## **T H E H A K L U Y T S O C I E T Y**
(FOUNDED 1846)
ANNUAL REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
www.hakluyt.com
Registered Charity Number: 313168
## **Report of the Trustees of the Hakluyt Society for the year ended 31 December 2021**
The trustees present their annual report and audited financial statements for the year ended 31 December 2021 and confirm they comply with the Charities Act 2011, the trust deed and the Charities SORP (FRS 102).
## **Reference and Administrative information**
Charity Name : The Hakluyt Society Charity Registration Number: 313168
## **Council and Officers**
All Officers and members of Council are legal trustees of the Society, with the exception of those who are ex officio members, whose role is advisory.
PRESIDENT Dr Gloria Clifton (elected 15 June 2021)
VICE-PRESIDENTS
Captain M. K. Barritt RN (past President ex officio 2016) Professor Jim Bennett (past- President ex officio from 2021) Professor Nandini Das (first elected June 2021) Professor Felipe Fernández-Armesto (elected 2017) Professor Will F. Ryan FBA (past President ex officio 2011) Professor Suzanne Schwarz (elected 2016, retired by rotation 2021) Dr Sarah Tyacke CB (past President ex officio 2002) Professor Glyndwr Williams (past president ex officio 1983)
## COUNCIL MEMBERS
Dr Katie Bank (elected 2021) Peter Barber OBE (elected 2019) Dr Megan Barford (elected 2018) Professor Michael Brennan (elected 2018) Professor Daniel Carey MRIA (elected 2020) Dr Derek L. Elliott (elected 2021) Dr Bronwen Everill (elected 2017, retired by rotation 2021) Dr Eva Johanna Holmberg (elected 2019) Professor Claire Jowitt (elected 2019) Major Tony Keeley (elected 2020)
Lionel Knight MBE (elected 2019) Dr Bertie Mandelblatt (elected 2021) Dr Guido van Meersbergen (elected 2020) Professor Ladan Niayesh (elected 2017) Dr Anthony Payne (elected 2019) Royal Geographical Society (permanent member) Dr Sarah Evans (appointed 2020) Dr Catherine Scheybeler (elected 2019) Dr John Smedley (elected 2018) Dr Edmond Smith (elected 2017, retired by rotation 2021) Dr Felicity Stout (elected 2017, retired by rotation 2021)
HONORARY TREASURER Alastair Bridges
HONORARY JOINT SERIES Professor Janet Hartley EDITORS
Professor Joyce Lorimer Dr Maurice Raraty
(first elected 2018) (first elected 2021) (first elected 2007) (first elected 2021)
HONORARY EDITOR (ONLINE PUBLICATIONS)
Raymond Howgego (first elected 2005)
HONORARY ADMINISDr Katherine Parker (first elected 2018) TRATIVE EDITOR HONORARY ADVISORS Stephen Edwards (co-opted 2021) (CONTRACTS) Bruce Hunter (first elected 2011) HONORARY ARCHIVIST Dr Margaret Makepeace (first elected 2003) CO-OPTED MEMBERS Dr Jack Benson (co-opted 2004) ADDRESS
The Hakluyt Society, c/o Map Library, The British Library, 96 Euston Road, London NW1 2DB
AUDITORS
BANKERS
Knox Cropper LLP 65 Leadenhall Street, London EC3A 2AD Barclays Bank Plc, Pall Mall Business Centre PO Box 15164, London SW1A 1QE
## **REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021**
## **OBJECTIVES AND ACTIVITIES**
‘The objects of the Society are to advance education by the publication of records of voyages, travels, naval expeditions and other geographical material and to promote public knowledge of those matters.’ This is the Society's purpose as recognised by the Charity Commission, but in recent years it has emphasized that within this broad aim it seeks to produce accurate and reliable records of travel, exploration and discovery and thereby promote public understanding of the stages by which different parts of the world and their different societies have been brought into contact with one another. In the 175 years since its foundation, the Society has published more than 380 volumes in fulfilment of this aim. The volumes make new material available worldwide to the public benefit of readers wishing to understand and explain historical contacts between civilizations. The Society achieves this benefit in return for a modest subscription or at no cost for those consulting the publications in subscribing libraries.
The Society’s activity is to edit texts of original records made by a traveller or explorer, which have not previously been published or, if they have, not had the benefit of editing by an expert. If they are in a foreign language, they should have not previously been available in English, which is the Society’s language of publication. The records should bring new material to the study of the subject, avoiding duplication with texts already generally available. The Society thus offers the possibility of publication to editors able to edit texts and provide authoritative critical commentary in the light of modern scholarship. The Society also supports and publicises its principal activity by issuing a small number of ancillary publications and organising occasional public lectures and symposia. The Society seeks to promote its areas of scholarly interest in ways that may help bring forward future published volumes.
The Society accepts texts with the aim of publishing two volumes a year, subject to completed editions and finance being available. Its Series Editors advise the editors, review the editions and supervise production and publication to the Society’s high and established standards. The editors and the Society’s reviewers and officers make no charge for their work, regarding their involvement as a contribution to knowledge and international understanding.
The Council has referred to the Charity Commission’s general guidance on public benefit when reviewing the Society’s aims and objectives and when planning future activities. In particular, Council considers how planned activities will contribute to the aims and objectives of the Society.
## **ACHIEVEMENTS OF THE SOCIETY IN 2021**
## **Publications**
The Society published and distributed to members two volumes in its Third Series: Number 37, _The Voyages and Manifesto of William Fergusson, a Surgeon of the East India Company 1731_ – _1739_ , edited by Derek L. Elliott.
Number 38, _Spanish and Portuguese Conflict in the Spice Islands: The Loaysa Expedition to the Moluccas 1525_ – _35_ , edited by Glen F. Dille
Among a number of works in preparation at the end of the year were the following:
_English Travellers to Venice, 1450_ – _1600_ , edited by Michael Brennan (published)
_The Levant Voyage of the_ Blackham _Galley 1696_ – _1698. The Sea Journal of John_ – _Looker (c. 1670 1715), Ship’s Surgeon_ , edited by Colin J. Heywood and Edmond Smith
_An Account of the Natives of the Friendly Islands by John Martin from the Testimony of William Mariner_ , edited by Nigel Statham and Ian Campbell
– _A Bibliography of Richard Hakluyt 1580 88,_ edited by Anthony Payne
_Russian Faith, Honour and Courage Displayed in a Faithful Narrative of the Russian Expedition by Sea in the Years 1769 and 1770 by Rear-Admiral John Elphinston_ , edited by Julia Leikin and Elena Borisovna Smilianskaia
_Journal of John Saris in the_ Clove _, 1611-13 (English East India Company’s 8th voyage)_ , edited by Richmond Barbour
_William Laird McKinlay’s Journal of the_ Karluk _Voyage_ , _1913_ – _14_ , edited by Janice Cavell
_An Elizabethan Soldier in Safavid Persia: Sir Anthony Sherley's Mission to the Court of Shah ‘Abbas the Great, and the Persian Embassy to Muscovy, the Holy Roman Empire, the Papal States and Habsburg Spain, 1598_ – _1601_ , edited by Kurosh Meshkat, Ladan Niayesh and Alasdair MacDonald
_The Norris Embassy to Mughal India, 1699_ – _1702_ , edited by Guido van Meersbergen, Adam Chulow, Georgia O'Conner and Archisman Chaudhuri
_The_ Uranie _Diary of Joseph-Paul Gaimard, 1817_ – _1819_ , edited by John Milsom and Sylvie Brassard
## **Website**
Three substantial articles were added to _Journal of the Hakluyt Society_ , hosted on the website (www.hakluyt.com/journal). All were on aspects of the work of Richard Hakluyt, written by Anthony Payne.
