## **THE ECONOMIC HISTORY SOCIETY**
## **ANNUAL REPORT AND ACCOUNTS**
**FOR THE YEAR ENDED 30th JUNE 2023**
**Charity Registration Numbers: 228494; SC038304**
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**THE ECONOMIC HISTORY SOCIETY**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
**CHARITY NUMBERS:** Charity Commission for England and Wales: 228494 Office of the Scottish Charity Regulator: SC038304
## **V.A.T. REGISTRATION NUMBER:**
213908672
EXECUTIVE COMMITTEE (from 1 April 2023) Prof. P. R. Schofield President Prof. A. C. Tunçer Honorary Treasurer Prof. J. Z. Stephenson Honorary Secretary Prof. T. Roy Managing Editor Dr T. Moore Chair of Conference Committee (from 31/5/23) Prof. N. Zahedieh Chair of Publications Committee Dr C. P. Read Chair of Public Engagement Committee Vacancy Chair of Schools and Colleges Committee Dr E. Buchnea Chair of Women’s Committee Prof. N. P. Palma Council representative Dr N. Cummins Council representative
## HONORARY VICE-PRESIDENTS
Prof. B. E. Supple, Prof. P. K. O’Brien, Prof. P. Hudson, Prof. N. F. R. Crafts, Prof. R. M. Smith, Prof. K. J. Humphries, Prof. Sir R. H. Trainor, Prof. S. N. Broadberry, and Prof. C. R. Schenk.
## ECONOMIC HISTORY REVIEW EDITORS
Prof. G. Federico Prof. T. Roy Prof. C. R. Schenk (from 1 April 2023) Prof. J. Turner (until 1 April 2023)
## REVIEWS EDITOR
Dr L. A. Gardner
COUNCIL MEMBERS (from 1 April 2023)
Dr C. Briggs, Dr J. Chapman, Dr N. Cummins, Prof. R. P. Esteves, Dr K. Gary, Dr S. Henderson, Prof. N. P. Palma, Prof. R. G. Rodger, Dr M. Roodhouse, Dr E. Smith, Dr B. D. Varian, and Mr. M. Zampa.
The Society’s President, Honorary Vice-Presidents, Honorary Treasurer, and Honorary Secretary are _ex officio_ members of the Council.
## TRUSTEES
The trustees of the Society are the members of the Council.
## **GENERAL CORRESPONDENCE**
Prof. J. Z. Stephenson Honorary Secretary c/o Economic History Society Department of Economic and Social History University of Glasgow Lilybank House, Bute Gardens Glasgow G12 8RT Scotland, UK E-mail: ehsocsec@arts.gla.ac.uk Website: https://ehs.org.uk
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**THE ECONOMIC HISTORY SOCIETY**
## **REFERENCE AND ADMINISTRATIVE INFORMATION (Cont.)**
## **FINANCIAL CORRESPONDENCE**
Prof. A. C. Tunçer Honorary Treasurer Economic History Society c/o Department of Economic and Social History University of Glasgow Lilybank House, Bute Gardens Glasgow G12 8RT
## **AUDITORS**
F. P. Leach & Co. Northumbria House 62-64 Northumbria Drive Henleaze Bristol BS9 4HW
## **BANKERS**
## **INVESTMENT ADVISERS**
Santander UK plc PO Box 2073 Glasgow G32 2BF Brown Shipley Co. Ltd One King Street Manchester M2 6AW
Council members during the period from 1 July 2022 to 1 April 2023 were as follows:
Prof. B. E. Supple, Prof. P. K. O’Brien, Prof. P. Hudson, Prof. N. F. R. Crafts, Prof. R. M. Smith, Prof. K. J. Humphries, Prof. Sir R. H. Trainor, Prof. S. N. Broadberry, Prof. C. R. Schenk, Prof. P. R. Schofield, Mr. N. Carotenuto, Dr J. Chapman, Dr N. Cummins, Dr A. H. Daniell, Prof. R. P. Esteves, Dr K. Gary, Dr S. Henderson, Prof. N. P. Palma, Ms. Yitong Qiu, Prof. R. G. Rodger, Dr M. Roodhouse, Dr E. Smith, Prof. J. Z. Stephenson, Prof. A. C. Tunçer, and Dr B. D. Varian
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**THE ECONOMIC HISTORY SOCIETY**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 30th JUNE 2023**
The Council members, acting as trustees of the Economic History Society, present their report and accounts for the year ended 30[th] June 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and, in particular, under the accounting conventions set out in note 1a.
## **Structure, Governance, and Management**
## _Governing document_
The Economic History Society is governed by a constitution adopted on its formation in 1926 and subsequently amended. The Society’s current constitution, revised at the Annual General Meetings in April 2000, March 2014, and April 2022, and approved by the Charities Commission, is available on the Society’s website.
## _Recruitment, appointment, and re-election of trustees_
Trustees are recruited by seeking nominations from the Society’s membership. Where the number of nominations exceeds the available places, an election is held by balloting members attending the Society’s Annual Conference. All new trustees receive copies of the Society’s constitution, standing orders, and minutes of the previous year’s Council meetings. Trustees are referred to the relevant websites for the Charity Commission of England and Wales guidance on responsibilities of trustees, and similar guidance from the Office of the Scottish Charity Regulator. Trustees are appointed for three years with the possibility of re-election for up to a further three years. The Society’s officers are appointed under the provisions of its standing orders. The President serves for a fixed term of three years and then becomes an Honorary Vice-President. The Honorary Secretary and Honorary Treasurer serve for three years, renewable for up to a further three years.
## _Details of any outside party able to appoint trustees_
No outside parties are eligible to appoint trustees.
