The Society for the Promotion of Roman Studies Annual Report and Financial ststements 31 December 2023 Company Limf(ed by Guarantee Registration Number 00114442 (England and Wales) Charity Registration Number 210644
Contents Reports Reference and administrative information Trustees, report Independent auditor's report on the financial statements Financial statements Statement of financial activities 15 Balance sheet 16 Statement of cash flows 17 Principal accounting policies 18 Notes to the financial statements 24 The Society for the Promotion of Roman Studies
Reference and administrative infomiation President Professor Roy K. Gibson Vice-Presidents Professor Timothy J. Cornell Professor Catharine H. Edwards, FBA Professor Dominic W. Rathbone Elected Members of Council Dr Caroline Barron Dr Henriette van der Blom" Professor Will Bowden Ms Caroline Bristow Dr Clive Cheesman Dr Katharine Eamshaw" Professor Roy K. Gibson Dr Penny Goodman" Professor Julia Hillner" Dr Philip B. Kay, FSA Professor Rebecca Langlands- Professor Myles Lavan"" Professor Christian Laes" Dr Shushma Malik Professor Roland G. Mayer Dr Mai Musié t Dr Harriet O'Neill Dr Elisabeth O'connell Dr Ellen O'Gorman- Dr Hannah Platts"" Professor Costas Panayotakis"" Mr James Renshaw" Dr Andrew Roberts Professor Federico Santangelo Dr Marguerite Spoerri Butcher Dr Claire Stocks"" Miss Emma Stuart"" Professor Peter Thonemann. Dr Katharine Walker" Professor Jamie Wood "Resigned June 2023,. -Elected June 2023 Honorary Treasurer Dr Philip B. Kay, FSA Honorary Secretary Professor Roland G. Mayer Editorial Committee Editor, JRS Professor Peter Thonemann (until June 2023) Professor Myles Lavan (from June 2023) Professor Will Bowden Professor Myles Lavan (until June 2023) Professor Neville Morley (from June 2023) Editor, Britannia Reviews Editor, JRS Reviews Editor, Britannia Dr Nick Hodgson Company Secretary Dr Fiona K. Haarer, FSA The Scciety for the Promotion of Roman Studies 1
Reference and administrative infomiation Registered address Senate House Malet Street London WC1E 7HU Company registration number 00114442 Charity registration number 210644 Auditor UHY Ross Brooke Chartered Accountants and Registered Auditors Suite I Windrush Court Abingdon OX14 1SY Investment Managers Nevrton Investment Management Limited BNY Mellon Centre, 160 Queen Victoria Street London EC4V4LA Bankers Cafcash Ltd Kings Hill West Malling Kent ME19 4TA Natwest Bank plc Bloomsbury. Parr's Branch PO Box 158, High Holbom London WC1V 7BX The Scciety for the Promotion of Roman Studies 2
Trustees. report Year to 31 December 2023 The trustees of The Society for the Promotion of Roman Studies {'the Society'} present their annual report together with the financial statements and the auditorfs report of the charity for the year to 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities IFRS 102)" in preparing the annual report and financial statements of the Society. The annual report serves 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 18 to 23 of the attached financial statements and comply with the charitable company's memorandum and articles of association, applicable laws and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Society is a charitable 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 210644). 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 to contribute an amount not exceeding £1. Election of officers and Council The governing body is the Council consisting of the President, Vice-Presidents, the Honorary Treasurer, the Honorary Secretary, the Editors, and not more than twenty-four ordinary members. As the Society is a charitable company, the members of the Council are the directors under company law and the trustees under charity law. 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 members for a year at a time at the Annual General Meeting held each June. The President is elected for a three-year term, with a possible extension up to five years, also at the AGM. Likewise, up to eight ordinary members of the Council are elected by the members at each AGM for a period of three years. The Editors and Review Editors of the journals are appointed by Council on the recommendation of the JRS and Britannia Committees. Trustee induction and training Prospective Council Members are informed that. if elected, they will become a trustee of the charity. They are also sent copies of the Society's most recent set of financial statements, the Memorandum and Articles of Association and a leaflet from the Charity Commissioners on the 'Responsibilities of Charity Trustees,. On their election they are sent the schedule of meetings for the coming year and asked to complete the Companies House form for the election of new directors. Shortly before their first Council meeting, they are sent a document detailing the Society's committee structure and the procedures of Council, emphasising their responsibility for approving all financial expenditure and planning future policy and their duty to ensure that they are satisfied with the financial statements. The Scciety for the Promotion of Roman Studies 3
Trustees. report Year to 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Risk management In reaching decisions, the trustees continually bear in mind the major governing, operational and financial risks which the Society faces. These are set out in a formal Risk Assessment which is considered by Council annually. The major risks faced by the Society are.. l Governance Risks Poororganisation. trustees benefitting from the charity by remuneration & other conflicts, activities outside the Society's objects The SPRS is a corporate body as well as a charity- It has a clear organisational structure with annually elected officers. and an elected Council. The Society's purposes are clearly laid out in its Memorandum and Articles of Association and its financial statements are subject to annual auditing by professional auditors. Trustees are not remunerated, except for the payment of travel and other legitimate expenses. All activities of the Society are carefully considered by Council to ensure 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 Operational Risks Quality and production of the Joumals. Quality of the Library. Assets & Insurance, Employees. The quality of the journals is assured by a rigorous process of peer review for potential contributions 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 Committee and by the Hon. Librarian of the Joint Library. The Society takes legal advice or involves appropriate experts when it enters into other major contracts, for example, with Cambridge University Press in relation to journals and Newton Investment Management Limited in relation to investments. The Society has its own Offi insurance and the insurance of the Combined Library is covered by the University of London, (UOL). The Society's employees are on the (UOL) payroll. 3 Financial Risks Budgeting & reporting, reserves and cash flow, expenditure and income, membership, open access The Hon. Treasurer is responsible for the Society's finances and reports regularly to Council. The Society has a clear reserves policy in pla and maintains adequate reserves. All expenditure and income is monitored closely, especially on the Library and journals. The Society is working closely with Cambridge University Press {CUP) and other learned societies on the issue of open aCss. The Scciety for the Promotion of Roman Studies 4
