2021-04-05-accounts

THE BRITISH SCHOOL AT ATHENS Lv.lii FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE BRITISH SCHOOL AT ATHENS INDEX Page Number Trust¢es report 12- 15 Referen¢¢ information 16- 18 Independent report of the auditors 19-20 Statement of financial activities 21 Balance sheet 22 Statement of cash flows Notes to the financial stateinents

Page I THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021 The Council presents its report together with its audiied financial statements for the year ended 5 April 2021. The financial statements have been prepgred in aCCOTdance with the accounting policies set out in note I to the financial statements. They also complv with the requiremenis of the siatuies, the Chariiies Act 2011 and 'Accounting and Reporting by Charities. Statement of Recommended Practice applicable 10 charities preparing their accounts in accordat]ce with the Finat]cial Reportit]g Stat]dard applicable in the UK and Republic of ITeland'12nd Edition, effective 2019). Structure Governance and Management The Brit15h School at Atheiis {www.bsa.ac.uk) is constituted as a re¥istered charity {No. 208673) and 15 ¥overned by Statutes which were last amended 011 23 Februati. 2016. It coinprises Regular Metnber5, Sub5cribin¥ Members and Hoiiorary Meinber5. and eniplo}'s staff in Greece and London; it is governed b), a Council of Tru5tee5. The Council consist5 of the Chair, Honorary Treasurer, I represeiitative of the Vice-Presidents: 4 members elected by the School's Subscribing Meinbers foT a 4-year term, 2 members elected b), School's Regular Members for a 2-year temi, and 4 iioniinated members elected by Council for a 4-year term. A Vice-chair is elected from its number. Tlie Chairs of the Coinmittee5 for Archaeology, for Society, Arts, and Letters, and for Finaiice and General Purposes are ex-officio members of Council. Tru5tee5 are recruited froTn all constitueiicies represented in the Scliool'5 activities-. nominations for election b), Subscribin¥ and Regular Meinbers Tnay be inade by any such Meinbers. Tlie5e elections are b), postal ballot. The representative of the Vice-President5 is elected by the Council. The Search Committee considers the balance of skills and interests represented on the Council whenever a nominated vacancy arises. identifies potential nominees by all appropriate nieans, and puts forward names for consideration $0 as to ensure that the Council is equipped 10 exercise critical scrutin}. of all areas of the School's operation. Where the Council perceive5 the iieed for particular specialist experience to be represented on the Council, it has the power to co-opt up to three further niembers of the Council for a terni of up to four years. Such a c￿optIon must have the support of three-fourths of tliose present at a meetiii(T of the Council. New Trustees are currently referred to the website of the Charity Commissilin, and offered an induction meeting with the Honorary Treasurer, Chair of Council, the Chair of the Finance and General Purposes Committee andlor Auditors as appropriate. They are also offered places on courses at the British Academy on Trusiee responsibilities from lime to time. The Scl)ool is governed by its Council, whose members are Trustees under the tems of the Charities Act 201 l and have the general duty of protecting all the School's property. Council elects the Chair and Honorary Treasurer; appoints the Directtsr of the School in Athens. the Assistant Director of the School ii) Athens, the Director of the Fitch Labordtory, the Curator at Knossos, and approves the appointment of the School Administrator and London Adininistrative Assistant. Council appoint5 advi50ry Comtnittees for Archaeologv,. for Society, Arts, and Letters- aiid for Finance and General Piirpose5, and such further Cominittees and Subcoinmittee5 a5 jt sliall require. The cutTent standingF Coinniittee5 and Siibcominittees of Council and their teTm5 of reference, as defined it) Annexe A to the Statutes {publislied on 'wM'.bsa.ac.uk). are listed below in Reference Information. Chargle of the School in Greece is delegyated to the Director, wlio reports to the Coiincil. Slhe i5 the principal executive officer and principal accoiiiitingF officer of the School ai)d represents it in all its relations with the Greek Sthte, Greek Entities of Public law. the Greek Archaeological Authorities ai)d anv third parties ￿[jaISOeVer. Council retains the power to ii)terYene directly in tl)e management of the School in Greeee in the case of mistonduct or other emergency. lil its pursuit of excellence in research, learning, and teaching, the British School at Athens is cominitted to fostering equality, diversity, and inclusion, irrespective of age, gender. sexual orientation, pregnancylmaternitylpaternity, reli£ion or belief, race. disability., marriagelcivil partnership, or gender reassignment. In recruiting members of its governing Council, this policy statement, together with a statement of the Council's need for a balance of skills, experience, and knowledge appropriate to fulfilling effectively the range of its responsibilities as articulaied in the Statutes, is circulaied annu811)' to Supporters and to Regular Members in Ihe call for nominations for candidates 10 be elected from these two groups respectively, and to the Search Committee in their consideration of persons from whom they are tasked with making a nomination of a candidate to be elected by the Council. These documents are similarly tsken into consideration by the Council in selecting the membership of appointments panels whose membership it determines.

Page 2 THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED S APRIL 2021 At the annual review of Committee membership, Committee Chairs are reminded of the polic5J Statement together with the need to achieve in its membership a balance of skills, experiei)ce. and knowledoe appropriate to fulfilling eflectively their respective temis ol. reference. In making appointn)ents and awards the Coui)cil and appointing and awarding Committees and panels are likewise reininded io give due consideration to the polic}, Sta￿l￿ent. as are Supporters when nominations to the Friends. Committee are invited. The Governance Committee reviews diversiry and inclusiveness in Council and Committee membership each year. lis conclusions are reported to the Council, which considers ho￿ effectively ￿l1¢Y is being achieved. In its annual Trustees Report. the Council includes an account of the policy and of the effeciiveness of its implemeniation The School is aware of the significance of the climate emergency and its Council maintains a standing item on its ageiida to review the School's 'green' policies and practices. A plan is in place to dcvclop and seek fuiiding to improve the energy efficiency of the Athens premises in the next financial year. The major risk5 to which the Scliool is exposed are identified by the Finance and General Purpose5 Committee and Council througyh a risk regF15ter that is re¥ularly reviewed and updated. Systems and procedures have been established to n)ana¥e those risk5. The five m05t 5i¥nificant current risk5 are:_ Disruption due to Covid-19 pandemic {likelihood.. high,. impati.. high). monitored by Director, Athens Section Heads and London staff and miiigaied by compliance with all local health advice and observance of restrictions in relation to travel. etc. Reductitsn in fii)ancial support froin UK government post Brexit (likelihood.. mediun).. impact.. mediiim), monitored by Director, Chairman, and Trea%urer and mitigated by development of %trategic plans and a fundraising campaign. Increased costs in relation to cross-border procurement and employment of non-EU nationals due to Brexit Ilikelihood.. high: impact: medium). monitored by Director, Assistant Director. Treasurer and staff.. tnitlgTated by advance planiiing and seeking alteriiative suppliers within the EU. Teffoiist attack I civil uiirest (likelihood.. low.. impact.. mediun)}, monitored by Director and mitigated by regular advice from the British Embassy in Athens. Personnel, including 'key-man loss,, being the resignation of key members of staff {likelihood.. low., impact". medium). monitored by Director, Chaimian. and Fii)ance ai)d General Putposes Cominittee. mitigated by regular Climmunication with staff. The BSA sets the pay and remuneration for its key management stsff by reference to equivalent posts in UK acadeinia, using benchmarks oil the professorial, lecturer or p05t-doctoral salar), scales, as appropriate. Objectives and Activities The principal aim of the School, as defjiied in its Statutes 15 to promote the study of Greece it) all its aspect5. Spetifjcally, it provides facilities for research into anthropology. arLhaeology, archaeometry. architeLture, art, enwironmei)t, geography, l)istory. language, literature, philosophy, religion and topogrdphy pertaining to Greek lands in all periods including modem times. In addition, as required by Greek Law. the School acts as the sole administrative and applying body for the issue of pennits by the Greek archaeological authorities for excavation, fjeld survey and study of material by British institutions. It also offers facilities to members of universities, museums, and other bodies. and 10 Lx)na fide independent writers and researchers, especially Ihose in the British Isles, Ihe Commonwealth, Greece and couniries of the European Union. It maintains its Athens premises. which include a Hostel. Library. Archive, Museum and

Page 3 THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021 collection of maps and photographs and the Marc and lsmene Fitch Laboratory for Science-Bgsed Archaeology. It is responsible to the Greek archaeological authorities for the operation of the Stratigraphical Museum at Knossos and maintains premises ai Knossos including a Hostel (the Tgverna} and Library. From time 10 time, li may supervise other premises in Greece, with Council approval. The School'5 rnain activities undertaket] in furtherance of these objectives consist of= research in archaeology ￿ld in all other disciplines pertainit]g to the study of Greek lands froni antiquity, to the preseiit day: teaching for under(Traduates, postgraduates and schoolteacliers: providing facilities for researcli for individual scholars (notably the Library, Archive, Fitch Laboratory and Knossos Research Centre) and assisting M'ith applications for permits for study. The Scliool also provides fellowships, bursaries and studentship5 to proinote research liiiks between the UK nd Greece. a5 well as organisiii¥ a series of eveiits. tl)at proniote the iestarLli activitie5 of it5 Staff. award holders Lind othe[5 active in research on Greece. In tlie period 2021-2025 the Council plans to develop the activities of the School in furtherance of its objectives, as follows.. realise its ainbition to redevelop the Kn05sos Research Ceiitre, including the Knossos Stratigraphical Museum, through a fundraisii)g can)paign entitled 'Knogsos 202.fj' facilitate up to 6 fieldwork projects annually (3 in collaboration with the Greek Ministry of Culture and Sport}, including processing permit requests for those projects throu£h the Fitch Laboratory to carry out research on variou% topics related to science-based archaeology support 3 three-year externg11}' funded post-doctoral research fellowships and to gward annually an Early Career and a Visitiii¥ Fellowship award annually 2 one-year studentships award aiiiiually 3 'Centenatv bursaries to 5UPPOrt periods of research in the UK by Greek or Cypriot researchers award annually 2 bursaries to postgraduate5 to conduct research in tlie Fitch Laboratory publish annually 2 journals {AnKtial of ihe B.￿ and Arch13£01ogicÉ31 Reporis, the latter co-published with die Societj, for the Promotion of Hellenic Studies) continue the on-gtsing produLtion of ArchaEologv in Greece Online (http.'/lwww.chronique.efa.grO in collaboration ￿1th the French School at Athens publish annuallv up to 3 volumes in total across the School's 3 publicarion series.. BSA SUppleme￿Idry volumes. B,SA .Ilodern Gveck BjYaKIi￿C,gthdIes aiid B,gA .Stlldies Greek AnliquEty encoura¥e aiid support the publicatioii of research by tlie School's research-active staff and award-holders, and b}, those researchers whose M'ork the School has facilitated develop new sirategies for publication of BSA-sponsored research, including digital archiving of project data conduci approximately 3,500 chemical (WD-XRF) or petrological anal}'ses annually in Ihe Fitch Laboratory enhance its digital presence by continuing io n)ake available via the in￿met more of its collections held in Greece A5 part of thi5 plan, the School will provide research support for UK-ba5ed pre- and post-doctoral and bonafide local researchers, by= maiiitaining library facilities, including the annual acquisition of up to 800 inono¥raphs and 450 journal issues proce5siiiu annually up to 200 perniits for archaeological fieldwork and stud), aiid publicatioii of archaeologFical and archival materials enhancing access io relevant research collections by digital means It will also engage with a broad public in tl)e UK, Greece and worldwide by.. tsrgai)isii)ts or hosting 40-50 events (conferences, worksl)ops, lectures, seminars} in Athens, Thessaloniki, l.ondon and elsewhere in the UK making the majority of these events available free-of-charge boih live via Ihe internet and after the fact in a dibFital archive actively maintaining a welFsite Iwww.bsa.ac.uk) to deliver inforination about all aspects of the BSA actively maintaining a social-media presence by means of a Facebook page and Twitter and Linkedln accounts

Page 4 THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED S APRIL 2021 The School delivers a programme ol'courses aimed at.. professionals and postgraduate studei)ts (courses in Ceramic Petrology, Ancient Glass) postgraduate students {courses in Epigraphy. Numismatics, Linear B and Mycenaean Greek, Greek and Roman potterv) iindergraduate students (Summer Course on the Archaeology and Topography of Greece) school teachers (biennial course on a topic linked io relevaiit UK syllabus, plus an annual F¢llowship} Strategies for achieving airns Part of tlie BSA'S approacli to achievin¥ its ainis involves the devolution by Couiicil of development aiid oversi¥ht of the School'5 pro¥rainme of research to tlie two niain academic coniinittees (Society, Art5 and Letters and Archaeolo¥y, the latter with 5igiiificant input froni the Fitch Laboratory Subcommittee}. Each coniprise5 experienced acadeniics whose expertise reflects all areas of comTnittee responsibility. A Publication5 Coinmittee similarly lias oversight over all aspects ol'the Sch(iol's publications ensuring budgeis are met ai)d deadlines achieved. Management of the researcl) support facilities in Athens and Knossos is overseen by the Director and Assistant Director. with day- to-day responsibility vested in the Director of tl)e Fitch Laboraiory. the Knossos Curator, the Senior Librarian, the Archivisi. the IT Officer and il)e School Administrator. In order to finance these aims, the sources of funding of the School are kept under constant review and detailed financial plans exist alongside its sirategic plans for research. As discussed in the Financial Review section of this reporL maintaining a prudent reserves policy and diversifying sources of income are key parts of delivering this programme. A key element in diversifying funding sources is the School's fundraising strategy. overseen by a Development Commiitee and supported by a full-time Development Officer. A Friends Committee further assists in organising evenis and makes periodic small grants. Criteria used ¢0 m¢asure achievement In 2020121 achievement ggainst aims continued to be measured throiigh rigorous reporting to Ihe relevgnt Committees and Subcommittees and, through them, by Coiincil. In qualitative terms, research awards were judged against the standards appropriate to funding by a UK research body (AHRC, Oxbridge Junior Research Fellowship5). In addition ILI this governance structure. achievemenis against Liur aims are measured against a series of KPIS, benchmarked to 2015116, linked to a set of 10 key deliverables and agreed ivith Council, as follows: Enabling and facilitating UK based research in Greece (NB.. the BSA is the sole enabler of UK-based archacalogical ficldwork authorised by the Greek government) Leveraging rescgrch fund% through facilitated proje¢ts 3. Genergting research funds for BSA projects Diversify'ing research across Humaiiities and Social Sciences with a focus on key current issues affecting the region with potential impact for wlicy-making Enabling collabordtions.. with local Gieek orgai)isations (universities, research institutes, museun)s, fouiidations),. with the IS other foreign schools and instithtes {Athens l Knossos) to undertake I disseminate reseaich {Atheiis),' and with other BIRI institutes, especially in neighbouring countrits (BSR I BIAA} (Athens / region / Ea%tern Mediterranean) 6. Sharing know-how, expertise and contacis for the benefit of UK-based researchers (Athens l Knossos) Enabling, soliciting, preparing for publication and disseminatiiig high-quality research outputs Enhancing Cu￿en1 outreach to the broader academic and general public w'orldwide Dclivering hgnds-on short courses for iindergraduates, postgraduates and professioiials {Athens l Knossos) 10. Implementing a Develi)pment Programme ainied at £cncrating additional funds to replace l augment Academ), funding.

