2024-04-05-accounts

The British School at Athens Fellows Tu￿1 Parbkh and Hannah Gw￿her In the BSA garden Financial Statements For the Year Ended 5 April 2024

The Brlt15h School at Ath￿5 Index For the Y•ar to 5 2024 Tr￿stS annual re￿rt...............................................-... .................-.......................................... Reference infomiati0￿...-.-.--.-.-.-......_......-...........-.-.......... 14 INlependent a￿S rewtto tr n￿nb&S rfThe Br￿sh sc1K￿l at Athens.................................. 19 .27

The British School at Athens Trustees Annual Report Forthe Year to 5 April 2024 Trustees Annual Report The Council presents its report together with Its audited financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accountlng policies set out in note I to the financial ststements. They also comply with the requlrements of the ststutes, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to chariues preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland, (2nd Edition, effecuve 2019). structure, Governance and Management The BrI￿Sh School at Athens (www.bsa.ac.uk Is a UK reglstered charity (No. 208673) and Is governed by statute5 which were last amended on 6 February 2024. It comprises Regular Members, Subscribing Members and Honorary Members, and employ5 stsff in Greece and London; it is governed by a Council of Trustees under the terms of the Charities Act 2011 which ha5 the general duty of protectlng all the School's propety. The Council conslsts of the Chair, Honorary Treasurer, one representatlve of the Vlce-Presidents, four members elected by the School's Subscribing Members for a +year term, tsyo Membe￿ elected by School's Regular Members for a 2-year term, and foltr nominated members elected by Courscil for a year term. A Vice-chair is elected from its number. The Chair5 of the Committees for Archaeology, for Soclety, Arts, and Letters, and for Flnance and General Purposes are ex-officio members of Councll. Trustees are recruited from all constituencies represented in the School's artivlties: nominations for elecbon by Subscribing and Regular Members may be made by any such Members. The representstive of the VictrPresidents 15 elected by the Council. The Search Commrttee conslders the balance of sknlls, Interests and diversity represented on the Council whenever a nomlnated vacancy arises. This committee identifie5 Potential nominees by all approprlate 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 vp to four years. Such a co-option must have the support of thr￿-quarterS of those present at a meetlng of the Council. New Trustees are currenmy referred to the website of the Charity Commlsslon, and are asked to attend Tmstee Training Sessions at the British Academy offered by Chalr of Counal, the Chalr of the Governan￿ Commlttee, arsd the Deputy Honorary Treasurer. Followlng an Intetvlew process, councll elects the Chair and Honorary Treasurer; appoints the Dlrertor of the School In Athens. the A8slstant Director of the School Sn Athens, the Director of the Fitch Laboratory, the Curator at Knossos, and approves the appointment of the School Admin￿atOr and London Administrative Assistsnt. Council appoints advlsory Committees for Archaeologyi for Society, Arts, and Letters; and for Finance and General Purposes, and such ftjrther Committees and Subcommittees as It shall require. The current standlng Committees and Subcommlttees of Council and their terms of reference are listed below In Reference Information (and are available irs the Governan￿ sect¢on of www.b .ac.uk Charge of the khool in Greece is delegated to the Direttor, who repoTts to the Counal. S/he is the prlncipal executive officer and principal accounting officer of the School and represents it in all Its relat(ons with the Greek Stste, Greek Entities of Public law, the Greek Archaeological AuthOrI￿eS and any third parties whatsoever. Council retsins the power to intervene directly in the management of the School In Gre￿e in the case of mlscondutt or other emergency. In its pursuit of excellence In research, learningi and teaching, the British School at Athens 55 committed to fostering equality, diversity, and inclusion, irrespective of age, gender, sexual orientsbon, pregnancylmaternitylpaternity, rellgion or belief, race, disability, marriage/avil partnership, or gender reassignment.

The 8rftlsh S¢hool at Athens Trustees Annual Report Forthe Year to 5 Aprll 2024 In recnjltlng members of ts gowrfrvj c￿￿, tN5 poky sf#ffiienL togettr th a statement of the Coundl's for a balaKe of SW eyrlm, and kJbywledge apwoprkte to fuffilllng the raThJe of Ils re¥iofflbllltl85 as arualated In U Statsrtes, Is annu￿￿ to Subxrfblw and to Re9￿ar M•nbets In rKmlnatkrs ts (andldaies to be elec￿ frorn these two groups re•y, and to the Searth Coryvnlttee kn thelr cortslderntlon of ￿rson$ frtyn w￿M they arn tasked wth maklng a ncffilnauon rf a carnlldate trj be el&ted ty tr Councl. Thtse doajmerts ￿ slmll tsken Irto corthratlon ty tr Councl In sdthvj tr of apwnbxents pands whose memberthlp It detwm tOgettr w]th the n1 to athtwe In Its rnemtthp a bno d skjlb. experfew aTrJ kJ￿e School Is aware of the nh1(an￿ rf the ewgency and Its Coundl rgjulath rthlews the School's envlwonmertsl polldes aTrJ ryactlw. Zoom nethw hm rced many In meetlTrJs and the Athens prwnlses hm been the gA>JKt d an effldw arnl has begun on tNs. The rn0￿r flsks to Tknlth ts SdKK4 Is we kluffied by Prnn￿ l￿d Genernl Purposes Commlttee and Cl￿n￿l through a rlsk wetu that 15 welwlarty re4kn¥ed and updated. Syths and procedures have been establlshed to manage those rfth5. The slx most slgnlknnt current rfsks are: Dtreth￿, Athens Secth)n Heads aTKI L￿mIon #aff •MI mlthjated ty compllaKe wlth all local to Brexlt (Ilkellho(xl: lthjh; Impact m&Jum). by Dlrectrx, Asslstsnt Dlrector, Dewty HorKYwy Treasurw WKI stsff; n￿9thd by tskjng lopl advts athart￿ ￿nn1￿ • 4. Flnandal rtsk frtyn Ewoto St•kng exthfjange rnte OlkellhoLMI: Ngh; Impact M￿lurn) monlttY] ty the Dep(ty Homw Treawrw and mklgated by the ongo conNYslon of Stthlng recolpts Into Euros thdr tranrfer to Athens to Euro- d￿￿nInknj Ix& S, Tffrorlst att&k l (￿￿1￿)d. kwr, knp rn￿1￿1), by tmrth and 6. Pvsonnd, the res1￿￿7 ofstaff (ldlk)od: low: Ir￿ct. medurn), nwjnltorul by Dlrth, Chalmwn, aTrJ FIna￿ and Gewal Purposes Cornm￿, rn￿gated by aff In a varlety r<% prindpal alm of the SthcKd. as defirul In Is Statutes Is to prrynote Sts￿y of Gree￿ ln all Sts asp￿ts. Spedfiolty, St faciltates and womces rewirth lrta aftthrop￿￿, a￿logY. arth)￿. ￿lt￿rI awlronmert geograth. hbtuy, languaN lIter￿￿ phllrmphy, rdglon, ar#d

The British School at Athens Trustees Annual Report Forthe Yearto 5 April 2024 In addtuon, as requlred by Greek Law, the School atts as the sole administrative and applying body for the issue of perniits by the Greek archaeological authorities for excavation, field survey and study of material by Brltlsh Institutions. It also offers facilltles to members of universitles, museums, and other bodies, and to bona flde independent writers and researchers, especlally those In the British Isles, the Commonwealth, Greece and countries of the European Union. Et malntalns its Athens premlses, which Include a Hostel, tibrary, Archlve, Museum and the Marc and Ismene Fitch Laboratory for Science-Based Archaeology. It Is responslble to the Greek archaeologlcal authorities for the operation of the Stratigraphlcal Museum at Knossos and maintalns premises at Knossos Including a Hostel (the Tavema) and Library The School's maln artlvltles undertaken In furtherance of these objettlves conslst of.. research, teaching for undergraduates, postgraduates and schoolteachers, provlslon of research facilities for Indlvidual scholars (rsotably the Library, Archive, Fitch Laboratory and Knossos Research Centre) and assisting wlth application5 for permbts for study. The School also provides fellowshlps, bursarles and studentshlp5 to promote research Ilnks be￿een the UK and Greece, a5 well as organising a serles of academlc and outreach events that promote the research actlvitles of Its stsff, award holders and others attlve In research on Greece. The School undertakes a programme of Knowledge Exchange wlth a range of Stakeholders In Athens, Knos505 and London Over the next tsyo years the Council plans to develop the advltles of the School In fvrtherance of Sts objettives, a5 follows.. develop the Knos505 Research ￿ntre and rebulld the Stratlgraphlc museum In Ilght of the successful fundralslng campalgn facllitate up to six fieldwork projects annually (three In collaboratlon wlth the Greek Mlnlsty of Culture and Sport), Including processlng permit requests for those projects develop a new capltal fund ralslng campalgn for the redevelopment of the Fltch Labjratory through the Fltch Laboratory carry out research on various topics related to sclencbased archaeology support three 3-year externally funded post-doctoral research fellowshlps and to award annually an Early Career and a Vlslting Fellowshlp award annually l-year studentships award annually three 'Centenary' bursarles to support perlods of research In the UK by Grk or Cyprlot researchers award annually bursaries to postgraduates to condurt research in the Fitch Labtsratory publish annually tmo Journals (Annual of the 8S4 and Archaeological Reports, the latter co- published with the Soclety for the ProMo￿On of Hellenlc Studles) conunue on-golng production of Archaeotyy in Gree￿ Onllne www.chroni ue.efa. In collaboratlon wlth the French School at Athens publlsh annually up to three volumes In toLIl across the School's three publicatlon series.. BSA Supplementary volunE¥, 6S4 Mcklem Greekand8yzantine Studiesand BS4 Siudits in Greek Antsquity encourage and 5UPPOrt the publlcation of research by the School's ￿searCh-aCtIve staff and award-holder5, and by those researchers whose work the School has facllitated focus on the development of the School's digital humanitles agenda making BSA research materlal wldely accessible condurt approximately 3,500 chemical (W￿XRF} or petrologlcal analyse5 annually In the Fltch Labordtory Increase Its development campalgns and grow Its Incluslve artlvlyes As part of this plan, the School wlll provlde research support for UK-based pr+ and post-doctoral and local researchers, by: malntsinlng Ilbrary facilities, including the annual acqulsition of up to 800 monographs and 450 Journal issues processing annually up to 200 permits for archaeologlcal fieldwork and study and publication of archaeologlcal and archival materia15 enhanclng access to relevant research collections by digital means

The Brltlsh Sthool at Athens Trustees Anrwal Report For the Yearto S Aprll 2024 It wlll also engage wth a bro)J In tt LK Greece and M)rIth￿ ty. organtslNJ ￿ ho&lng ￿50 (conferenos, WOW. S￿nIn￿5) In ThessakJNkl. Cr# and tt UK the fact In a dlgltal arcNb a(W malntslnlNJ a websSte (WWhV.b5a.aLukl to del￿ 1nfom1atl￿ atKMk all awts of the 8S4 and malntslnlng a Sadah￿ wesaxE by meJrLS of Facebool X (forniffty Twlttw), Communlcaury ard)aenkwJy) undergrnduate sbjdents (&rner Cwr5e on and Tow4rath of I week course the archaeok4y of Athens) sdM)ol teachers (annual course on a topk IkAI to anrKo1 relevant Commlitees aThl Subcommlttees them, by Cwndl. In q￿lIta￿ve tams, researth awards ￿re Judged agalnst ttE st0Trj￿1s lo by a UK researth bo(ty (AHR Oxtrldge Junknr Researth FellTh%thlps). In addltlon to thls g)¥emw agatst our are measur&J agalrt a of KPl4 benchmarked to 2015116, 11th1 to a set of 10 key dell¥watAes arKI aweed wlth Coundl, as 2. L￿1ry rtsèarch (￿)￿ thr<yJgh woJKts 3. G￿eratIr#I regejnth fvrmls for BS4 sxojects oJrrert1s9Jes affedlng the re￿) wlth knwart for polty-rnakhw ' 5. Enabllng collaborntlwts: wKh local Lknk organlsèuons (unl¥erth, rnseuth istknrt museums, foundJUois)' with 18 and Irsdtrts (Athens l Kn(th￿) to urrfl&tske I dlssanlith r&e¥th (Athens l KrThgJs): and vllh BIPI I pedalty In r￿gI￿ cwrles (BSR I BIAA I CBRL) {Alhens I wlon l Eastsn Medlterrnnean) aTrJ wth ix re%yth Inth & Sharlng know-hw. expethe contscts forthe be￿fft of UKthsed researche 7. Enabllng. sollrJtlng preparfng ftr publlcalkni and dLmlnatro hlghuaMty resexh Wuts (Athens I l(nosg)s) 10. Followlng a ahnwj at fu￿ to repla￿ I

The British School at Athens Trustees Annual Report For the Year to 5 April 2024 Key Performance Indicator Matrix AC71LWLY KPIwya7r 2022/23 202¥24 Taryets 1.1 Publications by 7, 8 stsffand award holders 1.2 Publications by 1, 7, 8 Indi￿dualS/ projectsknlitated by BS4 1.3 Publications by 7, 8 BSA as organisation No. of books (B) or a￿CleS, l B etc. (A) 16A 3B 15A (min.) No. of books (B) or articles, 4 B etc. (A) 74A 76A 20A (min.) No. of books (8) or journals (J) produced in- house and in pubSlcation serfes No. of British Academy sections addressed (totsl 18+3 interdi5ciplinary) No. of eligible months of 42 supported postdoctoral (Greece) research 9 (UK) 2 print J l on-llne J4B. 2printJ l on-line J4B. 2printJi on-llne J 2 B. (min.) 1.4 Breadth of research acbwty 12 12 7 (mln.) 1.5 Support for competitive postdoctoral research 42 (Greece) 9 (UK) 32 (Greece) 6 (UK) 2.1 Numberof researchers using facllltles No. of researchers UK.. 193 UK.. 150 Non-UK: Non-UK: 254 313 Annual Inc￿Se 2.2 Increased use of facllltyes Increased occupancy rates 51% (Ath) 53 0/0 In Athens l KN hostels 25Qh (Kn) (Ath) WA Annual 3.1 Research collaborafjons (UK inststubons) 1,5,6 No. of collaborations 28 28 30 3.2 Research collaborations (OS 1,5,6 No. of collaborations 75 65 50 3.3 Events No. of research events 56 55 50

The British School at Athens Trustees Annual Report For the Yearto 5 April 2024 ACIION KPIptr 3.4 Public eroagemert Social media. web FB: 11.144 X ￿￿). 5,350 Web: 70K FB: 11,653 Insta:2,095 x (rw): 5,488 YouTube: Annual in(yea subscribers No. of collaLKYations 4 Engagement with other BIRIS 4.1 Support Maintain max. no. fiddwork projects faalitated (wa permit) by the BS4 6 p.a. athethj fieldwork 2 SupFQrt for saen based arcFk4eol 4.3 Targeted training for UK PG+PD researchers No. of analps (W4,C83 (total) 4.083 (total) 3,50fF 3,600 (mln.) + ceramicthin- sections) produc Ratio applicants to 6 applicatwjns 7 appbcats'ons pla￿ available IpEa ross all courses c.80 pla￿. + raise ratio to c. 2 app.lpla Detsils of grant making pollLy Evaluation of applications to cary out research in Greece falls within the remit of the commilt￿ 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 SutKommittee, and the advlce of the area subcommittees (Crete, Sparta aThJ Lakonia, Lefkandi) is sought on applications In their respecbve regions (selection decisions may occasionally be delegated to them). The Schwl awards small amounts from restricted funds primarily to assist with archaeological research; these awards are decided by the Commlttee for Archaeology. Appointments to researth awards are delegated to appointment committees Consti￿ed with referen to the scope of the award and its benchmarking against other national schemes (AHRC, JRF, etc.). Responsibility for monitoring the uptske of awards and for equal opportunsties issues are discharged through the same mechanism. The Studentships Subcommittee awards the two ontryear School studentships and th15 Subcommittee also makes small researth awards from restrlcted funds to Indiwduais.

