NOMIC HISTORY IETY Ah'.NUAL REPORT ACCOUNTS FOR THE YEAR ENDED 30tb JUNE 2024 h* . R istr%tloD ￿uMberS. 228494. SC038304 MIC HIsfoRY SOCIETY BER Charity Commission for England and Wales.. 228494 Offi¢¢ of the Scottish Charity Regula￿r. SC038304 2139YJ8672 Prof. P. IL S¢hofield Prof. A. C. TunFer Prof. J. Z. Siephenson Prof. T. Roy Dr T. Moore Prof. N. Zahedieh Dr C. P. R¢ad Mr. D. Gagie Dr E. Buchnea Prof. N. P. Palma Prof. N. Cummins Dr P. Fliers President Honorary Secretary Managing Editor Chair of Conf¢f¢n¢¢ Committee Choir of lknbli¢ations Committee Chair of Fajblic Engagemeni Committee Chair of Schools and Colleges Commilte¢ (fr(*n 6 April 2024) Chair of Women's Committee Council representative (unril 25 April 2024) Council representatiNt COU￿11 repffesentstive (from 22 May 2024) Prof. B. F.. Supple, Prof. P. K. O'Brien. Prof. P. Hudson, Prof. N,. F. R. Crnfts (uniil 6 October 2023) Prof. R. M. Smith. Prof. K. J. Humphrics, Prof. Sir R. H. Trninor. Prof. S. N. Brc>&lberry. and Prof. C. R. Schenk Prof. G. Federico (uniil 6 April 2024) Prof. L. Prados de la Escosura Ifrom 6 April 2024) Prof. T. Roy Prof. C. R. Schenk Dr M. Aldous (from August 2023) Dr L. A. Gardner (unlil Augusl 2023) Dr C. Briggs. Mr. S. Canlibel, Dr J. Cha￿￿[4 Pry)f. N. CUMMI￿ Dr P. Fliers. Dr K. Gary. Dr S. Hendeyson. Prof. N. P. Palma (until 25 April 2024). Dr A. Rarna￿ Dr M. Roodh0￿c. Dr A. SapozniL Prof. P. H. Wallis. and Mr. M, Zampa. The Society's PresidenL Honorary Vice-Presidents. Honorary TTwurer. and Honorary Secretary are ex ofjkio member5 of the Council. The trustees of the Society are the membeT5 of the Cou]Kil. E.￿TRAL Prof. J. Z. Stephen50n Honorary Secrctary. Gjo Economie Ffistory. Society tkpartment of Ec4)nomic and Social Trfistory University of Gl&sgow Room 613(b), GiIbert Scott Building Gl&sgow G12 8 S¢odart UK E-mail: ehsocseci¢i'arts. , a.a¢ '"ebsite: lrttpsJ'lelLS.or&uk REFERENCE ADMiiiisfRATIVE INFORMATIOF4 COBL FINANCIAL CORRESPOYDEY4CE Prof. A. C. Tun Economi¢ History ￿1¢1¥ clo tXMrttnenl of Economic and Social History Universiry of Glasgo R(K)m 613(b). Gilbert Scott Building Glasgow G12 8(> F. P. Leach & Co. 'orthumbria House 624)4 Northutniyia Driv¢ H¢nle4z¢ Bristol BS9 4HW Santsth UK pl¢ PO Box 2073 Glasgow G32 2BF ShiplJ' Co. Ltd On¢ King Street Manchester M2 6AW Council members durin8 the period from l July 2023 ts) 6 April 2024 were as follows: Prof. B. E. Supple. Prof. P. K. 0'BrIe￿ Prof. P. Hudson. Prof. N. F. IL Crafts (until 6 October 2023), Prof. R. M. Smith. Prof. K. J. Humphrie& Prof. Sir R. H. Trntnor. Prof. s. N. BroadiYTr)', Prof. C. R. Schenk, Prof. P. R. Schofield. Dr C. Bri88s. Mr. S. Canlibel. Lk J. Chapman, Prof. N. Cummins, Prof. R. P. Esieves. Dr K. Gary,, Dr S. Henderson, Prof. N. P. Palmi Prof. IL G. Rodger, Dr M. RoOd1￿US4 Dr E. Smit14 Prof. J. Z. Stephenson, Prof. A. C. TvnFer. Dr B. D. varTra￿ and Mr. M. Zampa TR TEE The Council mem￿1$. acting as trustees of the Economic History socie￿,, Pr￿ent tknir reFrf)rt and accounts for the y¢ar ￿ded 30 June 2024. The financial ststements have been pre￿ed in accord￿ with the accounting policies set out in note I to the ￿CoUnts and. in particular. under the acc4)unting eonventions set out in note la. GovernEng documenl The Economic History Societ), is governed by a cO￿titUtion ad0￿ed on its forniation in 1926 and subsequently amernled. The S(Kicty'5 cufTent Constitutio￿ revised at the Annual General Meetings in April 2000, March 2014, and April 2022, and approved by the Charitiu commissio￿ is available on the &xiety's website. Recrnilmenf. apwinlment, apklre-ele¢llon oftrusiees Tn￿teeS are recruited by se¢king rM)minatioos from th¢ Society's membership. Where the number of rtominations exceeds the available plac￿. an election 15 held by balloting memiws attending the Society s Annual Conference. All n¢w trustees receive copies of the Society's constitu¢iotL standing or(kn. and minutes of the previo￿4 vear's Council rneetin￿. TnL8tees are referred to the relevant websiles for the Charity Commission of England and Wales guidance on r&sponsibiliti&s of trusleffj and similar guidance frc8n the Office of the Scottish Charit). RegUl￿or. Trustees are appointed for three y¢ors wilh the kx)&sibility of re-elecuon for up lo a further three }'ears. The So¢i¢ty's officer3 are appoimed under the provisions of lis stsnding orders. The Presideni serves for a fixed Term of three years and then becomes an Honorary VicethPTesident. The Hrnorary Secretary and Honorary Treasurer serve forthree yeors, renewable for up to a further thr¢¢ years. Delalls ofary ouls1dep￿ry able io aPwi￿ irwte No outside parties are eligible to apwinl tr￿1￿¢5. Organisalional slruclure As of 30 June 2024 there were 1,570 individual member4 an increase of 67 eompared to the same date118t year; this is a continuing trend mainly driven by registrntions for the annual conference, aTyJ the membership requirement for grant applications and prop)sals io publish in the kniety'5 journal. the Ecunomic Hislory Review. The membership of the s￿Iety. is invited to attend an Annual General Meeting and el￿t a Council and officers. The Council. wl)ose members take responsibiliry as the Society's truste4 nomially meets h¥'ice each year io conduct the business of the So¢Tety and to approve reF￿5 frotn the officer5. During the course of the year undeT re￿ry the Coun¢il members consisted of those so listed at the head of this report. The otTicers listed above, two elected