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

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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
35*4
50

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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)
FY*7
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.

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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

**THE BRITISH SCHOOL AT ATHENS** 

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<br>Pensionable salary growth<br>_Staff numbers_<br>The average number of employees analysed by function was as follows:<br>Hostel<br>Office<br>Laboratory<br>Library<br>Premises<br>Management and administration of the charity|**2021**<br>2.0%<br>0.0%<br>**2021**<br>3<br>3<br>5<br>5<br>5<br>5<br>___________<br>26<br>|**2020**<br>2.0%<br>0.0%<br>**2020**<br>3<br>3<br>5<br>5<br>5<br>5<br>___________<br>26<br>|
|---|---|---|



## _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. 



**THE BRITISH SCHOOL AT ATHENS** 

Page 32 

## **NOTE TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

|**7.**<br>**TANGIBLE FIXED ASSETS**<br>**Fixtures &**<br>**Fittings**<br>**Computer**<br>**Equipment**<br>**Office**<br>**Equipment**<br>**Scientific**<br>**Equipment**<br>**£**<br>**£**<br>**£**<br>**£**<br>**Cost**<br>At 6 April 2020<br>88,434<br>177,522<br>27,983<br>211,835<br>Additions<br>-<br>-<br>-<br>-<br>___________<br>_________<br>_________<br>_________<br>At 5 April 2021<br>88,434<br>177,522<br>27,983<br>211,835<br>___________<br>_________<br>_________<br>_________<br>**Depreciation**<br>At 6 April 2020<br>86,379<br>175,990<br>27,983<br>116,839<br>Charge for the year<br>632<br>766<br>-<br>16,026<br>___________<br>_________<br>_________<br>_________<br>At 5 April 2021<br>87,011<br>176,756<br>27,983<br>132,865<br>___________<br>_________<br>_________<br>_________<br>**Net Book Value**<br>As at 5 April 2021<br>1,423<br>766<br>-<br>78,970<br>___________<br>_________<br>_________<br>_________<br>As at 5 April 2020<br>2,055<br>1,532<br>-<br>94,996<br> <br> <br>|**Total**<br>**£**<br>505,774<br>-<br>__________<br>505,774<br>___________<br>407,191<br>17,424<br>___________<br>424,615<br>___________<br>81,159<br>___________<br>98,583<br>|
|---|---|



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. 



**THE BRITISH SCHOOL AT ATHENS NOTE TO THE FINANCIAL STATEMENTS** 

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.**<br>**INVESTMENT PROPERTY**<br>Investment property at probate value|**2021**<br>**£**<br>85,000<br>|**2020**<br>**£**<br>85,000<br>|
|---|---|---|



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. 



**THE BRITISH SCHOOL AT ATHENS** 

Page 34 

## **NOTE TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

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



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|
|||__________|__________|





**THE BRITISH SCHOOL AT ATHENS** 

Page 35 

**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**<br>**£**<br>193,844<br>|**2020**<br>**£**<br>117,969<br>|
|---|---|



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**<br>Staff severance fund<br>USS pension liability|**2021**<br>**£**<br>277,286<br>76,245<br>__________<br>353,531<br>|**2020**<br>**£**<br>338,183<br>98,706<br>__________<br>436,889<br>|
|---|---|---|



## _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<br>Increase/ (decrease) in provision for the year<br>Exchange (gain)/loss<br>Balance at 5 April 2021|**2021**<br>**£**<br>338,183<br>(52,138)<br>(8,759)<br>__________<br>277,286<br>|**2020**<br>**£**<br>330,097<br>1,076<br>7,010<br>__________<br>338,183<br>|
|---|---|---|



## _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<br>Increase/ (decrease) in provision for the year<br>Interest payable on the provision for the year<br>Balance at 5 April 2021|**2021**<br>**£**<br>98,706<br>(24,435)<br>1,974<br>__________<br>76,245<br>|**2020**<br>**£**<br>89,165<br>7,758<br>1,783<br>__________<br>98,706<br>|
|---|---|---|