The Britjsh School at Athens Trustees Annual Report Forthe Year to 5 April 2024 Achlevements and perfOrn￿nCe Activities conducted, and awards made. during 2023-24 in fijrtherance of the Sthool's objectives are set out concisely below. A fuller, illustrated accourt appear5 in the BSA Newsletter which is arculated In Spring and AubJmn to subsuibers and is also available for download from our website Main achievements Indude: New Public Engagement and Devek)pment officer stsrted work (July 2023) (0.8 FfE) New Researth officer stsrted WO￿ March 2024 (0.2 FfE) (rising to 0.4 FfE) New fixed temi archive assistant to work on the Hc#)d Archive (Feb 2024) for one year. Continued delivery of extenslve programme of In person and virtual events {b)th academlc and public engagement) Began three new collaborative projects (extemalty funded) with the Ashmolean, Universty of Newcastle and Centre d'Etud&s Aexandrines Continued ddivery of archival materials via our website (https'.//digital.bsa.ac.ukl), accompanled by regular blogs (fitth; Archive; Llbrary): Publication of 2 new volumes in Rouuedge series'BSA Modem Greek & Byzantlne Studies.; and I new volume in Suppl Vol Series and I volume in the CUP series. 3 more volumes in th&e series are well advanced. Significant profile-raising: through research programme and extensive dissemlnation, collaborative events with the British Embassy, knowledge exchange events and tts regular programme of fellowships, studentships and events Continued enhancement of Development programme as part of Sch¢JoI's routine operation, maknng effective use of digitsl delivery to reach g￿ater, more diverse audien The School pr￿ded research gJPFOrt for a total of over 770 prtr and post4oLtral local researthers, maintaining its library faalities, indudirwj the acquistbon of 750 monographs and 406 journal Issues, prepared project pemiits for 8 major study se¢lSons, 6 field projects and 140 for individual fieldwork, research and publication pemiissions. The School engaged with a broad public in the UK Gre￿e and ￿￿￿￿WKle by: organising or hosting 80 events in totsl (lectures, workshops. seminars, outreach events) maknng many of these research events available INe via the intemet and recording the majorty for our Video ArchNe (https'.Ilwww.bsa.ac.uVvideo-archiven improving and actively maintaining a website (www.bsa.ac.ukl to deliver Infomation about all aspects of the BSA. Including the dissemination of digital materials {https-//digit31.bsa.ac.uV) maintsining an attive scKial-media presen￿ by means of Fo￿book, TY41tter, Instagram and Linkedln continulng its fijndamental Teaching work; tt ran one UG course, 5 PG course5 and outreach courses for School Age children (Young Archaeology Group) and Unaccompanied forced migrants Financlal Revlew The financial rewew that follows should be read in conjunction the finanoal statements on page5 23 to 67. The Schcol's acbwtses. shown underyotsl Funds" in the Statement of ￿nan0a1 Activities, generat8J a Net Movement in Funds amounting to a surplus of £120,401 (after unrealised investment gains of £290,260) compared with a 9Jrplus of £1,935,255 in 2022123 (after unreallseJ Investment gains of £97,471, as restr￿1).

The Brltlsh Sthool at Athffis Thistees Annual Report For the Yearto S Aprll 2024 rebulldlng of the StrathJrnplkal nMLSaTh at Knos9x Durfng the year BS4 cornplthl nKessary prellmlnary works ONI at the of thè y the BS4 IKds neaty £L5m wlthln Reslrfcw Fund5 In respert of proj In the ￿rrent ￿7r the 8S4 record￿ r￿%1￿1 gJlr6 ( £￿ and £290,260 rewfjvdy compared wfth reallsed ￿Ks los￿ of £92,569 £4.902 respeth4 kn 2022123. These Stems prlmarfty arlse on the reva￿￿tIOn BS4's quoted I1NeStrt￿t Ixrt a$desutsJ at note held at a Wdluallan of E200,000 * year ejxl aThl the comp>aU¥ts have re5tsted Kaxdlngty. (2022n3: £867,075) olthe totsl kKome of the SCI￿4 ( £1,7119n. Thè Schoovs 1rNeStm￿ Wed tclal rf Éice.rJ35 In the yw to 5 2024, an IrKTrase ¢f 28% agaI￿$t the £85237 eamed durfng 2022n3. The clrojmstances behts￿ Ilwe In ￿ra a nlfic fina￿141 th facal by lthe Sd￿1 has be￿ Ks exwure to c(s In Euro3 whlle Its maln fundlng from the Brltlsh kndemy Is r&elved In Sterllng. The ￿lI￿j exthange rdte agalrst the Euro Weaken￿ slhJtrthtD rnte of 0.87 ¢knlng Ihe ya)r (2022123: 0.86) whllst our budget was set at 0.85 qé. The School has polldes kn plao for the converskn ol Sterflng Into Eurog Folltymng ts rA1opkn In 2016 rf FRS 101 "PrtytskxL4 fty Po# Empkyfflient B￿efft￿, the acwts contlnue to Indude a ftythe Ilabffty that h)$ rwn15uI rtrpect to defldt In d USS peTr5k￿ ￿an and the related re(xJvery pLan. Thls aft￿rtsj to £52,760 at the year end {2022123: £85,069). Our Lfvnstth Funds Cwrbj Frywwd at the the £43IZ71 (Z022123: £436,266 as re#ated). Total fijnds (Lwestth. ResJl¢tul Endty¥ment) #ood at £6,583,435 at the year end (2022123: É6,463,034as related). Of1￿ ReYJktal at £3,947,632 aThJ End0￿￿￿t Fw at q203,532. poIILy Isto that Un￿St￿tted ￿ser¥£5 ¥e malntslrd at a level of at leastthree montt< tharftab expendltyre. At •JKI. ihvestrl¢W ReseNes are hty beltyrt thSs the Ththes are confidpJ ol the B￿,6 to meet ts c￿901th as f411 Re5trkt￿ Funds. The movements In Restftted Funds are dlxlosed In note 17. Endowmert Income Indudes and 18Jades and Investmu Inc(kne from EndownRrt FuThds arKI as descthl In more detall In the tnvestmert Pollcy and Rettfft seLtlon beh)w, the amourt of expendlknre vthch may

The Brltlsh School at Athe Trustees Annual Report For the Year to 5 Apn12024 Investmert Polky and g￿delI￿$ set from tlrne to Ume F&GPG In order to a lortrtem anr￿￿ll$ed ie of retum Mt less than ￿ IrKrease C(Y6umer Index (CPI) + 3.75%. TNS pollcy was la The IC, at Its (A¥n d&)Etkn. mty dKx6e to adkn ns tiknl rdwn ethff by (a) aPPo￿lrvj a dlscretlonary furn1 manager to mana9e tr porfdlo on Its behalf. or (b) by ltsdf sdecung Inth¥ldu•l and dlrectty held In%eS1￿ vrt4ch trWl• sati Its cbJecO%ts. In the lcs ￿TWY n)le Is to n￿ltOr evaluate the pthmano of ur￿r￿j fund manag(s), wth the alm of en9Jrlng that Investn￿ rwnakn vlthln the lcs ass& all￿atron r￿uIreM￿4 wd that the Rue Whllst recognldng the value d dl¥kleThls b(th as a source of I￿[1d￿ and an Indlcator of underfylng perfom7ance, the F&GPC requlres that the h￿Stm• be maro9ed c￿ a total retum bas1& In the PTlor year, Coundl apprthd prorx to dwrye the BS4's accowth￿ polldes rela￿￿j to the rwnlth)n of unreallsal galns and h)$￿ on t15 Permaw En(hywmerf( Fw#ls to albn The Charltles (T(tsl Retum) R8Julathyts 2013 (the"Wulatlorf. Issu&l ty the awr5ty comffts￿0n. Th set out the prOC&lu￿ to be folkN&l by Charflles whlth the tctsl relum approath In managlng thalr Inveslment portfollo and vthlch ath the same apwoath fty the puw of dmilnlrwJ the amount of at nots l(e) to these the In KC(WrtlTrJ w4lcy has been adctsJ In current ￿7r Js shty¥n In the nthy dlsd(wre under the R4ulatkTh In nots 2& In •PPthng The th at 6 4rf12022 (the effect￿ dth ¢Its￿ Jdopum ofts new Olcy) ofthe P•m)n&it Endtymnent Funds was detwnnul ty the rn¥k£t ￿lue of the assds held wfthln those Funds as shthvn ty the 202V22 flnarKJol ststwnent& The amount of ur&ippllul t(tsl rettwn at that date was deteThnhaa ty a revlew of trarfjactlons (Incmie, exper4 acttu￿ 9th aThl losses) cffi the Fur#ls ovw the 20 year5 precullng the tttsinge kn pdlcy. The allocthn of the unapplled totsl rebjm bet%%wi ts trust for applkatlon and the trust ft Thls wa5 based on athke W0￿ed to Coundl ty Mr Patrkk Reeve (the awlrnwn of the BS4'5 Tnvesbiient Commlttee> as folhm: the currentdMd¥#l yleld cfthe underfyrfng Investrnw portfollo of around 1.5%, tt spttdnq 3.75¥4 would knFty a dra from opitsl of 2.25% of the th. To thls shwkl be &ldl the fimd mawema co< ￿1th we abSO￿d ty the of Jurt ow 1% pa. Th15 woukl the lorterm totsl retwn that needed to be gpJwabJ ty the undwmng In￿ Ythn the •MItr￿nt pothllo to a Ilth ohv 4.75% pa. TN5 Is to be W to be suAalnable ¢)ver tr Wr t•Tn, glven: (a) the totsl rthm obJeth of 3.75% + CPI statal. abM, and (b) the lor tsm UK olulty real rettrns (le bdore Inllatkn)) (Ner 10, 50 and 123 years of 4.7%, 4.9% and 4.9Y• rtspedl4 {￿U￿. Bard￿). To tre5e retyrns 4￿U￿1 be athjul Inflalm whkh btheen 1960 and 2021 av8aged 5.1% pa (sour￿. WixklDats). allocatlon of any part of tre P8marM Enthwmert to ttE lJu# for applkatltm VAS made Durlng the cumt ￿r. the BS4 s trwe5trn￿ Income Inueased ftorn £85.237 to £108.905, refl&llrrfJ tr addltl¢Jnal InL¥Th aT on the swbstsrthl monk5 raw In 2022123 for the rèJevdoprn ofthe Stradgraphkal Museum set agalr tr knwa(t rf rebal•n¢Jng of the BSA'S trNeStm￿ portfollo away from dmdend ylekl st¢Jcks of capxal gffh¥th ocks kn a￿)rda￿e wlth the BSAS trtal r*um

The British School at Athens Trustees Annual Report Forthe Year to 5 April 2024 Fundralslng The BSA'5 Development Commlttee advises and gyides the Council on fvndraising attl￿ty, and assists the Governance Committee In ensuring that f( is conducted in Complian￿ with ￿levant UK legislation, regulations, and recommended good practice. Development activity has maln purposes. The first Is to maximise the number of people engaglng with the BSA. It achieves this by advertising its events widely on the internet and through social media, as well as distributing a newsletter ￿lce yearly. Since the onset of the pandemic, much of our activity is now delivered both In person and online, increasing considerably the numbers partlclpating in our events. All those who engage wsth us are encouraged to join our mailing list, whlch is managed through a CRM datsba5e System. Informed consent Is always 50ught, and all communlcations cary the option to be removed from the list. The second is through specific fundraising activities. Our annual subscriptlon has four tiers - £50, £200, £500 arsd £IOOI p. each tler tied to a recognised descriptor (Friend; Pendlebury Circle; Winifred Lamb Circle and Directorfs Circle); in addrfcion, there is a student subscription. Until December 2023, all Friend-tier funds flowed into a Friends Fund administered by the Friends Committee which reports to Council; from January 2024 income from Friends events 15 credited to the Frlends Fund. 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 asslstance when the pandemic reduced our income from accommodation and courses. Finally, we approach indiwduais, trusts and foundations for larger donations In relation to specific projert5, 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 avallable Infomiation or Introducuons but are carrted out by senlor officers of the BSA. To date there have been no complaints about our fundraising activities. Publlc Benefft The Trustees have complied with the duty In sectlon 17 of the Charltles Act 2011 to have due regard to the public benefit guidance published by the Chadty Commisslon. The Trustees draw attention to the membership services detsiled on www.bsa.ac.uk (provision of accommodation, teaching, pennit applications, academic guidance and research facilities), to the provision of grants and scholarship5, and to the range of ￿brary servlces, academlc lectures, and e-resources provided free of charge {the last via htt www.bsè.ac.uk). The BSA offers a series of awards, studentshlps, 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 h sa.ac.uk. Calls for applications are posted on the webslte as deadlines approach. Ststement of Trustees, Responslbilitles The followlng ststement which should be read In con5unction with the auditors, statement of audltors, responsibillties, is made for the purpose of clarifying the respethve responsibS1ities of the trustees and the auditors in the preparation of the financial ststements. The charitvs trustees are responsible for preparing the Annual Report and financial ststements In accordance with applicable law and Unlted Kingdom accounting standards (United Klngdom Generally Accepted Accounting Practi￿). Charity law requires the trustees to prepare finandal ststements for each financial year which give a tnje and fair view of the stste of affairs of the charity and of the incoming ￿$oUr￿S and application of resource5 of the charity for that period. In preparing these finanaal statemersts, the trustees are required to: a) selert suitsble accountlng policies and apply them consistently. b) obseNe the methods and principles in the Charities SORP,. c) make judgments and accounting estimates that are reasonable and prudert. d} state whether applicable accounting standards have been followed, subjert to any materlal departures dlsdosed and explained In the financial statements; and 12