Trustees. report Year to 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Risk management (continued) 4 External risks Public perception, demographic change, govemment policy Council is well aware of the need to promote Roman studies in schools, universities and generally, and regularly considers the status of Roman studies and how the Society can be involved. The Society undertakes advocacy work where appropriate. 5 Legal Charity and Company Law. Health & Safety, Rules & Objectives The Society's administration keeps up to date with the guidelines and regulations of the Charity Commission and Company Law, and the Society is registered under the Dats Protection ACL Health and Safety and Employment laws issues are covered by the UOL'S regulations which apply to the Offi staff 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. Oryanisation structure Council administers the funds and other assets of the Society in accordance with the Society's objects. It controls all the Society's publications, and manages all its other affairs and activities. It delegates powers to committees, including JRS, Britannia, Archaeology, Investment, Schools and Roman Studies Committees, all of which report back directly to Council. The President is ex opTicio a member of all these committees. At the Annual General Meeting, Council presents to the members a report and financial statements for their approval., the AGM appoints the auditors and elects offirS and ordinary Council members. Related parties The Society has a close relationship with its sister society, the Society for the Promotion of Hellenic Studies {'The Hellenic Society,). 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 University of London ('UoL'). With effect from 1 January 2016. the societies, arrangements for the management of the Joint Library have changed. While the societies retain ownership of the books in the Library, a joint venture company formed by the two societies, the Hellenic and Roman Library ('HARL'), is responsible for managing the societies, 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 alia to bear, with effect from 1 January 2016, rtain expenses in respect of the operation of the library, principally relating to costs of the librarians. The societies have separately agreed to reimburse HARL'S costs and obligations under the agreement with UOL. The Scciety for the Promotion of Roman Studies 5
Trustees. report Year to 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Related parties (continued) 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 its Secretary and Assistant Secretary to the Hellenic Society for part of their time 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 between the Societies. Part of the Secretary's time is also seconded to HARL on an equivalent basis. OBJECTIVES AND ACTIVITIES Objects The objects for which the Society is established are.. To promote the study of the history, archaeology, literature and art of Italy and the Roman Empire, from the earliest times down to about AD 700. To publish a journal or joumals, which shall contain original articles, reports of recent research and exploration in Roman lands, and notices of recent literature, and such other matters as the Council shall from ts'me to time determine. To form 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. To hold meetings at which communications shall be made and discussions held on subjects falling within the scope of the Society. To work in harmony with and from ts'me to time make grants, to be applied for purposes to which the same could be applied by the Society under this Memorandum, to the British School at Rome and to other institutions. societies and persons concerned with Roman history, archaeology, literature and art, but so that no grant or assistance in money or money's worth shall be made or given to any such institution or society, unless it shall limit the distribution of its income and propety amongst its members to an extent at least as great as is imposed on the Society by virtue of clause 4 of the Memorandum of Association. To do all such other lawful things as are incidental or conducive to the attainment of the above objects. Public benefit The Council considers that the above objects are fully 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 conferences all help to promote Roman studies in different ways. No harm or detriment arises from the carrying out of any of these aims. The Scciety for the Promotion of Roman Studies 6
Trustees. report Year to 31 December 2023 OBJECTIVES AND ACTIVITIES (continued) Public benefit (continued) The Society aims to benefit academics and any member of the public with an interest in any aspect of Roman studies. The Society has a worldwide membership and anyone who is interested mayjoin and benefitfrom receipt of the journals and borrowing rights in the Library. Reading rights in the Library are open to non-members, and non-members may attend lectures or conferences, and apply fora grant. Different rates of charges apply to full members and student associates. No one received any private benefits from the Society. Review of development, activities and achievements In 2023, all four main areas of the Society's activities continued on a sucSsful basis. 1. By the end of the year. 1243 members had received copies of and online access to the Joumal of Roman Studies and l or Britannia and 267 student members had received online access (69 paid extra for the print version). 2 The Library recorded the following statistics for 2023.- turnstile entries.. 29,107- number of borrowers: 1,924; books borrowed: 4,938,. books received {JL>'. 2,330. 3. In 2023, the Society hosted a number of events in person and which were filmed for the Society's YouTube channel. The academic year began with a joint event with the Hellenic Society and the British Institute at Ankara to remember Gina Coulthard, who had worked on the JRS and Britannia. Stephen Hill and Stephen Mitchell delivered tributes to Ms Coulthard, and Dr Jane Rempel delivered the Gina Coulthard Memorial Lecture: 'Sinope in a Black Sea World,. In February, the Society held a joint event with the Hellenic Society and Society of Antiquaries at Burlington House when Dr Yannis Galanakis gave a lecture on= 'The antiquities trade in late 19th century Greece- stories of people & objects,. Later in February, Professor Peter Sarris gave a lecture entitled 'Justinian.' Holy Emperor and Demon King,, and in March, there was another joint event with the Hellenic Society, on the Antikythera Mechanism, chaired by Professor Liba Taub, with Dr Jo Marchant, Professor Mike Edmunds and Dr Seb Falk. The AGM was held on 10 June and was followed by a colloquium on 'Ancient Enslavement: fresh perspectives,, with Professor Myles Lavan, Professor Henrik Mouritsen, Dr April Pudsey, and Professor Alice Rio. In November, Dr Fiona Haarer gave a lecture on 'Justinian, Theodora and Cultural Change in the Sixth Century,, and the annual day conference 'Reconnecting Roman Britain,, was held in Newcastle. Several visits were arranged for members: to the Roman Baths (Bath}, Richborough, and there was a four4ay visit to Hadrian's Wall, led by Dr Matt Symonds. 