The Society for the Promotion of Hellenic Studies Annual Report and Unaudited Financial Statsments 31 December 2024 Charity Reg*trabon Numhr 245623 Contonts Reports Reference and administrative infom)ation Trustees, report Independent examinerfs report 17 Flnanclal St•ternonts statement of financial aclivibes 18 Balance sheet 19 Stslement of cash flows 20 Principal accknunts'ng policies Notes to the financial statements 21 27 The SOc￿ty for the Promotion of Hellenic Sludigs Ref•ronce and admlnlstratlve Infomiatlon Hellenlc Society Council The following members of the Council {pp1-2} are its trustees for the purposes of charity law. and throughout this report are collectively referred to as 115 trustees. The trustees that served during the year and up until the signature of these ffinancral statements were as follows.. Pro8ldont Professor Paul Cartledge lunlil 8 June 20241 Dr Margaret Mountford (from 8 June 2024} Honorary Trgasurer Mr Peter Lennon Honorary Se¢rotary Ms J. Lesley Fitton Membershlp Officer Dr Jan Haywood The Society for the Promotion of Hellenic Studies 1 R•forence and admlnlstratlve Information Elo¢tod member8 of the Coun¢ll Dr Anastasia Chrislophilopoulou Dr Emma 6reen$mith Dr Jon Hesk Dr Emily Kneebone Professor Fiona Macintosh MS Helen Mcveigh Professor Dan Orrells 2021-2024 2022-2026 Dr Tlliana D'Angelo Professor Tom Harrison Dr Emily Hauser Professor Andrew Meadow5 Professor Gonda Van Steen Professor Tim WThitmarsh Dr Hannah ￿lleY Mr John Alty Dr Ralph Anderson Dr Lyndsay Coo The Right Hon Sir Launcelol Henderson Dr Theodora Jim Dr Francesca Modini Dr Marco Per8le 2023-2026 Mrs Caroline McKenz Dr Christos Nifadopoulos Professor Corinna Riva Dr Anja Slawisch 2024-2027 The Society for the Promotion of Hellenic Studies 2 R•leron¢0 and admlnlstrntlve InfO￿atIOn The following held office during the year but are not considered to be trustees.. Vl¢e-Presldents Professor P Cartledge (from 8 June 20241 Professor P E Easlerling F8A Professor R Fowler FBA Mr B Gilmo Mr G Lemos Professor P Michelakis Professor J Mossman Dr M Mountford {untyl 8 Junè 20241 Professor R G Osborne FBA Professor C J Rowe OBE Professor M Schofield FBA Professor B A Sparkes Dr D Thomas Editorn Professor Lin Foxhall IEdilor JHSI Professor Laurence Totelin (Reviews Editor JHSI Dr Michaela Senkova {Reviews Editor JHSI Dr Georgios Mouratidis (Editor AinGI Dr Michael Loy (Editor AinGI Dr Tulsi Parikh {Edilor AinGI Dr Fiona Haarer (Executive Editor. ARI Dr Daisy Dunn (Edrtor, ARGO) Honorary Llbrartan Professor M.8. Trapp (until August 20241 Professor G. Manuwald (from August 20241 Executlve Secretary Dr Fiona Haarer A8818tant Exocutive Secretary Ms Louise Wallace Pylnclpal offl¢& Senate House Malet Street London IhC1E 7HU The Society for the Pronwjtion of Hellenic Studies 3 R•f•rnnce and admlnlslr•tlve Infom)atlon Charlty regl8tratlon number 245623 Independent Examlnor UHY Ross Brooke Chartered Accountants Suite 1 Windrush Court Abingdon Business Park OX14 1SY Bankers Coutts & Co 440 Strand London WC2R OQS Investment m•nag•r Rathbones 8 Finsbury Circus London EC2M 7AZ The Society for the Promotion of Hellenic Studies 4 Trust•o8' report 31 December 2024 The trustees present their annual report and financial statements of The Society for the Promotion of Hellenic Studies I'SPHS, or'the S¢xiety'l for the year ended 31 December 2024. The financial stslemenls have been prepared in accordance with the accounting policies set out on pages 21 to 26 and comply with the Society's Rules, the Charities Act 2011 and Accounting and Reporting by Charities.- Statement of Recommended Practice applicable in the United Kingdom and Republic of Ireland published on 16 July 2014. GOVERNANCE, STRUCTURE AND MANAGEMENT Governlng document The Society was founded in 1879 to advance the study of Greek langL+age, literature, history, art and archaeology in the Ancient, Byzanb'ne and Modem periods. The Society is an unincorporated charity governed by ils Rules, which were comprehensively UF4Jated at the 2010 Annual General Meeting and updated in a more limited way at the 2014, 2015, 2017 and 2021 Annual General Meetings and the 2023 Extraordinary General Meeting. The Rules of the Society can be Consulled on the SPHS website and they are printed in JHS 137. It is registered as a charity with the Chanty Commission (registration dale 17 December 19651. Membership is open to all those interested in any aspect of Hellenic Studies. Electlons of offlcors The governing body is a Council whose voting members comprise the President. the Honorary SecTrtary, the Honorary TreaSu￿r, the Membership Officer and not more than a furthef twenty-one members I'ordinary Members of Council") elected atthe Annual General Meeting. These votsng members are the trustees of the S¢xiety. In addrtion, attendance at Council meetings, but not vots'ng rights, is extended to Vice- Presidents, the Exeeulive Secretary, the Editors of the Journal of Hellenic Stud￿s and of Arefiaeological Report5 Icurrenlly, the Exec*Jtive Secretary is also the Executive Editor of Archaeological Reports) and, by invitatton, the Librarian and Honorary Librarian of the Joint Library and the Director of the Institute of Classical Studies. The President. v1¢e-Pres￿ents. Honorary Treasu￿r, Honorary Secretary, the Membership Officer and ordinary members of the Council are elected ty and from the members of the Society al the Annual General Meeting. The President is elected for a term of three years, which is extendable at Council's option and with the President's approval for a further years., the Vice-Presidents are elected for a renewable term of one year,. the Honorary Secretsry and the Membership Officer are elected for up to th￿ renewable periods of three years,. the Honorary Treasurer is elected for up lo three renewable periods of three years and Council shall be enlilled. with the consent of the incumbent Honorary Treasurer. to extend the final temi tsvice, each time for a period of one year, provided that it inft)mis Members of rts inlentson lo effect such an extension with the notice convening the Annual General Meeting al which the temi would othe￿ise expl￿., and the ordinary members of the Council are etecled for non-renewable terms of three years. The Execubve Secretary is appointed by the Principal Officers and the Editors of thejoumals are appointed by Council, wilhoul fixed term. The detsils of the current trustees and members of the Council are sel out on pages 1 to 3. The Society for the Promotion of Hellenic Studles Tru8tee8' report 31 December 2024 GOVERNANCE, STRUCTURE ANO MANAGEMENT lcontinuedl Govemlng comrnittees The Council is assisted by various Committees, the principal ones being the Editorial Committees, the Finance & Investment Committee. the Membership and Outreach Committee and the Grants Committee. The membership of these Committees as at 31 December 2024 was as follows.. Edltorlal Commltto0S The three Edrtorial Committees meet once a year to consider the content, production. and despatch of the Journ81 of H8llenic Studies and Arthaeological Reports, and