The Society for the Promotion of Hellenic Studies Annual Report and Financial Statements 31 December 2021 Challty Registration Numb¢r 245623 Contents Roports Reference and adminislratsve information Trustees, report Independent auditof s report 17 Flnancial Statements Statement of financial activities 21 Balance sheet 22 ststemenl of cash flows 23 Principal accounting policies Note$ to the financial statements 24 31 The Society for the Promotion of Hellenic Studies RefeTgn¢O and admlnistrdtive Infomiation Hellenic Society Councll The following members of the Council are its trustee5 for the PLsfp05es of charty law, and throughout this report are collectively referred to as its Iruslees. The tnjstees that setved during the year and up until the signature of these financial statements were as follows: President Professor Paul Cartledge Honorary Treasurer Mr Peter Lennon Honorary Secretary Dr Margaret Mountford Plgmbership Offlcer Dr Sleptten Harrison The Society for the Promotion of Hellenic Studies Reference and admlnl$tratlve informatlon EleGted members of the Councll 2018-2021 Dr P Ceccarelli Mr R Eschwege Professor E Eidinow Professor L Foxhall Dr S Nevin Mr D Warder DrJJZhao 2019-2022 Dr R Andujar Professor R Beaton MsTBur Dr A Capra Dr J Skinner 2020-2023 Professor K. Harloe Professor P. Low Professor L. Mitchell Dr C. Plaslow Professof M. Squire Professor R. Thomas Professor P. Vasunia 2021-2024 Dr Anastasia Christophilopoulou Dr Emma Greensmith Dr Jon Hesk Dr Emily Kneebone Professor Fiona Macintosh Helen Mcveigh Profe580r Dan Offells The following held office during the year but are not considered to be tTuslees'. The Society for the Promotion of Hellenic Studies Reference and admlnlstratlve informatlon Vice-Presldents Professor P E Easlerling FBA Professor R FowleT FBA Mr B Gilmore Mr G Lemos Dr P hAichelakis Professor J Mossman Professor R G Osborne FBA Professor C J Rowe 08E Professor M Schofield FBA Professor B A Sparkes Dr D Thomas Edito Professor Lin Foxhall {Editor JHSI Dr Jan Haywood IReview Editor JHSI Or Yannis Galanakis IEditor AinGI Dr Andrew Shapland (Editor AinGI Dr Laurence Totelin (Review Editor JHSI Dr Fiona Haarer (Executive Editor. ARI Dr Daisy Dunn (Editor. ARGO) Honorary Llbrarlan Professor M B Trapp Executrve Secretary Dr Fiona Haarer Asslstant Exocutive Secretsry Ms L Wallace Principal office Senate House Malet Street London WC1E 7HU Charlty registration number 245623 Audltor Buzzacott LLP 130 Wood Street London EC2V 6DL The Society for the Promotion of Hellenic Studies Referen¢e and admlnlstratlve Information Bankers Coutts & Co 440 Strand London WC2R OQS Invgstment manager Rathbones 8 Finsbury Circus London EC2M 7AZ The Society for the Pro￿￿110￿ of Hellenic Studies Trustees. report 31 December 2021 The trustees present their annual report and financial statements of The Society for the Promotion of Hellenic Studies I'SPHS, or'the Society'l for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 24 10 30 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 Governlng document The Society was founded in 1879 to advan¢e the study of Greek language, literature, history, art and afchaeology in the An¢ient, Byzantine and Modern periods. The Society is an unincorporated ¢harity govemed by its Rules, which were comprehensively updated at the 2010 Annual General Meeting and updated in a more limited way at the 2014. 2015, 2017 and 2021 Annu81 General Meetings. The Rules of the Society can be consulted on the SPHS website. 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 votin9 members comprise the President, the Honorary Secretary, the Honorary Treasurer, the Membership Officer and not more than a fvrther twenty-one members I'ordinary Members of Counal") 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 lo any Vice- Presidents, the Executive Secretary, the Editors of the Journal of Hellenic Studies and of Archaeological Reports Icurrenuy, the Executive Secretsry is also the Executive Editor of Archaeological Reports) and, by invitstion, the Librarian and Honorary Librarian of the Joint Library ond the Dir8¢br of the Institute of Classical Studie8. The P￿Siden( 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 ftir ? tem of th￿ years. which is extendable al Council's option and with the President's approval for a ftjrther years,. the Vice-Presidenls are elected for a renewable temi of one year., the Honorary Treasurer, the Honorary Secretary and the Membership Officer are elected for renewablo periods of three years., and the ordinary members ol the Council are elected for non- ienewable 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, wilhotjl fixed term. The details of the Cu￿ent trustees and members of the Council are set out on pages 1 to 3. The Society for the Promotion of Hellenic Studies Trustees. report 31 December 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT l¢ontsnuedl Governing commlttees The Council is assisted by various Committees, the prtn¢ipal ones being the Editori21 Committees, the Finance & Investment Committee and the Grants Committee. The membership of these Committees as at 31 December 2021 was a5 follows.. Editorial Committees The three Editorial Committees meet once a year to consider the content, production, and despatch of the Joumal of Hellenic stUd￿s and Archaeologic81 Reports, and ARGO. The annual reports from CUP for the JHS and AR are presented and discussed. The Joumal ofHellenic Studies Pfofessor Lin Foxhall IJHS Editor), Professor Paul Cartledge {Chairl, Professor Edith Hall, Dr Jan Haywood (Joint Editor JHS Revsewsl, Dr Phillip Horky, Mr Peter Lennon, Dr Margaret Mountford, Professor Robin Osborne, Dr Laurence Totelin lj'oinl Editor JHS Reviews), Dr Anja Ulbrich, Dr Nicolas Wiater. Archaeolt)gical Reports Professor John Bennet, Professor Lin Foxhall, Professor