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2023-04-05-accounts

THE BRITISH SCHOOL AT ATHENS

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BSA Researchers Michael Loy, Tulsi Parikh and Elizabeth Foley in the BSA garden

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2023

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 – 65 - Notes to the financial statements

Page 1

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

The Council presents its report together with its audited financial statements for the year ended 5 April 2023. 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 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, one representative of the Vice-Presidents, four members elected by the School’s Subscribing Members for a 4-year term, two members elected by School’s Regular Members for a 2-year term, and four 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, interests and diversity represented on the Council whenever a nominated vacancy arises. This committee 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-quarters of those present at a meeting of the Council.

New Trustees are currently referred to the website of the Charity Commission, and are asked to attend Trustee Training Sessions at the British Academy offered by Chair of Council, the Chair of the Governance Committee, and the Deputy Honorary Treasurer.

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. Following an interview process, 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 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 2023

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.

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 regularly reviews the School’s environmental policies and practices. Increased use of zoom meetings (often in place of face-to-face meetings) has helped this. The Athens premises have been the subject of an environmental efficiency review and work has begun on this.

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: medium; impact: medium), monitored by 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 (likelihood: medium; impact: medium), monitored by Director, Chairman, and Deputy Honorary 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, Deputy Honorary Treasurer and staff; mitigated by taking legal advice, 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 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 and increasing attention paid to training new members of staff in a variety of key roles.

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 facilitates and promotes 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 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.

Page 3

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

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. The School undertakes a programme of Knowledge exchange with a range of stakeholders in Athens, Knossos and London.

In the period 2023-2025 the Council plans to develop the activities of the School in furtherance of its objectives, as follows: -

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

Page 4

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

The School delivers a programme of courses aimed at:

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 School Administrator and the IT Officer.

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 (one in the UK and one in Greece) further assists in organising events and makes periodic small grants.

Criteria used to measure achievement

In 2022/23 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

  2. Leveraging research funds through facilitated projects

  3. Generating research funds for BSA projects

  4. Diversifying research across Humanities, Social Sciences and Science 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 / Knossos); and with other BIRI institutes, especially in neighbouring countries (BSR / BIAA / CBRL) (Athens / region / Eastern Mediterranean) and with UK Universities and research institutes

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

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

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

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

  10. Following a Development Programme aimed at generating additional funds to replace / augment Academy funding (Athens / Knossos / London).

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THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

Key Performance Indicator Matrix

ACTION or
Key
KPI per year
2015-16
2022-231
Targets
OUTPUT
Deliverable
1.1Publications by
7, 8		 No. of books (B) or articles,
1 B
1 B
1 B
staff and award holders 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
4 B
74 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.
4 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)
2.1Number of
researchers using
facilities
1, 6		 No. of researchers
UK: 163
Non-UK:
256
UK: 193
Non-UK:
254
Annual
increase
2.2Increased use of
1		 Increased occupancy rates in
55% (Ath)
51%
Annual
facilities Athens / KN hostels
41% (Kn)
25%
increase
3.1Research
1, 5, 6		 No. of collaborations
28
28
30
collaborations (UK
institutions)
3.2Research
collaborations (OS
institutions)
1, 5, 6		 No. of collaborations
43
75
50
3.3Events
7, 8		 No. of research events
47
56
50

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THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

ACTION or
OUTPUT
Key
Deliverable		 KPI per year
2015-16
2022-3
Targets
3.4Public
engagement
8		 Social media, web statistics
FB: 3,771
Tw: 932
Web:
61.6K
FB:
11,144
Tw: 5,350
Web: 70 K
Annual
increase
3.5Engagement
with other BIRIs
5		 No. of collaborations
3
4
3
4.1Support for
archaeological
fieldwork
1, 6		 Maintain max. no. fieldwork
projects facilitated (through
permit)bythe BSA
6
6
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)
six
applications
for every one
available on
UG course
c. 80
places. +
raise ratio
to c. 2
app./place

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.

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THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

Achievements and Performance

Activities conducted, and awards made, during 2022-23 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:

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

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

Page 8

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

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 surplus of £1,925,255 (after unrealised investment losses of £14,902) compared with a deficit of £334,645 in 2021/22 (after unrealised investment losses of £28,729).

A significant factor in the current year surplus was the success of the School’s fundraising appeal for the rebuilding of the Stratigraphical museum at Knossos. At the end of the year the BSA holds nearly £2.5m within Restricted Funds in respect of this project.

The School’s investment portfolio yielded total income of £85,237 in the year to 5 April 2023, a decrease of 28% against the £118,361 earned during 2021/22. The circumstances behind these movements are 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 weakened slightly to an average rate of 0.86 £/€ during the year (2021/22: 0.85) whilst our budget was set at 0.80 £/€. The economic situation in Greece coupled with economic uncertainty relating to the UK’s ceasing to be a member of the EU continues to present some financial risk and the School has policies in place for the conversion of Sterling into Euros and the 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 £85,069 at the year end (2021/22: £112,813).

Our Unrestricted Funds Carried Forward at the end of the year were £331,266 (2021/22: £493,479), the reduction reflecting the reduction in investment income described above combined with the continued depression of other revenues as compared with the position prior to the Covid pandemic and certain one-off repair costs. Total funds (Unrestricted, Restricted and Endowment) stood at £6,358,034 at the year end (2021/22: £4,432,779). Of this, Restricted Funds stood at £3,928,245 and Endowment Funds at £2,098,523.

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 £867,075 (2021/22: £802,587) of the total income of the School of £3,831,517.

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 and as described in more detail in the Investment Policy and Returns section below, the amount of expenditure which may be charged to these Funds is determined by reference to the School’s total return policy for investment management. The movements in Endowment Funds are disclosed in note 17.

As at 5 April 2022 the School held a Designated Unrestricted Fund for publications which stood at £236,623 at that date. During the year the balance on this Fund was transferred to the General Fund and the Harrison-Jebb Fund as described at note 15.

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THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

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&GPC, 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&GPC requires that the investment portfolio be managed on a total return basis.

During the year, Council approved proposals to change the BSA’s 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 (the “Regulations”), issued by the Charity Commission. These set out the procedure to be followed by Charities which use the total return approach in managing their investment portfolio and which apply the same approach for the purpose of determining the amount of income and accrued capital gain available to Endowment Funds for year-on-year spending.

As described at note 1(e) to these accounts, the change in accounting policy has been adopted in the current year, as shown in the new disclosure under the Regulations contained in note 26. In approving the change in accounting policy, Council considered the following matters: -

Page 10

THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

During the current year, the BSA’s investment income fell from £118,361 to £85,237, primarily reflecting the rebalancing of the BSA’s investment portfolio away from dividend yield stocks in favour of capital growth stocks in accordance with the BSA’s total return policy along with the continued reaction of the global investment markets to the global Covid-19 pandemic which resulted in dividend cuts or deferments by many of the funds in which the School has been invested.

In the current year the BSA recorded realised and unrealised losses of £92,569 and £14,902 respectively (2021/22: realised gains and unrealised losses of £51,119 and £28,729 respectively).

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 twice yearly. Since the onset of the pandemic, much of our activity is now delivered both in person and online, 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 £1001 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 supporter 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 recent 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.

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THE BRITISH SCHOOL AT ATHENS

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023

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:

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: 26 September 2023

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THE BRITISH SCHOOL AT ATHENS

REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2023

Further details of the School’s 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 2024 onwards are being finalised.

Council

Professor Roderick Beaton (Chair) 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 Malcolm Schofield (Vice-Presidential Representative) Mr Philippe Camu Professor William Cavanagh (until 31.03.2023) Dr Lesley Fitton Ms Marcella Giobbe (from 01.04.2023) Ms Sarah Green Prof. Violetta Hionidou Professor Liz James (until 31.03.2023) Dr Colin Macdonald Dr Victoria McGuinness (from 01.04.2023) Dr Anna Moles (until 31.03.2023) Ms Nefeli Pirée-Iliou Mr Robert Pitt Ms Kate L. Smith (from 01.04.2023)

Vice Presidents

HM Ambassador to the Hellenic Republic Professor Sir John Boardman, MA, FBA, FSA Mr Gerald 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 Richard A. Tomlinson, MA, FSA Professor Peter M. Warren, MA, FBA, FSA Dr Malcolm H. Wiener, FSA Dr Charles K. Williams II, FSA

Director

Professor Rebecca Sweetman FSA

Deputy Honorary Treasurer Mr Huw Smith

Page 13

THE BRITISH SCHOOL AT ATHENS

REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2023

Standing Committees and Subcommittees of Council (Terms of Reference and membership 2022-23 )

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 1.04.23), Prof. Cyprian Broodbank (until 31.03.23), Prof. Amy Bogaard, Prof. Paul Halstead (until 31.03.2023), Dr Jane Rempel, Dr Anja Slawisch); 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, Dr Huw Halstead, Prof. Violetta Hionidou, Prof. Liz James, Dr Daniel Knight, Chair of Council, Director ( ex officio) , Public Engagement & Development Officer (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 activities and financial and other assets; oversight of the School’s accounts, estates, and personnel matters.

