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2023-12-31-accounts

Charity registration number 802281

Company registration number 02414260 (England and Wales)

THE PAST & PRESENT SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE PAST & PRESENT SOCIETY

LEGAL AND ADMINISTRATIVE INFORMATION

Members' Council J Innes
(Chair)
P Clavin
J Arnold
G Gerstle
R Osborne
Prof R Earle (Appointed 7 July 2023)
Dr A Taylor (Appointed 7 July 2023)
M Hilton
Charity number 802281
Company number 02414260
Principal address 103 WALTON STREET
OXFORD
OX2 6EB
Registered office C/O Critchleys LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Auditor Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP

THE PAST & PRESENT SOCIETY

CONTENTS

Page
Council Members' report 1 - 3
Statement of council members' responsibilities 4
Independent auditor's report 5 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 20
Type text here

THE PAST & PRESENT SOCIETY

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The members' council present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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)" (effective 1 January 2019).

Objectives and activities

The Society’s primary object is the promotion and encouragement of the study and public knowledge of history and related disciplines. They achieve this through their publishing activities, through making grants to institutions and individuals, and through sponsoring and undertaking research, and conferences and similar events.

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 were published in association with Oxford University Press (OUP). With a circulation of over 5,000 institutional and individual subscriptions, the journal reaches libraries, academic historians and scholars throughout the world, in both print and electronic form. It remains available free or at reduced rates, online, to educational institutions in the world’s poorest countries.

The Society continued to support the six postdoctoral fellows already in position at the Institute of Historical Research at the start of the year. Two of these fellows’ terms ended in September. The Society appointed four new two-year postdoctoral fellows who took up their posts in October.

It made grants totalling £14,844.60 to support twelve separate conferences and workshops. 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, including support for awards made to UK early career historians.

Financial review

The Society’s total funds increased over the year from £1,622,602 to £1,653,776.

Its total income was £377,814 (2022: £380,229), the great majority of which derived from its publication ventures with OUP. The value of its investments increased this year from £1,839,163 to £2,026,422. The pattern of income and expenditure in relation to publishing is similar to that of recent years. The Society produced a net gain of £31,174 (2022: £565,898 deficit).

THE PAST & PRESENT SOCIETY

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The members have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. This is due to the ongoing contract with OUP with continuing subscriptions, adequate cash reserves and an investment portfolio. For this reason they continue to adopt the going concern basis in preparing the financial statements.

At the end of the financial year the Society held unrestricted reserves totaling £1,653,776 (2022: £1,622,602) of which £402,778 (2022: £382,869) 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. Our reserves are held in mind of the possibility of lessening income in the future, and are intended to ensure that we can continue to function in the event of inadequate income from publishing.

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.

Structure, governance and 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.

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) P Clavin J Arnold G Gerstle R Osborne S Lewis M Kelly Prof R Earle Dr A Taylor M Hilton

(Resigned 7 July 2023) (Resigned 7 July 2023) (Appointed 7 July 2023) (Appointed 7 July 2023)

THE PAST & PRESENT SOCIETY

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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 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.

Auditor

In accordance with the company's articles, a resolution proposing that Critchleys Audit LLP be reappointed as auditor of the company will be put at a General Meeting.

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.

Disclosure of information to auditor

Each of the members' council has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The council members' report was a roved by the Board of Members' Council.

J Innes (Chair) Trustee

Date: .............................................11.04.2024

THE PAST & PRESENT SOCIETY

STATEMENT OF COUNCIL MEMBERS' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The members' council, who are also the directors of The Past & Present Society for the purpose of company law, are responsible for preparing the Council Members' 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 members' council 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the members' council are required to:

The members' council are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements 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.

THE PAST & PRESENT SOCIETY

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS' COUNCIL OF THE PAST & PRESENT SOCIETY

Opinion

We have audited the financial statements of The Past & Present Society (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the council members' 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 members' council 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 other than the financial statements and our auditor's report thereon. The members' council 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 inconsistencies or apparent material misstatements, we are required to determine whether 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.

THE PAST & PRESENT SOCIETY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS' COUNCIL OF THE PAST & PRESENT SOCIETY

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the council members' report.

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

Responsibilities of members' council

As explained more fully in the statement of council members' responsibilities, the members' council, who are also the directors of the charity for the purpose 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 members' council 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 members' council 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 members' council either intend to liquidate the charitable 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.

