Registered Charity No. 227786
Report
and Accounts
Year ended 31 January 2022
Cumberland and Westmorland Antiquarian and Archaeological Society
LIST OF TRUSTEES AFTER ELECTIONS AT THE ANNUAL GENERAL MEETING IN APRIL 2021
Mr Adrian Allan Mr Warren Allison Mr Robert Baxter Mr Gabriel Blamires Professor David Breeze Mr Ian Caruana Dr Alan Crosby Dr Rob David Dr Christopher Donaldson Mr Peter Elliott Mr Kevin Grice Dr Gillian Hey Professor Ian Hodkinson Ms Eleanor Kingston Mrs Marion McClintock Mr Steve Matthews Mrs Lorna Mullett Professor Michael Mullett Ms Rachel Newman Dr Richard Newman Ms Elsa Price Mr Martin Railton Professor Colin Richards Ms Bronwen Riley Dr William Shannon Professor David Shotter Professor Keith Stringer Ms Sally Watson Mr Anthony Wilmott Professor Angus Winchester Dr Michael Winstanley
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ANNUAL REPORT 2021-22
The Society is a charity, constituted by rules revised and adopted in April 2008 and approved by the Charity Commission (number 227786).
The objects of the Society are to promote, encourage, foster and co-ordinate the work of archaeology, history, genealogy, customs and traditions, with special reference to the County of Cumbria, which now includes the historic counties of Cumberland and Westmorland and Lancashire North of the Sands and the Sedbergh district of Yorkshire.
The legal title of the Society is the Cumberland and Westmorland Antiquarian and Archaeological Society. The Society may also be represented by another name in circumstances determined by the Council from time to time.
The Society is governed by a Council of trustees (see page 2). All the trustees are fully aware of their responsibilities under charity law. Principal officers are elected annually, and three other members are elected for a term of four years. Affiliated group chairmen are members ex officio, and past presidents can choose to continue as members of the Council. No officers receive any financial recompense for their services to the Society.
The principal office of the Society is c/o Honorary General Secretary, Westlands, Westbourne Drive, Lancaster, Lancashire, LA1 5EE.
The Independent Examiner is Mr D.H. Fell of Ingalls Chartered Accountants, Libra House, Murley Moss Business Village, Oxenholme Road, Kendal, Cumbria LA9 7RL.
The stockbroker and investment adviser to the Society is Investec.
The Society, notwithstanding the continuing impact of Covid-19, has been successful in meeting its objects. It continues to fulfil its commitment to members and of its public benefit, as set out below and in the Treasurer’s report. The business of the Society has been carried out by the Council (see above) and by its various committees (see below). The Standing Committee has continued to meet between Council meetings to discuss issues and prepare recommendations for consideration by the Council. The Council met by virtual means throughout the year, on 17 April 2021, 16 October 2021, and 15 January 2022. The Standing Committee also met virtually, on 17 June 2021, 4 November 2021, and 24 February 2022.
The Society was greatly saddened by the death on 22 May 2021 after a long illness of Professor David Shotter, aged 82. He was President from 2005 to 2008, and continued as Past President up to the time of his death. An obituary by Professor Angus Winchester in Transactions (Third Series, Volume 21) paid tribute to his many achievements to archaeology and Roman history in north-west England over half a century, as well as to the deep respect and warm affection felt for him by all those who knew him. It is with much pleasure that the Society will host a commemorative lecture to his memory in September 2022.
The Society continues to be profoundly affected by the Covid-19 pandemic. We are grateful to our President, Mr Warren Allison, for not allowing the pressures on him as an essential worker in the food industry to distract him from carrying out the inevitably onerous responsibilities of taking the Society forward. The work of the committees has proceeded, as set out below, and it is a particular pleasure to record thanks to the committee officers for their determination to keep essential business moving. The affiliated groups felt the effects in a variety
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of ways but maintained a programme of activities where possible, and the Society was active across the board, adjusting to current circumstances as they unfolded.