The Society has added two further videos to its website during 2021. One of these was Janet Hartley's Annual Lecture, _The Volga: the River as Frontier,_ which could not be given in person because of anti-Covid measures _._ In addition, Trevor Levere contributed a video based on the 2019 volume he edited for the Society on Henry Wemyss Feilden (1838–1921), the naturalist on HMS _Alert_ , 1875–6. He discusses the role of Feilden on the British Arctic Expedition and his own experience of editing Feilden's journal for the Society.
## **Essay Prize**
The winner of the seventh annual Essay Prize was Nat Cutter, of the University of Melbourne, for his essay: ‘Grateful Fresh Advices and Random Dark Relations; Maghrebi News and Experiences in British Expatriate Letters, 1660–1710’.
## **Newsletters and social media**
The usual twice-yearly printed newsletter was distributed to members, supplemented by more frequent e-newsletters. Felicity Stout maintained the Hakluyt Society blog, Bronwen Everill the Twitter account, and our administrator has taken on the Facebook account. Responsibility for the Society’s website has been shouldered again by Jack Benson and Ray Howgego. The importance of these resources for the work of the Society continues to increase.
## **Conferences and Symposia**
The Hakluyt Society supports conferences in areas related to its aims, both by publicity in newsletters, on its website and social media accounts, and by some financial support.
In 2021 the Hakluyt Society was one of the sponsors of an online conference in Paris on 15 – 16 January with the theme ‘Maps and Mapping in English-speaking Countries in the 17th and 18th Centuries’. It was the annual conference of the _Société d’études anglo-américaines des XVIIe et XVIIIe siècles_ , held at the _Université Paris-Diderot_ .
The Society also organizes symposia, usually with the help of a university or archive, about once every two years. This year's symposium was held entirely online on 10–12 November, in collaboration with the Global History and Culture Centre of the University of Warwick, and Medieval and Early Modern Orients (MEMOs) a project funded by the Arts and Humanities Research Council,. The theme of the Symposium was ‘Decolonising Travel Studies: Sources and Approaches’. It was well attended by participants from many different parts of the world.
## **OBITUARY**
## **Lieutenant Commander Andrew Cattwg Francis David, Royal Navy.**
Andrew David was born in Newtown in Wales on 25 November 1924, the second son of Mr and Mrs A. C. R. David, and one of six children. His father was a solicitor. Andrew was educated at Christ College in Brecon and subsequently Ellesmere College in Shropshire. He joined the Royal Navy as a Special Entry Cadet on 1 May 1943 and went to sea as a Midshipman the following year. He served in HMS _Suffolk_ in the East Indies and HMS _Berwick_ in home waters during the war and subsequently was involved in minesweeping operations.
On promotion to Lieutenant in 1947 he joined the Hydrographic Service and was employed in various surveying ships for the next 12 years carrying out surveys in the Persian Gulf, Mediterranean and West Indies. He was promoted to Lieutenant Commander on 1 May 1954. In 1958 he became the First Lieutenant of HMS _Vidal_ , where I first served with him, under Captain E. G. Irving, who subsequently became the Hydrographer of the Navy. In 1959 he was appointed to the Hydrographic Office, and the next year took command of HM Surveying Motor Launch _Medusa_ surveying off the south and west coasts of England and Wales. The following year he re-joined the Hydrographic Office where he was employed in the Sailing Directions Department until his retirement from the Active List of the Royal Navy on his 50[th] birthday. However he continued in the same post as a Retired Officer until 27 September 1985 and then worked at home as a Reviser of _Sailing Directions_ until his final retirement in 1988.
The Hydrographic office was situated in Cricklewood, London, until 1968 when it moved to Taunton to co-locate with the chart printing part of the business. It was at this time that Andrew moved to West Monkton in Somerset where he lived until declining health necessitated rather more extensive care than could be provided in his home, and so he moved to a care home in Swansea, near his sister and her family, and it was there that he died on 29 May 2021.
During his time in the Hydrographic Office he produced a catalogue of all the ‘Logs, Journals and Correspondence’ held in the Office, which include _inter alia_ all the Remark Books kept by the ships of the Royal Navy, which stimulated his interest in the historical aspects of the work of the Hydrographic Department and in particular that of Captain James Cook and his officers. This led to his _magnum opus, The Charts and Coastal Views of Captain Cook’s Voyages_ published by the Hakluyt Society, (which he had joined in 1974) in three massive folio volumes in 1988, 1992 and 1998. In 1995 _The Voyage of HMS_ Herald was published by Melbourne University Press which recounted the voyage of Captain Henry Mangles Denham to Australia and the Pacific between 1852 and 1861. His next
major task, in which he led a team of distinguished scholars, was editing _The_ – _Malaspina Expedition, 1789 1794: The Journal of the Voyage of Alejandro Malaspina_ which was published by the Hakluyt Society in three volumes in the third series in 2001, 2003 and 2004. It is worth noting that the Malaspina voyage was comparable in scope and achievement with the voyages of Captains Cook and the Compte de la Pérouse, but is largely unknown today since Malaspina, on his return to Spain, became embroiled in a plot to oust Manuel Godoy, the Chief Minister, which failed, and was imprisoned and the accounts of the voyage supressed.
Andrew’s next and final volume for the Hakluyt Society was _William Robert Broughton’s Voyage of Discovery to the North Pacific, 1795_ – _1798_ also published in the third series, in 2010.
Andrew produced a list of his other publications. These included over seventy articles and contributions to catalogues and books. He authored twelve entries in the _Oxford Dictionary of National Biography_ . Some of his most important work, notably _The Surveyors of the Bounty_ (1982), survives only in typescript. Some copies are lodged in the UKHO Archive, the British Library Map Room and other depositories. Other copies are treasured by friends and fellow scholars whom he always helped with great generosity.
