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2020-12-31-accounts

The Classical Association

Annual Report and Financial Statements

31 December 2020

Charity Registration Number 313371

Contents

Reports

Reference and administrative information 1
Trustees’ report 3
Independent auditor’s report 9
Financial Statements
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Principal accounting policies 16
Notes to the financial statements 21
The following pages do not form part of
the audited financial statements
Journals information 30

The Classical Association

Reference and administrative information

Honorary President Mari Williams Chairs Prof. Roy K. Gibson jointly (until April 2020) Prof. Douglas Cairns Honorary Treasurer Philip Hooker Honorary Secretary Prof. James Robson Outreach Officer Dr Sharon Marshall (until April 2020) Dr Arlene Holmes-Henderson (from April 2020) Chair of the Teaching Board Dr Peter Liddel (until April 2020) Dr Sharon Marshall (from April 2020) Trustees Dr Alessandra Abbattista (until April Dr Elizabeth Gloyn 2020) Dr Lindsay Allen Dr Alison Henshaw Dr Arlene Holmes-Henderson (from Philip Hooker April 2020) Katrina Kelly (from April 2020) Dr Emma Buckley (until April 2020) Dr Peter Liddel (until April 2020) Prof. Douglas Cairns Dr Sharon Marshall Dr Lucy Cresswell Dr Alex McAuley Dr Jason Crowley (until April 2020) Prof. Ivana Petrovic (until April 2020) Dr John Curran Dr Syrithe Pugh (from April 2020) Holly Eckhardt Dr Jane Rempel Barbara Finney Prof. James Robson Prof. Roy K. Gibson (until April 2020) Dr Henriette van der Blom

The trustees of 'The Classical Association' were incorporated on 6 December 2012 under Section 251 of the Charities Act 2011

Secretary Jill Durham Principal office Cardinal Point Park Road Rickmansworth WD3 1RE

Charity registration number 313371

The Classical Association 1

Reference and administrative information

Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Barclays Bank plc Local Business Banking Leicester LE87 2BR CAF Bank Limited Kings Hill West Malling Kent ME19 4TA

The Classical Association 2

Trustees' report 31 December 2020

The trustees of The Classical Association (‘the Association’ or ‘CA’) present their annual report together with the financial statements and the auditor’s report of the charity for the year to 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities (FRS 102)” in preparing the annual report and financial statements of the Association.

The financial statements have been prepared in accordance with the accounting policies set out on pages 16 to 20 and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland published on 16 July 2014.

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governance

The Association is governed by rules adopted dated 28 May 1904, as amended 1906, 1908, 1910, 1912, 1914, 1917, 1932, 1935, 1938, 1946, 1956, 1959, 1974, 1992, 1993, 1997, 2003, 2011, 2012 and 2015 by resolution passed under section 74 of the Charities Act 1993.

The Association registered as a Charity on 13 February 1964 (Charity Number: 313371).

Under its constitution, the Association is administered by a Council whose composition is as follows:

The elections of the Council, Officers and Auditors held at the Annual General Meeting are by a majority of the votes of those present. Elected members serve for fixed five-year terms and co-opted members serve until the next Annual General Meeting, after which they are eligible for re-appointment for a maximum of four more consecutive years. In the recruitment of its trustees, the Association seeks a balance of both established and new classicists, as well as non-professional classicists, from across the United Kingdom. New trustees are given copies of the Association's constitution, recent financial statements and minutes and the Charity Commission's 'The essential trustee' publication'.

The trustees of The Classical Association became incorporated with effect from 6 December 2012.

No specialist training is required to be a trustee but the trustees seek professional advice when necessary. All trustees serve for a fixed period, except the Honorary Treasurer, which provides continuity.

The Classical Association 3

Trustees' report 31 December 2020

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Governance (continued)

The Council has full power to manage and administer the Association's affairs. Some of the Association's business is delegated by Council to a Grants Committee, a Finance Committee, a Journals Board and a Teaching Board, which report directly to Council. The Finance Committee advises Council on matters of financial policy, reviews the Association's financial position, considers forward projections and sets prices for the Association's journals. The Journals Board oversees the general editorial policy for the academic journals owned by the Association. The Teaching Board advises Council on how best to support Classics teaching in schools. The Association employs a Secretary to carry out the day to day running of the Association's affairs.

Risk management

The trustees have examined the major governing, operational and financial risks which the Association faces, and systems are in place to lessen these risks. The potential risks and management of them are regularly reviewed by the trustees.

The trustees take into account the major governing, operational and financial risks which the charity faces when making key decisions. These are set out in a formal Risk Assessment document which is reviewed by Council at least annually and addresses such issues as staffing, any disturbance in the academic publishing market and any risks attendant on the annual conference.

OBJECTIVES AND ACTIVITIES

The Association was founded in 1903 for the advancement of education by the promotion, development and maintenance of classical studies and to increase public awareness of the contribution and importance of Classics to education and public life. The Association welcomes members from all backgrounds and there are no prerequisites to membership.

