2022-04-05-accounts

THE BRITISH SCHOOL AT ATHENS

----- Start of picture text -----
eeut oat es ion “ii 7
----- End of picture text -----

The BSA was delighted to host its Annual Athens Garden Party in May 2022 after a two-year gap due to the pandemic

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2022

THE BRITISH SCHOOL AT ATHENS

INDEX

Page Number

1 - 11	-	Trustees report
12 – 15	-	Reference information
16 - 18	-	Independent report of the auditors
19 - 20	-	Statement of financial activities
21	-	Balance sheet
22	-	Statement of cash flows
23 – 53	-	Notes to the financial statements

Page 1

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2022

The Council presents its report together with its audited financial statements for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements. They also comply with the requirements of the statutes, the Charities Act 2011 and ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland’ (2nd Edition, effective 2019).

Structure, Governance and Management

The British School at Athens (www.bsa.ac.uk) is constituted as a registered charity (No. 208673) and is governed by statutes which were last amended on 23 February 2016. It comprises Regular Members, Subscribing Members and Honorary Members, and employs staff in Greece and London; it is governed by a Council of Trustees.

The Council consists of the Chair, Honorary Treasurer, 1 representative of the Vice-Presidents, 4 members elected by the School’s Subscribing Members for a 4-year term, 2 members elected by School’s Regular Members for a 2-year term, and 4 nominated members elected by Council for a 4-year term. A Vice-Chair is elected from its number. The Chairs of the Committees for Archaeology, for Society, Arts, and Letters, and for Finance and General Purposes are ex-officio members of Council. Trustees are recruited from all constituencies represented in the School’s activities: nominations for election by Subscribing and Regular Members may be made by any such Members. These elections are by postal ballot. The representative of the Vice-Presidents is elected by the Council.

The Search Committee considers the balance of skills and interests and diversity represented on the Council whenever a nominated vacancy arises, identifies potential nominees by all appropriate means, and puts forward names for consideration so as to ensure that the Council is equipped to exercise critical scrutiny of all areas of the School’s operation. Where the Council perceives the need for particular specialist experience to be represented on the Council, it has the power to co-opt up to three further members of the Council for a term of up to four years. Such a co-option must have the support of three-fourths of those present at a meeting of the Council.

New Trustees are currently referred to the website of the Charity Commission, and offered an induction meeting with the Honorary Treasurer, Chair of Council, the Chair of the Finance and General Purposes Committee and/or Auditors as appropriate. They are also offered places on courses at the British Academy on Trustee responsibilities from time to time.

The School is governed by its Council, whose members are Trustees under the terms of the Charities Act 2011 and have the general duty of protecting all the School’s property. Council elects the Chair and Honorary Treasurer; appoints the Director of the School in Athens, the Assistant Director of the School in Athens, the Director of the Fitch Laboratory, the Curator at Knossos, and approves the appointment of the School Administrator and London Administrative Assistant.

Council appoints advisory Committees for Archaeology; for Society, Arts, and Letters; and for Finance and General Purposes, and such further Committees and Subcommittees as it shall require. The current standing Committees and Subcommittees of Council and their terms of reference, as defined in Annexe A to the Statutes (published on www.bsa.ac.uk), are listed below in Reference Information (and are available in the Governance section of www.bsa.ac.uk). Charge of the School in Greece is delegated to the Director, who reports to the Council. S/he is the principal executive officer and principal accounting officer of the School and represents it in all its relations with the Greek State, Greek Entities of Public law, the Greek Archaeological Authorities and any third parties whatsoever. Council retains the power to intervene directly in the management of the School in Greece in the case of misconduct or other emergency.

In its pursuit of excellence in research, learning, and teaching, the British School at Athens is committed to fostering equality, diversity, and inclusion, irrespective of age, gender, sexual orientation, pregnancy/maternity/paternity, religion or belief, race, disability, marriage/civil 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 articulated in the Statutes, is circulated annually to Subscribing and to Regular Members in the call for nominations for candidates to 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 taken 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 5 APRIL 2022

At the annual review of Committee membership, Committee Chairs are reminded of the policy statement together with the need to achieve in its membership a balance of skills, experience, and knowledge appropriate to fulfilling effectively their respective terms of reference. In making appointments and awards the Council and appointing and awarding Committees and panels are likewise reminded to give due consideration to the policy statement, as are Supporters when nominations to the Friends’ Committee are invited.

The Governance Committee reviews diversity and inclusiveness in Council and Committee membership each year. Its conclusions are reported to the Council, which considers how effectively policy is being achieved.

The School is aware of the significance of the climate emergency and its Council maintains a standing item on its agenda to review the School’s ‘green’ policies and practices. A plan is in place to develop and seek funding to improve the energy efficiency of the Athens premises in the next financial year.

The major risks to which the School is exposed are identified by the Finance and General Purposes Committee and Council through a risk register that is regularly reviewed and updated. Systems and procedures have been established to manage those risks. The five most significant current risks are:-

1. Disruption due to Covid-19 pandemic (likelihood: high; impact: high), monitored by the Director, Athens Section Heads and London staff and mitigated by compliance with all local health advice and observance of restrictions in relation to travel, etc.

2. Reduction in financial support from UK government post Brexit (likelihood: medium; impact: medium), monitored by Director, Chairman, and Treasurer and mitigated by development of strategic plans and a fundraising campaign.

3. Increased costs in relation to cross-border procurement and employment of non-EU nationals due to Brexit (likelihood: high; impact: medium), monitored by Director, Assistant Director, Treasurer and staff; mitigated by advance planning and seeking alternative suppliers within the EU.

4. Terrorist attack / civil unrest (likelihood: low; impact: medium), monitored by Director and mitigated by regular advice from the British Embassy in Athens.

5. Personnel, including ‘key-man loss’, being the resignation of key members of staff (likelihood: low; impact: medium), monitored by Director, Chairman, and Finance and General Purposes Committee, mitigated by regular communication with staff.

The BSA sets the pay and remuneration for its key management staff by reference to equivalent posts in UK academia, using benchmarks on the professorial, lecturer or post-doctoral salary scales, as appropriate.

Objectives and Activities

The principal aim of the School, as defined in its Statutes is to promote the study of Greece in all its aspects. Specifically, it provides facilities for research into anthropology, archaeology, archaeometry, architecture, art, environment, geography, history, language, literature, philosophy, religion and topography pertaining to Greek lands in all periods including modern times.

In addition, as required by Greek Law, the School acts as the sole administrative and applying body for the issue of permits by the Greek archaeological authorities for excavation, field survey and study of material by British institutions. It also offers facilities to members of universities, museums, and other bodies, and to bona fide independent writers and researchers, especially those in the British Isles, the Commonwealth, Greece and countries 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 2022

collection of maps and photographs and the Marc and Ismene Fitch Laboratory for Science-Based Archaeology. It is responsible to the Greek archaeological authorities for the operation of the Stratigraphical Museum at Knossos and maintains premises at Knossos including a Hostel (the Taverna) and Library. From time to time, it may supervise other premises in Greece, with Council approval.

The School’s main activities undertaken in furtherance of these objectives consist of: research in archaeology and in all other disciplines pertaining to the study of Greek lands from antiquity to the present day; teaching for undergraduates, postgraduates and schoolteachers; providing facilities for research for individual scholars (notably the Library, Archive, Fitch Laboratory and Knossos Research Centre) and assisting with applications for permits for study. The School also provides fellowships, bursaries and studentships to promote research links between the UK and Greece, as well as organising a series of events that promote the research activities of its staff, award holders and others active in research on Greece.

In the period 2022-2025 the Council plans to develop the activities of the School in furtherance of its objectives, as follows:

• realise its ambition to redevelop the Knossos Research Centre, including the Knossos Stratigraphical Museum, through a fundraising campaign entitled ‘Knossos 2025’

• 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

• through the Fitch Laboratory to carry out research on various topics related to science-based archaeology

• support 3 three-year externally funded post-doctoral research fellowships and to award annually an Early Career and a Visiting Fellowship

• award annually 2 one-year studentships

• award annually 3 ‘Centenary’ bursaries to support periods of research in the UK by Greek or Cypriot researchers

• award annually 2 bursaries to postgraduates to conduct research in the Fitch Laboratory

• publish annually 2 journals ( Annual of the BSA and Archaeological Reports , the latter co-published with the Society for the Promotion of Hellenic Studies)

• continue the on-going production of Archaeology in Greece Online (http://www.chronique.efa.gr/) in collaboration with the French School at Athens

• publish annually up to 3 volumes in total across the School’s 3 publication series: BSA Supplementary volumes , BSA Modern Greek and Byzantine Studies and BSA Studies in Greek Antiquity

• encourage and support the publication of research by the School’s research-active staff and award-holders, and by those researchers whose work the School has facilitated

• develop new strategies for publication of BSA-sponsored research, including digital archiving of project data

• conduct approximately 3,500 chemical (WD-XRF) or petrological analyses annually in the Fitch Laboratory

• enhance its digital presence by continuing to make available via the internet more of its collections held in Greece

As part of this plan, the School will provide research support for UK-based pre- and post-doctoral and bona fide local researchers, by:

• maintaining library facilities, including the annual acquisition of up to 800 monographs and 450 journal issues

• processing annually up to 200 permits for archaeological fieldwork and study and publication of archaeological and archival materials

• enhancing access to relevant research collections by digital means

It will also engage with a broad public in the UK, Greece and worldwide by:

• organising or hosting 40-50 events (conferences, workshops, lectures, seminars) in Athens, Thessaloniki, London and elsewhere in the UK

• making the majority of these events available free-of-charge both live via the internet and after the fact in a digital archive

• actively maintaining a web-site (www.bsa.ac.uk) to deliver information about all aspects of the BSA

• actively maintaining a social-media presence by means of a Facebook page and Twitter and LinkedIn accounts

Page 4

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2022

The School delivers a programme of courses aimed at:

• professionals and postgraduate students (courses in Ceramic Petrology, Ancient Glass)

• postgraduate students (courses in Epigraphy, Numismatics, Linear B and Mycenaean Greek, Greek and Roman pottery)

• undergraduate students (Summer Course on the Archaeology and Topography of Greece)

• school teachers (biennial course on a topic linked to relevant UK syllabus, plus an annual Fellowship)

Strategies for achieving aims

Part of the BSA’s approach to achieving its aims involves the devolution by Council of development and oversight of the School’s programme of research to the two main academic committees (Society, Arts and Letters and Archaeology, the latter with significant input from the Fitch Laboratory Subcommittee). Each comprises experienced academics whose expertise reflects all areas of committee responsibility. A Publications Committee similarly has oversight over all aspects of the School’s publications ensuring budgets are met and deadlines achieved. Management of the research support facilities in Athens and Knossos is overseen by the Director and Assistant Director, with dayto-day responsibility vested in the Director of the Fitch Laboratory, the Knossos Curator, the Senior Librarian, the Archivist, the IT Officer and the 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 strategic plans for research. As discussed in the Financial Review section of this report, 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 Committee and supported by a part-time consultant Development Executive and a Development and Administrative Officer. A Friends Committee further assists in organising events and makes periodic small grants.

