The Amarna Trust - Annual Report For the year ended 30 June 2021
Charity number: 1161292
The Amarna Trust
Annual report for the year ended 30 June 2021
REFERENCE AND ADMINISTRATIVE INFORMATION
Registered office
Board of Trustees
Newton Hall Dr Paul Nicholson (Hon Chair, retired 31 Dec Town Street 2021) Newton Dr Helen Fenwick (appointed 12 July 2021 and Cambridge CB22 7ZE Hon Chair from 4 Feb 2022) Prof Barry J. Kemp (Hon Secretary) Ms Susan Kelly, CA, CPA (Hon Treasurer) Dr Andrew Bednarski Mr Paul Docherty (appointed 12 July 2021) Dr Anna Garnett (appointed 12 July 2021) Dr Alison L. Gascoigne (retired 28 Feb 2021) Ms Vicky Kemp (retired 28 Feb 2021) Dr Pamela Rose Dr Kate Spence (retired 31 Dec 2021)
Bankers
NatWest Bank 33 High Street High Wycombe Bucks HP11 2AG
Online
Registered charity number
www.amarnatrust.com 1161292
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Annual report for the year ended 30 June 2021
The Amarna Trust
REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021
The trustees of The Amarna Trust present their report and the unaudited financial statements for the year ended 30 June 2021.
OBJECTIVES AND ACTIVITIES
Objects and aims of the charity
The Amarna Trust exists to raise funds and provide financial support for archaeological fieldwork and research relating to the ancient site of Tell el-Amarna in middle Egypt. The charity’s objectives are:
To advance public education and to promote the conservation, protection and improvement of the ancient city of Tell el-Amarna, Egypt and the surrounding area for the benefit of the public in particular, but not exclusively, by:
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i. Creating a permanent facility for study (the research base – The Amarna Centre);
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ii. Supporting field research (and publishing useful results of such research);
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iii. Promoting training in archaeological field skills;
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iv. Providing, and assisting in the provision of, lectures and publications in furtherance of the stated objects;
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v. Developing displays and exhibitions at a site museum for the benefit of the public and an educational outreach programme for the benefit of pupils at schools; and
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vi. Working in partnership with the Egyptian Ministry of Tourism and Antiquities (MoTA), to maintain the ancient city for the benefit of the public.
Main objectives and significant activities for the year
The trustees’ main objectives for the year were as follows:
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To promote a program of online study and fundraising events;
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To update the websites for the Amarna Trust and the Amarna Project;
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To raise funds for and support on-going research and fieldwork for the following key projects:
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Magazine extension appeal, raising funds for the construction of a new storage and study space, adjacent to the dig house at Amarna,
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Great Aten Temple study season (Autumn 2020), excavation season (Spring 2021) and reconstruction of the building outlines in stone, and
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Non-elite Cemetery research and publication work.
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To support the development of a site management plan and outreach programme for Amarna, including the installation of new signage at significant places within the ancient city;
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To continue the digitisation of the Amarna archives in Cairo; and,
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To facilitate visiting scholars to the site of Amarna.
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The Amarna Trust Annual report for the year ended 30 June 2021
Strategies for achieving objectives and public benefit
The charity’s strategies for achieving its objectives involve raising donations and grants from various institutions and individuals and ensuring the best use of those funds in relation to the Trust’s annual and longer term objectives. In general, the Trust achieves these goals by providing grants to applicants for their fieldwork and research projects (see Notes 4 and 5). The Amarna Trust is truly grateful to all donors and Giving Circle patrons, as well as to the Egyptian Ministry of Tourism and Antiquities (MoTA) for its continued collaboration and support.
The trustees confirm that they have complied with their duty under the Charities Act 2011 to ensure the charity provides public benefit. They have considered the public benefit guidance published by the Charity Commission and believe that they have followed its guidance in this area. In part, the charity provides these benefits via public and online lectures and the regular publication of its freely distributed newsletter, Horizon .
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is governed by a Constitution dated 23 February 2015. It is registered with the Charity Commission as a Charitable Incorporated Organisation (registered charity number 1161292).
The Charitable Incorporated Organisation (CIO) was set up to continue the work of the predecessor unincorporated charity (also called The Amarna Trust, registered charity number 1113058). The assets, liabilities and reserves of the unincorporated charity were transferred to the CIO on 1 July 2016.
Trustees and their appointment, induction and training
Trustees are appointed in accordance with Articles 9 and 10 of the Constitution. New trustees are recommended based on the role to be filled and their expertise. They are then appointed during a meeting of the charity trustees. All new trustees are provided with a copy of the Constitution, the most recent annual report and statement of accounts, recent trustee meeting minutes, and the Charity Commission’s guidance “The Essential Trustee: What You Need to Know”. New trustees are also advised to regularly consult the Charity Commission website. Any trustee retirements are approved at the subsequent meeting of charity trustees in accordance with the Constitution.
