2020-12-31-accounts

The Society for the Promotion of Hellenic Studies

Annual Report and Financial Statements

31 December 2020

Charity Registration Number 245623

Contents

Reports
Reference and administrative information	1
Trustees’ report	4
Independent auditor’s report	16
Financial Statements
Statement of financial activities	20
Balance sheet	21
Statement of cash flows	22
Principal accounting policies	23
Notes to the financial statements	30

The Society for the Promotion of Hellenic Studies

Reference and administrative information

Hellenic Society Council

The following members of the Council are its trustees for the purposes of charity law, and throughout this report are collectively referred to as its trustees. The trustees that served during the year and up until the signature of these financial statements were as follows:

President	Professor Judith Mossman (until 13.6.20)
	Professor Paul Cartledge (from 13.6.20)
Honorary Treasurer	Mr Peter Lennon
Honorary Secretary	Dr Margaret Mountford
Membership Officer	Dr Stephen Harrison
Elected members of the Council
2017-2020	Dr E Aston
	Professor S Deacy
	Dr S Harrison
	Dr A Makrinos
	Dr J Thorne
2018-2021	Dr P Ceccarelli
	Mr R Eschwege
	Professor E Eidinow
	Professor L Foxhill
	Dr S Nevin
	Mr D Warder
	Dr J J Zhao
2019-2022	Dr R Andujar
	Professor R Beaton
	Ms T Bur
	Dr A Capra
	Dr J Skinner

The Society for the Promotion of Hellenic Studies

1

Reference and administrative information

2020-2023	Professor K Harloe
	Professor P Low
	Professor L Mitchell
	Dr C Plastow
	Professor M Squire
	Professor R Thomas
	Professor P Vasunia

The following held office during the year but are not considered to be trustees:

Vice-Presidents	Professor P E Easterling FBA
	Professor R Fowler FBA
	Mr B Gilmore
	Mr G Lemos
	Dr P Michelakis
	Professor J Mossman (from 13.6.20)
	Professor R G Osborne FBA
	Professor C J Rowe OBE
	Professor M Schofield FBA
	Professor B A Sparkes
	Dr D Thomas
Editors	Professor Douglas Cairns (Editor JHS)
	Dr Fiona Hobden (Review Editor JHS, until
	July 2020)
	Dr Jan Haywood (Review Editor JHS)
	Dr Yannis Galanakis (Editor AinG)
	Dr Andrew Shapland (Editor AinG)
	Dr Laurence Totelin (Review Editor JHS,
	from August 2020)
	Dr Fiona Haarer (Executive Editor, AR)
	Dr Daisy Dunn (Editor, ARGO)
Honorary Librarian	Professor M B Trapp
Executive Secretary	Dr Fiona Haarer
Assistant Executive Secretary	Ms L Wallace

The Society for the Promotion of Hellenic Studies 2

Reference and administrative information

Principal office	Senate House
	Malet Street
	London
	WC1E 7HU
Charity registration number	245623
Auditor	Buzzacott LLP
	130 Wood Street
	London
	EC2V 6DL
Bankers	Coutts & Co
	440 Strand
	London
	WC2R 0QS
Investment manager	Rathbones
	8 Finsbury Circus
	London
	EC2M 7AZ

The Society for the Promotion of Hellenic Studies 3

Trustees' report 31 December 2020

The trustees present their annual report and financial statements of The Society for the Promotion of Hellenic Studies (‘SPHS’ or ‘the Society’) for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out on pages 23 to 29 and comply with the Society’s Rules, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the United Kingdom and Republic of Ireland published on 16 July 2014.

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governing document

The Society was founded in 1879 to advance the study of Greek language, literature, history, art and archaeology in the Ancient, Byzantine and Modern periods. The Society is an unincorporated charity governed by its Rules, which were comprehensively updated at the 2010 Annual General Meeting and updated in a more limited way at the 2014, 2015, and 2017 Annual General Meetings. The Rules of the Society can be consulted on the SPHS website and they are printed in JHS 137. It is registered as a charity with the Charity Commission (registration date 17 December 1965). Membership is open to all those interested in any aspect of Hellenic Studies.

Elections of officers

The governing body is a Council whose voting members comprise the President, the Honorary Secretary, the Honorary Treasurer, the Membership Officer and not more than a further twenty-one members (“Ordinary Members of Council”) elected at the Annual General Meeting. These voting members are the trustees of the Society.

In addition, attendance at Council meetings, but not voting rights, is extended to any VicePresidents, the Executive Secretary, the Editors of the Journal of Hellenic Studies and of Archaeological Reports (currently, the Executive Secretary is also the Executive Editor of Archaeological Reports) and, by invitation, the Librarian and Honorary Librarian of the Joint Library and the Director of the Institute of Classical Studies.

The President, Vice-Presidents, Honorary Treasurer, Honorary Secretary, the Membership Officer and ordinary members of the Council are elected by and from the members of the Society at the Annual General Meeting. The President is elected for a term of three years, which is extendable at Council's option and with the President's approval for a further two years; the Vice-Presidents are elected for a renewable term of one year; the Honorary Treasurer, the Honorary Secretary and the Membership Officer are elected for renewable periods of three years; and the ordinary members of the Council are elected for nonrenewable terms of three years. One-third of the ordinary members retire each year. The Executive Secretary is appointed by the Principal Officers and the Editors of the journals are appointed by Council, without fixed term.

The details of the current trustees and members of the Council are set out on pages 1 and 2.

The Society for the Promotion of Hellenic Studies 4

Trustees' report 31 December 2020

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Governing committees

The Council is assisted by various Committees, the principal ones being the Editorial Committees, the Finance & Investment Committee and the Grants Committee. The membership of these Committees as at 31 December 2020 was as follows:

Editorial Committees

The three Editorial Committees meet once a year to consider the content, production, and despatch of the Journal of Hellenic Studies and Archaeological Reports , and ARGO. The annual reports from CUP for the JHS and AR are presented and discussed.

The Journal of Hellenic Studies

Professor Douglas Cairns (JHS Editor), Professor Paul Cartledge (Chair from June 2020), Professor Edith Hall, Dr Jan Haywood (Joint Editor JHS Reviews), Dr Fiona Hobden (Joint Editor JHS Reviews, until July 2020), Dr Phillip Horky, Mr Peter Lennon, Professor Judith Mossman (Chair until June 2020), Dr Margaret Mountford, Professor Robin Osborne, Dr Laurence Totelin (joint Editor JHS Reviews, from August 2020), Dr Anja Ulbrich, Dr Nicolas Wiater.

Archaeological Reports

Professor John Bennet, Professor Douglas Cairns, Professor Chris Carey (Chair), Professor Paul Cartledge (from June 2020), Dr Yannis Galanakis (Archaeology in Greece Editor), Mr Peter Lennon, Professor Judith Mossman (until June 2020), Professor Robin Osborne, Dr Andrew Shapland (Archaeology in Greece Editor).

ARGO

Professor Roddy Beaton, Professor Paul Cartledge (Chair, from June 2020), Dr Daisy Dunn (Editor), Dr Stephen Harrison, Dr Lisa Hau, Mr George Lemos, Mr Peter Lennon, Professor Judith Mossman (Chair, until June 2020), Dr Margaret Mountford, Dr Vasiliki Zali.

Finance & Investment (F&I) Committee

The F&I Committee meets three times a year and generally oversees the Society's finances and investments, and advises the Treasurer. In February/March each year, it reviews the draft audited financial statements before the Council meeting; in May/June, a representative from Rathbones is invited to attend; and in November, it considers the draft budget for the following year.

