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2020-12-31-accounts

NORFOLK AND NORWICH ARCHAEOLOGICAL SOCIETY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report, with the financial statements of the Society, for the year ended 31st December 2020.

Building Society

Registered address

Bankers

64 The Close Norwich NR1 4DH

Barclays Bank plc Leeds Building Society 5/7 Red Lion Street 6-7 Guildhall Hill Norwich Norwich NR1 3QH NR2 1JG

Solicitors

Insurance providers

Investment advisors

Leathes Prior 74 The Close Norwich NR1 4DR

Towergate Insurance Investec Wealth & Investment Towergate House, 2 Gresham Street, 5 Airport West, London Lancaster Way, EC2V 7QN Leeds LE19 7ZA

Independent Examiner for Accounts

Ian Barlow, Sexty & Co 124 Thorpe Road Norwich NR1 1RS PRESIDENT AND VICE PRESIDENTS in 2020

President: Vice Presidents:

B S Ayers M R Begley A Fakes Professor E C Fernie

Dr A Hutcheson

R Bellinger Ms. S. Cabot The Ven. Professor W M Jacob Mrs H Paterson

ELECTED COUNCIL MEMBERS in 2020

S Ashley Dr W. Bowden Dr C Haynes D Leak A Pask Dr C Rylands Dr J M Barney Ms J E Bown

Dr S C Kaner Dr V Morgan Dr T J Pestell T. Bradstreet D J King T P Nuthall Dr A Rogerson

HON. SECRETARIES AND OFFICERS in 2020

R Bellinger E G Perry Mrs J M Sims Mrs M Gooch Dr K Robinson A Graham Kerr S R Cabot Ms S Anderson

Hon Treasurer Hon General Secretary Hon Librarian Hon Excursion Secretary Hon Lectures Secretary Hon Membership Secretary Hon Publicity and Hon YAC Organiser Hon Editor

1

AIMS and OBJECTIVES

The Norfolk and Norwich Archaeological Society (the Society), formed in 1846, exists to advance the education of the public through the study of archaeology in Norfolk, which includes as ancillary to this:

  1. The study of the history, architecture and antiquities of Norfolk;

  2. The collection and publication of information on the ancient arts and monuments of the county;

  3. The encouragement of individuals and public bodies in making researches and excavations;

  4. The prevention of injury to and destruction of all kinds of objects of archaeological value.

ADMINISTRATION and CONSTITUTION

The Society is governed by its own constitution and is a registered charity as defined by the Charities Acts 2006 and 2011. (Charity Number 311116)

The trustees at 1[st] January 2020 were as set out below:

Trustee Additional Roles and Notes Dr Andrew Hutcheson President. Chair, Conference Planning Group. Roger Bellinger Hon. Treasurer Edmund Perry Hon. General Secretary Dr John Barney (Resigned September 2020) Dr Victor Morgan Trevor Nuthall Margaret Gooch Hon. Excursion Secretary Sophie Cabot Hon. Publicity, YAC. (Acting Hon.Gen.Sec from Jan ‘21) Dr Andrew Rogerson Dr Clare Haynes Chair, Publications Committee. Dr John Davies Alan Pask Sue Anderson Hon. Editor, Webmaster (Resigned during year.)

Changes during and after the year :

Each trustee signed a trustee eligibility declaration and the Society has in place a trustee insurance policy through Towergate Insurance.

TRUSTEES RESPONSIBILITIES

The Trustees have and accept ultimate responsibility for directing the affairs of the Society, and ensuring that it is solvent and well-run, and for delivering the charitable outcomes for the benefit of the public for which it has been set up. They are responsible for safeguarding the assets of the Society and taking reasonable steps to prevent fraud and other irregularities. They must ensure that the Society complies with charity law, and with the requirements of the Charity Commission, in particular that the Society prepares an annual report on what it has achieved and annual returns and financial statements as required by law.

2

In preparing those financial statements, the Trustees are required to:

The Trustees receive support and advice from the Council which consists of the Trustees, the vice-presidents, the officers and other elected members.

RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES

The Society requires a good selection of skills amongst the Trustees to cover all the areas which the Society encompasses. The Trustees intend putting in place recruitment, selection and induction procedures as recommended by the Charity Commission. Role descriptions are being agreed and issued. All the trustees, other Council members and officers are volunteers with the exception of the Editor of the Journal. (*see also p.4 under ‘Administrative Support’.)

POLICIES

The Trustees have put in place and set out on the Society’s website policies covering:

Health and Safety Equal Opportunities Protection of Children and Vulnerable Adults Volunteers Policy Conflicts of Interest Policy Trustee Code of Conduct Declaration of Interest Risk Assessment

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit. The purpose of the charity is encapsulated in its objects to make available its resources to as wide an audience as possible, to encourage the study of the history, architecture and antiquities of Norfolk.

To this end the library is open (excluding when restricted by Covd19 rulings) two mornings a week; lectures are open to the public; and the Society website gives all necessary general information to ensure that the public can benefit from its services. The range of activities listed below makes a positive contribution to the study of Norfolk archaeology and contributes significantly to achieving the aims and objectives of the Society.

ANNUAL GENERAL MEETING

The AGM took place on Saturday 5[th] September 2020, virtually by ZOOM. The Annual Report and Accounts were accepted. The Trustees were re-elected with the addition of Dr Annie Grant. The President, Honorary Officers, Council members and Vice-Presidents were re-elected.

3

ACHIEVEMENTS and PERFORMANCE

The Society’s activities during the year were severely curtailed by the Covid-19 pandemic and subsequent restrictions. In particular all excursions, including a four-day trip to Kent were cancelled.

MEMBERSHIP

Individual Household Corporate Overseas Total 2019 266 83 36 25 410 2020 234 79 30 21 364

The reduction in membership may be a result of the curtailed activities in 2020, but also, sadly, of deaths and ill health due to the pandemic.

ADMINISTRATIVE SUPPORT

Following the decision, referred to in last year’s Report, to work with the Norfolk Archaeological Trust and to employ an administrative assistant, a brief was designed to recruit a suitable person to help with managing data and communication with the membership. In addition assistance is needed to arrest the decline in membership numbers shown above. In 2020, a total of £312.33 was paid to NAT towards this process. Although the recruitment was successful, it immediately became apparent that the Society’s membership records needed a major overhaul before the recruit could operate. As a result the administrative assistant resigned, and a working party was set up to employ a digital project consultant to address these issues. This process is ongoing, and the issue of any requirement for paid support will be revisited once it has been completed.

LECTURES

Our winter lectures, (open to all) were held at the Town Close Auditorium, Norwich Castle Museum as usual until March 2020. Numbers dropped noticeably early in the year, and following national lockdown, from September 2020 onwards, lectures were given virtually over Zoom. Summaries of some of these lectures are posted on the Society’s website & newsletter

newsletter
Lectures in 2020 were: Members Guests Total
4 Jan: Dr Andrew Hutcheson, Nara to Norvic: arrivals and beliefs at the 55
13
68
Centre for Archaeology and extremities of the Silk Roads – an examination of
Heritage, SISJAC the archaeology of religion (550–1000)
1 Feb: Dr Gareth Davies, Recent Work on the Archaeology of Nottingham 49
8
57
Trent & Peak Archaeology
7 Mar: Brian Ayers, former The Sue Margeson Memorial Lecture: 63
26
89
Norfolk County Archaeologist. Recent Viking Age Excavations in Scandinavia
5 Sep:Prof Will Bowden, AGM + Caistor Roman Project Update By Zoom:
Nottingham University
Oct 3:Dr Vic Morgan,
UEA (ret)
Nov 7:Prof Nick Ashton,
British Museum		 900 Years On: Thomas Becket In Norfolk
Prehistoric Archaeology at Barnham, Suffolk.
Joint with The Prehistoric Society.		 (Average ‘attendance’ at
these online events was
80, with the Prehistoric
Society lecture attracting
over 100, but it was not
Dec 5:John Percival, Recent Archaeology In Norfolk. possible to record the
Historic Environment Senior Joint with NAHRG. member/guest split.)
Officer, NCC.

EXCURSIONS

All summer excursion planned for 2020 had to be cancelled, due to the international COVID19 pandemic, and resulting restrictions. Fortunately this became clear before any costs had been incurred.