We were delighted to learn of the award by the British Academy of the Kenyon Medal to our Past President, Professor David Breeze, for his many outstanding international contributions to the archaeology of the Roman Empire. He is only the second archaeologist to be awarded the medal since its inception in 1957.
The Society is glad to welcome our new Bookkeeper, Mr Frank Nugent of Carlisle, who is taking on the day to day financial transactions from Dr Bill Shannon. Dr Shannon is continuing for the present as the trustee with Treasurer responsibilities, and we record our gratitude to him for his skilful management of our finances and his commitment to our strength in this area. We are continuing with our approved funding of the Cumbria County History Trust, Tullie House, and the Morecambe Bay Partnership, and this year also agreed to help the Cumbria Local History Federation with a project that helps its member societies manage their archives for the future.
This year marks the 1900[th] anniversary of the Emperor Hadrian’s visit to the wall named after him. On 22 January, as the first event for this significant landmark, the President unveiled an interpretative panel to a recently identified additional fragment of the Wall at Gosling Syke.
1. Outreach Committee (on behalf of Professor Keith Stringer, chairman)
The committee has met virtually throughout the year, but that did not prevent a range of innovations being put into effect. The first was the successful launch by the co-hosts, Dr Mike Winstanley and Ms Elsa Price, of the Society’s online lecture series, featuring contributions by Dr Fiona Edmonds, Professor David Breeze, Dr Jean Turnbull and Dr Bill Shannon. This popular initiative, attracting on average a hundred participants to each, was supported by the implementation of a Society mailing list that enabled information about the lectures to be sent out electronically, including the links to the lectures. We are greatly indebted, as ever, to Mr John Steel for his contribution to this improvement in communications with our members. Moreover, Dr Winstanley exploited this new facility by the production of a downloadable pdf from the web site of links to many of the Society’s out of date publications, back to 1877, and we encourage all members of the Society to take advantage of this additional facility.
Another important venture was the setting up by Ms Jessica Toft of the Society’s Twitter account. We have already felt the benefit from the new contacts it brings to us, and are learning to keep a steady flow of new items onto the account to refresh it and build up followers, of whom there are now over 400.
Mr John Steel managed the web site with his customary care and skill, and ensured that the Society presented its best possible face to its members and all others who consult it. We take pride in responding to all and every query we receive, from around the world, on historical and archaeological business.
Ms Bronwen Riley, whose redesign and striking articles brought the Society’s newsletter to a new level, took the decision to step down as editor, with No. 97, Summer 2021 as her last edition. She handed over News to Dr Chris Donaldson, already well known as author and editor, and his first issue in autumn 2021 proved to be as full of interest as we all anticipated. He is already making plans for the 100[th] issue, due in the summer, and welcomes contributions from members. Mrs Jenni Lister took responsibility for Society activities during the calendar year, ably supported by Ms Becky Moreton, and a significant programme took place despite the many uncertainties
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and obstacles placed in their way (see (5) below). The focus was on outdoor events where social distancing is easier. Dr Jean Turnbull is managing the crowded and ambitious programme from April to October 2022 and we look forward to re-establishing links with members and their families through shared experiences.
Finally, it is a great pleasure to put on record our warmest gratitude to Mr Adrian Allan for his care of the committee’s business throughout the year, in his customary thorough and inimitable style.
2. Publications Committee (chairman: Mr Tony Wilmott)
I should like first to put on record the Society’s gratitude to Professor Michael Mullett for his outstanding chairmanship of the committee during an important period of its work. We owe him our deepest thanks and I am delighted that he has agreed to stay on as a member.
The meetings of the committee took place virtually, and I am grateful to Mr Ian Caruana and Mr John Steel for continuing to play their part in its business despite not being present at the meetings.
