Patron: His Majesty The King ## **NORFOLK AND NORWICH ARCHAEOLOGICAL SOCIETY ANNUAL REPORT** The Trustees present their report, with the financial statements of the Society, for the year ended 31st December 2023. ## **Registered Address** 64 The Close Norwich, NR1 4DH ## **Bankers** Barclays Bank Plc 5/7 Red Lion Street Norwich, NR1 3QH ## **Building Society** Leeds Building Society 6-7 Guildhall Hill Norwich, NR2 1JG ## **Insurance providers** Towergate Insurance Towergate House, 5 Airport West, Lancaster Way, Leeds, LE19 7ZA ## **Investment Advisors** Rathbones (Incorporating Investec Wealth & Investment UK) 30 Gresham Street, London, EC2V 7QN ## **Independent Examiner for Accounts** ## **Solicitors** Leathes Prior 74 The Close Norwich, NR1 4DR Ian Barlow, Sexty & Co 124 Thorpe Road Norwich, NR1 1RS 1 ## **1. SOCIETY PERSONNEL in 2023** President: Dr A Grant Vice Presidents: Dr B S Ayers Mr R Bellinger Mr M R Begley Mr A Fakes The Ven. Prof W M Jacob Prof E C Fernie Dr A Hutcheson TRUSTEES Dr A Hutcheson Mr R Bellinger Ms S Cabot Mrs M Gooch Dr A Grant Dr C Haynes Mr T P Nuthall Mr A Pask Dr A Rogerson Mr A Moore Dr LJ Richardson Ms K Watling OTHER MEMBERS OF COUNCIL / MEMBERS OF THE ADVISORY PANEL Mr S Ashley Prof S C Kaner Prof W Bowden Dr J Gregory Mr D J King Mr D Leak OTHER MEMBERS OF COUNCIL / MEMBERS OF THE ADVISORY PANEL Ms. S. Cabot Mrs H Paterson Ms S Anderson Dr V Morgan Ms H Wallis Dr T J Pestell Mr Tony Bradstreet ADMINISTRATOR Ms Laura Apps-Green ## HON. SECRETARIES AND OFFICERS in 2023 Hon. Treasurer: Mr R Bellinger Hon. General Secretary: Ms S R Cabot Hon. Librarian: Mrs J M Sims Hon. Excursion Secretary: VACANT Hon. Lectures Secretary: Dr K Robinson Hon. Membership Secretary: A Graham Kerr Hon. Publicity Officer, Hon. YAC Organiser: Ms S R Cabot Hon. Editor, Norfolk Archaeology: Dr S Anderson Hon. Newsletter Editor. Convenor, Publications Committee: Dr C Haynes ## **2. 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. 2 ## **3. 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 in the year were as set out above. Each trustee signed a trustee eligibility declaration, and the Society has in place a trustee insurance policy through Towergate Insurance. Trustees Meetings took place on 10th Jan, 11th April, 18th July and 10th October. ## 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. In preparing those financial statements, the Trustees are required to: - Select suitable accounting policies and then apply them consistently. - Make judgements and estimates that are reasonable and prudent. - Prepare the financial statements on a going concern basis unless circumstances dictate that to do so would be inappropriate. - Take special care when investing the funds of the charity, or borrowing funds for the charity. • The Trustees receive support and advice from the Council of the Society, which consists of the Trustees, the vice-presidents, the officers and other advisory council members appointed by the Trustees. ## RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES The Society requires a good range of skills amongst the Trustees to cover all the areas which the Society encompasses. The Trustees will continue with recruitment, selection and induction procedures as recommended by the Charity Commission. Role descriptions continue to be worked on. All the trustees, other Council members and officers are volunteers; in the reporting period the Society employed a part-time paid administrator on a freelance basis. ## 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 In compliance with best practice, the Trustees have further resolved to formally adopt the Seven Principles of Public Life (Known as the ‘Nolan Principles’). These will be formally adopted at the next AGM, and form part of the Trustee Code of Conduct in future. 3 ## 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 for regular public use; 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. ## **4. ANNUAL GENERAL MEETING** The 177[th] AGM of the Society took place before the lecture on Saturday 2[nd] December 2023, at Norwich Castle Museum, and was streamed on Zoom for remote attendees. 