The British School at Athens Trustee5 Annual Report Forthe Yearto 5 April 2024 e) prepa￿ the finanaal statements on the going concem basis unle55 it is inappropriate to presume that the chartty wll conb.nue in operation. The trustees are responsible for keeping suffiaent accounttng record5 that disdose with reasonable accuracy at any time the finanaal position of the charity and enable them to ensure that the flnancial ststements comply with the Charities Act 2011, The Charity (Accounts and Reports) RegUla￿on$ 2008 and the provisions of the trust deed. They are also respornsible for safeguarding the assets of the charity and hence for tskn'ng reasonable steps for the prevention and detecbon of fraud and other irregularitie5. The trustees confimi that so far as they are awa￿. there is no relevant audr( infomiation of which the charivs auditors are unaware. They have tsken all the steps that they ought to have tsken a5 trustees In order to make themselves aware of any relevant audit information to establish that the charivs audltots are aware of that inforniation. By Order of the Council and Signed on Its behalf by Prof. Sr Roderick Beaton 24

The British School at Athens Reference Information For the Yearto 5 April 2024 Reference Informatlon Further detslls ofthe School's future plans a￿ s out In the BS4 Strategic Plan 202￿2030 and Strategic Plan for Research {2021-2025), which may be consulted on nw Coundl Profe55or Slr Roderick Beaton (Chalr) Profwor Robin Osborne Ivictrchair) Dr Daniel Stewart (Chalr of the Commth for Archaeolryy) Professor David Holton (Chair of the Committee for Sooety, Arts arKI Letter5 untll 31 March 2024) Professor Uz James (Chair of the Committee for Society. Arts and Letters from l April 2024) Slr Adam Rldley (Honorary Treasurer & Chair of the FInan￿ aThJ General Purposes Committee until 31 March 2024) Mr Patrick Reeve (Honorary Treasurer & Chalr of the FInan￿ and General Purposes Commlttee from I Apnl 2024) Professor Malcolm Schofleld (VI￿PresidentIal Repre5entstive) Mr Phlllppe Camu (untll 31 March 2024) Dr Lyndsay Coo (from l April 2024) Dr Lesley Ntton Ms Marcella Globbe Ms Sarah Green Prof. Violetta Hlonldou Dr Colin Macdonald Dr Virtoria McGuinrs5 Dr Tulsl Parikh (from l Aprll 2024) Ms Nefell Plrée-Illou (until 31 March 2024) Mr Robert Pitt {untll 31 March 2024) Mr Nicholas Servlce (from l Aprtl 2024) Ms Kate Smlth Vlce Presldents HM Ambassador to the Hellenlc Republlc Professor Slr John 8oardman, MA, FBA, FS4 t Mr Gerald Cadogan, MA, FSA Professor Glynls Jones, BSC, MPhll, Pho, FBA Ms Natslie Haynes Mrs Victoria Hislop Mr Anastaslos P. Leventls, BA, MBA, CBE, OFR Slr Michael Uewellyn-smlth, KCVO, CMG, DPhll Professor Catherine Morgan, OBE, F&4 Professor Lord Renfrew, MA, PhD, F&4, FS4 Professor Malcolm Schofield, F Professor Richard A. Tomlinson, MA, FS4 Professor Peter M. Warren. N FW F Dr Malcolm H. Wiener, FSA Dr Charles K. Williams II, FS4 Dlrector Professor Rebecca Sweetman FS4 Deputy Honorary Treasurer Mr Huw Smith 14

The Brftlsh School at Athens Reference Inforniatlon For the Year to 5 Aprll 2024 202>24) O¥wht of all ardwlogkal actw In Greeo condKted under SdKKd pennits arWor uslng &h¢Jol arch5￿ Engjrts tj￿t the SdN)0115 awe to fidffl Its reqthmurt (ffj acc(xmtsbllty to the Hellenlc Dr Danld Sta¥art (Chatr), Pn)f. Bw. Prrf. thy Btyaard. iJana IlJkr19Jva, tJane lkne and aFvlled ats, anthropcqogy, sodal $den(￿, 1wa￿re aTrJ Ilngulstls Enswes that work ¢onducted by and t1¥￿ the SctrKxl meets the lJhe rthl hvnaUortsil StsndJ￿& Prof. Da¥ld Hoon (Ch 31 Marth 2024), Uz J•Ms (dlr from l ADrfI 2024), Dr Huw Halstead. Prof. Vloktta HIon1d¢￿. tr Danlel K￿9h( Prof. Gcf#Ja Van &een (frnm l Aprll 2024); Char Co￿dI, Dlrth (ex OIThc￿j, Eryagemart & t￿ent oifiw (kn atkndan￿). PUBUCATIONS Dr Roger Brock (Chak l NoNvth 2023), Prof. Polty Low (thalr from l Novembw 2024), Prrf. Nlcoletta MtJmlglFano (fmm I WI 2024). ￿ Marla [ Charfotte Tupman. (￿lIr cl aitendano Sk Adam Rld (a 31 Mwth 2024), Mr Prkk ReeR (chalr from l Aprll 20241 Mr. Janes Fuder, Mr Rlthard Heyhoe, Ms 14cota H(th. Mr Manos PapatheoFdTh)us (ft(¥n l Aprll 2024), SlrlAlam Rklley, MsAlexanth3 SNgo, Ms Clyyssarth Vakja (from I W 2024); Chak of Cwidl: Dlrector; Deputy C(xMlucts perlodtc olbk Schod s goVtrnan￿ and ertsures th the Sthool Ls cwllart wlth I leglslatlon and regulatlons, artd cts requlrurwts plxed (Indudlry those of tro (J Commls4cffi). Pmf. Robln 0stKfM (a*), Prof. C vthga￿ Mr Pabtk Rewe. Prrf. (>aham thakofCcAmdl. H(YK¥Oy TreagJrer (frimn I ￿ 2024), ctre￿ (by fnvRakn).

The Brltlsh School at Athffi5 Reference Infomwtlon For the Yearto 5 Aprll 2024 Overslght of the C￿posI￿ ( the Q￿r￿1, thlth the rwirwrent b) ensure that * Is equlpped c￿nCl may then elect membtt Dr AlexaTrlra Vllk¥J (a), Dr Cherkne tmrcffj [ Huw Htead. Prof. Katherine Harfoe. Ms Kats Smfth FRIDII>S Fothrs acyvltles, rfects, ￿￿ts In whlth ￿b$albIng Mernbers mty pa￿￿p and has respon4bNty for all￿3￿0￿$ frcth a r&4ylcted hekl tythe Sthool and dthl theFrlerMV FuThJ'. Ms Marftrthrlstlne Kelth (Chalr 31.032024). Dr Nlgel Spencu (thalr frc¥n l 2024). Sarnh lknn, Mr NldK)las Ser¥1￿, Mr PJJI Sm4 Aknlnl#ratlve A4%lsart (In ￿terth￿). Mr Patrlck Retht (a). Dr Card eel, Mr Gwdkl Cadw (wJl 31 March 2024), Slr Adam Rklley, Mr Manos Papatrwtsnous, Mr Maxkn Pdyakov, Henry Stsnford, MSOu￿5anthI Vakla; Dqjuty Hornrary Chalr cl Coundl (thalr), Ms MaN Ge￿gak0wuI￿. Mrs Sarah Pn)f. th Smlth Prrf. Tykn-jo Smth, Dr Jackje Whalen; VktrCh, Dlrth, Dewty HO￿ Treasurff (e¥ aolr of tt P￿deS Ilatson bthe￿ Fltth Lal￿r3tDry E¥recbx and tt UK sdefft conThrty, ad¥tslng hlmlher Pr(. ￿ Heron (Chalr), Prcl. Prcl. thy Bogaard, L lan Wllxead, Prof. (aynls Jon4 Prof. Mmtgllano ((j￿1r), Pfof. A Bogaard, Dr Vala Isaakth4 AndreA ShaFland, Dr

The Brltlsh Sthool at Athens Reference Informatlon Forthe Year to S Aprll 2024 SPARTAAND LACONIA 'Uw grcwp, estsbll51￿d by Commlitee for Archae)logy comprfslng scholats a(the In an area of long" temi Importan￿ to the Sch¢Jol s research to provkle cothuty of eXp•len￿ and help ensure effec plannlr¥J condutt and publlcatlon of research. Prof. Imlllam G. Cavanagh (Chalr), Mr Rloland Catlkng, Dr Nlcolette Pa¥lldes, Dr Aknndra Vlllln Dkector (by Invltauon). 'User group, bllshed by Commlitee for Mrdeology comprtslng scholars acifve at a slte of long.term Importano to the School's researth to provlde contlnuty of eXptsIen￿, and help ewre effe(the rn1￿, condurt and publlcatlon of researth. Prrf. Irene Lertw)s Cthalr), Dr Yannls Galanalts, Dr Clga Kr1￿, Dr lJexaTrJra Uva, Dr Slsan Dr Danld StewaiL Dr Carollne ThUrst0￿ Dr lan Whltbread, DSrector (ty Invltatlon). COURSES AND TEAUIING Malntslns strategic 0￿rS[ght ofthe 5th001 s teathlng a¢U¥lUes wh to scop< quaw, market and UPtsk< and ts re8)onslble for all l>Jallty As$urnn￿ mattw& Prof. Polly Low, Dr Amy Cocker, Dr Matthew Haysom, Dr Thwd(Tr JIM, Ms Nlna Wal&ice; Dlrartry. Asslstant Dlrector (ex offico). SWDEiifsHIPS Charged by the Commltte85 frx Ardx)bgy and for Sodety. Arts a￿1 LettW5 wlth the allOcatk￿ of Sthrjol fvnts for strJdentshlPS and ortaln rlrted researth fvThts. Has OV￿ht of the proctss from advertlsem&)t to collecuon and anatysls of stsusllcs on award hlstorles. Prof. Roderkk Beattyi ((Mr), Prof. Amy Wrd, Dr Yanrts Galanakls DrJc6eph Sklnner, D]rthr (e¥ peRSONN ]ses ￿ txrector, Chalr of Coundl and othw senlor Offi￿rS of the sd￿01 of legal r4ulrements and best practke In wnpbymen¢ and ensu￿ that the School comp￿. The Commlttee conducts grfeRn proceedlngs on behalf of the Flnano and Genernl Purposes Comm5tt￿ and Is consUW upon req￿t of the Flnance aNI GwRral Purposes Gxnmtt 17

The British School at Athens Reference Information For the Year to 5 April 2024 A¢¢ountants WMT Chartered kcountsnts 4 Beaconsfield Road St Albans ALI 3RD Audltors WMT Chartered Accountants Statutory Audltors 4 Beacon5field Road St Abans ALI 3RD Bankers The Royal Bank of Scouand pk 62-63 Threadneedle Street LoTrJon EC2R 8LA Investment Advlsors The School does not have Investment advisors. Some of its investments a￿ hdd In own name and others by Killlck & Co, 46 Grosvenor Street, London WIK 3HN as nom1￿. London Office 10 Carlton House Terra￿ LorKlon SWIY SAH Athens Address Souedias 52 10676 Athens Webslte Address vw￿.b5a.oC.u Reglstered Charlty Number 208673 18

The 8rlllsh Sthool at Atl Auditorfs annual report For the Year to 5 Aprll 1024 Oplnlon endeA1 5 Aprll 2024 whlch comfv the Siatanert of Fknandal N£iW the Balan￿ She& the ststemert of Cash and to the fknandal ststernts INludlry a summary of slgnllkart acc￿ntIng polhlts. Tr flnarKtal ftamvmyk has been appllul kn thetr weparatlon ts appllcable law and unl￿ kcourtkw Stsrnlarts. INjudts￿ Fknandal Reportlng Standard 102 In ￿r tylnkn. tt flnandai slatdftvts: glve a and stste rfthe C￿￿$ affalrs asat 5 WI 2024 and rfllslK¢nthg resouros and applicatlon of re9xrn for the year then Prath; and We CAiThlucted our In XC0rd￿ Intemthnd &3ndard5 on Audllw (UK) (tS4s (LK)) and appllcable law. Our rwirslblllues uTrJer those stsNlants are fvrther des(rlbed In the A￿1￿5 rwnslbllitles for the ￿Jd[t the finandal statemert5.sth rf ow rewJrL We are In(￿ndert of the oknrtty In accrfthno wllh the hKal r￿Ulrements that are rthant to our audlt of the Ilnandal ststements kn tt UK IndUd1￿ the FRCS &hkal Stsndard, we have filfillal our other ethlcal re4￿n￿bIlItIeS In aCc￿dan0 wfth Uwe ￿LeMert￿ We that the audft we have bas of accowrtlng kn the preparatknn clthe finaKkl Statane￿ Is aFsYo&¥tste. Bawj on the WQTk we have pwfryrnal. we hm mat¥kil ￿￿er￿IntleS rdaung to events cr condRlons M kMll¥ldually cok(tivdy, fflay slgnfficart Oyjbt (#) the charws abl to con11n￿ as a gokYJ coKtrn ts a pthl dat lea&twth morthsfrrm Wh￿ the flnwKlal Slatsm￿ts emphaslsof avuage propwty yld(ts. kxal woperty ffla￿ Infclrnath￿ aThl dlxourt rates to perfomi ￿ ap￿SaI ofthe falrvalue Qf the In%$kn￿ Ixopty atthe year erKI. These faLtors Indude e5tlmatkn uncwklrty Our oplth Is respect clthls mattff.

