial stalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially in¢onsistenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially mi5slated. If we identify such material Inconsistencies or apparent material misstatements. we are required lo determine whether the is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the wotk we have perforrned, we condude thatthere is a material misstalemenl ol this other inf0mtt0n, we are required to report that fact. We have nothing to report irs this regard. Opinions on other matters prfrscribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit the information given in the trustees. report, which is also the directors, report for the purposes of company law, for the financial year for which the financial statements a prepared is consistent with the financial statements.. and + the trustees, report, which is also the directors, report for the purposes of company law, has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstaletnents in the trustees, reporL We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to yOLt rf, in our opinion." adequate accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns; or ertain disclosures of trustees, remuneration specified by law are not rnade," or we have not received all the information and explanation5 we require for our audit. The Society for the Promotion of Roman Studies 13
Indepgndent audltoVs report on the financlal statements 31 December 2021 Responslbilities of trustees Asexplained morefully in the trustees, responsibilities statement in the trustees, annual report, the trustees (who are also the directors for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of finana81 statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the tTUStees are responsible for assessing the charitable ¢ornpany's ability to continue as a going conTrrn. disclosing, as applicable. m8tters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilltles for the audit of the financial ststemeTrts Our objectsves are lo obtain reasonable assurance about whether the financial statements as a whole are free from materi81 misstalemenr whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an auditconductsd in aceordance with ISAS (UK} will aNvays detect a material misstatement when it exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inlluence the economic decisions of users tsken on the basis of these financial stalemenls. Irregularitses, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oijuined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting Irregularities, including fraud is detailed below. How the audlt was considered ¢opable of detecting Irregularltles Including fraud Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. • we identified the laws and regulations applicable lo the company through discussions with management, and from our commercial knowledge and experience of the sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial slatements or the operations of the company, including the Companies Act 2006., we assessed the extent of compliance wrth the laws and ulationS identified above through making enquiries of management and inspecting c4)rreswndence- and we idenlrfied laws and regulations which were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. We assessed the susp11bItlty of the company's financial statements to material misstatement, including oblaining an understanding of how fraud might occur, by-. • making enquiries of management as to where they considered there was susceptibilty lo fraud, their knowledge of actual, suspected and alleged fraud," and The Society for the Promotion of Roman Studies 14
Indep•nd•nt audIt09 report on the financial statements 31 December 2021 Audltorfs responsibilities for the audit of the flnancial statements Iconlinued} How the audlt was considered capable of detectlng irregularities including fraud (Gontinued) considering the intemal controls in place to mitigate risks of fraud and nOnCOMpliance with laws and regulations. To addres5 the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relalion$hips', assessed whether judgements and a55umptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias,. and investigated the rationale behind significant or unusual transaGtions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disdosures to underlying supporting documentation., + enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit proeedures described above. The more removed that laws and regulations are from financial transa¢lions, the less likely It is that we would become awa of non4ompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory ar*d legal correspondence, rf any. Material misstatements that arise due to fraud ¢8n be harder lo detect than those that are from error as they niay involve deliberate concealment or collusion. A further description of our responsibilities for the audtt of the financial statements is located on the Financial Reporting Council's website al www.frG.org.uklaudiloTsresponsibilrties. This description forn part of our auditor's report. The Society for the Promotion of Roman Studies 15
