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2021-12-31-accounts

THE CLASSICAL ASSOCIATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 DECEMBER 2021

Charity Registration Number 313371

THE CLASSICAL ASSOCIATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Reports
Reference and administrative details 1
Trustees’ report 2
Independent auditor’s report 7
Financial Statements
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Principal accounting policies 14
Notes to the financial statements 18
The following pages do not form part of
the audited financial statements
Journals information 29

THE CLASSICAL ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021

Honorary President Mari Williams (until April 2021) Stephen Fry (from April 2021) Chair Prof. Douglas Cairns Honorary Treasurer Philip Hooker Honorary Secretary Prof. James Robson Outreach Officer Dr Arlene Holmes-Henderson Chair of the Teaching Board Dr Sharon Marshall Branches Officer Katrina Kelly EDI Officer (jointly) Anastacia Holding EDI Officer (jointly) Jasmine Elmer

Trustees

Dr Lindsay Allen Dr Arlene Holmes-Henderson Jimmy Anderson (from April 2021) Philip Hooker Prof. Douglas Cairns Katrina Kelly (until January 2022) Dr Lucy Cresswell (until April 2021) Dr Sharon Marshall Dr John Curran Dr Alexander McAuley Jasmine Elmer (from April 2021) Dr Syrithe Pugh Barbara Finney Dr Jane Rempel (until April 2021) Dr Elizabeth Gloyn Prof. James Robson Dr Alison Henshaw Dr Henriette van der Blom Ms Anastacia Holding (from April 2021)

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

Secretary Dr Elizabeth Potter Principal office Cardinal Point Park Road Rickmansworth WD3 1RE Charity registration number 313371

Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Accountants JS2 Limited One Crown Square Woking GU21 6HR Bankers Barclays Bank plc CAF Bank Limited Local Business Banking Kings Hill Leicester West Malling LE87 2BR ME19 4TA

1

THE CLASSICAL ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021. 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 14 to 17 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, last amended in 2021 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 up to five years 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 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.

2

THE CLASSICAL ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

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

In 2021 all main areas of the CA’s activities continued on a successful basis . In addition, significant new activity commenced in support of Classics in schools.

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 2021 (2020) were as follows:

Consortia Institutions Members
Classical Quarterly 1788 (2,085) 265 (305) 145 (172)
Classical Review 1788 (2,087) 246 (293) 136 (149)
Greece & Rome 1783 (2,081) 211 (254) 218 (149)

These numbers are best estimates at the time of writing.

The New Survey supplement to the 2016 edition of Greece & Rome , which was the second edition of Greek Religion by Jan Bremmer, was published in May 2021. The New Survey supplement to the 2017 edition of Greece & Rome , Plutarch by Geert Roskam, was published in November 2021.

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

Other publications

Omnibus magazine was published in March and September 2021, alongside the Association's printed newsletter for members, CA News . The CA also published quarterly e-newsletters including Association updates and news of activities and events across CA branches and events and news across UK Classics.

3

THE CLASSICAL ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Grants and prizes

£189,207 was given in grants and prizes in 2021 (of which, prizes totalled £9,750). This represents a substantial increase on 2020 (when £83,957 was given, of which £5,000 was prizes); the increase is largely accounted for by the CA’s decision to use emergency funds for the alleviation of financial hardship experienced by Classics postgraduates, in cases when that had been aggravated specifically by the pandemic.

Conference

The CA’s annual conference scheduled to take place in April 2021 at Swansea University was necessarily postponed as an in-person event, due to the coronavirus pandemic. An online conference was held instead on 6-8 April. At the time of writing the CA is hopeful that the in-person event will go ahead in Swansea in April 2022.

New staff posts

The CA’s commitment to do more to support Classics in schoo ls led to the funding of the new post of Education Co-ordinator from September 1, 2021.

New officers

The CA’s commitment to equality, diversity and inclusivity led to the appointment in May 2021 of two new EDI Officers (trustees).

FUTURE PLANS

The Association plans to continue its main charitable activities of publishing the journals, awarding grants and holding an annual conference; it hopes to re-start conferences with attendance in person, as soon as postpandemic conditions allow for this to be done safely. In addition the Association intends to develop its commitment to do more to support Classics in schools.