**THE BRITISH SCHOOL AT ATHENS** 

Page 36 

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



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





**THE BRITISH SCHOOL AT ATHENS** 

Page 38 

## **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**<br>__________|**-**<br>_________||**-**<br>________||**20,918**<br>__________|**(52,107)**<br>___________|**59,537**<br>__________||**20,677**<br>_________|**-**<br>_________|**573,949**<br>__________|
||**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**|
||||__________|_________||________||__________|__________|__________||_________|_________|__________|





**THE BRITISH SCHOOL AT ATHENS** 

Page 39 

## **NOTE TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

|**16.**<br> <br>|**RESTRICTED FUNDS**<br>**(Continued)**<br>**Balance at**<br>**5 April 2020**<br>**Transfers**<br>**In**<br>**Donations**<br>**Received**<br>**Interest and**<br>**Dividends**<br>**Grants and**<br>**Expenditure**<br>**Unrealised**<br>**Gains**<br>**Gain on Sale**<br>**of Investments**<br>**Transfers**<br>**Out**<br>**5**<br>**Broader Purpose Funds**<br>Aghios Antonios Fund<br>28,956<br>-<br>-<br>1,198<br>-<br>3,411<br>1,185<br>-<br>General Arts Fund<br>3,229<br>67<br>-<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>Friends of the BSA Fund<br>51,646<br>**-**<br>17,643<br>2,138<br>(1,360)<br>6,084<br>2,113<br>(5,000)<br>__________<br>________<br>________<br>________<br>________<br>__________<br>_________<br>___________<br>**83,831**<br>**67**<br>**17,643**<br>**3,336**<br>**(1,360)**<br>**9,495**<br>**3,298**<br>**(5,000)**<br>__________<br>______ _<br>_________<br>_________<br>__________<br>__________<br>_________<br>___________<br>**Short Term Grants**<br>Balkan Futures Funds<br>6,955<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>Kythera Island Project Fund<br>12,291<br>-<br>-<br>-<br>(1,751)<br>-<br>-<br>-<br>Adriatic Connections Fund<br>2,988<br>-<br>-<br>-<br>(1,500)<br>-<br>-<br>-<br>Strategic Development Fund<br>3,014<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>Other Short Term Funds<br>-<br>-<br>1,675<br>-<br>-<br>-<br>-<br>-<br>__________<br>________<br>________<br>________<br>________<br>__________<br>_________<br>___________<br>**25,247**<br>**-**<br>**1,675**<br>**-**<br>**(3,251)**<br>**-**<br>**-**<br>**-**<br>__________<br>______ _<br>_________<br>_________<br>__________<br>__________<br>_________<br>___________<br> **Designated Fieldwork**<br>**53,197**<br>**-**<br>**6,808**<br>**-**<br>**(1,812)**<br>**-**<br>**-**<br>**-**<br>____________<br>__________<br>___________<br>__________<br>____________<br>__________<br>_________<br>__________<br>**Summary**<br>**General Research Funds**<br>690,011<br>3,650<br>1,101,843<br>27,166<br>(890,773)<br>77,321<br>26,855<br>(3,000)<br>**Laboratory