He served for a time as a vice- President and a trustee of the Society for Nautical Research and also as vice- President and council member of the Hakluyt Society. He was the first recipient of The President’s Medal in 2006.
When Andrew moved to West Monkton he bought a house a couple of hundred yards from where I was living, and when I too joined the _Sailing Directions_ department in the Hydrographic Office in 1982 we became firm friends. He was interested in fishing and ornithology. He had family connections with the Falkland Islands, although he never visited the islands. He was very proud of his Welsh heritage although he did not speak the language. He was a meticulous scholar himself and remarkably generous with his time and hospitality. He was always prepared to help other researchers with their queries, frequently putting them up in his own home and then guiding them through the Hydrographic Office archives himself.
Although at one time he had hopes of getting married, the young lady in question married someone else before he could propose and they remained good friends. He never married, but always remained in close contact with his immediate family and their respective children.
Richard Campbell
## **COVID 19 PANDEMIC**
The financial effects of the pandemic are dealt with at page 10. While the activities of the Society have had to be adjusted, most have continued in a modified form. council meetings, working groups and officers’ meetings have been conducted via Zoom, except for the council meeting on 13 October 2021, when we experimented with a hybrid meeting. The Annual General Meeting on 15 June, and the Annual Lecture, were both conducted entirely online. The Annual Lecture was added to the videos available on the website, where it remains. The move to online meetings has encouraged overseas members to participate.
## **CHANGES IN MEMBERSHIP**
At the close of 2021, the number of members who had fully paid their subscription in 2021 was 743. These figures include 17 new student members and 65 new ordinary members. However, including the members who paid their 2021 subscriptions before 2021, the total number of fully paid-up members for 2021 was 795. The number lost to the membership by death, resignation was 36. The number of members lost to the membership by non-payment of subscription was 56.
## **THE SOCIETY’S ORGANISATION AND DECISION-MAKING STRUCTURE**
The Hakluyt Society is a charity registered by the Charity Commission for England and Wales, under charity number 313168, of which the members of the Society’s Council, who are the charity’s trustees, were incorporated on 5 June 2014 by order of the Charity Commission to become a body to be known as The Trustees of the Hakluyt Society. The rules of the Society were updated by members at the Annual General Meeting on 18 June 2014 and the Council established regulations for its own conduct by a resolution on the same day.
The members of the Council are elected by the members of the Society in Annual General Meeting from individuals with established reputations in the field of the Society’s activities. They include permanent members, who are past Presidents of the Society, and members serving for a term of years and who are either vicePresidents elected annually for a maximum of five consecutive terms, or ordinary members, the three senior among whom must retire for at least a year. The Society elects honorary officers to act as President, treasurer, series editors and to deal with other matters as required by the business of the Society, who are charged together with conducting the day-to-day affairs of the Society and with preparing business for Council. Voting in Council is by a majority of those present and voting, but the Council expects that officers will consult appropriately in advance and give due notice before presenting matters for decision.
The Council may co-opt non-voting members who possess unique skills not otherwise available and also take advice as required from external experts. For example, and in accordance with the Rules of the Society, the Council recommends each year that the members of the Society in General Meeting shall appoint a registered auditor to audit the annual accounts of the Society for the ensuing year.
The Council believes that these arrangements are appropriate to enable the Council to discharge its financial duties, one of which is responsibility for preparing the Report of the Council and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Council is required to:
- Select suitable accounting policies and then apply them consistently.
- Observe the methods and principles in the Charities SORP.
- Make judgements and estimates that are reasonable and prudent.
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Council is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **REVIEW OF FINANCIAL RESULTS FOR THE YEAR**
Over the year the Society continued to face challenges and financial risks arising from Covid-19. Like many other charities, much of the Society’s activity continued to be conducted remotely and online. This had an impact on the timing and pattern of expenditure and meant that there was a continued need to monitor and manage risks in relation to income and investments resulting from wider market conditions.
These financial risks and challenges were actively managed by Council supported by the Finance and Business Working Group (FBWG), working with the Society’s investment advisers and auditors. The most significant financial risks were mitigated as far as possible, leaving the Society’s finances in a sound position at the end of the financial year, within the framework of the prudent budget agreed by Council at the outset of the year. The Society was accordingly able to continue with most budgeted expenditure on volume production and related projects and activities. The FBWG also took other steps to ensure strong management of the Society’s finances, including overseeing implementation of the new research expenses awards policy and scheme approved by Council in 2020 (see below), considering options for consolidating some of the Society’s smaller investments in a single managed fund and keeping the Society’s commercial arrangements for volume production under review.
The Society’s auditors, Knox Cropper, have issued an unqualified audit opinion for the year and have confirmed that their audit identified no material misstatements; that the Society’s financial policies are appropriate; that adequate records were maintained; and that no significant weaknesses were identified during the audit. The auditors nonetheless made two recommendations for further improvement, in relation to reconciling subscription income with numbers on the membership database and regularly reviewing and reconciling VAT returns with sales invoices, before submission of the returns. The Society’s administrator will take forward these recommendations with the support of the Honorary Treasurer.
Over the year the Society’s total net worth increased by 11% to £2,998,950. The increase arose mainly as a result of an increase of £212k in the value of the Society’s investments, as well as an increase in cash held in bank deposits, pending further progress on volume publication. The relatively healthy financial position of the Society and the level of cash held mean that the Society remains a going concern and compliant with its policy on financial reserves. The increase in the value of investments was broadly in line with wider market trends, although it is to be welcomed that the Harry and Grace Smith Fund within the Sarasin Endowment Fund somewhat outperformed the Fund’s benchmark comparator. The value of the H&GS Fund at 31 December 2021 was £2,185,887, compared to £1,908,569 at the end of the previous financial year. The value of the Society’s other investments increased by £69,922, principally as a result of an increase in the value of the Society’s investments in the M&G Charifund, recovering losses sustained in the previous financial year.
The Society had an operating surplus (i.e. the difference between income and expenditure) for the year of £79,097 (2020: £79,911), before taking account of net gains in investments. The surplus in part reflects the continued impact of Covid restrictions, and the fact that two volumes were published, rather than the three volumes assumed in the budget.
Subscription income for the year was £63,758 (2020: £63,141): it is welcome that in cash terms subscription income has been maintained following the increase in ordinary membership subscription to £70, although after allowing for inflation the value of membership income to the Society has decreased slightly. The future level of membership income continues to present some financial risk to the Society, which is being actively monitored by the Finance and Business Working Group and mitigated as far as possible, including through active chasing of overdue subscriptions by the Society’s administrator and the availability of automatic renewal via PayPal functionality.