represenwives of Council, and the chairs of the S¢￿iety'S five sthnding committees fo￿ an Executive Committee. They are assisted b>. h¥'o admlnisirators, Mrs. Maureen Galbraith and Dr Alict Whiteoak. who 5UPPOrt the work of the Executive Committee and Council in a vari¢ty of ways. Th¢ Swi¢ty'5 auditors. F. P. L￿h & Co. assist in th¢ Production of th¢ accounts of the Society. Relatedp￿tieS Rel￿ed parties comprise the trus￿ of the Econornic History So¢iffj'. All traA5actioAs with trustees are made in the nom81 course of its owations and are di5closeAI in the noics to the acrL)unts. Risk monagemenl The Society. fa￿ risks of a financial natur¢ relating to its income and eX￿ndIt￿re. The tnL4tees have been eoneerned to identify and minimise tKitential risks &ssociated with publication of the EeoAomic Ifisiory Rekiew, especially relaling lo ¢opvrighi and tk impact of Changing electrontc fornis of publication on the dissemination of the Rekie And its *ariow8 income str¢am& thhich arc th¢ main souwe of rev¢nu¢. Th￿¢ issues continue to be addressed through disc￿S1onS swth the publishers of the Review. As previouslv reporte￿ the C￿, academic funding agencies. SUPPOrt for Open for a¢ad¢mi¢ publishing will haTre important Impli￿tionS for the firtw¢ re%¢nu¢ from subscriptions to the Rn'lew in the medium to long terni. As a resuK reven￿ genernled from the Review has experienced a gradual decrease since 2022. This do￿￿*￿rd tre￿1 is anticipat￿ io persist in ￿tUre periods. Reserves are a prolection 88ainst short-terni fluctU81ions of income and expenditure. particularly in 8 volatile global financial environment. The S(*iety's committee structure) Tewrting mechanism5, and Pr￿edureS forihe appointment of tts officer5 are designed to gwd against oi'¢r-sr*JMling. The trusttt5 and officers keep these mechanisms under review. The tTuslee5 are provided Mith a summarv of fiDwKiai at bi-annual me¢tings. and ￿7th a summary of projec*d exrKnditUTes at their spring meeling. The Soci¢ty' h&s ¢arnarked fimds for the annual Taw)ev Lkclure and for the Power, Postan aThl Tawnev Fellowship Awards. Out of Unres￿ fw]d& the ffi￿ee$ emablish annud b￿1gets for a range of charitsble activities. Tn￿lee i￿leMnity insurance is held as am¢ans ioprotecl againll cettiin risk& and additional COVeT is taken out in relation to the annual confererKe. Th¢ So¢i¢tv rethins legal ad￿l$erS to assess risks to the Societ). from its prowsed &tii'itits where appropriate. The Risk Asse&sment policy, &lopted in 2(K15. Vi&S updated in 2021. GexerolDaia Prolectlon Regultho* CGDPR) Th¢ Society is GDPR compliant. and a prIV￿Y ststement has ￿sted to the website. e¢tlv Ivllles Symmary ofobjeclives, ap￿sIrate￿f0r achiewng Aims and Activities The objects of the Society. as stated in its eonstitirtioN are". to promote the study of economic aTrJ social history: b) lo est&blish closer relations between St￿nts teach¢rs of eA)nomi¢ Jnd 5wial history. to tssue the Economic FIi.flary Rèryiew,. d) to publish aNJ spottsor other publications in the fields of economic and social histori lo hold an annual conference. and to IM)Id or participate in any other conferenrz or meetings as may be deemeAJ expedient in accordance with a) and b} atrM)v¢' to CO-oper8te with other organisations having kindTed Wrymw. Details ofsigmficant txtiviiies During the year under review the Society h&8 fulfilled its objective5 in a number of different Ways and the trustees have. in making decisions about these, paid due regard to the public b¢nefit guidance provided by the Charity Commissioo in accordance wilh section 17{5) of the Charities Act 2011. The annual conference took place, in pers(xL 5 - 7 April 2024 at Northumbria Uftiversity. A total of 285 delegate8 participated. At the conference, the annu81 TawThe>' Lttture w&¥ delivered by Professor Ba8 van Bavel (Utrechi} on 'Back to the futUT¢. How rmnomic history can gain m￿C relevance by abandoni￿ moderni7Ation thinking.. In lin¢ with objects a) and b) Ihis l¢ctw¢. and previous TAwn¢y L£clw¢s. w¢rc posted on the So¢i¢ly's website pod¢&sts available for th¢ g¢nera] publi¢, students. and t¢achers of ewnomi¢ and social history. Also posted on the web5it¢ the Frida). Plenarv Lecnwe. delii'ered b). Profrssor Brian Ward Ctr4orthumbria) on the topi¢ of ' Heathen Mone) The Beatle4 God. Cold War F￿lOmIcS in the US South-. To promote the study of economic and so¢i81 history. thre¢ prtzu for the New Rese•rcheTS' parers were awarded to: Louise Corn]ack (Lund) for her paper on, 'Life-lonB effects fmm c&sh transfers in childhood: The 1938 child ￿lOwanCe reforni in Sweden: to Héctor Paredes (Pari5 School of Economics) for his pa￿r 'L8nd Witho￿ m&sters.' LrKal politica] competition since the PeTuvian Land Reforni, 1969-80 and io Iris Wohnsiedler (Trinity College Dublin) for her paper 'Breaking boundari￿. Worne￿ labour unions and ￿lItIcal acti￿15M in early 2[*-￿nturY Gernian).. A prize for the besi New Researcher p0￿er w&$ awarded to Kir5ty PeX￿k (Oxford) for her poster. 'Men rn￿$t figh( and women must work - and weep.. New OPTKfyrtunities for women clerks in H'artime City of London Banks? 