4

COMMUNITY ARCHAEOLOGY CONFERENCE

A sub-group has been set up to organise a conference; due to COVID 19 restrictions this is now to be held in 2022, on the subject of community archaeology in Norfolk.

GOVERNMENT WHITE PAPER - “PLANNING FOR THE FUTURE”

This Government White Paper proposes a radical revision to the planning system for England and, due to our concern that the importance of heritage and archaeology is not recognised, the Society submitted a response. Our submission can be seen on the Society’s website.

PUBLICATIONS

NORFOLK ARCHAEOLOGY

The Society publishes its Journal, Norfolk Archaeology, each spring. This is usually issued as a single softback part, covering the previous year. Because of a historical backlog however, following a decision made in 2019, Vol 48, Part 1 (2018) and Vol 48, Part 2 (2019) were sent to the printers at the same time in 2020, and both were distributed together to save postage. The double issue was sent to 419 members at the end of July 2020.

WEBSITE AND SOCIAL MEDIA

The Societies website (www.nnas.info) was active throughout 2020. Plans are underway to upgrade it in 2021, to provide more functionality, including online membership management. The Facebook page continued with over 500 followers, mostly in the UK but perhaps only a third in East Anglia.

Our Twitter page had 391 followers, up from 150 a year ago, mostly local heritage groups or individuals. We hope to continue to build on this in the future.

A YouTube channel was set up and has five subscribers. In 2020 it featured a single video. of the Great Ryburgh lecture in December 2017, which has been viewed by over 100 times

NEWSLETTER

Three newsletters were issued this year, in Spring and Autumn 2020, edited by Sue Anderson and a Winter 2020/2021 edition by Edmund Perry and Alistair Graham Kerr. Topics covered included local society fieldwork reports, lecture programmes and NNAS news.

MEMBERS EMAIL

Regular monthly email updates were issued to members who had registered an email address (still only about half of the total membership). These contained reminders for lectures and events as well as other items of interest. Occasional ‘special’ emails were also issued as required, for instance in response to lockdown – but since the email list is not exhaustive, this has not become the Society’s main form of communication, and all the same information is included on the website and/or in a print newsletter.

LIBRARY

The library of the Society is open to all, whenever the Norfolk Record Office, where it is housed, is open. Another 35 items were added to the Library by early March and before the NRO closed due to the Covid-19 pandemic. Imogen Ashwin, widow of our late member Trevor Ashwin, donated several boxes of books, mainly Proceedings of the Prehistoric Society. In October the Librarian collected an almost complete run of Post-Medieval Archaeology [1968-2013] from our late member Anthony Thwaite. All the lists we have made, preserved on memory sticks, are being used to update the catalogue hosted on the website. The website manager indicated that the Librarian had updated 2238 entries and added 690 new entries during 2020; about two thirds of the library have been re-listed, and

5

by the end of 2020 ten stacks were updated in the online catalogue. The NRO staff are storing all new items which continue to arrive during closure and electronic invoices have been passed to the Treasurer.

YOUNG ARCHAEOLOGISTS CLUB (YAC)

The Society continues to support a thriving CBA Young Archaeologists Club branch in Norwich, which provides monthly activities in the school year to about 20 members aged 8- 16. New members are recruited regularly, and a team of 4 volunteers run the branch, including a Young Leader, an 18-year-old former branch member.

In 2020, monthly meetings continued as normal until early March. From April onwards, due to national lockdown, virtual meetings have taken place online using Zoom or Teams. Despite these restrictions, the group has continued, and indeed grown. The Spring 2021 NNAS Newsletter contains a list of topics and activities undertaken, including participation in the Heritage Heroes Awards, and the creation of an exhibition to present to the public in 2021.

GRANT MAKING

The Society continues to support local archaeological activities and publications with grants. These are applied for using the Society’s grant application form, with letters of support, and then agreed to (or not) by the Trustees.