Professor Paul Cartledge (Chair, from June 2020), Mr Richard Eschwege, Mr Brian Gilmore, Mr George Lemos, Mr Peter Lennon, Professor Judith Mossman (Chair, until June 2020), Dr Margaret Mountford, Dr David Thomas, Mr David Warder.

The Society for the Promotion of Hellenic Studies

5

Trustees' report 31 December 2020

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Governing committees (continued)

Grants Committee

The Grants Committee reviews by email the applications to the various funds following the two deadlines (1 May and 1 October). The Committee's recommendations are then approved at the June and November / December Council meetings. The Grants Committee also reviews and approves application for hardship grants received on a monthly basis.

Dr R. Andujar, Ms T. Bur, Professor Paul Cartledge (from June 2020), Dr Paola Ceccarelli, Professor Susan Deacy (until June 2020), Dr Stephen Harrison, Professor Lynette Mitchell (from November 2020), Professor Judith Mossman (until June 2020), Dr Margaret Mountford (Chair), Dr Joseph Skinner (from November 2020), Dr Jingyi Jenny Zhao.

Trustee induction and training

According to the Society Rules, the trustees of the Society can be elected only from the existing membership. Thus, generally speaking, potential new trustees already have their own direct experience of the Society's library, publications and events. New trustees are given orientation by the Executive Secretary to brief them on their legal obligations under charity law, the Rules of the Society, the role and recent activities of the Council and the Society's decision making processes, and the recent financial performance and achievement of the charity, and are issued on election with a copy of the Society's risk management strategy. Where feasible, those standing as new Officers are invited to shadow the outgoing Officers in an Officer-elect capacity. All trustees are encouraged to attend other Society meetings as appropriate where these will facilitate the undertaking of their role.

Organisation structure

The Council administers the funds and other property of the Society in accordance with the Society’s objects and is entrusted by the Rules with the control of the Society’s publications and with exercising the general management of all the Society’s affairs and concerns. It does this by setting strategy and policies for the furtherance of the Society’s aims and by exercising supervision over the Society’s Officers and the Editors of its journals. Council has appointed various Committees to advise it or carry out specific functions on its behalf, including a Finance & Investment Committee, Editorial Committees and a Grants Committee, all of which report directly back to Council; the President is ex officio a member of all these committees. At the AGM, the Council presents to the members of the Society a report and accounts for their approval; the members at the AGM appoint the auditors and elect Officers and ordinary members of Council. The members may be consulted by Council about major strategic issues, and may discuss and determine any other business notified in advance to the Council. The members alone have power to amend the Society’s Rules in a general meeting.

The trustees who served during the year and since the year end are set out on pages 1 and 2. Day to day business is delegated to the Executive Secretary.

The Society for the Promotion of Hellenic Studies 6

Trustees' report 31 December 2020

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Related parties

The Society has a close relationship with its sister society, the Society for the Promotion of Roman Studies (‘the Roman Society’). For many years, the two Societies cooperated in the provision and operation of a Joint Library, which was managed in conjunction with the library of the Institute of Classical Studies, part of the University of London (‘UoL’), the whole being known as the Combined Library. With effect from 1 January 2016, the Societies’ arrangements for the management of the Joint Library were changed. While the Societies retain ownership of the books in the Joint Library, a joint venture company formed by the two Societies, the Hellenic and Roman Library (‘HARL’), is responsible for managing the Societies’ interests in the library. To that end, on 27 April 2016, HARL and the Societies entered into a 25 year agreement with UoL for the management and operation of the Combined Library. Under that agreement, HARL has undertaken to bear inter alia, with effect from 1 January 2016, certain expenses in respect of the operation of the library, principally relating to the costs of the librarians. The two Societies have separately agreed to pay fees to HARL for undertaking those obligations.

Since 1 July 2019, the Society and the Roman Society have cooperated more closely in the management and administration of their affairs: the Roman Society seconds its employees for part of their time to act as Secretary, Assistant Secretary and Finance Assistant to the Society, in return for payment of the appropriate proportion of their employment costs, and the accommodation costs of the offices in Senate House are divided equally between the Societies.

Risk management

The trustees have a risk management strategy, which comprises an annual review of the risks which the Society may face, the establishment of systems to mitigate such risks, and the implementation of procedures designed to minimise any potential impact on the Society should those risks materialise. The trustees have carefully re-examined the major governing, operational and financial risks which the Society faces. A key element in the management of financial risk is the setting of a robust reserves policy as set out on page 13.

Principal risks and uncertainties

1. Governance risks: Poor organisational structure; trustees benefiting from the Society; activities potentially outside the Society’s Objects.

How the SPHS currently minimises these risks:

•  The Council, as the governing body, has a clear and public structure of annually elected members and elected officers, along with Honorary Vice-Presidents and Editors. No trustee receives remuneration from the Society except to reimburse travel and other such necessary expenses.

•  When deciding on projects to support, the Council always bears in mind whether the project/activity is within the remit of the Society as set out in its Objects. The Society has a clearly stated Grant-Giving Policy in place.

The Society for the Promotion of Hellenic Studies

7

Trustees' report 31 December 2020

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Principal risks and uncertainties (continued)

2. Operational risks: service quality; contract pricing; security of assets (including fraud risk); employment issues; health & safety; information technology; insurance.

How the SPHS currently minimises these risks:

•  The quality of the Society’s main journal (JHS) is assured by a rigorous process of peer review for potential contributions by leading academics in the field. The quality of the Combined Library is regularly endorsed by leading academics.

•  The Society takes legal advice or otherwise involves appropriate experts when it first enters into other major contracts, as in the last few years with the University, Cambridge University Press and in its dealings with Rathbone Asset Management.

•  Responsibility for the security of the Society’s principal non-financial assets, its books, lies with the UoL.

•  The Society has only two regular members of staff (the Executive Secretary and the Assistant Executive Secretary) who are paid via the UoL payroll and are seconded from the Roman Society.

•  The Society has its own office insurance, and the insurance of the Combined Library collection is covered by the UoL.

3. Financial risks: budgetary control, adequate reserves and cash flow.

How the SPHS currently minimises these risks

•  The Honorary Treasurer oversees the Society’s finances and reports directly to Council. The Society has a clear Reserves Policy in place and maintains adequate reserves. The Society is working closely with Cambridge University Press (CUP) and other learned societies on the issue of open access and its likely implications on future revenue.

4. External risks: Public perception; demographic change; government policy.

How the SPHS currently minimises these risks

•  The Council is aware of the need to promote actively both itself and Hellenic studies in order to ensure that its membership and ability to fulfil its objects remain buoyant. The Council regularly considers the status of Hellenic studies in schools and universities.

The Society for the Promotion of Hellenic Studies 8

Trustees' report 31 December 2020

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Principal risks and uncertainties (continued)

5. Compliance with law and regulation: Charity law; Data Protection Act; health and safety; Society’s Rules and constitution.

How the SPHS currently minimises these risks

•  The Society’s administration keeps up to date with the Charity Commission’s guidelines and regulations, and the SPHS is registered under the Data Protection Act.

•  The UoL’s health and safety regulations apply to the Society’s office and the UoL is responsible for the health and safety aspects of the Combined Library.

•  The Council keeps the Society’s Rules and constitution under review, putting any revision to the Annual General Meeting.

OBJECTIVES AND ACTIVITIES

Objects of the Society

The Objects for which the Society is established are:

• (i) to promote the study of Greek language, literature, art and thought;

• (ii) to advance the knowledge of the history of the Greek lands and peoples from antiquity to the present day; and

• (iii) to improve understanding of the Greek contribution to civilization

by means of the maintenance of a Library, by the publication of a Journal periodically, and by any other means which, in the opinion of the Council, are desirable.