Criteria used to measure achievement

In 2021/22 achievement against aims continued to be measured through rigorous reporting to the relevant Committees and Subcommittees and, through them, by Council. In qualitative terms, research awards were judged against the standards appropriate to funding by a UK research body (AHRC, Oxbridge Junior Research Fellowships).

In addition to this governance structure, achievements against our aims are measured against a series of KPIs, benchmarked to 2015/16, linked to a set of 10 key deliverables and agreed with Council, as follows:

1. Enabling and facilitating UK based research in Greece (NB: the BSA is the sole enabler of UK-based archaeological fieldwork authorised by the Greek government)

2. Leveraging research funds through facilitated projects

3. Generating research funds for BSA projects

4. Diversifying research across Humanities and Social Sciences with a focus on key current issues affecting the region with potential impact for policy-making

5. Enabling collaborations: with local Greek organisations (universities, research institutes, museums, foundations); with the 18 other foreign schools and institutes (Athens / Knossos) to undertake / disseminate research (Athens); and with other BIRI institutes, especially in neighbouring countries (BSR / BIAA) (Athens / region / Eastern Mediterranean)

6. Sharing know-how, expertise and contacts for the benefit of UK-based researchers (Athens / Knossos)

7. Enabling, soliciting, preparing for publication and disseminating high-quality research outputs

8. Enhancing current outreach to the broader academic and general public worldwide

9. Delivering hands-on short courses for undergraduates, postgraduates and professionals (Athens / Knossos)

10. Implementing a Development Programme aimed at generating additional funds to replace / augment Academy funding.

Page 5

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2022

Key Performance Indicator Matrix

ACTION or Key
	KPI per year 2015-16 2021-221 Targets
OUTPUT Deliverable
1.1Publications by 7, 8	No. of books (B) or articles, 1 B 2 B 1 B
staff and awardholders	etc. (A) 14 A 16 A 15 A
	(min.)
1.2Publications by individuals / projects facilitated by BSA 1, 7, 8	No. of books (B) or articles, etc. (A) 6 B 15 A 2 B 35 A 3 B 20 A (min.)
1.3Publications by 7, 8	No. of books (B) or journals 2 print J 1 2 print J 1 2 print J 1
BSA as organisation	(J) produced in-house and in on-line J on-line J on-line J 3
	publication series 1 B. 1 B. B.
	(min.)
1.4Breadth of research activity 1, 4	No. of British Academy sections addressed (total = 18 + 3 interdisciplinary) 5 12 7 (min.)
1.5Support for 1, 5	No. of eligible months of 42 42 (Greece) 42
competitive postdoctoral research	supported postdoctoral (Greece) 9 (UK) (Greece)
	research 9 (UK) 9 (UK)
2.1External research grants and contracts leveraged 1, 2	Research income generated by archaeological fieldwork projects facilitated by the BSA £283K £196K*2 Continued stream of funding
2.2External 1, 3	Non-BA research income £125K £70K3 £125K
research grants	(min.)
2.3Number of researchers using facilities 1, 6	No. of researchers UK: 163 Non-UK: 256 UK: 139 Non-UK: 327 Annual increase
2.4Increased use 1	Increased occupancy rates in 55% (Ath) 39.7% Ath)* Annual
of facilities	Athens / KN hostels 41% (Kn) 11.3% Kn)* increase
2.5Independent income generation 10	Fundraising (expressed as % direct BA funding within overall income) 54% 71%* 41% (by 2019-20)
3.1Research 1, 5, 6	No. of collaborations 28 32 30
collaborations (UK institutions)
3.2Research collaborations (OS institutions) 1, 5, 6	No. of collaborations 43 67 50
3.3Events 7, 8	No. of research events 47 404 50

Page 6

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2022

ACTION or OUTPUT Key Deliverable	KPI per year 2015-16 2021-221 Targets
3.4Public engagement 8	Social media, web statistics FB: 3,771 Tw: 932 Web: 61.6K FB: 10,122 Tw: 4,768 Web: 84.7K Annual increase
3.5Engagement with other BIRIs 5	No. of collaborations 3 75 3
4.1Support for archaeological fieldwork 1, 6	Maintain max. no. fieldwork projects facilitated (through permit)bythe BSA 6 5* 6 p.a.
4.2Support for science-based archaeology 1, 6	No. of analyses (WD-XRF + ceramic thin-sections) produced 3,544 (total) 4,083* (total) 3,500- 3,600 (min.)
4.3Targeted training for UK PG + PD researchers 9	Ratio applicants to places available across all courses 151:85 (1.8 app. / place) 21 in- person UG course*7 c. 80 places. + raise ratio to c. 2 app./place

Notes to table:

1. Once again some figures in this KPI table (indicated on the table by the addition of an asterisk *) have been reduced due to restrictions in place over the Autumn/Winter 2021-22 due to the Covid-19 pandemic: Library closures and travel restrictions reduced usage of our premises and affected some fieldwork projects and courses in the 2021 calendar year; the figures presented here should not therefore be regarded as typical.

2. Research spend by projects was somewhat reduced because of some restrictions on fieldwork.

3. Income within the 2022 FY reduced because large grants were received in the previous and the following years. 4. The majority of research events were delivered digitally (some hybrid): these represent a total of 6,219 unique views (ave. per event of 173), with additional numbers joining on other platforms (e.g. Facebook).

4. Includes collaborations across all 8 BIRI on research (water management) and developing digital dissemination of BIRI archive holdings) and developing a collective identity/exploration of status as Independent Research Organisation (IRO); in addition, research collaborations specifically with BSR and SLS.

5. 5 permits granted; one project was unable to start due to delay in processing permit.

6. Only the Undergraduate course on the Archaeology and Topography of Greece ran in 2021 (in 2 shorter sessions, with Covid-19 prevention measures in place); 4 other courses were offered in virtual format: School Teachers twice in FY (ave. attendance 80 / 60); Byzantine Archaeology & History (ave. attendance 60); Linear B & Mycenaean Greek taster (ave. attendance 14). In addition, we offered a total of 37 (volunteer/intern) training opportunities in Athens or Knossos.

Details of grant making policy

Evaluation of applications to carry out research in Greece falls within the remit of the Committees for Archaeology and for Society, Arts and Letters, advised by the Director; applications for research in the Fitch Laboratory are adjudicated by the Fitch Laboratory Subcommittee, and the advice of the area subcommittees (Crete, Sparta and Lakonia, Lefkandi) is sought on applications in their respective regions (selection decisions may occasionally be delegated to them). The School awards small amounts from restricted funds primarily to assist with archaeological 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 benchmarking against other national schemes (AHRC, JRF, etc.). Responsibility for monitoring the uptake of awards and for equal opportunities issues are discharged through the same mechanism. The Studentships Subcommittee awards the two one-year School studentships and this Subcommittee also makes small research awards from restricted funds to individuals.

Page 7

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2022

Achievements and Performance

Activities conducted, and awards made, during 2021-22 in furtherance of the School’s objectives are set out concisely below. A fuller, illustrated account appears in the BSA Newsletter which is circulated in June and December to subscribers and is also available for download from our website (http://www.bsa.ac.uk).

Main achievements include:

• Fitch Laboratory joined 8 academic and 12 other partners in the €3.9m Innovative Training Consortium for the interdisciplinary study of pre-modern Plasters and Ceramics from the eastern Mediterranean (PlaCe) led by the Cyprus Institute

• New Assistant Librarian successfully started work (July 2021)

• Initiated full-time living-wage Intern post of Library/Archive Research Assistant (Oct 2021)

• Commenced 3- year project ‘Unpublished archives of British Philhellenism during the Greek Revolution of 1821’, with funding from the Stavros Niarchos Foundation (Oct 2021)

• Continued delivery of extensive programme of virtual events using Zoom platform, as well as developing capability of delivering in-person / virtual (hybrid) events.

• Continued delivery of archival materials via our web-site (https://digital.bsa.ac.uk/), accompanied by regular blogs (Fitch; Archive; Library); delivered virtual exhibition (Spring Symposium of Byzantine Studies)

• Publication of 1 new volume in Routledge series ‘BSA Modern Greek & Byzantine Studies’; further volumes in this series, CUP series and Suppl. Vol. series well advanced.

• Significant profile-raising: produced series of 5 videos, featuring all aspects of the BSA (Overview; Fitch Lab; Knossos Research Centre; Library; Archive; total views on YouTube: 2,073); Prof. Roderick Beaton (BSA Chair Feb 2022) honoured for fourth time with the Runciman Prize 2021 for Greece: Biography of a Modern Nation , and with a Marianna Vardinoyianni Culture Award; exhibition (Δες απέναντι / Look over there!) of material from the Keros-Naxos Seaways project (Municipality of Athens); loan of archival materials to 1821-related exhibitions at the Gennadius Library and University of Edinburgh; published podcast series featuring significant historical objects ( 21 Objects in ’21 : https://digital.bsa.ac.uk/exhibitions.php?exhibition=2754&poster=2751); the passing of the BSA’s first female Director, Dr Elizabeth (Lisa) French was marked by the Times , Guardian and Telegraph , and in BBC Radio 4’s Last Word ; anthropologist Margaret Kenna’s work was featured in an exhibition at State of Concept Gallery, Athens

• Continued enhancement of Development programme as part of School’s routine operation, making effective use of digital delivery to reach greater, more diverse audience

• Effective management of effects of Covid-19 pandemic through careful risk-assessment and financial management to avert significant loss of income

Specifically, in terms of research carried out or facilitated, the School:

• through the Fitch Laboratory, joined two major international research collaborations (PlaCe ITN;IRNpXRF-CUN); collaborated with various external partners to study travelling ceramic technologies as markers of human mobility in the Aegean (including the sanctuaries of Delos and Mt Lykaion); Bronze Age ceramic landscapes of the Western Peloponnese; Aegean-Anatolian connections in the Neolithic to Early Bronze Age; pottery production and supply at Palaikastro; survey pottery from the Kythera Island Project; Classical Athenian ceramics used in cooking/dining practices; (with Universities of Cadiz, Sevilla and Barcelona) investigation of Classical to Roman) production and trade of transport amphorae in the W Mediterranean and the Atlantic coast; British- Mediterranean connections in Early Medieval times (Tintagel); ceramics from the sites of Eretria, Argos, Vrana and Paphos (Cyprus); pottery trade and technology in Late Medieval Greece; textile tools from Kolonna Aigina and Corinth; human bones and ceramics from the Koliokrepi-Spata cemetery; and developed an experimental approach to identifying wood-ash tempered ceramics (in collaboration with the ASCSA’s Wiener Laboratory)