4 The Hugh Last Fund Committee made three grants in March 2023 (totalling £5,425) and o grants totalling £1500 were awarded from the General Fund. The joint Audrey Barrie Brown (Roman Research Trust) and Donald Atkinson Funds Committee made a total of ten grants, four from DA Funds. totalling £7500. The Schools Committee awarded a total of £37,197 in seventy-four grants to schools and three prizes of £200 to PGCE students. Nine bursaries were given to students taking up summer placements in museums and heritsge organisations, and one student received a bursary for a fieldwork project with the BSR. The Scciety for the Promotion of Roman Studies 7
Trustees. report Year to 31 December 2023 PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS The Journal of Roman Studies and Britannia 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 DeMber. We will continue to hold our usual programme of events in-person and filmed.. In February, Professor Dan*1 Padilla Peralta (Princeton) delivered the M.V. Taylor Lecture" 338 BCE and the Transformation of Ancient Afr(kEurasia. In March, there was a joint event with the Hellenic Society (Changing Attitudes to the Olympics), and in April there was a visit to the Newt Somerset (Villa Ventorum). The AGM will be held in June followed by a colloquium on Recent Discoveries at Pompeii. FINANCIAL REVIEW The results for the year are set out on page 15 of the financial statements. Total income for the year was £450.697 (2022: £489,448}, a decrease of 8 % which principally resulted from higher revenue in the prior year from the Roman Archaeology Conference that was held in 2022. Income from the publishing agreements with Cambridge University Press, for JRS and Britannia, increased by 6. to £132,019 from £123,844 in 2022, whilst revenue from membership subscriptions has fallen by 11°A to £94,818 {2022'. £106,275). Investment income grew by 90/0 and there was a small increase in "other income. which comprises staff costs that are recharged to the Hellenic Society and to The Hellenic and Roman Library for time spent by employees of the Society on Hellenic Society and HARL matters respectively. Total costs for the year decreased by 5 /0 to £425,632 (2022.. £449,945), with the main factors being reduced monograph expenses and prior year costs associated with staging the Roman Archaeology Conference. partly compensated by increased grant giving, especially to Schools Committees. Net income before investment gains and losses was £25,065 (2022.. £39,503). Net investment gains for the year on units held in the BNY Mellon Newton Growth & Income Fund were £108,248 (2022.. net losses of £149,327) and the value of the investment portfolio at the end of the year was £1,942,823. Of this amount, £1,000,265 (2022: £940,050) was in restricted funds and £942.558 (2022= £894.526) was unrestricted. The total net assets of the Society at 31 December 2023 were £3,279,241 (2022. £3,145,928). The Scciety for the Promotion of Roman Studies
Trustees. report Year to 31 December 2023 FINANCIAL REVIEW (continued) Reserves policy and going concern assessment The Society maintains general reserves as a matter of prudence to protect itself against sudden or unexpected expenditures in pursuance of its objects or in relation to its premises. These reserves are normally almost wholly invested in securities. The Council reviews the Society's investments and reserves regularly, and the Council's current policy is to maintain them at around at least 9 months, operational costs, which would currently be about £320,000 (2022.. £330,000). The Society's free reserves equating to unrestricted funds, less amounts held as tangible and intangible fixed assets, amounted to £1,140,684. 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 two funds, towards 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 to help promote the teaching of Latin and Roman studies and awards archaeological bursaries to sixth- formers. The Roman Studies Committee awards bursaries for summer placements in museums and heritage organisations. The Archaeology Committee supports conferences and workshops with grants and offers bursaries and prizes to students. Investment policy and perfomiance The Society's investments are overseen by an Investment Committee which meets several times a year and reports regularly to Council. The objective for the Society's investments is to produce a steady income to support its various activities, whilst at the same time at least maintaining the value of the capital in real terms. 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 50°/o FTSE All Share Index,. 25 % SE World (ex-UK),' 20 % SE Government All Stocks Index and 5 % 74ay cash. In 2023. the Fund delivered a net retum of 8.6. (including dividends) but underperformed its Perfomance Benchmark which was up by 9.3 %. At the end of 2023, the Fund had a yield of 2.3 % which was up slightly on the previous year's 2.2 % but was lower than the yield on the Fund's Perfomiance Benchmark which was 3.4 %. 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 charity and running and operating the charity on a day-to-day basis. All trustees give their time freely and no trustee remunerations were paid in the year. Trustees are required to disclose all relevant interests and register them with the Secretary. STATEMENT OF TRUSTEES, RESPONSIBILrriES The trustees (who are also directors of The Society for the Promotion of Roman Studies for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Scciety for the Promotion of Roman Studies 9
Trustees. report Year to 31 December 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES (continued) Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to.. • Select suitable accounting policies and then apply them consistently- • Observe the methods and principles in the Charities SORP 2015 (FRS 102); • Make judgements and estimates that are reasonable and prudent., stste whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial ststements., and • Prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charrtable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detecb.on of fraud and other irregularities. In so far as the trustees are aware.. • There is no relevant audit information of which the charitable company's auditor is unaware. and • The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The trustees, report was approved by order of the members of the board of trustees and signed on their behalf by= Treasurer Date.. 24.06.2024 The Society for the Promotion of Roman Studies 10
