2022-09-30-accounts - Honor Frost Foundation

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		Page
Reference and Administrative	Details
Report ofthe Trustees		2 to 7
Report ofthe Independent Auditors		Sto9
Statement of Financial Activities		10
Balance Sheet
Cash Flow Statement		12
Notes to the Financial Statements		13to 22
Detailed Statement of Financial	Activities	23

				Unrestricted	Unrestricted		2022	2021
				Income Fund	Capital Fund	Total	funds	Total funds
			Notes	5	6		F.	5
INCOME AND ENDOWMENTS		FROM
Investment income			2	726,183			726,183	681,060
Other income				105			105	1,195
Total				726,288			726,288	682,255
EXPENDITURE ON
Raising funds					310,008		310,008	203,185
Charitable activities
Grants				2,058,216		2,058,216		893,908
Other charitable activities				696,846		696,846		482,243
Total				2,755,062	310,008	3,065,070		1,579,336
Net (losses)/ gains	on investments				~2969. 5467	i22969,544		~4764
NET (EXPENDITURE)I INCOME				(2,028,774)	(3,279,556)	(5,308,330)		4,562,683
Transfers between	funds			2,028,774	(2,028,774)
NET MOVEMENT	IN FUNDS				(5,308,330)	(5,308,330)		4,562,683
RECONCILIATION	OF FUNDS
Total funds brought forward					45,081,604	45,081,604		40,518,921
TOTAL FUNDS CARRIED FORWARD					39773274	, 39.	3,274	~5.221.626

		2022	2021
	Notes	6	5
FIXEDASSETS
Investments	12	42,419,732	46,487,644
CURRENT ASSETS
Debtors	13	12,458	2,264
Cash at bank		212 376	371,498
		224,834	373,762
CREDITORS
Amounts falling due within one year	14	(1,550,996)	(1,136,293)
NET CURRENT LIABILITIES		~73267827	~7625311
TOTAL ASSETSLESSCURRENT LIABILITIES		41,093,570	45,725,313
CREDITORS
Amounts falling due after more than one year	15	(1,320,296)	(643,709)
NET ASSETS		39773274	45081.604
FUNDS	17
Unrestricted income funds
Unrestricted capital funds		39773274	,45,081,6D4
TOTAL FUNDS		30.773274	45,D81,6D4

						2022	2021
					Notes	6	5
Cash flows from operating		activities:
Cash generated from operations					19	~1774978)	~972,653)
Net cash (used in) operating		activities
						~1,774,978)	~972,653)
Cash flows from investing	activities:
Purchase offixed asset investments Sale offixed asset investments						(5,977,485) 7,305,250	(8,688,063) 6,947,811
Interest received						76,397	61,850
Dividends received						649,786	619,210
Net cash provided by (used		in) investing				2,053,948	(1,059,192)
activities
Cash flows from financing	activities:
Expenditure attributable Io endowment						~208,891)	~197,234)
Net cash (used in) financing		activities				(208,891)	(197,234)
Change in cash and cash equivalents			in the
reporting period Cash and cash equivalents		at the beginning		of		70,079	(2,229,079)
the reporting period						777,787	3,006,866
Cash and cash equivalents		at the end	ofthe
reporting period						847,866	777,767
Cash and cash equivalents		consists of:
Cash at bank						212,376	371,498
Cash balances held by investment managers					12	635,490	406,289
Cash and cash equivalents		at the end	ofthe
reporting period						847,866	777,787

		2022	2021
			6
Dwidends received		649,786	619,210
Interest received		76,397	61,850
Other income		105	1,195
		726,288	682,255
RAISING FUNDS
Investment management	costs

Investme	nt management costs
		2022	2021
			f
Porffolio	management	310,008	203,185

				Grant funding	Support
			Direct costs	ofactivities	costs	Totals
			(See note 5)	(See note 6)	(Seenote 7)
				8		K
Grants Other	charitable	activities	607,670	2,058,216	89,176	2,058,216 ~696846
			607,670	2,058,216	89,176	2,755,062