22 members attended the meeting, of whom 1 participated via Zoom. It should be noted that this low turnout was probably due to the exceptionally cold weather, since both membership and active participation were strong in the reported year. The Annual Report and Accounts were accepted. The President’s term having come to an end a new President was elected, and Honorary Officers, Trustees and Vice-Presidents were re-elected. Full minutes are appended to this report. ## **5. ACHIEVEMENTS and PERFORMANCE** The Society’s activities during the year included a program of excursions in the summer months, lectures in the winter months and timely publication of the newsletters and journal, as well as electronic communications, support for Norwich YAC, and the making of a number of grants for research and publication. ## MEMBERSHIP The Society welcomed twenty-one individual members, seven households and 1 new corporate member over the course of 2023 ||Individual|Household|Corporate|Overseas|Total| |---|---|---|---|---|---| |2022|257|99|25|23|405| |(Data as Sept|2022)||||| |2023|278|106|26|23|433| |(Data as Sept|2023)||||| Most new memberships and renewals are now processed online via STRIPE, which makes joining and automatic renewal much more straightforward. See accounts appended. 4 ## LECTURES Lectures continued to be streamed live on ZOOM. Where possible, lectures are also now recoded, with a view to creating an online offer in future, to provide greater public benefit to non-members. Lectures in the reported year: - Jan 7 - Dr Richard Hoggett, Freelance Heritage Consultant, _M.R.James: East Anglian Antiquarian._ - Feb 4 - Dr Andrew Hutcheson, UEA & NNAS President _The Later Prehistoric Norfolk Project: Arminghall Henge and its Landscape._ - Mar 4 - Sue Margeson Memorial Lecture : Dr Sophie Beckett _Revealing aDNA Discoveries of Early Medieval Sedgeford._ - Sep 16 - Dr Jonathan House, Pre-Construct Archaeology, _Excavations in Norwich, under the shadow of the city walls._ - Oct 7 - Dr Ian Hinton, chair of Norfolk Historic Buildings Group, _The Churches of Broadland: the densest grouping of churches in the Country._ - Nov 4 - Prof Gary Lock (Emeritus Professor, Oxford University) and Prof Ian Ralston (Abercromby Emeritus Professor, Edinburgh University), _Atlas of the Hillforts of Britain and Ireland._ (Joint lecture with the Prehistoric Society) - Dec 2 - Dr Julia Farley (British Museum) & Dr Jody Joy (Cambridge University), _Latest Research on the Snettisham Hoards._ (Joint lecture with NAHRG) ## EXCURSIONS Summer visits were provided in June, July, August and September. Programme: - June 20th - Bury St Edmunds Abbey & West Stow Anglo Saxon Village, Coach Trip. £25.00 - • July 5[th] Hindringham Hall Tour and Tea, Self Driven. £27.50 • 7th August - The Britons Arms, guided tour. MEMBERS ONLY £6.00 • 3rd September Seven Sacrament Fonts Tour. Self Driven. £6.00 As usual attention was given to offering a range of prices, and a range of walking distances, for accessibility reasons. Apart from trips with very limited numbers, most excursions are open to nonmembers, and so offer public benefit. It should be noted that the coach trip to Bury incurred a considerable loss due to unsold seats in a large vehicle (see accounts). For this reason Trustees have agreed that there will be a presumption against coach travel for future excursions, unless no other viable option is available. ## CONFERENCE 2023 was a fallow year. The next biannual conference will take place in 2024. ## PUBLICATIONS The Society regularly publishes information on the archaeology of Norfolk, and on its own activities, via a number of platforms: 5 ## NORFOLK ARCHAEOLOGY In July 2023, the Society issued Volume 1 of the new, second, series of its journal Norfolk Archaeology, covering the year 2022. This new series marks a significant change to the journal, which has been a key output of the Society since 1847. We have moved to A4 format and full colour illustration, and a new full colour cover design. We will now issue a single volume per year, rather than four ‘parts’ over four years, followed by an index – a complicated and old fashioned publication system which had become too slow to meet modern needs. Papers in Volume 1 cover prehistoric sites at Wells, Wymondham and Postwick; multi-period sites at Fakenham, Scottow, Old Catton and Fincham; an Anglo-Saxon settlement at Heacham; postmedieval pottery and brick production in Cringleford; documentary research into field systems in West Norfolk and Happisburgh; studies of Paston