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← The Past And Present Society

2024-12-31-accounts

Charity registration number 802281 (England and Wales) Company registration number 02414260

THE PAST & PRESENT SOCIETY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE PAST & PRESENT SOCIETY

LEGAL AND ADMINISTRATIVE INFORMATION

Members' Council P Clavin
J Arnold
R Osborne
Prof R Earle
Dr A Taylor
M Hilton
Prof L Roper
(Appointed 6 July 2024)
(Chair)
Charity number 802281
Company number 02414260
Principal address 103 Walton Street
Oxford
OX2 6EB
Registered office c/o Gravita Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
Independent examiner Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD

THE PAST & PRESENT SOCIETY

CONTENTS

Page
Council Members' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 16

THE PAST & PRESENT SOCIETY

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The members' council present their annual report and financial statements for the year ended 31 December 2024.

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, one supplement and one book in the Past and Present book series 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 eight 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 three new two-year postdoctoral fellows who took up their posts in October.

It made grants totalling £11,435.30 to support thirteen 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 decreased over the year from £1,653,776 to £1,579,630.

Its total income was £386,731 (2023: £377,814), the great majority of which derived from its publication ventures with OUP. The value of its investments decreased this year from £2,026,422 to £1,896,754. The pattern of income and expenditure in relation to publishing is similar to that of recent years. The Society produced a deficit of £74,146 (2023: £31,174 surplus).

THE PAST & PRESENT SOCIETY

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 £1,579,630 (2023: £1,653,776) of which £417,278 (2023: £402,778) 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 (Previous Chair) (Resigned 6 July 2024) P Clavin J Arnold G Gerstle (Resigned 6 July 2024) R Osborne Prof R Earle Dr A Taylor M Hilton Prof L Roper (Chair) (Appointed 6 July 2024)

THE PAST & PRESENT SOCIETY

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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.

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

.............................. Prof L Roper (Chair) Trustee

Date: .............................................1 April 2025

THE PAST & PRESENT SOCIETY

INDEPENDENT EXAMINER'S REPORT

TO THE MEMBERS' COUNCIL OF THE PAST & PRESENT SOCIETY

I report to the members' council on my examination of the financial statements of The Past & Present Society (the charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the members' council of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 understanding of the financial statements to be reached.

Robert Kirtland FCA Gravita Audit Oxford LLP

First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Date: ............................1/4/2025

THE PAST & PRESENT SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
(Restated)
2024 2023
Notes £ £
Income from:
Charitable activities 3 380,348 371,728
Investments 4 6,383 6,086
Total income 386,731 377,814
Expenditure on:
Raising funds 5 11,167 9,487
Charitable activities 6 554,488 523,303
Total expenditure 565,655 532,790
Net gains on investments 12 104,778 186,150
Net movement in funds 9 (74,146) 31,174
Reconciliation of funds:
Fund balances at 1 January 2024 1,653,776 1,622,602
Fund balances at 31 December 2024 1,579,630 1,653,776

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 2024

2024 2023
as restated
Notes £ £ £ £
Fixed assets
Tangible assets 14 281 352
Investments 15 1,896,754 2,026,422
1,897,035 2,026,774
Current assets
Debtors 16 67,284 80,840
Cash at bank and in hand 72,222 108,981
139,506 189,821
Creditors: amounts falling due within
one year 17 (336,869) (364,791)
Net current liabilities (197,363) (174,970)
Total assets less current liabilities 1,699,672 1,851,804
Creditors: amounts falling due after
more than one year 18 (120,042) (198,028)
Net assets 1,579,630 1,653,776
Income funds
Unrestricted funds 19 1,579,630 1,653,776
1,579,630 1,653,776

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

1 April 2025

The financial statements were approved by the Members' Council on .........................

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

Prof L Roper (Chair)

Trustee

Company Registration No. 02414260

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 Gravita Oxford LLP, First Floor, Park Central, 40-41 Park End Street, Oxford, OX1 1JD.

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 2024

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 2024

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 2024

3 Charitable activities

Charitable Charitable
Income Income
2024 2023
£ £
Subscriptions 308,073 313,223
Back numbers 1,316 857
Digital archive 3,080 4,532
Secondary rights 25,373 34,198
Book sales 4,849 12,662
Open access 40,152 6,744
Other income (2,495) (488)
380,348 371,728

4 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 6,103 5,740
Interest receivable 280 346
6,383 6,086
Raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Investment management 11,167 9,487
11,167 9,487