## _Organisational structure_
As of 30 June 2023, there were 1,503 individual members, an increase of 105 compared to the same date last year; this is a continuing trend mainly driven by registrations for the annual conference, and the membership requirement for grant applications and proposals to publish in the Society’s journal, the _Economic History Review_ . The membership of the Society is invited to attend an Annual General Meeting and elect a Council and officers. The Council, whose members take responsibility as the Society’s trustees, normally meets twice each year to conduct the business of the Society and to approve reports from the officers. During the course of the year under report, the Council members consisted of those so listed at the head of this report. The officers listed above, two elected representatives of Council, and the chairs of the Society’s standing committees form an Executive Committee. They are assisted by two administrators, Mrs Maureen Galbraith and Dr Alice Whiteoak, who support the work of the Executive Committee and Council in a variety of ways. The Society’s auditors, F. P. Leach & Co, assist in the production of the accounts of the Society.
## _Related parties_
Related parties comprise the trustees of the Economic History Society. All transactions with trustees are made in the normal course of its operations and are disclosed in the notes to the accounts.
## _Risk management_
The Society faces risks of a financial nature relating to its income and expenditure. The trustees have been concerned to identify and minimise potential risks associated with publication of the _Economic History Review,_ especially relating to copyright and the impact of changing electronic forms of publication on the dissemination of the _Review_ and its various income streams, which are the main source of revenue. These issues continue to be addressed through discussions with the publishers of the _Review_ . As previously reported, the UK academic funding agencies’ support for Open Access for academic publishing will have important implications for the future revenue from subscriptions to the _Review_ in the medium to long term. Reserves are a protection against short-term fluctuations of income and expenditure, particularly in a volatile global financial environment. The Society’s committee structure, reporting mechanisms, and procedures for the appointment of its officers are designed to guard against over-spending. The trustees and officers keep these mechanisms under review. The trustees are provided with a summary of financial flows at bi-annual meetings, and with a summary of projected expenditures at their spring meeting. The Society has earmarked funds for the annual Tawney Lecture and for the Power, Postan and Tawney Fellowship Awards. Out of
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unrestricted funds, the trustees establish annual budgets for a range of charitable activities. Trustee indemnity insurance is held as a means to protect against certain risks, and additional cover is taken out in relation to the annual conference. The Society retains legal advisers to assess risks to the Society from its proposed activities where appropriate. The Risk Assessment policy, adopted in 2005, has been updated.
## _General Data Protection Regulation (GDPR)_
The Society is GDPR compliant, and a privacy statement has been posted to the website.
## **Objectives and Activities**
## _Summary of objectives, and strategy for achieving them_
Aims and Activities
The objects of the Society, as stated in its constitution, are:
- a) to promote the study of economic and social history;
- b) to establish closer relations between students and teachers of economic and social history;
- c) to issue the _Economic History Review;_
- d) to publish and sponsor other publications in the fields of economic and social history;
- e) to hold an annual conference, and to hold or participate in any other conference or meetings as may be deemed expedient in accordance with a) and b) above;
- f) to co-operate with other organisations having kindred purposes.
## _Details of significant activities_
During the year under review the Society has fulfilled its objectives in a number of different ways and the trustees have, in making decisions about these, paid due regard to the public benefit guidance provided by the Charity Commission, in accordance with section 17(5) of the Charities Act 2011.
The annual conference took place, in person, 31 March-2 April 2023 at the University of Warwick. A total of 246 delegates participated. At the conference, the annual Tawney Lecture was delivered by Professor Jane Whittle (Exeter) on ‘Putting women back into the early modern economy: Work, occupations, and economic development’.
In line with objects a) and b) this lecture, and previous Tawney Lectures, were posted on the Society’s website as podcasts with closed captions available for the general public, students, and teachers of economic and social history. Also posted on the website was the Friday Plenary Lecture, delivered by Professor Daniel Sgroi (Warwick) on the topic of ‘Measuring national wellbeing in the past’. To promote the study of economic and social history, one prize for the best New Researcher’s paper was awarded to Christian Vedel (Southern Denmark) for his paper ‘A perfect storm and the natural endowments of trade-enabling infrastructure’. A prize for the best New Researcher Poster was awarded to Jonathan Jayes (Lund) for his poster, ‘Praise the people or praise the place: Labour market responses to a technological shock in 20th-century Sweden’. Short podcasts, to support the teaching and learning of economic and social history, continue to be available on the Society’s website.
In line with objective f), the Society supported EH.Net, which facilitates contacts among economic historians relating to research and teaching; and supported links to the International Economic History Association, the pinnacle global association of the discipline. Along with other organisations, the Society continues to contribute to a new research funding scheme to support Black and Minority Ethnic (BME) history in the UK.
In continuing fulfillment of objects a) and b), the Society continues to develop its website as a means of disseminating information on the Society’s activities. In continuing fulfillment of object c) the Society published four issues of the _Economic History Review_ , established in 1927 and the premier journal in its field. Further developments in electronic publishing impacted on institutional subscriptions, with more libraries receiving the _Review_ exclusively electronically, including through JSTOR. The Society and its publishers, Wiley, continued to develop the electronic management of the editorial process. The increase in the length of each issue of the _Review_ was maintained to accommodate the larger number of high-quality submissions and to ensure timely publication. The Society continued its activities in pursuit of object d) through the work of its Publications Committee, including continued support for the book series entitled ‘People, Markets, Goods: Economies and Societies in History’ published by Boydell & Brewer, and publication, in association with Routledge, of the third edition of the textbook ‘20[th] Century Britain: Economic, Cultural and Social Change’, which was launched at the annual conference. In fulfillment of objects d) and f), and in order to promote high-quality scholarship in economic and social history, the Society continued its financial support for the Royal Historical Society’s publication, ‘New Historical Perspectives’ (an open access book series for early career scholars). In line with objects a) and b) the Society continued to award a range of prizes designed to promote the teaching and study of economic and social history, including: the Thirsk-Feinstein
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Dissertation Prize and the T.S. Ashton Prize. The Dissertation Prize was won by Victoria Gierok (Oxford), ‘The development of wealth inequality in the German territories of the Holy Roman Empire, 1300-1800’. The T.S. Ashton Prize was awarded to Cheng Yang (Renmin University of China & CAMPOP), ‘A new estimate of Chinese male occupational structure during 1734–1898 by sector, sub-sector pattern, and region’.
