The Society for the Promotion of Roman Studies Annual Report and Financial ststements 31 December 2024 Company Ltinjted by Guarantee Registration Number 114442 (England and Wales) Chanty RegiStratn Number 21C644
Contents Reports Reference and administrative information Trustees, report Independent auditorfs report on the financial statements Errorl Bookmark not defined. Financial statements Statement of financial activits'es 16 Balance sheet 17 Statement of cash flows 18 Principal accounting policies 19 Notes to the financial statements 25 The SocTrety for the Promotion of Roman Studies
Reference and administrative Infomiatlon Pre81dent Professor Roy K. Gibson Vice-Presidents Professor Timothy J. Comell Professor Catharine H. Edwards, FBA Professor Dominbc W. Rathbone Elected Members of Council Dr Caroline Barron. Professor Will Bowden Ms Caroline Bristow. Dr Clive Cheesman Professor B. Gibson"" Professor Roy K. Gibson Dr Luke Houghton- Dr Philip B. Kay. FSA Mr James King-smith"" Dr Micaela Langellotti- Professor Rebecca Langlands Professor Myles Lavan Dr Victoria Leonard" Dr Shushma Malik. Professor Roland G. Mayer Dr Mai Musié" Dr Elisabeth O'connell Dr Ellen O'Gorman Dr Hannah Platts Professor Costas Panayotakis Mr James Renshaw Dr Andrew Roberts Dr Adam Rogers". Professor Federico Santangelo Dr Marguerite SprrI Butcher Dr Claire Stocks Miss Emma Stuart Professor Jarn Wood. 'Resigned June 2024", -Elected June 2024 Honorary Trgasur•r Dr Philip B. Kay. FSA Honorary Secretsry Professor Roland G. Mayer Editorlal Committee Editor, JRS Editor, Britannia Reviews Editor, JRS RevEws Editor, Britannia Professor Myles Lavan Professor Will Bowden Professor Neville Morley Dr Nick Hodgson Company Secretary Dr Fiona K. Haarer. FSA Reglstered address Senate House Malet Street London 1E7HU Company reglstratlon number 00114442 The Society for the Promotion of Roman Studies 1
Reference and administratlve infomiatlon Charity registration number 210644 Auditor UHY Ross Brooke Chartered Accountants Suite 1 ndrush Court Abingdon Business Park OX14 1SY Investment Managers Newton Investment Management Limited BNY Mellon Centre, 160 Queen Victoria Street London EC4V 4LA 8anker8 Cafcash Ltd 'ngs Hill West Malling Kent ME19 4TA Natwest Bank plc Bloomsbury, Parfs Branch PO Box 158, High Holbom London WC1V7BX The Society for the Promotion of Roman Studies 2
Trustees, rnport Year to 31 December 2024 The trustees of The S(xiety for the Promotion of Roman Studies ('the Society,) present their annual report together wrth the financial statements and the auditor's report of the charity for the year to 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities (FRS 102). in preparing the annual report and financial ststements 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 wth the accounting policies set out on pages 19 to 24 of the attached financial statements and comply with the charitable company's memorandum and articles of association, applicable laws and Accounts'ng and Reporting by Charrties" Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporb'ng 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 govemed under its Articles of Association. In the event of the charitsble company being wound up, members are required to contribute an amount not exceeding £1. Election of officers and Councll The goveming 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 seNed during the year and Sin 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 Meeb'ng 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 joumals are appointed by Council on the recomrrendation of the JRS and Britannia Committees. Trustee Inductlon and tralning Prospective Council Members are informed that. rf elected, they will become a trustee of the charity. Théy are also sent copies of the sOcty's most recÈnt sÈt 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 ft)mi for the election of new directors. Shortly before their first Council meets"ng, 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 ststements. The Society for the Promotion of Roman Studies 3
Trustees, report Year to 31 December 2024 STRUCTIJRE, GOVERNANCE AND MANAGEMENT (continued) Risk management In achIng decisions. the trustees continualty bear in mind the major goveming, operational and financial risks which the Society faces. These are set out in a fomial Risk Assessment which is considered by Council annualty. The major risks fraced by the Society a. l Govemanco Rlsks Poor organisation. trustees benefrtting from the chaiity by remuneration & other conflicts, activities oUtSe the s(Kty'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 cleaty laid out in its Memorandum and Articles of Association and its financial ststements are subject to annual audrting by professional auditors. Trustees are not remunerated, except for the payment of travel and other legitimate expenses. All actr'viknes of the Society are carefulty 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 Rlsks Qualty and production of the Joumals, Quality of the Library, Assets & Insurance, Employees. The quality of the joumals 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 joumals and Newton Investment Management Limited in relation to investments. The Society has its own office 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 SkS Budgeting & reporting. reserves and cash flow. expenditure and income, membership, open access The Hon. Treasurer is responsible for the Society's finances and reports regulady to Council. The Society has a clear reserves policy In place and maintains adequate reserves. All expenditure and income is monitored closely, especially on the Library and joumals. The Society is working dosely with Cambridge University Press (CUP> and other leamed societies on the issue of open access. The Society for the Promotion of Roman Studies 4