Chris Carey (Chairl, Professor Paul Cartledge, Dr Yannis Galanakis (Archaeology in Greece Editor), Mr Peter Lennon, Professor Robin Osborne, Dr Andrew Shapland (Archaeology in Gree￿ Editor). ARGO Professor Roddy Beaton, Professor Paul Cartledge (Chairl. Dr Daisy Dunn (Editor), Dr Stephen Harrison, Dr Lisa Hau, Mr George Lemos, Mr Peter Lennon, Professor Judith Mossman, Dr Margaret Mountford, Di Vasiliki Zali. Financ8 & Investment (F&l) Commlttee The F&1 Committee meets three times a year and generalty oversees the Society's finances and inveslmenls, and advises the Treasurer. In Februarylmarch each year, rt reviews the draft audited financial statements before the Council meeting. in MaylJune. a representative from Rathbones is invited io attend. and in November, it considers the draft budget for the following year. Professor Paul Cartledge (Chairl, Dr Anastasia Chrislophilopoulotj (from June 20211, Mr Richard Eschwege {unlil June 20211, Mr Brian Gilmore lunlil January 20211. Mr George Lemos, Mr Peter Lennon, Dr Margaret Mountford. Dr David Thomas, Mr David Warder (until June 20211. The Society for the Promotion of Hellenic Studies Trustees, report 31 December 2021 GOVERNANCE, STRUCTURE AND PAANAGEMENT Icontinuedl Governing Gommittees {conb'nued) Grants Commlttee The Grants Committee reviews by email the applications to the various funds following the tsvo deadlines11 May and 1 October). The Committee's ￿¢0mmendatIonS are then approved atthe June and Novemberl December Council meetings The Grants Committee also reviews and approves application for hardship grants re￿iVed on a monthly basis. Dr R. Anduj?r. Ms T. Bur, Professor Paul Cartledge, Dr Paola Ceccarelli (until June 20211, Dr Stephen Harrison, Dr Jan Haywood (from June 20211, Professoi Lynette Mitchell, Professor Judith Mossman, Dr Margaret Mountford (Chairl. Dr Joseph Skinner (from November 2Q201, DT Jingyi Jenny Zhao (until June 20211. Trustee IndU￿10n and troinlng According lo the Society Rules. the trustees of the Society can be elected only from the existing membership. Thu5, 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 r￿nt activities of the Council and the Society's decÉsion 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. Vvhere feasible, those standing as new Officers are invited to shadow the outgoing Officers in an Officer-elecl capacity. All trustees are encouraged to attend other Society meetings a5 appropriate where these will facilitate the undertaking of their role. Oryanisation structure The Council administers the funds and other propety 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 ofthe Society's aims and by exercising supervision over the Society's offi￿rS and the Editors of ils journals. Council has appointed various Committees to advise it or carry out specific functions on its behalf, including a FinarEce & Investrnent 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 lo 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 consurted by Council about major strategic issues, and may discusg and determine any other business notified in advan￿ to the Council. The members alone have power to amend the Society's Rules in a general meeting. The trustees who seryed durin9 the year and since the year end are set out on pages 1 to 3. Day to day business is delegated lo the Executive Secretary. The Society for the Promotion of Hellenic Studies Tru8tees' rnport 31 December 2021 GOVERNANCE. STRUCTURE AND MANAGEMENT (continued) Related partles The Society has a close relationship with its sister SOc￿ty, the Society for the Prony)tion of Roman Studies I'the Roman Society'}. For many years, the two Socieb'es cooperated in the provision and operation of a Joint Library, which was managed in conjunction with the library of the Instrtute 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 Societies, the Hellenic and Roman Library {'HARL'I, 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 8Sia, 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 ￿ Societies have separately agreed to pay fees to HARL for undertaking those obligations. sin￿ 1 July 2019, the Society and the Roman Sooiety have cooperated more closety in the management and administration of their affairs.. the Roman Society seconds its employees for part of their time to act as Secretary and Assistant Secretary lo the Society, in retum for payment of the appropriate proportion of their employment costs, and the accommodation costs of th8 offices in Senate House are divided equally bebNeen the Societies. Risk management The trustees have a risk management strategy, which comprises an annual review ofthe risks which the Society may face, the establishment of systems lo mitigate such risks. and the implementation of prO￿dureS designed to minimise any potential impact on the Sooiety should those ftsks materialise. The trustees have Carefully re-examined the major goveming, 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 sel out on page 13. Principal rlsks and uncertaintie8 1. Governance risks: Poor organisational slruclure., trustees benefiting from the Society; activities potentially outside the Society's Objects. How th8 SPHS currently rFJinimises these risks.. The Council. as the governing b¢)dy, has a clear and public structure of annually elected members and elected offiGers, along with Honorary Vice-Presidents and Editors. No trustee receives remuneration from the SocÉety except to reimburse travel and other such necessary expenses. Vljhen deciding on projects to support, the Council aNvays bears in mind whether the projecvaclivity is within the remit of the Society as sel out in its Objects. The Society has a clearfy stated Grant-Giving Policy in place. The Society for the Promotion of Hellenic Studies Tru3te8s' TOPOrt 31 December 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT (continued) Prlncipal rlsks and uncertaintiès Icontinuedl 2. Operatlonal risks: service quality,. contract pricing," security of assets linduding fraud risk),. employment issues., health & safety,. information technology., insurance. How the SPHS cuffently minimises these risks.