Sir Adam Ridley (Chair), Mr. 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 (until 31.03.2023), Prof. Graham Shipley; 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 (Chair until 31.03.2023), Dr Alexandra Villing (Chair from 01.04.2023), Dr Christy Constantakopoulou, Dr Catherine Draycott, Dr Daniel Knight, Mr Robert Pitt.

FRIENDS

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

Dr Pamela Armstrong (Chair until 31.03.2023), Ms Marie-Christine Keith (Chair from 01.04.2023), Prof. Mike Edwards (until 31.03.2023), Mrs Sarah Green, Mr Richard Heyhoe, Mr Paul Smee, Mr Nigel Spencer (from 01.04.2023); Development Executive; Administrative Assistant (in attendance).

INVESTMENT

Has oversight of the School’s investments.

Mr Patrick Reeve (Chair), Dr Carol Bell, Mr Gerald Cadogan, Mr Kevin Feeny (until 31.03.2023), Sir Adam Ridley (until 31.03.2023), Mr Manos Papatheofanous, Mr Maxim Polyakov, Mr Henry Stanford, Ms Chryssanthi Vakla); Deputy Honorary Treasurer ( ex officio ); Chair of Council, Director (by invitation).

Page 14

THE BRITISH SCHOOL AT ATHENS

REFERENCE INFORMATION FOR THE YEAR ENDED 5 APRIL 2023

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 (until 31.03.2023), Dr Gordon Davies (until 31.03.2023), Ms Mahi Georgakopoulou (from 01.04.2023), Miss Sarah Green, Ms Marie-Christine Keith (until 31.03.2023), Mr Paul Smee (until 31.03.2023), Prof. Amy Smith (from 01.04.2023), Prof. Tyler-Jo Smith, Dr Jackie Whalen (from 01.04.2023); Vice-Chair, Director, Deputy Honorary Treasurer ( ex officio ), Development Consultant, 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. Amy Bogaard, Prof. Cyprian Broodbank, Dr Ian Whitbread (both until 31.03.2023);, Prof. Glynis Jones, Prof. Marcos Martinón-Torres, Director of the Fitch Lab. ( 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 (until 31.03.2023), 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 (until 31.03.2023), Dr Nicolette Pavlides, 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, Dr Daniel Stewart, Dr Ian Whitbread, 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, Dr Theodora Jim, 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. Roderick Beaton (Chair), Prof. Amy Bogaard, Prof. Yannis, Dr Joseph Skinner, Director ( ex officio ), Assistant 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 2023

Accountants

WMT Chartered Accountants 4 Beaconsfield Road St Albans AL1 3RD

Auditors

WMT Chartered Accountants Statutory Auditors 4 Beaconsfield Road St Albans AL1 3RD

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 & 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 2023

Opinion

We have audited the financial statements of The British School at Athens (the ‘charity’) for the year ended 5 April 2023 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:

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 :

Page 17

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF

THE BRITISH SCHOOL AT ATHENS FOR THE YEAR ENDED 5 APRIL 2023

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:

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 2023

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

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

Date: 27 September 2023

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 2023

Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2023 2022
Notes £ £ £ £ £
Income and endowments from:
Donations and legacies
Grants from British Academy - 867,075 - 867,075 802,587
Donations, legacies and grants 38,697 83,000 38,506 160,203 110,152
Subscriptions and admission fees 44,528 10,623 - 55,151 47,279
Appeals 816 2,401,216 - 2,402,032 -
______ ______ ______ ______
______
Subtotal 84,041 3,361,914 38,506 3,484,461 960,018
Investments – listed investments 10,172 29,719 45,346 85,237 118,361
______ ______ ______ ______
______
94,213 3,391,633 83,852 3,569,698 1,078,379
Charitable activities
Sales of publications 52,444 - - 52,444 30,296
Project & course income 136,630 - - 136,630 92,054
Hostel income 66,788 - - 66,788 35,491
Miscellaneous 5,957 - - 5,957 4,494
______ ______ ______ ______
______
261,819 - - 261,819 162,335
______ ______ ______
______
______
Total 356,032 3,391,633 83,852 3,831,517 1,240,714
__ ______ ______ ______ ______
Expenditure on:
Raising funds 3 11,821 65,177 10,931 87,929 85,246
Charitable activities
Core activities 97,579 661,976 25,848 785,403 740,890
Research 37,816 381,167 64,051 483,034 432,846
Hostel 220,399 - - 220,399 197,402
Communications & outreach 159,963 62,063 - 222,026 141,365
_____ _____ _____ ______
______
4 515,757 1,105,206 89,899 1,710,862 1,512,503
______ ______ ______
______
______
Total 6 527,578 1,170,383 100,830 1,798,791 1,597,749
_____ ______ ______ ______ ______
Net gains / (losses) on investments:
Realised (11,046) (32,277) (49,246) (92,569) 51,119
Unrealised (1,778) (5,196) (7,928) (14,902) (28,729)
_____ _____ _____ _____
______
9 (12,824) (37,473) (57,174) (107,471) 22,390
_____ ______ ______ ______ ______
Net income / (expenditure) (202,676)
2,183,777		 (74,152) 1,925,255 (334,645)
_____ ______ ______ ______ ______
Transfers between funds 16 & 17 22,157
(23,349)		 1,192 - -
_____ ______ ______ ______ ______
Net Movement in Funds (162,213)
2,160,428		 (72,960) 1,925,255 (334,645)
_____ ______ ______ ______ ______

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
(162,213)
Opening Funds at 6 April 2022
476,484
Prior Year Adjustment 20
16,995
__
Closing Funds at 5 April 2023
331,266
__		 Restricted
Funds
Endowment
Funds
Total Funds
2023
Total Funds
2022
£
£
£
£
2,160,428
(72,960)
1,925,255
(334,645)
1,832,441
2,123,854
4,432,779
4,767,424
(64,624)
47,629
-
-
___
__
_
_
3,928,245
2,098,523
6,358,034
4,432,779
_
_
_
____

The gain for the year calculated on a historical cost basis is £1,940,157 (2022 : £305,916 deficit).

The notes on pages 23 to 65 form part of these financial statements.

Page 21

THE BRITISH SCHOOL AT ATHENS

BALANCE SHEET

AS AT 5 APRIL 2023

Notes 2023 2023 2022 Restated 2022 Restated
£ £ £ £
Fixed Assets
Tangible fixed assets 7 88,841 67,875
Investment property 8 85,000 85,000
Listed investments 9 4,380,993 4,504,520
_______ _______
4,554,834 4,657,395
Current Assets
Stock of publications 25,840 32,225
Debtors 10 75,899 39,092
Cash at bank and in hand 2,265,201 235,684
_____ _____
2,366,940 307,001
Creditors: amounts falling due within one
year 11 (204,298) (204,298) (157,212)
_____ _____
Net Current Assets 2,162,642 149,789
_______ _______
Total assets less current liabilities 4,807,184
Provision for liabilities 12 (359,442) (374,405)
_______ _______
Net Assets 6,358,034 4,432,779
_______ _______
Represented by:
Funds
Unrestricted 15 331,266 493,479
Restricted 16 3,928,245 1,767,817
Endowment 17 2,098,523 2,171,483
_______ _______
Total charity funds 6,358,034 4,432,779
_______ _______

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

Date: 26 September 2023

The notes on pages 23 to 65 form part of these financial statements

Page 22

THE BRITISH SCHOOL AT ATHENS

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2023

2023 2022
£ £
£		 £
Net income/(expenditure) for the period 1,925,255 (334,645)
Adjustments for:
Depreciation 16,499 18,611
Foreign exchange differences 22,586 (6,975)
Losses / (gains) on investments 107,471 (22,390)
Dividends and interest from investments (85,237) (118,361)
(Increase) / decrease in stocks 6,385 (5,183)
(Increase) / decrease in debtors (36,807) 31,703
Increase / (decrease) in creditors 47,086 (36,632)
Increase / (decrease) in provisions (14,963) 20,874
_____ _____
Net cash used in operating activities 1,988,275 (452,998)
Cash flows from investing activities
Dividends and interest from investments 85,237 118,361
Proceeds from sale of investments 1,329,288 1,257,296
Purchase of investments (1,308,500)
(1,157,000)
Purchase of fixed assets (37,465)
(5,327)
_____ _____
Net cash provided by investing activities 68,560 213,330
_______ _______
Change in cash and cash equivalents 2,056,835 (239,668)
Cash and cash equivalents at the beginning of
the reporting period 235,075 467,768
Change in cash and cash equivalents due to
exchange rate movements (22,586) 6,975
_______ _______
Cash and cash equivalents at the end of the
reporting period 2,269,324 235,075
_______ _______
Analysis of cash and cash equivalents
Cash at bank and in hand 2,265,201 235,684
Cash in investment accounts 4,123 (609)
_______ _______
Total cash and cash equivalents 2,269,324 235,075
_______ _______
Changes in net debt At 1 April
Cash flows		 At 31 March
Cash at bank and in hand 235,864
2,029,337		 2,265,201
Cash in investment accounts (609)
4,732		 4,123
___
_____		 _______
235,075
2,034,069
___
_____		 2,269,324
_______

Page 23

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

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:

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 2023

1. ACCOUNTING POLICIES (Continued)

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.