Independent auditorfs r¢port on the financial statements 31 Dember 2021 Use of our report This report is made solely to the charitable company s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required lo state to them in an audilorfs port 8nd for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Shachi Blakernore {Senior Statutory Auditor) For and on behalf of Buuacott LLP, 130 Wood Street London EC2V 6DL Date: 19 May 2022 The SOcty for the Promotion of Roman Studies 16
stalement of finan¢ial a¢tlvities (including tho income and expenditure account) Year to 310ernber 2021 2021 Unre$lrthd Totsl fund Restri6ied funds res18ted fund$ 2020 Total funds Unresthtted Restrlcted fund ful$ Income from: Don8tions and kg8¢$ Charit>ble adNities Investnent Income Other income 6,936 40.500 301,895 23,114 62,880 394.824 47,435 301,895 40,768 62,860 452.978 11,424 271,329 18.739 67,476 368.968 43.850 55.274 271,329 32,929 87,476 427.008 17.654 14.190 Total in¢¢ 58.154 58,040 Exp¢ndRure on.. Charitabl& acvilies Total exppvdllu 318.776 318,776 48.605 4B.606 367,381 367,381 337.289 337,289 27,840 27.840 365.129 365.129 Net Income before In¥tmentgainB 110ssesl 76,048 9,549 86,597 31,679 30.200 61,879 Net gains Ilossesl on Mwe8bments 164,246 131.927 288.175 17,6421 16.5361 114.1781 Ntt Income and m¢)v¢ment In funds 230,296 141.476 371,772 24,037 23.664 47,701 R8Gon¢lllaUon of funds Total fund b¥lan¢s brought feM8rd al 1 January T¢)tal fund balan¢o5 ¢arrled forward at 31 December 1.952.255 915.656 2.887.911 1,928.218 B91,992 2.820.210 2,182,551 1.057,132 3.239.683 1,952,255 915.656 2,867,911 l of the Society's activities derived from ¢onts"nuing operations during the above iwo fSnancial periods. The ststement of financial aclivrties includes all gains and losses recognised during the year. The So¢iety for the Prormtion of Roman Studies 17
BalanGQ sheet 31 December 2021 2021 2021 2020 2020 Notès Flxed o$8èts Tanulble 8ssets- herilaga assets Tangible as8ets-oth¢r Investments 997.88B 349 2,083,901 3,082.138 948A9ts 523 1,787.726 2,736,839 Current assets Dgbtors Short18mi deposSts Cash at bank and In hand 143,237 qO.506 98.160 251,903 154,628 10,501 72,135 237,264 Llabilltlès cdItO15-. amounts falling due within on& year current assèts 188.$241 (54,265 163,379 182,999 Total assets cuff•nt liabllltles 3,245,517 2,919.838 CrediloF¥- amounts falling after more than onB year Total ngt assets 15 {S,834} 3,239,683 151,927) 2.867,911 Funds Unrestrioted funds Re8tn"cted funds 2,182,S51 1,057,132 1,952,255 915,656 16 Totsl funds 3.239,683 2,B67.911 Approved by the trustees and signed on their behalf by: Trustee Dr ilip B Kay Date.. lelL Company Limited by Guarantee Registratlon Numb81'. 00114442 (England and Wales) The Society for the Promotion of Roman Studies 18
Stalement of cash flows Year to 31 Dernber 2021 2021 2020 Note Net cash louttlowl inflow from operatlng activitigs N81 ¢ash (used inl provided by operating activib.es 14,7381 14,872 Cash flow¥ from Investing actlvlu Investment income Purchase of investments Nel cash provided by (used in) investing activities 40,768 110,0001 30,768 32.929 1178.0001 1145,071) Net incre888 Idèereasel In cash and Cxsh èquivalents 26,030 1130,1991 Cash artd cash •qulvalonts at 1 January 82.636 212,835 Cash and cash u1ValentS at 31 Oecèmber 108,666 82,636 A Recon¢iliatlon of Income to n8t cash flow provided by operating activitles 2021 2020 Nel income for the year 371,772 47,701 Adlustmentfor. Books and periodicals Depreciation and amortisation offixed a&%ets Net Igainl loss on investments Investment income Decrease lincreasel in debtors IDecre8sel increase in credilor3' Net ca¥h (used Inl provldod by opérdtbng activities 132,7761 174 1266.175} 140.7681 11,391 128.3561 14,7381 122.5211 335 14,178 132,9291 144.2181 52,326 14,872 e decie8se In creditors per the balance sheet in 2021 is £11.83412020- £69,361 increasal. The drfference to tho cash flow movemgnl of £18,52212020 - £17,035) relates to the caprtal a(trual ol books purchased by HARL on behalf of the s(xieties which 18 8 transaclion that does not pass through the SOFA. B Anatysis of cash and cash equlvalents 2021 2020 Cash at bank and in hand Short tem deposits Totsl cash and cash equtvalents 98.160 10,506 108,666 72.135 10,501 82,636 The Society for the Promotion of Roman Studies 19
