The Society for the Promotion of Hellenic Studies Annual Report and Unaudited Financial Ststements 31 December 2023 Charity RegLSlratn Number 245623
Contgnts Report$ Reference and administrative information Trustees. report Independent examinerfs report Financial Statements Statement of financial actsvities 8alance sheet 19 statement of sh flows 20 Principal accounting policies Notes to the financial slalemenls 21 27 The Society for the Promotion of Hellenic Studies
Reference and adminlstrative inforniation Hellenic Society Council The following members of the Council Ipp1-21 are its Iruslees for the purposes of charity law, and throughout this report are collectively referred to as ils trustees. The trustee5 that served during the year and up until the signature of these financial statements were as follows.. President Profe$sor Paul Cartledge Honorary Treasurer Mr Peter Lennon Honorary Secretary Ms J. Lesley Fitton Membetship Officer Dr Stephen Harrison lunlil 17 June 20231 Dr Jan Haywood lfrom 17 Jurie 20231 The Society for the Promotion of Hellenic Studies 1
Reference and administrative Inforniation EIKted rnernbers of the Council 2020-2023 Professor K Harloe Professor P. Low Professor L. Mitchell lunbl 11 January 20231 Dr C. Plaslow Professor M. Squire Professor R. Thomas Professor P. Vasunia 2021-2024 Dr Anastasia Christophilopoulou Dr Emma Greensmilh Dr Jon Hesk Dr Emily Kneebone Professor Fiona Macinlosh Ms Helen Mcveigh Professor Dan Orre115 2022-2025 Dr TiZana D'Angelo Professor Tom Harrison Dr Emily Hauser Professor Andrew Meadows Professor Gonda Van Steen Professor Tim v11m8rsh Dr Hannah Wlley 2023-2026 Mr John Alty Dr Ralph Anderson Dr Lyndsay Coo The Right Hon Sir Launcelot Henderson Dr Theodora Jim Dr Francesca Modini Dr Marco Perale The Society for the Promotion of Hellenic Studies 2
Reference and administrative information The following held office during the year b4Jt are not considered to be trustees". Vice-Presidents Professor P E Easterling F8A Professor R Fowler FBA Mr B Gilmore Mr G Lemos Dr P Michelakis Professor J Mossman Dr M Mountford Professor R G Osborne FBA Professor C J Rowe OBE Professor M Schofield FBA Professor B A Sparkes Dr D Thomas Edltors Professor Lin Foxhall (Editor JHSI Dr Jan Haywood IReview Editor JHSI Dr Yannis Galanakis (Editor AinGI lunlil February 20231 Dr Georgios Mouralidis (Editor AinGI (from February 20231 Dr Michael Loy (Editor AinGI {from February 20231 Dr Tulsi Parikh (Editor AinGI Professor Laurents Tolelin (Review Editor JHSI Dr Fiona Haarer (Executive Editor, ARI Dr Daisy Dunn (Editor, ARGOI Honorary Llbrarlan Professor M B Topp Executive Secretary t)r Fiona Haarer A$sistant Executive Secretary Ms Louise Wallace Principal offlce Senate House Malet Street London WC1E 7HU The Society for the Promotion of Hellensc Studies 3
Rgforonce and administrative infomiatlon Charity registratlon number 245623 Independent Examiner UHY Ross Brooke Chartered Accounlanls Suite 1 Windrush Court Abingdon Busines5 Park OX14 1SY Bankers Coutts & Co 440 Strand London WC2R OQS Investment manager Rathbones 8 Finsbury Circus London EC2M 7AZ The Society for the Promotion of Hellenic Studies 4
Trustees, report 31 December 2023 The Iruslees present their annual report and financial slalements of The Society for the Promotion of Hellenic Studies I'SPHS. or'lhe So¢iety'l for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies sel out on pages 21 to 26 and comply with the Society's Rules. the Charities Ael 2011 and Accounting and Reporting by Charities." Slalemenl 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 Modem periods. The Society is an unincorporated charity governed by Ils Rules, which were comprehensively updated al the 2010 Annual General Meeting and updated in a more limited way al the 2014. 2015. 2017 and 2021 Annual General Meetings. The RLJles 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 Iregistralion dale 17 December 19651. Membership is open to all those interested in any aspect of Hellenic Studies. Elections of 0ffl¢grs 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 enty-one members I'ordinary Members of Council'l elected al the Annual General Meeting. These voting members are the trustees of the Society. In addition. attendance al Council meetings, but not voting rights, is extended lo Vice- Presidents, the Executive Secretary, the Editors of the Journal of Hellenic Studies and of Archaeological Reports Icurrenlly, the Executive Secretary is also the Executive Editor of Archaeological Reports) and, by invitation. the Librarian and Honorary Libraiian of the Joint Library and the Director of the Institute of Classical Studies. The President, Vice-Presidenls, Honorary Treasurer, Honorary Secretary. the Membership Officer and ordinary members of the Council are elected by and from the members of the Society al the Annual General Meeting. The President is elected for a lemi of three years, which is extendable al Council's option and with the President's approval for a further two years," the Vice-Presidenls 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 non- renewable 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 Iruslees and members of the Council are sel out on pages 1 10 3. The Society for the Promotion of Hellenic Studies S
Trustees. report 31 Dernber 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontinuedl Governlng committees The Council is assisted by various Committees, the principal ones being the Editorial Commillees, the Finance & Investment Committee and the Grants Committee. The membership of these Committees as al 31 December 2023 wos as follows". Editorial Committees The three Editorial Committees meet once a year lo consider the content, production, and despatch of the Joumal ofHellenic Studies, Archaeologic81 Reports, and ARGO. The annual reports from Cambridge University Press ICUPI for the JHS and AR are presented and discussed. The Joumal ofHellenic Studies Professor Lin Foxhall IJHS Edilorl, Professor Paul Cartledge (Chairl. Ms J. Lesley Fillon, Professor Edith Hall, Dr Jan Haywood lJoint Editor JHS Reviews), Professor Phillip Horky, Mr Peter Lennon, Professor Robin Osborne, Professor LaUnCe Tolelin (Joint Editor JHS Reviews}, Dr Anja Ulbrich, Dr Nicolas Wi8ter. Archaeological Reports Professor Lin Foxhall, Professor Chris Carey (Chairl, Professor Paul Cartledge, Dr Yannis Galan8kis (Archaeology in Greece Editor, until February 20231, Mr Peter Lennon, Dr Michael Loy, (Archaeology in Greece Editor. from February 20231, Dr Georgios Mouralidis (Archaeology in Greece Editor, from February 20231, Professor Robin OsLx)me, Dr Tulsi Parikh IArchaeology in Gree Editor). Professor Rebecca Sweetman ARGO Dr Daniel Anderson lfrom January 20231. Professor Roderick Beaton luntil January 20231. Professor Paul Cartledge (Chairl. Dr Daisy Dunn IEdilorl. Ms J. Lesley Fitton, Dr Stephen Harrison (until June 20231, Dr Lisa Hau, Mr George Lemos, Mr Peter Lennon, Professor Judith Mossman lunlil January 20231, Professor Gonda Van Steen (from January 20231. Finance & Investment (F&l) Committee The F&1 Committee meets three times a year and generally oversees the Society's finances and inveslmenls, and advises the Treasurer. In Februarylmarch each year. il reviews the draft audited financial stslemenls before the Council meeting.. in MaylJune. a represenlalive from Ralhbones is invited to allend, and in November, il Considers the draft budget for the following year. Professor Paul Cartledge (Chairl, Dr Anastssia Chrislophilopoulou, Ms J. Lesley Fitton. Mr George Lemos, Mr Peter Lennon. Dr Margaret Mountford. Dr David Thomas Grants Committee The Grants Committee reviews by email the applications to the various funds following the o deadlines11 May and 1 October). The Committee's recommendations are then approved at the June and November l December Council meetings The Gonls Commitiee also reviews and approves application for hardship grant5 received on a monthly basis. The Society for the Promotion of Hellenic Studies 6