The Association aims to generate income, primarily by means of subscriptions and publications sales, to finance four main areas of activity in furtherance of its objects:

The Classical Association 4

Trustees' report 31 December 2020

OBJECTIVES AND ACTIVITIES (continued)

The trustees consider that the objectives comply with the Charity Commission guidance on public benefit.

In 2020 all main areas of the CA’s activities continued on a successful basis.

ACHIEVEMENTS AND PERFORMANCE

Journals

The arrangement with Cambridge University Press (CUP) for publication of the CA’s journals continued and the Association participated in a CUP scheme to provide journals at a nominal cost to institutions in the developing world.

The numbers of subscribers in 2020 (2019) were as follows:

Consortia Institutions Members
Classical Quarterly 2,085 (1,835) 305 (335) 172 (197)
Classical Review 2,087 (1,868) 293 (318) 149 (174)
Greece & Rome 2,081 (1,927) 254 (276) 149 (227)

These numbers are estimates for Classical Quarterly pending late publication of the second of 2020 volume and estimated for Greece & Rome pending publication of the 2020 New Survey supplement.

The New Survey supplement to the 2015 edition of Greece & Rome , namely The Sophists by Mauro Bonazzi, was published, enabling the 2015 Greece & Rome accounts with CUP to be finalised

Classical Quarterly , Classical Review, Greece & Rome adopted the hybrid Open Access model in 2020. By the end of the year, only Classical Quarterly had published Open Access articles.

CUP also publishes on behalf of the CA, the Journal of Classics Teaching . This is freely available online under an Open Access model.

Other publications

Omnibus magazine was published in March and September 2020, alongside the Association's printed newsletter for members, CA News. The CA also published monthly e-newsletters including Association updates and news of activities and events across CA branches and events and news across UK Classics.

Grants

£83,957 was given in grants in 2020.

The Classical Association 5

Trustees' report 31 December 2020

ACHIEVEMENTS AND PERFORMANCE (continued)

Conference

The CA’s annual conference scheduled to take place in April 2020 at Swansea University was necessarily postponed due to the coronavirus pandemic.

FUTURE PLANS

The Association plans to continue its main charitable activities of publishing the journals, awarding grants and holding an annual conference. The conference will be held online in 2021. The Association hopes to re-start conferences with attendance in person, as soon as post-pandemic conditions allow for this to be done safely.

FINANCIAL REVIEW

The financial statements of the Association show net income for the year of £154,662 before investment losses (2019 – £88,154 before investment gains).

Net losses on investments held by the Association were £45,827 (2019 – net gains on investments of £205,832). The net income for the year after investment gains was £108,835 (2019 – net income of £293,986).

The net assets of the Association at 31 December 2020 were £2,572,718 (2019 – £2,463,883) which included investments at market value of £2,025,845 (2019 – £2,072,607) of which £3,395 (2019 – £3,381) were restricted funds, the remainder being unrestricted.

Investments

Association funds are held in bank accounts, charity pooled funds and a portfolio of stock market investments and managed funds for which Killik & Co are the advisers. Investments are regularly reviewed by the Finance Committee and changes to investments are approved by Council. The objective is a high and sustainable level of income, with some modest capital growth, over time, in addition.

Reserves policy and going concern assessment

The Classical Association's unrestricted reserves amount to £2,569,323 as at 31 December 2020. Of these, free reserves (equating to general fund balance less amounts held as fixed assets) amounted to £2,479,808. These are principally required to ensure that the Association's activities can be maintained should the Association suffer a significant loss of revenue (e.g. in its journal activities) or should there be significant cost increases (e.g. in staff and office costs), which cannot readily be met by an increase in subscriptions.

In addition, the Association wants to be in a position to make a substantial contribution to major projects which might benefit the study of the Classics and it wants to sustain its ability to do so over time.

The Classical Association 6

Trustees' report 31 December 2020

FINANCIAL REVIEW (continued)

Reserves policy and going concern assessment (continued)

The level of reserves is regularly reviewed by the Finance Committee; the level of reserves is maintained by setting subscription rates and grant-awarding budget appropriately. At the last review, which took particular note of the current economic circumstances, the needs of research projects funded by the Association and a likely increase in office costs, it was agreed that the current level of reserves was both appropriate and satisfactory. Based on this, the nature of the Association’s activities, and planned budget for the coming period, the trustees believe it is appropriate to prepare the 2020 accounts on the going concern basis.

GRANT MAKING POLICY

The Association will consider applications for subventions to summer schools and to institutions offering extra-mural courses in Greek, Latin and classical civilisation; bursaries for teachers attending courses abroad, notably the British School at Athens Easter Course; support of Greek and Latin reading competitions arranged by CA branches; support of regional Greek or Roman days or of school conferences; subventions to academic conferences, particularly when of broad appeal and held in major centres, with a view especially to assisting students, teachers and East European scholars to attend.