Trustees, report Year to 31 December 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT (continued) Risk management (continued) 4 Extemal risks Public perception, demographic change, government 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 Chanty and Company Law, Health & Safety, Rules & Objectives The Society's administrab'on keeps up to date with the guidelines and regulations of the Charity Commission and Company Law, and the Society is registered under the Data Protection Act. Health and Safety and Employment laws issues are covered by the UOL'S regulations which apply to the office staff and administration. The Council keeps the Society's rUS and objectives under review. putting any revision to or updating the Annual General Meeting as necessary. Organisation structure Council administers the funds and other assets of the Society in accordan with the Society's objects. It controls all the Society's publicats"ons, 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 off10 a member of all these committees. At the Annual General Meeting, Council presents to the members a reportand financial ststements for their approval,. the AGM appoints the auditors and elects officers and ordinary Council members. Related partle8 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 two 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'). Wth effect from 1 January 2016, the societies, arrangements for the management of the Joint Library have changed. Vvhile the societies retsin 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 )cle.eS 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. certain expenses in respect of the operation of the library. principally relating to costs of the librarians. The two socieb'es have separately agreed to reifflburse HARL'S costs and obligations under the agreement with UOL. The Society for the Promotion of Roman Studies S
Trust•es' report Year to 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Related partles (conkn'nued) sin 1 July 2019, the Society and the Hellenic Society have cooperated more closely in the management and administrakn.on of their affairs". the Society seconds its Secretary, Assistant Secretsry and Finance Assistant 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 offi$ 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 ACTivrriES Objects The objects for which the Society is established a. To promote the study of the history, archaeology, literature and art of Italy and the Roman Empire, from the eartiest times down to about AD 700. To publish a joumal or joumals, which shall contain original a'¢les, reports of recent research and exploration in Roman lands, and notIS of recent literature, and such other matters as the Council shall from ts'me to time detennine. To fom a library and to collect photographs. slides and other materials for study and to offer facilits'es for study to those working upon the subjects to be promoted by the Society. To hold rrEetings at which communications shall be made and discussions held on subjects falling within the scope of the Society. To work in ham)ony with and from b'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 instrtuts'ons, societies and persons concemed 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 distn'buts'on of its income and property 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 b•nefit The Council consKlers that the above objects are fully consistent wrth the concept of public benefit, In that the provision of a library, the publication of two annual joumals and occasional monographs, the award of grants to schools, instrtutions and individuals, and the holding of lectures and conferences all help to promte Roman studies in different ways. No hami or detriment arises from the carrying out of any of these aims. The Society ft)r the Promotion of Roman Studies
Trustees, report Year to 31 December 2024 OWECTIVES AND ACVE$ (continued) Public benefrt (continued) The Society aims to benefit academics and any member of the public wrth 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 of the journals and borrowing rights in the Library. Reading rights in the Library are open to non-rr£mbers, and non-members may attend lectures or conferences, and appty for a grant. Different rates of charges apply to full members and student associates. No one received any private beneffts from the Society. Review of developmen( actfvftles and achievements In 2024. the Society's activikn'es continued on a SueSsful basis. 1. However, due to technical issues at cup. the publication of the joumals was delayed and members did not receive copies of the JRS until January 2025 and Britannia in March 2025. 1323 members had reiVed copies of and online access to the Journal of Roman Studies and l or Britannia and 296 student ffEmbers had received online access (89 paid extra for the print version). 2 The Library recorded the following stsb'sts"cs for 2024". tumstile entn'es: 32.175; number of borrowers.. 2,046; books borrowed.. 4,751; tK)oks received (JL).. 2,337 3. In 2024. the Society hosted a number of events in person and which were filmed for the Society's YouTube channel. The M.V. Taylor Lectu was held in February and was delivered by Professor Dan1 Padilla Peralta (Printon). 338 BCE and the Transformation of Ancient Afr&Eurasia. In March, the Society held a joint event with the Hellenic S¢xiety, on 'Changing Attitudes to the Olympic Games lectures were delivered by Professor Paul Cartledge, Professor Tim Scanlon, and Dr Shushma Malik, and Mike Amstrong, Alex Donnachie and Danny Miller delivered a perfomiance of their Hellenic Games." an immersive family show. In May, the Society held a joint event at the Society of Antiquaries when Professor David Mattingly (Leicester) gave a lecture on Talking to the Ancestors.. Iron Age Painted Tombs of the Wadi Draa. Morocco. The AGM was held on 29 June and was followed by a colloquium on 'New Discoveries at Pompeii,, wth Dr Sophie Hay. Dr Caroline Barron and Professor Alison Cooley, and a book launch for Hadrian s Wall in our Time presented by Professor David Breeze. In October, the Society held another joint event at the Society of Antiquaries when Dr Nicola Teffenato." Urban bor8hole SUeyS and the oiigins of the Rom8n Fonim. In November, Professor Jonathan Prag gave a lecture at Senate House on Crossreads." multidisciplinary approaches to Sicilian epigraphic culture. There were also a number of events cNrdinated by the Society's Archaeology Committee. The Roman Archaeology Conference (RAC) and Theoretical Roman Archaeology Conference (TRAC) were held at Universty College London in April. In May. an outreach event was held at Newcastle University and the 'Reconnecting Roman 8ritain' conference was held in November at the Grosvenor Museum, Chester. Two visits were arranged for members: the first to the Newt llIa Ventorum) in Somerset, and the second to Fishboume and Bignor Roman Villa. The Society for the Promotion of Roman Studies 7