Trustees. report 31 December 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT Iconlinuedl Governlng cornmittees Icontinuedl Grants Committee (continuedj Professor Paul Cartle(Jge. Ms J. Lesley Fitton (Chairl. Dr Emma Greensmith Ifrom February 20231, Or Stephen Harnson (until 17 June 20231, Or Jan Haywood, Ms Helen Mcveigh, Professor Lynelle Mitchell lunlil 11 January 20231, Dr Francesca Modini (from July 20231. Professor Judith Mossman (until February 20231. Trustee induction and tralning According to the Society RuSe5, the trustees of the Society can be elected only from the existing membership. Thus, generally speaking, potential new Iruslees already have their own direct experience of the Society's library, publications and events. New trustees are given orientation by the Executive Secretary lo 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. le feasible, those standing as new offir$ are invited to shadow the outgoing Officers in an Officer*lecl capacity. All trustees are encouraged lo attend other Society meetings as appropriate where these will facilitste the undertaking of their role. Organisation 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. 11 does this by setting strategy and wlicies for the furtherance ol the Society's aims and by exercising supervision over the Society's Officers and the Editors of ils journals. Coun¢il has appointed various Committees lo advise it or carry out specific functions on ils behalf. including Finance & Investment Committee, Editorial Committees and a Grants Committee. all of which report directly back lo Council," the President is ex officio a member of all these committees. Al the AGM, the Council presents to the members of the Society a report and accounts for their approval., the members al the AGM appoint the auditors or Independent Examiner 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 notifi'ed in advance lo 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 sel out on pages 110 3. Day to day business is delagaled to the Executive Secretary. The Society for the Promotion of Hellenic Studies 7
Trustees. report 31 December 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontinuedl Related parties The Society has a close relationship with ils sister society, the Society for the Promotion of Roman Studies I'lhe Roman Society'l. For many years. the 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 I'UOL'I, 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 I'HARL'I, is responsible for managing the Societies. interests in the library. To that end. on 27 April 2016, HARL and the Sccielies 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 ol the library, principa11y relating lo the costs ol the librarians. The tsvo ocIetIeS have separately agreed lo pay fees lo HARL for undertaking those obligations Since 1 July 2019, the Society and the Roman Society have woperaled MO closely in the management and administration of their affairs." the Roman Society seconds its employees for part of their lime lo act as Executive Secretary and Assistant Secretary lo the Society, in relum 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 lo mitigate such risks, and the implemenlalion of procedures designed to minimise any potential impact on the Society should those risks malerialise. The Iruslees 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 sel out on page 13. Princlpal rlsks and uncertainties 1. Governance risks: Poor organi5ational slruclure,. Iruslees benefiting from the Society". activities potentially outside the Society's Objects. How the SPHS currently minimises these nsks.. • The Council, as the governing body, has a clear and public strLJCture of annually elected members and elected officers. along with Honorary Vice-Presidenls and Editors. No Iruslee reiVeS remuneration from the Society except lo reimburse travel and other such necessary expenses. • When deciding on projects lo support. the Council always bears in mind whether the projecuactivity is within the remit of the Society as set out in Ils Objects The Society has a clearly staled Granl-Giving Policy in place. The Society for the Promotion of Hellenic Studies 8
Trustees, report 31 December 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT Iconbnuedl Principal risks and uncertainties Iconlinued} 2. Operational risks.. service quality.. contract pricing". security of assets (including fraud risk),. employment Issues", health & safety, information technology., insurance. How the SPHS currently minimisgs these risks.. • The quality of the Society's main journal 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 is regularly endorsed by leading academics. • The Society lakes legal advice or otherwise involves appropriate expert5 when il first enters into other major contracts. as in the last few years with the University. Cambridge University Press and in its dealings with Rathbones. Responsibility for the securty of the Society's principal non-finaneial assets, ils books, lies with the UOL. The Society has only two regular members of stsff (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 ofthe Combined Library collection is covered by the UOL. 3. Flnancial risk8'. budgetary control, adequate reserves and cash flow. How tho SPHS currently minimises these nsks • The Honorary Treasurer oversees the Society's finances and reports directly lo Council. The Society has a clear Reserves Policy in place and maintains adequate reserves. The Society has been renegotiating its contract with Cambridge University Press ICUPI and the income is likely to go down, due to the issue of open access. In the long term. the risks are commitments made lo the UOL which turn out lo be beyond the Society's income and the Society's membership base is shrinking lo a point al which il is not sustsinable Break clauses andlor the possibility of renegolialion are miligants of the former risk. Ongoing and active attempts lo recruit new members atternpl to mitigate the latter risk. 4. Extemal risks: Public perception., demographic change., government policy. How the SPHS CUrn11Y minimises these risks • The Council is aware of the need lo promote actively both itself and Hellenic studies in order lo ensure that Ils membership and abilty to fulfil Ils objects remain buoyant. The Council regularly considers the stslus of Hellenic studie5 in schools and universities. The Society for the Prornolion of Hellenic Studies 9
Trustees, report 31 December 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT Iconlinuedl Principal risks and uncertainties Iconlinuedl 5. Compliance with law and regulation: Charity law., Data Protection Act., health and safety,. Society's Rules and constitution. How the SPHS cuffently minimises these risks The Society's adminislralion keeps up to date with the Charity Commission's guidelines ar¢d regulations, and the SPHS is registered under the Data Protection Act. + The UOL'S health and safety regulations apply lo the Society's office and the UOL is responsible lor the health and safety aspects of the Combined Library The Council keeps the Society's Rules and constitution under review, putting any revision lo the Annual General Meeting. OBJECTIVES AND ACTIVITIES Objects of the Society The Objects for which the Society is established are.. to promote the study of Greek language, literature, art and thought., to advante the knowledge of the history of the Greek lands and peoples from anb'quity to the present day., and to improve understanding of the Greek contribulDn lo 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. activlties and achievements The Society's resources are used lo finance five main areas of activity to further ils Object5, thus advancing education for the benefit of the public 1. The maintenance of the Joint Library. as referred lo earlier, which not only directly faeilitales scholarly research and more general interest among fee-paying members, but is also accessible lo 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 IJHSI and Archaeological Reports IARI (the latter In conjunction with the British School at Athensl. 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 Joum81 of Hellenic Studs is widely recnIZed as an oulstsnding facility for the scholady community. both in the United Kingdom and overseas. while Archaeological Reports disseminates studies in the archaeology of the Greek world lo the benefit of all concerned with classical and Byzantine Hellenic culture. ARGO appeals to a broader audience of philhellenes. with Content th8t is aulhoritalive yel accessible. topical and lively. The Society for the Promotion of Hellenic Studie5 10