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.

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 2023

1. ACCOUNTING POLICIES (Continued)

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

In accordance with The Charities (Total Return) Regulations 2013 the unapplied total return arising on the BSA’s Permanent Endowments is allocated between the trust for application and the trust for investment based on the BSA’s long-term expectation of the sustainable amount available for spending of 3.75% of each relevant Fund’s value. See the Investment Policy and Returns section of the Trustees’ Report for details on how this amount has been determined.

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.

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

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 2023

1. ACCOUNTING POLICIES (Continued)

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.

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 2023

1. ACCOUNTING POLICIES (Continued)

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.

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 2023

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		 2023
£
32,794
_
146,488
_
80,315
__
259,597
___		 2022
£
15,678
_
172,547
_
48,872
__
237,097
___

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 54 individuals (2022: 72).

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
447,942
Research
223,437
Hostel
202,172
Communications &
outreach
222,026
__
1,095,577
___		 funding of
activities
-
259,597
-
-
_
259,597
____		 Support
costs
337,461
-
18,227
-
__
355,688
____		 Total
2023
£
785,403
483,034
220,399
222,026
__
1,710,862
__		 Total
2022
£
740,890
432,846
197,402
141,365
__
1,512,503
__

THE BRITISH SCHOOL AT ATHENS

Page 29

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

4. CHARITABLE ACTIVITIES (Continued)

ANALYSIS OF EXPENDITURE UNDERTAKEN DIRECTLY

Expense type
Core
Activities
Staff costs
289,446
Premises costs
-
Travel costs
8,146
Conferences &
courses
-
Laboratory costs
39,825
Library costs
110,525
Publication
costs
-
Other costs
-
__
447,942
__		 Hostel
74,875
123,656
-
-
-
-
-
3,641
__
202,172
__		 Research
Communicati
ons &
Outreach
175,863
124,935
-
-
-
-
-
57,918
47,574
-
-
-
-
39,173
-
-
__
_
223,437
222,026
__
_		 Total
2023
£
665,119
123,656
8,146
57,918
87,399
110,525
39,173
3,641
__

1,095,577
____		 Total
2022
£
654,143
119,609
2,810
17,823
74,167
82,213
18,465
2,213
__
971,443
___

SUPPORT COSTS BREAKDOWN BY ACTIVITY

Core Activities
Staff costs
65,996
Premises costs
46,815
Office expenses
52,234
Insurance
1,432
Depreciation
16,499
(Profit)/loss on exchange
22,586
Professional fees
15,503
Governance costs
116,097
Other costs
2,685
__
337,461
____		 Hostel
-
-
7,377
10,850
-
-
-
-
-
__
18,227
__		 2023
£
65,996
46,815
59,611
12,282
16,499
22,586
15,503
116,097
2,685
__
355,688
____		 2022
£
49,802
28,629
57,706
14,398
18,611
(6,975)
43,963
89,894
7,935
__
303,963
____

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		 2023
£
13,805
17,854
3,901
80,537
__
116,097
__		 2022
£
10,400
13,450
2,516
63,528
__
89,894
__

Total fees paid to the School’s auditors for services provided were £13,805 (2022: £10,400). In addition accountancy fees of £17,854 (2022: £13,450) were paid.

THE BRITISH SCHOOL AT ATHENS

Page 30

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

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		 2023
£
765,559
143,191
37,107
(27,744)
__
918,113
__		 2022
£
653,121
146,283
40,582
35,043
__
875,029
__

One employee earned between £60,000 and £70,000 per annum (2022: One between £80,000 and £90,000).

The director manages the school on behalf of the Council. His/her total remuneration including all salaries, pension and other benefits was £122,812 (2022: £109,259).

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 £9,363 (2022: £75,625 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 2022 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- funding principles ).

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 2023

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% p.a. for males and 1.6% p.a. 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%
2023
3
3
4
4
5
6
__
25
__		 2021
2.0%
0.0%
2022
3
3
4
4
5
5
__
24
__

Trustees

The Trustees of the School received no remuneration in the year under review. During the year four (2022: three) trustees were reimbursed expenses of £2,506 (2022: £2,516) for travel costs.

Donations of £20,690 (2022: £120) 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 2023

7.
TANGIBLE FIXED ASSETS
Fixtures &
Fittings
Computer
Equipment
Office
Equipment
Scientific
Equipment
£
£
£
£
Cost
At 6 April 2022
88,434
182,849
27,983
211,835
Additions
34,046
-
-
3,419
__
__
_
_
At 5 April 2023
122,480
182,849
27,983
215,254
__
__
_
_
Depreciation
At 6 April 2022
87,498
178,854
27,983
148,891
Charge for the year
1,003
1,332
-
14,164
__
__
_
_
At 5 April 2023
88,501
180,186
27,983
163,055
__
__
_
_
Net Book Value
As at 5 April 2023
33,979
2,663
-
52,199
__
__
_
_
As at 5 April 2022
936
3,995
-
62,944
__
__
_
_		 Total
£
511,101
37,465
_
548,566
_
443,226
16,499
__
459,725
_
88,841
__
67,875
__

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 2023

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, six traditional icons, and five watercolours 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		 2023
£
85,000
____		 2022
£
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 2023

9.
LISTED INVESTMENTS
Quoted Investments - UK
Cash on Deposit
Quoted Investments
Market Value at 6 April 2022
Acquisitions at cost
Sales proceeds from disposals
Gains/ (loss) in the year

Market Value at 5 April 2023
Historical cost at 5 April 2023		 2023
£
4,376,870
4,123
___
4,380,993
__
4,505,129
1,308,500
(1,329,288)
(107,471)
__

4,376,870
__
4,425,316
_____		 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
_____

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

2023 2022
£ £
Sarasin Climate Active Endowment 1,013,828 1,097,876
Fidelity Global Enhanced Income W 950,211 943,777
Schroder - Global Energy Transition Fund Class Q1 Inc Gbp 457,428 -
Allianz Continental European 526,199 542,817
Stewart Investors Asia Pacific 525,111 536,323
Montanaro UK income gbp seed - 478,080
Fundsmith Sustainable Equity Inc 687,550 685,414
No restrictions apply on the realisation of any of the investments.
10. DEBTORS 2023 2022
£ £
Taxation recoverable - 245
Other debtors 41,076 24,121
Prepayments 34,823 14,726
____ ____
75,899 39,092
____ ____

THE BRITISH SCHOOL AT ATHENS

Page 35

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors and accruals 2023
£
204,298
____		 2022
£
157,212
____

Other creditors and accruals include £48,932 (2022: £12,538) 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		 2023
£
274,373
85,069
_
359,442
_		 2022
£
261,592
112,813
_
374,405
_

Staff severance fund

This liability represents deferred pay due to employees at 5 April 2023, 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 2022
Increase/ (decrease) in provision for the year
Exchange (gain)/loss
Balance at 5 April 2023		 2023
£
261,592
13,974
(1,193)
_
274,373
_		 2022
£
277,286
(14,063)
(1,631)
_
261,592
_

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 2022
Increase/ (decrease) in provision for the year
Interest payable on the provision for the year
Balance at 5 April 2023		 2023
£
112,813
(30,000)
2,256
_
85,069
_		 2022
£
76,245
35,043
1,525
_
112,813
_

Of this balance contributions of £44,672 are due over the next five years with the remainder due over the following 10.5 years to November 2038.

