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2020-09-30-accounts

Page
Reference and Administrative Details
Report ofthe Trustees 2to7
Report ofthe Independent
Auditors		 8 to 9
Statement of Financial Activities 10
Balance Sheet
Cash Flow Statement 12
Notes to the Financial Statements 13to 22
Detailed Statement
of		 Financial Activities 23

TRUSTEES AJ BCathie
RJ Clark
J E Curtis
C Doumet-Serhal
V A Porter
P M Wolrich
REGISTERED OFFICE 10Carlton House Terrace
London
SW1Y 5AH
REGISTERED COMPANY NUMBER 08079190(England and Wales)
REGISTERED CHARITY NUMBER 1147921
REGISTERED CHARITY NUMBER 1147921
AUDITORS Azets Audit Services
2"' Floor, Regis House,
45 King William Street,
I ondon
EC4R 9AN
SOLICITORS BDBPitmans LLP
50 Broadway
London
SW1H OBL
INVESTMENT MANAGERS Close Brothers Asset Management
10Crown Place
London
EC2A 4FT
Cazenove
Capital
Schroder
&Co Limited
1 London
Wall		 Place
London
EC2Y 5AU

Unrestricted Unrestricted 2020 2019
Income Fund Capital Fund Total funds Total
funds
Notes F
INCOME AND ENDOWMENTS FROM
Investment
income		 708,625 708,625 860,160
Other income 1,556 1,556 1,339
Total 710,181 710,181 861,499
EXPENDITURE ON
Raising funds 187,483 187,483 222,986
Charitable
activities
Grants 350,145 350,145 768,552
Other charitable
activities		 355,783 355,783 393,828
Total 705,928 187,483 893,411 1,385,366
Net (loss)/ gains on investments ~1,005,900) ~I005900 1,012,137
NET (EXPENDITURE)/ INCOME 4,253 (1,193,383) (1,189,130) 488,270
Transfers
between funds		 (4,253) 4,253
NET MOVEMENT
IN		 FUNDS (1,189,130) (1,189,130) 488,270
RECONCILIATION OF FUNDS
Total funds brought forward 41,708,051 41,708,051 41,219,781
TOTAL FUNDS CARRIED FORWARD 40,518,921 40,518,921 41,708,051

2020 2019
Notes
FIXEDASSETS
Investments 12 41,580,044 42,906,661
CURRENT ASSETS
Debtors 6,297 5,870
Cash at bank 308,361 470,342
314,658 476,212
CREDITORS
Amounts
falling due within one year		 14 (892,659) (772,909))
NET CURRENT LIABILITIES ~578,001) ~296,697)
TOTAL ASSETS LESSCURRENT LIABILITIES 42,609,964
CREDITORS
Amounts
falling due after more than one year		 15 (483,122) (901,913)
NET ASSETS 40 518,921 41,708,051
FUNDS 17
Unrestricted
income funds
Unrestricted
capital funds		 40 518,921 41,708,051
TOTAL FUNDS 40 518,921 41,708,051

2020 2019
Notes F
Cash flows from operating
activities:
Cash generated
from operations		 19 ~1,003,840) ~983.717)
Net cash provided
by (used in) operating
activities		 ~1,003,840) ~983,717)
Cash flows from investing activities:
Purchase
offixed asset investments		 (7,855,201) (8,099,882)
Sale offixed asset investments 8,854,216 9,850,088
Interest received 67,050 134,013
Dividends
received		 641,575 726,147
Net cash provided
by investing
activities		 1,707,640 2,610,366
Cash flows from financing
activities:
Expenditure
attributable
to endowment		 ~187,483) ~222.986)
Net cash provided
by (used in) financing
activities		 ~187483) ~222,986)
Change
in cash and cash		 equivalents in the
reporting
period		 516,317 1,403,663
Cash and cash equivalents at the beginning of
the reporting
period		 2,490,549 1,086,886
Cash and cash equivalents at the end ofthe
reporting
period		 3,006,866 2,490,549
Cash and cash equivalents consists of:
Cash at bank 308,361 470,342
Cash balances
held by investment
managers		 12 2,698,505 2,020,207
Cash and cash equivalents at the end ofthe
reporting
period		 3,006,866 2,490,549

INVESTMENT INCOME
2020 2019
Dividends
received		 641,575 726,147
Interest received 67,050 134,013
Other income 1,556
710 181 860,160