Review of development, activities and achievements

The Society's resources are used to finance five main areas of activity to further its Objects, thus advancing education for the benefit of the public.

1. The maintenance of the Joint Library, as referred to earlier, which not only directly facilitates scholarly research and more general interest among fee-paying members, but is also accessible to the scholarly community more widely through being made available as part of the Combined Library in partnership with the Institute of Classical Studies.

2. The annual publication of the Journal of Hellenic Studies and Archaeological Reports (the latter in conjunction with the British School at Athens), and a bi-annual illustrated magazine ARGO . Both journals contribute to the general level of understanding of the classical world and the promotion and dissemination of learned research. The Journal of Hellenic Studies is widely recognized as an outstanding facility for the scholarly community, both in the United Kingdom and overseas, while Archaeological Reports disseminates studies in the archaeology of the Greek world to the benefit of all concerned with classical and Byzantine Hellenic culture. ARGO appeals to a broader audience of philhellenes, with content that is authoritative yet accessible, topical and lively.

The Society for the Promotion of Hellenic Studies 9

Trustees' report 31 December 2020

OBJECTIVES AND ACTIVITIES (continued)

Review of development, activities and achievements (continued)

1. The awarding of grants to undergraduates, junior researchers, schools and other institutions engaged in Hellenic Studies.

2. An annual series of lectures in London and throughout the United Kingdom.

3. The dissemnation via the Society’s website and other electronic media of news, comment and audio/pictorial resources relating to Hellenic studies and the Society’s activities.

All five of these areas of the Society’s activities were operated on a successful basis in 2020 and contributed to the advancement of education for the benefit of the public.

The Joint Library continued in operation in the South Block of Senate House. In addition to the members of the Hellenic and Roman Societies who pay subscriptions, 1,705 received swipe cards for free access to the collection under the aegis of the Institute of Classical Studies, in addition to which the Institute gave free access to 46 temporary visitors.

During lockdown even when the library premises could not be open to members and other scholars, the librarians continued to facilitate access to its contents by arranging loans and making photocopies of requested items (within the constraints of copyright protection), a service that was much appreciated.

At 31 December 2020, 1151 copies of the Journal of Hellenic Studies had been distributed to Society members: 764 Full Members, 257 Student Associates, 104 Life Members, 24 Honorary Members and 2 Corporate Members. 655 Members opted to receive AR , 306 members opted to receive ARGO with 190 members subscribing to both AR and ARGO . 58 copies of ARGO were distributed to non-members.

Institutional subscriptions continued to be managed by Cambridge University Press. In 2020 the Hellenic Society journals had 282 traditional institutional subscribers and 8,272 subscribed by way of negotiated and donation arrangements

Volume 140 (2020) of JHS is edited by Professor Douglas Cairns, and Dr Yannis Galanakis and Dr Andrew Shapland are the editors of AinG ( AR 66, 2019-2020).

As in previous years, awards were made to research students, junior researchers, schools, conferences and other institutions. The size of awards to schools was largely due to the continuing generosity of the A.G. Leventis Foundation. The full listing of grants awarded in the 2020 financial year is available from the Society's website. Hardship grants to help those affected by the impact of the COVID-19 pandemic were also introduced: applications were invited every month from June onwards.

The Society for the Promotion of Hellenic Studies 10

Trustees' report 31 December 2020

OBJECTIVES AND ACTIVITIES (continued)

Review of development, activities and achievements (continued)

The academic year 2019/2020 began with a lecture by Professor Patrick Finglass ( Passionate lacunae: towards a new edition of Sappho ) at the Hellenic Centre, and a HARL fundraising event, Homer Today , at Senate House in collaboration with the Roman Society. Events continued at the start of 2020 with a visit to the British Museum exhibition, Troy: Myth and Reality preceded by a lecture by one of the curators, Dr Lesley Fitton. In February, Dr Calum Mciver delivered a lecture on Generic Games: The ending of Longus’ Daphnis and Chloe, Again at the Hellenic Centre. In March, the Society held an event with the Roman Society on the theme ‘Animals in the Ancient World’ with lectures by Professor Malcolm Schofield, Dr Emily Kneebone and Dr John Pearce. Shortly after this event, all face to face events were cancelled with the national lockdown implemented in response to the covid-19 pandemic. In the autumn, events resumed online. In September, the President, Professor Paul Cartledge, delivered a lecture, Greece's Finest Hour? The Democratic Implications of the Battle of Salamis and in October, Professor Leslie Brubaker gave a lecture on Dancing in the Streets: urban life in medieval Constantinople. Both lectures attracted large world-wide audiences. In November, the Society hosted a day conference on ‘Thermopylae 2500’: the conference has its own website available here: https://thermopylae2500.wordpress.com/

As required by the Charities Act 2011, Council confirms that it has had regard to the Charity Commissioners’ guidance on public benefit in planning and carrying out its activities.

PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS

Joint Library – The Library will continue to keep its outstanding collection up to date by acquisitions of further books and periodicals.

Publications – the Journal of Hellenic Studies (volume 141) and Archaeological Reports (volume 67) will again be published both in print and online at the end of the year in partnership with Cambridge University Press. ARGO (issues 13 and 14) will also be published.

Grants – the trustees will continue their support to academic conferences through bursary schemes, to research students and scholars at the start of their careers through book and travel grants, to schools through support of widening participation initiatives and book grants, and to summer schools and archaeological excavations through relevant bursaries. Hardship grants will continue to be offered while the covid-19 pandemic continues: they will be reviewed at regular intervals.

The Society for the Promotion of Hellenic Studies 11

Trustees' report 31 December 2020

PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS (continued)

The Society hopes that it will be able to resume its normal programme of activities, including face to face events, as soon as the pandemic is under control. Meanwhile, lectures will continue online. In February 2021, the Society held an event in collaboration with King’s College London and the British School at Athens on ‘ 1821: The Migration of Revolutionary Ideas’. This panel discussion forms part of a series of events (‘21 in 21 : Celebrating the 2021 bicentenary of the outbreak of the Greek War of Independence in 21 Greek-British encounters’). In March, the Society joined with the Roman Society to host an evening of lectures on ‘Domesticity and Domestic Life’. In April, again in collaboration with the Roman Society, there will be a panel discussion on ‘Race: Antiquity and its Legacy’. In June, the AGM will be followed by a lecture presented by Dr Adrian Kelly. It is hoped that it will be possible to reschedule the Green lectures to be delivered by Dr Victoria Sabetei.

FINANCIAL REVIEW

The results of the charity are set out on page 20. The total income for the year was £245,006 (2019 – £246,571 as restated). Publishing income from JHS and AR amounted to £90,527 (2019 – £77,449). Members’ subscriptions were unchanged at £51,420 (2019 - £51,200).

Total expenditure for the year was £216,801 (2019 – £242,016) and net losses on listed investments held by the Society were £35,315 (2019 – net gains on listed investments of £160,615). The net expenditure for the year after investment losses (gains) was £7,710 (2019 – net income of £165,170).

The net assets of the Society at 31 December 2020 were £2,508,821 (2019 – £2,515,931 as restated) which included listed investments at market value of £1,423,317 (2019 – £1,477,401), of which £219,809 (2019 – £214,252) were restricted funds, the remainder being unrestricted.