Combined income from sales of publications and royalties increased slightly from the previous year, from £35,188 to £49,528. This increase provided welcome additional income above budgeted levels, although sales income remains difficult to plan and forecast, which means that future levels of sales income are subject to uncertainty. Publication and other operational costs totalled £131,371 (2020: £103,602). Within this total, costs were incurred for publishing the Fergusson and Dille volumes as well as for the preparation of future volumes.
The Society funded a total of £9571 (unaudited figure) of activities from H&GS Fund income (2019: £14,673), including volume images and cartography, the essay prize, costs related to the Warwick Symposium and research expenses. H&GSfunded expenditure continued to be relatively low, in part owing to the impact of Covid restrictions on research work, academic seminars and other activities, as well as the ending of the previous research grants programme, pending the introduction of a new research expenses policy (see below). Support costs have continued to be carefully managed: total support costs were £51,256 (2020: £50,469).
During the year the Society implemented a new research expenses policy and process, agreed by Council in 2020, to ensure compliance with Charity Commission requirements and active stewardship of the H&GS Fund in accordance with the Society’s charitable objective. Some expenditure incurred on new Type B research expense awards, to support research in support of a planned future volume. The new policy contains a strengthened process for ensuring that any research expenses funded by the Society do not give rise to any actual or perceived conflict of interest involving members of Council.
## **THE SOCIETY’S INVESTMENT POLICY**
The Society retains its invested funds in trustee quality investments. The Society’s investment objectives for the H&GS Fund are intended to provide us with some protection against volatility in the financial markets, through a diversified global portfolio, with the overall aim being to preserve and enhance the fund’s capital
value over the longer term (defined as a minimum of three years). The Finance and Business Working Group, in support of the Council, will be active in monitoring the performance of the Society’s investment funds, to ensure that the Society’s assets continue to be well manged in challenging global conditions.
## **THE SOCIETY’S POLICY WITH REGARD TO ITS FINANCIAL RESERVES**
It is the Society’s policy that reserves in its non-designated general funds should be at a level which enables the Society to meet its volume publication commitments, while retaining a prudent level of funds equivalent to around three years’ operating and administration costs. The policy in respect of the H&GS Fund reflects the informal wishes of the Society’s benefactors that income should be used for projects furthering the Society’s objects, while seeking to secure a real return of 4% per annum measured over the long term in the value of the fund.
## **MANAGEMENT OF THE RISKS TO WHICH THE SOCIETY IS EXPOSED**
The Council has reviewed the major risks to which the Hakluyt Society is exposed in its activities to achieve its objects and has established systems to mitigate those risks.
## **TRANSACTIONS IN WHICH COUNCIL MEMBERS HAVE AN INTEREST**
Members of the Council receive no remuneration from the Society. Some Council members may, however, receive reimbursement for reasonable travel expenses, and the amounts so claimed in the current year are disclosed in the accounts. Elected members of the Council do not vote on matters in which they or their companies may have an interest.
The Council enjoys the good fortune to have amongst its members persons, coopted as non-voting members, who have professional skills or resources to bring to the Society’s business. Two members served in this way in 2021.
Approved by the Council on 16 March 2022.
Dr Gloria C. Clifton Alastair Bridges President Honorary Treasurer
## **HAKLUYT SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2021**
|**Note**
**FIXED ASSETS**
Investments
2
Tangible assets
10
**CURRENT ASSETS**
Debtors and
prepayments
11
Cash on bank
deposit
**LIABILITIES:**
Creditors
falling due within
one year
Subscriptions
received in advance
Other creditors and
accruals
12
**NET CURRENT**
**ASSETS/(LIABIL-**
**ITIES)**
**TOTAL NET ASSETS**
**TOTAL FUNDS OF**
**THE CHARITY**
Restricted Fund
13
Designated Fund
13
General Fund
13
**TOTAL FUNDS**|**2021**
**2020**
£
£
£
£
2,869,954
2,603,037
-
-
2,869,954
2,603,037
2,267
1,394
152,573
123,845
154,840
125,239
18,256
15,665
7,588
4,553
25,844
20,218
128,996
105,021
2,998,950
2,708,058
-
-
2,168,559
1,981,145
830,391
726,913
2,998,50
2,708,058|**2021**
**2020**
£
£
£
£
2,869,954
2,603,037
-
-
2,869,954
2,603,037
2,267
1,394
152,573
123,845
154,840
125,239
18,256
15,665
7,588
4,553
25,844
20,218
128,996
105,021
2,998,950
2,708,058
-
-
2,168,559
1,981,145
830,391
726,913
2,998,50
2,708,058|
|---|---|---|
|||2,603,037
105,021|
||154,840||
||18,256
7,588||
||25,844||
||||
|||2,708,058|
|||-
1,981,145
726,913|
|||2,708,058|
The accompanying notes are an integral part of this balance sheet. The financial statements were approved and authorised for issue by the Council on 16 March 2022 and were signed below on its behalf by
Gloria Clifton – President
Alastair Bridges – Honorary Treasurer
## **HAKLUYT SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
|**INCOME AND**
**ENDOWMENTS FROM:**
- Donations and legacies
- Charitable activities
- Other trading activities
- Investments
**Total**
**EXPENDITURE ON:**
-
Raising funds
-
Charitable activities
**Total**
Net income before investment
gains/(losses)
Net gains/(losses) on investments
Net income/(expenditure)
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**|**Note**
3
4
5
6
7
8
2|**General**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**Total**
**2021**
**General**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**Total 2020**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
12,318
-
-
12,318
252
-
-
252
115,224
-
-
115,224
100,641
-
-
100,641
65
-
-
65
38
-
-
38
27,739
55,596
-
83,335
26,015
56,987
-
83,002|
|---|---|---|
|||155,346
55,596
-
210,942
126,946
56,987
-
183,933|
|||-
474
-
474
-
420
-
420
121,790
9,581
-
131,371
88,863
14,739
-
103,602|
|||121,790
10,055
131,845
88,863
15,159
-
104,022|
|||33,556
45,541
-
79,097
38,083
41,828
-
79,911
69,922
141,873
-
211,795
(83,700)
109,449
-
25,749|
|||103,478
187,414
-
290,892
(45,617)
151,277
105,660|
|||726,913
1,981,145
-
2,708,058
772,530
1,829,868
-
2,602,398|
||13|830,391
2,168,559
-
2,998,950
726,913
1,981,145
-
2,708,058|
The accompanying notes are an integral part of these financial statements.