The 8rltlsh School at Athens Audltorfs annual report Forthe Year to 5 Aprll 2024 The other Infomwthn 0)mprL￿ the IKlud&l kn the re￿t ¢)thw the fiThandal ststements and our audltrfs repNt thereon. The trustees are Two￿ble for the othu lrf(matlon contsln8J wlthln the aThwal rewrt Qjr the flnandal ststrnts (kxs N)t covw the other ftjm of assurdno conchjslon thtteon. r89x￿￿1￿ Ls to T& the JrKI, In dolng our knwledge obtslrd In the coutse aud￿ or othuwlse appears to be m&lly mlsstated. If ir. Matt•rJ on whlth w• ar• v•qutr•d to r4wt by •xc•pllon We hove nothlry to re￿t In respect maltus In tothlth U awrlde5 and Reports) Regulatlons 2008 rewh ￿ ID rep(wt to yju If, In our optrkn: financlal statemerts; suffldent ac£ountlng records have not been kep¢ the flnandal Ststern￿ts are agreunff vAth the recorfs arhJ rettiffs: or AS more My kn the rwAyWblltles sfatemrt s& wt rn page 10. the trusteeg are responslble for the preparatlon al the lknandal Statern￿ belng satlsfiul that they a true aNI falr vlew, and for suth ktternal as the tnjstees dttern￿ne Is necessary to enable the preparnuon of flnI￿la1 #atarffits that are frne from rnaterfal whth to hud or errar. In weparthg the ffiand￿ Stateffi￿, the trustees we resFKThlble for asses￿￿ the tharftfs ablllty to o)ntlNe as a gthJ concem, dlsdaslrrfjl as appllcam rrtters related to golng c¢xKem and uslng the ng forK¢m ba of accourtlThJ unless trustees ets to Iquld the dwrty or to ce owatlon% or ￿¥8 M reaM#k aemth Ixk to do s We hat>een apwirted as ur#ler sth 144 ofthe Charlleskt 2011 r4￿rt In ac£ordance are free from materfal mlsatemrt whethw to fi3￿1 or wr(Y, to Ltyje ￿ audltorfs rewrt thjt Indud&s wr oplthn. R&is¢xMble as9Jrano ts a hlgh le￿ of assLYanw ixrt ts not a guar•itee that audlt conducted In acawdano IS4s (W hllT thays detect a matwtal rnlsststementwhen It exlst& Mlsststemerts can arfse from fra￿1 ￿ erny and are coTh4dered mAal Y, Indlvhjually or In the aggregate, ty coukl reas¢nabty be expectol to ecth)mk declkn of users tsk£n Inegularmes, Ind￿lI￿j fra￿1. we Ivrts and regulth& We de*n procedures In Ilne wth our r￿￿b11th$. fAth￿l ab￿ to ddect rnaterlal In respoct of Irreg￿rrd￿ kndudlrvj fraud. The ex￿ to pr￿￿1￿e$ are of detKUTrJ Irwularfues, InthdlTrJ fr￿￿1 15 d&0￿1 bekn:

The Brftlsh Sthool at Athens Audltorfs annual report For the Year to S ApTII 2024 vlthv to Idenffjrfng tIKse laws aml wdatlon5 that could be eNpected to a materlal tmp&t on the flnandal statements. [￿rfn9 tr team br1￿. outcrn of these dtscusslors and enqulrfes WfJe shared the ten. as ￿11 as crnsklttauon as to hthere and how may occur In Those la￿% and regula¥oThs consldered to a dI￿t effe{t￿ the finaKlal statemerts Indude UK fina￿laY reportlThJ stsndards aTrJ Clwrty Lthy. aspects of the charty and Ilwth may have a matertal effrft ￿ the flnandal statenrts Indude oynpllano wSthtt d￿rtable objecu￿$. pul)Mc M)nag￿ert of ptrmlts ( ud and ntr conyllance laws and rtyulallffjs) cry15&10fr. Inqulrfe5 of rnJnag￿n￿t and the Tntstee5 as to wheth¥ the complSes IM and regulathxsi wuSrfes w5th the same conomlng any actual or po￿￿al IIUgath)n or dakns: relevant legal correWnden￿. ofTruee meeung Th￿nUteS. testyrvj the apwoprkn (￿uma1 ertrfes. and the pwforniaKe No Instsnces of materfal nOrK￿pnan￿ V•ve Identmed. HTh¥ever, the tknllhood of detectlng Irregularitles, Ind￿Ing fraud, Is lknked ty the Inheru dllw In detttung krtyularltles, the perf0M￿j. IThegularftles that rnsult irryn fraud mlt be Inlw• more dfficult to detert than IrreJularf¥es that result from As explalnsj thue is an Una￿ddable rfsk that materfal A5 Part of an audlt In a¢¢¢xd•nce wlth (W. ￿ exerdse Jwjwnt and m•lntsln Idath and assess the rfs13 of materlal mlsstatemert of tknandal statem￿, whether due to fraud ar error, d and pthm athdlt procadures respxth to those ftsks ar#1 ottaln audtt ￿den0 that and apwow to W0￿de a ba for our oplnlon. The rlsk ol not detectlng a m)terlal mls#atem• resuftlThJ from fraud15 hhJtr for one resultlng fn¥n ror, as fi?￿1 may Invcfve Colu$￿ (uyy, IntenVw￿ 0mlsskn￿ mIsrw￿rtat1lN or the of Intsmal cortJol. Obtstn an Unde￿andIng of knernal relwdnt to the audlt In order to de￿9n awllt procedures that are apwoprkn kn the drCUmstsn￿, rKJt for the purpose of exFvesslng an oplnlon on the effectl¥eness d the d￿[￿5 Intemal cortml. Evaluate the apwoprfatenets of accountty pjldes arnl ra>)nablwss daccoi#itlng esllmates and related dIsdO￿re$ rnade by the tn& Condude on the apprnprl&wtss of the trustee< use of the golng concem bJs]s ￿ accowu and, based on the ￿ld1t oltslnul. ￿ffiether a matulal un￿rtaInty exlsts related to e¥tnts or c{￿dIU0nS that nllk3rt dwbt cffl the dwrws ablmty to contlnue as a golng (X￿￿￿. If we (tsthle that a materfal untxtslrty extsty we are requlr&l to draw attentkm In our a￿1ftort rep(xt tD the rdated In the ftnaKkl #atements or, ff such dlxlosurts a￿ Inadequate, ts moffj our 0Onlon. Our ajnduskx￿ are based on the aKIIt Idw oblalned up to the date of our audlt¢Ys rq>rt H(1•￿￿, (r condStJons Evaluth the 0￿)11 prÈwts¥on, struthre content rf thé fln)KW statem hKlud 21

The Brltlsh Sthool at Athw Audltorfs annual report For the Year to 5 Aprll 2024 We communltate wth th(kse dwgejj vKth tyxnan￿ regathw, amcry ottr mèttas. the plann xope and ttmlng of the aLuIIt and agr￿ltart a￿1 flrMIW. tr￿K￿n9 W nllkant ddldencles In irtttnal crrtrol that we wr Oplnlon on ath•r matt•r ary by Brftlsh A¢adew y•nt lettqr In our oplnkjn, In al rnate￿ aspKts, the grdnt ftom the Brlllth kadury been appllal En KCOrdan￿ with, and for tre purp(w set In. the Went Thls rem bs made solety to the chws Tntsttts, as a Ixxty, In a(￿orda￿e vAth Part 4 of the Charfues (Accounts arrfl Rworts) ReguLlans 2￿8. (kr has been uThlertn x• that we mlght state to the dwrltyls tru#ees those matter5 vft we rawlrvAI trj slots trj thvn In an a￿JItCrfS rvwt and for no other purpose. To the fijllest extent pernilitèj by law. do Mt acwt or a59Jme responslblllty to anyune other than the drfty d)aWs lJ(LStees as a body, for ow audlt for tNs repo or lor the opknlons ￿ have forn￿1. AU 3RD Wfvff Is ellglble appC*￿￿t as ukltor rf the of Its elbjllllty for appcthtsmnt as Ilt¢r af a Ctyhwy uTrler 1212 d the Cryanbe5 20C6 17 September 2024

The Brttlsh S￿￿01 at Athens Statement of Flnanclal Actl¥ftles For the Year to 5 Aprll 2024 CxThtlonsand 96526? 211627 50 4.701 965.267 867,075 Z32, 160.203 103. 55,151 SW 1402,032 DOnatj￿ legades arrfl grnrts 20J)53 9￿￿trI TJ.4&5 12316Fi L304123 3,484,461 445 6I635 41025 I1%,￿75 85,237 79,911 1294292 40￿15 1,415,028 3569,698 Sales of pJbMcalk)ns s3.￿7 141730 53.947 141730 80,966 20?00 444 136,630 64788 5,957 297.913 297,913 261,819 377A54 40￿ i.n2.9n 303L517 Ralslng fvnds 24￿5 85?21 lo9￿56 87,929 211288 597.(8C 24M2 833,070 785,403 79,426 386,3 71018 537,794 483.034 44J)65 I24￿74 6,752 175,191 220,399 91m8 135A31 226,919 24026 425￿ 1243,64E 101462 1,771974 1,710,862 ).122 lJ2I96e 101742 IM1830 1,798,791 (92,569) I80,￿￿ (14,902) lo,(￿) io,aoo un￿ 26,189 ioj 17C 14901 36.189 8¢17C 165901 1,260 (97,471) N•tlncom• l (•xpwdltsr•) 136,079) 53,49e 101984 120.411 1.935.255 1117 & (31109: (3,W 19 iOS,009 120,401 1935,255

The Brltlsh 5th001 at Athens Statement of Flnandal Acti¥lt For the Year to 5 Aprfl 2024 2023 (3.935) 19J87 105.009 120,401 L935,255 op¥￿n9 FLVKIs at 6 Pyl {r 436266 3B24245 2.OWL9 6,463,034 4,Yk7,779 Clodffj FundJat5 Aprfl %124 44m 3.947,632 Ill3￿32 6.￿.435 6.463.034 24

The British School at Athens Balance Sheet For the Yearto 5 April 2024 Balan￿Sheet Notes 2024 2023 as Fixed Assets Tangible fixed assets Investment property sted Investments 77,269 200,000 6,389,061 88,841 190,000 4,380,993 6,666,330 4,659,834 Current Assets stock of publications Debtors Cash at bank and in hand 33,089 161,293 252,137 25,840 75,899 2,265,201 io 446,519 2,366,940 Credltors: amountsfalllng duewlthln one year li (195,392) (204,298) Net Current Assets 251,127 2,162,642 Totsl assets less current liabilibes Provlslon for Ilabllltles 12 (334,022) (359,442) Net Assets 6,583,435 6,463,034 Represented by: Funds Unrestricted Rethrted Endowment 16 17 18 432,271 3,947,632 2,203,532 463,266 3,928,245 2,098,523 Total charlty funds 6,583,435 6,463,034 Approved by the Coundl and slgned on its behalf by Professor Sir Roderlck Beaton 1>24 The notes on pages 27 to 67 form part of these financlal ststements 25

The 8rftish sd￿01 at Athens Statement of Cash Flows Forthe Year to 5 April 2024 Net1nml(Up￿llts•) fwthe p¥kKI I￿.401 1,935,255 18.743 51.492 [10,0￿) 16,IlJ9 Losqes l (galr6) on khe5tTh FV galr6 on Invesbiierfs 1101￿) 107.471 185237) 6J85 136W7) 47M6 I14￿3) (I ￿905) (&146) (79,532) (&906) [25.420) Un(Tease) I de(Tease In debtU5 Inrreasel (deuease) In credltor5 L988,275 1(49)5 85237 1,329,288 (7,765) (L732,622) 17.171) (l308X￿) (37.465) (4W,653) 68,560 Change In cash and cash eqthalerts Cash and Cash qulw&nts atts of the reportlng perfod Qonge In (ash cath thR Io 1056.835 235,075 L492) 122,586) 2269,324 the rwrting period Cath at bank arnl In harrtl 251137 (491) 265,201 4,123 Totsl cadi and ash •qulv•lwts . 25W6 269,324 Changes In netdabt Cath at bank and In I￿ Cash In In￿$￿7)entac(oUrts lo13￿64 (4,614 4,123 (491) 69J24 lo17￿78 251A46 26

The Brltlsh School at Athe Notes tathe Flnanclal Statements Forthe Year to 5 Aprfl 2024 Basls ol pr•p¥lon olfflnxKlal stst•n The sdh)ol meets the definltton crf a publk bolt • under FRS 101 The thandal ￿aternents h been prepared under the hlstorfcal cost cThwentlon as modfied bythe rerfauatlon ofcstsln fixed a55e In accordartt wlth tre stat￿n￿ af Rxunmended Practkn: AC(￿rtkng and RewYTrJ by Charftles preparfng thelr accounts In accrydm ¥Ath the An)￿lJI Stsndard 0￿Cat￿e In the Un5ted Klngdom arnl the Republlc of IrelarKI (FRS 102) (S￿r￿1 Eth)n) and the FlnaKlal R4wJrt¥J StsThJard appllcable In the Klngdom aThl R￿thIc of Ireland (FRS 102) the Charfiles Act 2011 and UK Gawally I￿pted Prath as It apF frcffi l 201S. a￿rItIeS (knA￿nts and Rep￿ts} 2(1)8 ￿ty to the ext&)t raJAred to provlde a and falr vieW. Thls departwe ￿ IrNol%d folkwlng AC￿ntIr￿J aTrJ Rqxjrtts￿ ty CharftlÉs wqmrlng tmr accounts In acconlance vAth the FlnaKlal Rep￿ Stsndard applkable In the Uned Klngdom and the Rewbllc of Irdand (FRS 102) (SKorKI E(Itlon) th than Accowrtlrvj and ReportlThJ by ChwFtb8%: The prepardtlon of finanthl slotwne￿ In complIan￿ wth SORP 2015 r￿u￿re$ the use of cutsln crltlcal a¢a￿ntIng ￿mIt Tr also requEres to extrcbe Judtywtt In appmng the aco)untlThJ polldes { rK>te 2). ft11th￿n9 w1￿1P41 I¢¢￿ polkle5 hm be￿ aFSW: AI Kome Is recognlsed (rfKe the has ertitbumnt to the Income, k Is wobable that It 11 be rK&ed aTrJ re£dvable be rn￿￿￿ed rellabty. Legad4 accrt we rncowll In the ac(¢unts It Is Pr¢￿L* of the gr¥L

