Company no. 10146878 Charity no. 1172799
Odysseus Unbound Foundation Report and Unaudited Financial Statements 31 December 2021
Odysseus Unbound Foundation
Reference and administrative details
| For theyear ended 31 | December 2021 | |
|---|---|---|
| Company number | 10146878 | |
| Charity number | 1172799 | |
| Registered office and | 53 Edithna Street | |
| operational address | London | |
| SW9 9JR | ||
| Trustees | Trustees, who are also directors under company law, who served during | |
| the year and up to the date | of this report were as follows: | |
| Mr Matthew Bittlestone | ||
| Mr Simon Bittlestone | ||
| Mr John Crawshaw | (Chair) | |
| Professor James Diggle CBE | ||
| Mr Julian Rush | ||
| Professor John Underhill | ||
| Independent | Godfrey Wilson Limited | |
| examiners | Chartered accountants and | statutory auditors |
| 5th Floor Mariner House | ||
| 62 Prince Street | ||
| Bristol | ||
| BS1 4QD | ||
| Bankers | Lloyds Bank Plc | |
| 417 North End Road | ||
| London | ||
| SW6 1NS |
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Odysseus Unbound Foundation
Report of the trustees
For the year ended 31 December 2021
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
Structure, governance and management
The charity is a company limited by guarantee and is governed by its memorandum and articles of association. The trustees all have a personal connection with the charity and at this point no further trustees are required.
Objectives and activities
The charity’s objects are:
“To advance the education of the public on the subject of the ancient world by conducting research designed to reveal the locations of historical sites previously described in ancient literature and to promote research for the public benefit in all aspects of that subject and to publish the useful results.”
The trustees are aware of the Charity Commission’s guidance on public benefit. The charity conducts scientific research to identify sites of important cultural and scientific interest, specifically in regard to sites identified in Homer’s Odyssey that have remained undiscovered for thousands of years. The charity shares the results of this research on an ongoing basis with the general public, and should new archaeological sites be discovered and excavated these would provide huge cultural benefits to Greece and the wider world.
Achievements and performance
The Foundation began 2021 by holding a webinar to update supporters on the progress made over the previous few years. This included a scientific presentation and question-and-answer session, and was attended by approximately 100 guests. During this year we also added Mr Harmar Brereton to the Steering Committee; Harmar has a wealth of business and management experience including running successful charity fundraising campaigns in the United States, a country in which we hope to increase our reach.
The effects of the Covid-19 pandemic made 2021 a difficult year for travel and placed restrictions on economic activity, but despite these impediments, the Foundation undertook several fieldwork activities. In collaboration with the National Technical University of Athens (NTUA), long-line Electrical Resistivity Tomography (ERT) was carried out in the Thinia Valley to examine the subsurface and look for evidence of a buried marine channel. In the Livadi Marsh, again in collaboration with NTUA, ERT was carried out to analyse the subsurface and look for evidence of a natural harbour basin that could have once been a palaeo-harbour that was subsequently filled with layers of sediment. Elsewhere in Paliki, the joint collaboration with the Ephorate of Antiquities of Cephalonia and NTUA was continued for a second year with the exploration of a known LBA necropolis. Finally, in collaboration with NTUA and CEREGE, rock samples were extracted from known landslide scarps and slip faces in order to date landslides that may have closed the marine channel through subjecting the rock samples to Cosmogenic Radionuclide Exposure (CRE) testing at the CEREGE laboratories. In addition to this work our colleague Peter Styles - Emeritus Professor of Geophysics at Keele University - continued to devote his time pro bono to analysing gravity data from the crucial Thinia Valley in Kefalonia to deepen our understanding of the sub-surface and to help answer the question of whether a marine channel could have separated Paliki from the main part of Kefalonia during Homeric times.
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Odysseus Unbound Foundation
Report of the trustees
For the year ended 31 December 2021
In addition to the research update webinar, information on these projects was shared via our website https://www.odysseus-unbound.org/ as well as via our email newsletter and social media channels.
Financial review
The charity’s main costs were its fieldwork and research on which was spent approximately £31,000 in 2021. These amounts are much less than the true cost of the research since the trustees give their time pro bono to help supervise, conduct and share the results of this work via the website and social media channels.
The charity ended the year in a sound financial position with approximately £25,000 in cash to put towards further charitable activities in 2022.
The trustees aim to maintain unrestricted reserves to cover a year's worth of operational expenditure. This excludes fieldwork but covers fundraising, PR, professional fees and general expenses and is estimated to be around £7k for 2022.
Response to Coronavirus outbreak
The Foundation has a very low level of fixed costs and as a result was not overly threatened by Covid19 disruption. Fortunately, the situation in Greece allowed us to carry out the fieldwork we had planned for 2021 with minor modifications. The trustees continue to monitor the global situation and prepare plans for the Foundation via video-conference.
Funds received as an agent or funds held as a custodian trustee
None.
