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2024-12-31-accounts

ANNUAL REPORT AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2024

The County Archaeological Society for Norfolk since 1846

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

Solicitors

Leathes Prior 74 The Close Norwich, NR1 4DR

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

Ian Barlow, Sexty & Co 124 Thorpe Road Norwich, NR1 1RS

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1. TRUSTEES AND OTHER VOLUNTEERS

TRUSTEES

Dr Annie Grant - Society President Ms Sophie Cabot - Hon. Gen. Secretary, Publicity Officer, & YAC Organiser Ms Karen Watling - Hon. Treasurer Mr Roger Bellinger - Assistant Hon. Treasurer Dr Clare Haynes - Hon. Newsletter Editor. Convenor, Publications Committee Dr Andrew Hutcheson Dr Victor Morgan Mr Trevor Nuthall Dr Andrew Rogerson Ms Heather Wallis Dr LJ Richardson

OTHER ELECTED POST HOLDERS (Honorary Secretaries)

Dr Sue Anderson - Hon. Editor, Norfolk Archaeology Mrs Judy Sims – Hon. Librarian Dr Keith Robinson – Hon. Lectures Secretary Mr Alistair Graham Kerr – Hon. Membership Secretary

VICE PRESIDENTS

Mr B S Ayers, Mr R Bellinger, Mr M R Begley, Ms S Cabot, Mr A Fakes, The Ven. Prof W M Jacob, Prof E C Fernie, Mrs H Paterson, Dr A Hutcheson

MEMBERS OF THE ADVISORY PANEL

Mr S Ashley, Prof S C Kaner, Prof W Bowden, Dr T J Pestell, Dr J Gregory, Mr D J King, Mr D Leak, Dr S Kaner, Mr T Bradstreet

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:

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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.

Trustees, Vice Presidents of the Society (usually former Presidents), and other nonTrustee office holders are elected annually at the AGM. If appointed between AGMs for practical reasons, they are considered ‘ pro tem’ until confirmation at an AGM.

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

The Trustee meetings were held quarterly on the 15[th ] January, 16[th ] April, 16[th] July, and 15[th] October 2024. Other sub committees and working groups (Conference, Finance etc.) meet as and when needed.

Advisory Committee members are appointed by the trustees by invitation, to provide specialist advice on areas of archaeology and history relevant to the work of the Society. They have no voting rights.

TRUSTEES’ RESPONSIBILITIES

The Trustees have and accept ultimate responsibility for directing the affairs of the Society, 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 have resolved to be bound by the Seven Principles of Public Life (the ‘Nolan Principles’) in so doing.

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, with the requirements of the Charity Commission, in particular that the Society prepares an annual report outlining what it has and achieved, including the Statement of Accounts as required by law.

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

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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 still plan to put in place 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:

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 draft 2024 Annual Report and Statement of Accounts will be presented to the 178[th] AGM of the Society on Saturday 6[th] December 2025, at Norwich Castle Museum. Details of the meeting along with the minutes will be included in the final version of this Annual Report.

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5. MEMBERSHIP AND ACTIVITIES

The Society’s activities during the year included a program of excursions in the summer months, lectures in the winter months, timely publication of the newsletters and the Norfolk Archaeology journal, as well as electronic communications, support for Norwich YAC, and giving a number of grants for research and publication.

The Society also held its second biennial conference, “Community Archaeology 2024: Coast, Climate, And Community”, which took place on Saturday April 6th, at the UEA. Further details appear below.

MEMBERSHIP

The Society saw a small reduction in membership in the year, mainly in household memberships. It is unclear why this is, but it appears to relate to some long standing members where one of a couple has passed away.

Individual Household Corporate Overseas Household Corporate Overseas Household Corporate Overseas Total
2024268 75 30 10 383 268 75 30 10 383 268 75 30 10 383 268 75 30 10 383 268 75 30 10 383 268 75 30 10 383
2023 278 106 26 23 433

After not doing so for over ten years, the Society unfortunately found it necessary to make a slight increase in membership fees for 2024. The new rates introduced are £29 for individuals and £35 for households and institutions.