## **HAKLUYT SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## 1 **. ACCOUNTING POLICIES:**
## a) _Basis of preparing the financial statements_
- The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), Financial Reporting Standard 102’ The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The Council Members consider that there are no material uncertainties about the Charity’s ability to continue as a going concern nor a significant risk that uncertainty over estimates made for the purpose of these financial statements may cause a material adjustment to the carrying value of assets and liabilities.
The functional currency is the £ sterling.
## b) _Stock_
No account is taken of the stock of books held by the publisher due to the uncertainty about future sales.
## c) _Grants and donations_
Grants and donations are taken into account when the society becomes unconditionally entitled to them. Amounts receivable for specific purposes (e.g. to fund publication costs) are accounted for as restricted funds.
## d) _Publication Costs_
Publication and distribution costs are recognised as they are incurred.
## **HAKLUYT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021**
- e) _Royalties income and Sale of Publications_
- Royalties income and Sale of Publication is taken into accounts when they are received.
- f) _Fixed Asset Investments_ Investments are included on the balance sheet at their market value at the end of the financial period. Gains and losses on disposals and revaluations are reported in the Statement of Financial Activities and added to the funds to which they relate.
- g) _Depreciation of Tangible Fixed Assets_
- Provision is made for depreciation on tangible fixed assets, at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life.
Computer equipment -33% reducing balance
- h) _Funds structure_ Designated Funds are those funds which have been earmarked for specific purposes by the Trustees and, together with the General Funds, comprise the Unrestricted Funds.
Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by the donor.
Further details are disclosed in note 13.
£
## **HAKLUYT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021**
|2.
**INVESTMENTS**
Market value at 1stJanuary 2021
Additions at cost
Disposals proceeds
Unrealised gains/(losses)
Cash held for investment
**Harry and Grace Smith Fund**
Sarasin Endowment Fund
Cash balance
**OTHER INVESTMENTS**
M & G Charifund
COIF Income Units
COIF Fixed Interest Income
Units
National Savings Bonds
As at 31 December 2021|**Harry and**
**Grace**
**Smith**
**Fund**
**Other**
**Invest-**
**ments**
**£**
**£**
1,908,569
584,145
125,440
-
-
141,873
69,922|**Total 2021**
**Total**
**2020**
**£**
**£**
2,492,714
2,456,965
125,440
10,000
-
-
211,795
25,749|
|---|---|---|
||2,175,882
654,067
10,005
30,000|2,829,949
2,492,714
40,005
110,323|
||2,185,887
684,067|2,869,954
2,603,037|
|||2,175,882
1,908,569
10,005
80,323
493,598
435,354
117,645
102,974
42,824
45,817
30,000
30,000|
|||2,869,954
2,603,037|
Sarasin Endowment Fund is a UK Unit Trust and registered Charitable Common Investment Fund which is invested in a broadly diversified global portfolio. The fund is managed by Sarasin & Partners.
|3**DONATIONS AND LEGACIES**
Donations and legacies
4**. CHARITABLE ACTIVITIES**
Subscriptions
Gift aid - current year
-
previous year
Sale of publications
Royalties and copyright fees|**2021**
**2020**
£
£
12,318
252|
|---|---|
||12,318
252|
||63,758
63,141
1,938
1,172
-
1,140
39,572
26,275
9,956
8,913|
||115,224
100,641|
## **HAKLUYT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021**
|5.
**OTHER TRADING ACTIVITIES**
**2021**
**£**
Annual reception
-
Conference
-
Other income
65
65
6.
**INVESTMENTS**
UK dividend income
83,332
Bank deposit interest
3
83,335
7.
**RAISING FUNDS**
Investment manager fees
474
474
8.
**CHARITABLE ACTIVITIES**
**Undertaken**
**directly**
**Support**
**costs**
**£**
**£**
Publication
and
distribution costs
54,227
34,693
Other
publication
costs
17,545
11,225
Conferences
-
-
Grants, donations
and prizes
5,459
3,494
Projects
2,884
1,844
80,115
51,256
**Prior year**
**Undertaken**
**directly**
**Support**
**costs**
**£**
**£**
Publication
and
distribution costs
26,725
25,385
Conferences
12,116
11,508
Grants, donations
and prizes
1,066
1,013
Projects
13,226
12,563
53,133
50,469|5.
**OTHER TRADING ACTIVITIES**
**2021**
**£**
Annual reception
-
Conference
-
Other income
65
65
6.
**INVESTMENTS**
UK dividend income
83,332
Bank deposit interest
3
83,335
7.
**RAISING FUNDS**
Investment manager fees
474
474
8.
**CHARITABLE ACTIVITIES**
**Undertaken**
**directly**
**Support**
**costs**
**£**
**£**
Publication
and
distribution costs
54,227
34,693
Other
publication
costs
17,545
11,225
Conferences
-
-
Grants, donations
and prizes
5,459
3,494
Projects
2,884
1,844
80,115
51,256
**Prior year**
**Undertaken**
**directly**
**Support**
**costs**
**£**
**£**
Publication
and
distribution costs
26,725
25,385
Conferences
12,116
11,508
Grants, donations
and prizes
1,066
1,013
Projects
13,226
12,563
53,133
50,469|**2021**
**£**
-
-
65|**2020**
**£**
-
-
38|
|---|---|---|---|
|||65|38|
|||83,332
3
83,335|82,979
23|
||||83,002|
|||474|420|
|||474|420|
||||**Total 2021**
**£**
88,920
28,770
-
8,953
4,728
131,371
**Total 2020**
**£**
52,110
23,624
2,079
25,789
103,602|
||80,115
51,256|||
||
**Undertaken**
**directly**
**Support**
**costs**
**£**
**£**
26,725
25,385
12,116
11,508
1,066
1,013
13,226
12,563|||
||53,133
50,469|||
## **HAKLUYT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021**
|9.
**SUPPORT COSTS**
**2021**
**£**
Administration services
31,668
Events and publication of
annual lecture
1,655
Office expenses
6,893
Other support costs
6,666
Governance costs
4,374
51,256
10.
**FIXED ASSETS**
At Cost
1stJanuary 2021
Additions
Balance at 31stDecember 2021
Depreciation Brought Forward at 1st
January 2021
Charge for the Year
Depreciation Carried Forward at 31st
December 2021
Net Book Value at 31stDecember 2021
Net Book Value at 31stDecember 2020
11.