- The quality of the Society's main joumal IJHSI is assured by a rigorous process of peer review for potential contributions by leading academics in the field. The quality of the Combined Library 15 regularly endorsed by leading academics. • The Society takes legal advi￿ or otherwise involves appropriate experts when it first enters into other major contracts. as in the last few years w(th the Unwersity, Cambridge University Press and in its dealings with Ralhbone 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 Ilhe Executive Se¢retary and the Assistant Executive Se¢retaryl who are paid via the UOL payroll and are seconded from the Roman Society. • The Society has its own office insuranGe, and the insurance ofthe Combined Library collection is covered by the UOL. 3. Financlal risks: budgetary control, adequate ￿serveS and cash flow. How the SPHS currently minimis8s these risks The Honorary Treasurer oversees the Society's finances and reports directty lo Council. The Society has a clear Reserves Policy in place and m8intains adequate resetves. The Soctety is working c105ely with Cambridge University Press {CUPI and olher leamed societies on the issue of open access and ils likety impltcalions on future ￿VenUe. 4. Extemal rlsks: Public perception,. demographic change: government policy. How the SPHS currently minimises these risks • The Council is awa￿ of the need lo promote actDiely both itself and Helleni¢ studies in order to ensure that its membership and ability to fulfil ils objects remain buoyant. The Council regularly considers the status of HellenÉc studies in sch¢)ols and universities. The Society for the Promotion of Hellenic Studies Trustees. report 31 December 2021 GOVERNANCE, STRUCTURE AND PJIANAGEMENT Icontinuedl Principal r18ks and uncertainti95 (continued) S. Compllanco With law and regulation: Charity law,. Data Protection Act., heamh and safety., Society's Rules and constitution. How the SPHS currently minim￿eS these nsks • The Society's administration keeps up to date with the Charity Commission's guidelines and regulations, and the SPHS is registered under the Data ProteGbon 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". lo promote the study of Greek language, literature, art and thought., to advance the knowledge of the history of the Greek lands and peopth from antiquty lo the present day., 3nd to improve understanding of the Greek contribution to civilvzation by means of the maintenance of a Library, by the publication of a Journal periodically. and by any oth8T means which, in the opinion of the Council. are desirable. Rovlow of development, activiti88 and achigvements 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 lo earlier, which not only directly facilitates scholarly research and more general interest among fee-paying members, but is also accessible to the scholarty community more widely through being made available as part of the Combined Library in partnership with the Ir*stitute of Classical stud￿s. 2. The annual publication of the Journal of Hellenic Studies and Archaeological Reports (the latter in conjunction with the British School at Alhensl, and a bi-annual illuslraled rnagazine ARGO. Both journals contribute lo the general level of understanding of the classical world and the proniotion and dissemination of learned research. The Journal of H811enic Studies is widely recognized as an outstanding facility for the scholaty community, both in the United Kingdom and overseas, while Archaeological Reports disseminates stLsdies in the archaeology of the Gr￿k world to the benefit of all concerned with classical and Byzantine Hellenic culture. ARGO appeals lo a broader audien￿ of philhellenes. with content that 15 The Society for the Promotion of Hellenic Studies 10 Trustees, report 31 December 2021 8Uthorilative yet accessible, topical and lively. OBJECTIVES AND ACTIVITIES {continuedl Review of dovelopment, aetlvltles and achievements IcontinLkedl 3. The awarding of grants to undergraduates, junior researchers, schools and other institutions engaged in Hellenic Studies. 4. An annual series of lectures in London and throughout the United Kingdom. 5. The dissemination via the Society'5 website and other electronic media of news. comment and audiolpictorial resource5 relating to Hellenic studies and the Society's activities. All five of these areas of the Society's activities wefe operated on a successful basis in 2021 and contributed lo the advancement of education for the benefft of the public. The Joint Library Gontinued in operation in the South Block of Senate House. In addition to the members of the Hellenic and Roman Societies who pay subscriptions, 1.471 re￿IVed swipe cards for free access to the collection under the aegis of the Institute of Classical studies, in addltson to which the Institute gave free a￿esS to three temporary visrtors. The Library remained open throughout 2021, despite the various COVID-19 restn"ctions in place, and gradually increased its opening hours until it resumed its normal opening hours from September. Social distancing, the wearing of masks and the booking System remained in place. At 31 December 2021, 1,186 copies of the Joumal of Hellenic Studies had been distributed lo Society members.. 778 Full Members, 276 Student Associates, 107 Lrfe Member5, 23 Honorary Members and 2 Corporate Members. 