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2021-06-30-accounts

DocuSign Envelope ID: FD9C485E-D4FF-47A3-93A3-19919320FB8A

British Institute for the Study of Iraq (Gertrude Bell Memorial)

THE BRITISH INSTITUTE FOR THE STUDY OF IRAQ

(Gertrude Bell Memorial)

Registered Charity Number 1135395

A company limited by guarantee

Registered in England and Wales

Number 06966984

10, Carlton House Terrace

LONDON

SW1Y 5AH

Report and Accounts

The Year Ended 30 June 2021 2020/2021

Company Number : 06966984 (England and Wales)

Registered Charity Number : 1135395

DocuSign Envelope ID: FD9C485E-D4FF-47A3-93A3-19919320FB8A

British Institute for the Study of Iraq (Gertrude Bell Memorial)

Contents

Reference and Administrative Information ........................................................................................ 2 Report of the Council of Management (which also includes the Directors’ Report) ...................... 3 Statement of Council Responsibilities ................................................................................................ 17 Independent Examiners report to the Trustees of the British Institute for the Study of Iraq (Gertrude Bell Memorial) ................................................................................................................... 18 Statement of Financial Activities ....................................................................................................... 19 Balance Sheet ...................................................................................................................................... 20 Income and Expenditure account ....................................................................................................... 21 Notes to the Accounts ......................................................................................................................... 22

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

Reference and Administrative Information

Registered Office and Principal Address The British Academy 10 Carlton House Terrace London SW1Y 5AH Bankers Barclays Bank Plc Kings Cross Branch 23 Euston Road London NW1 2SB CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ CCLA Investment Management Ltd 80 Cheapside London EC2V 6DZ Independent Examiners WMT Chartered Accountants Verulam Point Station Way St Albans Hertfordshire AL1 5HE Investment Managers Investec 30 Gresham Street London EC2V 7QN United Kingdom Solicitors Jacobs Allen Hammond Solicitors 5 Fitzhardinge Street London W1H 6EF Registered Charity 1135395 Registered Company 06966984 (England and Wales) Website www.bisi.co.uk

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

Report of the Council of Management (which also includes the Directors’ Report)

The following were trustees of The British Institute for the Study of Iraq (BISI) when this report was approved

Mr Frank Baker CMG, OBE

Dr Gareth Brereton

Dr Tim Clayden, Hon Treasurer

Dr Paul Collins, Chair of Council

Dr John Curtis OBE, FBA, President

Dr Erica Hunter

Mrs Joan Porter MacIver, Vice-Chair of Council

Dr Glen Rangwala

Dr Renad Mansour

Dr Rosalind Wade Haddon

Dr Moudhy Al-Rashid (elected on 17 February 2021)

Dr Eva Miller (elected on 17 February 2021) Dr Mary Shepperson (elected on 17 February 2021) Dr Noorah Al Gailani (elected on 17 February 2021)

The Council presents this report together with the financial statements of BISI for the period of twelve months ended 30 June 2021. The statements have been prepared in accordance with the accounting policies set out on pages 22- 24 and comply with the charity’s regulations, applicable law and the requirements of the Charity SORP (FRS102). The 2021 report and accounts reflect BISI’s activities over the course of the current financial year. They represent the twelfth year of the charity operating as a company limited by guarantee.

GOVERNANCE, STRUCTURE AND MANAGEMENT

BISI is governed by its Memorandum and Articles of Association adopted and approved at the Annual General Meeting in December 2009 (available at www.bisi.ac.uk).

BISI established itself as a Company limited by guarantee in 2010 and commenced operation on 1 July 2010 as a charitable company.

BISI’s income comes from its own resources and endowment in addition to income from charitable activities.

Annual General Meeting

BISI holds an Annual General Meeting in February for members to: receive and consider BISI’s accounts and balance sheet, and the reports of Council; appoint the Auditor or Independent Examiner; elect Members of Council and to discuss any matter of business which is properly transacted. These meetings are normally held in person, but the 2021 meeting was held electronically. Any member of BISI who wishes to be present may attend the Annual General

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Meeting. Alternatively, members are permitted to send in email ballots for the election of Council members. Unlike in previous years postal voting will not be available.

Council

A volunteer Council is responsible for the overall management of the charity and meets three times a year in London or on digital platform meetings. It delegates much of its work to several Committees of the Council—currently Fieldwork and Research, Finance, the Fundraising Taskforce, University and Museum Engagement Committee, Publications, and Strategy.

BISI’s current Council members cover a broad range of expertise. The majority of Council members are academics, highly knowledgeable in Mesopotamian, Medieval Islamic and contemporary Iraq. Council members are elected by the full membership to serve a 3-year term. They may be re-elected for a further 3-year term and must then stand down for a minimum of 1 year. This rule does not apply to key office holders. Council members elect a Chair and Vice-Chair from within their ranks. The Hon Treasurer is a member of Council, nominated by the Council and elected by members on an annual basis.

Before joining Council, nominees are requested to review the Charity Commission guidelines ‘CC3 - The Essential Trustee: What you need to know, what you need to do.’ New Council members attend an induction meeting with the Chair and administrative staff and have access to electronic copies of all of BISI’s governance documents. In addition, new trustees are required to sign a ‘Trustee Code of Conduct,’ which outlines their duties and BISI’s expectations of them. Current Council members must complete an annual certification to confirm that they are not disqualified from acting as a charity trustee because of section 178 of the Charities Act 2011.

Patron, President and Honorary Vice-President

BISI currently has two Patrons: Sir Terence Clark KBE CMG CVO and Ms Maysoon Al-Damluji, one President: Dr John Curtis OBE FBA, and two Honorary Vice-Presidents: HE Mark Bryson-Richardson MBE, British Ambassador to Iraq and HE Mohammad Jaafar Al-Sadr, Iraqi Ambassador to the UK.

Decision-making: Council and Personnel

Collectively BISI Council Members are responsible for the general control and management of the administration of the charity and take charge of all decisions on a strategic level.

Day-to-day operational decisions and activities are handled by BISI staff members. In the past financial year, the BISI administrative team was comprised of:

Personnel Costs

BISI pays the salary of its Executive Officer at an amount that is reflective of his experience and abilities, and sets the fee according to university norms. It chooses at its model the UCL Non-clinical grade structure with spinal points (http://www.ucl.ac.uk/hr/salary_scales/final_grades.php). Thus, the Executive Officer’s salary is currently £30,650 including London allowance – the equivalent of UCL Grade 6 spine point 23.

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

BISI’s self-employed personnel – its Financial Controller and Visiting Scholar Programme Coordinator – charge the institute an hourly rate, in line with their expertise and responsibilities.

Support from the British Academy

Since 2009, the British Academy has given BISI valuable support in-kind by providing a London base and the use of administrative resources, as well as providing a venue for meetings and lectures. Council is very appreciative of BISI’s long-standing links with the British Academy and the assistance it provides. Over the period of these accounts the donation in kind was reduced significantly to reflect the fact that the British Academy offices were closed during Covid times and The BISI did not avail itself of the on-going support and use of its office space.

Note on BISI’s title: BISI was formerly known as the British School of Archaeology in Iraq (BSAI) until in 2007 it changed its name to reflect the broadening of its academic remit. Whereas our predecessor organisation was focused principally on ancient and pre-modern Iraq, BISI’s academic coverage now includes humanities and social sciences research on modern and contemporary Iraq.

OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS

BISI’s governing document sets out the aims of the charity as follows:

‘To advance research and public education relating to Iraq and the neighbouring countries in anthropology, archaeology, geography, history, language and related disciplines within the arts, humanities and social sciences.’

We achieve these aims through:

Research and Fieldwork: We promote high-quality research across our academic remit by making grants and providing expert advice and input. We support and facilitate academic exchange and collaboration between the UK and Iraq through programmes of visiting scholars and academic engagement.

Outreach: We inform and engage the public about Iraq through lectures and conferences that add to the public’s understanding of Iraq’s history, society and culture. In addition, we provide expertise and specialist knowledge on Iraq’s heritage and culture to government bodies, journalists and other parties.

Publications: We publish the journal IRAQ, alongside books on the history, languages and culture of Iraq; and facilitate the publication of BSAI research projects that remain unpublished.

In the next few pages, you can read in detail about the activities the BISI has carried out in the period of 2020/2021.

Concerning all BISI endeavours, Council has 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.

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

CHAIR’S INTRODUCTION TO THE ANNUAL REPORT

I write this shortly after public events have resumed at a reopened British Academy—and therefore our London home—following the lifting of the national lockdown in the UK; it seems extraordinary that BISI has been operating online for well over a year. Inevitably, the effects of the global pandemic continue to shape our day-to-day operations as well as many of the activities we organize and support. Despite cancellations and postponements of some of our funded research projects and outreach programmes, I am very proud of what has been achieved in the year covered by this report—for such a small research charity with limited resources there is much to celebrate.

Although the financial environment continues to be challenging, the impact of the pandemic on our income has been less severe than might have been the case without the very careful management by our Investment Portfolio Manager, guided by our Honorary Treasurer, Dr Tim Clayden and Financial Controller Karon Cook. As was the case last year, Council has approved some draw-down of reserves to ensure we maintain our activities at a reasonable level to meet our charitable objectives. Meanwhile, the fundraising committee continues to explore ways in which our future can be secured both in the short- and long-term though grants and philanthropic gifts. This has included making an application to the British Academy for the kind of financial support they already provide to the other British International Research Institutes. This involved developing a four-year plan which Council agreed should focus on strengthening and developing our research activity as well as staff capacity. While the proposal and associated budget was warmly welcomed by the Academy, their funders, the Department for Business, Energy and Industrial Strategy, and following the government’s Spending Review, were only able to provide a flat cash level of funding for those BIRI already being supported. Although disappointing, we will be submitting a new application to the Academy for the 2022-23 funding round.

The year ahead will undoubtedly bring new challenges but with the support of our members I am confident that we will be able to not only maintain but build on our extensive range of research and engagement activities in the UK and Iraq—much of which is described on our website, in our annual Newsletter as well as in this report. Meanwhile, in the months to come, I invite you to share your thoughts on how we can grow both our membership and fundraising, increase the visibility of the BIRI, and ensure its sustainable future.

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

RESEARCH AND FIELDWORK

Academic Grants

BISI supports UK-led research and conferences on the lands and peoples of Iraq, from the full breadth of the arts, humanities and social sciences subjects. We do this through the provision of academic grants (up to £4,000 per grant) and a pilot project grant (usually up to £8,000). In 2020/2021 we funded an academic conference on ancient Iraq and in-country fieldwork into tangible heritage.

Research Grants

No Research Grants were awarded in 2020/2021

Conference Grants

The Annual Pilot Project Grant

BISI’s Research and Conference grants are awarded to high quality projects that will impact on the academic environment (a requirement of applicants is that they all have robust publication and dissemination, and archiving plans); in this way the programme furthers the Institute’s charitable aims to advance and stimulate research into Iraq.

The Archaeological Archives Project

In 2015/2016 BISI’s annual £8,000 Pilot Project Grant was diverted to fund the beginnings of an important venture to archive the archaeological records of the current Institute and the BSAI. The project is directed by former BISI Council Member Dr Ellen McAdam, with the assistance of a steering committee. In February 2020 Council agreed to invest a further £6,000 from its reserves for the project.

So far, the diverted grant and additional funds have been used to pay consultants Manda Forster and Rebecca Roberts to conduct a comprehensive survey of the archaeological archives relating to BISI/BSAI excavations, many of which are in the homes and institutional repositories of former field directors and researchers and Dr Samantha Paul is now working further on the development of the Archives Project.

The project’s ambition is to collate an accessible gazetteer of the sites investigated by BISI/BSAI from the 1930s to the present, as well as to gain a better understanding of the extent of material currently retained in the UK. The final digital and public resource will have clear benefits for research and teaching on Iraq’s pre-historic and ancient past, and the history of British archaeology in Iraq.

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

Visiting Iraqi Scholarships

BISI’s Visiting Iraqi Scholarship programme enables Iraqi academics and heritage professionals to engage in research, training and collaborative projects in the UK. As well as fostering UK-Iraqi academic exchange, the programme offers scholars from Iraq the chance to access resources and expertise that are not readily available to them at home.

In this financial year, the BISI has partnered with the UCL base Nahrein Network to help develop the capacity of Middle Eastern universities, museums, archives and heritage site to enable cultural and economic growth in the region. With the generous support of the Nahrein Network, we had planned to host a further three visiting scholars from Iraq. However, the global pandemic, travel restrictions and requirements meant we were not able to host the following scholars in-person:

OUTREACH

University and Museum Engagement Grants

The BISI University and Museum Engagement Grants are designed to support public engagement projects by staff and/or students of Higher Education Institutes and cultural heritage organisations that promote a greater understanding of Iraq’s history, society and culture.

As part of this new development, in 2020/2021, we offered support to two projects in the UK:

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

Events

In 2020/2021 BISI furthered its aims to inform and engage the public about Iraq with a series of free lectures held electronically via Zoom:

BISI lectures enable the public to hear experts talking about far-reaching subjects on Iraq, from pre-history to the present. The expansion of our public programme to include electronic webinars as a result of the global pandemic has allowed for a widened outreach, with attendees joining from all over the world, including Iraq, USA, and Australia. Each Webinar is followed by a Q&A which facilitates further discussion and exchange of research and ideas between the speakers and attendees.

Those unable to attend BISI webinars can watch the recordings (also for free) via YouTube.

The Nimrud Digitisation Project

Thanks to generous support from a donor who wishes to remain anonymous, the BISI is working on an important initiative to digitise and release online documents relating to the excavation of Nimrud. This will be an important contribution to the international effort led by the Iraqi State Board of Antiquities and Heritage to manage and conserve this globally important cultural site.

Located about 30 kilometres south of Mosul in northern Iraq, Nimrud was under the control of ISIS until November 2016. During its occupation, many important historical monuments and artefacts were deliberately damaged or destroyed, including rare examples of painted Assyrian relief sculptures.

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

Between 1949 and 1963, The British School of Archaeology (the predecessor of BISI) undertook excavations at Nimrud, directed by Max Mallowan (The British School’s first Director), David Oates and Jeffrey Orchard. The excavation is arguably one of the most important British archaeological ventures undertaken in the Middle East.

BISI has begun to catalogue the archive and a preliminary list of the excavation notebooks and photographs are now available on the BISI website.

PUBLICATIONS

Legacy Volumes

The BSAI supported many excavations during its presence in Iraq from the 1930s-1990s, in Iraq and in adjacent countries (e.g., Syria, Kuwait). An ongoing project for BISI today is to ensure that the outstanding reports and data from these excavations are made available in book or online form, in order to benefit academics and the interested public.