THE BRITISH SCHOOL AT ATHENS

Page 36

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

13. FINANCIAL INSTRUMENTS
2023 2022
£ £
Financial assets measured at fair value through the SoFA 4,376,870 4,505,129
____ ____
Financial assets measured at fair value 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

UNRESTRICTED FUNDS
General Designated Designated Total Total
Fund Funds Funds 2023 2022
Being the Being the
Publications Harrison-
Fund Jebb
Fund
£ £ £ £ £
Opening balance at 6 April 2022 256,856 236,623 - 493,479 713,403
Net incoming/(outgoing) resources (209,937) 18,323 20,068 (171,546) (245,563)
- realised gains/(losses) (5,559) (5,487) - (11,046) 8,313
- unrealised gains/(losses) (895) (883) - (1,778) (4,669)
Transfers between funds 238,548 (248,576) 32,185 22,157 5,000
____ ____ ____ ____ ____
Net Movement in Funds 22,157 (236,623) 52,253 (162,213) (236,919)
____ ____ ____ ____ ______
Closing Balance at 5 April 2023
 279,013 - 52,253 331,266 476,484
____ ____ ____ ____ ______

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

During the year, Council resolved to transfer the balance of the Publications Fund to General reserves and an amount equal to the current year deficit has been transferred to the General Fund with the balance to the Harrison-Jebb Fund.

During the year a prior year adjustment has been posted to reallocate historic investment income, gains and losses from one restricted fund which was incorrectly included in the allocation. The impact to the opening balance of unrestricted funds totals an increase of £16,995.

Page 37

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

16.
RESTRICTED FUNDS		 Balance at Transfers Income Interest and Grants and Unrealised Unrealised Loss on Sale Transfers Balance at
5 April 2022 In Received Dividends Expenditure Losses of Investments Out 5 April 2023
Fellows, Students – General funds
Painting Fund 4,154 - - 87 (21) (15)
(95)		 -
4,110
Centenary Bursaries Fund 272,376 - 2,164 5,694 (1,371) (995)
(6,184)		 -
271,684,
Healey Bursary Fund 2,669 - - 56 (73) (10)
(60)		 -
2,582
General Studentship Fund 12,064 - - 255 (9,043) (45)
(277)		 -
2,951
____ __ __ __ __ __ __ __
__
291,263 - 2,164 6,092 (10,511) (1,065)
(6,616)		 -
281,327
____ __ __ __ ____ ___ ___ ____
____
Fellows, Students – Specific funds
Leventis Fellowship Fund 47,601 - 28,666 - (467) -
-		 -
75,800
PlaCe Research Fund 101,571 - - - (49,437) -
-		 -
52,134
WRAP Research Fund 16,614 - - - (24,227) -
-		 -
(7,613)
Niarchos 1821 Fellowship (1,674) - 7,906 - (29,946) -
-		 -
(23,714)
Knossos Curator Fund 35,129 3,000 16,863 - (15,762) -
-		 -
39,230
____ __ __ __ __ __ __ __
__
199,241 3,000 53,436 - (119,840) -
-		 -
135,837
____ __ __ __ ____ ___ ___ ____
____
Research Awards
Knossos Donated Fund 180,130 - - 3,779 (2,375) (661)
(4,104)		 (4,192)
172,577
John Morrison Memorial Fund 30,040 - - 628 (651) (110)
(682)		 -
29,225
Aghios Antonios Fund 36,461 - - 766 (184) (134)
(832)		 -
36,077
General Arts Fund 3,296 - - - (43) -
-		 -
3,253
Sparta Research Fund 8,491 - - 168 (7,598) (29)
(182)		 -
850
Kenchreai Fund 751 - - - (470) -
-		 -
281
____ __ _ _ ____ ___ ___ ____
____
259,168 - - 5,341 (11,321) (934)
(5,800)		 (4,192)
242,263
____ __ ____ ___ ____ ___ ____ ___ ___ ____
____
British Academy Core Grants
BIRI - - 620,790 - (620,790) -
-		 -
-
Business Development - - 162,846 - (162,846) -
-		 -
-
Topslice & Uplift - - 19,579 - (19,579) -
-		 -
-
Contingency - - 63,860 - (63,860) -
-		 -
-
____ __ ____ ____ ___ ____ ___ ___ ____
____
-
____		 -
__		 867,075
____		 -
_		 (867,075)
____		 -
___
-
___		 -
____
-

____

THE BRITISH SCHOOL AT ATHENS

Page 38

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

16. RESTRICTED FUNDS Balance at Transfers Income Interest and Grants and Unrealised Unrealised Loss on Sale Transfers Balance at
(Continued) 5 April 2022 In Received Dividends Expenditure Losses of Investments Out 5 April 2023
Laboratory Research Funds
Marc & Ismene Fitch Laboratory
Development Fund 497,952 - - 10,411
(49,512)		 (1,820) (11,307) - 445,724
Constantinides Environmental Unit
Fund 27,600 - - 575
(1,878)		 (100) (624) - 25,773
Laboratory Projects 16,832 - - -
(4,714)		 - - - 12,118
Database Fund 2,721 - - -
-		 - - - 2,721
____ ___ __ __ _____ ____ ___ ___ ____
545,105 - - 10,986
(56,104)		 (1,920) (11,931) - 486,136
____ ___ __ __ _____ ____ ___ ___ ____
Research Collections Fund
Libraries Fund 23,101 - - 481
(998)		 (84) (523) - 21.977
Athens Library Extension
Maintenance Fund 55,781 - - 1,166
(2,419)		 (204) (1,267) - 53,057
Archive Fund 8,639 - 200 182
(377)		 (32) (198) - 8,414
Athens Museum Fund 7,149 - - 149
(310)		 (26) (162) - 6,800
Other Library Funds 33,722 - - -
(1,467)		 - - - 32,255
Knossos Library Fund 6,077 - - 127
(263)		 (22) (138) - 5,781
Archive Projects Fund 12,928 - - -
(571)		 - - - 12,357
____ ___ __ __ ____ ____
___		 ___ ____
147,397 - 200 2,105
(6,405)		 (368) (2,288) - 140,641
____ ___ __ __ ____ ____ ___ ___ ____

THE BRITISH SCHOOL AT ATHENS

Page 39

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

16.



 RESTRICTED FUNDS
(Continued)
Balance at
5 April 2022
Transfers
In
Income
Received
Interest and
Dividends
Grants and
Expenditure
Unrealised
Losses
Loss on Sale
of Investments
Transfers
Out
5
Specific Purpose Funds
Stratigraphical Museum
160,980
-
2,401,216
3,396
(68,751)
(594)
(3,688)
-
Friends of the BSA Fund
84,550
-
15,678
1,799
(26,588)
(315)
(1,954)
-
Designated Fieldwork
56,410
-
-
-
(3,222)
-
-
(22,157)
Myrto Georgakopoulou Fund
-
-
22,145
-
(566)
-
-
-
Balkan Futures Funds
6,955
-
-
-
-
-
-
-
Kythera Island Project Fund
10,484
-
-
-
-
-
-
-
Adriatic Connections Fund
1,487
-
-
-
-
-
-
-
Strategic Development Fund
3,014
-
-
-
-
-
-
-
Other Short Term Funds
1,763
-
-
-
-
-
-
-
_
_
__
__
__
_
_
__
325,643
-
2,439,039
5,195
(97,891)
(909)
(5,642)
(22,157)
_
_
_
__
_
_
__
_
Summary
Fellows, Students – General
291,263
-
2,164
6,092
(9,045)
(1,065)
(6,616)
-
Fellows, Students – Specific
299,241
3,000
53,436
-
(119,840)
-
-
-
Research Awards Funds
259,168
-
-
5,341
(10,036)
(934)
(5,800)
(4,192)
British Academy Core Grants
-
-
867,075
-
(867,075)
-
-
-
Laboratory Research Funds
545,105
-
-
10,986
(53,458)
(1,920)
(11,931)
-
Research Collections Fund
147,397
-
200
2,105
(5,663)
(368)
(2,288)
-
Specific Purpose Funds
325,643
-
2,439,039
5,195
(97,891)
(909)
(5,642)
(22,157)
___
_
_
_
_
__
_
______
Total Restricted Funds
1,767,817
3,000
3,361,914
29,719
(1,163,008)
(5,196)
(32,277)
(26,349)
__
__
_
_
__
_
_
____		 Balance at
April 2023
2,492,559
73,170
31,031
21,579
6,955
10,484
1,487
3,014
1,763
_
2,642,042
___
281,327
135,837
242,263
-
486,136
140,641
2,642,042
__
3,928,245
____

During the year a prior year adjustment has been posted to reallocate historic investment income, gains and losses from one restricted fund which was incorrectly included in the allocation. The impact to the opening balance of restricted funds totals a reduction of £64,624.

Page 40

THE BRITISH SCHOOL AT ATHENS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

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.

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

Page 41

THE BRITISH SCHOOL AT ATHENS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

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 bursary 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. During the year monies received for overhead costs on a project that ended were transferred to the General Reserve.

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.

The Myrto Georgakopoulou Fund was established in 2022 in memory of Myrto Georgakopoulou and of her substantial contribution to the Fitch Laboratory over many years. The Funds are to be used to provide financial support for postgraduate students and early career researchers.