As might be expected, a few members did not renew their membership after the adjustment of subscriptions, and some have communicated the pressure of the cost of living crisis was a factor in this decision. Those people were reminded that they were entirely welcome at our public events, and it is hoped that they will stay in touch with the Society.

LECTURES

Lectures are held in person in the Town Close Auditorium at the Castle Museum and are also streamed live on ZOOM.

Where possible, lectures are also now recorded, with a view to creating an online offer in future, to provide greater public benefit to non-members.

Lectures during the year were as follows:

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EXCURSIONS

Summer visits were offered as follows:

The free walk was not well attended, but the other trips ran at capacity or close to and were much enjoyed by participants. The Society continues to seek a new Activities Officer to further develop this programme.

2024 CONFERENCE – COAST, CLIMATE, AND COMMUNITY

The conference took place on Saturday April 6[th] 2024, at the UEA, from 10.00 to 16.30.

Norfolk is a coastal county with a vast array of heritage found on its coastal fringe. From tools and footprints, found at Happisburgh, dating from around 900,000 years ago, through to 20th century military installations placed to protect against invasion, much of this heritage is vulnerable to erosion. With climate change, rates of erosion are set to rise through increased sea level height and stronger storms resulting in more energy in weather systems. Storm and surge events, such as those experienced on the coast in the 1953 floods and 2013 Christmas storms are likely to become more common and their destructive potential will result in loss of archaeological sites and structures. River systems will also change with a likelihood of more volatile events creating more inland floods and in some parts of the county, such as the Fens and the Broads, the salination of underlying freshwater conditions

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which are currently preserving archaeological and paleoenvironmental deposits. How can communities deal with these losses?

The conference heard from community archaeology practitioners, academics, and health specialists. The programme and speakers were as follows:

NORFOLK ARCHAEOLOGY

In July 2024, the Society issued Volume 2 of the second series of its journal Norfolk Archaeology , covering the year 2023.

The journal is one of Briain’s longest established journals of archaeology and local history, having first been published in 1846. It is published annually by the Society and contains articles by experts on a diverse range of Norfolk subjects, as well as reports on recent archaeological finds and book reviews.

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The main papers in Volume 2 cover:

The Trustees wish to acknowledge all the contributors to the journal and in particular their gratitude for the hard work of the Hon. Editor, Dr Sue Anderson.

NEWSLETTER

Two newsletters were issued, in Spring and Autumn 2024, edited by Dr Clare Haynes. Topics covered included local society fieldwork reports, lecture programmes and NNAS news. During the reported year new Trustee Mike Pittacchio came forward to take over as editor, and a staged handover to be completed in 2025.

DIGITAL COMMUNICATIONS

LIBRARY

The total number of items added to the library is reported to Council quarterly. The total for 2024 was 838, which is an unusually high number. The largest part of this represents a major gift; a complete run of “Ladbrooke’s Churches” given by a member clearing his office following retirement.

The librarian is in the library on Mondays, and Wednesday mornings each week. This means that she can keep up to date with the library work, and help any visitors access the library.

Via the NNAS website, the librarian is also able to answer queries relating to the library. Basic queries such as ‘Do you have?’ . Or I see you have copy, can you help me find it? Or ‘ I have found a reference to.... can you help?’ All of these third types of queries are noted and added to a file so that a similar query can be answered more quickly, rather than starting from scratch each time.

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Predicted changes to the Norfolk Record Office opening hours came into force on 24 August 2024, as a result of Norfolk County Council funding restrictions.

The new hours are Tuesdays & Wednesdays 9.30am - 5pm for all the facilities with booking strongly advised for all, including those wishing to access the NNAS collections. Our website has been updated to reflect this. The search room is also open on Thursdays & Fridays 10.am – 4.00pm with no access to the microfilms. Advance booking for these days is essential. Documents required for Thursdays must be requested by 12 noon on the preceding Tuesday. Documents required for Fridays must be requested by 12 non on the preceding Wednesday.