BISI published the following books this year, which are available in print-form and online:

We look forward to supporting the authors with outstanding works and hope to guide them through the publication process in due course.

In the meantime, BISI’s back catalogue continues to be freely available as open access PDFs at www.bisi.ac.uk. This includes all of the volumes from the Abu Salabikh, Cuneiform Tablets from Nimrud, Ivories from Nimrud and Samarra Studies series , as well as Archaeological Reports and other occasional publications.

Journal IRAQ

BISI’s journal IRAQ has appeared continuously since 1934 except during World War II. Today the journal includes articles on the history, art, archaeology, religion, economic and social life of Iraq and, to a lesser degree, of the neighbouring countries where they relate to it, from the earliest times to about AD 1750.

Cambridge University Press is the publisher of IRAQ and the entire digital archive of IRAQ can be viewed through Cambridge Journals Online by anyone who wishes to take up a subscription. The archive is an invaluable research resource, containing articles by the leading Mesopotamian archaeologists and historians of the past eighty years.

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BISI previously awarded the co-editors an Honorarium of £1,000 each in acknowledgement of the enormous amount of work and dedication that goes into every volume. Since IRAQ 80, BISI Council approved for the Honorarium to be used to reimburse the newly expanded Editorial Board for travel costs incurred on Editorial Board duty. The Editors in Chief are supported by an Editorial Board, presently including Council members – Dr Erica Hunter, Dr Rosalind Wade Haddon, with further expertise provided by Dr Claudia Glatz (University of Glasgow), Professor Eleanor Robson (UCL), Dr Dan Lawrence (University of Durham), and Dr Mark Altaweel (UCL).

FUNDRAISING AND DEVELOPMENT

Fundraising efforts during the year were measured given the current situation but conversations have been continuing with prospective donors and supporters.

The Nahrein Network continued to be the funder of the Nahrein - BISI Visiting Iraqi Scholarship Programme. Three scholars were scheduled to come to the UK along with a previously approved scholar to take up their scholarships in the year, funded by UCL’s Nahrein Network (funded by the Arts and Humanities Research Council (AHRC)). This specific funding stream financially supported the Visiting Iraqi Scholarships from 2018 to 2020. However, due to the inability of scholars to travel to the UK during the Covid-19 pandemic, some limited remote placements were arranged. To date, we have welcomed nine Visiting Iraqi Scholars. The BISI supported the vital role of our past invaluable Visiting Scholarship Co-ordinator, Ms Isobel Ransome, from its own resources.

BISI’s former goals for fundraising included the development of a research library at the Basrah Museum that has now been partially funded by its merged partnered charity, the Friends of Basrah Museum, through an extension to its Cultural Protection Fund grant (2019-2020), managed by the British Council. This research library now houses the BSAI/BISI’s library and the transport of the library from the British Embassy in Baghdad, was made possible through the generous assistance of GardaWorld, arranged by BISI Council member Frank Baker. At present major donations of books and journals have been provided by BISI members, Professor Klaas Veenhof and Dr Barbara A Porter, and Christine Insley Green has given further contributions. These books will be shipped from the UK and Amman to Basra. The BISI work with the museum is coordinated by the new BISI FOBM Sub-committee supporting the activities of the Basrah Museum team.

Council remains grateful to the Trustees of the Charlotte Bonham-Carter Charitable Trust for their past donations to assist with the Basrah Museum activities and in the current year we have received an additional grant award to assist with training at the museum. An anonymous donation to BISI is supporting work on the equipment and outfitting of the Education/Learning Room at the Basrah Museum and we will be seeking further donations for this work.

BISI continued to receive some valuable and much appreciated support from its members in this financial year.

The Fundraising Committee is co-chaired by Joan Porter MacIver and Frank Baker CMG OBE.

VOLUNTEERS

Volunteers are a vital part of the Institute, helping us in the areas of communications, administration, and events. Due to the pandemic, we have not had to call upon volunteers during this financial year. We would like to thank the many volunteers who have so graciously given their time over the years.

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

BISI was extremely fortunate to have an accomplished film editor, Richard Winearls, provide extensive volunteer time in producing the final version of the BISI Vlog, originally created by Liane Butcher. The film The Epic Story for a New Museum for Basra: Humanity Always Wins was released just after our financial year end in July 2021 and is available on the BISI YouTube Channel. Richard's input and dedicated work resulted in a very professional final video. BISI is very grateful for Richard and Liane's enormous efforts.

In addition, we must credit Mr Daniel Lowe (British Library) who assisted with BISI’s Visiting Iraqi Scholarships in the current year – building lasting links with our scholars, and lending resources and expertise and is also involved with the BISI FOBM committee.

FUTURE EVENTS AND PLANS

Research and Fieldwork

Over the coming years, BISI will maintain its support of high quality, UK-led research into Iraq, through the provision of research, conference and pilot project grants.

Visiting Iraqi Scholarship Programme

Ms Isobel Ransome, appointed in February 2018, stepped down from her role as BISI’s Visiting Iraqi Scholarship Coordinator on 29 January 2021. Ms Ransome managed the scholarships of nine Iraqi academics to the UK. The BISI Council and Executive Officer are extremely grateful to her for her professionalism and kindness to all the scholars whom she assisted while in that important key role.

Mr Ali Khadr temporarily coordinated the Visiting Scholarship Programme whilst BISI recruits a new Visiting Iraqi Scholarship Coordinator.

The Nahrein Network will be financially supporting BISI’s Visiting Iraqi Scholarships over the next 10-years. BISI and the Nahrein Network will be offering two to four Visiting Scholarships each year to enable academics, cultural heritage professionals and NGO workers from Iraq to visit the UK for 1-2 months for training and research, or to take up an online placement.

Outreach

BISI has replaced the Outreach Committee with a University and Museum Engagement Committee. The University and Museum Engagement Committee will be provided with a budget to actively pursue and encourage university groups to work with BISI as part of a UK-wide network.

BISI will continue to organise an annual lecture programme, which will be determined by the Chair, Vice-Chair and Executive officer with contributions from Council.

We have one online lecture scheduled for 2021 and hope to resume public lectures at the British Academy in November 2021. We are working on scheduling more lectures for 2022, covering Iraq, ancient and modern, which will be held both online and at the British Academy:

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Publications

Over the next few years, the Publications Committee will work closely with authors who have outstanding reports on BSAI-led excavations to ensure that their findings are disseminated as widely and expeditiously as possible.

It is anticipated that the following book will be published in 2021/2022:

Fundraising and Development

Fundraising efforts for the next financial year will continue to focus on raising core funds and specific strategic projects, further assistance for the Basrah Museum, along with additional funds for the Visiting Scholar’s Programme. The future funding of the Visiting Iraqi Scholarship Programme has been secured for a period of ten years with an agreement with UCL’s Nahrein Network for scholars that match the aims of the network. This has long been a priority goal for the BISI and we are grateful to Professor Eleanor Robson and her team for making this a reality. This Joint Visiting Scholarships Scheme aims to enhance the capacity of Iraqi scholars to engage in the sustainable development of cultural heritage. The BISI will also seek further funds to assist exceptional Visiting Scholars whose research is not covered by the Nahrein Network’s aim.

Donations will be sought for the next phase of the Archaeological Archives Project, and phase two of the Nimrud Digitisation Project after a successful anonymous grant to support the initial phase of the digitisation project.