Statement of responsibilities of the trustees
The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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▪ observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Odysseus Unbound Foundation
Report of the trustees
For the year ended 31 December 2021
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2021 was 6 (31 December 2020: 6). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Independent examiners
Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 30 May 2022 and signed on their behalf by
Julian Rush
Julian Rush - Trustee
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Independent examiner's report
To the trustees of
Odysseus Unbound Foundation
I report to the trustees on my examination of the accounts of Odysseus Unbound Foundation (the charitable company) for the year ended 31 December 2021, which are set out on pages 6 to 14.
Responsibilities and basis of report
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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(4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Date: 31 May 2022 Laura Richards ACA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House Bristol BS1 4QD
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Odysseus Unbound Foundation
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 December 2021
| Note Income from: 3 Total income Expenditure on: Charitable activities Total expenditure 4 5 Reconciliation of funds: Total funds brought forward Total funds carried forward Donations Net income / (expenditure) and net movement in funds |
Restricted Unrestricted £ £ - 49,043 - 49,043 6,451 26,923 6,451 26,923 (6,451) 22,120 6,451 2,686 - 24,806 |
2021 Total £ 49,043 49,043 33,374 33,374 15,669 9,137 24,806 |
2020 Total £ 43,773 |
|---|---|---|---|
| 43,773 | |||
| 43,022 | |||
| 43,022 | |||
| 751 8,386 |
|||
| 9,137 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 10 to the accounts.
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Odysseus Unbound Foundation
Balance sheet
As at 31 December 2021
| Note Current assets Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 8 Net assets 9 Funds 10 Restricted funds Unrestricted funds General funds Total charity funds |
£ 25,946 (1,140) |
2021 £ 24,806 - 24,806 24,806 |
2020 £ 10,424 (1,287) |
|---|---|---|---|
| 9,137 | |||
| 6,451 2,686 |
|||
| 9,137 |
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for:
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(i) ensuring that the Company keeps proper accounting records which comply with section 386 of the Act; and
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(ii) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 30 May 2022 and signed on their behalf by
Julian Rush
Julian Rush - Trustee
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Odysseus Unbound Foundation
Notes to the financial statements
For the year ended 31 December 2021
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Odysseus Unbound Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charity is able to continue as a going concern. The trustees acknowledge that the Covid-19 pandemic has had a profound impact on the global economy but there is no direct impact on the charity's current and future financial position. On this basis the trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
d) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
e) Funds accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
f) Expenditure and irrecoverable VAT
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.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
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Odysseus Unbound Foundation
Notes to the financial statements
For the year ended 31 December 2021
1. Accounting policies (continued)
g) Allocation of support and governance costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of direct costs, as follows:
| 2021 | 2020 | |
|---|---|---|
| Raising funds | 0.0% | 0.0% |
| Charitable activities | 100.0% | 100.0% |
h) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
i) Creditors
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.
j) Financial instruments
The foundation 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 value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
k) Foreign currency transactions
Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.
l) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
There are no sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.
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Odysseus Unbound Foundation
Notes to the financial statements
For the year ended 31 December 2021
2. Prior period comparatives: statement of financial activities
| Income from: Donations Total income Expenditure on: Charitable activities Total expenditure 3. Income from donations Grants greater than £5,000 Jean Bittlestone Charitable Trust The Crawshaw Family Fund Grants less than or equal to £5,000 The Brereton Fund Small donations Total income from donations Prior period comparative: Grants greater than £5,000 Jean Bittlestone Charitable Trust The Brereton Fund Grants less than or equal to £5,000 The Crawshaw Family Fund Small donations Total income from donations Net income / (expenditure) and net movement in funds |
Restricted £ £ 24,425 19,348 24,425 19,348 23,396 19,626 23,396 19,626 1,029 (278) Restricted £ £ - 25,000 - 7,298 - 3,226 - 13,519 - 49,043 Restricted £ £ 12,000 13,000 10,639 - 1,786 3,522 - 2,826 24,425 19,348 Unrestricted Unrestricted Unrestricted |
2020 Total £ 43,773 |
|---|---|---|
| 43,773 | ||