Grants are awarded by a Grants Committee, which considers applications at regular intervals during the year. Until 30 April the committee’s financial authority was limited to awarding grants up to £2,000. With effect from 1 May 2020 Council increased the Committee’s awarding limit to £2,500 to allow for inflation and to increase flexibility in relation to timing of applications. Council further authorised the committee to recommend and award intermediate grants between £2,500 to £5,000, subject to review and approval by the Finance Committee. Applications for funding above this amount which are deemed worthy of support continue to be recommended to Council for decision.

The Association usually runs its own bursary scheme for students (undergraduates, postgraduate, PGCE) and teachers attending the annual CA conference. The conference planned at Swansea University in April 2020 was unable to take place due to Covid. Due to the level of uncertainty about when it might be feasible for delegates to attend a future conference in person, no commitments were held over, either to speakers with papers accepted or delegates with bursaries approved.

KEY MANAGEMENT PERSONNEL REMUNERATION

The trustees consider Council as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 8 to the financial statements. Trustees are required to disclose all relevant interests.

The Classical Association 7

Trustees' report 31 December 2020

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees' Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to charities in England & Wales requires the trustees 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 income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the charity’s constitution. 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.

The trustees are responsible for the maintenance and integrity of the financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed on behalf of the trustees:

Mr P Hooker Honorary Treasurer Date: 7 April 2021

The Classical Association 8

Independent auditor’s report 31 December 2020

Independent auditor’s report to the trustees of The Classical Association

Opinion

We have audited the financial statements of The Classical Association (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows, the principal accounting policies and the notes to the financial statements. 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:

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.

The Classical Association 9

Independent auditor’s report 31 December 2020

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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 or a material misstatement of the other information. 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 Act 2011 require us to report to you if, in our opinion:

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 the 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 charity or to cease operations, or have no realistic alternative but to do so.

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Independent auditor’s report 31 December 2020

Auditor’s responsibilities for the audit of the financial statements

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.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

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Independent auditor’s report 31 December 2020

Auditor’s responsibilities for the audit of the financial statements (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 section 145 of the Charities Act 2011 and with regulations made under section 154 of that Act. 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.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 12 May 2021

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Classical Association 12

Statement of financial activities Year to 31 December 2020

Notes Unrestricted
funds
£		 Restricted
funds
£		 Total
2020
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2019
£
Income and endowments from:
Donations and legacies
1
Charitable activities
2
Investment income
4
Other
Total income
Expenditure on:
Charitable activities
5
Raising funds (investment management
fees)
Total expenditure
Net income (expenditure) before
transfers
Transfers between funds
Net income (expenditure) before
investments (losses) gains
Net (losses) gains on investments
11
Net income (expenditure) and
movement in funds
Reconciliation of funds:
Total funds brought forward
17
Total funds carried forward
17		 1,150
420,023
73,768
1,025		 —
—
14
—		 1,150
420,023
73,782
1,025		 1,235
393,013
94,853
1,508		 —
—
32
—		 1,235
393,013
94,885
1,508
495,966 14 495,980 490,609 32 490,641
339,457
1,861		 —
—		 339,457
1,861		 395,825
1,662		 5,000
—		 400,825
1,662
341,318 — 341,318 397,487 5,000 402,487
154,648
—		 14
—		 154,662
—		 93,122
(3,729)		 (4,968)
3,729		 88,154
—
154,648
(45,827)		 14
—		 154,662
(45,827)		 89,393
205,832		 (1,239)
—		 88,154
205,832
108,821
2,460,502		 14
3,381		 108,835
2,463,883		 295,225
2,165,277		 (1,239)
4,620		 293,986
2,169,897
2,569,323 3,395 2,572,718 2,460,502 3,381 2,463,883

All income and expenditure derives from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

The Classical Association 13

Balance sheet 31 December 2020

Notes 2020
£		 2020
£		 2019
£		 2019
£
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due
within one year
13
Net current assets
Total assets less current
liabilities
Creditors:amounts falling due
after more than one year
14
Total net assets
16
The funds of the charity:
Unrestricted funds
18
. General
. Designated
Restricted funds
19
Total funds
17		 178,685
439,410		 1,116
2,025,845		 159,062
351,111		 520
2,072,607
2,026,961
549,968		 2,073,127
395,736
618,095
(68,127)		 510,173
(114,437)
2,576,929
(4,211)		 2,468,863
(4,980)
2,572,718 2,463,883
2,480,924
88,399
3,395		 2,367,103
93,399
3,381
2,572,718 2,463,883

Approved by the trustees and signed on their behalf by:

Mr P Hooker Honorary Treasurer

Approved on: 7 April 2021

The Classical Association 14

Statement of cash flows 31 December 2020

Notes
2020
£		 2019
£
Cash flows from operating activities:
Net cash inflow from operating activities
A
Cash flows from investing activities:
Purchase of fixed asset additions
Purchase of investments
Investment proceeds
Net cash outflow from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
B
Cash and cash equivalents at 31 December
B