Research Funds**<br>524,924<br>-<br>-<br>20,918<br>(52,107)<br>59,537<br>20,677<br>-<br>**Libraries, Archive and**<br>**Museum  Funds**<br>125,886<br>1,049<br>6,387<br>3,355<br>(8,791)<br>9,551<br>3,317<br>-<br>**Broader Purpose Funds**<br>83,831<br>67<br>17,643<br>3,336<br>(1,360)<br>9,495<br>3,298<br>(5,000)<br>**Short Term Grants**<br>25,247<br>-<br>1,675<br>-<br>(3,251)<br>-<br>-<br>-<br>**Designated Fieldwork**<br>53,197<br>-<br>6,808<br>-<br>(1,812)<br>-<br>-<br>-<br>____________<br>__________<br>__________<br>__________<br>____________<br>____________<br>__________<br>_________<br>**Total Restricted Funds**<br>**1,503,096**<br>**4,766**<br>**1,134,356**<br>**54,775**<br>**(958,094)**<br>**155,904**<br>**54,147**<br>**(8,000)**|**Balance at**<br>**April 2021**<br>34,750<br>3,296<br>73,264<br>__________<br>**111,310**<br>__________<br>6,955<br>10,540<br>1,487<br>3,014<br>1,675<br>__________<br>**23,671**<br>__________<br>**58,193**|**Balance at**<br>**April 2021**<br>34,750<br>3,296<br>73,264<br>__________<br>**111,310**<br>__________<br>6,955<br>10,540<br>1,487<br>3,014<br>1,675<br>__________<br>**23,671**<br>__________<br>**58,193**|
|---|---|---|---|
||||__________<br>6,955<br>10,540<br>1,487<br>3,014<br>1,675<br>__________<br>**23,671**|
||||__________<br>**58,193**|
|||____________<br>1,033,073<br>573,949<br>140,754<br>111,310<br>23,671<br>58,193<br>____________<br>**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**<br>**Balance at**<br>**5 April 2020**<br>**Donations**<br>**Received**<br>**Interest and**<br>**Dividends**<br>**Grants and**<br>**Expenditure**<br>**Unrealised**<br>**Gains**<br>**Gain on Sale**<br>**of Investments**<br>**General Research Funds**<br>**_Fieldwork Funds_**<br>Seager Bequest<br>60,280<br>-<br>2,495<br>(2,495)<br>7,101<br>2,466<br>__________<br>____ ______<br>__________<br>__________<br>__________<br>_________<br>60,280<br>-<br>2,495<br>(2,495)<br>7,101<br>2,466<br>____________<br>_ _________<br>__________<br>__________<br>__________<br>_________<br>**_Fellowships, Studentships & Bursaries_**<br>Macmillan Studentship Fund<br>9,726<br>-<br>403<br>(403)<br>1,146<br>398<br>Rodewald Fund<br>86,731<br>-<br>3,590<br>(3,590)<br>10,218<br>3,549<br>Jeffery Bequest<br>74,303<br>-<br>3,075<br>(3,075)<br>8,753<br>3,040<br>Cary Bequest<br>188,529<br>-<br>7,803<br>(7,803)<br>22,210<br>7,714<br>Studentship Fund<br>9,419<br>-<br>390<br>(390)<br>1,110<br>385<br>Elizabeth Catling Fund<br>14,122<br>-<br>585<br>(585)<br>1,664<br>578<br>Hector & Elizabeth Catling<br>Bursary Fund<br>34,059<br>-<br>1,410<br>(1,332)<br>4,012<br>1,394<br>Lord William Taylour Bursary Fund<br>17,623<br>-<br>729<br>(729)<br>2,076<br>721<br>Vronwy Hankey Memorial Fund<br>40,946<br>-<br>1,695<br>(1,695)<br>4,824<br>1,675<br>BSA Bursary for the Arts