Page 42

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

17. ENDOWMENT FUNDS
Balance at
5 April 2022
Research Maintenance Fund
Macmillan Studentship Fund
11,590
Rodewald Fund
103,353
Jeffery Bequest
88,542
Cary Bequest
224,642
Studentship Fund
11,219
Saunders
325,484
Wiener
-
__
764,830
_
Research Award Fund
Elizabeth Catling Fund
16,803
Hector & Elizabeth Catling
Bursary Fund
40,521
Lord William Taylour Bursary Fund
20,975
Vronwy Hankey Memorial Fund
48,717
BSA Bursary for the Arts Fund
73,847
R Bradford McConnell Fund
17,863
Evans Bequest
51,272
Knossos Research Fund
123,692
Seager Bequest
71,824
___
465,514
______		 Income
Received
Interest and
Dividends
Grants and
Expenditure
Unrealised
Losses
Loss on Sale
of Investments
-
242
(522)
(42)
(263)
-
2,157
(4,655)
(377)
(3,342)
-
1,848
(3,989)
(323)
(2,006)
-
4,688
(10,120)
(820)
(5,091)
-
234
(505)
(41)
(254)
6,792
(17,280)
(1,187)
(7,376)
38,506
-
-
-
-
__
_
__
_
___
38,506
15,961
(37,071)
(2,790)
(17,332)
__
_
__
_
_
-
351
(729)
(61)
(381)
-
847
(1,756)
(148)
(920)
-
438
(1,665)
(77)
(476)
-
1,018
(2,111)
(178)
(1,106)
-
1,542
(3,199)
(270)
(1,675)
-
373
(380)
(65)
(405)
-
1,071
(258)
(187)
(1,163)
-
2,582
(8,510)
(451)
(2,804)
-
1,499
(2,912)
(262)
(1,628)
__
_
___
__
_
-
9,721
(21,520)
(1,699)
(10,558)
_
_
_
__
____		 Transfers
Balance at
5 April 2023
-
11,005
-
98,136
-
84,072
-
213,299
-
10,653
-
306,433
-
38,506
___
_
-
762,104
_
_
-
15,983
-
38,544
-
19,195
-
46,340
-
70,245
-
17,386
(1,962)
48,773
3,154
117,663
-
68,521
___
_
1,192
442,650
_
_		 Transfers
Balance at
5 April 2023
-
11,005
-
98,136
-
84,072
-
213,299
-
10,653
-
306,433
-
38,506
___
_
-
762,104
_
_
-
15,983
-
38,544
-
19,195
-
46,340
-
70,245
-
17,386
(1,962)
48,773
3,154
117,663
-
68,521
___
_
1,192
442,650
_
_

15,983
38,544
19,195
46,340
70,245
17,386
48,773
117,663
68,521
______

442,650
______

Page 43

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

17. ENDOWMENT FUNDS
(Continued)
Balance at
5 April 2022
Income
Received
Interest and
Dividends
Grants and
Expenditure
Unrealised
Losses
Loss on Sale
of Investments
Williams Fund
717,382
-
14,984
(30,907)
(2,620)
(16,273)
__
_
_
_
_
__
Library and Archive Funds
Bader Fund
30,087
-
630
(2,934)
(110)
(685)
H W & EA Catling Library Fund
27,562
-
582
(1,205)
(102)
(632)
_
_
__
_
_
__
57,649
-
1,212
(4,139)
(212)
(1,317)
_
_
_
_
_
__
Maintenance Funds
Alan Wace Fund
161,286
-
3,367
(6,984)
(589)
(3,657)
Miller Bequest
4,822
-
101
(209)
(18)
(109)
_
_
_
_
_
_
166,108
-
3,468
(7,193)
(607)
(3,766)
__
_
_
_
_
__
Research Maintenance Funds
764,830
38,506
15,961
(37,071)
(2,790)
(17,332)
Research Awards Funds
465,514
-
9,721
(21,520)
(1,699)
(10,558)
Williams Fund
717,382
14,984
(30,907)
(2,620)
(16,273)
Research Collections Funds
57,649
-
1,212
(4,139)
(212)
(1,317)
Upkeep Endowment Funds
166,108
-
3,468
(7,193)
(607)
(3,766)
_
_
_
___
__
_
Total
2,171,493
38,506
45,346
(100,830)
(7,928)
(49,246)
__
_
_
___
__
_		 Transfers
Balance at
5 April 2023
-
682,566
_
_
-
26,998
-
26,305
__
_
-
53,193
_
__
-
153,423
-
4,587
_
___
-
158,010
_
_
-
762,104
1,192
442,650
-
682,566
-
53,193
-
158,010
___
_
1,192
2,098,523
_
_		 Transfers
Balance at
5 April 2023
-
682,566
_
_
-
26,998
-
26,305
__
_
-
53,193
_
__
-
153,423
-
4,587
_
___
-
158,010
_
_
-
762,104
1,192
442,650
-
682,566
-
53,193
-
158,010
___
_
1,192
2,098,523
_
_

26,998
26,305
__
53,193
____

153,423
4,587
__
158,010
____

762,104
442,650
682,566
53,193
158,010
__
2,098,523
____

During the year a prior year adjustment has been posted to reallocate historic investment income, gains and losses from one restricted fund which was incorrectly included in the allocation. The impact to the opening balance of endowment funds totals an increase of £47,629.

THE BRITISH SCHOOL AT ATHENS

Page 44

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

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 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 BRITISH SCHOOL AT ATHENS NOTES TO THE FINANCIAL STATEMENTS

Page 45

FOR THE YEAR ENDED 5 APRIL 2023

17. ENDOWMENT FUNDS (Continued)

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.

The Wiener fund was transferred from the University of Sheffield in 2023 for the purpose of funding bursaries in Aegean Prehistory.

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Funds
£
Fund balances at 5 April 2023 are represented by:
Tangible fixed assets
88,841
Investment property
85,000
Listed investments
331,266
Current assets
389,899
Current and long term liabilities
(563,740)
___
Net Assets
331,266
__
Unrealised losses in the year on investment assets:
1,778
____ ___		 Restricted
Endowment
Funds
Funds
£
£
-
-
-
-
1,951,204
2,098,523
1,977,041
-
-
-
___
_
3,928,245
2,098,523
_
 _
5,196
7,928
___
 ______		 Total
£
88,841
85,000
4,380,993
2,366,940
(563,740)
___
6,358,034
_____

14,902
_______

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. PRIOR YEAR ADJUSTMENT

During the year a prior year adjustment has been posted to reallocate historic investment income, gains and losses from one restricted fund which was incorrectly included in the allocation as per notes 21-26. There was no change to the overall deficit recorded in the year with the adjustment purely between fund allocations.

THE BRITISH SCHOOL AT ATHENS

Page 46

NOTES TO THE FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2023

21. COMPARATIVE SOFA & NOTES RESTATED

Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2022
Notes £ £ £ £
Income and endowments from:
Donations and legacies
Grants from British Academy - 802,587 - 802,587
Donations, legacies and grants 7,853 102,299 - 110,152
Subscriptions and admission fees 36,608 10,671 - 47,279
__ ______ ______ ______
44,461 915,557 - 960,018
Investments – listed investments 19,908 39,583 58,870 118,361
__ ______ ______ ______
64,369 955,140 58,870 1,078,379
Charitable activities
Sales of publications 30,296 - - 30,296
Project & course income 92,054 - - 92,054
Hostel income 35,491 - - 35,491
Miscellaneous 4,494 - - 4,494
__ ______ ______ ______
162,335 - - 162,335
__ ______ ______ ______
Total 226,704 955,140 58,870 1,240,714
__ ______ ______ ______
Expenditure on:
Raising funds 3 51,717 33,529 - 85,246
Charitable activities
Core activities 136,008 590,875 14,007 740,890
Research 5,519 384,728 42,599 432,846
Hostel 197,402 - - 197,402
Communications & outreach 80,962 60,403 - 141,365
__ ______ ______ ______
21 419,891 1,036,006 56,606 1,512,503
_____ ______ ______ ______
Total 471,608 1,069,535 56,606 1,597,749
_____ ______ ______ ______
Net gains / (losses) on investments:
Realised 8,597 17,099 25,423 51,119
Unrealised (4,829) (9,610) (14,290) (28,729)
_____ ______ ______ ______
9 3,768 7,489 11,133 22,390
_____ ______ ______ ______
Net income / (expenditure) (241,137)
(106,906)		 13,397 (334,645)
_____ ______ ______ ______
Transfers between funds 24 & 25 5,000
(4,581)		 (419) -
_____ ______ ______ ______
Net Movement in Funds (236,137)
(111,487)		 12,978 (334,645)
_____ ______ ______ ______

During the year a prior year adjustment has been posted to reallocate historic investment income, gains and losses from one restricted fund which was incorrectly included in the allocation. The updated allocations are as above.

