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￿st*S 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 togett*r 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* tOgett*r w]th the n*1 to athtwe In Its rnemtthp a b*no 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 n*ethw hm r*ced 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 klu*ffied by Prnn￿ l￿d Genernl Purposes Commlttee and Cl￿n￿l through a rlsk we*tu 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 (l*dlk)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 womc*es 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 sclenc*based 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 Gr*k 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 Ik*AI 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 (￿)￿ thraU¥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￿$t the £85237 eamed durfng 2022n3. The clrojmstances behts￿ Ilwe In ￿ra a *nlfic** fina￿141 th facal by lthe Sd￿1 has be￿ Ks exw*ure to c(*s In Euro3 whlle Its maln fundlng from the Brltlsh kndemy Is r&elved In Sterllng. The ￿lI￿j exthange rdte agalrst the Euro Weaken￿ slhJtrthtD rnte of 0.87 ¢knlng Ihe ya)r (2022123: 0.86) whllst our budget was set at 0.85 qé. The School has polldes kn plao for the converskn ol Sterflng Into Eurog Folltymng ts rA1opkn In 2016 rf FRS 101 "PrtytskxL4 fty Po# Empkyfflient B￿efft￿, the acwts contlnue to Indude a ftythe Ilabffty that h)$ 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 (L*westth. Res*Jl¢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$ed i*e of retum Mt less than ￿ IrKrease C(Y6umer Index (CPI) + 3.75%. TNS pollcy was la The IC, at Its (A¥n d&)Etkn. mty dKx6e to adkn ns tiknl rdwn ethff by (a) aPPo￿lrvj a dlscretlonary furn1 manager to mana9e tr* porfdlo on Its behalf. or (b) by ltsdf sdecung Inth¥ldu•l and dlrectty held In%eS1￿ vrt4ch trWl• sati* Its cbJecO%ts. In the lcs ￿*TWY n)le Is to n￿ltOr evaluate the pthmano of ur￿r￿j fund manag*(s), wth the alm of en9Jrlng that Investn￿ rwnakn vlthln the lcs ass& all￿atron r￿uIreM￿4 wd that the Rue Whllst recognldng the value d dl¥kleThls b(th as a source of I￿[1d￿ and an Indlcator of underfylng perfom7ance, the F&GPC requlres that the h￿Stm•* be maro9ed c￿ a total retum bas1& In the PTlor year, Coundl apprth*d prorx* to dwrye the BS4's accowth￿ polldes rela￿￿j to the rwnlth)n of unreallsal galns and h)$￿ 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 d*milnlrwJ the amount of at nots l(e) to these the In KC(WrtlTrJ w4lcy has been adc*tsJ 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 detwn*nul 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 &ld*l the fimd mawema* co< ￿1th we abSO￿d ty the of Jurt ow 1% pa. Th15 woukl the lor*term 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 McGuinr*s5 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¥w*ht 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. i*Jana IlJkr19Jva, t*Jane lkne and aFvlled ats, anthropcqogy, sodal $den(￿, 1*wa￿re aTrJ Ilngulstls Enswes that work ¢onducted by and t1¥￿ the SctrKxl meets the l*Jhe* rthl h*vnaUortsil StsndJ￿& Prof. Da¥ld Ho*on (Ch* 31 Marth 2024), Uz J•Ms (d*lr from l ADrfI 2024), Dr Huw Halstead. Prof. Vloktta HIon1d¢￿. tr Danlel K￿9h( Prof. Gcf#Ja Van &een (frnm l Aprll 2024); Char Co￿dI, Dlrth (ex OIThc￿j, Eryagemart & t*￿ent oifiw (kn atkndan￿). PUBUCATIONS Dr Roger Brock (Chak l NoNvth 2023), Prof. Polty Low (thalr from l Novembw 2024), Prrf. Nlcoletta MtJmlglFano (fmm I WI 2024). ￿ Marla [* Charfotte Tupman. (￿lIr cl aitendano Sk Adam Rld* (a* 31 Mwth 2024), Mr P*rkk ReeR (chalr from l Aprll 20241 Mr. Janes Fuder, Mr Rlthard Heyhoe, Ms 14cota H(th. Mr Manos PapatheoFdTh)us (ft(¥n l Aprll 2024), SlrlAlam Rklley, MsAlexanth3 SNgo, Ms Clyyssarth Vakja (from I W 2024); Chak of Cwidl: Dlrector; Deputy C(xMlucts perlodtc olbk Schod s goVtrnan￿ and ertsures th* the Sthool Ls cwllart wlth I leglslatlon and regulatlons, artd cts requlrurwts plxed (Indudlry those of tro (J Commls4cffi). Pmf. Robln 0stKfM (a*), Prof. C vthga￿ Mr Pabtk Rewe. Prrf. (>aham thakofCcAmdl. H(YK¥Oy TreagJrer (frimn I ￿ 2024), ctre￿ (by fnvRakn). The Brltlsh School at Athffi5 Reference Infomwtlon For the Yearto 5 Aprll 2024 Overslght of the C￿posI￿ (* the Q￿r￿1, thlth