ARGO. The annual reports from CUP for the JHS and AR are presented and discussed. The Joum81 of Hellenic Studies Professor Paul Cartledge (Chair, until June 20241, Ms J. Lesley Fitton. Professor Lin Foxhall IJHS Editor), Professor Edith Hall, Dr Michaela Senkova lJoinl Editor JHS Reviews}, Professor Phillip Horky. Mr Peter Lennon, Dr Margaret Mountford (Chair. from June 20241, Professor Robin Osbome, Professor Laurence Totelin (Joint Editor JHS Reviews). Dr Anja Ulbri¢h, Dr Nicolas Water. Archaeolog￿8/ Reports Ms J. Lesley Fitton (from February 20241, Professor Lin Foxhall, Professor Chris Carey Ichairl. Professor Paul Cartledge {unlil June 2024}, Mr Peter Lennon. Dr Michael Loy {Archaeology in Greece Edilorl, Dr Margaret Mountrord (from June 20241, Professor Robin Osborne, Dr Tulsi Parikh (Archaeology in Greece Edilorl, Professor Rebecca Sweetman. ARGO Dr Daniel Anderson, Professor Paul Cartledge {Chair, until June 20241. Or Daisy Dunn (Editor), Ms J. Lesley Fitton. Dr Lisa Hau, Mr George Lemos, Mr Peter Lennon, Dr Margaret Mounlford (Chair, from June 20241, Professor Gonda Van Steen. Flnance & Investment fF&I) Commlttee The F&1 Committee meets three times a year and generally oversees the Society's finances and investments, and advises the Treasurer. In spring each year, it reviews the draft financial statements before their submi$5ion lo Council." in MaylJune. a representative from Rathbones is invrted lo attend.. and in November, il considets the draft budget for the following year. Mr John Alty (from April 20241. Professor Paul Cartledge {Chair, until June 2024), Dr Anastasia Chrislophilopoulou lunb'l June 20241. Ms J. Lesley Fitton, Mr George L8ms, Mr Peter Lennon. Dr Margaret Mountford (Chair. from June 20241, Dr David Thomas. Grnnts Commlttee The Grants Committee reviews by email the applications to the various funds following the o deadlines11 May and 1 October). The comm￿ee.$ recommendations are then approved al the June and November l December Council meetings. The Grants Committee also reviews and approves application for hardship grants received on a monthly basis. The Society for the Promotion of Hellenic Studi¢3 Tru8t0e8' report 31 December 2024 GOVERNANCE. STRUCTURE AND MANAGEMENT {continued} Govornlng commItto￿ Icontinuedl Grants Commlttee (continued) Professor Paul Caruedge luntsl June 20241, Ms J. Lesley Frtton (Chair}, Dr Emma Greensmith (until June 20241, Dr Jan Haywood, Ms Helen Mcveigh {unts'l June 2024}, Dr Francesca Modini. Dr Marg8ret Mountford {from June 2024). Membetship and Outreach Commltte• The Membership and Oulreaeh Committee meets frequently to consider ways of increasing the Society's membership.. the range of membership benefits.. and events and acts'vitses. Mr John Alty, Mr Chadie 8aker, Ms J. Lesley Fitton, Professor Lin Foxhall, Dr Emma Greensmith, Professor Tim Harrison, Dr Jan Haywood (Chairl, Mr Peter Lennon, Ms Helen Mcveigh, Dr Margaret Mounfford, Dr Frances Pickworth. Dr Sanja vU￿tIc. Trn8toe Inductlon and tralnlng According lo the S¢xiety Rules. the trustees of the Society can be elected only from the existing membership. Thus, generally speaking, potenbal new trustees already have their own direct experience of Ihe Society's library. publications and events. New trustees a￿ given orientation by the Executive Secretsry lo brief them on their legal obligations under charity law, the Rules of the Society, the role and recent aclivil¢es of the Council and the Society's decision making processes, and the recent financial performance and achievement of the charity, and are issued on elecbon with a copy of the Society's risk management strategy. Vvhere feasible. those standing as new Officers are invited lo shadow the outgoing Officers in an Officer-elect capacity. Al tfustees are encouraged to attend other s(￿lety meeting$ as appropriate Whe￿ these will facilitste the undertaking of their role. Organl8atlon structurn The Council administers the funds and other propety of the Society in accordance with the Society's objects and is enlrusled by the Rules with the control of the Society's publieations and with exercising the general management of all the Society's affairs and concems. It does this ty setting Strategy and polictes for the furtherance of the Society's aims and by exercising supervision over the Society's Officers and the Editors of ils journals. Council has appointed various Committees to advise il or carry out specific functions on ils behalf, including Finance & Investment Committee. Editonal Comrnittees, a Membership and Outreach Committee and a Grants Comrnittee, all of which rekX)rt directly back to Council", the President is ex officio a member of all these committees. Al the AGM, the Council presents to the rnembers of the Society a rewrt and accounts for their approval, the members at 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 strategi¢ issues. and may discuss and determine any other business nolrfied in advance to the Council. The memb8rs alone have power to amend the Society's Rules in a general meeting. The trustees who served during the year and since the year end are set out on pages 1 to 3. Day to d8y business is delegated to the Executive Secretary. The Society for tho ProrrK)lion of Hellontc Studies 7 Trustees. roport 31 December 2024 GOVERNANCE, STRUCTURE AND MANAGEPAENT Iconb'nuedl Related partl88 The Society has a close relationship with its sister sOC￿ty, the Society for the Promlion of Roman Studies I'the Roman Society'l. For many years, the Societies cooperated in the Pfovision and operation of a Joint Library, which was managed in coniunction with the library of the Institute of Classical Sludw&, part of the University of London I'UOL,), the whole being known as the Combined Library. Wth effect from 1 January 2016, the Societies, arrangements for the management of the Joint Library were changed. While the Societies retain ownership of the tjooks in the Joint Library, a joint venture company formed by the tsvo Societses. the Hellenic and Roman Library {'HARL'I, is resFX)nsible for managing the Societs'es, interests in the library. To that end, on 27 April 2016, HARL and the Societies entered into 2 25 year agreement with UOL for the management and operation of the Combined Library. Under that agreement, HARL has undertaken lo bear inter alia, with effect from 1 January 2016, certain expenses in respect of the operation of the library, principally relating to the costs of the librarians. The tsvo Sociebes have separately agreed to pay fees to HARL for undertaking those obligations. Since 1 Juty 2019. the Society and the Roman Society have cooperatsd more closely in the management and adminislralion of their affairs.. the Roman SocEty seconds its employees for part of their b'me to act as Executive Secretary and Assistant Secretsry lo the Society. in return for payment of the appropriate proportion of their employment costs, and the accommodalion costs of the offices In Senate House are divided equalty be￿eft the S(￿leties. Risk management The Iruslees have a risk management strategy, which comprises an