FINANCIAL REVIEW

The financial statements of the Association show net expenditure for the year of £24,723 before investment gains – (2020 £154,662 net income before investment losses).

– Net gains on investments held by the Association were £228,981 (2020 net losses on investments of £45,827). – The net income for the year after investment gains was £204,258 (2020 net income of £108,835).

– The net assets of the Association as of 31 December 2021 were £2,776,976 (2020 £2,572,718) which included – – investments at market value of £2,337,465 (2020 £2,025,845) of which £3,395 (2020 £3,395) 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 £2,773,581 as at 31 December 2021. Of these, free reserves (equating to general fund balance less amounts held as fixed assets) amounted to £2,682,695. 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.

4

THE CLASSICAL ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021 accounts on the going concern basis.

GRANT MAKING POLICY

The Association will consider applications for subventions to summer schools and to institutions offering extramural courses in Greek, Latin, classical civilisation and ancient history; bursaries for teachers attending courses abroad; 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.

Grants are awarded by a Grants Committee, which considers applications at regular intervals during the year. In 2021, requests for grants of up to £2,500 were considered quarterly by that Committee; those for grants of up to £5,000 were considered by the Finance Committee; and those for grants of over £5,000 were considered by Council. It was agreed at the Council meeting of 6 November that a new Grants Officer would be appointed at the 2022 AGM to oversee a new Grants Committee; this would consider grants of up to £5,000, while new and recurring grants of more than this sum would continue to be considered by Council. The grant awarding process would thus be considerably simplified in future, increasing its accessibility.

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 other than in one which has been disclosed, and for which a Charity Commission Order was obtained. Further details of this, trustee expenses and related party transactions are disclosed in notes 8 and 21 of the financial statements. Trustees are required to disclose all relevant interests.

5

THE CLASSICAL ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

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:

Prof. Douglas Cairns Chair of Council Date: 19 March 2022

6

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CLASSICAL ASSOCIATION

Opinion

We have audited the financial statements of The Classical Association (the 'charity') for the year ended 31 December 2021 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 fi nancial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The 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.

7

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CLASSICAL ASSOCIATION

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 trus tees’ 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.

8

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CLASSICAL ASSOCIATION

Auditor’s responsibilitie s 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 includ es 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:

9

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CLASSICAL ASSOCIATION

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: 29 July 2022

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

10

THE CLASSICAL ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

2021
Note
£
Income and endowments from:
Donations and legacies
1
1,893
Charitable activities
2
384,359
Investment income
4
75,720
Other
1,631
Total income
463,603
Expenditure on:
Charitable activities
5
485,937
Raising funds
(investment management fees)
2,389
Total expenditure
488,326
(24,723)
Net gains / (losses) on investments
11
228,981
204,258
Reconciliation of funds:
Total funds brought forward
17
2,569,323
Total funds carried forward
17
2,773,581
Unrestricted
funds
Net income and
movement in funds
Net (expenditure) / income before
investment gains / (losses)		 Restricted
funds
2021
£
-
-
-
-
-
-
-
-
-
-
-
3,395
3,395		 Total
funds
2021
£
1,893
384,359
75,720
1,631		 Total
funds
2020
£
1,150
420,023
73,782
1,025
463,603 495,980
485,937
2,389		 339,457
1,861
488,326 341,318
(24,723)
228,981		 154,662
(45,827)
204,258 108,835
2,572,718 2,463,883
2,776,976 2,572,718

All income and expenditure derives from continuing activities. The statement of financial activities includes all gains and losses recognised during the year.