1914-1918,. Short wdca5ty to support th¢ teaching and learning of economi¢ and social histQf)'J ￿ntinue to be available on the Society's website. In line with objective D, the Society sup[￿ed BH.net, whith facilitates wnlacts ￿ong economic historiaThs r¢lating to research and t￿hIng. SUp￿rted links io the International Economic Hi510ry AS5￿1￿tion. the pinnacle global association of the discipline. Along with other organTSalions. the kniety continues to contributeto aresearch fimding scheme to 5UPPOrt Black 8￿j Minority Ethnic (B.ME) history in the UK. In continuing fulfillrnent of objects a) and b), the kniety continues to develop its website ￿ ameans of di55eminating infonnation on the Society's activitie5. In c4Mtinuing fuifillment of object c) the Society published four i&sues of the Economlc HisloryRewew, established in 1927. and the premierjournal in its field. Further developments in electronic publishing continue to have an impact on institirtional subscriplioA% with more libratie5 receiving the Review exclusivel>' eleetronicall!., including through JSTOR. The &Kiety and its publisher& Wile).. continued to develop the electronic managem￿( of the editorial pmcess. The increase in the len8th of each issue of the Re￿ieW maintsined to accommodate the larger number of highqualitr submi&sions and to ensure tiEnelv publication. The Society continued its activities in pursuit of objed d) through the work of its Publications Committee, including continued support for the bwk series entitled 'Peopl< Market& G(￿s. Economies and Societies in History, publish￿ b>. Bo)'dell & Brew'er, and publi¢ali(M). in association Routledg¢ of the third edilion of the textbook .20 Cenluri Britain.. Ec0￿Mic. Cultural and knia] Chwlge"? ￿hICh launch￿ at the 20£3 annu&l conference. In fulfilllnent of objects d) and D, and in order to promote highwity" 5cholar5hip in economic and social history. the Society. continu¢d its fllwiciai supB)rt for Ro)"ai Historical Societs s publicatio￿ 'New Historical Perspectiv¢s' (an open wss bwk series for eorfy career ￿1￿larS). In line with objects a) and b) th¢ Soci¢ty continued to award a Tange of prizes designed to promote the teaching and stud) of economic and ￿)CIal history'* including: the Thirsk-Feinstein Di&sertation Prize and the T. S. Ashton Prize. The Di￿rtatIOn Prize awarded, JOI￿1￿> to Sam Geens (Antwerp). 'A Golden Age for labOU￿ I￿orne aTrJ wealth ￿fOre and after the Black Death in the Southern Low Countries atxl the Republic of Floren¢¢. 1275-1550,. and Robert Yee (Princeton). 'The rise of expert opinion: The Bauk of Engjand and inten4.ar econotnic govern￿. 1914-1940.. The T. S. Ashion Priz£ H'as award￿ lo Mattia C. Bertszzini (Nottingh￿). 'The effect of settler f8Tming on indigenous agriculture: Evidence from ltsli8n Libya.. The First Monograph Pri2c 7li&s awarded jointly. to Ghassan Moazzin (Hong Kong). Foreign Banks and Global Finance in M(KJem Chin& Banking on the Chinese Frontier, 1870-1919., aT]d lo Maanik Nath {Utrecht). 'Capital Shortage: Credit and Indian Eeonomic Devel¢)pmert I￿] 960.. Policie5for granl.mathg The Society's Council h&8 CriteTia rel*ing to gran￿ *w8rds, atsj fellowships. 8ny new criteria require approval by Council. An Awar&8 Committee. chaired b) the Society's Honorary Secretary. is responsible for decisions about awards and initiative5. A Fellowship Comtnittee 15 reS￿nSible for decision5 about the Power, Postan, and Tawney fellowships? it5 membership includes the Preside￿ a representative from the London School of Eci)nomics (LSE) (which contributes income from setArate iTusts lo￿ards1he Powerand Postan aH'ards) and the Director of the Institute of Historical chairs the tnt¢rvi¢w pjnel for the Fellowships. A PhD BuTS8ry Committe¢. chaired by the Society's Presidenl con$ldeTS applieations to xheme. Role tmdc0ntr1b￿IQn ofvolwite¢rs The Society's work relies on voluntary contributions fr￿n its rnembews in the conduct of committee work and activities relating to conf¢rence4 publicattor4 and the priymotion of economic and social hist¢)ry. A¢hie)'emeD and Perf rnIIIDce SwAmary ofmain achIe￿Me￿i$ during the￿ar Support for post4octorat research is a key element in the Society's activities to promote the study of economic and social himorv. During the year under review. the Society funded the award of three Fellowships- Power. Postsn, and Tawijo. _ lo scholars in the early stsges of iheir weers. As$istan¢¢ for of the aH'aTds was rrf¢ived from the Power and Postan Memorial Trutmls, which aTe athninistered bv the LSE. The Power Fellowship awwded kn Juan José Riv&8 Moreno (UCL) for his work on'The eapital Tharket of Manila and the or8anis&¢ion of early-m(wJern long4istan¢e trwl¢ be)'ond th¢ corporotion. 1750-1828.. Grace Owen (Exeter) received the Postan Fellowship for her work on 'MarMYia] officers ￿ mediators and managers: a lerG for &xamining change and t￿ lord-p¢asant r¢lationship in medieval England, I25￿1450,. The Tawney Fellowship was aii'arded to Li Jiang (Exeter) for her work on'Rural wa8¢ worku5 in early-mrfftlern England.. In a¢¢ordance with the wlicv of ensuring eff#iive siwrt for s¢holars to develop their r¢seawh, th¢ Society funded ail three Fellowships 8t a cost of £68,000 and provided suprM)rt for travel costs to fellows to visit the Instilute of Hislori¢al Research. H,hi¢h I￿$￿ th¢ Fellowships. and an additional budg¢t for r¢5earch and conference attendance. The grant schemes established previousty-a PhD Bursary Scheme and the Camevali Small Research Grants Scheme - continued this year. The PhD Bur5arv Scheme made 10 aW￿dS. and the Carnevali Small Research Grants Schem¢ made 8 aw8Tds during the year under Teview. The Awards Committee m&1¢ 5 awards (cotnpgred ¢0 6 in 2022123) to supw)rt specia]ist conferthKes And initiatives. Net expenditure on the Initiatives and