The most significant event of the year was the long-awaited publication in July of The Memoirs of Sir Daniel Fleming of Rydal Hall from 1633 to 1688 . Edited by Scott Sowerby from Northwestern University and Noah McCormack, an independent scholar, the volume had been twenty years in the making. It has been a truly collaborative project and relied on many people’s input, including Dr Rob David, Professor Angus Winchester, Professor Michael Mullett, with Professor Colin Richards as General Editor steering the project to completion, and Mr Bryan Harper at Titus Wilson applying their highest production standards. I should also like to thank Dr Sarah Rose, the Society’s Press Officer, for her work on vital publicity.
Two other welcome publications were completed. The first was Jean Turnbull’s The Impact of Motor Transport on Westmorland c. 1900-39 , a fascinating and highly readable account of a major transformation to Cumbria. The second was a tract edited by Michael Pearson and Ian Hodkinson of the autobiography of John Gough of Kendal (1757-1825) entitled The Dark Path to Knowledge in reference to Gough’s range of scientific discoveries carried out despite being blinded by smallpox before his third birthday.
The 2021 volume of Transactions was completed to time and to the customary high standards by the Honorary Editor, Professor Colin Richards, supported by Dr Helen Evans, Professor Michael Mullett, and Dr Jane Platt. The extensive range of articles ranges wide over archaeological and historical contributions and continues to build on the huge body of scholarship and irreplaceable knowledge contained in these volumes. We welcome contributions from members and scholars across the world on Cumbrian topics.
3. Research and Grants Committee (chairman: Ms Eleanor Kingston)
The committee has revised its operation to hold four scheduled meetings a year, with deadlines for the receipt of grant applications published on the Cumbria Past web site. These have been held in June, September and December, with another to follow in March. They have all taken place virtually because of Covid restrictions, but the committee has agreed to meet face to face at least once a year.
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We have awarded four grants over the course of the year, including the radiocarbon dating and post-excavation work at a prehistoric settlement site at High Carlingill, conflict archaeology research at Ambleside Roman fort, and radiocarbon dating of an iron smelting site at Witherslack. We have also funded geophysical work at the medieval settlement at St Paul’s Church Irton. The finance available to the committee at the beginning of the financial year amounted to approximately £7,000 and we have so far offered £5,975 in grants over this period.
We have awarded five bursaries, totalling £2,500 to students wanting to attend the 19[th] Viking Congress in July 2022 (https://www.vikingcongress.net ). These have been funded through the Clare Fell Bursary Fund.
4. Industrial Archaeology Committee (acting chairman: Mr Kevin Grice)
The future of the committee is under review.
5. Society activities
The annual general meeting in April took place virtually, and it was therefore a great pleasure when most of our intended activities were able to take place as the year progressed.
Mr Mark Blackett-Ord led a walk on 29 May around Old Appleby and Great Ormside, including to the Saxon church of St James. The next outing was to Birdoswald on 31 July, where a further four seasons of excavations are being led by Mr Tony Wilmott; a visit so oversubscribed that another will follow this year. On 11 September there was an urban walk around Wigton, led by Mr Trevor Grimshaw, the town being the location of an agricultural economy that moved towards textiles in the 18[th] century. The next visit, on 14 October, took a group indoors at Johnby Hall, where Henry and Anna Howard hosted the exploration of a building with a long and fascinating lineage. Finally, on 30 September, the Walking Whitehaven’s Mining Landscape was led by two experts, David Cradduck, a mining specialist, and John Brown, Fellow of the Mining Institute, receiving many expressions of gratitude for what the walk revealed.
The Society is deeply grateful to all who organised, led and hosted these occasions, particularly under the present uncertain circumstances.
Marion McClintock Honorary General Secretary
1 February 2022
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Cumberland & Westmorland Antiquarian & Archaeological Society Assets and Liabilities 31 January 2022
| Assets Investments at market value British Government and Non-Government Bonds Equities Cash in hand Barclays bank Held by Stockbroker Represented by : Unrestricted Funds Restricted Fund Designated Funds |
£ 209,885 611,153 |
2022 £ 821,038 80,915 901,953 276,750 77,130 548,073 901,953 |
2021 £ 802,769 72,801 |
|---|---|---|---|
| 44,027 36,888 |
|||
| 875,570 | |||
| 282,531 77,158 515,882 875,570 |
Independent Examiner’s Report to the Trustees of the Cumberland and Westmorland Antiquarian and Archaeological Society I report to the Trustees on my examination of the accounts of the above charity for the year ended 31st January 2022.