• awarded an Early Career and a Visiting Fellowship

• awarded 3 studentships (24 months total), 3 ‘Centenary’ bursaries and 2 Fitch bursaries to support research

• published 2 journal issues ( Annual of the BSA and Archaeological Reports )

• continued to produce Archaeology in Greece Online in collaboration with the French School at Athens

• published 1 volume in the School’s publication series BSA Modern Greek & Byzantine Studies (Routledge)

Page 8

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2022

• enabled the publication of 17 articles and 2 edited books by research-active staff and 1 book and 35 articles from facilitated projects/individuals

• conducted a total of 4,083 WD-XRF chemical (2,193) or petrological (1,890) analyses in the Fitch Laboratory

• collaborated in research with 32 UK institutions and 67 non-UK institutions

The School provided research support for a total of over 921 pre- and post-doctoral and bona fide local researchers, by:

• maintaining its library facilities, including the acquisition of 1,191 monographs and 407 journal issues, including cataloguing of 150 books donated by the family of Matti Egon

• processing a total of 161 permits for archaeological fieldwork and study and publication of archaeological and archival material

The School engaged with a broad public in the UK, Greece and worldwide by:

• organising or hosting 40 events in total (lectures, workshops, seminars, outreach events) using the Zoom platform (total unique views of live events: 6,219)

• making all of these events available live via the internet and recording the majority for our Video Archive (https://www.bsa.ac.uk/video-archive/; total views on YouTube 8,154)

• improving and actively maintaining a web-site (www.bsa.ac.uk) to deliver information about all aspects of the BSA, including the dissemination of digital materials (https://digital.bsa.ac.uk/)

• maintaining an active social-media presence by means of Facebook, Twitter, Instagram and LinkedIn

Although the School was only able in 2021 to deliver its annual Undergraduate Summer Course , it was able to offer a total of 37 training opportunities (volunteers / interns) in Athens and Knossos, as well as delivering 4 virtual courses in place of in-person course offerings.

Financial Review

The financial review that follows should be read in conjunction with the financial statements on pages 19 to 53. The School’s activities, shown under “Total Funds” in the Statement of Financial Activities, generated a Net Movement in Funds amounting to a a deficit of £334,645 (after unrealised investment losses of £28,729) compared with a surplus of £755,827 in 2020/21 (after unrealised investment gains of £451,423).

The School’s investment portfolio yielded total income of £118,361 in the year to 5 April 2022, a decrease of 25% against the £158,602 earned during 2020/21, and realised gains and unrealised losses arose in the year on the School’s investment portfolio as described in the report on Investment Policy and Returns below.

In recent years the principal financial risk faced by the School has been its exposure to costs in Euros while its main funding from the British Academy is received in Sterling. The Sterling/Euro rate strengthened to an average rate of 0.85 £/€ during the year (2021/22: 0.90) whilst our budget was set at 0.8 £/€. The economic situation in Greece coupled with economic uncertainty relating to the UK’s ceasing to be a member of the EU and the COVID19 pandemic continues to present some financial risk and the School has policies in place for the conversion of Sterling into Euros and the transfer of Euros from London to Athens in order to minimise the exposure.

Following 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 the deficit in the USS pension plan and the recovery plan therefor. This amounted to £112,813 at year end (2020/21: £76,245).

Our Unrestricted Funds Carried Forward at the end of the year were £476,484 (2020/21: £713,403). Total funds (Unrestricted, Restricted and Endowment) stood at £4,432,779 at the year end (2020/21: £4,767,424). Of this, Restricted Funds stood at £1,832,441 and Endowment Funds at £2,123,854. The School is considering proposals to simplify the structure of its funds during 2022/23.

Page 9

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2022

The School monitors its current and expected cashflows carefully to ensure continued 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 significantly higher than this, which Trustees believe is justified given the uncertainties relating to the economic situation in Greece and the Covid-19 pandemic, along with the need to invest to diversify the School’s funding sources over the medium term pursuant to discussions with the British Academy. The British Academy is the School’s main provider of funding; during the year it provided £802,587 (2020/21: £790,907) of the total income of the School of £1,240,714.

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 donations and legacies and investment income from Endowment Funds, from which only the income may be spent. The movements in Endowment Funds are disclosed in note 17.

The School has a Designated Unrestricted Fund for publications which stood at £236,623 (2020/21: £209,961) which it intends to expend over the medium to long term as valid publication expenditures arise.

Investment Policy and Returns

The School’s Investment Committee (IC) is responsible to the BSA Council through the oversight of the Finance & General Purposes Committee (F&GP) for the management of its investment funds.

The objectives of the IC are to manage the BSA’s Reserve Funds, within policy guidelines set from time to time by the F&GP, in order to generate a long-term annualised rate of return not less than the increase in the Consumer Price Index (CPI) + 3.75%. This policy was last reviewed in October 2020 and is summarised below.

The IC, at its own discretion, may choose to achieve its total return objectives either by (a) appointing a discretionary fund manager to manage the portfolio on its behalf, or (b) by itself selecting individual funds and directly held investments which together satisfy its objectives. In either case, the IC’s primary role is to monitor and evaluate the performance of the underlying fund manager(s), with the aim of ensuring that investments remain within the IC’s asset allocation requirements, and that the Reserve Funds have a strong chance of achieving their long term return target.

Whilst recognising the value of dividends both as a source of liquidity and an indicator of underlying performance, the F&GP requires that the investment portfolio be managed on a total return basis.

The School is considering proposals to change its accounting policies relating to the recognition of unrealised gains and losses arising on its Permanent Endowment Funds to align with The Charities (Total Return) Regulations 2013. These Regulations were issued by the Charity Commission and set out the procedure to be followed by Charities which use the total return approach in managing their investment portfolio and wish to apply the same approach for the purpose of determining the amount of income and accrued capital gain available to Endowment Funds for yearon-year spending. If approved by Council the change in accounting policy will be reflected in the 2022/23 Financial Statements.

During the current year, the BSA’s investment income recorded under the existing accounting policy for recognising dividend and other income receipts fell from £158,602 to £118,361. This reflected the reaction of the global investment markets to the global Covid-19 pandemic, which resulted in dividend cuts or deferments by many of the institutions in which the School is invested along with the impact of the transition of the investment portfolio towards growth stocks to reflect the new Total Return strategy.

Whilst the investment market volatility arising on the incidence of the pandemic has had a significant impact on the value of the BSA’s portfolio in the last two accounting periods, 2020/21 saw some stabilisation with relatively modest fluctuations in valuation. In the current year, the BSA recorded unrealised losses of £28,729 and realised gains of £51,119 respectively (2020/21: realised gains and unrealised gains of £156,785 and £451,423 respectively)

The composition of the School’s portfolio and its investment strategy are kept under constant review by the Investment Committee in view of the changing economic circumstances attending on the Covid-19 pandemic.

Page 10

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2022

Fundraising

The BSA’s Development Committee advises and guides the Council on fundraising activity, and assists the Governance Committee in ensuring that it is conducted in compliance with relevant UK legislation, regulations, and recommended good practice.

Development activity has two main purposes. The first is to maximise the number of people engaging with the BSA. It achieves this by advertising its events widely on the internet and through social media, as well as distributing a newsletter. (Since the onset of the pandemic, much of our activity has moved on-line, increasing considerably the numbers participating in our events.) All those who engage with us are encouraged to join our mailing list, which is managed through a CRM database system. Informed consent is always 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 works closely with the Development Committee. At all events, we ask for, but do not require, a small donation, while we occasionally make an appeal to meet specific needs, such as for additional financial assistance when the pandemic reduced our income from accommodation and courses. Finally, we approach individuals, trusts and foundations for larger 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 available information or introductions, but are carried out by senior officers of the BSA.

To date there have been no complaints about our fundraising activities.

Public Benefit

The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The Trustees draw attention to the membership services detailed on www.bsa.ac.uk (provision of accommodation, teaching, permit applications, academic guidance and research facilities), to the provision of grants and scholarships, and to the range of Library services, academic lectures, and e-resources provided free of charge (the last via https://www.bsa.ac.uk).

The BSA offers a series of awards, studentships, and fellowships to support research of all types and at all stages of academic careers. Descriptions of each award, and whether it is currently open, can be found at https://www.bsa.ac.uk. Calls for applications are posted on the website as deadlines approach.

Statement of Trustees’ Responsibilities

The following statement which should be read in conjunction with the auditors’ statement of auditors’ responsibilities, is made for the purpose of clarifying the respective responsibilities of the trustees and the auditors in the preparation of the financial statements.

The charity's trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

• a) select suitable accounting policies and apply them consistently; b) observe the methods and principles in the Charities SORP;

Page 11

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2022

• c) make judgments and accounting estimates that are reasonable and prudent;

• d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, The Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees confirm that so far as they are aware, there is no relevant audit information of which the charity’s auditors are unaware. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

By Order of the Council and Signed on its behalf by Prof. Roderick Beaton

Date: 27[th] September 2022

Page 12

THE BRITISH SCHOOL AT ATHENS

REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2022

Further details of the Schools future plans are set out in the Corporate Plan and Strategic Plan for Research (20212025), which may be consulted on http://www.bsa.ac.uk; plans for 2022 onwards are being finalised.

Council

Dr Carol Bell (Chair until 08.02.2022) Professor Roderick Beaton (Chair from 08.02.2022) Professor Robin Osborne (Vice-Chair) Dr Daniel Stewart (Chair of the Committee for Archaeology) 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 until 31.03.2022) Professor Malcolm Schofield (Vice-Presidential Representative from 01.04.2022) Dr Roderick Bailey (until 31.03.2022) Mr Philippe Camu Professor William Cavanagh Dr Lesley Fitton Ms Sarah Green (from 01.04.2022) Prof. Violetta Hionidou (from 01.04.2022) Professor Liz James Mr Nicholas Jaquet (until 31.03.2022) Dr Colin Macdonald Mr Gian Piero Milani (until 31.03.2022) Dr Anna Moles Ms Nefeli Pirée-Iliou (from 01.04.2022) Mr Robert Pitt

Vice Presidents

HM Ambassador to the Hellenic Republic Professor Sir John Boardman, MA, FBA, FSA Mr G. Cadogan, MA, FSA Professor Glynis Jones, BSc, MPhil, PhD, FBA Mr Anastasios P. Leventis, BA, MBA, CBE, OFR Sir Michael Llewellyn-Smith, KCVO, CMG, DPhil Professor Catherine Morgan, OBE, FBA Professor Lord Renfrew, MA, PhD, FBA, FSA Professor Malcolm Schofield, FBA Professor R. A. Tomlinson, MA, FSA Professor P. M. Warren, MA, FBA, FSA Dr M. H. Wiener, FSA Dr C. K. Williams II, FSA

Director

Professor John Bennet FSA

Deputy Honorary Treasurer Mr Huw Smith

Page 13

THE BRITISH SCHOOL AT ATHENS

REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2022

Standing Committees and Subcommittees of Council (Terms of Reference and membership 2021-22 )

ARCHAEOLOGY

Oversight of all archaeological activity in Greece conducted under School permits and/or using School material and collections, from point of initial proposal to publication and subsequent deposition of project archives. Ensures that the School is able to fulfil its requirement of accountability to the Hellenic Republic, and that the School’s fieldwork meets the highest national and international standards.

