## **ANNUAL REPORT** ## FOR THE YEAR 2020 It was with great sadness that we learned of the death of our Patron, H.R.H. Prince Philip, the Duke of Edinburgh, on 9 April 2021. He became our Patron in November 1952, in succession to H. M. King George VI. He took a great interest in the work of the Society, and attended our centenary dinner in 1987. We gratefully acknowledge the support he gave the Society for nearly seventy years. Since our last report Dr Andrew Hershey’s edition of _Special Eyre Rolls of Hugh Bigod 12581260_ has been prepared for publication in 2021 as volumes 131 (for 2014) and 133 (for 2016). Sir John Baker’s edition of _Reports from the Notebooks of Edward Coke_ , which will form volumes 136-139 for 2019-2022, has been completed and is being typeset, in preparation for submission to the printers. The Society was pleased to be able to send out volumes 134 and 135 (for 2017 and 2018), _Jeffrey Gilbert on Property and Contract_ , to our members in January 2020, before the arrival of the COVID-19 pandemic closed our offices. As a result of the pandemic, the Annual General Meeting, which was due to be held at Gray’s Inn, had to be held ‘virtually’, via a video-conferencing platform. Although it was a pity not to be able to enjoy the usual conviviality of the reception after the annual lecture, one advantage of this format was that it allowed many of our overseas members, who would not normally be able to attend the meeting, to join in online. This meant that the AGM was on this occasion attended by 145 of our members. The Society was particularly grateful to Dr Macnair for giving his lecture, ‘Torts displaced by crimes in the early eighteenth century’, online and for allowing it to be recorded and uploaded onto our website. 2020 also saw the first in a new series of annual lectures hosted jointly by the Society and the four Inns of Court. On 21 October, Professor Jay Tidmarsh of the Law School at University of Notre Dame delivered a lecture on ‘The Fire Courts: successfully delivering justice in a time of plague and fire’, which was hosted online by the Inner Temple. A recording of this event can be accessed via our website, as well as through the Inner Temple’s website. The Society is grateful to the convenors of the history societies at each of the Inns for their work in establishing this series. We look forward to seeing this lecture series flourish in the future. The Society once again awarded two David Yale prizes, for the best book and best article on a topic in English legal history by a younger scholar. The book prize was awarded to Elizabeth Papp Kamali for her book, _Felony and the Guilty Mind in Medieval England_ (Cambridge University Press, 2019), with an honourable mention being given to Thomas J. McSweeney for his book _Priests of the Law: Roman Law and the Making of the Common Law’s First Professionals_ (Oxford University Press, 2019). The article prize was awarded to Ciara 1 Kennefick for ‘The Contribution of Contemporary Mathematics to Contractual Fairness in Equity, 1751-1867’ in the _Journal of Legal History_ 39 (2018), pp. 307-339. At the meeting on 9th July 2020, the following were re-elected as members of the Council: - (a) Election of Vice-President: Professor Brand - (b) Vacancies in the fifteen elected members: Professor Cornish Professor MacMillan Dr Cunningham Dr Macnair Professor Garnett Professor Seabourne Professor Getzler Professor Stebbings Dr Goldring Dr Williams - (c) Members not domiciled in the United Kingdom: Judge Arnold Professor Helmholz Professor Donahue Professor Prest - (d) Representative of the Middle Temple: Mr Howell **Publications:** Two annual volumes, 131 for 2014 and 133 for 2016, will be issued to members in mid-2021 (somewhat later than had been hoped when the previous publications report was compiled). These further annual volumes comprise Dr Andrew Hershey’s edition of the _Special Eyre Rolls of Hugh Bigod 1258-1260_ . Of the six special eyre rolls associated with Hugh Bigod, chief justiciar of England between 1258 and 1260, three are already in print elsewhere. Dr Hershey’s edition, comprising the other three rolls, will complete the publication of the special eyre rolls for Bigod’s justiciarship. Volumes 132 for 2015 (Sir John Baker’s _Selected Readings and Commentaries on Magna Carta, 1400-1604_ ), and 134 for 2017 and 135 for 2018 (Professor Lobban’s edition of _Jeffrey Gilbert on Property and Contract_ ) having already been issued, the next annual volumes to be issued after Dr Hershey’s will be volumes of Sir John Baker’s edition of _Reports from the Notebooks of Edward Coke_ , commencing in 1572 with notes taken in the period before Coke’s call to the bar in 1578, and covering the period to 1600, six years after Coke’s appointment as attorney-general. The edition, which is currently being typeset, will comprise four or five volumes, to be determined as typesetting progresses, which will be issued in sequence, commencing with volume 136 for 