641 Members opted to receive AR, 316 members opted to receive ARGO with 216 members subscribing to both AR and ARGO. 47 copies of ARGO were distributed to non-membe Institutional subscriptions continued to be managed by Cambridge University P￿$S. In 2021 the HelleniG Societyjournals had 222 traditional institutional subscribers and 7,619 subs¢ribed by way of negotiated and donation arrangements. Volume 141 120211 of JHS is edited by Pfofessor Lin Foxhall, and Dr Yannis Galanakis and Dr Andrew Shapland are the editors of AinG (AR 67, 2020-20211. As in previous years, awards were made to research students, junior researchers, schools, conferences and other institutions. The svze of awards to schtsols was largely due to the continuing generosity of the A.G. Leventis Foundation. The full listing of grants awarded in the 2021 financial year is available trom the Society's wetisite. Har(Jship grants to help those affected by the impact of the COVID-19 pandemic wntinued to be offered. The Society for the Promotion of Hellenic Studi8s 11 Trnstees, report 31 December 2021 OWECTIVES AND ACTIVITIES {conlinuedl Revigw of development, actlvities and achievements Icontinuedl Events conts'nued online during the academic year 2020-2021. As listed in last year's Report, the year started with a lecture by the President, Professor Paul Cartledge 1'Gree￿'S Finest Hour? The Democratsc Implications of the Battle of Salamis'} followed by Professor Leslie Brubaker I'Dancing in the Streets.. urban life in medieval Conslarstinople'l, and a day Conferen￿ on 'Thermopylae 2500,. In March 2021. the Society held a joint event wrth the Roman Society.. Domesticity and Domestic Life with Professor Penelope Allison, Dr Zosia Archibald and Professor Julia Hillner. In April, there was another online joint event with the Roman Society.. Race - Antiquity and its Legacy wrth Dr Zena Kamash, Professor Denise Mccoskey and Professor Danel Padilla Peralta, chaired by Professor Phiroze Vasunia. In June, the AGM was pre￿ded by a lecttjre by Professor James Diggle I'The new Cambridge Greek Lexicon'l. In October, the Society was delighted to host Professor Judith Mossman's delayed Presidential Lecture I'The colours on the wings of the Sphinx.. imagery and metsphor in Plutarch'l. This was held in person at the Hellenic Centre and also live-streamed. AS required by the Chanties Act 2011, Council confimis that il has had regard to the Charity Commissioners, guidance on public benefit in planning and ¢arrying out its act¢vities. PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS Joint Library - The Library will continue to keep its outstanding collection up lo date by acquisitions of further books and periodicals. Publicatlons the JoL5mal of Hellenic Studies (volume 1421 and Archaeological Reports (volume 68) will again be published both In print and online 8t the end of the year in partnership with Cambridge University Press. ARGO lissues 15 and 16) will also be Plsblished. Grants the trustees will conb'nue their support to academic conferences Ihrough bu￿ary schemes, lo 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 al regular intervals. Meanwhile, lecture5 and activities will continue in person and online. In January, there was a Society visit to the Science Museum where members were given a guided tour of the exhibition 'Ancient Greeks.. Science and Wisdom, by the Curatr)r, Dr Jane Desborough. In March, there will be a joint event with the Roman Society, Being gn Islander, chaired by Dr Anastasia Christophilopoulou. and in June, another Joint event with the Roman Society and the Society for the Promotion of Byzantine Studies, when Professor Judith Herrin will give a lecture on Rethinking Late Antiquity as Early Christendom. Before the AGM, the President, Professor Paul Cartledge will give a lecture {'The Battle of Platsea.. what if the Greeks had los￿ A military4ultural approach'}- It is hoped that it will be possible to reschedule the Green lectures to be delivered by Dr Victoria Sabetei. The Society foT the Promotion of Hellenic Studies 12 Trustees. report 31 December 2021 FINANCIAL REVIEW Overall the Society made a surplus of nel income of £192k12020'.£17}k deficrtl.The main reason for the surplus was the positive return on the inveslrnent portfolio, reflecting the improved performance of global stock markets in 2021. Net gains on the investment portfolio amounted to £174k12020'. £135)k loss}.Net income before investment gains declined to £17k 12020.. £28k}-The rnain reasons for the decline were an expected reduction in publication income of £11 k from the Society's principal joumals IJHS and ARI . and an increase of £9k in amounts paid to HARL for librarians, salaries, reflecting ￿duced furlough grants and the return to normal worknng. Other items of income and exper)se were broadty similar to the prior year. Overall cash balances at the year end of £173k were marglnalty higher than the prevtous period 12020. £167k), with the proTreds from a disposal of ￿rtain investments largely offsetting the operatsng cash deficit in the period. The value of the investment portfolio increased to £1,477k {2020.' £1,423kl. The total return on the portfolio in 2021 was 15.020/0, Qutperforming the benchmark of 12.380h. In 2020 the total return was 0.310k, underperforming the l)enchmark of 2.31°h. Investment pollGy The Society's investrnents are overseen by the Finance & Investment Committee which meets at least ￿l¢e a year and reports lo Council. The Society's investments are managed on a discretionary basis by Ralhbones. The agreed investment mandate given to Rathbones is to generate a retum over the long term of 3.10 above the rate of inftation, accepting that with substantial exposure to equities, shorter term fluctuations in the value of the portfolio may occur. On an annual basis, the Society's tsrget cash yield is 3°h, which Rathbones may realise through a combination of capital and income relums from the portfolio. Resorves pollcy and golng 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 