Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
CHARITY REGISTRATION NUMBER: 289512
Suffolk Institute of Archaeology and History Unaudited independently examined financial statements
31 December 2024
Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Financial statements
Year ended 31 December 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Trustees' annual report
Year ended 31 December 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Reference and administrative details
Registered charity name Suffolk Institute of Archaeology and History Charity registration number 289512 Principal office Wheal Grace Church Road Mendlesham Stowmarket IP14 5SF
The trustees
The trustees who served during the year and at the date of approval were as follows:
J Caruth (Chair) L Bradley Dr K Briggs A Brown J Carr P Reilly Dr J Sear M Stead P Tatum Dr N Amor (Resigned 06/04/2024) R Mees (Resigned 06/04/2024)
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Trustees' annual report (continued)
Year ended 31 December 2024
Roles and key positions of council members are:
President Professor M Bailey BA, PhD, FRHistS
Vice Presidents Dr D Allen BA, DAA, FRHistS J Carr BA Dr J Fiske JP, BA, PhD E Martin BA, FSA, MIfA Dr J Martin PhD C Paine B Ed Dr S West MA, PhD, FSA (Died 07/03/2024)
Chairman of the Council J Caruth MCIfA, FSA
Hon. Secretaries
General Dr N Amor MA (Oxon), PhD, FRHistS, Solicitor (Resigned 06/04/2024) M Stead BA, MSocSci, PGDip, MA (Appointed 06/04/2024) Assistant M Stead BA, MSocSci, PGDip, MA (Resigned 06/04/2024) Minutes P Reilly BA, Solicitor Excursions J Carr BA Financial P Tatum BSc, FCA Assistant Financial A Brown Field Group L Bradley BA, PGCE Website Dr K Briggs PhD Membership R Mees (Resigned 06/04/2024)
Hon. Editor
Dr J Sear BA, MSc, PhD
Hon. Newsletter Editors
R Carr BA & J Carr BA
Ex officio re the Suffolk Archives K Chantry BA (Died 23/10/2024)
Ex officio re the University of Suffolk, Ipswich V Aldous BA, M.Ar.Ad, RMARA
Ex officio re the Archaeological Serv. of SCC F Minter BA, MA, FSA
Ex officio re the Suffolk Records Society V Aldous BA, M.Ar.Ad, RMARA
Independent examiner A Robinson FCA Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Trustees' annual report (continued)
Year ended 31 December 2024
Objectives and activities
The objects of the Institute shall be for the advancement of the education of the public:
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to collect and publish information of the archaeology and history of the county of Suffolk,
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to oppose and prevent, as far as may be practicable, any injuries which ancient monuments of every description within the county of Suffolk may from time to time be threatened and to collect accurate drawings, plans and descriptions thereof and;
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to promote interests in local archaeological and historical matters.
Public benefit reporting
The Council confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives, in shaping objectives for the year and in planning future activities.
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011.
Achievements and performance
The charity substantially relies on income from membership, publications and legacies, and to a lesser extent grants and investments, to cover its operating costs. In setting the level of fees, charges and concessions, the trustees give careful consideration to the accessibility of its activities for those on low incomes.
The charity published its annual Proceedings and two editions of its newsletter. We have digitised and published online Volume IV and volumes for 2019 to 2021 (inclusive) of the Proceedings . We have funded the digitisation and online publication (without pay wall) of Suffolk Charters held by the Bodleian Library, Oxford and celebrated completion of the project with a conference at our 2024 AGM.
The charity continued its programme of regular lectures both live and on Zoom online conferencing software. It also had a full programme of summer excursions. We were represented once again at the Rendlesham Revealed celebration event.
The charity paid grants of £5,000 to a joint project with the Historic Towns Trust to produce a historical map of Ipswich; £2,485 to the Freston Archaeological Research Mission to conduct scientific analysis of materials from the site and £3,000 to the Suffolk Napoleonic Volunteers Trust for restoration of a painting of Capt. John Henniker-Major.
The charity also approved in principle the following grants payable in 2025 to organisations sharing its objectives: £10,000 to the Rendlesham Revealed Project towards the cost of specialist analyses of material from the site and £5,000 to the West Stow Museum towards the acquisition of the Bardwell Pyramid Mount.
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Trustees' annual report (continued)
Year ended 31 December 2024
Financial review
The Statement of Financial Activities shows the performance at the year end date, which the Council consider to be satisfactory, and has allowed for the development of the various activities during the year. Income for the year amounted to £30,345 (2023: £26,611). Expenditure was lower at £32,799 (2023: £42,416) during the reporting period, primarily due to reduced grants paid, which resulted in net expenditure of £2,454 (2023: £15,805). Subsequently total funds carried forward marginally decreased to to £275,051 (2023: £277,505) of which £264,702 (2023: £276,299) relates to cash balances.