The notes on the following pages form part of these financial statements 11

THE CLASSICAL ASSOCIATION BALANCE SHEET AS AT 31 DECEMBER 2021

Notes
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
17
The funds of the charity:
Unrestricted funds
18
General
Designated
Restricted funds
19
Total funds
17		 2021
2021
2020
2020
£
£
£
£
1,287
1,116
2,337,465
2,025,845
2,338,752
2,026,961
176,081
178,685
350,901
439,410
526,982
618,095
(84,446)
(68,127)
442,536
549,968
2,781,288
2,576,929
(4,312)
(4,211)
2,776,976
2,572,718
2,683,982
2,480,924
89,599
88,399
3,395
3,395
2,776,976
2,572,718		 2021
2021
2020
2020
£
£
£
£
1,287
1,116
2,337,465
2,025,845
2,338,752
2,026,961
176,081
178,685
350,901
439,410
526,982
618,095
(84,446)
(68,127)
442,536
549,968
2,781,288
2,576,929
(4,312)
(4,211)
2,776,976
2,572,718
2,683,982
2,480,924
89,599
88,399
3,395
3,395
2,776,976
2,572,718
2,572,718
2,480,924
88,399
3,395
2,572,718

Approved by the trustees on 19 March 2022 and signed on their behalf by:

Prof. Douglas Cairns Chair of Council

Mr P Hooker Honorary Treasurer

The notes on the following pages form part of these financial statements

12

THE CLASSICAL ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Cash flows from operating activities:
Net income for the year
Adjustment for:
Depreciation
Net (gains) / losses on investments
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash (outflow) / inflow
from operating activities
Cash flows from investing activities:
Purchase of fixed asset additions
Purchase of investments
Investment proceeds
Net cash outflow from investing activities
Net change in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Analysis of changes in net debt
Cash at bank and in hand
Cash held by investment manager		 2021
£
204,258
429
(228,981)
2,604
16,420		 2021
£
204,258
429
(228,981)
2,604
16,420		 2021
£
(5,270)
(82,166)
(87,436)
440,271
352,835
2020
£
439,410
861
440,271		 2020
£
108,835
527
45,827
(19,623)
(47,079)		 2020
£
108,835
527
45,827
(19,623)
(47,079)		 2020
£
88,487
(17,294)
71,193
369,078
440,271
2021
£
350,901
1,934
(600)
(228,068)
146,502		 (1,123)
(133,008)
116,837
Cash flows
£
(88,509)
1,073
(87,436) 352,835

The notes on the following pages form part of these financial statements

13

THE CLASSICAL ASSOCIATION PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021 with comparative information in respect of the year to 31 December 2020. 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 2022, 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:

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.

14

THE CLASSICAL ASSOCIATION PRINCIPAL ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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.

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.

15

THE CLASSICAL ASSOCIATION PRINCIPAL ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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:

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.

16

THE CLASSICAL ASSOCIATION PRINCIPAL ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Pensions

Staff who are paid directly through the association are members of individual personal pension plans which are defined contribution schemes. Pension costs charged to the Statement of Financial Activities in the year are those actually paid or due to be paid into the pension plans.

Staff who are paid through the University of London 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.

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.

17

THE CLASSICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Donations and legacies

General donations
Income from charitable activities
Membership subscriptions
Publication income (Note 3)		 Total
Total
2021
2020
£
£
1,893
1,150
1,893
1,150
Total
Total
2021
2020
£
£
20,664
21,989
363,695
398,034
384,359
420,023
Unrestricted funds
Unrestricted funds

2. Income from charitable activities

3. Publication income

Classical Review
Classical Quarterly
Greece & Rome
Reading Greek
Royalties received		 Total
Total
2021
2020
£
£
125,046
141,521
124,256
135,896
102,231
108,307
12,119
11,885
43
426
363,695
398,034
Unrestricted funds

4. Investment income

Investment funds
Bank interest receivable		 Unrestricted
funds
£
75,640
80
75,720		 Restricted
funds
£
-
-
-		 Total
Total
2021
2020
£
£
75,640
72,818
80
964
75,720
73,782

£14 of bank interest receivable was restricted in 2020. All other investment income was unrestricted.