annual review ofthe risks which the Society may face, the establishment of systems lo mitigate such risks, and the implementstion of procedure¥ designed lo minimise any polents'al impact on the Society should those risks materialise. The trustees have carefully re*xamined the major governing, operational and financial risks whieh the Society faces. A key element in the management of ffinancial risk is the setting of a robust reserves policy as sel out on page 13. Prlnclpal rlsks and uncertalntlos 1. Governanco rf$k$: Poor organisalional structure., trustees benefiting from the Society., activities potentialty outside the Society's Objects. How the SPHS cuffenlly minimises these risks.. • The Council. as the governing body, has a clear and public structure of annLJally elected members and elected officers, along with Honorary Viee-Presidents and Editors. No Iruslee receives remuneration from the Society except to re1mbu￿e travel and other such necessary expenses. • ￿en deciding on projects to support, the Council ahvays bears in mind whether the proj8cVa¢livity is within the remit of the s￿Iety as set out in its Objects. The SOc￿ty has a clearly ststed Grant-Giving Policy in place. The Society for the Promotion of Hellenic Studies Trustoe8' rnport 31 December 2024 GOVERNANCE. STRUCTURE AND MANAGEMENT (continued) Prfn¢lpal rlsk8 and uncertalntlos Iconts'nued) 2. Operatlonal rfsks: service quality,. contract pricing", security of assets {including fraud risk)," employment issues., health & safety., information technology., insurance. How th& SPHS cuffently minimises these risks.. • The quality of the Society's main journal IJHSI is assured by a rigorous process of peer review for potential contnbulions by leading academi¢s In the field. The quality of the Combined Library 1$ ￿Ulaty endorsed by leading academics. The Society takes legal advice or otherwise involves appropriate experts when il first enters into other major conlracls. as in the last few years with the University, Cambridge University Press and in its dealings with Rathbones. • Reswnsibility for the security of the Society'5 principal non-financial assets, books, lies with the UOL. • The Society has onty regular members of Staff (the Executwe Secretary and the Assistant Ex¥utive Secretary) who are paid via the UOL payroll and are seconded from the Roman Society. • The Society has its own office insuran¢8, and the insurance ofthe Combined Library collection is covered by the UOL. 3. Flnan¢lal rlsks: budgetary ¢onlrol, adequate reserves and cash flow. How the SPHS cu￿n11Y minimises these risks • The Honorary Treasurer oversees the Society's finances and ￿pOrtS direcuy to Council. The Society has a clear Reserves Policy in place and maintains adequate reseNe$. In the long term. the risks are commitments made to the UOL which turn out to be beyond the Society's income and the Society's membership base is shnnking to a point at which it is not sustsinable. Break clause$ andlor the possibility of renegotl8tion are miligants of the fomier risk. Ongoing and actsve attempts to recruit new members attempt lo mitigate the18tter risk. 4. Ext•rn•l risks: Publi¢ perceptson.. demographic change., gOveMrr￿rll policy. How the SPHS culrently minimis8S thes8 risks • The Council is aware of the need to promote actively both itself and Hellenic studies in order to ensure that its membership and ability to fulfil its objects remain buoyant. The Council regularly considers the Status of Hellenic studies in schools and universities. The Society for the Promotion of Hellenic Studies 9 Tru8t•08' roport 31 Oecember 2024 GOVERNANCE, STRUCTURE AND MANAGEMENT l¢ontsnuedl Prlnclpal rf8ks and un¢ortaintles Icontinuedl 5. Compllance wlth law and regulation: Charity law,. Data Protection A¢L health and safety,. Society's Rules and constitution. How the SPHS currently minimises thes8 risks • The Society's administration keeps up lo date with the Charity Commission's guidelines and regulations. and the SPHS is registered under the Dats Protection • The UOL'S health and safety regulats'ons apply lo the Society's office and the UOL 1$ $ponsible for the health and safety aspects of the Combined Library. • The Council keeps the Society'5 Rules and constitution under review, putting any revision to the Annual General Meeting. OBJECTIVES AND ACTIVITIES Objècts of the Society The Objects for which the Society 1$ established are.. to promote the study of Greek language. literatu￿, art and thought. to advance the knowledge of the history of the Greek lands and peoples from antiquity to the present day,. and lo improve undefstanding of the Greek contribution lo civilizalion by means of the maintenance of a Library, by the publication of a Journal periodically, and by Sny other means which, in the opinion of the Council, are desirable. Revlew of dovelopment, I￿1VItIeS and achlevomonts The Society's resources are used lo finance five main areas of activity to further its Objects, thus advan¢ing education for the benefit of the public. 1. The maintenance of the Joint Library, as referred lo earlier, which notonly directly facilitates scholarly ￿Search and more general interest amng fee-paying members, but is also accessible lo the scholady cofflmunity more widely through being made availabte as part of the Combined Library in partnership with the In$titu18 of Classical Sludies. 2. The annual publication ofthe Joumal OfHel1en￿ Stud￿s IJHSI and ArchaeologicalR&ports IARI {the latter in conjunetion with the British School at Athensl, and a bi-annual illustrated magazine ARGO. Both joumals contr'bule to the general level of understanding of the classical world and the promotion and dissemination of leamed research. The Joumal of Hell8nic stUd￿s is widely reeognvz8d as an outstanding facility for the scholarly community, both in the United Kingdom and overseas, while Archaeological Reports disseminates studies in the archaeology of the Greek wortd to the benefit of all concerned with classical and Byzantsne Hellenic culture. ARGO appeals to a broader audtence of philhellenes. with content that is authoritative yet accessible. topical and INely. The Society for tho Promotion of Hellenic Studies 10 Tru8tee8' r•port 31 December 2024 OBJECTIVES AND ACTWITIES lconts'nuedl Revlew of developmont. actlvttl•s and •chlovements l¢onts"nued) 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. S. The dissemination the Society's website and other electronic media of news. comment and audiolpictorial resources relating to Hellenic studies and the Society's aclivilies. These areas of the Society's activities were operated on a wholly successfvl basis in 2024 and contributed to the advancement of edu¢ation for the Èenefil of the public. The Joint Library continued in operab'on in the South Block of Senate House. In addibon lo the members of the Hellenic and Roman Societies who pay subscriptions, 1,708 received Swipe cards for free access lo the collection under the aegis of the Instrtute of Classical Studies, in addition to which the Institute gave free access to 78 temporary vi511ors. In January 2025. 