The British School at Athens r4 BS4 Felkwts arKI knlents hard at work in the ￿brary Financial Statements For the Year Ended 5 April 2025 The British School at Athens Index For the Year to S April 2025 Contents page c￿tents p￿je............................................................................................................................... Trustees annual rwNt................................................................................................................,., Reference information........................................................................-.................................................. 14 Independent auditorfs reporttothe memtwsof The Britith ScFwl at Athens.................................. 19 ststement of Finanoal kbvibes.................................................................................................... Balan￿ Sheet.............,.............................................................................................................. Ststsment of cashf10v￿................................................................................................................ 26 tes to the Financial Ststema)ts................................................................................................. 27 The British School at Athens Trustees Annual Report For the Year to 5 April 2025 Trustees Annual Rewt The Counal presents its report tojether with ts audited finan(ial ststements for the year ended 5 April 2025. finanaal ststements have been prepared in accordance with the accounting policies set out in note I to the financial statements. They aL50 comply with the requirements of the statutes, the Charitie5 Art 2011 and 'AccountirKJ and Rerx)rtiThJ by Chaiiknes.. Ststement of Recommended Prartice applicabk to tharities prepariThJ their accounts in acCOrdar￿ wth the ￿nanCIal Repo￿n9 Standard applicab￿ in ￿ UK and Republic of Ireland. (2nd Edibon, effecbve 2019). The British SctK)ol at Athens {www.bsa.￿.Uk Is a UK re9iStered charity (No. 208673) and is govemed ty ststLrtes which were hst amerbded on 2 February 2024. It comprises ReguLar Members, Subscribing Members and Honorary Members. and emptys staff in Greece and London; it is governed by a Council of Trustees under the terms of the Charities Att 2011 whith has the general duty of proteLting all the hcd's proFerty. The Council consists of ￿ Chair. Homrary Treasurer. reprewtstive of the WtrPresidents, four members elected by the School's Subscribing Members for a +year term, two members electsj by sch￿I,s ReguLar Members for a 2-year terni. and four nominated members elerted by Council for a 4- year tenn. A V￿e-chaIr is elected from its number. Chairs of the Committees ft)r Archaeok)gy, for , Art5, and Letters, and for Finan￿ atKI General PurtM)ses are ex￿ffI00 members of Council. Tnjstees a￿ recruited from all const1￿c￿S represented in ￿￿L￿)1'S activiknes: nominatior￿ for election by Subsuibing and Regular Members may be made by any sud) Members. Vacant k*)Sitions are also adV￿￿sed, and the responses to the advertisements are passed on to Commrttee chairs or, in the case of Council, the Search Committee. The representative of the Vice-PreydentS Is elerted by the Cwnal. In addition to a55e59ng adverbsed recruitmatt, the Search Commthe considers the balan￿ of skills, interests and diversity represented on the CourKil whenever a rominated vaca￿1 arise5. This committ Identifies potential nominees by all appropriate means. arKI puts forward name5 for consideration so as to ensure that the Counol is equipped to exerc￿ critical scnrtiny of all areas of the School's operati(￿. Where the Council perceives the ne& for particular specialist ex[tYien￿ to be represented on the Counul. fc has the Fyjwer to Co-opt up to three further members of the Counol for a term of up to four years. &Jch a co-option must have the ￿pErt￿t of three-qUart￿ of wesent at a meetiNJ of the Counal. New Trustees are currentty ￿ferred to the websrte of the awrity Commission, and a￿ asked to attend Trust& Training knions at the Britisti Academy offered by Chair of Couwl, the Chair of the Governan￿ Committee, arKJ the Deputy Honorary Treasurer. Following an inteNew process, council elects the Chair Honorary Treasurer: apFoints the Director of the School in At￿s, the Assistant Dlrector of the Sthool in Athens, the Dlrector of the ￿tch Laboratorytr the Curator at Knossos, and approves the apwintsment of the Scknl Pdministrator Lothi Administrative Assistant. Counol app)ints a(fvMry Committees fLY ArcNYffj; for ￿. Arts. orKI Letters; aTrJ for Finan and General Purposes, and SLKh fvrthw committ￿ arKI &It￿0Mmittee5 as it shall require. The ajrrent stsnding Committees and SJt(ommittees of Council and thar terms of reference are listed below in Referefi￿ Information (arbj are aVaILab￿ in the &)Vernan￿ section of www. Charge of the School in Greece is de*ated to the Director, who rekK)rts to the Council. Slhe iq the prinopal executive offi￿r and prirKipal accounting offi￿r of the School and represents it in all its relations With the Greek Stste, Greek Entities of FlJblK law. the Greek Archae)Icoical Althorities aThJ any third Pa￿e$ whatsoever. Counal retains the t*)wer to intervene direth in ￿ maTh3gement of the khool in Greece in the case of m1scc￿dULt or other emergaKy. In its pursuit of excellence in researth. leaming. and teathing. Brili5h 5chcd at Athen5 15 committed to fosteriry equalty, divergty, and inclusion, irresr*ctre of age, gender, sexual orientation, pregnancylmatemtylpatemty, re1wJ￿ln or belief, la￿, disalM"lity, marriagelavil partnership, or gender reasswJnmert. The British School at Athens Trustees Annual Report Forthe Yearto 5 April 2025 In recruiting members of its governiNJ Counal, this ￿)I￿V statement. tc¥Jether wlth a statement of the Council'5 need for a balance of sknlEs, exper1eft￿. arKI knowthge appropriate to fulfilling effectively the range of its respongbilities a5 articukted in the ststut￿, is arculated annualty to Subsuibing and to Regular Members in the (Bll for rwinatiorLs for candhdates to be elected frc4n these iwo groups respectivety, aThJ to the Search Committee in their consideration of persons from whom they are tasked wlth maknng a nominatKJn of a caThJidate to be dected by the cou￿11. These documents are similarty taken into consideration by the Counal in seknting the munber5hip of appointM￿ts panels whose membwship it determine5. Atthe annual review of Commrttee membwthip. Committee Chairs are reminded of the pohcy statement together with the need to achieve in its membership a balance of skn"Ils, experie1￿. and knowledge atvropriate to fijlfilling effectsvety their rw've temis of referen￿. The cthernar￿ Committee reviews dNersity arKI indusrveness in Council and Committee membership each year. Its CorKI￿lOnS are repJrted to the Cwniil, which considers h)w effectively policy is being The ScPts)l is aware of the sKJnificance of the dimate emergency and its Ccmjrril regularty reviews the School's environmentsl pjlicies and practs'c&5. ZcKfym meetings have replaced many in kwson meets.ngs and the Athens premises have been the subjert of an environmentsl effiaency review and work has begun on irnplementing this. The major risk5 to whith ￿ School is extA)sed are identifiaj by the fiftar￿ and General Pvrp05es Committee and C￿n01 through a risk register that s reguLarty mFewed arKI updated. Systems and prc(edures have been established to manage those risks. five rF￿t significant current risks are: Reduction in financial supFM)rt from UK govemment (likelih)od: medium; impatt: medium), monitored by Director. Chairman. a￿$ Deputy Honorary Treasurer and mitigated by deveknpwEnt of *ategK plarts orKI a fundraigrvj campatrjn. Increased costs in relation to (ross4N)rder prLxurement arkj ernpWrEnt of non-EU nationals due to Brexit (likelih(M)d: high: impart: medium), monthred by DireLtor, A55t5tant Dirertor, Deputy Honorary Treasurer orKI staff.. mitigatej by taking legal advice, alfvan￿ planning and seeking alternative suppbers within the EU. nancial risk arising from Euro to &erling excharoe rate m0Ven￿ (likelihood.. high; impart rnedium) monitor￿1 by the Deputy Honorary Trea￿rer and rn￿gated by the ongoing onvergon of Sterling furKling rec&bts into Euros and th￿r transfer to Athen5 to ujver Eur denominated costs. Terrorist attack l awl unrest (likelihwj". kwi: impart: medium), monitor&J by DIr￿r and mitigated by regular advfft from the ￿ Embassy in Athens. Per9)nnd. ind[￿￿ng the V￿gnation of W members ofstsff (likelilK)cKI: low. impact: M￿lum), monitored by tArector, Chairman, and ￿nan￿ and Ge￿81 PurFM)ses Committee, mitigated by reguLar communication wrth stsff arn1 irKwsng attentkm paid to trainirrfj new members of staff in a ￿ariety of key roles. ObJe¢tlves and Artlvitles The prinopal aim of the Sch)ol, as defined in its Ststutes is to promote the study of Greece in all its asl￿ts. Specifically,, it facilitstes and pr¢Jmotes research into anthro￿(0Y, archaeokgy, archaeometry, architecture. art, environment, gwrdphy. history. language, literature, phi109)phyi re1￿x)n, and topography pwtsining to Greek kirbts in all periThJs indLMlirKJ nK*Jem times. The British School at Athens Trustee5 Annual Report For the Year to 5 April 2025 In addition, as required by Greek Law, the Schcd ads as the X)￿ admIn￿tratiVe and applying body for the issue of permits by the Greek arthaeobjical authoribes for excavation, fiekl survey and study of aterial by British institutions. It also offer5 faolibes to memtxrs of universthes, museums, and other bodies, and to iL)na fide indwdent writers a￿1 