We are truly grateful for the many and invaluable contributions of the following trustees, who retired since the last annual report:
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Effective 28 Feb 2021: Dr Alison L. Gascoigne and Ms Vicky Kemp; and
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Effective 31 December 2021: Dr Paul Nicholson (also retiring from his role as Honorary Chair) and Dr Kate Spence.
Several new trustees were appointed, effective the trustee meeting on 12 July 2021: Dr. Helen Fenwick (who also took on the role of Honorary Chair beginning 4 February 2022), Mr Paul Docherty and Dr Anna Garnett. We welcome our new trustees and look forward to working together.
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Annual report for the year ended 30 June 2021
The Amarna Trust
Organisational Structure
The trustees of the charity review all operational and financial matters during their bi-annual meetings.
The charity has no employees. All of the work of the Trust is carried out by volunteers, to whom the trustees are truly grateful.
Risk Management
The trustees review the principal risks and major uncertainties relating to the charity throughout the year and during their bi-annual meetings. Identified risks are presented, discussed in detail and the results of those discussions are included in the meeting minutes. In addition, the trustees ensure that all grant recipients prepare appropriate risk assessments prior to undertaking any work in the field.
The key risks and uncertainties to which the charity is currently exposed include:
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A major loss of, or damage to, data and documents. A large proportion of the work generated by the charity (including excavation notes, photographs, plans, etc.) is held in an office located in Cairo, Egypt. There is an on-going process to digitise the archive in order to ensure its’ safekeeping in several electronic databases and to eventually create an online open-access collection available to scholars around the world. Backups are maintained in multiple locations.
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The political risk and uncertainty related to excavation and research work currently underway in Egypt. The trustees regularly review UK travel advisories for the region, actively monitor the situation in Cairo and maintain strong relationships with colleagues and stakeholders in Egypt in order to be aware of and mitigate against these risks. The trustees cannot be held responsible for decisions taken in the field by grant recipients, who are expected to independently monitor the situation as part of their grant application process. Cash reserves and insurance policies ensure that support is available in the event of an emergency.
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The work that is done at the ancient city of Amarna depends upon annually renewed agreements with the Egyptian MoTA (and various responsible security agencies). Justification for granting permits is increasingly measured in terms of the public benefit to Egypt of the work of foreign expeditions. For many years the Trust has devoted significant resources to protecting the site and to improving visitor experience. In this way we work to satisfy the expectations of the host country.
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The director and trustee, Barry Kemp, is in his early 80s. He remains healthy and committed to both the fieldwork and study and publication of the results. He is supported by a dedicated group of archaeologists and specialists who are continuing his exceptional work at Amarna.
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The COVID-19 pandemic continues to pose a risk to our work, potentially impacting the financial resources of our regular donors and the ability of teams to travel to and work safely in Egypt. Trust meetings are held exclusively online, while travel remains restricted. Planned fundraising events and lectures have been deferred or hosted online. Donation income has only been minimally impacted. Grant recipients are asked to assess the additional risks, from a health, travel-logistics and political perspective, prior to commencing their projects. Fortunately, fieldwork has continued, with smaller teams, in Autumn 2020, Spring 2021 and into fiscal year 2022.
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Annual report for the year ended 30 June 2021
The Amarna Trust
ACHIEVEMENTS AND PERFORMANCE
The current year was again busy and successful. The permits required for work at the site of Amarna were available for the entire year, despite ongoing difficulties with the COVID pandemic. The Trust is grateful for the continued assistance and co-operation of the Egyptian MoTA and the police of el-Minia province whose responsibility it is to ensure the safety and security of all foreign expeditions.
The programme of work comprised the following elements:
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i. Maintaining a permanent facility for study: at the research office in Cairo, Egypt, the Trust provided continued support for the digitisation of the Amarna archives which comprise journals, excavation documents, photographs, archaeological plans, finds records and many other sources of study material for the site. During the year, a number of visiting academics also joined various excavation teams at Amarna to work on scholarly projects.
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ii. Supporting field research:
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a. The Great Aten Temple: grants have been provided to support two successful research and excavation seasons, in fall 2020 and spring 2021 respectively. Researchers continued to work on the materials discovered in prior excavation seasons, in particular the stone fragments (photographing, drawing and describing these pieces). The team carried out small-scale excavations with a limited team in spring 2021 and continued the project to mark out the main outlines of the Temple in modern stonework, replicating the ancient blocks. This will help visitors to better understand the scale and layout of the Temple, as well as guarding against future encroachment from a modern cemetery located just to the north.
