REGISTERED CHARITY NUMBER: 800983 es and Unaudited Financial tatements for the Year En 24 for The Roman Research Trust Duncan King FCA 2 MaoNeice Drive Barton Park Marlborough Wiltshire SN8 ITR
The Roman Research Trust Contents of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balanc¢ Sheet Notes to the Financial Statements 9 to 15 Detailed Statement of Financial Activities 16
The Roman R Trust of the Trustees for the Year En March 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The Irustees have adopted the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) , effective l January 2015. OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the charity are to advance the education of the public in the science of archaeology by promoting the research and excavation of archaeological sites in particular in the county of Wiltshire and its neighbouring counties to the west. Whilst trustees recognise a preference for projects located in Wiltshire and nei8hbouring counties to the west, they support the best project applications from other parts of the British Isles. These objects are achieved by the provision of financial support to specifie projects which. in the opinion of the trustees. will make a satisfactory contribution to the achievement of the trusvs objects. It is of cardinal importance to the trustees that the results of the research, which it support4 are adequately and appropriately published, or otherwise disseminated. Accordingly, applicants reqUId as part of the grant application process to outline their plans and provisional costin8s for publication. The trustees will Continue to make monetary awards lo successful applicants, having regard to prevailing financial circumstances and to the lon8 temi objectiv¢s of the trust. These aims will be reviewed annually. The trust has adopted a statemeni of values which is published on its website. We support ethical and sustainable research into Roman Britsin. All recipients of our grants are required to signal their support and adhere to our values. Public benefit In pursuit of the trust's objectives, the trustees h81'e regard io the Charity Commission's public benefit guidelines. Accordingly. the trust contributes to the public benefit by disseminating grants for research and education in archaeology. Summary infonnation about the projects that are supported by the trust is available on the trust's website htt :Ilr archtrust.or The trust is engaged in the following activities that have a direct public benefit: sponsorship of conservation and education projects in museums open to the public sponsorship of archaeological excavations which include community involvement as part of their remit sponsorship of a biennial publi¢ l¢¢tur¢ which is free to attend sponsorship of projects which result in publications which are freely available in libraries or by internet financial support to the Hellenic and Roman Library and Institute of Classical Studies Library in London for the ongoing development and expansion of the David Smith Mosaic Archive. Investments The trust seeks to produce the best financial return within an acceptable level of risk. The primary objectives of the trustees, investment policy are to achieve a total return consonant with at least maintaining the real value of the capital and an annual incoffle that is suificient to meet the costs of the trusL including grants. The achievement of this objective is assessed over the long terni since asset values are constantly affected by factors such as changing discount rates, Itquidity and confidence levels. The trustees reviewed this policy at their AGM in September 2024 and updated their investment policy. The defining aim of the new policy is to invest in such a ivay that our portfolio achievffj again over the long terni. an annual percentage total return of UK inflation (CPI) plus 4Yo. Page I
The Roman Research Trust ort of the Tr ees for the Year Ended 31 M h 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities During the year , the trust has once again made significant financial awards to projects associated with the archaeology of Roman Britain. The trust considers that its grant programme achieves greater impact by sharing a common application process with the Donald Atkinson Fund of the Society for the Promotion of Roman Studies (the "Roman Society"), a registered charity. All applications are reviewed in eonjiinction with members of the Archaeology Committee of the Roman Society. but only those that are concerned with Roman Britain (as opposed to other parts of the Roman Empire) were funded by the trust. The trustees consider this partnership with the Roman Society to be a successful one and both parties intend to continue with it in future years. This year a Memorandum of Understanding has been drawn up and aeed by both parties to clearly outlin¢ the nature of the partnership and ways of working. The Memorandum of Understanding outlines a more refined grant assessment process, with a focus on three key areas; suitability, feasibility and acceptability, which has been developed between the trust and the Roman Society. The aim of this new process is to give maximum confidence that successful grants offer optimal delivery of our charitable aims and that the decision making process is transparent to all applicants. This new assessment process will be rolled out in the 2025 grant year. Grants expenditure totalled £30,200. This was spent principally on grants towards costs of publication. fieldwork and other educational and research projects awarded to ten separate applicants for a variety of projects distributed widely across Britain. Detsils of projects supported are published on the trust's website.Included in grants expenditure is a contribution of £500 to the University of London for book purchases for the David Smith Mosaic Archive. The trust sponsors a public lecture on an aspect of Roman Britain. The lecture was delivered in November 2023 as an online event. The talk was delivered by Prof Hella Eckardt (University of Reading) on the topi of "Writing and Power in the Roman World The event was very well attended online (over 400 from around the world) and was recorded and posted online on the Cotswold Archaeology You Tube channel where it has had around 500 views. 