The BISI relies on the donations of its members and friends to help fund an increase in its activities and grant giving. The BISI fundraising committee would be grateful for suggestions of potential donors, including introductions to interested individuals, corporate sponsors, and foundations. BISI receives no direct funds from any government at present and must rely on its own resources and the generosity of its donors – past, present and future.

FINANCIAL REVIEW

The accounts for the year ended 30 June 2021 are attached to this report and a review of BISI’s transactions and financial position is set out below.

BISI had net incoming resources of £74,123 after net gains on investment assets of £103,391. This was made up of a surplus for the year for unrestricted funds of £67,869 to support BISI’s on-going work and a deficit to the restricted funds for the year of £4,337. The investment gain on the endowment fund after investment manager fees was £10,591.

Investment assets within the Investec portfolio were marked to market at the year-end and resulting in net realised and unrealised gains of £103,391 for the year. (Unrealised gains for the year were £73,630 and realised gains were £29,761)

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

Unrestricted Funds

BISI had four principal sources of unrestricted income. They were from donations and legacies (£2,096), membership subscriptions (£7,334), investment income from the investment assets (£38,829) and publication sales (£16,724).

Restricted Funds

BISI has a number of projects supported by restricted funds. The largest funds are discussed here and further details on the smaller funds are provided in note 16.

Continued activity in the Visiting Iraqi Scholars Programme resulted in net outgoing resources of £676.

The Sumerians Fund was funded by the generosity of David Dangoor and Dangoor Education with the aim of producing a book for children on the Sumerians. The English language book was published in September 2020 and we contributed £10,882 to the publication costs during the year. The balance remaining on the fund is £6,718.

During the year the Friends of Basrah Museum Charity transferred its funds (£2,809) to the British Institute for the Study of Iraq. The funds received have been included in the accounts with £3,000 that was received in 2019 for the development of the Basrah Museum Library.

Investment Policy

Decisions about what form of investment will be most suitable for the needs of BISI are influenced by both the short-term and long-term future of BISI and the effects of market fluctuations and inflation on capital and income.

The Charity’s investment portfolio rose in value by 3% over the year. The Trustees had liquidated a small percentage of the portfolio prior to the Covid 19 lockdown and as a result the Charity did not need to liquidate any further assets during the year.

The current investment policy statement continues to reflect the current position of the Institute.

Current Investment Policy Statement

  1. The statement is produced in accordance with section 15 of the Trustee Act.

  2. The Trustees have agreed to delegate the investment of specified funds to Investec.

  3. The investment policy of The British Institute for the Study of Iraq is to seek to produce the optimal total return from its investment portfolio, with the target being the Consumer Price Index plus 5% on an annualised basis over rolling three-year periods.

  4. The Trustees wish to adopt a low-medium risk strategy. This should be achieved through a diversified portfolio of investments.

  5. The investment manager should have regard to the suitability of investments pertaining to a charity and monitored by the Charity Commission.

  6. The Trustees are willing to agree the widest range of investments as permitted by the Trustee Act 2000, with consideration to the aforementioned.

  7. A review of the investments is to be provided by the investment manager to The British Institute for the Study of Iraq’s Finance Committee on the basis determined by the committee.

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  1. The Finance Committee will undertake periodic reviews (every two or three years) of the investment performance and will contact other investment advisers during this review.

Statement about Risk and Reserves Policy

The Council undertakes a review of the major risks to which BISI is exposed, and systems designed to mitigate those risks have been considered.

The Institute is currently heavily dependent on investment income to sustain its activities, as earned income alone, from membership subscriptions and publication income, is insufficient to cover the charity’s operating costs. Relying only on earned income would require BISI to significantly deplete capital within the investment portfolio which could impact the viability of the Institute in the medium to long term.

To avoid this risk, the trustees have agreed to keep levels of unrestricted cash reserves to ensure that main operations can continue for a period of up to approximately 12 months.

The main concerns of the board are to ensure:

At the year-end unreserved cash reserves sat at 9 months of operational costs but the trustees recognise that the investment portfolio is highly liquid, and cash can be generated for operational requirements quickly.

The level of reserves is monitored every quarter by the finance manager.

This policy is reviewed yearly and whenever there are significant changes in annual running costs. If it should appear likely that these limits will be breached, Council should consider, on the recommendation of the Finance Committee, what appropriate action to take.

A Note on BISI’s Heritage Assets: The Ivories from Nimrud (See also note 8 to the accounts)

BISI is the custodian of ivories excavated from Nimrud in an excavation led by Sir Max Mallowan for the British School of Archaeology in Iraq (BSAI) in the mid-twentieth century. The value of the ivories is such that, through its accounts, BISI may appear to be in a comfortable financial position. However, the ivories are a non-income earning asset and are not BISI’s to sell, only to protect. The ivories came to us in an era in which it was standard practice for archaeological expeditions to keep some of their finds, and while we have a duty of care towards these precious artefacts, BISI is not in a position to profit from them. Currently the ivories are in long-term safe-keeping at the British Museum covered by government indemnity.

In 2015, after consideration by the Trustees, BISI decided to move the value of the ivories from the general unrestricted fund to a designated fund. This move reflects the restrictions on use applied to the ivories and demonstrates that, although the ivories have significant monetary value, BISI is not able to access that value in an unrestricted manner. As such the ivories are a non-income earning asset and are not BISI’s to sell, only to protect.

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

The following served as members of the BISI Council for all or part of the year ended 30 June 2021.

Dr Noorah Al Gailani (elected on 17 February 2021)

Dr Moudhy Al-Rashid (elected on 17 February 2021)

Mr Frank Baker CMG, OBE

Dr Gareth Brereton

Dr Tim Clayden, Hon Treasurer

Dr Paul Collins, Chair of Council

Dr John Curtis OBE, FBA, President

Dr Erica Hunter

Mr Daniel Lowe (stepped down 17 February 2021)

Dr John MacGinnis (stepped down 17 February 2021)

Dr Renad Mansour

Dr Eva Miller (elected on 17 February 2021)

Mrs Joan Porter MacIver, Vice-Chair of Council

Dr Glen Rangwala

Dr Mary Shepperson (elected on 17 February 2021)

Dr Rosalind Wade Haddon

The Report of Council also represents a Directors’ report as required by s417 of the Companies Act 2006. Advantage has been taken of the exemptions available to small companies in the preparation of this report.

BY ORDER OF THE COUNCIL

.................................... Paul Collins – Chair of Council Date: 10[th] November 2021

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

Statement of Council Responsibilities

The members of Council (who are also directors of The British Institute for the Study of Iraq for the purposes of company law) are responsible for preparing the Council’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires Council 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, Council is required to:

Council is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Council is responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to the independent examiner.

Each of the persons who is a Trustee at the date of approval of this report confirms that:

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DocuSign Envelope ID: FD9C485E-D4FF-47A3-93A3-19919320FB8A

British Institute for the Study of Iraq (Gertrude Bell Memorial)

Independent Examiners report to the Trustees of the British Institute for the Study of Iraq (Gertrude Bell Memorial)

I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of the British Institute for the Study of Iraq (Gertrude Bell Memorial) (‘the charitable company’) for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I confirm that I am qualified to undertake the examination because I am a member of ICAEW.

I have completed my examination. I confirm that no material 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.