Prlncipal accounting poll¢ies 31 December 2021 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financia5 statements are laKJ out below. Basis of preparallon These financial statements have been prepared for the year to 31 December 2021 with comparative information in respect of the year to 31 December 2020. They are presented in steding and are rounded to the nearest pound. The financial statements have been prepared under the historical cost convention with btems rewgnised at cost or transaction value unless Otherwise stated in the relevant accounting poliGie5 below or the notes to these financial statements. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial ReF)Orting Standard (FRS 1021- (Charitses SORP IFRS 10211, the Financial Reporting Standard applicable in the UK {FRS 1021 and the Companie5 Act 2006. The Society meets the definition of a public nefit entity under FRS 102. Assessmgnt of going concern The trustees have assessed whelherthe use ofthe going concem assumption is appropriate in preparing these financial ststements. The trustees have made this assessment in respect lo a period of one year from the date of approval of these financial statements. The trustees of the Society have concluded that there are no mater1 uncertainties related to events or conditions that may cast significant doubt on the ability of the Society to continue as a going concern. The trustees are of the opinion that the Society will have sufficient resources to meet ils liabilities as they fall due. Wth regard to future accounting periods, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment TetUTn and the performance of the investment markets {see the 'lnveslment policy and performance, section of the trustees, report for more information). Critlcal a¢countlng e8tlmates and areas of judgement Preparation of the financial statements requires the trustees and management to make significantjudgements and estimates. The items in the financial statements where these judgements and estimates have been made include.. • the estimates of the useful economic lives of tangible ffixed assets used to determine the annual depreciation charge,. • the estimates of market value attributed lo books and periodicals donated to the Society,. and • the assumptions adopted by the trustees and managernent in detem)ining the value of any designations required from the charity's general unrestNcted funds. The Society for the Promotion of Roman Studies 20
Prlncipal accounting pollcies 31 December 2021 Crltlcal a¢countlng estimate5 and areas of Judgement Icontinuedl In addition to the above, the full impact following the recent emergence of the global coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity's activities, suppliers, beneficiaries and the wider economy. Estimates used in the finan¢ial statements, parb'cularly with respect lo the value of listed inveslrnents (see note 121 are subject to a greater degree of uncertainty and volatility. Fund accounting General funds are unrestricted funds, which are available for use al the discretion of the trustees in furtherance of the general objectives of the Society, and which have not been designated for other purposes. Restred funds are funds, which are to be used in accordance with specific restrictions imposed by donors. or which have been raised by the Souety for specific purposes. Designated funds are unrestricted funds earmarked by the trustees for a parlicular purposes. Income recognition All income is included in the stslement of financial activities ISOFAI when the charity is legally entrf(led lo income. the amount can be quantified with reasonable awuracy and receipt is probable. Income is deferred only when the charity has to fvlfil conditions before becoming entitled lo it or where the donor or funder has specified that the income is to be exper¢ded in a future accounting period. Income comprises donations, legacies, grants, income from charitsble activities including publications and membership subscripb"on", and investment income and interest receivable. Donations are recognised when the charity has confirmation of both the amount and setllemenl dale. In the event of donations pledged but not received. the amount is accrued ft)r where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of perfomiance before the charity is entitled to the funds, the income 1$ deferred and not recognised until either those conditions are fvlly met, or the futfilment of those conditions is wholly within the control of the charity and rt is probable that thosg Conditions will be fulfilled in the reporting period. Donations in kE'nd relate lo library books gifted lo HARL and are recognised when received. Where the donor does not provide any valyalion, the trustees obtain a suitable market valualKin frorn one or more allemative sources. Periodical exchanges included in publications income relates to periodicals received from organisations in retum for copies of the Society's publications. Legacies are included in the statement of financial activities when the charity is ents'lled to the legacy. the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached lo the legacy are within the control of the charity. The Society for the Promotion of Roman Studies 21
