OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-09-30-accounts

Page
Reference and Administrative Details
Report ofthe Trustees 2 to 7
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
SW1Y5AH
REGISTERED COMPANY NUMBER 08079190(England and Wales)
REGISTERED CHARITY NUMBER 1147921
AUDITORS Azets Audit Services
2~ Floor, Regis House,
45 King William Street,
London
EC4R 9AN
SOLICITORS BDBPitmans LLP
One Bartholomew Close
London
EC1A 7BL
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 2021 2020
Income Fund Capital Fund Total funds Total funds
Notes E
INCOME AND ENDOWMENTS FROM
Investment
income		 681,060 681,060 708,625
Other income 1,195 1,195 1,556
Total 682,255 682,255 710,181
EXPENDITURE ON
Raising funds 203,185 203,185 187,483
Charitable
activities
Grants 893,908 893,908 350,145
Other charitable
activities		 482,243 482,243 355,783
Total 1,376,151 203,185 1,579,336 893,411
Net gains/(losses)
on investments		 5,459,764 5,459,764 1,005,900
NET (EXPENDITURE)/
INCOME		 (693,896) 5,256,579 4,562,683 (1,189,130)
Transfers
between
funds		 693,863 (693,863)
NET MOVEMENT
IN FUNDS		 4,562,683 4,562,683 (1,1 89,130)
RECONCILIATION
OF FUNDS
Total funds brought forward 40,518,921 40,518,921 41,708,051
TOTAL FUNDS CARRIED FORWARD 45,081,604 45,081,604 40,518,921
CONTINUING
OPERATIONS
All income and expenditure has arisen from continuing activities.

2021 2020
Notes F
FIXEDASSETS
Investments 12 46,487,844 41,580,044
CURRENT ASSETS
Debtors 13 2,264 6,297
Cash at bank 371,498 308,361
373,762 314,658
CREDITORS
Amounts
falling due within one year		 14 (1,136,293) (892,659)
NET CURRENT LIABILITIES ~762,531) ~576.001)
TOTAL ASSETS LESSCURRENT LIABILITIES 45,725,313 41,316,701
CREDITORS
Amounts
falling due after more than one year		 15 (643,709) (483,122)
NET ASSETS 45,081,604 40,518,921
FUNDS 17
Unrestricted
income funds
Unrestricted
capital funds		 45,081,604 40,518,921
TOTAL FUNDS 45,081,604 40,518,921

2021 2020
Notes
Cash flows from operating
activities:
Cash generated
from operations		 19 ~972,653) ~1.003,840)
Net cash provided
by (used in) operating
activities		 ~972,653) ~1,003.840)
Cash flows from investing activities:
Purchase offixed asset investments (8,688,063) (7,855,201)
Sale offixed asset investments 6,947,811 8,854,216
Interest received 61,850 67,050
Dividends
received		 619,210 641,575
Net cash provided
by investing
activities		 ~1,059,192) 1,707,640
Cash flows from financing
activities:
Expenditure
attributable
to endowment		 ~497,234) ~187,483)
Net cash provided
by (used in) financing
activities		 ~497,234) ~187,483)
Change
in cash and cash		 equivalents in the
reporting
period		 (2,229,079) 516,317
Cash and cash equivalents at the beginning of
the reporting
period		 3,006,866) 2,490,549
Cash and cash equivalents at the end ofthe
reporting
period		 777,787 3,006,866
Cash and cash equivalents consists of:
Cash at bank 371,498 308,361
Cash balances
held by investment
managers		 12 406,289 2,698,505
Cash and cash equivalents at the end ofthe
reporting
period		 777,787 3,006,866

INVESTM ENT INCOME
2021 2020
E
Dividends received 619,210 641,575
Interest received 61,850 67,050
Other income 1,195 1,556
682,255 710,181

Investment
ma		 nagement
costs
2021 2020
F
Portfolio management 203,185 187,483
CHARITABLE ACTIVITIES COSTS
Grant funding Support
Direct costs ofactivities costs Totals
(See note 5) (See note 6) (See note 7)
Grants 893,908 910,337
Other charitable activities 406,340 75,904 482,244
408,340 910,337 75,904 1,382,581