Fund<br>62,031<br>-<br>2,567<br>(2,500)<br>7,308<br>2,538<br>R Bradford McConnell Fund<br>15,016<br>-<br>622<br>(50)<br>1,769<br>614<br>____________<br>____________<br> __________<br>____________<br> ____________<br>____________<br>552,505<br>-<br>22,869<br>(22,152)<br>65,090<br>22,606<br>____________<br>____________<br>__________<br>____________<br>____________<br>____________<br>**_Knossos Research_**<br>Evans Bequest<br>43,053<br>-<br>1,782<br>(1,782)<br>5,072<br>1,762<br>Knossos Research Fund<br>103,837<br>-<br>4,298<br>(4,298)<br>12,233<br>4,249<br>____________<br>____________<br>__________<br>____________<br>____________<br>____________<br>146,890<br>-<br>6,080<br>(6,080)<br>17,305<br>6,011<br>____________<br>____________<br>__________<br>____________<br>____________<br>____________<br>**Total**<br>**759,675**<br>**-**<br>**31,444**<br>**(30,727)**<br>**89,496**<br>**31,083**|**Transfers**<br>**Balance at**<br>**5 April 2021**<br>-<br>69,847<br>__________<br>__________<br>-<br>69,847<br>___  ______<br>__________<br>-<br>11,270<br>-<br>100,498<br>-<br>86,096<br>-<br>218,453<br>-<br>10,914<br>-<br>16,364<br>(78)<br>39,465<br>-<br>20,420<br>-<br>47,445<br>(67)<br>71,877<br>(572)<br>17,399<br>_____________<br>____________<br>(717)<br>640,201<br>_____________<br>____________<br>-<br>49,887<br>-<br>120,319<br>_____________<br>____________<br>-<br>170,206<br>_____________<br>____________<br>**(717)**<br>**880,254**|**Transfers**<br>**Balance at**<br>**5 April 2021**<br>-<br>69,847<br>__________<br>__________<br>-<br>69,847<br>___  ______<br>__________<br>-<br>11,270<br>-<br>100,498<br>-<br>86,096<br>-<br>218,453<br>-<br>10,914<br>-<br>16,364<br>(78)<br>39,465<br>-<br>20,420<br>-<br>47,445<br>(67)<br>71,877<br>(572)<br>17,399<br>_____________<br>____________<br>(717)<br>640,201<br>_____________<br>____________<br>-<br>49,887<br>-<br>120,319<br>_____________<br>____________<br>-<br>170,206<br>_____________<br>____________<br>**(717)**<br>**880,254**|**Transfers**<br>**Balance at**<br>**5 April 2021**<br>-<br>69,847<br>__________<br>__________<br>-<br>69,847<br>___  ______<br>__________<br>-<br>11,270<br>-<br>100,498<br>-<br>86,096<br>-<br>218,453<br>-<br>10,914<br>-<br>16,364<br>(78)<br>39,465<br>-<br>20,420<br>-<br>47,445<br>(67)<br>71,877<br>(572)<br>17,399<br>_____________<br>____________<br>(717)<br>640,201<br>_____________<br>____________<br>-<br>49,887<br>-<br>120,319<br>_____________<br>____________<br>-<br>170,206<br>_____________<br>____________<br>**(717)**<br>**880,254**|
|---|---|---|---|
||||__________<br>11,270<br>100,498<br>86,096<br>218,453<br>10,914<br>16,364<br>39,465<br>20,420<br>47,445<br>71,877<br>17,399<br>___________<br>640,201|
||__|_|___________<br>49,887<br>120,319|
||__|_|___________<br>170,206|
||__|_|___________<br>**880,254**|