THE PAST & PRESENT SOCIETY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS' COUNCIL OF THE PAST & PRESENT SOCIETY

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.

We assessed the susceptibility of the 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 directors 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: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE PAST & PRESENT SOCIETY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS' COUNCIL OF THE PAST & PRESENT SOCIETY

Use of our report

This report is made solely to the charitable company's members, as a body, 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

11/4/2024 .........................

Chartered Accountants Statutory Auditor

Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

THE PAST & PRESENT SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted
funds funds
(Restated)
2023 2022
Notes £ £
Income from:
Charitable activities 3 371,728 376,906
Investments 4 6,086 3,323
Total income 377,814 380,229
Expenditure on:
Raising funds 5 9,487 7,150
Charitable activities 6 523,303 570,888
Total expenditure 532,790 578,038
Net gains/(losses) on investments 11 186,150 (368,089)
Net movement in funds 31,174 (565,898)
Reconciliation of funds:
Fund balances at 1 January 2023 1,622,602 2,188,500
Fund balances at 31 December 2023 1,653,776 1,622,602

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

THE PAST & PRESENT SOCIETY

BALANCE SHEET

AS AT 31 DECEMBER 2023

2023 2022
as restated
Notes £ £ £ £
Fixed assets
Tangible assets 13 352 440
Investments 14 2,026,422 1,839,163
2,026,774 1,839,603
Current assets
Debtors 15 80,840 9,185
Cash at bank and in hand 108,981 294,608
189,821 303,793
Creditors: amounts falling due within Creditors: amounts falling due within
one year 16 (364,791) (406,467)
Net current liabilities (174,970) (102,674)
Total assets less current liabilities 1,851,804 1,736,929
Creditors: amounts falling due after Creditors: amounts falling due after
more than one year 17 (198,028) (114,327)
Net assets 1,653,776 1,622,602
Income funds
Unrestricted funds 18 1,653,776 1,622,602
1,653,776 1,622,602
The financial statements were approved by the Members' Council on ......................... The financial statements were approved by the Members' Council on ......................... The financial statements were approved by the Members' Council on .........................
11,04,.2024
..............................
, DOUVQ. lane j
eo		 ;
J Innes (Chair)
Trustee

Company Registration No. 02414260

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

The Past & Present Society is a private company limited by guarantee incorporated in England and Wales. The registered office is C/O Critchleys LLP, Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the members' council have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the members' council continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the members' council in furtherance of their charitable objectives.

1.4 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.

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.

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office Equipment 20% reducing balance Fixtures and fittings 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Leases

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

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the members' council are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Charitable activities

Charitable Charitable
Income Income
2023 2022
£ £
Subscriptions 313,223 311,914
Back numbers 857 1,033
Digital archive 4,532 2,287
Secondary rights 34,198 25,218
Book sales 12,662 4,479
Open access 6,744 22,774
Other income (488) 9,201
371,728 376,906

4 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 5,740 3,250
Interest receivable 346 73
6,086 3,323

5 Raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Investment management 9,487 7,150
9,487 7,150

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Charitable activities

Grants &
Fellowships
Publishing
2023
2023
£
£
Staff costs
-
68,929
Printing & editing
1
28,326
Honoraria
-
20,592
Other editorial costs
18,563
18,697
OUP commission
-
63,163
18,564
199,707
Grant funding of activities
(see note 7)
285,274
-
Share of support costs (see
note 8)
-
14,108
Share of governance costs
(see note 8)
-
5,650
303,838
219,465		 Total
2023
Grants &
Fellowships
Publishing
2022
2022
£
£
£
68,929
-
65,537
28,327
-
39,713
20,592
-
21,389
37,260
17,126
27,107
63,163
-
64,244
218,271
17,126
217,990
285,274
303,587
-
14,108
-
27,085
5,650
-
5,100
523,303
320,713
250,175		 Total
2022
£
65,537
39,713
21,389
44,233
64,244
235,116
303,587
27,085
5,100
570,888

7 Grants payable

Grants and Grants and
Fellowships Fellowships
2023 2022
£ £
Grants to institutions:
Institute of Historical Research, inclusive of Postdoctoral fellowship grants 285,274 303,587

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

8 Support costs allocated to activities

Depreciation
Rent
Travel
Heating & Light
Insurance
Internet
Bank Charges
Legal and Professional Fees
Sundry
Other Support Costs
Governance costs
Analysed between:
Charitable Activities
Governance costs comprise:
Audit fees		 2023
£
88
-
6,905
(1,432)
953
2,160
126
4,976
91
241
5,650
19,758
19,758
2023
£
5,650
5,650		 2022
£
110
(132)
5,350
5,342
2,051
2,700
116
4,112
5,662
1,774
5,100
32,185
32,185
2022
£
5,100
5,100

9 Members' Council

No members of the Council received any remuneration from the Society during the year (2022: nil).