Trustges. report 31 December 2023 OBJECTIVES AND ACTIVITIES Iconlinuedl Revlew of development, activities and achlevements Icontinuedl 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's website and other electronic media of news, comment and audiolpiclorial resources relating to Hellenic studies and the Society'5 activities. All five of these areas of the Society's activities were operated on a successful basis in 2023 and contributed lo 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. 1,519 received swipe cards for free access lo the colSeclion under the a1$ of the Institute of Classical Studies, in addition to which the Institute gave free aCsS lo 26 temporary visitors. At 31 December 2023, 1,122 copies of the Journal of Hellenic Studies had been distributed to Society members. 762 Full Members, 239 Student Associates, 98 Life Members, 21 Honorary Members and 2 Corporate Members. 587 Members opted to receive AR. 328 members opted lo receive ARGO with 179 members subscribing lo both AR and ARGO. 45 copies of ARGO were distributed to non-members Inslilulional subscriptions continued to be managed by Cambridge University Press. In 2023 the Hellenic Society journals had 174 traditional inslitulional subscribers, and 6014 subscribed by way of negolialed and donation arrangements. Volume 143120231 of JHS is edited by Professor Lin Foxhall, and Dr Michael Loy, Dr Georgios Mouralidis and Dr Tulsi Parikh are the editors of Archaeology in Greece (AR 69, 2022-20231. As in previous years, awards We made lo research students, junior researchers, schools, conferences and other inslitulions. The size of awards lo schools was largely due to the ontinuing generosity of the A.G. Leventis Foundation The full listing of gmnls awarded in the 2023 fi'nancial year Is available from the Society's website. The Hardship grants which had been offered lo help those affected by the Impact of the COVID-19 pandemic are now offered as general Hardship and Acces5 grants up lo a limited amount each year. The Society for the Profnolion of Hellenic Studie5 11
Trustees. report 31 December 2023 OBJECTIVES AND ACTIVITIES Icontinuedl Revlew of development, activities and achievements leontinuedl As referred lo in last year's Report, the academic year began with ajoint event with the Roman Society and the British Institute al Ankara lo remember Gina Coullhard. who had worked on the JHS, AR and ARGO. Stephen Hill and Stephen Mitchell delivered Iribules lo Ms Coullhard, and Dr Jane Rempel delivered the Gina Coullhard Memorial Lecture". 'Sinope in a Black Sea World,. Later in January. Dr Ash Clemenls delivered a lecture al the Hellenic Cenlre." 'Humans, among other Classical animals.. Classics and anthropology in the Anthropocene.. In February, the Society held a joint event with the Roman Society and Society of Antiquaries al Burlington House when Dr Yannis Galanakis gave a lecluie on." 'fhe antiquities trade in late 19th century Gr68ce- stories of people & objeots,. In March, there was another joint event wrth the Roman Society, on the Anlikylhera Mechanism chaired by Professor Liba Taub. with Dr Jo Marchant, Professor Mike Edmunds and Dr Seb Falk. The AGM on 17 June 2023 was followed by a colloquium on Hellenists. Memoirs with Stephen Halliwell, Daisy Dunn, Ruth Padel and Paul Cartledge In May and June the were visits for members lo the Fitzwilliam Museum, Cambridge lo see the Islanders.. The Making of the Mediterranean exhibition,. to the Ashmlean Museum, Oxford, lo see the Labyrinth.. Knossos. Myth & Reality exhibition,. and to the Bassai Gallery al the British Museum,. in September there was a joint event with the Roman Society and the Classical Collections NeOrk al the National Museum Scotland,. and in October. a visit lo the see the Rare Books Collection in the Hellenic and Roman Library. The year ended with a joint lecture al the Hellenic Centre with Sir Michael Llewellyn-smilh and Professor Roderick Beaton on the topic.. From the Pans Peace Conference lo th8 Treaty of Lausanne (1919- 1923). As required by the Charities Act 2011, Council confimis that il has had regard lo the Charity Commissioners, guidance on public benefit In planning and carrying out Ils activities. PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS Joint Library - The Library will continue to keep ils outstanding collection up lo dale by acquisitions of further books and periodicals. Publications the Journal of Hellenic Studies (volume 1441 and Archaeological Reports (volume 701 will again be published both in print and online al the end of the year in partnership with Cambridge University Press. ARGO (issues 19 and 201 will also be published. Grants - the Iruslees will continue their support lo 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 anL8 book grants. and to summer schools and archaeological excavations through relevant bursaries. A limited number of hardship and access grants are also available. The Society for the Prornotion of Hellenic Studies 12
Trustees. report 31 December 2023 PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS Iconlinuedl Meanwhile. lectures and activities will continue in person and be filmed for the Society's YouTube channels. In February, Professor Polly Low gave a lecture al the Hellenic Cenlre. Imperial tyranny? Rethinking Athenian imperial power. In March, there will be a joint event with the Roman Society on Changin9 Attitudes lo the OlympNcs." there will be joint talk5 with the Society of Antiquaries in May and October., and the AGM on 8 June will be followed by a colloquium on Al and the Future of Hellenic Studies In the aulijmn, the Green Lectures will take place. FINANCIAL REVIEW Overall the Society recorded a surplus of £84k12022." £150k defrcitl. This surplus was almost wholly attributable lo nel gains on the investment portfolio of £80k12022.' £149k lossl. Most markets and asset classes have recovered In 2023 following a significant drop in 2022. Before investment gains the Society made an overall surplus of £3k (2022.. £1k deficill. Publication income from the Society's hvo pnncipal joumals IJHS and ARI improved slightly and amounted lo £67k12022." £63kl. Investment income improved by 37% 10 £41 k 12022." £30kl. Total costs remained broadly Similar al £240k12022." £238kl. Overall cash balances lexcluding cash held in our investment portfoliol amunled lo £86k 12022.. £141 kl. The operating cash deficit increased in the period to £96k12022'. £62kl. As noted above, the value of the investment portfolio al the year end increased to £1.37m 12022.. £1.30ml. Investment pollcy The Society's Investments are overseen by the Finance & Investment Committee which meets al least tsvice a year and reports to Council. The Society's investments are managed on discretionary basis by Rathbones The agreed investment mandate given to Ralhbones is to generate a return over the long term of 3 /0 above the rale of inflation, accepting that with a subslanlial exposure to equities, shorter term fluctuations in the value of the portfolio may occur. On an annual basis, the Soeiety's largetcash yield is 30, which Rathbones may realise through a combination of capital and income returns from the portfolio. Resep4es policy and golng concern assessment The Society maintains reserves matched by financial assets as a matter of pruden. partly to protect itself against sudden falls in income and unplanned increases in cost5 bul also because the Society's Income from reliable reCunI soUS 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". il therefore also maintains reserves lo allow it lo maintain its operations while il seeks long-lerm solutions to this projected shortfall in recurrent income. The Society for the Promotion of Hellenic Studies 13
