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2020-12-31-accounts

Registered Company No. 2414260

Registered Charity No. 802281

THE PAST AND PRESENT SOCIETY (A company limited by guarantee) ACCOUNTS FOR THE YEAR ENDED

31 DECEMBER 2020

Contents

Page
1(i) - 1(iv) Report of the Council of Management
2 Statement of the Council of Management’s responsibilities
3(i) – 3(iv) Independent Auditor’s report
4 Statement of Financial Activities
5 Balance Sheet
6-12 Notes to the accounts
Appendix 1 Income and Expenditure account

1(i)

THE PAST AND PRESENT SOCIETY

REPORT OF THE COUNCIL OF MANAGEMENT

FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS

Members: J Innes (Chair) R Mitter R Earle A Taylor J Arnold M Braddick P Clavin C Wickham Registered office: Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP Registered company number: 02414260 Registered charity number: 802281

1(ii)

THE PAST AND PRESENT SOCIETY

REPORT OF THE COUNCIL OF MANAGEMENT

FOR THE YEAR ENDED 31 DECEMBER 2020

The Council present their report together with the audited accounts for the year ended 31 December 2020. The financial statements comply with the Charities Act 2011, the Companies Act 2006, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE & MANAGEMENT

The Society is a company limited by guarantee incorporated under the Companies Act 1985, number 02414260, governed by its Memorandum and Articles dated 17 August 1989. It does not have a share capital. It is also registered as a charity no. 802281.

Members of the Society meet three times a year in the form of an Editorial Board, which oversees the editorial policies and content of the journal and other activities connected with the Society’s objects. Administrative matters are dealt with by the members of Council listed below, who act as its Trustees; they also meet three times a year (and are also on the Editorial Board). Day-to-day management of the Society is controlled through its staff: the Editors (one of whom is also the Society’s Secretary) and the Associate Editor.

RISK

The Trustees also consider and review the risk profile of the charity and, where practical, take steps to mitigate the risks identified.

The journal itself is published for the Society by Oxford University Press (OUP).

Members of the Society are elected by the Council; the number of members is unrestricted. Only members may be elected to Council. New Council members may be proposed for election by members or recommended by the existing Council. One-third of the existing Council members retire by rotation at each Annual General Meeting, but may be re-elected.

There is no formal induction process for new Trustees, but they are encouraged to familiarise themselves with their responsibilities under the Companies and Charities Acts before appointment.

MEMBERS OF THE COUNCIL OF MANAGEMENT

The members of the Council are, in company law, the company’s directors. Conventionally eight in number, they are chosen by the Past and Present Society at its annual meeting. They receive no remuneration for their position, and, as the Society is limited by guarantee not shares, hold no shares therein. Those who held office during the year are as follows:

J Innes (Chair) R Mitter R Earle A Taylor J Arnold M Braddick P Clavin C Wickham

1(iii)

THE PAST AND PRESENT SOCIETY

REPORT OF THE COUNCIL OF MANAGEMENT

FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

OBJECTIVES AND ACTIVITIES

The Society’s primary object is the promotion and encouragement of the study and public knowledge of history and related disciplines.

The principal activity of the Society continues to be the publication of Past and Present, a journal of historical studies. It also publishes its own book series, and a Supplements series which is sent to all subscribers to the journal. In addition, the Society supports other publications in the fields of history and related disciplines. The Society arranges, and makes grants to support conferences; it also allocates funds to support postdoctoral fellowships in appropriate fields. The Society sees it as its aim to support as many academic ventures as is consistent with responsible financial policy.

The Society’s Editorial Board, and its Editors, oversee funding policy, and subcommittees of the Board choose postdoctoral fellows. Grants for conferences are allocated with the approval of the Board, and preference is given to events with a broad chronological and/or geographical remit, and to supporting the attendance of early career and overseas researchers who might otherwise not be able to attend. In the selection of postdoctoral fellows, preference is given to those applicants whose work aligns with the Society’s belief that history should be accessible and interesting to a wide range of readers, and who combine rigorous research with an awareness of its wider implications.

The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE

During the year, four issues of the journal and one Supplement, Mothering’s Many Labours, were published in association with Oxford University Press (OUP). With a circulation of over 5,000 institutional and individual subscriptions, the journal and Supplement reach libraries, academic historians and scholars throughout the world, in both print and electronic form. The journal remains available free or at reduced rates, online, to educational institutions in the world’s poorest countries. The Society also published one book in the OUP Past and Present book series, Tony Claydon, The Revolution in Time.