2019, and continuing to volume 139 for 2022, or 140 for 2023. It is hoped to begin to issue volumes of the edition to members in late 2021 or early 2022. The following volume will, as previously reported, be Professor Thomas Gallanis’s edition of the judicial notes of Sir Dudley Ryder, chief justice of the King’s Bench from 1754 to 1756. As also reported last year, work on a number of further volumes is under way, including 2 a two-volume edition by Dr Nigel Ramsay of material relating to the High Court of Chivalry in the fourteenth and fifteenth centuries, and editions by the President of fifteenth-century reports by John Bryt, by Dr Ian Williams of Star Chamber reports from 1625 to 1628, and by Dr Peter Turner of the reports of Sir George Treby for the period 1667-72. In the Supplementary Series, work continues on an edition by Mr David Hoffman of the records of the Northern Circuit of the Bar, 1763-1802, which will include a biographical register of all those mentioned as members of the Circuit or as attending mess. **Finance:** The accounts are printed as usual at the end of this report. The Finance Committee met in February 2021, and continues to monitor the performance of the Society’s investments. **Membership:** Membership at 31 December 2020 stood at 1279. The details, with the previous year’s bracketed, are: |United Kingdom Individuals
United Kingdom Institutions
Australia
Canada
New Zealand
Other Commonwealth
USA Individuals
USA Institutions
Other Overseas|434
86
172
53
13
13
296
140
71
1279|(426)
(95)
(184)
(46)
(16)
(14)
(331)
(138)
(74)
(1324)| |---|---|---| The Council extend a warm welcome to the new members. Their names appear in the Appendix. **Annual General Meeting 2021:** Members will have received notice of the meeting on Monday 20th September 2021, which will take place at Gray’s Inn. An agenda accompanies this report. At the end of the meeting there will be a lecture by Professor Wolfgang Ernst. **The Selden Society in the United States:** Mr Nelson R. Block stepped down as our Honorary Correspondent for Texas. The Council expressed its thanks to Mr Block for his many years of service in this role, and was pleased to appoint Mr Evan Young, of Austin, to take on this position. **The Selden Society in Australia:** Sir Guy Green has resigned as our Honorary Correspondent in Tasmania. The Council is very grateful to him for having acted in this role for many years. It is hoped that a successor will be appointed in due course. The Australian chapter of the Society hosted a Webinar ‘Celebrating Samuel Griffith’ on 11 August 2020. This event, celebrated the life of Sir Samuel Walker Griffith GCMG QC, the 3 first Chief Justice of Australia, from 1903 to 1919, was recorded, and can be viewed on the website of the Australian chapter: http://legalheritage.sclqld.org.au/selden-society. **Thanks** : Thanks are due to the overseas Treasurers and Secretaries for their ready and efficient help with the administration of their section of the membership; to the Honorary Correspondents for their representation; to the auditors, BDO; to the Literary Director; and to the Treasurer and Secretary and their assistants. N. Le Poidevin _President_ 4 ## **Selden Society** ## **Report of the Trustees for the year ended 31 December 2020** The Trustees present their report with the financial statements of the Society for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note one to the accounts and comply with the Charity’s governing document. ## **Constitution** The Selden Society is an unincorporated association constituted as a trust. The internal organisation of the Society is subject to a set of Rules, a copy of which is sent to every member. The Society is a registered charity (Registration Number 211536). ## **Objectives and activities** The purposes of the Society are to encourage the study and to advance the knowledge of the history of English law, especially by the publication of original documents, the reprinting or editing of works of rarity or importance, and the compiling of information as a tool for further research. ## **Achievements and Performance** During the year 2020, the Society continued its work of editing legal manuscripts for publication, and hosted a number of virtual meetings in the United Kingdom and overseas to promote the study of English legal history. It also supported scholarship by the provision of a PhD studentship. ## **Structure, governance and management** The management of the affairs of the Society are vested in a President, Vice-Presidents, and the Council, who are elected at the annual general meeting for a term of three years. The officers of the Society are the Treasurer, Literary Director and Secretary, who are ex officio members of the Council. Three Trustees, also ex officio members of the Council, hold the copyrights and property of the Society. The Inns of Court and Law Society are each entitled to nominate one representative on the Council; and the British Academy may