Investment policy

The Society’s investments are overseen by the Finance & Investment Committee which meets at least twice a year and reports to Council. The Society’s investments are managed on a discretionary basis by Rathbones. The agreed investment mandate given to Rathbones is to generate a return over the long term of 3% above the rate of inflation, accepting that with a substantial exposure to equities, shorter term fluctuations in the value of the portfolio may occur. On an annual basis, the Society’s target cash yield is 3%, which Rathbones may realise through a combination of capital and income returns from the portfolio.

In 2020, the net cash yield on the portfolio was 2.4%.

The total value of the portfolio declined by c.3% over the year, reflecting the volatility in world stock markets in 2020.

The Society for the Promotion of Hellenic Studies 12

Trustees' report 31 December 2020

FINANCIAL REVIEW (continued)

Reserves policy and going concern assessment

The Society maintains reserves matched by financial assets as a matter of prudence, partly to protect itself against sudden falls in income and unplanned increases in costs but also because the Society’s income from reliable recurrent sources is projected in due course to be insufficient to cover its planned costs, making it dependent in the long term on legacies and campaigns for donations; it therefore also maintains reserves to allow it to maintain its operations while it seeks long-term solutions to this projected shortfall in recurrent income.

In calculating the financial reserves that are needed, the trustees have regard to the level of non-discretionary expenditure budgeted for the following year, the continuing and long-term viability of its arrangements with key partners (bearing in mind their own respective positions) and the size of the anticipated annual deficit. In determining the mixture of bank deposits and other investments, the trustees have regard to the need to ensure coverage of nondiscretionary expenditure for the following twelve months even in the event of a major shortfall in subscriptions or investment income. In addition, a material element in the reserves is matched by the Society’s share of the Joint Library owned by itself and the Roman Society, maintenance of which is one of the main ways in which the Society fulfils its charitable objects.

The Society maintains general reserves as a matter of prudence as protection against unexpected expenditure in pursuance of its objects. In addition, the Society is aware of the need to maintain substantial reserves in respect of its future obligations to the Hellenic & Roman Library (“HARL”) until a time when HARL itself is fully funded.

The Finance & Investment Committee monitors and reviews the Society’s policies, the levels of its reserves and liquidity and reports to the Council of the Society.

The Society’s free reserves, comprising the unrestricted funds less the net book value of tangible fixed assets were £1,340,417 (2019 – £1,392,640).

The Trustees have concluded that despite the continuing restrictions caused by the pandemic the Society will continue as a going concern for at least the next 12 months. The majority of the income is generated from individual subscriptions and from the publishing agreement with CUP. Most members have already renewed for the current year and the journals will be published as usual at the end of year, in print and online. The Society does not anticipate any significant additional costs caused by the pandemic.

The Society for the Promotion of Hellenic Studies 13

Trustees' report 31 December 2020

FINANCIAL REVIEW (continued)

Grant awarding policy

Decisions on grants are made either by the Council or by the Grants Committee under the Council’s supervision. The Society considers applications which will further its objectives (the promotion and advancement of the study of Greek Language, literature, history, art and archaeology in the ancient, Byzantine and modern periods) and makes awards to individuals (principally postgraduates and scholars at the start of their careers), institutions, projects, companies, schools, summer schools and school initiatives. As a matter of principle, grants may be made from the Society’s unrestricted funds, but the Society also has restricted funds available solely or predominantly for awarding grants, and these are in practice utilised where possible. Hardship grants for students or early career researchers impacted by the Covid-19 pandemic are awarded on a monthly basis by the Grants Committee.

The A. G. Leventis Foundation Fund makes awards to schools, summer schools and school initiatives. From the income of the Dover Fund, awards are eligible to be made to research students and scholars within the first five years of their first appointment for books, photography and library/museum/site visits to further the study of the Greek language or the edition or exegesis of Greek texts. In making the awards, the Council particularly supports applications assisting individual scholars in their work and providing bursaries for teachers and students of Greek and Hellenic Studies at all levels.

Acknowledgement of past donations

Council wishes to record its continuing appreciation of donations made and legacies left to the Society over the years, and to record its gratitude to the A. G. Leventis Foundation for its generous past and continuing assistance.

Auditors

A resolution to appoint auditors for the accounting reference period 1 January to 31 December 2021 will be put to the members at the Annual General Meeting.

Key management personnel remuneration

The trustees consider the board of trustees as comprising the key management personnel of the Society in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year (2019 – none). Trustees are required to disclose all relevant interests and register them with the Executive Secretary.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Society for the Promotion of Hellenic Studies 14

Trustees' report 31 December 2020

STATEMENT OF TRUSTEES’ RESPONSIBILITIES (continued)

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources of the Society for that period. In preparing these financial statements, the trustees are required to:

•  select suitable accounting policies and then apply them consistently;

•  observe the methods and principles in the Charities SORP 2015 (FRS 102);

•  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 statements; and

•  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the Charity’s constitutive instrument. They are also responsible for safeguarding the assets of the Society 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 financial information included on the Society’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved and signed on behalf of the Council

President

Date:

The Society for the Promotion of Hellenic Studies 15

Independent auditor’s report 31 December 2020

Independent auditor’s report to the trustees of The Society for the Promotion of Hellenic Studies

Opinion

We have audited the financial statements of The Society for the Promotion of Hellenic Studies (the ‘charity’) for the year ended 31 December 2020, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

•  give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its income and expenditure 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.

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 the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, 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 relating 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, 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 when 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.

The Society for the Promotion of Hellenic Studies 16

Independent auditor’s report 31 December 2020

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 this 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 in relation to which the Charities Act 2011 require us to report to you if, in our opinion:

•  the information given in the trustees’ annual report is inconsistent in any material respect with the financial statements; or

•  sufficient accounting records have not been kept; 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.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of 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 related 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.

The Society for the Promotion of Hellenic Studies 17

Independent auditor’s report 31 December 2020

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether 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 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 detailed below.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•  we identified the laws and regulations applicable to the charity through discussions with management, and from our commercial knowledge and experience of the sector;

•  we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act;

•  we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and

•  we identified laws and regulations which were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•  making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

•  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

•  performed analytical procedures to identify any unusual or unexpected relationships;

•  assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and

•  investigated the rationale behind significant or unusual transactions.

The Society for the Promotion of Hellenic Studies 18

Independent auditor’s report 31 December 2020

Auditor’s responsibilities for the audit of the financial statements (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•  agreeing financial statement disclosures to underlying supporting documentation;

•  enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 with regulations made under section 154 of that Act. 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.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Society for the Promotion of Hellenic Studies 19

Statement of financial activities Year to 31 December 2020

Notes	Unrestricted funds £	Restricted funds £	Total 2020 £	Unrestricted funds restated £	Restricted funds £	Total 2019 restated £
Income and endowments from: Donations and legacies 1 Charitable activities 2 Investments 3 Total income and endowments Expenditure on: Raising funds Charitable activities 4 Total expenditure Net income before transfers Transfer between funds Net income before investment (losses) gains 9 Net (losses) gains on investments 13 Net (expenditure) income and movement in funds Reconciliation of funds: Total funds brought forward (as restated – note 23) Total funds carried forward	7,737 193,775 32,960	7,500 — 3,034	15,237 193,775 35,994	15,091 179,100 39,221	7,500 — 5,659	22,591 179,100 44,880
	234,472	10,534	245,006	233,412	13,159	246,571
	8,457 206,352	— 1,992	8,457 208,344	8,431 228,173	— 5,412	8,431 233,585
	214,809	1,992	216,801	236,604	5,412	242,016
	19,663 —	8,542 —	28,205 —	(3,192) 4,833	7,747 (4,833)	4,555 —
	19,663 (32,330)	8,542 (2,985)	28,205 (35,315)	1,641 140,179	2,914 20,436	4,555 160,615
	(12,667) 2,301,679	5,557 214,252	(7,110) 2,515,931	141,820 2,159,859	23,350 190,902	165,170 2,350,761
	2,289,012	219,809	2,508,821	2,301,679	214,252	2,515,931

All recognised gains and losses are included in the above statement of financial activities.

