DocuSign Envelope ID: 00C17989-84FA-4775-9F62-258195F849CE
Charity number: 313229
ANTIQUITY TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DocuSign Envelope ID: 00C17989-84FA-4775-9F62-258195F849CE
ANTIQUITY TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 8 |
| Independent Examiner's Report | 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 - 21 |
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ANTIQUITY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
| Trustees | Professor A Harding |
|---|---|
| Professor Sir B W Cunliffe | |
| Professor G Barker, Secretary | |
| Professor R A E Coningham, Chair | |
| Professor M J Millett | |
| Professor N Milner | |
| Professor C Petrie | |
| Professor S Moser | |
| Professor R Gilchrist | |
| Professor A Bogaard | |
| Professor C Heron | |
| Charity registered number 313229 Principal office Salisbury House Station Road Cambridge CB1 2LA Accountants Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers Barclays Bank Leicester LE87 2BB Investment manager Investec 2 Gresham Street London EC2V 7QN |
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ANTIQUITY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report together with the audited financial statements of Antiquity Trust for the year from 1 January 2023 to 31 December 2023. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition of the Charities SORP (FRS 102) October 2019, effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
a. POLICIES AND OBJECTIVES
The Trust was formed for the purpose of promoting archaeological research, education and learning through the publication of the journal 'Antiquity' six times per year.
The Trustees aim to provide as wide a benefit as possible to the public at large by encouraging publication of archaeological research on a world wide basis with dissemination of that information throughout the world. To this end the Trustees have adopted the following policies:
• encouragement of an editorial policy that embraces submissions from archaeological researchers on a world wide basis;
• open access to members of the archaeological community and the public at large through libraries;
• online access via institutional subscribers to the journal;
• free subscriptions for some developing country institutions; and
• dissemination of archaeological research through the 'Antiquity' Website and the Trust’s Public Engagement and Press Administrator.
The Trustees have paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Charities Act 2011.
b. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT
Our charitable activities met these objectives during 2023 with a continued focus on the journal, the donation of gratis subscriptions to selected academic institutions, conference prizes, discounted subscriptions to enrolled students, a sponsored plenary lecture at the annual conference of the Theoretical Archaeological Group (TAG), the award of the Antiquity and Ben Cullen Prizes, the continued sponsorship of the Public Engagement and Press Coordinator, costs associated with the sponsorship of the Council for British Archaeology's annual Festival of Archaeology and publication of a supplement in the magazine British Archaeology, costs associated with a scoping study of the Cambridge University Aerial Photography Collection and continued support for the Rewriting World Archaeology mentoring programme for early career researchers based in South Asia.
ACHIEVEMENTS AND PERFORMANCE
a. STRATEGIES FOR ACHIEVING OBJECTIVES
The Trust continued to support the Editorial Office through its sponsorship of the Public Engagement and Press Coordinator with the clear aim of enhancing the dissemination of archaeological research featured in the journal. Activities include the preparation of press releases, generating content across a range of social media channels, and the creation of free-to-access collections of research. The Editor and other members of the editorial team
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ANTIQUITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENTS AND PERFORMANCE (CONTINUED)
attended the following international events in order to engage with readers, authors and reviewers and to encourage submissions from underrepresented areas: Society for American Archaeology (Portland, USA), European Association of Archaeologists (Belfast, UK) and Theoretical Archaeological Group (Norwich/UEA, UK) and participated in virtual writing workshops at the Theoretical Roman Archaeology Conference (Exeter, UK) and Society for Africanist Archaeologists, (Houston, USA).