88,487		 178,772


(1,123)
(133,008)
116,837		 —
(114,492)
33,409
**(17,294) ** (81,083)

71,193


369,078
 97,689
271,389

440,271		 369,078

A Reconciliation of net movement in funds to net cash flow from operating activities

2020
£		 2019
£
Net income for the year
Adjustment for:
Depreciation
Net losses (gains) on investments
(Increase) decrease in debtors
(Decrease) increase in creditors
Net cash inflow from operating activities		 108,835
527
45,827
(19,623)
**(47,079) **		 293,986
214
(205,832)
8,066
82,338
88,487 178,772

B Analysis of changes in net debt

Analysis of changes in net debt
2019
£		 Cash flows
£		 2020
£
Cash at bank and in hand
Cash held by investment manager		 351,111
17,967		 88,299
(17,106)
439,410
861
369,078 71,193
440,271

The Classical Association 15

Principal accounting policies 31 December 2020

Basis of accounting

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 December 2020 with comparative information in respect of the year to 31 December 2019. They are presented in sterling and are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements and have considered the impact of the coronavirus pandemic on the charity’s operations. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Association to continue as a going concern. The trustees are of the opinion that the Association will have sufficient resources to meet its liabilities as they fall due.

With regard to the next accounting period, the year ending 31 December 2021, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment section of the trustees’ report for more information).

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

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Principal accounting policies 31 December 2020

Critical accounting estimates and areas of judgement (continued)

In addition to the above, the full impact of the ongoing global coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity’s activities, suppliers, beneficiaries and the wider economy. Estimates used in the financial statements, particularly with respect to the value of listed investments (see note 11) are subject to a greater degree of uncertainty and volatility.

Income

All income is included in the statement of financial activities (SOFA) when the Association is legally entitled to the income, the amount can be quantified with reasonable accuracy, and receipt is probable. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income comprises donations, legacies, income from charitable activities (including publications and membership subscriptions), investment income and interest receivable.

Donations are recognised when the Association has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

The Association has entered into an agreement with Cambridge University Press whereby the Press publishes the journals on behalf of the Association and 80% of the surplus made by the journals is paid to the Association. Although the Association agrees annual budgets with the Press, the Press is responsible for all income and expenditure relating to the journals except for the following: journal subscription income from Association members (CUP invoices the Association separately for journals supplied to member subscribers), royalty income from JSTOR and editorial expenses. Therefore, only the surplus received from the Press and these other income and expenditure items received or expended directly by the Association are included in the Association's financial statements.

Royalty income is included in the financial statements on a received basis when at the balance sheet date there is uncertainty as to the timing and measurement of the royalty due to the Association. If certainty can be provided, income is recognised.

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Principal accounting policies 31 December 2020

Income (continued)

Life subscriptions can be received from those members whose age is in excess of 65 years. A policy of recognising these subscriptions in the SOFA over a period of 10 years has been set; however, in the event of death, a full release to the SOFA is made.

The annual conference is organised by a University in conjunction with the Association and as the conference income and expenditure is attributable to the University, the values are not included in these financial statements. If the University makes a loss and the terms and conditions of the conference Memorandum of Understanding are adhered to, then the Association will bear the loss and show this within conference costs. Bursaries are also paid, at the discretion of the trustees, which are included in grants payable. A charge may be made by the Association to the host University to cover costs, and this is shown as conference income.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes both costs which can be directly attributed to the key activities, as well as an allocation of shared support costs.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Secretarial assistance support costs are apportioned between activities on the basis of time spent. Governance costs are split 95% membership and publications and 5% grants. Where costs can be attributable to the conference, these are split 80% membership and publications, and 20% conference. Other support costs incurred by grants are considered to be so negligible that they are immaterial. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Grants payable are included in the statement of financial activities when approved by the trustees and when the intended recipient has either received all the funds, or has been informed of the decision to make the grant and has satisfied all related conditions. Grants approved and for which the recipient has satisfied all conditions, but which have not been paid at the end of the financial period, are included in creditors. Grants where the beneficiary has not been informed or has yet to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the financial statements.

Tangible fixed assets and depreciation

Assets costing £250 or more are capitalised.

Depreciation is provided on a straight line basis calculated to write off the cost of tangible assets, less estimated residual value, over their expected useful lives as follows:

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Principal accounting policies 31 December 2020

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Association does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. The charity manages the investment risks by careful asset allocation and the use of professionally managed funds with the help of its investment advisers. Investment policy is regularly reviewed by the trustees and by the Finance Committee.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. The Association does not hold petty cash.

Pensions

Through the University of London, employees of the Association are members of either the Universities Superannuation Scheme (USS) or the Superannuation Arrangements of the University of London (SAUL), both of which are defined benefit multi-employer schemes. As it is not possible to identify the assets and liabilities of the schemes attributable to the Association, the pension contributions shown in these financial statements represent the amount payable by the Association to the schemes in the year.

