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 reqUI￿d 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 a￿eed
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 St￿ed 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 ENDOwmE￿s 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 sTATEmE￿r OF FINANCIAL A￿1vITIEs- 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
ReSou￿e$
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