The Trust continued to support the publication of the CBA’s popular magazine, British Archaeology, with a sponsored section featuring summaries of research published in 'Antiquity'.
b. ACTIVITIES FOR ACHIEVING OBJECTIVES
During the year, the Trust has continued to subcontract the production of ‘Antiquity’ to its wholly owned trading company, Antiquity Publications Limited. Any surplus generated by the subsidiary company is donated under a deed of covenant to Antiquity Trust by the subsidiary company.
c. REVIEW OF ACTIVITIES
Gratis Subscriptions
The Antiquity Trust donates gratis journals to a total of 20 international academic institutions. These include the libraries at Addis Ababa University (Ethiopia), the University of Nairobi (Kenya), Dar es Salaam University (Tanzania), Makerere University (Uganda), the University of Ghana Balme (Ghana), the University of Nigeria (Nigeria), Université Cheikh Anta Diop de Dakar (Senegal), Yarmouk University (Jordan), Universidad de Los Andes (Colombia), Universidad Nacional Mayor de San Marcos (Peru), the Maharaja Sayajirao University of Baroda (India), Universitas Indonesia (Indonesia), Universitas Udayana (Indonesia), University of Papua New Guinea (Papua New Guinea), National Library of Vanuatu (Vanuatu), National University of Samoa (Samoa), Institute of Social Sciences, Southern Region (Vietnam), Chongqing Normal University (China), Biblioteca Vasile Parna of the Institute of Archaeology (Romania) and the Muhammad Bin Qassim Library Sujawal (Pakistan).
Student/Early Career Researcher Subscriptions and Prizes
The Antiquity Trust offers subscriptions to enrolled students at a greatly discounted price to encourage readership by students, particularly where institutional access is not available. A total of 22 students and early career researchers benefitted from this policy in 2023. On behalf of the Trust, Antiquity has also sponsored conference prizes for the best student papers at meetings of the European Archaeologists Association (EAA; won by Mathilde Vestergaard Meyer), and the Indian Ocean World (IOW; won by Charlotte Nash) conferences. Subscriptions were also awarded to all 18 of the first cohort of Early Career Researchers participating in Antiquity’s Rewriting World Archaeology mentoring programme, which was sponsored by the British Academy.
Sponsored TAG Plenary Lecture
The Theoretical Archaeology Group (TAG) was founded as a national body in 1979 with the aim of promoting debate and discussion of issues in theoretical archaeology. Its principal activity is the promotion of an annual conference, traditionally held in December and organised so as to be accessible at low cost to research students and others. The annual Antiquity TAG Lecture (held at UEA) was given by Joanne Clarke speaking on ‘Archaeology, heritage and climate change: how recent research is influencing international policy agendas’ and by Kristina Douglass (whose article on Madagascar featured in the December 2023 issue) on ‘Knowledge coproduction, climate and archaeology’.
The Antiquity Prize and Ben Cullen Prize
The Trust continues to support the award of The Antiquity Prize and the Ben Cullen Prize. Nominations are received from the journal’s Editorial Advisory Board, from which a shortlist is put forward to the Trustees. The
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ANTIQUITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENTS AND PERFORMANCE (CONTINUED)
Trustees ranked their top four papers, with the 2023 Antiquity Prize awarded to Anastasiia Stupko-Lubczynska for “Masters and apprentices at the Chapel of Hatshepsut: towards an archaeology of ancient Egyptian reliefs”. The Ben Cullen Prize was awarded to Julia Best et al. for “Redefining the timing and circumstances of the chicken's introduction to Europe and north-west Africa”.
British Archaeology and the Council for British Archaeology's Festival of Archaeology
The Trust approved a donation to support the continued publication of the Council for British Archaeology (CBA)’s popular magazine, British Archaeology. In collaboration with its editor, Cat Jarman, each issue features a four-page spread showcasing research published in 'Antiquity', bring high-quality scholarly content to a wider public audience. The Trustees also approved sponsorship of the 2023 ‘Festival of Archaeology’.
Cambridge University Aerial Photography Collection
The Trustees approved the donation of £11,071.80 to support a scoping study of the Cambridge University Aerial Photography Collection by a consultant archivist and conservator so that an overall plan can be created for the long-term preservation, digitization and conservation of the whole collection. Much of the collection is the result of an airborne survey initiated by J.K. St Joseph, with potential applications to archaeology, geology, social history, law, environmental issues and planning.
Rewriting World Archaeology: South Asia
The Trustees approved a donation (£18,513) in 2022 to support a new round of the Rewriting World Archaeology mentoring programme for early career researchers (ECRs) from developing countries. The new round focuses on South Asia and began with a programme of online workshops leading to an in-person meeting in Kathmandu in 2024. The programme will equip 12 ECRs with the necessary knowledge and skills to access and publish in academic journals, sharing their results with scholarly and public audiences.
