The Society for the
Promotion of Hellenic
Studies
Annual Report and Unaudited
Financial Ststements
31 December 2023
Charity RegLSlrat￿n 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 TiZ￿ana D'Angelo
Professor Tom Harrison
Dr Emily Hauser
Professor Andrew Meadows
Professor Gonda Van Steen
Professor Tim v￿￿11m8rsh
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 De￿rnber 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 LaU￿nCe 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 offi￿r$ 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 re￿iVeS 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 CUr￿n11Y 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 Stud￿s is widely rec￿nIZed 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 a￿1$ of the Institute of Classical
Studies, in addition to which the Institute gave free aC￿sS 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 Ne￿Ork 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 reCu￿nI soU￿S 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}b￿ry 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 rosponsi￿e for keeping proper acc￿Untir￿j r￿d8 that disdose wth
reasonable awracy at any tsme ￿ financk?l FKtsition of Sxiety and ena￿a to
ensure Ihe finanLYal staten￿ts • *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 h￿te 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
preparat￿1 a￿￿ dwttnalvjn of financi* statemnts may drffer frorn I￿￿￿tiOn in other
junsdictKTh.
Approved arnl signed on b￿f0f 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
I￿ndS
Restflcted
fuThd8
Totsl un￿str￿ted
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 adiwit￿5
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 lO￿ard
2.324,055
226,995
2.551.050
2.462,380
238,442
2,7{￿,822
Total funds caTri•d for*4ard
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
141.1￿9
244.899
SI￿t.￿ffn depctslt
198A46
du•
withn on&
1.934)
{45ffi7)
116.512
199.232
2.6J9yIg
2.ts6.597
Ih8ly"I￿es
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 re￿iVed 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 r￿1ved.
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
re￿IVed 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 dep￿ciated 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 tse￿een 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 be￿een 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
R￿trIcted 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 Dècom￿r
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 $tstements 31 December 2023
15 Creditors: amounts falling due wlthin one year Icontsnuedl
Total
2023
Total
2022
Deferred income
As at 1 January
ReSoUr￿S deferred in period
Amounts released from previous period
Deferred income as at 31 Oecembèr
10.820
11,205
110,8201
11,205
4.750
10,820
14,750}
10,820
Deferred income comprises member subscriptions received towards the end of the calendar year in
respect ol subscriptions beginning on 1 January for the next financial year and publications income
received In advance for the next financial year.
16 Creditors.. amounts falling due after one year
Totsl
2023
Total
2D22
Life compositions
At 1 January
Received during the year
5.547
580
6.127
19131
5,214
6.250
580
6.830
11.283}
5.547
Transfer to inwme and expenditure 3￿Ou￿t
At 31 December
17 Re$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 rec*￿abl0
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 L8￿nI{S
Found8tion
lunLI
Library
gernrsl
book thncl
Th& Gr8en
Lectures
fund
Dov8r
fund
T￿81
2022
At l January 2022
Investfflenl incorne
Don8tions /gr8nts receN8ble
Charitable exp6rtditu
{Lo$s•*) on jJlv4Stm•nts
AI 31 D￿eMber2023
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 unrestr￿ted
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