Hall, Sir John Fastolf's Tittleshall manor, and the Tudor book trade in Norwich; plus an analysis of the prominent men and women in the early years of NNAS. It also contains a short contribution on Bronze Age axes, and annual roundups of sites and finds continued from the previous series, as well as obituaries and book reviews. The Trustees particularly wish to acknowledge their gratitude for the hard work of the Hon. Editor, Dr Sue Anderson, in leading this change to a more modern, attractive and fit for the future journal. ## NEWSLETTER Two newsletters were issued, in Spring and Autumn 2023, edited by Dr Clare Haynes. Topics covered included local society fieldwork reports, lecture programmes and NNAS news. The newsletter continues to be well received by the membership, but the workload involved in its preparation is considerable, and it has been agreed that additional volunteer support should be recruited. ## DIGITAL COMMUNICATIONS - **The Society’s website** (www.nnas.info) continued to be updated regularly throughout the year. - **Members Update** emails continued to be issued at the start of every month, and on other occasions as required to publicise activities or update pandemic arrangements. - **The Facebook page** continued to grow, rising from 1495 to 1700 followers. - **X (Twitter)** account followers have risen slightly, to 763. - **The YouTube channel** was again not used extensively in 2023. We hope to use this more extensively in future, but as a tool for embedding video in the website rather than as a standalone channel. ## LIBRARY 183 Items of archaeology and local history interest were added to the collection in the year. The Librarian is in the Library on Mondays but access to the collection continues to be available whenever The Archive Centre searchroom is open, in the reported year this was Tuesday-Friday, but it is likely that this will reduce in future due to NCC budgetary cutbacks. ## YOUNG ARCHAEOLOGISTS CLUB (YAC) The Society supports Norwich YAC. A full programme of Saturday morning meetings was offered in the school year, October-July. Approximately 20 young people attended most meetings, and membership continued to grow throughout the year. 6 In later 2023 the Young Archaeologists were involved in the ‘NAT100’ centenary project for Norfolk Archaeological Trust. This will be more fully reported in 2024. 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 totalling £5,370 were paid out in the year, the main ones being the Caistor Research Project and the Later Prehistoric Norfolk Project. Full details appear in the Notes to the Accounts, appended. ## **5. ROYAL PATRONAGE** Throughout the year we have awaited the result of the review of royal patronages which followed the death of Her Late Majesty in 2022. Whilst not resolved until after the reporting period, we are pleased to announce that His Majesty The King has graciously agreed to retain the patronage of NNAS. ## **6. FINANCIAL REVIEW** The financial statements for the year ended 31 December 2023 appear in the appended accounts, and will be followed by the report of the Independent Examiner when available. At 31 December 2023 the balance at Barclays Bank on current account was £33,359 and the balance at Leeds Building Society was £17,166. The portfolio was valued at £636,689 and, together with building society interest, generated an income of £22,020 for 2023. Total Society income was £33,041 and expenditure £26,977. Net assets amounted to £694,113. ## **RESERVES POLICY** The Society’s reserves are not restricted and are believed to be sufficient: (a) to provide funds to safeguard our service commitment in the event of delays in receipt of, or reduction in, membership subscriptions, or in the event of material unforeseen expenditure. (b) to cover expenditure, without which the Society could not function, for a period of 3 years running costs. The Trustees believe that reserves should be at least this level to ensure the Society runs efficiently and meets the needs of its members and the public. (c) to provide extra funds which can be designated to specific projects and/or deal with unforeseen emergencies. ## **INVESTMENTS** The principal 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. At 1 January 2023 the market value of the managed fund was £629,129 and this increased to £636,689 at the