Reserves policy
The unrestricted reserves of the charity comprises of readily accessible funds held for immediate use in meeting the charity's recurring day to day activities and funds held in secure term deposit accounts available for future projects and activities. The charity retains the equivalent of 2 years' subscription income currently averaging £15,000 per annum in accounts which are immediately accessible.
Investment policy
Surplus funds not required to meet planned expenditure over the next 12 months are invested in interest bearing deposit accounts with established financial institutions which provide a reasonable return while fully protecting the capital invested.
Risk management
The major risks to the charity have been identified and reviewed. Systems have been established to mitigate these risks.
The charity follows good practice guidance from recognised independent voluntary sector standards and organisations to ensure that its services are of the highest quality and to reduce risk.
Plans for future periods
During 2025, the charity will continue live and Zoom online conferencing software lectures, together with summer excursions.
The charity will publish its annual Proceedings and two editions of its newsletter and will continue to communicate with its membership on a monthly basis through MailChimp messaging.
The charity plans to publish a new volume by Rev Tony Redman on Suffolk Stone .
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Trustees' annual report (continued)
Year ended 31 December 2024
Structure, governance and management
The charity is an unincorporated organisation governed by the rules adopted on the 28 April 1984 as amended on the 7 April 2011, 12 April 2014 and 4 April 2020. The unincorporated charity number is 289512.
Key roles of Council Members and Trustees, whom are referred to as Council Members throughout the financial statements, and who served during the year are disclosed on the officers and information page of the financial statements.
Council recruitment and training
Council recruitment follows best practice as outlined within the Governance Code. Council members are chosen to give Suffolk Institute of Archaeology and History a range of skills and expertise to ensure the charity is managed effectively. The Council recruits experienced professional people in the relevant field of its aims and objectives.
Potential Council members attend an informal interview. Once appointed they are given an overview of the organisation, a copy of its policies and procedures as well as an up to date set of accounts. Council members are also given a copy of the Charity Commission advice leaflet CC3 'The Essential Trustee' What You Need To Know' 'The Governance Code' and have access to online governance learning materials.
The Archaeological Service of Suffolk County Council, the Suffolk Archives, the University of Suffolk and the Suffolk Records Society are each entitled to appoint one Council member.
True and fair override
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Independent examiner reappointment
A resolution to appoint A Robinson FCA of Lovewell Blake LLP as independent examiner will be proposed at the next meeting.
The trustees' annual report was approved on .............................. and signed on behalf of the board of 11/3/2025 trustees by:
J Caruth P Tatum Chair Hon. Financial Secretary
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Independent examiner's report to the trustees of Suffolk Institute of Archaeology and History
Year ended 31 December 2024
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do 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.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
A Robinson FCA Independent Examiner
Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA 12/3/2025
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Statement of financial activities
Year ended 31 December 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 16,982 | 16,982 | 17,444 |
| Charitable activities | 5 | 2,516 | 2,516 | 2,136 |
| Investment income | 10,847 | 10,847 | 7,031 | |
|
|
|
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| Total income | 30,345 | 30,345 | 26,611 | |
|
|
|
||
| Expenditure | ||||
| Charitable activities | 6 | 32,799 | 32,799 | 42,416 |
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|
|
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| Total expenditure | 32,799 | 32,799 | 42,416 | |
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|
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|
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| Net expenditure and net movement in funds | (2,454) | (2,454) | (15,805) | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 277,505 | 277,505 | 293,310 | |
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| Total funds carried forward | 275,051 | 275,051 | 277,505 | |
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|
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 12 form part of these financial statements.
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Balance sheet
31 December 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Current assets | |||||
| Debtors | 9 | 13,888 | 13,356 | ||
| Cash at bank and in hand | 264,702 | 276,299 | |||
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|
||||
| 278,590 | 289,655 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 10 | (3,539) | (12,150) | ||
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| Net current assets | 275,051 | 277,505 | |||
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| Total assets less current liabilities | 275,051 | 277,505 | |||
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| Net assets | 275,051 | 277,505 | |||
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| Funds of the charity | |||||
| Unrestricted funds | 275,051 | 277,505 | |||
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| Total charity funds | 11 | 275,051 | 277,505 | ||
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These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: 11/3/2025
J Caruth P Tatum Chair Hon. Financial Secretary
The notes on pages 9 to 12 form part of these financial statements.