These changes are necessary ‘due to limited staff availability on these days’ and there are no document collections on these two days.

In 2024 advertising was started for a new volunteer Assistant Librarian, this is ongoing.

YOUNG ARCHAEOLOGISTS CLUB (YAC)

The Society supports Norwich YAC, a branch of the national Young Archaeologists’ Club, run by the Council for British Archaeology. A full programme of Saturday morning meetings was offered in the school year, October-July. Approximately 24 young people attended most meetings, and membership continued to grow throughout the year.

In 2024, Young Archaeologists were involved in the ‘NAT100’ centenary project with Norfolk Archaeological Trust, and in the ‘MeRit’ research project with the University of Reading on Medieval Ritual Landscapes.

GRANT GIVING

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

Grants totalling £8,000 were awarded during the year: full details appear in the Notes to the Statement of Accounts found at the end of this Annual Report.

6. PLANS FOR FUTURE PERIODS

In addition to continuing our normal activities (lecture series, excursions, grant giving, and publishing the Norfolk Archaeology Journal) in 2025 the Society will be launching the first of what will be a biennial photography competition, called the Plunkett Prize. The competition is named after George Plunkett, a Norwich photographer whose extensive archive of images from the city and county serves as a valuable historical record. The theme of the 2025 competition will be, "The View From Here: Photographing our present and past for the future," and is intended to encourage participants to capture the changing landscape and people

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of Norfolk for future generations. Shortlisted entries will be exhibited at Hungate Medieval Art during September 2025.

The longer-term plan is that Plunkett Prize will be promoted and awarded on a different theme biennially, taking place in alternate years to the Society’s Conference, providing the opportunity for an exhibition – and thus a varied programme of public facing activities.

The Society is also planning to employ a consultant in 2025, to review its administrative, governance, and financial processes to make recommendations to the Trustees on any improvements and whether a part time Administrative Officer is needed (all the work running the Society at the moment is undertaken by volunteers). The outcome of this will be reported in the next reporting period and shared with Members during 2026.

The Trustees intend to meet for a strategic away day in the near future, to review whether the Society’s current activities and limited use of the Society’s substantial reserves best fulfil the Society’s aims and objectives.

We’re also looking ahead to a key anniversary in 2026 – 180 years since the Society was founded as the second archaeology society established in the United Kingdom. The Conference sub-committee is currently planning the 2026 conference and also liaising with organisers of the Norwich Science and History Festivals to see if we can participate during our anniversary year, both to inform the public about archaeology in the county as well as to promote the Society.

7. FINANCIAL REVIEW

The Statement of Accounts for the year ended 31 December 2024 appear at the end of this Annual Report. When available, the views of the Independent Examiner will also be included in the final version of this report.

The 2024 statements have been prepared by the new Hon. Treasurer, Ms Karen Watling, who is a qualified chartered accountant (Chartered Institute of Public Finance & Accountancy). Previous years’ statements have been prepared by the accountancy firm Abacus.

Total Society income was £33,566 and expenditure £28,064. Net assets amounted to £5,502 (£7,802 in 2023).

At 31 December 2024 the balance, taking account of uncleared cheques, at Barclays Bank on the current account was £28,368 and the balance at Leeds Building Society was £17,580. In February 2024 the Society invested £20,000 from the current bank account into a one-year charity bond at the United Trust Bank with a fixed interest rate of 4.9%.

The investment portfolio was valued at £657,756 and, together with building society interest, generated an income of £22,211 for 2024

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Pie chart illustrating the breakdown of income received for 2025 (£33,566)

Pie chart illustrating the breakdown of expenditure incurred for 2025 (£28,064)

RESERVES POLICY

The Society’s reserves as at the end of 2024 of £728,441 are not restricted and are believed to be more than sufficient to:

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INVESTMENTS

The principal asset of the Society is its portfolio of investments which is unrestricted (i.e. can be used for any purpose the Trustees see fit in pursuance of the Society’s aims and objectives) 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 2024 the market value of the managed fund was £636,689 and this increased to £657,756 at the year end.