18

THE CLASSICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

5. Expenditure on charitable activities

Membership and
publications
£
Direct
Publications
Classical Review
59,408
Classical Quarterly
30,614
Greece & Rome
8,500
Journal of Classics Training
2,716
Omnibus & CA News
20,262
Grants (Note 7)
-
New Survey costs
-
Conference costs
13,758
Support
Secretarial assistance (note 8)
80,157
Rent
10,882
Insurance
186
Postage
9,901
Stationery
916
Telephone and broadband
98
Computer expenses
971
Subscriptions
360
Expenses and travel costs
100
Bank and credit card charges
1,170
Accountancy
2,420
Legal and professional
6,179
Miscellaneous
7,123
Depreciation
343
Governance (note 6)
6,752
Total charitable
activities expenditure:
262,816		 Grants
(Note 7)
£
-
-
-
-
-
189,207
-
-
13,512
-
-
-
-
-
-
-
-
-
-
-
-
-
-
202,719		 Conference
£
-
-
-
-
-
-
-
-
12,473
2,720
47
-
229
25
243
-
-
293
605
1,545
1,781
86
355
20,402		 Total
Total
2021
2020
£
£
59,408
49,311
30,614
33,192
8,500
11,078
2,716
2,613
20,262
17,623
189,207
83,957
-
1,600
13,758
1,815
106,142
91,816
13,602
13,946
233
499
9,901
4,488
1,145
394
123
142
1,214
706
360
94
100
379
1,463
951
3,025
-
7,724
8,578
8,904
8,813
429
527
7,107
6,935
485,937
339,457

All charitable expenditure in 2020 was unrestricted.

6. Governance costs

Auditors’ remuneration
Audit fees
Accountancy
Other services
Trustee expenses		 2021
2020
£
£
5,875
5,700
-
660
864
-
368
575
7,107
6,935

19

THE CLASSICAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

7. Charitable activities: Grants and prizes payable

To individuals
Fondation Hardt research bursaries
Emergency Hardship Grants
for PhD Students
Prizes
Total to individuals
Major projects
APGRD Oxford
Ashmolean Museum
English and Media Centre
Hellenic and Roman Library
The Latin Programme
Warwick Classics Network
Summer Schools/course
ArLT Summer School
British School at Athens Summer School
British School at Rome Summer School
BSA Pottery Course Summer School
BSA Teacher’s Course Summer School
BSA UG Summer School
JACT Greek Summer School
JACT Summer Schools' Trust
JSST Summer Schools' Trust
KCL Summer School
Latin Programme Summer School
Trinity College Dublin
Others (all less than £1,000)
Schools Projects
Academus Education
Classics for All (Newcastle)
Communicator Ltd.
Darnhall Primary School
The Latin Programme
Others (all less than £1,000)
Outreach
Friends of Highgate Roman Kiln
Khameleon Productions
Out of Chaos Theatre Company
University of Warwick
Whitchurch Conservation Group
Wirral Hospitals' School
Others (all less than £1,000)
Conferences
Classical Reception Studies Network
Others (all less than £1,000)
Research projects
Fasti Online
Teaching resources
Open University
Subtotal(continued on the following page)		 Unrestricted
funds
£
1,710
75,440
9,750
86,900
4,996
7,590
9,600
15,000
5,500
2,500
3,500
2,000
1,500
-
-
-
1,200
2,500
16,000
1,000
-
2,140
750
2,500
1,151
6,500
2,048
2,725
3,206
1,400
2,500
-
300
1,000
1,011
500
2,500
911
-
1,031
191,959		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Total
2021
2020
£
£
1,710
1,710
75,440
-
9,750
5,000
86,900
6,710
4,996
-
7,590
-
9,600
-
15,000
-
5,500
-
2,500
-
3,500
3,500
2,000
-
1,500
-
-
1,500
-
1,600
-
2,000
1,200
-
2,500
-
16,000
16,000
1,000
1,000
-
5,000
2,140
-
750
896
2,500
-
1,151
-
6,500
-
2,048
-
2,725
-
3,206
3,873
1,400
-
2,500
-
-
1,250
300
4,386
1,000
-
1,011
-
500
1,447
2,500
-
911
4,767
-
5,000
1,031
-
191,959
58,929

20

THE CLASSICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

7. Charitable activities: Grants and prizes payable (Continued)

Subtotal(from the previous page)
Emergency Funds
New Classicists, Help for PG Students
Women’s Classical Committee UK
Others (all less than £1,000)
CA Affiliated Associations(All less than £1,000)
Grants approved in prior year not taken up
Total grants and prizes
Support costs
Secretarial assistance		 Unrestricted
funds
£
191,959
-
-
115
-
(2,867)
189,207
13,512
202,719		 Restricted
funds
£
-
-
-
-
-
-
-
-
-		 Total
Total
2021
2020
£
£
191,959
58,929
-
12,639
-
9,639
115
-
-
2,750
(2,867)
-
189,207
83,957
13,512
3,234
202,719
87,191

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.