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 2011 Act and in carrying out my examination, I have followed 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 can confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect:
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accounting records were not kept in accordance with section 130 of the Act or
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the accounts do not accord with the accounting records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D. H. Fell FCA,
Ingall's (Kendal) Ltd, Chartered Accountants, Libra House, Murley Moss Business Village, Kendal LA9 7RL.
28 March 2022
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Cumberland and Westmorland Antiquarian & Archaeological Society Statement of Financial Activities for the year ended 31 January 2022
| Income Received Subscriptions Interest and dividends Sales of Publications Licensing Grants and donations Excursion receipts Total Income Payments Made Transactions 2021 Newsletter & Mailouts Printing, postage, Internet & stationery Meetings Subscriptions and journals Officers' expenses Insurance Admin Assistant Bank charges Professional fees Grants and donations Stockbroker's fee Book publication Excursions Total Expenditure Net surplus/-deficit Other movements Realised gain on investments Realised loss on investments Unrealised gain on investments Unrealised loss on investments Net movement in funds Balance brought fwd 31/1/20 Balance carried forward |
31/01 2021 Unrestricted Funds Restricted Funds Designated Funds Total Funds Total Funds £ £ £ £ £ 22,190 22,190 21,692 9,227 2,520 16,847 28,593 27,119 7,871 7,871 5,426 162 162 85 4,837 4,837 9,916 449 449 |
|---|---|
| 32,027 2,520 29,556 64,103 64,238 |
|
| 18,114 18,114 19,433 6,978 6,978 7,561 2,179 2,179 3,206 360 360 219 270 270 270 564 316 881 512 1,266 1,266 1,284 1,805 1805 1545 160 160 126 594 594 1,128 7,442 6,666 5,217 19,325 28,047 12,655 12,655 9,824 19,363 19,363 4,728 500 500 - |
|
| 52,887 6,666 24,896 84,449 77,882 |
|
| -20,859 -4,146 4,659 -20,346 -13,644 |
|
| 1,362 372 2,487 4,221 5,774 -652 -178 -1,191 -2,022 -16,251 21,099 5,762 38,525 65,386 23,859 -6,730 -1,838 -12,288 -20,856 -43,774 |
|
| -5,781 -28 32,192 26,383 -44,036 |
|
| 282,531 77,158 515,882 875,570 851,498 |
|
| 276,750 77,130 548073 901,953 875570 |
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Cumberland and Westmorland Antiquarian and Archaeological Society Notes to the accounts for the year ended 31 January 2022
Public Benefit
The Society ’ s charitable purpose is “ the advancement of the arts, culture, heritage or science ” , and our objects are “ to promote, encourage, foster and co-ordinate the study of archaeology, history, genealogy, customs and traditions with special reference to the County of Cumbria, which now includes the historic counties of Cumberland and Westmorland and Lancashire North of the Sands and the Sedbergh district of Yorkshire ” . Our activities are reported on the Charity Commission website as “ Funds historical and archaeological research with grants to volunteer groups, schools, museums and academic/professional researchers: operates a website with accessible heritage information: supports local historical societies in studying the historical ” environment: holds study days, lectures and visits: publishes a respected journal, plus books and other publications .
The Society has consistently shown through its annual reports how it has brought about benefits to the general public by the implementation of its objects, through outreach work to the general public, including schools and community groups, through the publication of scholarly but accessible publications on topics relevant to Cumbria, through grants of funds to appropriate organisations and individuals for fieldwork and analysis relating to the history and antiquities of the county, and through work on the industrial heritage of the county and its conservation. Our grants and donations in 2021 amounted to £ 19,325, including £ 6,666 as the second tranche of a three-year grant to Tullie House Museum, and £ 6,666 as the second of three grants to CCHT. In addition, £ 5,2176 was paid out in grants through our Research and Grants Committee, largely to community groups. We had no expenditure during the year for grants from the Clare Fell Fund.
