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2021-03-31-accounts

Q i EGYPT pS EXPLORATION Ney SOCIETY

Company number: 25816 Charity number: 212384

The Egypt Exploration Society

Report and financial statements for the year ended 31 March 2021

The Egypt Exploration Society

Contents

For the year ended 31 March 2021

Reference and administrative information .............................................................................................................................................1 Trustees’ annual report ...............................................................................................................................................................................4 Independent examiner’s report .............................................................................................................................................................. 17 Statement of financial activities (incorporating an income and expenditure account) ............................................................ 18 Balance sheet ............................................................................................................................................................................................... 19 Notes to the financial statements .......................................................................................................................................................... 20

The Egypt Exploration Society

Reference and administrative information

For the year ended 31 March 2021

Company number 25816 Charity number 212384 Registered office and operational address 3 Doughty Mews, London WC1N 2PG Country of registration United Kingdom Country of incorporation United Kingdom Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: LINDA STEYNOR, BA, PhD (Chair until 28 May 2021) CAMPBELL PRICE, BA, MA, PhD (Chair from 28 May 2021) SUE PRESTON, BA, FCA, CTA (Treasurer) RICHARD AYRE (Vice-Chair) OMNIYA ABDEL BARR BSc, MSc, PhD (Trustee from 21 Nov 2020) JOHN BAGULEY BA, MBA, PhD, FCIOF (Trustee from 21 Nov 2020) VIOLAINE CHAUVET, BA, MA, PhD ANNA GARNETT, BA, MA, PhD TACO VAN HEUSDEN ROBERTA MAZZA, BA, PhD JAN MORTON, BSc, MA, FCA (Trustee until 21 Nov 2020) ANANDH OWEN, BA LUIGI PRADA, BA, MA, MPhil, DPhil (Trustee until 21 Nov 2020) LUKE PURSER, FRSA SAMI A SADEK, PhD, FRCS PENELOPE WILSON, BA, PhD KATHARINA ZINN, Dipl.Bibl, MA, DPhil Key management CARL GRAVES, BA, MPhil, PhD Director personnel Bankers CAF Bank Limited, P O Box 289, West Malling, Kent ME19 4TA National Westminster Bank plc, PO Box 2162, 20 Dean Street, London W1A 1SX Solicitors DAC Beachcroft LLP 100 Fetter Lane, London EC4A 1BN

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The Egypt Exploration Society

Reference and administrative information

For the year ended 31 March 2021

Independent Joanna Pittman FCA
Examiner Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
Invicta House
108-114 Golden Lane
LONDON
EC1Y 0TL

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

Foreword

Statement on the Society’s reaction to disruption caused by COVID-19

The Egypt Exploration Society closed both its offices on 16[th] March 2020 in response to the COVID-19 pandemic and staff were required to work remotely, initially for two weeks and this was extended following further UK government guidance. Using the Society’s Disaster Recovery Plan, staff were able to quickly redirect communications and ensure that services offered by the Society were offered, so far as possible, through online means. This included an extensive new online engagement programme covering events as well as education and training.

The global health crisis, naturally, meant that progress on the strategic objectives set out in 2019 was hindered while activities were constrained by a lack of international travel and by migration to online platforms where possible. Thankfully, as will be found in this report, the Society was able to reach new audiences by demonstrating its resilience and adaptability and has seen a positive response in attendance numbers and new joiners. The lessons learned from 2020-21 will inform future activities at the Society and we look forward to expanding our online activities in the future.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

The Trustees present their report and financial statements for the year ended 31 March 2021.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

PURPOSES AND AIMS

Our mission is to support and promote Egyptian cultural heritage, because we envisage a world where the cultural heritage of Egypt is preserved for posterity.

Today the Society supports archaeological research projects throughout Egypt and Sudan. We rely almost entirely on donations from members and the wider public to fund our work and run an extensive educational programme of publications and training, as well as events to convey the results to interested audiences.

MAIN OBJECTIVES

In September 2019, the Trustees adopted the following strategic aims. These were based on the results of surveys and consultation conducted by staff during summer 2019 and they express the aims of the Society between 2019 and 2022.

  1. To become a financially sustainable organisation by April 2022

  2. To maintain support for high-impact research projects by:

  3. a. Offering grants and infrastructural support for research projects;

  4. b. Providing access to a UK-based Egyptological Research Centre including (at least) a library, special collections, and archive;

  5. c. Distributing the results of work supported through its knowledge-sharing and events programme

  6. To expand provision for the next generation of researchers through its range of skills-building activities and awards

  7. To build strong and meaningful relationships with a global community of supporters.

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the outcomes of each key activity and the benefits the charity has brought to those it aims to serve or assist. The review also helps the Trustees ensure that the charity's aims, objectives and activities remained focused on its stated purposes.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

STRATEGIES FOR ACHIEVING OBJECTIVES AND PUBLIC BENEFIT

The Trustees confirm that they have complied with their duty under the Charities Act 2011 to ensure the charity provides public benefit. They have considered the public benefit guidance published by the Charity Commission and believe that they have followed its guidance in this area.

