Docusign Envelope ID: 419FD2EB-359C-8AD0-83C4-FB4101894DD6
Charity number: 313229
ANTIQUITY TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Docusign Envelope ID: 419FD2EB-359C-8AD0-83C4-FB4101894DD6
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 2025
| 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 A Bogaard | |
| Professor C Heron | |
| Mrs E Waller (appointed 23 January 2026) | |
| Charity registered number 313229 Principal office Salisbury House Station Road Cambridge CB1 2LA Independent Examiner PEM Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers Barclays Bank 9-11 St Andrew's Street Cambridge CB2 3AA Investment manager Rathbones Investment Management 30 Gresham Street London EC2V 7QN |
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ANTIQUITY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees present their annual report together with the audited financial statements of Antiquity Trust for the year from 1 January 2025 to 31 December 2025. 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 Charity 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 2025 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', and continued support for the Rewriting World Archaeology mentoring programme for early career researchers.
ACHIEVEMENTS AND PERFORMANCE
a. STRATEGIES FOR ACHIEVING OBJECTIVES
The Charity 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 attended the following international events in order to engage with readers, authors and reviewers
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ANTIQUITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
ACHIEVEMENTS AND PERFORMANCE (CONTINUED)
and to encourage submissions from underrepresented areas: Society for American Archaeology meeting (Denver, USA), World Archaeological Congress (Darwin, Australia), Society of Africanist Archaeologists conference (Faro, Portugal), Society for East Asian Archaeology conference (Aberdeen, UK) and Theoretical Archaeological Group (TAG) conference (York, UK) and participated in a writing workshop at the British Institute at Ankara (Türkiye).
The Charity 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 Charity 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 are the libraries of 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 42 students and early career researchers benefitted from this policy in 2025. On behalf of the Charity, Antiquity has also sponsored conference prizes for the best student papers at meetings of the European Archaeologists Association (won by Daniel Alonso Naranjo), and the Society of American Archaeologists (won by Anna Whittemore). Subscriptions were also awarded to the incoming cohort of Early Career Researchers participating in Antiquity’s Rewriting World Archaeology mentoring programme, which was sponsored by the Antiquity Trust.
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 (York, UK) was given by Mazan Iwaisi speaking on “Theory from Below: Family Museums as Spaces of Knowledge Production and Epistemological Resistance in Palestine”.
The Antiquity Prize and Ben Cullen Prize
The Charity 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 Trustees ranked their top four papers, with the Antiquity Prize awarded to Cyprian Broodbank and colleagues for “Oued Beht, Morocco: a complex early farming society in north-west Africa and its implications for western
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ANTIQUITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
ACHIEVEMENTS AND PERFORMANCE (CONTINUED)
Mediterranean interaction during later prehistory”. The Ben Cullen Prize was awarded to Dylan Gaffney and colleagues for “Human dispersal and plant processing in the Pacific 55 000 – 50 000 years ago".
British Archaeology and the Council for British Archaeology's Festival of Archaeology
The Charity 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, each issue features a four page spread showcasing research published in 'Antiquity', bringing high quality scholarly content to a wider public audience. The Trustees also approved sponsorship of the 2025 ‘Festival of Archaeology’.
Rewriting World Archaeology: South Asia
The Trustees approved a round of the Rewriting World Archaeology mentoring programme for early career researchers (ECRs) from developing countries. The new round focused on the Middle East and began with a programme of online workshops leading to an in person meeting in Ankara in 2025. The programme is designed to equip 8 ECRs with the necessary knowledge and skills to access and publish in academic journals, sharing their results with scholarly and public audiences. A further round is being developed with a focus on South America, to culminate in an in-person workshop in Rio di Janeiro, Brazil in September 2026.