Trustees, report Year to 31 December 2024 OBJECTNES AND ACTNMES (continued) Revlew of developmen( actlvltles and achievements (continued) The Roman Society, in collaboration wrth the Hellenic Siety. has also started to offer a series of Online Courses. The first, The Age of Cleopatra, was delivered In August-september by Professor Colin Adams (also in collaboration with the Egypt Explorats'on Society). In November, Professor Paul Cartledge delivered a course on Democracy Ancient and Modern. 4. The Hugh Last Fund Committee made three grants in the year to March 2025 (totalling £7,296) and five grants of £5.267 were awarded from the General Fund. The joint Audrey Barrie Brown (Roman Research Trust) and Donald Atkinson Funds Committee made a total of sixteen grants, seven from DA Funds, totalling £5,825. The Schools Committee awarded total of £20,536 in sixty-five grants to schools and three prizes of £200 to PGCE students. Six bursaries were given to students taking up summer placements in museums and heritage organisations, and one student received a bursary for a fieldwork project with the BSR. The SOcty for the Prorrrfjtion of Roman Studies 8
Trustees, report Year to 31 December 2024 PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS The Joumal of Roman Studies and Britannia will be published in November by Cambridge University Press on behalf of the Society, and the next two editions of Epistula will be circulated in June and December. We will continue to hold our usual programme of events in- person and filmed for the Society's YouTube channel. In March, a joint event with the Hellenbc Society was held (Paestum) and the AGM will be held in Jine followed by a colloquium on Voices waiting to be heard? Notable women of Romani> British archaeol()Jy. The Archaeology Committee will hold an event in May on Roman Discoveries in Lincolnshire and the 'Reconnecbng Roman Britain, Conference will be held in November in Nottingham. FINANCIAL REVIEW The results for the year are set out on page 16 of the financial statements. Total income for the year was £423,924 (2023: £450,697), a decrease of 6% which principally resulted from higher revenue in the prioryearfrom Monograph grants and the Polonsky Foundation. Income from the publishing agreements with Cambridge University Press, for JRS and Britannia, decreased by 6 % to £123,893 from £132,019 in 2023, whilst revenue from membership subscriptions has increased by 100/0 to £103,819 {2023.' £94,818). Investment income remained stable and so did "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 respects"vely. Total costs for the year decreased by 6% to £398,963 (2023. £425,632), with the main factors being reduced grant giving, especially by the Schools Committee following the end of the Polonsky grant, and lower contributions to HARL for library salaries as HARL had accrued a higher than usual cash balance. Net income before investrnent gains and losses was £24,961 (2023.. £25,065). Net investment gains for the year on units held in the BNY Mellon Newton Growth & Income Fund were £138,421 (2023: net gains of £108,248) and the value of the investment portfolio at the end of the year was £2,081,244. Of this amount. £1,109,782 (2023.. £1,032,772} was in restricted funds and £971.462 (2023.. £910,051) was unrestricted. The total net assets of the Society at 31 December 2024 were £3,442.623 (2023.. £3.279,241). The Society for the Promotion of Roman Studies 9
Trustees, report Year to 31 Dernber 2024 FINANCIAL REVIEW (continued) Reserves policy and going concern assessment The Society maintains general reserves as a matter of prudence to protect rtself against sudden or unexpected expenditures in pursuance of its objects or in relats'on to its premises. These reserves are normally almost wholly invested in securities. The Council reVIev the Society's investments and reseprfes regularly, and the Council's current policy is to maintain them at around at least 9 months, operational costs, which would currently be about £299,000 (2023: £320,000). The Society's free reserves equating to unrestricted funds, less amounts held as tangible and intangible fixed assets. amounted to £1.182,613. Grant awardlng pollcy Decisions about grants are made by the Committees of the Society, whose reports and decisions are received and ratsfied by the Council. The Hugh Last Fund Committee and Donald Atkinson Fund Committee make awards from the incorne of the hvo funds, towards the undertaking, cornpletion 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 Lab'n and Roman studies and awards archaeological bursaries to sixth- formers. The Roman StudTres Commrttee awards bursaries for summer placements in museums and heritage organisations. The Archaeology Committee supports COnferenS and workshops with grants and offers bursaries and prizes to students. Investment pollcy and performance The Society's investments are overseen by an Investment Commrttee which meets several times a year and reports wularly to Council. The objective for the Society's investments is to produce a steady income to support rts various activrties, whilst at the same time at least maintsining the value of the capital in real tems. 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, mprising 50Vo FTSE All Share Index; 250A FTSE World (ex-UK)', 200A FTSE Government All Stocks Index and 50/0 7-day cash. In 2024, the Fund delivered a net return of 9.50A (including dividends) and slightly outperformed its Perforrnan Benchmark which was up by 9.3%. At the end of 2024. the Fund had a yield of 2.10/0 which was down on the previous yearfs 2.30h and was lower than the yield on the Fund's Performance Benchmark which was 3.4%. Koy 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 chanty and running and operating the charity on a day-to-day basis. All trustees give their time freely and no trustee remunerations was paid in the year. Trustees are required to disdose 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 Roman Studies for the purposes of company law) 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 Society for the Promotion of Roman Studies 10
11 L5-