The Society continued to support the seven postdoctoral fellows already in position at the start of the year. Three of these held fellowships which were due to end in September, but in order to help mitigate the disruption engendered by the COVID-19 pandemic, all three were offered the chance to apply for an extension to the end of January 2021; two took up this offer. The Society appointed three new two-year postdoctoral fellows who took up their posts in October. The RHS postdoctoral fellow left her post after one year to take up a permanent position, and the Society gave funding for a further two-year fellowship, to assist the RHS in carrying forward the work of its Race, Ethnicity and Equality Working Group. A new fellow was appointed who took up her post in October. It made grants totalling £1,456 to support five separate conferences and workshops. The Society supported a new CARA scholar in 2020. It also offered financial support to the Institute of Historical Research and the Royal Historical Society. The grants made to the RHS support the operations of the leading learned society in the discipline of history, and in 2020 enabled awards to be made to UK early career historians via the RHS emergency COVID-19 hardship grants scheme. Grant expenditure was much greater this year because the figures include all commitments made by year’s end (including the second years of fellowships begun in October 2019, and the full two years of fellowships begun in October 2020). This practice will continue hereafter, and expenditure totals are expected to settle back into a new steady state on this basis.

FINANCIAL REVIEW

The Society’s total funds decreased over the year from £2,304,625 to £1,987,665.

Its total income was £413,473 (£437,052 in 2019), the great majority of which derived from its publication ventures with OUP. The value of its investments decreased this year. The pattern of income and expenditure in relation to publishing is similar to that of recent years. The Society produced a net loss of £495,061 (in 2019 the loss was £43,558).

1(iv)

THE PAST AND PRESENT SOCIETY

REPORT OF THE COUNCIL OF MANAGEMENT

FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

RESERVES

At the end of the financial year the Society held unrestricted reserves totalling £1,987,665 (2019: £2,304,625) of which £314,072 (2019: £310,348) is included in the unrestricted capital reserve.

The capital reserve represents the net assets taken over by the limited company upon incorporation of the Society, and it is intended that this will be maintained in line with inflation by transferring an amount from accumulated reserves each year. Designated medium-term investments will this year, as already noted, be made to match this reserve with the intention of maintaining its capital value and using income arising to fund the Society’s operations and to support its scholarly and charitable objectives.

The accumulated surplus is held largely in medium-term managed investment portfolios in order to generate income for our charitable activities, and to cover our obligations and any exceptional costs which may arise.

PRINCIPAL RISKS FACING THE CHARITY

In partnership with our publishers OUP, the Society is careful to monitor the effects of institutional open access requirements, and to balance the reduction in subscription income with the revenue from Article Processing Charges (APCs) and Read and Publish deals. At present, the adjustment is small, and we continue to anticipate few changes in our income levels in the short-to-medium term. Library and higher education institution budgets are also carefully monitored as reductions to these could affect both our subscriptions and our authors’ capacity to pay for open access.

AUDITORS

A resolution to reappoint Critchleys Audit LLP as the Society’s auditors will be proposed at the Annual General Meeting.

Approved and authorised for issue by order of the Council on …16 March 2021.

.................................................................... Secretary: A Walsham

........................................................................... Director/Trustee: J Innes

2

THE PAST AND PRESENT SOCIETY

STATEMENT OF THE COUNCIL OF MANAGEMENT’S RESPONSIBILITIES

The Trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the income and expenditure of the charitable company for that year. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Companies Act 2006. 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.

In so far as the Trustees are aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

On behalf of the Council of Management

.....................................

J Innes (Director/Trustee)

Date: 16 March 2021

3(i)

INDEPENDENT AUDITORS’ REPORT

TO THE COUNCIL OF MANAGEMENT OF THE PAST AND PRESENT SOCIETY

FOR THE YEAR ENDED 31 DECEMBER 2020

Opinion

We have audited the financial statements of The Past and Present Society (‘the charitable company”) for the year ended 31 December 2020 which comprise Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director’s 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 Past & Present Society’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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 course of the audit, or otherwise appears to be materially misstated. If we identify such material this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

3(ii)

INDEPENDENT AUDITORS’ REPORT

TO THE COUNCIL OF MANAGEMENT OF THE PAST AND PRESENT SOCIETY

FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement [set out on page 2], the trustees (who are also the directors of the charitable company for the purposes of company law) 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 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 company’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 company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

3(iii)

INDEPENDENT AUDITORS’ REPORT

TO THE COUNCIL OF MANAGEMENT OF THE PAST AND PRESENT SOCIETY

FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

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 charitable company’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:

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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.