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b. Non-elite Cemeteries: The Amarna Project director (and grant recipient) and her team continue to work on publication of the results from many seasons of work, at multiple non-elite cemeteries.
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c. A number of visiting scholars joined the teams at Amarna, working on projects relating to Great Aten Temple statuary, jar sealings, non-elite cemetery materials, finds from a house complex with a glass workshop (M50.14-16), and the installation of information panels at multiple locations across the site.
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d. A project to expand the on-site storerooms (attached to the excavation house at Amarna), which hold most of the excavated materials from over 40 years of work, became a reality in 2021. Permit applications were approved and a local contractor was hired. A related fundraising appeal was launched in summer 2020. The initial site chosen for the new storage magazine and study space was rejected, as Amarna-period archaeology was discovered underneath. However, a new site has been agreed with local authorities and construction commenced after the 2021 year-end.
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iii. Promoting training in archaeological field skills: the training programme for local inspectors from the Egyptian MoTA has been put on hold, however we are ready to continue supporting this valuable project.
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iv. Lectures and publications: Barry Kemp, trustee and grant recipient, gave many online lectures throughout the year to members of the public, as well as providing guided tours of Amarna to interested groups. In the USA, Professor Kemp organized an online talk for the Amarna Research Foundation, a long-time financial supporter of the Trust.
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Annual report for the year ended 30 June 2021
The Amarna Trust
Dr Anna Stevens, grant recipient, lectured online as well. Both Dr Stevens and Professor Kemp prepared reports for the Egyptian MoTA and academic articles for multiple publications.
The directors also coordinated and contributed to the publication of the Horizon newsletter. Issue 21 was distributed in Spring 2021. All Horizon issues are available on the Amarna Project web site at www.amarnaproject.com.
The web site www.amarnatrust.com has been maintained and updated.
- v. Maintaining the ancient city: the Trust continues to oversee activity at the site of Amarna in support of local antiquities inspectors, to monitor areas of possible site encroachment and to assist in the repair and maintenance of the site for tourism purposes.
The Trust provided a partial grant for the production of 42 large information panels to be installed across the site of Amarna at all significant structures and locations. The panels were produced in spring 2020 and erected in summer 2020, bringing a more professional look to the site and benefiting visitors and scholars alike. The balance of funding for this project was received from the Newton Mosharafa Institutional Links scheme - these amounts did not pass through the Trust’s accounts.
- vi. The Trust has continued to benefit from the assistance and enthusiastic support of its trustees, without whom the work of the Trust would quickly come to a halt.
FINANCIAL REVIEW
Income and expenditure in relation to the Trust’s objectives
Despite the continued COVID challenges in 2021, the current financial year was a busy and successful one. The Trust was pleased that all required permits were smoothly made available, thanks to the ongoing assistance of the Egyptian MoTA staff, in Cairo, el-Minia and Mallawi. The impact of COVID-19 was minimal. Although there were some limitations on travel to Egypt (often dictated by circumstances in team members’ home countries), there were no significant health issues for the individuals working at Amarna and no discernible impact on fundraising.
The Trust provided funds, grants or other support for the following:
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Digitisation of excavation archives at the offices in Cairo;
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A study season and an excavation season, as well as continued reconstruction work, at the Great Aten Temple;
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Construction of a new onsite storage magazine – funds were advanced in 2021, but expenditure did not commence until fiscal 2022;
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Maintenance of the Amarna field station and installation of site information panels; and
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Update of Amarna websites and publication of the Horizon newsletter, issue 21, Spring 2021.
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Annual report for the year ended 30 June 2021
The Amarna Trust
Total income for 2021 was £39,178, an increase of 3.6% over 2020 (£37,807). Income largely consisted of donations and project-related grants from institutions such as museums and foundations. Income is either a) restricted to a specific project, as specified by the donor, or b) unrestricted, available for use as directed by the trustees.
Unrestricted income for 2021 was £16,785 (42.8% of total income) and restricted was £22,393 (57.2%), compared to 37.2% and 62.8% respectively in 2020. This continues the trend of an increasing percentage of funds received from unrestricted sources.
Unrestricted income was 19.5% higher than in 2020. The Trust continued to cultivate the donor Giving Circles to recognise its most loyal supporters – the Meryra Circle (for donations of more than £500 per year) and Akhetaten Circle (for regular donors, contributing £10 or more per month). These donor circles were established to build a stable base of unrestricted income, funds to be allocated based on the recommendations of the trustees.
Restricted funding can vary considerably from year to year, depending on the various fundraising campaigns and grant applications. Restricted funds were raised in 2021 for the following projects: a) Great Aten Temple study, reconstruction and excavation, and b) Magazine appeal, for the construction of the new storage and study facility at Amarna.