15/12/2021

Graham Wintle FCA

WMT Chartered Accountants

Verulam Point, Station Way, St Albans, Hertfordshire, AL1 5HE

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

Statement of Financial Activities

For the year ended 30 June 2021


Notes
Unrestricted
Funds
2021
(£)
Designated
Funds
2021
(£)
Restricted
Funds
2021
(£)
Endowment
Fund 2021
(£)
Total
2021
(£)
Total 2020
(£)
Notes
Unrestricted
Funds
2021
(£)
Designated
Funds
2021
(£)
Restricted
Funds
2021
(£)
Endowment
Fund 2021
(£)
Total
2021
(£)
Total 2020
(£)
Statement of Financial Activities
Income and Endowment from:
Donations and
legacies
2
2,096
-
8,109
-
10,205
62,888
Charitable Activities
3
24,058
-
-
-
24,058
15,199
Investment income
4
38,673
-
156
-
38,829
45,691
Total Income and
Endowment
64,827
-
8,265
-
73,092
123,778
Expenditure on:
RaisingFunds:
5
(7,407)
-
(34)
(933)
(8,374)
(8,747)
Charitable Activities:
6
(81,003)
-
(12,983)
-
(93,986)
(157,312)
Total Expenditure
(88,410)
-
(13,017)
(933)
(102,360)
(166,059)
Net gains/(losses) on
investments
9
91,452
-
415
11,524
103,391
(49,886)
Net
income/(expenditure)
67,869
-
(4,337)
10,591
74,123
(92,167)
Net movement in
funds
67,869
-
(4,337)
10,591
74,123
(92,167)
Reconciliation of Funds
Brought forward
1,057,917
1,326,000
46,306
137,450
2,567,673
2,659,840
Carried forward
1,125,786
1,326,000
41,969
148,041
2,641,796
2,567,673

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DocuSign Envelope ID: FD9C485E-D4FF-47A3-93A3-19919320FB8A

British Institute for the Study of Iraq (Gertrude Bell Memorial)

Balance Sheet At 30[th] June 2021

Notes
2021(£)
2020(£)		 Notes
2021(£)
2020(£)		 Notes
2021(£)
2020(£)
Fixed Assets:
Tangible assets
7
921
1,402
Heritage assets
8
1,326,000
1,326,000
Investments
9
1,209,834
1,174,818
Tangible assets
7
921
1,402
Heritage assets
8
1,326,000
1,326,000
Investments
9
1,209,834
1,174,818
Total Fixed Assets:
2,536,755
2,502,220
Current assets:
Stocks
21,326
21,456
Debtors
10
3,468
2,714
Cash at bank and in hand
11
117,325
87,049
Stocks
21,326
21,456
Debtors
10
3,468
2,714
Cash at bank and in hand
11
117,325
87,049
Total Current assets:
142,119
111,219
Liabilities
Creditors: Amounts fallingdue within oneyear
12
24,943
33,373
Creditors: Amounts fallingdue within oneyear
12
24,943
33,373
Total Liabilities
24,943
33,373
Net Current Assets
117,176
77,846
Net current asset excluding provision for liabilities
117,176
77,846
Defined benefit pension scheme liability
14
12,135
12,393
Total Net Assets
2,641,796
2,567,673
The funds of the charity:
Funds of the charity
Restricted Funds
19
41,969
46,306
Endowment Fund
19
148,041
137,450
Unrestricted Funds
19
1,125,786
1,057,917
Designated Funds(Nimrud Ivories)
19
1,326,000
1,326,000
Total Funds of the charity
2,641,796
2,567,673
Restricted Funds
19
41,969
46,306
Endowment Fund
19
148,041
137,450
Unrestricted Funds
19
1,125,786
1,057,917
Designated Funds(Nimrud Ivories)
19
1,326,000
1,326,000
Total Funds of the charity
2,641,796
2,567,673

For the year ending 30[th] June 2021 the Institute was entitled to exemption from audit under the provisions of Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The Council acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts.

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

Under Companies Act 2006, section 454, on a voluntary basis, the trustees can amend these financial statements if they subsequently prove to be defective.

Approved by the Council and signed on its behalf:

Dr Paul Collins

Chair of Council Dated 10[th] November 2021

Charity Registration No. 1135395 Company Registration No.06966984 (England and Wales)

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British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

Income and Expenditure account

The British Institute for the Study of Iraq For the year ended 30 June 2021

2021
2020
Notes
£
£
Income
Income
2,3
34,263
78,087
Gains on investments
91,867
(44,326)
Interest and investment income
4
38,829
45,691
Gross income in the reporting period
164,959
79,452
Expenditure
Expenditure
(100,946)
(165,044)
Depreciation
(481)
(40)
Total expenditure in the reporting period
(101,427)
(165,084)
Taxpayable
-
-
Net (expenditure) before tax for the reporting period
63,532
(85,632)

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British Institute for the Study of Iraq (Gertrude Bell Memorial)

Notes to the Accounts

1. Accounting Policies

Basis of Preparation and assessment of going concern

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)( 2[nd] Edition effective January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets, and the inclusion of investments at market value.

The Charity constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Income

All incoming resources are included in the Statement of Financial Activities when the Institute is legally entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy.

Where applicable income is stated after trade discounts and net of VAT.

Investment income is recorded when receivable. Income arising on endowment funds is treated as unrestricted.

Gift aid reclaimable on donations to the charity is included with the amount received.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of the service provided by the volunteers has not been included in these accounts.

Expenditure

Grants are included in the accounts in the period to which they relate. Time related grants received in advance are treated as deferred income.

Fixed Assets

Tangible fixed assets over £500 are capitalised and included at cost including any incidental expenses of acquisition. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows;

Computer and Office Equipment: 3 years straight line

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British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

Heritage Assets

The ivories held by the British Museum were donated to the Institute and have been treated as heritage assets and included in the accounts at market value. No depreciation has been charged on these assets (see note 8) as they are considered to have an indefinite life.

Investments

Investments are carried at market value. Changes in market value are recognised in the Statement of Financial Activities in the year that they occur.

The value of Investment transactions (purchase price, sale price, unrealised and realised gain) are apportioned across the general and restricted funds in line with the value generated by the sale of each fund portfolio when the investment managers were changed in 2015.

Financial Instruments

The Charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as debtors and creditors. Financial instruments are initially measured at transaction value. They are assessed at the end of each report period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the SOFA.

Debtors

Short term debtors are measured at transaction price, less any impairment losses.

Stock

Stock of publications is valued at the lower of cost and net realisable value.

Cash at bank and in hand

Cash at bank and in hand includes the current bank accounts and no notice deposit bank accounts of the Institute.

Liabilities

Liabilities for expenditure are recognised in accordance with the accruals concept. Support costs are allocated in full to expenditure incurred on charitable activities. The majority of costs are allocated on a pro-rated basis over the different activities undertaken by the institute, excluding activities which are financed by restricted funds. Support costs which are related to a specific activity are allocated to that activity in full. The Trustees consider this to be the most appropriate method of allocation.

Judgements, Estimates and Assumptions.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means the actual outcomes could differ from those estimates. Estimates relating to the Institute’s pension scheme and their impact on the financial statements are detailed in note 14.

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British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

Pension Scheme

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi- employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in the profit or loss in accordance with section 28 of FRS 102. The trustees are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving the financial statements.