1,118 copies of the Joumal of Hellenic Studres were disth'buled to SOc￿ty rrEmbers.' 759 Full Members, 243 Student Associates, 96 Life Members. 19 Honorary Members and 1 Corporate Member. 560 Members opted to receive AR, 342 members opted lo receive ARGO with 192 membets subscribing to both AR and ARGO {24 memkrs opted to receive just the JHSI. 48 copies of ARGO were distributed to non-n*mbers. Instilulional subscriptions continued lo be managed by Cambndge University Press. In 2024 the Hellenic Society journals had 153 tradition81 in5tilutional subscribers, 7,960 with access via consortla deals, and 50 via DDP (Deeply Diswunted Prinll. Volume 144120241 of JHS is edited by Professor Lin Foxh811, and Dr Michael Loy, Dr Georgios Mouralidis, Dr Tulsi Parikh are the editors of AinG (AR 70, 2023-20241. As in previous years, awards were made to research stLtdents, junior researchers, schools, Conferences and other institutions. The size of awards to schools was largely due to the conb'nuing generosity of the A.G. Leventis Foundation. The full listing of grants awarded in the 2024 financial 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 a￿ now offered as general Hardship and Access grants up to a limited amount pla. The Society for the Pfomotion of Helleni¢ Studies 11 Twstees. roport 31 Decemtser 2024 OBJECTIVE8 AND ACTIVITIES Iconlinued) Revlew of dfrvelopment, actlvlt108 and achlevements Icontinuedl As referred to in last yearfs Report, the calendar year began with a lecture by Professor Polly Low at the Hellenic Centre on Imp&ri81 tyranny? Rethinking Athenian imperial power. In March, there was a joint eventwith the Roman Society on Changing Attitudes to the OlyMp￿S, when le¢tures were delivered by Professor Paul Cartledge, Professor Tim Scanlon, and Dr Malik., and Mike Armstrong, Alex Donnachie and Danny Miller delivered a performance of their Hellen￿ Games.. an immersive family show. In May, the Society held a joint event at the Society of Antiquaries when Professor David Mattingly (Leiceslerl gave a lecture on Talking to the Ancestors.. lffjn Age Painted Tombs of th8 Wadi Draa, Momcco. The AGM was held on 8 June and was followed by a colloquium on 'Machine Leaming and the Future of Classics and Hellenic Studies.. with Charlotte Tupman, Valeria Vrtab and Thea Sommerschield. Later in June, Dr Solomonidis-Hunter gave a guided tour of the Hellenic Enclosure al Wesl Norwood Cemetery. In September-october, the Society hosted the Green Lectures, sponsored by Professor J.R. {Dickl Green. Dr Lindy Crewe delivered tsvo lectures.. 88ef and beer.. Working and feasting on Bronze Ag8 Cypnjs and Easing gently into the 8ronze Ag8.. The case for a connected Chalcolrthic Cyprus 81 th8 transtt￿n from the 4th -3rd millennia 8CE In London, Nottingham, Belfast and Cambridge. In October, the Soe+ety held another joint event al the Society of Antiquaries when Dr Elizabeth Key Fowden gave a talk on.. The Evliy8n Marbles.. Ottoman vtswers of Alhenian Antiquities. Professor Paul Cartledge delivered his Presidential Le¢lure in November at Senate House on "Periclean-Athens, "Pericl88n" Democracy, 'Periclgan" Grne¢g? Whafs In a Name? R8ViSiting Biogrnphic81 History. The Hellenic Society, in collaboration with the Roman Society, has also started lo offer a $eries of Online Courses. The first, The Age of Cleopatra, was delivered In Augusl-seplember by Professor Colin Adams {also in colla￿ratiOn with the Egypt Explorabon Society). In Novemb8r, Professor Paul Cartledge delivered a course on Democr8¢y Anc￿nt and Modem. As required by the Charities Act 2011, Council confimis that il has had regard to the Charity Commissioners, guidance on public benefit in planning and carying out its a¢tivilies. PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS Joint Library The Library will continue lo keep its outstanding ¢ollects'on up lo date by acquisitions of further books and periodicals. Publications the Joumal of Hellenic Studies Ivolume 1451 and Archaeolcgical Reports (volume 711 will again be published both in print and online al the end of the year in partnership wrth Cambridge University Press. ARGO (issues 21 and 221 will also be published. Grants - the trustees will contrnue their support to academic conferences through bursary schemes, lo research students and scholars at the start of their careers through book and travel grants, to schools through support of widening parti¢ipalion inrtialives and book grants, and to summer schools and archaeological excavations through relevant bursaries. A limited nurnber of hardship and access grants are also available. The S¢xiety for the Promotion of H&llenic Studies 12 Trnstee8' roport 31 December 2024 PLANS FOR FUTURE PERIODS ANO POST BALANCE SHEET EVENTS (continued) Meanwhile, lectures and activities will continue in person and be filmed for the Society'$ YouTube channels. In March, there was a paty at the Hellenic Centre to celebrate 10 years 120 issues) of ARGO and there was a joint event with the Roman Society on 'Paestum'. The AGM will be held on 21 June followed by a wlloquium on Euripides and the fragmentary papynjs. There have al￿adY been three Online Courses (Matt Symonds. Hadrian's Wall,. Judith Mossman. Greek Tragedy in Performance, and Tim Cornell.. 'The Origin$ of Rome'}. Susan Deacy is delivering a course on 'Myths and Mythology in Ancient Greece." and Paul Roberts.. 'Ancienl Rome in 50 Monuments, and Peter Guest Roman Coinage in Britain,, will follow. FINANCIAL REVIEW Overall the Society recorded a surplus of £57k12023.' £84k surplus). This surplus was almost wholly attributable to nel gains on the investment wrtfolio of £80k12023.' £80k gains). Before investment gains the Society made an overall deficit of £23k 12023.. £3k surplus). Publication income from the Society's principal journals IJHS and ARI remained constsnt and amounted lo £67k12023.' £67kl. Investment income decreased by 12% 10 £36k {2023'. £41kl. Total costs increased slightly to £252k {2023'. £240kl Overall cash balan¢e$ lexcluding cash held in our investment portfolio) amounted to £107k 12023.. £86kl The operating cash increased in the period by £31k 12023". £96k decrease). This was caused by lower Contributions lo HARL for library salaries as HARL had accrued hyher than usual cash balance. The value of the investment FQrtfolio at the year end increased lo £1.48m {2023.' £1.37ml. Invostment pollcy The Society's investment5 are overseen by the Finance & Investment Committee which meets at least ￿lce a year and reports to Council. The Society's investments are managed on a discrebonary basis by Ralhbones. The agreed investment mandate given lo Rath￿ne5 is to genefale a retum over the long term of 30A alKJve the rale of inflation, accepting that with a substantial exposu￿ to equities, shorter temi fluctuations in the value of the portfolio may occur. On an annual basis, the Society's largel cash yield is 30A. which Ralhbones may realise through a combination of capitsl and income returns from the portlolio. Re8ervos pollcy and going ¢oncem a886#8ment The Society maintains