Tru$tee$' report 31 December 2023 FINANCIAL REVIEW Iconlinuedl In calculating the financial reserves that are needed, the trustees have regard lo the level of non-discrelionary expenditure budgeted for the following year, the continuing and long-lerm viability of its arrangemen15 with key partners Ibearing in mind their own respective positions) and the size of the anlicipaled annual deficit. In determining the mixture of bank deposits and other investments, the Iruslees have regard lo the need lo ensure coverage of non- discretionary expenditure for the following e1Ve months even in the event ofa 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 ils charrtable 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 ol the need lo maintain substantial reserves in respect ol ils future obligations lo the Hellenic & Roman L}bry l HARL") until a lime 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 nel book value of tangible fixed assets, were £1,292,32312022 - £1,269,481} The Trustees have concluded that the Society will continue as a going concern for al least the next 12 months. Grant awardlng pollcy 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 ils 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 lo individuals (principally postgraduates and scholars al the start of their careers), inslilulions, projects, companies, schools, summer schools and school initiatives. As a matter of principle. grants may be made from the Society's unrestricted funds, bul the Society also has reslricled funds available 501ely or predominantly for awarding grants. and these are in practice utilised where possible. Hardship grants for students or early career researchers are awarded on a monthly basis by the Grants Committee. The A. G. Levenlis Foundation Fund makes awards lo schools, summer schools and school in51iatives. From the Income of the Dover Fund, awards are eligibl& to be made to research students and scholars within the first five years of their first appointment for books, photography and librarylmuseumlsite visits lo 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 lor teachers and students of Greek and Hellenic Studies at all levels The Society for the Promotion of Hellenic Studies 14
Trustees. report 31 December 2023 FINANCIAL REVIEW Iconlinued} Aeknowledgement of past donations Council wishes to record Ils continuing appreciation of donations made and legacies left lo the Society over the years, and lo record ils gratitude lo the A. G. Levenlis Foundation for its generous past and continuing assistsnce. Auditors I Independent Examination A resolution to appoint auditors l an Independent examinerforthe accounting reference period 1 January to 31 December 2024 will be put lo the members at the Annual General Meeting. During 2023, the Council agreed that since the Society's income and assets fell under the threshold for a full audit1£250,000 income and £3.26 m asselsl. the accounts could be subject to an Independent Examination rather than an Audit. An EGM was called on 18 December and the members voted to amend the Society's Rules to allow for an Independent Examination for the accounting period 2023. Key management personnel remuneration The Iruslees 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 Ihe charity on a day-to-day basis. All trustees give oftheir time freely and no trustee remuneration was paid in the year12022 none). Trustees are required to disclose all relevant interests and register them with the Executive Secretary. STATEMENT OF TRUSTEES, RESPONSIBILI'TIES The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Praetieel. Law applicable to chaflties in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the stale of affairs of the Society and of the Incoming resources and application of resources of the Society for that period. In preparing these financial stalemenls, the trustees are required to. Select suitable accounting policie5 and then apply them consistently", • observe the methods and principles in the Charities SORP 2015 IFRS 1021", make judgements and estimates that are reasonable and prudent", state whether applicable accounting standards have been followeiy, subject lo any material departures disclosed and explained In the financial stslemenls., and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Society will continue In operation. The Society for the Promotion of Hellenic Studies 15
8TATEMENT OF TRUSTEES, RESPONSIBIUTIES {(bnbnu&YI Th8 trustees are rosponsie for keeping proper accUntirj rd8 that disdose wth reasonable awracy at any tsme financk?l FKtsition of Sxiety and enaa to ensure Ihe finanLYal statents • ilh the thrities Ad 2011, Charity {Aw)unts and Reports) Regulations and the Charity's ci)nstilutive instnjmont. Thy are also re5wnsibl6 for safeguarding the assets of Sooety and hte taknng reasonatAe steps for the preventroft and (lete(aion of fraud and other irregulariti85. The trustees #fe r8sponslble fv the moinW8n( and integnty of finanual infomiallon indudad on the Sow's website. LegslalK)n in the United Kirylom 9)vemirnJ the preparat1 a dwttnalvjn of financi* statemnts may drffer frorn ItiOn in other junsdictKTh. Approved arnl signed on bf0f Councal. Trusbe l J JolLtr
Independent exorniner's report 31 December 2023 Independent examlner'$ report to the trustees of The Society for the Promotion of Hellenic Studies I report lo the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are sel out on pages 18 10 35. Responsibilities and basis of report As the charity's trustee5 you are responsible for the prepaotion of the accounts accordance with the requirements of the Charities Act 2011 I'lhe Acl'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examinabon. I confirm that no materi81 matters have come lo my attention in nneCtIOn with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts set OLJt in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrLte and fair view, which Is not a matter considered as part of an Independent examination. I have no Concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report In order lo enable a proper understanding of the accounts lo be reached. Caroline Webster FCA UHY Ross Brooke Wndrush Court Abingdon Business Park Abingdon OX14 1SY Dale. 7 June 2024 The Society for the Promotion of Hellenic Studies 17
ststement of financial activities Year lo 31 December 2023 Unr88trlcted IndS Restflcted fuThd8 Totsl unstrted 2023 funL15 Restricted funds Total 2022 Note$ Income and end¢>vfflients from.. Donation$ and legaaes Charitable 8Ctnfrties Investments rotal In¢omo and endovmionts 20.846 172,574 37,883 231,303 9,000 29,848 172,574 41,356 243,776 24.568 175.429 27,023 227,020 7.500 32.068 175,429 29.6C6 237,103 3,473 12,473 2.583 fO,083 expendltur on.. Rais1NJ funtls Charitable adiwit5 Total expondltur¢ 8.244 222,075 230.319 8.244 232,098 240,342 7.734 222.095 229.829 7.734 230.502 238.236 10,023 10,023 8.407 8.407 Not Sncomtr ltrxpenditurel before investment gains Ilosse¥l 2,450 12.8091 1.676 Nel gains Ilossesl on investments 13 73,074 7,137 80,211 1135.5161 113.1231 1148.6391 Not incom8 lexpèndilurel and movement In funds 74.058 9,587 83,645 1138.3251 111,4471 1149,7721 R•conclliation of fund8'. Total funds brougttl lOard 2.324,055 226,995 2.551.050 2.462,380 238,442 2,7{,822 Total funds caTri•d for4ard 2,398.113 236,S82 2,634.695 2.324.055 226.995 2.551.050 All recognised gains and losses are included in the above statement of financial activitie5. All of the charity's activities were derived from continuing operations during the above financial periods. The Society for the Promotion of Hellenic Studies 18
12 1.105,79D 13 1.367,607 I.4,574 1.302,791 2.473J97 2.357.365 14 111.m 11x539 271 141.19 244.899 SIt.ffn depctslt 198A46 du• withn on& 1.934) {45ffi7) 116.512 199.232 2.6J9yIg 2.ts6.597 Ih8ly"Ies du8 16 {S2t4) 2.6JWS {5,547) 2.551.050 T4Jlal Mt as8•ts 13•B.113 2,324.055 226,5 2,551,050 17 1634695 Approved by the trustees and sgn•J cn thair Lthall by: Tn&sle8 IJ Approved on..