Independent auditor's report on the financial statements 31 December 2023 Independent Auditorfs Report to the Members of The Society for the Promotion of Roman Studies Opinion We have audited the financial statements of The Society for the Promotion of Roman Studies (the 'charitable company,) for the year ended 31 December 2023 which comprise the statement of financial activib"es, balance sheet and statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally ACpted Accounting practi). In our opinion the financial statements= give a true and fair view of the state of charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generally ACpted Accounting Pracb"ce" and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements sects-on 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. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. The Society for the Promotion of Roman Studies 11
Independent auditor's report on the financial statements 31 December 2023 Other inforniation The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial ststements does not cover the other information and, except to the extent otheNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misststements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other informats'on. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees, Annual Report, which includes the Directors, Report prepared forthe purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Directors, Report included within the Trustees, Annual Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light ofthe knowledge and understanding of the charitsble company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report included within the Trustees, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, 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 certain disclosures of trustees, remuneration specffied by law are not made,. or we have not reiVed all the information and explanationswe require for ouraudit. Responsibilities of trustees As explained more fully in the Trustees. Responsibilities Statement set out on page 17, the trustees (who are also the directors of the charitable company purposes of company lawl are responsible for the preparation of a trustees, annual report and financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Society for the Promotion of Roman Studies 12
Independent auditor's report on the financial statements 31 December 2023 Responsibilities of trustees (continued) In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going cOnrn, disclosing, as applicable, matters 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. Audito$ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an auditconducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: We have considered.. the nature of the charity and sector, control environment and operating performance", the charity's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error., any matters we identified having reviewed the charity's policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and the internal controls established to mitigate risks of fraud or non- compliance with laws and regulations., the matters discussed amongst the audit engagement team. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAS {UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, Charities Act and tax legislation. The Society for the Promotion of Roman Studies 13
Independent auditor's report on the financial statements 31 December 2023 Audito$ responsibilities for the audit of the financial statements (continued) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non<ompliance. The risk is also greater regarding irregularities ¢xcurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http:l.frC.org.UklaudltorsreSponSlb1lltle$. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitsble company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, forthis report, or for the opinions we have formed. Caroline Webster (Senior Statutory Auditor) for and on behalf of UHY Ross Brooke, Statutory Auditor Suite I Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY Date.. 24106124 The Society for the Promotion of Roman Studies 14
Statement of financial activities (including the income and expenditure account) Year to 31 December 2023 2022 Total funds restated 2023 Unrestricted Total fund Restricted funds restated funds Unrestricted Restricted fund funds Notes Income from: Donations and legac5 Charitable adivities Investment income Other income 20.088 289,425 23.918 69.988 403.419 26,500 46.588 289,425 44.696 69.988 450.697 22,302 325,197 23.322 65,533 436,354 35,500 57,802 325,197 40,916 65,533 489,448 20,778 17,594 Total income 47.278 53,094 Expenditure on: Charitable activities Total expenditure 389.759 389.759 35,873 35,873 425.632 425.632 374,449 374,449 75,496 75,496 449,945 449,945 Net income before investment gains (losses} 13.660 11.405 25.065 61,905 122,4021 39,503 Nel gains Ilossesl on investments 12 52.T11 55.477 108.248 180,4871 168,8401 1149,3271 Net income and movement in funds 66.431 66,882 133.313 118,5821 191,2421 1109,8241 Reconciliation of funds Total fund balan$ brought forward at 1 January Total fund balances carried forward at 31 December 2.180.038 965.890 3.145.928 2,198,620 1,057,132 3,255,752 2.246.469 1.032.772 3.279.241 2,180,038 965,890 3.145,928 All of the Society's activities derived from continuing operations during the above financial periods. The statement of financial activities includes all gains and losses recognised during the year. The Society for the Promotion of Roman Studies 15
Balance sheet 31 Dember 2023 2022 restated 2022 restated 2023 2023 Notes Fixed assets Tangible assels- heritage assets Tangible assets- other Inveslments 1,105.785 1,054,569 176 1,834.576 2,889,321 12 1,942,823 3.048.608 Current assets Debtors Short temi deposits Cash at bank and in hand 13 203.897 10.642 52,858 267.397 203,300 10,528 92,709 306,537 Liabilities Credilors.. amounts falling due within one year Net current assets 14 (31.462) (43,8721 235,935 262,665 Total assets less current liabilities 3.284.543 3,151,986 Credilors.. amounls falling after more than one year Total net assets 15 (5.302) 3,279.241 (6,058) 3,145,928 Funds Unrestricted funds Restricted funds 2.246.469 1.032.772 2,180,038 965,890 16 Totsl funds 3.279.241 3,145,928 Approved by the trustees and signed on their behalf by.. Trustee Date.. 24.06.2024 Company Limited by Guarantee Registration Number: 00114442 (England and Wales) The Society for the Promotion of Roman Studies 16