2021 2020
F F
Honor Frost archive 1,120
BA/HFF Steering Committee on UCH 7,536 13,457
DGA response team 305,700 169,761
Other charitable costs 829
Staff costs (note 10) 61,398 53,290
Payroll and pension fees 1,376 550
Legal fees 3,030 2,619
Donation for office space 13,125
Maritime-Archaeological Director's travel 3,899
Lecture events 80 6,793
AVB expenses 80
Publication
costs		 26,020 24,531
406,340 288,854
GRANTS PAYABLE
Grants Awarded 2020 - 2021
Grantee Project Title Award
E
~Sacial Grants
Claire Calcagno/ElenaFlavia Phoenix
Final Phase		 2,361
Castagnino
Mario Kozaily Kfar Abida Ocean Clean-up 308
*University
of Malta		 Under the Mediterranean II Conference, Malta 43,760
*British Academy British Academy/HFF Grant Scheme 2021-2026 150,000
*NAS IJNA Support 40,033
Develo
in
the Disci		 line
HFF Activity ReSea Cyprus Geophysics Workshop 38,365
"NAS NAS Big Anchor,
App Development		 16,000
*NAS NAS Maritime Archaeology Talk Series I 1,500
*NAS NAS Maritime Archaeology Talk Series II 1,500
Sara Rich Contemporary
Philosophy		 for Maritime Archaeology 2,655
Education
Scholarshi		 s 8 Bursaries
"Centre for Maritime Archaeology CMAUCH
Visiting Lecturer		 support 4,065
And Underwater Cultural Heritage,
University
ofAlexandria		 (CMAUCH)
'CMAUCH CMAUCH
Training
Bursary		 6,000
*CMAUCH Bursary —CMAUCH Diploma, Ministry ofAntiquities 532
Nesrin
El Galy		 Nesrin
El Galy, PhD		 Extension, Worcester College 7,633
Sirin Ghiye Sirin Ghiye —GIS Ulster —additional ITsupport 255
*University
of Cyprus		 Anna Demetriou,
Post-Doc, 2years		 70,405
Maria Michael Maria Michael Southampton PhD extension 10,552
'University
of Edinburgh		 Post-Doc, Edinburgh University 65,800
Judith Gatt Judith
Gatt, Aix-Marseille,		 MA Bursary 4,596
HFF Activity HFF Scholars Annual Bursary Fund 10,000
Elissa Nader Elissa Nader- MSc Southampton 1yr 36,850
Elissa Nader Elissa Nader —Support re Visa Health Ins 950
HFF Bursaries ISBSA8 —Bursaries 4,107
*University
of Ulster		 GIS MSc Support 40,820
*University
of Malta		 Under the Mediterranean II, Malta —Bursaries 6,432
Sara Ibrahim Sara Ibrahim —Language training 431
Maria Michael Maria Michael —UW Mapping 8 Geohazards Course 410
Fatima Khatib Fatima Khatib, Language Tuition 1,476
Page 16

Grants Awarded
2020 - 2021
Grantee Project Title Award
EcCEt
Sarah Wagdy Traditional
Boats ofthe Egyptian
Coastal lakes		 7,500
CMAUCH
CMAUCH		 Marsa Bagoush 2021-2024, 3years
CMAUCH Maintenance
Support, 2"' year		 33,750
27,220
Claire Somaglino Ayn Soukhna, 2021-2023, 3 years 27,551
*CMAUCH CMAUCH
Museum
Tank Restoration		 4,150
Nada Nofal Bahar Outreach
Part
II		 21,356
Steven Sidebotham Berenike —Excavations
at a		 Red Sea Maritime Hub 10,000
~Grus
*University of Cyprus MARE Cyprium,
Multimedia		 Project, Cyprus 115,151
Miltiadis
Polydorou		 Miltiadis
Polydorou,
Cyprus		 Beachrock Project 42,370
Sabine Fourrier Excavations
in the Kition-Bamboula
Harbour		 3,922
Greece
Patrick Quinn Sourcing the Zea Limani Stone Anchors 10,000
Lebanon
Crystal Safadi Neolithic Project —Additional Support 4,000
Nicholas Carayon Nicholas Carayon,
Lebanon		 work 8 post-processing 31,348
HFF Activity Tyre Workshop,
Pre Research and Collation		 5,477
*University of La Sapienza Tyre South Project 19,776
George Haibe Metn Beirut North —George Haibe 15,428
May Haider May Haider, Conservation 290
Wissam
Khalil		 Publication
of Kharayeb-Adloun
Project, BAAL		 3,286
~Sria
Jafar Anbar Arwad Reef Fieldwork
Project, Jafar Anbar		 4,293