Conferen￿5 Futyj Account £11253 (2023: £19.915). The SociL*y has also promot¢d research by graduate students of economic and social history bv providing 14 grants for research and travel (wmpared to 12 in 20W23). The Societ). contin￿d io sUp￿rt its m￿la awareness initiative. ba￿ on conference papers. articles published in the Review, the EHS blog'The Long run.. and various other ￿tivitieS Und￿en ty members. As preVio￿$1Y reported. the s￿Iety s website overhauled new. M'5tems put in place to manage memEership> applications to the S(¢iffj s schemes. aTrJ the ann￿1 confere￿. Th¢ w¢bsit¢ and m¢mb¢rship managetnent 5V51em coniinue to work well. An Equality and Di*ersit% Ststemeni. atxl a Code of cOnd￿l for members are available on the HEbsite. A residential training wurse for postgTaduate students in economic andl¢x SLxial history, fully fijnded by the Society in the absence of ESRC fuTKlin& was held at the Universitv of Warwick, in Novemberii)ecember 2023. The course was over-subscribed: and 12 students and 5 academic colleague5 participated. st￿lent feedbackwas ovenvhelmingly ## positive. ## **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 June 2024 was constraints of a medium to low-risk investment portfolio. The value of the investment portfolio at 30[th ] in excess of£ 1.6 million, which the trustees consider an adequate safeguard against uncertainties, which continue to escalate 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 under review, the Society's gross income declined from £403,692 to £377,551 (6%), and gross expenditure declined slightly from £416,457 to £398,527 (4%). Overall gross income from publishing activities decreased from £246,705 to £217,477 (12%). Income from the _**Economic History Review**_ decreased from £224,148 to £195,470 (13%) while income from article downloads through JSTORdecreased slightly from £18,769 to £18,357 (2%). ## _**Principal funding sources**_ Based on the renewed The major component of the Society's income is received from the _**Economic History Review.**_ publishing contract with Wiley the Society's income as shown in the accounts, is now based on 60% of revenue rather than 90% of profit plus 20% of revenue as in previous years. 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 a ually; precise spending varies due to fluctuations in applications for grants and awards, and the timing of initiatives. As noted above, gross expenditure decreased from £416,457 to £398,527. 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 decreased from £19,915 to £11,253. Grants to students for research, conference expenses, and prizes to encourage participation in the study and teaching of economic and social history increased to £45,031 (2022/23: £44,115). In support of objectives c) and d) publishing expenses decreased from £100,104 to £93,619 (which includes £50,684 for the cost of Dr Whiteoak's employment). In support of the Society's objectives e) and t), as well as all other objectives, the Society continued to benefit from the highly efficient work in support of its activities provided by the Administrators, Mrs. Maureen Galbraith and Dr Alice Whiteoak. The combined cost of the Administrators increased from £74,472 to £79,093 (6%). ## _**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 £1,586,185 to £1,686,366 (6%). ## **Plans fr Future Periods** ## _**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. As previously advised, the Society renewed its publishing contract with Wiley, following an invitation to tender; no other publishers 6 the proposal that the Society should fully a resid¢Dtial tiaining ¢ours¢ for post￿1￿ in economic and/ social history, to be held at the Univetsity of Warwi¢L Future annual Conferen￿ aTe planned f(r th¢ University of Strathclyde (2025) and the London Sch￿1 of E¢onomi¢s (2Q261 which will be the k¢iety's Ceiiteiw year. Plan5 are underway lo ¢el¢irt th¢ centsn￿ in a variety of ways. The S￿1&Y will Contin￿ to develry) its social medi8 strategy. Efforts will Contin￿ to be tnade to engage more activ¢ly with the rn¢mbership, itt particular. via the nem. website. A session at the 2025 World Econ￿￿1¢ History Congress Mryll se¢k to u[KIw￿re the historic developments of the p&* l(K) years in relati￿ to th¢ key I￿ueS currently cotsfrmtingthe ￿lety. The aDnu81 review, of patterns of expenditure will be Undertaken to ensur¢ that the knietv is making the most effective use of its resources in pursuit of its Objectiv￿ especially for promotiDg the study Or￿)n￿niC ond social history. The trustees continueto developthe xcessionin& storage. and preservation PT{Ke￿5 f￿ the Society's archive with the LSE, at additional material w&s d￿at￿ to the archive in Sq>tanber 2023. The Council members of the S(Ki¢ty. acting as tnLStee5, arc Te5FK)nsible for prepArin8 a tnJ5tets' annual report atyj financial $latements in K￿danCE with applicable law and wlth Uniled Kingdwi Accounting Standards (Unil¢d Kingdom Generally A¢¢epted Accounting Prnctice). The law applicable to chaTiiiu both in England and Wales aTr in Scotland requires the charity tnLqteu to prepr¢ finJn¢tAI statements f(r each financial year which give A In￿ and fair view of the state of affairs of th¢ clwtty of its ilKom4 expenditw¢ and r¢sults for that period. In preparing those financial ststemalts the truste￿ Are required to.. 3el¢ct suitable a¢¢ountin8 wjlicies aTrJ apply them consistendy. observe the meth(Mi8 and principles in the applicable Charities