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 RegiStrat￿n 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 Sp￿rrI 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 sOc￿ty'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 oUtS￿e the s(K￿ty'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 rU￿S 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 off￿10 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 notI￿S 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 AC￿V￿E$ (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 Su￿eSsful 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 re￿iVed 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 Dan￿1 Padilla Peralta (Prin￿ton). 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 SU￿eyS 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 S￿iety. 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 SOc￿ty 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 De￿rnber 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 COnferen￿S 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
V￿e 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 De￿mber 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 inf0m￿tion 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 con￿rn 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 pro￿ureS 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
perf0m￿nce.,
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 pro￿ureS 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 D￿rnber 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 Restr￿ed
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 I0￿rd
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 De￿mber 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 0￿mber 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 p￿pared 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 b￿n 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 Un￿rtaIntieS 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
Confe￿nCe 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
be￿een 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 e￿ent that they a￿ applied to its charitable
objectsves.
The Society for the Promotion of Roman Studies 23

Princlpal accounting policies 31 De￿mber 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 legaC￿S is restricted {2023 - £26.500).
2 Income from charitable activltles
2024
2023
Subscriptions:
Subscriptions re￿1Vable
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 C￿M￿e8
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 Indiv*JuaL
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[tut￿nal 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 Se￿rity 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 De￿rnber 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 DeCem￿r 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•pr￿lation
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 ￿Let￿s. 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 mOve￿Ents on
revaluatThi of the chanty's listed investr￿nts. 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 PrOMot￿n 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 0￿mber
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. eX￿pt 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 multi*mployer 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 s￿Iety 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-
Can￿lIable 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￿ be￿een 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