										2022	2022	2021
										8		5
Honor Frost archive												1,120
BA/HFF Steering Committee	on	UCH									689	7,536
DGA response team										506,016		305,700
Other charitable costs											2,151
Staff costs (note 10)										62,462		61,398
Payroll and pension fees											1,171	1,376
Legal fees											540	3,030
Executive Directors' Travel											3,855
Lecture events											182	80
AVB expenses											543	80
Publication costs										30,061		26,020
										60	60II	400,040
GRANTS PAYABLE
Grants Awarded 2021 - 2022
Grantee		Project Title										Award
												6
Cyprus
Dr Sabine Fourrier		Publication:	Le port			de guerre	de Kition					2,919
Dr Lucy Blue		Dreamers Bay										28,632
Professor Jan Driessen		Excavations	at Pyla			Kokkinokremos						8,900
HFF Regional Research		Cyprus Regional			Development		Project					161,000
Project
North Cyprus
Dr Muge Sevketoglu		Further Investigation				of Manne	Archaeology		Heritage		in known	10,000
		ancient harbours			of	the North	Cyprus Coast
Egypt
Dr B8rangere Redon		The harbour	landscape ofTaposiris Magna									9,759
CMAUCH		Operational	Support,			Centre for Maritime		Archaeology			&	1,800
		Underwater	Cultural			Heritage	(CMAUCH)
CMAUCH		Staff Support,		CMAUCH								12,300
CMAUCH		CMAUCH 1ruck			Maintenance		Grant					4,710
Dr Matthieu Giaime		Geoarchaeology			ofthe Kibotos Harbour			and	its canal(s),			10,000
		Alexandria
Professor Steven Sidebotham		Excavations	at Berenike: An Ancient Red Sea Port linking three									30,000
		continents:	Europe,			Africa and	Asia, 3-year		grant
Dr Mariusz Gwaizda		Virtual Tour	&	3D Presentation			ofan inaccessible			heritage ofthe		3,142
		Berenike, Red		Sea Port
Ziad Moray		Nile Project										5,035
Ziad Moray		El Max Project		& Extension								8,342

Grantee			Project Title													Award
																6
Lebanon
Dr Danielle Newman			Lebanon Engagement		Training											14,500
La Sapienza University			1yre South Project													20,438
Dr Ibrahim Noureddine			Tyre North Breakwater													66,714
HFF Regional Research			Tyre Maritime Cultural		Landscape					Project,			Phase	1		42,004
Project
Dr Claude Doumet-Serhal			Sidon in the late Bronze			Age: Excavation,							2-yr Project			92,385
Dr Jennie Bradbury			Koubba Coastal Survey													15,866
HFF Regional Research			Sidon Archaeological	Digitisation						Project						42,000
Project
La Sapienza University			Tyre South Extension													9,890
Palestine
Dr Georgia Andreou			Gaza Project													28,873
Sicily
Professor Gioacchino	Falsone		Motya Museum Case													12,000
Syria
Jafar Anbar			Arwad Reef Project II													3,510
Developing the Discipline
Dr Tzveta Manolova			Digital Project - Protohistoric eastern								Mediterranean				ships and	8,613
			harbours
Maritime Archaeology	Sea		Developing an Open Source methodology										for the remote			15,336
Trust (MAST)			monitoring of Marine Protected					Areas
University ofSouthampton			Regional Data Repository				Development,					Lebanon		-	Pilot	13,590
Dr Nikos Efstratiou			Farmers at Sea: Extraction				ofancient				DNA		from marine sediments			8,938
			—Pilot
Maritime Archaeology	Trust		Maritime Archives Project													33,175
Education, Scholarships		&
Bursaries
Judith Gatt			Judith Gatt, Joint PhD	Aix-Marseille/Cyprus												51,950
Worcester College, University			Nesreen El Galy —PhD		Continuation						Fee, Michelmas				Term	528
ofOxford
Nesreen El Galy			Nesreen El Galy - Pro	rata			stipend			Oct21-Apr22						9,833
Worcester College, University			Nesreen El Galy - PhD		Continuation						Fee, Hilary Term					528
ofOxford
Sara Ibrahim			Pre-Session Support													10,780
Sara Ibrahim			I anguage Training													367
HFF Bursaries, various			Bursaries - Rearranged			IKUWA			7	Helsinki						3,250
recipients
HFF Bursaries, various			Bursaries - ICAS EMME													2,550
recipients
Noran Hamed			Bursary —Red Sea Conference,						Noran Hamed							900
University ofSwansea			Post-doc, Swansea University					-	Pat Tanner							184,659
HFF Student Support			Student Support Budget													6,000
HFF Bursaries, various			Bursaries - Mediterranean				Harbours				Conference					2,600
recipients