Page 47

THE BRITISH SCHOOL AT ATHENS

NOTES TO THE FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2023

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
457,851
-
283,039
Research
195,749
237,097
-
Hostel
176,478
-
20,924
Communications &
outreach
141,365
-
-
__
_
__
971,443
237,097
303,963
_
__
_
ANALYSIS OF EXPENDITURE UNDERTAKEN DIRECTLY
Expense type
Core
Activities
Hostel
Research
Communicatio
ns & Outreach
Staff costs
329,666
54,656
164,744
105,077
Premises costs
-
119,609
-
-
Travel costs
2,810
-
-
-
Conferences & courses
-
-
-
17,823
Laboratory costs
43,162
-
31,005
-
Library costs
82,213
-
-
-
Publication costs
-
-
-
18,465
Other costs
-
2,213
-
-
_ __
__
__
457,851
176,478
195,749
141,365
__ _
__ _
_ _
___		 Total
2022
£
740,890
432,846
197,402
141,365
__
1,512,503
__
Total
2022
£
654,143
119,609
2,810
17,823
74,167
82,213
18,465
2,213
__
971,443
_ ____

SUPPORT COSTS BREAKDOWN BY ACTIVITY

Core
Staff costs
Premises costs
Office expenses
Insurance
Depreciation
Loss/(Profit) on exchange
Professional fees
Governance costs
Other costs
 Activities
49,802
28,629
49,276
1,904
18,611
(6,975)
43,963
89,894
7,935
__

283,039
____		 Hostel
-
-
8,430
12,494
-
-
-
-
__

20,924
__		 Total 2022
£
49,802
28,629
57,706
14,398
18,611
(6,975)
43,963
89,894
7,935
__
303,963
____

THE BRITISH SCHOOL AT ATHENS

Page 48

NOTES TO THE FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2023

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022 RESTATED

Unrestricted
Funds
£
Fund balances at 5 April 2022 are represented by:
Tangible fixed assets
67,875
Investment property
85,000
Listed investments
563,220
Current assets
307,001
Current and long term liabilities
(531,617)
___
Net Assets
493,479
__
Unrealised losses in the year on investment assets:
4,829
____ ___		 Restricted
Endowment
Funds
Funds
£
£
-
-
-
-
1,769,817
2,171,483
-
-
-
-
___
_
1,769,817
2,171,483
_
 _
9,610
14,290
___
 ______		 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.

23. UNRESTRICTED FUNDS 2022 RESTATED

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
£
£
519,655
209,961
(270,495)
25,590
6,150
2,447
(3,454)
(1,375)
5,000
-
_
_
(262,799)
26,662
_
_
256,856
236,623
_
_		 Total
2022
£
729,616
(244,905)
8,597
(4,829)
5,000
_
(236,137)
___
493,479
_ ___

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

During the year a prior year adjustment has been posted to reallocate historic investment income, gains and losses from one restricted fund which was incorrectly included in the allocation. The impact to the closing balance of unrestricted funds totals an increase of £16,995 with the adjusted fund activity as above.

THE BRITISH SCHOOL AT ATHENS

Page 49

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

24.






 RESTRICTED FUNDS 2022 RESTATED
Balance at
5 April 2021
Transfers
In
Donations
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
4,025
-
-
109
-
(27)
47
-
4,154
Centenary Bursaries Fund
273,449
-
-
7,454
(9,936)
(1,810)
3,219
-
272,376
Healey Bursary Fund
2,587
-
-
70
-
(18)
30
-
2,669
Leventis Fellowship Fund
44,029
-
29,457
-
(25,886)
-
-
-
47,601
John Morrison Memorial Fund
29,580
-
-
807
(500)
(196)
349
-
30,040
General Studentship Fund
25,949
-
702
(14,719)
(171)
303
-
12,064
_
_
__
_
_
_
_
_
379,619
29,457
9,142
(51,041)
(2,222)
3,948
- 368,904
_
_
__
__
_
_
_
_
_
Knossos Research
Knossos Donated Fund
177,389
-
4,827
-
(1,171)
2,085
(3,000)
180,130
Knossos Curator Fund
35,920
3,000
15,506
-
(19,297)
-
-
-
35,129
Stratigraphical Museum Extension
153,569
-
2,453
4,169
-
(1,012)
1,801
-
160,980
_
_
__
__
_
_
_
_
366,878
3,000
17,959
8,996
(19,297)
(2,183)
3,886
(3,000)
376,239
_
_
__
__
_
______
_
_
_
Other Research
Sparta Research Fund
15,855
-
-
436
(7,883)
(106)
189
-
8,491
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)
_
_
_
__
_
______
_
_
_
211,016
-
24,310
436
(110,092)
(106)
189
-
125,753
_
_
_
_
_
_
_
_
British Academy Core Grants
BIRI
-
-
620,790
-
(620,790)
-
-
-
-
Business Development
-
-
108,632
-
(108,632)
-
-
-
-
Topslice
-
-
6,650
-
(6,650)
-
-
-
-
Contingency
-
-
66,245
-
(66,245)
-
-
-
-
_
_
_
_
_
__
_
_
_
-
-
802,317
-
(802,317)
-
-
-
-
_
_
_
_
______
_
_
_
_
_
_
__
_
______
_
_
_
Total
957,513
3,000
874,043
18,574
(982,747)
(4,511)
8,023
(3,000)
870,896
_
_
_
__
_
______
___
_
_

THE BRITISH SCHOOL AT ATHENS

Page 50

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

24.RESTRICTED FUNDS 2022 RESTATED Balance at Transfers Transfers Donations Interest and Grants and Unrealised Unrealised Gain 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 534,507 - - 14,559
(53,868)		 (3,534)
6,288		 - 497,952
Development Fund
Constantinides Environmental Unit 30,388 - - 829
(3,775)		 (201)
359		 - 27,600
Fund
Laboratory Projects 16,832 - - -
-		 -
-		 - 16,832
Database Fund 2,721 - - -
-		 -
-		 - 2,721
____ ___ __ ____ _____ ____ ___ ___ ____
584,448 - - 15,388
(57,643)		 (3,735)
6,647		 - 545,105
____ ___ __ ____ _____ ____ ___ ___ ____
Libraries, Archive and Museum Funds
Libraries Fund 22,374 - - 611
-		 (148)
264		 - 23,101
Athens Library Extension 54,030 - - 1,473 (358)
636		 - 55,781
Maintenance Fund
Archive Fund 7,962 419 - 216
-		 (52)
94		 - 8,639
Athens Museum Fund 6,923 - - 189
-		 (45)
82		 - 7,149
Other Library Funds 32,687 - 1,007 23
-		 (5)
10		 - 33,722
Knossos Library Fund 5,887 - - 160
-		 (39)
69		 - 6,077
Archive Projects Fund 13,467 - - -
(539)		 -
-		 - 12,928
____ ___ __ ____ ____ ____ ___ ___ ____
143,330 419 1,007 2,672
(539)		 (647)
1,155		 - 147,397
____ ___ __ ____ ____ ____ ___ ___ ____

THE BRITISH SCHOOL AT ATHENS

Page 51

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

24.RESTRICTED FUNDS 2022 RESTATED
(Continued)
Balance at
5 April 2021
Transfers
In
Donations
Received
Interest and
Dividends
Grants and
Expenditure
Unrealised
Losses
Gain on Sale
of Investments
Transfers
Out
5
Broader Purpose Funds
Aghios Antonios Fund
35,319
-
-
961
-
(234)
415
-
General Arts Fund
3,296
-
-
-
-
-
-
-
Friends of the BSA Fund
73,533
-
39,612
1,988
(25,959)
(483)
859
(5,000)
_
_
__
__
__
_
_________
___________
112,148
-
39,612
2,949
(25,959)
(717)
1,274
(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
957,513
3,000
874,043
18,574
(982,747)
(4,511)
8,023
(3,000)
Laboratory Research Funds
584,448
-
-
15,388
(57,643)
(3,735)
6,647
-
Libraries, Archive and
Museum Funds
143,330
419
1,007
2,672
(539)
(647)
1,155
-
Broader Purposes Funds
112,148
-
39,612
2,949
(25,959)
(717)
1,274
(5,000)
Short Term Grants
23,671
-
895
-
(864)
-
-
-
Designated Fieldwork
58,193
-
-
-
(1,783)
-
-
-
_
_
_
_
___
__
_
_
Total Restricted Funds
1,879,303
3,419
915,557
39,583
(1,069,535)
(9,610)
17,099
(8,000)
__
_
_
_
_
__
_
_		 Balance at
April 2022
36,461
3,296
84,550
_
124,307
_
6,955
10,484
1,487
3,014
1,763
_
23,702
_
56,410
______		 Balance at
April 2022
36,461
3,296
84,550
_
124,307
_
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
_____
870,896
545,105
147,397
124,307
23,702
56,410
__
1,767,817
____

During the year a prior year adjustment has been posted to reallocate historic investment income, gains and losses from one restricted fund which was incorrectly included in the allocation. The impact to the closing balance of restricted funds totals a reduction of £64,624 with the adjusted fund activity as above.