Dr Daniel Stewart (Chair), Prof. Andrew Bevan (from 01.04.2022), Prof. Paul Halstead, Dr Jane Rempel (from 01.04.2022), Dr Corinna Riva (until 31.03.2022), Dr Anja Slawisch), Prof. Todd Whitelaw (until 31.03.2022); Chair of Council, Director ( ex officio )

SOCIETY, ARTS, AND LETTERS

Oversight of all non-archaeological projects conducted in whole or part via the School, i.e. inter alia, fine and applied arts, anthropology, social sciences, history, literature and linguistics. Ensures that work conducted by and through the School meets the highest national and international standards.

Prof. David Holton (Chair), Dr Roderick Bailey, Prof. Violetta Hionidou (from 01.04.2022), Prof. Liz James, Dr Eirini Karamouzi (until 31.03.2022), Dr Daniel Knight, Chair of Council, Director ( ex officio) , Development & Administrative Assistant(in attendance).

PUBLICATIONS

Oversight of all of the School’s publications, from the point of approval of proposals to sales and marketing.

Dr Roger Brock (Chair), Dr Maria Stamatopoulou, Dr Charlotte Tupman; Chair of Council, Director, Treasurer, Chairs of the Committee for Archaeology and Society, Arts, and Letters, UK Editor of the Annual , Managing Editor of in-house publications; Nominated representative of CUP (in attendance).

FINANCE AND GENERAL PURPOSES

Responsibility for management of the School’s financial and other assets; oversight of the School’s accounts, estates, and personnel matters.

Sir Adam Ridley (Chair), Dr. James Forder, Mr Richard Heyhoe, Ms Nicola Horton, Ms Alexandra Sorgo; Chair of Council; Director; Deputy Honorary Treasurer (ex officio) , Chair of the Investment Subcommittee ( ex officio )

GOVERNANCE

Conducts 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 Charity Commission).

Prof. Robin Osborne (Chair), Prof. C. Morgan, Sir Adam Ridley, Prof. Graham Shipley (from 01.04.2022), Prof. Bert Smith (until 31.03.2022); 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 which the Council may then elect members.

Prof. Catherine Morgan, Dr Christy Constantakopoulou, Dr Catherine Draycott (from 01.04.2022), Dr Daniel Knight, Mr Robert Pitt, Dr Joseph Skinner (until 31.03.2022), Dr Alexandra Villing.

INVESTMENT

Has oversight of the School’s investments.

Mr Patrick Reeve (Chair), Mr Gerald Cadogan (until 31.03.2022), Mr Kevin Feeny, Dr James Forder (until 31.03.2022), Mr Richard Heyhoe (until 31.03.2022), Sir Adam Ridley, Mr Manos Papatheofanous, Mr Henry Stanford, Ms Chryssanthi Vakla (from 01.04.2022); Deputy Honorary Treasurer ( ex officio ); Chair of Council, Director (by invitation)

DEVELOPMENT

Advises and guides the Council on fundraising activity, and assists the Governance Committee in ensuring that it is conducted in compliance with relevant UK legislation, regulations, and recommended good practice.

Chair of Council (Chair), Ms Jane Cocking, Dr Gordon Davies, Miss Sarah Green, Ms Marie-Christine Keith, Mr Paul Smee, Prof. Tyler-Jo Smith (from 01.04.2022); Vice-Chair, Director, Treasurer ( ex officio ), Development Consultant, Development & Administrative Officer (London) (in attendance)

Page 14

THE BRITISH SCHOOL AT ATHENS

REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2022

FRIENDS’

The Friends’ Committee fosters activities, projects, and events in which Subscribing Members may participate. It has responsibility for allocations from a restricted fund held by the School, and designated the ‘Friends’ Fund’.

Dr Pamela Armstrong (Chair), Prof. Mike Edwards, Mrs Sarah Green (from 01.04.2022), Mr Richard Heyhoe, Mr Nicholas Jaquet (until 31.03.2022), Mr Paul Smee; Development Officer, Development & Administrative Officer (London) (in attendance).

FITCH LABORATORY

Maintains strategic overview of scientific, personnel and financial management of the Fitch Laboratory. Provides liaison between Fitch Laboratory Director and the UK scientific community, advising him/her on matters concerning the laboratory which may from time to time arise.

Prof. Carl Heron (Chair), Prof. A. Bogaard , Prof. C. Broodbank, Prof. G. Jones, Prof. Marcos Martinón-Torres, Dr Ian Whitbread; Director of the Fitch Laboratory ( ex officio ); Director (by invitation).

CRETE

Co-ordinates plans for research at Knossos and advises on the maintenance and development of the facilities and takes strategic overview of the School’s wider activities on Crete as a whole. Disburses restricted and endowment funds within its remit.

Prof. Nicoletta Momigliano (Chair), Prof. A. Bogaard, Dr Valasia Isaakidou, Dr Andrew Shapland, Dr Conor Trainor, Prof. Todd Whitelaw; Director, Knossos Curator ( ex officio ); Director (by invitation).

SPARTA AND LACONIA

‘User group’ established by Committee for Archaeology comprising scholars active in an area of long-term importance to the School’s research to provide continuity of experience, and help ensure effective planning, conduct and publication of research.

Prof. William G. Cavanagh (Chair), Mr Richard Catling, Prof. Anthony Spawforth, Dr Alexandra Villing; Director (by invitation)

LEFKANDI

‘User group’ established by Committee for Archaeology comprising scholars active at a site of long-term importance to the School’s research to provide continuity of experience, and help ensure effective planning, conduct and publication of research.

Prof. Irene Lemos (Chair), Dr Yannis Galanakis, Dr Olga Krzyskowska, Dr Alexandra Livarda, Dr David Mitchell, Dr Susan Sherratt,; Director (by invitation)

COURSES AND TEACHING

Maintains strategic oversight of the School’s teaching activities with reference to scope, quality, market and uptake, and is responsible for all Quality Assurance matters.

Prof. Polly Low, Dr Amy Cocker, Dr Matthew Haysom (from 01.04.2022), Dr Theodora Jim, Dr Michael Scott (until 31.03.2022), Dr Nina Wallace (until 31.03.2022); Director, Assistant Director ( ex officio )

STUDENTSHIPS

Charged by the Committees for Archaeology and for Society, Arts and Letters with the allocation of School funds for studentships and certain restricted research funds. Has oversight of the process from advertisement to collection and analysis of statistics on award histories.

Prof. Robin Osborne (Chair), Prof. Amy Bogaard, Prof. Yannis Galanakis (from 01.04.2022), Prof. Rebecca Sweetman, Prof. Dimitris Tziovas (until 31.03.2022); Director ( ex officio )

PERSONNEL

Advises the Director, Chair of Council and other senior officers of the School of legal requirements and best practice in employment, and ensures that the School complies. The Committee conducts grievance proceedings on behalf of the Finance and General Purposes Committee and is constituted upon request of the Finance and General Purposes Committee.

Page 15

THE BRITISH SCHOOL AT ATHENS

REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2022

Accountants

WMT Chartered Accountants Verulam Point St Albans AL1 5HE

Auditors

WMT Chartered Accountants Statutory Auditors Verulam Point St Albans AL1 5HE

Bankers

The Royal Bank of Scotland plc 62-63 Threadneedle Street London EC2R 8LA

Investment Advisors

The School does not have investment advisors. Some of its investments are held in its own name and others by Killik & Co, 46 Grosvenor Street, London W1K 3HN as nominee.

London Office

10 Carlton House Terrace London SW1Y 5AH

Athens Address

Souedias 52 10676 Athens

Website Address

https://www.bsa.ac.uk

Registered Charity Number 208673

Page 16

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF

THE BRITISH SCHOOL AT ATHENS FOR THE YEAR ENDED 5 APRIL 2022

Opinion

We have audited the financial statements of The British School at Athens (the ‘charity’) for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 5 April 2022 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 Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that 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 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to 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 the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information 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 2022

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and Charity Law.

• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit, management of permits, Greek law, employment law, health & safety legislation and data protection.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with 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; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

Page 18

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF

THE BRITISH SCHOOL AT ATHENS FOR THE YEAR ENDED 5 APRIL 2022

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Opinion on other matter as required by British Academy grant letter

In our opinion, in all material aspects, the grant payments from the British Academy have been applied in accordance with, and for the purposes set 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 the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted 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 report, or for the opinions we have formed.