**THE BRITISH SCHOOL AT ATHENS** 

Page 43 

## **NOTE TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

|**17.   ENDOWMENT FUNDS**<br>**(Continued)**<br>**Balance at**<br>**5 April 2020**<br>**Donations**<br>**Received**<br>**Interest and**<br>**Dividends**<br>**Grants and**<br>**Expenditure**<br>**Unrealised**<br>**Gains**<br>**Gain on Sale**<br>**of Investments**<br>**Laboratory Research Funds**<br>**_Fellowships, Studentships and Bursaries_**<br>Williams Fund<br>**602,594**<br>**-**<br>**24,941**<br>**(24,941)**<br>**70,990**<br>**24,656**<br>____________<br>__________<br>__________<br>__________<br>__________<br>_________<br>**Archive Funds**<br>Bader Fund<br>**25,356**<br>**-**<br>**1,049**<br>**-**<br>**2,987**<br>**1,037**<br>____________<br>__________<br>__________<br>__________<br>__________<br>_________<br>**Broader Purpose Funds**<br>Alan Wace Fund<br>135,419<br>-<br>5,605<br>(5,605)<br>15,953<br>5,541<br>Miller Bequest<br>4,048<br>-<br>168<br>(168)<br>477<br>166<br>J A Saunders Memorial Fund<br>273,134<br>-<br>11,305<br>(11,305)<br>32,177<br>11,176<br>H W & EA Catling Library Fund<br>23,393<br>-<br>968<br>(968)<br>2,756<br>957<br>____________<br>__________<br>__________<br>__________<br>____________<br>__________<br>**435,994**<br>**-**<br>**18,046**<br>**(18,046)**<br>**51,363**<br>**17,840**<br>____________<br>__________<br>__________<br>___________<br>__________<br>_________<br>**General Research Funds**<br>759,675<br>-<br>31,444<br>(30,727)<br>89,496<br>31,083<br>**Laboratory Research Funds**<br>602,594<br>-<br>24,941<br>(24,941)<br>70,990<br>24,656<br>**Archive Funds**<br>25,356<br>-<br>1,049<br>-<br>2,987<br>1,037<br>**Broader Purpose Funds**<br>435,994<br>-<br>18,046<br>(18,046)<br>51,363<br>17,840<br>____________<br>__________<br>__________<br>____________<br>____________<br>__________<br>**Total**<br>**1,823,619**<br>**-**<br>**75,480**<br>**(73,714)**<br>**214,836**<br>**74,616**|**Transfers**<br>**Balance at**<br>**5 April 2021**<br>**-**<br>**698,240**<br>__________<br>____________<br>**(1,049)**<br>**29,380**<br>__________<br>____________<br>-<br>156,913<br>-<br>4,691<br>-<br>316,487<br>-<br>27,106<br>__________<br>____________<br>**-**<br>**505,197**<br>__________<br>____________<br>(717)<br>880,254<br>-<br>698,240<br>(1,049)<br>29,380<br>-<br>505,197<br>_____________<br>____________<br>**(1,766)**<br>**2,113,071**|**Transfers**<br>**Balance at**<br>**5 April 2021**<br>**-**<br>**698,240**<br>__________<br>____________<br>**(1,049)**<br>**29,380**<br>__________<br>____________<br>-<br>156,913<br>-<br>4,691<br>-<br>316,487<br>-<br>27,106<br>__________<br>____________<br>**-**<br>**505,197**<br>__________<br>____________<br>(717)<br>880,254<br>-<br>698,240<br>(1,049)<br>29,380<br>-<br>505,197<br>_____________<br>____________<br>**(1,766)**<br>**2,113,071**|
|---|---|---|
|||____________<br>**29,380**|
|||____________<br>156,913<br>4,691<br>316,487<br>27,106<br>____________<br>**505,197**|
|||____________<br>880,254<br>698,240<br>29,380<br>505,197<br>____________<br>**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**<br>**Funds**<br>**£**<br>Fund balances at 5 April 2021 are represented by:<br>Tangible fixed assets<br>81,159<br>Investment property<br>85,000<br>Listed investments<br>542,185<br>Current assets<br>552,434<br>Current and long term liabilities<br>(547,375)<br>_____________<br>Net Assets<br>713,403<br>_____________<br>Unrealised gains in the year on investment assets:<br>80,683<br>|**Restricted**<br>**Endowment**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>-<br>-<br>-<br>-<br>1,940,950<br>2,113,071<br>-<br>-<br>-<br>-<br>_____________<br>____________<br>1,940,950<br>2,113,071<br>_____________<br>___ _________<br>155,904<br>214,836<br>|**Total**<br>**£**<br>81,159<br>85,000<br>4,596,206<br>552,434<br>(547,375)<br>_____________<br>4,767,424|
|---|---|---|
|||_____________<br>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)<br>___________|(162,601)<br>____________|(405,106)<br>____________|(882,722)<br>____________|