Statement of cash flows 31 December 2023 2023 2022 Notes Cash flows used In operating activiti•s.' Nel cash used In operating activities 196,0371 161.6301 Ca¥h flows from in¥tIng activities: Purchase of b¢)oks Inole 221 Purchase of investments S81es of investments Investment income Net cash provided by inve8ting actlvlties 115.4011 116,2291 184,301) 1316,7001 69,865 380,226 41,356 29,606 11,519 7S,904 Net IdecreaS•llincre? in cash and eash gquivalents 184,5181 15,274 Cash and ¢ash equivalents at 1 January 188,319 173.045 Cash and cash •quivalents at 31 Decembèr 103,801 188,319 Reconciliation of net movement in funds to net cash flow provided by oporating actlvlties 2023 2022 Adju¥tsnents for: Net income lexpenditurel Books and periodicals gifts and exchanges Net Igainl loss on investment5 Investment incorne {Increasel in debtors {De¢reasel Increase in ereditor8 Net cash used in operating actSviti•s 83,645 135,8151 180,2111 141,3561 IB,2341 114,0661 196,0371 1149,7721 {40,4521 148,639 129,6061 12.9641 12,525 161.6301 B Analysis of ch•nges in cash and cash equivalents 2022 Cash fiows 2023 Cash at bank and in hantl Short tem deposit5 Cash held by Investment manager Total cash and cash equlvalents 141.089 271 46,959 188,319 154,6871 86,402 271 17,128 103,801 129.8311 184.5181 The Society for the Promotion of Hellenic Studies 20
Principal accounting policies 31 December 2023 The principal accounting policies adopted and judgements in the preparation of the financial statements a laid out below. Basis of preparation These financial statements have been prepared for the year to 31 December 2023 with comparative information In respect of the year to 31 December 2022. They are presented in sterling and are rounded lo the nearest pound. The financial statements have been prepared under the historical cost convention with Items recognised al cost or transaction value unless olhernise stsled in the relevant accounting policies below or the notes lo these financial stalemenls. The financial statements have been prepared in accordance with Accounting and Reporting by Charities." Statement of Recommended Practice applicable to chaTlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdorn and Republic of Ireland IFRS 1021 Icharilies SORP FRS 1021 Issued on 16 July 2014. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity conslitules a public benefit entity as defined by FRS 102. Assessment of going concem The Iruslees have assessed whether the use oflhe going concern assumption is appropriate in preparing these financial slalements The Iruslees have made this assessment with respect lo a period of one year from the date of approval of these financial slalemenls. The trijstees of the charity have concluded that there are no material uncertainties related lo events or conditions that may cast significant doubl on the ability of the Society lo contsnue as a going concern. The trustees are of the opinion that the Society will have sufficient resources lo meet Ils liabilities as they fall due. With regard lo 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 informalionl. Critical aecountlng estimates and areas of judgement Preparation of the financial slalemenls requires the trustees and management to make signifieant judgements and estimates The items in the financial ststements where these judgements and estimates have been made include.. • the eslimales of the useful economic lives of tangible and intangible fixed assets used to determine the annual depreciation charge., the estimates of market value attributed lo books and periodicals donated to the Society, and • the assumptrons adopted by the Iruslees and management in determining the value of any designations required from the charity's 9eneral unreslricled funds. The Society for the Promotion of Hellenic Studies 21
Principal a¢counting pollcles 31 December 2023 Income recognition All income, including grants receivable and legacies, is included in the slalemenl of financial activities ISOFAI 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 enlilled to it or where the donor or funder has specified that the income is lo 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 dale. In the event of donations pledged but not received. the amount is accrued for where the weipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fullilmenl of those conditions is wholly within the control of the charity and il is probable that those conditions will be fulfilled in the reporting period. Donations in kind relate to library books gifted and are recognised when re¢eived. Where the donor does not provide any valuation, the trustees obtain a suitable market valuation from one or more allernalive sources. Periodical exchanges included in publications income relate to periodicals reiVed from organisalions in return for copies of the Society's publications. Legacies are included in the statement of financial activities when the charity is entitled lo the legacy, the executors have established that there are sufficient surplus assets in the estate lo pay the legacy, and any conditions attached lo the legacy are within the control of the charity In accordance with the Charitres SORP FRS 102, volunteer lime is not recognised. Grant funding is recognised as and when the work is completed and the grant conditions are fulfilled. Income from conferen$ and events is recognised in the financial period in which the Conferen or event was hosted. Income from publications is recognised in the period in which the income is receivable. The income from royalties is reco9nised In the p8riod in which the income is r1ved. The Society for the Promotion of Hellenic Studies 22
Prlntipal accountlng policies 31 December 2023 Income recognition Iconlinuedl Annual membership subscriptions are recognised as income on an accruals basis applicable lo the membership period. and part of the subseriplion applicable lo 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 sel. 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 reIVed 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 recognltlon Liabilities are recognised as expenditure as soon as there is a legal or con51ruclive 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 lo the applicable expenditure headings. Expenditure on charitsble acts'vib"es comprises expenditure in SL*PPOrt oflhe 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 include5 both costs which can be directly attributed lo the key activities, as well as an allocation of shared support costs. Allocation of support and govèmance costs Support costs represent indirect charitable expenditure. Support staff costs are apportioned between activities on the following basis. 75° membership , publications and events,. and 25Vo governan. Other relevant support costs are individually allocated lo activities. No apportionment has been made lo grants and library activities as these are considered lo be negligible. G0Veman costs comprise all costs involving the public accountability of the charity and its compli8nce with regulation and good practice. These costs include costs relating to independent examination and other direct costs together with an apportionment of certain support costs as detailed above. Intangible fixed assets and amortisation Intangible assets are initially recogni5ed al cost and measured at cost less any accumulated amortisation. Amortisation Is provided on the following basis.. CRM database J kn per annum The Society for the Promotion of Hellenic Studies 23