SORP; make judgements and estimates ar¢ r¢asonable and wudenL state whether appli¢abl¢ ￿cOuntIng standards have been followe￿ subJ¢rt to any maifflaj departLre8 disc108ed and explaintrj in the fina￿la1 xcounts: and PTepwe the flnWKi￿ statemmts on the goin8c(xttm b&8is unle89 it is inaTrToprlatsto assume thatthe charitr), Mryll Contin￿ in busin¢ss. The tn￿tee8 are responsibl¢ for keepin8 proper accouniin8 Teccrfds th81 disclose, with r¢&wnable accuracy al any time. the financial position of the charity aTrJ that ¢nable them to ensur¢ thjt the financiai statements Comply with the Charities Act 2011. the cI￿ltieS and TnL%tee Inveslmenl A¢t (Scotland) Act 2005, the Chaiity Acwunts (Scotland) Regulations 21XJ6 (as omendcd) and the provisioTrs of its constitution. They are also responsible for 5afeguardtng the assets of the charity Jnd hen￿ for taking re8sonJble steps for the prevention athl det¢dion of fraud and other irre8uiaritie& The trnstees are responsible for th Mainten￿ and intr8rity of the charity and financial infornjation included on the charity's website. Legtslation in the Unit&4 Ki￿d0M 8overning the dissemirthion of financial 5tstcments may ditycr from legIsl￿10n in other jurisdicttons. Approval This report approved by Council members on: 25 O¢¢olxr 2024 and si8ned rn thelr beha]f. Pyofeswr Pbilllpp R Sebolkld (Pmldtnt) THEE 0￿.0 RY EPENDENT AuD￿OR•s REPORT T inlon We hai'e audited the fina￿la1 statements of the Economic History So¢iO for the year ended 3￿ June 2024 whi¢h comprise the ststetDent of fthanciai a¢tiVi¢ie5. the b￿ance sheeL the sfatement of cash flow5. the fund accounts for separate fill)d& and the notes to the financial statement& including a summary of significant accountirkg ￿lIcIes. The financial reporting frdmework that h&% been applied in their pretoration is appIl￿ble law and United Kingdom Accounting Standard% including th¢ Finwial Rewting Standard 102 ("FRS102") applicable in ihe UK and Republic of Ireland (United Kingdom Generdly Accepted Ac¢owrting Pr&tice). In our opinlon the financial statements: 8ive a true and f8iT view of the sta* of the Charity's affairs at 301k Jun¢ 2024 of its in¢orning resourtts and application of resources for the year then ended. have been properly prepared in accordance Viith Uniied Kingdom Generally Aetepted Accounting Practice. and have been prepared in accoTdan¢e with the requirements of the Charities Act 201 l. lh¢ Chariti¢s artd Trustee Investment (Scotland) Ath 2cKI5. and Regulations 6 & 8 of the Charities Accounis {Scotland) Re8ul*iotks 2(kn. ￿ ameth. B*8K8 for o niDlb We conducted our audil in acMryvw'.frc.org.uklauditorsresponsibilities<. The description fornis part of our auditor's report. Extett¢ to whl¢h the #udl¢ w4$ ¢on$ldered c• bk of dd¢rtln trre ul*rfr¢le8 In¢lwdlD Irregularities, inclu In£ Tau , are Instances nf non-¢omplian¢e m.iih laws and regulalionq. Wc idcniified and￿SeSSed the risk5 of material m155taiement of the financid ststements from iTregularitie5. w.hedier due to frnud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks. including obtainin8 audit evidence sufficient and appropriate lo provide a basis for ow opinion, We obtaineA an understanding of the legal regulatory. frameworks within which tk Chariry operates, focusing on those law$ and regulations have & dir¢ct effect on the detrrniination of materie] amounts and disclosures in the financial statements. The laws and regulatio￿$ considered in this context were the Charities Act 2011, the Charities and Trustee Investmeni (S￿land) Act 2005 together with the Charities SORP (FR5 102). We &ss¢ss¢d the required complianc¢ these law's and regulatb0￿$ as part ofoUra￿all procedures on the related financial sta*ment items. In additio￿ we considered provisions of other laws and re8ulatiOJkS that do not have a direct eff￿t on the financia] statements but compliance with which might be fundamental to the Charilv's ability lo operatc or lo &void &moterial penalty. We also considered the op unities and incentives that may exist within the Charity for fraud. The laws and re ulalions we consldered in s context included UK taxation legislation. employe¢ 1¢8iSlatio￿ h¢atth and safety cgislation. and data pro*¢tion regulations. We ￿$0 considered risks of notbcomplian¢e with regulations imposed by the Charity Commission and other regulator& #nd we conSide￿d the extent to which non-compliance might have a material effect on the financial statements. Audiling standards limit the required a￿111 procedures to identifj. I￿n-CoMpli8nee with these laws and regulati(ms to enquirv of the trustees and inspe¢tion of regulatory and legal ¢orr¢sp)nd¢nce. if any. As a result of these pr(￿edures. wt ¢(￿tsIder￿j the opmllties and incentives that may exist within the Charity" arKI detennin¢d ihat there w'ere no significant risks in this Tespttt. Our tests included: agreeing that the fimTKial stEt¢m¢nt disc105ur¢s rA)m lied applicable legisi8tion' te51iT]g a sarnple of Gift Aid claims and ensuring that w'ere made in ￿OrdanCe Mryth the regulations. enquiring of third parties. including the Charity's inTre5tmeftt managers, ￿.here infomation from those third parties has been us&1 by the Charity in the preparation of its finan¢ia] statemenls; and perforniing audit priKeduTe5 to identify an). or unexpected re1￿lonShIpS that mav indicate risks of material misstatement due to fraud. rre This report is made solely to the Charit5 S tr￿e8 &4 a in accordance with Part 4 of