Grantee	Project Title									Award
										6
Education, Scholarships 8
Bursaries (continued)
HFF Student Support	Elissa Nader,	RTSG Funding								414
University ofSouthampton	Celia Prescott-Decie,			MSc Southampton						37,500
HFF Student Support	HFF Scholars		General Bursary			Fund (2022-2023)				15,000
Noran Hamed	Noran Hamed,		PhD	Extension						9,360
CMAUCH	CMAUCH Diploma,			Ministry of		Antiquities		x2		982
CMAUCH	CMAUCH Diploma									450
CMAUCH	CMAUCH MA		(2years)		x2					1,600
Special Grants
University ofSouthampton	HFF Associate		Professorship,			Southampton				997,696
Nautical Archaeological	IJNA Continued		Support							40,033
Society
MAGS Committee	Maritime Archaeology Graduates						Symposium		(MAGS)	8,710
Prince Claus Fund	Grantmakem	for Cultural			Heritage		Preservation		Network	2,000
	(G-CHeP)
Athena Trakadas	Ocean Decade		Heritage		Network					25,000
Grants Awarded 2021 - 2022
Total Approved Grants										2,121D21
Reconciliation ofGrants
Grants approved										2,137,061
Unspent grant balances										(43,230)
Overspent grants										13,844
Grants removed from commitments										(47,104)
Other adjustments										(2,355)
At 30September 2022										2,DDD 212

						Governance
				Management	Other	costa	Totals
				5	8	6
Other charitable activities				26.T82	51,8a4	to,soo	89,176
Support	costs, included	in	the above, sre as follows:
						2022	2021
						Other
						charitable
						activities	Total activities
						8
Trustee	costs					13	13
Staff costs (note 10)						26,769	28,313
Sundries						51,894	39,378
Auditors'	remuneration					7,000	6,960
Auditors'	remuneration	for	non-audit	work		3,500	3,240
						89,176	75,904
NET INCOME/(EXPENDITURE)
Net income/(expenditure)			is stated after charging/(crediting):
						2022	2021
							f
Auditors'	remuneration					7,000	s,aso
Auditors'	remuneration	for	non-audit	work		~3500	3,240

STAFF COSTS
										2022 f	2021 f
Wages and salaries										81,918	76,394
Social security costs										1,380	2,550
Other pension costs										5,933	8,766
										89,231	87,710
Staff costs have been split between				direct costs and support costs on				a 70%/30%	basis.
The average monthly	number	of	employees			during the year was	as follows:
									2022		2021
Administration										3	3
No emoluments over	f60,000were			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 f	fund f
INCOME AND ENDOWMENTS			FROM
Charitable activities
Investment income								681,060			681,060
Other income								1,195			1,195
Total								682,255			682,255
EXPENDITURE ON
Raising funds									203,185		203,185
Grants								893,908			893,908
Other charitable actwities								482,243			482,243
Total							1,376,151		203,185		1,579,336
Net gains/(losses) on investments									5,459,764		5,459,764
NET INCOME/(EXPENDITURE)								(693,896)	5,256,579		4,562,683
Transfers between funds								693,896	(693,896)
NET MOVEMENT IN	FUNDS								4,562,683		4,562,683
RECONCILIATION OF FUNDS
Total funds brought	forward								40,518,921		40,518,921
TOTAL FUNDS CARRIED FORWARD									~5,D01.604		45D01,604

FIXEDASS	ET	INVESTMENTS
				Listed
				Investments f
At 1 October	2021			46,487,844
Additions				5,977,485
Disposals				(7,076,047)
Net realised gains on disposals Net unrsalised loss on revaluation				486,761 ~3432,3113
At30September 2022				~2 ~12132
Investments	at	market value comprise:
UK Equities				5,744,519
Overseas Equities				8,400,066
Fixed interest				3,147,006
Alternatives				1,297,840
Commodities				963,794
Property				500,342
Multi assets				20,911,675
Sterling Liquidity Funds				819,000
Cash balances		held by investment	managers	635,490
				~241 3
Investments	at	historical cost		31333DOS