Gift aid income remained consistent with prior years. We note that many of the new Giving Circle donors live outside the UK and do not qualify for gift aid, so an increase in donations will not always result in higher gift aid income.
Expenditure in 2021 was significantly lower (£27,381) than the prior year (£47,118). During 2020, projects which had been delayed in 2019 were finally completed, therefore resulting in a year of significant expenditure. Whereas in 2021, although work progressed, it was with significantly smaller teams and a reduced scope of work. Both the Great Aten Temple team and the Cemetery team were awarded grants in 2021 which were not spent until 2022. In the case of the Temple, the funds were actually advanced but not spent and were recorded as an asset (£9,783) at year-end. Fieldwork and research costs were £18,001 for 2021 versus £31,839 in 2020 – making up 65.7% of total expenditure in 2021 versus 67.6% in 2020. Travel costs and consultant and honorarium expenses were also significantly lower in 2021 than in 2020, consistent with decreases in fieldwork.
Current year expenses were split between unrestricted (£14,685) and restricted (£12,696). Unrestricted expenditure was higher than in 2020. The additional unrestricted funds raised by the trust meant that the trustees were able to provide larger unrestricted grants (£8,417 in 2021 versus £6,679 in 2020 – see Note 4).
Major areas of expenditure were:
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fieldwork and research, consultants and honorariums, and travel – provided as grants for reconstruction, excavation and study work at Amarna, research and archiving projects carried out at the office in Cairo, maintenance of the Amarna field station, and production of the site information panels;
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Horizon newsletter and fundraising costs – as mentioned previously, the Trust produced issue 21 of its newsletter – this was the only expense incurred in this category in 2021; and
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Website expense – updating both the Trust and Project websites in 2021.
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The Amarna Trust Annual report for the year ended 30 June 2021
Much of the expenditure was in the form of grants to individuals who are directors of the Amarna Project, an unrelated entity which carries out research projects at Amarna (although one of the Project Directors, Professor Barry Kemp is a related party, as he is also a Trustee). These grants are further explained in Note 4 and related party activities are disclosed in Note 5.
The Trust had net income of £11,797 in 2021 versus a net loss of (£9,311) in 2020. The 2021 net income was made up of £2,100 unrestricted net income and £9,697 restricted net income. The restricted net income was the result of grants awarded by the trustees in the year that were not expended and were instead recorded as Advances at the end of the year (see the Balance Sheet). These amounts will be spent in 2022 on the Great Aten Temple and Magazine Extension projects.
Funds and reserves
Overall, the funds of the Trust increased £11,797 in 2021 (see Note 6). At the end of the year, the total funds available were £60,448, broken down into restricted: £36,110 and unrestricted: £24,338. Total unrestricted funds available increased from £22,238 to £24,338 during the year, leaving the Trust in a healthy position at year-end. The Amarna Trust had no funds in deficit at 30 June 2021 or at any time in 2021 or 2020.
The policy of the Amarna Trust is that all funds raised will be spent on the charitable objectives, with no significant reserves. Since some of the work of the Trust takes place at specific times of year, the trustees calculate levels of funding raised during the previous period and available to spend, and tailor grant-making accordingly. However, the trustees have decided that a balance of £10,000 unrestricted funds must be held back as a reserve to cover unexpected financial needs. The reserves and this policy are reviewed in detail at each Trustee meeting.
As always, we are extremely grateful to our enthusiastic donors, volunteers, trustees and supporters in 2021 and look forward to another successful year, regardless of the challenges that face us.
I would be happy to make full accounts available on request, or to answer any financial questions. A copy of our signed external scrutiny document has been attached to these statements.
