##
||||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|||
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||||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|
##
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|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)|