Public Engagement and Press Administrator
The Antiquity Trust continues to fund the Public Engagement and Press Coordinator role via a grant to Antiquity Publications towards costs, which amounted to £24,388 in the year ended 31 December 2023.
d. INVESTMENT POLICY AND PERFORMANCE
The Trustees, having regard to the liquidity requirements of operating the Trust, have invested funds into a portfolio of investments held by Investec Asset management. Investments are to be managed in a way as to provide sufficient income to enable the Trust to carry out its purposes effectively both in the short term and over the longer term.
The Trustees have reviewed the investment policy, which is on the basis of a balanced return between capital growth and income and have agreed that this is appropriate to the activities and objectives of the Trust. The policy provides the detailed strategy under which the portfolio of investments is managed by the independent investment advisors.
During the year, the portfolio made unrealised gains of £39,735. The Trust realised gains of £18,611 on investments sold during the year. All gains and losses on the portfolio relate to unrestricted funds.
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ANTIQUITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
a. KEY FINANCIAL PERFORMANCE INDICATORS
The key financial performance indicator relates to the income generated from publication of the journal by the subsidiary company, and therefore subsequently the level of donation that the subsidiary is able to make to the parent charity.
During the year, the subsidiary company generated income of £340,464, a 10% decrease on 2022, when turnover of £378,106 was generated. Costs within the subsidiary company have remained similar to 2022, other than increased costs from Durham University, which were agreed at the Directors' meeting in January 2023. Antiquity Trust continues to fund the Public Engagement and Press Administrator role via a grant from Antiquity Trust to Antiquity Publications to cover the cost, which amounted to £24,388 in the year ended 31 December 2023 (2022 - £27,270).
b. FINANCIAL REVIEW
The majority of the Trust’s income is derived from a donation under a deed of covenant from its wholly owned subsidiary company. A donation of £67,359 is due in respect of the 2023 year (2022 - £138,603).
Net income during the year was £68,664 (2022 - £116,811 net loss). Total funds at the year end were £1,494,411 (2022 - £1,425,747).
The investment portfolio has increased in value across the year to a value of £1,019,228 (2022 - £970,726). This has been as a result of gains in the underlying value of investments held in the portfolio.
c. PRINCIPAL RISKS AND UNCERTAINTIES
The Trustees have considered the principal risks to which the Trust is exposed and are satisfied that adequate safeguards are in place to mitigate exposure to those risks. Risk management is discussed in detail at each meeting of the Trustees.
The key risk faced by the Charity is seen to be the reputational risk of publishing an article which is plagiarised from another source or does not hold up to external scrutiny. To mitigate this risk, the journal employs robust peer review led by the Editor, and uses specialist software, CrossCheck to look for evidence of plagiarism during the submission process. Authors are also required to adhere to our ethics policy, and declare that the submission is original and not published elsewhere.
All submissions are considered by the Editor in the first instance. Suitable papers are peer reviewed by a minimum of two experts. Peer reviewers (also known as Referees) are selected for their knowledge and expertise and may include, but are not limited to, Antiquity’s Editorial Advisory Board. Submissions are assessed on the potential interest of new archaeological discoveries, ideas and methods and their likely global significance.
Authors are responsible for obtaining all necessary permissions to reproduce material to which they do not own copyright, for use in both print and electronic media, and for ensuring appropriate acknowledgements are included in their manuscript. If a submission is accepted for publication, the author will be asked to provide a copy of the relevant permission.
All articles accepted for publication are copyedited and proofread in house by the team before publication. The journal is also a member of COPE (Committee on Publication Ethics), which demonstrates the journal’s willingness to mitigate the risk of publishing material that would cause reputational damage.
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ANTIQUITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
d. RESERVES POLICY
The required level of reserves has been determined by the Trustees following detailed consideration of the market and costs and issues faced by the Trust, based on three times the annual liabilities of the Trust and wholly owned subsidiary company. This amounts to approximately £20,000 at 31 December 2023.