Page 5 THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED S APRIL 2021 Key Performance Indicator Matrix or TP KPlperyear 20J5-16 2020-2], Turgcts Publications by 7. 8 slaff awardholdcrs No. of books IB) or articles, et¢. (A) 17A 15A (min.) .2 Publicaiions by 1, 7, 8 individuals / projECts]L7cilitated bv BSA .3 Publications by 7, 8 BSA as organisation No. of books IB) or ariicles. etc. (A) 15A 18A 20A (Inin.) No. of books {B) or journals (Jl produced in-house and in publication series 2 printJ 1 2 printJ I on-line J on-line J 2 printJ I oii-line J 3 (Inin.) 7 (min.) .4 Breadth of research activity No. of British Academy sections addressed (total= 18 + 3 interdisciplinary) 10 1.5 Support for ¢ompetitive postdoctoral research 2.1 Extemal research grants and coniracis leveraged 2.2 External research grants 2.3 Number ol. researchers using No. of eligible months of siipported postdoctoral research 42 IGree¢e) 9 (UK} 42 (Greece} 42 9 (UK) (Gr¢ec¢) 9 (UK) Research income generated by £28iK archaeologyical fieldm'ork projects facilitated by the BSA £27.8:K Continued streain of funding Non-BA research income £125K £298.5K £125K (min.) Annual increase No. ol'researchers UK.. IO1 Non-UK: 207 Non-UK: 256 2.4 Increased use of facilities It)¢reased occupancy rates in Athens l KN hostels 550/0 (Ath) 18Q/ (Ath), Annual increase 2.5 Independent income generation Fuiidraising {expressed as 0/0 direct BA lui)ding within overall income) No. of collaborations 54070 520/0 41Q/o(by 201￿20) 3.1 Research collaboraiions {UK instituÉion¥l 1,5,6 28 24 30 3.2 Research collaborations {()S I￿[111{{10￿5I 3.3 Events 1,5,6 No. of collaborations 43 72 50 No. of research events 47 354 50

Page 6 THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED S APRIL 2021 Del￿eTable KPlperyet7r Social media. ￿'eb staiistics 2015-16 202t%21 Targets 3.4 Public engagement FB.. 3.771 Tw.. 932 Web.. 61.6K FB= 9,308 rw.. 3,747 Web.. 72.8K Annual increase 3.5 Engagement with othei BIR15 No. of collaborations 4.1 Support for archaetslogical fieldwork 4.2 Support for Maintain max. no. fieldwork projects facilitated {thrtsugl) permit) by the BSA No. of analyses {wfD_XRF + ceraTnic thin-sectionsl produced Ratio applicants to places available across all courses 6 p.a. 3.544 (totall 2,603 {total) 3.500- 3,600 (min.) c.80 places. + raise ratio toc.2 app.Iplace science-based archaeology 4.3 Targeted training 9 forUKPG+PD 151'.85 No courses (1.8 app.1 run this place) FY7 researchers Notes to table". l. Many figures in this KPI table (indicated on the table by the addition of an asterisk *) have beei) reduced due to the effecis of the Covid-19 pandemic.. Library closures and Iravel restrictions have reduced usage of our premises and affecied all fieldwork projecis and Courses in the 2020 calendar year: the figures presented here should noi be regarded as tvpical. 2. Research spend b}, projecis significantly reduced because fieldwork was not possible: this amount reflects spend by those projects able 10 carry out study in the field. 3. Both Athens and Knossos hosiels were closed March-June 2020,. occupancy was low thereafier due to travel restrictions, especially beN'een November 2020 and April 2021. 4. Although the overg11 number of research events was relatively low, engagement {because of digital delivery) was very. high.. these represent a total of 5,939 unique views lave. per event of 1861, with addiiional numbers joining on other platforms {e.g. Facebook). 5. Includes collaborations across all 8 BIRI on research (water management,. publicarion, with BSRI, digital events I digitisation, and developin(T a collective idcntitylexploration of staths as Independent Research Organisation (IRO). 6. No fieldwork was possible in summer 2020 due to the Covid-19 paiidemic. 7. Although no courses were nin, we offered 2 virtual classes to panicipants. and offered a total of 18 {volunteerlintern) training opportllnities in Athens or Knossos. Detai15 of grant making policy Evaluation of applicati0115 to carry out research in Greece falls within the remit of the Committees for Archaeology and for Society, Arts and Letters, advised by tlie Director.. application5 for research iii the Fitch Laboratory are adjudicated b), tlie Fitch Laboratory Siibcommittee, and the advice of the area subcoinmittee5 {Crete, Sparta and Lakonia, Lefkandi) is SOUbFht on applicatiot15 jn their respective regions (selection decisions may occasionally be delegated to them). The Scl)ool awards sn)all ainounts from restriLted funds primarily to assist with arcl)aeological research; these awards are decided by the Committee for Archaeology. Appointments to research awards are delegated to appointment committees constituted with reference to the scope of the award and its benchinarking against other national scheines {AHRC. JRF, etc.). Respoi)sibility for Inoniioring the uptake of awards aiid for equal opportuniiies issues are discharged through the same mechanism. The Studentships Subcommiitee awards the two one-year School studentships and this Subcommittee also makes small research aw'ards from restricted funds to individuals.

Page 7 THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED S APRIL 2021 Achievements and Performanee Activities conducted. and awards made, during 2020-21 in furtherance of the School's objectives are set out concisely below. A fuller, illustrated account appears in the BSA New'sletter which is circulated in June and December to subscribers and is also available for downlliad frL)m our M'ebsite hit '.Ilwww.bsa.ac.uk). Main achievements include.. Fitch Laboratory, joined 8 academic and 12 other partners in the E3.9m Innovative Training Consortium for the inteTdisciplinary study of pre-moderii Plasters aiid Ceraniics from the eastem Mediterranean (Place) led by the Cyprus Institute New Senior Librarian successfully started M'ork on-time (May 20201 Successfully won funding from ihe Niarchos Foundatioi) for a three-year post-doctoral 1821 Fellowship. to commence in Oct 2021 Dei'elopment and implementation of extensive programme of virttigl events using Zoom platforn) Significant increase in archival niaterials available via our web-site htt ital.b.sa.ac.uk , accompanied b), regFular blogs (Fitch; Archive- Library)., delivered virtual exhibition {Spring Syinposiuin of Byzantine Studies) Publication of I new volume in CUP series 'Studies in Greek Aniiquity'and I new BSA Supplemeniary Vol. Sitwnificant profile-raising.. two documentaries premiered on the Keros-Naxos Seaways project {ERT., National Geographic-cosmote); site of Dhaskalio visited by HE Presidei)t of the Hellei)ic Republic: hosted Quarantine Art Exhibition (digitsl., physical in Athens}; published podcast series of poeirv readings (21 poems iNlo '21} in Greek original and English translaiion; various coi)tribuiions to celebration ol'blcen￿Aary of Greek Revolution (1821-2021) continued enhancement of Developmeni programme as part of School's routine operation. making effective use of diuFital delivery to Teach bFreater, more diverse audience Effective Inanagemeiit of effects of Covid-19 pandemic througl) Careful risk-assessmeiit and fiiiancial management to avert significant loss of income Specifically. in temis of research carried out or facilitated, the School.. thiough the Fitcl) Laboratory, collaborated with various extemal partners to study travelling ceramic iechnologies as markers of human mobility in the Aegean,. Bronze Age ceramic landscapes of the Westem Peloponnese,. Ae£ean-Anatolian coniiections in the Neolithic to Early Broiize Age; pottery production and supply at Palaikastro,. survey pottery from the Kyihera Island Project., Classical Athenian ceramics used in cookingldiiiing practices,. the Put]ic Amphora Building at Corinth and Aegean-w Mediterranean connectioi)s in 5 c. BC; British- Mediterranean connetiions in Early Medieval tin)es (Tintagel}; ceramics froin the sites of Eretria: Argos, Vrana and Paphos (Cyprus),. pottery trade aiid technolot y in Late Medieval Greece: textile tools from Kolonna Aigina., and hun)an bones and ceran)ies from tl)e Koliokrepi-spata cemetery awarded an Early Career and a Visiting Fello￿Ship awarded 2 studentships {24 months total), 3 'Centenary' bursaries and 2 Fit¢h bursaries to support research published 2 joumal issiies (A￿KUal of rhe B,gA and ArchtsL)oli)gi¢ol Repor¢.$) continued to prodiice ArchaL)￿l0￿ Grgece (IKliKe in collaboration with the French School at Athens published I volume in Ihe School's publi¢ation series B,gA ,giudie.¥ irt Greek AAiiqllitMCUP) and l BSA Supplementary VoluTne eiiabled the publication of 17 articles by research-active staff and I book and 18 articles from facilitated projectslindividuals conducted a total of 2,603 WD-XRF chemical (1.669) or petrological (9i4) analyses in the Fitch LaLx)ratory collatiorated in research with 24 UK insiitutions and 72 non-UK institutions

Page 8 THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED S APRIL 2021 The School provided research support for a total of over 450 pre- and post-doctornl and bona fidtr local researchers, b),: maintaining its library facilities, including the acquisition of 702 monographs and 392 joumal issues, plus conipleting cataloguing of 1,962 books in Greek, Balkan and Turkish history donaied by Richard and Mary Jo Clo￿, piocessii)g 135 pemits for arcl)aeological fieldwork and study and publication of archaeological and archival material The School engaged with a broad public in Ihe UK: Greece and worldwide by.. organising or hosting 35 events in total (lectures, workshops, seminars, outreach events) using the Zoom platforjn {total unique views of live events.. 5,9391 makiii¥ all of these event5 available live via the internet and recordin¥ the majority for our Video Archive ww.bsa.ac.uklvideo-archivei) improving and actively maintaining a web-site (W￿,1¥.bSa.ac.uk} to deliver informaiilin about all aspects of thc BSA, including the dissemination of digital materials htt %'.Ildiojtal.bsa.ac.ukl) maintaining an active social-media presence by means of Fa¢el)ook, Twitter and Linkedln Although the School ￿aS unable in 2020 to deliver its usual programme of courses and bursaries, it was able to offer a total of18 trainiiig opportunities (volunteers l interns) in Athens and Knossos, as well as delivering 2 virtual classes in place of in-persot] course offerings. Financial Revie The fii)ancial review that follows should be read in conjunction with the financial gtatemei)ts on pages 19 to si. The School's activities. shown under"Total Funds" in the Stateinent of Financial Attivities, (Tenerated a Net Moven)ent in Funds amouniing to a surplus of £755.827 [af￿r unrealised investment gains of £451,423) compared with a deficit of £882,722 in 2019120 (ar￿r unrealised invesuneni losses of £916,269). The School's investment portfolio Jielded total income of £158,602 in the year to 5 April 2021, a decrease of 34 /0 againsi Ihe £242,539 earned during 2019120, though significani realised and unrealised gains arose in the year on Ihe School's invesiment portfolio. The circumstances behind these movements are described in the report on Investmeni Policy and Rerurns below. In recent years the principal financial risk faced by the School has been its exposure to costs in Euros while its mgin funding from Ihe British Academy is received in Sterling. The Sterling..'Euro rate weakened to an average rate of 0.90 £/e during the year12019120.. 0.87) M".hilst our budget was set at 0.80£1E. The economic siiuation in Greece coupled with economic uncertainty relating to the UtQ's ceasing to be a niember of the EU continues to present some financial risk and the School has policies in place for the conversion of Sterling into Euros and the tra]isfer of Euros from London to Athens in order to minimise the exposure. Folloiving the adoption in 2016 of FRS 102, 'Provisions for Post Employment Benefits" the accounts continue to include a provision for the liability that has been recognised with respect to thc dcficit in the USS pension plan and the Fecovery plan therefor. This ainounted to £76,245 at vear end (2019120.. £98.7061. Our Unrestricted Fund5 Ca￿led Forward at the end of the year were £713,403 12019120.. £684,882). Total funds {Unrestricted, Restricted and Endom'nientl stood at £4,767,424 at the year end {2019120.. £4,011,597). Of this, RestTiCted Funds stood at £1,940,950 and Endowment Funds at £2,] li,071. The School monitors its current and expected cashflows carefully to ensure eontinued liquidity and its policy is to ensure that unrestricted reserves are maintained at a level of at least three months. charitable expenditure. The current level is sigi)ilicantly l)igher thai) tl)is. which Trustees believe is justified given the uncertainties relatii)g to the econon)ic situation in Greece and the Covid-19 pandemic, along with ihe need to invest to diversity tl)e School's I'unding sources over the medium tenn pursuant to discussions with the British Academy. The British Academy is the

Page 9 THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED S APRIL 2021 School's main provider of funding; during the year it provided £790,907 {2019120.' £754,489) of the total income of the School of £1,493,660. Restricted income includes grants for specific research and other projects and investment income from Restricted Funds. The movements in Restricted Funds are disclosed in note 16. Endowment income includes donaiions and legacies and investmeni income from Endowment Funds, from which only the income may be spent. The movements in Endowment Funds are disclosed in note 17. The SchLN)I has a Designated Unrestricted Fund for publications which siood at £209,961 (2019120.. £156,678) which it intends 10 expend over the medium to long temi as valid publication expenditures arise. Investment Policv and Returns The School's Investsnent Committee (ICI is responsible to the BSA Council through the oversight of the Finance & General PuTposes Committee {F&GP) for the management of its investment funds. The objectives of the IC are to maiiage the BSA'S Reserve Funds, witl)in policy guideline5 set from time to time by the F&GPC, in order to generate a long-terjn anniialised rate of retiirii not less that] the increase in tl)e Consumer Price Index {CPI) + 3.75070. This policy was last reviewed iii October 2020 and 15 5unimarised below. The IC. at its omn discretion, may choose to achieve its total return objectives either by la) appoii)ting a discretionary fund niana¥er to nianage tlie portfolio on its behalf, or (b) b}. itself selecting individual funds and directly held investments wliich together 5atisfv it5 objectives. In either case. the IC'5 primdti. rtsle 15 to monitor dnd evaluate the perfotm<lTiLe of the underlying fuiid mana¥erl5), Mith the aini of e115uring that inve5tment5 retnain withiii the Ic's asset allocation requireinents, aiid that the Reserve Funds have a strong chance Of achievin¥ their long temi retUT target. Whilst recognising the value of dividei)ds both as a source of liquidity and an indicator of underlying performance, the F&GPC requires that the invesiment porifolio be managed on a ro(al retum basis. During the current Jear. the BSA'S invesiment income fell from £?42.539 ￿ £158,602 reflecting the reaction of Ihe global investment mark'ets to the global Covid-19 pandemic This resulted in dividend cuts or defem)enis b}, many of the insiitutions in ￿hICh the School is invested. Investment Income represented I 10/0 of the SchoL)I's gross income during the current year which was dO￿.n from 15/0 in 2019120. For a second year in succession investmeni market volaiiliry arising on the incidence of the pandemic had a significant impact on the value of the BSA'S ponfolio. this time in a positive direction. In 2019120 the BSA suffered significant unreali%ed losses on its portfolio but fnllowing a rebound of the global investment markets after their initial re%pon.%e to the pandemic in the current year the BSA recorded realised gains and unreali%ed £ain% of £1 56,785 and £451,423 respectivel}, (201912a'. reali%ed gain% and unrealised lo%se% of £52,768 and £916,269 respectivelv). Since year end, the value of our portfalio has increased further and at the dale of finalising thes¢ ac¢ounts stood at just over £5m almost l O 0/0 higher than at year end. The COTnposition of the School's Portfolio and it5 investment strateg}. are kept linder constant review by the Investmeiit Committee in view of the chanbFiniT economic circum5taiice5 atteiiding 01) the Covid-19 pandeTnic. Fundraising The BSA'S Developmei)t Committee advises and guides the Council on fundraising activity. and assists the GoveTnance Cominittee in ensuring that it is conducted in compliance with relevant UK legislation, regulatitsns, and recominended good practice.