resear(hers. especialty those in British Isles, the Commonwealth, Greece and countries of the European UnK)rb. It maintsins ts Athens premises, which indude a Hostel, Library, Archive, Museum arKI the Marc a￿1 Ismene Fttch Labordtory for Science-Based Archaeolojy. It is rwinsibk to Greek arthaeDlogKal authorities for cperation of the StratigraphKal Museum at Knossos and maintsins premises at KTh)59)s incjuding a H05tel (the Tavema) and ￿brary The School'5 main artiwties undertaken in furtheran￿ of these obiecbves consist of: research, teaching for undergraduates. [￿tgradUate5 arKI xhootteathers. provision of research facilities for individual scholars (notsbty Library, Archive, fftch Laboratory Knossos Research Centre) and assisting with applications for perniits for study. The School also provrtles felh)wships. bursaiie5 and stuilentships to promote re5earth links ttheen the UK and Greece, as well as organising a serles of academic and outrea(h events that proThKJte the research actM"b"es of rts Staff, award hoklers and others active in research on Greece. The School undertakes a prc*Jramme of Knowleijge Exchange with a range of stakeholders in Greece and the UK. Over the next two years the Cwncil plans to d￿ekI) the thibes of the Sch))l in furtherar￿e of its objecbves. as follows: develop the Knossos Researth centre aThl rebuikl the stratigraph￿ museum in light of the successful fvrKlrai5ing campaKJn faolitate up to %x fieldwoTk proJ&￿ts annually {three in tollaborakn.on with the Greek Ministry of Culture and SkK>rtI, induding Prr￿1ng permit requests ftir those proietts devekjp a new caprtal fuThl ratsing campawn for tl* redevelopment of Athens ￿eMiseS and in 'cular. the Frtch LabL¥atory through the Fitch Laboratory carry out research on various to￿ related to scIe￿￿baSed 5UPPOrt three 3-year externally funded ￿5t￿L￿1 research fellowships arld to award annually an Earty Career and a Vlstknng Felbwship award annually [￿￿tgr￿u* for ￿lrI￿ oftin award annualty up to three 'Centenarf bursaries to sUPP￿t pericés of research in the UK by Greek or Cypriot rese3rctrErs award annualty two bursaries to p)stgraduates to conduct research in the Fitch Laboratory publish annualty tMo j¢wrnals (Aonual of the 8S4 arKI ArchaeologralRewrts. ￿ latter cr published y￿th the Scoety for the Promotton of Hel￿nIC Studies) continue (kn Online in colkaborntion the French SclKKsI at At1￿5 publish annually up to three volumes in total a(ross the ￿hc￿ s thr* publication series: BS4 quity encourage and supwrt the publKation of research by the khool's research-active stsff and award-holders, and by those resear(hefS whose work the SchcKsl has faolitated foojs on the devek)pment of the school's digitsl humanities agenda maknng BS4 research mat￿la1 widety accwb condutt approximatety 3.5tKI themKal (W￿xRF) or petrdogtsl anatyses annualty in the Fitch LatM)rat increase its devthpment (ampawjns and grow its indusive acbvitEs As part of this pk3n, the *hool will provKJe researth 5UPWJrt for UK-bas& prtr a￿1 post-dc(ioTrl and ILxal researd*rs, by: maintsining library faolities, induding the annual acqui￿tion of up to 800 morngraph5 and 450 journal i55ues processing annualty up to 2￿ Fermts for archaeokyJical fieldwc#* and study and publKation of arthaeokxjical and archival ma￿la15 enhanang access to relevant research colections by dwjttal The British School at Athens Trustees Annual Report Forthe Yearto 5 April 2025 It will also engage wrth a broad public in the UK, Greece and world￿de ￿. Organi￿ng or hosting 4(k50 events (conferen￿, wotkshops, lectsjres, seminars) in Athens, Thessaloniki, C￿te, and the UK making the rnajortty of these events availa1￿e free-of-charge live via the internet and after the fart in a dHJitsl archive artively maintsining a website (wv￿.bS3.3c.￿kI to deliver infonnation about all aspects of the BS4 and maintsining a ￿l31-med￿ kye5e￿e by means of Facebool ￿Ue5kY, Instagram and nkedln Ttte School delivers a pr(*Jramme of courses aimed atr. professionals and Frf)Stgraduate St￿lents (Cour￿ in CeramK Petrolc4Jy. Anc￿nt Glass, Communicating archaedc*Jy) p￿r3dLIate students (courses in EpNJraphy. Numismatics, Linear B and Mycenaean Greek, Prehistoric, Greek and Roman pottery) undwgraduate students (Summer Course on the Itthaeolcgy and Tcwraphy of Greece, I week course on the archaeok4Jy of Athers) school teachers {annual course on a t(¥xc linked to relevant UK sylkibu5, plus ts¥o annual Feliowships and annual c¢)urse ft)T &eek sd￿￿1 teachers) Criteiia used to measure athievement In 2024125 achievement against aims continued to l￿ measured through rigorous rep￿)￿ng to the relevant Committees and Sut￿Mmittees ar)d, through them. by Counal. In qualitative temis, research awards were judged against the staThJards appropriate to fvnding by a VK research t(*Jy (AHRC, Oxbridge Junror Researth Felk)wships). In addition to this governar￿ struciure. aCh￿ements agalnst our aims a￿ rneasu￿ against a series of KPts, ￿nked to a set of 10 deliveral￿eS and agreed with Counal, os folkJ￿.. Enabling and facilitsting UK based research in C￿e Leveraging research funds through facililated Generating research fvnds for BSA projects [Ive￿fyi￿g researth across Humanibes, k(ial Sciences and kience with a focus on key current issues affecting the region with potential impact for Oicy-maknrwJ Enabling cOlLaborat￿r￿. with hxal Greek organisations (univwsties. research institutes, museums, foundations),. with the 18 Ots fcffeign schwls and institutes {Athens l Knossos) to undertake I disseminate research (Ath￿5 l KTr)s9￿). and with other BIRI institutes, especially in neighbouring countries (BSR I BIA4 1 CBRL) (Athens I region l Eastern Mediterranean) a￿1 with UK UniveA'ties and research institutes Sharing know-how, eXpe￿Se and contacts for benefit of IprimariFy) UK-based researche Enabling, solictti"ng, preparing for publicats.orb and disseminats'ng high￿￿alIty research OLltixits Enhancing current knowkdge excharoe to the broth academic aTrJ general public worfdwide Delivering hands-on short courEs for undergraduates, postgraduates and professionals {Athens / Knosg)s) 10. FollowiNJ a DeveWw)t F*c#Jramme aim&J at ￿eratiry additional fvnds to repla￿ / augment Academy fundirKJ (Athens / KTh)5505 I l(￿lOn). The British School at Athens Trustees Annual Report For the Yeai to 5 April 2025 Key Perforniance Indlcator Matrlx 1.1 Publications by 7, 8 staffandaward No. of boo￿ {B} or article5, etc. (A) 15A 24A Imin.) 1.2 Publications by 1, 7, 8 indivKluals/ pmi&tstrHitated by BS4 1.3 Publicatiors by BSA as organisation No. of t￿kS (B) or artic￿5. etc. (A) 76A 83A 20A (min.) No. of trfJ)ks {B) or journals {J) prcNJLKed in- and in publiGition series No. of British A&idemy sections addressal (total = 18 + 3 interdisaplinary) No. of elwJible mrtths of 42 SUPFQrted po*dc(toral (Gre￿e) research 9 (UK) 2 print J l on-li J4B. 2printJ l on-line J 2printJl on-11￿j 2 B. (min.) 1.4 Breadth of rewrch acbMty 12 7 (min.) 1.5 SuprKJrtfor t￿npet￿ve postdcLtoral 32 (Gr￿Ce} 6 (UK) (Grea?) 7 (UK) 2.1 Number of researthers using faciliknes No. of resea UK: 150 UK: 424 Non-UK: 350 An￿￿1 313 2.2 Encreasa use of faalitie5 IrKTeas&1 ￿PanCY rate5 in Athens l KN 53% (Ath) NIA (Kn} Annual (Ah) WA 3.1 Research tdlatM)rations (UK 1.5.6 No. of ffjllalxxatb)ns 35 30 3.2 Research collatrKsrations (OS 1,5,6 65 74 3.3 Events No. of research ev&ts 55 57 The British School at Athens Trustees Annual Report For the Year to 5 April 2025 rOLrrpuT Dellverable 3.4 Public engagewt ScKkil media, web statistics FB.. 11,653 FB.. 12,311 Ir6ts: 2tr35 Insts:3,364 X (Tw): x (rwl: Annual Web.. 7C YwTLth: ng) YOUTU￿.. 3,1 No. of collaborati(￿% Engagement with other BIRIS 4.1 Support for rthaeologic al ffieldwot* Maitrtain max. no. fieldwork projects facilitated (wa tffinit) by BS4 No. of anatyse5 IWD.XRF 4.t83 + ￿roMiC thin-sectty)ns) (trrtd) 6pA. 4.2 Supwrt for science- based archaeol 4.3 Target8 tralnlng for UK PG +PD l.qJ7 (totsl) min. Ratio applicants to pla￿5 7 availab￿ across all ath.calx￿S apF4icattffis p￿￿. + courses ra￿e ratio toG2 Detaib of grant making poli Evaluation of applicatiorts to carry out research in Greece falls wrthin the remit of the Committees for Archaeology and for S(￿lety, Arts and Letters, advised by the Direttor; applications for research in the Frtch Laboratory are adjudi(ated by the Frtch Laboratory SuLKommrttee, and the adwce of the area suiKommittees (Crete. Sparta and Lakonia, Lefkandi) ￿ soughton ap￿IcatiOnS in their resp￿tiVe regions (selection decisions may oc(3sionalty be dekgated to them). The 5chwl awards small arr￿Unts from restricted funds primarity to assist with arChae￿(￿ICal research; Ihese awards are decided by the C￿mIltee for ￿t￿O￿￿y. Appointments to research awards are dele9ated to apwintment committees (x)n5tituted with referen to the scope of the award arKJ its benthmarking against other national schemes (AHRC, JRF, etc.). Re5p)nsibility for monitoring the uptske of awards and ￿ equal ¢)pportrJnibes issues are distharged through the same mechanism. The StL*Jentships Subcommittee awards the ts¥o one-year School studentships and this Subcommittee akn makes small researth awards from restricted ful￿$ to indivhluats. The British school at Athens Trustees Annual Report For the Year to 5 April 2025 Achievements and perf0m￿nCe Activities condurted, and awards made, during 202+25 in fvrtherance of the School's objectives are set out concisety below. A fuller, illustrated account appears in the BS4 Newsletter which is circulated in Spriro and Autumn to subsuibers arKI is also avaikble for downknd from our website Main achievements indude: New Heèj of Development started work (January 2025 1 FfE) Archive assistant to w(M* on the Hood ArchNe {Feb 2025) for one year. Continued delivery of exterb*ve prcYJramme of in per9)n a￿1 ￿rtUal events {both academ￿ and public engagement) Began three new collaborative projects (eXt￿lty funded) wrth the Ashmolean, University of Newcastie and Academy of Athens & Ephorea of Antiqu￿&$ of of Athens ContinueMI delivery of archNal materials via our website (https:Ildigital.bsa.ac.uV), accompanied by regular bbjs (Fitth.. ArchNe: Library): Publication of 3 new volumes in RC￿t￿ge series'BSA Modwn Greek & Byzantine st￿leS,. and I new volume in SUP￿ Vol Series. 