## _Policies for grant-making_
The Society’s Council has criteria relating to grants, awards, and fellowships; any new criteria require approval by Council. An Awards Committee, chaired by the Society’s Honorary Secretary, is responsible for decisions about awards and initiatives. A Fellowship Committee is responsible for decisions about the Power, Postan, and Tawney fellowships; its membership includes two members of the Society, the President, a representative from the London School of Economics (LSE) (which contributes income from separate trusts towards the Power and Postan awards) and the Director of the Institute of Historical Research, who chairs the interview panel for the Fellowships. A PhD Bursary Committee, chaired by the Society’s President, considers applications to that scheme.
## _Role and contribution of volunteers_
The Society’s work relies on voluntary contributions from its members in the conduct of committee work, and activities relating to conferences, publications, and the promotion of economic and social history.
## **Achievements and Performance**
## _Summary of main achievements during the year_
Support for post-doctoral research is a key element in the Society’s activities to promote the study of economic and social history. During the year under review, the Society funded the award of three Fellowships – Power, Postan, and Tawney – to scholars in the early stages of their careers. Assistance for two of the awards was received from the Power and Postan Memorial Funds, which are administered by the LSE.
The Power Fellowship was awarded to Tehreem Husain (UCL) for her work on ‘Foreign investment and infrastructure financing: Railways during the First Age of Globalisation’. Lewis Wade (Northumbria) received the Postan Fellowship for his work on ‘Privilege at a premium: Insurance, maritime law and political economy in early modern France, 1664-c.1710’. The Tawney Fellowship was awarded to Ying Dai (Cambridge) for her work on ‘The occupational structure of the Yangtze Valley in the twentieth century’.
In accordance with the policy of ensuring effective support for scholars to develop their research, the Society funded all three Fellowships at a cost of £68,000 and provided support for travel costs to fellows to visit the Institute of Historical Research, which hosts the Fellowships, and an additional budget for research and conference attendance.
The grant schemes established previously – a PhD Bursary Scheme and the Carnevali Small Research Grants Scheme – continued this year. The PhD Bursary Scheme made 9 awards, and the Carnevali Small Research Grants Scheme also made 9 awards during the year under review.
The Awards Committee made 6 awards (compared to 3 in 2021/22) to support specialist conferences and initiatives; application numbers have now recovered following the significant decline due to travel restrictions imposed in relation to the COVID-19 pandemic. Net expenditure on the Initiatives and Conferences Fund Account was £19,915 (2022: £11,896). The Society has also promoted research by graduate students of economic and social history by providing 12 grants for research and travel (compared to 10 in 2021/22).
The Society continued to expand its media awareness initiative, based on conference papers, articles published in the _Review,_ and various other activities undertaken by members. This contributed to coverage of several research topics in national and international media outlets. The EHS blog, ‘The Long Run’, launched in June 2016, continues to receive a high volume of website traffic, and the Public Engagement Committee remains proactive in commissioning blogs.
As previously reported, the Society’s website was overhauled and new systems put in place to manage membership, applications to the Society’s schemes, and the annual conference. The website and membership management system continue to work well. An Equality and Diversity Statement, and a Code of Conduct for members are available on the website.
A residential training course for postgraduate students in economic and/or social history, fully funded by the Society in the absence of ESRC funding, was held at the University of Warwick, in November/December 2022. The course was over-subscribed, and 12 students and 5 academic colleagues participated. Student feedback, while positive, reflected that the course was not as successful as previously, with fewer ‘excellent’ ratings and more qualifying
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comments. The academic participants believe that some of the feedback may be a legacy of a difficult three years for graduate researchers through and post-pandemic. Guidance to participants will be updated in light of this feedback.
## **Financial Review**
## _Reserves policy_
The Society’s policy is to try to spend the income it receives each year in pursuit of its charitable objectives. This cannot be achieved with precision given the planning involved in new initiatives and uncertainties in income generation, which depends to a very large extent on revenues from the _Economic History Review_ . The Society has inherited accumulated funds from past activities, which are retained as reserves. The Society’s reserves policy seeks to maximise prudent expenditure in support of its objectives while ensuring that there are sufficient funds to guard against adverse circumstances. In 2015, a review of the Society’s finances was undertaken with the aim of achieving a balanced cash budget, with adequate cash reserves, while maintaining investments close to the current level. Our investment advisors (Brown Shipley) are instructed to invest to maximise the total return on funds within the constraints of a medium to low-risk investment portfolio. The value of the investment portfolio at 30[th] June 2023 was £1.5M, which the trustees consider an adequate safeguard against uncertainties, which have been escalating over the past year as the Open Access agenda develops.
## _Details of funds materially in deficit and of steps taken to eliminate deficit_
All of the Society’s funds are in credit. None of the funds is a restricted fund; there are some earmarked funds, principally for fellowships.
## _Review of financial position_
During the year, the Society’s gross income increased from £328,060 to £403,692 (23%), and gross expenditure increased from £333,912 to £416,457 (25%). Overall gross income from publishing activities decreased from £262,349 to £246,705 (-6%). Income from the _Economic History Review_ increased from £216,695 to £224,148 (3%) while income from article downloads through JSTOR increased from £17,757 to £18,769 (6%).
## _Principal funding sources_
The major component of the Society’s income is received from the _Economic History Review_ through the current publishing contract with Wiley. Other publishing income is derived from the Cambridge University Press book and pamphlet series. Individual membership subscriptions account for about 7% of gross income.