WMT Chartered Accountants Statutory Auditor Verulam Point Station Way St Albans Hertfordshire AL1 5HE

29 September 2022

WMT is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 19

THE BRITISH SCHOOL AT ATHENS

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2022

		Unrestricted	Restricted	Endowment	Total Funds	Total Funds
		Funds	Funds	Funds	2022	2021
	Notes	£	£	£	£	£
Income and endowments from:
Donations and legacies
Grants from British Academy		-	802,587	-	802,587	790,907
Donations, legacies and grants		7,853	102,299	-	110,152	372,600
Subscriptions and admission fees		36,608	10,671	-	47,279	35,968
		__	______	______	______	______
		44,461	915,557	-	960,018	1,199,475
Investments – listed investments		19,250	42,087	57,024	118,361	158,602
		__	______	______	______	______
		63,711	957,644	57,024	1,078,379	1,358,077
Charitable activities
Sales of publications		30,296	-	-	30,296	55,468
Project & course income		92,054	-	-	92,054	55,241
Hostel income		35,491	-	-	35,491	20,516
Miscellaneous		4,494	-	-	4,494	4,358
		__	______	______	______	______
		162,335	-	-	162,335	135,583
		__	______	______	______	______
Total		226,046	957,644	57,024	1,240,714	1,493,660
		__	______	______	______	______
Expenditure on:
Raising funds	3	51,717	33,529	-	85,246	70,454
Charitable activities
Core activities		136,008	590,875	14,007	740,890	676,720
Research		5,519	384,728	42,599	432,846	348,250
Hostel		197,402	-	-	197,402	121,166
Communications & outreach		80,962	60,403	-	141,365	129,451
		__	______	______	______	______
	4	419,891	1,036,006	56,606	1,512,503	1,275,587
		_____	______	______	______	______
Total	6	471,608	1,069,535	56,606	1,597,749	1,346,041
		_____	______	______	______	______
Net gains / (losses) on investments:
Realised		8,313	18,179	24,627	51,119	156,785
Unrealised		(4,669)	(10,217)	(13,843)	(28,729)	451,423
		_____	______	______	______	______
	9	3,644	7,962	10,784	22,390	608,208
		_____	______	______	______	______
Net income / (expenditure)		(241,919)	(103,928)	11,202	(334,645)	755,827
		_____	______	______	______	______
Transfers between funds	16 & 17	5,000	(4,581)	(419)	-	-
		_____	______	______	______	______
Net Movement in Funds		(236,919)	(108,509)	10,783	(334,645)	755,827
		_____	______	______	______	______

Page 20

THE BRITISH SCHOOL AT ATHENS

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

Unrestricted Funds Notes £ Net Movement in Funds (236,919) Opening Funds at 6 April 2021 713,403 __ Closing Funds at 5 April 2022 476,484 __	Restricted Funds Endowment Funds Total Funds 2022 Total Funds 2021 £ £ £ £ (108,509) 10,783 (334,645) 755,827 1,940,950 2,113,071 4,767,424 4,011,597 ___ __ _ _ 1,832,441 2,123,854 4,432,779 4,767,424 _ _ _ ____

The deficit for the year calculated on a historical cost basis is £305,916 (2021 : £304,404 surplus).

The notes on pages 23 to 53 form part of these financial statements.

Page 21

THE BRITISH SCHOOL AT ATHENS

BALANCE SHEET

AS AT 5 APRIL 2022

	Notes		2022	2022		2021	2021
		£		£	£		£
Fixed Assets
Tangible fixed assets	7			67,875			81,159
Investment property	8			85,000			85,000
Listed investments	9			4,504,520			4,596,206
				_______			_______
				4,657,395			4,762,365
Current Assets
Stock of publications		32,225			27,042
Debtors	10	39,092			70,795
Cash at bank and in hand		235,684			454,597
		_____			_____
		307,001			552,434
Creditors: amounts falling due within one
year	11	(157,212)	(157,212)		(193,844)	(193,844)
		_____			_____
Net Current Assets				149,789			358,590
				_______			_______
Total assets less current liabilities				4,807,184			5,120,955
Provision for liabilities	12			(374,405)			(353,531)
				_______			_______
Net Assets				4,432,779			4,767,424
				_______			_______
Represented by:
Funds
Unrestricted	15			476,484			713,403
Restricted	16			1,832,441			1,940,950
Endowment	17			2,123,854			2,113,071
				_______			_______
Total charity funds				4,432,779			4,767,424
				_______			_______

Approved by the Council and signed on its behalf by Professor Roderick Beaton

Date: 27[th] September 2022

The notes on pages 23 to 53 form part of these financial statements.

Page 22

THE BRITISH SCHOOL AT ATHENS

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2022

		2022	2021
	£	£ £		£
Net income/(expenditure) for the period		(334,645)		755,827
Adjustments for:
Depreciation		18,611		17,424
Foreign exchange differences		(6,975)		(2,182)
Losses / (gains) on investments		(22,390)		(608,208)
Dividends and interest from investments		(118,361)		(158,602)
(Increase) / decrease in stocks		(5,183)		(2,425)
(Increase) / decrease in debtors		31,703		(5,106)
Increase / (decrease) in creditors		(36,632)		75,875
Increase / (decrease) in provisions		20,874		(83,358)
		_____		_____
Net cash used in operating activities		(452,998)		(10,755)
Cash flows from investing activities
Dividends and interest from investments	118,361	158,602
Proceeds from sale of investments	1,257,296	3,061,916
Purchase of investments	(1,157,000)	(3,013,000)
Purchase of fixed assets	(5,327)	-
	_____	_____
Net cash provided by investing activities		213,330		207,518
		_______		_______
Change in cash and cash equivalents		(239,668)		196,763
Cash and cash equivalents at the beginning of
the reporting period		467,768		268,823
Change in cash and cash equivalents due to
exchange rate movements		6,975		2,182
		_______		_______
Cash and cash equivalents at the end of the
reporting period		235,075		467,768
		_______		_______
Analysis of cash and cash equivalents
Cash at bank and in hand		235,684		454,597
Cash in investment accounts		(609)		13,171
		_______		_______
Total cash and cash equivalents		235,075		467,768
		_______		_______
Changes in net debt	At 1	April Cash flows	At	31 March
Cash at bank and in hand	454,597 (218,913)			235,684
Cash in investment accounts	13,171 (13,780)			(609)
	___ _____			_______
	467,768 (232,693) ___ _____			235,075 _______

Page 23

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

1. ACCOUNTING POLICIES

Basis of preparation of financial statements

The school meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets, in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) (Second Edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) (Second Edition) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 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 management to exercise judgment in applying the accounting policies (see note 2).

The following principal accounting policies have been applied:

• a) Incoming Resources

All income is recognised once the school has entitlement to the income, it is probable that it will be received and the amount receivable can be measured reliably.

All income is gross without deduction for related expenditure.

Investment income is recognised when receivable based on notification from the investment managers.

Legacies, including payments on account, are recognised in the accounts when it is probable that the legacy will be received and the amount can be ascertained.

Grants for general support, research, scholarships or fixed assets are recognised on a receivable basis and are deferred only when the donor has imposed pre-conditions on the use of the grant.

Restricted income is recorded in the SoFA when receivable.

All legacies and donations are allocated between unrestricted, restricted and endowment funds, depending on conditions imposed by the donors.

Page 24

NOTE TO THE FINANCIAL STATEMENTS

THE BRITISH SCHOOL AT ATHENS

FOR THE YEAR ENDED 5 APRIL 2022

1. ACCOUNTING POLICIES (Continued)

• b) Outgoing Resources

Liabilities for expenditure are recognised in accordance with the accruals concept.

Grants payable for research and scholarship fall due only when such research is undertaken or upon attendance at the school and accordingly are accounted for over the period of research or attendance.

Expenditure for research and academic studies, residential research programmes, research projects, library and publications disclosed within charitable activities includes departmental salaries.

A proportion of salary cost is allocated to governance costs based on the estimated time expended on such activities.

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 activity in full.

Irrecoverable VAT 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 cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:

Computers - 25% straight line Office equipment - 20% straight line Furniture and fittings - 10% straight line Motor vehicles - 25% straight line Scientific equipment - 6.67% – 12.5% straight line

The library is considered to be a heritage asset and is not valued in the balance sheet as there is not reliable historical information on its cost and a conventional valuation would be overly onerous to conduct and given the nature and uniqueness of some of the items held might well prove to be arbitrary. The cost of books purchased during the year are capitalised if their individual cost would have a material impact on the financial statements. All other book purchases are charged to the income statement.

Property improvements are not capitalised and are written off to the Statement of Financial Activities in the year that the cost is incurred.

• d) Investment Properties

Investment properties are carried on the balance sheet at fair value. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Page 25

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

1. ACCOUNTING POLICIES (Continued)

• e) Fixed Asset Investments

Investments are carried at market value with any unrealised gains and losses being included in the Statement of Financial Activities and allocated between endowment, restricted and unrestricted funds.

The cost of management of the investments has been charged to the Statement of Financial Activities

The proportion of investment income relating to endowment and restricted funds is retained for use within those funds.

f) Stock of Publications

Stock of publications is stated at the lower of cost and net realisable value.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete that sale. The impairment loss is recognised immediately in the SoFA.

g) Debtors

Short term debtors are measured at transaction price, less any impairment losses.

• h) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand and demand deposits with banks.

i) Creditors

Short term creditors are measured at the transaction price.

• j) Provision for liabilities

Provisions are made where an event has taken place that gives the school a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the SoFA in the year that the school becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 26

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

1. ACCOUNTING POLICIES (Continued)

• k) Pensions

Staff on UK-based contracts are offered membership of the Universities Superannuation Scheme (USS).

The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

In the event of significant alterations to the Recovery Plan any material additional provision required in the year is recognised as an exceptional item.

l) Financial instruments

The school only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as debtors and creditors.

Financial instruments are initially measured at transaction value. They are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the SoFA.

• m) Foreign currency translation

The financial statements are presented in Sterling, which is also the functional currency of the school.

The school has income and expenditure in sterling and non-sterling currencies and consequently maintains bank accounts in Sterling, Euros and US dollars to facilitate this. The Trustees’ policy is to exchange sterling currency into Euros only when the income is certain and the expenditure is foreseeable. Foreign currency transactions are translated into the functional currency using the exchange rate at the date of the transaction. At each period end foreign currency monetary items are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the SoFA.

Foreign exchange gains and losses that relate to monetary assets and liabilities are presented separately on the face of the SoFA within income or expenditure.

THE BRITISH SCHOOL AT ATHENS

Page 27

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

1. ACCOUNTING POLICIES (Continued)

• n) Funds

Unrestricted funds are funds which the trustees are free to use for any purpose in furtherance of the charity’s objectives. Unrestricted funds include designated funds which the trustees have, at their discretion, set aside for specific purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor.

Endowment funds are funds which are to be used in accordance with specific restrictions imposed by the donor whilst maintaining the capital value of the fund. As such allocated gains and losses are absorbed into the fund whilst allocated income is available to spend within donor wishes. Any unspent income in a year can be utilised in a subsequent period within one year and one day.

Transfers between funds are allowed but must maintain donor wishes.

• o) Going concern

The trustees are not aware of material uncertainties regarding going concern.

2. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES & KEY SOURCES OF ESTIMATION

The preparation of the financial statements 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 estimates.

The key source of estimation uncertainty that could have an impact on the financial statements relates to the valuation of the heritage asset. Note 1c) above describes the factors considered in the valuation of the library and note 7 provides more information about the asset.

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with the resulting expense charged through profit or loss account in accordance with section 28 of FRS 102. The trustees are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving the financial statements. Estimates included in the provision include potential future changes in headcount, payroll inflation and discount rate.

3. COSTS OF RAISING FUNDS

Costs of raising funds comprise expenditure on open lectures, general PR, the costs of generating voluntary income and salary costs for staff working in this area.