The Trustees have considered the level of reserves currently held of £1,494,411 (2022 - £1,425,747) at the year end are sufficient under the established policy and believe that the current level of reserves is consistent with fulfilling the charity’s objectives.
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. CONSTITUTION
The Trust was established by Trust Deed in 1963, and amended in 2009. This forms the constitution on which the charity is run. The Trust deed states that the duty of Trustees is to publish a journal ‘Antiquity’ as an archaeological review of the highest quality reasonably obtainable for the price at which it is published.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
Trustees are appointed based on their knowledge and expertise in the field of Archaeology. They are proposed by a current Trustee and formally approved at Trustees meetings each year.
c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
Many appointed Trustees are former reviewers of papers for the 'Antiquity' journal. Therefore they already hold suitable level of knowledge and skills and experience in the field to be able to fulfill their roles. As all Trustees are appointed based on their expertise in this field, there is no formal training on appointment as a Trustee.
Trustees are welcomed and given any additional background to the Trust in the meeting at which they are appointed.
d. ORGANISATIONAL STRUCTURE AND DECISION MAKING
All decisions made by the charity are made by the Trustees as a whole. There is no executive management committee delegated to make decisions as the charity does not have any employees.
Management of day to day activities within the subsidiary company, Antiquity Publications Limited, is delegated to Durham University, who provide editorial services for the magazine. The directors of the company, some of whom are the same as the Trustees of the charity, are responsible for the decision making within the subsidiary company.
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ANTIQUITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
e. TRUSTEES
The Trustees who served during the year were:
Professor A Harding Professor Sir B W Cunliffe Professor G Barker, Secretary Professor R A E Coningham, Chair Professor C Heron Professor M J Millett Professor N Milner Professor C Petrie Professor S Moser Professor R Gilchrist Professor A Bogaard
f. RISK MANAGEMENT
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
PLANS FOR FUTURE PERIODS
The Trustees remain committed to the promotion of archaeological research, education and learning by means of the continued publication of ‘Antiquity’. The Charity will continue to meet its charitable activities by focusing on the journal, the donation of gratis subscriptions to selected academic institutions and individuals, a sponsored plenary lecture at the annual conference of the Theoretical Archaeological Group, the offer of discounted subscriptions to enrolled students, the support of student placements within the Editorial Office, the award of the Antiquity and Ben Cullen Prizes and support for the Public Engagement and Press Coordinator. In the next twelve months, the Trustees also anticipate continuing to support the following initiatives:
• supporting seminars for students and early career researchers on the publishing process and how to write/format an article for publication;
• the sponsorship of student placements within the editorial office and student bursaries associated with the history of ‘Antiquity’;
• encouragement of additional submission of papers from underrepresented areas through the appointment of Antiquity Ambassadors, writing workshops and early career researcher programmes;
• encouragement of additional submission of papers with high impact archaeological science research; and
• sponsorship of prizes for the best student paper/presentation prizes at selected conferences.
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ANTIQUITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report 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 Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them 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. They are 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Professor R A E Coningham Trustee
Date: 03 May 2024
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ANTIQUITY TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ANTIQUITY TRUST ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: kelly Ereterick Dated: 08 May 2024
Mrs K Bretherick FCA
Peters Elworthy & Moore, Chartered Accountants, Cambridge
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ANTIQUITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Note INCOME FROM: Donations 3 Investments 4 TOTAL INCOME EXPENDITURE ON: Raising funds 5 Charitable activities 6 TOTAL EXPENDITURE NET INCOME BEFORE NET GAINS/(LOSSES) ON INVESTMENTS Net gains/(losses) on investments 10 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2023 £ 67,359 23,995 91,354 8,296 72,740 81,036 10,318 58,346 68,664 1,425,747 68,664 1,494,411 |
Total funds 2023 £ 67,359 23,995 91,354 8,296 72,740 81,036 10,318 58,346 68,664 1,425,747 68,664 1,494,411 |
Total funds 2022 £ 138,603 21,725 |
|---|---|---|---|
| 160,328 3,624 110,462 |
|||
| 114,086 46,242 (163,053) |
|||
| (116,811) 1,542,558 (116,811) |
|||
| 1,425,747 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 21 form part of these financial statements.