reseNeg matched by financial assets as a matter of prudence, partly to protect itself against sudden falls in income and unplanned increases in costs but also because the Society's Income from reliable recurrent sources is projected in dLte course lo be insufficient lo cover its planned costs, making il dependent in the long temi on legacies and campaigns for donations". it therefore also maintains reserves to allow it to maintain ils operations while it seeks long-temi solutions to this proje¢ted shortfall in recurrent income. The Society for the Promotion of Hellenic Studies 13 Trustees. rnport 310e¢ember 2024 FINANCIAL REVIEW lconlinuedl In calculating the financial reserves that are needed, the trustees have regard to the level of non4iscrelionary expenditure budgeted for the following year. the continuing and long-tenn viability of its arrangements with key partners (bearing in mind their own resFeclive positions) and the size of the anticipated annual deficit. In determining the mixture of bank deposits and other investments, the Iruslees have regard to the need to ensure coverage of non- discretionary expenditure for the following tsvelve months even in the event of a major shortfall in subscriptions or investment income. In addition. a material element in the ￿SelveS is matched by the Society's share of the Joinl Library ¢)wned by itself and the Roman Society, maintenance of which is one of the main ways in which the Scciety fulfil$ ils charitable objects. The Socigty maintain$ general reseNes as a matter of prudence as protection against unexpected expenditure In pursuance of its objects. In addrtion, the Society is aware of the need to maintain substantial reserves in respeel of its futu￿ obligations to the Hellenic & Roman Library {'HARL"} until a tinR when HARL itself is fully funded. The Finance & Investment Committee monitors and reviews the Society's poli¢ies. the levels of ils reserves and liquidrty and reports to Ihe Council of the Society. The Society's free reserves, comprising the unrestricted funds less the net book value of tsngible fixed assets, were £1,316,878 (2023 - £1,311.8951. The Trustees have concluded that the Society will contsnue as a going concem 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 supeNi5i0n. The Society considers applicab'ons which will further its objectives (the promotion and advancement of the study of Greek Language, literature, history, art and archagology in the ancient, Byz8nbne and modern periods) and makes awards to individuals {princip8lly postgraduates and scholars al the start of their careers), institution$, projects. companies, schools, summer schools and School initiatives. As a matter of principle. grants may be made from the Society's unrestricted funds, but the Society also has reslricled funds available solely or predominantly foT awarding grants. and these are in practice utslised where possible. Hardship grants for students or eady ￿reeT researchers are awarded on a monthty basis by the Grants Committee. The A. G. Leventis Foundation Fund makes awards lo schools. summer schools and schfy)I initiatives. From the income of the Dover Fund, awards are eligible to be made lo research students and scholars within the first five years of their first appointment for books, photography and librarylrnuseumlsrte visits to further the study of the Greek language or the edition or exegesis of Greek texts. In making the awards, the Council particularly supports applications assisting individual scholars in their work and providing bursaries for teachers and students of Greek and Hellenic Studies al all levels The Socièty for the Promotion of Hellenic Studies 14 Tnot•os' report 31 December 2024 FINANCIAL REVIEW Icontinuedl Acknowledgement of p•sl donations Council wishes to record its conb'nuing appreciation of donations made and legacies left to the Society over the years, and lo record its gratitude to the A. G. Leventis Foundation for its generous past and continuing assistance. Auditors I Independent Examlnatlon A resoluts'on to appoint an independent examiner for the accounting refe￿nce period 1 January to 31 December 2025 will be put to the members al the Annual General Meeting. During 2024. 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 assets), the accounts could be SL*bjecl lo an Independent Examination rather than an Audit. An EGM was called on 18 December 2023 and the members voted to amend the S(￿lety's Rules to allow for an Independent Examination for the accountsng period 2024 and in future years. Kgy rnanagement per8onnel remuneratlon The Iruslees consider the board of trustees as comprising the key m8nagemenl personnel of the Society in charge of directing and Controlling the charity and running and operating the charity on a day-t(>day basis. All trustees give oftheir time freely and no trustee remuneration was paid in the year12023 - none). Trustees are required to disclose all relevant interests and register them with the Executive Secretary. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Iruslees are responsible for preparing the trustees, report and Ihe financial slalements in accordan￿ with applicable law and United Kirsgdom Accounb"ng Standards {Uniled Kingdom Generally Accepted Accounting Practice). Law applicable to charitses in England and Wales requires the trustees to Pfepare financial ststements for each finan¢ial year, which give 8 true and fair view of the state of affairs of the Society and of the incoming resources and application of resources of the Society for that period. In preparing these financial stslemenls. the trustees are required to.. • select suitable accounting policies and then apply them consistently., • observe the ff*thods and principles in the charit￿ SORP 2015 IFRS 1021,. make judgements and esbmales that are reasonable and prudent., State whelher applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statem8nts', and • prepare the financial stslemenls on the going concem basis unles5 rt is inappropnate to presume that the Society will continue in operation. Thè Society for the Promotion of Hellenic Studies 16 Trustee8' report 31 December 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES l¢ontsnuedl The trustees are responsible for keepin9 proper accounting records that disclose with reasonable accuracy al any time the financial position of the Society and enable them to ensure the financial ststemenls comply with the Charities A¢t 2011, the Charity (Accounts and Reports) Regulations and the Charity's constitutive instrument. They S￿ also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the p￿ventIon and detection of fraud and other irregulartties. The trustees are responsible for the maintenance and inlegnty of the financRI infomiation included on the Society's website. Legislation in the United Kingdom goveming the preparation and disseminats.on of financial ststements may drffer from legislat￿n in other jurisdictions. Approved and signed on behalf of the Council. President Date". The Society for the Promolion of Hellenic Studies 16 Independont