Susan Kelly, Honorary Treasurer 26 April 2022
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The Amarna Trust
Statement of Financial Activities (incorporating an income and expenditure account) For the year ended 30 June 2021
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| Funds | Funds | ||||||
| £ | £ | £ | £ | £ | £ | ||
| Income from: | |||||||
| Donations and grants | |||||||
| Donations | 16,060 | 8,315 | 24,375 | 11,142 | 9,160 | 20,302 | |
| Grants | - | 14,078 | 14,078 | - | 14,596 | 14,596 | |
| Gift aid | 725 | - | 725 | 789 | - | 789 | |
| Royalty and other | - | - | - | 2,120 | - | 2,120 | |
| income | |||||||
| Total income | 16,785 | 22,393 | 39,178 | 14,051 | 23,756 | 37,807 | |
| Expenditure on: | |||||||
| Raising funds and newsletter | 2,978 | - | 2,978 | 1,920 | - | 1,920 | |
| Charitable activities and support costs | |||||||
| Fieldwork and research | 4, 5 | 5,305 | 12,696 | 18,001 | 2,100 | 29,739 | 31,839 |
| Consultants and | 4, 5 | 1,547 | - | 1,547 | 2,350 | 1,507 | 3,857 |
| honorariums | |||||||
| Website | 1,322 | - | 1,322 | 780 | - | 780 | |
| Travel | 1,268 | - | 1,268 | 1,116 | 3,086 | 4,202 | |
| Cairo office rent | 725 | - | 725 | 1,600 | - | 1,600 | |
| Financial charges | 645 | - | 645 | 543 | - | 543 | |
| Insurance | 597 | - | 597 | 2,155 | - | 2,155 | |
| Equipment and software | 298 | - | 298 | - | - | - | |
| Trustee expenses | - | - | - | 222 | - | 222 | |
| Total expenditure | 14,685 | 12,696 | 27,381 | 12,786 | 34,332 | 47,118 | |
| Net income (loss) | 2,100 | 9,697 | 11,797 | 1,265 | (10,576) | (9,311) | |
| for theyear | |||||||
| Reconciliation of charity funds: | |||||||
| Total funds brought | 6 | 22,238 | 26,413 | 48,651 | 20,973 | 36,989 | 57,962 |
| forward | |||||||
| Total funds carried | |||||||
| forward | 6 | 24,338 | 36,110 | 60,448 | 22,238 | 26,413 | 48,651 |
All activities relate to continuing operations.
The notes on pages 12 to 19 form part of these financial statements.
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The Amarna Trust
Balance Sheet
As at 30 June 2021
| Notes | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| Current assets: | |||
| Cash at bank and in hand | 54,159 | 49,203 | |
| Debtors, advances and prepayments | 2 | 9,783 | - |
| Total assets | 63,942 | 49,203 | |
| Creditors and provisions: amounts | 3 | 3,494 | 552 |
| falling due within one year | |||
| Total net assets | 60,448 | 48,651 | |
| Charity funds: | |||
| Restricted income funds | 6 | 36,110 | 26,413 |
| Unrestricted funds | 6 | 24,338 | 22,238 |
| Total charity funds | 60,448 | 48,651 |
The notes on pages 12 to 19 form part of these financial statements.
The charity is entitled to exemption from statutory audit by the Charities Act 2011, section 160.
The financial statements were approved by the trustees on 26 April 2022 and signed on their behalf by:
Susan Kelly, Honorary Treasurer
Dr Helen Fenwick, Honorary Chair
Registered charity number 1161292
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The Amarna Trust Statement of Cash Flows
For the year ended 30 June 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Net income (loss) for the year | 11,797 | (9,311) |
| Adjustments for: | ||
| (Increase)/decrease in debtors, advances and | (9,783) | 19,239 |
| prepayments | ||
| Increase/(decrease) in creditors and provisions | 2,942 | 552 |
| Net cash provided by (used in) operating | 4,956 | 10,480 |
| activities | ||
| Change in cash at bank and in hand in the year | 4,956 | 10,480 |
| Cash at bank and in hand at the beginning of the | 49,203 | 38,723 |
| year | ||
| Cash at bank and in hand at the end of theyear | 54,159 | 49,203 |
The charity did not have any investing or financing activities in 2021 or 2020.
A table reconciling net debt has not been provided. The charity has cash balances as disclosed above, but no other borrowings, derivatives, obligations under finance leases or other loans.
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The Amarna Trust
Notes to the Financial Statements For the year ended 30 June 2021
1. Accounting policies
a. Basis of preparation of financial statements
The financial statements are prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), second edition, effective 1 January 2019 and published October 2019 – (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (updated March 2018) and the Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
b. Public benefit entity
The Amarna Trust meets the definition of a public benefit entity under FRS 102.
c. Going concern
The trustees consider that there are no material uncertainties, including the ongoing impact of the COVID-19 pandemic, on the charity’s ability to continue as a going concern.
Key judgements and assumptions that the charity have made, which have a significant effect on the accounts, include estimating the timing of liabilities for future grant commitments.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
d. Fund accounting
Restricted funds are to be used only for specific purposes as communicated by the donor. Expenditures that meet these criteria are charged to the fund. Only eligible direct support costs, such as travel, are charged against the relevant restricted funds.
Unrestricted funds are donations and other income received or generated for general charitable purposes and can be spent at the discretion of the trustees.
e. Income
All income is recognised when the charity is entitled to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.
Royalty income is earned when the charity provides use of images or other information from its archives for use in publications or other media, as long as there is reasonable certainty of collection.
Where income from a donation or grant carries a restriction that the funds must be used for a specific purpose, project or activity, this income is included as restricted funds.
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The Amarna Trust
Notes to the Financial Statements For the year ended 30 June 2021
Accounting policies (continued)
- f. Expenditure and grants
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accrual basis. Expenditure is classified under the following activity headings:
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Costs of raising funds relate to the costs incurred by the Trust to induce third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. These costs include the production of the Horizon newsletter.