During the year the realised net loss on sale of investments was £8,309 (In 2023 £13,173) and there was a surplus on the revaluation of the investments of £35,774 (in 2023 £27,014).

In line with Sections 4, 5 and 15 of the Trustees Act, the Trustees have put in place an investment policy document with Rathbones Group PLC, 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 a broad planning range, 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:

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“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, its arrangements, and monitoring of the portfolio’s performance are reviewed regularly throughout the year by the Trustees with a representative of Rathbones Group PLC in attendance to advise and to answer any questions the Trustees may have.

Dividends and interest are paid into the Society’s bank account quarterly.

8. CONCLUSION

On the whole, the Trustees feel that 2024 was a successful year for the Society, with progress made towards a number of identified goals, including holding the second biennial conference and developing the Plunkett Prize. Both of these initiatives notably increase the public benefit provided by the Society. Membership remains steady, and the Society is in a secure financial position.

The Trustees however also acknowledge that further work remains to be done in two main areas. The first of these is better publicising the Society and its activities to a wider public, and the second in modernising the operating practices of the Society, and by doing so making volunteering more attractive to a wider range of participants. There are currently three honorary secretary posts vacant, which places a considerable burden on the remaining volunteers. Work is planned for 2025 to address both needs.

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

Annie Grant - President Sophie Cabot - Hon. General Secretary Karen Watling - Hon. Treasurer

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NORFOLK & NORWICH ARCHAEOLOGICAL SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note 2024 2023
INCOME £ £
Subscriptions 9,514 9,366
Investment income 3 22,211 22,020
Sales of publications 29 26
Donations 72 281
Tax refunds 1,499 1,348
Conference 242 0
______ ______
Total income 33,566 33,041
______ ______
EXPENDITURE
Charitable expenditure
Norfolk Archaeology 4 2,881 2,040
Grants 5 8,000 6,349
Library 6 3,996 3,592
Subscriptions and donations 357 377
0
Other expenditure
Investment management costs 6,189 5,989
Other costs 7 6,641 7,269
_ _
Total expenditure 28,064 25,616
_ _
Net (expenditure)/income before
recognised (losses) gains 5,502 7,425
OTHER RECOGNISED (LOSSES) GAINS
Realised surplus (deficit) on sale of investments 8 (8,309) (13,173)
Surplus (deficit) on revaluation of investments 8 35,744 27,014
______ ______
NET MOVEMENT IN FUNDS 32,967 21,643
RECONCILIATION OF FUNDS
Funds brought forward 695,851 674,208
_ _
FUNDS CARRIED FORWARD £728,441 £695,474
_ _

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NORFOLK & NORWICH ARCHAEOLOGICAL SOCIETY

BALANCE SHEET- 31 DECEMBER 2024
2024 2023
£ £
INVESTMENTS
Managed funds 8 657,756 636,689
__ __
CURRENT ASSETS
Taxation recoverable 1,499 1,348
Due from investment managers 6,108 7,090
Contributions to cost of Norfolk Archaeology 2,040 5,460
Subscriptions in arrear 0 0
Balances at banks
Barclays Bank 28,368 33,359
Leeds Building Society 17,580 17,166
One-year fixed rate bond at United Trust Bank 20,000 0
_ _
75,595 64,423
_ _
CURRENT LIABILITIES
Creditors
Subscriptions in advance 708 300
Provision for production and despatch of
Norfolk Archaeology 3,452 2,040
Grants 5 750 2,590
Other 0 708
______ ______
4,910 5,368
_ _
NET ASSETS 728,441 695,474
_ _
Represented by
UNRESTRICTED FUNDS £728,441 £695,474
_ _

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 2024 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 [ ] and were signed on its behalf by:

………………………………………………. Karen Watling: Hon. Treasurer [ ]

………………………………………………. Roger Bellinger: Assist. Hon. Treasurer [ ]

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NORFOLK AND NORWICH ARCHAEOLOGICAL SOCIETY

NOTES TO THE ACCOUNTS – YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

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NORFOLK AND NORWICH ARCHAEOLOGICAL SOCIETY

NOTES TO THE ACCOUNTS – YEAR ENDED 31 DECEMBER 2024 (continued)

2. MANAGEMENT COSTS, TRUSTEE EXPENSES, AND RELATED PARTY TRANSACTIONS

The management and activities of the Society are directed by the Trustees and officers who are volunteers. some clerical and administrative assistance was purchased during 2024 which totalled £537.