the rwirwrent b) ensure that * Is equlpped c￿nCl may then elect membtt Dr AlexaTrlra Vllk¥J (a*), Dr C*herkne tmrcffj [* Huw H*tead. Prof. Katherine Harfoe. Ms Kats Smfth FRIDII>S Fothrs acyvltles, rfects, ￿￿ts In whlth ￿b$albIng Mernbers mty pa￿￿p* and has respon4bNty for all￿3￿0￿$ frcth a r&4ylcted hekl tythe Sthool and d*thl 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%ls*art (In ￿terth￿). Mr Patrlck Retht (a*). Dr Card eel, Mr Gwdkl Cadw (w*Jl 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 Wl*lxead, 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 Mrd*eology 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 Uv*a, 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 w*h to scop< quaw, market and UPtsk< and ts re8)onslble for all l>Jallty As$urnn￿ mattw& Prof. Polly Low, Dr Amy Cocker, Dr Matthew Haysom, Dr Thwd(Tr JIM, Ms Nlna Wal&ice; Dlrartry. Asslstant Dlrector (ex offico). SWDEiifsHIPS Charged by the Commltte85 frx Ardx)bgy and for Sodety. Arts a￿1 LettW5 wlth the allOcatk￿ of Sthrjol fvnts for strJdentshlPS and ortaln r*lrted researth fvThts. Has OV￿ht of the proctss from advertlsem&)t to collecuon and anatysls of stsusllcs on award hlstorles. Prof. Roderkk Beattyi ((Mr), Prof. Amy Wrd, Dr Yanrts Galanakls DrJc6eph Sklnner, D]rthr (e¥ peRSONN ]ses ￿ txrector, Chalr of Coundl and othw senlor Offi￿rS of the sd￿01 of legal r4ulrements and best practke In wnpbymen¢ and ensu￿ that the School comp￿. The Commlttee conducts grfeRn proceedlngs on behalf of the Flnano and Genernl Purposes Comm5tt￿ and Is consUW upon req￿t of the Flnance aNI GwRral Purposes Gxnmtt 17 The British School at Athens Reference Information For the Year to 5 April 2024 A¢¢ountants WMT Chartered kcountsnts 4 Beaconsfield Road St Albans ALI 3RD Audltors WMT Chartered Accountants Statutory Audltors 4 Beacon5field Road St Abans ALI 3RD Bankers The Royal Bank of Scouand pk 62-63 Threadneedle Street LoTrJon EC2R 8LA Investment Advlsors The School does not have Investment advisors. Some of its investments a￿ hdd In own name and others by Killlck & Co, 46 Grosvenor Street, London WIK 3HN as nom1￿. London Office 10 Carlton House Terra￿ LorKlon SWIY SAH Athens Address Souedias 52 10676 Athens Webslte Address vw￿.b5a.oC.u Reglstered Charlty Number 208673 18 The 8rlllsh Sthool at Atl Auditorfs annual report For the Year to 5 Aprll 1024 Oplnlon endeA1 5 Aprll 2024 whlch comfv the Siatanert of Fknandal N£iW the Balan￿ She& the ststemert of Cash and to the fknandal ststern*ts INludlry a summary of slgnllkart acc￿ntIng polhlts. Tr flnarKtal ftamvmyk has been appllul kn thetr weparatlon ts appllcable law and unl￿ kcourtkw Stsrnlarts. INjudts￿ Fknandal Reportlng Standard 102 In ￿r tylnkn. tt* flnandai slatdftvts: glve a and stste rfthe C￿￿$ 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 ￿L*eMert￿ 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￿ Ixop*ty 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 to*thlth 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 rr*tters 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 a*emth Ixk to do s We ha*t>een apwirted as ur#ler sth 144 ofthe Charlleskt 2011 r4￿rt In ac£ordance are free from materfal mls*atemrt 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 m*Aal 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 te*n. 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 staten*rts Indude oynpllano wSthtt* d￿rtable objecu￿$. pul)Mc M)nag￿ert of ptrmlts ( ud and ntr conyllance laws and rtyulallffjs) cry15&10fr. Inqulrfe5 of rnJnag￿n￿t and the Tntstee5 as to wheth¥ the complSes IM and regulathxsi wuSrfes w5th the same conomlng any actual or po￿￿al IIUgath)n or dakns: relevant legal correWnden￿. ofTru*ee meeung Th￿nUteS. testyrvj the apwoprkn (*￿uma1 ertrfes. and the pwforniaKe No Instsnces of materfal nOrK￿pnan￿ V•ve Identmed. HTh¥ever, the tknllhood of detectlng Irregularitles, Ind￿Ing fraud, Is lknked ty the Inheru* dllw In detttung krtyularltles, the perf0M￿j. IThegularftles that rnsult irryn fraud m*lt be Inlw•* more dfficult to detert than IrreJularf¥es that result from As explalnsj thue is an Una￿ddable rfsk that materfal A5 Part of an audlt In a¢¢¢xd•nce wlth (W. ￿ exerdse Jwjwnt and m•lntsln Idath and assess the rfs13 of materlal mlsstatemert of tknandal statem￿, whether due to fraud ar error, d* and pthm athdlt procadures respxth to those ftsks ar#1 ottaln audtt ￿den0 that and apwow* to W0￿de a ba* for our oplnlon. The rlsk ol not detectlng a m)terlal mls#atem•* resuftlThJ from fraud15 hhJt*r for one resultlng fn¥n ror, as fi?