Total Approved
Grants		 954,664
Reconciliation
ofGrants
Grants approved 954,592
Unspent
grant balances		 (42,210)
Overspent
grants		 8,766
Grants removed
from commitments		 (27,735)
Other adjustments 495
At 30September 2021 893,908
SUPPORT COSTS
Governance
Management Other costs Totals
E E
Other charitable
activities		 26,661 39,043 10,200 75,904
Support costs, included in the above, are as follows:
2021 2020
Other
charitable
activities Total activities
E
Trustee costs 13 3,692
Staff costs (note 10) 26,313 22,838
Sundries 39,378 30,679
Auditors'
remuneration		 6,960 6,600
Auditors'
remuneration		 for non-audit work 3,240 3,120
75,904 66,929
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2021 2020
f
Auditors'
remuneration		 6,960 6,600
Auditors'
remuneration		 for non-audit work 3,240 3,120

2021 2020
E
Wages and salaries 76,394 68,060
Social security costs 2,550 1,756
Other pension costs 8,766 6,312
87,710 76,128

Unrestricted Endowment Total
funds
funds fund
INCOME AND ENDOWMENTS FROM
Charitable
activities
Investment
income		 708,625 708,625
Other income 1,556 1,556
Total 710,181 710,181
EXPENDITURE ON
Raising funds 187,483 187,483
Grants 350,145 350,145
Other charitable
activities		 355,783 355,783
Total 705,928 187,483 893,411
Net losses on investments ~1,005,900) ~1,005,900)
NET INCOME/(EXPENDITURE) 4,253 (1,193,383) (1,189,130)
Transfers
between funds		 (4,253) 4,253
NET MOVEMENT
IN FUNDS		 (1,189,130) (1,189,130)
RECONCILIATION
OF FUNDS
Total funds brought forward 41,708,051 41,708,051
TOTAL FUNDS CARRIED FORWARD 40,518,921 40,518921

Listed
Investments
At 1 October 2020 41,580,044
Additions 8,688,063
Disposals (9,457,941)
Net realised loss on disposals (686,846)
Net unrealised gain on revaluation 6,364,525
At 30 September 2021 46,487,844
Investments at market value comprise:
UK Equities 6,146,563
Overseas
Equities		 9,435,563
Fixed interest 3,965,253
Alternatives 1,174,645
Commodities 610,173
Property 602,525
Multi assets 23,127,833
Sterling
Liquidity		 Funds 1,019,000
Cash balances held by investment managers 406,289
46,487,844
Investments at historical cost 31,394,795

CREDITORS : AMOUN TS FALL ING DUE WITHIN ONE YEAR
2021 2020
E
Social security and other taxes 1,831
Grant commitments 1,064,860 831,296
Accruals and deferred income 69,602 61,363
1,136,293 892,659
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
F
Grant commitments 643,709 483,122
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2021 2020
Unrestricted Unrestricted Total funds Total funds
Income fund Capital fund
E F
Investments 46,487,844 46,487,844 41,580,044
Current assets 373,762 373,762 314,658
Current
liabilities
Long term liabilities		 (1,136,293)
~643,709)		 (1,136,293)
~643.709)		 (892,659)
~483,122)
45,081 604 45,081,604 40,518,921
MOVEMENT IN FUNDS
Net Transfers
movement
in		 between
At 1/10/20 funds funds At 30/9/21
E
Unrestricted funds
Income Fund (693,896) 693,896
Capital
Fund		 40,518,921 5,256,579 (693,896) 45,081,604
TOTAL FUNDS 40,518,921 4,562,683 45,081,604
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources expended
f		 losses funds
Unrestricted funds
Income Fund 682,255 (1,376,151) (693,896)
Capital
Fund		 (203,185) 5,459,764 5,256,579

MOVEM ENT IN FUNDS —PRIO R YEAR
Net Transfers
movement
in		 between
At 1/10/19 funds funds At 30/9/20
E E E
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 ~1,189,130) - 40,518,921
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources expended losses funds
E E E E
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)

2021 2020
E E
Net income for the reporting period (as per the statement offinancial
activities) 4,562,683 (1,1 89,1 30)
Adjustments
for:
Loss/ (Gain) on investments (5,459,764) 1,005,900
Interest received (61,850) (67,050)
Dividends
received		 (619,210) (641,575)
Expenditure
attributable		 to endowment 197,234 187,483
(Increase)/ Decrease in debtors 4,033 (427)
(Decrease)/ Increase in creditors 404,221 )2299.041
Net cash provided by (used in) operating activities )972,553) (1,003,840)