Principal a¢¢ounting policies 31 December 2021 Income recognitlon (continued) In accordance with the Charities SORP FRS 102 volunteer lime is not recognised. Grant funding is recognised as and when the work is completed and the grant condrtions are fulfilled. Income from conferences and events are recognised in the financial period in which the conference or event was hosted. Income from publications and royalties are reoognised in the period in which the royalties were accrued or the publications sold. Annual membership subscriptions are recognised as incorre on an accruals b881$ applicable to the membership period, and part of the subscription applicable to the following year is carried forward as deferred income. Life subscriptions can be received from those members whose age is in excess of 85 years. A policy of recognising these subscriptions in the SOFA overa period of 10 years has been set. However. in the event ofdeath, full release to the SOFA is made. Dividends are recognised once the dividend has been declared and notfficalion has been received of the dividend due. Interest on fvnds held on deposit is induded when recèivable and the amount Can be measured reliably by the charity., thi$ is nomialw upon notification of the interest paid or payable by the bank. Expendlture recognltion Liabilities a wognised as expenditure as 500n as there is a legal or conslructs.ve obligation comm¢tting the Society lo make a payment lo e third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Irrecoverable input VAT is included in the expenditure. Expenditure comprises direct costs and support costs. All expenses, including support Costs, are allocated or apportioned to the applicable expenditure headings. Expenditure on charitable activities comprises expenditure in support of the charity primary charitable purposes as described in the Iruslees, report. This includes the costs associated with the servicing of members, costs in conne¢lion wrth hosting events and conferences for the Society's beneficiaries, ¢0sts associated with the production of publications, and grants awarded. Expenditure on charitable activ¢ties includes both costs which can be directly attributed to the key activities as well as an allocation of shared support costs (see belowl. Allocatlon of support and governance costs Support ¢osts represent indirect charitable expenditure. Staff support costs are apportioned been aclivitses on the ft)Ilowing basis." 80010 membership, publications and events,. 15% govemance,. and 50kn grants. Other relevant support Costs are split 75Vo and 25% between membership, publications and event5 and governance respectively. The Society for the Promotion of Roman Studies 22
Prfnclpal accounting policles 31 December 2021 Allocatlon of support and governanco costs Ic()ntinuedl Govemance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include Gosls relating to stslutory audit, other direct costs, together with an apportionment of certain support costs as detailed above. Intsnglble flxed assets Intangible assets are measured at cost less any accumulated amortisation. Amoth'salion is provided on the following bases.. + CRM database 33/30/0 per annum Tangible flxed assets and depreciation Assets costsng over £250 are c8pitslised. Depreciation is provided al rates calculated to write off the cost of each tangible fixed asset less its residual value on a stffjight line ba51S over its expected useful life as follows". • Office equipment Computer equipment • Library equipment + Heritage assets 33'A'h per annum 33/JOk per annum 10 - 33/s°/o per annum Nil (see below) The Society, in conjunclioft with the Society for the Promotion of Hellenic Studies, holds heritage assets comprising a substsntial collection of library books, periodicals and other historic materials in the Joint Library which. until 31 December 2007, had not been capitslised. In 2008, the trustees vieWed this policy and decided to capitalise the library books and periodicals in order to comply with the requirements of the Charitses SORP. In determining how far back the prior year adjustment should relate to, il was established that the SORP Ioclober 20001 was the first ygar where il became necessary to e8pilalise such assets on the balance sheet, therefore this policy has gone back as far as the year ended 31 December 2001. Due to the quantty of assets. the cost of valuing assets acquired prior to this time was deemed lo be prohibilNe. The library books and periodicals are not depreciated since their long economic life and high residual value mean that any depreciation would not be material. Fixed asset investrngnts Investments are a forrn of basic financial instrument and are initially recognised at their transactK>n value and 5ubsequendy measured at their fair value as at the balan sheet date using the closing quoted market price. The statements of financial activities includes the net gains and losses arising on revaluation 2nd disposals throughout the year. The Society for the Promokn'on of Roman Studies 23