insufficient to Gover its planned costs, making it dependent in the long term on legaeies and campaigns for donations., it therefore also maintair¢s r8seFves to allow it to maintain its Operat￿n8 while il seeks long-term solutions lo this projected shortfall in recurrent income. The Society for the Promotion of He118nkC Studies 13 Trustoe5' r•port 31 Deeember 2021 FINANCIAL REVIEW (continued) Resenies policy and going concern assessment Icontinuedl In calculating the financial reserves that are needed, the trustees have regard to the level of non4iscretionary expenditure budgeted for the following year, the continuing and long-temi viability of ils arrangements with key partners Ibearing in mind their own respective positions) and the size of the anticipated annual deficiL In determining the mixtsjre of bank deposits and other investments, the trustees have regard to the need to ensure coverage of non- discretionary 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 resetves is matched by the Society's share of the Joint Libiary owned by itself ?nd 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 I'HARL'I unttl a time when HARL itself is fvlly funded. The Finance & Investment Committee monilots and reviews the Society's polici8S, the levels of ils reserves and liquidity and reports to the Council of the Society- The Society's free reseNes, comprising the unrestricted funds less the net book value of tangible fixed assets were £1,702,92912020- £1,340.4171. The Trustees have concluded that the Society will continue as a going concern for at least the next 12 months. The majority of the income is generated from individual subs¢riptions and from the publishir¢g agreement with CUP. Most members have already renewed for the Current year and the joumals will be published as usual at the end of year, in print and online. The Society does ttot anticipate any significant additional costs caused by the pandemic. Grant awarding policy Decisions on grants are made either L)y the Coun¢il or by the Grants Cornmittee under the Council's supervision. The Society considers applications which will further rts objecb'ves {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 Iprincipally postgraduates and scholars at the start of their careers), institutKJns, projects, companies. schools, summer schools and school initiatives. As a matter of prin¢iple, grants may be made from the Society's unrestricted funds, bul the Society also has restricted funds available solely or predominantly for awarding grants, and these are in praottce utilised where possible. Hardship grants for students or early career researchers impacted by the Govid-19 pandemic are aw8rded on a monthly basi5 by the Grants Committee. The Society for the Promotion of Hellenic Studies 14 Trustees. report 31 December 2021 FINANCIAL REVIEW Icontinuedl Grant awardlng policy (continued) The A. G. Leventi5 Foundation Fund makes awards lo schools, summer schools and school ir¢iliative5. From the income of the Dover Fund, awards are eligible to be made lo research students and scholars within the first five years of their first appointment for books, photography and librarylmuseumlsite 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 5¢holars in their work and providing bursaries for teachers and student5 of Greek and Hellenic Studies at all levels. Acknowledgement of past donations Council wishes to record ils continuing appreciation of donalK)ns 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 contsnuing assistan￿. Auditors A resolution to appoint audrtors for the accounting referen￿ period 1 January to 31 December 2022 will be put to the members al the Annual General Meeting. Key management personnel remunofatlon The trustees consider the board of trLtstees 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 oftheir time freely and no trustee remuneration was paid in the year12020 - nonel. Trustees are required to disclose all relevant interests and register them with the Executive Secretary. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees are responsible for preparing the Iruslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 Iunited Kingdom Generally Accepted Accounting Pra¢ticel. Law applicable to charities in England ar¢d Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the stste 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 reqUI￿d to.. select suitsble accounting policies and then apply them consistentty., • observe the methods and principles in the Charities SORP 2015 IFRS 1021., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements", and The Society for the Promotion of HelleniG Ststdies 15 TTUStee8' report 31 D8￿rnber 2021 STATEMENT OF TRUSTEES, RESPONSIBILITIES Icontinuedl • prepare the financial staterrEnts on the going concern basis unless tt is inappropriate to presume that the Society will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable awuracy at any lime the financial position of the Society and enable them lo ensure the financial statements compty with the Charities Act 2011, the Charity IAc¢ounts and Reports) Regulations and the Charity's conslitulive 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 fi'nancial infomialion 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 Peter LEnnon Treasurer Date.. > Afrnl 707" The Society for the Promotion of Hellen￿ Studies 16 Independent auditoV$ report 31 December 2021 Indopendent audIt0￿S report to the trustees of Thg Society for th& Promotion ol Hellenic Studles Opinlon We have audrted the financi81 statements of The Society for the Promotion of Hellenic Studies Ithe'charity'} forthe year ended 31 December 2021, which comprise the statement of financial actsvities, the balance sheet. the statement of Gash 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 Un(ted Kingdom Accounting Standards, including Financial Reporting Slandard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the slate of the charity's affairs as at 31 December 2021 and of its income and expenditure for the year then ended. • have been properly prepared in accordan￿ with United lQngdom Generally Accepted Accounting Practice. and • have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinlon We conducted our audit in ac¢ordance with International Standards on Audib'ng IUKI (ISAS {UK)l and applicable12w. Our responsibilities under those st8ndards are further de5¢ribed 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 lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have futfilled 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. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the Iruslees, use of the going con¢em basis of ac¢ountsng in the preparation of the financial ststemenls 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 stgnificant doubt on the charity's ability to continue as a going concern for a period ot at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the re5ponsibiliknes of the trustees with ￿Spect to going concem are described in the relevant sections of this report. The Society for the Promolion of Hellenic Studies 17 Indepondent audltorfs report 31 December 2021 Other informatlon The trustees are responsible for the other infomialion. The other information comprise5 the information included in the trustees, annual report, other than the financial statements and our auditof s report thereon. Our opinion on the financial statements does not cover the other inforrnat￿n and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial ststemer¢ts, our responsibility is to read the other information and. in doing so. considerwhether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent materi81 rnisstatements. we are required lo determine whether there is a material misslalement in the finan¢ial statements or a material misstatement of the other information. If, based on the workwe have performed, we conclude that there is a material misstatement of this other information, we are required to report tha* fact. We have nothing to Teport in this regard. Matters on which wo are required to report by excoption We have nothing lo report in respect of the following matters in relation to which the Charities Act 2011 require us to report lo you if, in our opinion.. + the information given in the trustees, annual repcsrt is inconsistent in any material respe¢t with the financial statements., or sufficient accounting records have not been kept., or • the financial statements are not in agreement wilh the accounting records and returns. or we have not received all the informatson and explanations we require fof our audit. Responslbllities of trustees As explained more fully in the trustees, responsibilities statement, the Iruslees are responsib for the preparation of the financial statements which give a true and fair vi8w, and for such internal control as the trustees determine is ne￿Ssary lo enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or emr. In preparing the financial statements. the trustees are responsible fcsr assessing the charty'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 lo liquidate the charity or to cease operations, or have no realistic alternative but lo do so. The Society for the Promotion of Hellenic Studies 18 Independent audltor's report 31 December 2021 Auditor's responstbillties for the audlt of the flnan¢Sal statements Our objectives are to obtain reasonable assurance al)out whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audrtof s report that includes our opinion. Reasonable assurance is a high level of assuran¢e, but is nota guarantee that an audit conducted in accofdance with ISAS IUKI will always detect a materi81 misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually OT in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregul8rf(ies, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilibes, outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures a￿ capable of detecting iffegularities, including fraud is detailed below. How the audit was consldered cap?ble 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 lo the charity through discussions wth management. and from our commercial knowledge and experience of the sector,. we focused on specific laws and regulations whith we considered may have a direct material effect on the financial statements or the operations of the charity, including th8 Charities ACL we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and in5pectsng correspondence., and we identified laws and regulations which were communicated within the audit team and the team remained alert to instan￿S of non-compliance throughout Ihe audit. We assessed the su$¢eptibility of the chaqty's financial statements to material misstatement, including obtsining an understanding of how fraud might ￿c￿r, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., and considering the inlemal controls in place to mitigate risks of fraud and non-complian with laws and regulations. To address the risk of fraud through management bia5 and override of controls, we.. perfornied analytical procedures to Klentify any unusual or unexpected relationships," assessed whether judgements and assumptions made in delemiining the accounting estimates set out in the accounting policies were indicab.ve of potential bias; and investigated the rationale behind significant or unusual transactions. The Society for the Promotion of Hellenic Stud￿$ 19 Independent auditorfs report 31 December 2021 Auditorfs responsibilities for the audlt of the flnanclal statements Icontir¢uedl How the audit was considered capable of detecting irregularitles Including fraud {continu8d) In