**DEBTORS**
**2021**
£
Debtors and Accrued
Income
1,398
Prepayments
869
VAT
-
2,267|**2021**
**£**
31,668
1,655
6,893
6,666
4,374|**2021**
**£**
31,668
1,655
6,893
6,666
4,374|**2020**
**£**
31,534
1,351
6,086
7,503
3,995|
|---|---|---|---|
||51,256||50,469|
||||**Computers**
£
2,331
-
-
2,331
2,331
-
2,331
-
-
**2020**
£
584
810
-
1,394|
|||2,267||
## **HAKLUYT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021**
|12
**CREDITORS AMOUNTS FALLING**
**DUE WITHIN ONE YEAR**
Publication and distribution costs
Other creditors and accruals
VAT|**2021**
**2020**
£
£
-
-
4,177
4,347
3,411
206|
|---|---|
||7,588
4,553|
|13
**FUNDS**
**As at**
**1 January 2021**
**Incoming**
**Resources**
**and gains**
**Outgoing**
**resources**
**As at 31**
**December**
**2021**
**£**
**£**
**£**
**£**
**Restricted**
**Fund**
-
-
-
-
**Harry and**
**Grace Smith**
**Fund**
1,981,145
197,469
(10,055)
2,168,559
**General fund**
726,913
225,268
(121,790)
830,391
2,708,058
422,737
(131,845)
2,998,950|13
**FUNDS**
**As at**
**1 January 2021**
**Incoming**
**Resources**
**and gains**
**Outgoing**
**resources**
**As at 31**
**December**
**2021**
**£**
**£**
**£**
**£**
**Restricted**
**Fund**
-
-
-
-
**Harry and**
**Grace Smith**
**Fund**
1,981,145
197,469
(10,055)
2,168,559
**General fund**
726,913
225,268
(121,790)
830,391
2,708,058
422,737
(131,845)
2,998,950|13
**FUNDS**
**As at**
**1 January 2021**
**Incoming**
**Resources**
**and gains**
**Outgoing**
**resources**
**As at 31**
**December**
**2021**
**£**
**£**
**£**
**£**
**Restricted**
**Fund**
-
-
-
-
**Harry and**
**Grace Smith**
**Fund**
1,981,145
197,469
(10,055)
2,168,559
**General fund**
726,913
225,268
(121,790)
830,391
2,708,058
422,737
(131,845)
2,998,950|13
**FUNDS**
**As at**
**1 January 2021**
**Incoming**
**Resources**
**and gains**
**Outgoing**
**resources**
**As at 31**
**December**
**2021**
**£**
**£**
**£**
**£**
**Restricted**
**Fund**
-
-
-
-
**Harry and**
**Grace Smith**
**Fund**
1,981,145
197,469
(10,055)
2,168,559
**General fund**
726,913
225,268
(121,790)
830,391
2,708,058
422,737
(131,845)
2,998,950|
|---|---|---|---|
||2,708,058|422,737|(131,845)
2,998,950|
The Harry and Grace Smith Fund represents a legacy which the trustees have designated for future publications in accordance with the informal wishes of the legator.
## **HAKLUYT SOCIETY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021**
|13
**FUNDS Prior Year**
**As at**
**1 January 2020**
**£**
**Restricted**
**Fund**
-
**Designated**
**Fund**
Harry and
Grace Smith
Fund
1,829,868
**General fund**
772,530
2,602,398|13
**FUNDS Prior Year**
**As at**
**1 January 2020**
**£**
**Restricted**
**Fund**
-
**Designated**
**Fund**
Harry and
Grace Smith
Fund
1,829,868
**General fund**
772,530
2,602,398|**Incoming**
**Resources**
**and gains**
**£**
-
166,436
43,246|**Incoming**
**Resources**
**and gains**
**£**
-
166,436
43,246|**Outgoing**
**resources**
**As at 31**
**December**
**2020**
**£**
**£**
-
-
(15,159)
1,981,145
(88,863)
726,913|
|---|---|---|---|---|
||2,602,398|20|9,682|(104,022)
2,708,058|
The Harry and Grace Smith Fund represents a legacy which the trustees have designated for future publications in accordance with the informal wishes of the legator.
## 14. **TRANSACTIONS WITH COUNCIL**
No trustee received remuneration from the charity. During the year 2 members of Council claimed reimbursement of travel and subsistence expenses totalling £162 (2020: £186).
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE HAKLUYT SOCIETY FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Opinion**
We have audited the financial statements of The Hakluyt Society (the ‘charity’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland; and
• have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- The Charity is required to comply with charity law and, based on our knowledge of its activities, we identified that the legal requirement to comply with the Charity SORP was of key significance.
- We gained an understanding of how the charity complied with its legal and regulatory framework, including the requirement to comply with the Charity SORP, through discussions with management and a review of the documented policies, procedures and controls.
- The audit team, which is experienced in the audit of charities, considered the charity’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.
- Our approach was to check that all income was properly identified and accounted for and to ensure that only valid and appropriate expenditure was charged to the charity’s funds. This included reviewing journal adjustments and unusual transactions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken, so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report or for the opinions we have formed.
Knox Cropper LLP, Statutory Auditor 65 Leadenhall Street London EC3A 2AD
## **MINUTES OF THE ANNUAL GENERAL MEETING 2021**
The President of the Society, Professor Bennett, was in the Chair and welcomed members to this 175th Annual General Meeting, and the second Annual General Meeting held via Zoom in response to the restrictions resulting from the Covid-19 pandemic. He reminded members that documents for this meeting, the Agenda, biographical details of Council nominees and the 2020 Annual Report, have all been circulated by post and also email. He explained the conventions to be used throughout the meeting. All members were to have their audio function muted in the first instance. Members were invited to type ‘Q’ in the chat function if they want to raise a point or ask a question. Online polls had been set up to be used to record the opinion of the meeting for any votes taken, if necessary, and there would be a poll for the proposed subscription change.
Before beginning the meeting, the President proposed spending some time acknowledging the loss of two long-standing and prominent members of the Society since the last Annual General Meeting. Both had made major contributions to the work and achievements of the Society. The first was the friend and colleague to many, Professor Roy Bridges, who died on 1 August 2020. He had been a member since 1962, he had served several terms on Council and was President for six years, one more than the usual term of five years. He had given two Annual Lectures, and had edited or co-edited three volumes in the main series: _Compassing the Vaste Globe of the Earth: Studies in the History of the Hakluyt Society, 1846–1996_ ; one of the set of _Four Travel Journals_ published in 2007, _Jacob_ Wainwright’s _Diary of the Transportation of Dr Livingstone’s Body to the Coast, May 1873 to February 1874_ ; and his _magnum opus_ for the Society, _Grant’s Walk Across Africa_ , which appeared in 2018. This represents an extraordinary body of work. Professor Bridges was indeed a great and loyal friend to the Society.