Princlpal a¢counting pollcies 31 December 2023 Tangible fixed assets and depreclation Assets costing over £500 are capitalised. Depreciation is provided at rates calculated lo write off the cost of each tangible fixed asset on a straight line basis over its expected useful life as follows.. • Office equipment Computer equipment Library equipment 15¢kn per annum 33/J Oh per annum 1 OOA _ 33/J Vo 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, penodicals and other historic materials In the Joint Library which, until 31 December 2007, had not been Capilalised. In 2008, the Iruslees reviewed this policy and decided to capitalise the library books and periodicals in order to comply with the requirements of the Charilie5' SORP. In determining how far back the prior year adjuslmenl should relate lo, it was established that the SORP Ioclober 20001 was the first year where it became necessary lo capilalise 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, il would be prohibitively expensive to ascertain the cost of assets acquired prior to this bme. The library books and periodicals have not been depciated 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 al cost when purchased or if donated. their valuation. Fair values for donated assets are eslimaled by reference lo market pritss. ere information on the cost or valuation of heritage assets is not 8V8ilable or the cost of providing such information significantly oulweighs any benefit lo the users of the accounts then heritage assets ale not recognised on the balance sheet. Acquisltions only arise when donated to the Society or if il is believed that they will further the Society's objectives. Once acquired they will be preserved by the Society in order lo keep their historical qualities to such a high level as lo contribute to knowledge and culture. A register of all assets held by the Society is available and the assets themselves are aceessible lo the public with prior agreement Heritsge assets are to be held for the foreseeable future. Fixed asset Investrnents Investments and cash with investment managers are Initially recognised at their transaction value and subsequently measured at their fair value as al the balance sheet dale using the losing quoted market price. The statement of financial activities includes the nel gains and losses arising on revaluation and disposals throughout the year. The Society for the Promotion of Hellenic Studies 24
Principal accounting policies 31 December 2023 Flxed asset investments Icontinuedl Realised gains and losses on investments are calculated as the difference tseeen sales proceeds and their opening carrying value or their purchase value If acquired subsequent to the fir51 day of the financial year. Unrealised gains and losses are calculated 8$ the difference beeen the fair value al the year end and their carrying value. The Society does not acquire pul options, derivatives or other complex financial inslrumenls. In relation to investments, the main form of financial risk fa¢ed by the Society is that of volatility in equity markets and investment markets due lo 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 operates an investment policy reviewed at trustee meetings. Cash and cash equlvalents Cash is presented by cash in hand and deposits with financial inslilulions repayable wilhoul 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 place$ no value on these stocks in the financial statements due to the age and limited demand of the stock items held. Penslons The Executive Secretary and the Assistant Executive Secretary are employed by the Roman Society, which has seconded them to the charity for 2 and 2 1/& days per week respectively in return for payment of the appropriate proportion of their employment costs. including employer's pension contributions. Through the University of London and the Roman Society. the previous and current Executive Secretaries are members of the Universities Superannuation Scheme IUSSI and the Assistant Executive Secretary is a member of the Superannuation Arrangements of the University of London ISAULI. USS and SAUL are defined benefit multiomployer schemes. According to the lalesl actuarial valuation of the USS. a defined benefit mulli-employer scheme. as at 31 March 2020 the USS, assets were sufficient lo cover 78.kn of its liabilities at that date. The USS has completed Ils most recent review as at 31 March 2022. The indicative future service contribution rate based on finaneial conditions as al 31 March 2022 for benefits accruing from 1 April 2022 is 24.50/0 of Salary Ireducing lo 23.7Q/o of salaries from 1 April 20241. SAUL'S latest available annual review stales that as at 31 March 2022 the fund was in surplus. with assets sufficient to Cover 116'/0 of Ils liabilities. The standard employer's contribution rate throughout the year was increased from 160/0 10 190k. The Society for the Promotion of Hellenic Studies 25
Principal accounting policies 31 December 2023 Fund ac¢ounting Reslricled funds compftse monies raised for, or their use reslricled to, a specific purpose, or contn'bulions subject lo donor imposed conditions. Unreslri¢ted general funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objectives. 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. 2023 2022 RtrIcted funds Dover fund A G Leventis Foundation fund 125th Anniversary Appeal Library general book fund The Greèn Lecture5 Fund Unrestricted funds 1.15 1.15 0.40 0.55 3.30 3.43 91 17 100.00 0.56 3.34 3.35 91.10 100.00 Foreign exchange Foreign currency transactions are initially recognised by applying lo the foreign currency amount the spot exchange rate betsveen the functional currency and the foreign currency al the date of the Iransaclion. Monetary assets and liabilities denominated in a foreign currency al the balance Sheet date are translated using the closing rate. Financial Instruments The Society only has fin8nci81 assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financi81 instruments are initially recognised at transaction value and subsequently measured al their settlement value. The Society for the Promotion of Hellenic Studies 26
NotOS to the financlal statements 31 December 2023 1 Donations and legaeles Unrestricted Rèstricted funds funds Total Unrestrictèd 2023 funds Restricted funds Total 2022 Grants to publications To Affjhaeologic81 Reports from the A G Leventis Foundation 2,500 2,500 2.500 2,500 Other grants The A G Leventis Foundation 6.500 6.500 5,000 5,(X)O Donatlons Others Donations In kind Library books Legaaes 2,019 2.019 2.088 2,088 18.827 18,827 17,480 5.000 24.568 17.480 5,000 32.068 20,846 9,000 29.846 7,500 2 Income from Charitablg activities Totsl 2023 Total 2022 Subscriptions Subscription amount5 receivable Gift Aid on subscriptions Life composilR)ns S2,734 5.786 913 49,505 8,772 1.2B3 Publications JHS and AR publishing income ARGO publishing income Digital archive income Periodical exchanges Royalties reTrived Archaeological Reports18SA share tsf costs) Other publications income 67.448 2,374 3,080 16,988 20,154 2,232 170 63,238 2.043 4.970 22,972 19,486 2,101 Library in¢ome Sales of duplicate books 695 172.574 1,079 175.429 In both 2022 and 2023, all income from charitable activities was unrestricted. 3 Income from investments Totsl 2023 Total 2022 Dividends- equities Fixed interest ank dep0511 Interest 29.468 9,562 2,326 41,356 22,089 7.168 349 29.606 In 2023 £3,473 of the total investment income was restricled12022 - £2,583). The Society for the Promotion of Hellenic Studies 27