Independent audltorfs report on the financial statements 31 December 2024 Independent Auditorf8 Report to the Members of The Soclety for the Promotlon of Roman Studies Opinion We have audited the financial statements of The Society for the Promotion of Roman Studies (the 'charitsble company,) for the year ended 31 December 2024 which comprise the statement of financial activib'es, balance sheet and statement of cash flows and notes to the financial ststements, 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 kn"ngdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with Unrted Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion Ve conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audrt of the financial statements section of our report. We are independent of the charrtable CLJmpany 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 accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinKJn. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounts'ng in the preparats'on of the financial statements is appropriate. Based on the work we have perfomied. we have not idenb'fied any material uncertainties relating to events or conditions that, individualty or collectively, may cast signific2nt doubt on the charitable cornpany's ability to continue as a going concem 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 concem are described in the relevant sects.ons of this report The Society for the Promotion of Roman Studies 12
Independent audltorfs report on the financlal statements 31 Dember 2024 Other infornlation The other infomiation comprises the information induded in the trustees. annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infomation contsined within the annual report. Our opinion on the financial statements does not cover the other inf0mtion and, except to the extent otheNiise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other infomiation and. in doing so, consider whether the other information is materialty inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherknvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misststement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the Twstees, Annual Report, which includes the Directors, Report prepared for the 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 requlred to report by oxception 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 identffied 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 rf, in our opinion: adequate accounb'ng records have not been kept., or the financial statements are not in agreement with the accounting records and retums; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the Information and explanations we require for our audit. Responsibilltles of trustees As explained more fully in the Trustees. Responsibilities Statement set out on pages 10 to 11, the trustees (who are also the directors of the charitable company purposes of company law) 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 detemiine is necessary to enable the preparation of financial ststements that are free from matsrial misstatement. whether due to fraud or error. The Society for the Promotion of Roman Studies 13
Independent auditofs r•port on the financlal stat•ments 31 December 2024 Responsibilltles of trustees (continued) In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going conrn and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operakn'ons, or have no realistic altemab've but to do so. Auditorfs responsbblllties for the audft 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 eThor, 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 audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, 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-cornpliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, induding fraud. The specific proureS for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detsiled below". INe have considered: the nature of the chanty and sector, control environment and operating perf0mnce., 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 intemal controls established to mitigate risks of fraud or non- compliance with laws and regulations: the matters discussed arnngst the audtt engagement team. As a result of these procedures, we considered the opportunities and incentives that may exist wthin the organisation for fraud and identified the greatest potential for fraud in the areas in which management is qUired to exercise significant judgement, such as the disclosure of adjusting items. In comrnon with all audrts under ISAS (UK), we are also required to perform specific proureS 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 L3ws and regulats.ons that had a direct effect on the determinats'on 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 14
Ind•pendent audltorfs report on the financial statements 31 Drnber 2024 Auditorfs responsibilities for the audlt of the financial statements (continued) Because of the inherent limitats'ons 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 wrth regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refiected in the financial statements, as we will be less likely to become aware of instsnces of non-compliance. The risk is also greater warding irregularities occurring 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 Reporb"ng Council's website at.. http:IIMYw.frc.org.uklauditorsresponsibilities. This description fonns part of our auditor's report. Use of our rnport This report is made solely to the charitable company's rrEmbers, as a body, in accordance wrth 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 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 charitsble company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fomied. Carolin• 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.. The Society for the Promotion of Roman Studies 15