Page 10 THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED S APRIL 2021 Development activity has two main purposes. The first is to n)aximise the number of people engaging ivith the BSA. It achieves this by advertising its events widely on the inten)et and through social media. as w'ell as distribuling a newsletter. {Since the onset of the panden)ic. n)uch of our activity has n)oved on-line, increasing considerably the numbers participating ii) our events.} All those who engage with us are encouraged to join our mailing list, i¥hich is managed through a CRM database system. Infomled consent is alivays sought and all communications carry the option to be removed from the list. The second is through specific fundraising activities. Our annual subscription has three tiers - £40, £150 and £1 001 p.a. each tier tied to a recognised descriptor (Friend,. Pendlebury Circle,. Director's Circle): in addition there is a student subscription. All Friend-tier funds flow into a Friends Fund administered by the Friends Committee which reports to Council and ￿'OrkS closely with the Development Committee. At all events. we ask for, but do not require, a small donation, w,hile we occasionall! make an appeal to meet specific needs, such as for additional financial assistance when the pandemic reduced our income from accommodation and ¢oiirses. Finally, Ive approach individuals, Iriisis gnd foundations for1gTger donations in relation to specific projects: such as our current campaign to raise funds to redevelop the Knossos Research Centre. These approaches are researched and initiated by the Development Officer on the basis of publicly avgilable inform81ion or iniroductions, but are carried out by senior officers of the BSA. To date there have been no complaints about our ￿ndraising activities. Public BeThefit The Trustees have complied with the duty in section 17 of the Charitle5 Act 201 I to have due re¥ard to the piiblic benefit guidance published bv the Charity Coinmis5ion. The Trustees draw attention to the meinber5hip services detailed on w'ww.bsa.ac.uk (provision ol. accommodation: teaching, pemiit applications, academic guidance and research facilities), to the provision of grants and scholarships, and to the raiige of Librarv services. academic lectures, and e-resources provided free of charge (the last via hit Iw'ww.bsa.ac.uk The BSA offers a series of awards, studentship5, and fellowships to support research of all types and at all stages of academic careers. Descriptions of each award, and whether it is curreiitly opeii, can be found at htt s'.Ilwww.bsa.ac.uk. Calls for applications are posted on the web5lte as deadline5 approach. Statement of Tru5tee5' Re5pon5ibilitie5 The following statement which should be read in conjunction with the auditors, statement of auditor5, responsibilities, 15 tnade for the purpose of clatifyiiig the respective responsibilitie5 of the trustees and the auditors in the preparation of the finai)cial stateinents. The charity's trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law, and United Kingdom accounting standards {U1)i￿d Kingdoin Gei)erally Accepted Accounting Prncticel. Charity law requires the trusiees to prepare financial statements fL)r each financial year which give a Irue and fair view of the state of affairs of the charity and of the inconiing resources and application of resources of the charity for that period. In preparing these financial siateinenis, the trustees are required 10.. a) select suitable accounting policies and apply them consistenily; bl observe the methods and principles in the Charities SORP,. c) make judgments and accounting esiimates that are reasonable and prudent- dl stste whether applicable accountit]g standards have been followed, subject to any material departures disc105ed and explained in the financial stateinents., e) prepare the financial statenients on the going concern basis unless it is inappropriate to presume that the charity will coiitinue in operation.

Page 11 THE BRITISH SCHOOL AT ATHENS TRUSTEES REPORT FOR THE YEAR ENDED S APRIL 2021 The trustees are responsible for keeping sufficierti accounting records that disclose with reasoi)able accuracy ai any time the Iinai)cial position of the charitv and enable them to ei)sure that the Iinai)cial siaten)enis complv with the Charities Aci 201 I, The Charity {Accounts and Reports) Regulations ?008 and the provisions of the trusi deed. They are also responsible for safeguarding the assets of the charitw and hence for takii)g reasonable steps for the prevention and detection of fraud and other irregularities. The trustees confirni that so far as they are aware, there is no relevant audit infomiaiion of which the chariry's auditors are unaware. They have taken all Ihe steps that they ought to have taken as trustees in order to make themselves aware of an)1 relevant audit inforniation and to establish that ihe charity's auditors are aware of that information. By Order of th¢ Council and Signed on ils behalf by Dr Carol Bell Date.. 28 September 2021

Page 12 THE BRITISH SCHOOL AT ATHENS REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2021 Further details of the Schools future plans are set out in the Corporate Plan and Strategic Plan for Research {2016- 2020). which may be consulted on hii "./..' ww.bsa.aL.uk; plans for ?020 onwards are being finalised. Council Dr Carol Bell (Chairl Professor Robin Osbome {Vice-Chair) Dr Zosia Archibald (Chair of the Committee for Archaeology) (until 31.03.2021) Dr Daniel Stewart (Chair of the Committee for Archaeolo&v) (from 01.04.2021) Professor David Holton (Chair of the Committee for Society, Arts and Letters} Sir Adam Ridley (Honorary Treasurer & Chair of the Finance and General Purposes Committee) Professor Glynis Jones (Vice-Presidential Representative) Dr Roderi¢k Bailey Mr Philippe Camu Professor William Cavanagh Dr Lesley Fition (from O1.04.2021) Professor Liz James Mr Nicholas Jaquet Dr Colin Macdoiiald lfroin 01.04.2021) Mr Robin Hunt (Iiiitil 31.03.2021) Professor Polly LOH, (until 31.03.2021) Mr Gian Piero Milani Dr Aiina Moles (from 01.04.2021) Mr Robert Pitt Dr Alexandra Vukovich (until 31.03.2021) Vice Presidents HM Ambassador to tl)e Hellenic Republic Professor Sir John Boardman. MA, FBA. FSA Mr G. Cadogan, MA, FSA Mr M. S. F. Hood, MA, FBA, FSA t Professor Glynis Jones. Bsc, MPhil, PhD, FBA Mr Anasthsios P. Leventis. BA, MBA. CBE, OFR Sir Michael Llewellvn-smith. KCVO, CMG. DPhil Professor Catherine Morgan. OBE, FBA Professor Lord Rei)frew. MA, PhD, FBA, FSA Mr L. H. Sackeit, MA, Dip. Ed., FSA t Professor Malcolm Schofield, FBA Professor R. A. Tomlinson, MA, FSA Professor P. M. Il'arren, MA, FBA. FSA Dr M. H. Wiener. FSA Dr C. K. W'illiams 11, FSA Director Profes%or John Bennet FSA Deputy Honorary Treasurer Mr Huw Smith

Page 13 THE BRITISH SCHOOL AT ATHENS REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2021 Standing Committees and Subcommittees of Council (Terms ol Referenee and membership 201￿20) ARCHAEOLOGTr' OVe￿ight of all archaeological activity in Greece conducted under Sch￿1 permits andlor using School material and collections, froin point of initial proposal to publication and subsequeiit deposition of project archives. Ensures that the School is able to fulfil its requirement of accountabilit! to the Hellenic Republic. and that the School's fieldwork meets the highest national and illteriiational 5tandard5. Dr Zosia Archibald (Chair until 31.03.20211, Dr Daniel Stewart (Chair from 01.04.20211, Prof. Paul Halstead, Dr Corinna Riva, Dr Anja Slawisch Ifrom 01.04.211, Dr Daniel Stewart (until 31.03.2021 I, Prof. Todd Whitelaw., Chair of CoullCII, Director (ex officiol SOCIETY. ARTS, AND LETTERS Oversight of all iion-aTcha¢ological projects conducted in whole OT part via the School. i.¢. inter alia, fine aiid applied arts. anthropolo¥y, 50Lial s¢ienc¢5, lii5tory. lit¢ratur¢ an(1 lingui5t1¢5. En5UT¢S that work Loiiducted by aiid through th¢ SLhool meets the highest i)ational and intemational standardg. Prof. David Hollon Ichairl, Dr Roderick Bailey, Prof. Liz James, Dr Eirini Karamouzi, Dr Daniel Knight, Chairofcoiincil, Director i!IIiL'lI?) PUBLICATIONS Oversight ot all of the School's publications, from the point of approval of proposals to sales and marketing. Dr RogeT Brock (Chairl, Dr MaTia Statllatopoulou: Chair of Council, Dircctor, Treasurer. ChaiTS of the Cornmittee foT Archaeology and Society. Arts, and Letters, UK Editorof theAnniial, Managiiig Editor of in-house publicatlOll5,' Norninated representative of CUP lin attendance). FINANC.E AND CF.NF.RAL PURPOSF.S R¢5ponsibility for manag¢iM¢nt of the Sihool's fin￿)CIal and other assets. oveisight of the School's a¢counts. estates, and personnel matters. Sir Adam Ridley IC.hairl, Dr Jan)es Doeser (from 01.04.211, Mr Richard Heyhoe (until 31.0).20211, Dr. Jan)es Forder (from 01.04.211, Ms Ni¢ola Horton, Mr Mossman Roueché Iui)lil )1.03.211, Ms Alexandra Sorgo (from 01.04.211; Chair of Council,. Dire¢tor,' D¢puiy Honorary Treasurer (ey ofjicio), Chair of the Investment Sub¢onimiltee ler officiol C.OVERNANCE Condiicis periodic reviews of the School's governance, and ensures that the School is compliant with UK legislation and regulations, and other requirements placed upon it (including those of the Chariry Commission). Prof. Robin Osborne (Chairl, Prof. C. Morgan, Sir Adam Ridley, Prof. Bert Smith- Chair of Council, Director (by invitation) SEARCH Oversight of the composition of the Council, with the specific requirement to ensure that it is equipped to exercise critical scrutiny of all areas of the School's operations. Presents nominations from M,hich the Council may then elect members. Prof. Catherine Morgan, Dr Christy Constantakopoulou, Dr Daniel Knight, fvlr Robert Pit¢ Dr Joseph Skinner. Dr Alexandra Villing. IIYVESTMENT Has oversight of the School's investtnents. Ir Patrick Reeve IC.hairl, Mr Gerald Cadogan, Mr Kevin Feeny, Dr James Forder, Mr Richard Heyhoe, Sir Adam Ridley, Ir Manos Papatheofanous, Mr Henry Stanford; Depury Hon()rary Treasurer ofiriol,. Chair of Council, DireLtor (by invitation) DF.VELop￿lENT Advises and guides the Coun¢il on fundraising a¢tivityy artd assists the Governance Committee in ensuring that it is condu¢¢ed in ¢omplian¢e with ttlevant UK legislation, regulations, and re¢ommended good pracii¢e. Chair of Council (Chairl, Ms Jane Cocking, Dr Gordon Davies, Miss Sarah Green, Nqs Marie-christine Keith, Mr Luke Readman; Prof. Malcolm Schofield lut)til 31.03.211, Mr Paul Smee, Vice-chair, Director, Treasurer léx oifiLiol, Development Consultant, Development otTJcer lin attelldancel

Page 14 THE BRITISH SCHOOL AT ATHENS REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2021 FRIENDS. The Friellds, Committee fosters activities, projects. and events in which Subscribiiig Members may participate. It has responsibility for allocations ftoin a restricted fund held by the School, at]d desi￿ated the'Friends' Fund,. Dr ParnelaArin5trong (Chairl, Prof. Mike Edwards, MrNicholas Jaquet, Mr Paul Smee, Prof. Peter WaTren (until 31.03.211' D¢veloprnent OtTic¢r, London Adininistrative A5SlStant (in attendanc¢l. FITCH LABORATORY Maintains SlTategi¢ overview of scientific, personnel and financial management of tl)e FitLh Laboratory. Provides liaison betweeii Fitch Laboratory Dire¢torartd the UK scientific Community. advising himlher on matters ¢01)cerning the laboratory hich may from time 10 time arise. Prof. lan Freestone Ichair until 31.03.211, Prof. Carl Heron (Chair from 01.04.20211, Prof. A. Bogaard , Prof. C. Broodbank, Prof. G. Jones, Prof. Marcos Martinon-Torres (from O1.04.211, Dr lan Whiibread; Director of the Fitch Laboratory offieiol,. Director Iby invitatjolll. CRETE Co-ordinaies plans for research at Knossos and advises on the maintenance and developnient of the facilities and takes strategic overview of the Sch(H)I's M'ider activities on Crete as a whole. Disburses restricted and endowment funds within its remit. Prof. Ni¢oletta Momigliano Ichairl, Prof. A. Bogaard, Dr Valasia Isaakidou Ifrom 01.04.211. Dr Colin Macdonald (until )1.0).211, Dr Andrew Sllapland (from 01.04.211, Dr Daniel Stewart, Dr Conor Trainor (from 01.04 ?1 I, Prof. Todd Whitelaw. Director, Knossos Curator l¢x offiriol,. Dire¢tor (by invi¢ationl. SPARTA AND LAC.nNIA 'User group. established by Committee for Archaeology comprising scholars active in an area of long-term importance to the School's research io provide continuiry of experience, and help ensure effective planning, condiici and publication of research. Prof. William G. Cavanagh (Chairl, Mr Richard Catling, Prof. Anthony Spawforth, Dr Alexandra Villing., Director (by invitation) LEFKANDI 'User group. ¢5tablislied by Committee for Archaeology comprising scholars active at a site of long-tertn importance to the School'5 research to provide continuity of experience. and help ensure effective planning, conduct and publication of research. Prof. Irene Lemos (Chairl, Dr Yannis Galanakis, Dr Olga Krzyskowska, Dr Alexandra Livard4 Dr David Mitchell, Dr Susan Sherratt,; Director (by inviialionl COURSES AND TEACHING laintains strategic owersight of ihe S¢hix)I's teaching a¢¢ivities with refe￿nCe to scope, quality, market and upiake, and is responsible for all Qualitv Assurance mailers Prof. Polly Low, Dr Emma Aston luntil 31.03.211, Dr Amy Cocker (from 01.04.21 I, Mr Shaun Hullis (until 31.03.211. Dr Theodora Jim Ifrom O1.04.211, Dr Michael Scott, Dr Nina Wallace., Director, Assistant Director léx oifiLiol STUDENTSHIPS Charged by the Committees for Archaeology and for Society, Arts and Letters with the allocation of School funds for stiidcntships and certain rcstricted research funds. Has oversightof the process from advertisement to collection and analysis of statistics on award histories. PTof. Robin Osborne (Chairl. Prof. Arny Bogaard. PTof. Polly Low. Prof. Rebecca Sweetman (from 01.04.211, Prof. Ditnitri5 Tziovas; Director lex officiol PLRSONNEL Advises the Director, c.hair of Council and other senior offJceTS of the School of legal Tequirement5 and best Practice in etnploymeiit. aiid en5UTeS that the School complie5. The Conirnittee conducts grievance proc¢ediiig5 011 behalf of the Finance and GeneTal Purpose5 Committee and 15 COll5tituted upon request of the Fillanc¢ and General Purp05e5 Comtnittee.