2 more volumes in th￿￿ serie5 are well advanced. s￿nIfiCant prOfi￿￿als¥ng. through research prc#3ramme and extensve dissemination, colkboratNe events with the Briknsh Embassy, knowledge eXthar￿ events and its regular prcmjramme of fellowships. siudentships and events Continued enhancement of t)evebpment prryJramme as part of sch￿I,s routine cwatw)n, makn"rKJ effective use of digital delivery to reach greater, more dNerse audience The School provided reseaych SUPF(rt for a total of over 770 FrfJ*4cthral knal res&irchers, maintaining its Ibrary fa(ilibes, im1￿11n9 the ￿quISi￿on of 750 morwraphs arKI 406 joumal prepared project ￿rnIts for 7 major stLKty seasons, 5 field projects arKJ 279 for indiwdual fieldworK research arKI publKatTh pe￿issIOns. The khrK)l engaged with a broad public in the UK. GreKe arKI work1￿"de by: organising or hostir¥J 66 events in totsl (lecbjres, worksws. seminars, outreach events) makiThJ many of these research events available Iwe via the intemet and r&ording the majority for our ￿￿e0 Archive (https:IlWww.bsa.ac.uVvide￿archlVeI) improving and active￿ maintsiniThJ a websts (www.b5a.ac.ukl to delNer infr)mation about all aspects of the BSA, including the dissemination of digital materia& (https.'/ldiBltal.bsa.ac.uk/) maintaining an actNe xKial-m&Jia presence by means of Faceknk, Twitter. Instagram and "nkedln continuing tts furnIan￿t31 Teaching w¢Nk: it ran 2 ￿ courses. 5 FG courses and two teachers courses (online, Or￿ in (keek & one in English) The British School ai Athens Trustees Annual Report For the Year to 5 April 2025 Flnanclal Revlew The finanaal review that folknvs shwld be read in con]unctic￿ with the financlal statements on pages 23 to 69. The Schcd's activities, thown under"Totrl ￿nd5- in the Ststement of finanaal Activitles, generated a Net Movement in Funds amounting to a deficit of £116,824 (after investment gains of £91,721) comparoj with a surplus of £120,401 in 2023124 (after inv&tment gains of £290,260). In the current year the BSA r￿rded realised ar)d unrealised gains of £90.936 and £785 resF*rtNely compared with realised and unrealised gair6 of £nil and £2￿.260 rwectively in 2023124. These items arise on the revaluation of the BSA'S finanoal inveslrnent FQrtfolio (£61,936) atml of its investment property (£30.(￿). The Briknsh Academy is the ￿h0OrS main of fundirg: during the year it £1,036,474 12023124.. £965.267) of the totsl income of the of £1,701,514. The School s invethent portfolio yiekled total income of £107,995 in the year to S April 2025 {2023124: £108,095). The khwl's investment and related acCc￿ntir￿j poliC￿S are in the report on Investment Policy and Retums bebw. In recent years a signfficant financk?I risk faced by the Solool has been its exposure to costs in Euros while its rnain fvrKling from the Brrtish Academy is r￿1Ved in Stertirvj. The Steding exchange rate again51 the Euro strengthened to an average rate of 0.84 VÉ during the year12023124.. 0.87) whilst our budget was set at 0.85 UÉ. The Schcol has py)licies in P[￿ for the conversion of Sterling into Euros and the transfer of Euros from LOndr￿ to Athens in Order to manage forex exp05ures. Under FRS 102,.Pro￿s￿nS for Post Empbffllent Per￿. ￿ pri¢x year accounts indud8J a provision of £52,760 for the liabilty that had been recognised respett to the defiat in the USS pension plan and the related recovery pk3n. As more fulty explained in note 6 below, the USS'S 2023 valuation irKlicate5 that the *heme has now moved into tethnical SJ￿U5. Consequentty the School has released the provision in fvll at the year end. Our Unrestricted FuThJs Carried FoThYard at ￿ end of the year were £524,370 (2023124: £432,271). Total funds (UnrestrTrted, Restricted arKI EThkn¥ment) st((*J at £6.455,461 at the year-end (2023124: £6,583,435). Of thi5. Re5trirted Fund5 Stofyd at £3.745.211 and Endowment ￿Jnd5 at £2,185,880. The School monitors its current and expectaj cashflows carefully to ensure continued liquidty and fts licy is to en9Jre that unrestrKted reserves are maintsined at a ￿ of at feast three months. charitable expenditure. At year end, unrestn.ctsl R&erves are ￿Ighty beb)w this level but the TNstees are confident of the BSA'S continu￿￿ ats'ltty to meet ts obligations as they fall due. Restrirted income i￿ludeS grants for speofic research and other propcts and investment income frorn Restrirted Funds. The movements in Restritted Furmls are di￿105ed in note 17. E￿loWMent income includes donations and ￿aCleS and investment income from Endowment Funds and as descri￿ in more detail in the Investrnent Pdiry and Returns secbon beknw, the amcmjnt of expendtiure which may be charged to these Funds is determined by reference to the SchcM)I's totsl return policy for investment management. The movements in Er¥Jowment Funds are dithsed in note 18. io The British School at Athens Trustees Annual Report Forthe Year to 5 April 2025 Investment Policy and ReturrLs The objectives of the Investment Committee {IC) are to manage the BSA'S Reserve FurKls. within F(Jlic guidelines set from to time by the F&GPC, in order to generate a long-tem annualise(I rate of retum r￿t less than the increase in the Corsumer pri￿ lThlex (CPI) + 3.75%. This was last reviewed in October 2020 and 15 summarsed below. The IC. at its own dI￿re￿n. may C￿)0$e to athieve its totsl retum obkxtNes kn by (a) apwintirrfj a discretionary fund manager to manage the KM)rtfolio on its behalf. or (b) by it*lf selecling individual funds and diredy held investments which together satisfy its C￿jeCtiVes. In eit￿ cA5e. the Ic's primary role is to monltor rKI evaluate the performance of the undthiThJ fvnd managerfs), with the aim of ensuring that investrnents remain Mthin the Ic's asset alkKation requirements, aThJ that the ReseNe FurKls have a strong Chan￿ of achieving their long-term retum tsrget. During the year arKI consistent with the evolulion of its strategy, the Ics aFwoach charw from selectson and holding of individual fund5 to the appointment of a disLTets"onary furKI manager. WIM (f0m￿rIY Waverton Investment Management timited) was appointed as the sth￿r5 investrnent thser with effert from August 2024. Whilst recognising the value of dimde￿￿ as a source of IKiuKlty and an I￿lICatOr of urthdying performance, the F&GPC requires that the investment t￿roh0 be manapj on a total return bags. The BSA'S accountiThJ ￿laeS relatir¥J to the recDJnitK)n of unrealised gains arKI losses ari%ng on its Pem)anent Endowment Funds comply with The ￿aritIeS (Total Rctum) Regulatws 2013 (the-Regulation5"), issued by the Charty Commission. These set out the prccedure to be followed by Charibes which use the totsl return pproach in managing tha"r investment K￿rt[ollO aThl which apply the same approach for the purpose of determining the amount of income accrued caixtal gain available to Endowment Funds for year-on-year s{￿dIr￿J. The accountirffj policy reflects consideration of the follwng: . The value of the PenY¥anent Ethment FU￿1$ at the effective date of the adoption of the rEw rK)licy and at eoth 5ub54uent balance sheet date has been determined by the market value of the assets held within those Funds as shown by the re￿ant audited finanaal ststements. The amount of unapplied totsl retum refkcts tra[￿actionS (irKcrfne, expense, accru&J gains and k)sses) on the Funds. The alkKatI(￿ of the unapplied total retum tetween the trust for application a￿1 the trust for investment for the ajrrent year is determined by referen￿ to the BS4's expectstion of the bng-term 9JStainable amount teing 3.75% of the thr￿year average value of the endowment. This is based on adwce provided to Countil by Mr Patrick Reeve (Chaimian of the F&GPC and former IC ChaIm￿n) as follows: given current dividend of the underlying investment portfolio of around 1.5%, the spending target of 3.75%4voukl imply a drawir#J from caprtal of 2.25VD of the portfolio volue. To this shoukl be added the fiJThl mana9ement costs, which are a￿rted by the endowment, of just over 1% pa. This would tske the lorrfj-temi total retum that needed to te generated by the undertying investments within the eThJowment ￿￿tfoliO to a litde over 4.75% pa. This is considered to be likely to be sustoinable over Wer tem, gtven: la) the long-term totsl retum objective of 3.75% + CPI stated. at¥)ve. and (b) the hing-terni UK equty real returns (i.e. before infiation) over 10, 50 and 123 year5 of 4.7%, 4.9% aThl 4.wo respecbvety {￿urce. 8arclays}. To these rettjrns should be added inflation. which between 1960 and 2021 averag&J 5.186 pa (source.. WorldDats). No all￿tion of any part of the Pem)anent En(lornt to the t￿￿ for applIcat￿)n has been made under the powers provided by Regulation 4 of the Regulations. During the current year, the BS4's investment income decTeased sh'ghty from £108,905 to £107,995 and the investment portfolio yidded realised and unrealised investsnent gains of £61,719 {2023124: £280,260) li The British Sthool at Athens Trustees Annual