year end. 7 During the year realised deficit on sale of investments was £13,173 (In 2022 £14,052) and there was a surplus on revaluation of investments of £27,014 (In 2022 a net loss of £79,977) Income from investments, was £22,020 (2022 £20,943). In line with Sections 4, 5 and 15 of that Act, the Trustees have put in place an investment policy document with Rathbones, which now incorporates Investec Wealth & Investment Limited. The overall objectives of this policy 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. The policy 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. Dividends and interest are paid into the Society’s bank account quarterly. ## **7. CONCLUSION** 2023 was a good year for the Society. Membership, public engagement and activity have all grown, and we are now clearly ‘post-pandemic’ at last. The new journal series, along with new committee and administration arrangements, mark a step forward in modernisation. We look forward to 2024, the next conference year, as an opportunity to build on this progress. Thanks are due to all the volunteers of the Society for the work they have carried out during this year. Sophie Cabot Hon. Gen. Sec 10/10/24 8 **APPENDIX ONE: Minutes** of the 177th Annual General Meeting of The Norfolk and Norwich Archaeological Society, held on Saturday 2[nd] December 2023, at Norwich Castle Museum and online, 1.00PM 22 members attended the meeting, of whom 1 participated via Zoom. Votes were taken by show of hands, and all decisions were by unanimous consent unless recorded otherwise. The outgoing President, Dr Andrew Hutcheson, in the Chair, introduced the meeting by welcoming members, and introducing the agenda. ## **Agenda Item** **Proposer Seconder Decision** 1. Apologies, received from: Edmund Perry, Keith Robinson, Heather Wallis, Andrew Wood, Tony Bradstreet, Michael Begley, Charles Clarke. ## 2. Minutes of the 2022 AGM: Corrections and clarifications; none received. Resolution: That they be accepted as an accurate record, and archived in the Society Library. Judy Sims Julie Curl Agreed ## 3. Matters Arising None raised – the Hon.Gen.Sec noted that she would address item 10.2 under AOB. ## 4. Annual Report for 2022 (Taken as read) No questions to the Hon.Gen.Sec Resolution: That the presented report be accepted, and lodged with the Charity Commission Roger Bellinger Judy Sims Agreed ## 5. Annual Accounts for 2022 (Taken as read) No questions to the Treasurer Resolution: That the presented accounts be accepted, and lodged with the Charity Commission Sophie Cabot Julie Curl Agreed ## 6. Re-election of Trustees (i) Re-election of the trustees, all being willing to serve for a further term: Dr Andrew Hutcheson, Chair; Ms Heather Wallis, Dr Annie Grant, Alan Edward Pask, Dr Clare Haynes, Dr Andrew Rogerson, Mrs Margaret Gooch, Ms Sophie Cabot, Mr, Roger Bellinger, Mr Trevor Nuthall, Dr Victor Morgan. Julie Curl Roger Burnett Agreed ## 7. Election of President and Vice-Presidents Dr Hutcheson relinquished the Chair to the Secretary. The Secretary took the following votes: (i) to propose the election of a new President, Dr Annie Grant having expressed her willingness. AND (ii) to propose the election of Dr Andrew Hutcheson as a Vice President following the end of his Presidential term AND (iii)to propose the re-election of the following Vice-Presidents: Dr B S Ayers; Mr R Bellinger; Ms Sophie Cabot, Mr A Fakes, Professor E Fernie; The Ven Dr W M Jacob; Mrs H. Paterson, Mr Michael Begley. Annie Grant Julie Curl Agreed 9 Dr Grant took the chair, and thanked Dr Hutcheson for his service as President, and the Society for the nomination. 8. Election of the Honorary Officers (i) to propose the re-election of the following Honorary Officers, being willing to serve for a further term: General Secretary: Ms Sophie Cabot Treasurer: Mr Roger Bellinger Editor of Norfolk Archaeology: Ms Sue Anderson Librarian: Mrs Judy M. Sims Lectures Secretary: Dr Keith Robinson Membership Secretary: Mr Alistair Graham Kerr Publicity Secretary and Young Archaeologists’ Club Organiser: Ms Sophie Cabot Newsletter Editor & Convenor of Editorial Committee: Dr Clare Haynes Sophie Cabot Julie Curl Agreed (ii) The election of new Honorary Officers: Activities Secretary: Vacant No nomination. ## 9. Re-appointment of the Independent Examiner of Accounts – Sexty & Co. Roger Bellinger Julie Curl Agreed ## 10. Any Other Business The Hon Gen. Sec reported, as requested at the previous AGM, on the success of the new Advisory Panel arrangement. She recapped the changes, being that the Council of the Society is now considerably smaller, consisting of the Trustees with the officers and Hon. Secs – and that an Advisory Panel is in place, consisting of former members of council, VP’s etc, offering a range of experts that the Council could call upon for advice on specialisms and periods. She then reported that over the four quarterly meetings of the year this had acted as hoped, leading to shorter and more manageable meetings, and more time for meaningful discussion. All Advisory Panel are welcome to attend any meeting where a matter of interest to them appears on the agenda, or to send representations to the Chair in advance, and this has also worked well to make best use of people’s time. There were no questions. The meeting closed at 1.45PM Following the meeting members and guests enjoyed a lecture by Dr Jody Joy (Cambridge University) on the Latest Research on the Snettisham Hoards. Sophie Cabot. Hon. Gen. Sec 02/12/2023 10 ## **ANNUAL ACCOUNTS : STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023** ||**Note**|**Note**|**2023**|**2022**| |---|---|---|---|---| |**INCOMING RESOURCES**|||**£**|**£**| |Subscriptions|||9,366|8,807| |Investment income||3|22,020|20,943| |Sales of publications|||26|61| |Donations|||281|27| |Tax refunds|||1,348|1,370| |Conference|||-|1,205| ||||______|______| |Total incoming resources|||33,041|32,413| ||||______|______| |**RESOURCES EXPENDED**||||| |Charitable expenditure||||| |Norfolk Archaeology||4|3,401|1,879| |Grants||5|6,349|13,680| |Library||6|3,592|3,160| |Subscriptions and donations|||377|133| |Other expenditure||||| |Investment management costs|||5,989|4,631| |Other costs|7|7|7,269|5,934| ||||_______|_______| |Total resources expended|||26,977|29,417| ||||_______|_______| |Net (outgoings)/incoming resources before other||||| |recognised (losses) gains|||6,064|2,966| |**OTHER RECOGNISED (LOSSES) GAINS**||||| |Realised surplus (deficit) on sale of investments||8|(13,173)|14,052| |Surplus (deficit) on revaluation of investments||8|27,014|(79,977)| ||||______|______| |**NET MOVEMENT IN FUNDS**|||19,905|(62,929)| |**RECONCILIATION OF FUNDS**||||| |Funds brought forward|||674,208|737,137| ||||_______|_______| |**FUNDS CARRIED FORWARD**|||£694,113|£674,208| ||||_______|_______| 11 ## **NORFOLK & NORWICH ARCHAEOLOGICAL SOCIETY** ## **STATEMENT OF CASH FLOWS, FOR THE YEAR ENDED 31 DECEMBER 2023** ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Net incoming/(outgoing) resources, before investment||| |movements|6,064|2,996| |Increase/(decrease) in creditors|1,258|(7,238)| |Decrease/(increase) in debtors and prepayments|(4,797)|(5,488)| |Added to managed funds|-|-| |Investment management fees paid through capital cash deposit,|6,281|6,228| |less capitalised interest, both part of managed funds||| ||_______|_______| |Increase/(decrease) in bank balances (Barclays Bank & Leeds||| |Building Society)|£8,806|(£3,502)| ||_______
|______| 12 ## **NORFOLK & NORWICH ARCHAEOLOGICAL SOCIETY** |**BALANCE SHEET - 31 DECEMBER 2023**|||| |---|---|---|---| |||**2023**|**2022**| |||**£**|**£**| |**INVESTMENTS**|||| |Managed funds|8|636,689|629,129| |||________|________| |**CURRENT ASSETS**|||| |Taxation recoverable||1,348|1,370| |Due from investment managers||7,090|7,311| |Contributions to cost of Norfolk Archaeology||14,280|8,940| |Subscriptions in arrear||-|300| |Balances at banks|||| |Barclays Bank||33,359|24,718| |Leeds Building Society||17,166|17,001| |||_______|_______| |||73,243|59,640| |||_______|_______| |**CURRENT LIABILITIES**|||| |Creditors|||| |Subscriptions in advance||300|250| |Provision for production and despatch of|||| |Norfolk Archaeology||12,221|12,324| |Grants|5|2,590|1,612| |Other||708|375| |||______|______| |||15,819|14,561| |||_______|_______| |**NET ASSETS**||£694,113|£674,208| |||_______|_______| |Represented by|||| |**UNRESTRICTED INCOME FUND**||£694,113|£674,208| |||_______|_______| _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 2023 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 16[th] October 2024, and were signed on its behalf by:_ 13 Archaeological ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31[ST] DECEMBER 