ststement of financial activities (Including the income and expenditure account) Year to 31 December 2024 2024 Total Unrestncled Restred fund• fund8 fund funds 2023 Totsl funds fund Incomg from: Donations and kga charltab a*Xi¥ities Investment incw Other income 26,006 284,874 23,848 66.660 401.388 28.006 184,874 20.536 44.384 20.088 26.500 289,425 23,918 69,988 403.419 46,588 289.425 44,6 69,988 450.697 20.778 Total Inc(• 22.$36 423.924 47,278 Exwnditurè on: Charitable 8L#ivities Total expgnditurn 382,178 382.178 16,785 16.785 398.963 398,963 389.759 389,759 35,873 35,873 425,632 425,632 Net Incomo bglor• Inv•slm•nt 1n8 {lossesl 19.210 5.751 24.961 13.e60 11,405 25,065 Nel gains Ilossesl on investments 12 67.162 71.259 138.421 52,771 55,477 108.248 Not Incomg and movoment In fund• 86.372 77.010 163.382 66,431 66,882 133,313 Reconclliation of fund5 Total fiJnd balances brought fowrd at 1 January Totsl fund balancM carrl•d I0rd at 31 D•cemb8r 2,246.469 1,032.772 3.279,241 2,180,038 965,890 3,145.928 2.332.841 1.109.782 3.442.623 2.246.469 1.032.772 3.279,241 All of the Society's activities derived from continuing operations during the above trwo financial periods. The statement of financial adivities includes all gains and losses recognised during the year. The Society for the Promotion of Roman Studies 16
1,105,n6 11 12 011344 I,2,823 3,018.? 13 10J12 10,842 mor• one > 15 Fwd• Unro•tr*lwJ ftdl 1.(lJlm 3.279241 D•l&' IL tr
Statement of cash flows Year to 31 December 2024 2024 2023 Note Net rAsh (used in) operatlng activities Net cash (used in) operating activities 107.650 {84,433) Cash flows from investlng actlviti88 Investment income Disposal of investrnents Purchase of investments Net cash provided by investing aclivtlies 44,6 44,384 44.696 Net increaso (decreaee) in cash and cash equivalents 152.034 (39.737) Cash and cash equlvalents at 1 January 63,SOO 103,237 Cash and cash equivalmts at 31 December 215,534 63,5¢X) A Reconciliation of income to net cash flow provided by operating activltle8 2024 2023 Net income (experKJiture) for the year 163,382 133,313 Adjustment for: Books and periodicals Depreoation and amortisats'on of fixed assets Net {gain) loss on investments Investment ino)me Decrease (increase) in debtors Increase (decrease) in ueditors" Net cash (used in) operating activities 126,924) (35,815) 176 1138,421) (108.248) (44,384) (44.6961 93,348 (596) 60.649 (28,567) 107.650 (84,433) he increase in creditors per the balance sheet in 2024 is £78,169 (2023- £13,168 decrease) The difference to the cash flow movement of £17.520 {2023 - £15.401 > relates to the Gapital accrual of books purchased by HARL on behalf of the SOfAeties vthiGh is a transactron thal does not pass through the SOFA. B Anatysls of cash and cash equivalents 2023 Cash flows 2024 Cash at bank and in hand Short tem deposits Total cash and cash equivalents 52,858 10,642 63,5tX) 151,864 170 152,034 204,722 10,812 215,534 The Society for the Promotion of Roman Studies 18
Princlpal accounting policies 31 Dember 2024 The principal accounting policies adopted, judgernents and key sources of ests"mation uncertainty in the preparation of the financial statements are laid out below. Basis of preparntlon These financial staterrents have been prepared for the year to 31 0mber 2024 with comparative infonnation in respect of the year to 31 December 2023. They are presented in sterling and are rounded to the nearest pound. The financial statements have been ppared under the historical cost convention with items recognised at cost or transacts'on value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. The financial statements have bn prepared in accordance wrth the Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their financial statements in accordance 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 Concern The trustees have assessed whether the use of the going concem 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 S¢xiety have concluded that there are no rnatenal UnrtaIntieS related to events or conditions that may cast significant doubt on the ability of the Society to conts.nue as a going concern. The trustees are of the opinion that the Society will have sufficient resources to meet its liabilities as they fall due. th 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 retum and the perfonnance of the investrnent markets (see the 'lnvestment policy and performance, section of the trustees, report for more infonnation). Critbcal accounting estimates and areas of Judgement Preparation of the financial statements requires the twstees and rnanagement 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 econofflic live5 of tangible fixed assets used to determine the annual depreciation charge" • the estimates of market value attributed to books and peri¢)dicals donated to the Society; and • the assumptions adopted by the trustees and management in detemiining the value of any designab.ons required from the charty's general unrestricted funds. The Sorxty for the Promts'on of Roman Studies 19
Prlncipal accounting pollcies 31 December 2024 Critlcal accounting estimates and areas of Judgement (conts'nued) Estimates used in the financial statements, particularly with spect to the value of listed investments (see note 12) are subject to a degree of uncertainty and volatility. Fund accountlng General funds a 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 quants.fied 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 specffied that the income is to be expended in a future accounting period. Income comprises donats'ons, legacies, grants, income from charitable activities including publications and membership subscription. and investment income and interest receivable. Donations are recognised when the chanty 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 perfomiance 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 conditions 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. ere the donor does not provide any valuation, the trustees obtain a suitable market valuation from one or more altemats.ve sources. Periodical exchanges included in publications income relates to periodicals received from organisations in retum for copies of the Society's publicats'ons. Legacies are included in tne 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 20