THE BRITISH SCHOOL AT ATHENS

Page 52

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

25. ENDOWMENT FUNDS 2022 Balance at Donations Interest and Grants and Unrealised Gain on Sale Transfers Balance at
RESTATED 5 April 2021 Received Dividends Expenditure Losses of Investments 5 April 2022
General Research Funds
Fieldwork Funds
Seager Bequest 71,393 - 1,948 (1,885) (473) 841 - 71,824
____ _ ___ ____ ____ ____ ___ ____ ____
71,393 - 1,948 (1,885) (473) 841 - 71,824
______ _ ___ ____ ____ ____ ___ ___ ______ ______
Fellowships, Studentships & Bursaries
Macmillan Studentship Fund 11,521 - 314 (304) (76) 135 - 11,590
Rodewald Fund 102,732 - 2,803 (2,712) (680) 1,210 - 103,353
Jeffery Bequest 88,010 - 2,401 (2,323) (583) 1,037 - 88,542
Cary Bequest 223,293 - 6,092 (5,895) (1,479) 2,631 - 224,642
Studentship Fund 11,151 - 305 (295) (73) 131 - 11,219
Elizabeth Catling Fund 16,702 - 456 (442) (110) 197 - 16,803
Hector & Elizabeth Catling
Bursary Fund 40,281 - 1,098 (1,065) (267) 474 - 40,521
Lord William Taylour Bursary Fund 20,850 - 568 (551) (138) 246 - 20,975
Vronwy Hankey Memorial Fund 48,428 - 1,320 (1,280) (321) 570 - 48,717
BSA Bursary for the Arts Fund 73,406 - 2,002 (1,940) (486) 865 - 73,847
R Bradford McConnell Fund 17,757 - 485 (470) (118) 209 - 17,863
______ ______ ____ ______ ______ ______ _______ ______
654,131 - 17,844 (17,277) (4,331) 7,705 - 658,072
______ ______ ____ ______ ______ ______ _______ ______
Knossos Research
Evans Bequest 50,966 - 1,390 (1,346) (338) 600 - 51,272
Knossos Research Fund 122,951 - 3,354 (3,247) (814) 1,448 - 123,692
______ ______ ____ ______ ______ ______ _______ ______
173,917 - 4,744 (4,593) (1,152) 2,048 - 174,964
______ ______ ____ ______ ______ ______ _______ ______
Total 899,441 - 24,536 (23,755) (5,956) 10,594 - 904,860
______ ______ ____ ______ ______ ______ _______ ______

Page 53

THE BRITISH SCHOOL AT ATHENS

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

25. ENDOWMENT FUNDS 2021
RESTATED (Continued) Balance at Donations Interest and Grants and Unrealised Gain on Sale Transfers Balance at
5 April 2021 Received Dividends Expenditure Losses of Investments 5 April 2022
Laboratory Research Funds
Fellowships, Studentships and Bursaries
Williams Fund 713,100 - 19,446 (18,843) (4,720) 8,399 - 717,382
______ ____ ____ ____ ____ ___ ____ ______
Archive Funds
Bader Fund 29,912 - 815 (375) (197) 351 (419) 30,087
______ ____ ____ ____ ____ ___ ____ ______
Broader Purpose Funds
Alan Wace Fund 160,321 - 4,372 (4,234) (1,062) 1,889 - 161,286
Miller Bequest 4,793 - 131 (127) (32) 57 - 4,822
J A Saunders Memorial Fund 323,528 - 8,827 (8,541) (2,142) 3,812 - 325,484
H W & EA Catling Library Fund 27,410 - 743 (731) (181) 321 - 27,562
______ ____ ____ ____ ______ ____ ____ ______
516,052 - 14,073 (13,633) (3,417) 6,079 - 519,164
______ ____ ____ _____ ____ ___ ____ ______
General Research Funds 899,441 - 24,536 (23,755) (5,956) 10,594 - 904,860
Laboratory Research Funds 713,100 - 19,446 (18,843) (4,720) 8,399 - 717,382
Archive Funds 29,912 - 815 (375) (197) 351 (419) 30,087
Broader Purpose Funds 516,062 - 14,073 (13,633) (3,417) 6,079 - 519,164
______ ____ ____ ______ ______ ____ _______ ______
Total 2,158,515 - 58,870 (56,606) (14,290) 25,423 (419) 2,171,493
______ ____ ____ ______ ______ ____ _______ ______

During the year a prior year adjustment has been posted to reallocate historic investment income, gains and losses from one restricted fund which was incorrectly included in the allocation. The impact to the closing balance of endowment funds totals an increase of £47,629 with the adjusted fund activity as above.

THE BRITISH SCHOOL AT ATHENS

Page 54

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023

At beginning of the reporting period or date of
resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised gains
and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in the
reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Macmillan
Endowment
£
Unapplied Total
Return
£
Total
£
4,126
-
4,126
-
7,4640
7,464
4,126
7,464
11,590
-
-
-
-
-
-
-
239
239
-
(302)
(302)
-
(58)
(58)
-
(121)
(121)
-
(464)
(464)
-
-
-
(585)
(585)
4,126
-
4,126
-
6,879
6,879
4,126
6,879
11,005		 Rodewald
Endowment
£
Unapplied Total
Return
£
Total
£
28,926
-
28,926
-
74,428
74,428
28,926
74,428
103,354
-
-
-
-
-
-
-
2,133
2,133
-
(2,690)
(2,690)
-
(520)
(520)
-
(1,077)
(1,077)
-
(4,135)
(4,135)
-
-
-
-
(5,212)
(5,212)
28,926
-
28,926
-
69,216
69,216
28,926
69,216
98,142

THE BRITISH SCHOOL AT ATHENS

Page 55

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued)

(Continued)
At beginning of the reporting period or date
of resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised
gains and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in
the reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Jeffrey
Endowment
£
Unapplied Total
Return
£
Total
£
36,283
-
36,283
-
52,259
52,259
36,283
52,259
88,542
-
-
-
-
-
-
-
1,827
1,827
-
(2304)
(2304)
-
(446)
(446)
-
(923)
(923)
-
(3,543)
(3,543)
-
-
-
-
(4,466)
(4,466)
36,283
-
36,283
-
47,793
47,793
36,283
47,793
84,076		 Cary
Endowment
£
Unapplied
Total Return
£
Total
£
143,570
-
143,570
-
81,072
81,072
143,570
81,072
224,642
-
-
-
-
-
-
-
4,636
4,636
-
(5846)
(5846)
-
(1,131)
(1,131)
-
(2,341)
(2,341)
-
(8,989)
(8,989)
-
-
-
-
(11,330)
(11,330)
143,570
-
143,570
-
69,742
69,742
143,570
69,742
213,312

THE BRITISH SCHOOL AT ATHENS

Page 56

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued)

Studentship Saunders

At beginning of the reporting period or date
of resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised
gains and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in
the reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Endowment
£
Unapplied
Total Return
£
Total
£
10,970
-
10,970
-
249
249
10,970
249
11,219
-
-
-
-
-
-
-
232
232
-
(291)
(291)
-
(56)
(56)
-
(115)
(115)
-
(449)
(449)
-
-
-
-
(564)
(564)
10,970
-
10,970
-
(315)
(315)
10,970
(315)
10,655		 Endowment
£
Unapplied Total
Return
£
Total
£
200,829
-
200,829
-
124,655
124,655
200,829
124,655
325,484
-
-
-
-
-
-
-
6,718
6,718
-
(8,470)
(8,470)
-
(1,638)
(1,638)
-
(3,390)
(3,390)
-
(15,642)
(15,642)
-
-
-
-
(19,032)
(19,032)
200,829
-
200,829
-
105,623
105,623
200,829
105,623
**306,452 **

THE BRITISH SCHOOL AT ATHENS

Page 57

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued)