3(iv)

INDEPENDENT AUDITORS’ REPORT

TO THE COUNCIL OF MANAGEMENT OF THE PAST AND PRESENT SOCIETY

FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kirtland, Senior Statutory Auditor for and on behalf of Critchleys Audit LLP Statutory Auditors Beaver House 23 – 38 Hythe Bridge Street Oxford OX1 2EP.

Date: 16 March 2021

4

THE PAST AND PRESENT SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income and endowments from:
Investments
6
Charitable activities
3
Other income
Rental income
Total income and endowments
Expenditure on:
Raising funds
Investment management costs
Charitable activities
Publishing
4
Grants and Postdoctoral Fellowships
4
Total expenditure
Net income/(expenditure) before gains and losses on
investments
Net gains/(losses) on investments
Net income/(expenditure)
Total funds brought forward at 1 January 2020
Total funds carried forward at 31 December 2020
12		 Unrestricted Funds
2020
2019
£
£
4,771
5,905
398,789
420,969
9,913
10,178
413,473
437,052
11,424
10,961
256,487
274,391
620,047
195,258
887,958
480,610
(474,485)
(43,558)
178,101
339,098
(296,384)
295,540
2,304,625
2,009,085
2,008,241
2,304,625

Movements in the reserves are shown in note 12.

All activities are continuing. There are no gains or losses other than those recognised through the statement of financial activities.

All funds are unrestricted.

5

THE PAST AND PRESENT SOCIETY

(Registered Company No. 2414260)

BALANCE SHEET AT 31 DECEMBER 2020

Note
FIXED ASSETS
Tangible assets
7
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
CURRENT LIABILITIES:
Amounts falling due within one year
10
NET CURRENT ASSETS / (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
NON-CURRENT LIABILITIES:
Amounts falling due after more than one year
11
NET ASSETS
FUNDS
Unrestricted funds
12		 2020
£
688
2,210,412
2,211,100
9,432
234,737
244,169
(341,044)
(96,875)
2,114,225
(105,984)
2,008,241
2,008,241		 2019
£
860
2,073,315
2,074,175
9,644
294,937
304,581
(74,131)
230,450
2,304,625
-
2,304,625
2,304,625

The financial statements have been prepared in accordance with provisions applicable to companies subject to the small companies’ regime under the Companies Act 2006.

Approved and authorised for issue by the Council of Management on 16 March 2021 and signed on their behalf by:

................................................... J Innes (Director/Trustee)

The notes on pages 6 to 12 form part of these accounts.

6

THE PAST AND PRESENT SOCIETY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 ACCOUNTING POLICIES

a) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Past and Present Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements have been prepared on a going concern basis. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

b) Income

Income in furtherance of the charity’s objects arises from publication of the journal Past and Present in conjunction with Oxford University Press.

Donations, grants, legacies and similar income are included in the year in which they are receivable, which is when the charity becomes entitled to the income.

Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT.

c) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

d) Expenditure

Expenditure is accounted for on an accruals basis and gross of any related income. They are classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.

Grants which the trustees have committed themselves to making are charged in the Statement of Financial Activities in the year in which the commitment is made and are carried forward under creditors until paid or written back.

Fellowship costs are accounted for on an accruals basis. Costs are charged to the Statement of Financial Activities on a termly basis.

7

THE PAST AND PRESENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

1 ACCOUNTING POLICIES (CONTINUED)

e) Depreciation

Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives as follows:

Office equipment - 20% reducing balance Fixtures and fittings - 20% reducing balance Computer equipment - 25% straight line

f) Leases and hire purchase contracts

Rentals paid under operating leases are charged to income as incurred.

g) Pensions

The charity operates a defined contribution pension scheme. Pension costs for employees are charged to the profit and loss account in the year in which they become payable. The assets of the scheme are held independently from those of the charity.

2 OPERATING SURPLUS

Operating surplus is stated after charging:
Staff costs (note 5)
Auditor’s remuneration
- audit
- non audit
Operating leases – rent
Depreciation of tangible fixed assets (note 7)		 2020
£
76,617
3,750
4,198
17,000
172		 2019
£
73,136
3,600
5,593
17,000
215

3 INCOME FROM CHARITABLE ACTIVITIES

Subscriptions
Back numbers
Offprints
Digital archive
Secondary rights
Advertising
Pay per view
Open access
Book sales		 2020
£
341,143
2,123
118
2,854
33,911
17
921
12,761
4,941
398,789		 2019
£
342,078
12,959
323
1,375
42,066
8
768
17,603
3,789
420,969