Statement of cash flows Year to 31 December 2023 2023 2022 Note Net cash {used in) operating activities Net cash (used in) operating activities {84.433) (146,345) Cash flows from investing activities Investment income Disposal of investments Purchase of investments Net cash provided by investing activities 44,696 40,916 100,000 44.696 140,916 Net (decrease) increase cash and cash equivalents {39.737) (5,4291 Cash and cash equivalents at 1 January 103,237 108,666 Cash and cash equivalents at 31 December 63,500 103,237 A Reconciliation of income to net cash flow provided by operating activities 2023 2022 Net income {expenditure) for the year 133.313 (109,824) Adjustment for: Books and periodicals Depreciation and amortisation of fixed assets Net (gain) loss on investments Investment income (Increase) in debtors (Decrease) in creditors" Net cash (used in) operating activities (35,8151 (40,452) 176 173 {108,2481 149,327 (44,6961 {40,916) (596) {43,996) (28.5671 (60,65n (84.4331 1146,345) he decrease in creditors per the balance sheet in 2023 is £13,166 (2022 - £44,428 increase). The differen to the cash flow movement of £15.401 (2022 - £16.229) relates to the capital accrual of books purchased by HARL on behalf ofthe societies which is a transaction that does not pass through the SOFA. B Analysis of cash and cash equivalents 2022 Cash flows 2023 Cash at bank and in hand Short tem deposits Total cash and cash equivalents 92.709 10,528 103,237 (39,851) 114 52,858 10,642 63,500 (39,737} The Society for the Promotion of Roman Studies 17
Principal accounting policies 31 December 2023 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. Basis of preparation These financial statements have been prepared for the year to 31 December 2023 with comparative information in respect of the year to 31 Dernber 2022. They are presented in sterling and are rounded to the nearest pound. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. The financial ststements have been prepared in accordance with the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordan with the Financial Reporting Standard (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006. The Society meets the definition of a public benefit entity under FRS 102. Assessment of going concem The trustees have assessed whetherthe use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to 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 material 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 Scriety will have sufficient resources to meet its liabilrties as they fall due. With 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 return and the performan of the investment markets (see the 'lnvestment policy and performance, section of the trustees, report for more information). Critical accounting estimates and areas of judgement Preparation of the financial statements requires the trustees and management to make significant judgements 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 fixed assets used to determine the annual depreciation charge.. • the estimates of market value attributed to books and periodicals donated to the Society., and + the assumptions adopted by the trustees and management in determining the value of any designations required from the charity's general unrestricted funds. The Society for the Promotion of Roman Studies 18
Principal accounting policies 31 December 2023 Critical accounting estimates and areas of judgement (continued) Estimates used in the financial statements, particularly with respect to the value of listed investments (see note 12) are subject to a degree of uncertainty and volatility. Fund accounting General funds are unrestricted funds, which are available for use at the discretion of the trustees in furtherance of the general objectives of the Society, and which have not been designated for other purposes. Restricted funds are funds, which are to be used in accordance with specific restrictions imposed by donors, or which have been raised by the Society for specific purposes. Designated funds are unrestricted funds earmarked by the trustees for a particular purposes. Income recognition All income is included in the statement of financial activities (SOFA) when the charity is legally entitled to income, the amount can be quantified with reasonable accuracy and receipt is probable. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. Income comprises donations, legacies, grants, income from charitable activities including publications and membership subscription,. and investment income and interest receivable. Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of perfomance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditr'ons is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Donations in kind relate to library books gifted to HARL and are recognised when received. Where the donor does not provide any valuation, the trustees obtain a suitable market valuation from one or more alternative SoUrs. Periodical exchanges included in publications income relates to periodicals received from organisations in return for copies of the Society's publications. Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. The Society for the Promotion of Roman Studies 19
Principal accounting policies 31 December 2023 Income recognition (continued) In accordance with the Charities SORP FRS 102 volunteer time is not recognised. Grant funding is recognised as and when the work is completed and the grant conditions 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 recognised in the period in which the royalties were accrued or the publications sold. Annual membership subscriptions are recognised as income on an accruals basis 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 65 years. A policy of recognising these subscriptions in the SOFA over a period of 10 years has been set. However, in the event of death, full release to the SOFA is made. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on funds held on deposit is included when re1vable and the amount can be measured reliably by the charity., this is nom)ally upon notification of the interest paid or payable by the bank. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Society to make a payment to a 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 trustees, report. This includes the costs associated with the servicing of members. costs in connection with hosting events and conferences for the Society's beneficiaries, costs associated with the production of publications, and grants awarded. Expenditure on charitable activities includes both costs which can be directly attributed to the key activities as well as an allocation of shared support costs (see below). Allocation of support and governance costs Support costs represent indirect charitable expenditure. Staff support costs are apportioned between activities on the following basis.. 80 % membership, publications and events- 150/0 governan., and 50/0 grants. Other relevant support costs are split 75 % and 25 % beeen membership, publications and events and governance respectively. The Society for the Promotion of Roman Studies 20