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Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and indirect support costs.
The charity is below the threshold for statutory audit as required by the Charities Act 2011 section 160 and the Charities SORP FRS 102 Appendix 3 and therefore chooses to present its expenditure based on the nature of the expense rather than on an activity basis. Indirect support costs are minimal and are included in their separate headings, rather than being allocated to other expenditure categories.
Grants for fieldwork are recognised when awarded by the Board of Trustees, unless there are conditions that impact the probability of settlement, such as a delay in the start of fieldwork. Archaeological grants are conditional on the receipt of all required permits and the commencement of fieldwork – once these conditions are in place, the grant expense is recognised in the accounts. Prior to this, any payments are recorded as advances to the grant holder on the Balance Sheet (see Note 2).
g. Donated services and volunteers
Donated professional services are recognised as income when the charity has received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and the economic benefit can be measured reliably.
On receipt, donated services are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain similar services on the open market. A corresponding amount is then recognised in expenditure in the period of receipt.
There were no donated services received in 2021 or 2020.
In accordance with the Charities SORP (FRS 102), volunteer time is not recognised as income. Please refer to the trustees’ annual report for more information about the contribution of volunteers.
h. Cash at bank and in hand
Cash at bank and in hand includes cash in the charity’s bank accounts and held in petty cash in the office in Cairo, of which there was none at the end of 2021. The charity funds do not include any short-term highly liquid investments.
i. Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
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Notes to the Financial Statements For the year ended 30 June 2021
The Amarna Trust
Accounting policies (continued)
j. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
k. Financial assets and financial liabilities
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement amount.
l. Staff costs and charity trustee remuneration and expenses
The charity does not employ any staff or key management.
The Report of the Board of Trustees discusses the work of two “project directors”, Professor Barry Kemp (who is also a Trustee) and Dr Anna Stevens. Both of these directors are volunteers with the Amarna Project, the entity allowed to seek the required Egyptian permissions for work at the site of Amarna. They are volunteers and do not receive salaries. They do, however, receive grants from the Trust, in support of their fieldwork from time to time. See also Notes 4 and 5 (Grant making and Related party transactions).
The charity trustees are not remunerated and received no other benefits from employment with the charity in the year. No charity trustee received payment or reimbursement for travel or subsistence costs relating to attendance at meetings of the trustee. Trustee expenses on the Statement of Financial Activities consist of costs incurred for the trustee meetings. There have been no such expenses in 2021, as all meetings have been held online since the start of the COVID pandemic. No charity trustee received payment for professional or other services to the charity, except as disclosed in Note 5.
2. Debtors, advances and prepayments
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Accrued income | - | - | |
| Grant advances (see Note 1f) | 9,783 | - | |
| Debtors, advances andprepayments | 9,783 | - |
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For the year ended 30 June 2021
The Amarna Trust
Notes to the Financial Statements
3. Creditors and provisions: Amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Creditors andprovisions | 3,494 | 552 |
4. Grant making expenditure
Fieldwork and research, consultants and honorariums, and travel expenditure includes amounts relating to the following restricted and unrestricted grants approved by the Trustees:
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |
|---|---|---|---|---|---|---|
| Re- | Unre- | Total | Re- | Unre- | Total | |
| stricted | stricted | stricted | stricted | |||
| £ | £ | £ | £ | |||
| £ | £ | |||||
| Great Aten Temple research seasons – Fall 2020 and | 19,219 | 6,004 | 25,223 | 34,076 | 1,967 | 36,043 |
| Spring 2021 | ||||||
| Magazine Extension appeal funds | 3,260 | - | 3,260 | - | - | - |
| Signage project at Amarna | - | 1,500 | 1,500 | - | 2,100 | 2,100 |
| Cairo office rent and other costs contribution | - | 913 | 913 | - | 1,600 | 1,600 |
| South Tombs Cemetery Publication Fund | - | - | - | 256 | 1,012 | 1,268 |
| Less: Ending balances, unspent (see Advances) | (9,783) | - | (9,783) | - | - | - |
| Total grant expenditures, accrual basis | 12,696 | 8,417 | 21,113 | 34,332 | 6,679 | 41,011 |
| (see also Notes 5 and 6) |
All grants are awarded after discussion and approval by the Board of Trustees, and are funded from both restricted and unrestricted funds, depending on grant requests received and availability of funds. After the related work is completed, accounts and receipts are presented to the Trust by the grant recipient, as proof of expenditure.
The following grants were awarded to a trustee (Professor Barry Kemp), who then disbursed the funds in accordance with budgets presented to the trustees – see related party disclosure in Note 5:
-
Great Aten Temple research seasons; and
-
Magazine Extension appeal funds.