Public Engagement and Press Coordinator
The Antiquity Trust continues to fund the Public Engagement and Press Coordinator role via a grant to Antiquity Publications towards costs, which amounted to £35,932 in the year ended 31 December 2025.
d. INVESTMENT POLICY AND PERFORMANCE
The Trustees, having regard to the liquidity requirements of operating the Charity, have invested funds into a portfolio of investments held by Rathbones. Investments are to be managed in a way as to provide sufficient income to enable the Charity 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 Charity. 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 £84,695. The Charity realised losses of £2,453 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 2025
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 £376,672 (2024 - £341,990). Costs within the subsidiary company have remained similar to 2024, other than increased costs from Durham University, which were agreed at the Directors' meeting in February 2025. Antiquity Trust continues to fund the Public Engagement and Press Coordinator role via a grant from Antiquity Trust to Antiquity Publications to cover the cost, which amounted to £35,932 in the year ended 31 December 2025 (2024 - £34,469).
b. FINANCIAL REVIEW
The majority of the Charity’s income is derived from a donation under a deed of covenant from its wholly owned subsidiary company. A donation of £65,656 is due in respect of the 2025 year (2024 - £56,814).
Net income during the year was £67,459 (2024 - £33,231). Total funds at the year end were £1,595,101 (2024 - £1,527,642).
The investment portfolio has increased in value across the year to a value of £1,163,064 (2024 - £1,091,144). 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 Charity 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 permissions.
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 2025
d. RESERVES POLICY
The Charity holds reserves to ensure it can continue operating when there are adverse financial events, such as a sudden loss of income or increase in expenditure. The Trustees hold sufficient reserves to cover at least one year of support and governance costs. The target level of reserves to cover operations is £20,000.
The Trustees have considered the level of reserves of £1,563,101 (2024 - £1,517,642) held at the year end and will look for opportunities to utilise surplus free reserves, such as grant giving.
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. CONSTITUTION
The Charity 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 have been traditionally 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.
Following the retirement of two Trustees in 2024, Trustees were invited to identify complementary skill sets for new appointees. They identified current skills gaps in investment management and knowledge of the ecosystem of consortia linked to publishing, Open Access and libraries. The Charity is now seeking candidates with expertise in those fields as well as an interest in Archaeology.
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 2025
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 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, a continuation of the Rewriting World Archaeology mentoring programme for early career researchers, 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;
• a subsidy for selected authors from the developing world without access to a valid publish subscription or ability to contribute an article processing charge;
• encouragement of additional submission of papers from underrepresented areas through the appointment of Antiquity Ambassadors, writing workshops and early career researcher programmes; 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 2025
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 judgements 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: 05 August 2026
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ANTIQUITY TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
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 2025.
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 2019.
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: Dated: 05 August 2026
Mrs K Bretherick FCA
PEM, Accountants, Cambridge
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ANTIQUITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| Note INCOME FROM: Donations 3 Investments 4 TOTAL INCOME EXPENDITURE ON: Raising funds 5 Charitable activities 6 TOTAL EXPENDITURE NET EXPENDITURE BEFORE NET GAINS ON INVESTMENTS Net gains on investments 11 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2025 £ 65,656 27,031 92,687 7,552 99,918 107,470 (14,783) 82,242 67,459 1,527,642 67,459 1,595,101 |
Total funds 2025 £ 65,656 27,031 92,687 7,552 99,918 107,470 (14,783) 82,242 67,459 1,527,642 67,459 1,595,101 |
Total funds 2024 £ 56,814 29,003 |
|---|---|---|---|
| 85,817 8,469 129,728 |
|||
| 138,197 (52,380) 85,611 |
|||
| 33,231 1,494,411 33,231 |
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| 1,527,642 |
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 2025
| Note FIXED ASSETS Investments 11 CURRENT ASSETS Debtors 12 Cash at bank and in hand CURRENT LIABILITIES Creditors: amounts falling due within one year 13 NET CURRENT ASSETS TOTAL NET ASSETS CHARITY FUNDS Unrestricted funds Designated funds 14 General funds 14 Total unrestricted funds 14 TOTAL FUNDS |
142,737 340,658 483,395 (57,639) 32,000 1,563,101 |
2025 £ 1,169,345 425,756 1,595,101 1,595,101 1,595,101 |
132,762 363,729 496,491 (63,627) 10,000 1,517,642 |
2024 £ 1,094,778 432,864 |
|---|---|---|---|---|
| 1,527,642 | ||||
| 1,527,642 | ||||
| 1,527,642 |
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: 05 August 2026
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 2025
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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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, 2026, 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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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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 investment management fees.