nominate two such. ## **Administration** The office of the Society is at the School of Law Building, Queen Mary, 337 Mile End Road, London, E1 4NS. ## **Bankers** Coutts & Co of 440 Strand, London, WC2R 0QS ## **Independent examiner** Heather Wheelhouse partner at BDO LLP, Bridgewater House, Finzels Reach, Counterslip, Bristol BS1 6BX. ## **Investment** The Council have unrestricted discretion in all matters concerning the investment of the Society’s monies. Their policy is to maintain a reasonable balance between capital growth and income generation. ## **Reserves** The policy of the Council is to maintain substantial reserves to meet the cost of production, storage and dispatch of volumes, administration costs, studentship costs and new initiatives. The Council has continued to assess the possible impact of COVID 19 on the Society’s financial position. The Council is confident that its assets are sufficient to meet our likely expenses in the short- to medium term, and that the Society is currently in a healthy position as a going concern. The Council will continue to monitor any potential adverse effects on our finances arising from the pandemic. ## **Financial Review** The results for the year are set out in the statement of financial activities on page 9. 5 ## **Selden Society** ## **Report of the trustees for the year ended 31 December 2020** _**(continued)**_ ## **Risks** The Council have reviewed the risks applicable to the Society and consider that they are adequately provided for. Careful consideration has been given to the possible implications of COVID-19. The main consideration was the volatility of the stock market and its implication on both the value of the investment portfolio and the level of income arising therefrom as the Society relies on both to produce sufficient funds to meet its liabilities as and when they fall due. Our investment fund’s value has withstood the challenges presented by the pandemic and the necessary public health responses well. As a result of their discussions the Trustees are satisfied that it is appropriate to prepare the financial statements on a going concern basis. ## **Current Activities** In the year under report the Society maintained its programme of preparing editions of unpublished manuscripts for publication. It intends to continue in the present year with the publication of volumes for the annual series, and with the preparation of occasional publications such as its Supplementary Series and lectures, and with its other customary activities. ## **Appointment of Trustees** All Council members are Trustees, and are elected or appointed in accordance with the constitution of the Society. ## **Public Benefit** The Trustees have given due consideration to the Charity Commission’s published guidance of the operation of the Public Benefit requirement and are satisfied that the activities of the charity undertaken during the year meet the Public Benefit test. ## **Trustees** The Trustees of the society during the year and currently are: Mr D AINGER The RIGHT HON. LORD JUDGE The Hon. M S ARNOLD Mr N LE POIDEVIN, QC Mr R BAGLEY The Rev. Professor A D E LEWIS Professor Sir John BAKER Professor M LOBBAN Professor P BRAND Professor J LOENGARD Dr S BRAND Professor C MACMILLAN Professor W R CORNISH Dr M MACNAIR Dr D CROOK Dr J MADDICOTT His Honour Judge D CRYAN Professor W PREST Dr S CUNNINGHAM Professor R PROBERT Professor CHARLES DONAHUE Professor G SEABOURNE (appointed 9[th] July 2020) Professor G GARNETT Professor C STEBBINGS Professor J GETZLER Professor J TATE Dr E GOLDRING Mr A C TAUSSIG Professor R H HELMHOLZ Mr P W E TAYLOR (resigned 9[th] July 2020) Mr J HOWELL The Rev. Professor TG WATKIN Professor J G HUDSON Dr I WILLIAMS Professor D J IBBETSON Mr D E C YALE Dr N G JONES ## **On behalf of the Trustees** ## **Professor M Lobban Secretary** **Date** 27 May 2020 6 **Registered Charity 211536** ## **SELDEN SOCIETY** **REPORT AND FINANCIAL STATEMENTS** FOR THE YEAR ENDED 31ST DECEMBER 2020 ## **CONTENTS** ||_Page_| |---|---| |Report of the Independent Examiner|8| |Statement of Financial Activities|9| |Balance Sheet|10| |Notes to the Financial Statements|11-17| ## **BDO** ## **CHARTERED ACCOUNTANTS** Bridgewater House, Finzels Reach, Counterslip, Bristol BS1 6BX 7 ## **Selden Society** ## **Independent examiner's report to the Trustees of Selden Society** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SELDEN SOCIETY** I report to the Trustees on my examination of the accounts of the Society for the year ended 31 December 2020, which are set out on pages 11 to 17. This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my work, for this report, or for the statement I have made. ## **Responsibilities and basis for report** As the Charity Trustees of the Society you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the ACT”). I report in respect of my examination of the Society’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5) (b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Society as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. _Heather Wheelhouse ACA BDO LLP Bristol United Kingdom_ Date: 27 May 2021 8 ## **Statement of financial activities for the year ended 31 December 2020** |**Note**