8

THE PAST AND PRESENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

4 COSTS OF CHARITABLE ACTIVITIES

Basis of
Allocation
Grants &
Fellowships
Publishing
£
£
Costs directly allocated to activities
Printing & editing
Direct
-
35,351
Editorial wages & salaries
Direct
-
57,886
Honoraria
Direct
-
18,731
Other editorial costs
Direct
-
40,690
OUP commission
Direct
-
68,807
Conferences
Direct
1,456
-
Grants to Institute of
Historical Research,
inclusive of Postdoctoral
fellowship grants
Direct
476,591
-
Other donations to Royal
Historical Society
Direct
136,000
-
Other donations to
University of London
Direct
-
-
Other donations to CARA
Direct
6,000
-
Support costs allocated to activities
Bank charges
-
190
Telephone
-
822
PP&S
-
-
Travel
-
416
Heating & Light
-
1,875
Insurance
-
1,052
Rent
-
17,112
Rates
-
935
Legal and professional fees
-
4,168
Sundry
-
1,967
Subscriptions
-
99
Office costs
-
2,464
Depreciation on fixtures and fittings
-
151
Depreciation on office equipment
-
21
Governance costs allocated
Trustee meeting expenses
-
-
Audit
-
3,750
620,047
256,487		 Total
£
35,351
57,886
18,731
40,690
68,807
1,456
476,591
136,000
-
6,000
190
822
-
416
1,875
1,052
17,112
935
4,168
1,967
99
2,464
151
21
-
3,750
876,534		 2019
£
35,906
58,636
14,500
48,607
72,911
15,089
132,057
30,000
18,112
-
99
789
97
6,972
1,524
1,116
16,947
1,119
5,593
1,056
70
2,795
189
26
1,839
3,600
469,649

In the opinion of the trustees, the proportion of support costs attributable to grant-making is negligible.

9

THE PAST AND PRESENT SOCIETY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

5 STAFF COSTS

Staff costs
Wages and salaries (key management)

Editors’ honoraria

Social security costs
Pensions

 2020
£
46,862
18,731
3,694
7,330
76,617		 2019
£
46,938
14,500
4,374
7,324

73,136

During the years ended 31 December 2019 and 2020 the charity employed one full-time member of staff.

No employees (2019: no employees) received emoluments exceeding £60,000 during the year.

6

INVESTMENT INCOME

Deposit interest
Dividends received
 2020
£
139
4,632
4,771		 2019
£
341
5,564

5,905

7 TANGIBLE FIXED ASSETS

Computer
Equipment
Office
Equipment
Fixtures
& Fittings
£
£
£
Cost
At 1 January 2020
14,737
8,460
4,513
Additions
-
-
-
At 31 December 2020
14,737
8,460
4,513
Depreciation
At 1 January 2020
14,737
8,356
3,757
Charge for year
-
21
151
At 31 December 2020
14,737
8.377
3,908
Net book value
At 31 December 2020
-
83
605
At 31 December 2019
-
104
756		 Total
£
27,710
-
27,710

26,850
172
27,022

688
860

10

THE PAST AND PRESENT SOCIETY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

8 FIXED ASSET INVESTMENTS

Market value of investments brought forward
Add: additions
Less: disposals
Less: net gain/(loss) on revaluation
Total market value as at 31 December 2020
Investments at market value comprised:
Unit Trusts
Common Investment funds		 2020
£
2,073,315
1,676
(42,680)
178,101
2,210,412
2020
£
2,153,182
57,230
2,210,412

All investments were primarily to generate an investment return for the charity.
held in the UK. At 31 December 2020 the following investments comprised mo
value:
AXA Ethical Distribution fund Z (Acc)
CIS Sustainable Diversified Trust C
Jupiter Ecology (Inc)
Kames Ethical Cautious Managed B (Acc)
9
DEBTORS
Amounts falling due within one year:
Trade debtors
Prepayments and other debtors
10
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other taxation and social security
Grants and fellowships payable
Accruals and other creditors

 All investments were primarily to generate an investment return for the charity.
held in the UK. At 31 December 2020 the following investments comprised mo
value:
AXA Ethical Distribution fund Z (Acc)
CIS Sustainable Diversified Trust C
Jupiter Ecology (Inc)
Kames Ethical Cautious Managed B (Acc)
9
DEBTORS
Amounts falling due within one year:
Trade debtors
Prepayments and other debtors
10
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other taxation and social security
Grants and fellowships payable
Accruals and other creditors