12th Joan Pye Lecture https://youtu.belbsFZDURIGqs?si=udXHdemHQ38L7HJ9 The trust applied to be registered for Gift Aid during the year. Investment performance The total return for the year was 10.2% and a capital gain of £190k was recognised. Investment income return was £36k (2023 - £28k). The capital value of the portfolio now stands at £2.20m (2023 - £2.Olm). As noted in the investment policy above. the trustees do not assess investment p¢rforn)ance over the short terni. The trustees expect that sufficient total return over the lon8 tem) will be generated in order to maintain the real value of capital and to provide sufficient income to meet the annual costs of the trust, including grants. The trust continues to retain sufficient liquidity in the short tern] not to have to sell investments. The trustees will continue to keep the portfolio's perforn]ance against the policy under regular review. FINANCIAL REVIEW Reserves poliey The trustees seek to maintain a level of reserves which allows the trust to continue as a trust in perpetuity. The minimum level of operating reserves. taken to be total net assets less total fixed assets is considered to be the equivalent of three months, expenditure. The trustees consider that the reserves policy has been achieved in all respect5. Page 2
The Roman Research Trust ort of the Tru tees for the Year Ended arch 2024 FUTURE PLANS The trust recognises the significance of digital outreach activities in the future to address wider inclusivity and we have therefore been encouraged by the audience figures for the 2021, 2022 and 2023 Joan Pye Lectures. The 2024 Joan Pye Lecture will be delivered online by Prof Rebecca Gowland (University of Durham) on 6th November 2024 on 'Life in Roman Britain: A View from the Skeleton.. Cotswold Archaeology have again very kindly agreed to administer and host the online lecture for the trust on their You Tube channel and provide detailed event evaluation. The trust wishes to continue to explore moving their financial investments into funds that support higher level positive environmental and social impacts. We will work on this with our treasurer and current fund managers. We will appoint another trustee to bring our numbers up to eight and ensure we have representatiOD from the Commercial archaeology sector. W¢ will update our website and grant application fonn to ensure our new three focused criteria for 8rant assessments; suitability. feasibility and acceptability, are visible to all future applicants. Finally, we will test and evaluate our new grant assessment procedure in partnership with the Roman society, during our annual grant making ¢y¢l¢ in 2025. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The trust was established by a Declaration of Trust dated 31 January 1990. This governing instrument was supplemented by a Deed of Variation dated 6 September 1994 and by an Order of the Charity Commissioners dated 16 February 1995 which perniitted the appointment of an Investment Manager with discretionary powers in relation to the management ofthe trust's investments. On 17 February 1998 the trustees were granted a Certificate of Incorporation by the Charity Commissioners. On 27 February 2017 the trustees approved an amendment to the Declaration of Trust, increasing to eight the maximum number of trustees who may serve concurrently. Organlsational structure The Board of trustees is authorised to manage the trust in accordance with its charitable objectives which include the making of awards of financial support to successful applicants. Trustees are appointed by the Board and serve for a maximum of six years. This year, James Gerrard stood down as a trustee after the maximum of six years of service and Rob Hopwood resigned as a trustee and treasurer after eight years of service. James's trustee position was filled by Amanda Hart who joined the Board as a trustee. Jonathan Hollow joined us as a trustee and treasurer following an inclusive recruitment process after the previous treasurels resignation. A role profile was widely advertised for a further trustee, with previous experience in contract archaeology, to bring our numbers up to eight. All new trustees are now inducted by the Chair. Page 3
The Roman Research Trust Re ort of the Trustees f r the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The trustees identify and review risks to which the charity is exposed. The major risks to which the trust is exposed are: securing funding to achieve its objectives. principally the risks associated with investing in securities reputational and financial risks surrounding grant awarding processes and outcomes. The trustees have identified and reviewed these major risks and are satisfied that adequate systems are in place to mitigate them. The trustee Board reviews the risk register annually. Trustees adopted measures in 2018 to make the trust compliant with General Data Protection Regulations introduced in May 2018. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 800983 Principal address Dept. of Britain, Europe and Prehistory The British Museum London WCIB3DG Trustees N Holbrook BA FSA (Chairnian) (resigned 7.9.23) R Hopwood MA FCCA MBA (resigned 12.1.24) J Gerrard PhD (resigned 7.9.23) J Reynolds AMA MlnstF (Dip) W Bowden PhD FSA P Walton PhD E Ghey MA PhD D Pett FSA FRGS J Hollow {appoint¢d 18.3.24) A Hart BA MA FMA (appointed 7.9.23) Independent Examiner Duncan King FCA 2 MacN¢ice Drive Barton Park Marlborough Wiltshire SN8 ITR Tr&urer J Hollow General Secretary R Hobbs PhD Investment Managers Cazenove Capital 12 Moorgate London EC2R 6DA Page 4