**Income**
Income from:
- Voluntary income – donations
- Income on investments
3
Charitable activities
2
**Total income**
**Expenditure**
Expenditure on:
Charitable activities
4
**Total expenditure**

**Net income before investment**
**gains**
Net gains on investments
6
**Net income**
Fund balances at 1 January 2020
**Fund balance at 31 December**
**2020**
10|**General**
**Designated**
**fund**
**Fund**
**£**
**£**
**7,397**
**-**
**45,742**
**-**
**47,773**
**-**
**________**
**________**
**100,912**
**-**
**________**
**________**
**(98,955)**
**(1,500)**
**________**
**________**
**(98,955)**
**(1,500)**
**________**
**________**
**1,957**
**(1,500)**
**51,874**
**-**
**________**
**________**
**53,831**
**(1,500)**
**________**
**________**
**1,955,766**
**6,690**
**________**
**________**

**2,009,597**
**5,190**
________
________|**Total**
**2020**
**£**
**7,397**
**45,742**
**47,773**
**________**
**100,912**
**________**
**(100,455)**
**________**
**(100,455)**
**________**
**457**
**51,874**
**________**
**52,331**
**________**
**1,962,456**
**________**
**2,014,787**
________|**Total**
**2019**
**£**
12,595
54,991
51,132
________
118,718
________
(83,530)
________
(83,530)
________
35,188
217,047
________
252,235
________
1,710,221
________
1,962,456
________| |---|---|---|---| All amounts relate to continuing activities. The notes on pages 11 to 17 form part of these financial statements. 9 **Balance sheet at 31 December 2020** |**_Charity number 211536_**
**Note**
**2020**
**£**
**Fixed assets**
Investments
6
**Current assets**
Debtors
7
**62,650**
Cash at bank and in hand
8
**252,664**
**________**
**315,314**
**Creditors: amounts falling due within**
**one year**
9
**(35,558)**
**________**
**Net current assets**
**Total net assets**
10
**Funds of the charity**
Unrestricted funds:
General fund
11
Designated funds
11
**Total funds**|**2020**
**2019**
**£**
**£**
**1,735,031**
69,333
221,183
________
290,516
(23,509)
________
**279,756**
**________**
**2,014,787**
________
**2,009,597**
**5,190**
**________**
**2,014,787**
________|**2019**
**£**
1,695,449
267,007
________
1,962,456
________| |---|---|---| |||
1,955,766
6,690
________
1,962,456
________| Approved and authorised for issue by the Council on 27 May 2021. **Professor M Lobban Secretary** The notes on pages 11 to 17 form part of these financial statements. 10 **Notes forming part of the financial statements for the year ended 31 December 2020** ## **1 Accounting policies** ## _(a) Basis of preparation_ Selden Society is a registered charity (Charity Number: 211536) and is an unincorporated association constituted as a trust, incorporated in England and Wales and domiciled in England. The registered office is Queen Mary University of London, 327 Mile End Road, London E1 4NS. The presentational and functional currency of these financial statements is GBP. Values are rounded to the nearest pound. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), and the Charities Act 2011. The financial statements have been prepared to give a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent to provide a “true and fair” view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The charity constitutes a public benefit entity as defined by FRS 102. ## _Going Concern_ The financial statements have been prepared under the historical cost convention and are on a going concern basis. The trustees of the Society are currently assessing the impact of COVID-19. The situation is evolving rapidly and it is not possible at this stage to determine with any certainty the impact on the Society and its objectives. The trustees are continually reviewing their plans and forecasts and believe that the going concern basis is appropriate in the short term. The Trustees confirm that at the time of approving the financial statements in May 2021 that whilst there is uncertainty, there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future. As a grant making charity with few overheads and ongoing commitments, and having taken into consideration the impact of COVID 19 on its anticipated future financial performance, the trustees consider that they can sustain a comparable level of activity for at least the next 12 months from the approval of the financial statements. On the date of approval of the financial statements the Society has sufficient liquid cash funds available and further substantial investment funds. For these reasons the trustees continue to adopt the going concern basis in preparing the financial statements ## _Income_ UK and overseas subscription income is recognised when received and applied over the relevant period. Subscriptions from overseas members are stated net of exchange gains and losses. US subscriptions are recognised when received in the US. Subscriptions received in the US are shown as subscription debtors until the money is transferred to the UK, until then these are held in a separate US bank account. Income from royalties are recognised when its receipt is probable and the amount receivable can be measured reliably. 