Prlncipal accounting pollcies 31 December 2024 Income recognition (continued) In accordance with the Charits'es 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 finanaal period in which the ConfenCe 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 fop*vard as deferred income. Life subscripkn'ons 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 receivable and the amount can be measured reliably by the chanty. this is normally upon nots"ficats"on of the interest paid or payable by the bank. Expenditure recognltion Liabilities a recognised as expendbture as soon as there is a legal or constructive obligation committing the Socbety 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 activib.es comprises expenditure in support of the charity primary charitable purposes as described in the trustees. report. This includes the costs associated wth 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 charitsble acb"vities includes both costs which can be directly attributed to the key activrties as well as an allocation of shared support costs (see below). Allocation of support and govemance costs Support costs represent indirect charitable expenditure. Staff support costs are apportioned beeen activities on the following basis.. 80% membership, publications and events., 150/0 governance., and 5 % grants. Other relevant support costs are split 750/0 and 250/0 beiween membership. publications and events and governance respectively. The Society for the Promots"on of Roman Studies 21
Princlpal accounting pollcles 31 December 2024 Allocation of support and governance costs (continued) Govemance costs comprise all costs involving the public accountability of the charity and lis compliance with regulation and good practice. These costs include costs relating to statutory audit, other direct costs, together with an apportionment of certain support costs as detailed above. Intangible fixed assets Intsngible assets are measured at cost less any accumulated amortisation. Amortisation is provided on the following bases: CRM database 33/3°h per annum Tangible fixed assets and depreclation 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: • Office equipment + Computer equipment • Library equipment • Heritage assets 331A% per annum 33/% per annum 10- 33'A% per annum Nil (see below) The Society, in conjunction with the Society for the Prorntion 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 capitslised. 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 Charities 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 balance 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 fom of basic financial instrument and a initialty recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market pri. The statements of financial ackn'vities includes the net gains and losses arising on revaluation and disposals throughout the year. Realised gains and losses on investrnents are calculated as the difference behveen 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 differen between the fair value at the year end and their caffying value. The Society for the Promotion of Roman Studies 22
Principal accounting policies 31 December 2024 Fixed asset investments (conkn'nued) 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 polw reviewed at trustee rneets'ngs. Cash and cash u1val8nts Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Short temi deposits Short temi deposits are represented by 90 day deposits with financial inskn'tuts"ons. Stocks The charity maintains a back issue stock of joumals. The charity places no value on these stocks in the financial ststements 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 multiemployer schemes. It is not possible or appropriate to idents'fy assets and liabilities of the schemes which are attributable to the Society. According to the latest actuarial valuatbon of the USS, a defined benefit multiomployer scheme, as at 31 March 2023 the USS, assets stood at £73.1 bn against estimated liabilities of £66.1bn, based on monitoring of the 2020 valuation, making it 111% funded on a Technical Provisions basis. The employerfs contribution rate reduced from 21.6% to 14.50 from 1 January 2024. SAUL'S latest available annual valuation as at 31 March 2023 showed a surplus of £134m and an employerfs contribution rate of 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 registsred charity and, as such, its income and gains falling within Sections 471 to 489 of the Corporation Tax Act 2010 or sects.on 256 of Taxation of Chargeable Gains Act 1992 are exempt from corporats'on tsx to the eent that they a applied to its charitable objectsves. The Society for the Promotion of Roman Studies 23
Princlpal accounting policies 31 Dember 2024 Herftage 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 insts'tutions are deemed to be equal to the current selling price of the periodical supplied. Acquisits"ons only arise when donated to the charity or if it is believed that they will further the Society's objectives. Once acquired. they will be preseNed by the Society in order to keep their historical, artistic, scientffic, technological, geophysical or environmentsl 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 foreseeab future. Financlal instruments The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrurnents are initially recognised at transaction value and subsequently measured at their setuement value. The Society for the Promotion of Roman Studies 24
Notes to the financial statements Year to 31 December 2024 1 Donations and legacles 2024 2023 Joumal of Roman Studies grants Monographs grants Polonsky Foundation Donations Legacies received Library books gifted 11,5 15,0(K) 261 2,000 1.305 15,000 9,201 28,006 18,827 46,588 £2,000 of the income from donations and legaCS is restricted {2023 - £26.500). 2 Income from charitable activltles 2024 2023 Subscriptions: Subscriptions re1Vable Gift aid on subscriptions Llfe compositions 94,692 8,490 637 86,037 8.025 756 Publications: JRS and Britannia publiration inccme Digital archive income Sales of publications and bac* volumes Periodical exchanges Royalties 123.410 130,487 1,532 2,574 17.722 28,168 16,988 25,321 Conference Conference and events Hadrian's Wall members visit Roman Archaeobgy Conference 808 470 10,535 2,133 Onlinè Course8 2,191 Library Sales of duplicate twks 1,651 284,874 695 289,425 All income from charitsble actNrties is unrestricted in both 2024 and 2023. 3 Investment income 2024 2023 Income from dividends Bank deposrt interesl 42.346 2.038 44,384 43.058 1,638 44,696 £20,536 of investrnent incorrÈ is restn'cted (2023 - £20,778). The Society for the Promotion of Roman Studies 25