THE BRITISH SCHOOL AT ATHENS

Page 28

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

4. CHARITABLE ACTIVITIES

Included within Research are grants and scholarships, comprising the following:

Unrestricted funds Payable to individuals Restricted funds Payable to individuals Endowment funds Payable to individuals Total grants payable	2022 £ 15,678 _ 172,547 _ 48,872 __ 237,097 ___	2021 £ 4,430 _ 100,723 _ 67,424 __ 172,577 ___

Grants payable to individuals represent grants made for studentships and to assist individuals to meet travel costs. These include a number of salaried fellowships.

During the year under review, grants were made to 72 individuals (2021 : 46).

Grants payable to institutions are made for archaeological fieldwork towards excavation costs, costs of studying finds and the publication of papers. Such grants are made by the school towards fieldwork projects sponsored by the school itself and by UK universities. See notes 16 and 17 below.

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

Activity Activity undertaken directly Grant Core activities 457,851 Research 195,749 Hostel 176,478 Communications & outreach 141,365 __ 971,443 ___	funding of activities - 237,097 - - _ 237,097 ____	Support costs 283,039 - 20,924 - __ 303,963 ____	Total 2022 £ 740,890 432,846 197,402 141,365 __ 1,512,503 __	Total 2021 £ 676,720 348,250 121,166 129,451 __ 1,275,587 __

THE BRITISH SCHOOL AT ATHENS

Page 29

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

4. CHARITABLE ACTIVITIES (Continued)

ANALYSIS OF EXPENDITURE UNDERTAKEN DIRECTLY

Expense type Core Activities Staff costs 329,666 Premises costs - Travel costs 2,810 Conferences & courses - Laboratory costs 43,162 Library costs 82,213 Publication costs - Other costs - __ 457,851 __	Hostel 54,656 119,609 - - - - - 2,213 __ 176,478 __	Research Communicati ons & Outreach 164,744 105,077 - - - - - 17,823 31,005 - - - - 18,465 - - __ _ 195,749 141,365 __ _	Total 2022 £ 654,143 119,609 2,810 17,823 74,167 82,213 18,465 2,213 __ 971,443 ____	Total 2021 £ 619,351 58,324 679 1,600 50,965 87,243 27,055 1,895 __ 847,112 ___

SUPPORT COSTS BREAKDOWN BY ACTIVITY

Core Activities Staff costs 49,802 Premises costs 28,629 Office expenses 49,276 Insurance 1,904 Depreciation 18,611 (Profit)/loss on exchange (6,975) Professional fees 43,963 Governance costs 89,894 Other costs 7,935 __ 283,039 ____	Hostel - - 8,430 12,494 - - - - - __ 20,924 __	2022 £ 49,802 28,629 57,706 14,398 18,611 (6,975) 43,963 89,894 7,935 __ 303,963 ____	2021 £ 52,215 31,400 51,939 14,266 17,424 (2,182) - 85,117 5,719 __ 255,898 ____

Support costs are reviewed and individual components are allocated to the activity to which they relate.

5. GOVERNANCE COSTS

Auditors’ remuneration Professional fees Meetings and sundries Administration staff costs	2022 £ 10,400 13,450 2,516 63,528 __ 89,894 __	2021 £ 10,400 13,450 853 60,414 __ 85,117 __

Total fees paid to the School’s auditors for services provided were £10,400 (2021 : £10,400). In addition accountancy fees of £13,450 (2021 : £13,450) were paid.

THE BRITISH SCHOOL AT ATHENS

Page 30

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

6. TOTAL EXPENDITURE

Included within total expenditure are the following:

Staff costs comprise: Wages & salaries Taxes, social security and related costs Pensions – normal cost Pensions – movement on USS provision	2022 £ 653,121 146,283 40,582 35,043 __ 875,029 __	2021 £ 655,577 150,469 39,936 (24,435) __ 821,547 __

One employee earned between £80,000 and £90,000 per annum (2021 : One).

The director manages the school on behalf of the Council. His total remuneration including all salaries, pension and other benefits was £109,259 (2021: £108,194).

Pension contributions

Certain employees are members of the Universities Superannuation Scheme (USS), a multi-employer defined benefit pension scheme. See note 12.

The total cost charged to the profit and loss account is £75,625 (2021: £15,501) including the additional liability following the completion of the 2020 actuarial valuation.

The latest available complete actuarial valuation of the Retirement Income Builder is at 31 March 2020 (the valuation date), which was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 202 valuation was the sixth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme’s technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%.

The key financial assumptions used in the 2020 valuation are described below. More detail is set out in the Statement of Funding Principles ( uss.co.uk/about-us/valuation-and-funding/statement-of-fundingprinciples ).

CPI Assumption Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long-term difference of 0.1% p.a. from 2040 Pension increases (subject to a CPI assumption plus 0.05% floor of 0%) Discount rate (forward rate) Fixed interest gilt yield curve plus: Pre-retirement: 2.75% p.a Post retirement: 1.00% p.a

THE BRITISH SCHOOL AT ATHENS

Page 31

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

6. TOTAL EXPENDITURE (Continued)

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows:

2020 valuation

Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements CMI 2019 with a smoothing parameter of 7.5, an initial addition to mortality of 0.5% p.a. and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females

The current life expectancies on retirement at age 65 are:

	2022	2021
Males currently aged 65 (years)	23.9	24.7
Females currently aged 65 (years)	25.5	26.1
Males currently aged 45 (years)	25.9	26.7
Females currently aged 45 (years)	27.3	27.9

A new deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate will increase to 6.3%. The 2022 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions:

Discount rate Pensionable salary growth Staff numbers The average number of employees analysed by function was as follows: Hostel Office Laboratory Library Premises Management and administration of the charity	2022 2.0% 0.0% 2022 3 3 4 4 5 5 __ 24 __	2021 2.0% 0.0% 2021 3 3 5 5 5 5 __ 26 __

Trustees

The Trustees of the School received no remuneration in the year under review. During the year three (2021: none) trustees were reimbursed expenses of £2,516 (2021: £nil) for travel costs.

Donations of £120 (2021: £4,885) 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 2022

7. TANGIBLE FIXED ASSETS Fixtures & Fittings Computer Equipment Office Equipment Scientific Equipment £ £ £ £ Cost At 6 April 2021 88,434 177,522 27,983 211,835 Additions - 5,327 - - __ __ _ _ At 5 April 2022 88,434 182,849 27,983 211,835 __ __ _ _ Depreciation At 6 April 2021 87,011 176,756 27,983 132,865 Charge for the year 487 2,098 - 16,026 __ __ _ _ At 5 April 2022 87,498 178,854 27,983 148,891 __ __ _ _ Net Book Value As at 5 April 2022 936 3,995 - 62,944 __ __ _ _ As at 5 April 2021 1,423 766 - 78,970 __ __ _ _

Total £ 505,774 5,327 _ 511,101 _ 424,615 18,611 __ 443,226 _ 67,875 __ 81,159 __

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 2022

7. TANGIBLE FIXED ASSETS (Continued)

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

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

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

8. INVESTMENT PROPERTY Investment property at probate value	2022 £ 85,000 ____	2021 £ 85,000 ____

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

THE BRITISH SCHOOL AT ATHENS

Page 34

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

9. LISTED INVESTMENTS Quoted Investments - UK Cash on Deposit Quoted Investments Market Value at 6 April 2021 Acquisitions at cost Sales proceeds from disposals Gains/ (loss) in the year Market Value at 5 April 2022 Historical cost at 5 April 2022	2022 £ 4,505,129 (609) ___ 4,504,520 __ 4,583,035 1,157,000 (1,257,296) 22,390 __ 4,505,129 __ 4,445,383 _____	2021 £ 4,583,035 13,171 ___ 4,596,206 __ 4,023,743 3,013,000 (3,061,916) 608,208 __ 4,583,035 __ 4,243,412 _____

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

		2022	2021
		£	£
	Sarasin Climate Active Endowment	1,097,876	1,095,481
	Phoenix Chelverton UK Equity Income B	-	620,215
	Utilico Emerging Markets Trust Plc	-	241,740
	Fidelity Global Enhanced Income W	943,777	1,000,697
	Coventry Building Society	-	244,558
	Allianz Continental European	542,817	536,869
	Stewart Investors Asia Pacific	536,323	516,987
	Montanaro UK income gbp seed	478,080	326,488
	Fundsmith Sustainable Equity Inc	685,414	-
	No restrictions apply on the realisation of any of the investments.
10.	DEBTORS	2022	2021
		£	£
	Taxation recoverable	245	650
	Other debtors	24,121	54,563
	Prepayments	14,726	15,582
		____	____
		39,092	70,795
		____	____

THE BRITISH SCHOOL AT ATHENS

Page 35

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors and accruals	2022 £ 157,212 ____	2021 £ 193,844 ____

Other creditors and accruals include £12,538 (2021: £41,600) of deferred income. This relates to course and project income received in advance.

12. PROVISION FOR POST EMPLOYMENT BENEFITS Staff severance fund USS pension liability	2022 £ 261,592 112,813 _ 374,405 _	2021 £ 277,286 76,245 _ 353,531 _

Staff severance fund

This liability represents deferred pay due to employees at 5 April 2022, 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 2021 Increase/ (decrease) in provision for the year Exchange (gain)/loss Balance at 5 April 2022	2022 £ 277,286 (14,063) (1,631) _ 261,592 _	2021 £ 338,183 (52,138) (8,759) _ 277,286 _

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 2022 and 2038, with the resulting expense recognised in the SoFA.

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

Balance at 6 April 2021 Increase/ (decrease) in provision for the year Interest payable on the provision for the year Balance at 5 April 2022	2022 £ 76,245 35,043 1,525 _ 112,813 _	2021 £ 98,706 (24,435) 1,974 _ 76,245 _

Of this balance contributions of £51,265 are due over the next five years with the remainder due over the following 11.5 years to November 2038.