All of the charity’s activities were derived from continuing operations during the above two financial periods.

The Society for the Promotion of Hellenic Studies

20

Balance sheet 31 December 2020

Notes	2020 £	2020 £	2019 restated £	2019 restated £
Fixed assets Tangible assets – heritage assets 12 Investments 13 Current assets Debtors 14 Short-term deposit Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors:amounts falling due after one year 16 Total net assets The funds of the charity: Unrestricted funds Restricted funds 17	948,595 1,423,317	2,371,912 142,804	909,039 1,477,401	2,386,440 135,651
	81,464 271 120,044		62,164 271 135,705
	201,779 (58,975)		198,140 (62,489)
		2,514,716 **(5,895) **		2,522,091 (6,160)
		2,508,821		2,515,931
		2,289,012 219,809		2,301,679 214,252
		2,508,821		2,515,931

Approved by the trustees and signed on their behalf by:

Trustee

Approved on:

The Society for the Promotion of Hellenic Studies 21

Statement of cash flows 31 December 2020

Notes	2020 £	2019 restated £
Cash flows from operating activities: Net cash used in operating activities A Cash flows from investing activities: Purchase of investments Investment proceeds Investment income Net cash used in investing activities Net decrease in cash and cash equivalents Cash and cash equivalents at 1 January B Cash and cash equivalents at 31 December B	(70,424)	(60,618)
	(283,184) 307,311 35,994	(115,268) 129,959 44,880
	60,121	59,571
	(10,303) 177,885	(1,047) 178,932
	167,582	177,885

A Reconciliation of net movement in funds to net cash flow provided by operating activities

	2020 £	2019 restated £
Net expenditure for the year Adjustment for: Books and periodicals Depreciation and amortisation Net (gain) loss on investments Investment income (Increase) in debtors (Decrease) increase in creditors Net cash used in operating activities*	(7,110) (22,521) — 35,315 (35,994) (19,300) (20,814)	165,170 (34,426) 2,450 (160,615) (44,880) (2,460) 14,143
	(70,424)	(60,618)

*The decrease in creditors per the balance sheet in 2020 is £3,779. The difference to the cash flow movement of £17,035 relates to the capital accrual of books purchased by HARL on behalf of the societies which is a transaction that does not pass through the SOFA.

B Analysis of changes in cash and cash equivalents

	2019 £	Cash flows £ (15,661) — 5,358 (10,303)	2020 £
Cash at bank and in hand Short term deposits Cash held by investment manager Total cash and cash equivalents	135,705 271 41,909		120,044 271 47,267
	177,885		167,582

The Society for the Promotion of Hellenic Studies 22

Principal accounting policies 31 December 2020

The principal accounting policies adopted and judgements in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 December 2020 with comparative information in respect of the year to 31 December 2019. They are presented in sterling and are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment with respect to a period of one year from the date of approval of these financial statements. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Society to continue as a going concern. The trustees are of the opinion that the Society will have sufficient resources to meet its liabilities as they fall due. With regard to future accounting periods, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment section of the trustees’ report for more information).

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

•  the estimates of the useful economic lives of tangible and intangible fixed assets used to determine the annual depreciation charge;

•  the estimates of market value attributed to books and periodicals donated to the Society; and

• the assumptions adopted by the trustees and management in determining the value of any designations required from the charity’s general unrestricted funds.

The Society for the Promotion of Hellenic Studies 23

Principal accounting policies 31 December 2020

Critical accounting estimates and areas of judgement (continued)

In addition to the above, the full impact following the recent emergence of the global coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity’s activities, suppliers, beneficiaries and the wider economy. The value of listed investments (see note 13) is subject to a greater degree of uncertainty and volatility.

Income recognition

All income, including grants receivable and legacies, is included in the statement of financial activities (SOFA) when the Society is legally entitled to the income, the amount can be quantified with reasonable accuracy, and receipt is probable.

Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income comprises donations, legacies, grants, income from charitable activities, including publications and membership subscription and investment income, and interest receivable.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Donations in kind relate to library books gifted and are recognised when received. Where the donor does not provide any valuation, the trustees obtain a suitable market valuation from one or more alternative sources. Periodical exchanges included in publications income relates to periodicals received from organisations in return for copies of the Society’s publications.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

In accordance with the Charities SORP FRS 102, volunteer time is not recognised.

Grant funding is recognised as and when the work is completed and the grant conditions are fulfilled.

Income from conferences and events is recognised in the financial period in which the conference or event was hosted.

Income from publications is recognised in the period in which the income is receivable. The income from royalties is recognised in the period in which the income is received.

The Society for the Promotion of Hellenic Studies 24

Principal accounting policies 31 December 2020

Income recognition (continued)

Annual membership subscriptions are recognised as income on an accruals basis applicable to the membership period, and part of the subscription applicable to the following year, if any, is carried forward as deferred income. Life subscriptions can be received from those members whose age is in excess of 65 years. A policy of recognising these subscriptions in the SOFA over a period of 10 years has been set. However, in the event of death, full release to the SOFA is made.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Society to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Irrecoverable input VAT is included in the expenditure. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings.

Expenditure on charitable activities comprises expenditure in support of the charity’s primary charitable purposes as described in the trustees’ report. This includes the costs associated with the servicing of members, costs in connection with hosting events and conferences, costs associated with the production of publications, and grants awarded.

Expenditure on charitable activities includes both costs which can be directly attributed to the key activities, as well as an allocation of shared support costs.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure.

Support staff costs are apportioned between activities on the following basis: 75% membership , publications and events; and 25% governance. Other relevant support costs are individually allocated to activities. No apportionment has been made to grants and library activities as these are considered to be negligible.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to statutory audit and other direct costs together with an apportionment of certain support costs as detailed above.

The Society for the Promotion of Hellenic Studies 25

Principal accounting policies 31 December 2020

Intangible fixed assets and amortisation

Intangible assets are initially recognised at cost and measured at cost less any accumulated amortisation. Amortisation is provided on the following basis:

•  CRM database 33⅓% per annum

Tangible fixed assets and depreciation

Assets costing over £500 are capitalised. Depreciation is provided at rates calculated to write off the cost of each tangible fixed asset on a straight line basis over its expected useful life as follows:

•  Office equipment 15% per annum  Computer equipment 33⅓ % per annum  Library equipment 10% - 33⅓ % per annum  Heritage assets Nil (see below)

The Society, in conjunction with The Roman Society, holds heritage assets comprising a substantial collection of library books, periodicals and other historic materials in the Joint Library which, until 31 December 2007, had not been capitalised.

In 2008, the trustees reviewed this policy and decided to capitalise the library books and periodicals in order to comply with the requirements of the Charities’ SORP. In determining how far back the prior year adjustment should relate to, it was established that the SORP (October 2000) was the first year where it became necessary to capitalise such assets on the balance sheet and therefore this policy has gone back as far as the year ended 31 December 2001. Owing to the quantity of assets, it would be prohibitively expensive to ascertain the cost of assets acquired prior to this time.

The library books and periodicals have not been depreciated since their long economic life and high residual value mean that any depreciation would not be material.