The Brlllsh School at Athens Notes to the Flnanclal Slatements For the Year to 5 Aprfl 2024 b) Outyolng Rtsour UthIIUes for expuKlknre are recowlsed In accordano wh ac￿15 o)n Cfints payable for rwrch and stholarsNp hll due only vthen suth research ts undertaken cr upon attendance atthe school and accordlNJly are accounted for oywthe pwknd of researth ExpaKllture for research and academk thdles. r￿Id￿￿al researth programm4 research proJeLty Ilbrnry p￿lICatIonS dISdos￿ wlthln dwrftable aclhtts Induts departmental . A proportk)n of salary cost Is allocatsl to g￿rnan￿ co based on the esumated tlme eXp￿ded on athltle Supportcosts are allocaw In full to expendltt¥e Incwr￿I ￿ tharltable actt¥1￿. 9Jpport costs whlth are rdated to a spedflc acuvmy are allocabj to that acuvty In full. Ir￿rable VAT ts charged as a cost agatr the exFendlture headlng for whlth It was Incurr￿1. ¢) Tanglble FSxed Assets Tanglble fixed assets, other than herltage assets are ststed at hlstorfcal cost less acojmulated depredauon aThJ any accumulated ImpalrnMt losseg. Hlstorfcal cost IrKludes expendlture Is dlrKdy attslbutable to brlnglng the ass& to the locatlon and condltlon neCes￿ry for ￿ b) be capable of opwatyry In the manner InteTrJed by managemenL Depreclatlon Is charged so as to allocate the cost of less thelr re4dual Val￿ ow thelr est￿a￿l useful Ilve& t)epredatknn Is prO￿led on the folknwkng basls: - 25% stralght Ilne - 20% stralght Ilne - IO% stsalght11 - 25% stsalght Ilne - 6.6T%- 12.wo siTaight11 Offlo Equlpment Furnlture and Ilttlngs Motor vehldes Sckntffic equlpmert The Ilbrary Is conslderej to be a hultsge asset and Is rK)t valued In the balano sheet as there s not ￿JIable hl#orlcal lfifomatlon on Its and a o)nvenUonal vaknatlon would be overly onerous to condurt and gfven the natyre and unlqueness of some of the Stems held mlght wdl pr￿￿ to be arbttrary. The cost of books purdwed durfng the year are Otsllsed Sf thelr Indlvklual cost would have a materlal Impact on the flnandal statement& All othw book purthase5 are dHryed to the Income stateThwL Property Improvem￿ are not capltsllsal and are wrftten off to the Ststemart of Flnandil Actfvltlts kn the year that the cost ts Incurred. d) InVeth￿ Properues In¥￿￿ propwles are carrfed on the balan￿ at falr Ydlue. RevalualloThs are undertaken vlth sufflclent regularfty to ensu￿ the carrylng am¢Jurt do&$ not dlffer materlalty from that whlth vJuld be deterniln•J uslng falr ￿l￿e at the balano date. Tr Trusttts have de£lded that the falr value Is £200.000 based on a rth of comparable pr¢p8U&s on the Ma￿eL

The 8rttlsh School at Athens Notes tothe Flnanclal Statements Forthe Year to 5 Aprfl 2024 l. AccoupifiNG POLICIES (Conthw•d) e) Rxed Ass& In￿5￿n￿ts Inv&sbiierts 8re Carr￿ at market value wlth any Urreall￿ Vlns and losses belng Ind￿ded In the StateM￿t of Hnandal Actlvltl&s and allocated between ethdowmert reStrIc￿ and unrestrkted fun The cost ol management of ts InsIn￿nts has been dwryed to the &knient of Flnjndal In accordance wlth The awrltles (fotal R￿rn) Regulatlons 2013 wpplled totsl rebjrn arf51ng on the BS45 Pemianent Endowments ts allocated betW￿n the tntst for appllcaljon and the tnrt for Inve5trent based on BS4 s long.terni expeLlaUon of the sjstslnable amount avallable for 4)endSng of 3.75% of eath relevant Fund s value. See the Investsnent PollLy and Retums sadlon of the Tru5tW5' Report for ddalb on how thls amount has been deterrnkn￿. n stock of P￿lIca￿an$ . S7(Kk of p￿ICatIons15 stated at the lower ofojst and net realtsable vatue. At each balance sheet daty stocks are assewd for Impalm)•)t. If stod( Is Impalred, the on)rfng amount Is reduced to Its selllng pdce less costs to complete that s. The InwaSmI￿t 10s51s recognls&l irnmedlately In the SOF g) Debto rt t￿￿ detkn are measwed at transKUon fv, lem w ImpthnpJ)t kts h) Cash and Cash Ewfvalts Cash and cash equlvalents comprfse cash at bank and In hand and demand deposs wth nk& l) Crt(Uto M)rt terni ualStors are measured at ts tsansacth)n prf￿. Provlslon for llabllldes Pro¥lskTh arn made where an ￿(e th•t glves the SCI￿1 a ltyjl or constnth obllgatknn that prithbly requlre5 se¢Uement by a trath of eo)nomlc b Ml a rellable estlmate can be m•Je of the amount of the ¢b￿atIOn. ProvlslDns are charged as an ￿pense to the SOFA In the year that the school becomes aware of the obllgatlon, and are mea9Jr&J at the best estlmats at the Balance SI￿ date of the expendlture rqulred to setue the obllgatlon. lakjng Into acc¢urt relevant aThJ uncertolntles. When payments are eventualty marf they are Chary￿ to the proth Lzrrled In the 8alance

The 8rftlsh Sthool at Athens Notes to the Flnandal Slatements For the Year to 5 Aprfl 2024 k) stheme (USS). mutt￿1 nath of tr xhane, the assets a￿ rKt attTlbuted to Indtrthlual Irstittrtlors arttl a ass)datul wth other •Jn￿0Yees Is wwble to I￿ tts share of the uThJerlykYJ assets IIIIUes scheme a c(mslstent and reasonaNe As requlr&l by SKOon 28 of FRS 102"Emfv benefft<. the InstJtuUon thereth aco)unts for the schtsne as If It a del￿ c0rtrfbUtk￿ sd• As a resulL the amount tharyed to emplo￿ t141th1n the xhune WMI fuThJ the ¢Mfall dellcK the reuJgnLses a Ilabllty for the contrtbullons payabfe that e from the a￿e￿t (to the extent that tfv relate tr) the In the slgnfficant a￿￿0￿5 to RThry Pl•n mthrfal addth¥wl provtsknn reo)gnltk)n of ilnandal assets arnl 1)blltles 9Jch as detth5 aThl Rnandal Instruments are lthlty measured at traThsKtlon valu& are asfess•J at tr qnd knpalmiert InValr￿ rrff4nls&Y In the SOF ffl) Frydgn tran fi￿￿111 statrnts vAth15 akn the fundlwl arncy ofthe corsequenty malntakns accounts Euros and US doll¥s to fadlhte thL5. The Trustea< potlcy b to exdwy Stthkng krto Euros only the Ina)me Is cert fwKtlonal currency the pthTrJe r*e at the date of the trarsacth)n. At perfod end FOre￿n exthange galrs and b)5￿ resultlrvj from the settlemert of transactlons and frorn the translatlon at puto&erKI excharwje rates of monetary assets and labllStles deTh￿Inated In sepwatsly on the fao SOFA wKhln (Y eXP￿d￿￿e.

The 8rltlsh Sthool at Athens Notes to the Flnandal Statements For the Year to S Aprfl 2024 n) Fw¥ls of the charftys ¢Jbftc￿ UrYest1￿ fvnds In(knle day•W whlth the trustees Imposal ty the Ojnu. Imposed by tr vthllst malntaknlng the rapltsl value of furnl. As suth allocatul galn% and hjsses afe ab9)rtxd Into tr fund whllst allocated Is wallatle to sP￿d lthln donor WISP￿ Any IKome kn a ￿ on be ￿lSe0 In a Abserymt wlod wltt4n one Ir and one day. o) Gclng OYKem Z jUDGEMEP￿S1K APPLYIIIG ACCOiMnMG PQUa￿ & KEY SOURCES OF Isf114ATION The preparavon of tr tlnandal statern￿ts ￿lre5 rnarw￿rt to rnke Judgmerts, estlmates and assumpkn that affect the amwrts reporteAI for assets arKI l￿bmItIeS as at the balan￿ Sh￿ date and The kry SOW￿ of esllmatton that co￿1 ha% an Impxt on flnandal statements relates to the valuatkn of the herltage asset. NrAe Ic) abm desalbes the factors In the vabjatlan oftt Iltw wd nrte 7 provldes FRS 102 makes (1#[n¢lk￿ beiw a grcw plan arnl a sdmie. A group p cfffjs￿ of a colle1th￿ of enutles w#ler ccffimon crrfthl Wcaly Ylth a spor6rybng eMplo￿r. A mulU- emptrffl scherM Is a scheme for erthts Mt under cOrnft￿ c(¥thl and rewe5￿ts (ty￿¢al￿) an Ind￿ty￿de stherne such as lI￿ve￿IlIeS ￿￿PuannuJtron Scheme. The K¢ourtlng for ) mulu h(Jw the employtt v￿1 fvnd a Yes￿ In the r￿￿IDn of a ltsbllRy ts the CO￿buttonS paydble that arfse from the agreernent (to the &ytent that w ￿te to the defidt) the rewltlw expense tharged throu9h ryofft or loss acuxmt in a(rnrdarKe wSth secikn 28 of FRS 102. The tnth are sotlg1ed that Unl%$￿ Suwannualk)n Sdwne meets the definf￿ of a rnuftFsnpl0￿ xheme aNI has thtrefore recogn1￿ the dIScoLtt￿ value of tr Cortrac￿ cothbutkffj urnler the recovery plan kn e￿en0 at the date of apwtylry ljx statern￿ Estlms Induded kn the provlshyi Infomiatkjn and éL%ccyJnt rates to pth ￿ apprd&l of tt falr Wdlue of tré In¥￿ent property at 31

The Brltlsh sd￿01 at Athens Notss to the Flnan¢lal Statements For the Year to S Aprfl 2024 Ind￿ wRhln Researth are grants and scholarshlpsi ccmprtslng the folowlw: 2024 Payabk to 20.904 32,794 Payable to Intlthls 99,529 146,488 Endawm•rtfun Payable to In¢l￿uaL8 59218 80?15 Totsl grants payabla 179,651 259,597 Gra￿ payable to IndI￿dualS rewesent grants made for stwlentthw and to assl# Indlvtduals to me travd cost& These Indthle a Nmber of 5alathd fellowshlps. r￿rfn9 the yw under ￿ew, fft wtte made to 64 Indlvhjuals (2023: 54 Grants ptyable to Insdtsrtth are made for ardwolt)gical tleldvffjrk towards excavatlon costs, o)sts of dylng flnds and the publlcatlon of papers. Such grants a￿ made by the towards fleldwo projects ty the schod ltsdf by UK unl¥rsliks. See notes 16 and 17 bdow. ExpMlliure on actl%ttl&s In furtheran￿ of the tharws objects Is made up as fdlows: A¢dvltyGrnnt fvndlng of 5uppwt Totjl Total 2023 dlredty 457,9n 306,883 147,705 375,099 833,070 785,403 537,794 483,034 175,191 220J99 230,911 Communlo3ll¢x & outreach 226,919 226,919 2¥026 1,139,478 230.911 401585 L772.974 1.710 32

The Brftlsh Sthool at Atfr*ns Notes to the Flnandal Statemeiits For the Year to 5 Aprfl 2024 1,427 68,461 22LIOI 159,792 749.784 76￿2 665,119 123,656 8,146 57,918 confuen￿& 119,119 118.070 19WD 19290 87J99 110,525 39.173 Uiwary a>5ts 114070 942 1942 3,641 457,971 147,705 JJ6m3 226.919 1.139.478 1,095,577 2024 2023 74.677 28.151 59.976 74h77 28,151 8,624 18062 59,611 12.282 16,499 22,586 15,503 116,097 Insurnnce 21?52 18.743 51,492 39,165 100,4C 18,743 51,492 39,165 100, {Profft)ts on ethir 27,486 401585 355,688 2024 Audltorf reM￿￿3t Pn)fesslonal fees 16,000 13I05 Ilm 17,854 3,489 3,901 68,138 Bo￿3? I￿,405 116.097 T(tsl fees pald trj the 9JM)oVs Sa￿ wovkknl were £1￿000 (2023: £13￿5). In &ldSth)n ccountsry fees of £11778 (2023: £17W4) weTe pahj.