According to the latest actuarial valuation of the USS, as at 31 March 2017, the USS’ assets were sufficient to cover 95% of its liabilities at that date. SAUL’s latest available annual review states that as at 31 March 2019 the fund was in surplus, with assets sufficient to cover 103% of its liabilities. The standard employer’s contribution rate throughout the year was 16%.

Neither scheme has yet completed its valuation/health check as at 31 March 2020; it is possible that contribution rates may increase when these are finalised.

The Classical Association 19

Principal accounting policies 31 December 2020

Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Foreign exchange

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Operating leases

Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period of the lease.

Financial instruments

The Association 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.

Fund accounting

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects.

Unrestricted general funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objectives.

The Classical Association 20

Notes to the financial statements 31 December 2020

1 Donations and legacies

Donations and legacies
Unrestricted funds
Total
2020
£		 Total
2019
£
General donations 1,150 1,235
1,150 1,235

2 Income from charitable activities

Unrestricted funds Unrestricted funds
Total
2020
£		 Total
2019
£
Membership subscriptions
Publication income (note 3)		 21,989
398,034		 22,998
370,015
420,023 393,013

3 Publication income

Publication income
Unrestricted funds
Total
2020
£		 Total
2019
£
131,639
127,892
96,912
13,073
499
370,015
Classical Review
Classical Quarterly
Greece & Rome
Reading Greek
Royalties received		 141,521
135,896
108,307
11,885
426
398,034

4 Investment income

Unrestricted
funds
£
Restricted
funds
£		 Total
2020
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2019
£
Investment funds
Bank interest receivable		 72,818
950		 —
14		 72,818
964		 93,356
1,497
—

32		 93,356
1,529
73,768 14 73,782 94,853
32		 94,885

The Classical Association 21

Notes to the financial statements 31 December 2020

5 Expenditure on charitable activities

Membership
and
publications
£		 Grants
(note 7)
£		 Conference
£		 Total
2020
£		 Total
2019
£
Direct
Publications
.Classical Review
. Classical Quarterly
.Greece & Rome
.Journal of Classics Training
.Omnibus&CA News
Grants (note 7)
_New Survey_costs
Conference costs
Support
Secretarial assistance
(note 8)
Staff training
Rent
Insurance
Postage
Stationery
Telephone and broadband
Computer expenses
Subscriptions
Expenses and travel costs
Bank and credit card charges
Legal and professional
Miscellaneous
Depreciation
Governance (note 6)
Total charitable activities
expenditure:		 49,311
33,192
11,078
2,613
17,623
—
1,600
1,815
75,645
—
11,157
399
4,488
315
114
565
94
379
761
6,862
7,050
422
6,588		 —
—
—
—
—
83,957
—
—
3,234
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 —
—
—
—
—
—
—
—
12,937
—
2,789
100
—
79
28
141
—
—
190
1,716
1,763
105
347		 49,311
33,192
11,078
2,613
17,623
83,957
1,600
1,815
91,816
—
13,946
499
4,488
394
142
706
94
379
951
8,578
8,813
527
6,935		 49,427
36,113
14,120
2,590
18,462
125,949
3,000
4,471
86,182
500
12,050
623
4,190
945
755
1,983
503
4,249
1,446
20,841
1,204
214
11,008
232,071 87,191 20,195 339,457 400,825

£nil of total charitable expenditure in 2020 was restricted (2019 – £5,000).

6 Governance costs

Governance costs
2020
£		 2019
£
Auditors’ remuneration
. Audit fees
. Accountancy
Trustee expenses		 5,700
660
575		 5,650
650
4,708
6,935 11,008

The Classical Association 22

Notes to the financial statements 31 December 2020

7 Charitable activities: Grants and prizes payable

Unrestricted
funds
£		 Restricted
funds
£		 Total
2020
£		 Total
2019
£
Grants paid:
To individuals
. Fondation Hardt research bursaries
Summer Schools/course
. ArLT Summer School
. BSA UG Summer School
. BSA Pottery Course Summer School
. BSA Teacher’s Course Summer School
. Byzantine Summer School
. JACT Greek Summer School
. JSST Summer Schools' Trust
. KCL Summer School
. Latin Programme Summer School
. Cambridge Classics Faculty
. University of Leicester Intensive Ancient Greek
Summer School
. Warwick Classics
. Others (all less than £1,000)
Schools Projects
. Actors of Dionysus – Greek drama
. Others (all less than £1,000)
Outreach
. Out of Chaos Theatre Company
. KCL Advocating Classics Education
. Radius Opera: The Fire of Olympus
. University of Warwick, Roman Coventry Project
. Others (all less than £1,000)
Conferences
. FIEC/CA Conference
. Others (all less than £1,000)
Research projects
. Fasti Online
Emergency Funds
. New Classicists, Help for PG Students
. Women’s Classical Committee UK
CA Affiliated Associations
. Lytham Classical Association
. Southampton branch
Others (all less than £1,000)
Prizes
Support costs
Secretarial assistance		 1,710
3,500
2,000
1,500
1,600
—
—
16,000
1,000
5,000
—
—
—
896
—
3,873
1,250
—
—