2020 2019
Porffolio management 187,483 222,986
CHARITABLE ACTIVITIES COSTS
Grant funding Support
Direct costs of activities costs Totals
(See note 5) (See note 6) (See note 7)
Grants 350,145 350,145
Other charitable activities 288 854 66,929 355,783
288,854 350,145 66,929 705,928

2020f 2020f 2020f 2019
f
Honor Frost archive 115
Basch archive 2,220
BA/HFF Steering Committee on UCH 13,457 18,126
DGA response team 169,761 199,074
Other charitable costs 829 549
Staff costs (note 10) 53,290 45,902
Payroll and pension fees 550 834
Legal fees 2,619 3,295
Donation
for office space		 13,125 13,125
Maritime-Archaeological Director's travel 3,899 6,458
Lecture events 6,793 4,531
Publication
costs		 24,531 9,707
288,854 303,936
GRANTS PAYABLE
Grants Awarded 2019 - 2020
Grantee Project Title Awardf
~Grus
University
of Leicester		 Ancient Akrotiri 2020 18,652
Maria Ktori Intangible Maritime Cultural Heritage Project 4,430
Muge Sevketoglu Further Investigation of Marine Archaeology Heritage at
Akanthou 10,000
Maria Atesh Kocgad Iskele/Trikomo District Underwater Survey 9,988
EqEt
MarEA/CMAUCH NW Marmarica Coast Survey 32,200
Pierre Tallet Wadi El Jarf 39,000
Claire Somaglino Ayn Sukhna Archaeological Mission 8,948
Tomasz Derda Landscape history & chronology of Roman 8 Byzantine port
infrastructure ofMarea in the region ofMareotis 5,275
JP Goiran Egyptian Port ofTyre 8,400
Lebanon
Crystal
El Safadi		 Neolithic Landscapes 29,077
Ibrahim
Noureddine		 Tyre North Harbour Survey 19,900
Wissam
Khalil		 El Kharayeb - Litani Valley and UW survey 48,304
~Sicil
Peter Campbell/Ross Thomas Analysis of newly discovered rams - Construction &Afterlife
ofAncient War-Galleys, Egadi Islands 5,000

GRANTS PAYA BLE —continued BLE —continued BLE —continued
Grants Awarded 2019 - 2020
Grantee Project Title Award
Malta
University
of Malta		 Phoenician
Shipwreck,		 Post Doc support 30,000
Develo
in
the Disci		 line
NAS Big Anchor Project 23,655
Education
Scholarshi		 s 8 Bursaries
Nesrin
El Galy		 PhD Extension 16,508
Achilleas
Iasonos		 PhD Extension 8,528
Mai Ghanem MA, University
ofSouthampton		 + extension 39,104
Jafar Anbar PhD, Joint CIVIS 76,270
Sirin Ghiye Language
Tuition		 1,090
CMAUCH Visiting
Lecturer Support		 4,260
CMAUCH Student
Bursary Fund		 6,000
CMAUCH Academic Support 19,980
CMAUCH Diploma
Support		 3,250
CMAUCH MA Support 10,250
NAS Online courses 3,750
University
of Edinburgh		 International
PhD - 3		 years 112,949
Ziad Morsy Post-doctoral
support		 18,300
~Saciat Grants
Steering Committee UCH Ocean Decade Heritage Network 10,000
Claire Calcagnol ElenaFlavia
Castag nino Phoenix Stage III 8 IV 8,860
MAGS Committee MAGS 2020 Conference 6,640
HFF Activity Marsala Conference, Sicily 35,000
MARE Committee MARE 2020 Conference 1,412
BAAL Publication
of Beirut Symposium		 papers 6,983
HFF Activity Cyprus Database Workshop 2,980
A reed but not awarded
On application Open Access Publication Grant 10,000

Total Approved
Grants		 694,943
Reconciliation
ofGrants
Grants approved 694,943
Unspent
grant balances		 (6,617)
Overspent
grants		 3,238
Grants removed
from commitments		 (335,252)
Previous years grants adjustments (6,167)
At 30September 2020 350,145