Page 15 THE BRITISH SCHOOL AT ATHENS REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2021 Aeeountants WMT Chartered Accountants Verulam Poii)t Si Albans ALI SHE Auditors WMT Chartered Accountants Siatutory, Auditors Verulam Point St Albans ALI SHE Bank¢r5 -Ihe Royal Bank of Scotland plc 62-63 fhreadt]eedle Street London EC2R 8LA Investment Advi50r5 The School does not have investtnent advisors. Some of its investments are held in its own name and others by Killik & Co, 46 Grosvenor Street, London WIK 3HN as nominee. London Office 10 Carlton House Terrace London SWIY SAH Athens Address Souedias 52 10676 Athens Website Address hii s'.ilwww.bsa.ac.uk R¢gistered Charity Number 208073

Page 16 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE BRITISH SCHOOL AT ATHENS FOR THE YEAR ENDED 5 APRIL 2021 Opinion We hgve audited Ihe financial statements of The British School at Athens (the 'charity') for the year ended 5 April 2021 which comprise the Statemeni of Financial Activities. the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. l-he financial reponing framework that has been applied in their preparglion is applicable law and United Kingdom Accounting Siandards, including Financial Reporting StandaTd 102 Thé FinL7nciuI RéporiEng,gIo￿da￿J upplicoble ihe UK Republic ofJreland {United Kingdom Generall), Accepted Accounting Practice). In our opinion, the financial statenients.. give a true and fair view of Ihe stste of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Aci 2011. Basis for opinion We conducted our audit in accordance with International Standards Lin Auditing (UK} (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for Ihe audit of the financial statements section of our reporr. We are independent of the charitv in accordance ￿'1th the eihical requirements thai are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thai the audit evidence we have obtained is sufficient and appropriate 10 provide a basis for our opinion. Conclu5ion5 relating to going concern lil auditiiig the financial statcmciits, we have concluded that the trustees. use of the going concern basis of a¢counting iii the preparation of the fiiiancial statements is appropriate. Based on the work we have perfortned, we have not identified any material uncertainties relating to events or conditi011S that, individually or collectivelv, niay cast siuFnificaiit doubt oil the charity's ability to contiiiue as a going concem for a period of at least twelve months from when the finaiicial statetnents are authorised for issue. Our responsibilities aiid the responsibilities of the trustees with respect to going conceTn are described in the relevant Sections of this report. Other information The othei infomjation comprises the information included in the ai)nual report other than the financial statements and our auditor s report thereon. The trustees are responsible for tl)e other ii)lonnation contained within the annual report. Our opinion on the Iinancial statements does i)ot cover the other ii)fonnation and. except to the extent othen+ise explicitl}' stated in oui reporL Me do not express any fonn of assurance coi)clusion thereon. Our respoi)sibility is to read Ihe other infomiation and, in doing so. consider wheiher the other information is maierially inconsisieni wilh Ihe financial s[a￿Men[S or our knowledge obtained in the course of the audit or otherwise appears to be materially missiaied. If we identify such material inconsistencies or apparent material misstatements. we are required io detemiine whether Ihis gives rise io a maierial missiaiemeni in the financial statements themselves. If. based on the work we have perfomied. we conclude that there is a material misstatement of this other infonnation, Ive are required to report that fact. We have nothing to report in Ihis regard. Matters on which we are required to report by exception We have nothing to report in respect of the follo￿ ing matters in relation 10 which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the trustees, report is inconsistent in any material respect with ihe financial statements,. or sutyicient accounting records have not been kept; or the financial 5tatenients are not iii a¥reeinent with tlie accouiitin¥ records and returns,. or we have not received all the infoTmatioii and explanations we require for our audit.

Page 17 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE BRITISH SCHOOL AT ATHENS FOR THE YEAR ENDED 5 APRIL 2021 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, set out on page l O, the trustees are responsible for the prepgration of the financi81 statements and for being satisfied thai they give a true and fair view, and for such iniernal control as the trustees deiermine is necessary to enable Ihe preparation of financial siatemenis that are free from maierial misststement, whether due to fraud or error. In preparing the financial statements, the trnstees are responsible for assessing the charity's ability to continue as a going cot]cern, disclosiiig, as applicable, matters related to gointw coiicerii and using the going conceTn basis of accounting unless the trustees eitlier intend to liqiiidate tlie charity or to cease operations, or have no realistic alternative but to do 50. Auditor's responsibilities for the Audit of the fin#nei#l statements We have been appointed ds auditor under section 144 of the Charities Act 2011 and report in accordaiice witl) the Act nd relevitTIt reguldtions inade or having effect tl)ereunder. Our objectives are to obtain reasonable assuraiice about whether the financial statements i15 il whole are free froni material misstatement, whether due to fraud or error, and to issue an audiior s report that includes our opinioi). Reasonable assurnnce is a high level of assurance, but is not a guarai)tee that ai) audii conducted in accordance with ISAS (UK) will alw'a5Js detect a maierial misstatement when it exists. Misstaiements can arise from Iraud or error and are considered material if. individuallv or in the aggregate. they could reasonably be expected io influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance ￿'1th laws and regulations. We design procedures in line with our responsibiliiies, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent 10 which our procedures are capable of deteciing irregulariiies, including fraud is deiailed below.. r)iscussions M'ith and enquiries of management and those charged with governance M'ere held with a view to identifying those laivs and regulations that could be expected to have a maierial impact on the financial statements. During the engagcment team briefing, th¢ i)ut¢omes of these discussions and enquiries were shared with th¢ team, as well as ¢onsid¢raiion as to where and ho￿." fraud niay occur in the entiry. The following law% and regulations were idciitified as being of significaiice to the entity. Those laws and regulations considered to have a direci effect on the financial staiements include UK financial reporting stsndards and Charity Law. Those laws and regulaiions for which non-compliance may be fuiidamental 10 the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitable objeciives, public benefii, management of pemlits, Greek law. employment law. health & safety legislation and data protsction. Audit procedures undertaken in response to the poiential risks relatiiig to i￿egular1tles (which include fraud and non- compliance with laws and regulations) comprised of.. inquiries of management and the Trustees as to whether the entity complies ivith such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims,. inspection of relevant legal correspondence: review of Trustee meeting minutes. tesiing the appropriateness of journal eniries,. and the performance of analytical review to identify unexpected movements in accouni balaiices which may be indicative of fraud. No instaiices of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraiid, is limited by the inherent difficulty in detectiiig irregularities, the effectiveness of the entiry's controls, and the nature. tiniin£ and extent of the audit procedure5 perforined. Irregularities that result from fraud might be inherentl}' Inore difficult to detect tlian irregularities that result froni error. As explained above, there is an unavoidable risk tliat niaterial mi5ststeinent5 may not be detected, even thou¥h the audit has been planiied and perfoTmed in accordance M'ith ISA5 {UKI.

Page 18 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE BRITISH SCHOOL AT ATHENS FOR THE YEAR ENDED 5 APRIL 2021 As part of an audit in accordance with ISAS (UK), we exercise professional judgmeni and maintain professional scepticism throughout the gudit. We also.. Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audii evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material missiatetneni resulting from fraud is higlier than for one resulting from error, as frgud may involve collusion, forgery., intentiongl omissions, misrepresentations, or Ihe override of iniernal control. Obtain an undersianding of internal control relevaiit to the audit in order 10 design audit procedures thai are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the charity s intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trUs￿es. Coiiclude on the appropriateiiess of tlie trustees, use of the going concern basi5 of accounting ai)d. based on the audit evideiice obtained, whether a material UllLertainty exist5 related to events or Londitions that may Li15t sigiiifiLant doubt on the chillity'5 iibility to continue as a going coiicerii. If M'e conclude that a material uncerthint}' exis(s. we are required to draw attei)tion in our auditor's repori to the related disclosures in the financial sthten)ents or, if such disclosures are inadequa￿, to niodify our opinion. Our conclusions are based on the audit evidence obtained up io ihe date of our auditor's report. However, luture events or condilions maj, cause the charity to cease to continue as a going concern. Evaluate the overall presentation, Structure and coiitent of tlie fiiiancial statemeiits, iiicluding the disclosures, and Thliether the financial statements represent the underlyin¥ transaction5 and event5 in a manner that achieves lair preseniaiion. We cominunicate with those charged with govemance regarding, among other matters, the planned scope ai)d timing of the audit and significant audit findings, includii)g any sigi)ificant deficiencies in ii)temal control that we identily during our audit. Opinion on other matter as required by British Aeademv grant letter In our opinion, in all material aspecis, the grani paymenis from the British Academy have been applied in accordance with, and for the purposes sei out in, the Agreement. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of Ihe Chariiies (Accounts and Reports} Regulations 2008. Our audit ￿'ork has been undertaken so thai we might state to the chgrity's trustees those matters we are required to stsie to them in an auditor's reporr and for no other PUTpose. To the fullest extent permiited by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this repon, or for rhe opinions we have formed. Lurf WMT Chkirtered Aecountants Statiitoi}' Audiior Verulain Poiiit Station Way St Albans lertfordshire ALI SHE 28 SeptÈmbÈr 2021 WMT is eligible for appointn)ent as audiior of ihe charity by virtue of its eligibiliiy for appointment as audiwr of a company under section 1212 of the Companies Aci 2006.

Page 19 THE BRITISH SCHOOL AT ATHENS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021 UDre$trieted Re$tritted Endowment Totil Funds Total Fund$ Fund$ Funds Fund$ 2021 2020 Notes Incorne and endowrnent5 frorn- Donation5 and legacie5 Graiits from British Acadetny Donations, legacies and grants Subscriptions and admission fees 790,907 343,449 790,907 372,600 35,968 754.489 282,536 43,970 29,151 35.968 ,134,356 54,775 1,199,475 158,602 1,080,99i 242,539 InveslJnents- listed investments 28,347 75,480 93.466 75,480 1,358,077 I,i23,534 Charitable activities Sa1¢5 of publications Project & course incotne Hostel incoime Miscellaneous 55,468 55.241 20.516 4.358 55,468 55.241 20.516 4.358 45,125 146.532 71,056 6,633 135.583 135,583 269,346 Tot&l 229,049 75,480 1,493,660 1,592,880 Expenditure on: Raisii)g funds Charitable activities CoTe activities Research Hostel Communications & outreach 70.454 70.454 79,111 17,729 6.675 121,166 68,663 540,945 285.907 18,046 55,668 676,720 348,250 121,166 129,451 768.521 401.862 153,906 208,701 60,788 314,233 887,640 73,714 1,275,587 1,532,990 Total 314,233 958,094 73,714 1,346,041 Net gaLllS 1 {105se5) on inve5tmeNts- Realised Unrealised 28,022 80,683 54.147 155,904 74,616 214,836 156,785 451,4?3 52,768 1916,2691 108,705 210,051 289,452 608,208 1863,5011 Net income l (expenditure) 23,521 441,088 291,218 755,827 (882,7221 Trai)sfers betweei) funds 16&17 5.000 13,2341 11,7661 Net Movement in Funds 28.521 437,854 289.452 755,827 {882.7221

Page 20 THE BRITISH SCHOOL AT ATHENS STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Unrestrieted Restricted Endo*Thent Total Funds Total Funds Funds Funds Funds 2021 2020 Nol¢s Net Movement in Funds 28,521 437.854 289.452 755.827 1882.7221 Opening Funds at 6 April 2020 684,882 1,503,096 1,823,619 4,01 l.i97 4.894.319 Closing Funds it 5 April 2021 713,403 1.940,950 2.1 li.071 4,767,424 4.011.597 The surplus for the year calculated on a historical cost basis is £304,40412020 .. £33.5471. The notes on pages 23 to 53 fomi part of these financial 5tateinent5.

Page21 THE BRITISH SCHOOL AT ATHENS BALANCE SHEET AS AT 5 APRIL 2021 ot 2021 2020 Fixed As5et5 Tangible fixed assets Investn)ent property Listed investment5 81,159 85,000 4,596,206 98,583 85,000 4,029,i27 4.762,365 4,212.910 Current Assets Stock of publications Debtors Cash ai bank and in hand 27.042 70.795 454.597 24,617 65,689 263,2J9 552,434 353.545 Creditors: amounts falling due within one year (193,844) {117,969} Net Current Assets 358,590 235.576 Total gssets less ¢urrent liabilities 5.120,955 4,448,486 Provision for liabilitl¢S (353,531) {436,889) Net Assets 4.767,424 4,011,597 Represented by.. Funds Unrestricted RestTlCted Endowment 713,403 1,940,950 2,113,071 684,882 1,503,096 1,823,619 Total Charity fund5 4,767,424 4,011,597 Approved by the Council and signed on it5 behalf by Dr Carol Bell Date.. 28 September 2021 The nlltes on pages 23 to 53 fonn part of these financial statements.

Page 22 THE BRITISH SCHOOL AT ATHENS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021 2021 2020 Net incomel(expenditure) for tILe period 755,827 {882,722) Adjustment5 for.. Depreciation Foreign exchange differences Losses l (gains) on investments Dividends and interest froin investments {Increase) / decrease in stocks {Increase) / decrease in debtOTS liicrease l (decrease) iii creditor5 Increase l (decrease) in provisions 17,424 (2,182) (608.208) (158.602) (2,425) (5,106) 75,875 (83,358) 21,554 9,392 863,501 (242,5391 3,682 128,2691 120,9441 17,627 Net tash used in operating activities (10,755) (258,7181 Cash tIows from investing activities Divideiids and interest from investmeiits Proceed5 from sale of iiiveslments Purchase of investments 158.60? 3,061,916 (3,0 li,000) 24? 539 500,000 {529,262} Net cash provided by investing aetivities 207,518 213,277 Change in cash and cash equivalents 196,763 (45.4411 Cash and cash equivalenis at the beginning of the reporting period 268,823 323.656 Change in cash and cash equivalents due to exchange rate movements 2,182 (9,392) Cash and cash equivalenls at the end of th¢ reporting period 407,768 268,823 Analvsis of cash and cash equivalents Cash at bank and in hand Cash in investment accout]ts 454,597 263,239 5,584 Total cash and cash ¢quival¢nts 467,768 268,823 Changes in net debt At l April Cash flows At 31 March Cash at bank and in hand Cash in it]vestmei)t accounts 263,239 5.584 191,358 7,587 454,597 268.823 198,945 467,768

Page 23 THE BRITISH SCHOOL AT ATHENS NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 ACCOUNTING POLICIES Basis of preparation of financial statements The school meets the definiiion ora public benefit entity under bRS 102. The financial staiements have been prepared under the historical cost convention as modified by tl)e revaluation of certaii) fixed asset5, in accordance ￿..ith the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance 'itl) tlie financial Reportit]tT Standard applicable in the United Kiii(Tdom and tlie Republic of Ireland IFRS 102) {Second Editioii) and the Fiiiancial Reporting Staiidard applicable in tlie United Kingdom and Republic of Ireland {FRS 1021 aiid the Charities Act 201 l and UK Generally Accepted Practice as it applies from l January 2015. The financial stateinents have been prepared to give a 'trne and fair, view and have departed froin the Charities {Accouiits' aiid Report5) Re¥ulation5 2008 oiily to the extent required to provide a 'true aiid fdir view, Thi5 departure has iiivolved following ALLOUllting dnd Reporting by Cliarities preparing their acLounts in aLcordanLe w'ith the Financial Reportiii¥ Stdiidard iipplicable in the Uiiited Kin¥doTn and the Republic of Ireland {FRS 10?) (Second Edition) rilther tlian the ALcountlll¥ lind Reporting by Charities.. Statement of Recomniended Practice effective from l April 2005 which has since been withdrawn. The preparation of financial statements in compliance with SORP 2015 requires the use of certain critical accounting estimates. It also requires nianagen)eni to exercise judgmeni in applj ing the accounting policies {see no￿ 2). The following principal accounting policies have been applied.. a) IncL)ming Resources All income is recognised once the school has entiilement to the income, it is probable that itwill be received and the amliuni receivable can be measured reliably. All in¢ome is gross without deduction for related expenditure. Investment incom¢ is r¢cognised when receivable based on notification from the investment mangger5. Lega¢ies, including payments on account: are recognised in the accounts when it is probable that the l¢gacy will be received and the ainount cali be ascertained. Grants for general support, researcl), Scholarships or fixed assets are recognised on a receivable basis and are deferred only wheii the donor has imposed pre-conditions on the use of the grant. Restricted income 15 recorded in the SOFA when receivable. All legacies ai)d donatioi)s are allocated between unrestricted, restricted and endowment funds, depending on coi)ditions iinposed by the donors.