11 **Notes forming part of the financial statements for the year ended 31 December 2020** _**(continued)**_ Income from donations is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. ## _Investment income_ Income from dividends must be recognised when its receipt is probable and the amount receivable can be measured reliably. Interest on deposits is taken into account on an accruals basis. All investment income is stated inclusive of related taxation recoverable. ## _Foreign currencies_ Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities. ## _Expenditure_ All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to a particular heading, they have been allocated to activities on a basis consistent with use of the resources. Grants payable are payments to third parties in the furtherance of the charitable objectives of the Trust. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the trust. The cost of publications is recognised in the year to which the publication relates. No value has been placed in the financial statements on publications stock. Governance costs are those incurred in connection with Governance of the charity and compliance with constitutional and statutory requirements. ## _Investments_ Investments are stated at ‘bid’ prices at the balance sheet date. Any gains or losses on revaluation are taken to the Statement of Financial Activities. _(b) Reconciliation with previous Generally Accepted Accounting Practice (continued)_ ## _Funds of the Charity_ The charity’s funds are segregated between: (a) _Designated funds_ - represent monies, which have been designated for a specific purpose by the Council. (b) _General fund_ - represents undesignated monies retained, which provide the working capital to enable the Council to carry out its charitable activities. The Council regularly reviews the level of income and the strategic needs of the Society. The publications produced by the Society require income to be generated by its investments at a level sufficient to supplement subscription income to produce the income required to finance the publications. As such, the level of reserves is monitored regularly by the Council and maintained at a level appropriate to meet the on-going objectives of the Society. _Debtors_ 12 **Notes forming part of the financial statements for the year ended 31 December 2020** _**(continued)**_ Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. ## _Cash and cash equivalents_ Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. ## _Creditors_ Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. ## _Financial instruments_ The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement values ## _Significant judgments and estimates_ In the application of the charity's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There were no judgment or material estimation uncertainties affecting the reported financial performance in the current or prior year. ## **2 Activities in furtherance of charity objects** |Subscriptions from members
- United Kingdom and overseas members
Sale of publications
Royalties
Total|**2020**
**£**
**42,114**
**________**
**42,114**
**1,880**
**3,779**
**________**
**47,773**
________|**2019**
**£**
45,565
________
45,565
3,158
2,409
________
51,132
________| |---|---|---| 13 **Notes forming part of the financial statements for the year ended 31 December 2020** _**(continued)**_ |**3**
**Investment income**
Dividends from listed investments
Interest on bank and other deposits
Foreign exchange gain/loss|**2020**
**£**
**45,849**
**164**
**(271)**
**________**
**45,742**
________|**2019**
**£**
54,578
413
-
________
54,991
________| |---|---|---| All investment income is derived from investments held within the United Kingdom. ## **4 Resources expended in furtherance of charity objects** |Cost of production, binding and dispatch
Contribution for services provided by Queen Mary College
Literary director
Secretary’s and clerical salaries
Secretary’s disbursements
Investment expenses
Studentships
General expenses
Accountancy Costs
Independent examination costs
Annual Report
Treasurer’s Honorarium
Bank Fees
PayPal Fees
David Yale Prize (Designated Expenditure)
AGM|**2020**
**£**
**48,417**
**10,784**
**4,000**
**4,667**
**84**
**9,134**
**9,667**
**258**
**1,844**
**2,000**
**2,587**
**4,000**
**559**
**204**
**1,500**
**750**
**________**
**100,455**
|**2019**
**£**
4,221
20,957
4,000
4,863
778
10,699
21,950
3,365
2,556
2,000
2,050
4,000
860
132
-
1099
________
83,530