the Charities (Accounts and Report5) Regulatio￿8 2(M)8 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (&5 amended in 2010). Our audii WOTk has been undertaken so might slate to the Charity's trustees those matters are required to slate to them ID an a￿lIt￿r,S retx)rt and for no other purpos¢. To the fullest extent permitted by law we do not accept or ￿Urne resp)nsibility to anyone other than the Charity the ChaTity's tnLStees 18 a bod). for ow audil work for this reporL or for the opinions M'e have rome F.P. Leach & Co. Statutory Auditor Chartered Accountsnts Regislered Audilors Bristol gl,,J29 io STATEMENT OF FINAIICIAL AcfiviTIES FOR THE YEAR ENDED 3(Ith JL7YE 2024 202 202 Funds Donations and Legacies Charitable Activities Investments 2.353 333.644 41.554 2J53 333.644 41.554 1.845 374.233 27.614 1,845 374.233 27.614 377551 377.551 403.692 403.692 Raising Funds Clwiiable Activities 8.937 389.5¢XI 8.937 389.590 8.644 407.813 407.813 398.527 398.527 416.457 416,457 Net Gains l (Lows) on Investments 121.157 121,157 45,576 45,576 eome I ndhure l(K).181 l(K),181 32,811 32,811 Net Movement In Vvnds I￿.]81 l(K).181 32.811 32,811 Fund Balances brought forward at 1° July 2023 1,586,185 1,586,185 1.553.374 1.553.374 Fund BA]an¢ei carried fons2rd at 30th June 2024 1.686J66 1,686,366 1,586,185 1,586,185 There wtre no recognised gains or108ses for 2024 or 2023 other than those included in the Statement of Financial Activities. All income and expenditure derives from wttinuing activi¢ies. Ml HI ET Tota] Funds Tot Fund5 Funds Funds Tangible Fixed Assets ()40te 4) Investments (Note 5) 926 926 1.634.947 1.634.947 1.392 1,392 1,511.588 1,511.588 1.635,873 1,635,873 1,512,980 1,512,980 Debtors & Prepayments (Note 6) Cash at Bank and in Hand 66.417 294,120 66,417 294,120 89.869 310.573 89.869 310.573 360.537 360.537 400.442 400,442 Creditors fa]ling due within on¢ y Adi'unce from Publishers Other Creditors And Acerua]s INote T) 135.370 174.674 135J70 174.674 134.288 192.949 134,288 192.949 310.044 JIO.044 327.237 327237 50,493 50.493 73.205 73205 Total A55ets kss CurrcDt Uablll¢l 1.686,366 1.686J66 1.586.185 1.586.185 Creditors- amounts fallin8 after more than one year het As8els 1.686.366 1.686J66 1,586.185 1,586,185 Chari Funds General Income and Expenditure Account Publishing Account Life Members, subscriptio￿ Tawney Mernorial Fund T. S. Ashton Prize Fund Society Conferences Fund Initiatives and Confer￿ceS Fund G¢nerBI Fellowships Fund 1,489.712 1,489.712 111,749 111,749 1,155 .155 1,0 750 5,OCKI 5,0 72,CKKI i J89.781 1,389.781 115,499 115,499 1.155 1.155 1,0 750 750 750 5,0 5,000 68.000 68.0 1.686.366 1.686J66 1.586.185 1.586.185 Approved bi the Tr￿st¢￿ and Si￿￿1 on their behalf:_ ProfeJsDr Phillipp R Sthofield (PrtJideat) D*lv. 25 Octo1￿ 2024 12 2023 sh fk>w8 f Net ¢ash provided by / (used in) opernting ￿tivitieS (55,805) {121.743) Cash flows from invutin activities Int¢r¢st and dividends re¢¢ived Purchage of tangible fixed a&sets Sate of invesknents Purcha9e of invesknents 41.554 27,614 (1,606) 534.001 (533,346) 185.057 (187.259) cash flows from investin8 activities 39J52 26.663 Net cash flows from financing activities 116,453) (95,080) C&8h and cash equivalents broughi fornaTd 310,573 405.653 rward 294,120 310,573 ra¢io*s Net income l [ex￿￿1tUre) for ihe year Asper ihe Storemenl ofFlnanclalAcilvlil l(Ki.181 32,811 Adjustments for: Depreciation and profits l Oosses) on saie of tangible fixed assths Interest and dividends received showm in inv¢¥ting xtivities N¢t {gains) 110&8cs on investments Decre￿ l (in¢r¢ase) in debtors (De¢re&8e) l increase in ¢r¢ditor8 745 (27,614) (45,576) (62,179) (19.930) {41,554) (121,157) 23.452 {17,193} Net cash provided by l (￿ed in) oFratin8 activities (55,805) {121.743) 13 cies Ikjnalions Received 250 250 250 250 liable Activiti Income from Publishin8: Eeonomic Hisiory Review Volume 76 60% of Publisher's Reven 900/0 of Publisher5. Profil 200/0 of Publishers, Sales JSTOR Income 195.470 152.677 71,471 18.769 18.357 213.827 242.917 Membership Inccrfne: Subscripti(m Income OthcT Subscription Inc￿￿¢ (Nole l) Qift Aid Tax recovered Th] Subscriplions 27.414 26.572 69 3.275 29.075 29,916 Bank Interest Receivable Other Interest Received Other Income from Invesiments 15.536 26.018 7.244 20.369 41554 27.614 284.706 300.697 ureo Investment Managemerf Fees 8.937 8.644 Grants and IXTrnalion5:. Student Research and ConfererK¢ Grants Student Conference Bursaries 4,442 11,328 5.005 12.510 1.600 26,027 25,000 Sm811 Reseawh Grants Scheme PILD Bursaries Undergrnduat¢ Projert Facility Grants BME A¢iivities and Events Small Grants Schetne 18.901 24.51)0 63.932 70,142 blishi Editorial Fees and HOr￿rarIa Editors, Secretariat F¢¢s and Ex[￿seS Ileb Sile Exp¢Jws Videos and Podc&sts Membership oificer Media A￿areneSS and Publicity Expenses Caialoguing the kniety's Archisr5 at the LSE 31.598 5.469 3.954 30,853 6.215 5.596 8.063 47.945 1.522 50.684 1.568 346 93.619 I(M).104 Plenary Lecture Costs 2.188 2.188 1.711 1.711 14 THE ECONOMI COUNT TH Oth JUYE 2 2023 Other EXper￿C3:. Secretariat Fee5 and ExwLses Officers. & Tn￿¢¢$. ExF*n Schools & Colleges Committee Expenses Fellowship Administralion Expenses Fellows, Travel Support Public Engagement Commitrtt Expenses Other Athninistrauve Expenses Bank & Payment Pr￿eSsIng Charges Exchange Rate LO￿¢%1(GaIns) sUb￿rIptiOns Audit and A¢countanc> Fees Legal. ProfessIot￿ & Insurance Expenses Loss on Dispwl of Equipment Depreciation of Equipmrnt 28,409 3J37 26.527 4.499 1.304 1,794 73 2.161 1.346 1.142 1.082 2.939 19.998 895 18.840 4.225 47 698 466 62,310 61,873 230.986 242.474 Realised Unrealised 4,131 117,026 12.406 33.170 121,157 45,576 174,877 103.799 T&wry)ey Memorial Fund T. S. Ashton Prize Fund Society Conferenccs Fund Iniiiatiyes and Conferences Fund Generat Fellowships Fund (3,439) (750) IOJ93 (11253) (69.897) (74.9461 (2,3￿) (750) 17.084 (19,915) (66,405) (72.376) 99.931 31,423 Fund Balance brO￿t fon4Yrd at lit July 2023 l J89,781 .358,358 Bala[￿ carried foTh¥wd at 3￿ June 2024 1.489,712 1,389,781 li THE ECOI%OMIC HISTORY IETY LISHTh'G Accol￿1 FOR THE YEAR ETr￿ED 30th 2023 2023 And End wments f Ch Income from Publishin8".