Page 24 THE BRITISH SCHOOL AT ATHENS NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 ACCOUNTING POLICIES (Continued) b) Outgoing Resources Liabilitie5 for expenditure are recogni5ed in accordance with the accnjals concept. Grants payable for research aiid scholarship fall due only when such research is undertaken or upon attendance at the scliool aiid accordingly are accounted for over the period of research or attendaiice. Expenditure for research and acadeinic studies, residet]tial research progranimes, research PTOjeCts, library and publiLdtion5 disLlosed witliin charitable aLtivities includes departinental salaries. A proportion of salary cost is allocated to governance costs based On the estimated tinie expended on such Support costs are allocated in full to expenditure incurred on charitable activities. Support costs which are related to a specific activity are allocated to that activiiy in full. Irrecoverable V AT is charged as a cost against the expenditure heading for which it was incurred. c) Tangible Fixed Assets Tangible fixed assets, other than heritage assets, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the co%t of a%sets less their residual value over their estimated useful lives. Depreciation is provided on the follo￿l￿g basis: Computers 250/0 Straight lin¢ OITice equipment 200/0 Straight line Furniture and fittings IOO/o strdight line Motor vehicles 250/0 StraibFht line Scientific equipment 6.670/0- 12.50/0 straight line The library 15 COI)5idered to be a heritabFe asset aiid is not valued iii the balance sheet a5 there 15 not reliable historical inforination on its cost and a coiiventional valuation would be overly oiierous to conduct and given the namre and ui)iquene5s of some of the items Iield niibFht M."ell prove to be arbitrary. The c05t of books puichased during the year are capitalised if their individual cost Nwould have a material impact ort the financial statemtnts. All othei book purLI)ases are Charged to the ii)coine statement. Property in)prowements are not capitalised and are written off to the Statement of Financial Activities in the year that the Cost is incu￿ed. d) Invesimenr Properties Invesiment properties are carried on the balance sheet at fair value. Revaluations are undertaken with sutricieni regularitj to ensure Ihe canying amount does not differ materially from that which would be deremined using fair value ai the balance sheet date.

Page 25 THE BRITISH SCHOOL AT ATHENS NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 ACCOUNTING POLICIES (Continued) Fixed Asset Investments Investtnents are carried at market value with any unrealised gains and losses bein(T included in the Statemet]t of Fiiiancial Activities and allocated between endownient, restricted at]d iiiire5tricted funds. The cost of managenient of the investtnet]ts has been charged to the Statejnent of Financial Activities The proportion of investJnent income relating to eiidowment aiid restricted fuiids is retained for use ithin those fund5. Stock of Publications Stock of publications is stated ai the lower of cost and net realisable value. At each balance sheet date, stocks are assessed for impairnient. If stock is impaired: the carrying amouni is reduced to its selling price less costs to complete that sale. The impairnient loss is recognised immediately ii) the SOFA. Debtors Short term debtors are measured at transaction price. less any impaimient losses. h) Cash and cash equivalents Cash and ¢ash equivalents comprise cash at bank and in hand and demand deposits with banks. Creditors Short term creditors are measured at the transaction price. i) Provision for liabilities Provi5ion5 are Inade where an event has tsken place that gives the school a legal or coiistructive obligFation that probably requiTes settleinent by a transfer of economic benefit, aiid a reliable estin)ate can be made of the an)ount of the obligation. Provisions ale charged as an expense to the SOFA in the vear that the school beconies aware of the obligation, aiid are ineasured at the best estimate at tl)e Balance Sheet date ol'the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When paymenis are eventually made, they are charged to ihe provision carried in the Balance Sheet.

Page 26 THE BRITISH SCHOOL AT ATHENS NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 ACCOUNTING POLICIES (Continued) k) Pensions Staff on UK-based contracts are offered membership of tlie Univer5lties Superallnuatiot] Scheme (USS). The asset5 of the schenie are held in a separate t￿stte-adMi￿i5tered fut]d. Because of the niutual natUTe of the scheine, tlie assets are not attributed to individual institutiot]s a]id a scheme-wide contribution rate is set. The institution is tl)erefore exposed to actuarial risks associated with other iiistitutions, einployees aiid is unable to identify its share of the uiiderlvit]tT assets and liabilities of the scheine on a COT1515tent and reasonable basis. A5 required by SeLtion 28 of FRS 102 'Eniployee benefit5", the Institution therefore iiccount5 for the scheine as if it were a defined contributloll Scheme. As a result, the ainouiit chdrged to tlie profit Lind 1055 account represent5 the Lontributivns paj'able to tlie sclienie. SinLe the institution ha5 entered intts an a¥reenient (the ReLovet)' Pliin) tliat determines how eiich e￿p10y¢r withiii tlie scheine will fund the overdll defiLlt, tl)e i115titution reLo¥nise5 a liability for the contributions payable that arise from the agreement (to the extent thai they relate to the deficit) wilh related expenses being recognised through the profit and loss account. In the event of significant alterations ro the Recove￿ Plan any maierial additional provision required in the year is recognised as an excepiional item. Financial insiruments The school only enters into basic financial instruments trgnsactions that result in the recognition of financial assets and liabilities such as debtors and creditOTS. Financial instruments are initially measured ai transaction value. They are assessed at Ihe end of each reporting period for objective evidence of impairment. If objective evidence of impaimient is found: an impairnient loss is recognised in Ihe SOFA. Foreign cutTency tTan51ation The financial statements are PTesented in Sterling, which is also the functional currency of the school. The school has income and expendimre in sterling and non-5terling currencies and consequently Inaintain5 bank account5 in Sttrliii¥, Euros and US dollars to faLilititte this. The Trustees, policy IS to exchiin¥e sterling LUTreiicv ITlto Euros only wheii the iiiLome is certain aiid the expeiiditure is foreseeable. Forei¥n LUTreTILy trai15aLtions are translated into the fuiictitsnal currency using the exchiin¥e rilte at the date of the transaction. At each period end foreign cuffency monetary iten)s are transldted u5in¥ the closing rate. Foreign exchange gains and losses resulting from the seitlement of transactions and from the translation at period-ei)d exchange rates of monetary assets and liabiliiies denoMina￿d in foreign currencies are recognised in the SOFA. Foreign exchange gains and losses that relate to monetary asseis and liabilities are presented separately on the face of the SOFA within income Lir expenditure.

THE BRITISH SCHOOL AT ATHENS Page 27 NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 ACCOUNTING POLICIES (Continued) Funds Unrestricted fiinds are funds which the trustees are free to use for any purpose in furtherance of the cliarity's objectives. Uiirestricted fuiids include desi(Tnated fuiids which tile trustees l)ave, at tiieir di5cretiot], set aside for 5pecifJc purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor. Endownient funds are funds which are to be used iii accordance with specific restrictions imposed by the doiior ￿hlISt niaintainiiig tlie Cdpltdl value of the fuiid. As such allocated gains and losses are absorbed into tlie fund whilst alloLilted inLonie is available to Spend witliin donor wislies. Any U115pent inconie in a year Lan be utilised in a 5ub5equent period within oiie year aiid one day. Transfers between funds are allowed but musi maintain donor wishes. Going concem The trustees are not aware of material uncenainties regarding going concern. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES & KEY SOURCES OF ESTIMATION The preparation of the financial staiements requires management to make judgments. estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimaies. The key source of estimation uncertainty thgt ¢ould have an impact on the financigl statements relates to the valuation of the heritage a%set. Note I c) above describes the fartors considered in the valuation of the library and ni)te 7 provides more infonnation about the a%set. FRS 102 Tnakes the distinction between a group plan and a multi-employer scheme. A groiip plan consists of a collection of eiitities uiider common control typically with a sponsoring employer. A multi-employer scheme 15 a schenie for eiitities iiot under coniinon coiitrol aiid represent5 ltypicall),) an indu5try-m.ide scheme such a5 Universities Superaiinuation Scheme. The accountingF for a niulti-employerscheme where the employer has entered iiito an agFreement H".ith tl)e scheme that deterniines how the en)ployer ￿11[ fund a defitit iesults in the recognition of a liability for the contiibutioiis payable that arise Irotn the agreenient (to the extent that they relate tts the deficit) aiid the resulting expense in profit tsi loss in accordance w'ith section 28 of FRS 102. The trustees are satisfied that Universities Superaiinuatioii Scheme meets the definition of a niulti-employer scheine aiid l)as therefore retogiiised the discounted fail value of the contractual Contributions under the rectsvery plan in existence at the date of approvin¥ the financial statements. Estimatts included in the provision include wtential future changes in headcount, payroll inflaiion and discouni ra￿. COSTS OF RAISING FUP4DS Costs of raising funds comprise expendiiure on open leciures. general PR. the costs of generaiing voluntary income and salary costs for siaff working in this area.

THE BRITISH SCHOOL AT ATHENS Page 28 NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 CHARITABLE ACTIVITIES Included within Research gre grants and scholarships, comprising the following.. 2021 2020 Unrestricted funds Payable to individuals 4,430 34,642 Restricted funds Payable to individuals 100,723 85,949 Emdowment funds Pajiible to iiidividuals 67,424 77,725 Total grants payable 172,577 198.316 Grants payable to individuals represent grants made for studentships and to assist individuals to meei travel costs. These include a number of salaried fellowships. During the year under review, grants were made to 46 individuals (2020 49). Grants payable io institutions are made for archaeological fieldm'ork towards excavation costs, costs of studving finds and the publication of papers. Such grants are made by the school to￿.ardS fieldwork projects sponsored by the school itself and by UK universiiies. See nlltes 16 and 17 below. Expenditure on a¢tivities in furth¢rance of the ¢harity's objects is made up as follows.. Activity Activity undertaken Grant funding of directly activiti¢s Support costs Total 2021 Total 2020 Core activities Research H05tel Communications & outreach 438,699 175,673 103,289 238,021 676.720 348.250 121,166 768,521 401,862 153,906 172.577 17,877 129,451 129,451 208,701 847,112 172.577 255.898 1.275,587 1,532,990

THE BRITISH SCHOOL AT ATHENS Page 29 NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 CHARITABLE ACTIVITIES {Continued) ANALYSIS OF EXPENDITURE UNDERTAKEN DIRECTLY Exp¢ns¢ type Core Aetivities Hostel Research Communicati ot15 & Outreach Total 2021 Total 2020 Staff costs Premises costs Triivel L05ts Conferences & courses Laboratory Costs Libiary Losts Publication cos(s Other costs 316,853 43,070 58,i24 158,632 100,796 619,351 58,324 679 648,270 77,853 5,9i6 679 1,600 1,600 50,965 87.243 61,150 85,913 122,200 33.924 87.243 17,041 27,055 27,055 1.895 41,413 3.296 1,895 438,699 103,289 175,673 129,451 847,112 ,046,031 SUPPORT COSTS BREAKDOWN BY ACTIVITY Core Aetivities Hostel 2021 2020 Staff costs Pren)ises costs Office expenses Insurance Depreciation LossllProfit) on exchange Governance costs Other costs 52,215 31,400 46.912 1,416 17.424 (2,182) 85.117 5,719 52,215 31.400 51,939 14,266 17,424 12,182} 85,117 5,719 50.860 30.100 64.385 15.399 21.554 9,392 90.702 6,251 5.027 12.850 238,021 17.877 255,898 288,643 Support costs are reviewed and individual components are allocated to the activity to which they relate. GOVERNANCE COSTS 2021 2020 Auditors, remiiiieration Professional fees Meetin¥5 and sundries Administration staff costs 10,400 li,450 853 60,414 10,400 13,450 6.516 60,336 85,117 90,702 Total lees paid to the Sch(iol's auditors for serwices provided were £10.400 (2020 £10,4(M)). In addition accountancy fees of £13,450 (2020 £13,450) were paid.

THE BRITISH SCHOOL AT ATHENS Page 30 NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 TOTAL EXPENDITURE Included within total expenditure are the following.. 2021 2020 Staff costs comprise.. Wages & salaries Taxe5, social security and related costs Pensions- norn]al cost Pensions- niovement on USS provision 655,577 150,469 39,936 (24,435) 666,353 156,745 26,486 7,758 821,547 857,342 One einployee eaTned between £80,000 and £90,000 per aiinum12020 -. One}. The director manages ihe school on behalf of the Council. His total ren)uneration including all salaries: pension and other benefits was £108:194 {2020.' £106,731). Pension conti'ibulioFL¥ Certain employees are members of the Universities Superannuation Scheme (USS).. a multi-employer defined benefit pension scheme. USS is currentl! in deficit and at the yearend the school has entered into an agreement to participate in a recovery plan to reduce the deficit. A liabiliry of £76,?45 (20?0' £98,706) has been recognised, representing the present value of the additional contributions payable betsween 2019 and 2034. wilh the resulting expense recognised in the SOFA. The total ¢o%t charged to the profit aiid loss account is £15,501 (20?0. £34,244) relatin£ to the additional liabiliry following the completion of the 2017 actharial valuation. There ￿'aS neither a prepaymeiit nor an accrual at the end of the financial year in respect of these contrihuiions. The dis¢losures below represent the position from the s¢heme's financial statements. The latest available complete ac￿arIal valuation of the Retirement Income Builder is at 31 March 2018 (the valuation date), which wa5 carried out iising the projected unit method. A valuatiot] a5 at 31 March 2020 is uiiderw'ay but not yet coinplete. Since the institution cannot identify its share of USS RetireTnent Income Builder assets aiid liabilities, the following disclosures reflect those relevant for tliose assets and liabilities a5 a whole. The 2018 valuation was the fifth valuation forthe scheme underthe scheme-specific funding regime introduced by the Pensions Act 2004: which requires scI)enies to adopt a statutory fundiiig objective, which is to l)ave suffitient and appiopriate assets to Cover their technical provisitsns. At the valuation date: tl)e value of the assets of the scheine was £6i.7 billioii and the value tsf the scheine's technical provisions was £67.3 billion indicating a shortfall of £3.6 billioi) and a funding ratio of 95Q/o. The key financial assumptions used in the 2018 valuaiilin are described below. More detail is set out in the Statemeni of Funding Principles. Pension increases {CPI) Tenn dependeni rates in line with the dityerence between the Fixed Inieresi and Index Linked yield curves, less l.?°/o pa Discouni rate (forward rate) Years l-l O.. CPI + 0.14010 reducing linearly to CPI -0.730/0 Years 11-21.. cpl + 2.52D/o reducing linearly to CPI +1.55 /0 by year 21 Years 21 +: CPI + 1.550/0

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Page 31

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

6. TOTAL EXPENDITURE (Continued)

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2018 actuarial valuation. The mortality assumptions used in these figures are as follows:

2018 valuation

Mortality base table:

Pre-retirement

71% of AMC00 (duration 0) for males and 112% of AFC00 (duration 0) for females

Post retirement 97.6% of SAPS S1NMA “light” for males and 102.7% of RFV00 for females Future improvements CMI_2017 with a smoothing parameter of 8.5 and a long-term to mortality improvement rate of 1.8% pa for males and 1.6% pa for females

The current life expectancies on retirement at age 65 are:

	2018 valuation	2017 valuation
Males currently aged 65 (years)	24.4	24.6
Females currently aged 65 (years)	25.9	26.1
Males currently aged 45 (years)	26.3	26.6
Females currently aged 45 (years)	27.7	27.9

A new deficit recovery plan was put in place as part of the 2018 valuation, which requires payment of 2% of salaries over the period 1 October 2019 to 30 September 2021 at which point the rate will increase to 6%. The 2020 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions:

Discount rate Pensionable salary growth Staff numbers The average number of employees analysed by function was as follows: Hostel Office Laboratory Library Premises Management and administration of the charity	2021 2.0% 0.0% 2021 3 3 5 5 5 5 _____ 26	2020 2.0% 0.0% 2020 3 3 5 5 5 5 _____ 26

Trustees

The Trustees of the School received no remuneration in the year under review. During the year no trustees received any reimbursed expenses wheras in the prior year three were reimbursed £735 for travel costs.