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Notes to the financial statements
Year ended 31 December 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Wheal Grace, Church Road, Mendlesham, Stowmarket, Suffolk, IP14 5SF.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis and the Council believe that no material uncertainties exist. The Council have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Income tax
As an unincorporated charity, the activities are exempt from United Kingdom Income and Corporation taxation, provided that the income is applied to charitable purposes.
Fund accounting
Unrestricted funds are available for use at the discretion of the Council to further any of the charity's purposes.
Income
All income is included in the Statement of Financial Sctivities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Notes to the financial statements (continued)
Year ended 31 December 2024
3. Accounting policies (continued)
Income (continued)
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from charitable activities is recognised with the delivery of the contracted proceedings and book sales. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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income from investments consists of bank interest and is accounts for when receivable.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. Donations and legacies
| Unrestricted | Total funds | Unrestricted | Total funds | |
|---|---|---|---|---|
| funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations and legacies | 365 | 365 | 1,667 | 1,667 |
| Gift aid | 2,526 | 2,526 | 1,348 | 1,348 |
| Membership subscriptions | 14,091 | 14,091 | 14,429 | 14,429 |
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| 16,982 | 16,982 | 17,444 | 17,444 | |
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Notes to the financial statements (continued)
Year ended 31 December 2024
5. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Proceedings | 2,464 | 2,464 | 1,854 | 1,854 |
| Book sales | 52 | 52 | 282 | 282 |
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| 2,516 | 2,516 | 2,136 | 2,136 | |
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| Expenditure on charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Insurance | 90 | 90 | 518 | 518 |
| Subscriptions | 239 | 239 | 442 | 442 |
| Administration costs | 4,330 | 4,330 | 5,129 | 5,129 |
| Lectures and excursions | 2,196 | 2,196 | 1,468 | 1,468 |
| Proceedings | 10,275 | 10,275 | 9,760 | 9,760 |
| Newsletters | 2,336 | 2,336 | 2,294 | 2,294 |
| Grants | 10,485 | 10,485 | 21,445 | 21,445 |
| Field group | 1,218 | 1,218 | 200 | 200 |
| Independent examiners fee | 1,630 | 1,630 | 1,160 | 1,160 |
|
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| 32,799 | 32,799 | 42,416 | 42,416 | |
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6. Expenditure on charitable activities
7. Staff costs
Suffolk Institute of Archaeology and History has no employees, therefore the average head count of employees during the year was Nil (2023: Nil) and no amounts were paid to key management personnel (2023: Nil).
8. Trustee remuneration and expenses
The charity reimbursed expenses incurred on behalf of the Charity to 4 (2023: 2) Trustees whom were members of the Council in the year, at a total value of £387 (2023: £468). No member of the Council received any remuneration during the year.
9. Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Prepayments and accrued income | 1,434 | 1,487 | |
| Other debtors | 12,454 | 11,869 | |
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| 13,888 | 13,356 | ||
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||
| 10. | Creditors: Amounts falling due within one year |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 3,316 | 3,112 |
| Other creditors | 223 | 9,038 |
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| 3,539 | 12,150 | |
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Docusign Envelope ID: 2D2E56DE-B3D2-45AF-85D2-D62C32528D3A
Suffolk Institute of Archaeology and History
Notes to the financial statements (continued)
Year ended 31 December 2024
11. Analysis of charitable funds
| At 31 | |||||
|---|---|---|---|---|---|
| At 1 | January | December | |||
| 2024 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General fund | 277,505 | 30,345 | (32,799) | – | 275,051 |
|
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|
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| At 31 | |||||
| At 1 | January | December | |||
| 2023 | Income | Expenditure | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General fund | 293,310 | 26,611 | (42,416) | – | 277,505 |
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| Analysis of net assets between funds | |||||
| Year ended 31 December 2024 | |||||
| Net current | |||||
| assets | Total | ||||
| £ | £ | ||||
| Unrestricted funds | 275,051 | 275,051 | |||
|
|
||||
| Year ended 31 December 2023 | |||||
| Net current | |||||
| assets | Total | ||||
| £ | £ | ||||
| Unrestricted funds | 277,505 |
277,505 |
12. Analysis of net assets between funds
13. Related parties
Last year the charity paid Dr K Briggs £75 for giving a lecture to the charity's members, being a nonTrustee related service. No amount was paid by the charity to Dr K Briggs in the current year.
There were no other related party transactions in this or the prior year.
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