Report For the Year to S April 2025 Fundralslng The BS4 appoirt&J a new Head of c￿e1C￿ent in January 2025. BS4'5 Devek)pment Crynmtiee advises and guides the Counal on fundraising activity, ar￿ assists the Governance Committee in ensuring that it is conducted in Complian￿ with relevant UK legt51ation, regulat*)r￿, and recommended goc*J prattl￿. Development acbvty has tsvo main purposes. The first is to maximise the number of people engaging with the BS4. It achieves this by thertising its events Wid￿ on the internet and through social media. as well as distributing a newsletter tw.ce year￿. &'n￿ the orLset of the pandemic, muth of our attivity is now delivered both in person and online, increayng con9derably the numbers patticipating in our events. All those who engage with are encouraged to join ¢JJr mailing list, whith is managed through a CRM database system. Infomied consent is always scwght, and all communications carry the option to te removed from list. The second is thrO￿h specific fu￿1rai￿ng ￿tiviti￿. Our annual subscription has four tiers - £50, £200, £500 and £IOOI p.a. - eath ber ti&Y to a recognisd de5CriPtor (Friend; Pendlebury Orcle; Winrfred Lamb Grde and C*rertorfs Orde). in additi)n, there is a sbjdent subscription. Until December 2023. all Frien(J-tier funds fbwed into a FrieThJs Fund administered by the Fn"ends Committee which reFQrts to Cwncil. fr￿n January 2024 frcrfn amual is credited b) the BS4'5 unresjicted aThJ income from Friends events ts credited to the Friends Fund. At supportw events. we ask for, but do not require, a small donation, Whi￿ we (msionalty make an appeal to meet s￿ifiC needs, such as for additional finan(ial assistsnce when the pandemic reduced our income from accommodation and courses. Finalty, we approath iTrJividuals. trusts and foundations for larger donations in relation to speofic proj￿, as our recent campaign to raise fiJThJs to redevdop the Knossos Research Centre. These approaches are researched and In￿ated by the Development Offi￿r on the basis of pUb￿cty availatle Info￿atiOn or intrcrfluttic￿s but are carried out by senior Office￿ of the BS4. To date there have no complaints at(Jut our fundraiyng actiffts. Publlc Benefft The Trustees have complied with the duty in ￿tIOn 17 of the Charities Art 2011 to have due regard to the public benefit guidan￿ puNished by the Charity Commission. The Trustees draw attention to the memtership serNices detaikd on www.bsa.ac.uk {prowson of ￿cOMm(￿lati0n, teaching, permit applications, academ￿ guidance and research faolrtie5). to the prowwjn of grants and scholarships, and trj the range of Library Ser￿￿. academic kclures. aTrJ e-re￿Ur￿ &Y0v￿d fr* of charge (the last ah The BS4 offers a seiies of awards. studentships, and felh)wships to support research of all types and at all stages of academK careers. Des(riptions.4)f each award, and whether it is ajrrentiy open, can be found at wwH.bsa.ac.uk. Calls for applications are po*ed on the website as deadlines approach. The following stst￿ent which shoukj be read in conjurKtion with the aL￿thr5, 5tsternent of auditors, resF#)nsibilities, is made for the of cLarifying the reS￿}ve rw)onsibilrknes of the trustees and the auditors in ￿ preparation of the finanoal ststements. The charlty's trustees are reSpO￿b]e for prepariNJ the Annual Report and finanoal ststements in accordance with applicab￿ law and United ￿ngdoM accounbng stsndards (United Kingdom Generally AC￿pted Accounting practi￿). Charity law requireg the trustees to prepare financial staten*nts for each financial year whith give a t￿ and fair view of the state of affairs of the charity aThJ of the irKoming resource5 and application of resources of the d)anty for that FericKJ. In preparing t￿ finanaal statements. the trustees are required to.. a) select 9Jitable accountiThJ wli(ies and ath thwn C￿￿Sten￿. b) ctserve the methods and principles in the (Jaribes 9)RP; 12 The British School at Athens Trustees Annual Report For the Year to 5 April 2025 cl make judgments and accounting estimates that are reaSona￿e and prudent; d) state whether applicabk accounting stsndard5 have Ixen ftAk)wed. subject to any materlal departures dixk)sed and explained in financial statements; and e) prepare the finanaal statements on the goiThJ con￿rn bass unkss it is inappropiiate to r*wme that the charity will cc￿tinue in opWat￿. The trustee5 are respon%ble for keeping sufficient accountirKJ records that disdose with rea￿nable accuracy at any time the finarrial posrtion of the charty and enable them to ensure that the financial statements compty with the Charibes Art 2011, The Chaiity {Accounts and Reports) Regutations 2008 and the provisi0r￿ of the twst deed. They are also respowble for safeguarding the assets of the charity and herKe for tskn'ng rea9)nable steps for the PreVen￿n aTrJ detects)n of fraud and other irregularities. The trustees confirm that so far as they are aware, t￿ is no relevant audrt information of which the charit15 auditors are unaware. They have tsken all the steps that ty ought to have taken as trustees in order to rroke themsefves aware of any relevant audrf( inf0m￿tIOn and to establish that the charity's audttors are aware of that infom)ation. By Order of the Coun¢il and Signed on Its behalf by Prof. Sir Roderid( Beaton 13 The British School at Athens Reference Information Forthe Yearto 5 April 2025 Further details of the School's fvture plans are set out in the BSA StrategK Plan 2024-2030 and Strategic Flan for Research (2026-2030). which may be consulted on Counal Professor Sir Ri)derKk Beaton (Chair) Professor Rolin Osborne (Vicfrchair) Dr Daniel Stewart {Chair of the Commiitee for Artha&*oy) Professor Liz James (Chair of the Committee for &xW, Arts and Letters until 21 November 2024) Professor DavKI Holton (Chair of the Commttt* for S(K]"ety, Arts and Letters from 21 November 2024) Mr Patrick Reeve (H(XK)rary Treasurer & thair of the ￿nance aThJ General PurKM)ses Committ￿) Profe59)r Malcolm Schofiekj IvictrPre5idential Representstive) Dr Nicda Bannister (from l April 2025) Dr Lyndsay C Dr Lesley Fitton {unts"131 March 2025) Ms Mar￿lIa Giobbe (unb"131 Mar(h 2025) Ms Sarah Green Professor Violetta Hionidou Dr Edward Jones {from l April 2025) Dr Colin Macdonald {until 31 March 2025) Dr Victoria McGuinness Dr Tulsi Parikh Mr Nicholas Service Dr Andre￿ Shapland (from l April 2025) Ms Kate Smith HM Ambassador to the Hellenic Republic Professor Sir John Boardman, MA, FS4 t Mr Gerdkl Cadogan, MA, FSA Profe550r G￿niS Jones, B5c, MPhil, PhD. FBA Ms Natslie Haynes Mrs Victoria Hislop Mr Anastssos P. Leventis, W MBA CBE, OFR Sir Mich￿1 Uewdtyn-smith, KCVO, CMG. DPhil Professor Catherine Morgan. OBE, FBA Sir Adam Ridley (fr￿ l April 2025) Professor Lord Renfrew, M& PhD, FW FS4 t Professor Mala)Im khofield, F&4 Professor Rthard A. Tomlin50n, MA. FSA Professor Peter M. Warren, MA, F&K FSA Dr Malcolm H. Wiener, FSA Dr Chades K. Williams Il. FS4 Dirertor Profesw Rebecca Sweetsnan FSA Deputy Honorary Treawrer Mr Huw Smith 14 The British School at Athen5 Reference Information For the Year to S April 2025 Standlng Committees and Subcommlttees of Counctl {Tern￿ of Reference and rnembership 2024-25) ARCHAEOLOGY Oversight of all archaeok)gical activity in Greece conducted under Sch￿1 Ftrmits andlor using School mater(al aTrJ c0llecb0r￿, from rK)int of in￿"al propctsal to pUblica￿n and yjbsequent deposition of project archives. Ensures that the 5chwl 15 able to fuffil rts requirement of accountability to the Hellenic Republic, that the School's fiddwork meets the highest nab'onal intemakn.onal stsndards. Dr Daniel Stewart {Chair), Prof. ArKJrew Pkvan. Prof. Amy B￿ard. Dr Jana Mokrisova, Cr Jane Rempel, Dr Ania Slawisch. Chair of Counal, tA"rector (e¥ off￿0). soaEfY, ARTS. AND LErrERS Cker5*Jht of all non-archaeolcrfJi(al projects co￿l￿ted in wwe or the Schcx)I, i.e. inter alia, fine and applied arts, anthrop)k)gy, ￿Cial sctences, history, l((erature and linguistics. Ensure5 that work condurted by and through the Sthool meets the higr￿￿ national and intemakn.onal standards. Prof. knz James (Chair until 21 November 2024), Prof. Davtd Holton (Chair from 21 November 2024), Dr ana GiannakotKfyulou (from l April 2025), Dr Huw Halstead, Prof. Vi(Aetta H￿n1dOu, PK¢. LEjar￿ (frc 21 2024), Dr Danid Kn￿h( MKhahs (frcffi I ￿11 2025), Prof. Gonda Van Steen . Chair of Counal, Director {e¥ offioo). Ftyblic Er4Jagement & Cevelopment Offiw (in attendance). PUBLICATIONS & RESEARai DISSEMINATION COMMrrrEE ersvjht of all of the 5choofs publications, from the p)int of approval of prokwls to sale5 aThJ marketiThJ. Prof. pol￿ Low [￿al[}, Prof. Nicoktta Momigliano , Dr Maria Stsmatopoulou. Dr Hannah Patn"ck. Chair of Counal, Director, Treasurer. Chairs of the Committee for Archaeobgy Soo"ety, Arts, and Letters, UK Editor of the Annual Managing Edrtor of in-house publicatrons,. Nominated representative of CUP lin atreNtsn￿). FINANCE AND GENERAL PURPOSES Responsibilty for management of the ￿h0Or5 actiwties aNI finanoal a￿1 other assets. oversight of the )I's accounts. eststes. afKI personnel matters. Mr Patri(k Reeve (thair), Mr. )ame5 F￿, Mr Ri(thard Heytr, Ms Nicoha Horton, Mr Mar￿S Papatheofanous. Sr Adam R￿1￿vI Ms Ajexandra &)rgo; Chair of Counc71, Llrector, Dewty Honcwary Treasurer (ey offioo). thair of the Invesknent Suts(ommittee (ex 0tThc￿). GOVERfiANCE Condu(ts perirmjic reviews of the sch(￿,5 governan￿ and er￿ureS that the is compliant with UK legislation and regulations. aThl other requirements pLaced upx)n it {inchJdirKJ those of the Charity Commisson). Prof. Robin Osbome (Chair), Prof. C. Moryan. Mr PatrKk Rev￿, Prof. Graham Shipley. Cthair of Council, Deputy Honorary Treasurer, Director. 