4,386
1,447
—
4,767
5,000
12,639
9,639
450
800
1,500
5,000		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 1,710
3,500
2,000
1,500
1,600
—
—
16,000
1,000
5,000
—
—
—
896
—
3,873
1,250
—
—
4,386
1,447
—
4,767
5,000
12,639
9,639
450
800
1,500
5,000		 3,000
3,500
2,000
—
—
2,000
1,520
16,000
1,000
3,750
1,644
1,575
2,000
750
5,700
1,950
—
40,000
1,917
—
1,200
3,386
11,901
10,000
—
—
3,000
4,000
2,755
5,000
83,957 — 83,957 125,949
3,234 — 3,234 3,036
87,191 — 87,191 128,985

In accordance with the Association's objects, by supporting summer schools, conferences and projects relating to schools, the Association promotes the development of classical studies and, by awarding prizes, helps to increase public awareness of the importance of Classics.

The Classical Association 23

Notes to the financial statements 31 December 2020

7 Charitable activities: Grants and prizes payable (continued)

Grants are awarded by a Grants Committee, which considers applications at regular intervals during the year. Until 30 April the committee’s financial authority was limited to awarding grants up to £2,000. With effect from 1 May 2020 Council increased the Committee’s awarding limit to £2,500 to allow for inflation and to increase flexibility in relation to timing of applications. Council further authorised the committee to recommend and award intermediate grants between £2,500 to £5,000, subject to review and approval by the Finance Committee. Applications for funding above this amount which are deemed worthy of support continue to be recommended to Council for decision.

The secretarial assistance cost shown above reflects an estimate of staff time spent on grant administration.

8 Analysis of staff costs and remuneration of key management personnel

The Association does not directly deal with payroll matters for its staff but has entered into an arrangement with the University of London, whereby staff of the Association are paid via the University payroll. Payroll costs are then invoiced to the Association. In 2020, the Association paid amounts totalling £141,997 (2019 – £131,835) in respect of staff costs, via this arrangement, and is analysed as follows:

2020
£		 2019
£
Salaries
Social security costs
Pension costs		 108,911
11,335
21,751		 102,393
10,461
18,981
141,997 131,835

The average number of employees during the year was 3 (2019 – 3) with all employee time involved in the providing either support to the governance of the Association or support services to charitable activities. No employee received emoluments in excess of £60,000. Of the above staff costs £50,181 (2019 – £45,143) are included within Classical Review and Classical Quarterly publication expenditure.

The trustees consider the Association’s Council as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the current or prior year for services as a trustee.

The reimbursement of trustees’ expenses was as follows:

2020
Number		 2020
£		 2019
Number		 2019
£
Travel
Subsistence
Accommodation
Other		 4
1
—
—		 545
31
—
—		 28
3
3
5		 2,968
579
791
370
5 575 39 4,708

The Classical Association 24

Notes to the financial statements 31 December 2020

9 Taxation

As a registered charity, The Classical Association is exempt from tax on its income and capital gains.

10 Tangible fixed assets

Tangible fixed assets
Office
equipment
£
Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
Eliminated on disposal
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 5,726
1,123
(2,693)
4,156
5,206
527
(2,693)
3,040
1,116
520

11 Investments

Investments
2020
£		 2019
£
1,767,725
114,492
(34,104)
206,527
2,054,640
241,145
326,699
230,805
115,224
123,719
140,046
105,803
252,334
119,546
399,319
2,054,640
17,967
2,072,607
1,813,197
The movement of investments is represented by:
Market value at 1 January
Additions
Disposals (proceeds £116,837; realised loss £3,386)
Total investment (losses) gains
Market value at 31 December
Market value at 31 December is represented by:
M & G Charifund
COIF Global Equity Income Fund
TwentyFour Income Ord
LondonMetric Property Plc – Ord
Maitland Institutional Chelverton UK Equity Income B Shs Ord
iShares UK Dividend ETF
Royal London Sterling Credit Z Inc
iSharesCorporate bond 1-5 years
3i Infrastructure
Other under 5% of total portfolio value
Cash
Historical cost at 31 December		 2,054,640
133,008
(120,223)
**(42,441) **
2,024,984
199,308
389,116
219,420
111,523
102,119
110,007
109,890
256,090
140,140
387,371
2,024,984
861
2,025,845
1,830,621

The Classical Association 25

Notes to the financial statements 31 December 2020

11 Investments (continued)

The total unrealised gains as at 31 December included in the above constitute movements on revaluation of the charity’s listed investments (excluding cash). Movements during the year were as follows:

2020
£		 2019
£
Reconciliation of movements in unrealised gains:
Total unrealised gains at 1 January
Add: (losses) gains arising on revaluations in the year
Total unrealisedgains at 31 December
241,443
**(47,080) **		 33,600
207,843
194,363 241,443

12 Debtors

Debtors
2020
£		 20199
£
Trade debtors
Other debtors
Accrued income		 423
2,198
176,064		 423
2,198
156,441
178,685 159,062

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2020
£		 2019
£
Accruals
Other creditors
VAT payable
Deferred income:
. Subscriptions
Deferred income
Deferred income as at 1 January
Resources deferred in the period
Amounts released from previous period
Deferred income as at 31 December		 6,360
37,587
22,445
1,735		 17,594
68,107
26,785
1,951
68,127 114,437
1,951
1,735
**(1,951) **		 2,580
1,951
(2,580)
1,735 1,951

14 Creditors: amounts falling due in more than one year

Creditors: amounts falling due in more than one year
2020
£		 2019
£
Life subscriptions:
At 1 January
Received during the year
Transfer to income and expenditure account
At 31 December		 4,980
250		 4,462
1,718
5,230
**(1,019) **		 6,180
(1,200)
4,211 4,980

The Classical Association 26

Notes to the financial statements 31 December 2020

15 Pension scheme

Through the University of London, employees of the Association are members of either the Universities Superannuation Scheme (USS) or the Superannuation Arrangements of the University of London (SAUL), both of which are defined benefit multi-employer schemes. As it is not possible to identify the assets and liabilities of the schemes attributable to the Association, the pension contributions shown in these financial statements represent the amount payable by the Association to the schemes in the year.

According to the latest actuarial valuation of the USS, as at 31 March 2017, the USS’ assets were sufficient to cover 95% of its liabilities at that date. SAUL’s latest available annual review states that as at 31 March 2019 the fund was in surplus, with assets sufficient to cover 103% of its liabilities. The standard employer’s contribution rate throughout the year was 16%.

SAUL is subject to triennial valuation by professionally qualified and independent actuaries. The last available valuation was carried out as at 31 March 2017 using the projected unit credit method in which the actuarial liability makes allowance for projected earnings. The main assumptions used to assess the technical provisions were:

Pre-retirement discount rate 5.96% per annum
Post-retirement discount rate 3.86% per annum
General salary increases 3.72% per annum
Price inflation – RPI 3.57% per annum
Price inflation – CPI 2.72% per annum
Pension increases inpayment 2.72%per annum

The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As at 31 March 2017, SAUL had assets of £3,205 million against liabilities of £3,149 million. This means that SAUL’s funding level has improved to 102% with a surplus of £56 million.

Neither scheme has yet completed its valuation/health check as at 31 March 2020; it is possible that contribution rates may increase when these are finalised.

16 Operating leases

As at 31 December 2020, the charity was committed to total future minimum lease payments under non-cancellable operating leases as follows:

Officepremises Officepremises
2020
£		 2019
£
Within one year
Within two to five years		 6,594
—		 13,189
6,594
6,594 19,783

The Classical Association 27

Notes to the financial statements 31 December 2020

17 Analysis of net assets between funds

Unrestricted
funds
£
Restricted
funds
£
—
—
3,395

—
—
3,395		 Total
2020
£
1,116
2,025,845
618,095
(68,127)
(4,211)
2,572,718		 Unrestricted
funds
£
Restricted
funds
£		 Total
2019
£
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Net assets at
31 December		 1,116
2,025,845
614,700
(68,127)
(4,211)		 520
2,072,607
506,792

(114,437)

(4,980)
—

—

3,381

—
—		 520
2,072,607
510,173
(114,437)
(4,980)
2,569,323 2,460,502
3,381		 2,463,883

18 Unrestricted funds

At 1
January
2020
£		 Income
£
495,966
—
—
495,966		 Expenditure
£
(336,318)
(5,000)
—
**(341,318) **
Transfers
£
Investment
losses
£		 At 31
December
2020
£
General funds
CA Prize designated
fund
JACT Greek Project
designated fund		 2,367,103
7,232
86,167
—

—
—
(45,827)

—

—
2,480,924
2,232
86,167
2,460,502
—
(45,827)		 2,569,323
At 1 January
2019
£		 Income
£
490,609
—
—
490,609
Expenditure
£

(397,487)

—

—

(397,487)
Transfers
£
Investment
gains
£		 At 31
December
2019
£
General funds
CA Prize designated
fund
JACT Greek Project
designated fund		 2,068,149
10,961
86,167
—

(3,729)

—
205,832

—

—		 2,367,103
7,232
86,167
2,165,277 (3,729) 205,832 2,460,502

CA Prize designated fund

This fund was set up as part of the sponsorship arrangements for the CA Prize in order to supplement the CA Prize Reserve restricted fund.

JACT Greek Project designated fund

This fund represents the accumulated royalties for the Reading Greek publications, which have been designated for the promotion of Greek studies.