oxamlnorfs report 31 Decemb8r 2024 Indgpendent 8xamlneWs report to the tru$t•o8 of Soclfrty for the Promotlon of Hellenlc Studles I report to the charity trustee$ on my examination of the accounts of the Chanty for the year ended 31 Decemter 2024 which are set out on pages 18 to 35. Re8ponslbIlltl￿ and ba81s of report AS the charity's Iruslees you are responsible for the preparation of the accounts in accordance with the requirements of the Cttarities Act 2011 I'lhe Act'l. I report in respect of my examination of the char¢ty's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Dir￿t￿nS given by the Charity Commission under section 145{5llb} of the Act. Independent examinerfs 8tal&mont I have Completed my examination. I confirm that no material matters have come to my attentson in ¢onnection with the examination giving me cause to 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 conceming the fomi and conlenl of accoLsnts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accoLtnts give a 'true and fair view, which is not a matter conside￿d as part of an independent examination. I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Caroline Webster FCA UHY Ross Brooke Windrush Court Abingdon Business Park Abingdon OX14 1SY Dale.'0910712025 The Society for the Promotion of Hellenic Studies 17 Statemont of flnanclal actlviti•s Year to 31 De¢ember 2024 Unrestn&8d funds restated Total 2023 restated Unr•#trict•d R•strlct•d fund• Totsl 2024 Re$trthd funds Note$ Inc¢yn• *ThJ •n¢kn*Th•nts from.. Donat￿n8 and ￿aCleS chantsb￿ activit￿$ Inv88tr*ni$ Ti)tsl InGomo and •ndown•ntJ 10,648 174,511 33,015 218.174 8,688 19.336 174.511 36,037 229,884 9,OC¥) 29.846 172.574 41,356 243,776 172,574 37.883 231.303 3,022 11.710 3,473 12,473 Expendlturo on: Raising funds Charrtab￿ afAivrt Tot•1 •xpendlture 8.126 233.005 241.131 8.126 244.497 262,623 8,244 222.075 230,319 8,244 232.098 240,342 11,492 11A92 10.023 10.023 N•t Income loxpenditur•l belom INv￿tr￿0nt gal 122.9571 218 122.7391 2,450 3,434 Nat gain$1105sesl on investments 13 72.383 7.141 79.524 73,074 7.137 80.211 Not Incom• l•xp•ndlturnl and movomont In fvnd• 49,426 7,36> 56.786 74.058 83,645 Roconclllatlon of lund*: Total lund$ brought forwaf 2.417.686 236.$82 2,664.267 2.343.627 226.995 2.570.622 Total funds urrfod fo￿￿rd 2.487.111 243.941 2,711,052 2.417.685 236.582 2.654.267 All recognised gains and losses are included in the above statement of financial aebvib'es. All of the charity's actwities We￿ derived from ¢onlinuing operations during the above tsvo financial penclls. The Society for the Promotion of Hellenic Studie5 18 Balance sheet 31 December 2024 2023 restate 2023 restated Notes 2024 2024 Flx•d a81¢ts Tangible a8sets- h￿tage assets InveSt￿nts 12 1,150.233 13 1,476,035 1.105,7￿• 1.367.607 2,626,26B 2,473,397 Curr•nt ￿Sets Debtors Short-temi deposit Cash at bank and in hand 14 78,072 271 106.573 184.916 131.345 271 86,402 218,018 cr￿lt0￿.. amounts falling duè within one year Not curront 15 196.0391 131,9341 88,877 186,064 Total assets less current 2.715.145 2,659,481 Creditor8'. 8mounts falling due after one year Tatsl net awets 16 14.0931 2.711,052 {5,214) 2.654,267 Thg funds oftho charfty: Unrestricted fund8 Restric#ed funds 2,467.111 243,941 2,711.052 2,417,685 236,582 2.654,267 17 Approved by the trustees and signed on their behalf by.. Trustee Approved on.. 2515 The Society for the Promotion of Hellenic Studies 19 Statement of ca8h fl¢)w8 31 Decembef 2024 2024 2023 Notes Ca¥h flows used In op•rnting activiti￿. Net cash generated in operating activib.es 30,558 196,03n C*sh flows from Invg•tlng activities: Purchase of books (note 221 Purchase ol investments Sales of investments Investment income Not ca8h pro¥lded by Investlng actlvlt 117,520) 1143,7291 209,643 36.037 84,431 115,4011 184.3011 69,865 41.356 11.519 Net 5ncrthw•lldocrw$•l In cash and cash 8qulval•nts 114.989 184,518} C••h and ¢a•h equivalents at 1 January 103.801 188,319 Cash and ca8h •qulval8nts •t 31 December 218,790 103,801 Reconclllatlon of net movement In funds to net cash flow provid•d by op•ratlng a¢tlvitle8 2024 2023 AdJu8tm•nts for.. Net income lexpèndilurel Books and periodicals gifts and gxchanges N&t1gainl los$ on inveslrnents Invostment ino)me D&er8ase lincreasel in debtors Increase Idecreasel in creditors Net cash genordt8d In opgr•tlng actlvitleB 56,78S 126,9231 179,5241 136,0371 53,273 62,984 30.556 83,845 135.815) 180.211} I41.￿) {8,234} 114,1)661 196.03n B Analy81s of changes In cash and cash gquivalents 2023 Cash lows 2024 Cash at bank arKI in hand Short temi deposits Cash held by investment manager Total cash and ¢a$h wulv•l•nts 86.402 271 17.128 103.801 20,171 106,573 271 111,946 218,790 94.818 114,989 The SOc￿ty for the Promotion of Hellenic Studies 20 prtn¢lpal accounllno pollclo• 31 December 2024 The principal accounting policies adopted and judgements in the preparation of the financ￿1 statements are laid out below. Basi# of preparation These financial statements have been prepared for the year to 31 December 2024 with comparative infom)alion in respect of the year lo 31 De￿rnber 2023. They are p￿sented in sterling and are rounded to the nearest pound. The financial statements have been prepared under the historical cost convention with items re¢ognised al cost or transaction value unless otherwise staled in the relevant acLounling pjlicies below or the notes to these fin8ncial statements. The financial statements have teen prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the United Kingdom and Republi¢ of Ireland IFRS 1021 Icharilies SORP FRS 1021 issued on 16 July 2014, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and Ihe Charities Act 2011. The charity constitutes a public b8nefil entity as defined by FRS 102. Assessment of going concèrn The Iruslees have assessed whetherthe use of the going concem assumplton is approprtate in preparing these financial stslemenls. The trustees have made this 8sse5smenl with respect lo a period of one year from the date of approval of these financial statements. The Iruslees of the ¢harity have Concluded that there are no material uncertainties related to events or condrtions that may cast signifi¢ant doubt on the abilty of the Society lo conlinug as a going concem. The trustees are of the opinion that the Society will have sufficient resources to meet its liabilities as they fall due. With regard lo future a￿OUntIng period5. the most $ignificanl areas that affect the carrying value of the assets held by the charity are the level of investment ￿turn and the performance of the investment markets Isee the investment Section of the trustees, report for more infomiationl. Crltlcal accounting estimate8 and areas of Judg•ment Preparation of the financial ststemenls requires the trustees and management lo make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been male include.. • the estimates of the useful economic lives of tangible and intangible fixed assets used to determine the annual depreciation charge,. • the estimates of marketvalue attributed lo books and periodicals donated lo the