Heritage assets

Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Fair values for donated assets are estimated by reference to market prices.

Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly outweighs any benefit to the users of the accounts then heritage assets are not recognised on the balance sheet.

Acquisitions only arise when donated to the Society or if it is believed that they will further the Society's objectives. Once acquired they will be preserved by the Society in order to keep their historical, artistic, scientific, technological, geophysical or environmental qualities to such a high level as to contribute to knowledge and culture. A register of all assets held by the Society is available and the assets themselves are accessible to the public with prior agreement. Heritage assets are to be held for the foreseeable future.

The Society for the Promotion of Hellenic Studies 26

Principal accounting policies 31 December 2020

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

The Society does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Society is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

The Society manages the investment risks by the use of expert advisors and operates an investment policy reviewed at trustee meetings.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalties on notice of no more than 24 hours.

Stock

The Society maintains a back issue stock of journals and some past publications. The Society places no value on these stocks in the financial statements due to the age and limited demand of the stock items held.

Pensions

Since 12 July 2019 the charity has not had any employees; the Executive Secretary and the Assistant Executive Secretary are employed by the SPRS, which has seconded them to the charity from 1 July 2019 for 2 and 2 ½ days per week respectively in return for payment of the appropriate proportion of their employment costs, including employer’s pension contributions. Prior to 12 July 2019 the charity employed an Executive Secretary. Through the University of London and the SPRS, the previous and current Executive Secretaries are members of the Universities Superannuation Scheme (USS) and the Assistant Executive Secretary is a member of the Superannuation Arrangements of the University of London (SAUL). USS and SAUL are defined benefit multi-employer schemes.

According to the latest actuarial valuation of the USS, as at 31 March 2018, the USS’ assets were sufficient to cover 95% of its liabilities at that date. Following this valuation, the standard contribution rate borne by the Society increased from 18% to 19.5% from 1 April 2019. The employer’s contribution rate to the USS increased to 21.1% from 1 October 2019 and is expected to increase to 23.7% from 1 October 2021.

The Society for the Promotion of Hellenic Studies 27

Principal accounting policies 31 December 2020

Pensions (continued)

SAUL’s latest available annual review states that as at 31 March 2019 the fund was in surplus, with assets sufficient to cover 103% of its liabilities. The standard employer’s contribution rate throughout the year was 16%.

Neither scheme has yet completed its valuation/health check as at 31 March 2020; it is possible that contribution rates may increase when these are finalised.

Fund accounting

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects.

Unrestricted general funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objectives.

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Society and which have not been designated for other purposes.

Split of income between funds

The Society's investments are managed as a single pool. The income, surplus or loss on disposal and market value of investments is attributable to the various funds as follows, based on the market values of the investment pool (the investment pool being the market value of investments plus net current assets) at the start of each year.

	2020 %	2019 %
Restricted funds Dover fund A G Leventis Foundation fund 125th Anniversary Appeal Library general book fund The Green Lectures Fund Unrestricted funds	1.14 0.16 0.54 3.24 3.37 91.55	1.70 0.10 0.80 5.00 5.00 87.40
	100.00	100.00

Foreign exchange

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

The Society for the Promotion of Hellenic Studies 28

Principal accounting policies 31 December 2020

Financial Instruments

The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

The Society for the Promotion of Hellenic Studies 29

Notes to the financial statements 31 December 2020

1 Donations and legacies

Donations and legacies
	Unrestricted funds £	Restricted funds £	Total 2020 £	Unrestricted funds restated £	Restricted funds £	Total 2019 restated £
Grants to publications To_Archaeological Reports_ from the A G Leventis Foundation Other grants The A G Leventis Foundation Donations University of Cambridge Others Donations in kind . Library books Legacies	— — 500 790 4,447 2,000	2,500 5,000 — — — —	2,500 5,000 500 790 4,447 2,000	— — 1,000 652 13,439 —	2,500 5,000 — — — —	2,500 5,000 1,000 652 13,439 —
	7,737	7,500	15,237	15,091	7,500	22,591

2 Income from charitable activities

Income from charitable activities
	Total 2020 £	Total 2019 £
Subscriptions Subscription amounts receivable Gift Aid on subscriptions Life compositions Publications JHS and AR publishing income ARGO publishing income Digital archive income Periodical exchanges Royalties received Archaeological Reports (BSA share of costs) Library income Sales of duplicate books	51,420 6,926 805 90,527 2,036 1,656 18,074 19,709 2,125 497	51,200 2,496 685 77,449 1,816 5,280 19,076 18,864 — 2,234
	193,775	179,100

In both 2019 and 2020, all income from charitable activities was unrestricted.

The Society for the Promotion of Hellenic Studies 30

Notes to the financial statements 31 December 2020

3 Income from investments

Income from investments
	Total 2020 £	Total 2019 £
Dividends – equities Fixed interest Bank deposit interest	29,015 6,879 100	37,595 6,879 406
	35,994	44,880

In 2020 £3,034 of the total investment income was restricted (2019 – £5,659).

4 Expenditure on charitable activities

	Membership publications & events £	Grants £	Total 2020 £	Membership publications & events £	Grants £	Total 2019 £
Publication costs Journal of Hellenic Studies ARGO Archaeological Reports Grants (note 5) Events costs Library costs (note 6) Support costs Staff costs Office rent Insurance Postage, stationery, photocopying and printing Computer expenses Subscriptions Bank and credit card charges Miscellaneous Amortisation Governance costs (note 7)	7,211 9,646 3,929 — 2,042 98,353 37,737 5,749 484 1,784 3,120 136 1,715 — — 22,496	— — — 13,942 — — — — — — — — — — — —	7,211 9,646 3,929 13,942 2,042 98,353 37,737 5,749 484 1,784 3,120 136 1,715 — — 22,496	7,527 9,883 4,362 — 5,496 122,884 38,311 2,966 484 1,945 3,275 135 1,578 22 1,579 19,605	— — — 13,533 — — — — — — — — — — — —	7,527 9,883 4,362 13,533 5,496 122,884 38,311 2,966 484 1,945 3,275 135 1,578 22 1,579 19,605
	194,402	13,942	208,344	220,052	13,533	233,585

Staff costs above include amounts paid to the Roman Society for the secondment of its employees from 1 July 2019; see note 8.

In 2020 £1,992 of the total expenditure on charitable activities was restricted (2019 – £5,412).

The Society for the Promotion of Hellenic Studies 31

Notes to the financial statements 31 December 2020

5 Analysis of grants

Analysis of grants
	Grants to Institutions £	Grants to Individuals £	Total 2020 £	Grants to Institutions £		Grants to Individuals £	Total 2019 £ 4,677 735 — 8,121 13,533
AG Leventis Foundation fund Dover fund grants Hardship grants Unrestricted fund	1,642 350 — 4,650	— — 4,300 3,000	1,642 350 4,300 7,650	4,677 735 — 7,421		— — — 700
	6,642	7,300	13,942	12,833		700
						Total 2020 £	Total 2019 £
						2,000 — 4,642	— 1,000 11,833
						6,642	12,833

6 Library costs

Library costs
	Total 2020 £	Total 2019 £
Depreciation Fees paid to HARL Service charge Fees Librarian salaries Administrator salary Book purchases handling fee	— 8,426 5,550 74,637 8,580 1,160	871 8,861 6,430 93,711 12,049 962
	98,353	122,884

7 Governance costs

Governance costs
	Total 2020 £	Total 2019 £
Audit and accountancy . Current year . Prior year Trustee expenses Meeting costs Staff costs Postage, printing, photocopying and stationery Fees paid to HARL Bookkeeping costs	6,360 — 434 150 12,579 595 2,378	6,100 (1,750) 651 46 12,771 649 1,138
	22,496	19,605

The Society for the Promotion of Hellenic Studies 32

Notes to the financial statements 31 December 2020

8 Staff costs and remuneration of key management personnel

Staff costs and remuneration of key management personnel
	Total 2020 £	Total 2019 £
Salaries Social security costs Pension costs	40,971 4,294 7,429	40,360 4,431 7,429
	52,694	52,220

No employee earned more than £60,000 per annum (2019 – none).