## _Relationship between expenditure and charity’s key objectives_
The trustees agree broad patterns of expenditure annually; precise spending varies due to fluctuations in applications for grants and awards, and the timing of initiatives. As noted above, gross expenditure increased from £333,912 to £416,457 (25%). As part of advancing its objects a) and b), the Society supports research activities, conferences, and workshops. Net grants in support of conferences, workshops and initiatives increased from £11,896 to £19,915. Grants to students for research, conference expenses, and prizes to encourage participation in the study and teaching of economic and social history increased to £44,115 (2021/22: £35,068). In support of objectives c) and d), publishing and membership expenses increased from £76,893 to £100,104 (which includes £47,945 for the cost of Dr Whiteoak’s employment). In support of the Society’s objectives e) and f), as well as all other objectives, the Society continued to benefit from the highly efficient work provided by the Administrators, Mrs Maureen Galbraith and Dr Alice Whiteoak. The combined cost of the Administrators increased from £69,255 to £74,472 (8%).
## _Investment policy and objectives, including details of relevant ethical policy_
The Society aims to spend its current income on charitable initiatives, and to retain accumulated reserves along the lines of the policy described above. This policy reflects the risks inherent in academic publishing, which is the main source of income. The investment policy is aimed at long term growth with medium risk using a balanced portfolio of liquid assets and collective equity investments. The total value of the Society’s funds increased from £1,553,374 to £1,586,185 (2%).
## **Plans for Future Period**
## _Plans for the future, including aims, objectives and any activities planned to achieve them_
The Society plans to maintain its general profile of activities and strategies in line with its objectives and will consider any new initiatives within the context of volatile financial markets that affect the value of reserves and uncertainty over funding for university library collections, which is the main source of publishing income. The Society has renewed its publishing contract with Wiley, following an invitation to tender; no other publishers submitted a tender, citing uncertainties around income stream due to Open Access. As previously advised, the implications of the support
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by UK academic funding agencies for Open Access for academic publishing will have an impact on future revenues. The trustees have again approved the proposal that the Society should fully fund a residential training course for postgraduates in economic and/or social history, to be held at the University of Warwick. Future annual conferences are planned for Northumbria University, and other venues are being reviewed for future years. The Society will continue to develop its social media strategy. Efforts will continue to be made to engage more actively with the membership, in particular, via the website. The annual review of patterns of expenditure will be undertaken to ensure that the Society is making the most effective use of its resources in pursuit of its objectives, especially for promoting the study of economic and social history. The trustees continue to develop the accessioning, storage, and preservation processes for the Society’s archive with the LSE, and additional material will be despatched to the archive during the latter half of 2023.
## **Statement of Trustees’ Responsibilities**
The Council members of the Society, acting as trustees, are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities both in England and Wales and in Scotland requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its income, expenditure, and results for that period. In preparing those financial statements the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial accounts; and
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and that enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities and Trustee Investment Act (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended) and the provisions of its constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the dissemination of financial statements may differ from legislation in other jurisdictions.
## _Approval_
This report was approved by Council members on: **27 October 2023** and signed on their behalf.
## **Professor Phillipp R Schofield (President)**
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**THE ECONOMIC HISTORY SOCIETY**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ECONOMIC HISTORY SOCIETY**
## Opinion on the financial statements
In our opinion the financial statements:
- give a true and fair view of the state of the Charity’s affairs at 30th June 2023 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and Regulations 6 & 8 of the Charities Accounts (Scotland) Regulations 2006, as amended.
We have audited the financial statements of the Economic History Society for the year ended 30[th] June 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the fund accounts for separate funds and the notes to the financial statements, 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 the Financial Reporting Standard 102 (“FRS102”) applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the Charity in accordance with ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, including Ethical Standards – Provisions Available for Small Entities, in that, in common with other charities of this size, the Charity uses our firm to assist with the preparation of its financial statements. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions related to going concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, either individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The Trustees are responsible for the information included in the Annual Report and Accounts other than the financial statements and our auditor’s report thereon. The other information in this context comprises the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance or conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where either the Charities Act 2011 or the Charities and Trustee Investment (Scotland) Act 2005 require us to report to you if, in our opinion,
- the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or
- sufficient and proper accounting records have not been kept by the charity; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
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## Responsibilities of the Trustees
As described more fully in the statement of Trustees’ responsibilities within the Trustees’ Report, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and also for such internal controls as they deem necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with those Acts and with relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, either due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but it 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 if, individually or in aggregate, they could reasonably be expected to influence the economic decisions taken by users of these financial statements
## _Extent to which the audit was capable of detecting irregularities, including fraud_
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is outlined below.
As part of our audit, we gained an understanding of the legal and regulatory framework applicable to the Charity and the sector in which it operates, and considered the risk that acts by the Charity were contrary to applicable laws and regulations, including fraud. We considered the Charity’s own assessment of these risks, of its compliance with laws and regulations that have a direct impact on the financial statements such as the Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005 and other laws and regulations applicable to the Charity such as taxation legislation and data protection. We also considered the risks of non-compliance with regulations imposed by the Charity Commission and other regulators, and we considered the extent to which non-compliance might have a material effect on the financial statements.
As a result of these procedures, we considered the opportunities and incentives that may exist within the Charity and determined that there were no significant risks in this respect.
Our tests included:
- agreeing that the financial statement disclosures complied with applicable legislation;
- testing a sample of gift aid claims and ensuring that they were made in accordance with the regulations;
- • enquiring of third parties, including the Charity’s investment managers, where information from those third parties has been used by the Charity in the preparation of its financial statements; and
- performing audit procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one due to error.
## Use of our report
This report is made solely to the Charity’s Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act, section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended in 2010). Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s 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 Charity and the Charity’s Trustees as a body for our audit work, for this report, or for the opinions we have formed.