Our web site makes heritage information freely available to all, including every edition of Transactions since the Society ’ s foundation in 1866, apart from the latest five years (restricted to members). The Transactions search page is the most visited page on our website. We normally give public notice of our meetings, and those of our affiliated groups, many of which are open to members of the public at a nominal price. Our excursion programme began again during the year, and although there were no public lectures, we began a programme of on-line lectures for members.
Income and Expenditure
The Statement of Financial Activities shows an in-year deficit of £20,346 compared with a deficit of £13,644 in the previous year. Subscriptions (including Gift Aid) held up well, with a small increase on the previous year. Investment income also showed a small increase, while sales of publications were up from £5,426 to £7,871. Grants & Donations income included another generous grant from Northwestern University, Illinois, towards the publication of the Fleming memoirs. Expenditure overall was up on the previous year, with the biggest increase being in Publication costs, three books being published during the year. The further increase in the Stockbroker’s fee should also be noted. Grants and Donations showed a significant reduction, mainly because of the one-off £15,040 grant to Morecambe Bay Partnership in 2020-21.
Our aim, taking one year with the next, is that Investment income (£28,593) should fund Grants (£19,325), and also subsidise any short-falls in publication costs. Member subscriptions (£22,190) are intended broadly to cover the costs of Transactions and the members’ News , plus printing and postage to members, which came to £27,271. Despite the shortfall, it is again not intended to increase member subscriptions this year.
Review of risks
The Charity Commission requests smaller charities, i.e. those with an income below £250,000 p.a., to carry out a risk assessment and to review the systems that have been put in place to mitigate those risks. The major risks to which the Society is exposed are:
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Poor management of investments.
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Incompetent or dishonest members dealing with the Society’s funds.
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Loss of, or damage to, the books in our library and stocks of unsold publications.
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Issues arising from an inability for us to continue with our website in its current form
The systems that have been established to minimise these risks are as follows:
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The portfolio is managed at the Trustees’ discretion and on their behalf by the Investment Committee, consisting of the Treasurer, Ian Caruana and Timothy Sykes. Before making new investments, the advice of our stockbrokers, Investec, is sought. Our investment policy is shown below.
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A running check is kept on the funds by reconciling monthly the cash books against the bank statements of our four accounts. These days, all our banking is done on-line, by the Treasurer alone: only one cheque was written during the year. All claims for expenses from our officers are scrutinised by the Treasurer, who is responsible for paying them. Larger items of expenditure are discussed and approved by Council before payment. At the end of each financial year (1 February to 31 January) our accounts are examined by our independent examiners, Ingalls of Kendal, and then, if they are approved, they are presented to the Society at the AGM for further scrutiny. In the event of the actions of a member, trustee, or officer of the Society proving to be inappropriate, Council may terminate his or her membership (rule 17).
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The library remains in the care of the University of Cumbria. Access is limited but loans can be obtained by arrangement with the librarians. Our book stocks are insured at replacement value.
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The Secretary has Access codes for our website, and for on-line banking, should they be required.
The Society operates a cash-based accounting system, not accrual-based. At the year-end there were no significant items of income not yet received, or expenditure not yet invoiced. It should be noted that the Society has made approximately £25,000 of advanced commitments, including the third grants to CCHT and Tullie House, due in 2022, plus some £10,000 of grants
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awarded by the Research and Grants Committee, but not yet claimed. Costs of forthcoming Publications during 2022 are unquantified but unlikely to be in excess of £7,000.