During the year, the average number of employees was nil (2019 – 1). Since 12 July 2019, the charity has not had any employees. The Executive Secretary and the Assistant Executive Secretary are employed by the SPRS, and have been seconded to the charity from 1 July 2019 for 2 and 2 ½ days per week respectively in return for payment of the appropriate proportion of their employment costs, including employer’s pension contributions. The staff costs stated above include the amounts paid to the Roman Society for the secondment of its employees which amounted to £50,316 (2019 – £18,974) and are included in staff costs in note 4 and note 7.

Staff costs for Hellenic Society include:

	Total 2020 £	Total 2019 £
Hellenic Society staff costs Hellenic Society staff costs (recharged from Roman Society) Hellenic Society bookkeeping costs (recharged from HARL)	— 50,316 2,378	32,108 18,974 1,138
	52,694	52,220

The trustees consider the board of trustees as comprising the key management personnel of the Society in charge of directing and controlling the Society and running and operating the Society on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year (2019 – none). Trustees are required to disclose all relevant interests and register them with the Executive Secretary.

The reimbursement of trustees was as follows:

	2020 No.	2020 £	2019 No.	2019 £
Travel	4	434	5	651
	4	431	5	651

The Society for the Promotion of Hellenic Studies 33

Notes to the financial statements 31 December 2020

9 Net income

This is stated after charging:

	Total 2020 £	Total 2019 £
Depreciation of tangible fixed assets Amortisation of intangible fixed assets Audit and Accountancy (note 7)	— — 6,360	871 1,579 4,350

10 Taxation

The Society for the Promotion of Hellenic Studies is a registered charity exempt from tax on its income and capital gains.

11 Intangible assets

Intangible assets
	CRM software £
Cost At 1 January 2020 and 31 December 2020 Amortisation At 1 January 2020 Charge for year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019	4,737
	4,737 —
	4,737
	—
	—

Intangible assets represent the cost of the membership database management system.

12 Tangible assets

Tangible assets
	Heritage assets £	Library equipment £	Office equipment £	Computer equipment £	Total £
Cost At 1 January 2020 Additions At 31 December 2020 Depreciation At 1 January 2020 Charge for year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019	909,039 39,556	8,198 —	193 —	875 —	918,305 39,556
	948,595	8,198	193	875	957,861
	— —	8,198 —	193 —	875 —	9,266 —
	—	8,198	193	875	9,266
	948,595	—	—	—	948,595
	909,039	—	—	—	909,039

The Society for the Promotion of Hellenic Studies

34

Notes to the financial statements 31 December 2020

12 Tangible assets (continued)

Heritage assets (continued)

The collection of the Joint Library of the Societies is insured with the Institute of Classical Studies’ books by the University of London, the Societies’ interest being noted. Additions in the year of £39,556 (2019 - £53,534) comprise library books gifted totalling £4,447 (2019 – £13,439), periodical exchanges of £18,074 (2019 – £19,076), and other purchased items of £17,035 (2019 – £21,019). The Societies had a professional valuation of the collection in 2013, comprising in the region of 112,000 books in total, at £9.47m. The collection is insured for this value by the University of London as part of the Memorandum of Understanding in place.

The difference between the insured sum and the net book value in the financial statements partly relates to the additions to the Library prior to 2001, and includes a selection of valuable antiquarian books.

The trustees have opted to continue recognising the library books at cost due to the onerous requirement of obtaining regular valuations that arises from adopting the valuation method. No benefit is considered in recognising the assets at valuation as the assets are retained by the Societies for public use and there is no intention of selling or otherwise disposing of these assets in the future.

13 Investments

Investments
	Total 2020 £	Total 2019 £
Quoted investments Market value at 1 January Additions Disposals Net investment (losses) gains Market value at 31 December	1,435,492 283,184 (307,311) (35,315)	1,289,568 115,268 (129,959) 160,615
	1,376,050	1,435,492
Investments are represented by: Fixed interest Alternatives UK equities Overseas equities Cash Historical cost at 31 December	246,224 198,993 482,892 447,941	231,532 195,767 553,850 454,343
	1,376,050	1,435,492
	47,267	41,909
	1,423,317	1,477,401
	1,158,169	1,179,916

The total unrealised gains as at 31 December included in the above constitute movements on revaluation of the charity’s listed investments. Movements during the year were as follows:

	2020 £	2019 £
Reconciliation of movements in unrealised gains: Total unrealised gains at 1 January Add: (losses) gains arising on revaluations in the year Total unrealisedgains at 31 December	297,485 (32,337) 265,148	148,185 149,300
		297,485

The Society for the Promotion of Hellenic Studies 35

Notes to the financial statements 31 December 2020

13 Investments (continued)

The trustees consider individual investment holdings in excess of 5% of the portfolio value to be material; the investments exceeding this at 31 December were as follows:

	2020	2020
	Shareholding No.	Valuation £
Fund details JP Morgan Asset Mgrs (UK) US Equity Income K Inc (GBP) Link Fund Solutions Trojan Inc S Inc SPDR Series Trust S&P 500 ETF (GBP) T Bailey Fund MGRS Evenlode Income D Inc NinetyOne fund mgrs Ser 1 UK Alpha J net inc	62,000 64,000 480 51,500 97,000	73,842 115,123 131,011 115,473 119,679

14 Debtors

Debtors
	Total 2020 £	Total 2019 restated £
Due from The Society for the Promotion of Roman Studies Due from The Hellenic and Roman Library Accrued income Other debtors	41 22,066 59,015 341	291 5,949 52,198 3,726
	81,464	62,164

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	Total 2020 £	Total 2019 £
Trade creditors VAT Deferred income Accruals	124 2,336 36,684 19,831	8,993 — 44,134 9,362
	58,975	62,489
Deferred income	Total 2020 £	Total 2019 £
As at 1 January Resources deferred in the period Amounts released from previous period Deferred income as at 31 December	44,134 36,684 (44,134)	3,558 44,134 (3,558)
	36,684	44,134

Deferred income comprises member subscriptions received towards the end of the calendar year in respect of subscriptions beginning on 1 January for the next financial year and publications income received in advance for the next financial year.