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ANTIQUITY TRUST
BALANCE SHEET AS AT 31 DECEMBER 2023
| 2023 | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| FIXED ASSETS | ||||||
| Investments | 10 | 1,019,330 | 970,828 | |||
| 1,019,330 | 970,828 | |||||
| CURRENT ASSETS | ||||||
| Debtors | 11 | 123,809 | 217,174 | |||
| Cash at bank and in hand | 370,490 | 314,538 | ||||
| 494,299 | 531,712 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 12 | (19,218) | (76,793) | |||
| NET CURRENT ASSETS | 475,081 | 454,919 | ||||
| TOTAL NET ASSETS | 1,494,411 | 1,425,747 | ||||
| CHARITY FUNDS | ||||||
| Unrestricted funds | 14 | 1,494,411 | 1,425,747 | |||
| TOTAL FUNDS | 1,494,411 | 1,425,747 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Professor R A E Coningham Trustee
Date: 03 May 2024
The notes on pages 12 to 21 form part of these financial statements.
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ANTIQUITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
Antiquity Trust is an unincorporated charity registered in England and Wales. Reference and administrative details are included on page 1.
The functional and presentational currency is GBP.
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Antiquity Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
No significant estimates or judgements have been made by management in preparing these financial statements.
2.2 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
2.3 GOING CONCERN
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
With respect to the next reporting period, 2024, the main area of uncertainty that affects the Charity is the market value of investments.
Given the resources available to the Charity, the Trustees are satisfied that the Charity is a going concern.
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ANTIQUITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. ACCOUNTING POLICIES (CONTINUED)
2.4 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
Donation income is recognised when received or before receipt if it becomes reasonably certain that the donation will be received and the value of the income can be reliably measured.
2.5 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Support costs are those costs incurred directly in support of expenditure on the objects of the Charity.
Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.6 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. ACCOUNTING POLICIES (CONTINUED)
2.7 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.10 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
3. INCOME FROM DONATIONS
| Donations TOTAL 2022 |
Unrestricted funds 2023 £ 67,359 138,603 |
Total funds 2023 £ 67,359 138,603 |
Total funds 2022 £ 138,603 |
|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4. INVESTMENT INCOME
| Income from listed investments Interest income TOTAL 2022 |
Unrestricted funds 2023 £ 20,041 3,954 23,995 21,725 |
Total funds 2023 £ 20,041 3,954 23,995 21,725 |
Total funds 2022 £ 18,517 3,208 |
|---|---|---|---|
| 21,725 | |||
5. INVESTMENT MANAGEMENT COSTS
| Investment management fees TOTAL 2022 |
Unrestricted funds 2023 £ 8,296 3,624 |
Total funds 2023 £ 8,296 3,624 |
Total funds 2022 £ 3,624 |
|---|---|---|---|
6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Summary by fund type
| Charitable activities TOTAL 2022 |
Unrestricted funds 2023 £ 72,740 110,462 |
Total 2023 £ 72,740 110,462 |
Total 2022 £ 110,462 |
|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Charitable activities TOTAL 2022 |
Direct costs 2023 £ 27,466 29,874 |
Grant funding of activities 2023 £ 36,072 25,000 |
Support costs 2023 £ 9,202 55,588 |
Total funds 2023 £ 72,740 110,462 |
Total funds 2022 £ 110,462 |
|---|---|---|---|---|---|
ANALYSIS OF DIRECT COSTS
| Prize awards Public Engagement and Press Administrator TOTAL 2022 |
Charitable activities 2023 £ 3,078 24,388 27,466 29,874 |
Total funds 2023 £ 3,078 24,388 27,466 29,874 |
Total funds 2022 £ 2,604 27,270 |
|---|---|---|---|
| 29,874 | |||
ANALYSIS OF SUPPORT COSTS
| Meeting costs Consultancy Antiquity website upgrade Kathmandu workshop Bank charges Audit and accountancy TOTAL 2022 |
Activities 2023 £ 1,296 - - - 106 7,800 9,202 55,588 |
Total funds 2023 £ 1,296 - - - 106 7,800 9,202 55,588 |
Total funds 2022 £ 1,244 1,320 23,775 18,513 111 10,625 |
|---|---|---|---|
| 55,588 | |||
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. ANALYSIS OF GRANTS
| Grants to Council for British Archaeology University of Cambridge - University Library TOTAL 2022 |
Grants to Institutions 2023 £ 25,000 11,072 |
Total funds 2023 £ 25,000 11,072 36,072 25,000 |
Total funds 2022 £ 25,000 - 25,000 |
|---|---|---|---|
| 36,072 | |||
| 25,000 |
9. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 December 2023, expenses totalling £472 were reimbursed or paid directly to 5 Trustees (2022 - £673). The expenses related to reimbursement of travel expenses.