Principal accountlng policies 31 December 2021 Fixod asset Investments Icontinuedl Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent lo the fifst day of the financial year. Unrealised gains and losses are calculated as the difference between the fair valu8 31 the year end and their carying value. The SOcty doe5 not have any other complex financial instruments. The charity manages the investment risks by the use of expert advisors and operates an investment policy reviewed 8t Iruslee meetings. Cash and cash oqulvalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Short terrn deposits Short term deposits are represented by 90 day deposits with financial institutions. Stocks The charity maintains a back issue stock of joumals. The charity places no value on these stocks in the financial statements due to the age and limited demand ofthe stock items held. Pensions Through the UOL. the Society's employees patticipate in the Universities Superannuation Scheme IUSSI and the Superannuation Arrangements of the University of London ISAUL}. Both USS and SAUL are defined benefit multi-employer schemes. It is not possible or appropriate to identify assets and liabilities of the schemes which are attributable to Ihe Society. According lo the latest actuarial valuation of the USS, a defined beneff( multi*mployer $cheme. as at 31 March 2020 the USS, assets were sufficienl lo cover 780k of its liabilities at that date. Following this valuation, the standard contribution rate Ix)rne by the employer increased from 21.11Jkn to 21.4¥0 from 1 October 2021 and is 8xpected to increas8 to 23.70 from 1 April 2022. SAUL'S latest available annual review states that as at 31 March 2020, the fund was in surplus, with assets sufficient to cover 770A of ils liabilities. The standard ¢ontribution rate borne by the Society throughout the year was 160A. The Society's contribub'ons are recognised in the statement of financial activities in the year of paymenL Neither scheme has yel completed its valuationlhealth check as al 31 March 2021., il is possible that contiibulion rates May increase when these are finalised. The Society for the Promotion of Roman Studies 24
Prln¢lpal accounting poli¢io$ 31 Dernber 2021 Op•ratlng leages Rentals payable and receivabSe under operating leases are charged lo the SOFA on a straight line basis over the period of the lease. Tax The Society is a registered charity and, as such. its income and gains falling within Sections 47110 489 of the Corporation Tax Act 2010 or Section 256 of Taxation of Chargeable Gains Act 1992 a exempl from corporation lax to the extent that they are applied to its charitable objectives. Herttage assets Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or, rf donated. their valuation. Fair values for donated assets are estimated by reference to market Pfices. Fair values for peTiodicals received via exchange with other institutions are deemed to be equal to the Ckjrrent selling price of the periodical supplied. Acquisitions only arise when donated to the charity or if il is believed that they will further the Society's objective5. Once acquired, they will be preserved by the Society in order lo keep their historical, artistic, scientific, technological, geophysical or environmental qualities to such a high level as to contribute to knowledge and culture. A register of all assets held by the Society is available and the assets themselves are accessible to the public with prior agreement. Heritage assets are to be held for the foreseeable future. Flnanclal Instrumgn15 The Society only has financial assets and financial liabilities of a kind that qualty as basic financial instruments. Basic financial instruments are initially recognised at transacts'oft value and subsequently measured at their setuemenl value. The Society for the Promotion of Roman StLfdies 25
Notes to the flnanclal staternents Year 10 31 December 2021 1 Donatlons and legacies 2021 2020 Journal of Roman Studies grants Britannia grants Monogr8phs grants Gemianicus Stholarship Polonsky Foundation Donations LegleS Library bwks 9rfiÈd 500 2,000 13,850 30,000 22,500 18,000 421 2,701 1,778 4,447 55.274 8,514 47.435 £40,500 of the income from donab.ons and legacies is re$tricled12020- £43,850). 2 Income from Gharitable activities 2021 2020 Subs¢rlptlons'. Subscriptions receivkblè Gilt èid on subscriptions Life compositions 94,931 6,433 659 83,087 4,184 Publlcatlon8: JRS and Britannia publieAtK)n income Digital archive incotne Sales of publications and back volumes Periodical exth8nges Royalties 139,037 6,795 5,558 26.262 20.653 134,987 824 4,223 18,074 23,678 Confer¢nce Conference and èvenl5 1,091 1,115 Library Sales of duplicate ts)oks 476 301,895 497 271,329 All income from charitable activities is unreslricled in both 2021 and 2020. 3 Investment Income 2021 202LI In¢ome frorn dividends Bank deposit interest 40.750 18 40,768 32.753 176 32,929 £17,654 of investment income is restricted12020 - £14, 1901. The Society for the Promots"on of Roman Studies 26