Grants made in 2020 were: Grants made in 2020 were:
Dr Matthew Silence A publication on Monumental Brasses in Norfolk in the £300
19thCentury
Dr Helen Lunnon A publication on East Anglian Church Porches £359
Norfolk Archaeological A new Guidebook for Caistor Roman Town £2,500
Trust
Dr Natasha Harlow Copyright costs for a publication on Iron Age & Roman £600
East Anglia

FINANCIAL REVIEW

The financial statements for the year ended 31 December 2020 appear on pages 8 to 13 of this document, with the report of the Independent Examiner following on page 14. At 31 December 2020 the balance at Barclays Bank on current account was £28,133 and the balance at Leeds Building Society was £16,984. The portfolio was valued at £642,261 and, together with building society interest, generated an income of £19,642 for 2020. Total Society income was £30,870 and expenditure £21,181. Net assets amounted to £681,601.

RESERVES POLICY

The Society’s reserves are not restricted and are believed to be sufficient:

6

INVESTMENTS

The principle asset of the Society is its portfolio of investments which is unrestricted and is considered more than adequate to meet any unexpected call on the Society’s funds. It is invested in accordance with the Society’s constitution and the Trustee Act 2000. In line with Sections 4, 5 and 15 of that Act, the Trustees have put in place an investment policy document with Investec Wealth & Investment Limited. The overall objectives are to create sufficient income and capital growth to enable the charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of, and if possible, enhancement of the value of the invested funds while they are retained. The objectives are to be achieved by investing prudently in a broad range of fixed interest securities, UK and overseas equities which are quoted on a recognised investment exchange, and unit trusts and OEICs (open ended investment companies) which are authorised under the Financial Services and Markets Act 2000.

The investment policy criteria are a balanced return between income and capital at medium risk and a discretionary mandate over a 10 year + time horizon. The portfolio asset allocation falls within broad planning ranges and the performance is measured against a weighted average of the movements in the comparative indices (a bespoke benchmark). There is no investment in unquoted securities. Dividends and interest are paid into the Society’s bank account quarterly. The investment policy document agreed with Investec contains the following paragraph:

The trustees reserve the right to exclude companies that carry out activities contrary to their aims or from holding particular investments which damage the Charity’s reputation. Trustees expect the fund manager to have considered the suitability of investments of the same kind as any particular investment proposed to be made or retained.

The investment policy document and its arrangements are reviewed regularly by the Trustees.

At 1 January 2020 the market value of the managed fund was £652,919 but, with major market falls in the first quarter of the year and despite £20,000 added to the fund in January, by 31 March the market value had fallen to £603,583. There was a further fall to 30 June when the valuation had declined to £586,442. Since then there has been a degree of market recovery and successive valuations have been £587, 934 at 30 September and £642,261 at the year end. During the year realised losses were £12,659 and a net decrease in value of a further £12,119. Income from investments, which was £18,269 in 2019 actually increased in 2020 to £19,642 largely because of the investment of the Garland legacy in the spring of 2019. Advice from the investment managers is that it will be difficult to match the income received in 2020 as many companies have reduced dividends in order to preserve cash during the continuing Covid pandemic. However we believe that the majority of the dividend cuts have now taken place and would expect that the current income level of c. £19,000 to be relatively stable. This should mean that the sums available for the payment of grants, the chief discretionary element of the Society’s expenditure remain mostly unchanged.

.

Thanks are due to all the officers of the Society for the work they have carried out during the year.

ON BEHALF OF THE TRUSTEES

...................................................... Sophie Cabot – Acting Honorary General Secretary, April 2021

7

NORFOLK & NORWICH ARCHAEOLOGICAL SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note 2020 2019
INCOMING RESOURCES £ £
Legacy receipt 3 - 209,029
Subscriptions 8,857 8,219
Investment income 4 19,642 18,269
Sales of publications 29 172
Donations 1,067 343
Tax refunds 1,275 1,282
______ ______
Total incoming resources 30,870 237,314
______ ______
RESOURCES EXPENDED
Charitable expenditure
Norfolk Archaeology 5 1,736 9,494
Winter lecture costs 426 1,215
Digitisation 6 2,061 880
Grants 7 4,760 11,430
Library 8 2,822 3,598
Subscriptions and donations 334 314
Other expenditure
Investment management costs 5,541 5,959
Other costs 9 3,501 3,697
______ ______
Total resources expended 21,181 36,587
_ _
Net incoming resources before other
recognised (losses) gains 9,689 200,727
OTHER RECOGNISED (LOSSES) GAINS
Realised (losses) surplus on sale of investments 10 (12,659) 3,284
(Deficit) surplus on revaluation of investments 10 (12,119) 47,536
______ ______
NET MOVEMENT IN FUNDS (15,089) 251,547
_ _
RECONCILIATION OF FUNDS
Funds brought forward 696,690 445,143
_ _
FUNDS CARRIED FORWARD £681,601 £696,690
_ _