(Continued)
At beginning of the reporting period or date of
resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised gains
and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in the
reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Wiener
Endowment
£
Unapplied
Total
Return
£
Total
£
-
-
-
-
-
-
-
-
-
38,506
-
38,506
-
-
-
-
-
-
-
-
-
-
-
-
38,506
-
38,506
-
-
-
-
-
-
38,506
-
38,506
38,506
-
38,506
-
-
-
38,506
-
38,506		 Elizabeth Catling Fund
Endowment
£
Unapplied Total
Return
£
Total
£
10,000
-
10,000
-
6,803
6,803
10,000
6,803
16,803
-
-
-
-
-
-
-
347
347
-
(438)
(438)
-
(85)
(85)
-
(176)
(176)
-
(644)
(644)
-
-
-
-
(820)
(820)
10,000
-
10,000
-
5,983
5,983
10,000
5,983
15,983

THE BRITISH SCHOOL AT ATHENS

Page 58

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued) H&E Catling Bursary Fund

Lord William Taylour Bursary Fund

At beginning of the reporting period or date of
resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised gains
and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in
the reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Endowment
£
Unapplied Total
Return
£
Total
£
24,077
-
24,077
-
16,444
16,444
24,077
16,444
40,521
-
-
-
-
-
-
-
836
836
-
(1,054)
(1,054)
-
(204)
(204)
-
(422)
(422)
-
(1,552)
(1,552)
-
-
-
-
(1,974)
(1,974)
24,077
-
24,077
-
14,470
14,470
24,077
14,470
38,547		 Endowment
£
Unapplied
Total Return
£
Total
£
10,150
-
10,150
-
10,825
10,825
10,150
10,825
20,975
-
-
-
-
-
-
-
433
433
-
(546)
(546)
-
(106)
(106)
-
(219)
(219)
-
(1,559)
(1,559)
-
-
-
-
(1,778)
(1,778)
10,150
-
10,150
-
9,047
9,047
10,150
9,047
**19,197 **

THE BRITISH SCHOOL AT ATHENS

Page 59

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued)

Vronwy Hankey Memorial Fund

BSA Bursary for the Arts Fund

At beginning of the reporting period or date of
resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised gains and
(losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in the
reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Endowment
£
Unapplied Total
Return
£
Total
£
30,139
-
30,139
-
18,578
18,578
30,139
18,578
48,717
-
-
-
-
-
-
-
1,005
1,005
-
(1,268)
(1,268)
-
(245)
(245)
-
(2,374)
(2,374)
-
(1,866)
(1,866)
-
-
-
-
(2,129)
(2,129)
30,139
-
30,139
-
16,204
16,204
30,139
16,204
46,343		 Endowment
£
Unapplied Total
Return
£
Total
£
57,536
-
57,536
-
16,311
16,311
57,536
16,311
73,847
-
-
-
-
-
-
1,524
1,524
-
(1,921)
(1,921)
-
(372)
(372)
-
(769)
(769)
-
(2,827)
(2,827)
-
-
-
-
(3,596)
(3,596)
57,536
-
57,536
-
12,715
12,715
57,536
12,715
**70,251 **

THE BRITISH SCHOOL AT ATHENS

Page 60

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued)

(Continued)
At beginning of the reporting period or date of
resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised gains
and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in the
reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 R Bradford McConnell Fund
Endowment
£
Unapplied Total
Return
£
Total
£
10,000
-
10,000
-
7,863
7,863
10,000
7,863
17,863
-
-
-
-
-
-
369
369
-
(464)
(464)
-
(90)
(90)
-
(185)
(185)
-
(290)
(290)
-
-
-
-
(475)
(475)
10,000
-
10,000
-
7,388
7,388
10,000
7,388
17,388		 Evans
Endowment
£
Unapplied Total
Return
£
Total
£
14,261
-
14,261
-
37,011
37,011
14,261
37,011
51,272
-
-
-
(1,962)
-
(1,962)
1,058
1,058
-
(1,334)
(1,334)
-
(258)
(258)
(1,962)
(534)
(2,496)
-
-
-
-
-
-
(1,962)
(534)
(534)
12,299
-
12,299
-
36,477
36,477
12,299
36,477
48,776

THE BRITISH SCHOOL AT ATHENS

Page 61

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued)

Knossos Research Fund

Seager

At beginning of the reporting period or date of
resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised gains
and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in
the reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Endowment
£
Unapplied
Total Return
£
Total
£
120,933
-
120,933
-
2,759
2,759
120,933
2,759
123,692
-
-
-
3,154
-
-
-
2,553
2,553
-
(3,219)
(3,219)
-
(623)
(623)
3,154
(1,289)
(1,289)
-
(7,887)
(7,887)
-
-
-
3,154
(9,176)
(9,176)
124,087
-
124,087
-
(6,417)
(6,417)
124,087
(6,417)
117,670		 Endowment
£
Unapplied Total
Return
£
Total
£
18,694
-
18,694
-
53,129
53,129
18,694
53,129
71,823
-
-
-
-
-
-
1,482
1,482
-
(1,869)
(1,869)
-
(362)
(362)
-
(749)
(749)
-
(2,550)
(2,550)
-
-
-
0
(3,299)
(3,299)
18,694
-
18,694
-
49,830
49,830
18,694
49,830
68,524

THE BRITISH SCHOOL AT ATHENS

Page 62

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued)

(Continued)
At beginning of the reporting period or date
of resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised
gains and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in
the reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Branigan Aegean Bursaries
Endowment
£
Unapplied
Total
Return
£
Total
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Williams Fund
Endowment
£
Unapplied Total
Return
£
Total
£
354,594
-
354,594
-
362,788
362,788
354,594
362,788
717,382
-
-
-
-
-
14,806
14,806
-
(18,669)
(18,669)
-
(3,611)
(3,611)
-
(7,474)
(7,474)
-
(27,296)
(27,296)
-
-
-
-
(34,770)
(34,770)
354,594
-
354,594
-
328,018
328,018
354,594
328,018
682,612

THE BRITISH SCHOOL AT ATHENS

Page 63

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued)

(Continued)
At beginning of the reporting period or date of
resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised gains
and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in
the reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Bader Archive
Endowment
£
Unapplied Total
Return
£
Total
£
25,742
-
25,742
-
4,345
4,345
25,742
4,345
30,087
-
-
-
-
-
-
-
621
621
-
(783)
(783)
-
(151)
(151)
-
(313)
(313)
-
(2783)
(2783)
-
-
-
-
(3,096)
(3,096)
0
25,742
-
25,742
-
1,249
1,249
25,742
1,249
**26,991 **		 Catling Library
Endowment
£
Unapplied Total
Return
£
Total
£
25,000
-
25,000
-
2,562
2,562
25,000
2,562
27,562
-
-
-
-
-
-
-
569
569
-
(717)
(717)
-
(277)
(277)
-
(287)
(287)
-
(1,066)
(1,066)
-
-
-
-
(1,353)
(1,353)
25,000
-
25,000
-
1,209
1,209
25,000
1,209
26,209

THE BRITISH SCHOOL AT ATHENS

Page 64

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued)

(Continued)
At beginning of the reporting period or date of
resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised gains and
(losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in the
reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Wace
Endowment
£
Unapplied Total
Return
£
Total
£
133,188
-
133,188
-
28,098
28,098
133,188
28,098
161,286
-
-
-
-
3,329
3,329
-
(4,197)
(4197)
-
(812)
(812)
-
(1,680)
(1,680)
-
(6,172)
(6,172)
-
-
-
-
(7,852)
(7,852)
133,188
-
133,188
-
20,246
20,246
133,188
20,246
**153,434 **		 Miller
Endowment
£
Unapplied Total
Return
£
Total
£
914
-
914
-
3,908
3,908
914
3,908
4,822
-
-
-
-
-
-
100
100
-
(125)
(125)
-
(24)
(24)
-
(49)
(49)
-
(185)
(185)
-
-
-
-
(234)
(234)
914
-
914
-
3,674
3,674
914
3,674
4,588

THE BRITISH SCHOOL AT ATHENS

Page 65

NOTE TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

26. ENDOWMENT FUNDS - TOTAL RETURNS NOTE 2023 (Continued)

Total Endowment Funds

At beginning of the reporting period or date of resolution:
Trust for investment/permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Transfers in/(out)
Investment return: dividends and interest
Investment return: realised and unrealised gains and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in the reporting period
Transfer to/from Endowment
Net movements in reporting period
At end of the reporting period:
Trust for investment/ permanent endowment
Unapplied total return
Total		 Endowment
£
Unapplied Total
Return
£
Total
£
1,259,932
-
1,259,932
-
911,551
911,551
1,259,932
911,551
2,171,483
38,506
-
38,506
1,192
-
1,192
-
44,817
44,817
-
(56,507)
(56,507)
-
(11,069)
(11,069)
39,698
(22,759)
16,939
-
(89,899)
(89,899)
-
-
-
39,698
(112,658)
(72,960)
1,299,630
-
1,299,630
-
798,893
798,893
1,299,630
798,893
2,098,523