Notes to the financial statements Year to 31 December 2024 4 Expenditure on charitsble activities Membgrship publi&itions & events GrnDts Membership Total publieations 2024 & events Total 2023 Grants Dlrnct: Journal of Roman Studies Britannia Monograph exFenses Conference and event costs Hadrian's Wall members visit Roman Archaeology Conferen Annual Report costs Grants payab* (note 61 Library costs (note 71 Meeting and CMe8 expenses 82 13 20.810 13 20.810 356 13 410 2,537 11,769 410 2,537 11.769 13 6.166 6,166 140 140 67,199 185,783 4S.292 45.292 167.038 67,199 167.038 185.783 8.124 8.124 9,293 9.293 Support costs: Staff costs (note 91 Stsff costs {Helienic Souetyl Staff costs IHARLI OffKe rent Insuran Postsge. printing and stationery Tekphone and ciryuter expenses Subscriptions Bank and credit cord thary8s Miscellaneous Depreciation Govemance (note 5) 46.439 50.022 16.638 5.188 270 49.315 50.022 16,638 5.188 270 42,331 52,845 17,143 3.830 262 45.237 52.845 17,143 3.830 262 1.743 1.743 400 3.723 95 1.237 105 3,723 95 1.237 105 228 228 1,330 53 176 24,821 425.632 53 176 24,821 355,527 22.T19 3SO.795 22.T79 398,963 48,168 70.105 £16,785 of expenditure on charitable activib.es is restricted (2023 - £35,873). 5 Governance costs 2024 2023 Auditorfs Remuneration Trustee expenses stsff costs (note 9) Office rent Telephone and comwier expenses Fees charged by HARL: (note 22) Bookkeeping costs (nots 9) 8.750 1,070 8.387 1.729 1,241 8.250 1.575 7,983 1,277 827 1,602 22,779 4,909 24,821 The Society for the Promtion of Roman Studies 26
Notes to the financial statements Year to 31 December 2024 6 Grants expenditure Grants to Grants to Institutions Individual Total 2024 Grants to Grants to Institutions IndivJuaL Total 2023 Archaeology Conwnrttee SchooL8 C(Nnmittee Donahj Alkinson Fund Hugh Last Fund Gemanicus Scholarnhip General Funds 3.850 21.136 1.918 5.768 21.136 5.825 4.125 37.197 2,218 6,343 37,197 5.825 1.040 8,333 1.8 20.891 5,040 8,333 2,786 67,199 5,267 16,306 5.267 45.292 28,986 46,308 2024 2023 Reclplents of In8lJtutlonal grants: Grdnts of £1.000 or more: Donald Atkinson and Hugh Last Fund grants . Briti'sh Sth¢Jol of Rome 4.000 Grants under £1.000: Grants to pnmary and secondary sdwls for Roman educational projects and teaching materials Various other Inst[tutnal grants 21.136 3.850 28.986 37,197 5,111 46.308 7 Library ¢osts 2024 2023 Donation to HARL Fees charged by HARL: (note 22) . SeNice charge . Fees . Librarian salaries - Administrator salary . Book purchases handling fee 15.883 8.601 132.872 8,735 947 167,038 16.189 8,971 150.788 9,001 834 185,783 8 N•t income 2024 2023 This is stated after tharging.. Depreciation of tsngible fixed assets Auditorfs remuneration 176 8.250 8,750 The Society for the Promotion of Roman Studies 27
Notes to the financial statements Year to 31 December 2024 9 Analysis of staff costs and remuneratlon of key management porsonnel The total staff costs were as follows: 2024 2023 Salaries Social Serity costs Pension contributions 45.996 4.748 6.773 57,517 45,116 4,584 8,429 58,12g One employee eamed between £60,000- £70,000 per annum (2023- one betsveen £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 Promokn"on of Hellenic Studies and HARL as explained in note 19. Staff costs included in the table atx)ve do not include staff costs that are recharged to the Hellenic Society and to HARL for time spent by employees of the Society on Hellenic Society and HARL matters respectively. Corresponding income is included in other income in the statement of financial activib.es totalling £66,660 (2023 - £69.988). Included in staff costs above are bookkeeping costs for the Roman Society, recharged from HARL. Stsff costs for Roman Society comprise: 2024 2023 Roman Soaety skff cosls Roman Society bookkeeping ojsts (recharged from HARL) 55.915 1,602 57,517 53.220 58.129 The number of employees during the year was: 2024 2023 Management and support 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 remuneration was paid in the year. Travel expenses of £1,070 (2023 - £1,575) have been reimbursed to five (2023 - eight) trustees during the year. The reimbursement of Trustees expenses was as follows.. 2024 No. 2023 No. 2024 2023 Trdvel 1.070 1,070 1,575 1.575 The SocEty for the Promotion of Roman Studies 28
Notss to the financlal statements Year to 31 Dernber 2024 10 Intangible assets CRM software At 1 January 2024 and 31 December 2024 4,737 Amortisation At l January 2024 and 31 t)ecember 2024 4.737 Net book value At 31 DeCemr 2023 and 31 December 2024 Intsngible assets represent the cost of the membership database management system. 11 Tangible assets Heritage Library Office Computer assets equipment equipment equipment Total Cost At 1 January 2024 Additions At 31 December 2024 1.105,785 44.443 1,150.228 8,198 3,258 1.667 1,118,908 8,198 3,258 1,667 1.163,351 D•prlation At 1 January 2024 Charge for the year At 31 Oecember 2024 8.198 3.258 1,867 13,123 8.198 3.258 1,667 13,123 Net book value At 31 December 2024 At 31 December 2023 1,150,228 1,105,785 1,150.228 1,105,785 The cost of the Heritage assets stated above is in respect of books and periodicals acquired since 1 January 2001. The additions reL3te to 50% of the total cost of library addrtions, the other 500/0 being shown in the financial statements of The Society for the Promotion of Hellenic Studies which owns the assets jointly with the S¢xiety. The collection of the Joint Library of the Sccieties is insured with the Institute of Classul Studies, twks by the Universty of London, the Lets. interest being noted. Addth'ons in the year of £44,443 (2023 - £51,216) ca)mprBe library books gifted totalling £9,201 {2023 - £18,827), penodM21 exchanges of £17,722 (2023 - £16,988). and other purchased items of £17,520 (2023 - £15.401). The Sociebes had a professional valuation of the collection in 2013, o)mpnsing in the region of 112,000 tooks in tc*al, at £9.47m. The collection is insured for this value by the Universty of London as part of the MenK)randum of Understanding in pla. The drfference between the insured sum and the net book value in the financial ststements partly relates to the additionsto the Library priorto 2001, and includes a selection ofvaluable anb'quarian books. The Society for the Promotion of Roman Studies 29