Notes to the flnanclal statèm¢nts Year to 31 December 2021 4 Expendlture on charitsble actlvltles Membgr5hlp publication & events Membership Total publi¢ations 2021 & events Total 2020 Grants Grats DlreGt: Journal of Rorn8n Studies Britannia Monograph exp8n56S Ctrnference and ewent ¢osls Annual Report costs Grant5 payable Inots 61 Library CA)sts (note 71 IAeeting and CAynmrttee expenses 21 8,305 8.925 419 142 21 8.305 8,926 419 142 56,58B 169,184 72 8,591 12,840 2,517 72 8.591 12,840 2,517 56,688 40,739 40.739 143,714 169,184 143,714 1,608 1,608 15.807 15,807 Supptsrt ¢ost8: staff Costs (note 91 staff costs (Helknic Sooetyl Staff costs IHARLI Office rent Insurance Postage. printing 8ThJ stationery Telephone and ¢tynputeE expenses Subscriptions Benk and cr8drt card chargps Miscellaneous Oepreciation Governance (not8 51 37,561 46,933 15,947 4.370 40,101 46,933 15,947 4,370 369 36.775 50.318 17.160 3,804 393 3,371 40,146 ,316 17,160 3,604 393 383 383 398 2,647 223 1.301 48 173 19,794 308.253 2,$47 223 1.301 2.114 2.114 2,828 2.828 72 173 19.794 367,381 336 23.5 321.019 23,500 365.129 59,126 44,110 £48,605 of expenditure on charitable activities is restricted12020 - £27,840). 5 Govomance costs 2021 2020 Auditorfs Remuneration . Current year Trustee expon$es Staff costs (note 91 Office rent Telèphone and (x)mputer expenses Fees charged by HARL." Inote 221 Bookkeeping costs (note 91 6,555 120 7,064 1,457 890 6,360 3S1 10.113 1,201 740 3,708 19,794 4,735 23.500 The Society for the Promotson of Roman StL¢dies 27
Noles to the financial statements Year lo 31 December 2021 Grants expendfture Grants to Grants to lrntituUon8 Indlvldual$ Tofal 2021 G¥ants to Grants to Institutions Individua Total 2020 Archaeology Commrttee Roman Stud*slSchools Committ88 DoTrald Athin$on Fund Hugh Last Fund Gemianicus Scholarshlp Geneol Fund8 2,253 2.253 5.455 5.455 31.672 1.190 4,940 31,672 8.540 6,140 10,000 18.789 4,500 5,800 18.789 6,600 5,9CQ 2,500 1.495 40,739 5,360 20 10,000 483 2,100 loo 2.500 995 11,150 500 38,302 500 29,589 18.286 $6,588 2021 2020 Recipient8 of institutlonal grants: Grdnts of £1,000 or more.. Donald Atkn"nson and Hugh Last Fund grants . Ashmolean Roman and Etruscan G811eries . British School of Rome - Foundation Hardt Nen8 Valley Archaeological Trust Old t)ominion University . 8arefaced Greek 1,875 5,815 800 2.500 12,5001 Grants under £1,ty)0'. Grants to primary and secondary schools for Roman educatK)nal projects and teaching maleri8ls Various other Inslilulional grants 31,672 soo 38,302 18,789 500 29,589 7 Llbrary costs 2021 2020 Fees charged by HARL.. (note 22} Service charge . Fees Librarian salaries . Admsnistrator salary Book purchases handling fee 13,696 7.887 128,403 8,373 825 159,184 12,891 8.141 113,142 8,580 1,160 143,714 The Society for the Promotion of Roman Studies 28
Notes to the financlal statements Year to 31 December 2021 8 N¢t Income 2021 2020 This is stated after ch81ginu'. Deprerjan of18ngible fixed assets Auditorf8 r8muneration'. . Audit and financi81 ststements preparation . CurTent year 173 335 6,5SS 6,360 9 Anatysis of staff costs and remuneration of key management personnol The total staff costs were as follows.. 2021 2020 Salariés Social security ¢osts PensK*n contribution$ 39,867 4,041 6,965 50,873 43,275 4,293 7,426 54,994 No employee earned more than £60,000 per annum12020- nonel. staff costs included in the table above do not include staff costs that are recharged to the Hellenic Society and to HARL for lime spent by employees ofthe Society on Hellenic Society and HARL matters respectively. Corresponding income is inclijded in other income in the statement of financial activities tolalling £62,880 (2020 - £67,476}. Included in staff costs above are bookkeeping costs for the Roman Society, recharged from HARL. Staff costs for Roman Society comprise.. 2021 2020 Roman Sw'ety staff costs Rotnan Society bookke¢ping costs Iretharged from HARL) 47,165 3,708 50,873 50,259 4,735 54.994 The number of employees during the year was.. 2021 2020 Management and $upport The Soaety for the Promotson of Roman Studies 29
Notos to the finan¢lal statements Year to 31 December 2021 9 Analys18 of staff cost$ and remuneration of key management Pgrsonnel Iconlinuedl The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of direding and controlling the charity and running and operating the Charity on a day to day basis. All trustees give their time freely and no trustee remuner8lion was paid in the year. Travel expenses of£13812020- £3511 have been reimbursed to tmjo {2020- three) trustees during the year. 10 Intangible assgts CRM software Cost At 1 January 2021 and 31 December 2021 4.737 Amortlsation At 1 January 2021 and 31 Dectsmber 2021 4,737 N•t book value At 31 December 2020 and 31 December 2021 4,737 Intangible assets Tepresent the cost of the membership database management system. 