Socigty; and • the assumptions adopted by the trustees and management in delermir¢ing the value of any designations required from the charity's general unrestricted funds. The Society for the Promotion of Hellenic Studies 21 Prfnclpal accountlng policies 310ecember 2024 Income recognitlon All income, including grants r￿1vable and legacies. is included in the slatement of financial activities ISOFAI when the Society is legally entitled lo the income. the amount can be quanb'fied with reasonable accuracy. and receipt is probable. Income is deferred onty when the charity has to fulfil conditions tsefo￿ becoming ents'lled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. Income comprises donations, legacies, grants, income from charitable activities, including publications and membership subscription and investment income. and interest receivable. Donats"ons 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 receipt is considered prot)able. In the event that a donation is subject lo conditions that require a level of perfomiance before the charity is entitled lo the funds. the income is deferred and not recognised until either those conditions are fully mel, or the fvlfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Donations in kind relate lo library books gffted and are reccgnised when received. Where the donor doe$ not provide any valuation, the trustees obtain a suitable market valuation from one or more alternative sources. Periodical exchanges included in publications income relate lo periodicals received from organisations in return for copies of the Society's publi¢ations. Legacies are included in the statement of financial actsvities when the charity is enlitled lo the legacy, the execulofs have establishe(I that there are sufficient surplus assets in the estsle to pay the legacy. and any condition$ attached lo the legacy are within the control of the chanty. In accordance with the Charrties SORP FRS 102, volunteer time is not recognised. Grant fijnding is recognised as and when the Wofk is completed and the grant conditions are fulfilled. Income from conferences and events is rewnised in the financial Feric¥J in which the ¢onference or event was hosted. Income from publi¢ations is recognised in the period in which the income is receivable. The income from royalties is recognised in the period in which the income is received. The Society for the Promotion of Hellenic Studies 22 Prfnclpal accountlng pollcle8 31 December 2024 Income racognltlon {continued) Annual membership subscriptions are recognised as income on an accruals basis applicable to the membership period, and part of the subscription applicable lo the following year. if any, is carried fotward as deferred income. Life sub5criptsons 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 teen set. However, in the event of death. full release lo the SOFA is made. Dividends are recognised onc% the dividend has been declared and notification has been received of the dividend due. Interest on funds held on depo$il is included when receivable and the amount c8n be measured reliably by the charity,. this is normally upon notification of the Interesl paid or payable by the bank. Expendl¢ure rocognltlon Liabilities are recognised as expendilure as soon as there is a legal or constructive obligation committing the Society lo make a payment to a third paty. rt is probable that a transfer of economic benefits will be required in settlement, and the amunt of the obligation can be measured reliably. Irrecoverable input VAT is included in the expenditure. Expenditure comprises direct costs and support costs. All expenses, including support costs. a￿ allocated or apportioned to the applicable expenditure headings. Expenditure on charitable actNitses comprises expenditure in support of the charity'$ primary charitable purposes as descriw in the trustees, report. This includes the costs associated with the servicing of members, costs in conneth'on with hosting events and conferences. osts associated with the production of publications, and grants awarded. Expenditure on charitable a¢b'vibes includes both costs which can be direclty attributed lo the key activits'8s, as well as an allocation of shared support costs. Allocatlon of support and govèrn•ncg costs Support costs represent indirect charitable expenditure. SL¢PPOrt stsff costs are apportioned be￿een activities on the following basis.. 750 membership , publications and event5., and 250kn governance. Other relevant support costs are individually allocated to aclivilies. No apportj'onmenl has ￿en made lo grants and library activities as these are considered to be negligible. Governance costs comprise all costs involving the public accountsbilty of the charity and ils compliance with regulation and good practice. These costs include costs relating to independent èxamination and other dirÈct eosts log8th&r with an apportionm&nt of c•rtain support costs as detailed above. Intanglble flx8d assets and amortl8atlon Intangible assets are initially recognised at cost and measured at cost less any accumulated amortisats'on. AMOrb"sat￿Tr is provided on the following basis.. CRM dalabase The Scciety for the Promotion of Hellenic Studies 23 Prlnclpal ac¢ountlng pol1cl￿ 31 Decemb8r 2024 T•nglble fix¢d as8et8 and deprnciatlon Assets costing over £500 are caprtalised. Depreciation is provided at rates calculated to write off the cost of each langible fixed asset on a Straight line basis over its expected usefvl life as follows.. Office equipment Computer equipment • Library equipment • Heritage a$5ets 15QA perannum 33'A % per annum 100h_ 33IA % perannum Nil (see below) The Society. in conjunction with The Roman Society, holds heritage assets comprising a substantial collection of library books, periodicals and other historic materials in the Joint Library which, until 31 December 2007, had not been capitalised. In 2008, the trustees reviewed this policy and decided to capitallse the library books and periodicals in order lo comply with the requirements of the Charities, SORP. In determining how far back the prior year adjustment should relate to, it was established that the SORP (Oclober 20001 was the first year where il became necessary to capilalise such assets on the balance sheet and therefore this policy has gone back as far as the year ended 31 December 2001. Owing to the quantity of assels. it would be prohibitively expenswe to ascertain the Cost of assets acquired prior to this time. The library tooks and periodicals have not been depreciated since their long economic life and high residual value mean that any depreci81ion would not be material. Herltage assets Heritsge assets are recognised on the balan¢e Sheet and initially measured al cost when purchased or if donated, their valuation. Fair values for donated assets are e$tsmated by referen￿ to market pri¢es. ere infonnalion on the cost or valuation of heritage assets is not available or the ¢ost of providing such information significantly ouhveighs any benefit lo the users of the a¢￿UntS then henlage assets are not