Notes to the financial statements Year to 31 December 2024 11 Tangible assets (continued) The trustees have opted to continue recognising the library books at cost due to the onerous fequirement 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 ofthese assets in the future. 12 Investm•nts 2024 2023 InvestJnents at market value: At 1 January Additions Disposals Realised investment Oosses) gains Unrealised investment gains (losses) Market value at 31 December 1,942.823 1.834,575 138,421 2.081.244 108.248 1.942,823 Markot value at 31 December i• repr08ented by: Multi-Assets Funds 2,081,244 1.942,823 HistorirAI 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.. 2024 Market value 2023 Market value Units held Holding 1,174.053 BNY MFM Nevrton Growth & Income Fund for Charities 2,081.244 1.942,823 The total unrealised gains as at 31 December included in the atthe constitijte mOveEnts on revaluatThi of the chanty's listed investrnts. M¢)veffEnts during the year were as follows: 2024 2023 Reconclliation of movements in unrealised galns: Tolal unrealised gains at l January Adjustments Add". Gains (losses) arisirvJ on revaluations in the year Total unrealised gains at 31 December 787.092 678,844 138.421 925.513 108.248 787.092 The Society for the Promotion of Roman Studies 30
Notes to the financial ststements Year to 31 December 2024 13 Debtors 2024 2023 Due from The Hellenic arKI Roman brary Other debtors Accrued income Prepayment 75,675 13,379 114,275 568 2,768 107.194 588 110,550 203.897 14 Creditors: amounts falling due within one year 2024 2023 Trade creditors Due to The Hellenic and Roman Library Due to The Society for the PrOMotn of Hellen Studies Accruals Other Creditors Deferred income 33 73.700 22 1 S,781 13.966 5,702 109.204 10.422 216 18,556 2,268 31,462 2024 2023 Oeferred income Deferred income as at 1 January Resources deferred in the peri¢)d Amounts released from previous peri¢Jd Transferred from amounts falling due after mre than one year Deferred income as at 31 0mber 2,268 5.702 12.268 5,759 2.268 (5.759) 5,702 2,268 Deferred income comprises member subscriptions received towards the end of the calendar year in respect of subscripts.ons beginning on 1 January for the next financial year. 15 Creditors: amounts falling due after more than one year 2024 2023 Deferred - lrfe compostlions 5.729 5.729 5,302 5.302 Deferred income 2024 2023 Balance brought fofward Amounts received from new subscripts.ons Less.. transferred to income and expenditure account Other resources deferred in the period Transferred to amounts falling due within one year 5,302 1,064 (637) 6.058 (756) 5.729 5.302 The Society for the Promotion of Roman Studies 31
CD( Ep QuJZ)2
Notes to the financial statements Year to 31 December 2024 16 Restricted funds (continued) The purposes of the at)ove funds were as follows: Donald Atkinson Fund Funds for use for the general purposes of the Soc4ety exduding the financing of archaeological excavations. eXpt where special Circumstsnces are deemed to appty by CouncAI. Funds for use for the gener purposes of the Soryety excluding expenses in connection wilh archaeological or other excavations or supws. ortravelling. hotel. Conferen or other INing expenses of scholars. M VTaylor Memorial Fund Funds designated to pay for travel and acu)mmodation costs of overseas speakets. Britannia Monograph Fund Funds received t(ywards the c¥sts of publishing Brttannia Monographs. Gemianicus Scholarship Funds to support a thre&year postgraduate scholarship. fund Library Special Book Fund Funds to wrthase library books in excess of the amount budgeted, expenditure is shown as a transfer as books are capitalised within unrestricted funds. Library General Book Fund Funds to pur()ase library bo(4(s without further restriction. Unrestricted: Funds generated by. or gNen to the Society for which there is no restriction as to their use. Hugh Last Fund General Fund 17 Analysis of net assets Unrestricted Restricted funds funds Totsl Unrestricted Restrirted 2024 fijnds funds Total 2023 Tangible fixed assets Investments Current assets Current liabilities Long tem liabilities Net assets at 31 December 1.150,228 1.003.969 293,577 (109,204) (5,729) 1,150.228 2,081.244 326.084 1109,204) (5.729) 1.105,785 942,558 234,890 (31.462) (5,302) 1,105,785 1,942.823 267.397 (31,462) (5.302) 1,077.275 32,507 1,000,265 32,507 2,332.841 1.109.782 3,442,623 2.246.469 1.032,772 3,279.241 18 Pension schern• Through the UOL. the Society's employees part¢cipate in the Universities superannuats.on Scheme (USS) and the Superannuation Arrangements of the University of London {SAUL). Both USS and SAUL are defined benefit multimployer schemes. It is not possible or appropriate to identify assets and liabilits.es of the schemes which are attributable to the Society. According to the latest actuarial valuation of the USS. a defined benefit Mults.MPloyef scheme, as at 31 March 2023 the USS. assets stood at £73.1 bn against estimated liabilities of £66.1 bn, based on monitoring of the 2020 valuation. making it 111% funded on a Technical Provisions basis. The employerfs contributs'on rate reduced from 21.6% to 14.5% from 1 January 2024. SAUL'S latest available annual valuation as at 31 March 2023 showed a surplus of £134m and an employerfs contribution rate of 19%. The sIety for the Prormtion of Roman Studies 33
Notes to the financial statements Year to 310ecember 2024 19 Contlngent Ilabllrtles On 28 April 2016, the Society, along wrth The Hellenic Society and HARL, entered into a 25 year agreement with UOL for the combined management and operats'on of the Library. Under that agreement, HARL has undertaken to bear with effect from 1 January 2016 certain expenses in respect of the operation of the library, principalty relating to the costs of the librarians. HARL has also undertaken to procure the acquisition of library books on behalf of the Societies. The two societies have separately agreed to reimburse HARL'S costs and obligations under the agreement with UOL. 20 Financial ¢ommltments At the year end, the charty had total future minirnurn lease payment commitments under non- CanlIable operating leases. These commitments are not included on the balance sheet as liabilities. 2024 2023 Office premises Wilhin one year wrthin Iwo to five years 8.816 3.975 21 LiabS11ty of members The company is limited by guarantee, having no share capital and in the tems 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 Promob'on of Roman Studies is. together with 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 acb"vities, net of a rebate of £39.151, amounted to £167,038 (2023 - £191,765). At the year end, £73,700 was due to HARL (2023 - £75,675 due trom HARL). Library books acquired by HARL on behalf of the Society amounted to £17,520 (2023- £15,401), as disclosed in note 11. The Society for the Promotion of Roman Studies 34