Governance
Management Other costs Totals
Other charitable
activities		 26,530 30,679 ~9720 66,929
Support costs, included in the above, are as follows:
2020 2019
Other
charitable
activities Total activities
f.
Trustee costs 3,692 6,425
Staff costs (note 10) 22,838 19,672
Sundries 30,679 54,435
Auditors' remuneration 6,600 6,360
Auditors' remuneration for non-audit work 3,120 3,000
66,929 89,892
NET INCONIE/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2020 2019
E
Auditors' remuneration 6,600 6,360
Auditors' remuneration for non-audit work 3,120 3,000

STAFF COSTS
2020 2019
E
Wages and salaries 68,060 58,491
Social security costs 1,756 1,598
Other pension costs 6,312 5,485
76,128 65,574
Staff costs have been split between direct costs and support costs on a 70'io/30'io basis.
The average
monthly		 number of employees during the year was as follows:
2020 2019
Administration 3 4
No emoluments
over		 260,000were paid in the period.
The key management ofthe Foundation consists ofthe trustees only.
COMPARATIVES
FOR THE STATEMENT		 OF FINANCIAL ACTIVITIES
Unrestricted Endowment Total
funds
funds fund
E
INCOME AND ENDOWMENTS FROM
Charitable
activities
Investment
income		 860,160 860,160
Other income 1,339 1,339
Total 861,499 861,499
EXPENDITURE ON
Raising funds 222,986 222,986
Grants 768,552 768,552
Other charitable
activities		 393,828 393,828
Total 1,162,380 222,986 1,385,366
Net gains on investments 1,012,137 1,012,137
NET INCOME/(EXPENDITURE) (300,881) 789,151 488,270
Transfers
between funds		 300,881 (300,881)
NET MOVEMENT
IN		 FUNDS 488,270 488,270
RECONCILIATION
OF FUNDS
Total funds brought forward 41,219,781 41,219,781
TOTAL FUNDS CARRIED FORWARD 41,708,051 41,708,051

value of investm ents:
Market Value
at 30
September Proportion
2020 oftotal
'/o
20,678,630 49.73'/o

CREDITORS : AMOUN TS FALL ING DUE WITHIN ONE YEAR
2020
f		 2019
f
Social security and other taxes 1,174
Grant commitments 831,296 695,388
Accruals and deferred income 61,363 76,347
892,659 772,909
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020
f		 2019
f
Grant commitments 483,122 901,913
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2020 2019
Unrestricted Unrestricted Total funds Total funds
Income fund Capital fund
Investments 41,580,044 41,580,044 42,906,661
Current assets 314,658 314,658 476,212
Current
liabilities
Long term liabilities		 (892,659)
~483,122)		 (892,659)
~483 122)		 (772,909)
~901.913)
4D 518,921 4D,518 921 41,708,051
MOVEMENT IN FUNDS
Net Transfers
movement
in		 between
At 1/10/19
f		 funds funds
f		 At 30/9/20
f
Unrestricted funds
Income Fund 4,253 (4,253)
Capital
Fund		 41,708,051 (1,193,383) 4,253 40,518,921
TOTAL FUNDS 41,708 051 J1,189,130) 40,518,921
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources expended
f		 losses
f		 funds
f
Unrestricted funds
Income Fund 710,181 705,928 4,253
Capital
Fund		 187,483 (1,193,383) (1,193,383)
TOTAL FUNDS 710,181 893,411 ~1,193,383) ~1,189,130)

MOVEM ENT IN FUNDS —PRIO R YEAR
Net Transfers
movement
in		 between
At 1/10/18
f		 funds funds
F		 At 30/9/19
Unrestricted funds
Income Fund (300,881) 300,881
Capital Fund 41,219,781 789,151 (300,881) 41,708,051
TOTAL FUNDS 41,219,781 488,270 41,708,051
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources
f		 expended
f		 losses
F		 funds
F
Unrestricted funds
Income Fund 861,499 (1,162,380) (300,881)
Capital Fund (222,986) 1,012,137 789,151
TOTAL FUNDS 861,499 ~1,385,366) 1,012,137 488,270

2020
f		 2019
f
Net income for the reporting period (as per the statement offinancial
activities) (1,189,130) 488,270
Adjustments for:
Loss/ (Gain) on investments 1,005,900 (1,012,137)
Interest received (67,050) (134,013)
Dividends
received		 (641,575) (726,147)
Expenditure attributable to endowment 187,483 222,986
(Increase)/
Decrease		 in debtors (427) 21,650
(Decrease)/ Increase in creditors ~299,041) 155,674
Net cash provided by (used in) operating activities (1,003,840) )983,717)