response to the risk of irregularities and non-compliance with laws and regulations, we designed prO￿dureS whi¢h included, bLrt were not limited to: • agreeing finanGial State￿nt disclosures to underlying supporting documentation", enquiring of rnanagement as lo actual and polenb.al litlgation 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 limrt the audit procedures required to identlfy nont8 81 Postage, printing. photocopying and stth"onery Bookkeeplng costs (note 81 6,S55 434 150 12,579 595 2,378 22,496 11.733 416 3,425 22,129 Thg Society for the Promotion of Hellenic Studies 33 Notes to the flnanclal staternonts 31 December 2021 8 stsff costs and remuneration of key management personnel Totsl 2021 Total 2020 Salaries Soaal secutty costs Pension costs 39.352 4,041 6,965 50,358 40,971 4,294 7.429 52,694 No employee eamed rnore than £60,000 per annum {2020- none). The ¢hartty does not have any employees. The ExecutNe Secretary and the Assistant Executive Secretary are employed by the SPRS, and have been seconded to the charity for 2 and 2 1A days per week ￿spectIve1Y in return for payment of the appropriate proportion of their employment costs, including employeff s pension contributions. The staff costs staled above include the 8mounts paid lo the Roman Society for the secondment of its employees which amounted lo £46,933 12020 £50,316} and are included in staff costs in note 4 and note 7. Staff costs for Hellenic Society comprise.. Total 2021 Total 2020 Hellenic Souety staff costs (recharged froTh Roman Soc4etyl (note 4, no18 71 Hellenic Society bookkeeping costs Irech8rged from HARLI Inote 71 46.933 3.425 50,358 50,316 2,378 52,694 The Iruslees 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 or* a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year12020- none). Tfustees are required to disclose all Televanl interests and register them with the Executive Secretary. The reimbursemenl of trustees was as follows.. 2021 No. 2021 2020 No. 2020 Travel 431 The Society for the Promotion of Hellenic Studies 34 Notss to the financlal statements 31 Decernber 2021 9 Net income This is staled after charging.. Total 2021 Total 2020 Audit and Accountanw Inote TJ 6,555 6,360 10 Taxation The Society for the Promotion of Hellenic Studies is a registered charity exempt from tsx on its income and capital gains. 11 Intangible assets CRM software CoBt At 1 January 2021 and 31 De￿rnber 2021 4,737 Amortisatlon At 1 January 20218nd 31 December2021 4,737 Nèt book value At 31 December 2020 and 31 D￿mber 2021 Intangible assets represent the cost of the membership databas0 management system. 12 Tangible assets Heritage 8Ssets Library equlpment Office equipment Computer equipment Total Cost At 1 January 2021 Additions At 31 December 2021 948,595 49,298 997,893 8,198 193 875 957,861 49,298 1,007.159 8,198 193 875 Depreclation At 1 January 2021 Al 31 December 2021 8.198 8,198 193 193 875 875 9,266 9,266 Nèt book valuo Al 31 De￿mber 2021 At 31 Decembèr 2020 997,893 948,595 997,893 948,595 The Society for the Promotion of Hellen￿ Studies 35 Notes to the financial Staternents 31 December 2021 12 Tanglble assets Iwnlinued) Heritsg¢ assets (continued) The collection of the Joint Library of the Societies is insured with the Instrtute of Classical Studies, books by the University of London, the Soci8ties' interest being noted. Additions in the year of £49,29812020 - £39,556} comprise library books gifted totslling £6,51412020- £4,447), periodical exchanges of £26.262 12020 - £18,074}, and other purchased items of £16,522 12020 £17,035). The Societies had a professional valuation of the collection in 2013, comprising in the region of 112,000 books in totsl, at £9.47m. The collects'on is insured for this value by the Unwersity of London as part of the Memorandum of Understanding in place. The difference btheen the inSU￿d sum and tt)e net book value in the financial ststements partly retates to the additions to the Library prior to 2001, and inGludes a sele¢b'on of valuable antiquarian books. The trustees have opted lo continue recognising the library books at cost due to the onerous reqUiren￿nt of obtaining wular valuations that arises from adopting the valuation methcKI. No benefrt 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 ir¢ the future. 13 Investments Totrl 2021 Total 2020 Quotèd Investment5 Market value at 1 January Additi'ons Disposals Net investment gains Ilossesl Marketvalu8 at 31 December 1,376,050 180,809 1263,4101 174,549 1,487,998 1,435,492 283,184 1307,3111 135.3151 1,378,050 Investments are r•presented by: Fixed ￿nterest emative UK equities Overseas equities 218,424 193,040 521.915 534,619 1,467,998 246.224 198.993 482,892 447,941 1,376,050 Cash 9,008 1,477,006 47,267 1,423,317 HIstori￿1 eost at 31 DeCern￿r 1.140,478 1,158,189 The total unrealised gains as at 31 December included in the above constitute movement5 on revalUat￿n of the charity's listed investments. Movements during the year were as follows.. 2021 2020 Rgconclliatlon of movgments In unreallsed gaÉns: Total unrealised gains al 1 January Add.. gains Ilossesl arising on rgvaluations in the year Total unreal¢sed gains at 31 December 266,148 71.380 336.528 297,485 132.3371 265,148 The Society for the Promotion of Hellenic Studies 36 Notes to the financlal sLilemgnts 31 December 2021 13 Investments Icontinuedl The trustees consider indwidual investment holdings in excess of 50A of the portfolio value lo be material,. the investments exceeding this at 31 December were as follows.. 