Five members of the Council were reimbursed for travel expenses totaling £1,188 (2022: £496 to 4 Member).

10 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
1 1

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

10
Employees
Employment costs
Wages and salaries (key management)
Editors' Honoraria
Social security costs
Pensions		 (Continued)
2023
2022
£
£
52,800
49,953
20,592
21,389
6,795
6,728
9,334
8,856
89,521
86,926		 (Continued)
2023
2022
£
£
52,800
49,953
20,592
21,389
6,795
6,728
9,334
8,856
89,521
86,926
86,926

There were no employees whose annual remuneration was more than £60,000.

11 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2023 2022
Gains/(losses) arising on: £ £
Revaluation of investments 186,150 (368,089)

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Office
Equipment
Fixtures and
fittings
£
£
Cost
At 1 January 2023
8,460
4,513
At 31 December 2023
8,460
4,513
Depreciation and impairment
At 1 January 2023
8,407
4,126
Depreciation charged in the year
11
77
At 31 December 2023
8,418
4,203
Carrying amount
At 31 December 2023
42
310
At 31 December 2022
53
387		 Total
£
12,973
12,973
12,533
88
12,621
352
440

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

14 Fixed asset investments

Cost or valuation
At 1 January 2023
Additions
Valuation changes
Disposals
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
Investments at fair value comprise:
Unit Trusts
Common Investment funds		 Listed
investments
£
1,839,163
397,240
186,150
(396,131
2,026,422
2,026,422
1,839,163
2023
2022
£
£
1,972,419
1,781,571
54,003
57,592
2,026,422
1,839,163		 Listed
investments
£
1,839,163
397,240
186,150
(396,131
2,026,422
2,026,422
1,839,163
2023
2022
£
£
1,972,419
1,781,571
54,003
57,592
2,026,422
1,839,163
2,026,422
2,026,422
1,839,163
2022
£
1,781,571
57,592
1,839,163

All investments were primarily to generate an investment return for the charity. All investment assets were held in the UK. At 31 December 2023 the following investments comprised more than 5% of the portfolio value:

Value £ Portfolio %
AXA Ethical Distribution Fund Z (Acc) 451,725 22.29
CIS Sustainable Diversified Trust C 685,511 33.83
Jupiter Ecology (Inc) 413,981 20.43
Aegon Ethical Cautious Managed B (Acc) 353,547 17.45

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Grants and fellowships payable
Accruals and other creditors
17
Creditors: amounts falling due after more than one year
Grants and fellowships payable		 2023
£
80,147
-
693
80,840
2023
£
26,105
738
317,901
20,047
364,791
2023
£
198,028		 2022
£
-
8,500
685
9,185
2022
£
42,591
3,486
342,278
18,112
406,467
2022
£
114,327

18 Unrestricted Funds

1 January 2022
Income/(expenditure) for the year (Restated)
Transfer to capital reserve
1 January 2023 (Restated)
Income/(expenditure) for the year
Transfer to capital reserve
At 31 December 2023		 Capital
Accumulated
Reserve
Surplus
£
£
337,627
2,035,231
-
(750,256)
45,242
(45,242)
382,869
1,239,733
-
4,153
19,909
(19,909)
402,778
1,223,977		 Total
£
2,372,858
(750,256)
-
1,622,602
4,153
-
1,626,755

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.

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Related party transactions

There are no related party transactions to disclose.

20 Prior period adjustment

Changes to the balance sheet

Changes to the balance sheet
At 31 December 2022
As previously Adjustment As restated
reported
£ £ £
Creditors due within one year
Other creditors (179,518) (184,358) (363,876)
Capital funds
Income funds
Unrestricted funds 1,806,960 (184,358) 1,622,602
Total equity 1,806,960 (184,358) 1,622,602

The financial statements have been restated to incorporate a correction to the true liability of grants payable. This dates back to 2021 and results in an increase of prior year creditors of £184,358 and a decrease in unrestricted funds brought forward of £184,358. The comparatives have been restated accordingly but there is no impact on the 2022 income and expenditure.