2025-03-31-accounts

Chair’s report 2024-25

The year since the last AGM has been momentous for the Society. It opened in June with the hugely successful Study Day which was themed on Maritime Archaeology of Solent and Surrounding Areas. At the same time the completion of a property sale would release the funds which formed the bulk of our income from Jean McCormac’s will.

We received £90,000 in October. A further smaller sum will eventually reach the Society but this is dependent on the sale of Jean’s brother’s flat. That sale has not progressed to date.

The impact on the Society was profound. The money had to be deposited safely in a suitable account. We have also considered the implications for the Society’s governance with the result that we are pursuing a plan to create a new Charitable Incorporated Organisation. We have also been able to make some small investments in our future in equipment purchases and in developing and launching the excellent new website. (https://southamptonarchaeology.co.uk)

There has been discussion within the Committee about how to use the bequest to the further the objectives of the Society and to the benefit of its members. We will obviously share with you any plans as they emerge. We have decided to pursue a small-scale activity under Martyn Dowell’s leadership to increase the accessibility of the over 1600 “Port City” photographs which were taken by our members and currently held by the City Council. However, progress has been slow.

In September, members of the Society also came out in force to support Heritage Open Days in Southampton in opening heritage the city’s heritage assets to the public.

Through all this we have been able to run another successful of lectures with wide variety of speakers. Attendances have continued to be high and the standard of both speakers and content excellent. However, I would want to pick out the September lecture for mention. Andy Russel delivered an inspiring memoir of his career which in many ways underlined his contribution to this city and to archaeology.

I want to record some thanks to members of the committee who have worked incredibly hard over the last 12 months and have faced with gusto the significant challenges revealed by the “good luck” associated with the bequest. Unfortunately, we have lost or are in the process of losing some of them to other commitments: Becky John, Mandy Kesby, Cherril Norrie, Peter Darvill- Evans.

They have helped to take the Society forward and to encourage us to modernise to face the challenges and opportunities that the Society Faces. I thank them again and I know that they will stick around. I would also want to offer our special thanks to Chris Sellen who was our External Examiner for many years and also created and supported our first website.

This is my last message to you as Chair of the Society. It has been a privilege to serve in that capacity and also as your Treasurer. However, I am not going away and intend to continue to serve the Society in whichever way I can. Thank you.

John Langran

SOUTHAMPTON ARCHAEOLOGY SOCIETY

ANNUAL GENERAL MEETING - 13 MAY 2025

TREASURER’S REPORT

1. Financial position:

The accounts show a very strong financial position as a result of receiving the main element of our bequest from former member, Jean McCormac (£90,000) in October, producing a year-end total reserves figure of £96,842.54. However, it is also important to keep an eye on the underlying position of the Society in order to ensure that the running costs are in balance and this position is outlined below. As the Committee explained last year, it is anticipated that the bequest will be spent on a range of one -off projects in line with our charitable aims and to strengthen the Society.

Unfortunately, I need to report that there was a £10 error in the accounts. This is explained by an error which occurred at the September meeting, where, on ‘cashing up’ the meeting, I identified that I had £10.00 less cash than anticipated from the noted number of people renewing memberships. My having given someone too much change seems to be the most likely explanation but I cannot be certain. This error was reported to the next meeting of the Committee.

In terms of our underlying position, if the bequest is removed from the income position, the underlying income is £3,361.08. With reported expenditure of £3,334.77, this produces a profit of £26.31, which may appear low in terms of some of the positive figures in our accounts (e.g. membership income, Study Day). However, it should be noted that we have incurred some higher costs this year linked to the new laptop and the position also includes £361.66 spent on the redevelopment of the website, which is the first project that we are funding from the bequest funds. So, if we remove this from the expenditure position, this reduces to £2973.11 and the profit increases to £387.97. So, it has been a positive year in terms of running costs as well as receiving the bequest.

2. Membership:

The membership figures at the end of March for the last 2 years were:

23/24 24/25 Students 1 1 Family 14 15 Adults 16 16 Senior Citizens 57 64 ----- ----Total 88 96

These show a further increase in members from 73 in 2022/3.

3. Savings accounts:

Linked to the bequest, we have made some changes to our savings accounts. Having reviewed interest rates, the Committee agreed to put the bequest funds into the Hampshire Trust Bank. The initial interest rate was 4.37%. Although this has now reduced to 3.87%, we believe this is still a good rate. In light of the difference between this and our savings rate with NS&I, the Committee agreed to close the NS&I account in November and to transfer the funds to the HTB account.

Once we have greater clarity over the initial bequest projects and their timelines, we will consider putting some of the bequest funds into fixed savings accounts for a set period, if they offer reasonable interest rates.

4. External examiner:

Chris Sellen, our previous internal examiner had indicated that when the bequest arrived, he would need to stand down as examiner. Indeed, as we have income of over £25,000, we are required to have our accounts examined externally by someone with appropriate financial qualifications. I should like to thank Chris for his many years of work in providing assurance for members on the reliability of the accounts. I should also like to thank Neil Prentice for stepping in and agreeing to act as external examiner for the Society this year. I am particularly grateful that he has offered to do this without charge, an offer that has been made for two years, subject to members’ agreement.