The British School at Athens Notes tothe Financial Statements For the Year to S April 2024 6. TOTAL EXPENDMIRE Included wthin total expenditure are the follcMiirvJ: 2024 2023 stsff costs comprtse: Wages & salarles Taxes, social security arKI reiated o)5ts Pensons- nomial cost Penstons- movement on USS primslon 812,319 765,559 168,376 143,191 32,544 37,107 (32,309) (27,744) 980,930 918,113 One employee eamed between É70.000 and É80,1)00 per annum (2023: One between £60,000 and £70,000). The dlrector manages the school on behalf of the Coundl. Hlslher total ￿Uneration Includlng all salaries, pension and other benefits was £125,315 (2023: £122,812). Certain employees are members of the univers￿leS sUperannUa￿On Stheme {USS), a MUl￿-emploYer deflned benefit penslon scheme. See note 12. The totsl cost charged to the profft and loss account Is £4,272 (2023: £9,363 Sncludlng the addltlonal Ilability followirvJ the completlon of the 2020 actuaHal valuatlon). The latest available complete actuarial valuation of the Retirement Income Builder15 at 31 March 2020 (the valuatlon date), whlch was carfed out uslng the projected unit method. sIn￿ the institution cannot identify its share of USS Retirement Income Bullder (deflned beneflt) assets and liabllities, the followlng dlsdosures ￿flect those relevant for those assets and Ilabl1￿e5 as a whole. The 2023 valuation was the seventh valuation for the scheme urrfler the themepedflc fvThJlng reglme IntrodU￿d by the Penslons Art 2004, whlch requires schemes to have sufficient and appropriate assets to cover thelr technlcal provlslons. At the valuation date, the value of the assets of the scheme was £73.1 bllllon and the value of the scherne'5 technical provisions was £65.7 blllion Indlcatlng a surplus of £7.4 bllllon and a fundlng ravo of Ill%. The key financial assumptions uJ in the 2023 valuatlon are described below. MO￿ detail Is set out In the Statement of Fundlng Prlndples ( nt- In rln CPI As5umptson Temi dependent rates in line wtth the difference be￿een the Fixed Interest and Index Unked yleld curves. less 1.0% p.a. to 2030, reducing lineady by 0.1% p.a. to a long-tem dEffe￿rKe of 0.1% p.a. from 2040 Penslon Snueases (subjectto CPI assumption plus 0.03% a floor of 00/0) Discount rate (forward rnte) fixed interest g1￿ yleld cuNe plLS: Pr*retirement: 2.5% p.a. Post retirement: 0.9% p.a.

The Brlthh School at Athens Notes to the Flnandal Statements For the Year ts 5 Aprfl 2024 TOTAL EXPE14DrnIRE (c￿t￿m￿d> The maln dem¢JgrapNc aSsUmFth￿ used th to the mortallty assumFkns. Thtse awrytEors are based on analysls of ttE sctme% expwim carrled out as part 2020 actuarfal val￿. The rtalty assumpttors In these figures are as fol 101% of S2PIIA w for mal&8 and 95% of $3PFA ftrture CMI 2019 a sn(KNry paraTruof 7.5, ￿ Initlal Z41dlth)n Cl￿4% pa. and a lorykni Improveffl￿ rats cl 1.8% pa. fty ms arnl L&Yo p.a. for femaks 2024 2023 Males 65 (￿) Female5 ojrrenty aged 65 (s￿) Males oJrrenUy ag&1 45 (yea￿) Females currty ag&1 45 (￿5) 23.6 2&5 25.9 273 27.1 A new defidt recovery plan was wt Sn plaLZ as part of the 202Q Va￿al￿. relwlres pwffjnt of &2% of salarles (fftr trE l Awii 2022 ￿11 31 Ma(h 2024. at wlth po the rate wlll Increase to 6.3%. The 2022 defidt reqr•VY Hatrlky refte£ts INS plan. The lab1￿Y figures hwe produced 2024 15% 2D23 5CVUrtrats 2024 2023 The Trustees rfthe School re¢etr￿1 no remunwatknn In the year urxler rvAlew. Durfng year se (2023: four) truees were of É4.699 (2023: £1506) for travd cost& t)onthns of £1,082 (2023: £20,690) frtyn tntstees durfng the )ear. 35

The British School at Athen5 Notes to the Financial Statements For the Year to 5 April 2024 7. TANGIBLE FIXED ASSErs Totsl & Flttlngs Equlpment Equlpment EquSpment At 6 Awll 2023 d￿0 122.480 182W) 27.983 215,254 7,171 548,566 7.171 At 5 Awll 2024 122.4 182,849 27.983 222,425 555,737 DepreaaUon At 6 Awll 2023 Owrye for the 88.501 3.405 180.186 1.332 27.983 163.055 14,fM 459,725 18,743 At 5 Aprll 2024 91.9J6 181.518 27.983 177,061 478,468 Net Book Value s at 5 Apdl 2023 30,574 1.331 45,363 77,269 As at 5 WI 2023 33.979 2,663 52,199 88.841 The properues used by the School have nrt been Induded In the flnandal statements, slnce the propertles have been In exlstence for many years and their historfcal cost is unknown. Therefore, any cost attrlbuted to the propertles would now be fully depreclated due to ￿ length of tlme the assets have been used by the School. The School uses the properties for the library, laboratory and other research facilities in addition to adminlstration. The properties are insured for £1.74 milllon. The School holds as herltsge assets Its Ilbrary, archlve, collectlon of palntlngs, and Athens museum collectlon. None of these collections has been valued for the financlal statements, as the School has no Intention of disP05ing of any of them. All comprise materials which are made avallable to researchers, thus enabllng the School to fuSfi1 ts Mts￿on. The library of the British School supwrts research Into the Hellenic world from prehistory to the present day. It comprises approxlmately 70,000 volumes plus MO￿ than 1,300 Journal title5 and a large collectlon of electronlc resources. The Coll￿On Is especially strong In the area of art and archaeology and Includes a valuable collection of rare bcoks on travellers to Gree￿, the eadiest datlng from 1469. It covers many languages, wth a focus on Greek language publications hard to obtain In the UK. Total annual acquisitions equal approximately 1,000 titles. The catalogues of bwks and &resources may be consulted online at MYW. .uk. The khool 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 a￿ held on open shelf.. rare books are held In a dimate-controlled store within the library and fetched on request. Post graduate researchers in Hellenlc studies (including all members of the Greek Archaeologlcal Service and Foreign Schoo15 based In Athen5) are eligible to become readers: other researchers may be admitted at the discretion of the Director. Temporary access may be granted to others seeking bcoks not otherwise available in Athens. MO￿ than 600 readers a￿ registered annually.. they enjoy free use of the Ilbrary and support services from 9am-7pm Monday-Frlday. School members have 24 hour access. Access arrangements and reader guldes are avallable on 36

The 8ritish School at Athens Notes to the Financial Ststements For the Year to S April 2024 7. TANGIBLE FIXED ASSEfs (Contlnued) The archive holds docyments from BSA fieldwork projects, corporate papers, personal collertions of School membets. documents associated with early traveller5 to Greece before the School was founded, a unique collection of drawings of Byzantine monuments and a large photographic collecbon. Deriving as It does from School activities, only a small portion of the collection has any commercial value. It15 housed in dedlcated Spa￿ within the library, wtth dimatewcontrolled storage for photographlc material. The School employs a full-time archivist and benefits from conservab'on advice from the Benakn Museum, Athens. Collecb"on5 vary in size and contain a variety of manuscrlpts, drafG, notes, notebooks, journals, dSarles, photO9raphs, memorabllia, and personal and professional correspondence: descriptions are posted on www.bsa.ac.uk as are many finding aids. Catslogues are available for consultation within the archive: the School has a programme of publishing catslogues and Images from its major collections on -ac. (Museums and ArchivaF Online). Acce55 to the collection ts by appolntment: reader information and policy on study and publlcation penni55ions is published onllne. The khool's collectlon of palntlngs (122 Items) congsts of works by. and glfts recdved from, Its officers and members. It Includes, for example, 25 watercolours by the School's first director, Francis Cranmer Penrose, slx tradits'onal 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 archiwst is responslble for the malntenance, dlsplay and conservation of the collection.. with the exception of a few pieces where conserwatlon conslderatlons apply, the collection Is displayed in public areas of the School. It is avallable to researchers by appolntment wlth the archivlst. The Athens museum houses a wlde rdnge of artefacts, from Neollthlc to Byzantine, donated, collected, or excavated by the Scht)ol and its membws up until the 1950s. At its core is the private antiqultles collectlon of George Flnlay, plus several thousand sherds retrieved from survey5 conducted throughout Greece and Turkey. In accordance with Greek law, thls Is a dosed colleLllon reglstered wlth the Mlnlstry of Culture and Tourism: It may not be augmented or dlsposed of wrthout the consent of the Ministry, and further consent would be required for the export of any item. The collection, which Is housed alongslde the library, Is used for teaching and is available for study by arrangement with the Asslstsnt Dlrertor (who serves as curator). Information al)out the collection and study permi55ion5 Is publlshed on Parts of the collection are published in the *hool's Annual. we await Ministry approval to publlsh onllne the full, illustrated catslogue, wlth Ilnks to ￿lated matertal In the BSA archlve. INVEsfMENf PROPERTY 2024 2023 Restated Investment propeity 200,000 190,OC(I The Investment property was donated to the School durlng the year ended 5 Aprfl 2002 at a probate value of E85,000. At the year end, Counal has perfomed a re￿eW of its falr value. Thi5 ha5 been based on average life expertanaes, average property welds. local propety market info￿atIOn and discount rates. These fartors include estimation uncertainty that could have an impatt on the financlal statements, as detslled in note 2. 37

The 8rftl$h School at Athens Notes tothe Anandal Statements For the Year to 5 April 2024 9. LIsfED JNVFsfMENTS 2024 2023 s.622￿7 (491) 766,665 4,376,870 4,123 6￿89￿61 4,380,993 Market Value at 6 Aprll 2023 Acqulsltlons at Salts proceats from dtsposal Galnv (lo￿) In the iar 4,376,870 981622 4.505,129 1,308,500 (1,329,288) (107,471) 263?95 Market Value at 5 ￿rf12024 5,622 4.376.870 Hlstorfcal cost at S 2024 5,411,189 4,425￿16 ma￿et Value at 6 Aprll 2023 Acqulsltlons at C05t Sale5 proceèjs from dl¥JosJl Galnsl (loss) In the 750,000 16fi65 Market Value at 5 Aprll 2024 Hlstorfcal o)rt at 5 ApHI 2024 750,CMIO Matsrlal Iiwesknients, where IndMdu41y the vrAue rePreS￿ts ovff 5% of the totrl Invesknert pothllo Jre as ftjllows.. 2024 2023 Sarnsln aimate Acuve eNloW￿rt delty Global EnPh7ncd Income W Sthroder- Qobal Enry Transttlon Fund aass QI Inc lap Alllanz Cortlnentsl European stewart tnvestors Asla Padflc Montsnaro UK Ino)me gbp s1 Fundsmlth Sustalnable Equlty tnc Gwmany Federal Republlc 0.5% Gffmary Fed¥al Republk 1% Snr 1,099.626 1,035,934 361,964 602,065 Y4.695 1,013,828 950,211 457,428 526,199 525,111 778,329 488,841 486J56 687,550 No restrlrtlons appty on the reallsjtlon of any of the 38

The Brftlsh School at Athens Notestothe Hnandal Statements For the Year to S Aprll 2024 10. DEBTORS 2024 2023 41.076 34￿3 161,293 75.899 2024 195J92 204,298 Other crndltors and Ind￿ £48,116 (2023: E48.932) of deferrgj Incom& Thls welateg to cowse 2024 2023 281,262 52,7f4) 274,373 USS p￿￿10n Nalxllty 334,022 359,442 Ilai411ty reprtserts dderred pay ¢Je to Wr￿leS at 5 April 20241 pèyabk when tly leave Sthool. Ths amourt payable Is calthted kn xcordm wfth Gr legal requlranents a￿1 the Greek nlcnl latrxwr cortra 2024 2023 Balan￿ at 6 Awll 2023 tncreasel (decrease) In the Exchange (gatnybs 274JrJ 261,592 13,974 (¥193) Bal￿￿ at 5 3J24 281262 274?rJ

The Brltlsh School at Athens Notes to the Hnan¢lal Ststements For the Year to 5 Aprll 2024 12. PROVISION FORPOST B4PLOYMvif BENEFrr (rnThllMMd) defined bafft Pen￿ schem& LSS ts (urr)ty kn dit arrfl at the year eJKI xlwl ha5 Into an agreement to partldpate In a rttobery plan to rethKe ￿ defidL A WablKy has been recognFsal, 2D24 2023 Balan￿ at 6 W 3J23 111813 (35￿18) (30WOO) 1256 Balance at 5 Ar￿ 2024 Of thts bno contrlbutkrts rf QO.476 ¥e next ffft yeats lth rwnalnts due o the f￿0￿#r￿4 10.5 yws to 20 20 2023 s￿1842 4,376WO dwnge has rtsulted In a ￿1n to the pts ￿7r of finarKlal aLthlts& of £IO,I)00 and an Thue we Tr) rdatal (thtrtlw IIKJ d1￿k￿ In fv)te 6 In thb orthe prtor

The Brftlsh School at Athens Notes to the Ananclal Statements Forthe Year to 5 Aprfl 2024 279PU 95AW 426 493,479 io 10,0 105X 5e8,479 Net ￿￿{￿[￿/ {¢xtsdNJ) r¢•xrn {￿￿58) - realLd galrnl(bxw) . unwliged (171,546) (11046) (i.m) 4,131 F¥￿¢ on iycpty io,fy)o io io.TrJJ 157 (21,n6) 721 151213 BalKKe at 5 Ipl 61.974 431271 4¥266 Tr reqeNe Frjllcy Is to In fvrnl. rern to the vak ofapproxlm tttree morth tharltable DurlTrJ year, Coundl re501bed to tr• the bJlarKe of ts PublkAtlors Fund to Genwal reserves arml an amount qual to the year del￿ hos been lJansfwral to the General Fund wth balan to the Harfson-Jd)b Fund. 41

The Brltlsh Sthool at Athens Notestothe Flnandal Statem•nts For the Year to 5 Aprll 2024 2023 4.110 (195) (11913) (U3) 313 21h79 l951 217 44rJ (14323) 249 (60) 24703 Leventb F￿10￿￿ Poce Researth 30,￿0 39,(67 35.947 37,IM7 (310￿) (So￿01 74J64 0,764 (7.613) 123,714) 3,101 37*11 (100.U7) ioi (24334) In,s77 29k25 P,231) (lJ89) (362) (3,280) 13M4 2,310 025) 184,628 30.716 39269 Aghb5 (4,281) (3) 24.119 (305) (1¥46) Igms (4330) 279074