The Roman Research T ort of the Trustees for the Year Ended 31 March 2024 STATEMENf OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicabl¢ laiv and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales. the Charities Act 2011. Charity (Accounts and Reports) Regulation5 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of atTairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles An the Charity SORP; make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the ¢harity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the charity and to enable them to ensure that the financial statements comply Nvith the Charities Act 2011. rhe Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. Approved by order of the board of trustees on 5 September 2024 and Sted on its behalf by: J Reynolds AMA MlnstF (Dip) - Trustee Page 5
Inde The ndent Examinerfs Re esearch Trust rt to the Trnstees of Independent examlner's report to the trustees of The Roman Researcb Trn$t I report to the charity tnistees on my examination of the accounts of The Roman Research Trust (the Trust) for the year ended 31 March 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Ace). I report in respect of my examination of the Trusvs accounts carried out under Section 145 of the Act and in carrying out my examination I hav¢ followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirni that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act. or the accounts do not accord with those records: or the accounts do not comply with the applicable uIreMents concerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have Come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understandin8 of the accounts to be reached. Duncan King FCA Duncan King FCA 2 MacNeice Drive Barton Park Marlborough Wiltshire SN8 ITR 9 September 2024 Page 6
The Roman Research Trust Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Investment income 36,591 200 36.791 28,347 EXPENDITURE ON Raising funds 17231 17,231 17,245 Charitable activities Grants 30.200 30,200 20.860 Other 3.418 300 3.718 3,512 Total 50,849 300 51,149 41,617 Net gainsl(losses) on investments 190252 190,252 (126,443) NET INCOMLIIEXPENDITURE) 175.994 (100) 175,894 (139,713) RECONCILIATION OF FUNDS Total funds brought forward 2,030.286 11,123 2.041.409 2,181,122 TOTAL FUNDS CARRIED FORWARD 2.206,280 11.023 2,217.303 2.041.409 The notes fonn part of these financial statements Page 7
The Roman Research Tru Balance Sheet 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestrict¢d Restricted fund fund Notes FIXED ASSETS Investments 2,173.411 11,023 2.184.434 2.009.407 CURREIYT ASSETS Cash at bank 50.707 50.707 52.553 CREDITORS Amounts falling due within one year (17.838) (17.838) (20,551) NET CURREwf ASSETS 32,869 32.869 32.002 TOTAL ASSETS LESS CURRENT LIABILITIES 2,206.280 11,023 2,217,303 2.041.409 NET ASSETS 2.206,280 11.023 2,217.303 2,041,409 FUNDS Unrestricted funds Restricted funds 2206.280 11.023 2.030.286 11.123 TOTAL FUNDS 2.217.303 2.041.409 The financial statements were approved by the Board of Trustees and authorised for issue on 5 September 2024 and were si ed on its behalf by: J Reynolds AMA MlnstF (Dip) - Trustee J Holloiv - Trustee The notes fonn part of these financial statements Pag¢ 8
The Roman Research Trust Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reportin8 by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. with the exception of investments which are included at market value. as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the charity has entltlement to the funds, it is probable that the incotne will be received and the amount can be measured reliably. 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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs eannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Taxation The charity is exempt from t&x on its charitable activities. Fund accounting Unrestricted fun(ts can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be us¢d for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Grnnts Awards for archaeological projects are made in accordanc¢ wtth the resources available from the trust's annual income and are drawn by the successful applicant by agreement with the trustees. Page 9 continued...
The Roman Research T Notes to the Financial ents - continu for the Year Ended 31 March 2 24 INVESTMENT INCOME 31.3.24 31.3.23 Investment income 36,791 28,347 RAISING FUNDS Investment management Costs 31.3.24 31.3.23 Portfolio management 17.231 17.245 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trusteeg. expenses 31.3.24 31.3.23 Trustees, expenses 1.092 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund Total funds INCOME AND ENDOwmEs FROM Investment income 28,203 144 28,347 EXPENDITURE ON Raising funds 17,245 17,245 Charitable activities Grants 20.860 20.860 Other 3,412 100 3,512 Total 41.517 100 41.617 Net gains/(losses) on investments (126.443) {126,443) NET INCOMEI(EXPENDITURE) (139,757) 44 (139,713) Page 10 continued...