2021 Shareholdlng Valuation No. Fund d•tslls Link Fund Solutions Trojan Inc S Inc Ninety One tund mgrs Sei l UK Alpha J net inc T Bailey Fund MGRS Evenlode Income D Inc Edinburgh Investrnent trust 25p ords SPDR Serfes Trust S&P 500 ETF IG8P) 45,000 80,000 44.51)0 16,700 4BO 91,346 103.S28 114,641 104.876 169.699 14 Debtors Total 2021 Total 2020 Due from The Socjety forthe Promol'on of Roman Studiès Due from The Hellenic and Roman Library Accrued income Prepayments VAT 216 29.450 65.770 41 59,015 341 5.139 100,S75 81.464 15 Credltors: amounts falllng due wlthin one year Totsl 2021 Total 2020 Trade creditors VAT Deferred income Accxuals 124 124 2,336 36.684 19,831 58.975 4,750 27,565 32,439 Total 2021 Total 2020 Deferred Income As 8t 1 January Resources deferred in the period Arnounts released from previous perK)d D•ferred in¢ome as at 31 De￿Mbpr 36,6B4 4,750 136,6841 4,750 44.134 144.1341 36,684 Deferred income comprises member subscriptions received towards the end of the calendar y8ar in respect of SLtbscripbons beginning on 1 January for the next financial year and publicab'ons income received in advance for the next financial year. The Society for the Promotion of Hellenic Studies 37 Notes to the flnancial ststements 31 December 2021 16 c￿dItOrs. amounts falling dug after one year Totsl 2021 Total 2020 Life composltlons Al l January Received during the year S,895 1,160 7,0SS 1806) 6,250 6.160 540 6,700 18051 5,895 Transfer to income and expenditurè account At 31 Decgmb&r The Society for the Promotion of Hellenic Studies 38 047 ol cb C LOT t r4yJ 8 1 1 tYJ¢ In ¢D c u> x 0> c a> j Co L)(J < Note$ to the financial $tstements 31 December 2021 17 Restri¢ted funds IcontinLEedl Restricted funds are funds, which a￿ to be used in accordance with specific restrictions imposed by donors. The aim and use of each restricted fund is set out below.. • Dover Fund The purposes ofthe fund are lo furiher the study ofthe history of the Greek language from the Bronze Age to the 15th ￿ntltry AD and to further the edition and exegesis of texts. The fund is purely used for grants lo indNiduals. The initial capital used to set up the fund, as well as gains on investments attributed to the fund, are not expendable. Only income generated from the capital 5$ available for expenditure at this time. • A G Leventis Foundatlon Fund This grant enables the Society to make grants to school projects and individual Schools for the leaching of Greek and Greek civilisation. + 125th Anniversary Appeal Fund The fund enables the Society to make grants as part of ils 125th AnnNersary schools programme, and lo ftjnd anniversary initiatives. • Llbrary General Book Fund Funds lo purchase library books without fvrther restriction. • The Green Lectures Fund This fund is intended to provide for a visiting lecturer every other year. 18 Anatysls of net assets botween funds Unrestrlcted Restrict¥d fund$ fund¥ Total Unre8tricted Restricted 2021 funds funds Total 2020 Tangible frxed assets Inve51m8nts CurTent assets Current liabilities Long temi liabilities Net assets at 31 Dècember 997.894 1.238,563 264,612 132,4391 16,2501 997,894 1.477,005 264,612 132,4391 16,2501 948,595 1,203,508 201,779 158.9751 15,895) 948,595 1,423,317 201,779 158,975) 15,8951 23B,442 219,809 2,462.380 238,442 2,700,822 2,289,012 219,809 2.508.821 19 Penslon Scheme The charity does not have any employees," the Executs"ve Secretary and the Assistant Executive Secretary are employed by the SPRS, which has seconded them to the charity for 2 and 2 IA days per week respectNely in retum for payment of the appropriate proportion of their employment costs. including employer's pension eonlribulions. Through the Univer5ty of London and the SPRS, the previous and current Executive Secretaries are members of the Universities Superannuation Scheme (USS) and the Assi518nt Executive Secretary is a member of the Superannuation Arrangements of the University of London ISAUL}. Both USS and SAUL are defined benefit muki-empbyer schemes. The Society for the Promotion of Hellenic Studies 40 Note8 to the Ilnancial statements 31 De¢ember 2021 19 Penslon schemg Icontinuedl According to the latestacluartal valuation of the USS, as at 31 March 2020 the USS, assets were sufficient to cover 78°h of ils liabilities al that dale. Following this valuation. the stsndard contribution rate bome by the charity increased Irom 21.10A to 21.4Yo from 1 October 2021 and is expected to increase to 23.70 from 1 April 2022. SAUL'S latest available valuation slates that as al 31 March 2020 the fund was in Surplus, with assets SLtfficient lo cover 770h of its liabilrfties. The standard employer's contribution rate throughout the year was Neither scheme has yet completed its valuationtheallh check as at 31 March 2021; it is possible that contribution rates may increase when these are finalised. 20 Contingent Ilabllltle8 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 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. HARL has also undertaken lo procure the acquisition of library books on behalf of the Societies. The Societies have separately agreed to pay fees lo HARL which cover, inter alia, HARL'S costs and obligations under the agreement with UOL. 21 Financial ¢ommitments At the year end the Society had total future minimum lease payment commitments under non-cancellable operating leases as setout below. These commitments are not included on the balance sheet a¥ liabilities. Total Total 2021 2020 Officè premises wrthin one year Wthin two to five years 2,360 4.046 2.360 22 Relatsd party transactions The Society and the Roman S(xiety 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 lo the Societies. The amounts charged under these affangements during the year expensed to the Society for the Promotion of Hellenic Studies, Statement of Financial Activrties amounted to £110,96312020- £100.7311 and the balance owed from HARL as at the year end was £29,45012020 - balance due from HARL of £22,066). Library books acquired by HARL on behalf of the Society amounted to £16,52212020- £17,035). as disclosed in note 12. The Society for the Promotion of Hellenic Sbjdies 41