Policy on reserves
Our financial reserves are those assets in the Unrestricted Funds that are not set aside for the defined purposes of the charity, currently £276,750, a decrease of £5,781 on the previous year. The Society’s aim is to maintain sufficient free reserves to enable it to meet the needs of the activities of the Society and to respond to any unexpected calls on them. Our funds are distributed between four bank accounts. Any of these accounts may need to make a sizeable payment at any time and monies to meet these needs are kept available. For example, publishing a book may cost in excess of £10,000 for which payment is usually required at short notice. After a number of years in which our cash holdings had been reducing, it was decided in 2018, in light of significant increase in forward commitments of grants to other organisations and institutions within the county, to increase our cash base, to ensure it was sufficient to meet our financial objectives, including unexpected expenditure, without having to make an unplanned sale of our investments, which might incur significant losses. We currently have £80,915 in available cash, compared with £72,801 last year, in part due to a temporary increase in the cash held at our stockbroker, following a sale of some assets. This amount is close to our annual expenditure (£84,449), which is a comfortable position to be in.
In order to maintain income for grants and donations, and to subsidise publications and other activities for the public benefit, interest from invested reserves is needed, with a target of £30,000 per annum, and a minimum requirement of £22,000. This year, income from dividends and interest was £28,593, compared with £27,119 last year: however, it should be noted that this is a gross figure, and the increase in value was wiped out by the increase in stockbroker’s fees. This reserve policy continues to be monitored by the Treasurer and reviewed by Council if thought necessary.
The stock market
The total assets of the society at the year-end stood at £901,953, up £26,383 on the previous year (£875,570), as the markets began to recover a little from the shocks of 2020. The accounts show a net unrealised gain on our investments of £44,530 and a net realised gain of £2,199. During the year, we both sold and purchased a small number of bonds/equities,
Investment policy
Following a formal five-year review, a revised policy was adopted by Council on 21 October 2017.
1) The investment risk profile will be 'medium'. The focus of the investment policy will be upon a balance of income and growth, with the objective of at least maintaining capital value. The aim will be to invest for the long term.
2) Our target income from our investments is £30,000 per annum, with a requirement, subject to market conditions, of income in excess of £22,000.
3) Both capital and revenue may be used at any time for the furtherance of the aims of the society, and therefore the portfolio will be managed on a total return basis.
4) A wide spread of investments will be held, spread between gilts, other fixed interest bonds, collective investments, charity funds, and individual shares. We will invest flexibly, as market conditions allow, but will aim as a guideline to keep our holdings of UK Gilts within the range of 15-30% of our total portfolio, Other Bonds at between 0-15%, Alternative Assets at 0-5%, Charity Funds between 10-20%, Investment trusts between 20-40% and Equities between 20-40%. In addition, our maximum exposure to all forms of equity (Charity Funds, Investment Trusts and individual company investments) should not normally exceed 70% of the total portfolio.
5) All bonds held will be of 'investment grade'.
6) We will normally only invest in shares where the market capitalisation is at least £250m and preferably over £500m 7) No initial investment should exceed 5% of the total value of the funds under management, and no individual share should exceed 10%. The total sum of all equity holdings in excess of 5% (excluding collective funds) should not exceed 25% of the fund's total value at any time.
8) We will only invest in products that are comprehensible: specifically, we will not invest in negotiable instruments known as 'derivatives'.
9) We will not hold equities of UK or overseas companies whose core business is the manufacture of tobacco products, or the manufacture of arms and armaments, or whose core business is gambling, or whose core business is, or which involves, the testing of cosmetic or household products on animals.
10) The Investment Committee will exclude investment in any other company where its opinion is that investing in (or continuing to invest in) that company would damage the Society's reputation. It will also, subject to meeting the requirements of paragraphs 1 to 9 above, look favourably on investment in companies whose activities either maintain the integrity of, or enhance, the historic and cultural environments of the places in which they operate; or where this is not possible, as a priority, seek to minimise any damage to such environments.
Policy Review: This policy will be kept under review by the Investment Committee and will be subject to formal review by the Council no less frequently than once in five years, the next review to be held prior to October 2022.