 All investment assets were
re than 5% of the portfolio
Value £
Portfolio %
535,173
23.74
713,044
31.63
410,670
18.22
438,383
19.45
2020
2019
£
£
-
-
9,432
9,644
9,432
9,644
2020
2019
£
£
35,385
5,409
32,808
16,118
243,188
30,000
29,663
22,604
341,044
74,131

11

THE PAST AND PRESENT SOCIETY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

11 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Grants and fellowships payable 2020
£
105,984
105,984		 2019
£
-
-

12 UNRESTRICTED FUNDS

1 January 2020
Income/(expenditure) for the year
Transfer to capital reserve
At 31 December 2020		 Capital
Reserve
Accumulated
Surplus
£
£
310,348
1,994,277
-
(296,384)
3,724
(3,724)
314,072
1,694,169		 Total
£
2,304,625
(296,384)
-
2,008,241

The capital reserve represents the net assets taken on from the Past and Present Society when the charity was incorporated. A transfer is made from accumulated surpluses to increase the value of the capital reserve in line with the retail price index, thus maintaining the effective value of this reserve.

The members of the council intend to invest assets equivalent to this reserve so as to generate income for the support of the charity’s operations.

13 FINANCIAL COMMITMENTS

The following total amounts were payable under non-cancellable operating leases in existence at 31 December 2020:


Operating leases which expire:
Within one year
Between two and five years
In over five years		 Land and buildings
2020
2019
£
£
17,000
17,000
792
17,792
-
-

14 RELATED PARTY TRANSACTIONS

No Members of the Council received any remuneration from the Society during the year (2019: nil).

One member of the Council was reimbursed for travel expenses totalling £124 (2019: £373 to 5 Members).

There are no other related party transactions to disclose.

12

THE PAST AND PRESENT SOCIETY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

15 GENERAL INFORMATION

The Past and Present Society is a company limited by guarantee incorporated and domiciled in England. Its registered office address is Beaver House, 23 – 38 Hythe Bridge Street, Oxford, OX1 2EP.

Each member gives a guarantee to contribute a sum, not exceeding £1, to the charity should it be wound up. At 31 December 2020 there were 8 members.

Appendix 1

THE PAST AND PRESENT SOCIETY DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

INCOME
Subscriptions
Back numbers
Digital archive
Offprints
Secondary rights
Pay per view
Advertising
Open access
Book sales – CUP & LUP
Rental income

COST OF SALES
Grants to Institute of Historical Research,
inclusive of Postdoctoral fellowships
Other donations to Royal Historical Society
Other donations to University of London
Other donations to CARA
Conferences
Printing and distribution
Editorial wages and salaries
Honoraria
Other editorial costs
OUP commission
GROSS SURPLUS/(DEFICIT)
LESS SUPPORT COSTS
Telephone
Printing, stationery & postage
Heating and lighting
Travel
Insurances
Rent and rates
Legal and professional fees
Sundry expenses
Subscriptions
Office costs
Bank charges
Depreciation - computer equipment
Depreciation – fixtures and fittings
Depreciation - office equipment
LESS GOVERNANCE COSTS
Trustee meetings
Audit
OPERATING SURPLUS
Dividends received less management fees
Bank and other interest received
SURPLUS FOR YEAR		 OUP
£
341,143
2,123
2,854
118
33,911
921
17
12,761
-
-
393,848
-
-
-
-
-
35,351
-
-
-
68,807
104,158
289,690
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
289,690
-
-
289,690		 Office
Total per
Accounts
£
£
-
341,143
-
2,123
-
2,854
-
118
-
33,911
-
921
-
17
-
12,761
4,941
4,941
9,913
9,913
14,854
408,702
476,591
476,591
136,000
136,000
-
-
6,000
6,000
1,456
1,456
-
35,351
57,886
57,886
18,731
18,731
40,690
40,690
-
68,807
737,354
841,512
(722,500)
(432,810)
822
822
-
-
1,875
1,875
416
416
1,052
1,052
18,047
18,047
4,168
4,168
1,967
1,967
99
99
2,464
2,464
190
190
-
-
151
151
21
21
31,272
31,272
-
-
3,750
3,750
3,750
3,750
(757,522)
(467,832)
(6,792)
(6,792)
139
139
(764,175)
(474,485)		 2019
£
342,078
12,959
1,375
323
42,066
768
8
17,603
3,789
10,178
431,147
132,057
30,000
18,112
-
15,089
35,906
58,636
14,500
48,607
72,911
425,818
5,329
789
97
1,524
6,972
1,116
18,066
5,593
1,056
70
2,795
99
-
189
26
38,392
1,839
3,600
5,439
(38,502)
(5,397)
341
(43,558)