F.P. Leach & Co. Statutory Auditor
Chartered Accountants Registered Auditors Bristol Date:
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**THE ECONOMIC HISTORY SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30th JUNE 2023**
|**Income and Endowments from:**
Donations and Legacies
Charitable Activities
Investments
**Total Income and Endowments**
**Expenditure on:**
Raising Funds
Charitable Activities
**Total Expenditure**
Net Gains / (Losses) on Investments
**Net Income / (Expenditure)**
**Transfers between Funds**
**Net Movement in Funds**
Fund Balances brought forward at 1stJuly 2022
Fund Balances carried forward at 30thJune 2023|Unrestricted
Funds
£
1,845
374,233
27,614
________
403,692
8,644
407,813
________
416,457
45,576
32,811
-
________
32,811
1,553,374
________
1,586,185|Total
Funds
£
1,845
374,233
27,614
_______
403,692
8,644
407,813
_______
416,457
45,576
32,811
-
_______
32,811
1,553,374
________
1,586,185|2022
Unrestricted
Funds
£
2,071
308,165
17,824
________
328,060
9,669
324,243
________
333,912
(137,394)
(143,246)
-
________
(143,246)
1,696,620
________
1,553,374
|
|
|---|---|---|---|---|
||||||
|||||
|
There were no recognised gains or losses for 2023 or 2022 other than those included in the Statement of Financial Activities.
All income and expenditure derives from continuing activities.
11
**THE ECONOMIC HISTORY SOCIETY**
## **BALANCE SHEET AS AT 30th JUNE 2023**
|Unrestricted
Funds
**Fixed Assets**
Tangible Fixed Assets (Note 4)
1,392
Investments (Note 5)
1,511,588
________
1,512,980
**Current Assets**
Debtors & Prepayments (Note 6)
89,869
Cash at Bank and in Hand
310,573
________
400,442
**Liabilities**
Creditors falling due within one year
Advance from Publishers
134,288
Other Creditors and Accruals (Note 7)
192,949
________
327,237
**Net Current Assets/(Liabilities)**
73,205
**Total Assets less Current Liabilities**
1,586,185
Creditors - amounts falling due after more than one year
-
________
**Net Assets**
1,586,185
**Charity Funds**
General Income and Expenditure Account
1,389,781
Publishing Account
115,499
Life Members’ Subscriptions
1,155
Tawney Memorial Fund
1,000
T. S. Ashton Prize Fund
750
Society Conferences Fund
5,000
Initiatives and Conferences Fund
5,000
General Fellowships Fund
68,000
________
1,586,185|Total
Funds
1,392
1,511,588
________
1,512,980
89,869
310,573
_______
400,442
134,288
192,949
_______
327,237
73,205
1,586,185
-
________
1,586,185
1,389,781
115,499
1,155
1,000
750
5,000
5,000
68,000
________
1,586,185|2022
Unrestricted
Funds
531
1,466,667
________
1,467,198
27,690
405,653
________
433,343
123,653
223,514
________
347,167
86,176
1,553,374
-
________
1,553,374
1,358,358
114,111
1,155
1,000
750
5,000
5,000
68,000
________
1,553,374
|2022
Total
Funds
531
1,466,667
________
1,467,198
_
27,690
405,653
_______
433,343
______
123,653
223,514
_______
347,167
___ __
86,176
__
1,553,374
-
________
1,553,374
__ _ _
1,358,358
114,111
1,155
1,000
750
5,000
5,000
68,000
________
1,553,374
|
|---|---|---|---|
|||||
Approved by the Trustees and signed on their behalf:-
**Professor Phillipp R Schofield (President) Date: 27 October 2023**
12
**THE ECONOMIC HISTORY SOCIETY**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30th JUNE 2023**
|**STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30th JUNE 2023**||
|---|---|
|Note
2022
£
£
£
**Cash flows from operating activities**
Net cash provided by / (used in) operating activities
A
(121,743)
**Cash flows from investing activities**
Interest and dividends received
27,614
17,824
Purchase of tangible fixed assets
(1,606)
-
Sale of investments
534,001
171,483
Purchase of investments
(533,346)
(288,467)
________
_______
Net cash flows from investing activities
26,663
**Cash flows from financing activities**
Net cash flows from financing activities
-
________
**Change in cash and cash equivalents**
(95,080)
Cash and cash equivalents brought forward
405,653
________
**Cash and cash equivalents carried forward**
310,573
**Note A:- Reconciliation of net income to net cash flow from operations**
Net income / (expenditure) for the year
32,811
_As per the Statement of Financial Activities_
Adjustments for:
Depreciation and profits / (losses) on sale of tangible fixed assets
745
Interest and dividends received shown in investing activities
(27,614)
Net (gains) / losses on investments
(45,576)
Decrease / (increase) in debtors
(62,179)
(Decrease) / increase in creditors
(19,930)
________
Net cash provided by / (used in) operating activities
(121,743)
|2022
£
82,740
(99,160)
-
________
(16,420)
422,073
________
405,653
__ __
(143,246)
266
(17,824)
137,394
24,763
81,387
________
82,740
|
|
Net income / (expenditure) for the year
_As per the Statement of Financial Activities_
Adjustments for:
Depreciation and profits / (losses) on sale of tangible fixed assets
Interest and dividends received shown in investing activities
Net (gains) / losses on investments
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cash provided by / (used in) operating activities||
13
**THE ECONOMIC HISTORY SOCIETY**
## **GENERAL INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30th JUNE 2023**
|**Income and Endowments from:**
Donations and Legacies
Donations Received
Charitable Activities
Income from Publishing:
_Economic History Review_Volume 75
90% of Publishers’ Profit
