##
|||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|
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|||||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|
##
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##
##
##
|||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|