Page 36

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

13. FINANCIAL INSTRUMENTS

	2022	2021
	£	£
Financial assets measured at fair value through the SoFA	4,505,129	4,583,035
	____	____
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 2021 Net incoming/(outgoing) resources - realised gains/(losses) - unrealised gains/(losses) Transfers between funds Net Movement in Funds Closing Balance at 5 April 2022	General Fund Designated Funds Being the Publications Fund £ £ 503,442 209,961 (271,153) 25,590 5,866 2,447 (3,294) (1,375) 5,000 - _ _ (263,581) 26,662 _ _ 239,861 236,623 _ _	Total 2022 £ 713,403 (245,563) 8,313 (4,669) 5,000 _ (236,919) _ 476,484 _ ___	Total 2021 £ 684,882 (85,184) 28,022 80,683 5,000 _ 28,521 ___ 713,403 _ ___

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 2022

16.	RESTRICTED FUNDS Balance at 5 April 2021 Transfers In Income Received Interest and Dividends Grants and Expenditure Unrealised Losses Gain on Sale of Investments Transfers Out Balance at 5 April 2022 General Research Funds Fellowships, Studentships and Bursaries Painting Fund 3,960 - - 107 - (26) 46 - 4,087 Centenary Bursaries Fund 268,018 - - 7,233 (9,936) (1,756) 3,124 - 266,683 Healey Bursary Fund 2,523 - - 68 - (17) 29 - 2,603 Leventis Fellowship Fund 131,275 - 29,457 3,543 (25,886) (860) 1,530 - 139,060 John Morrison Memorial Fund 28,976 - - 782 (500) (190) 338 - 29,406 General Studentship Fund 25,847 - - 698 (14,719) (169) 301 - 11,958 _ _ __ __ _ _ _ _ _ 460,599 - 29,457 12,431 (51,041) (3,018) 5,368 - 453,797 _ _ __ __ _ _ _ _ _ Knossos Research Knossos Donated Fund 174,402 - - 4,706 - (1,142) 2,033 (3,000) 176,999 Knossos Curator Fund 35,920 3,000 15,506 - (19,297) - - - 35,129 Stratigraphical Museum Extension 151,749 - 2,453 4,095 - (994) 1,769 - 159,072 _ _ __ __ _ _ _ _ _ 362,071 3,000 17,959 8,801 (19,297) (2,136) 3,802 (3,000) 371,200 _ _ __ __ _ _ _ _ _ Other Research Sparta Research Fund 15,242 - - 411 (7,883) (100) 178 - 7,848 Kenchreai Fund 751 - - - - - - - 751 PlaCe Research Fund 126,026 - - - (24,455) - - - 101,571 WRAP Research Fund Niarchos 1821 Fellowship 68,384 - - - - 24,310 - - (51,770) (25,984) - - - - - - 16,614 (1,674) _ _ _ __ _ _ _ _ _ 210,403 - 24,310 411 (110,092) (100) 178 - 125,110 _ _ __ _ _ _ _ _ _ British Academy Core Grants BIRI - - 620,790 - (620,790) - - - - Business Development - - 108,632 - (108,632) - - - - Topslice & Uplift - - 6,650 - (6,650) - - - - Contingency - - 66,245 - (66,245) - - - - _ _ __ __ _ _ _ _ _ - - 802,317 - (802,317) - - - - _ _ __ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ Total 1,033,073 3,000 874,043 21,643 (982,747) (5,254) 9,348 (3,000) 950,107 _ _ __ _ _ _ _ _ _	RESTRICTED FUNDS Balance at 5 April 2021 Transfers In Income Received Interest and Dividends Grants and Expenditure Unrealised Losses Gain on Sale of Investments Transfers Out Balance at 5 April 2022 General Research Funds Fellowships, Studentships and Bursaries Painting Fund 3,960 - - 107 - (26) 46 - 4,087 Centenary Bursaries Fund 268,018 - - 7,233 (9,936) (1,756) 3,124 - 266,683 Healey Bursary Fund 2,523 - - 68 - (17) 29 - 2,603 Leventis Fellowship Fund 131,275 - 29,457 3,543 (25,886) (860) 1,530 - 139,060 John Morrison Memorial Fund 28,976 - - 782 (500) (190) 338 - 29,406 General Studentship Fund 25,847 - - 698 (14,719) (169) 301 - 11,958 _ _ __ __ _ _ _ _ _ 460,599 - 29,457 12,431 (51,041) (3,018) 5,368 - 453,797 _ _ __ __ _ _ _ _ _ Knossos Research Knossos Donated Fund 174,402 - - 4,706 - (1,142) 2,033 (3,000) 176,999 Knossos Curator Fund 35,920 3,000 15,506 - (19,297) - - - 35,129 Stratigraphical Museum Extension 151,749 - 2,453 4,095 - (994) 1,769 - 159,072 _ _ __ __ _ _ _ _ _ 362,071 3,000 17,959 8,801 (19,297) (2,136) 3,802 (3,000) 371,200 _ _ __ __ _ _ _ _ _ Other Research Sparta Research Fund 15,242 - - 411 (7,883) (100) 178 - 7,848 Kenchreai Fund 751 - - - - - - - 751 PlaCe Research Fund 126,026 - - - (24,455) - - - 101,571 WRAP Research Fund Niarchos 1821 Fellowship 68,384 - - - - 24,310 - - (51,770) (25,984) - - - - - - 16,614 (1,674) _ _ _ __ _ _ _ _ _ 210,403 - 24,310 411 (110,092) (100) 178 - 125,110 _ _ __ _ _ _ _ _ _ British Academy Core Grants BIRI - - 620,790 - (620,790) - - - - Business Development - - 108,632 - (108,632) - - - - Topslice & Uplift - - 6,650 - (6,650) - - - - Contingency - - 66,245 - (66,245) - - - - _ _ __ __ _ _ _ _ _ - - 802,317 - (802,317) - - - - _ _ __ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ Total 1,033,073 3,000 874,043 21,643 (982,747) (5,254) 9,348 (3,000) 950,107 _ _ __ _ _ _ _ _ _
		176,999 35,129 159,072 _ 371,200 _
		7,848 751 101,571 16,614 (1,674) ____
		125,110 ____
		- - - - _ - _
		____
		950,107 ____

THE BRITISH SCHOOL AT ATHENS

Page 38

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

16.	RESTRICTED FUNDS	Balance at	Transfers	Transfers	Income		Interest and	Grants and	Unrealised	Unrealised	Gains on Sale	Transfers	Balance at
	(Continued)	5 April 2021	In		Received		Dividends	Expenditure	Losses		of Investments	Out	5 April 2022
	Laboratory Research Funds
	Marc & Ismene Fitch Laboratory
	Development Fund	524,664		-		-	14,159	(53,868)	(3,437)		6,115	-	487,633
	Constantinides Environmental Unit
	Fund	29,732		-		-	802	(3,775)		(195)	347	-	26,911
	Laboratory Projects	16,832		-		-	-	-		-	-	-	16,832
	Database Fund	2,721		-		-	-	-		-	-	-	2,721
		____	___		__		____	_____	____		___	___	____
		573,949		-		-	14,961	(57,643)	(3,632)		6,462	-	534,097
		____	___		__		____	_____	____		___	___	____
	Libraries, Archive and Museum Funds
	Libraries Fund	21,846		-		-	590	-		(143)	255	-	22,548
	Athens Library Extension
	Maintenance Fund	52,926		-		-	1,428	-		(347)	617	-	54,624
	Archive Fund	7,855		419		-	212	-		(51)	92	-	8,527
	Athens Museum Fund	6,778		-		-	183	-		(44)	79	-	6,996
	Other Library Funds	32,130		-	1,007		-	-		-	-	-	33,137
	Knossos Library Fund	5,752		-		-	155	-		(38)	67	-	5,936
	Archive Projects Fund	13,467		-		-	-	(539)		-	-	-	12,928
		____	___		__		____	____	____		___	___	____
		140,754		419	1,007		2,568	(539)		(623)	1,110	-	144,696
		____	___		__		____	____	____		___	___	____

THE BRITISH SCHOOL AT ATHENS

Page 39

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

16.	RESTRICTED FUNDS (Continued) Balance at 5 April 2021 Transfers In Income Received Interest and Dividends Grants and Expenditure Unrealised Losses Gain on Sale of Investments Transfers Out 5 Broader Purpose Funds Aghios Antonios Fund 34,750 - - 938 - (228) 405 - General Arts Fund 3,296 - - - - - - - Friends of the BSA Fund 73,264 - 39,612 1,977 (25,959) (480) 854 (5,000) _ _ __ __ __ _ _________ ___________ 111,310 - 39,612 2,915 (25,959) (708) 1,259 (5,000) _ ___ _ _________ __________ __________ _________ ___________ Short Term Grants Balkan Futures Funds 6,955 - - - - - - - Kythera Island Project Fund 10,540 - - - (57) - - - Adriatic Connections Fund 1,487 - - - - - - - Strategic Development Fund 3,014 - - - - - - - Other Short Term Funds 1,675 - 895 - (807) - - - _ _ __ __ __ __ ___ _____ 23,671 - 895 - (864) - - - _ ___ ______ _ _ _ _ __ Designated Fieldwork 58,193 - - - (1,783) - - - _ _ _ _ __ _ _ _ Summary General Research Funds 1,033,073 3,000 874,043 21,643 (982,747) (5,254) 9,348 (3,000) Laboratory Research Funds 573,949 - - 14,961 (57,643) (3,632) 6,462 - Libraries, Archive and Museum Funds 140,754 419 1,007 2,568 (539) (623) 1,110 - Broader Purpose Funds 111,310 - 39,612 2,915 (25,959) (708) 1,259 (5,000) Short Term Grants 23,671 - 895 - (864) - - - Designated Fieldwork 58,193 - - - (1,783) - - - _ _ _ _ ___ __ _ _ Total Restricted Funds 1,940,950 3,419 915,557 42,087 (1,069,535) (10,217) 18,179 (8,000) __ _ _ _ _ __ _ _	Balance at April 2022 35,865 3,296 84,268 _ 123,429 _ 6,955 10,484 1,487 3,014 1,763 _ 23,702 _ 56,410 ______	Balance at April 2022 35,865 3,296 84,268 _ 123,429 _ 6,955 10,484 1,487 3,014 1,763 _ 23,702 _ 56,410 ______
			6,955 10,484 1,487 3,014 1,763 _ 23,702 _
			56,410 _____
		950,107 534,097 144,696 123,429 23,702 56,410 __ 1,832,441 ____

Page 40

THE BRITISH SCHOOL AT ATHENS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

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 2022

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.

The Niarchos 1821 Fellowship fund is a grant awarded to the BSA to carry out over three years the research project Unpublished archives of British Philhellenism during the Greek Revolution of 1821.