Grants are awarded by a Grants Committee, which considers applications at regular intervals during the year. The Committee has the authority to award grants up to £2,500, and 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 are recommended to Council for decision.

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

21

THE CLASSICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

8. Analysis of staff costs and remuneration of key management personnel

The Association has a historical arrangement with the University of London (UOL), whereby staff of the Association are paid via the University payroll. Payroll costs are then invoiced to the Association. In 2021, the Association paid amounts totalling £131,472 (2020 – £141,997) in respect of staff costs, via this arrangement. From the start of the 2021 year, any new staff have been employed directly by the Association.

Salaries
Social security costs
Pension costs		 Recharged
from UOL
£
100,938
10,713
19,821
131,472		 Directly
employed
£
28,231
-
5,646
33,877		 2021
2020
£
£
129,169
108,911
10,713
11,335
25,467
21,751
165,349
141,997

The average number of employees during the year was 3.3 (2020 – 3.0) 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 £59,207 (2020 – £50,181) 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 for their role as Trustee, and no trustee remuneration was paid in the current or prior year for services as a trustee.

With approval of the Charity Commission, Katrina Kelly, a Trustee, has been employed by the Association since September 2021 for services performed outside her role as Trustee. The total amount paid in respect of this in the year (including employer's National Insurance contributions and employer's pension contributions) was £12,114 (2020: £Nil).

During the year, 3 Trustees were reimbursed for travel and subsistence costs totalling £368 (2020: £575 reimbursed in total to 5 Trustees). In addition, £114 was paid in the year directly to the supplier (2020: £112) for a mobile phone used by a Trustee solely on charity business.

9. Taxation

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

22

THE CLASSICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

10. Tangible fixed assets

Cost
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposal
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
Investments
The movement of investments is represented by:
Market value at 1 January
Additions
Disposals
Total investment gains/ (losses)
Market value at 31 December
Market value at 31 December is represented by:
M & G Charifund
COIF Global Equity Income Fund
3i Infrastructure - Ord
iShares - Corporate Bond 1-5yr UCITS ETF Inc
iShares - FTSE UK Dividend plus
Legal & General - Future World ESG Developed Index Fund I Gbp Dis
LondonMetric Property Pic - Ord
Maitland - Chelverton UK Equity Income B Shs Inc
TwentyFour Income - Ord
Other under 5% of total portfolio value
Cash
Historical cost at 31 December		 Office equipment
£
4,156
600
-
4,756
3,040
429
-
3,469
1,287
1,116
2021
2020
£
£
2,024,984
2,054,640
228,068
133,008
(146,502)
(120,223)
228,981
(42,441)
2,335,531
2,024,984
225,972
199,308
450,287
389,116
176,541
140,140
331,853
256,090
128,095
110,007
130,934
-
138,016
111,523
120,654
102,119
237,533
219,420
395,646
497,261
2,335,531
2,024,984
1,934
861
2,337,465
2,025,845
1,921,092
1,830,621		 Office equipment
£
4,156
600
-
4,756
3,040
429
-
3,469
1,287
1,116
2021
2020
£
£
2,024,984
2,054,640
228,068
133,008
(146,502)
(120,223)
228,981
(42,441)
2,335,531
2,024,984
225,972
199,308
450,287
389,116
176,541
140,140
331,853
256,090
128,095
110,007
130,934
-
138,016
111,523
120,654
102,119
237,533
219,420
395,646
497,261
2,335,531
2,024,984
1,934
861
2,337,465
2,025,845
1,921,092
1,830,621
4,756
3,040
429
-
3,469
1,287
1,116
2020
£
2,054,640
133,008
(120,223)
(42,441)
2,024,984
199,308
389,116
140,140
256,090
110,007
-
111,523
102,119
219,420
497,261
2,024,984
861
2,025,845
1,830,621

11. Investments

23

THE CLASSICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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:

Reconciliation of movements in unrealised gains:
Total unrealised gains at 1 January
Add: gains /(losses) arising on revaluations in the year
Total unrealised gains at 31 December		 2021
2020
£
£
194,363
241,443
220,076
(47,080)
414,439
194,363
12. Debtors
Trade debtors
Prepayments
Other debtors
Accrued income
13. Creditors: amounts falling due within one year
Trade creditors
Accruals
Other creditors
Taxation and social security
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
14. Creditors: amounts falling due in more than one year
Life subscriptions:
At 1 January
Received during the year
Transfer to income and expenditure account
At 31 December		 2021
£
-
4,184
5,406
166,491
176,081
2021
£
13,843
5,875
59,315
2,799
2,614
84,446
1,735
2,614
(1,735)
2,614
2021
£
4,211
875
5,086
(774)
4,312		 2020
£
423
-
2,198
176,064
178,685
2020
£
-
6,360
37,587
22,445
1,735
68,127
1,951
1,735
(1,951)
1,735
2020
£
4,980
250
5,230
(1,019)
4,211

24

THE CLASSICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

15. Pension scheme

Staff who are paid directly through the association are members of individual personal pension plans which are defined contribution schemes.

Staff who are paid through the University of London (see Note 8) 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 2020, the USS’ assets were sufficient to cover 78% of its liabilities at that date. To help fund the deficit, employer contributions to the scheme were increased from 21.1% of gross salary to 21.4% with effect from October 2021. Employer contributions are liable to increase to 23.7% in April 2022, and thereafter every 6 months - up to 38.2% of Salary from 1 October 2025. These future increases are not yet certain, as the Joint Negotiating Committee has recommended changes to future service benefits to apply from April 2022. This recommendation is the subject of consultation with members at the time of writing.

SAUL is subject to triennial valuation by professionally qualified and independent actuaries. The last available valuation was carried out as at 31 March 2020 using the projected unit method, in which the actuarial liability makes allowance for projected earnings. The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As at 31 March 2020, SAUL had a funding level of 77%. To help fund the deficit, employer contributions to the scheme will increase from 16% of gross salary to 19% with effect from April 2022, and to 21% with effect from January 2023.

Neither scheme has yet completed its valuation/health check as at 31 March 2021; it is possible that contribution rates may increase when these are finalised.

16. Operating leases

As at 31 December 2021, the charity was committed to total future minimum lease payments under noncancellable operating leases as follows:

Office premises
Within one year
Within two to five years		 2021
2020
£
£
14,124
6,594
7,062
-
21,186
6,594

25

THE CLASSICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

17. Analysis of net assets between funds

Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Net assets
at 31 December		 Unrestricted
funds
£
1,287
2,337,465
523,587
(84,446)
(4,312)
2,773,581		 Restricted
funds
£
-
-
3,395
-
-
3,395		 Total 2021
£
1,287
2,337,465
526,982
(84,446)
(4,312)
2,776,976		 Unrestricted
funds
£
1,116
2,025,845
614,700
(68,127)
(4,211)
2,569,323		 Restricted
funds
Total 2020
£
£
-
1,116
-
2,025,845
3,395
618,095
-
(68,127)
-
(4,211)
3,395
2,572,718

18. Unrestricted funds

General funds
CA Prize
designated fund
JACT Greek Project
designated fund
General funds
CA Prize
designated fund
JACT Greek Project
designated fund		 At 1
January
2021
£
2,480,924
2,232
86,167
2,569,323
At 1
January
2020
£
2,367,103
7,232
86,167
2,460,502		 Income
£
463,603
-
-
463,603
Income
£
495,966
-
-
495,966		 Expenditure
£
(489,526)
-
1,200
(488,326)
Expenditure
£
(336,318)
(5,000)
-
(341,318)		 Transfers
£
-
-
-
-
Transfers
£
-
-
-
-		 Investment
losses
£
228,981
-
-
228,981
Investment
losses
£
(45,827)
-
-
(45,827)		 At 31
December
2021
£
2,683,982
2,232
87,367
2,773,581
At 31
December
2020
£
2,480,924
2,232
86,167
2,569,323

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.

