||||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)|