Principal accounting policies 31 December 2023 Allocation of support and governance costs (continued) Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to ststutory audit, other direct costs. together with an apportionment of certain support costs as detailed above. Intangible fixed assets Intangible assets are measured at cost less any accumulated amortisation. Amortisation is provided on the following bases= CRM database 33/3Vo per annum Tangible fixed assets and depreciation Assets costing over £250 are capitalised. Depreciation is provided at rates calculated to write off the cost of each tangible fixed asset less its residual value on a straight line basis over its expected useful life as follows.. offi equipment • Computer equipment • Library equipment • Heritage assets 33/3 % per annum 33/3. per annum 10- 33/.% per annum Nil (see below) The Society, in conjunction with the Society for the Promotion of Hellenic Studies, holds heritage assets comprising a substantial collection of library books, periodicals and other historic materials in the Joint Library which, until 31 December 2007, had not been capitalised. In 2008, the trustees reviewed this policy and decided to capitalise the library books and periodicals in order to comply with the requirements of the Charits"es SORP. In determining how far back the prior year adjustment should relate to, it was established that the SORP (October 2000) was the first year where it became necessary to capitalise such assets on the balan sheet, therefore this policy has gone back as far as the year ended 31 December 2001. Due to the quantity of assets, the cost of valuing assets acquired prior to this time was deemed to be prohibitive. 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 investments Investments are a fomi of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statements of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. 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 to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. The Society for the Promotion of Roman Studies 21
Principal accounting policies 31 December 2023 Fixed asset investments (continued) The Society does 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 at trustee meetings. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Short term deposits Short term deposits are represented by 90 day deposits with financial institutions. Stocks The charity maintains a back issue stock of journals. The charity places no value on these stocks in the financial statements due to the age and limited demand of the stock items held. Pensions Through the UOL, the Society's employees participate in the Universities Superannuation Scheme (USS) and the Superannuation Arrangements of the University of London (SAUL). Both USS and SAUL are defined benefit multi*mployer schemes. It is not possible or appropriate to identify assets and liabilities of the schemes which are attributable to the Society. According to the latest actuarial valuation of the USS, a defined benefit multi-employer scheme, as at 31 March 2020 the USS, assets were sufficient to cover 78 % of its liabilities at that date. The USS has completed its most recent review as at 31 March 2022. The indicative future Servi contribution rate based on financial conditions as at 31 March 2022 for benefits accruing from 1 April 2022 is 24.5 % of Salary {reducing to 23.7 % of salaries from 1 April 2024). SAUL'S latest available annual review states that as at 31 March 2022 the fund was in surplus, with assets sufficient to cover 1160/0 of its liabilities. The standard employerfs contribution rate throughout the year was increased from 160/0 to 19 %. Operating leases Rentals payable and receivable under operating leases are charged to 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 471 to 489 of the Corporation Tax Act 2010 or Section 256 of Taxation of Chargeable Gains Act 1992 are exempt from corFM)ration tax to the extent that they are applied to its charitable objectives. The Society for the Promotion of Roman Studies 22
Principal accounting policies 31 December 2023 Heritage assets Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or, if donated, their valuation. Fair values for donated assets are estimated by reference to market prices. Fair values for periodicals received via exchange with other institutions are deemed to be equal to the current selling pri of the periodical supplied. Acquisitions only arise when donated to the charity or if it is believed that they will further the Society's objectives. on acquired. they will be preserved by the Society in order to 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 acSsible to the public with prior agreement. Heritage assets are to be held for the foreseeable future. Financial instruments The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their setuement value. Prior period restatement The comparative figures have been restated in respect of the following.. Decrease to debtors (other debtors) and opening funds of £5,168 in respect of VAT recoverable. 2. Increase to debtors (accrued income) and opening funds of £21,237 in respect of royalty income reiVed in arrears to which the charity was entitled The Society for the Promotion of Roman Studies 23
Notes to the financial statements Year to 31 December 2023 1 Donations and legacies 2023 2022 Journal of Roman Studies grants Britannia grants Monographs grants Polonsky Foundation Donations Library books gifled 1.000 500 4,000 15,500 20,000 322 17,480 57,802 11,500 15.000 261 18,827 46,588 £26,500 of the income from donations and legacies is restricted (2022 - £35,500>. 2 Income from charitable activities 2023 2022 Subscriptions: Subscriplions receivable Gift aid on subsuiptions Life compositions 86,037 8,025 756 92,149 13,286 840 Publications: JRS and Britannia publication income Digital archive income Sales of publications and back volumes Periodical exchanges Royalties 130.487 1.532 6,446 16.988 25.321 119,245 4,599 4,114 22,971 23,536 Conference Conference and events Hadrian's Wall members visit Roman Archaeology Conferen 470 10.535 2,133 90 43,288 Library Sales of duplicate books 695 289.425 1,079 325,197 All income from charitable activities is unrestricted in both 2023 and 2022. 3 Investment income 2023 2022 Income from dividends Bank deposit interest 43.058 1.638 44.696 40,612 304 40,916 £20,778 of investment income is restricted (2022- £17,594). The Society for the Promotion of Roman Studies 24