15 The British School at Athen5 Reference Information Forthe Yearto 5 April 2025 SEARCH Oversight of the compw)stion of the Council, wtth the specffic requirement to ensure that it 15 equipt%d to exerose critral scruknny of all areas of the SchLX)I's operations. Presents nominations from which the Council may then elect memt￿& Dr ￿exandra Villing (Chair), Dr catheri￿ LhYcO￿ ttr Huw Halstead, Prof. Katherine Hark)e, Ms Kate Smith. FRIEt4DS Fosters artiv￿e5. projects. aThl events in whKh subxri￿￿J Members may participate and has rest*)nsibifty for allocations from a restiicbj fij￿1 held by Sch(x)l and de5ignateJ the'FrierKI< FurKI'. Dr Nigel SpenceJ Ichoir), Kth, Mrs Sarah (knn. Mr Nich)kis serY￿e, Mr Paul Sm&, Administrative Assistsnt and Head of tkndopment (in attendan￿). I￿afjr, t*rector & Deputy Honorary Treasurer (by invitstiors). INVEsfMENT Has oversight of the Sthooys inNestments. Mr Patrick Reeve Ichair until 31 Marth 2024), Ms Chr¥55anthi Vakk (frcrfn l Awil 2025), Dr Carol Bell, Mr ManosPapatheofanous, Mr Maxim Po￿akOV, Sir Adam Ridley* Mr Henrystanford. Ms Chryssanthivakla (until 31 March 2025); Fe4J)ffrww) (ex otTroo); Chair of Coun(il, Director, Deputy HoTh)rary Treasurer (by inwtstion). DEVELOPMEKr Advises guKles the COU￿11 on fundraislng activty and assists &)vemance Committee in ensuring that it is conducted in compliance with relevant UK legI￿ation, regulats'ons, and recommended good prddKe. Prof. Robin Osboume (Chair), Ms Mahi GuxgakotM)uknu, Mrs Sarah Green, l¥of. Amy Smtth Prof. Tyler- Jo Smith, Dr Jac*ie Whakn; Chair of Council, Direct¢y. Deputy Honorory Treasurer (ex offioi?), Chair of the Finance & General PurtM)ses C(Ynmittee (co-opted), Head of c￿elopment {e¥ Offic￿), Public Engagement & Development Officer (in atteTr%m). Frrcm LABORATORY Maintsins strategic overview of ￿enknfic, prninnd and financial management of the Frtth Laboratory. Provides liaison belween ￿trh Laboratory Director arKI the UK scientific community, advising himlher on mattws (￿￿n1￿J the laboratory whKth may frryn time to time arise. Prof. Cad Heron {Chair), Prof. Andrew Bevan, Prof. Amy Bogaard (until 31 March 2025). Prof. Glynis Jones (until 31 Marth 2025). Prof. Marcos Maitin¢)TrTC￿re5. Dr Efi Nikita (from l April 2025}, Dr Camien TiThJ (from l April 2025), Dr Ian Whitbread,. threcttK of the Ftth Lab (ex offioo), LlreLtOT {by invitstion). CREfE Co-ordinates pkns for researth at KrK)Ss05 arKI advises on the maintenance and deveknpment of the facilities and takes strategic overview of the wider a￿"v￿£S on Crete as a whok. Disburses restricted aThJ endoyment funts wtthin its remit. Prof, Nicokn Momigliano (Chair), Prof. A. knjaard, Dr Valasba 15aakidou. Dr Andrew Shapland (until 31 March 2025). Dr Comr Trdirbor. Prof. T￿Id Whitelaw: Director, Knossos Curator (a¥ officio). 16 The British School at Athens Reference Information For the Year to 5 April 2025 SPARTA AND LACONIA 'User group, established by Commtttee for Axchaeolc#Jy compri￿ng sthokirs artNe in an area of long- term imw)rtance to the School's research to F*ovide continuty of experien￿, and help ensure effertive planning, condurt and publicati￿ of research. Prof. William G. Cavanagh {Chair). Mr Rithard Catling. Dr Nicoktte Pav1th5. Dr Aknndra Villing. "rector {by inMtstion}. LEFKANDI 'User group. established ty Ccffimittee for Arthaeology CLMnprising xFb)lars artwe at a site of k)ng-term Importan￿ to the SCho￿.s research to provide continuity of exP￿￿ce, and help ensure effetttve planningi conduct and publicaticffl of re5earth. Prof. Irene Lemos {Chair), Dr Yannis Galanakis, Dr Olga Krryskow5ka, Dr thxandra ￿varda, Dr Susan Sherratt, Dr Daniel Stewart. Dr Caroline Thur*on, Dr Ian Whitbread; Dirertor (by invitstion). COURSES AND TEACHING Maintain5 Strategic ovw5ight of the School's teaching acbwties with referen￿ to scope, quality, market aThl uptake. and is respC￿51b￿ for all Quality AssurarKe matters. Prof. Polfy Low {until 31 March 2025), Dr Matthew Haysom (from l April 2025), Cy Amy Cocker, Dr Matthew Hayy)m (until 31 March 2025), Dr Theodora Jim, Ms Nina Walla￿. Director, Assistant Director (ex offiool. sruDEKfsHIPS Charg&J by the Committees for Ard￿eok￿jY arKI for Scr￿, Arts and Letters wth the allocation of Sthool funds for studentships and certain restriLled research funds. Has oversight of the pr¢xess from athertisement to collectM>n and anaw of statisbcs on award histories. Chair of Council (Chair). Prof. Amy B(M3aard, Dr Yanni5 Gakinakis. Dr Joseph Sknnner: Dirertor (exoffiaol. PERSONNEL Advises the Direttor, Chair of COU￿11 and other senior officers of the kh¢J)l of legal reqL5irements and best pra(tice in employment, arml ensures the Sd￿1 complies. The Commtttee condLKts grievance pr￿eding5 on behalf of the Finan￿ arKI General Purposes C¢¥nmittee and is consb"tuted upon request of the Finance and General Purposes Committee. Mr Patrick Reeve (Chair), Chair of Counol. Ms Nicola Horton. Deputy Fh)norary Treasurer. Ms Alexandra Sorgo; Director, BS4 Administrator {in atteThJarKe). 17 The Bibtlsh School at Athens Reference Information For the Year to 5 Apiil 2025 Moore KiThJston LLP 4 Victotia Square St Albans ALI JfF Audltors ststthory Audthrs 4 Victorra &uare St ￿banS ALI 3fF Bankers The Royal Bank of Scotland pk 62-63 Threadneedle Street London EC2R 8LA InvestmentAdvlsors The School receives inVestm￿t management from WIM (forni￿ Waverton Investment Management} of 16 Babmaes Street, Uond(M SWIY 6AH whith rnana￿ the School's endowed investh)ent portfolio on a discretionary basis. Killik & Co of 46 Grosvenor Street London WIK 3HN also provides strthroknng services to the School. London Office 10 Carlton House Terrace LLvM*)n SWIY SOtrI Athens Addrn Sougjias 52 10676 Athens Website Address https:Ilwww.b5a.ac.uk Registered Ch•rity Number 208673 18 The 8ritish School at Athens Auditorfs annual report For the Year to S April 2025 INDEPENDENT AUDThOR'S REPORT TO THE TRUSTEES OF THE BRrrIsH SCHOOL AT ATHENS Opinion We have audited the financial Statements of Tr ￿ltiSh 5ch)ol at Athens for the year ended 5 April 2025 which comFNise the Statement of Financkil AC￿￿tieS. the Bakin￿ Sheet, the Statement of Cash Flows and notes to the finanoal statements, indLhJing sgntficant accountiro tKslicies. The financial reporbng fraMe￿ork that has been appl￿￿ in their preparats.on is applicable and United Kingdom Accounting Stsndard5, including FRS 102 'The Finan(ial Reporbng Stsndard ApF4icable in the UK aThl Republic of Ireland. {United ￿ngdoM Generalty A￿pted Accounting prattl￿). In our opinion the financral statements: give a true and fair view of stste of the chariVs affairs as at 5 April 2025. and of its incoming resour￿$ and applirJtion of resour￿5. for the year then ended; have tseen proFerty prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practi￿,. and have prepared in accordance with the r4uirements of the Charrbes Act 2011. Basis for opinion We condLKted our aLKlit in accordance with International Stsndards on Auditing {UKI {ISAs {UK)) and applicable law. Our respKJn&bilittes under those stsndards are furthw des(ribed in the Audttorfs Responsibilities for the audit of the financial ststements ￿lOn of our report. We are independent of the charity in accordarKe wrth the ethrcal requirements that are r*vant to C4Jr 3￿j1t of ￿ financial statements in the UK, including the FRC'S Ethical Standard, and y￿ have fulfilled our other ethical responsibilities in accordance with these requirements. We bel￿ that the audit evidetKe we have obtained is sufficient and appropriate to provide a basis for wr oixnion. C4)n¢lu$ions relatin9 to golng concern In auditiro the financial Stat￿￿nts, we have conduded that the thjstees, use of the going con￿rn basis of accounting in the preparation of the financial ststements ￿ apprwiate. Basd on the work we have perf0M￿l, we have rb)t Klentified any material uncertaintE5 relating to events or coThditiorLS tha¢ irKliv￿ua1lY or collectively, may cast significant doubt on the tharivs akn'lity to continue as a going concern for a period ofat least tsvefve mnths from when the financial statements are authorised for issue. Our responsibilities and the reSE￿￿1b11it￿S of the trustees with rw to going c(mcern a￿ dexribed in the rekvant sections of this re{￿. Other information The inforniat1c￿ comprises the infomwticm induded in the annual report. other than the financial ststements our auditorfs rewt tseon. The trustees are resFM)nsible for ￿ other information contained within the annual report. (hjr opinion on the financh?I ststanents does not cover the other informatK)n and, except to the extent oth￿Ise expliatly ststed in our rep(Kt, Yde do not express any form of assuraKe condusion thereon. Our re¥￿n￿l￿1￿ is to read the rther information and. in doir¥J 50. considu whthr the other informatton is matenalty incrmsistent with the finanoal statements or our knowledge obtained in the course of the audtt or otherwise appears to be materially fflis5tsted. If we identify such rnaterial incon95tenoes or apparent material misstatements, we are required to detemiine whether there is a material misstatement in finanoal 51atements themsefves. If, based on the work we have 19 The British Sthool at Athens Auditorfsannual report For the Year to 5 April 2025 performed, we condude that there is a material misstatem￿t of this other infomation, we are required to ￿port that f*. We have ￿Ing to rekxrt in this regard. Empha$l$ of matter We draw attention to rK)te 8 of ￿ financial statements which explains that the entity measures its investment prO￿lty at fair value as required by FRS 102. The fair value of the investment property has beerb estimated by the trustees at the balan￿ sheet date ￿￿ng average lrfe expectsncies, average property yiekis, I(￿1 propety Ma￿et Informats.