Authorised parties : Dr William Shannon, as Treasurer will normally issue instructions to Investec. In the absence of the Treasurer either of the other members of the Investment Committee (Ian Caruana, Timothy Sykes) may issue instructions. All members of the Investment Committee may receive information from Investec.
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Cumberland and Westmorland Antiquarian and Archaeological Society Portfolio at Market Value - Bonds
| British Government Bonds Holding Stock 2,396 2.50% 2024 25,400 4.25% 2027 5,000 4.75% 2030 22,301 4.25% 2032 18,000 4.25% 2036 10,000 4.25% 2046 Non Government Bonds 18,371 Royal London 220 Oaktree 14,358 M&Gglobal 1,800 Threadneedle 8,625 Allianz |
MV at 31/01/2022 8,817 30,026 6,503 28,699 24,766 15,723 25,793 20,084 14,132 18,623 16,719 209,885 |
|---|---|
Cumberland and Westmorland Antiquarian and Archaeological Society Portfolio at Market Value - Equities
| Holding Equities 582 Rio Tinto Ord 115 Reckitt Benck 525 Unilever 1,000 Glaxosmithkline 260 AstraZeneca 450 Relx Plc 10,295 Vodaphone Ord 1,525 SSE plc Ord 6300 Legal and General Ord 2,733 Segro (Slough Estates) Ord 12,312 City of London Inves. Ord 310 M and G Charifund Acc 2,502 M and G Charifund Inc 1,400 Blackrock Sm Comp Ord 20,100 Aberdeen Std 18,200 Aviva Investors 18,500 J P Morgan 5,400 Schroder Oriental 2,847 Bankers Invest Trust Ord 13,400 Maitland Somerset Capital 17,000 Picton Prop Income Ord 24,018 INT Public Partner Ord |
MV at 31/01/2022 30,180 6,912 19,886 16,429 22,403 10,210 13,387 24,137 18,109 35,597 49,648 90,770 39,306 25,424 21,447 35,878 27,380 14,472 32,598 19,055 17,646 40,278 611,152 |
|---|---|
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The Society’s Funds
The Funds of the Society are classified into three types: Unrestricted Funds; Restricted Funds and Designated Funds.
All Funds are Income Funds, i.e. there is no restriction on the disbursement of capital.
Restricted Funds
| Balance | Movement | Balance | ||
|---|---|---|---|---|
| 31/01/2021 | Incoming | Outgoing | 31/01/2022 | |
| £ | £ | £ | £ | |
| Fahy | 77,158 | 8,654 | -8,862 | 77,130 |
The Fahy Fund is a Restricted Fund to assist in the publication of Genealogical & Historical Research covering Lancashire North of the Sands and the southern part of Cumbria.
Designated Funds
| Publications Research & Grants Clare Fell |
Balance Movement Balance 31/01/2021 Incoming Outgoing 31/01/2022 £ £ £ £ 184,697 33,423 -24,505 193,615 245,654 27,551 -11,636 261,569 85,529 9,593 -2,235 92,887 |
|---|---|
| 515,880 70,567 -38,376 548,072 |
The Designated Funds have been set aside by Council out of the unrestricted funds for specific purposes, as below:
Publications Fund is for the publication of papers and books other than Transactions and those publications which fall within the remit of the Fahy Fund.
Research and Grants Fund is for the provision of grants and donations to further research, fieldwork, education, the recording of historic and archaeological features, the preservation and conservation of historic features in the built landscape, and the publication of matters of interest to the society. The fund also covers Grants for Schools for projects which are linked to the History National Curriculum and which are about some aspect of Cumbria’s Past.
The Clare Fell Bursary Fund offers bursaries to young people who wish to develop their interest in archaeology, by undertaking a particular project on some aspect of the archaeology of Cumbria, or to young people living in Cumbria who wish to undertake a project relating to the archaeology of another area. Preference will be given to individuals under the age of 25, but applications will be accepted from others studying for undergraduate or higher degrees, and from group applications from schools, colleges, universities, YACs or other groups of young people.
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