Page 15
The Amarna Trust
Notes to the Financial Statements
For the year ended 30 June 2021
5. Related party and other transactions
The following is a complete list of all related party transactions that took place in 2021.
- Professor Barry Kemp, a trustee, was awarded several grants from the charity in 2021. The grants supported Professor Kemp’s work at Amarna, from both restricted and unrestricted funds. Professor Kemp does not benefit personally from these grants or receive any compensation for managing these projects. Instead the grants are used to pay for local costs relating to the projects under his management and for the maintenance of the excavation house at Amarna. The trustees made the decision to award these grants without the participation of Professor Kemp, and the decision was taken following the same process as for all grants awarded.
| 2021 | 2020 | |
|---|---|---|
| Relatedparty transactions | £ | £ |
| Opening advance to Trustee | - | 14,858 |
| Add: Grant payments to Trustee in the year (cash basis) | 26,284 | 17,331 |
| Add: Amounts granted to Trustee, but paid to third parties | ||
| on the Trustee’s behalf (cash basis) | 2,199 | 5,454 |
| Less: Ending advance to Trustee | (9,783) | - |
| Total grants and other payments to Trustee Barry Kemp | ||
| in theyear(accrual basis) | 18,700 | 37,643 |
-
The accounting disclosure for related party grants to Trustee Barry Kemp has been changed in 2021 to include any payments made from these grants to third parties. This provides a better reflection of the full grant amounts awarded and paid to the trustee. The 2020 disclosure has been restated to provide a consistent comparison.
-
Vicky Kemp, a trustee, produces the Horizon newsletter via her company 2g Ltd. In 2021, issue number 21 of Horizon was produced. At 30 June 2021, £2,978 is included in provisions, payable to 2g Ltd., for the printing and mailing costs of the latest newsletter issue.
-
Susan Kelly, a trustee, participates in the excavation seasons for the Great Aten Temple from time to time. She does so as a general volunteer and receives only room and board in exchange, consistent with other volunteers.
-
Several trustees make regular monthly unrestricted donations to the Trust. In 2021 the total amount of trustee donations without conditions was £595 (2020 - £640).
There were no restricted donations from related parties in either 2021 or 2020.
There are no other related party transactions to disclose for 2021 or 2020.
Page 16
The Amarna Trust
Notes to the Financial Statements
For the year ended 30 June 2021
6. Movement in Charity Funds
| Fund | Fund | Incoming | Outgoing | Transfer | Fund | |
|---|---|---|---|---|---|---|
| balances at | resources | resources | between | balances at | ||
| 30 June | 2020 | funds | 30 June 2021 | |||
| £ | £ | £ | £ | |||
| £ | ||||||
| Restricted income funds | ||||||
| South Tombs Cemetery | ||||||
| Publication Fund | 9,292 | - | - | - | 9,292 | |
| Statuary Publication Fund | 8,637 | - | - | - | 8,637 | |
| Great Aten Temple Fund | 1,026 | 15,304 | (9,060) | 113 | 7,383 | |
| Magazine Extension Fund | - | 7,089 | - | - | 7,089 | |
| Amarna Trust Annual | ||||||
| Fund | 6,749 | - | (3,636) | - | 3,113 | |
| North Tombs Cemetery Fund | 596 | - | - | - | 596 | |
| Kom el-Nana Protection Fund | 113 | - | - | (113) | - | |
| Total restricted income | ||||||
| funds | 26,413 | 22,393 | (12,696) | - | 36,110 | |
| Unrestricted funds | 22,238 | 16,785 | (14,685) | - | 24,338 | |
| Total Charity Funds | 48,651 | 39,178 | (27,381) | - | 60,448 |
Page 17
The Amarna Trust
Notes to the Financial Statements
For the year ended 30 June 2021
| Fund | Fund | Incoming | Outgoing | Transfer | Fund | ||
|---|---|---|---|---|---|---|---|
| balances at | resources | resources | between | balances at | |||
| 30 June | 2019 | funds | 30 June 2020 | ||||
| £ | £ | £ | £ | ||||
| £ | |||||||
| Restricted income funds | |||||||
| South Tombs Cemetery | |||||||
| Publication Fund | 5,548 | 4,000 | (256) | - | 9,292 | ||
| Statuary Publication Fund | 8,637 | - | - | - | 8,637 | ||
| Amarna Trust Annual | |||||||
| Fund | 6,749 | - | - | - | 6,749 | ||
| Great Aten Temple Fund | 15,346 | 19,756 | (34,076) | - | 1,026 | ||
| North Tombs Cemetery Fund | 596 | - | - | - | 596 | ||
| Kom el-Nana Protection Fund | 113 | - | - | - | 113 | ||
| Total restricted income | |||||||
| funds | 36,989 | 23,756 | (34,332) | - | 26,413 | ||
| Unrestricted funds | 20,973 | 14,051 | (12,786) | - | 22,238 | ||
| Total Charity Funds | 57,962 | 37,807 | (47,118) | - | 48,651 |
Only eligible direct support costs, such as travel, are charged against the relevant restricted funds.