8

NORFOLK & NORWICH ARCHAEOLOGICAL SOCIETY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
£ £
Net incoming/(outgoing) resources, before investment
movements 9,689 200.727
Increase/(decrease) in creditors (9,561) 10,201
Decrease/(increase) in debtors and prepayments 132 (1,217)
Added to managed funds (20,000) (200,000)
Investment management fees paid through capital cash
deposit, less capitalised interest, both part of managed funds 5,880 5,087
______ ______
Increase/(decrease) in bank balances (Barclays Bank & Leeds
Building Society) £(13,860) £14,798
______
 ______

9

NORFOLK & NORWICH ARCHAEOLOGICAL SOCIETY

BALANCE SHEET - 31 DECEMBER 2020

BALANCE SHEET- 31 DECEMBER 2020
2020 2019
£ £
INVESTMENTS
Managed funds 10 642,261 652,919
__ __
CURRENT ASSETS
Taxation recoverable 1,273 1,281
Due from investment managers 3,553 3,617
Contributions to cost of Norfolk Archaeology 2,900 2,885
Subscriptions in arrear 150 225
Balances at banks
Barclays 28,133 42,001
Leeds Building Society 16,984 16,976
_ _
52,993 66,985
_ _
CURRENT LIABILITIES
Creditors
Subscriptions in advance 166 230
Provision for production and despatch of
Norfolk Archaeology 5,477 15,130
Grants 7 7,364 6,000
Other 646 1,854
_ _
13,653 23,214
_ _
NET ASSETS £681,601 £696,690
_ _
represented by
UNRESTRICTED INCOME FUND £681,601 £696,690
_ _

The charity’s trustees are responsible for the preparation of the accounts. The members have not required the charity to obtain an audit of its financial statements for the year ended 31 December 2020 under section 144(2) of the Charities Act 2011. An independent examination has taken place.

These financial statements were approved by the Council and trustees on 20 April 2021 and were signed on its behalf by:

………………………………….…………… Andrew Hutcheson – President [ ] ……………………………………… Roger Bellinger – Hon.Treasurer [ ]

………………………………………… Sophie Cabot – Acting. Hon. Gen. Secretary [ 27/04/2021]

10

NORFOLK AND NORWICH ARCHAEOLOGICAL SOCIETY

NOTES TO THE ACCOUNTS – YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

2. MANAGEMENT COSTS, TRUSTEE EXPENSES AND RELATED PARTY TRANSACTIONS

As explained in the trustees’ report the management and activities of the Society are directed by the trustees and officers who are in every case volunteers. In consequence there are no staff costs. A sum of £1900 was paid during the year to the editor of the journal, a former trustee.

Notes 5, 6, and 8, include the cost of stationery, postage and sundry supplies and services and the costs of certain other outlays reimbursed to trustees and officers of the society totalling £392

3. LEGACY RECEIPT

The credit of £209,029 in 2019 represented a legacy received from the executors of the estate of Miss Valerie Mary Garland.

4. INVESTMENT INCOME

4. INVESTMENT INCOME
2020 2019
£
 £
Building Society interest 8 8
Income from managed investment fund (Note 10)
Interest from corporate bonds, bond funds and government stocks
(fixed interest) 5,085 3,502
Dividends from infrastructure investments 2,961 1,734
Dividends from UK unit trusts (equities) 9,194 10,918
Income from property funds 2,388 2,013
Cash on deposit 6 94
______ ______
£19,642 £18,269
______ ______

11

5. NORFOLK ARCHAEOLOGY

2018 and 2019 editions
Total net costs
Adjustment for overprovision
2020 edition
Printing
Typesetting
Despatch
Recoveries		 2020
(841)
3,397
1,080
1,000
(2,900)
__
£1,736
____		 2019
9494
__
£9,494
____