(￿ arwj relevant di￿U￿t rates. This requires the exerase of judgement which coukl have an impatt on the d)aritys balarKe sheet and loss for the year. Our opinion is not mtsJrfi&J in rts￿t of th55 matter. Matters on which we are required to report by exception We have nothing to r￿rt in re5F￿t of th2 folkyiirwj matters where the Chariknes *£t 2011 requires us to report to you if, in our opinion.. information given in t￿ Trustees, Annual Re￿t is inconsist￿t in any material respect with the financial statements: or the charity has not kept adequate accwnkn.rwj rec(Kds,' or the finanaal ststements are not in agreement with the accounting records and returns; or we have not re￿1veAl all the InfOr￿￿On and wlanations we requi￿ for our audit. Responsibilities of trustees As explain&J more fully in the trustees. re5wrfybilitie5 Statemert sEt out on page 13, the trnstees a responsib￿ for the preparation of the finanoal statements aThJ for beirHJ satisfied that they give a true and fair view, and ft)r such internal control as the trustees detemine is necessary to enable the preparation of finanoal statements that are free from Mat￿la1 misststement, whether due to fraud or error. In preparing the financial statements, the trustees are re¥￿Ible for assessng the chari￿s ability to continue as a going corfftrn. disdosng. as applicable. matters related to goirKJ concern and using the going concem ba￿5 of accounting unless the trustees either intuwj tolquidate the tharity or to ￿se operations. or have ￿ realistic altemative imrt to do 9). Audltor's Responslbllftles for the audlt 91 the flnandal st•tements We have been appointsj as auditor under *ion IH of the 0￿ritIeS Art 2011 and report in accordan(£ with regulations made urKler section 154 of that ACL Our obiecbves are to obtsin reasOnal￿e assuran￿ about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an audrtor's report that includes our opinion. Reasonable assurance is a high *vd of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will a￿ayS det￿ a material mi55tstement when it exists. Misststements can arise fr(￿ fravd or error aN1 are conshlered material if, irKiividually or in aggregate, they could rea9)nably be expected to influerKe the ecorMJnic decisions of uS￿S taken on the basis of these fina￿la1 ststements. As part of an audit in accordarKe with Isis (UK) we exercise profesgonal J￿jgement a￿1 mairstsin professional 5cepticism thrOUg￿)Ut ￿ a￿￿lti We also: Identify and assess the risks of materkil mi55tatement ofthe finanaal stateM￿ts. wheth& due to frO￿j or error, design aThJ perf￿M audit p￿￿edUreS restNMsi¥e to those risks. and obtsin 20 The Britlsh School at Athens Auditorfs annual report For the Year to 5 April 2025 aLK*it evidence that is suffioent a￿1 apprwate to prot4Kle a basis for c4Jr opinion. The risk of r￿t detecting a material misstatement re￿J￿ing from fraud is ligher than for one resulting from error, as fraud may involve collusion, f￿ery, intent]onal omissh)ns, miyepresentations, or the override of intemal control. Obtain an unde￿andIng of intemal contrcl relevant to the aLklit in order to design audit prixedures that are appropriate in the orcumstan￿. but not for the purposes of expressing an opinv)n on the effectiveness of the charivs intemal control. EvalLOte the appropriateness of accounting F¥)I'(ies used aTrJ the rea9)nableness of accounting estimates and rekited disdwres made ty the tswstees. Condlth on the appropriata)ess of the tntstees. use of the wrwj concern bags of accounting and, based on the audtt evidence obtsined. whets a material uncertainty exists related to events or conditions that may cast ggnlficant doubt ￿ the charl￿S ability to continue as a ng con￿rn. If we condude that a matenal urThtainty exists, we are requirENJ to draw attention in our auditorfs rewrt to the rdated disckJ9Jres in the finanaal ststements or. if such disclosures are inadequate, to modfy cyjr opinion. Our conclusions are based on the audfc evidence obtsIr￿ up to the date of our auditorfs rerx)rL However. fij￿re events or conditbons may cause the charty to cease to continue as a going concem. Evaluate the overall presenta￿n, structure and content of the financial statements, including the disdosures, and wI￿ther finanoal ststements represent the undedyirNJ transadv)ns arKI events in a manner that ath￿S fair &￿entatiOn. We communicate with th)se charyed with governan￿ regarding, arrthg olther matters, the planned scope and timing of the audr( aThl significant aLhJit findiros, induding any sKJnificant defiaencies in intemal control that we identify during our audit. Explanation as to what extent the auditwas C4)nsidered capable of detectlng Irregularltles induding fraud Irregularities, indudirwj fraud, are instances of nOn<0mphan￿ with laws ar*J regulations. We desKJn prctedures in line with our restM)nsibilities, outlined above, to detert material misstatements in respert of Irregular￿$. incI￿￿l￿g fraud. The extent to whith our ￿￿ed￿re5 are capable of detecting irregularthes. inckKling fraud is detsiled below. The obiectNes of our audfc in respett of fra￿. are; to identify and assess the risks of material mlsstatement of the financial statements du¢ to fraud; to obtsin sufficient appropriate audit evidence regarding the assessed risk% of material misstatement due to fra￿￿, through designing arKJ implementing appropriate resFK)nses to tIK)se assessed risks; arKI to resrx)nd appropriatety to instsnces of fraud or suspected fraud Klentifi8Y during the audit. However, the primary responsibilty for the preventK)n and detecti￿ of fra￿1 rests ￿￿th tM)th management tlw charged with governance of the charity. Our approath was as ft￿lOw5. We obtain￿1 an understandiro of the ￿gaI and regulatory requirements applicable to the charity and ctsn￿dered that the most %gnificant are the Charitie5 Art 2011, the Charity SORP, UK finanoal reportir¥J standards as issued by the Financkil RewtiThJ Council, and those laws and regulations for which non28 Sales of wblKatk?r Proj￿r & £tyJrse incc¥r Pknstd iTKome E￿ts M￿￿1￿lne0US 20,858 131,917 62,182 20.858 131.947 61182 53,947 142,730 80.966 31 75 31,675 218,102 297 943 1 712 971 1 701 513 Expendktyre w: Rai￿ng 32,919 79.307 l(VJ,856 83,769 65,814 42,098 770.670 3B3,KJ7 I15￿76 10.760 70.861 4.656 865,199 519,98Z I61￿30 833,070 537,794 175,191 226 919 1 772 974 1 882 830 Research 1 437 015 1 830 751 19100 Ttthl ExpEndliure ReaW5e¢ UNe01￿d F￿r Value gain5 ￿ in¥￿tr￿t 65 452 29.120 785 60.936 280,260 34.147 29.572 94721 290.260 14et Income1(Exp￿d1￿rtl 993 19 165 116 8Z4 Izo Revenue wsted dirth to ftmd TTrnsfeFs bets¥een fvnd5 {IL1501 (IL150) (8941 Tttsl 127 974 23 5tat¢m¢Dt of financlal Actt¥Stles Forthe Y¥rt• S Trtal 2024 X125 Nrt mo¥•m•Dts In fvnds 91(Y49 1202.421} 117.6521 1127.9741 120.401 ¢)penlnq furth at 6Apql 2024 432271 3.947,632 2,203.532 6.583.435 6.463.034 Trtal fund5 at S 2025 S24 185 880 6 455 The r**e5 on 27 to 69 fcffib Wrtof finarKial slatv 24 Balante Sheet Tor the Year to 5 11 X125 Tangitle fix& assets Ir￿estm￿t proFerty 77,269 20D,I 5 725 422 6,LK12,691 230,tXY) 5.242,674 3W,617 38.053 74.229 stock of wbltstitx io 161,293 Cash at bank and in harnl 1.659.9)3 1.110,158 rrent liabilbes Crditor5.' fallir¥4 ¢kn within one Ivr 12 195 392 Plat Current Asmts I,W,455 914,766 Provlshjn for kblttlg5 13 1285,fO81 1334,0221 6 455 461 6 583 435 Represented ty.. Funds ihrestrthd bjnts Restricted f￿￿ts End￿M￿tfU￿ts 16 17 524,370 3,745.211 2,185 432,271 3.947,632 2,203,532 6455 461 6 SB3 435 2518lz•>S 25 Statefflent of C45h Flows Fortheyearto S VII 2025 2D25 2024 Il•t in(•Jmel (exwndiiure) for1￿ p¥lod Ad)u5b￿ts fw.. recwbon Forwgn excharrfje thffererKes Losses I Igalnsl cn Investh)ents FV gairs on InNtstme Dmdends Im¥est frc¥n *Nethnts lI￿reaSe) I deuease in stc(ks (Increase) I detrease in detrtcvs (Increasel I decrease in cr¥Jkors lInC￿Se) l Ltcrease in rrisions 127 974 12463321 132,6461 130,CO)I 41,668 {107,9)5) 14,9641 87. 133,8541 148,3541 18,743 51,492 lio,(x￿) I2￿,2F￿) IIC4,9051 15,1461 179,5321 18,9061 125,4201 Net Cash u8•d In opertkng aciibltles (503,387) {337,533) 107,9% 5,134,057 I￿.905 PrDceed5 fram Sa￿ af InbEstM￿ Othw Inve5trnffits rchise of investments rd%45e gf r￿d a5%els 17.7651 11.732,622) 14.398,0181 259,133 .103,167 {1,638,6531 Change in cash and rash e4uinkrtS 599.700 (¥966.186) cash quiv&eJts at the teginning c* repolbw p￿00 tharrtJe In cash a￿ cash e]urya*nts due to exttwrye rats rrovuwts 251.646 2.269.324 1184,072 2Si,646 Amlysls ofcash and ¢wh equfvalorts ash at tra1￿ and in hand Cash In nvesth*rt Kcwnts 1.247.Cp)4 I￿,13? 