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





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**<br>**Funds**<br>**£**<br>Fund balances at 5 April 2020 are represented by:<br>Tangible fixed assets<br>98,583<br>Investment property<br>85,000<br>Listed investments<br>702,612<br>Current assets<br>353,545<br>Current and long term liabilities<br>(554,858)<br>_____________<br>Net Assets<br>684,882<br>_____________<br>Unrealised gains in the year on investment assets:<br>(192,890)<br>|**Restricted**<br>**Endowment**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>-<br>-<br>-<br>-<br>1,503,096<br>1,823,619<br>-<br>-<br>-<br>-<br>_____________<br>____________<br>1,503,096<br>1,823,619<br>_____________<br>___ _________<br>(293,432)<br>(429,947)<br>|**Total**<br>**£**<br>98,583<br>85,000<br>4,029,327<br>353,545<br>(554,858)<br>_____________<br>4,011,597|
|---|---|---|
|||_____________<br>(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**<br>Net incoming/(outgoing) resources<br>- realised gains/(losses)<br>- unrealised gains/(losses)<br>Transfers between funds<br>Net Movement in Funds<br>**Closing Balance at 5 April 2020**|**General**<br>**Fund**<br>**Designated**<br>**Funds**<br>**Being the**<br>**Publications**<br>**Fund**<br>**£**<br>**£**<br>793,299<br>206,598<br>(125,873)<br>(14,160)<br>8,813<br>2,295<br>(153,035)<br>(39,855)<br>5,000<br>1,800<br>__________<br>__________<br>(265,095)<br>(49,920)<br>__________<br>__________<br>528,204<br>156,678<br> <br>|**Total**<br>**2020**<br>**£**<br>999,897<br>(140,033)<br>11,108<br>(192,890)<br>6,800<br>__________<br>(315,015)<br>____________<br>684,882<br>|
|---|---|---|



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





**THE BRITISH SCHOOL AT ATHENS** 

Page 50 

## **NOTE TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 


**----- Start of picture text -----**<br>
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|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 -----**<br>




**THE BRITISH SCHOOL AT ATHENS** 

Page 51 

## **NOTE TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 5 APRIL 2020** 

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





Page 52 

## **THE BRITISH SCHOOL AT ATHENS** 

## **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<br>____________|-<br>____________||34,476<br>__________|(33,026)<br>____________|(130,249)<br>____________|7,501<br>____________|(1,371)<br>_____________|552,505<br>____________|
|**_Knossos Research_**||||||||||
|Evans Bequest|52,619||-|2,687|(2,687)|(10,151)|585|-|43,053|
|Knossos Research Fund|126,909<br>____________<br>179,528<br>____________|-<br>____________<br>-<br>____________||6,480<br>__________<br>9,167<br>__________|(6,480)<br>____________<br>(9,167)<br>____________|(24,482)<br>____________<br>(34,633)<br>____________|1,410<br>____________<br>1,995<br>____________|-<br>_____________<br>-<br>_____________|103,837<br>____________<br>146,890<br>____________|
|**Total**|**928,376**<br>____________|**-**<br>____________||**47,405**<br>__________|**(44,893)**<br>____________|**(179,095)**<br>____________|**10,315**<br>____________|**(2,433)**<br>_____________|**759,675**<br>____________|





**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**<br>____________|**-**<br>__________||**37,608**<br>__________|**(31,875)**<br>__________|**(142,077)**<br>__________|**8,182**<br>_________|**(5,733)**<br>__________|**602,594**<br>____________|
|**Archive Funds**|||||||||||
|Bader Fund||**30,991**<br>____________|**-**<br>__________||**1,583**<br>__________|**(748)**<br>__________|**(5,979)**<br>__________|**344**<br>_________|**(835)**<br>__________|**25,356**<br>____________|
|**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**<br>____________|**-**<br>__________||**113,807**<br>__________|**(96,735)**<br>____________|**(429,947)**<br>____________|**24,762**<br>__________|**(16,993)**<br>_____________|**1,823,619**<br>____________|