2023** ## **1. ACCOUNTING POLICIES** - (i) These accounts have been prepared in accordance with Charities SORP (Accounting and Reporting by Charities: Statement of Recommended Practice), the Charities Act 2011 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). - (ii) The Society publishes Norfolk Archaeology, a refereed journal, of which one part is published annually. The costs of production and despatch of the part issued for any year is provided for in the accounts of that year together with any recoveries expected from other organisations. ## **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 £2,000 was paid during the year to the editor of the journal. Notes 6 and 7, 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 £178. ## **3. INVESTMENT INCOME** |**3. INVESTMENT INCOME**||| |---|---|---| ||**2023**|**2022**| ||**£**|**£**| |Building Society interest|165|9| |Income from managed investment fund (Note 8)||| |Interest from corporate bonds, bond funds and government stocks||| |(fixed interest)|5,680|5,536| |Dividends from alternative investments|3,828|3,210| |Dividends from UK unit trusts (equities)|10,240|10,299| |Income from property funds|1,950|1,812| |Cash on deposit|157|77| ||______|______| ||£22,020|£20,943| ||______|______| |**4. NORFOLK ARCHAEOLOGY**||| ||**2023**|**2022**| ||**£**|**£**| |Over provision in prior year|-|(304)| |2023 edition||| |Printing|7,150|7,795| |Typesetting|2,000|2,000| |Despatch|3,071|2,528| |Recoveries|(8,820)|(10,140)| ||______|______| ||£3,401|£1,879| ||______|______| 14 ## **5. GRANTS** In 2018 the trustees approved £5,000 to be paid to the Caister Research Fund in five annual instalments of £1,000. £5,000 has now been paid with the final £1,000 charged on 1[st] January 2023. A further £2,000 payment to the Caister Research Fund was approved and paid in the year, with £1,958 reserved for payment to the Archive for Sedgeford Historical and Archaeological Research Project. In addition, £612 remains reserved for the East Walton Citizen Archaeology Project. Grants paid out in 2023: £3,000 Caistor research project £2,000 Later Prehistoric Norfolk project £371 Digitalisation of Church Wardens’ Accounts ## **6. 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:||| |---|---|---| ||**2023**|**2022**| ||**£**
|**£**| |Rental paid to Norfolk Archive Centre|2,500|2,500| |Book purchases|134|157| |Librarian's expenses|769|443| |Computer costs|189|60| ||______|______| ||£3,592|£3,160| ||______|______| ## **7. OTHER COSTS** ||**2023**|**2022**| |---|---|---| ||**£**
|**£**| |Printing and despatching newsletters|2,010|1,552| |Insurance and CBA affiliation|547|540| |Secretarial and membership expenses|523|137| |Consultants fees|-|(1,020)| |Administrative assistance|375|158| |Excursions|904|-| |Web site costs|1,245|1,380| |Accountancy fees|330|192| |Independent Examination fee|168|168| |Conference|-|2,701| |Lecturer Expenses|1,167|131| ||**_______**|**_______**| ||£7,269|£5,939| ||**_______**|**_______**| 15 ## **8. 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 2023 as reported by the managers, were as follows: |Investment Limited. Movements on the managed fund
ere as follows:|during 2023 as reported|by the mana| |---|---|---| ||Cost|Market| |||Value| ||£
|£| |At 31 December 2022|603,710|629,129| |Cash introduced|-|-| |Net profits on sales|(13,173)|(13,173)| |Management fees paid from invested funds|(5,989)|(5,989)| |Capitalised interest|(292)|(292)| |Net (decrease)/increase in values|-|27,014| ||_________|_________| ||£584,256|£636,689| ||_________|_________| The net profit on sale of £13,172 and the increase in market values of £26,428 have been dealt with in the statement of financial activities on Page 10. Investments quoted on the London Stock Exchange at mid-market price: |Fixed income|19,602|31,700| |---|---|---| |Equities|96,717|110,562| |Infrastructure funds|67,616|59,925| ||________|________| ||£183,935|£202,187| ||________|________| Investments at the mid-prices prevailing on the valuation date as supplied by fund managers. |Fixed income
153,070
Equities
306,551
Property funds
41,825
Alternatives
74,163
_______
575,609
_______
Capital cash fund
8,647
________
Total of managed invested fund
£584,256
|147,094
374,324
39,498
67,126
_______
628,042
_______
8,647| |---|---| ||_________
£636,689
| 16