								2022		2021
										6
Social security and other			taxes							1,831
Grant commitments								1,490,022	1,064,860
Accruals and	deferred	income						~60974		69,602
								1,550,996	1,136,293
CREDITORS: AMOUNTS			FALLING DUE AFTER		MORE THAN	ONE YEAR
								2022		2021
								6		6
Grant commitments								1~320296		643,709
ANALYSIS OF NET ASSETSBETWEEN FUNDS
								2022		2021
				Unrestricted		Unrestricted	Total funds		Total	funds
				Income fund		Capital fund 8				f
Investments						42,419,732		42,419,732	46,487,844
Current assets						224,834		224,834		373,762
Cunent liabilities Long term liabilities						(1,550,996) ~).320.296)		(1,550,996) ~)32029 )	(1,136,293) ~63. 09)
						39773274	.	3,9 173274	.'43, 0.31,60
MOVEMENT	IN FUNDS
						Net		Transfers
						movement in		between
					At 1/10/21	funds		funds	At	30/9/22
					8	6				6
Unrestricted	funds
Income Fund						(2,028,774)		2,028,774
Capital Fund					45,081,604	(3,279,556)		(2,028,774)	39,773,274
TOTAL FUNDS					45,081,604	J5,308,330)			39,773,274
Net movement	in funds,	included		in the above are	as follows:
					Incoming	Resources		Gains and	Movement in
					fesotlrces	expended		losses		funds
					6	6		6		6
Unrestricted	funds
Income Fund					726,288	(2,755,062)			(2,028,774)
Capital Fund						(310,008)		(2,969,548)	(3,279,556)
TOTAL FUNDS					726,288	~3065070)		~2969,548)	~5308330)

MOVEM	ENT	IN FUNDS	- PRIO	R YEAR
					Net	Transfers
					movement in	between
				At 1/10/20 6	funds f	funds 6	At 30/9/21 5
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	losses	funds
				6	6	6	6
Unrestricted		funds
Income	Fund			682,255	(1,376,151)		(693,896)
Capital	Fund				(203,185)	5,459,764	5,256,579
TOTAL	FUNDS			682,255	~1,579,336)	~5459,784	~4,562683

								2022	2021
								6
Net income	for the		reporting		period (as	per the statement	offinancial
activities)								(5,308,330)	4,562,683
Adjustments	for:
Loss/ (Gain)	on investments							2,969,548	(5,459,764)
Interest received								(76,397)	(61,850)
Dividends received								(649,786)	(619,210)
Expenditure	attributable			to endowment				208,891	197,234
(Increase)/ Decrease			in	debtors				(10,194)	4,033
(Decrease)/	Increase		in	creditors				1~091290	404,221
Net cash provided		by		(used in) operating		activities		(1,774,978)	~972,653)

			2022	2021
			f	6
INCOME AND ENDOWMENTS
Investment income
Dividends received			649,786	619,210
Interest received			76,397	61,850
Other Income			105	1,195
Total			726,288	682,255
EXPENDITURE
Investment management	costs
Portfolio management			310,008	203,185
Charitable activities
Salaries			57,342	53,476
Social security			966	1,785
Pensions			4,154	6,136
Other charitable costs			543,497	340,533
Payroll and pension fees			1,171	1,376
Legal fees			540	3,030
Grants			2,058,216	893,908
			2,975,894	1,503,429
Supportcosts
Management
Trustees' expenses			13	13
Wages			26,769	26,313
			26,782	26,326
Other
Sundries			51,894	39,381
Governance costs
Auditom' remuneration Auditom' remuneration	for non-audit	work	7,000 ~3500	6,960 3,240
			10,500	10,200
Total resources expended			3,065,070	1,579,336
Net expenditure before	gains and	losses	(2,338,782)	(897,081)
Recognised gains and	losses
Realised and unrealised	gains on fixed asset investments		(2,969,548)	5,459,764
Net income			(5~308330)	4,562,683