The institution participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to
the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines how each
employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions
payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being
recognised through the profit and loss account.		 scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to
the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines how each
employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions
payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being
recognised through the profit and loss account.
Unrestricted
(£)
Restricted
(£)
Endowment
(£)
Total
(£)
2020
(£)
2. Income from Donations and Legacies
Donations
826
8,109
-
8,935
41,898
Gift aid recoverable
195
-
-
195
65
Provision of office facilities and rent in kind
150
-
-
150
20,000
Provision of storage facilities in kind
925
-
-
925
925
Total Income from Donations and Legacies
2,096
8,109
-
10,205
62,888
Unrestricted
(£)
Restricted
(£)
Endowment
(£)
Total
(£)
2020
(£)
3. Income from Charitable Activities
Membershipsubscriptions
7,334
-
-
7,334
7,610
Events
-
-
-
-
1,529
Publication sales and copyright fees
16,724
-
-
16,724
6,060
Total Income from Charitable Activities
24,058
-
-
24,058
15,199
Unrestricted
(£)
Restricted
(£)
Endowment
(£)
Total
(£)
2020
(£)
4. Income from Investments
Investment income
38,655
156
-
38,811
45,671
Bank interest
18
-
-
18
20
Total Income from Investments
38,673
156
-
38,829
45,691
Unrestricted
(£)
Restricted
(£)
Endowment
(£)
Total
(£)
2020
(£)
5. Expenditure on Raising Funds
Investment manager fees
7,407
34
933
8,374
8,747
Total Expenditure on Raising Funds
7,407
34
933
8,374
8,747

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British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

Unrestricted Restricted Endowment Total 2020
(£) (£) (£) (£) (£)
6. Expenditure on charitable activities
Grantspayable(note 6a) 8,843 1,976 - 10,819 38,504
Other charitable activitycosts(note 6b) 72,160 11,007 - 83,167 118,808
Total Expenditure on charitable activities 81,003 12,983 - 93,986 157,312
Unrestricted Restricted Endowment Total 2020
(£) (£) (£) (£) (£)
6a. Grants Payable
Grants Payable
Research,Travel and Conference Grants 4.000 - - 4.000 16,939
UniversityEngagement Grants(previouslyOutreach Grants) 999 - - 999 500
Pilot Project Grants 6,000 - - 6,000 -
VisitingScholars Grants - 1,976 - 1,976 21,065
Returned Grants (2,156) - - (2,156) -
Total Grants Payable 8,843 1,976 - 10,819 38,504
Unrestricted Restricted Endowment Total 2020
(£) (£) (£) (£) (£)
Grants Payable - BISI madegrants to 6 individuals in theyear(11 individuals in 2020)
Research, Travel and Conference grants
Troels Pank Arboll : Infecting the Ancient Mesopotamian
Cosmos 4,000 - - 4,000 -
Dr Mark Altaweel : Understanding Nippur's Paleobotanical
Remains - - - - 3,350
Yousif Al-Daffaie: The (re)inscription of Memory: Valuing the
Informal Practices, Spatial Memory and Local Narratives within
the Physical Recovery of Mosul’s Old Town - - - - 2,204
Dr Claudia Glatz: Food and the first cities: Social organisation
and colonial encounter in the Sirwan/Upper Diyala River Valley,
Kurdistan Region of Iraq - - - - 4,000
Dr Cailah Jackson: The Jalayirid arts of the book, c. 1350-c.
1410 - - - - 3,385
Professor Nicholas Postgate: Resumption of fieldwork at Abu
Salabikh - - - - 4,000
Total Research, Travel and Conference Grants 4,000 - - 4,000 16,939
University and Museum Engagement Grants (previously Outreach Grants)
Ms Rand Abdul Jabbar : Every Act of Recognition Alters What
Survives		 500 - - 500 -
Dr Jon Taylor : Worldwide Wedges: Sharing Knowledge about
AncientIraq		 499 - - 499 -
Joseph Barber: The Oxford Postgraduate Conference in
Assyriology		 - - - - 1,000
Above Grant rescinded as event could no go ahead due to Covid
19		 - - - - (1,000)
Dr Paul Collins: OwningThe Past: From Mesopotamia to Iraq - - - - 500
Total University and Museum Engagement grants
(previously Outreach Grants)		 999 - - 999 500
Pilot Project grants (BISI decided not to award a pilot project grant in 2019/20 and instead the funds (up to £8,000) were
repurposed and used for the Jews of Iraq Conference in Sept 2019)
Caroline Sandes and Jaafar Jotheri : Documenting the Tangible
Heritage of Religious Minorities, Sabean-Mandaean, Jewish and 6,000 - -
6,000		 -
Christian in Diyala, Iraq
Total Pilot Project Grants 6,000 - -
6,000		 -

Grants payable - Restricted funds

In addition to the grants detailed above, BISI funded 2 visiting scholars during 2020/21 (during 2019/20 BISI funded 5 scholars).

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British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

Unrestricted
(£)
Restricted
(£)
Endowment
(£)
Total (£)
2020
(£)		 Unrestricted
(£)
Restricted
(£)
Endowment
(£)
Total (£)
2020
(£)
Visiting Scholar grants
Dr Laith Hussein
-
1,300
-
1,300
-
Dlshad A. Mutalb Mustafa
-
-
-
-
4,869
Dr Ali Naji Attiyah
-
676
-
676
6,315
Dr SadiqKhalil
-
-
-
-
2,136
Mohammed Jasim Aal-Hajiahmed
-
-
-
-
1,813
Professor Nasser Jassim
-
-
-
-
5,932
Total Visiting Scholar Grants
-
1,976
-
1,976
21,065
Unrestricted
(£)
Restricted
(£)
Endowment
(£)
Total (£)
2020
(£)
b. Other Charitable Activity Costs
Programme related costs
VisitingScholars expenditure(excludingvisitingscholargrants)
-
-
-
-
9,827
London activities and lecture expenditure
55
125
-
180
3,902
BISI Archaeological Archives
1,667
-
-
1,667
1,632
Academic Conference - The Jews of Iraq – engagement with
modernities
-
-
-
-
15,895
Other conferences
-
-
-
-
1,000
PR,newsletter and website expenses
1,758
-
-
1,758
750
Total Programme related costs
3,480
125
-
3,605
33,006
Other direct costs
Printingannual report
711
-
-
711
751
Publication andjournal costs
9,091
10,882
-
19,973
8,188
Total Other direct costs
9,802
10,882
-
20,684
8,939
Support costs allocated to activities
London office salaries and contractor costs
42,181
-
-
42,181
39,457
Pension costs
6,209
-
-
6,209
6,642
Office expenditure
4,524
-
-
4,524
3,784
Rent and service charges
150
-
-
150
20,000
Bank and credit card charges
877
-
-
877
1,328
Examination fee
3.923
-
-
3.923
4,546
Payroll costs
533
-
-
533
573
Council and committee meetings
-
-
-
-
112
Council and other travel expenses
-
-
-
-
381
Depreciation
481
-
-
481
40
Total Support costs allocated to activities
58,878
-
-
58,878
76,863
Total other charitable activity costs
72,160
11,007
-
83,167
118,808
7. Fixed Assets
7. Fixed Assets
Cost
brought forward 1st July 2020
Additions
carried forward at 30 June 2021

Depreciation
brought forward 1st July 2020
Charge for the year
carried forward at 30 June 2021
NBV at 30 June 2020
NBV at 30 June 2021
 Office
Equipment
Total
£
£
1,442
1,442
-
-
1,442
1,442
40
40
481
481
521
521
1,402
1,402
921
921

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British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

Designated Funds
(£)		 Designated Funds
(£)
8. Heritage Assets- movements in the year
brought forward 1 July2020
1,326,000
Movements in the year
-
carried forward at 30 June 2021
1,326,000

The heritage assets of The British Institute for the Study of Iraq are held at cost.