11 Tangible assets Heiitage assets Libiary equipment Office equipment Cornpuler eqvipment Total Cost Al 1 January 2021 Add(£ions At 310e¢8mber 2021 948,590 49,298 997,888 8,198 3,258 1,867 961,713 49,298 1,011,011 8,198 3,258 1,667 D•preclatlon At 1 January 2021 Charge for the year Al 31 December 2021 7,675 174 3,258 1,667 12,600 174 12.774 7.849 3,258 1.667 Net book value At 31 Dwmber 2021 At 31 December 2020 997,888 948,590 349 998.237 949,113 523 The cost of the Heritage assets staled above is in respect of books and periodicals aequired since 1 January 2001. The additions relate to 500kn of the total cost of library addition5, the other 50Vk being shown in the financial statements of The Society for the Promotion of Helbnic Studies which owns the assets joinlly with the Society. The Society for the Promotion of Roman Studies 30
Note$ to the flnancial statèments Year lo 31 December 2021 11 Tanglble assets {continued) The collecb.on ofthe Joint Library oflhe Sooielies is insured wrth the Instituteof Classul Studies, books by the Unwersity of London, the SOCtieS, interest being noted. Addrtions in the year of 249,298 12020 - £39.5561 comprise librdry books gifted totalling £6,514 12020 £4,447}, Feriodul exchanges of £26,2S212020-£18,0741, and other purchased items of£16,52212020 £17,035). The Societies had a professional valuation of Ihe collection in 2013, comprising in the region of 112.000 books in totsl, al £9.47m. The colkdion insured for this value by the University of London as part of the MenK)randum of Understanding in pla. The drfference beeen the insured sum and the net book value in the financial Statements partly relates lo the additions lo the Library prior to 2001. and includes a selection of valuable antiquarian books. The trustees have opted to continue recognising the library books at cost due lo the onerous requirement of obtsining regular valuations that arises from adopting the valuation method. No benefit is considered in recognising the assets at valuation 8S the assets are retained by the charities for public use and there is no intention of selling or otherwise disposing of these assets in the future. 12 Investments 2021 220 Invèstments at market value: At l Janu8ry Additions Unre8lised investment gains (losses) Market Wal at 31 December 1,787,726 10,000 286,175 2,083,901 1.623,904 178,(XlO {14,1781 1,787.726 Markgt valuo at 31 Decembèr Is represented by.. Multi-Assels Funds 2,083,901 1,787,726 Hl$torlcal cost as at 31 December 1.217A36 1,207.438 Included above are the following investments which represent more than 5% of the total market value". 2021 Market valuè 2020 Market value Units held Holding 1,111,502 MFM Newton Growth & IncoTne Fund for Charities 2,083.901 1.787.726 The Society for the Promotion of Roman Studies 31
Notes to the finan¢lal statements Year to 31 December 2021 12 Investments Iconlinuedl The total unrealised gains as at 31 December included In the above eonsts'tute movements on revaluation of the charity's listed investments. Movements during the YearWe as follows.. 2021 2020 Reconciliation of movements in unrealisèd gains: Total unrealised gains at l January Add.. gains Ilosse51 arising on revaluatB)n$ Tn the year Total unrealised gains 8t 310ecember 580.290 286.175 866,46S 594,468 114,1781 580,2 As al 31 March 2022, the markel value of investments had declined by 2.75% since the balance sheet date. 13 Debtors 2021 2020 Due from The Hellenic and Roman Library Other debtors Accrued income Prèpayment 33,942 13,064 95.772 459 143,237 14.634 139,994 154,V28 14 Credltors: amounts falling due wtthin one year 2021 2020 Trade creditors Due to The Society for the Promotion of Hellenio Sknd Due lo The Hdlenic and Roman Library Accruals Dèferred income 33 216 41 35,028 53,247 88,524 22,877 3,820 54.265 2021 2020 Defèrred income Deferred income as 8t 1 January Resources deferred in Ihe pertod Amounts released from previous pefiod Transferred from amounts falling due after more than one year Def91 Income as at 31 December 3.820 8,671 13.8201 4.471 3,820 14,471) 44,576 53,247 3,820 Deferred inGome comprises member subscriptions received towards the end of the calendar year in (espect of subscriptions beginning on 1 January for the next financial year. The Society for the Promotion of Roman Studies 32
Nol¢s to the financial slatements Year to 31 December 2021 15 Credltors: amounts falllng due after more than one year 2021 2020 Deferred income- life comp08ition$ DerTed events income 5,834 5,961 45,966 51,927 5,B34 ferred Incom• 2021 2020 Balance brought fOard Amounts Teceived from new subscriptions Less.. transferred to income and expenditure aocount Other resources deferred in the period Transferred to amounls falling du• within one year 51,927 $32 16591 11,3901 144.5761 5,834 6,623 16821 45,966 51,927 The Society for the Promotion of Roman Studies 33
CD oc XCXJ IO£T) <rJW