Notes to the financial statements Year to 31 December 2023 4 Expenditure on charitable activities Membership publications & events Membership Totsl publications 2023 & events Total 2022 Grants Grants Direct.. Journal of Roman StudEs Bri(annia Monograph expenses conferen and event costs Hadrian's Wall members vi8it Roman Archaeology Conferen Annual Report $ts Grants payable (note 61 Library costs (note 71 Meeting and commitiee expenses 82 91 1,064 37,451 360 91 1,064 37,451 360 410 2.537 11.769 410 2.537 11.769 31,953 120 31,953 120 42,140 179,800 140 140 67.199 185.783 67.199 42,140 185.783 179,800 9.293 9.293 3,996 3,996 Support costs: Staff costs Inote 91 Staff costs {Hellenic Society) Staff costs {HARL) Office rent Insurance Postage, printing and stationery Telephone and computer expenses Subsuiplions Bank and credit card charges Miscellaneous Depreoalion Govemance (note 51 42.331 52.845 17.143 3.830 262 2.906 45.237 52.845 17,143 3.830 262 44,435 49,125 16.408 4,332 265 2,995 47,430 49,125 16,408 4,332 265 400 400 711 711 2.094 228 1.330 53 176 24.821 355.527 2.094 228 1.330 53 176 24,821 425.632 7,076 224 1,671 114 173 25.441 404.810 7,076 224 1,671 114 173 25,441 449,945 70.105 45,135 £35,873 of expenditure on charitable activities is restricted (2022 - £75,496). 5 Governance costs 2023 2022 Auditorfs Remuneration Trustee expenses Staff costs (note 9) offi rent Telephone and computer expenses Fees charged by HARL.. (note 22) Bookkeeping costs (note 9) 8.250 1.575 7,983 1.277 827 7,750 1,571 8,399 1,444 2,359 4,909 24,821 3,918 25,441 The Society for the Promotion of Roman Studies 25
Notes to the financial statements Year to 31 December 2023 6 Grants expenditure Grants to Grants to Institutions Individuals Total 2023 GTantS to Grants lo Insif(utions Individuals Total 2022 Archaeology Commrttee Schools Committee Donald Atkinson Fund Hugh Last Fund Gemanicus Scholarship General Funds 4.125 37.197 2.218 6,343 37,197 7,500 5,040 8,333 2,786 67,199 2,528 2,528 20,000 3,450 4,299 9,167 2,696 42,140 20,000 3,450 299 9,167 1,849 17,293 4,000 4,000 8.333 1,81YJ 20,891 986 46,308 24,847 2023 2022 Recipients of institutional grants- Grants of £1,000 or more: Donald Atkinson and Hugh Last Fund grants . Ashmolean Roman and Etruscan Galleries British School of Rome 4,000 4,000 Grants under £1.000: Grants lo primary and secondary schools for Roman educational projects and teaching materials Various other Institutional grants 37.197 5.111 46,308 20,000 847 24,847 7 Library costs 2023 2022 Donation to HARL Fees charged by HARL.. (note 22) . Service charge Fees Librarian salaries Adminislralor salary Book purchases handling fee 15,000 16,189 8.971 150,788 9,001 834 185,783 14,844 8,846 131,594 8,614 902 179,800 8 Net income 2023 2022 This is slated after charging= Depreciation of tangible fixed assets Auditorfs remuneration 176 8.250 173 7,750 The Society for the Promotion of Roman Studies 26
Notes to the financial statements Year to 31 December 2023 9 Analysis of staff costs and remuneration of key management personnel The total staff costs were as follows: 2023 2022 Salaries Social security costs Pension contributions 45.116 4.584 8,429 58.129 47,034 5.252 7.622 59.908 One employee earned between £60,000- £70,000 per annum (2022-one beeen £60,000 £70,000). However, only two fifths of the employee's salary is charged to the charity, with the remainder being recharged to Society for the Promotion of Hellenic Studies and HARL as explained in note 19. Staff costs included in the table above do not include staff costs that are recharged to the Hellenic Society and to HARL for time spent by employees ofthe Society on Hellenic Society and HARL matters respectively. Corresponding income is included in other income in the statement of financial activities totalling £69,988 (2022 - £65,533). Included in staff costs above are bookkeeping costs for the Roman Society, recharged from HARL. Staff costs for Roman Society comprise.. 2023 2022 Roman Society slaff costs Roman Society bookkeeping costs (recharged from HARL) 53,220 4,909 58,129 55,829 3,918 59,747 The number of employees during the year was.. 2023 2022 Management and support The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directs'ng 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 remuneration was paid in the year. Travel expenses of £1.575 (2022- £1,571) have been reimbursed to eight (2022 - seven) trustees during the year. The reimbursement of Trustees expenses was as follows" 2023 2022 No. 2023 2022 Travel 1,575 1.575 1,571 1,571 The Society for the Promotion of Roman Studies 27
Notes to the financial statements Year to 31 December 2023 10 Intangible assets CRM software Cost At 1 January 2023 and 310ecember 2023 4,737 Amortisation At 1 January 2023 and 31 December 2023 4,737 Net book value At 31 December 2022 and 31 December 2023 Intangible assets represent the cost of the membership database management system. 11 Tangible assets Heritage assets Library equipment Office equipment Computer equipment Totsl Cost At 1 January 2023 Additions At 31 December 2023 1,054,569 51,216 1,105,785 8,198 3,258 1,667 1,067,692 51.216 1,118,908 8,198 3,258 1,667 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 8,022 176 8,198 3,258 1,667 12,947 176 13,123 3,258 1,667 Net book value At 31 December 2023 1.105.785 1.054.569 1.105,785 1.054,745 At 31 Dmber 2022 176 The cost of the Heritage assets stated above is in respect of books and periodicals acquired since 1 January 2001. The additions relate to 500/0 of the total cost of library additions, the other 500/0 being shown in the financial statements of The Society for the Promotion of Hellenic Studies which owns the assets jointiy with the Society. The collection of the Joint Library of the Sccieties is insured with the Institute of Classical Studies, books by the Universty of London. the sletIes, interest being noted. Additions in the year of £51.216 (2022 £56.681) comprise library bcKJks gifted totalling £18,82712022 £17,480), peri¢)dical exchanges of £16,988 (2022 - £22.972), and other purchased items of £15,401 {2022 £16,229). The Sccieties had a professional valuation of the collection in 2013, comprising in the region of 112,000 lkS in total, at £9.47m. The collection is insured for this value by the University of London as part of the Memorandum of Understanding in pla. The difference beeen the insured sum and the net book value in the financial statements partly relates to the additions to the Library priorto 2001. and includes a selection of valuable antiquarian books. The Society for the Promotion of Roman Studies 28
Notes to the financial statements Year to 31 December 2023 11 Tangible assets (continued) The trustees have opted to continue recognising the library books at cost due to the onerous requirement of obtaining regular valuations that arises from adopting the valuation method. No benefit is considered in recognising the assets at valuation as 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 2023 2022 Investments at market value: At 1 January Additions Disposals Realised investment Oosses) gains Unrealised investment gains {losses) Market value at 31 December 1,834,575 2,083.901 (100,0001 (5,622) (143,7041 1,834.575 108,248 1.942.823 Market value at 31 December is represented by: Multi-Assets Funds 1.942.823 1,834,575 Historical cost as at 31 December 1,155,730 1,155.730 Included above are the following investments which represent more than 5 % of the total market value.. 2023 Market value 2022 Market value Units held Holding 1,174,053 BNY MFM Newton Growth & Income Fund for Charitie5 1.942.823 1,834,575 The total unrealised gains as at 31 Decemter included in the above constitute movements on revaluation of the charty's listed investments. Movements during the year were as follows.. 2023 2022 Reconciliation of movements in unrealised gains: Total unrealised gains at 1 January Adjustments Add.. Gains (losses) arising on revaluations in the year Total unrealised gains at 31 December 678,844 866,465 (38,294) {149,327) 678,844 108,248 787,092 The Society for the Promotion of Roman Studies 29