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 2025
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 2024 |
Unrestricted funds 2025 £ 65,656 56,814 |
Total funds 2025 £ 65,656 56,814 |
Total funds 2024 £ 56,814 |
|---|---|---|---|
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ANTIQUITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. INVESTMENT INCOME
| Dividends from listed investments Interest income TOTAL 2024 |
Unrestricted funds 2025 £ 22,665 4,366 27,031 29,003 |
Total funds 2025 £ 22,665 4,366 27,031 29,003 |
Total funds 2024 £ 23,660 5,343 |
|---|---|---|---|
| 29,003 | |||
5. INVESTMENT MANAGEMENT COSTS
| Investment management fees TOTAL 2024 |
Unrestricted funds 2025 £ 7,552 8,469 |
Total funds 2025 £ 7,552 8,469 |
Total funds 2024 £ 8,469 |
|---|---|---|---|
6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Summary by fund type
| Charitable activities TOTAL 2024 |
Unrestricted funds 2025 £ 99,918 129,728 |
Total 2025 £ 99,918 129,728 |
Total 2024 £ 129,728 |
|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Charitable activities TOTAL 2024 |
Direct costs 2025 £ 37,432 35,969 |
Grant funding of activities 2025 £ 41,978 79,271 |
Support costs 2025 £ 20,508 14,488 |
Total funds 2025 £ 99,918 129,728 |
Total funds 2024 £ 129,728 |
|---|---|---|---|---|---|
ANALYSIS OF DIRECT COSTS
| Prize awards Public Engagement and Press Coordinator TOTAL 2024 |
Charitable activities 2025 £ 1,500 35,932 37,432 35,969 |
Total funds 2025 £ 1,500 35,932 37,432 35,969 |
Total funds 2024 £ 1,500 34,469 |
|---|---|---|---|
| 35,969 | |||
ANALYSIS OF SUPPORT COSTS
| Meeting costs (governance) Bank charges Legal fees Examination and accountancy (governance) TOTAL 2024 |
Charitable activities 2025 £ 1,980 104 4,560 13,864 20,508 14,488 |
Total funds 2025 £ 1,980 104 4,560 13,864 20,508 14,488 |
Total funds 2024 £ 2,950 107 2,121 9,310 |
|---|---|---|---|
| 14,488 | |||
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. ANALYSIS OF GRANTS
| Grants to Institutions 2025 Grants to Individuals 2025 £ £ Grants to Council for British Archaeology 15,000 - University of Cambridge - University Library - - University of Durham - Rewriting World Archaeology Workshops 28,000 - Theoretical Archaeology Group Plenary Lecture - 750 Premium subscriptions - 1,870 Reversal: Rewriting World Archaeology (4,165) - Sponsored conference prizes (IOW, SAA and EAA conferences) - 523 38,835 3,143 TOTAL 2024 76,155 3,116 9. INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Fees payable to the Charity's independent examiner in respect of: Preparation of the statutory financial statements |
Total funds 2025 £ 15,000 - 28,000 750 1,870 (4,165) 523 41,978 79,271 2025 £ 2,460 3,000 |
Total funds 2024 £ 50,000 (1,845) 28,000 750 2,366 - - |
|---|---|---|
| 79,271 2024 £ 2,345 2,855 |
10. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 31 December 2025, expenses totalling £217 were reimbursed or paid directly to 3 Trustees (2024 - £550 paid to 6 trustees). The expenses related to reimbursement of travel expenses. The Charity also paid £1,175 on behalf of trustees to hire a venue for the annual board meeting (2024 - £2,400).