26

THE CLASSICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

19. Restricted funds

Restricted funds
George Kerferd bursary fund
George Kerferd bursary fund		 At 1
January
2021
£
3,395
3,395
At 1
January
2020
£
3,381
3,381		 Income
£
-
-
Income
£
14
14		 Expenditure
£
-
-
Expenditure
£
-
-		 Transfers
£
-
-
Transfers
£
-
-		 At 31
December
2021
£
3,395
3,395
At 31
December
2020
£
3,395
3,395

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 2021, £3,173 (2020 – £7,793) 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

With approval of the Charity Commission, Katrina Kelly, a Trustee, has been employed by the Association since September 2021 for services performed outside her role as Trustee. Note 8 provides further detail, and also includes details of trustee expenses reimbursed.

During the year a grant of £3,500 was made to The Association for Latin Teaching (2020 – £3,500) of which Dr A. Henshaw is a trustee.

In the prior year (2020), Prof. I. Petrovic, a trustee until April 2020, was paid an honorarium of £1,250 for editorial services provided for the Greece & Rome journal. This was paid at a set amount paid to any editor of Greece & Rome per journal edition (comprising two volumes), therefore was at arm's length.

27

THE CLASSICAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

22. Statement of Financial Activities - Prior year

Statement of Financial Activities - Prior year
Income and endowments from:
Donations and legacies
Charitable activities
Investment income
Other
Total income
Expenditure on:
Charitable activities
Raising funds
(investment management fees)
Total expenditure
Net (losses) on investments
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income before
investment (losses)
Net income and
movement in funds		 2020
£
1,150
420,023
73,768
1,025
495,966
339,457
1,861
341,318
154,648
(45,827)
108,821
2,460,502
2,569,323
Unrestricted
funds		 Restricted
funds
2020
£
-
-
14
-
14
-
-
-
14
-
14
3,381
3,395		 Total
funds
2020
£
1,150
420,023
73,782
1,025
495,980
339,457
1,861
341,318
154,662
(45,827)
108,835
2,463,883
2,572,718

28

THE CLASSICAL ASSOCIATION JOURNALS INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021

The following three pages (pages 30 to 32) 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.

This page does not form part of the audited financial statements

29

THE CLASSICAL ASSOCIATION JOURNALS INFORMATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

“Classical Review”
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)
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 the year		 2021
£
8,111
53,170
76,712
10,778
772
5,570
2,593
3,209
6,310
116
1,525
5,158
22,118
642
15,003
44,405		 2021
2020
£
£
8,642
65,699
81,354
15,652
335
5,477
1,552
1,415
160,915
6,077
273
1,492
4,998
25,482
283
35,869
125,046
13,132
36,179
59,408
65,638		 2020
£
180,126
38,605
141,521
49,311
92,210

This page does not form part of the audited financial statements

30

THE CLASSICAL ASSOCIATION JOURNALS INFORMATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

“Classical Quarterly”

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)
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 the year		 2021
£
8,399
59,878
76,728
10,779
592
2,769
2,488
2,521
9,199
360
2,205
5,978
21,652
504
15,812
14,802		 2021
2020
£
£
9,449
76,272
71,279
15,652
455
3,462
2,246
1,379
164,154
10,638
652
2,898
6,322
23,444
344
39,898
124,256
19,190
14,002
30,614
93,642		 2020
£
180,194
44,298
135,896
33,192
102,704

This page does not form part of the audited financial statements

31

THE CLASSICAL ASSOCIATION JOURNALS INFORMATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

“Greece & Rome”

Income
Members’ subscriptions
Institutional subscriptions
Consortia sales
_New Survey_sales
Advertising
Royalties receivable
Single article sales
Rights and permissions
Back volumes and current issues
Digital archive surplus
Expenditure
Production costs (incl electronic)
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 the year		 2021
£
11,561
38,197
53,004
15,360
124
10,778
361
2,097
1,578
1,632
8,263
2,035
132
4,093
17,612
326
8,500		 2021
2020
£
£
11,992
44,784
49,624
9,568
-
15,652
217
2,397
1,064
757
134,692
3,972
1,120
674
3,082
18,748
152
32,461
102,231
11,078
8,500
93,731		 2020
£
136,055
27,748
108,307
11,078
97,229

This page does not form part of the audited financial statements

32