Notes to the financial statements Year to 31 December 2023 13 Debtors 2022 restated 2023 Due from The Hellenic and Roman Library Other debtors Accrued income Prepayment 75,675 13,379 114.275 568 203.897 63,926 15,909 122,952 513 203,300 14 Creditors: amounts falling due within one year 2023 2022 Trade creditors Due to The Souety for the Promotion of Hellenic Studies Accruals Deferred income 10.422 216 18,556 2.268 31,462 11.425 216 26,472 5,759 43,872 2023 2022 Deferred income Deferred income as at 1 January Resources deferred in the period Amounts released from previous period Transferred from amounts falling due afler MO than one year Deferred income as at 31 December 5,759 2.268 (5.759) 53,247 5,759 {53,2471 2,268 5,759 Deferred income comprises member subscriptions received towards the end of the calendar year in respect of subscriptions beginning on 1 January for the next financial year. 15 Creditors: amounts falling due after more than one year 2023 2022 Deferred income- life compositions 5.302 5.302 6,058 6,058 Deferred income 2023 2022 Balan brought forward Amounts received from new subscriptions Less.. transferre(I to income and expenditure account Other resources deferred in the period Transferred to amounts falling due VthIn one year 6.058 5,834 1,064 {8401 (756) 5.302 6,058 The Society for the Promotion of Roman Studies 30
C7J ¢O£ES q5£f3 ZJ t7J
Notes to the financial statements Year to 31 Dember 2023 16 Restricted funds (continued) The purposes of the above funds were as follows.. Donald Atkinson Fund Funds for use for the general purposes of the Society excluding the financing of archaeological excavations. except vthere special circumstances are deemed to apply by Council. Funds for use for the general purposes of the Society excluding expenses in connection with archaeological or other excavations or surveys. or travelling. hotel, Conferen or other living expenses of scholars. M VTaylor Memorial Fund Funds designated to pay for travel and accommodation costs of overseas speakers. Britannia Monograph Fund Funds reiVed towards the costs of publishing Brrtannia Monographs. Germanicus Scholarship Funds to support a thre&year postgraduate scholarship. fund Hugh Last Fund Library Special Book Fund Funds to purchase library books in ex$$ of Ihe amount budgeted, expenditure is shown as a transfer as books are capitalised wtthin unrestricted funds. Library General Book Fund Funds to purchase library books wthout further restriction. Unrestricted: Funds generated by, or given to the Society for which there is no restriction as to their use. General Fund 17 Analysis of net assets Unrestricted funds restsled Total 2022 restsled Unrestricted Restricted funds funds Total 2023 Restricted funds Tangible fixed assets Investments Current assets Current liabilities Long term liabilities Net assets at 31 December 1.105.785 942.558 234,890 {31.462) (5.302) 1.105.785 1.942.823 267,397 131.462) (5.302) 1,054,745 894,526 280,697 (43,872) (6,058) 1,054,745 1,834.576 306,537 (43,8721 (6,058) 1.000.265 32,507 940,050 25,840 2.246.469 1.032.772 3.279.241 2,180,038 965.890 3.145.928 18 Pension scheme Through the UOL, the Society's employ&s participate in the Universities Superannuation Scheme {USS) and the Superannuation Arrangements of the University of London (SAUL). Both USS and SAUL are defined benefit mults'*mployer schemes. It is not possible or appropriate to identify assets and liabilities of the schemes which are attributable to the Society- According to the latest actuarial valuation of the USS, a defined benefit multi-employer scheme, as at 31 March 2020 the USS, assets were sufficient to cover 78°/o of its liabilities at that date. The USS has completed its most recent review as at 31 March 2022. The indicative future Servi contribution rate based on financial conditions as at 31 March 2022 for benefits accruing from 1 April 2022 is 24.5 /0 of Salary (reducing to 23.70/0 of salaries from 1 April 2024). SAUL'S latest available annual review states that as at 31 March 2022 the fund was in surplus, with assets sufficient to cover 1160/0 of its liabilities. The standard employer's contribution rate throughout the year was increased from 16 % to 190/0. The Society for the Promotion of Roman Studies 32
Notes to the financial statements Year to 31 Dember 2023 19 Contingent liabilities 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 rtain expenses in respect of the operation of the library, principally relating to the costs of the librarians. HARL has also undertaken to procure the acquisition of library books on behalf of the Societies. The societies have separately agreed to reimburse HARL'S costs and obligations under the agreement with UOL. 20 Financial commitments At the year end, the charity had total future minimum lease payment commitments under non- cancellable operating leases. These commitments are not included on the balance sheet as liabilities. 2023 2022 Office premises Within one year Within two to five years 6,816 3,975 5,300 5,300 21 Liability of members The company is limited by guarantee, having no share capital and in the terms of the Memorandum of Association every member of the company undertakes to contribute to 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 exceeding one pound. 22 Related party transactions The Society for the Promotion of Roman Studies is, together wrth the Society for the Promotion of Hellenic Studies (SPHS), a joint member of The Hellenic and Roman Library {HARL), a charitable company limited by guarantee. As disclosed in note 19, an agreement is in pla beeen the Society and HARL under which the Society pays fees to HARL for the running of the library along with SPHS. As disclosed in note 9, bookkeeping costs for the Societies are also recharged by HARL to the Societies. The amounts charged under these arrangements during the year expensed to the Roman Society's statement of financial activities, net of a rebate of £28,643, amounted to £191,765 {2022 - £179,800). At the year end, £75,675 was due from HARL (2022 - £63,926 due from HARL). Library books acquired by HARL on behalfofthe Society amounted to £15,401 (2022- £16,229), as disclosed innote11. The Society for the Promotion of Roman Studies 33