Donations of £4,885 (2020: £12,086) have been received from trustees during the year.

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NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

7. TANGIBLE FIXED ASSETS Fixtures & Fittings Computer Equipment Office Equipment Scientific Equipment £ £ £ £ Cost At 6 April 2020 88,434 177,522 27,983 211,835 Additions - - - - __ __ _ _ At 5 April 2021 88,434 177,522 27,983 211,835 __ __ _ _ Depreciation At 6 April 2020 86,379 175,990 27,983 116,839 Charge for the year 632 766 - 16,026 __ __ _ _ At 5 April 2021 87,011 176,756 27,983 132,865 __ __ _ _ Net Book Value As at 5 April 2021 1,423 766 - 78,970 __ __ _ ___ As at 5 April 2020 2,055 1,532 - 94,996

Total £ 505,774 - _ 505,774 _ 407,191 17,424 __ 424,615 _ 81,159 _____ 98,583

The properties used by the School have not been included in the financial statements, since the properties have been in existence for many years and their historical cost is unknown. Therefore any cost attributed to the properties would now be fully depreciated due to the length of time the assets have been used by the School. The School uses the properties for the library, laboratory and other research facilities in addition to administration. The properties are insured for £1.74 million.

The School holds as heritage assets its library, archive, collection of paintings, and Athens museum collection. None of these collections has been valued for the financial statements, as the School has no intention of disposing of any of them. All comprise materials which are made available to researchers, thus enabling the School to fulfil its mission.

The library of the British School supports research into the Hellenic world from prehistory to the present day. It comprises approximately 70,000 volumes plus more than 1,300 journal titles and a large collection of electronic resources. The collection is especially strong in the area of art and archaeology and includes a valuable collection of rare books on travellers to Greece, the earliest dating from 1469. It covers many languages, with a focus on Greek language publications hard to obtain in the UK. Total annual acquisitions equal approximately 1,000 titles. The catalogues of books and e-resources may be consulted online at www.bsa.ac.uk. The School employs two full-time librarians, one of whom is a conservator: expert advice on book conservation is obtained from the Benaki Museum, Athens. Most books are held on open shelf: rare books are held in a climate-controlled store within the library and fetched on request. Post graduate researchers in Hellenic studies (including all members of the Greek Archaeological Service and Foreign Schools based in Athens) are eligible to become readers: other researchers may be admitted at the discretion of the Director. Temporary access may be granted to others seeking books not otherwise available in Athens. More than 600 readers are registered annually: they enjoy free use of the library and support services from 9am-7pm Monday-Friday. School members have 24 hour access. Access arrangements and reader guides are available on www.bsa.ac.uk.

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Page 33

FOR THE YEAR ENDED 5 APRIL 2021

7. TANGIBLE FIXED ASSETS (Continued)

The archive holds documents from BSA fieldwork projects, corporate papers, personal collections of School members, documents associated with early travellers to Greece before the School was founded, a unique collection of drawings of Byzantine monuments and a large photographic collection. Deriving as it does from School activities, only a small portion of the collection has any commercial value. It is housed in dedicated space within the library, with climate-controlled storage for photographic material. The School employs a full-time archivist and benefits from conservation advice from the Benaki Museum, Athens. Collections vary in size and contain a variety of manuscripts, drafts, notes, notebooks, journals, diaries, photographs, memorabilia, and personal and professional correspondence: descriptions are posted on www.bsa.ac.uk, as are many finding aids. Catalogues are available for consultation within the archive: the School has a programme of publishing catalogues and images from its major collections on www.bsa.ac.uk ( Museums and Archives Online ). Access to the collection is by appointment: reader information and policy on study and publication permissions is published online.

The School’s collection of paintings (122 items) consists of works by, and gifts received from, its officers and members. It includes, for example, 25 watercolours by the School’s first director, Francis Cranmer Penrose, and six icons and five water colours by Edward Lear bequeathed by Sir Arthur Evans. The collection thus has an academic value as a whole, by virtue of its association with the School, in addition to that of individual items. The archivist is responsible for the maintenance, display and conservation of the collection: with the exception of a few pieces where conservation considerations apply, the collection is displayed in public areas of the School. It is available to researchers by appointment with the archivist.

The Athens museum houses a wide range of artefacts, from Neolithic to Byzantine, donated, collected, or excavated by the School and its members up until the 1950s. At its core is the private antiquities collection of George Finlay, plus several thousand sherds retrieved from surveys conducted throughout Greece and Turkey. In accordance with Greek law, this is a closed collection registered with the Ministry of Culture and Tourism: it may not be augmented or disposed of without the consent of the Ministry, and further consent would be required for the export of any item. The collection, which is housed alongside the library, is used for teaching and is available for study by arrangement with the Assistant Director (who serves as curator). Information about the collection and study permissions is published on www.bsa.ac.uk. Parts of the collection are published in the School’s Annual : we await Ministry approval to publish online the full, illustrated catalogue, with links to related material in the BSA archive.

8. INVESTMENT PROPERTY Investment property at probate value	2021 £ 85,000	2020 £ 85,000

The investment property was donated to the School during the year ended 5 April 2002. The property is included at probate value. Under the terms of the donation the School is currently unable to dispose of the property.

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NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

9. LISTED INVESTMENTS Quoted Investments - UK Cash on Deposit Quoted Investments Market Value at 6 April 2020 Acquisitions at cost Sales proceeds from disposals Gains/ (loss) in the year Market Value at 5 April 2021 Historical cost at 5 April 2021	2021 £ 4,583,035 13,171 ___ 4,596,206 __ 4,023,743 3,013,000 (3,061,916) 608,208 __ 4,583,035 _____ 4,243,412	2020 £ 4,023,743 5,584 ___ 4,029,327 __ 4,857,982 529,262 (500,000) (863,501) __ 4,023,743 _____ 4,191,781

Material investments, where individually the value represents over 5% of the total investment portfolio are as follows: -

		2021	2020
		£	£
	M&G Equities Investment Fund for
	Charities (Charifund)	-	1,391,320
	The Charities Property Fund	-	609,326
	Sarasin International Equity	-	469,485
	Phoenix Chelverton UK Equity Income B	620,215	417,620
	Utilico Emerging Markets Trust Plc	241,740	197,676
	Fidelity Global Enhanced Income W	1,000,697	490,710
	Coventry Building Society	244,558	196,265
	Montanaro UK income gbp seed	326,488	251,341
	Sarasin Climate Active Endowment	1,095,481	-
	Allianz Continental European	536,869	-
	Stewart Investors Asia Pacific	516,987	-
	No restrictions apply on the realisation of any of the investments.
10.	DEBTORS	2021	2020
		£	£
	Taxation recoverable	650	190
	Other debtors	54,563	49,544
	Prepayments	15,582	15,955
		____	____
		70,795	65,689
		____	____

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NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors and accruals

2021 £ 193,844	2020 £ 117,969

Other creditors and accruals include £41,600 (2020: £5,200) of deferred income. This relates to course and project income received in advance.

12. PROVISION FOR POST EMPLOYMENT BENEFITS

PROVISION FOR POST EMPLOYMENT BENEFITS Staff severance fund USS pension liability	2021 £ 277,286 76,245 ____ 353,531	2020 £ 338,183 98,706 ____ 436,889

Staff severance fund

This liability represents deferred pay due to employees at 5 April 2021, payable when they leave the School. This amount payable is calculated in accordance with existing Greek legal requirements and the Greek national labour contract.

The movements on the provision in the year are as follows:

Balance at 6 April 2020 Increase/ (decrease) in provision for the year Exchange (gain)/loss Balance at 5 April 2021	2021 £ 338,183 (52,138) (8,759) ____ 277,286	2020 £ 330,097 1,076 7,010 ____ 338,183

USS pension liability

Certain employees are members of the Universities Superannuation Scheme (USS), a multi-employer defined benefit pension scheme. USS is currently in deficit and at the year end the school has entered into an agreement to participate in a recovery plan to reduce the deficit. A liability has been recognised, representing the present value of the additional contributions payable between 2019 and 2034, with the resulting expense recognised in the SOFA.

The movements on the provision in the year are as follows:

Balance at 6 April 2020 Increase/ (decrease) in provision for the year Interest payable on the provision for the year Balance at 5 April 2021	2021 £ 98,706 (24,435) 1,974 ____ 76,245	2020 £ 89,165 7,758 1,783 ____ 98,706

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NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

13. FINANCIAL INSTRUMENTS

	2021	2020
	£	£
Financial assets measured at fair value through the SoFA	4,583,035	4,023,743
	____	____
Financial assets measured at fair vaue comprise investments.

14. RELATED PARTY TRANSACTIONS

There are no related party transactions other than those disclosed in note-6 in this or the prior year.

15. UNRESTRICTED FUNDS

Opening balance at 6 April 2020 Net incoming/(outgoing) resources - realised gains/(losses) - unrealised gains/(losses) Transfers between funds Net Movement in Funds Closing Balance at 5 April 2021	General Fund Designated Funds Being the Publications Fund £ £ 528,204 156,678 (113,598) 28,414 21,611 6,411 62,225 18,458 5,000 - _ _ (24,762) 53,283 _ _ 503,442 209,961	Total 2021 £ 684,882 (85,184) 28,022 80,683 5,000 _ 28,521 _ 713,403	Total 2020 £ 999,897 (140,033) 11,108 (192,890) 6,800 _ (315,015) ___ 684,882

The reserve policy is to retain in the general fund, reserves to the value of approximately three months charitable expenditure.

Page 37

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

16.

RESTRICTED FUNDS Balance at 5 April 2020 Transfers In Donations Received Interest and Dividends Grants and Expenditure Unrealised Gains Gain on Sale of Investments Transfers Out Balance at 5 April 2021 General Research Funds Fellowships, Studentships and Bursaries Painting Fund 3,299 - - 137 - 389 135 - 3,960 Centenary Bursaries Fund 234,576 - - 9,709 (13,500) 27,635 9,598 - 268,018 Healey Bursary Fund 2,102 - - 87 - 248 86 - 2,523 Leventis Fellowship Fund 113,609 - 26,500 4,702 (31,568) 13,384 4,648 - 131,275 John Morrison Memorial Fund 25,007 - - 1,035 (1,035) 2,946 1,023 - 28,976 General Studentship Fund 20,996 650 - 869 - 2,473 859 - 25,847 _ _ __ __ _ _ _ _ _ 399,589 650 26,500 16,539 (46,103) 47,075 16,349 - 460,599 _ _ __ __ _ _ _ _ _ Knossos Research Knossos Donated Fund 148,492 - 17,566 6,146 (18,371) 17,493 6,076 (3,000) 174,402 Knossos Curator Fund 32,920 3,000 - - - - - - 35,920 Stratigraphical Museum Extension 88,740 - 47,500 3,673 (2,249) 10,454 3,631 - 151,749 _ _ __ __ _ _ _ _ _ 270,152 3,000 65,066 9,819 (20,620) 27,947 9,707 (3,000) 362,071 _ _ __ __ _ _ _ _ _ Other Research Sparta Research Fund 19,519 - - 808 (8,183) 2,299 799 - 15,242 Kenchreai Fund 751 - - - - - - - 751 PlaCe Research Fund - - 126,026 - - - - - 126,026 WRAP Research Fund - - 93,344 - (24,960) - - - 68,384 _ _ _ __ _ _ _ _ _ 20,270 - 219,370 808 (33,143) 2,299 799 - 210,403 _ _ __ _ _ _ _ _ _ British Academy Core Grants BIRI - - 599,917 - (599,917) - - - - Business Development - - 105,240 - (105,240) - - - - Topslice & Uplift - - 26,114 - (26,114) - - - - Contingency - - 59,636 - (59,636) - - - - _ _ __ __ _ _ _ _ _ - - 790,907 - (790,907) - - - - _ _ __ _ _ _ _ _ _ _ _ _ __ __ _ _ _ _ Total 690,011 3,650 1,101,843 27,166 (890,773) 77,321 26,855 (3,000) 1,033,073

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NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

16.	RESTRICTED FUNDS	Balance at	Balance at	Transfers	Transfers	Donations		Interest and	Grants and	Unrealised	Unrealised	Gains on Sale	Transfers	Balance at
	(Continued)	5 April 2020		In		Received		Dividends	Expenditure	Gains		of Investments	Out	5 April 2021
	Laboratory Research Funds
	Marc & Ismene Fitch Laboratory
	Development Fund		479,892		-		-	19,863	(51,261)	56,535		19,635	-	524,664
	Constantinides Environmental Unit
	Fund		25,479		-		-	1,055	(846)		3,002	1,042	-	29,732
	Laboratory Projects		16,832		-		-	-	-		-	-	-	16,832
	Database Fund		2,721		-		-	-	-		-	-	-	2,721
			____	___		__		____	_____	____		___	___	____
			524,924 ____	- ___		- __		20,918 ____	(52,107) _____	59,537 ____		20,677 ___	- ___	573,949 ____
	Libraries, Archive and Museum Funds
	Libraries Fund		18,854		-		-	780	(780)		2,221	771	-	21,846
	Athens Library Extension
	Maintenance Fund		45,676		-		-	1,891	(1,891)		5,381	1,869	-	52,926
	Archive Fund		5,671		1,049		-	235	-		668	232	-	7,855
	Athens Museum Fund		5,905		-		-	244	(309)		696	242	-	6,778
	Other Library Funds		31,348		-	6,387		-	(5,606)		-	-	-	32,130
	Knossos Library Fund		4,964		-		-	205	(205)		585	203	-	5,752
	Archive Projects Fund		13,467		-		-	-	-		-	-	-	13,467
			____	___		__		____	____	____		___	___	____
			125,886		1,049	6,387		3,355	(8,791)		9,551	3,317	-	140,754
			____	___		__		____	____	____		___	___	____

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Page 39

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

16.	RESTRICTED FUNDS (Continued) Balance at 5 April 2020 Transfers In Donations Received Interest and Dividends Grants and Expenditure Unrealised Gains Gain on Sale of Investments Transfers Out 5 Broader Purpose Funds Aghios Antonios Fund 28,956 - - 1,198 - 3,411 1,185 - General Arts Fund 3,229 67 - - - - - - Friends of the BSA Fund 51,646 - 17,643 2,138 (1,360) 6,084 2,113 (5,000) _ _ __ __ __ _ _________ ___________ 83,831 67 17,643 3,336 (1,360) 9,495 3,298 (5,000) _ ___ _ _________ __________ __________ _________ ___________ Short Term Grants Balkan Futures Funds 6,955 - - - - - - - Kythera Island Project Fund 12,291 - - - (1,751) - - - Adriatic Connections Fund 2,988 - - - (1,500) - - - Strategic Development Fund 3,014 - - - - - - - Other Short Term Funds - - 1,675 - - - - - _ _ __ __ __ __ ___ _____ 25,247 - 1,675 - (3,251) - - - _ ___ ______ _ _ _ _ __ Designated Fieldwork 53,197 - 6,808 - (1,812) - - - _ _ _ _ __ _ _ _ Summary General Research Funds 690,011 3,650 1,101,843 27,166 (890,773) 77,321 26,855 (3,000) Laboratory Research Funds 524,924 - - 20,918 (52,107) 59,537 20,677 - Libraries, Archive and Museum Funds 125,886 1,049 6,387 3,355 (8,791) 9,551 3,317 - Broader Purpose Funds 83,831 67 17,643 3,336 (1,360) 9,495 3,298 (5,000) Short Term Grants 25,247 - 1,675 - (3,251) - - - Designated Fieldwork 53,197 - 6,808 - (1,812) - - - _ _ _ _ ___ __ _ ___ Total Restricted Funds 1,503,096 4,766 1,134,356 54,775 (958,094) 155,904 54,147 (8,000)	Balance at April 2021 34,750 3,296 73,264 _ 111,310 _ 6,955 10,540 1,487 3,014 1,675 _ 23,671 _ 58,193	Balance at April 2021 34,750 3,296 73,264 _ 111,310 _ 6,955 10,540 1,487 3,014 1,675 _ 23,671 _ 58,193
			_ 6,955 10,540 1,487 3,014 1,675 _ 23,671
			____ 58,193
		__ 1,033,073 573,949 140,754 111,310 23,671 58,193 ____ 1,940,950

Page 40

THE BRITISH SCHOOL AT ATHENS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

16. RESTRICTED FUNDS (Continued)

The Painting Fund was set up by Dr E B French (Director) in 1994, with money from supervision fees, to purchase pictures by students for the School.