- Royaltie5 on At1￿ of Industrialising BTtfain Ro￿allI¢S on Pamphld S¢ri¢s Royalties on 2￿ Century Britain Industrial Revolution Series ReFresh Income 235 2.131 142 1461 1284 1.185 3.650 3,788 3.650 3,788 Ex ndlture on: bl Publishing Expenses:. Royal Historical Society Publicatio Boydell & Brewer Series 2,400 7,4fKI 2,400 7,4(Kl 2,400 Net Income l Ei Ddlture 13,750) 1,388 et Moyemellt In FuDd (3,750) 1.388 Fund Balance brou8ht fonyard at l# Jul) 2￿ 115.499 114.111 Fund Balance carried forward * 3￿ Junc 2024 111.749 115,499 16 023 023 Income and EDdowments from: Conference In¢ome:_ Cambridge 2022 Conferen Warwick 2023ConfrreKe 94,6M 83.922 83922 83,922 94,644 Conference Exp¢ns¢s:. Cambridge 2022 cOnfere￿e Wonyick 2023 Conference 77.560 73,529 73.529 77.560 73.529 77,560 tln Ddltu 10.393 17.084 General Income & Expenditure A￿Unt (10.393) (17,084) Net Movtment in Fund Balance brougth fon¥7rd at i" July 2023 5.0 5.1)00 Fund Balance carried forth at 3￿ June 2024 5.000 17 2023 Ineome and Endowments from: Charitab Conference & Workshop Income: Women's Committee Workshop Income Residential Trainin8 Course IrKome 3,170 2.968 3.170 2,968 3,170 2.968 ndltu aritable Ac Confere￿¢ & WoTkshop GTants & Expenses: Women's Committe¢ Workshop Expen5ts Residential Training Course Expenses Grants mpde under the Initiatives & Conferenc¢ Grants Sc7Mie 397 11.741 11.941 2.482 10,745 14.423 22,883 14.423 22,883 diture (11,253) (19,915) ansfer 13eneT81 Inwm¢ & ExFrnditure Account 11,253 19,915 IDF Fund Balance brought forward * I" July 2023 5.OCX) 5.000 Fund Balance carried forw'ard at 30th June 2024 5.000 18 2023 Income *lld Endowments from: Income Receivable 2.103 1,595 1103 1,595 eDdl¢ure on: Grants 68.( 68,000 Total Ex urc 68,(KKI 68.000 (65.897) (66.405) Generai Income & Cxpenditure Acco￿1 69.897 66.405 68,000 72,(KKI 68,000 19 OTHER Ft)ThD ACCOLTNfs FOR THE YEAR ENDED 30th JU74E 2024 2023 Total Unrestricted 2023 Total Funds Intome and Ettdowments from: Donations and Le ies Life Membership Fund Tawme¥ Memortai Fund T. S. Ashton Pri￿ F￿d Total Income and Endovrnien ndlture on: Charit2bl¢ Activill Life Membership Fund Tawnev Mernorial Fund Le¢iurer's Fees and Ex￿nseS Other iKdur¢ Expertses T. S. Ashton pri￿ Fund Prius 1.417 2.022 1.417 2.022 970 1,420 970 1,420 750 7Y) 750 750 otal Ez nditure 4.189 4.189 3.140 3,140 Net Income I ndlture Transfers to I rrom Otber Funds From (i¢neral ItKome & ExF¢nditw¢ Account lo Tawney Memorial Fund to T. S. Ashton Prize Fund (4,189) (4,189) {3.140) (3.140) 3,439 750 3,439 750 2,390 750 2.390 750 Lile M¢mbepihip Fund Tawn¢y Memorial Fund T. S. Ashton Prize 1,155 1,155 1,155 1.000 750 1,155 1.0 750 750 750 2,905 2.905 2.905 2,905 Life fvlembership Fund Tawrtey Memoria] Fund T. S. Ashton Pri￿ Fund 1,155 1.155 1.000 750 1.155 1,155 1.000 750 750 750 2.905 1905 2.9YI5 2,905 20 THE ECO,NOMIC HISTORY SOCIETY NOTES FO]LMINC PART OF THE FINANCIAL STATEmE￿￿s FOR THE YEAR ENDED 3 2024 IPAL A TIN )LICIES Accountin convention The financial statements have been wepred under the hÈstorical cost Conventio￿ a5 modified by the indusion of fixed a8s¢t inv¢stments at market val¥ and in accordance with the Charities Statement of Recommended Practice ('SORn (FRSIQ2) - -Accountin8 and Reporting by Charities (2019)" publish￿ in 2019. th¢ Charities Aci 2011. the CFwiti¢s and TnLStee Investment (Scotland) Act 2¢XJ5 and the Charities Accounts (S¢oiland) Regulations 20[￿ (as amrnded in 2010). The trustees consider that there are no material uncertaintiey aix)ut the thgrity's ability. to contin￿ a5 going Concern. Grants, donations and similar income are includpA in the Ststement of Financial Activities (':SOFA") in the year in which the). are receivable. which is when the &Kiety becomes cntided to the fundk No Pe￿anent endowments have been received durtng the year. Income arising frffl) the publication of the ISS￿ of the "Ewnomic History Review" {"EHR'? for the calendar vearendtng during the &Kiety's accountingyear is included in the SOFA wiihin"Incom¢ from Publishing" Receipts in respect of subwuenl issws arc trea￿ &5 deferred income. All other income from publishin8 is included in ihe SOFA in the y¢or in which it is receivable, which is when the Socieo. becomes entitled to the funds. Subscription income from individual m¢mlM ts whollv attributable to the Society 8nd Is shOm￿ as "M¢mbership Income- in the SOFA. U'ntil the)earended 30 June 2021, subscripli(m I￿orne was14rgely received as part of EHR di$tTibutiorfj m&le b). the publishers and accounted for on the same timing basis as thal used for the asswiat¢d publishing inc4The, as described above. During that >ear. the arrangements for the ¢oll¢ction of Individu￿ membership income c￿￿ed such that it is now collected by the Society itself. and subscription