The Roman Research Trust Notes to the Financial Statements - conlinued for the Year Ended 31 March 2024 COMPARATIVES FOR THE sTATEmEr OF FINANCIAL A1vITIEs- continued Unrestricted Restricted Total fund fund funds RECONCILIATION OF FUNDS Total funds brought forward 2,170,043 11,079 2,181,122 TOTAL FUNDS CARRIED FORWARD 2,030,286 11,123 2,041,409 GAINSILOSSES ON INVESTMENT ASSETS The gains arising from the movement of the investment assets comprises: Unrealised gain on revaluation of investments Realised gain on disp)sal of investments Total 189448 190252 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l April 2023 Additions Disposals Revaluations 2,009.407 595,307 (609,728) 189.448 At 31 March 2024 2.184.434 NET BOOK VALUE At 31 March 2024 2,184,434 At 31 March 2023 2,009,407 The total value of the fixed asset investments is represented by a managed portfolio of equity and fixed interest securities. the geographical location of which at 31 March 2024 is as follows: United Kingdom £445803 Pagell continued...
The Roman Research Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 FIXED ASSET INVESTMENTS - continued Outside the UK £1738631 Cost or valuation at 31 March 2024 is represented by: Listed investments Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 1,604,216 471,437 75,815 (142,061) 175,027 2,184,434 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Grants payabl¢ Accrued expenses 11.430 6.408 14,360 6,191 17.838 20,551 MOVEMENT FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 2,030,286 175,994 2,206.280 Restrlcted funds Restricted fund 11,123 (100) 11,023 TOTAL FUNDS 2,041.409 175.894 2.217.303 Page 12 continued.
The Roman Research Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 MOVEMENT IN FUNDS- contlnued Net movement in funds, included in the above are as follows.. Incoming resources ReSoue$ expended Gains and Movement losses in funds Unrestrlcted funds General fund 36,591 {50,849) 190,252 175,994 Restricted funds Restricted fund 200 (300) (100) TOTAL FUNDS 36.791 (51.149) 190,252 175,894 Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund 2,170,043 (139,757) 2,030.286 Restricted funds Restricted fund 11,079 44 11,123 TOTAL FUNDS 2.181,122 {139.713) 2,041,409 Comparative net movement in funds. included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund 28,203 (41,517) (126,443) (139,757) Restricted funds Restricted fund 144 (100) TOTAL FUNDS 28,347 {41,617) (126,443) (139.713) Page 13 continu¢d...
The Roman Research Trust Notes to the Financial Statements - continued r the Year Ended 31 March 2024 MOVEMENT IN FUNDS- continued A current year 12 months and prior 12 months combined position is as follows: Net movement in funds At 31.3.24 At 1.4.22 Unrestrfcted funds General fund 2,170.043 36.237 2.206,280 Restricted funds Restricted fund 11.079 (56) 1,023 TOTAL FUNDS 2,181.122 36.181 2,217,303 A current year 12 months and prior year 12 months combined net mov¢ment in funds, included in the above are as follows: Incomin8 resources Resources expended Gains and Movement losses in funds Unrestrl¢ted fuDds General fund 64,794 (92.366) 63,809 36.237 Restricted funds Restricted fund 344 (400) (56) TOTAL FUNDS 65.138 (92.766) 63,809 36.181 10. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Page 14 continued...
The Roman Research Trust Notes to the Financial Statetnents - continued for the Year Ended l March 2024 11. RESTRICTED FUNDS The trust has received a donation from Miss JM Pye which forn]s part of the invested funds. The use of this donation is confined to the costs of a biennial lecture on a theme of Romano-British Archaeology and, for that reason. it is held as a restricted fund. A bequest of £3,059 from the Estate of Miss Bl Nornian deceased also fornis part of the restricted fund. Page 15
The Roman Research T Detailed Statement of Fin tal Activities for the Year Ended 31 March 2 24 31.3.24 31.3.23 INCOME AND ENDOWMENTS Investment income Investment income 36.791 28.347 Total incoming resources 36.791 28,347 EXPENDITURE Investment management eosts Portfolio management 17,231 17,245 Charltable aclivities Archaeological grants 30,200 20.860 Support costs Management Trustees, expenses Honorarium Professional subscriptions Promotional expenses Accountaney charges Biennial lecture expenses Bank charges 1,092 1,375 130 161 600 300 1.375 130 119 600 100 72 3.718 3,512 Totsl resources expended 51.149 41,617 Nel expendlture before gains and losses (14.358) (13.270) Realised recognised gains and losses Realised gainsl(losses) on fixed asset investments 190252 (126,443) Net ineomel(expeDditure) 175,894 (139.713) This page does not forni part of the statutory financial statements Page 16