The Centenary Bursaries Fund was established in 1986, as one of the principal objectives of the Centenary Appeal, to provide bursaries for Greek scholars to study in the UK.

The Healey Bursary Fund was designated by Miss A E Healey to provide a bursary for a student attending the summer course.

The Leventis Fellowship Fund was established by the Leventis Foundation to support a fellowship in Hellenic studies.

The John Morrison Memorial Fund was established by specific donations for the purpose of supporting Greek maritime studies.

The General Studentship Fund was established to support students at the school.

The Knossos Donated Fund was set up by an anonymous donor in 1982 to support prehistoric excavation, research and publications covering the site of Knossos.

The Knossos Curator Fund was set up to support the activities of the Knossos Curator.

The Stratigraphical Museum Extension Fund is money granted by the British Academy to build an extension to the museum.

The Sparta Research Fund represents donations received for research at Sparta.

The PlaCe research fund is a grant awarded for training the next generation of archaeological scientists: interdisciplinary studies of pre-modern plasters and ceramics from the eastern Mediterranean.

The WRAP research fund is a grant awarded to an individual fellow to study WRiting At Pylos, specifically palaeography, tablet production, and the work of the Mycenaean scribes.

The British Academy core grants is money granted by the British Academy to specifically support research, library collections and conservation, communications and outreach, core establishment costs and overall business development activities.

The Marc and Ismene Fitch Laboratory Development Fund has been built up by grants from the School and donations from various sources since 1979. It is intended for the purchase of major equipment and general expenditures related to the laboratory. In 2012/13 the Laboratory Scientific Research Officer fund was combined into this fund.

The Constantinides Environmental Unit Fund is the residue of a gift from the Constantinides Family in 1989 to mark Dr H W Catling’s retirement as Director and following his advice is used to support the Fitch Laboratory’s Environmental Unit.

The Laboratory Projects are current investigations, which have been funded.

The Database Fund was established by specified donations.

The Libraries Fund (previously the Library Appeal Fund) was established by specified donations.

Page 41

THE BRITISH SCHOOL AT ATHENS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

16. RESTRICTED FUNDS (Continued)

The Athens Library Extension Maintenance Fund is money set-aside after the Centenary Building programme to be used for maintenance of the library extension.

The Archive Fund (previously the Archive Appeal Fund) was established by specified donations.

The Athens Museum Fund was established by specific donations to the School to support its role as curator of the Athens Museum.

The Athens Museum Numismatic Project was initiated by a grant from the E S G Robinson Charitable Trust, to enhance the display of the numismatic collection in the Museum.

The Knossos Library Fund was established by a donation from the US Foundation of £6,097 to fund purchases for the Knossos library.

The Archive Projects Fund was established in 2012/13 to consolidate a number of archive funds including the BRF Archive Project Funds and funds relating to the archive previously grouped under “Other Library Funds”.

The BRF Archive Project was established by a donation for the purpose of conservation and digitising part of the School’s archives of Byzantine material. In 2012/13 this fund was transferred to the Archive Projects Fund.

The Aghios Antonios Fund represents donations earmarked for the conservation and maintenance of the Aghios Antonios building at Palaikastro.

The General Arts Fund was established to support the arts activities at the school and be of benefit to future arts bursury holders.

The Friends of the BSA Fund was established to recognise donations received from the Friends donors and to be utilised in accordance with their restrictions.

The Balkan Futures Fund was set up in 2012/13 to receive a British Academy grant in respect of the Balkan Futures project of the School in collaboration with the British Institute of Archaeology at Ankara and the Ecole francaise d’Athenes.

The Kythera Island Project fund was established in 2012/13 to contain grants to be expended on the completion of the Kythera survey project.

The Adriatic Connections Fund was set up in 2013/14 to receive a British Academy grant in respect of the Adriatic Connections project of the School in collaboration with the British School at Rome.

The Strategic Development Fund was set up in 2015/16 to host a conference.

The Upper House Restoration Fund was set up in 2017/18 to allow key restoration works to the Upper House at the school.

The funds held in Designated Fieldwork consist mostly of grants from internal and external sources for the current fieldwork and study seasons.

Page 42

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

17. ENDOWMENT FUNDS Balance at 5 April 2020 Donations Received Interest and Dividends Grants and Expenditure Unrealised Gains Gain on Sale of Investments General Research Funds Fieldwork Funds Seager Bequest 60,280 - 2,495 (2,495) 7,101 2,466 _ ______ __________ __________ __________ _________ 60,280 - 2,495 (2,495) 7,101 2,466 ____________ _ _ _ _ __ Fellowships, Studentships & Bursaries Macmillan Studentship Fund 9,726 - 403 (403) 1,146 398 Rodewald Fund 86,731 - 3,590 (3,590) 10,218 3,549 Jeffery Bequest 74,303 - 3,075 (3,075) 8,753 3,040 Cary Bequest 188,529 - 7,803 (7,803) 22,210 7,714 Studentship Fund 9,419 - 390 (390) 1,110 385 Elizabeth Catling Fund 14,122 - 585 (585) 1,664 578 Hector & Elizabeth Catling Bursary Fund 34,059 - 1,410 (1,332) 4,012 1,394 Lord William Taylour Bursary Fund 17,623 - 729 (729) 2,076 721 Vronwy Hankey Memorial Fund 40,946 - 1,695 (1,695) 4,824 1,675 BSA Bursary for the Arts Fund 62,031 - 2,567 (2,500) 7,308 2,538 R Bradford McConnell Fund 15,016 - 622 (50) 1,769 614 _ _ _ _ __ _ 552,505 - 22,869 (22,152) 65,090 22,606 _ __ __ __ _ _ Knossos Research Evans Bequest 43,053 - 1,782 (1,782) 5,072 1,762 Knossos Research Fund 103,837 - 4,298 (4,298) 12,233 4,249 __ _ _ __ _ _ 146,890 - 6,080 (6,080) 17,305 6,011 __ _ _ __ _ ___ Total 759,675 - 31,444 (30,727) 89,496 31,083	Transfers Balance at 5 April 2021 - 69,847 _ _ - 69,847 _ - 11,270 - 100,498 - 86,096 - 218,453 - 10,914 - 16,364 (78) 39,465 - 20,420 - 47,445 (67) 71,877 (572) 17,399 ___ _ (717) 640,201 _ _ - 49,887 - 120,319 ___ _ - 170,206 _ _ (717) 880,254	Transfers Balance at 5 April 2021 - 69,847 _ _ - 69,847 _ - 11,270 - 100,498 - 86,096 - 218,453 - 10,914 - 16,364 (78) 39,465 - 20,420 - 47,445 (67) 71,877 (572) 17,399 ___ _ (717) 640,201 _ _ - 49,887 - 120,319 ___ _ - 170,206 _ _ (717) 880,254	Transfers Balance at 5 April 2021 - 69,847 _ _ - 69,847 _ - 11,270 - 100,498 - 86,096 - 218,453 - 10,914 - 16,364 (78) 39,465 - 20,420 - 47,445 (67) 71,877 (572) 17,399 ___ _ (717) 640,201 _ _ - 49,887 - 120,319 ___ _ - 170,206 _ _ (717) 880,254
			_ 11,270 100,498 86,096 218,453 10,914 16,364 39,465 20,420 47,445 71,877 17,399 __ 640,201
	__	_	_____ 49,887 120,319
	__	_	_____ 170,206
	__	_	_____ 880,254

THE BRITISH SCHOOL AT ATHENS

Page 43

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

17. ENDOWMENT FUNDS (Continued) Balance at 5 April 2020 Donations Received Interest and Dividends Grants and Expenditure Unrealised Gains Gain on Sale of Investments Laboratory Research Funds Fellowships, Studentships and Bursaries Williams Fund 602,594 - 24,941 (24,941) 70,990 24,656 __ _ _ _ _ __ Archive Funds Bader Fund 25,356 - 1,049 - 2,987 1,037 _ _ _ _ _ __ Broader Purpose Funds Alan Wace Fund 135,419 - 5,605 (5,605) 15,953 5,541 Miller Bequest 4,048 - 168 (168) 477 166 J A Saunders Memorial Fund 273,134 - 11,305 (11,305) 32,177 11,176 H W & EA Catling Library Fund 23,393 - 968 (968) 2,756 957 _ _ _ _ __ _ 435,994 - 18,046 (18,046) 51,363 17,840 __ _ _ _ _ __ General Research Funds 759,675 - 31,444 (30,727) 89,496 31,083 Laboratory Research Funds 602,594 - 24,941 (24,941) 70,990 24,656 Archive Funds 25,356 - 1,049 - 2,987 1,037 Broader Purpose Funds 435,994 - 18,046 (18,046) 51,363 17,840 _ _ _ ___ __ __ Total 1,823,619 - 75,480 (73,714) 214,836 74,616	Transfers Balance at 5 April 2021 - 698,240 _ _ (1,049) 29,380 _ _ - 156,913 - 4,691 - 316,487 - 27,106 _ _ - 505,197 _ _ (717) 880,254 - 698,240 (1,049) 29,380 - 505,197 ___ ____ (1,766) 2,113,071	Transfers Balance at 5 April 2021 - 698,240 _ _ (1,049) 29,380 _ _ - 156,913 - 4,691 - 316,487 - 27,106 _ _ - 505,197 _ _ (717) 880,254 - 698,240 (1,049) 29,380 - 505,197 ___ ____ (1,766) 2,113,071
		______ 29,380
		__ 156,913 4,691 316,487 27,106 ____ 505,197
		__ 880,254 698,240 29,380 505,197 ____ 2,113,071

Page 44

THE BRITISH SCHOOL AT ATHENS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

17. ENDOWMENT FUNDS (Continued)

Income from these funds has been allocated in accordance with the Donor’s instructions as follows:

The Seager Bequest was set up in 1937, under the will of R B Seager after the decease of his widow, as an endowment fund for excavations.

George Macmillan founded the Macmillan Studentship Fund in 1927 to support a student at the School.

The Rodewald Fund was established in 1981 to support a student at the school.

Dr Lilian H Jeffery bequeathed one quarter of her residuary estate to the School in 1985 to support a student.

The Cary Bequest came from Miss A M Cary in 1995 to support a student at the School.

The Studentship Fund was established by Trust Deed in 1913 to provide an Exhibition Studentship. This represents a Fund established under the Appeal to receive donations for Studentships. The residual funds of the Sachs Studentship Fund were merged with this Fund.

The Elizabeth Catling Fund is a legacy from the estate of Elizabeth Catling for the provision of grants for draughtsmanship.

The Hector and Elizabeth Catling Bursary Fund was established in 1989 to provide a bursary for study in Greece.

The Lord William Taylour Bursary Fund was a gift in 1995 from the Mediterranean Archaeological Trust in memory of Lord William Taylour to provide travel bursaries.

The Vronwy Hankey Memorial Fund was established to receive monies donated in memory of Vronwy Hankey for small grants for research expenses.

The BSA Bursary for the Arts Fund was established by specific donations to provide a bursary to give artists, in the widest sense of the term, an opportunity to develop and enhance their work by spending time in Greece.

The Richard Bradford McConnell Fund for Landscape Studies was established by the Richard Bradford Trust to provide a bursary in landscape studies.

The Evans Bequest was originally established in 1922, with an additional bequest in Sir Arthur Evans’ will dated 1938, “for the maintenance, upkeep and augmentation of the Villa Ariadne or for further excavation of the site of Knossos”.

The Knossos Research Fund (previously the Knossos Research Appeal Fund) was initiated by a donation from the Institute of Aegean Prehistory and augmented by subsequent donations and supports all aspects of research at Knossos.

The Williams Fund is an amalgamation of various benefactions from Dr C K Williams II since 1985. It was established in 1992 to support fully a fellowship in Ceramic Petrology. Any remaining annual income is available to support other fellowships and bursaries at the Fitch Laboratory.

THE BRITISH SCHOOL AT ATHENS

Page 45

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

17. ENDOWMENT FUNDS (Continued)

The Reverend Edward Bader Archive Endowment Fund was established with donations in 2006 to provide funding for additional archive management costs.

The Alan Wace Fund was initiated with a donation to the Appeal from Dr C K Williams II in 1998 for the maintenance and improvement of the Athenian facilities of the School.

The Miller Bequest was a bequest from William Miller in 1948, intended for the maintenance of the School garden.

The J A Saunders Memorial Fund was a separately registered charity whose constitution required its Trustees to be nominated by the School. In September 1999 it was re-registered by the Charity Commission as a subsidiary of the School. The objectives of the Fund are “to promote and advance educational and cultural links between Greece and the UK”.

The HW and EA Catling Library Purchase Fund was established to assist the school with funding towards various library additions.

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Funds £ Fund balances at 5 April 2021 are represented by: Tangible fixed assets 81,159 Investment property 85,000 Listed investments 542,185 Current assets 552,434 Current and long term liabilities (547,375) ___ Net Assets 713,403 _____ Unrealised gains in the year on investment assets: 80,683	Restricted Endowment Funds Funds £ £ - - - - 1,940,950 2,113,071 - - - - ___ _ 1,940,950 2,113,071 _ ___ 155,904 214,836	Total £ 81,159 85,000 4,596,206 552,434 (547,375) _______ 4,767,424
		_______ 451,423

In the opinion of the trustees, sufficient resources exist to enable the funds to be applied in accordance with any imposed restrictions.

19. CONTROLLING PARTY

The activities of the school are controlled by the council. There is no ultimate controlling party.

20. POST BALANCE SHEET EVENTS

The Covid-19 pandemic continues to cause disruptions across the globe with activities at the BSA being impacted by various lockdowns and rules in both Athens and the UK.