The Society for the Promotion of Hellenic Studies 36

Notes to the financial statements 31 December 2020

16 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
	Total 2020 £	Total 2019 £
Life compositions At 1 January Received during the year Transfer to income and expenditure account At 31 December	6,160 540	4,685 2,160
	6,700 (805)	6,845 (685)
	5,895	6,160

The Society for the Promotion of Hellenic Studies 37

Notes to the financial statements 31 December 2020

17 Restricted funds

Restricted funds
	125th Anniversary Appeal fund £	Dover fund £	A G Leventis Foundation fund £	Library general book fund £	The Green Lectures fund £	Total 2020 £	Total 2019 £
At 1 January 2020 Investment income Donations / grants receivable Charitable expenditure (Losses) on investments Transfers At 31 December 2020	13,736 194 — — (191) —	28,776 408 — (350) (401) —	4,078 58 7,500 (1,642) (57) —	82,250 1,165 — — (1,146) —	85,412 1,209 — — (1,190) —	214,252 3,034 7,500 (1,992) (2,985) —
	13,739	28,433	9,937	82,269	85,431	219,809
	125th Anniversary Appeal fund £	Dover fund £	A G Leventis Foundation fund £	Library general book fund £	Library special book fund £	The Green Lectures fund £
At 1 January 2019 Investment income Donations / grants receivable Charitable expenditure Gains on investments Transfers At 31 December 2019	12,062 363 — — 1,311 —	25,914 780 — (735) 2,817 —	1,102 33 7,500 (4,677) 120 —	73,901 2,225 — — 8,034 (1,910)	2,923 — — — — (2,923)	75,000 2,258 — — 8,154 —	190,902 5,659 7,500 (5,412) 20,436 (4,833)
	13,736	28,776	4,078	82,250	—	85,412	214,252

The Society for the Promotion of Hellenic Studies 38

Notes to the financial statements 31 December 2020

17 Restricted funds (continued)

Restricted funds are funds, which are to be used in accordance with specific restrictions imposed by donors. The aim and use of each restricted fund is set out below:

• Dover Fund

The purposes of the fund are to further the study of the history of the Greek language from the Bronze Age to the 15th century AD and to further the edition and exegesis of texts. The fund is purely used for grants to individuals. The initial capital used to set up the fund, as well as gains on investments attributed to the fund, are not expendable. Only income generated from the capital is available for expenditure at this time.

 A G Leventis Foundation Fund This grant enables the Society to make grants to school projects and individual schools for the teaching of Greek and Greek civilisation.

 125th Anniversary Appeal Fund The fund enables the Society to make grants as part of its 125th Anniversary schools programme, and to fund anniversary initiatives.

• Library General Book Fund

Funds to purchase library books without further restriction.

• Library Special Book Fund

The fund enables the library to purchase books over the value of the amount budgeted; expenditure is shown as a transfer as books are capitalised within unrestricted funds.

• The Green Lectures Fund

This fund is intended to provide for a visiting lecturer every other year.

18	Analysis of net assets between funds Unrestricted funds £ Restricted funds £ Tangible fixed assets 948,595 — Investments 1,203,508 219,809 Current assets 201,779 — Current liabilities (58,975) — Long term liabilities (5,895) — Net assets at 31 December 2,289,012 219,809	Analysis of net assets between funds Unrestricted funds £ Restricted funds £ Tangible fixed assets 948,595 — Investments 1,203,508 219,809 Current assets 201,779 — Current liabilities (58,975) — Long term liabilities (5,895) — Net assets at 31 December 2,289,012 219,809	Analysis of net assets between funds Unrestricted funds £ Restricted funds £ Tangible fixed assets 948,595 — Investments 1,203,508 219,809 Current assets 201,779 — Current liabilities (58,975) — Long term liabilities (5,895) — Net assets at 31 December 2,289,012 219,809	Total 2020 £	Unrestricted funds £	Restricted funds £	Total 2019 £
	Tangible fixed assets Investments Current assets Current liabilities Long term liabilities Net assets at 31 December	948,595 1,203,508 201,779 (58,975) (5,895)	— 219,809 — — —	948,595 1,423,317 201,779 (58,975) (5,895)	909,039 1,263,149 198,140 (62,489) (6,160)	— 214,252 — — —	909,039 1,477,401 198,140 (62,489) (6,160)
		2,289,012	219,809	2,508,821	2,301,679	214,252	2,515,931

19 Pension scheme

Since 12 July 2019, the charity has not had any employees; the Executive Secretary and the Assistant Executive Secretary are employed by the SPRS, which has seconded them to the charity from 1 July 2019 for 2 and 2 ½ days per week respectively in return for payment of the appropriate proportion of their employment costs, including employer’s pension contributions. Prior to 12 July 2019, the charity employed an Executive Secretary. Through the University of London and the SPRS, the previous and current Executive Secretaries are members of the Universities Superannuation Scheme (USS) and the Assistant Executive Secretary is a member of the Superannuation Arrangements of the University of London (SAUL). Both USS and SAUL are defined benefit multi-employer schemes.

The Society for the Promotion of Hellenic Studies 39

Notes to the financial statements 31 December 2020

19 Pension scheme (continued)

According to the latest actuarial valuation of the USS, as at 31 March 2018 the USS’ assets were sufficient to cover 95% of its liabilities at that date. Following this valuation, the standard contribution rate borne by the charity increased from 18% to 19.5% from 1 April 2019. The employer’s contribution rate to the USS increased to 21.1% from 1 October 2019 and is expected to increase to 23.7% from 1 October 2021.

SAUL’s latest available annual review states that as at 31 March 2019 the fund was in surplus, with assets sufficient to cover 103% of its liabilities. The standard employer’s contribution rate throughout the year was 16%.

Neither scheme has yet completed its valuation/health check as at 31 March 2020; it is possible that contribution rates may increase when these are finalised.

20 Contingent liabilities

On 27 April 2016 the Society, along with the Roman Society and HARL, entered into a 25 year agreement with UoL for the combined management and operation of the Library. Under that agreement, HARL has undertaken inter alia to bear with effect from 1 January 2016 certain expenses in respect of the operation of the library, principally relating to the costs of the librarians. The two Societies have separately agreed to pay fees to HARL which cover, inter alia, HARL's costs and obligations under the agreement with UoL.

21 Financial commitments

At the year end the Society had commitments under non-cancellable operating leases as set out below. These commitments are not included on the balance sheet as liabilities.

	Total 2020 £	Total 2019 £
Land and buildings Operatingleases which expire in 2 to 5years	12,137	12,137

22 Related party transactions

The Society and the Roman Society are joint members of HARL, a charitable company limited by guarantee. As disclosed in note 20, an agreement is in place between the Society and HARL under which the Society pays fees to HARL for the running of the library along with the Roman Society. As disclosed in note 8, bookkeeping costs for the Societies are also recharged by HARL to the Societies. The amounts charged under these arrangements during the year expensed to the Society for the Promotion of Hellenic Studies' Statement of Financial Activities amounted to £100,731 (2019 – £123,151) and the balance owed from HARL as at the year end was £22,066 (2019 – balance due from HARL of £5,949).

The Society for the Promotion of Hellenic Studies 40

Notes to the financial statements 31 December 2020

23 Prior year adjustment

A prior year adjustment to show books purchased by HARL on behalf of the two societies as an interentity transaction, and not a donation, has been made.

The impact of this adjustment is as follows:

Changes to the balance sheet Tangible fixed assets – heritage assets Investments Debtors Short term deposits Cash at bank Creditors due within one year Creditors due in more than one year Net assets Funds: Unrestricted fund Restricted funds Total funds	At 31 December 2019	At 31 December 2019	At 31 December 2019
	As previously reported £ 909,039 1,477,401 81,272 271 135,705 (62,489) (6,160) 2,320,787 214,252 2,535,039	Adjustment £ — — (19,108) — — — — (19,108) — (19,108)	As restated £
			909,039 1,477,401 62,164 271 135,705 (62,489) (6,160) 2,301,679 214,252
			2,515,931

Changes to the statement of financial activities Income Expenditure Investment gains Net movement in funds	Year to 31 December 2019	Year to 31 December 2019	Year to 31 December 2019
	As previously reported £ 265,679 (242,016) 160,615 184,278	Adjustment £ (19,108) — — (19,108)	As restated £
			246,571 (242,016) 160,615
			165,170

The Society for the Promotion of Hellenic Studies

41