During 2010/11 the Council of The British Institute for the Study of Iraq signed a memorandum of understanding with the British Museum, that detailed the donation by the charity of certain specific ivories totalling £1,404,000 in value in consideration of the care the Museum had taken in conserving these valuable heritage assets for over two decades. The Museum was able to raise funds through its ‘Nimrud Ivories Appeal’ to acquire specific ivories totalling £1,170,000 in value from the Institute and the sixty-five ivories, valued at £1,326,000 have been retained and are shown in the accounts as heritage assets. The Institute retains a written record describing the 65 ivories and as part of the arrangements the British Museum will continue to take care of these ivories, which will now be covered under UK government indemnity against loss or damage. There is currently no public access available to the ivories.

The value of the Nimrud Ivories is recorded within a designated fund within the Institute’s accounts. This designation recognises that the Trustees are not able to dispose of the Ivories on the open market.

9. Investments
Investments
Listed Investments
Endowment Fund
Total Endowment Funds
Restricted Funds
Bonham Carter Lecture Fund
Mallowan Fund
Total Restricted Funds
Unrestricted Funds
Total Unrestricted Funds
Total Investments
Total Endowment Fund
Total Restricted Funds
Total Unrestricted Funds
Total		 2021
2020
Cost
Market Value
Cost
Market Value
£
£
£
£
122,076
134,846
125,615
130,943
122,076
134,846
125,615
130,943
2,298
2,539
2,365
2,465
2,095
2,315
2,156
2,248
4,393
4,854
4,521
4,713
968,793
1,070,134
996,880
1,039,162
968,793
1,070,134
996,880
**1,039,162 **
2021
2020
Cost
Market Value
Cost
Market Value
£
£
£
£
122,076
134,846
125,615
130,943
4,393
4,854
4,521
4,713
968,793
1,070,134
996,880
1,039,162
1,095,262
1,209,834
1,127,016
1,174,818

27

DocuSign Envelope ID: FD9C485E-D4FF-47A3-93A3-19919320FB8A

British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

Movement in Investment Assets
Brought forward at 1 July
Investment additions
Investment disposal proceeds
Investment realised and unrealised gains/(losses)
Investments carried forward at 30 June
Capital Account
Total carried forward		 2021
2020
(£)
(£)
1,102,235
1,208,248
159,666
104,287
(191,134)
(160,414)
103,391
(49,886)
1,174,158
1,102,235
35,676
72,583
1,209,834
1,174,818
2021
(£)
2020
(£)
10. Debtors
TradeDebtors 1,300
682
Prepayments 1,464
1,056
Publication Income due 374
233
Tax Recoverable 330
524
Otherdebtors -
80
VAT Receivable -
139
Total Debtors 3,468
2,714
2021
(£)
2020
(£)
11. Cash at bank and in hand
Current Accounts and Cash 114,733
84,457
Deposit Accounts 2,592
2,592
Total Cash 117,325
87,049
2021
(£)
2020
(£)
12. Creditors – due in less than oneyear
Trade Creditors 1,617
6,489
GrantsPayable 19,299
13,933
Accruals 4,000
12,951
Payroll Liabilities -
-
VAT Payable 27
-
Total Creditors due in less than one year 24,943
33,373
2021
(£)
2020
(£)
13. Employees
Salaries 30,650
29,541
PensionContributions 6,209
6,642
Total Employees 36,859
36,183

The Institute employed 1 full-time employee during the year (2020:1)

One employee received remuneration between £30,001- £40,000, (2020:1 between £20,001 and £30,000)

Key management personnel compensation for 2021 was £36,859 (2020 - £36,183)

28

DocuSign Envelope ID: FD9C485E-D4FF-47A3-93A3-19919320FB8A

British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

14. Pension Costs and Provisions

The total cost charged to the profit and loss account is £6,209 (prior year: £6,119). Deficit recovery contributions due within one year for the institution are £613 (prior year: £615).

2021 2020
(£) (£)
Provision for Liabilities
Pension Deficit Provision b/f 12,393 11,797
Pension Deficit charge for theyear (258) 596
Pension deficit provision c/f 12,135 12,393

The latest available complete actuarial valuation of the Retirement Income Builder is at 31 March 2018 (the valuation date), which was carried out using the projected unit method. A valuation as at 31 March 2020 is underway but not yet complete.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2018 valuation was the fifth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions.

At the valuation date, the value of the assets of the scheme was £63.7 billion and the value of the scheme’s technical provisions was £67.3 billion indicating a shortfall of £3.6 billion and a funding ratio of 95%.

The key financial assumptions used in the 2018 valuation are described below. More detail is set out in the Statement of Funding Principles.

Pension increases (CPI) Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.3% p.a. Discount rate (forward Years 1-10: CPI + 0.14% reducing linearly to CPI – 0.73% rates) Years 11-20: CPI + 2.52% reducing linearly to CPI + 1.55% by year 21 Years 21 +: CPI + 1.55%

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2018 actuarial valuation. The mortality assumptions used in these figures are as follows:

Mortality base table 2018 valuation Pre-retirement: 71% of AMC00 (duration 0) for males and 112% of AFC00 (duration 0) for females Post retirement:

97.6% of SAPS S1NMA “light” for males and 102.7% of RFV00 for females

Future improvements to mortality

CMI_2017 with a smoothing parameter of 8.5 and a long term improvement rate of 1.8% pa for males and 1.6% pa for females

The current life expectancies on retirement at age 65 are:

2021 2020
Males currently aged 65 (years) 24.6 24.4
Females currently aged 65 (years) 26.1 25.9
Males currently aged 45 (years) 26.6 26.3
Females currently aged 45 (years) 27.9 27.7

A new deficit recovery plan was put in place as part of the 2018 valuation, which requires payment of 2% of salaries over the period 1 October 2019 to 30 September 2021 at which point the rate will increase to 6%. The 2020 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions:

2021 2020 Discount rate 3.00% 3.0% Pensionable salary growth 3.00% 3.0%

29

DocuSign Envelope ID: FD9C485E-D4FF-47A3-93A3-19919320FB8A

British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

15. Related Party Transactions

During the year, no Trustees were reimbursed for expenses (2020: £381). No trustees received remuneration in the year. In 2020 Dr Paul Collins was awarded a £500 university engagement grant which was outstanding at the 2020 year end.