income is now. accounted for on a simple receipts basis, Hith no proi'ision made in the Ba10nce Sheet for any d¢f¢Tr¢d ¢laDenl on th¢ gTound5 that it 15 not the Society's prncti¢e to refjJnd pr￿Tated sUb￿riPtioTLs. Following Co￿$U[lation with the Chariti&% Commi&sion, subscriptions pid in error b). lapsed members to whom it h&8 not been p￿stbIe to make repa)'ments are included a5 creditOTS for two yeaTS and then rel¢as¢d as incorne to the General IncLxne Expenditure Account under'other Subscriptiiin Income" Whil￿ remaining r¢p8yabl¢ upon applicalio In¢ome and exp¢nditur¢ r¢lating to the S(Kiety's annual conference is not included irt the Society's accout￿ until the conference accounts ha>e been finalised and the results are therefore deferred until Ihe ￿0￿ntIn8 )egx after the one in Mthich the conference took pla￿. As the annual confererKe is intended to break eveo the n¢t effed of this d¢frrral on the overall results for the >ear is not rnaterial, d the balance on the Conference Fund Accoun4 which is maintsined at a predetermined level by means of transfers lo or frThn the Ge￿ra1 Income and EX￿￿lture AcoiunL is intended to cover atty future Shortf￿1. ITKome from all other conferences and Miwkshops is included in the SOFA in the year in which it Is rEceivable. which is when the Society be¢om¢s ¢ntitled to th¢ funds. Income from investments is inclth in the SOFA in the }.'￿ in which it is re￿1Vable, which is when the Society 1￿Com￿ entitled to the funds. 21 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30th JUNE 2024 CollL itijre 8nd b￿15 of allocation of oists All expenditure other than that charged to the S(Kiety's annual rxffiferw￿c acLount is included when incurrd. All costs have been dire¢dy attrlbuled to one of th¢ ca*gories of expenditure in the SOFA. italisalion and de reci&tion of tan il)le fixed Costs Lssociated wilh the acquisition. catsloguin& and indexin8 of issues of the "Fxonomic History RevieN and otheT archive material are noi capiialised. These historic &ssets are deemed to have little intrinsic value and are maintsined for ¢d￿￿tional purpK)s¢s in fithheran¢¢ of the Society's objectives. Other langible fix¢d &ss¢ts are ststed at cost le&s depreciatio￿ w,hich is provided at rdtes calculated write off ihe cost of tangible fixed assety less their estimated residual value. ovu their cxpected useful eLonomic lives on the following b18es: Computer ￿ul￿ent 33.3Yo per 8mium red￿]ng balance stme InNestment5 are stated at fair value. The basis of fair i'alue for quoted ini'estments is equivalent lo the market value, using the bid price. Under the provi5iOTLS of the Charities SORP (FRS 102). realised and unreallsed gaiM and losses on investments are treated as a componenl of net income, Realised gains and losses are those M investment disposals made during the veaT. being the difference between s&le proceeds andeither fair value at the last balanrz sheei date or cost if wuired during the y¢ar. Unrealised gAins and 105ses represent those adjuslments necessary. lo slKgW' all investments still owned by the Society at Ye8r￿ ￿ fair vRlue. The Society is rcgistered for VAT. and 811 income and expendiiure shown in the Statement of Financial Activities is shown of any Outp￿ VAT and recl8imAble inpw VAT. The ChArity is exempt from C￿E￿il0n w on its irKorn¢ 8nd gal￿ to the extent that these are applied to its charitsble objecilves. The General Income al￿ Expendiiure Accoum represents the unrestricted funds which the tr￿teeS are free to use in ￿CordanCe with the charitable obi￿ts. All other funds are also unrestricted fund& being earniarked by the trustees for p4rti¢ular PUTposes. 'rhe Societ) hos no ¢mployees. but ijLSte&l reimbur5ts the University of Glasgow and the University of Hull for the salary costs of two part-time employees. PA TEE TTUSt¢¢s rec¢iv¢d no r¢muneration (2023.. £nil). Travellin8. subsistence and genera] eX￿lS¢S reimbursed 10 8 tr￿tteS (2023: 14 trustees}totalled £2,301 (2Q23: £2,970). Fees and honordria paid to I I￿￿ee {2023: 1 tnlstee) in a¢coTdm the s￿iety's coTh%titution totalled £7,471 (2023.. £2,414). No gTaiits or bursaries were paid to any ITU5tees dwing the )'e8r (2023: No trustew tota] paid £nil). 22 TANGIBLE FIXED ASSETS Com A5 Ot lit July 2023 Additions (Disprtsals) 3,236 As at 30 Jun¢ 2024 3.236 umul As at I" July 2023 Charge for the year (Dispc6als) 1.844 466 As at 30 June 2024 2,310 As at 30 June 2024 926 As at 30 June 2023 ,392 FIXED ASSET INVESTMEFrrs 023 Charity Investment Funds: Market Value at 1° Jul). 2if23 Additions (net of equalisation) (Di5po3a15) Nei Unrealised Investment Gains l (L(tsses) 1.211,583 176.302 (180,926) 17,026 1,167.4WI 532.518 (521,595) 33,170 .323,985 310.962 ,211,583 300,005 Terni Deposit Accounts Market Value a% at 30th June 2024 1.034.947 1.511,588 23 2024 2023 Investments at fair value ci>mprised: Bonds Equitie5 Stru¢tttyed PrOd[￿ts Hedge Funds Private Equity Oth¢r Inveslm¢nts 130.686 528.875 193,706 108, 518,076 158.278 12,024 31,604 10,550 41.371 8.767 903.405 420,580 838,S41 373.042 COIF Charities Ethical Investhjent Fund .323,985 310.962 1.211,583 300,005 Terni Deposit Accounts 1,634.947 1,511,588 DEB TORS AND PREPA YMENTS Prepatrments and Ac¢nJed Income Due from Investment Managers Other Debiors 57,898 8,519 79,623 1.280 66,417 89,869 OTHER CREDITORS AND ACCRUALS Amounts due within one year: AccTua]s and tkfwr¢d Income VAT payable (Xh¢r Creditors 168.547 190,422 323 2.204 5.943 174,674 192,949 24