6. DIGITISATION

The Society's journal, Norfolk Archaeology, Volumes 1 to 44 covering the period 1846 to 2005, have been scanned and have been made available on the Society's website. This exercise was given financial support by the Marc Fitch Fund

7. GRANTS

In 2018 the trustees approved £5,000 to be paid to the Caistor Research Fund in five annual instalments of £1,000. £2,000 has been paid so far and a further £1,000 is reserved in these accounts leaving two further grants to be charged when paid in future years. £6,364 has been provided to pay for the Fransham publication including £1,364 contribution received from a third party. Other grants approved and paid in 2020 included £2,500 to The Norfolk Archaeological Trust towards the cost of a new guidebook for St Benet’s Abbey and three grants under £1,000

8. LIBRARY

The Society’s library consists of a collection of books, manuscripts, drawings and prints built up over many years, having a considerable but not readily quantifiable value. The Council considers that this collection forms an essential adjunct to the activities of the Society.

Library costs were as follows:

Rental paid to Norfolk Archive Centre
Book purchases
Librarian's expenses
Computer costs
 2020
£
2,500
152
170
-
__
£2,822
____		 2019
£
2,500
429
549
120
__
£3,598
____

12

9. OTHER COSTS

Printing and despatching newsletters
Insurance and CBA affiliation
Secretarial and membership expenses
Administrative assistance
Federation subscription and diaries
Loss/(Surplus) on residential excursions
Surplus/ Loss on other excursions
Web site costs
Accountancy fees		 2020
£

1,809
546
397
312

56
-
-
81
300
__
£3,501
____		 2019
£
1,371
532
351
-
56
933
(160)
214
400
__
£3.697
____

10. INVESTMENTS

The bulk of the Society’s assets are invested under the discretionary management of Investec Wealth & Investment Limited. Movements on the managed fund during 2020 as reported by the managers, were as follows:

reported by the managers, were as follows:
Cost Market Value
£ £
At 31 December 2019 585,163 652,919
Cash introduced 20,000 20,000
Net losses on sales (12,659) (12,659)
Management fees paid from invested funds (5,914) (5,914)
Capitalised interest 34 34
Net decrease in values (12,119)
______ ______
At 31 December 2020 £586,624 £642,261
______ ______
The net loss on sale of ££12,659 and the decrease in market values of £12,119 have been
dealt with in the statement of financial activities on Page 8
Investments quoted on the London Stock Exchange at mid-market price:
Fixed income 20,345 20,847
Equities 88.419 86,664
Infrastructure funds 56,638 62,251
_ ______
165,402 169,762
_ ______
Investments at the mid-prices prevailing on the valuation date as supplied by fund managers:
Fixed income 118,120 124,078
Equities 247,336 292,762
Property funds 51,494 51,387
_ ______
416,950 468,227
_ ______
Capital cash fund 4,272 4,272
______ ______
Total of managed invested fund £586,624 £642,261
______ ______

13

NORFOLK & NORWICH ARCHAEOLOGICAL SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note 2020 2019
INCOMING RESOURCES £ £
Legacy receipt 3 - 209,029
Subscriptions 8,857 8,219
Investment income 4 19,642 18,269
Sales of publications 29 172
Donations 1,067 343
Tax refunds 1,275 1,282
______ ______
Total incoming resources 30,870 237,314
______ ______
RESOURCES EXPENDED
Charitable expenditure
Norfolk Archaeology 5 1,736 9,494
Winter lecture costs 426 1,215
Digitisation 6 2,061 880
Grants 7 4,760 11,430
Library 8 2,822 3,598
Subscriptions and donations 334 314
Other expenditure
Investment management costs 5,541 5,959
Other costs 9 3,501 3,697
______ ______
Total resources expended 21,181 36,587
_ _
Net incoming resources before other
recognised (losses) gains 9,689 200,727
OTHER RECOGNISED (LOSSES) GAINS
Realised (losses) surplus on sale of 10
investments (12,659) 3,284
(Defcit) surplus on revaluation of 10
investments (12,119) 47,536
______ ______
NET MOVEMENT IN FUNDS (15,089) 251,547
_ _
RECONCILIATION OF FUNDS
Funds brought forward 696,690 445,143
_ _
FUNDS CARRIED FORWARD £681,601 £696,690
_ _