Included in unrestricted funds is an amount designated by the trustees as an Emergency Fund (£10,000). See further discussion of this policy in the trustees’ annual report.
Page 18
The Amarna Trust
Notes to the Financial Statements For the year ended 30 June 2021
Purposes of Restricted income funds
All funds support on-going excavation and research projects at the ancient Egyptian city of Tell elAmarna, as follows:
-
South Tombs Cemetery Publication Fund
-
a fund established to provide additional support for the publication of research from the South Tombs Cemetery excavation.
Statuary Publication Fund
- for publication of a definitive volume on the stone statuary fragments found at Amarna over its history of excavation.
Great Aten Temple Fund
- support for the annual archaeological fieldwork, study of materials and partial reconstruction of the Great Aten Temple (work began in 2012). This fund includes substantial grants in 2020 from The Metropolitan Museum of Arts in New York and from The American Research Foundation, both long-time supporters.
Magazine Extension Fund
- At the site of Amarna, there are currently three Magazines which store almost all materials found at the site in excavations since 1977. It was decided in 2021 to expand this storage facility, adding an additional Magazine, as well as a room for study of these materials, within the secured area. A fundraising campaign was launched in 2021. No funds were expended in the current year.
Amarna Trust Annual Fund
- 2017 marked 40 years of continuous archaeological work at Amarna. To commemorate this milestone, the Trustees raised funds to be distributed at their discretion among several projects: excavating the Great Aten Temple, conserving the coffins from the South Tombs Cemetery, archiving pottery data, publishing the South Tombs Cemetery project and providing funds to run the field station and Cairo office. Amounts were awarded in the current year in support of the Great Aten Temple.
North Tombs Cemetery Fund
-
a small fund supporting the on-going fieldwork and research, beginning in 2015, at these non-elite burial grounds.
-
Kom el-Nana Protection Fund • no further work is expected. In 2021, the trustees agreed to transfer the small balance of funds to the Great Aten Temple fund, from which routine repairs for the Kom el-Nana fence are normally paid.
Page 19
CHARITY COMMISSION FOR E[AND AND WALES Independent examlnerfs report on the accounts Section A Indeptndent Examiner's R•port Report to thè tnmtsesl AJnwna Tntst On ceounts for th• year •nd•d 301(W2021 Charlty no Ilf nyl 1161292 S•t out on pag 1-18 I rèport lo tho tru8lees on my exwnination of the accounts ol the abov dwity (1 Trf) fortrè 30/06120J. R•8ponslblht•s and bo81• of rnFrt As thg ¢harrty's iwste, you are responsible for the pParatIOn of tho acuunts in •cccYdance wrth th8 wuirements ofthe charit Act 2011 I rep)rt in r¢8FeLI ol my examination of tha TrLMI's acLounts carried out UreT section 145 ollhe 2011 Act and in carrying out my examination, I ha¥0 followed all the aWtsbl• thr•thns gIn by thtr Charity Cornmi8610n under se(*on 145(Sllbl of the Act. IndopendgTr1 I have completed my ?xarninal. I cAnfim that no material matters hav¥ •xamlnof8 8tat•mgnl come to my atténtvm in OneCtIon with the examination which gives me cause to believe that in. any material pact.. the accounbNd records kept in 8¢¢0rt1ance wrth section 130 of the Charrtns Acl.. or thg ar)UnIS not ¥cc4Yd vthh the ac£ounb'ng fecord$,' or the accoLbnts dKI not rth1Y wth thtr applic8N• requirem&nt8 conc•mino the lom an<1 content of accounts set out in the Chariti•s lAcnts and R•pwtsl Regylation$ 2CQ8 oth•r than any requirernent that th• aunt$ gw• o ir¢J8 and laii. view which 1$ not a matter )nsidered as part of an ind?pendorit examination. I hav• no (cernS and have come aeJo38 no other matters in Gonnectlon th the •xamin¥tion lo whith att•ntion drawn in thls report in ord•r trnaUe a proper und•rntsnding ofthe ¥ccounts to bo aChed. Slgn•d.' O•t•: 2710412022 N•m•'. Jill Forman R•levant profwlonal quallficattorf•l or body Ilf any): ICAEW Crtered 1£cn1arrt IACAJ qualifKation. Addr¢M: Hafol Wen Cyrwyd. Corwen LL21 OLY Page 20