The Brttlsh SdM>DI •t Ath• Ilotes to the Flnancl•l Statements For the Year to 5 Aprll 2024 17. PUNDS (Ctythwl) (1(44CA) 3•1m2 Dv4eloprnent fvnd (3•) 12.118 Ini (5h9D) Z.721 (IV.700) 37,27J 41V74 Ubr¥￿5 FuThJ 21.977 I1￿1) 23248 55.762 L032 4,195 M•lntenbrth FUNI 4414 1151 132 (iM4) (323) {1533} (275) Atkns MLLWM Furn1 Qthv Utjrnry AK<d 7,147 32255 5,781 Il357 6,075 11357 140MA (7.1￿) 194, 114J7 {114J47) (562ry))

The Brltlsh School at Athens Notesto the Flnan¢lal Ststements For the Year to 5 Aprll 2024 17. REsnucrff• RINDS (Contlnued) Bal•nc• at S TraMf•r• Ineom¢ IntsM&tand Gvants and Ilnrnall•ed LO￿aft Sale of Tranrfem B•lIn￿ at 5 Aprfl 2023 12024 Stradwa￿lCal Frknds ofthe BSA fvnd ' 1492,$59 73,170 31,031 21,579 &955 iOh84 4.705 s2￿1 (wio) {4I597) (427) (216) (11,1￿) 1456,692 86,343 1,424 (3?50) ttyrto G￿rya￿poUIOU ￿rI1 frllkan Fybjres ￿ndS KYth￿ Wand Pffjjett rw AtlrlatEc Cor￿￿￿% Furrtl Strat Del￿Pnnt ￿rrf1 Other gwrtT•m ￿ndS 63,133 10,484 3,014 11,763 3,014 90 (lo•￿50) (￿10} (3,750) Wh75 281226 135,837 242,263 486,136 140,641 5.47J (1￿25) (100,117) {12,546) {117,700) .161) (965267) {109,850) 22229 3,101 19085 37273 10,142 (68) (4334) {2J30) 291703 153,434 279,874 414,878 1ffi268 141184 28,400 305 Ll)ortory R•g•arth Fund 9,169 Blrf C¢Th Gr•ftts 955267 2,641012 (3￿60) (3,750) 1660,475 929, 373 &251661 6L631 (&3¥966) 170 (34482) I947￿2

The Brltlsh Sthool at Athens Notes to the Flnanclal Statements For the Year to 5 Aprfl 2024 The Palrtkng F￿d was set up ty Dr E B French (Dlrth) kn 1994. nw fr(¥n sUp￿￿On fees, to purckhise plctwes by &uduts ts the SC￿. The Qntenary Bursarles Fund was eS￿￿$haI In 1986, as one rf ts wknlpal ObJ￿¥ve5 of the The Healey Burw Furnl wasdstythi tyHlA E Fto wtyJea Ixxsaryfor a sbJdwatteTrJlno The Lwertls Felbxhlj FuTrJ Th7S estlltsl ty tl L￿rtIS F￿￿latIon to support a fellO￿hIP In Hdlenlc studle& The Knossos D￿ted Fund VAS set ￿ by an anonynws ¢knx kn 1982 to support prehl(xlc The Strattgnphkal Musewn Fund 15 grnrtad Brftlth I£•d￿Y to bulld an extenth to The Place researth fund Is a grart awarded f(Y traknlng the nextgenerauon ofardweologkal sdent5sls: Interdlsdpllnary sbjdltt of FYtrm(Mlem pS)#ers and ￿r￿mI¢S from eastem MedItUrar￿ The WRAP researth fvnd ts a gmt wllrded to an Ir¥lvlknl felLW to W Wrltlw At W, g)edfi¢aly palawgrnphy, tsblet productlon, and the th of sulbes. The Brlltsh Arad￿ry core 15 rw by the Brftlth Acadwry to spKffically support and ovuall buslness de%Eiowrrt actmtye and ffom ¥arfous g)urw slno 1979. It Is lrtended for the purchase cl m•Jor quipmt fund was Combin￿ Intrj thls furrfL The C(Thtsrtknlde5 Environmentsl Lktt FUNI Ls the resldue of a glft frcffi the Constantlnldes Famlly In 1989 trj mark Dr H W CatEln9 s ￿ty[eme￿ as fc4Nlng N$ ade Is used to supwt the esiabltshed by spedlled thnaU( The Ll)rarles FWKI (wevw FUNI) was eAab1151pJ dwwlknn5.

Th• 8rStish School at Athens Noles lo the Flnandal Statements For the Year to S Aprll 2024 curdtor of the Athens Museum. ' The Athens Museum Numlsm PrnJeLt was InRl&ed ty a from the E S G Rdjlnw ChJrftabie Trus¢ b) ￿harKe dlsplay of the Nmlynatlc colleckn Museum. The Archfve Projects PJr#l was estat1￿ In 2012113 to consolldatea nunwLrfathkn fvnd$ Indudlng Jnds". Projects Fund. The c￿eral Arts Fund was e#atknJ to admtles at sth)ol and be af berfft to future arts burw and to be uullsed In aCcOrda￿e wtth tmr restslthx The Balkan Bjtures Fund was sd up kn 201V13 to recelbt a Brltlth Padery grnnt kn respect of the and the Ecole francalse d'Athen& The K)ttra Island Pmject fund vms e￿11￿ In 2012113 to corti to be eXp￿ded on the compkts)n of the Kytta project The pl1r￿C CoMecUon5 FurNI was set up In 2013114 to rxdve a Brltlsh Acadwry grart In (4 the Pdrloyc prOj￿t of the In a￿￿tsORtkn wlth the Brluth Sth¢Jol at Rome. The Strategic F￿1 was s# ￿ In 2015116 to IK& a c(rftta The Upw Ho￿¢ Restwkn was sot 2017118 to rethlkn worfs t¢ the Upper The fvnds held In Desl9nated Rekknrk mosdy from IntwnJl arKI extwnal S(Wr￿ ftjr The Nlaytt￿S 1821 Felloy￿hIp 15 a m awanknl to the BS4 to carry out over tIK& years the The MyTtsI GO)rgakowul￿ Fund was eStawL￿ In 2022 kn of Myrto Georgakopoulou and of hw substsntlal cortsll)utlon to the Fth Lab(W ¢)¥v m￿ty years. Th Trjnds are to be uwl to

The Brltlsh 5th001 at Athens Notestothe Flnan¢lal Statements For the Yearto 5 Aprll 2024 ENDOWMErif FUNDS Lo•••nSal•rf Tr•nrfw• ￿1•Thre It 5 12023 r•knlllan Studuthlp knj Rode￿￿ Fund 214 11566 103,139 88?59 224.166 11.196 {4W) {3,996) {1￿131) Cary Bequttt 10.653 (14564) 24226 41,913 (34773) Ellzabeih Catllng Fw Hector & Ellzabeth 311 (I lo￿09 Lord Toylwr Butsary Ayrfl 19,195 (912) 1,518 3,164 20,173 fty thems fijrnl R knIIoTd Furn1 ￿qUest 70345 17J06 (4I27) 182n 51260 127,712 71.959 (¥18) (3567) (3J12) 117,663 68A21 5.417 1025 407,725 47

The 8rlt15h SthoDI at Ath•ns Notesto the Anandal Slatem•irti Forthe Year to 5 Aprll 2024 18. EIIDOWMEIIT FUNDS (Contlnu•d) A￿1 20XJ (3I3TJ) 53,962 711,435 (1,283) {1,246) IlJ4 ion H W & E A Calltrw Illxl 26205 510 27,541 (¥J) 54905 Alèn W•c• fvrrfl Mblkn h23 (7292) 12ll) Il126 161,239 4,821 {7￿￿) R•M•rth M•lbthint4 Pundi 762,1 442,650 14127 612 13280 L035 3,071 (34,rn) (20,557) (¥3rJ) {2 60249 1407 467,725 711.435 Wlllhm• F￿d 53,962 53.193 10 io) 12092 ¥98A23 (103,742) 164901

The Brltlsh sch(￿1 at Athens Notes tothe Hnanclal Ststements For the Year to 5 Aprll 2024 18. E14DOWMEpif FUNDS (Qlntlnued) Income from th￿e fvnds has be￿ allocated In accordance th the Donorfs IrthKtlons as f¢lows: Seager Bequest was set up In 1937, under the VAI of R B Seager after the dewse of h1$ wldow, a5 an erKlowment fvnd for eKcavaUons. George Macmlllan founded the Macmlllan Studentshlp Fund In 1927 to 9JPPOrt a stsdent at ￿ khool. The Rodewald Fund was tstsbllthed In 1981 to support a s￿d￿t at ￿ sch(xA. Dr Llllan H J• bequeathed one quarter of her r￿ldUary estate to the School In 1985 to 5￿p[￿ a dent. The Cary Bequest came from Mlss A M Cary In 1995 to support a sbjdent at the ￿001. The Stsdentthlp Fund was establtsw tyyTTUSt Deed In 1913 to provlde an ExhlbStEon stud￿t￿[P. Thls repres¥ts a Fund estsbltshed under the A)peal to recelve donatlons for StrJdentthSps. The re51dual funds of the Sachs Stsmdethlp Fund were meryal wlth tNs Fund. The &lzabh Catllng Futhl Ls a legacy from ￿ estate of Ellzabeth Cat1￿ for the ￿￿ts{On of grats for drnughtsmaAthlP. The Hector and Ellzabdh Catllng Bursay Fund was e5tsbltshed In 1989 to wo bursary for study In Greece. The Lord Wllllam Tay)ur Bursary Fund was a glft In 1995 from the Medltenznean ArthaeokJgl(zl Tnst In rneM￿ of Lord Wllllam Tayfour to provlde travel bursar The Vruwy Hankey Memorlal Fund was establlshed to r￿lIE monles donated In menw af Vronwy Hankw (or srnall grarts for researth expuw. The BS4 Bursary for the Arfs Fund was bIl4￿1 by spedft donallons to pnwlde a bursary to gl¥e artEsts, In the wld sense of the twm, an opp¢xtunlty to develop and enhan￿ tslr WOTk ty sper#llThJ tlme In Gree The Rl¢hard Brddford McCorThll Fund for Landsc4)e s￿dIes was establlshed by the Rkhard Bradford Tntst to provide a bursary In landscape studles. The Evans Wuest was orlglnally estsbllshed In 1922, wlth an addlilonal bequest In Slr Arthur Eydn wlll dated 1938. Yiy the malntenano, upkw and augm&tstlon of the Vllla Arladne or for further exovaU¢m ( the slte of l(nossos". The Knos%)s RÉ8earth Fund (pr?kn￿ty the Kno%￿ Researth Appeal FuThl) was Inltyated by a donatlon from the Instittrte of Agjean Prehlstsry and by d0nafj0￿ 94Wts The Wllllams FuTrl ts an amalgamatlon of varfous bafaLtlons from Dr C K Wllllams It slnce 198S. It v￿5 establlshed In 1992 to support fvlly a feltowthlp In Ceramlc Petrology. Any remalnlng annual Income Is avallable trj SUPP)rt ¢)thw felltr•thps wd bursartts at the Fltth Laboratrry. The Reverend Ed￿4rd Badw Arthlve EndowAH Fund was establ1sh￿ vAth donatbjns In 2006 to proNlde fundlng for addRlonal arth￿e managanejrt co. The Alan wa￿ Fund was Inltlated wth a donatlon to the Appeal from Dr C K ￿larns Il kn 1998 ft>r the MaInten•￿ and Improvemert cf the Athenlan fadlltles olthe sch¢￿1. The Mlllu Bequest was a b4uest from Wllllam Mlller In 1948. Int•ided for the malnteThano of the Schod gard￿. The J A Saund￿5 m￿al Fund was a separately regl&wed d￿rtty whose (onsud￿0Tr requlred tts Truste85 to be nornlnated by the khtxjl. In September 1999 It was rtrreglstered by the CharLy CommSson as a sub51dlary of the Sthool. The obJeclfve5 of the Fund are promote and advance educatlonal and ￿ltural Ilnks be(ween Greece and the Uf. 49

The 8rl¢lsh School at Athffis Notes tothe Flnandal Statements For the Year to 5 Aprfl 2024 The Hwand EA Pwchase FUNI was establknl toasslstUE sclwl vth fundlTrJ t(Mards vartQU5 llbrary a(klltkn bursarfes In Msbxy. ndAs Fund balancts at 5 WI 2024 are TaNJlble f￿1 as%ts 77269 200￿0 6,389,061 446.519 (529,414) 317,631 361785 (529.414) 3.8f/m8 1203,532 Current a% Currert and IoF¥J term 431271 3.¥M7.632 1203.532 4583,435 Un￿1*1 galns In the >tar c 26,189 88,170 165,901

The 8rft15h Sthool at Athens Notes to the Flnanclal Statements For the Year to 5 Aprfl 2024 2023 7.075 83,000 38506 10,623 401,216 867075 160203 55.151 1401032 Donaknsi legades and grart5 subxrtpu￿ andadmlth fe85 816 84￿1 io,In 3261,914 1484.461 29.719 45346 85237 94,213 3A91,633 83AS2 1569,698 Sth5 ofpu￿￿￿Ons 136fiX) Ho#d Income 5.957 261￿19 261*19 Total 356,032 3J9L633 a3￿52 3￿31￿17 fvr 11021 65,177 10,931 87,929 661.976 25M 785,403 381,167 64,051 220,399 159,963 222026 515,757 L105216 89,899 L710,e62 527578 L170283 loo￿) 1.7¥791 Netylns l O¢)•w) M InV¢th￿. (11,046) (I,m) ifjooo (31277) (49246) (5,196) 17.928) (92,569) (14,902) io,o)o Lhyealw (2124) 137.473) (57.174) (97,471) Net Incame l (exputhirn) {192,676) 1183,777 (74.152) 1.935255 157 123a•) 1,192 Il•tMMm4htln Fund• (1S2213) 1160,428 171960) 1,935,255 51