10. FIXED ASSET INVESTMENTS
Investments
| COST OR VALUATION At 1 January 2023 Additions Disposals (proceeds £507,045; realised gain £18,611) Revaluations Movement in cash AT 31 DECEMBER 2023 NET BOOK VALUE AT 31 DECEMBER 2023 AT 31 DECEMBER 2022 |
in subsidiary companies £ 102 - - - - 102 102 102 |
Listed investments £ 942,206 522,106 (488,434) 39,735 - 1,015,613 1,015,613 942,206 |
Cash held at investment broker £ 28,520 - - - (24,905) 3,615 3,615 28,520 |
Total £ 970,828 522,106 (488,434) 39,735 (24,905) |
|---|---|---|---|---|
| 1,019,330 | ||||
| 1,019,330 | ||||
| 970,828 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10. FIXED ASSET INVESTMENTS (CONTINUED)
All the fixed asset investments are held in the UK.
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price or the NAV of the fund. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report. The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so there ability to buy and sell quoted equities and stock is anticipated to continue. The charity’s investments are mainly traded in markets with good liquidity and high trading volumes. The charity has no material investment holdings in markets subject to exchange controls or trading restrictions.
The charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular 5 year period will normally be corrected.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10. FIXED ASSET INVESTMENTS (CONTINUED)
PRINCIPAL SUBSIDIARIES
The following was a subsidiary undertaking of the Charity:
| Name Company number Principal activity Antiquity Publications Limited 00468138 Antiquity journal publication The financial results of the subsidiary for the year were: Name Income £ Expenditure £ Profit/(Loss) / Surplus/ (Deficit) for the year £ Antiquity Publications Limited 340,464 273,105 67,359 11. DEBTORS 2023 £ Amounts owed by group undertakings 122,973 Other debtors 836 123,809 |
Holding 100% Net assets £ 11 2022 £ 216,565 609 |
|---|---|
| 217,174 |
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other taxation Accruals Grant commitments |
2023 £ 1,388 - 6,758 11,072 19,218 |
2022 £ 3,440 237 48,116 25,000 |
|---|---|---|
| 76,793 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
13. FINANCIAL INSTRUMENTS
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| FINANCIAL ASSETS | ||
| Financial assets measured at fair value through income and expenditure | 1,015,613 | 942,206 |
Financial assets measured at fair value through income and expenditure comprise investments in listed securities
Investments in listed securities are measured at the closing market price.
14. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2023 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| UNRESTRICTED FUNDS | |||||
| General Fund | 1,425,747 | 91,354 | (81,036) | 58,346 | 1,494,411 |
| STATEMENT OF FUNDS | - PRIOR YEAR | ||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2022 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| UNRESTRICTED FUNDS | |||||
| General Fund | 1,542,559 | 160,328 | (114,087) | (163,053) | 1,425,747 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. RELATED PARTY TRANSACTIONS
During the year, the Charity received a donation from its subsidiary company, Antiquity Publications Limited, via a deed of covenant of £67,359 (2022 - £138,603). During the year, Antiquity Trust granted £24,388 (2022 - £27,270) to fund a Public Engagement and Press Officer.
At the year end, the Trust was owed £122,973 (2022 - £216,565) by Antiquity Publications Limited. Included in this balance is a working capital loan amounting to £104,040 (2022 - £102,000). Interest on the loan is set using the HMRC Beneficial Loan Arrangment official rate, which was 2% during 2023.
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