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. FIXED ASSET INVESTMENTS
Investments
| Investments | ||||
|---|---|---|---|---|
| COST OR VALUATION At 1 January 2025 Additions Disposals (proceeds £108,668; realised loss £2,453) Revaluations Cash movement AT 31 DECEMBER 2025 NET BOOK VALUE AT 31 DECEMBER 2025 AT 31 DECEMBER 2024 |
in subsidiary companies £ 102 - - - - 102 102 102 |
Listed investments £ 1,091,144 98,346 (111,121) 84,695 - 1,163,064 1,163,064 1,091,144 |
Cash held at investment broker £ 3,532 - - - 2,647 6,179 6,179 3,532 |
Total £ 1,094,778 98,346 (111,121) 84,695 2,647 |
| 1,169,345 | ||||
| 1,169,345 | ||||
| 1,094,778 |
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 2025
11. 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 376,672 311,016 65,656 12. DEBTORS 2025 £ Amounts owed by group undertakings 142,625 Other debtors 112 142,737 |
Holding 100% Net assets £ 102 2024 £ 132,217 545 |
|---|---|
| 132,762 |
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Accruals Grant commitments |
2025 £ - 10,023 47,616 57,639 |
2024 £ 690 5,321 57,616 |
|---|---|---|
| 63,627 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Grant commitments movement
| Grant commitments b/fwd Grants committed Grants paid Grants reversed Grant commitments c/fwd STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 1 January 2025 £ Income £ UNRESTRICTED FUNDS DESIGNATED FUNDS Open Access Waiver System 10,000 - Centenary Celebrations - - 10,000 - GENERAL FUNDS General Fund 1,517,642 92,687 TOTAL UNRESTRICTED FUNDS 1,527,642 92,687 |
Grant commitments b/fwd Grants committed Grants paid Grants reversed Grant commitments c/fwd STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 1 January 2025 £ Income £ UNRESTRICTED FUNDS DESIGNATED FUNDS Open Access Waiver System 10,000 - Centenary Celebrations - - 10,000 - GENERAL FUNDS General Fund 1,517,642 92,687 TOTAL UNRESTRICTED FUNDS 1,527,642 92,687 |
Expenditure £ - - - (107,470) (107,470) |
Transfers in/out £ 10,000 12,000 |
2025 £ 57,616 46,143 (51,978) (4,165) 47,616 Gains/ (Losses) £ - - |
2024 £ 11,072 82,616 (34,227) (1,845) 57,616 Balance at 31 December 2025 £ 20,000 12,000 |
||
|---|---|---|---|---|---|---|---|
UNRESTRICTED FUNDS DESIGNATED FUNDS Open Access Waiver System Centenary Celebrations GENERAL FUNDS General Fund TOTAL UNRESTRICTED FUNDS |
Balance at 1 January 2025 £ 10,000 - 10,000 1,517,642 1,527,642 |
||||||
| 32,000 | |||||||
| 22,000 | - | ||||||
| 82,242 | 1,563,101 | ||||||
| 1,595,101 | |||||||
| 82,242 |
14. STATEMENT OF FUNDS
Open Access Waiver System
These funds have been designated to establish a long-term open access waiver system for authors from the developing world.
Centenary celebrations
These funds have been designated to meet the costs of the centenary celebrations.
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ANTIQUITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Open Access Waiver System GENERAL FUNDS General Fund TOTAL UNRESTRICTED FUNDS |
Balance at 1 January 2024 £ - 1,494,411 1,494,411 |
Income £ - 85,817 85,817 |
Expenditure £ - (138,197) (138,197) |
Transfers in/out £ 10,000 (10,000) - |
Gains/ (Losses) £ - 85,611 85,611 |
Balance at 31 December 2024 £ 10,000 |
|---|---|---|---|---|---|---|
| 1,517,642 | ||||||
| 1,527,642 |
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 £65,656 (2024 - £56,814). During the year, Antiquity Trust granted Antiquity Publications Limited £35,932 (2024 - £34,469) to fund a Public Engagement and Press Officer. During 2025, Antiquity Publications settled invoices totalling £641 (2024: £nil) on behalf of Antiquity Trust.
At the year end, the Trust was owed £142,625 (2024 - £132,217) by Antiquity Publications Limited. Included in this balance is a working capital loan amounting to £110,310 (2024 - £106,640). Interest on the loan is set using the HMRC Beneficial Loan Arrangment official rate, which was 3.44% during 2025.
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