Notes to the financlal statements 31 December 2023 4 Expenditurg on charltable activities Memb•rship publlcations & events Membership Total publications 2023 & events Total 2022 Grants Grants Publication costs Joumal of Hellenic Studi&s ARGO Archaetslogiral Reports Grants Inole 51 Events costs Library costs (note 61 2,555 12,811 1,500 2,SSS 12,811 1.500 14,599 4,539 125,111 2,136 15,568 1,000 2.136 15.568 1,000 19,685 4,563 113.104 14.599 19,e85 4,539 125,111 4.563 113,104 Support costs Staff costs Inote 81 Office rent Insuran Postage, stationery, photocopying and printing Computer expenses Subscriptions Bank and credit card charges Governancé costs (note 71 39.692 4,962 468 39,692 4,962 468 36,844 4,443 470 38,844 4.443 470 1,245 2,504 133 1,245 2,504 133 2,508 3,870 128 2,508 3,870 128 1,647 20,332 217,499 1,647 20,332 232,098 1,480 24.703 210,817 1,480 24,703 230,502 14.599 19.685 Staff costs above include amounts paid lo the Roman Society ft)r the secondment of its employees,. see note 8. In 2023 £10,023 of the total expenditure on chafitable activities was reslricled12022 £8.4071. 5 Analysis of grants Grants to Grants to Institutions Individuals Total Grants to 2023 Instrtutions Granis to Indwiduals Total 2022 AG Leventis Foundation lun¢J Dover fund grants Unrestricted fund 5.685 S.685 338 8,576 14,599 5.043 5,043 380 14.262 19.685 338 3,640 3,978 380 2.180 2.560 4,936 10,621 12.082 17.125 Totsl 2023 Total 2022 Reciplents of Institutional grants.. Regional Conference grant Istellenboschl Asante 2020 Region81 ConferenTr grants at King5 Various other Institution81 grants ¥£1,0(KJ 1,000 1,400 3,980 11,745 17.125 9,621 10,621 The Society for the Promotion of Hellenic Studies 28
Notes to the flnanclal statements 31 December 2023 6 Library Gosts Totsl 2023 Total 2022 Feès pald to HARL Service charge Fee5 Librarian salaries Administrator salary Boo+[ purchases handling fee 10.151 6,773 99,276 8,572 339 125,111 9.385 7,201 87,864 8.204 450 113,104 7 Governance costs Total 2023 Total 2022 Independent Examination and Accounts Preparation Audit and accountancy Staff costs Inole 81 Postage. printing. photocopying and stationery Bookkeèping costs (note 81 2,750 7,750 12.281 836 3,836 24,703 13,231 425 3,926 20.332 8 Staff costs and remuneration of key management pefsonngl Total 2023 Total 2022 Salaries Social security costs Pension c05ts 43.83S 4,584 8,429 56.848 40.941 4,439 7.581 52,961 No employee earned more than £60,000 per annum12022 - none). The charity does not have any employees. The Executive Secretary and the A5SlStant Executive Secretary are employed by the SPRS, and have been seconded lo the chaiity for 2 and 2 /2 days per week respectively in tUrn for payment of the appropnate proportion of their employment costs, including employer's pension contributions. The staff costs slated above include the amounts paid to the Roman Soc1ety for the secondmenl of ils employees which amounted to £52,922 12022 - £49,125) and are included in staff costs in note 4 and note 7. Staff costs for Hellenic So¢iety comprise". Total 2023 Total 2022 Hellenic Society staff costs (recharged from Rornan Sorietyl (note 4, note 71 Hellenic Society bookkeeping costs Irecharged frorn HARLI Inote 71 52,922 3.926 56.848 49.125 3,836 52,961 The Society for the Promotion ol Hellenic Studies 29
Notes to the financial statements 31 December 2023 8 Slaff costs and remuneration of key management pernonnel Icontinuedl 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 on a day-to4ay basis. All trustees give of their lime freely and no Iruslee remuneration was paid in the year12022- none). Trustees are required to disclose all relevant Interests and register them with the Executive Secretary. No expenses were reimbursed to Irustees12022." £nill. 9 Net lexpenditure) income This is ststed after charging". Total 2023 Total 2022 In¢Yependent Examination. Audit an(J Accountancy Inote 71 2,750 7.750 10 Taxation The Society for the Promotion of Hellenic Studies is a registered charity exempt from lax on ils income and capital gains. 11 Intangible assets CRM 8ofts¥3re Cost At 1 January 2023 and 31 December 2023 4,737 Arnortisation At 1 January 2023 and 31 December 2023 4,737 Net book value At 310ecember 2022 and 310ecember 2023 Intangible assets represent the cost of the membeiship database management system. The Society for the Promotion of Hellenic Studies 30
Notes to the financial statements 31 December 2023 12 Tangible assets Heritage assets Library equipment Off+ce equiprnenl Cornpuler equipment Total Cost At 1 January 2023 Additions Al 31 Decernber 2023 1,054.574 51.216 1,105.790 8,198 193 875 1,063,840 51,216 1,115.056 8,198 193 875 Depreciation At 1 January 2023 At 31 Decernber 2023 8,198 8.198 193 193 875 875 9.266 9,266 Net book value Al 31 December 2023 Al 31 December 2022 1.105.790 1,054,574 1,105.790 1,054,574 The collection of the Joint Library of the Societies is insured with the Institute of Classical Studies. books by the University of London. the Soeietie5' interest being noted. Additions in the year of £51.21612022 £56.6811 comprise library books gifted tolalling £18,827 12022 - £17,480), periodical exchanges of £16.98812022 - £22.9721, and other purchased items of £15,40112022 - £16,2291 The Societies had a professional valuation of the colleelion in 2013, eomprising in the region of 112,000 books in total, 31 £9 47m. The collection Is insured for this value by the University of London as part of the Memorandum of Understanding in place. The differen between the insured sum and the net book value in the financial statements partly relates lo the additions to the Library prior lo 2001, and includes a selection of valuable antiquarian books. The Iruslees have opted to continue recognising the library books at wst due to the onefOUS requirement of obtaining gular 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 publi¢ use and there is no intention of selling or otherwise disF)osing of these assets in the future. 13 Investments Total 2023 Total 2022 Quoted investments Market value at 1 January Additions Disposals Nel irFve5trnent gains Ilossesl Market value at 31 December 1,255,832 84,301 189,8651 80,211 1.350,479 1,467.998 316.700 1380,2261 1148.6391 1.255,832 Investments are represented by.. Fixed interest Alternatives UK equities Over5ea5 equities 216.985 464,974 465,473 203,047 1,350.479 166,206 461.ilJJ 415.414 212.379 1.255.832 Cash 17,128 1,367.607 4e.959 1.302.791 Hi$tori¢al cost at 31 Dècomr 1,114.767 1.107,863 The Society for the Promotion of Hellenic Studies 31