| 43,022 | ||
| 43,022 | ||
| 751 | ||
| 2021 Total £ 25,000 7,298 3,226 13,519 |
||
| 49,043 | ||
| 2020 Total £ 25,000 10,639 5,308 2,826 |
||
| 43,773 |
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Odysseus Unbound Foundation
Notes to the financial statements
For the year ended 31 December 2021
4. Total expenditure
| Support and | ||||
|---|---|---|---|---|
| Raising | Charitable | governance | ||
| funds | activities | costs | 2021 Total | |
| £ | £ | £ | £ | |
| Fieldwork | - | 25,005 | - | 25,005 |
| Fieldwork support costs | - | 1,208 | - | 1,208 |
| Travel and subsistence | - | 4,462 | - | 4,462 |
| Accountancy and audit | - | - | 1,032 | 1,032 |
| Website | - | - | 1,013 | 1,013 |
| Sundry expenses | - | - | 350 | 350 |
| Bank charges | - | - | 304 | 304 |
| Sub-total | - | 30,675 | 2,699 | 33,374 |
| Allocation of support and governance costs | - | 2,699 | (2,699) | - |
| Total expenditure | - | 33,374 | - | 33,374 |
| Total governance costs for the period were | £1,140 (2020: | £1,860). | ||
| Prior period comparative: |
| Prior period comparative: | ||||
|---|---|---|---|---|
| Support and | ||||
| Raising | Charitable | governance | ||
| funds | activities | costs | 2020 Total | |
| £ | £ | £ | £ | |
| Fieldwork | - | 28,568 | - | 28,568 |
| Fieldwork support costs | - | 9,016 | - | 9,016 |
| Travel and subsistence | - | 2,392 | - | 2,392 |
| Accountancy and audit | - | - | 1,380 | 1,380 |
| Website | - | - | 792 | 792 |
| Legal and professional charges | - | - | 480 | 480 |
| Sundry expenses | - | - | 200 | 200 |
| Bank charges | - | - | 194 | 194 |
| Sub-total | - | 39,976 | 3,046 | 43,022 |
| Allocation of support and governance costs | - | 3,046 | (3,046) | - |
| Total expenditure | - | 43,022 | - | 43,022 |
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Odysseus Unbound Foundation
Notes to the financial statements
For the year ended 31 December 2021
5. Net movement in funds
This is stated after charging:
| Trustees' remuneration Trustees' reimbursed expenses Independent examiner's remuneration: Independent examination (including VAT) |
2021 £ Nil 8,893 1,140 |
2020 £ Nil 7,900 1,080 |
|---|---|---|
During the year, two trustees were reimbursed expenses of £8,893 relating to travel and subsistence, and fieldwork costs (2020: one trustee was reimbursed expenses of £7,900 relating to travel and subsistence, fieldwork costs and payments to a translator).
6. Staff costs and numbers
There were no staff employed during the current or prior period. The key management personnel of the charitable company are considered to be the trustees, who received no remuneration during the current year or prior period.
7. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
8. Creditors : amounts due within 1 year
| Accruals | 2021 £ 1,140 |
2020 £ 1,287 |
|---|---|---|
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Odysseus Unbound Foundation
Notes to the financial statements
For the year ended 31 December 2021
9. Analysis of net assets between funds
| Current assets Current liabilities At 31 December 2021 Prior period comparative Current assets Current liabilities At 31 December 2020 10. Movements in funds Restricted funds Tombsite excavation Gravity research Total restricted funds General funds Total unrestricted funds Total funds |
At 1 January 2021 £ 2,922 3,529 6,451 2,686 2,686 9,137 |
Income £ - - - 49,043 49,043 49,043 |
£ £ - 25,946 - (1,140) - 24,806 £ £ 6,451 3,973 - (1,287) 6,451 2,686 £ £ (2,922) - (3,529) - (6,451) - (26,923) - (26,923) - (33,374) - Expenditure Transfers between funds Restricted funds Unrestricted funds Restricted funds Unrestricted funds |
£ 25,946 (1,140) Total funds |
|---|---|---|---|---|
| 24,806 | ||||
| £ 10,424 (1,287) Total funds |
||||
| 9,137 | ||||
| £ - - At 31 December 2021 |
||||
| - | ||||
| 24,806 | ||||
| 24,806 | ||||
| 24,806 |
Purposes of restricted funds Tombsite excavation
This was a joint geophysical and archaeological exploration, conducted by the local archaeological authority and the National Technical University of Athens, of a confirmed Bronze Age Necropolis and related site on Paliki. The work had all the necessary permits and furthered our understanding of the occupation of Paliki in Homeric times.
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Odysseus Unbound Foundation
Notes to the financial statements
For the year ended 31 December 2021
10. Movements in funds (continued) Purposes of restricted funds (continued) Gravity research
This was a joint geophysical exploration, with the National Technical University of Athens, to carry out a gravity survey across the Thinia valley between Paliki and the rest of Kefalonia. The work had all the necessary permits and the results enhanced our understanding of the underlying subsurface geology of the valley.
Prior period comparative
| Prior period comparative | |||||
|---|---|---|---|---|---|
| Restricted funds Tombsite excavation Marine core analysis Gravity research Total restricted funds General funds Total unrestricted funds Total funds |
At 1 January 2020 £ 5,422 - - 5,422 2,964 2,964 8,386 |
Income £ 8,896 12,000 3,529 24,425 19,348 19,348 43,773 |
£ (11,396) (12,000) - (23,396) (19,626) (19,626) (43,022) Expenditure |
£ - - - - - - - Transfers between funds |
£ 2,922 - 3,529 At 31 December 2020 |
| 6,451 | |||||
| 2,686 | |||||
| 2,686 | |||||
| 9,137 |
11. Related party transactions
£25,000 was received from the Jean Bittlestone Charitable Trust during the year (2020: £25,000). Matthew Bittlestone and Simon Bittlestone, trustees, are also trustees of this Trust.
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