The Brftlsh School at Athens Notes to the Flnanclal Statements For the Year to 5 Aprll 2024 21. COMPARAIIVESOFA(ConUnU￿) (As 2023 Ntt In ￿ThIs (151213) 2.160,428 (71960) 1.935,255 C*enlrvJ Funts at 6 (reOJ 588,479 1.767017 1171,483 4,527,T19 clo￿n4 ffund¥4t 5 Aprm (vatstsd) Durlng the year, a prfor yeDr adjustmert has been to recogth the falr value on the In￿ent property. 2L COMPARATive NOTesTOTHESOPA Expendlture on adl¥rfUeg In fvrthwance ofthe chNWs objects Is rnade up as follows: und•rt•kn Gt•ntfvndlng rf Supwt 447,942 223,437 20iin 337,461 785,403 259,597 18227 220,399 & autreach 221026 222,026 1,095.5TI 259,597 355,688 1,710062 ANALYSIS OF EXPENDrruRE UNDERTAKEN DIREcfLY Stsff ((Ats 289,446 74,875 123,656 175 124.935 665,119 3fi56 8,146 Trnol casts 4146 57.918 Sl,918 87J99 110,525 39,IrJ 3.641 39￿5 110,525 47.574 39,IrJ 3,641 447,942 20lln 223,437 sz

The Britlsh School at Athen5 Notes tothe Flnanaal Statements For the Year to 5 Aprll 2024 Tot•1 2023 g•ff o 65,996 46￿15 $9fi11 46,815 lo￿1 16,499 L￿/(P￿￿> on Is￿3 114097 337￿1 Tawlbler￿1d 88.841 190.th I￿,0[ 331266 1.951204 109W 4x1,993 I.977￿11 r￿t Osfets (563,740) (563.7 4A266 1928245 2M523 4463,034 L778 5,196 14,902 In the opinioft of the truw ¢xl# to ethk the fiwd¥ b¢ Ippli￿ InA￿d￿￿Wlth

The Brftlsh Sthool at Athens Notes to the Flnanclal Statements For the Year to S Aprll 2024 Toial Ipertym ￿23A9 Belng the aelng th• J•bbfvnd Openlng balan¢•at6 Aprfl 2022 256,856 236fi23 I80￿￿, 581479 (￿,937) 18223 20x168 (17L546) . rnaltsed ￿1￿{￿}S$e$) . unrealw gang(1￿) PIWIP(¢)n Inwln (S,559) (895) (5,48n (883) {IL046) (1,778) 10,0 io,o(K) T￿￿b&y￿efi fuN 238J8 (248576) 31185 157 Mo￿￿bI 21157 (236,623) 10OW (151213) aoslng B￿atsA￿ 279￿13 I￿,0t￿) 436266 Durfng the year. a ylor year adjustment has b￿n posted to the falr value on the Investmert property vAthln unrestrlLted reserrfe5.. The res&%e pollcy ts to retaln In gensal fund, reserves to the Va￿￿ of approthatdy three mont ctharftable exPend￿re

The Brltlsh Sthoal at Athens Not￿ to the Ananclal Statements For the Year to 5 Aprll 2024 Aprfl 2024 4154 27¥76 4.110 271,674 C•tsiary Bur4rles thl. Healry ￿rS￿leS fvnd al &udertth¥ FUNI 1164 (iJ71) {6,184) (￿} {io) (6) (9m3) l951 291263 1164 (10511) (IJA (6￿16) 28￿27 47MI iOL571 I￿14 (1,674) 9 ic 75 52,134 (7ffj13) (23,714) 39230 149.437J 124227) NIardX￿ 1821 Fdbv KnDsxis thrator PJr#l I6￿3 (15.762) 199241 (119MI) 135,837 180.130 1779 12J75) (651) {184) (43) (661) (iio) (134) {4.104) (682) (4.192) 171577 hn fvl)rrknn Memorfal Furn1 4hlos kn￿las Fund 461 36.077 &491 751 (182) {470) 281 259.168 (1￿￿) (934) (5WO) (4.192) 24U63 (th,790) (195A) (19￿> (63W) ToFEllo & U 19579 867 55

The Brfti5h Sthool at Athens Notestothe Flnan¢lal Statements For the Year to S Apr4 2024 I￿411 (49S {ILJ)7) 445n4 (1￿) (i(o) (4J14) 25.773 Ini (5*m￿> (&M) (ILffj) 23.101 ($23) {Ik67) 21.977 s3￿7 419) FuTrJ fve Ath￿$ M4BeLTh (377) (310) (1,46n (198) (162) .8,414 7,149 126) Kn059)s Ulxary (138) 5,781 (571) 147J97 14Wi

The Brltlsh School at Athens Note5to the Anandal Statem•nts For the Year to 5 Aprll 2024 1401216 15 I￿751) (26 (32221 (566) {3M8) li.VJ4) 1•2 n.170 31￿31 21 6,955 io, 1,487 3,014 L799 pts) 410 (4157) 14> J5 L4WI A014 L763 (97Wi) {S642) (4U7) 1164 (9 (119 (10 (067 (53,458) (5W) (971) (6*16) 28L327 S￿7 24￿63 299h21 259,1 A•￿V<h Fund Brftlth Aad•ny Cm (lrnnts (4,192) I67￿5 545.105 147J97 325￿3 10,906 {I,m) (Iw) &767017 &00 136&914 29,ng 14196)

The Brltlsh sd￿01 atAthens Notes to the Anandal Statements For the Year to 5 Aprll 2024 2& BIDOWMEMT FUNDS 2023 5 Aprfl 202Z Ma(Jnlllan Studentshlp Rv li,S90 103,353 88,542 (522) (4.655) (3.989) (10.120) (505) . (17,280) (42) (3T4 (323) (820) (41) <1,￿?) (263) (3,342) (2,1)06) (5.091) (254) (7R76) iix 98.136 84.on 213.299 10.653 306.433 38.506 1157 Jeffery Bequest Cary Bequest 11.219 Saund•s (37,071) (1790) (17,332) 761104 Eltrabeth Catlkn9 FuTrl Hector & Ellzabeth Cath Butsary Fund Lord Wlllam Tawour Bursary Vrnnwy Hankey Memorlal Fur#1 BSA eursèry forthe kn Fund R Prd(Wryd MLfmnell ￿ra1 Evans Beq￿t 16I03 351 (61) (381) 15,983 40￿21 20,975 44717 T3147 17 51,272 (L756) (L665) iii) (178) (3.199) (270) (380) (65) (258) (18n 510) {451) (1912) {262) (2&S20) (L699) {148) (920) (476) (I,LQ6) (1,675) (405) (1.163) (IW4) (1,628) (Iw) 38,544 19,195 46￿0 70,245 17,386 48,773 117,663 68,521 L018 3TJ 1,071 (1,962) 3,154 Seag¥ Bg4L* 71,824 192

The Brltlsh Sthool at Athens Notestothe Fhwndal Statements For the Year to 5 Aprfl 2024 26. ENDIMMEiif FUNDS 21123 Cofitlnued 5 Aprfl 2022 n7J82 5 Awll 2023 14984 (30,9m .(1620) {16,m) Bader Fund H W & EA Catllw Ubrnry Rnl 30￿87 27,562 934) (1,205) (iio) (102) (685) (632) 26JJ5 &2 (4139) (212) (¥31 53,193 nWaoFu I￿ Bewlst 161,286 (6,984) (3,657) (109) 153,423 4,587 ioi Rqsmrth lblrten•nce Fund• earth Fund• Wllllam• Fund Researth ColleLtloN8 Fund• Upkeop Endowmert Fund• 15.961 9,r21 14,984 (37.m) (21,520) 130,907) (4,139) 17,193) r2,790) (1,699) (1620) 1212) (17332) (10,558) 4192 (16,273) (iJ17) 13,766) 762,104 442,650 682.566 53.193 158,010 465,514 717,382 166,108 17&493 44346 (IOV30) (7P28) (49,246) ¥192 41198,523 Ylas IncoTrecty IndUd￿ In the allctathn. The knpatt to Ih (k)thJ balJKe af er#lthwI￿ trals ￿ ￿eaSe crf £47,629 wth the adJLLSted fund

The Brftlsh 5th(￿1 atAthens Notesto the Flnandal Statements For the Yearto 5 Aprfl 2024 Trtal Total Tatsl Atbeglrmkng 0lthertpX￿ pvknd (Y d•te (d rey)luth)n: Unapplledtcthl 10 69210 69210 98,136 47,789 84,on 4,126 11,(K15 47,789 Trwth W(out) 214 214 unrealA¢d gal￿ (loss•s) 6,647 (843) (iio) (984) 7,410 In the {413) (413) (3W) (3,153) P.153) 561 perfod 4,126 4,126 28,926 UmppI￿ total rets Tot•1 74213 74213 52,076 52076

The Brlllsh Sthool at Alhens Notes to the Hnandal Statements For the Year to 5 Aprfl 2024 Umppllod Tolal Rrturn Trtal Tolal Total At beghnbw rfthe reF￿thg ptrbj or date ofre9)lulkn: 143570 10,970 (317) 10.653 105,615 105.615 301444 I43￿10 (317) Trath W{tyrt) 4,19) 5.962 reall￿ galrE (lasses) I6￿3 8) 12.ts8) 75 24226 (3,073) 27.115 912 Z7,115 (7.996) 17.YJ6) (11.491) {11.491) 543 15 IS￿4 143570 I43￿1) 10.970 10.970 200￿29 a),537 37 121239 121,239 Totll 61

The Brftlsh Sthool at Athe Notes tothe Flnandal Statements For the Year to 5 Aprll 2024 28. ENDOWMEiif FUNDS-TOTAL REniRNS NOTE 2024 (CortlnuEd) T¢thl Retsrn Tothl Aatum Totsl Rthrn T<4•1 At begknnlng ofthe of resohrttrm: ioJ 24,077 lknapplledtolal rJm 14,467 14,467 Trnrth IrV((Jt) 311 311 750 ltsed and {h)SfS) 1044 3.047 3,047 160 1,415 (160) 1,415 3,407 3,4ry1 3,410 3,410 Unappltedtial retsm•l(d&l to Inccrfne In the rewung p¥knd (599) (1,445) (Ih45) 816 816 At•nd rfthe veprtlng IOm+ 24,on 24.077 16,432 11432 16fi32 3,407 4L913 iom 24.077

The Brftlsh Sthool at Athens Notes tothe Fknandal 5tatemertS For Ihe Year to 5 2024 27. ENDOWMEKf FUNDS-TOTAL REfURI￿ NOTE 2024 (CAMlrnl) Tatsl T•tl io, 575 57536 LIna￿lled totsl 16201 46J40 12,709 70245 io. 19J95 16201 36 12,709 Trnrth lrf(uJt) ureall￿d galns (t(6ses) $553 (193) (7￿> 6,216 4.IlXI 4.IlXI 6216 Inrthne le￿r￿1g pthod (1.738) (i. (4.123) (4,123) 093 perfod io. ts9 io lo￿ 18563 18563 14W2 14,802

The Brltlsh Sthool at Athens Notestothe F5nandal Statements For the Year to 5 Apr512024 27. ENDOWMErif FUNDS-TOTAL REfuRNS NOTE 2024 (Cmdnued) Unwlkd Total Total Total Tolal Atbeglnnkng ofthe repNkng puknd or date of re9Jlutlon: lo,t￿o 10000 12299 124J)87 UnapplledtLtsI rdwn Total 3fj,474 48,773 (6.424) 117.6S3 lo,￿0 12W9 36,474 124m7 (6,424) 1025 urfjeallsed g6 and {ksses) 1374 {174) 9J02 11,180) 11436 {i.I IONII 4316 Unapw total rebxn alo(knJtD (652) (1029) (Im) (2?87) (2,387) 12.074 perfod At end of the ryrtlng pulod: TnJstforlnb*fithVptrman& io,coo io.( 299 124112 1241 82n 38,961 38,961 Tol¥l 112 ￿ 127712

The Brftlsh School at Athen5 Notes to the Flnan¢lal Statements For the Year to S Aprll 2024 27. ENDOWMEpif FUNDS-TryfAL REfuRNS NOTE 2024 (Contlnued) Wllllam• Vund hd Unappll•d UMpWled At begknnlng ofthereporthw wlod or date of re9)luu￿. 18,694 354W4 351￿91 25,742 Unopplted totsl retwn Tolal 327,9n 327,9n 64566 1,246 26,988 146 68,521 354SY 25,742 1.246 Gr(OferthMn￿t Tr•nth Wlout) Investrn￿ retum: dmdth1ts￿d L333 13,& 13280 unTeaW galThs and (ktssts) 5,417 S,417 (68 6,063 S3,962 (6,845) lo￿7 U4 271 2,134 {271) 60￿7 UNpplledtotsl robm alloLat•J io tncome In the repryung (2,625) P,625) 1*8) (31,518) (1012) {1,012) 3,438 3,438 28M9 lJ76 rfod At end of the reportlng p•lod: 18,691 354,594 25.742 25,742 Unapplled totsl Total YJ,265 71,959 356,841 356.841 35Wi 711,435 1622 622 354,$94 28.364

The Brlllsh S¢hool at Athens Notes to the Flnanclal Statements For the Year to S Aprll 2024 27. ENDOWMENf F1Tr4DS-TOTAL REfuAIis MOTE 2024 (C•ntIm￿) Tdal Tthl Totsl Tolal pi tegknnlw ofth• r•p)rth¥ pwknd or lai88 914 914 Umppfthd tolal reiMI Tolal 20W5 153,423 914 3,6TJ Trnnkn W(￿rt) Imesknertretum: dMdvth¥¥l 510 510 In￿S￿ert re￿rn: rnlsèJar•J . wrtall*d ￿1r6 aTrl (IrAsses) ion ion 12,126 12,126 (1￿39) 13,569 363 (46) 2J19 1319 13569 Unoppwtotsl rrtum alocaknlto (5,75¥ (5,753> (In) {In) 7816 7A16 od 3,18B 914 914 Unapplled total rthm 28W51 28,051 '.P5

The Brltlsh Sthaol atAthens Notes to the Flnandal Statements For the Year to 5 Aprfl 2024 12W,6J) 99,6X) 798,893 098,523 l￿a￿lI•d t¢i41 Mbjm Totsl 1,29J,630 798W3 Gf( of ffidfh*￿ert Trnnslers w<￿jt) 1025 (b55es) 165,9)1 i,oH) 185.682 5,901 (21,OH) 187,707 (e2Me) 105,(KrJ rfth• rfp•rtlng pttknd: lJ)L655 i￿5 901,8 i￿￿￿1edtckn1 rebjm iJ)1.655 )1￿7