Visiting
Scholar
Fund
2021
(£)
Bonham
Carter
Lecture
Fund
2021
(£)
Mallowan
Fund
2021
(£)
Sumerians
Fund
2021
(£)
Nimrud
Digitisation
Fund
2021
(£)
Basrah
Museum
Fund
2021
(£)		 Visiting
Scholar
Fund
2021
(£)
Bonham
Carter
Lecture
Fund
2021
(£)
Mallowan
Fund
2021
(£)
Sumerians
Fund
2021
(£)
Nimrud
Digitisation
Fund
2021
(£)
Basrah
Museum
Fund
2021
(£)		 Jews of
Iraq
Conference
Fund
2021
(£)
Total
Restrict
ed
Funds
2021
(£)
16. Restricted Income Funds
Donations and legacies
1,300
-
-
-
-
6,809		 -
8,109
Charitable activities income
-
-
-
-
-
-		 -
-
Investment Income
-
82
74
-
-		 -
156
RaisingFunds
-
(18)
(16)
-
-
-		 -
(34)
Charitable activities expenditure
(1,976)
(75)
(50)
(10,882)
-
-		 -
(12,983)
Gains/(losses) on revaluations
and disposal of investment
assets
-
217
198
-
-
-		 -
415
Net income/(expenditure)
(676)
206
206
(10,882)
-
6,809		 -
(4,337)
Transfer from unrestricted funds
-
-
-
-
-
-		 -
-
Net movement in Funds
(676)
206
206
-
-
6,809		 -
(4,337)
Fund balance brought forward
10,873
3,697
2,968
17,600
8,168
3,000		 -
46,306
Fund balance carried forward
10,197
3,903
3,174
6,718
8,168
9,809		 -
41,969

The original Appeal Committee transferred all investments held for or on account of the Appeal Fund to the British School of Archaeology in Iraq (Gertrude Bell Memorial) as an endowment, to be administered by the Council of the School pursuant to the resolution passed at a meeting held on the 14th day of January 1932. The Council has the power from time to time to vary or transpose any investments forming part of the Endowment Fund. The Charity changed its name with the approval of its members on 12 December 2007 and all the assets are now in the name of The British Institute for the Study of Iraq (Gertrude Bell Memorial).

The Bell Fund was created by the bequest from Gertrude Lowthian Bell CBE (died on 12 July 1926). "To pay the sum of six thousand pounds to the trustees for the time being of the British School of Archaeology in Iraq if shall have been founded before my death such sum to be invested by them and the income thereof to be used by them for archaeological work in Iraq..." (the first bequest) and by a second bequest from Sir Thomas Hugh Bell (died on 29 June 1931) of four thousand pounds. As the British School of Archaeology in Iraq was not established until 14 January 1932, the first bequest and the second bequest were vested in the Retiring Trustees of the British Museum, who invested the same and paid the income therefore to the trustees from time to time of the British Museum to the British School of Archaeology in Iraq.

In 1973/74 The Bonham Carter Lecture Fund was endowed to support the lecture expenses of the Bonham-Carter lecture which takes place annually in memory of Lady Charlotte Bonham-Carter, a long standing member of the former Executive committee of the BSAI Council.

In 1977 Sir Max Mallowan bequeathed £2,500 for an endowment to the school. The income derived from the bequest was to be applied to the costs of providing an annual dinner at which a toast was to be made in memory of Sir Max and his late wife Dame Agatha Mallowan DBE. In 2004 the school approached Mrs Rosalind Hicks (Dame Agatha's daughter) and Mr Matthew Prichard and members of the family who agreed that the bequest could be utilised to support the costs of the Annual General Lecture.

The Sumerians Fund was funded by the generosity of David Dangoor and Dangoor Education with the aim of producing a book for children on the Sumerians.

The Nimrud Digitisation Fund was established thanks to generous support from a donor who wishes to remain anonymous. BISI is undertaking this important initiative to digitise and release online documents relating to the excavation of Nimrud. This will be an important contribution to the international effort led by the Iraqi State Board of Antiquities and Heritage to manage and conserve this globally important cultural site.

During the year the Friends of Basrah Museum Charity transferred its funds (£2,809) to the British Institute for the Study of Iraq. Those funds plus other donations received for similar purposes have been included in the accounts with £3,000 that was received in 2019 for the development of the Basrah Museum Library.

30

DocuSign Envelope ID: FD9C485E-D4FF-47A3-93A3-19919320FB8A

British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

Visiting
Scholar
Fund
2020
(£)		 Bonham
Carter
Lecture
Fund
2020
(£)		 Mallowan
Fund
2020
(£)		 Sumerians
Fund
2020
(£)		 Nimrud
Digitisation
Fund
2020
(£)		 Basrah
Museum
Fund
2020
(£)		 Jews of
Iraq
Conference
Fund
2020
(£)		 Total
Restrict
ed
Funds
2020
(£)
17. Comparative Year Restricted Income Funds
Donations and legacies 31,000 - - - - - 1,529 32,529
Charitable activities income - - - - - - - -
Investment Income - 96 87 - - - 183
RaisingFunds - (18) (17) - - - - (35)
Charitable activities expenditure (30,892) (75) (50) - - - (16,189) (47,206)
Gains/(losses) on revaluations - -
and disposal of investment - (105) (95) - - (200)
assets
Net income/(expenditure) 108 (102) (75) - - - (14,660) (14,729)
Transfer from unrestricted funds - - - - - - 7,649 7,649
Net movement in Funds 108 (102) (75) - - - (7,011) (7,080)
Fund balance brought forward 10,765 3,799 3,043 17,600 8,168 3,000 7,011 53,386
Fund balance carried forward 10,873 3,697 2,968 17,600 8,168 3,000 - 46,306

18. Comparative Year Statement of Financial Activities

18. Comparative Year Statement of Financial Activities 18. Comparative Year Statement of Financial Activities
Notes
Unrestricted
Funds 2020
(£)
Designated
Funds 2020
(£)
Restricted
Funds 2020
(£)
Endowment
Fund 2020
(£)
Total
2020
(£)
Statement of Financial Activities
Income and Endowment from:
Donations and legacies
2
31,888
-
31,000
-
62,888
Charitable Activities
3
13,670
-
1,529
-
15,199
Investment income
4
45,508
-
183
-
45,691
Total
91,066
-
32,712
-
123,778
Expenditure on:
RaisingFunds:
5
(7,737)
-
(35)
(975)
(8,747)
Charitable Activities:
6
(110,106)
-
(47,206)
-
(157,312)
Total
(117,843)
-
(47,241)
(975)
(166,059)
Net gains/(losses) on investments
(44,126)
-
(200)
(5,560)
49,886
Net income/(expenditure)
(70,903)
-
(14,729)
(6,535)
(92,167)
Transfer Between Funds
(7,649)
-
7,649
-
-
Net movement in funds
(78,552)
-
(7,080)
(6,535)
(92,167)
Reconciliation of Funds
Brought forward
1,136,469
1,326,000
53,386
143,985
2,659,840
Carried forward
1,057,917
1,326,000
46,306
137,450
2,657,673

31

DocuSign Envelope ID: FD9C485E-D4FF-47A3-93A3-19919320FB8A

British Institute for the Study of Iraq (Gertrude Bell Memorial) Notes to the Accounts (continued)

Unrestricted Endowment Designated Visiting Mallowan Bonham Sumerians Nimrud Basrah Total
Funds Fund Fund Scholars Fund Carter Fund Digit- Museum Funds
2021 2021 2021 Fund 2021 2021 Lecture 2021 isation Fund 2021
Fund 2021 2021 2021
(£) (£) (£) (£) (£) (£) (£) (£) (£) (£)
19. Analysis of Total Funds
Tangible Assets 921 - - - - - - - - 921
Investments 1,070,134 134,846 - - 2,315 2,539 - - - 1,209,834
Heritage Assets - - 1,326,000 - - - - - - 1,326,000
Stock 21,326 - - - - - - - - 21,326
Debtors 2,168 - - 1,300 - - - - - 3,468
Cash and deposits at bank 66,326 13,195 - 10,886 859 1,364 6,718 8,168 9,809 117,325
Creditors including pension scheme liability (35,089) - - (1,989) - - - - - (37,078)
Balance of Funds at 30 June 2021 1,125,786 148,041 1,326,000 10,197 3,174 3,903 6,718 8,168 9,809 2,641,796

32