8

NORFOLK & NORWICH ARCHAEOLOGICAL SOCIETY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
£ £
Net incoming/(outgoing) resources, before investment
movements 9,689 200.727
Increase/(decrease) in creditors (9,561) 10,201
Decrease/(increase) in debtors and prepayments 132 (1,217)
Added to managed funds (20,00 (200,000)
0)
Investment management fees paid through capital
cash deposit, less capitalised interest, both part of 5,880 5,087
managed funds
______ ______
Increase/(decrease) in bank balances (Barclays Bank &
Leeds Building Society) £(13,860) £14,798
______ ______

9

NORFOLK & NORWICH ARCHAEOLOGICAL SOCIETY

BALANCE SHEET- 31 DECEMBER 2020
2020 2019
£ £
INVESTMENTS
Managed funds 10 642,261 652,919
__ __
CURRENT ASSETS
Taxation recoverable 1,273 1,281
Due from investment managers 3,553 3,617
Contributions to cost of Norfolk
Archaeology 2,900 2,885
Subscriptions in arrear 150 225
Balances at banks
Barclays 28,133 42,001
Leeds Building Society 16,984 16,976
_ _
52,993 66,985
_ _
CURRENT LIABILITIES
Creditors
Subscriptions in advance 166 230
Provision for production and despatch of
Norfolk Archaeology 5,477 15,130
Grants 7 7,364 6,000
Other 646 1,854
_ _
13,653 23,214
_ _
NET ASSETS £681,601 £696,690
_ _
represented by
UNRESTRICTED INCOME FUND £681,601 £696,690
_ _

The charity’s trustees are responsible for the preparation of the accounts. The members have not required the charity to obtain an audit of its financial statements for the year ended 31 December 2020 under section 144(2) of the Charities Act 2011. An independent examination has taken place.

These financial statements were approved by the Council and trustees on 20 April 2021 and were signed on its behalf by:

………………………………….…………… Andrew Hutcheson – President [ ] ……………………………………… Roger Bellinger – Hon.Treasurer [ ]

10

………………………………………… Sophie Cabot – Hon. Secretary [ ]

11

NORFOLK AND NORWICH ARCHAEOLOGICAL SOCIETY

NOTES TO THE ACCOUNTS – YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

2. MANAGEMENT COSTS, TRUSTEE EXPENSES AND RELATED PARTY TRANSACTIONS

As explained in the trustees’ report the management and activities of the Society are directed by the trustees and officers who are in every case volunteers. In consequence there are no staff costs. A sum of £1900 was paid during the year to the editor of the journal, a former trustee.

Notes 5, 6, and 8, include the cost of stationery, postage and sundry supplies and services and the costs of certain other outlays reimbursed to trustees and officers of the society totalling £392

3. LEGACY RECEIPT

The credit of £209,029 in 2019 represented a legacy received from the executors of the estate of Miss Valerie Mary Garland.

4. INVESTMENT INCOME

4. INVESTMENT INCOME
2020 2019
£ £
Building Society interest 8 8
Income from managed investment fund (Note 10 )
Interest from corporate bonds, bond funds and government
stocks 5,085 3,502
(fxed interest)
Dividends from infrastructure investments 2,961 1,734
Dividends from UK unit trusts (equities) 9,194 10,918
Income from property funds 2,388 2,013
Cash on deposit 6 94
______ ______
£19,642 £18,269
______ ______

12

NORFOLK AND NORWICH ARCHAEOLOGICAL SOCIETY

NOTES TO THE ACCOUNTS – YEAR ENDED 31 DECEMBER 2020 (continued)

5. NORFOLK ARCHAEOLOGY

2020 2019
2018 and 2019 editions
Total net costs 9494
Adjustment for overprovision (841)
2020 edition
Printing 3,397
Typesetting 1,080
Despatch 1,000
Recoveries (2,900)
_ ______
£1,736 £9,494
_ ______

6. DIGITISATION

The Society's journal, Norfolk Archaeology, Volumes 1 to 44 covering the period 1846 to 2005, have been scanned and have been made available on the Society's website. This exercise was given financial support by the Marc Fitch Fund