Notes to the financlal ststements Year to 31 December 2021 16 R•$trlcted funds Iconlinuedl The purposes of the above funds were as follows.. Donald Atk30n Fund Fund8 for use for the general purposes of the Socjety exGluding the financing of archaeological excav8llons, except where Sp81 circumstances a deemed to apply by Council. Funds for use for the general purposes of the Society excluding expenses in conneGbon with arthaeological or other excav8tions oi surveys, ortr8velling. hotel. confereroE 01 other living expenses of s¢holars. M V Taylor Memorial Fund Funds designated to pay for travet arKI accommodation ctssts of ovefi8eas speakers. Britannia Monograph Fund Funds received tLw4ards the ex)sts tsf publishing Britannia Monographs. Getmanicus Stholarship Funds lo support a thre&ye8r postgraduate 8choiaiship. fund Polonsky Foundation Fund FuTKls to provide books and other learning resources to schools. Library Speaal Book Fund Funds to pur¢h8sè library 0k5 in excess of the amount budgeted, expendrture is shown as a transfer as books are capilalised within unrestricted funds. Library General Book Fund Funds to purchase library books without further restriction. Hugh La81 Fund 17 Analysls of net assets Unrestricted Rèstricted funds fund8 Total Unrestricted R88tsicted 2021 funds funds Total 2020 Tangible fixed asset8 Inveslment5 Current assets Current liabilities Long term liabilities Net assets at 31 D0Mber 998,237 1.080.227 198.445 188,5241 15,8341 998.237 2,083.901 251.903 188,5241 15,834) 949,113 921,953 187.381 154,2651 151,9271 949.113 1,787,726 237,264 154,2651 151.9271 1,003.674 53,458 865.773 49,883 2,182,551 1.057.132 3.239,683 1,952.255 915,856 2.867,911 18 Pension scheme Through the UOL, the Society's employees participate in the Universities SL¢perannualion Scheme (USS) and the Superannuation Arrangements of the University of London ISAULI. Both USS and SAUL are defined benefit mulli-employer schemes. It is not possible or appropriate lo identfy assets and liabilities of the Schemes which are attributable to the Society. According to the latest actuarial va5uation of the USS, as at 31 March 2020 the USS'S assets were sufficient to cover 780h of its liabiSities. Following this valuation, the standard contribution rale to be borne by the charity. increased to 21.1 %, from 1 October 2021 and is expected to Increase to 23.70 from 1 April 2022. SAUL'S latest available valuation states that as al 31 Mah 2020 the fund was in surplus. w(th assets sufficientto cover 103Vh of its liabilities. The standard contribution rate borne by the Society throughout the year was 16%. Neither scheme has yet completed its valuatronlheallh check as at 31 March 2020,. it is possible that contribution rates may increase when thase are finalised. The Society for the Promotion of Roman Studies 35
Notes to Ihe financlal statements Year to 31 December 2021 19 Contingent liabllltles On 28 April 2016, the Society, along with The Hellenic Society and HARL, entered into a 25 year agreement with UOL for the combined management and operation of the Library. Under that agreement, HARL has undertaken to bearwith effect from 1 January 2016 certain expenses in respect of the operation of the library, principally relating to the costs of the librarians. HARL has also undertaken to procure the acquisitson of library books on behalf of the Societies. The I0 societies have separately agreed to reimburse HARL'S costs and obligations under the agreement with UOL. 20 Financlal commltments Al the year end, the charity had lotal future minimum lease payment commitments under non- cancellable operating leases. These ¢ommitments are not included on the balance sheet as liabilities. 2021 2020 Offic? premlsès Within one year Within hro to fNe years 5.300 10,600 5.300 15,900 21 LiabKlity of members The company is limited by guarantee, having no share eapitsl and in the terms of the Memorandurn of Association every member of the company undertakes to contribute lo the assets of the company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member, such amount as may be required not eXeding one pound. 22 Related party transa¢tions The Society for the Promotion of Roman Studies is, tCN3ether with the Society fof the Promotson of Hellenic Studies ISPHSI. a joint member of The Hellenic and Roman Library IHARL), a charitable company limited by guarantee. As disclosed in note 19, an agreement is in place between the Society and HARL under which the Society pay5 fees to HARL for the running of the library along with SPHS. As disclosed in note 9, bookkeeping costs for the Societies a 8180 recharged by HARL to thg Sooeties. The amounts charged under these arrangements during the year expensed to the Roman Society's statement of financial aclivilies, net of a rebate of £29,342, amounted lo £162,89212020 - £148,4491- At the year end, £33,942 was due from HARL {2020 - £26,864 due to HARLI. Library books acquired by HARL on behalf of the Society amounted to £16,52212020- £17,035), as disclosed in note 11. The Society for the Promotion of Roman Studies 36