￿1 may Invcfve Colu$￿ (uyy, IntenVw￿ 0mlsskn￿ mIsrw￿rtat1lN or the of Intsmal cortJol. Obtstn an Unde￿andIng of kn*ernal 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>)nablw*ss 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 ott*r 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) ReguL*lans 2￿8. (kr has been uThlert*n 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 d*rfty 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￿$￿7)entac(oUrts lo13￿64 (4,614 4,123 (491) 69J24 lo17￿78 251A46 26 The Brltlsh School at Athe Notes tathe Flnanclal Statements Forthe Year to 5 Aprfl 2024 Basls ol pr•p¥*lon olfflnxKlal stst•n The sdh)ol meets the definltton crf a publk bo*lt • under FRS 101 The thandal ￿aternents h been prepared under the hlstorfcal cost cThwentlon as modfied bythe rerfauatlon ofcstsln fixed a55e In accordartt wlth tre stat￿n￿ af Rxunmended Practkn: AC(￿rtkng and RewYTrJ by Charftles preparfng thelr accounts In accrydm ¥Ath the An)￿lJI Stsndard 0￿Cat￿e In the Un5ted Klngdom arnl the Republlc of IrelarKI (FRS 102) (S￿r￿1 Eth)n) and the FlnaKlal R4wJrt*¥J StsThJard appllcable In the Klngdom aThl R￿thIc of Ireland (FRS 102) the Charfiles Act 2011 and UK Gawally I￿pted Prath as It apF* frcffi l 201S. a￿rItIeS (knA￿nts and Rep￿ts} 2(1)8 *￿ty to the ext&)t raJAred to provlde a and falr vieW. Thls departwe ￿ IrNol%*d folkwlng AC￿ntIr￿J aTrJ Rqxjrtts￿ ty CharftlÉs wqmrlng tmr accounts In acconlance vAth the FlnaKlal Rep￿ Stsndard applkable In the Un*ed Klngdom and the Rewbllc of Irdand (FRS 102) (SKorKI E(Itlon) th than Accowrtlrvj and ReportlThJ by ChwFtb8%: The prepardtlon of finanthl slotwne￿ In complIan￿ wth SORP 2015 r￿u￿re$ 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 rncowl*l 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 w*h 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 v*Juld 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 In*sIn￿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 Ewfval*ts Cash and cash equlvalents comprfse cash at bank and In hand and demand depos*s 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 II*IIUes 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 da*y•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￿ bei*w 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￿ Estlm*s 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. Exp*Mlliure 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 theme*pedflc 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 u*J 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 assumF*kns. Thtse awrytEors are based on analysls of ttE sct*me% 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(K*Nry paraTr*uof 7.5, ￿ Initlal Z41dlth)n Cl￿4% pa. and a lorykni Improveffl￿ rats cl 1.8% pa. fty m*s arnl L&Yo p.a. for femaks 2024 2023 Males 65 (￿) Female5 ojrrenty aged 65 (s￿) Males oJrrenUy ag&1 45 (yea￿) Females curr*ty 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 pwffj*nt 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 hw*e 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) tru*ees 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 i*ar 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 s*1 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￿le*S at 5 April 20241 pèyabk when tly leave Sthool. Ths amourt payable Is calthted kn xcordm wfth Gr* legal requlranents a￿1 the Greek n*lcnl 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 ba*fft Pen￿ schem& LSS ts (urr*)ty kn d*it 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 b*no 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) - realL*d 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 AKr 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 CommSs*on 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) (97*1) (6*16) 28L327 S￿7 24￿63 299h21 259,1 A•￿V 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 g*6 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