5 Raising funds

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Charitable activities

Grants &
Fellowships
Publishing
2024
2024
£
£
Staff costs
-
74,590
Printing & editing
-
39,799
Honoraria
-
17,699
Other editorial costs
13,804
39,576
OUP commission
-
65,700
13,804
237,364
Grant funding of activities
(see note 7)
269,186
-
Share of support costs (see
note 8)
-
30,134
Share of governance costs
(see note 8)
-
4,000
282,990
271,498		 Total
2024
Grants &
Fellowships
Publishing
2023
2023
£
£
£
74,590
-
68,929
39,799
1
28,326
17,699
-
20,592
53,380
18,563
18,697
65,700
-
63,163
251,168
18,564
199,707
269,186
285,274
-
30,134
-
14,108
4,000
-
5,650
554,488
303,838
219,465		 Total
2023
£
68,929
28,327
20,592
37,260
63,163
218,271
285,274
14,108
5,650
523,303

7 Grants payable

Grants and Grants and
Fellowships Fellowships
2024 2023
£ £
Grants to institutions:
Institute of Historical Research, inclusive of Postdoctoral fellowship grants 268,816 285,274
Other 370 -
269,186 285,274

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8 Support costs allocated to activities

8
Support costs allocated to activities
Depreciation
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
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 2024
£
71
19,802
-
941
1,620
118
5,252
2,185
145
4,000
34,134
34,134
2024
£
4,000
4,000
2024
£
4,000
71		 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
2023
£
5,650
88

10 Members' Council

No members of the Council received any remuneration from the Society during the year (2023: nil).

Four members of the Council were reimbursed for travel expenses totaling £697 (2023: £1,188 to 5 Member).

11 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
1 1

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11
Employees
Employment costs
Wages and salaries (key management)
Editors' Honoraria
Social security costs
Pensions		 (Continued)
2024
2023
£
£
58,026
52,800
17,699
20,592
6,996
6,795
9,568
9,334
92,289
89,521		 (Continued)
2024
2023
£
£
58,026
52,800
17,699
20,592
6,996
6,795
9,568
9,334
92,289
89,521
89,521

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

12 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 104,778 186,150

13 Taxation

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

14 Tangible fixed assets

Office
Equipment
Fixtures and
fittings
£
£
Cost
At 1 January 2024
8,460
4,513
At 31 December 2024
8,460
4,513
Depreciation and impairment
At 1 January 2024
8,418
4,203
Depreciation charged in the year
9
62
At 31 December 2024
8,427
4,265
Carrying amount
At 31 December 2024
33
248
At 31 December 2023
42
310		 Total
£
12,973
12,973
12,621
71
12,692
281
352

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

15 Fixed asset investments

Cost or valuation
At 1 January 2024 & 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
Investments at fair value comprise:
Unit Trusts
Common Investment funds		 Listed
investments
£
2,026,422
2,026,422
2,026,422
2024
2023
£
£
1,842,493
1,972,419
54,261
54,003
1,896,754
2,026,422		 Listed
investments
£
2,026,422
2,026,422
2,026,422
2024
2023
£
£
1,842,493
1,972,419
54,261
54,003
1,896,754
2,026,422
2,026,422
2,026,422
2023
£
1,972,419
54,003
2,026,422

All investments were primarily to generate an investment return for the charity. All investment assets were held in the UK. At 31 December 2024 the following investments comprised more than 5% of the portfolio value:

Value £ Portfolio %
AXA Ethical Distribution Fund Z (Acc) 409,492 21.44
Royal London Sustainable Diversified Trust C 645,946 33.82
Jupiter Ecology (Inc) 376,653 19.72
Aegon Ethical Cautious Managed B (Acc) 328,022 17.17

THE PAST & PRESENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
66,651
Prepayments and accrued income
633
67,284
17
Creditors: amounts falling due within one year
2024
£
Other taxation and social security
(296)
Trade creditors
540
Grants and fellowships payable
318,440
Accruals and other creditors
18,185
336,869
18
Creditors: amounts falling due after more than one year
2024
£
Grants and fellowships payable
120,042
19
Unrestricted Funds
Capital
Accumulated
Reserve
Surplus
£
£
1 January 2023 (Restated)
382,869
1,239,733
Income/(expenditure) for the year
-
31,174
Transfer to capital reserve
19,909
(19,909)
1 January 2023 (Restated)
402,778
1,250,998
Income/(expenditure) for the year
-
(74,146)
Transfer to capital reserve
14,500
(14,500)
At 31 December 2024
417,278
1,162,352		 2023
£
80,147
693
80,840
2023
£
26,105
738
317,901
20,047
364,791
2023
£
198,028
Total
£
1,622,602
31,174
-
1,653,776
(74,146)
-
1,579,630

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 2024

20 Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 9,568 9,334

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

21 Related party transactions

There are no related party transactions to disclose.