20% of Publishers’ Sales
Sale of Books
Contribution towards Website Expenses
JSTOR Income
Membership Income:
Subscription Income
Other Subscription Income (Note 1)
Gift Aid Tax recovered on Subscriptions
Investments
Bank Interest Receivable
Other Interest Received
Other Income from Investments
**Total Income and Endowments**
**Expenditure on:**
Raising Funds
Investment Management Fees
Charitable Activities
Grants and Donations:-
Student Research and Conference Grants
Student Conference Bursaries
Prizes
Small Research Grants Scheme
PhD Bursaries
Undergraduate Project Facility Grants
BME Activities and Events Small Grants Scheme
Publishing & Membership Expenses:-
Editorial Fees and Honoraria
Editors’ Secretariat Fees and Expenses
Web Site Expenses
Videos and Podcasts
Membership Officer
Media Awareness and Publicity Expenses
Lecture Expenses:-
International Speakers at Annual Conference
Plenary Lecture Costs
|£
250
152,677
71,471
-
-
18,769
26,572
69
3,275
1
7,244
20,369
5,005
12,510
1,600
26,027
25,000
-
-
30,853
6,215
5,596
8,063
47,945
1,522
-
1,711
______|£
250
242,917
29,916
27,614
300,697
8,644
70,142
100,104
1,711||
|---|---|---|---|
|||||
14
**THE ECONOMIC HISTORY SOCIETY**
## **GENERAL INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30th JUNE 2023 (Cont.)**
|£
Other Expenses:-
Secretariat Fees and Expenses
26,527
Officers’ & Trustees’ Expenses
4,499
Schools & Colleges Committee Expenses
-
Fellowship Administration Expenses
1,794
Fellows’ Travel Support
73
Public Engagement Committee Expenses
-
Other Administrative Expenses
1,142
Bank & Payment Processing Charges
1,082
Subscriptions
2,946
Audit and Accountancy Fees
18,840
Legal, Professional & Insurance Expenses
4,225
Loss on Disposal of Equipment
47
Depreciation of Equipment
698
_______
**Total Expenditure**
Net Gains / (Losses) on Investments
Realised
Unrealised
**Net Income / (Expenditure)**
**Transfers (to) / from Other Funds**
Tawney Memorial Fund
(2,390)
T.S. Ashton Prize Fund
(750)
Society Conferences Fund
17,084
Initiatives and Conferences Fund
(19,915)
General Fellowships Fund
(66,405)
_______
**Net Movement in Fund**
Fund Balance brought forward at 1stJuly 2022
Fund Balance carried forward at 30thJune 2023|2022
£
£
34,177
1,876
-
2,865
-
-
340
893
4,052
16,140
717
-
61,873
266
_______
________
242,474
12,406
33,170
________
45,576
103,799
(3,083)
(750)
1,671
(11,896)
(72,376)
(71,679)
_______
________
31,423
1,358,358
________
1,389,781
|2022
£
61,326
_______
202,408
______
6,188
(143,582)
_______
(137,394)
____
(31,206)
(85,737)
_______
(116,943)
1,475,301
________
1,358,358
|
|---|---|---|
15
**THE ECONOMIC HISTORY SOCIETY**
## **PUBLISHING ACCOUNT FOR THE YEAR ENDED 30th JUNE 2023**
|£
**Income and Endowments from:**
Charitable Activities
Income from Publishing:-
Royalties on Atlas of Industrialising Britain
142
Royalties on Pamphlet Series
2,461
Royalties on 20thCentury Britain
-
Industrial Revolution Series
-
ReFresh Income
1,185
_______
**Total Income and Endowments**
**Expenditure on:**
Charitable Activities
Publishing Expenses:-
Royal Historical Society Publications
-
Boydell & Brewer Series
2,400
_______
**Total Expenditure**
**Net Income / (Expenditure)**
**Transfers from Other Funds**
**Net Movement in Fund**
Fund Balance brought forward at 1stJuly 2022
Fund Balance carried forward at 30thJune 2023|2022
£
£
102
2,795
-
-
-
_______
3,788
_______
3,788
2,000
1,200
_______
2,400
_______
2,400
1,388
-
_______
1,388
114,111
_______
115,499|
|2022
£
2,897
_______
2,897
_______
3,200
_______
3,200
__ __
(303)
-
_______
(303)
114,414
_______
114,111
|
|---|---|---|---|
|||
||
|||
||
16
**THE ECONOMIC HISTORY SOCIETY**
## **SOCIETY CONFERENCES FUND ACCOUNT FOR THE YEAR ENDED 30th JUNE 2023**
|£
**Income and Endowments from:**
Charitable Activities
Conference & Workshop Income:-
Warwick 2021 Conference – held online
-
Cambridge 2022 Conference
94,644
_______
**Total Income and Endowments**
**Expenditure on:**
Charitable Activities
Conference & Workshop Expenses:-
Warwick 2021 Conference – held online
-
Cambridge 2022 Conference
77,560
_______
**Total Expenditure**
**Net Income / (Expenditure)**
**Transfers (to) / from Other Funds**
General Income & Expenditure Account
**Net Movement in Fund**
Fund Balance brought forward at 1stJuly 2022
Fund Balance carried forward at 30thJune 2023|2022
£
£
12,115
-
_______
94,644
_______
94,644
10,444
-
_______
77,560
_______
77,560
17,084
(17,084)
_______
-
5,000
_______
5,000|2022
£
-
_______
12,115
__ _
10,444
_______
10,444
_
1,671
(1,671)
_______
-
5,000
_______
5,000
|
|---|---|---|
17
**THE ECONOMIC HISTORY SOCIETY**
## **INITIATIVES AND CONFERENCES FUND ACCOUNT FOR THE YEAR ENDED 30th JUNE 2023**
|**Income and Endowments from:**
Charitable Activities
Conference & Workshop Income:
Women’s Committee Workshop Income
-
Residential Training Course Income
2,968
_______
**Total Income and Endowments**
**Expenditure on:**
Charitable Activities
Conference & Workshop Grants & Expenses:
Women’s Committee Workshop Expenses
397
Residential Training Course Expenses
11,741
Grants made under the
Initiatives & Conference Grants Scheme
10,745
_______
**Total Expenditure**
**Net Income / (Expenditure)**
**Transfers (to) / from Other Funds**
General Income & Expenditure Account
**Net Movement in Fund**
Fund Balance brought forward at 1stJuly 2022