491 AnalY￿s0r chan9e6 In netdobt AtiAp At 31 2025 Cash at bank and ash in in¥ethrt 252.137 491 994.957 491 1.247.094 1247 094 26 The Brlllsh 5thtso1 atAtheM Not•$ to the financial Siatemertts Forth•Y¢4r to 5 A 12025 The schwl meets the definthon of a pubk tser￿ erth FPS 102. The si**iiaits ryepwed urKkr thp histortal tost cffivenbon as n￿dif*d revakoth￿ dcvtain fixej a%ets, in ￿¢￿￿nce the Stsknent cl Recommended f¥acbtr." P£ctyJnDT%J ￿ RqKYbn9 by OTraiibe5 thar ￿￿nts in accorth￿e ￿th ￿nartial RE￿rbng 5tsndard aprAv￿e in the United the RewilK of IrelaThJ IFRS 1021 (Seco￿] Ed￿Jon) the nanual StstKJard aFykai4e *) ￿ Unitèj afvj (FPS 1021 and the ChèTht*5 Aa 2011 UK f*rthly P£cepted P￿t￿e. The finawkil st&ern￿ts to gNe a Pdirf atbj have dp4WtsJ ftom tt* Charts (P￿￿Trts aThJ RewFL%l Reguktions 2ri]8 onty to the eKt£rt reqwed lo prw(* a ￿ aThJ fa￿ ¥1￿. (*pèrture has invohtd f￿1￿Ing AccounJrrfJ and Repryb"r¥J ty owr1b￿ preparing ther ￿nts in ￿d￿￿e th the finar￿la1 Rewtirwj StrfMl¥d in the Untsl aTrJ Re￿4* cd Itdarwj IFRS 1021 (Seco￿j Edbtrffil tather been withdrawn. The We￿￿Tation ol finarTrl 51atWf￿ts kn COM￿￿￿e with S(MIP 2015 lewi￿5 tt* L￿e uibcd estimate5. It atso rewires to exer(iseD￿t li apth"rw4 the acc(xrAirw4 Isee note 21. folwr*J ￿¢0￿￿tir￿j p)kie5 have a￿trj.. In(fjmln9 R4sOUff¢S l incoTe sctrrf)E4 ha5 entth￿t to ft i5 wrA)atrk will be rece¥gJ and the can te mea>JrèJ Grants ftr wertl research, scWthr6 assets are reccoThsoY ba9$ 3Tr1 are defened onty the th)rw ha5 imro5ed [re￿itK￿5 use i*the gr 27 For the Ye7r to S ri12025 ting Polities IcontknuÈd) b} Grants ￿Yable for rtseath sch)Wthip fa¥ >xh rtse*th ts urwJert**) ty w alterml￿t at publcaborL5 disdtsed wthin charitthe ￿tr￿tal A WCpXt￿ of sakry cost 6 to è S[￿ are akKaied to that Sn fill. VAT 15 a5 a co* against the e¥pendItU￿ headiThJ for whth (( was ￿0￿rred. Flxthl Ass•i* any attumulatal irr¥)almi*)t l)sses. irtbJdEs that ￿ Orecty attDtthab* to tfiThJiThJ the asset to the Icthth)n 3Trl COTh5￿ rectssary for it to te capablE Df wabrwj Mi rnarw￿ irththl Depreoabon is char￿￿ so Js to alkfate ￿ cost of assets kss res*Jual lp￿ e5bmated . 25% Iw - ￿ straight line - IO% stsatyht line - 25% Straw￿ line - &67%- 12.5% swt FJmrture a￿J fiitry5 ienbfic ewIp￿t is to be a a55et and 15 nct valLeJ in ts balar￿e 5he2t a5 thue is nrt rda) historical InforTFkiban m it5 C05t arKI a con¥&rtK)nal valuation trk to (C￿l￿ and the during the year are witalseo rf I￿r inthwduJl c05t wwkj h￿* a imw the fi￿￿ty15Late￿eJTts. AII that tt* CL￿ is ir￿￿r&I. IThve5ts￿t Fwpube5 the tsikirKe SW at tsir va￿. art thJ*takw ￿ffi(knt re9ularity ts) er￿rE carTrirKJ arrKJUrt thffer from that wld te det￿ined ugng faSr vake at the babnce sheet *Jatr. The Tr￿t*S that thè far vak* i% £230.I¥J) b￿1 ￿ a of 14otes to the Finanaal Ststemtnts For the Yearto S rn 2025 Accaunting Pokies Icantinutd) InveStr￿ ￿ wied at rna￿et value Thlth ary urwEaii5ed gain5 k68e5 ￿r￿4 in the Statw￿rt of 85A's exp￿b￿ of sLrtawwt4e awjni a￿￿e fDf 3.75% of each re￿lant Fund5 teen deterni￿d. Current assEt WNestrv￿ are ID fr)r kn than are re4YI reA￿sab￿. TW are inf(￿ty T￿￿ed at (￿t and at Ilv f*r at the sheet (&*e, *ith charvjes in fair Val￿ Sn the statw*rt <1 (Thl *iltMn ts kne.net gaMtsIIP)ssesl on in¥estmenb". *55 any Impai￿1. InLvrre" in the >ock at the c¢* vahje. Ai eth ba47rKe sheet dotr, #rKk5 are asstssed ts I￿￿rn￿L If th S imp*red. the an*yJnt raILK￿ ts> it5 selw Pri￿ to comF4&E that saJ2. The irry)wrMt 15 rwsed Immulw in tre h) Creditovs kl Pro¥iJlons for ￿•bil￿% obably requ￿$ setUw*nt ty a tyansfer of e£or#JmK ter*fiL estimats tan be made of the amDUrt of oN%Jatiork Ptovtsions are charpj as an to the S)FA in the )tar that ￿ s(￿1 t￿Me$ aw¥e of thè and measured èt the best ￿tima1￿ at ttE Balar(e SW tts¢e exy￿rture rwred to setue the O￿V￿li)n. 29 Notes to the FIMn¢Oal Statements Forthe Year to S 12025 The lr6btul￿ wththites in ￿. The assers of are hebj in a sw4rate trustee.adminLStered fund. 8￿￿￿* of mutual nabJrE of st￿, tt* 3s5L*5 a￿ Th)t attpibJted ts 1Th1fvidual institutYJrts a￿ a $Ch￿￿￿￿je set. The Inthl￿n 15 lI￿e exr05ed io actuar￿1 r liabilities of the therne on a avN5tent a￿1 r&EA)naNe As rewir&l 28 ￿ FRS 102 -Employee ter*fits", the insbtui¥)n acctrjnts f£Y the sd￿* a5 if ft ¥￿e a thfir￿d c(Aitritxthn xhgTe. As a re9J Where a sch￿lle delem1r￿S that the sEhEme t5 01 a tthKal las was c&e fcdhThing the 2020 valuatitr)), Ihe tWStee d the rn￿￿ agree a Reco¥wy Plan that tskmines how exh ampknyer ￿thin the scheffe %MII an o￿all ¢Jtht. 1nstsbJtK￿ r￿0￿H5e5 a IkryFAIty for the corthbubc￿S Payab￿ that arise frThn an agreement Ito the eXt￿t that W r*te to a ¢J*ill with related exwses In Th)te 6. and liabi1th5 syth as ￿￿)t￿5 cr￿￿(￿5. rfc*l obJ"ecb¥e eythe of *nOrrnul. If Wnp*rn￿t is frrt*NI, an *rwalnn￿1 kn55 rwni5ed in the &)F The xhool has ir*¢)me exp*¥Jitur* in StrrfJ¥J arxl and c(¥6*WlJy maintains bank accowts in Euros VS th￿tat$ io ttxs. Trustee5' 1$ to ex￿ 5tefv4 oJrrerKy Fot*gn exchange gans èThJ bsses re￿￿n9 fml al trar6Kt*￿S frfth tt* trarsktim at wtyj. d exthange rate5 d mcnetsry 3ssets and den￿￿nated in cUrTe￿ are rffoynI￿ in the SOFA the SOFA ¥YithiTh rKorre (( ex￿tsre. Notes to the Nnancial Ststements Fot theyearto 5 2025 Vund6 Unrestrfrted are fvnd5 Vlhith the tn15th￿ are fTee to Use any in fimtherance of the chariW5 fit wrrx)ses. Restricted funds are fund5 whKh are to be in ￿cor￿arts ￿1th spth resi￿￿￿ Imw)￿ by ts dc*￿[. Enthwrnent funds ae lurwts which ate to te LWJ in ￿1th sFe£fft testritt￿ imE(6ed ty the whl*t mèlntsining value d the fi￿1. As aknted gains ar¢ k)sse5 are the fund whikt alkKated 15 a¥alk￿e to Mihin wishes. ￿ wiswt irfome in a can te utiltsed in twuent ¥*knln year aTrJ C￿ ¢*y. pl GdThJ CoKern The weparatson orthe finarKial stat￿ts requires mjrwwt to make ￿grn￿ts, ￿tirnateS and a5sumpbon5 thyt affert ￿ amwnts rqxrtd and &% at thE b￿r￿e sheet dite aNI atmutts re￿rted ftr revenues and exp￿￿$ durlrMJ the yw. The nabNe (lestinw￿ thal crtrt£omes ctyjld drffw frcffl The kty styJr£e of eStsnW￿ UrKattl￿ tt%Jt the an irnr￿t cfi ￿ f￿￿al stotsn￿ts rdatrs to the Wa￿￿)￿ of the herth* a58eL P&)te Icl alThe the f¥trKs consthd in the of the library and FRS 102 mths thstyncbon I￿￿e￿n a grw Flan arrfl a A srwp pLin of a xhenE for wtities not uThJv aryl retwts Its￿ty) ￿ indusby.wth xherre gjch a5 enterejj into an *￿err￿)t with the S(￿ that ¢JetwTrre5 the ¥￿1 fuThJ a dtht re￿￿ In the of a Ikibqty for crffttrlkn￿5 pryyatrle that arise frfrfn the )]re￿t (to ￿ ektwt they rdate to Ihe deficit) Y4ith the Èlwse char*d twh Kcount in aLU)rda￿e V￿th 5Kbun 28 of FPS 102. The trLStees are satisfied UniwytE5 suvannL4tr￿ m*ts the defior0￿ of a rnu￿". in￿e ￿tential future tharw in he•JctyJnt, F*yrol ffjnaDCn aThJ d￿L(￿nI t*e. dlxount rates to an ar(fiLff4 ts"r c+ the In¥eyrnt at the year eTrJ. TW factc(s ind￿e estimakn urttthinty fvtcrAAd an Iffip￿on fin4ntial Strt￿ts. so￿ry costs fc* in lh5 areo. 31 14ote5 to the Finantial Stat*Mrts For the Yearto S 12025 25 2024 payab￿ to 1Th￿idU￿5 17.621 Payats￿ to indivk4u￿5 109. 4,529 paYa￿e to indM(Iw 59,218 Total wants p￿able JriThJ the ￿r urth rthi, tyants vrne rr￿ ID 34 ith(k4ib12D24: 341. Grants tkiyable to list*L￿OiS We t(hY￿S exGiVaX￿ co4 co*s of Wing the tjllcarkn d k*k*ts. &xh ￿ants are m* try I￿ardS fthry)tk woJ*ts Sk¥MvfftJ try the ￿￿M)I rtse￿ and by UK urfftrstye& See nctss 17 18 bekn¥. Totsl 2025 2024 572.401 321.528 l34.gJ5 283.740 292.797 865,198 519,9B2 161,831 283.740 833,070 537.Nl 175.191 226,919 Research ostel I￿,454 2024 Stsff costs Premises cc6ts Travel CLtsts ConfererKes & tyJr*s La￿ratOry (Xk4ts 355.073 41.474 264,421 851.632 89.705 5.677 65.182 749,784 76J02 6,134 4?,837 119,119 118,070 19,25X) 1942 5.677 65.182 22.665 188.9B6 57.107 18fi,986 27W5 3,816 PubltstK)n tosts 27mS 3.816 283 741 1312 665 1139 478 32 FortheYwto5 102S 2025 2024 74. 33.179 79.271 74, 33,179 91,116 17,015 19,623 132,646} 14,190 101340 74.677 28.151 PreM￿e5 cc6rs 11.845 14.9>1 Insurance Depreaatio lPrDfftvb￿ ￿ exd￿￿t Proknional fee5 fy)Vern￿￿e 105t5 21.352 18,743 51.492 39,165 IrKJ,406 19.623 132.6461 14.190 104340 319 632 2025 2014 16.800 10.446 2.150 16.WJO 12.778 PrclessK)nal fees aryj gJTr1rks staff costs Total fee5 to the ￿h￿r$ £16.W {2021.. £11￿)). In fee5 of £4,725 IZOZ4'. E12,7781 wue Fo￿. TOTAL EXPENDrruRE 2025 2024 W&Jes & sèkries Taxes, st￿1 stturty aThJ rel*Y msts Pensins. rnrmal mst 933,516 162,531 25,271 152,Th)) 811319 168.376 32.544 1313091 c￿e anpb)¥ee £lt#J.tOJ and £llO.tOJ w￿￿nI2024.. ￿1￿.(￿￿} 4r £iio.(th)i. aTrY benefft5 £144,68512024.. £125.3I51. The Br￿[sh School at Athen Notss to the FIMndal Statwrnnts For the Var to 5 12025 TOTAL EXPENDrruRE (CoDtiwed) scIErne. See Thxe 13. The tcial craltt re￿ased to the b)ss &(￿nt ￿ £517fll12024.. O2JYJI 05 ShrA￿ Mi nrte 6 Awl 2022 until 31 March 2024, at the tate ¥bYyJd Ir￿T￿r￿ kn 6.3%. As Set wt in Note 16, ￿ t￿0t reco¥£ry ￿an was required unthr the 2023 vaM&ikn b￿ause ￿ 5rkne was ￿ surmts mtsions ba*s. Thp khwl wa5 bryer requirtd tD mèke defKit r&ovry frDm i Jwry 2024 ￿ accudyvjty tekn*J the tyJtstandir¥J wowsion to the statement offina￿l The ￿tr$t avaiKatAe tump￿ &tuaiial Trfdluèkn Inc￿ &ikJer is os & 31 20231tr* vak*tion datel. wh V405 carried r*Jt L￿r￿j the ￿0Jec[ed nEtw. e the its S￿ ￿ 11SS Rdrwnst ￿"￿￿er (dal￿￿ twefftl assets and lthlh5es. the folky*AtvJ 2023 valLQtr)n was the s￿th TrRk*tN)n for ￿Erne under reglme intrc¥Jutrd ty the Pensons t 20Tr1, ¥Yhith requi￿ ￿￿e% to ha¥e ar￿￿ate a55ets to cover I￿r techn￿￿1 (the 51atutory fvn(*r 0￿￿Ve}. NA the Valuation d< the vaue of thE asEets of SCI￿rye was £73.1 till1￿ aTrJ the of the xh*The's thnkal proyisttts was £65.7 In￿al￿g a gJrt4us cl £7.4 arKI a I￿lir￿J ratK? d Ill%. pri￿p1 Intve5t and lth ojrves less.. 1% p.a to 2030. 0.1% PA from 2030. in(rfyw515vbiLrtto 4 fkwrfO%I B•*fts c4).. Berkn 9JbJ￿tkn a.￿rap"CA 5% IKKOWt*ryJ b7thtyC￿ry irKreases w to 5%, athj ofarry txte15 inflation 5% up fo a Lixount ratr ffte) Fxed inttrest gitt curn* p￿. 2.5% pA. LWJ In these figures a¥e as loibM'. 101% (152PF44lW for a￿1 95% of for 041 2021 a srKthrrfJ ￿￿rarn￿ of ?.5, an Initwl addition of 0.4% p.a.. 117% w2020 arKJ w2021 paraffleters, and a Iory-term im￿￿￿tr￿e pa for I.￿ F*1 for fwwes 2025 2024 M* tknnatiorts or £15,550 12024.. É1.082) ha%* been tsu5tees thJthJ the ￿r. 35 The Brlllsh SdMI at Athe Iirtes to the financial Statements FortheY&ir to 5 TANGIBLE FIXED ASSErs Equlwmnt 6 Awl 2024 122.480 182,B49 27,9B3 222.425 1241 224,666 555.737 259,133 2%,fA)q At S Wl 2025 36.592 27.983 At 6 A￿1 2024 Charp for the year At S Awl 2025 91.