REGISTERED CHARITY NUMBER: 216619
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
SOCIETY FOR MEDIEVAL ARCHAEOLOGY
Bronsens Chartered Certified Accountants 6 Langdale Court Witney Oxfordshire OX28 6FG
SOCIETY FOR MEDIEVAL ARCHAEOLOGY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 8 |
| Detailed Statement of Financial Activities | 9 |
SOCIETY FOR MEDIEVAL ARCHAEOLOGY
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES Dr C Hills (resigned 5.12.22) Prof G Noble Prof J D Richards Dr H Fenwick (appointed 5.12.22) COUNCIL MEMBERS President - Prof S Rippon (resigned 5.12.22) President - Prof O Creighton (appointed 5 12 22) Honorary Treasurer - Dr D Sayer Honorary Secretary - Dr K Milek PRINCIPAL ADDRESS Maudland Building, MB107c University of Central Lancashire Fylde Road Preston Lancashire PR1 2HE REGISTERED CHARITY 216619 NUMBER INDEPENDENT EXAMINER Bronsens Chartered Certified Accountants 6 Langdale Court Witney Oxfordshire OX28 6FG
Page 1
SOCIETY FOR MEDIEVAL ARCHAEOLOGY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the Society is the furtherance of the study of unwritten evidences of British history since the Roman period by the publication of a journal and in any way that may be approved from time to time by the Council.
Significant activities
The society exists to further the study of the period from the 5th to the 16th century A.D. by publishing a journal of international standing dealing primarily with the archaeological evidence, and by other means such as by holding regular meetings and arranging conferences. While maintaining a special concern for the medieval archaeology of Britain and Ireland, the society seeks to support and advance the international study of this period (as broadly defined above) in Europe. It also aims to serve as a medium for co-ordinating the work of archaeologists with that of historians and scholars in any other discipline relevant to this field.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The society has published the annual journal, Medieval Archaeology and has also published a monograph series. Annual excavation summaries are reported in 'Medieval Britain and Ireland'.
These publications are produced with the aim of extending our knowledge of the medieval period in Britain's history.
The work of the society is now more widely publicised on our website - www.medievalarchaeology.co.uk.
FINANCIAL REVIEW
Investment policy and objectives
The investment powers are as stated in the Constitution. The Society does not hold any investments currently.
FUTURE PLANS
The society's website (www.medievalarchaeology.co.uk) contains details of future conferences and publications.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
19 Jan 2024 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. Prof J D Richards - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOCIETY FOR MEDIEVAL ARCHAEOLOGY
Independent examiner's report to the trustees of Society for Medieval Archaeology
I report to the charity trustees on my examination of the accounts of Society for Medieval Archaeology (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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 that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of 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.
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.
Philip J Burton BSc FCA
Bronsens Chartered Certified Accountants 6 Langdale Court Witney Oxfordshire OX28 6FG
Date: ............................................. 19th January 2024
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SOCIETY FOR MEDIEVAL ARCHAEOLOGY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 53,381 Investment income 2 907 Total 54,288 EXPENDITURE ON Charitable activities Membership and journal 26,196 Conferences and events 10,900 Research grants 7,728 Other 13,426 Total 58,250 NET INCOME/(EXPENDITURE) (3,962) RECONCILIATION OF FUNDS Total funds brought forward 217,431 TOTAL FUNDS CARRIED FORWARD 213,469 |
Restricted funds £ - - - - - - - - - 19,601 19,601 |
31.3.23 Total funds £ 53,381 907 54,288 26,196 10,900 7,728 13,426 58,250 (3,962) 237,032 233,070 |
31.3.22 Total funds £ 43,636 21 43,657 75 2,540 5,029 15,379 23,023 20,634 216,398 237,032 |
|---|---|---|---|
The notes form part of these financial statements
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SOCIETY FOR MEDIEVAL ARCHAEOLOGY
BALANCE SHEET 31 MARCH 2023
| Unrestricted funds Notes £ CURRENT ASSETS Debtors 4 - Cash at bank 215,689 215,689 CREDITORS Amounts falling due within one year 5 (2,220) NET CURRENT ASSETS 213,469 TOTAL ASSETS LESS CURRENT LIABILITIES 213,469 NET ASSETS 213,469 FUNDS 6 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - 19,601 19,601 - 19,601 19,601 19,601 |
31.3.23 Total funds £ - 235,290 235,290 (2,220) 233,070 233,070 233,070 213,469 19,601 233,070 |
31.3.22 Total funds £ 12,845 226,287 239,132 (2,100) 237,032 237,032 237,032 217,431 19,601 237,032 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 19 Jan 2024
............................................. Prof J D Richards - Trustee
The notes form part of these financial statements
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SOCIETY FOR MEDIEVAL ARCHAEOLOGY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Governance costs
Administration expenses include all expenditure not related to the charitable activity or fund raising ventures.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| Deposit account interest | 907 | 21 |
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continued...
SOCIETY FOR MEDIEVAL ARCHAEOLOGY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Publication sales 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 6. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 175,663 The Fletcher Fund 41,768 217,431 Restricted funds Sudreys Fund 8,179 Medieval Europe Bursary 11,422 19,601 TOTAL FUNDS 237,032 |
31.3.23 £ - 31.3.23 £ 2,220 Net movement in funds £ (3,962) - (3,962) - - - (3,962) |
31.3.22 £ 12,845 31.3.22 £ 2,100 At 31.3.23 £ 171,701 41,768 213,469 8,179 11,422 19,601 233,070 |
|---|---|---|
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 54,288 | (58,250) | (3,962) |
| TOTAL FUNDS | 54,288 | (58,250) | (3,962) |
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continued...
SOCIETY FOR MEDIEVAL ARCHAEOLOGY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
6. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund The Fletcher Fund Restricted funds Sudreys Fund Medieval Europe Bursary The John Hurst Fund TOTAL FUNDS |
At 1.4.21 £ 154,296 41,768 196,064 8,179 11,422 733 20,334 216,398 |
Net movement in funds £ 21,367 - 21,367 - - (733) (733) 20,634 |
At 31.3.22 £ 175,663 41,768 217,431 8,179 11,422 - 19,601 237,032 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 43,657 | (22,290) | 21,367 |
| Restricted funds | |||
| The John Hurst Fund | - | (733) | (733) |
| TOTAL FUNDS | 43,657 | (23,023) | 20,634 |
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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SOCIETY FOR MEDIEVAL ARCHAEOLOGY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Subscriptions | 5,560 | 27,244 |
| Conferences and events | 4,524 | - |
| Royalties and leaflet income | 43,297 | 16,392 |
| 53,381 | 43,636 | |
| Investment income | ||
| Deposit account interest | 907 | 21 |
| Total incoming resources | 54,288 | 43,657 |
| EXPENDITURE | ||
| Charitable activities | ||
| Journal printing costs | 26,096 | - |
| Publicity and conference costs | 10,900 | 2,540 |
| Prizes awarded | 100 | - |
| Newsletter and website | - | 75 |
| Research grants | 7,728 | 5,029 |
| 44,824 | 7,644 | |
| Support costs | ||
| Governance costs | ||
| Auditors' remuneration | 2,220 | 2,280 |
| Editor's expenses | 10,331 | 12,612 |
| Committee and AGM costs | 839 | 460 |
| Bank charges | 36 | 27 |
| 13,426 | 15,379 | |
| Total resources expended | 58,250 | 23,023 |
| Net (expenditure)/income | (3,962) | 20,634 |
This page does not form part of the statutory financial statements
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