Page 46

THE BRITISH SCHOOL AT ATHENS

NOTES TO THE FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2021

21. COMPARATIVE SOFA & NOTES

		Unrestricted	Restricted	Endowment	Total Funds
		Funds	Funds	Funds	2020
	Notes	£	£	£	£
Income and endowments from:
Donations and legacies
Grants from British Academy		-	754,489	-	754,489
Donations, legacies and grants		44,402	238,134	-	282,536
Subscriptions and admission fees		43,970	-	-	43,970
		__	______	______	______
		88,372	992,623	-	1,080,995
Investments – listed investments		51,057	77,675	113,807	242,539
		__	______	______	______
		139,429	1,070,298	113,807	1,323,534
Charitable activities
Sales of publications		45,125	-	-	45,125
Project & course income		146,532	-	-	146,532
Hostel income		71,056	-	-	71,056
Miscellaneous		6,633	-	-	6,633
		__	______	______	______
		269,346	-	-	269,346
		__	______	______	______
Total		408,775	1,070,298	113,807	1,592,880
		__	______	______	______
Expenditure on:
Raising funds	3	3,596	75,515	-	79,111
Charitable activities
Core activities		220,628	527,926	19,967	768,521
Research		23,843	301,251	76,768	401,862
Hostel		153,906	-	-	153,906
Communications & outreach		146,835	61,866	-	208,701
		__	______	______	______
	21	545,212	891,043	96,735	1,532,990
		_____	______	______	______
Total		548,808	966,558	96,735	1,612,101
		_____	______	______	______
Net gains / (losses) on investments:
Realised		11,108	16,898	24,762	52,768
Unrealised		(192,890)	(293,432)	(429,947)	(916,269)
		_____	______	______	______
	9	(181,782)	(276,534)	(405,185)	(863,501)
		_____	______	______	______
Net income / (expenditure)		(321,815)	(172,794)	(388,113)	(882,722))
		_____	______	______	______
Transfers between funds	22 & 23	6,800	10,193	(16,993)	-
		_____	______	______	______
Net Movement in Funds		(315,015) _____	(162,601) ______	(405,106) ______	(882,722) ______

THE BRITISH SCHOOL AT ATHENS

Page 47

NOTES TO THE FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2021

21. COMPARATIVE SOFA & NOTES (Continued)

Expenditure on activities in furtherance of the charity’s objects is made up as follows:

Activity Activity undertaken directly Grant funding of activities Support costs Core activities 496,233 - 272,288 Research 203,546 198,316 - Hostel 137,551 - 16,355 Communications & outreach 208,701 - - __ _ ____________ 1,046,031 198,316 288,643 ___________ ____________ ____________ ANALYSIS OF EXPENDITURE UNDERTAKEN DIRECTLY Expense type Core Activities Hostel Research Communicatio ns & Outreach Staff costs 318,115 56,402 167,615 106,138 Premises costs - 77,853 - - Travel costs 5,936 - - - Conferences & courses - - - 61,150 Laboratory costs 49,982 - 35,931 - Library costs 122,200 - - - Publication costs - - - 41,413 Other costs - 3,296 - - __ _ __ _ 496,233 137,551 203,546 208,701 _ _ _ _ _ SUPPORT COSTS BREAKDOWN BY ACTIVITY Core Activities Hostel Staff costs 50,860 - Premises costs 30,100 - Office expenses 60,934 3,451 Insurance 2,495 12,904 Depreciation 21,554 - Loss/(Profit) on exchange 9,392 - Governance costs 90,702 - Other costs 6,251 - __ ___ 272,288 16,355

__

Page 48

THE BRITISH SCHOOL AT ATHENS

NOTES TO THE FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2021

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2020

Unrestricted Funds £ Fund balances at 5 April 2020 are represented by: Tangible fixed assets 98,583 Investment property 85,000 Listed investments 702,612 Current assets 353,545 Current and long term liabilities (554,858) ___ Net Assets 684,882 _____ Unrealised gains in the year on investment assets: (192,890)	Restricted Endowment Funds Funds £ £ - - - - 1,503,096 1,823,619 - - - - ___ _ 1,503,096 1,823,619 _ ___ (293,432) (429,947)	Total £ 98,583 85,000 4,029,327 353,545 (554,858) _______ 4,011,597
		_______ (916,269)

In the opinion of the trustees, sufficient resources exist to enable the funds to be applied in accordance with any imposed restrictions.

23. UNRESTRICTED FUNDS 2020

Opening balance at 6 April 2019 Net incoming/(outgoing) resources - realised gains/(losses) - unrealised gains/(losses) Transfers between funds Net Movement in Funds Closing Balance at 5 April 2020	General Fund Designated Funds Being the Publications Fund £ £ 793,299 206,598 (125,873) (14,160) 8,813 2,295 (153,035) (39,855) 5,000 1,800 _ _ (265,095) (49,920) _ _ 528,204 156,678	Total 2020 £ 999,897 (140,033) 11,108 (192,890) 6,800 _ (315,015) ___ 684,882

The reserve policy is to retain in the general fund, reserves to the value of approximately three months charitable expenditure.

THE BRITISH SCHOOL AT ATHENS

Page 49

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

24.

RESTRICTED FUNDS 2020 Balance at 5 April 2019 Transfers In Donations Received Interest and Dividends Grants and Expenditure Unrealised Losses Loss on Sale of Investments Transfers Out Balance at 5 April 2020 General Research Funds Fellowships, Studentships and Bursaries Painting Fund 3,795 - - 194 - (732) 42 - 3,299 Centenary Bursaries Fund 273,111 - - 13,946 (2.829) (52,686) 3,034 - 234,576 Healey Bursary Fund 2,558 - - 131 (122) (493) 28 - 2,102 Leventis Fellowship Fund 137,160 - 26,500 7,004 (32,119) (26,460) 1,524 - 113,609 John Morrison Memorial Fund 30,563 - - 1,561 (1,561) (5,896) 340 - 25,007 General Studentship Fund 14,992 7,992 - 766 (29) (2,892) 167 - 20,996 _ _ _ __ _ _ _ _ _ 462,179 7,992 26,500 23,602 (36,660) (89,159) 5,135 - 399,589 _ _ __ __ _ _ _ _ _ Knossos Research Knossos Donated Fund 173,054 1,062 - 8,837 - (33,384) 1,923 (3,000) 148,492 Knossos Curator Fund 32,445 3,000 17,292 - (19,817) - - - 32,920 Stratigraphical Museum Extension 80,205 - 49,108 4,096 (30,088) (15,472) 891 - 88,740 _ _ __ __ _ _ _ _ _ 285,704 4,062 66,400 12,933 (49,904) (48,856) 2,814 (3,000) 270,152 _ _ __ __ _ _ _ _ _ Other Research Sparta Research Fund 27,846 - - 1,422 (4,686) (5,372) 309 - 19,519 Kenchreai Fund 781 - 49 - (79) - - - 751 _ _ _ __ _ _ _ _ _ 28,627 - 49 1,422 (4,765) (5,372) 309 - 20,270 _ _ __ _ _ _ _ _ _ British Academy Core Grants BIRI - - 599,917 - (599,917) - - - - Business Development - - 105,240 - (105,240) - - - - Topslice - - 19,036 - (19,036) - - - - Contingency - - 30,296 - (30,296) - - - - _ _ _ _ _ __ _ _ _ - - 754,489 - (754,489) - - - - _ _ __ _ _ _ _ _ _ _ _ _ __ __ _ _ _ _ Total 776,510 12,054 847,438 37,957 (845,818) (143,387) 8,258 (3,000) 690,011

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NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |24. RESTRICTED FUNDS 2020|Balance at|Transfers|Donations|Interest and|Grants and|Unrealised|Loss on Sale|Transfers|Balance at| |(Continued)|5 April 2019|In|Received|Dividends|Expenditure|Losses|of Investments|Out|5 April 2020| |Laboratory Research Funds| |-|-| |Marc & Ismene Fitch Laboratory|609,354|5,733|31,116|(55,530)|(117,551)|6,770|479,892| |Development Fund| |Constantinides Environmental Unit|31,277|-|-|1,597|(1,708)|(6,034)|347|-|25,479| |Fund| |-|-|-|-|-| |Laboratory Projects|8,012|49,331|(40,511)|16,832| |Database Fund|2,721|-|-|-|-|-|-|-|2,721| |_|__|__|_|__|_|_|_|_| |-| |651,364|5,733|49,331|32,713|(97,749)|(123,585)|7,117|524,924| |_|___|_|_|_|_|__|_|_| |Libraries, Archive and Museum Funds| |Libraries Fund|23,045|-|-|1,177|(1,178)|(4,446)|256|-|18,854| |Athens Library Extension|-|-|2,851|(2,854)|(10,770)|620|-|45,676| |Maintenance Fund|55,829| |Archive Fund|6,950|835|-|355|(1,205)|(1,341)|77|-|5,671| |Athens Museum Fund|7,217|-|-|369|(369)|(1,392)|80|-|5,905| |-|-|-|-|-| |Other Library Funds|29,327|5,974|(3,953)|31,348| |Knossos Library Fund|6,067|-|-|310|(310)|(1,170)|67|-|4,964| |-|-|-|-|-|-|-| |Archive Projects Fund|13,467|13,467| |_|___|_|_|_|_|__|_|_| |141,902|835|5,974|5,062|(9,869)|(19,119)|1,100|-|125,886| |_|_|_|_|_|_|_|_|____|

----- End of picture text -----

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NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2020

24.	RESTRICTED FUNDS 2020 (Continued) Balance at 5 April 2019 Transfers In Donations Received Interest and Dividends Grants and Expenditure Unrealised Losses Loss on Sale of Investments Transfers Out 5 Broader Purpose Funds Aghios Antonios Fund 33,311 - - 1,701 - (6,426) 370 - General Arts Fund 1,858 1,371 - - - - - - Friends of the BSA Fund 4,740 - 53,852 242 (1,328) (915) 53 (5,000) _ _ __ __ __ _ _________ ___________ 39,909 1,371 53,852 1,943 (1,328) (7,341) 423 (5,000) _ ___ _ _________ __________ __________ _________ ___________ Short Term Grants Balkan Futures Funds 6,955 - - - - - - - Kythera Island Project Fund 12,676 - - - (385) - - - Adriatic Connections Fund 4,788 - - - - - - (1,800) Strategic Development Fund 3,014 - - - - - - - Upper House Restoration Fund (8,277) - 13,125 - (4,848) - - - _ _ __ __ __ __ ___ _____ 19,156 - 13,125 - (5,233) - - (1,800) _ ___ ______ _ _ _ _ __ Designated Fieldwork 36,856 - 22,903 - (6,561) - - - _ _ _ _ __ _ _ _ Summary General Research Funds 766,510 12,054 847,438 37,957 (845,818) (143,387) 8,258 (3,000) Laboratory Research Funds 651,364 5,733 49,331 32,713 (97,749) (123,585) 7,117 - Libraries, Archive and Museum Funds 141,902 835 5,974 5,062 (9,869) (19,119) 1,100 - Broader Purposes Funds 39,909 1,371 53,852 1,943 (1,328) (7,341) 423 (5,000) Short Term Grants 19,156 - 13,125 - (5,233) - - (1,800) Designated Fieldwork 36,856 - 22,903 - (6,561) - - - _ _ _ _ ___ __ _ ___ Total Restricted Funds 1,655,697 19,993 992,623 77,675 (966,558) (293,432) 16,898 (9,800)	Balance at April 2020 28,956 3,229 51,646 _ 83,831 _ 6,955 12,291 2,988 3,014 _ 25,247 _ 53,197	Balance at April 2020 28,956 3,229 51,646 _ 83,831 _ 6,955 12,291 2,988 3,014 _ 25,247 _ 53,197
			_ 6,955 12,291 2,988 3,014 _ 25,247
			____ 53,197
		__ 690,011 524,924 125,886 83,831 25,247 53,197 ____ 1,503,096

Page 52

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NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

25. ENDOWMENT FUNDS 2020	Balance at	Donations		Interest and	Grants and	Unrealised	Loss on Sale	Transfers	Balance at
	5 April 2019	Received		Dividends	Expenditure	Losses	of Investments		5 April 2020
General Research Funds
Fieldwork Funds
Seager Bequest	73,674		-	3,762	(2,700)	(14,213)	819	(1,062)	60,280
	____	_ ___		____	____	____	___	____	____
	73,674		-	3,762	(2,700)	(14,213)	819	(1,062)	60,280
	______	_ ___		____	____	____	___	___ ______	______
Fellowships, Studentships & Bursaries
Macmillan Studentship Fund	11,887		-	607	(607)	(2,293)	132	-	9,726
Rodewald Fund	106,002		-	5,413	(5,413)	(20,449)	1,178	-	86,731
Jeffery Bequest	90,813		-	4,637	(4,637)	(17,519)	1,009	-	74,303
Cary Bequest	230,419		-	11,766	(11,766)	(44,450)	2,560	-	188,529
Studentship Fund	11,512		-	588	(588)	(2,221)	128	-	9,419
Elizabeth Catling Fund	17,259		-	881	(881)	(3,329)	192	-	14,122
Hector & Elizabeth Catling
Bursary Fund	41,628		-	2,126	(2,126)	(8,031)	462	-	34,059
Lord William Taylour Bursary Fund	21,443		-	1,095	(1,016)	(4,137)	238	-	17,623
Vronwy Hankey Memorial Fund	50,044		-	2,555	(2,555)	(9,654)	556	-	40,946
BSA Bursary for the Arts Fund	75,814		-	3,871	(2,500)	(14,625)	842	(1,371)	62,031
R Bradford McConnell Fund	18,353		-	937	(937)	(3,541)	204	-	15,016
	______	______		____	______	______	______	_______	______
	675,174 ______	- ______		34,476 ____	(33,026) ______	(130,249) ______	7,501 ______	(1,371) _______	552,505 ______
Knossos Research
Evans Bequest	52,619		-	2,687	(2,687)	(10,151)	585	-	43,053
Knossos Research Fund	126,909 __ 179,528 ____	- __ - ____		6,480 _ 9,167 _	(6,480) __ (9,167) ____	(24,482) __ (34,633) ____	1,410 __ 1,995 ____	- ___ - _____	103,837 __ 146,890 ____
Total	928,376 ______	- ______		47,405 ____	(44,893) ______	(179,095) ______	10,315 ______	(2,433) _______	759,675 ______

THE BRITISH SCHOOL AT ATHENS

Page 53

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

25. ENDOWMENT FUNDS 2020
(Continued)	Balance at		Donations		Interest and	Grants and	Unrealised	Loss on Sale	Transfers	Balance at
	5	April 2019	Received		Dividends	Expenditure	Losses	of Investments		5 April 2020
Laboratory Research Funds
Fellowships, Studentships and Bursaries
Williams Fund		736,489 ______	- ____		37,608 ____	(31,875) ____	(142,077) ____	8,182 ___	(5,733) ____	602,594 ______
Archive Funds
Bader Fund		30,991 ______	- ____		1,583 ____	(748) ____	(5,979) ____	344 ___	(835) ____	25,356 ______
Broader Purpose Funds
Alan Wace Fund		165,509		-	8,452	(8,452)	(31,929)	1,839	-	135,419
Miller Bequest		4,947		-	253	(253)	(954)	55	-	4,048
J A Saunders Memorial Fund		333,823		-	17,046	(9,054)	(64,398)	3,709	(7,992)	273,134
H W & EA Catling Library Fund		28,590		-	1,460	(1,460)	(5,515)	318	-	23,393
		______	____		____	____	______	____	_______	______
		532,869		-	27,211	(19,219)	(102,796)	5,921	(7,992)	435,994
		______	____		____	_____	____	___	____	______
General Research Funds		928,376		-	47,405	(44,893)	(179,095)	10,315	(2,433)	759,675
Laboratory Research Funds		736,489		-	37,608	(31,875)	(142,077)	8,182	(5,733)	602,594
Archive Funds		30,991		-	1,583	(748)	(5,979)	344	(835)	25,356
Broader Purpose Funds		532,869		-	27,211	(19,219)	(102,796)	5,921	(7,992)	435,994
		______	____		____	______	______	____	_______	______
Total		2,228,725 ______	- ____		113,807 ____	(96,735) ______	(429,947) ______	24,762 ____	(16,993) _______	1,823,619 ______