Page 42

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

17. ENDOWMENT FUNDS Balance at 5 April 2021 General Research Funds Fieldwork Funds Seager Bequest 69,847 _ 69,847 _ Fellowships, Studentships & Bursaries Macmillan Studentship Fund 11,270 Rodewald Fund 100,498 Jeffery Bequest 86,096 Cary Bequest 218,453 Studentship Fund 10,914 Elizabeth Catling Fund 16,364 Hector & Elizabeth Catling Bursary Fund 39,465 Lord William Taylour Bursary Fund 20,420 Vronwy Hankey Memorial Fund 47,445 BSA Bursary for the Arts Fund 71,877 R Bradford McConnell Fund 17,399 __ 640,201 _ Knossos Research Evans Bequest 49,887 Knossos Research Fund 120,319 _ 170,206 __ Total 880,254 ____	Income Received Interest and Dividends Grants and Expenditure Unrealised Losses Gain on Sale of Investments - 1,885 (1,885) (458) 814 _ _ _ _ _ - 1,885 (1,885) (458) 814 ______ _ _ _ __ - 304 (304) (74) 131 - 2,712 (2,712) (658) 1,171 - 2,323 (2,323) (564) 1,003 - 5,895 (5,895) (1,431) 2,546 - 295 (295) (71) 127 - 442 (442) (107) 191 - 1,065 (1,065) (259) 460 - 551 (551) (134) 238 - 1,280 (1,280) (311) 553 - 1,940 (1,940) (471) 838 - 470 (470) (114) 203 _ _ __ _ _ - 17,277 (17,277) (4,194) 7,461 __ _ ___ __ _ - 1,346 (1,346) (327) 581 - 3,247 (3,247) (788) 1,402 _ _ _ __ _ - 4,593 (4,593) (1,115) 1,983 _ _ _ __ _ - 23,755 (23,755) (5,767) 10,258 _ _ _ __ ____	Transfers Balance at 5 April 2022 - 70,203 _ _ - 70,203 _ - 11,327 - 101,011 - 86,535 - 219,568 - 10,970 - 16,448 - 39,666 - 20,524 - 47,687 - 72,244 - 17,488 ___ _ - 643,468 _ _ - 50,141 - 120,933 ___ _ - 171,074 _ _ - 884,745 ___ ____	Transfers Balance at 5 April 2022 - 70,203 _ _ - 70,203 _ - 11,327 - 101,011 - 86,535 - 219,568 - 10,970 - 16,448 - 39,666 - 20,524 - 47,687 - 72,244 - 17,488 ___ _ - 643,468 _ _ - 50,141 - 120,933 ___ _ - 171,074 _ _ - 884,745 ___ ____	Transfers Balance at 5 April 2022 - 70,203 _ _ - 70,203 _ - 11,327 - 101,011 - 86,535 - 219,568 - 10,970 - 16,448 - 39,666 - 20,524 - 47,687 - 72,244 - 17,488 ___ _ - 643,468 _ _ - 50,141 - 120,933 ___ _ - 171,074 _ _ - 884,745 ___ ____
				11,327 101,011 86,535 219,568 10,970 16,448 39,666 20,524 47,687 72,244 17,488 __ 643,468 __
	_	__	_	50,141 120,933 _____
	_	__	_	171,074 _____
	_	__	_	884,745 _____

THE BRITISH SCHOOL AT ATHENS

Page 43

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

17. ENDOWMENT FUNDS (Continued) Balance at 5 April 2021 Income Received Interest and Dividends Grants and Expenditure Unrealised Losses Gain on Sale of Investments Laboratory Research Funds Fellowships, Studentships and Bursaries Williams Fund 698,240 - 18,843 (18,843) (4,574) 8,138 __ _ _ _ _ __ Archive Funds Bader Fund 29,380 - 793 (375) (192) 342 _ _ _ _ _ __ Broader Purpose Funds Alan Wace Fund 156,913 - 4,234 (4,234) (1,028) 1,829 Miller Bequest 4,691 - 127 (127) (31) 55 J A Saunders Memorial Fund 316,487 - 8,541 (8,541) (2,073) 3,689 H W & EA Catling Library Fund 27,106 - 731 (731) (178) 316 _ _ _ _ __ _ 505,197 - 13,633 (13,633) (3,310) 5,889 __ _ _ _ _ __ General Research Funds 880,254 - 23,755 (23,755) (5,767) 10,258 Laboratory Research Funds 698,240 - 18,843 (18,843) (4,574) 8,138 Archive Funds 29,380 - 793 (375) (192) 342 Broader Purpose Funds 505,197 - 13,633 (13,633) (3,310) 5,889 _ _ _ _ __ _ Total 2,113,071 - 57,024 (56,606) (13,843) 24,627 ___ _ _ __ _ _	Transfers Balance at 5 April 2022 - 701,804 _ _ (419) 29,529 _ _ - 157,714 - 4,715 - 318,103 - 27,244 _ _ - 507,776 _ _ - 884,745 - 701,804 (419) 29,529 - 507,776 ___ _ (419) 2,123,854 _ ___	Transfers Balance at 5 April 2022 - 701,804 _ _ (419) 29,529 _ _ - 157,714 - 4,715 - 318,103 - 27,244 _ _ - 507,776 _ _ - 884,745 - 701,804 (419) 29,529 - 507,776 ___ _ (419) 2,123,854 _ ___
		29,529 ______
		157,714 4,715 318,103 27,244 __ 507,776 ____
		884,745 701,804 29,529 507,776 __ 2,123,854 ____

THE BRITISH SCHOOL AT ATHENS NOTES TO THE FINANCIAL STATEMENTS

Page 44

FOR THE YEAR ENDED 5 APRIL 2022

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 2022

17. ENDOWMENT FUNDS (Continued)

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

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

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

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

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

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Funds £ Fund balances at 5 April 2022 are represented by: Tangible fixed assets 67,875 Investment property 85,000 Listed investments 548,225 Current assets 307,001 Current and long term liabilities (531,617) ___ Net Assets 476,484 __ Unrealised losses in the year on investment assets: 4,669 ____ ___	Restricted Endowment Funds Funds £ £ - - - - 1,832,441 2,123,854 - - - - ___ _ 1,832,441 2,123,854 _ _ 10,217 13,843 ___ ______	Total £ 67,875 85,000 4,504,520 307,001 (531,617) ___ 4,432,779 _____
		28,729 _______

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.

THE BRITISH SCHOOL AT ATHENS

Page 46

NOTES TO THE FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2022

21. COMPARATIVE SOFA & NOTES

		Unrestricted	Restricted	Endowment	Total Funds
		Funds	Funds	Funds	2021
	Notes	£	£	£	£
Income and endowments from:
Donations and legacies
Grants from British Academy		-	790,907	-	790,907
Donations, legacies and grants		29,151	343,449	-	372,600
Subscriptions and admission fees		35,968	-	-	35,968
		__	______	______	______
		65,119	1,134,356	-	1,199,475
Investments – listed investments		28,347	54,775	75,480	158,602
		__	______	______	______
		93,466	1,189,131	75,480	1,358,077
Charitable activities
Sales of publications		55,468	-	-	55,468
Project & course income		55,241	-	-	55,241
Hostel income		20,516	-	-	20,516
Miscellaneous		4,358	-	-	4,358
		__	______	______	______
		135,583	-	-	135,583
		__	______	______	______
Total		229,049	1,189,131	75,480	1,493,660
		__	______	______	______
Expenditure on:
Raising funds	3	-	70,454	-	70,454
Charitable activities
Core activities		117,729	540,945	18,046	676,720
Research		6,675	285,907	55,668	348,250
Hostel		121,166	-	-	121,166
Communications & outreach		68,663	60,788	-	129,451
		__	______	______	______
	21	314,233	887,640	73,714	1,275,587
		_____	______	______	______
Total		314,233	958,094	73,714	1,346,041
		_____	______	______	______
Net gains / (losses) on investments:
Realised		28,022	54,147	74,616	156,785
Unrealised		80,683	155,904	214,836	451,423
		_____	______	______	______
	9	108,705	210,051	289,452	608,208
		_____	______	______	______
Net income / (expenditure)		23,521	441,088	291,218	755,827
		_____	______	______	______
Transfers between funds	24 & 25	5,000	(3,234)	(1,766)	-
		_____	______	______	______
Net Movement in Funds		28,521	437,854	289,452	755,827
		_____	______	______	______

Page 47

THE BRITISH SCHOOL AT ATHENS

NOTES TO THE FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2022

21. COMPARATIVE SOFA & NOTES (Continued)

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

Activity Activity undertaken directly Grant funding of activities Support costs Core activities 438,699 - 238,021 Research 175,673 172,577 - Hostel 103,289 - 17,877 Communications & outreach 129,451 - - __ _ __ 847,112 172,577 255,898 _ __ _ ANALYSIS OF EXPENDITURE UNDERTAKEN DIRECTLY Expense type Core Activities Hostel Research Communicatio ns & Outreach Staff costs 316,853 43,070 158,632 100,796 Premises costs - 58,324 - - Travel costs 679 - - - Conferences & courses - - - 1,600 Laboratory costs 33,924 - 17,041 - Library costs 87,243 - - - Publication costs - - - 27,055 Other costs - 1,895 - - _ __ __ __ 438,699 103,289 175,673 129,451 __ _ __ _ _ _ _ SUPPORT COSTS BREAKDOWN BY ACTIVITY Core Activities Hostel Staff costs 52,215 - Premises costs 31,400 - Office expenses 46,912 5,027 Insurance 1,416 12,850 Depreciation 17,424 - Loss/(Profit) on exchange (2,182) - Governance costs 85,117 - Other costs 5,719 - __ _ 238,021 17,877 __ ___		Total 2021 £ 676,720 348,250 121,166 129,451 __ 1,275,587 _ Total 2021 £ 619,351 58,324 679 1,600 50,965 87,243 27,055 1,895 _ 847,112 ___

THE BRITISH SCHOOL AT ATHENS

Page 48

NOTES TO THE FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2022

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2021

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

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

23. UNRESTRICTED FUNDS 2021

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

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 2022

24.

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

THE BRITISH SCHOOL AT ATHENS

Page 50

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

24.	RESTRICTED FUNDS 2021	Balance at	Transfers	Transfers	Donations		Interest and	Grants and	Unrealised	Unrealised	Gain 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	479,892		-		-	19,863	(51,261)	56,535		19,635	-	524,664
	Development Fund
	Constantinides Environmental Unit	25,479		-		-	1,055	(846)		3,002	1,042	-	29,732
	Fund
	Laboratory Projects	16,832		-		-	-	-		-	-	-	16,832
	Database Fund	2,721		-		-	-	-		-	-	-	2,721
		____	___		__		____	_____	____		___	___	____
		524,924		-		-	20,918	(52,107)	59,537		20,677	-	573,949
		____	___		__		____	_____	____		___	___	____
	Libraries, Archive and Museum Funds
	Libraries Fund	18,854		-		-	780	(780)		2,221	771	-	21,846
	Athens Library Extension	45,676		-		-	1,891	(1,891)		5,381	1,869	-	52,926
	Maintenance Fund
	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 51

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

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

THE BRITISH SCHOOL AT ATHENS

Page 52

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

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

THE BRITISH SCHOOL AT ATHENS

Page 53

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

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