| |---|---|---| There were no direct employees during the year (2019 – nil). Included within the cost of production, binding and dispatch of £45,921 (2019: £4,221) are distribution costs of £14,609 (2019: £nil) which were paid by Professor M Lobban and reimbursed. 14 **Notes forming part of the financial statements for the year ended 31 December 2020** _**(continued)**_ ## **5 Taxation** The Society is a charity registered in England under the Charities Acts 1960 and 1993, and as a result no taxation liabilities occur on its activities under that registration. The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. ## **6 Investments** |**Investments**|||| |---|---|---|---| |Market value at 1 January 2020
Additions
Disposals
Increase in cash
Change in market value
Market value at 31 December 2020
All investments are held within the United Kingdom and comprise:
Fixed interest securities
Other listed investments
Cash deposit
vestments representing over 5% by value of the portfolio are as follows:
M&G Securities Limited Charifund shares
Scottish Mortgage
Vanguard|**2020**
**£**
**1,695,449**
**65,705**
**(81,068)**
**3,068**
**51,874**
**________**
**1,735,028**
________
**2020**
**£**
**43,207**
**1,666,614**
**25,207**
**________**
**1,735,028**
________
**2020**
**£**
**266,745**
**91,475**
**98,475**
**________**
**456,695**
________|**2019**
**£**
1,438,309
161,438
(130,031)
8,686
217,047
________
1,695,449
________
**2019**
**£**
43,747
1,629,564
22,138
________
1,695,449
________
**2019**
**£**
322,738
88,058
________
410,796
________|| ||||| ||||
**2019**
**£**
322,738
88,058
________
410,796
________| All investments are held within the United Kingdom and comprise: Investments representing over 5% by value of the portfolio are as follows: 15 **Notes forming part of the financial statements for the year ended 31 December 2020** _**(continued)**_ |**7**
**Debtors**
Unremitted subscriptions due
**8**
**Cash and cash equivalents**
Cash at Bank and in hand
**9**
**Creditors: amounts falling due within one year**
Trade Creditors
Accrued Expenses
**10**
**Analysis of net assets between funds**
Investments
Current assets
Current liabilities
Total net assets
**Analysis of net assets between funds**
Investments
Current assets
Current liabilities
Total net assets|**2020**
**£**
**62,651**
**________**
**2020**
**£**
**252,664**
________
**2020**
**£**
**3,858**
**31,700**
**________**
**35,558**
________
**General**
**Designated**
**fund**
**Fund**
**£**
**£**
1,735,031
-
310,124
5,190
(35,558)
-
________
________
**2,009,597**
**5,190**
________
________
**General**
**Designated**
**fund**
**Fund**
**£**
**£**
1,695,449
-
283,826
6,990
(23,509)
-
________
________
**1,955,766**
**6,990**
________
________|**2019**
**£**
69,333
________
**2019**
**£**
221,813
________
**2019**
**£**
3,809
19,700
________
23,509
________
**2020**
**Total**
**Funds**
**£**
1,735,031
315,314
(35,558)
________
**2,014,787**
________
**2019**
**Total**
**Funds**
**£**
1,695,449
290,516
(23,509)
________
**1,962,456**
________| |---|---|---| 16 **Notes forming part of the financial statements for the year ended 31 December 2020** _**(continued)**_ |**11**
**Funds**
Designated funds:
David Yale Prize fund
General fund:
Designated funds:
David Yale Prize fund
General fund:|**Balance**
**at**
**1 January**
**Incoming**
**Resources**
**Gain on**
**2020**
**Resources**
**expended**
**Investments**
**£**
**£**
**£**
**£**
6,690
(1,500)
1,955,766
100,912
(98,955)
51,874
________
________
________
_________

1,962,456
100,912
(100,455)
51,874
________
________
________
________
**Balance**
**at**
**1 January**
**Incoming**
**Resources**
**Gain on**
**2019**
**Resources**
**Expended**
**Investments**
**£**
**£**
**£**
**£**
6,690
1,703,531
118,718
(83,530)
217,047
________
________
________
_________

1,710,221
118,718
(83,530)
217,047
________
________
________
________|**Balance**
**at 31**
**December**
**Transfers**
**2020**
**£**
**£**
**5,190**
-
**2,009,597**
_________
**________**
**2,014,787**
________
________
**Balance**
**at 31**
**December**
**Transfers**
**2019**
**£**
**£**
**6,690**
-
**1,955,766**
_________
**________**
**1,962,456**
________
________| |---|---|---| The general fund includes expendable endowment, see accounting policies. Purposes of designated funds: David Yale Prize Fund: the fund awards a prize for original research by young scholars. ## **12 Related parties** During the year £4,000 was paid to Trustee Dr Neil Jones (2019 - £4,000), in relation to consultancy. £4,000 was outstanding at the year end (2019 - £nil). Trustee C MacMillan has accrued £4,000 (2019 - £nil) for services as an honorarium. £4,000 was outstanding at the year end (2019 - £nil). A McKinnon received £nil (2019 - £4,000) for services as an honorarium and resigned as treasurer in 2019. £nil was outstanding at the year end (2019 - £nil). Trustee M Lobban has accrued £4,000 for secretarial services during the year. At 31 December 2020, the amount of £20,000 was owing, including services for 2016, 2017, 2018, 2019 and 2020. These payments have been authorised by the Council under the Rules of the Society. 17