Notes to the financial statements 31 December 2023 13 Investments Iconts'nuedl The lolal unrealised gain5 as al 31 December included in the above conslilule movements on revaluation of the charity's listed investments. Movements during the year were as follows.. 2023 2022 Reconclllatlon of movements in unrealSsèd gain¥.. Total unrealised gains al 1 January Add". gains1105sesl arising on revaluations In the year Total unrealised gains at 31 Decembèr 194,928 80,211 275,139 336.528 1141,6001 194.928 The trustees consider individual investment holdings in excess of 50k of the portfolio value to be material", the investments exceeding this at 31 December were as follows.. 2023 Shareholding Valuation No. Fund detalls Edinburgh Investment trust 25p ords JP Morgan UK Equity Core E Net Inc Treasury 718°A Green Gilt 3110712033 Wayslone Fund Evenlode Income D Inc SPDR Series Trust S&P S(j ETF IGBPI 14.700 180.000 134.900 42,000 480 100,695 120,060 106,124 109,221 180,065 14 Debto Total 2023 Total 2022 Trade debtors Due from The Society IOT the Promotion of Roman Studies Due from The Hellenic and Roman Library Accrued income 7,679 216 52,757 48.456 2.665 111,773 7,076 216 48,626 43,359 4.262 103.539 VAT 15 Crgdltors: amounts falllng due wlthln one year Totsl 2023 Total 2022 Trad8 creditor5 Deferred incAJme Accruals 124 11,205 20.605 31.934 124 10.820 34,723 45.667 The Society for the Promotion of Hellenic Studies 32
Notes to the financlal $tstements 31 December 2023 15 Creditors: amounts falling due wlthin one year Icontsnuedl Total 2023 Total 2022 Deferred income As at 1 January ReSoUrS deferred in period Amounts released from previous period Deferred income as at 31 Oecembèr 10.820 11,205 110,8201 11,205 4.750 10,820 14,750} 10,820 Deferred income comprises member subscriptions received towards the end of the calendar year in respect ol subscriptions beginning on 1 January for the next financial year and publications income received In advance for the next financial year. 16 Creditors.. amounts falling due after one year Totsl 2023 Total 2D22 Life compositions At 1 January Received during the year 5.547 580 6.127 19131 5,214 6.250 580 6.830 11.283} 5.547 Transfer to inwme and expenditure 3Out At 31 December 17 Re$tri¢ted funds 125th AnnNersary Appeal fund A G LÈ¥entis Foundation fund Library general book fvnd The Gre8n Lectures fund Dover fund Total 2023 At 1 January 2023 Investrnenl InGome Donations I grant5 recabl0 charitab expenditure Gains on investments At 31 December 2Q23 14.227 218 29.419 450 12.671 85.194 1.303 85,484 1.308 226,995 3.473 9.000 110,0231 7.137 236.582 13381 925 30,456 19,6851 398 447 2,679 89,176 2688 89.480 14.892 12,578 1251h AF>nivetsary Appe81 fynd A G L8nI{S Found8tion lunLI Library gernrsl book thncl Th& Gr8en Lectures fund Dov8r fund T81 2022 At l January 2022 Investfflenl incorne Don8tions /gr8nts receN8ble Charitable exp6rtditu {Lo$s•) on jJlv4Stm•nts AI 31 DeMber2023 14,885 161 31,777 338 10.686 116 9. 134 966 92.560 1.003 238.442 2.583 7.500 (8.407} 11.9 t?.?) 226 995 13801 (5,043) {.fjRA) 12.671 12.9841 14 Qf)fj) 85. 194 14,227 29,419 85.484 The Society ft)r the Promotion of Hellenic Studies 33
Notes to the finan¢lal statements 31 De*mber 2023 17 Restricted funds Iconlinuedl Reslricled funds are funds. which are to be used in accordance with specific restrictions imposed by donors. The aim and use of each reslricled fund is sel out below.. Dover Fund The purposes of the fund are to further the study of the history ofthe Greek language from the Bronze Age lo the 15th century AD and to further the edition and exegesis of lexls. The fund is purely used for grants lo individuals. The initial capital used to set up the fund, as well as gains on Investments attributed lo the fund, are not expendable Only income generated from the capital is available for expenditure at this lime. • A G Leventis Foundatlon Fund This grant enables the Society lo make grants lo school projects and individual schools for the leaching of Greek and Greek civilisalion. 125th Anniversary Appeal Fund The fund enables the Society to make grants as part of ils 125th Anniversary schools programme, and to fund anniversary inilialNes + Llbrary General Book Fund Funds lo purchase library books wilhoul further reslriclion. + The Green Lectures Fund This fund is intended lo provide for a visiting lecturer every other year. 18 Analysls of net assets between funds Unrestricted Restrlcted funds funds Total unrestrted 2023 funds Restricted funds Total 2022 Tangible fixed assets Investments Current assets 1,105.790 1,131,025 198.446 131,9341 15.2141 1.105.790 1.367,607 198,446 131,9341 15,2141 1,054,574 1,075,796 244,899 145,6671 15,5471 1.054.574 1.302,791 244.899 145.6671 15.547 236.5B2 226,995 Long term liabilities Net assets at 31 Dèeèmb•r 2.398.113 236,$82 2,634,695 2,324.055 226,995 2.551.050 19 Penslon scheme The charity does not have any employees," the Executive Secretary and the Assistant Executive Secretary are employed by the SPRS, which has seconded them to the eharity for 2 and 2 1A days per week respectively in return for payment of the appropriate proportion of their employment costs. including employer's pension ¢onlribulions. Through the University of London and the SPRS, the previous and current Exe¢ulive Secretaries are members of the Universities Superannuats'on Scheme IUSSI and the Assistant Executive Secretary is a member of the Superannuation Arrangements of the University of London ISAULI. Both USS and SAUL are defined benefit multi-employer scheme5. The Society for the Promotion of Hellenic Studies 34
Notes to the financlal statements 31 December 2023 19 Pension schemo {conlinuedl According lo the lalesl actuarial valuation of the USS, a defined benefrt mulli*mployer scheme. as at 31 March 2020 the USS, assets were sufficient lo cover 780/0 of ils liabilities at th81 dale. The USS has completed ils most recent review as al 31 March 2022. The indicative future service contribution rate based on financial conditions as al 31 March 2022 for benefits aceruing from 1 April 2022 is 24.5°k of Salary (reducing lo 23.7% of salaries from 1 April 20241. SAUL'S lalesl available annual review stsles that as al 31 March 2022 the fund was in surplus. with assets sufficient lo cover 1160/0 of ils liabilities The standard employer's eonlribulion rale throughout the year was increased from 160A lo 19%. 20 Contingent Ilabi15ties 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 lo bear with effect from 1 January 2016 certain expenses in respect of the operation of the library, principally relating lo 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 lo pay fees lo HARL which cover, inter alia. HARL'S costs and obligations under the agreement with UOL 21 Financial cornmitments Al the year end the Society had total future minimum lease payment commitments under non4ancellable operating leases as sel out below. These commitments are not included on the balance sheet as liabilities. Total 2023 Total 2022 Office prernises Within one year thin Iwo to five years 5,259 3.067 4,750 7.521 22 Related party transaction$ 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 lo HARL for the running of the library along with the Roman Society. As disclosed sn note 8. bookkeeping costs for the Societies are also recharged by HARL lo the Societies The amounts charged under these arrangements during the year expensed to the Society for the Promotion of Hellenic Studies, Slalement of Financial Activities amounted lo £129,03712022- £116,940) and the balance owed from HARL as al the year end wa5 £52,75712022 - balance owed from HARL of £48.6261. Library books acquired by HARL on behalf of the Society amounted lo £15,401 12022 - £16,229), as disclosed In note 12. The Society for the Promotion of Hellenic Studies 35