Sue Davies Hon Treasurer

----- Start of picture text -----
Southampton Archaeology Society (SAS)
Income and expenditure
Notes
Income 2023/24 2024/25.
Subscriptions 951.00 1,111.00 1
Donations 30.00 15.00
Visitors' Fees 243.00 204.00
Summer Outing 30.00 105.00 2
Xmas party 258.00 216.00 3
Study Day 1,188.00 1,363.50 4
Refreshments 60.53 81.49
Accommodation refund/other 200.00 233.80
Investment a/cs interest 27.48 31.29 5
Bequest income 90,000.00 6
Income Sub Total 2,988.01 93,361.08
Expenditure
Speakers (fees & expenses) 338.20 401.00 7
Summer Outing - 75.00
Accommodation 400.00 639.00 8
Secretary & Tresurers' expenses 20.04 69.95
Insurance 112.47 134.40
Committee expenses 5.00 131.99 9
Equipment +zoom 143.88 231.12 9
Study Day Expenses 950.98 902.45
Xmas Expenses 99.75 114.46
Website Cost - 361.66 10
Newsletter 22.73 -
Refreshments 21.14 49.79
Subscriptions paid:
Hampshire Archives Trust 25.00 35.00
Hampshire Field Club 30.00 30.00
CBA Wessex - 20.00
Refunds 32.00 26.00
Depreciation 112.95
Expenditure Sub Total 2,201.19 3,334.77
Total Income 90,026.31
----- End of picture text -----

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Balance Sheet
Notes
Fixed Assets 2023/24 2024/25
Office Equipment 451.97 9
Depreciation -112.95
Sub Total - 339.02
Current Assets
Petty Cash 61.09
TSB Bank 2,831.25
HTB Savings Account 93,611.18
Sub Total 6,826.23 96,503.52
Total Assets 6,826.23 96,842.54
Capital Accounts
Total Reserves 6,826.23 96,842.54
07/05/2025
Signed:
Sue Davies, Hon Teasurer Date:
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NOTES TO THE ACCOUNTS 2024/2025

The accounts have been prepared on a cash basis and Southampton Archaeology Society is acting under a going concern basis i.e. it has sufficient funds to cover any future liabilities and it is not intended to close down. There is, however, an intention to incorporate the charity, and all assets will be handed to the newly incorporate body once formed.

1. The increase in members, has led to increased income, although the figure is slightly overstated as some members paid twice in error and were refunded (shown in the expenses section).

2. While income from the Summer Outing was higher, so were the costs. The profit was £40.00

3. The Christmas party held at St Denys Church this year was attended by fewer members. While the facilities were good, it appears members were not willing to travel and we will need to consider its location going forwards.

4. The Study Day for 2024 provided a profit of £419. The income figures contain 2 bookings for the 2025 Study Day.

5. This interest from NS&I was for the period April – November, when the account was closed and transferred to the Hampshire Trust Bank.

6. Jean McCormac’s bequest is estimated to be in the range £100,000£110,000. The £90,000 represents a first, and main, payment.

7. Speaker’s fees were increased for 2024/25 as reported last year, which accounts for part of the increase in expenses, as do higher travel costs. We are grateful that not all speakers charged their fees.

8. Higher accommodation costs were expected. As reported in last year’s Treasurer’s report, we had not been billed for our initial few months’ usage at the Central Baptist Church in time for last year’s accounts.

9. The higher expenditure on the Committee line relates to software for the new laptop, while our zoom subscription and minor equipment is charged to the equipment line. The laptop itself, an amplifier and cable connector are included on the balance sheet, in the fixed asset section. The Society has adopted a four -year depreciation policy, meaning the cost of the laptop is added into the accounts over a four- year period.

10. The first project agreed for funding from Jean McCormac’s bequest was the redevelopment of our website. This payment represents the initial hosting agreement fee plus the first of three staged payments for the redesign, which is being carried out by an IT graduate from Southampton University. As more projects are agreed, we will consider providing a separate breakdown of their costs as part of the accounts.

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees On accounts for the year ended Set out on pages Responsibilities and basis of report Independent examiner's statement	Southampton Archaeology Society
	31stMarch 2025 Charity no (if any) 276070
	As per signed accounts provided by the treasurer and approved by the Chair ()
	I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/03/2025. As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination gives me cause to believe that in, any material respect:

• the accounting records were not kept in accordance with section 130 of the Charities Act; or

• the accounts did not accord with the accounting records; or

• the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true 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 to enable a proper understanding of the accounts to be reached.

Signed: Name: Relevant professional qualification(s) or body (if any): Address:	Date:
		09/05/2025
	Neil Prentice FMAAT
	Association of Accounting Technicians
	Flat 8, Vertex Tower
	Greenwich
	SE8 3FE

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