recognised on the balance sheet. A¢quisilions only arise when donated to the Society or if il is believed that they will fvrther the S(￿lety's objectives. Once acquired th8y will be preserved by the Society in order lo keep their historical qu81ib.es lo such a high level as to contribute lo knowledge and cu￿￿re. A register of all assets held by the Society is available and the assets themselves are accessible lo the public with prior agreement Heritage 85sets are to te held for the foreseeable future. Flxed a886t Investments Investments and cash with investment managers a￿ initially recognised al their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The stslement of financial aclivrties includes the net gains and losses 8rising on revaluation and disposals throughout th8 year. The Society for the PronK)tion of Hellenic Studies 24 Prlnclpal accountlng poll¢l•s 310ecember 2024 Flxod a88et Invostments (Continued) Realised gains and losses on investrnents are calculated as the difference betsveen sales proceeds and their o￿nIng carrying value or their purchase value If acquired subsequent to the first day of the financial year. Unrealised gains and losses are ¢alGulaled as the dIffe￿nCe bets¥een the fair value al the year end and their carrying value. The Society does not acquire pul options. dersvatives or other complex financial instruments. In relation to investments, the main fomi of financial risk faced by the Society is that of volatility in equity markets and investment markets due lo wider econorn￿ condrtions, the attitude of Investors lo investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. The Society operates an investment poly reviewed at trustee meetings. Cash and ush oqulvalents Cash is represented by cash in hand and deposits with financial inststutions repayable wilhoul penalties on noti* of no more than 24 hours. Stock The Society maintains a back issue stock of joumals and some past publications. The Society places no value on these stocks in the financial statements due lo the age and limited demand of the stock rtems held. Penslon8 The Executive Secretary and the Assistant Executive Secretary are employed by the Roman Sooety, which has seconded them lo the charity for 2 days per week each 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 pfftvious and current Executive Secretaries are members olthe Universities Superannuation Scheme IUSS} and the Assistant Executive Secretary is a ￿rnber of the Superannuation Arrangements of the University of London ISAULI. USS and SAUL a￿ defined benefit mulli- employer schemes. According lo the latest actuarial valuation of the USS, a defined benefit multi-employer heme, as al 31 March 2023 the USS, assets stood al £73. 1 bn against estimated liabilities of £66.1bn, based on monitoring of the 2020 valuation, making it 111% funded on Technical Provisions basis. The employer's Contribution rale reduced from 21.6Vo to 14.5% from 1 January 2024. SAUL'S latest available annual valuation as at 31 March 2023 showed a Surplus of £134m 8nd an employer's contribution rate of 19%. The S¢xiety for the Promotion of Hellenic Studies 2S Prlnclpal a¢counting policies 310ecember 2024 Fund accounting Restricted funds Comprise monies raised for, or their use restricted to. a speciffic purpose, or contribubons subject to donor imposed conditions. Unrestricted general fvnds represent those monies which are freely available for appl￿tion t¢)wards achieving any charitable purpose that falls within the charity's charitable objectives. Spllt of Incomo betsveen funds The Society's investments are managed as 8 single pool. The income, surplus or loss on disposal and market value of investments is attributable lo the various fvnds as follow$, based on the market values of the investment pool (the investment pool being the market value of investments plus net current assets) at the stsrt of each year. 2024 2023 R•8tri¢ted fund• Dover fvnd A G Leventis Foundation fund 125th AnnWa￿ary Appeal Library general book fund The G￿en Lethre8 Fund un￿trIct•d fund¥ 1.16 1.15 0.50 0.57 3.38 3.35 91.10 100.00 91.01 100.00 Forelgn axchange Foreign currency transactions are initially recognised by applying to the forewn currency amount the spot exchange rate betsveen the functional currency and the foreign currency at the dale of the transact￿n. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing fate. Flnanclal Instruments The Society only has financial assets and financial liabilities of a kind that qualify as baslc financial instruments. B85ic financial instruments are initially re¢ognised al transaction value and subsequenlty measU￿d at their settlement value. Prfor perlod re•tsternent The comparative figures have been restated in respect of an Ine￿ase to debtors la(Lwed income) and opening funds of £19,572 in respect of royalty income received in arrears to which the charity was entitled. The sC￿lety for the Promotion of Hellenic Studies 26 Note8 to tho financlal 8tstement8 31 December 2024 1 Donallon8 and legacle• Unre8thetsd Re8tr1cted fund¥ fund$ Total Unrestricted 2024 funds Restl￿ted funds Total 2023 Gr*nt8 to publlcatlon8 To ArchaeologAcal Reports from the A G L8ventl8 Foundation Other grnnts The A G Leventis Foundation 8.688 8,688 Donations Oihers Donations in kind Library b￿kS 1.447 1.447 2,019 2,019 9,201 10,648 9,201 19,336 18.827 20.846 18,827 29.848 8.688 2 In¢omo from charltable actlvltle8 Totsl 2024 Total 2023 Subscr1p￿￿n$ Subscripts'on amounts receNable Gift Aid on subscriptions Lrfe composition 54.311 4.054 1.121 S2,734 5,786 913 PubIlea￿onI JHS and AR pu￿1$hing irwme ARGO publishing income Digital archwe income Periodical exchange Royalbès r￿1¥8￿ Archaeological Reports (BSA share of costs) Other publication8 income 66,896 2.622 360 17,722 20.224 3,329 67.448 2,374 3,080 16,988 20,154 2,232 170 Onllne Caurxe in¢LYno 2,221 LlbrAry In¢ome Sales of duplicaté books 1.651 174.511 695 172.574 In both 2023 and 2024, all income from charitsble a¢livib"es was unrestricted. 3 Income from invostments Total 2024 Total 2023 Dividen¢Js- equrties Fixed Inte￿$t Bank deposit interest 25,409 8,246 2.382 36,037 29.468 9.562 2,326 41,356 In 2024 £3,022 of the total investment income was reslricled12023- £3.473}. The Society for the Promotion of Hellenic Studies 27 Notss to the finanelal Statements 310ecember 2024 4 Exp•ndfture on charltable a¢tiviti•8 Memb•rship pUblIca￿on$ & èv•nts Membership Totsl publications 2024 & events Totsl 2023 Gr•r Grants Publicatlon ¢￿ts Journal of Hel￿￿ Studies ARGO Arch8eological Raports Granls Itv)te 51 Events th)sts Online Couises costs Library o)$1s (note 61 2,52S 12.519 1,500 2,525 12.519 1,500 17.708 7,941 468 126.205 2,555 12.811 2.555 12.811 1,500 14,599 4.539 17,708 14,599 7,941 4,539 126.205 125,111 125,111 Support co•ts Staff co$ls (note 81 Office rent Insurancè Post89È, $tab'onery, photocopyin9 and piinting Computer expènse Subscriptions Bank and cro Library books acquired by HARL on behalf of the Society amounted to £17.520 (2023 - £15,401), as disclosed in note 12. The Society for the Promotion of Hellenic Studies 35