The second loss to note was that of Lieutenant Commander Andrew David, who died on 29 May 2021. He had a similarly impressive record of service to the Society. He was a vice-president of the Society from 1997 for five years. He was the first recipient of The President’s Medal in 2006, presented by Professor Bridges, who had instituted the tradition of The President’s Medal. He had given an Annual Lecture, he was prominent among the editors of the three Malaspina volumes, he was the sole editor of _William Robert Broughton’s Voyage of Discovery to the North Pacific 1795_ _**–** 1798_ (2010), and he was also the sole editor of the magnificent three volumes in the Extra Series of _The Charts and Coastal Views of Captain Cook’s Voyages_ . Professor Bridges and Lieutenant Commander David played vital parts in the Society’s life and achievements in recent decades and will be sadly missed.
## _**The Minutes of the Annual General Meeting 2020**_
On the proposal of Ian Boreham, seconded by Pierre Lurbe, the Minutes of the Annual General Meeting of 2020 as printed in the Annual Report and Statement of Accounts for 2020, were approved.
## **1.** _**Annual Report 2020**_
The President introduced the Annual Report for 2020 and explained that there were essentially two major components contained in the Report, the discussion of activities of the Society provided by himself and the Balance Sheet and Statement of Financial Activities for the year ended 31 December 2020, provided by the Honorary Treasurer.
The President was pleased to report the distribution of _The Javanese Travels of Purwalelana A Nobleman’s Account of his Journeys across the Island of Java 1860-1875_ , in November 2020. While only one volume was published in 2020, since then two further volumes have been published in 2021, _The Voyages and Manifesto of William Fergusson_ in March and in May 2021, _Spanish and Portuguese Conflict in the Spice Islands_ . The publications throughput is looking very healthy and at their meeting on 15 June 2021, Council was pleased to hear that there may be three volumes published in 2021, with the possibility of three or even four volumes in 2022. He commented that this is a good time to be a member of the Society and the subscription is even better value than ever.
The Honorary Treasurer introduced the financial aspects of the Annual Report. He gave a short verbal report and explained that the Annual Report and Accounts for 2020 describe in words and figures the charitable activities of the Society for the year, including how the Society’s results had been affected by the pandemic, as had organizations around the globe. The Society had put in place a number of measures and, although a number of projects and activities could not proceed because of restrictions, it is fair to say that those risk mitigations were successful and have helped maintain the Society’s income base and have prepared us for the throughput of volumes the President has described. It is welcome that over the course of the year the Society’s total net worth had increased from £2.6 to £2.7 million notwithstanding the challenges faced by the economy and financial markets.
The Annual Report contains more information about the impact of the pandemic on page 7 and at note 15 about the financial statements for those interested in the detail. The increase in net worth is mainly the result of gains made by the Society’s Harry and Grace Smith Fund investments, following losses sustained in the first half of the year. In line with wider market conditions there had been a good recovery. There was also an increase in the Society’s cash holdings and in further
progress on volume publication. It is also worth noting that the Society had a surplus for the year, the difference between incomings and outgoings, of £100,600 including gains on investments. The surplus of £80,000 will be deployed over the coming period to help meet the Society’s charitable objectives, particularly volume production.
The Honorary Treasurer also noted that the Society’s auditors Knox Cropper have issued an unqualified audit opinion on the Society’s accounts. No significant weaknesses had been identified in the Society’s accounts, although they had made two recommendations for strengthening the Society’s processes, one for fully reconciling subscription income on the Xero accounting software and the other for VAT returns. These recommendations have been discussed by the Society’s Finance and Business Working Group and the administrator is now implementing these strengthened processes with the Honorary Treasurer’s support. The Finance and Business Working Group have managed a number of financial risks actively over the year in relation to the pandemic and have identified a number of opportunities to safeguard and strengthen the Society’s finances in the face of the exceptional circumstances of the pandemic. It is appropriate to flag to up to the meeting the Honorary Treasurer’s view that, as of today, the Society remains a going concern financially (as Knox Cropper had found at end of 2020) and this is also demonstrated by the strong performance of the Society in 2021 to date in securing budgeted income to enable the Society to meet its financial liabilities and commitments.
Finally, the Honorary Treasurer thanked Knox Cropper for their support over the year, for their work on the audit and for their advice on the new expenses scheme to ensure that the Society complies with the Charity Commission guidelines. He expressed his grateful thanks to the administrator for her support and hard work, not least in securing membership subscriptions. Finally he added a personal note of thanks to the President for his support to him as Honorary Treasurer and for his effective chairmanship of the Finance and Business Working Group and the way in which he had ensured Council have an opportunity to discuss financial matters.
The President thanked the Honorary Treasurer for his report and for his personal note of thanks. No questions were raised on this report. On the proposal of Derek Elliott, seconded by Ian Boreham, the meeting received the Financial Report of Council, Balance Sheet and Statement of Financial Activities for 2020.
## **2.** _**Increase in Subscription rates**_
The President proposed an increase in subscription rates from 1 January 2022 in line with the resolution in 2019 to review the rate more regularly than formerly. The increase proposed by Council is:
Ordinary/Institutional member: from £69 or US$125 to £70 or US$126 Student member rate to remain the same: £35 or US$65.
No views were expressed by attendees at the meeting. An online poll was taken and the vote was 97% in favour of the increase (29:1).
## **3.A.** _**2020 essay prize winner – Nat Cutter**_
The President introduced a short film made by Nat Cutter, the winner of the Society’s Essay Prize 2020 who, in the current circumstances is unable to attend the AGM and who had sent a recording of his acceptance speech. It is hoped that Nat Cutter will be able to take part in the Warwick Symposium in November 2021.
## **4.** _**Election of Officers and Members of Council.**_
The President recorded thanks for the contributions of the retiring members of Council in 2021: Vice-president Professor Suzanne Schwarz, retiring after five years, and Council members Dr Bronwen Everill, Dr Edmond Smith and Dr Felicity Stout. Professor Schwarz had also been Chair of the Membership Working Group and been involved in a number of other initiatives, including the beginnings of the bi-annual symposium. He also thanked Dr Bronwen Everill, for running the Society’s Twitter account, which she will continue to do after stepping down from Council; he recorded his thanks to Dr Edmond Smith, who was on the Essay Prize Committee and is also a co-editor of the first volume of new Hakluyt Society Studies in History of Travel and co-editor of a volume in the Third Series, which may be ready this year; he also thanked Dr Felicity Stout for running the Society’s blog and who will continue in this role. The President was very grateful to those leaving for their past and future work, as the Society is dependent on the voluntary effort of everyone involved.
On the proposal of Council, seconded by Pierre Lurbe, as the current President, Professor Bennett, had reached the end of his term of five years, the meeting elected Dr Clifton Gloria unopposed as President and she then assumed the Chair for the remainder of the meeting. Before proceeding, Dr Clifton moved a vote of thanks to Professor Bennett for all his work for the Society in a particularly tricky term of five years.