Fund Balance carried forward at 30thJune 2023|2022
£
-
2,631
_______
2,968
_______
2,968
-
14,527
-
_______
22,883
_______
22,883
(19,915)
19,915
_______
-
5,000
_______
5,000|2022
£
2,631
_______
2,631
_
14,527
_______
14,527
_______
(11,896)
11,896
_______
-
5,000
_______
5,000|
|---|---|---|
18
**THE ECONOMIC HISTORY SOCIETY**
## **GENERAL FELLOWSHIP FUND ACCOUNT FOR THE YEAR ENDED 30th JUNE 2023**
|**Income and Endowments from:**
Donations and Legacies
Income Receivable
**Total Income and Endowments**
**Expenditure on:**
Charitable Activities
Grants
**Total Expenditure**
**Net Income / (Expenditure)**
**Transfers (to) / from Other Funds**
General Income & Expenditure Account
**Net Movement in Fund**
Fund Balance brought forward at 1stJuly 2022
Fund Balance carried forward at 30thJune 2023
|£
1,595
_______
1,595
68,000
_______
68,000
(66,405)
66,405
_______
-
68,000
_______
68,000
|2022
£
1,821
_______
1,821
_
99,500
_______
99,500
_
(97,679)
71,679
_______
(26,000)
94,000
_______
68,000|
|---|---|---|
19
**THE ECONOMIC HISTORY SOCIETY**
## **OTHER FUND ACCOUNTS FOR THE YEAR ENDED 30th JUNE 2023**
|**Income and Endowments from:**
Donations and Legacies
Life Membership Fund
Tawney Memorial Fund
T. S. Ashton Prize Fund
**Total Income and Endowments**
**Expenditure on:**
Charitable Activities
Life Membership Fund
Tawney Memorial Fund
Lecturer’s Fees and Expenses
Other Lecture Expenses
T. S. Ashton Prize Fund
Prizes
**Total Expenditure**
**Net Income / (Expenditure)**
**Transfers (to) / from Other Funds**
From General Income & Expenditure Account
to Tawney Memorial Fund
to T. S. Ashton Prize Fund
**Net Movement in Funds**
Fund Balances brought forward at 1stJuly 2022
Life Membership Fund
Tawney Memorial Fund
T. S. Ashton Prize Fund
Fund Balances carried forward at 30thJune 2023
Life Membership Fund
Tawney Memorial Fund
T. S. Ashton Prize Fund|Unrestricted
Funds
£
-
-
-
_______
-
-
970
1,420
750
_______
3,140
(3,140)
2,390
750
_______
-
1,155
1,000
750
_______
2,905
1,155
1,000
750
_______
2,905
|Unrestricted
Funds
£
-
-
-
_______
-
-
970
1,420
750
_______
3,140
(3,140)
2,390
750
_______
-
1,155
1,000
750
_______
2,905
1,155
1,000
750
_______
2,905
|__
|Total
Funds
£
-
-
-
_____
-
-
970
1,420
750
_____
3,140
(3,140)
2,390
750
_____
-
1,155
1,000
750
_____
2,905
1,155
1,000
750
_____
2,905
|2022
Unrestricted
Funds
£
-
-
-
_______
-
-
1,374
1,709
750
_______
3,833
(3,833)
3,083
750
_______
-
1,155
1,000
750
_______
2,905
1,155
1,000
750
_______
2,905
|2022
Unrestricted
Funds
£
-
-
-
_______
-
-
1,374
1,709
750
_______
3,833
(3,833)
3,083
750
_______
-
1,155
1,000
750
_______
2,905
1,155
1,000
750
_______
2,905
|__
|2022
Total
Funds
£
-
-
-
_____
-
_
-
1,374
1,709
750
_____
3,833
_
(3,833)
3,083
750
_____
-
_
1,155
1,000
750
_____
2,905
_
1,155
1,000
750
_____
2,905
|
|---|---|---|---|---|---|---|---|---|
|||__
||||__
|||
|||__
|__
|||__
|
__
__
__
__
||
|||__
|__
|||__
|||
|||__
|__
|||__
|||
|||__
|__
|||__
|||
20
## **THE ECONOMIC HISTORY SOCIETY**
**NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th JUNE 2023**
## 1. PRINCIPAL ACCOUNTING POLICIES
## a. Accounting convention
The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed asset investments at market value, and in accordance with the Charities Statement of Recommended Practice (“SORP”) (FRS102) – “Accounting and Reporting by Charities (2019)”, published in 2019, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended in 2010).
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
- b. Income
Grants, donations and similar income are included in the Statement of Financial Activities (“SOFA”) in the year in which they are receivable, which is when the Society becomes entitled to the funds. No permanent endowments have been received during the year.
Income arising from the publication of the issue of the “Economic History Review” (“EHR”) for the calendar year ending during the Society’s accounting year is included in the SOFA within “Income from Publishing”. Receipts in respect of subsequent issues are treated as deferred income. All other income from publishing is included in the SOFA in the year in which it is receivable, which is when the Society becomes entitled to the funds.
Subscription income from individual members is wholly attributable to the Society, and is shown as “Membership Income” in the SOFA. Until the year ended 30 June 2021, subscription income was largely received as part of EHR income distributions made by the publishers, and was accounted for on the same timing basis as that used for the associated publishing income, as described above. During that year, the arrangements for the collection of individual membership income changed such that it is now collected by the Society itself, and subscription income is now accounted for on a simple receipts basis, with no provision made in the Balance Sheet for any deferred element, on the grounds that it is not the Society’s practice to refund pro-rated subscriptions.
Following consultation with the Charities Commission, subscriptions paid in error by lapsed members to whom it has not been possible to make repayments are included as creditors for two years and then released as income to the General Income and Expenditure Account under “Other Subscription Income”, whilst remaining repayable upon application.