Notes 6 and 7, include the cost of stationery, postage, sundry supplies and services, and the costs of certain other outlays reimbursed to trustees and officers of the society totalling £1,367.

3. INVESTMENT INCOME

3. INVESTMENT INCOME
2024 2023
£ £
Building Society interest 414 165
Income from managed investment fund (Note 8)
Interest from corporate bonds, bond funds and government stocks
(fixed interest) 7,120 5,680
Dividends from alternative investments 3,542 3,828
Dividends from UK unit trusts (equities) 9,656 10,240
Income from property funds 1,311 1,950
Cash on deposit 168 157
______ ______
£22,211 £22,020
______ ______
4. NORFOLK ARCHAEOLOGY
2024 2023
£ £
Printing 7,150 8,172
Typesetting 1,480 1,480
Despatch 3,071 2,528
Recoveries (8,820) (10,140)
______ ______
£2,881 £2,040
______ ______

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NORFOLK AND NORWICH ARCHAEOLOGICAL SOCIETY

NOTES TO THE ACCOUNTS – YEAR ENDED 31 DECEMBER 2024 (continued)

5. GRANTS

In 2023 the trustees approved a grant totalling £1,978 to the Sedgeford Historical and Archaeological Research Project and this was paid during 2024. Grants totalling £8,000 were approved during 2024 and, with the exception of the grant for the Bylaugh Dendrochronogical Tests where £750 remains to be claimed, these were all paid out during the year.

Grants awarded in 2024:

Bylaugh Dendrochronogical Tests 950
Stained Glass Catalogue for Norfolk 1,000
750
300
5,000
Northwold Manor Architecture Publishing
Thetford WWII Defences Research
Parish churches of Medieval Norfolk
£8,000

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 Trustees consider that this collection forms an essential adjunct to the activities of the Society. Library costs were as follows:

Library costs were as follows:
2024 2023
£ £
Rental paid to Norfolk Archive Centre 2,500 2,500
Book purchases 374 134
Librarian's expenses 1,011 769
Computer costs 110
 189
______ ______
£3,996 £3,592
______ ______

7. OTHER COSTS

2024 2023
£ £
Printing and despatching newsletters 3,194 2,010
Insurance and CBA affiliation 621 547
Secretarial and membership expenses 336 523
Administrative assistance 537 375
Excursions 196 904
Web site and IT costs 930 1,245

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Accountancy fees 300 330
Independent Examination fee 378 168
Conference 0 0
Lecturer Expenses 130 1,167
_ _
£6,641 £7,269
_ _

8. INVESTMENTS

The bulk of the Society’s assets are invested under the discretionary management of Investec Wealth & Investment Limited, part of the Rathbones Group PLC. Movements on the managed fund during 2024 as reported by the managers, were as follows:

Cost Market
Value
£ £
At 31 December 2023 584,256 636,689
Cash introduced 0 0
Net profits on sales (8,309) (8,309)
Management fees paid from invested funds (6,189) (6,189)
Capitalised interest (209) (209)
Net (decrease)/increase in values 0 35,774
___ ___
£569,549 £657,756
___ ___

The net loss on sales of £8,309 and the increase in market values of £35,774 have been dealt with in the statement of financial activities on Page 13.

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

Cost Market
Value
£ £
Fixed Income 149,247 146,115
Equities 310,195 416,199
Property Funds 22,251 20,738
Alternatives 73,103 59,951
Capital cash fund 14,753 14,753
___ ___
Total of managed invested fund £569,549 £657,756
___ ___

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