7. GRANTS

In 2018 the trustees approved £5,000 to be paid to the Caister Research Fund in five annual instalments of £1,000. £2,000 has been paid so far and a further £1,000 is reserved in these accounts leaving two further grants to be charged when paid in future years. £6,364 has been provided to pay for the Fransham publication including £1,364 contribution received from a third party. Other grants approved and paid in 2020 included £2,500 to The Norfolk Archaeological Trust towards the cost of a new guidebook for St Benets Abbey and three grants under £1,000

13

NORFOLK AND NORWICH ARCHAEOLOGICAL SOCIETY

NOTES TO THE ACCOUNTS – YEAR ENDED 31 DECEMBER 2020 (continued)

8. LIBRARY

The Society’s library consists of a collection of books, manuscripts, drawings and prints built up over many years, having a considerable but not readily quantifiable value. The Council considers that this collection forms an essential adjunct to the activities of the Society.

Library costs were as follows:

Library costs were as follows:
2020 2019
£ £
Rental paid to Norfolk Archive Centre 2,500 2,500
Book purchases 152 429
Librarian's expenses 170 549
Computer costs - 120
______ ______
£2,822 £3,598
______ ______

9. OTHER COSTS

2020 2019
£ £
Printing and despatching newsletters 1,809 1,371
Insurance and CBA afliation 546 532
Secretarial and membership expenses 397 351
Administrative assistance 312 -
Federation subscription and diaries 56 56
Loss/(Surplus) on residential
excursions - 933
Surplus/ Loss on other excursions - (160)
Web site costs 81 214
Accountancy fees 300 400
______ _
£3,501 £3.697

14

NORFOLK AND NORWICH ARCHAEOLOGICAL SOCIETY NOTES TO THE ACCOUNTS – YEAR ENDED 31 DECEMBER 2020 (continued)

10. INVESTMENTS

The bulk of the Society’s assets are invested under the discretionary management of Investec Wealth & Investment Limited. Movements on the managed fund during 2020 as reported by the managers, were as follows:

Cost Market
Value
£ £
At 31 December 2019 585,163 652,919
Cash introduced 20,000 20,000
Net losses on sales (12,659) (12,659)
Management fees paid from invested funds (5,914) (5,914)
Capitalised interest 34 34
Net decrease in values (12,119)
_ _
At 31 December 2020 £586,624 £642,261
_ _

The net loss on sale of ££12,659 and the decrease in market values of £12,119 have been dealt with in the statement of financial activities on Page 8

Investments quoted on the London Stock Exchange at mid-market price:

Fixed income 20,345 20,847
Equities 88.419 86,664
Infrastructure funds 56,638 62,251
_ _
165,402 169,762
_ _

Investments at the mid-prices prevailing on the valuation date as supplied by fund managers.

Fixed income 118,120 124,078
Equities 247,336 292,762
Property funds 51,494 51,387
_ _
416,950 468,227
_ _

16

Capital cash fund
Total of managed invested fund		 4,272
4,272
__
___
£586,624
£642,261

 4,272

17

Indepgndent Examiner's Report to the Trustees of Norfolk and Nor4Ylch Archaeologlcal Soclety I report to the charity tlustees on my examination ol the accounts of the charity for the year èrbdgd 31 December 2020 which are set out on pages 8 to 13. Responslbllltl•s and basls of r•port As the charity's trustees you arè responsib￿ for tha preparation of tha accounts in 8¢¢ordance with the requirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the charbty's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission undar section 14515llbl of the Act. Ind•pond•nt •xamlnerfs stat•m•nt I have completed my examination. I confimi thal no material matters havè comè to my attantion in connection th the examination giving me cause to believe that in any material respect". accounting records were not kept in respect ol the charity as required by section 130 of the Act,. or the accounts do not accord with those records.. or the atcounts do not comply with the applicable requirements conceming the form and content of 8ceounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a'true and lair view, which is nol a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to whieh attantion should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. l A Barlow FCCA For and behalf of Sexty & Co Chartered certrfied Aceounlanls and Registered A*Jdilors 124 Thorpe Road NOrw￿h Norfolk NR1 1RS Date.. 11 May 2021