Income and expenditure relating to the Society’s annual conference is not included in the Society’s accounts until the conference accounts have been finalised, and are therefore deferred until the accounting year after the one in which the conference took place. As the annual conference is intended to break even, the net effect of this deferral on the overall results for the year is not material, and the balance on the Conference Fund Account, which is maintained at a predetermined level by means of transfers to or from the General Income and Expenditure Account, is intended to cover any future shortfall. The annual conference which was due to be held in Warwick in April 2021 was held as an online event because of the COVID-19 pandemic, and the financial results of that conference are shown as comparative figures in these financial statements.
Income from all other conferences and workshops is included in the SOFA in the year in which it is receivable, which is when the Society becomes entitled to the funds.
Income from investments is included in the SOFA in the year in which it is receivable, which is when the Society becomes entitled to the funds.
21
## **THE ECONOMIC HISTORY SOCIETY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30th JUNE 2023 (Cont.)**
- c. Expenditure and basis of allocation of costs All expenditure other than that charged to the Society’s annual conference account is included when incurred.
All costs have been directly attributed to one of the categories of expenditure in the SOFA.
- d. Capitalisation and depreciation of tangible fixed assets Costs associated with the acquisition, cataloguing, and indexing of issues of the “Economic History Review” and other archive material are not capitalised. These historic assets are deemed to have little intrinsic value, and are maintained for educational purposes in furtherance of the Society’s objectives. Other tangible fixed assets are stated at cost less depreciation, which is provided at rates calculated to write off the cost of tangible fixed assets, less their estimated residual value, over their expected useful economic lives on the following bases:
Computer Equipment 33.3% per annum reducing balance
- e. Investments
Investments are stated at fair value. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Under the provisions of the Charities SORP (FRS 102), realised and unrealised gains and losses on investments are treated as a component of net income. Realised gains and losses are those on investment disposals made during the year, being the difference between sale proceeds and either fair value at the last balance sheet date or cost if acquired during the year. Unrealised gains and losses represent those adjustments necessary to show all investments still owned by the Society at the year-end at fair value.
- f. Value Added Tax
The Society is registered for VAT, and all income and expenditure shown in the Statement of Financial Activities is shown net of any output VAT and reclaimable input VAT.
## g. Corporation Tax
The charity is exempt from corporation tax on its income and gains to the extent that these are applied to its charitable objectives.
- h. Fund accounting
The General Income and Expenditure Account represents the unrestricted funds which the trustees are free to use in accordance with the charitable objects.
All other funds are also unrestricted funds, being earmarked by the trustees for particular purposes.
## 2. STAFF COSTS
The Society has no employees, but instead reimburses the University of Glasgow and the University of Hull for the salary costs of two part-time employees.
## 3. PAYMENTS TO TRUSTEES
Trustees received no remuneration (2022 £nil).
Travelling, subsistence and general expenses reimbursed to 14 trustees (2022: 10 trustees) totalled £2,970 (2022: £1,316).
Fees and honoraria paid to 1 trustee (2022: 1 trustee) in accordance with the Society’s constitution totalled £2,414 (2022: £1,500).
No grants or bursaries were paid to any trustees during the year (2022: 1 trustee, total paid £1,248).
22
**THE ECONOMIC HISTORY SOCIETY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30th JUNE 2023 (Cont.)**
## 4. TANGIBLE FIXED ASSETS
|Cost
As at 1stJuly 2022
Additions
(Disposals)
As at 30thJune 2023
Accumulated Depreciation
As at 1stJuly 2022
Charge for the year
(Disposals)
As at 30thJune 2023
Net Book Value
As at 30thJune 2023
As at 30thJune 2022
FIXED ASSET INVESTMENTS
2023
£
Charity Investment Funds:
Market Value at 1stJuly 2022
1,167,490
Additions (net of equalisation)
532,518
(Disposals)
(521,595)
Net Unrealised Investment Gains / (Losses)
33,170
________
1,211,583
Term Deposit Accounts
300,005
C.O.I.F. Charities Deposit Fund
-
________
Market Value as at 30thJune 2023
1,511,588|Computer
Equipment
2,532
1,606
(902)
_______
3,236
_ _____
2,001
698
(855)
_______
1,844
_ _____
1,392
_ _____
531
_ _____
2022
£
1,288,265
188,102
(165,295)
(143,582)
________
1,167,490
100,000
199,177
________
1,466,667|
|---|---|
## 5. FIXED ASSET INVESTMENTS
__ _____
23
**THE ECONOMIC HISTORY SOCIETY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30th JUNE 2023 (Cont.)**
## 5. FIXED ASSET INVESTMENTS (Cont.)
|5.|FIXED ASSET INVESTMENTS (Cont.)|||
|---|---|---|---|
|6.
7.|Investments at fair value comprised:
Bonds
Equities
Structured Products
Hedge Funds
Private Equity
Gold & Other Commodities
Other Investments
COIF Charities Ethical Investment Fund
Term Deposit Accounts
COIF Charities Deposit Fund
DEBTORS AND PREPAYMENTS
Prepayments and Accrued Income
Due from Investment Managers
Other Debtors
OTHER CREDITORS AND ACCRUALS
Amounts due within one year:
Accruals and Deferred Income
Subscription income held in suspense
VAT payable
Other Creditors|2023
£
108,009
518,076
158,278
12,024
31,604
-
10,550
________
838,541
373,042
________
1,211,583
300,005
-
________
1,511,588
79,623
8,966
1,280
_______
89,869
190,422
-
323
2,204
_______
192,949|2022
£
148,448
572,717
-
23,076
37,583
32,266
-
________
814,090
353,400
________
1,167,490
100,000
199,177
________
1,466,667
__ _____
11,293
15,117
1,280
_______
27,690
__ ___
223,105
69
340
-
_______
223,514|
|||||
__ _ __
24