￿6 181.518 27. 177.(*1 14.357 191.418 478,468 5.710 31.388 232 136 Net Book Valu• As at 5 2024 As at 5 WI 2025 45,364 for m￿Y ￿r$ an¢J tI￿r h&knical cost & unkM¥bi). c(* alth￿tte0 to fv rKcr*bes wJkl be fvlty depreckated (*Je to leryth d tThe ￿ assets have the The SCW u5e5 wwtie5 for liknry, Lryboratory research to admWNSrthc￿. The fXD• we irsjroj fr* £1.74 The klNx)I hDk15 a5 I￿￿ge as￿ it5 litrary, archNe, Co￿￿￿ of wbrwJ¥ AthEn5 museum colkntiu4. None of these cdlecth)rts hès vahjed for the statWfW)ty as the hos rrf) intwton of OWrMJ c< any of Ihem. Ml com ffla￿lS whith are m)Ye 4vaik4)* tr* rewr(￿ tr* luffil its rnEs1￿. The Ilbrary d the Schr*)I swtorts research into the Hdknit frwn to the twnt day. It comfvs pproxIma￿ 70.(KK) nhye ￿ 1.3LY) wnal tths a hrge of e*clrNic re5curtr5. The ccAlect40n is e¥*oalty 5tmng M) the area d art arxl art*￿ aThl ￿(￿e5 o of rnre bot*s c*) travellu5 to Gre￿e. the eaAiest da￿ry frrffi 1469. It co%vs iiThJwes, a f£*)Js on Grea ￿ pA)kats)rs hard b) ottsin In the UK. Tctsl Mual atqUi5ibons ewal a1vv￿rr￿ I.(XKI tith5. Tr Catskn)￿ of &re5wrie5 fTW iE Eonsutted rmlire at whw.tsa.K.uL fulH41)e hL*ariarL5, whcrfn ￿ a cwsw¥atr*.' ey¥ert LYS bcN)k conservation i% olknined from the Museum, ￿￿38t are hekj c¥) sh￿r.. rare L¥)Dk5 are hdd In a dmattrcontrdl•J store vthln the Ilttsry 8nd let[￿1 on recft*sL Ptst gr&urte in srL¥1*s lithlNJ ￿1 mepTkn of the Greek rthawh>)c74 Setvtt aTrl FoFek]n SC￿5 tosed are dWJlb￿ to readers.. r*her re5earcttrs mty be admitied at the diKrelK)n of the tirLthr. accEss may be 4¥anrEI seekirvj iL*)ks not otherYli￿ avaiknbk yi Pthen5. More than W) readws are register*J annually.. thty en))y fr* LLSe of the h"trdry aAJ supFsal Gajrsllts51 in the year 5,622,887 4.398,018 15.134,0571 61,358 4,376,870 98Z,622 263,395 Martetvalue at 5 2025 HistorKal Cc6tat 5 Pw"12025 Marketvalue at 6 W 2024 Acqui5ibon5 at cost Salgs woceeds frLI￿ dskwl Gairsllk551 in the )*ar 103,026 ILX),(XX) 1103,0261 3,026 Market val￿ at 5 2025 Hi5t(rfKal Ccrtat 5 •w"12025 37 Th¢ Brftlsh Sthool at Ath•¥ 14ote5 to the F￿￿rtial Ststemerts FortMYowtoSA 2025 25 2024 Sarngn. aimate EnfoMTr*rt FHleh'ty Gk)ba+ Enhanced Income W trr 114v Jlkanz. c￿tinents1 Eur( Stesyart Inv&oF5. Asia pKir Fund5mith- ￿#￿In￿bIe Equty Inr 4Y Melkn. Global Emergirrtj Markd5 F Schroder. Glabal Erry TranStr￿ Oass QI IrK Gt 1,099,626 1,035,934 602,055 544,695 778,329 221.656 361.964 489.128 489.446 Gerrnany Federal 1% ￿r Waverton Gknbal Equty ,842 1,465,324 2.992,040 io 2025 2024 nishd gxx15 W"ng1 re50W - ￿aItse4 gainsl I￿$se5) . unrealtsed 924nsl Ik6sesl 58,846 65 4,(*2 1712681 13 26,189 Falr value gain 30,IOJ io,(hyJ 1894} 18941 32,084 bakirKe at 5 Awl 432 271 41 u%Nor4 ¢) Ln r￿In￿ oom r￿rn rnrn 0￿r mojco ¢y) om £L8L&ffj ¢n Ln * t o￿l0￿1n0￿4 rnrth ¢xJ rrt DJ Ln a) (Trorn ryi Lfi Illill 1:11 ¢* c> i o roco c> OIn￿r 4 CJ Ln glo Ln co ¢))￿r￿M (O Ln Lh 40 Ln m Ln o) rn LThmLn ts)m tr) fx) rri 0% L£> ￿ o ry> rri Ln w rq 3 c￿C EIL The British School at Athens Notes to the Financial Statements For the Year to 5 A ri12025 17 RESTrICTED FUNDS (Contlnued) The Painting Fund was set up by Dr E B French (￿reCtor) in 1994. money from supervision fees, to purchase piLture5 by #udents for Sdv)ol. The Centenary BursarTre5 Fund was eStabl￿h￿¥l in 1986, as one of the prinapal obRrtNes of the Centenary Appeal, to provide ￿J￿rieS for Greek to study in the UK. The Healey Bursary Fund was d￿nated by Miss A E Heal￿ to provKle a bursary for a student attending the summer course. The Leventis Fellowship FurKI was established by the Leventis Foundation to 5UPPOrt a felltswship in Helknic stLwJies. The John M(wrison Memorial Fund was esiablished by wific (*Mations ￿ the purFose of suppjting Greek maribme S￿dES. The Gewal st￿￿￿tship Fund was e#atAi5W to 5UPPOrt 4Mdents at the xhool. The Knossos tknnated Fund was set up by an anonym(NJS donor in 1982 to supp)rt prehistoric excavation, research and publications covering the srte of Knossos. The K￿59)5 curat￿ Fund was Set up to SUPM ￿ athitses of the KTr)59)s Curator. The 5trhtigraphical Museum Extension Fund is mcxy granted by the Briiish Academy to bulld an extensb)n to the mL￿m. The Sparta Researth Fund rePr￿ts dwatrjrs re￿Ned for research at Sparta. The Place research is a grant awarded for training the next generation of arthaeolr4itsl saentists.. interdi5ciplinary studies of prfrmodwn pla5tws and ￿roMi(S from the eastem Mediterranean. The WW researth fund 15 a grant'awarded to an Ind￿idual felbw to study Writing At Wos, spectfically palaeography, ta￿et prc*Juctton, and the work of the Mycenaean scribes. The British Academy core grants is nM)w granted by ￿ British p￿deMY to y0fical￿ suprA)rt rewrth, library cdlecb.ons and conservatron, communications and outre￿h, core establishment C¢)sts and ovwall business devebwent actNities. The Marc and Igmene Frtch Lab)ratory Devdopment Fund has bu1￿ up by grants from the Sch)ol and donations from vari(yJ5 sources since 1979. It is Inter￿ed for the purthase of major equipment aryl generdl expendttures related to the laix>ratory. In 2012113 the LaLwJratory Scientific Researth Officer fuThJ was combined into this fuThJ. The cor￿AtinK￿eS Environmental Unit ftjnd is the residue of a gift from the Constantinides Family in 1989 to mark Dr H W CaUing's retireffent as Director and folbwing his advi￿ is used to supEx)rt the Fitth Lab)ratory's En￿rOnMental Unit. 45 The British School at Athens Notes to the Financial Statements Forthe Yearto 5 A ri12025 17 REsfRICTED FUNDS (Cmtinued) The Lat#)ratory Projects are current Invest￿atiOns. whith have teen funded. The Datsbase Fund was e5tsblithed by Specified donations. The Libraries Fund (wevKxtsty the Library Appeal FurKI) was estsblish&J by Spectr￿ donations. The Athens tibrary Exter6ion maintenan￿ FurKI is mcrfw set aside after the Centenary Buildirvj prcgramme to be u￿1 for Maintenan￿ of the library extension. Arthive Fund (previwsly the ￿d)iVe N4)peal FuThl) was eSta￿thed by specffied donatsons. The Athens Museum Fund was estsblSl￿d by donatKJns to the to supkw)rt its ro as curator of the Athens m￿rn. The Athens Museum Numismatic Projert was inlbated by a grant from the E S G Robinson Charitsble Trust, to enhance the dispky of the numismatic colkction in the Museum. The Knos9)s Library Trjnd was established by a donation from the US Foundation of £6,097 to fund purchases f￿ ￿ Knossos litrKary. The ArchNe Projects Fund was eststAished N) 2012113 to consolthte a number of archive funds induding the BRF Archive Proiert Funds and fvnds relating to ￿ archive previousty grouped under"(Jher ￿brary Funds". The BRF Arthive Pro]￿t was eskablisw by a th)nation for the purtM)se of conservation and digitising part of the th%￿'s arthives of Byzantine m*rtal. In 2012113 this fund was transferred to the Archive ProiExts ftjnd. The Aghi05 AntOn￿S Fund represents donations eafflWr￿ for the ¢¢￿servatiOn and maintenance of the Aghios Antoni05 buikJir¥J at Palaikastro. The General Arts Fund was estsblished to gjpm the arts activities at the school arKI be of benefft to fijture art5 i￿rSary hohjers. The Friend5 of the BSA Fund was estsbli**d to rec¢NJnise th)nations recaved from the Friends donors and to t* utilised in aCcOrda￿e wtth tt*ir restiictions. The Balkan Futures FurKI was set up in 2012113 to receve a Britssh Academy grant in resped of the Balk2n Futures proiett of the School in collatmtoon with the British Instttute of ￿d)ae0IOgY at Ankara and the Ecok frarKai5e d Athenes. The Kytt*ra Islar)d Project fund was estsblishal in 2012113 to contsin grants to be expended on the completion of the Kythera wrvey proiecL The Adriatic ConnectKMs Fund was set up in 2013114 to receive a Bn"tisl) Academy grant in res[￿t of the Adriatic Connecbors project of the thNJl in c0llabLva￿n with the Bribsh Schwl at Rome. 46 The British School at Athens Notes to the Financial Statements For the Year to 5 April 2025 17 REsfRICTED FUNDS (Continued) The Strategic Development Fund was set up in 2015116 to tM)st a conferen￿. Upper House Restorati(￿ FurKI was set up in 2017118 to alh)w kerf re#oration wor*s to the Upper House at the school. The bjnds hekl in tJeggnat8J ￿ekI¥￿rk consist mostly of grants from intemal and external sources for ￿ current fieldwork and st￿Y seasons. tAAring the year monies received for overhead costs on a prO]￿t that ended were transfwrgj to the General Reserve. The NiarcFM)$ 1821 Felk)wship fijnd is a grant awarded to the BS4 to cary ￿t over three years the researth proiect Unpub￿ar0￿& of 8ntth p￿/￿Ilen￿ during GreekReVOlut￿ of 1821. The Myrto GeorgakoFwlou FuTrJ was established in 2022 in MeM￿Y of Myrto Gwrgakop)ulou nd of her substantial contribution to the Rtch Lat#)ratory over many years. The Funds are to be used to provide financial 9JPPOrt for postgraduate St￿￿ents arKI earty career researthers. The Ean Sanders Fund represents funding given to the BS4 by Sheffield Univeryty Archaeology Dept on its cknsure. The Fund is to be used to SUPkN)rt students undertakn.ng fieldwork on Roman and Late AntKiue Greek arthaeoh)gy. The RICHeS fund, managed by the AHRC, is to supwrt investmerbt in the UK'S xience heritsge. In collaboration with the Univergty of Newcastle, the BS4 has a two year award to work on digital infrastrLKture to make its soerKe Fvitage colkctions available online. 47 orcnr* (O rri Lt* rfj u) pl cooNm o ¢rt Lrt Jr*m t￿￿?0<￿ Ln 00)i311 W* lil ro￿ ONC WJ r¢ r q> Lho iYJLn ) r4 r O¢XJts 4 Ln ¢>i r LN o)p4C r4 15 40 ￿￿Kn¢￿(0￿ IDe4 r4 UJ rriC?- mwo L￿￿r￿¢￿M WIlLa>￿(g￿￿ Ln Ln Or4m mr*mth*> mln 010 ¢0 p4c4 r4 rri tri ¢0 IO Ln al Illli