19 Restricted funds

Restricted funds
At 1
January
2020
£
3,381
3,381		 Income
£

14
14		 Expenditure
£
—
—		 Transfers
£

—

—		 At 31
December
2020
£
3,395
3,395
George Kerferd bursary fund

The Classical Association 28

Notes to the financial statements 31 December 2020

19 Restricted funds (Continued)

Restricted funds(Continued)
At 1 January
2019
£		 Income
£
Expenditure
£
Transfers
£		 At 31
December
2019
£
George Kerferd bursary fund
CA Prize reserve		 3,358
1,262		 23
9
—

(5,000)
—
3,729		 3,381
—
4,620 32
(5,000)		 3,729 3,381

CA Prize reserve

The purpose of the prize reserve is to recognise a contribution in raising public awareness of classical studies.

George Kerferd bursary fund

The income from the George Kerferd bursary fund is used to assist serving school teachers to attend the annual conference of the Association.

20 Contingent liabilities

At 31 December 2020, £7,793 (2019 – £10,335) of grant awards were conditionally approved for payment during future periods and therefore constitute contingent liabilities. The conditions relate to the funds agreed being required and satisfactory progress reports being received.

21 Related party transactions

See note 8 for details of trustee expenses reimbursed.

During the year Prof. I. Petrovic, a trustee, was paid an honorarium of £1,250 (2019 – £2,500) for editorial services provided for the Greece & Rome journal. This is paid at a set amount paid to any editor of Greece & Rome per journal edition (comprising two volumes), therefore is at arm's length.

During the year a grant of £3,500 was made to The Association for Latin Teaching (2019 – £3,500) of which Dr A. Henshaw is a trustee.

The Classical Association 29

Journals information 31 December 2020

The following three pages (pages 31 to 33) do not form part of the audited financial statements. They are composite financial statements of all income and expenditure incurred by both the Classical Association and Cambridge University Press relating to the Association's journals.

The Classical Association 30

“Classical Review” Year ended 31 December 2020

2020
£		 2020
£		 2019
£		 2019
£
Income
Members’ subscriptions
Institutional subscriptions
Consortia sales
Advertising income
Royalties receivable
Single article sales
Rights and permissions
Back volumes and current issues
Digital archive surplus
Expenditure
Production costs (incl electronic)
Marketing
Carriage
CUP overheads
CUP share of surplus
CUP share of digital archive surplus
Net publication income per note 3
Expenditure - CA
Editorial costs
Secretarial assistance
Net surplus for theyear		 8,642
65,699
81,354
—
15,652
335
5,477
1,552
1,415		 180,126
38,605		 9,145
68,320
64,862
1,114
12,577
362
3,370
1,826
6,869		 168,445
36,806
6,077
273
1,492
4,998
25,482
283		 7,045
545
1,639
5,275
20,584
1,718
13,132
36,179		 16,745
32,682
141,521
49,311		 131,639
49,427
92,210 82,212

The Classical Association 31

“Classical Quarterly” Year ended 31 December 2020

2020
£		 2020
£		 2019
£		 2019
£
Income
Members’ subscriptions
Institutional subscriptions
Consortia sales
Royalties receivable
Single article sales
Rights and permissions
Back volumes and current issues
Digital archive surplus
Expenditure
Production costs (incl electronic)
Offprints
Marketing
Carriage
CUP overheads
CUP share of surplus
CUP share of digital archive surplus
Net publication income per note 3
Expenditure - CA
Editorial costs
Secretarial assistance
Net surplus for theyear		 9,449
76,272
71,279
15,652
455
3,462
2,246
1,379		 180,194
44,298		 11,363
73,143
61,956
11,304
289
1,918
2,673
5,397		 168,043
40,151
10,638
—
652
2,898
6,322
23,444
344		 9,226
83
700
2,597
6,006
20,190
1,349
19,190
14,002		 23,141
12,972
135,896
33,192		 127,892
36,113
102,704 91,779

The Classical Association 32

“Greece & Rome” Year ended 31 December 2020

2020
£		 2020
£		 2019
£		 2019
£
Income
Members’ subscriptions
Institutional subscriptions
Consortia sales
New Survey_sales
Royalties receivable
Single article sales
Rights and permissions
Back volumes and current issues
Digital archive surplus
Expenditure
Production costs (incl electronic)
. Issues 1 & 2
._New Surveys
Carriage
Marketing
CUP overheads
CUP share of surplus
CUP share of digital archive surplus
Net publication income per note 3
Expenditure - CA
Editorial costs
Net surplus for theyear		 11,992
44,784
49,624
9,568
15,662
217
2,397
1,064
757		 136,055
27,748		 12,509
48,644
45,913
7,322
8,976
140
1,362
1,081
3,830		 129,777
32,865
2,046
1,926
1,120
674
3,082
18,748
152		 4,136
4,244
1,881
757
4,323
16,566
958
11,078 14,120
108,307
11,078		 96,912
14,120
97,229 82,792

The Classical Association 33