On the proposal of Council, the meeting unanimously elected Professor Nandini Das and Professor Felipe Fernández-Armesto as vice-presidents. This was seconded by Mr Ian Boreham. On the proposal of Council, the meeting unanimously elected Mr Alastair Bridges as Honorary Treasurer, and Professor Janet Hartley, Professor Joyce Lorimer and Dr Maurice Raraty as honorary joint series editors. This was seconded by Dr Derek Elliott.
On the proposal of Council, the meeting unanimously elected as officers Dr Katharine Parker, as Honorary Administrative Editor, Mr Raymond Howgego as Honorary Editor (Online Publications), Dr Margaret Makepeace as Honorary Archivist and Mr Bruce Hunter as Honorary Advisor (Contracts). This was seconded by Captain Mike Barritt.
On the proposal of Council, the meeting unanimously elected Dr Katie Bank, Dr Derek Elliott and Dr Bertie Mandelblatt as members of Council. This was seconded by Mr David Darbyshire.
## **5. Appointment of Auditors**
On the proposal of Professor Laden Niayesh, and the advice of the Honorary Treasurer, the meeting unanimously appointed the firm of Knox Cropper as auditors _nem con_ . (See also item 2 above). This proposal was seconded by Mr David Darbyshire
## **6. Any Other Business**
Professor Bennett raised his final item as President which was an award of the President’s Medal. He said that under Rule 15 of the Society’s Rules, there was the opportunity to present the President’s Medal to anyone whom the Society wished to honour for outstanding scholarship in respect of one or more of its publications and/or outstanding service in furthering the Objects of the Society. Having gone through due process, it gave him great pleasure to announce that agreement had been reached to make this award to Professor Joyce Lorimer. Professor Lorimer has given the Society exceptional service, having been a Series Editor for 14 years (a role which continues), edited two volumes of her own in the main series, given long service on the panels for the essay prize and the research awards, and as an officer maintained a remarkably diligent attendance at meetings of Council from her home in Canada. The medal itself was shown by the administrator to those attending the meeting via Zoom and would now be sent to Professor Lorimer.
Professor Lorimer thanked Professor Bennett for the award. She said that she had been drawn into working with the Society by the late Professor David Quinn. She had had great interest in the Society’s work and found it a place of great fellowship.
## **Annual Lecture 2021**
The President thanked everyone for attending the online Annual General Meeting and introduced the Annual Lecture, delivered by Professor Janet Hartley. The President thanked Professor Hartley for pre-recording this lecture and noted that any questions about it could be sent to the administrator, as there will of course be
no usual Q&A session. The President indicated that she has known Professor Hartley since the 1980s, when they were both young temporary lecturers at Queen Mary College. Since then Professor Hartley has become a distinguished historian of Russia, publishing many books on the subject and until recently was a ProDirector at the London School of Economics. Her lecture is drawn from material collected for her latest book _The Volga: A History_ (published 2021). The recording of the lecture will be made available online as soon as the Annual General Meeting closes and will then remain on the Society’s website.
Dr Clifton expressed her hope for hybrid meetings in the future and thanked all for attending and for their support of the Society.
## **AMERICAN FRIENDS OF THE HAKLUYT SOCIETY**
The American Friends of the Hakluyt Society sustained their activities during the year. Their website (http://americanfriendshakluyt.com) serves as a means of communication both among members and associated organisations and with the Hakluyt Society. Any member wishing to contact the American Friends of the Hakluyt Society can do so at the following address:
American Friends of the Hakluyt Society 11 SOUTH ANGELL ST Ste. 401 PROVIDENCE, RI 02906 USA Email: afhakluytsociety@gmail.com
## **INTERNATIONAL REPRESENTATIVES OF THE HAKLUYT SOCIETY**
_Africa (North)_ : Dr Derek L. Elliott, School of Humanities and Social Sciences, Al Akhawayn University in Ifrane, P.O. Box 104, Ave Hassan II, 53000 Ifrane, Morocco
_Australia_ : Dr Martin Woods, Curator of Maps, National Library of Australia, Canberra, ACT 2601
_Canada_ : Professor Cheryl A. Fury, Department of History and Politics, University of New Brunswick Saint John, PO 5050, Saint John, NB, E2L 4L5
_Central America:_ Dr Stewart D. Redwood, P.O. Box 0832-0757, World Trade Center, Panama, Republic of Panama
_China_ : Professor May Bo Ching, Department of Chinese and History, City University of Hong Kong, Kowloon Tong, Hong Kong
_France_ : Professor Pierre Lurbe, Faculté des Lettres, Sorbonne Université, 1, rue Victor Cousin, 75005 Paris
_Germany_ : Monika Knaden, Lichtenradenstrasse 40, 12049 Berlin
_Iceland_ : Professor Anna Agnarsdóttir, Department of History and Philosophy, University of Iceland, 101 Reykjavík
_India_ : Professor Supriya Chaudhuri, Department of English, Jadavpur University, Kolkata
_Ireland_ : Professor Jim McAdam OBE, Queen’s University of Belfast and Royal Society of Antiquaries of Ireland, c/o 16B Dirnan Road, Cookstown, Co Tyrone BT80 9XL
_Japan_ : Dr Derek Massarella, Faculty of Economics, Chuo University, Higashinakano 742–1, Hachioji-shi, Tokyo 192–03
_Netherlands_ : Dr Anita van Dissel, Johan Huizingagebouw, Doezensteeg 16, 2311 VL Leiden
_New Zealand_ : Dr John Holmes, PO Box 6307, Dunedin North, Dunedin 9059
_Portugal_ : Dr Manuel Ramos, Av. Elias Garcia 187, 3Dt, 1050 Lisbon
_Russia_ : Professor Alexei V. Postnikov, Institute of the History of Science and Technology, Russian Academy of Sciences, 1/5 Staropanskii per., Moscow 103012
_South America_ : Sr Sergio Zagier, Cuenca 4435, 1419 Buenos Aires, Argentina
_Spain_ : Dámaso de Lario, Calle Los Borja, 3, 3ª, 46003 València
_Switzerland_ : Dr Tanja Bührer, Universität Bern, Historisches Institut, Unitobler, Länggasstrasse 49, 3000 Bern 9
_USA_ : Professor Mary C. Fuller, Literature Section, 14N–405, Massachusetts Institute of Technology, 77 Massachusetts Ave., Cambridge, MA, 02139–4207
## **The Hakluyt Society**
Administration
(to which queries and application for membership may be made)
Telephone: (00 44) 7568 468066
Email: office@hkluyt.com
Postal address (only): The Hakluyt Society, c/o the Map Library The British Library, 96 Euston Road London NW1 2DB