This annual report gives a detailed description of the activities undertaken by the Society during the reporting period in furtherance of its charitable purposes, and the Board are satisfied that all such activities provide public benefit.

The Society’s strategies for achieving its objectives include obtaining funding from various institutions, subscriptions from Society members and individual donations. The Society is extremely grateful to all donors of funds during the year, and specifically to the British Academy for its support of the Delta Survey and for funding research and publication of the Oxyrhynchus Papyri.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

Achievements and performance

The four strategic objectives outlined on page 4 support the five areas of charitable activity which provide the framework for our work.

REVIEW OF CHARITABLE ACTIVITIES:

RESEARCH

Owing to the disruption caused by the global health crisis, and in order to protect the health and safety of its researchers, the Society was unable to send teams into the field during 2020-21. Research was instead supported by making funds available to Egyptian teams (see below) and providing researchers access to our collections online wherever possible.

In January 2021 the Delta Survey Management Committee made £2,250 available to Dr Amr abd al Raouf (University of Zagazig) for a geophysical survey of the site of Tell Buweib. The results obtained will inform further investigation at the site as well as the data presented on the EES Delta Survey website. This exercise also provided a model for how funds can be distributed by the Society to teams in Egypt via the Cairo Office as well as ensuring the Society’s ability to support projects on the ground without having a physical presence.

Other projects supported by the Society in previous years through grants, Awards, and logistical means have focused on publishing the results of their work or on post-excavation analysis. These results will be presented to members in 2021-22 or have been presented as part of the new online engagement programme (see below).

In order to safeguard researchers and local communities, the Society did not make Centenary Awards available in 2020-21. However, the Society’s Research Committee will offer two rounds of Centenary Awards in 2021-22 to assist in the worldwide recovery of activities following the COVID-19 pandemic.

Jun Wong did succeed in travelling to Egypt in February 2021 to take up his Centenary Award, awarded in 2019-20, for his research project: Reassessing the destruction of Hatshepsut’s monuments. This was the only EES supported project to go into the field during this reporting year and it did so as part of the Polish team working at Deir el-Bahari and under their risk assessments following all local safety guidance. The Society would like to thank the Polish mission for ensuring the safety of their team and the local community during their work.

Heritage at Risk Grant Appeal

In September 2020 the Society launched an appeal to raise funds for Egyptian Heritage at Risk to address concerns raised during the global health crisis. Thanks to the generous support of members and donors around the world, the target of £10,000 was vastly exceeded. The Trustees are particularly grateful to the Scottish Egyptian Archaeological Trust for their substantial donation in memory of the late Ian Mathieson. Funds raising from this appeal will be made available in 2021-22 for Egyptian projects working to document, preserve, and safeguard tangible and intangible heritage at risk in Egypt.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

PUBLICATIONS

During the global health crisis, it has been more important than ever to share the results of projects supported by the Society with interested audiences around the world. This not only helped them maintain engagement with Egyptian cultural heritage but also offered intellectual stimulation while many have felt isolated. Trustees were delighted at the overwhelmingly positive feedback from our members and supporters. We were also pleased to maintain our usual programme of annual subscription volumes as well as using the EES website to reach more of our global supporters.

Books

As announced last year, the Society continues to work on the publication in monograph form of some of its earlier work. Making these records available to scholars for analysis is part of our ongoing commitment to provide access to collections otherwise stored in physical archives. To this end, the Society published The Wadi Shatt el-Rigal by Prof Jürgen Osing and the late Prof Ricardo A Caminos in March 2021, representing work undertaken more than half a century ago.

The Society also reprinted Who Was Who in Egyptology , edited by Dr Morris Bierbrier, in late 2020 as a paperback. This popular title remains one of the most important reference works for the discipline and has been periodically updated by the Society since its inception in 1951.

Subscription volumes

The latest instalment of the Oxyrhynchus Papyri series (P. Oxy LXXXV) was printed in 2020 and sent to subscribers. Production remains, unfortunately, behind schedule as two further volumes (LXXXVI and LXXXVII) had been due by the end of the reporting period. Although work is underway on these volumes it is clear that it will take time for them to be completed. For this reason, the P. Oxy series will not be available as a subscription volume in 2021-22 until a more sustainable method of production can be determined.

Issues 105.1 and 105.2 (2019 issues) of The Journal of Egyptian Archaeology were printed and distributed to subscribers in May and July 2020. The printing of these volumes was behind schedule due to the delays with previous issues, though much of their content was available to members from October 2019 onwards. To fit in line with the Society’s subscription year, the decision was made to move back to a single issue per year published in December, but with content published online in advance throughout the year. JEA 106 was therefore fully available online by December 2020 and physical copies were sent to subscribers in January 2021.

Trustees are particularly pleased that, owing to the ease and transparency of the online submission process with SAGE Track (as reported last year), the JEA has seen a continuous increase in the number of submissions, including from colleagues in Egypt. Therefore, in 2020, the Society launched the Mentoring for Egyptian and Sudanese Authors (MESA) scheme generously supported by our giving circle donors and which replaced the previous Patrons’ Awards. MESA pairs selected Egyptian and Sudanese authors with an expert mentor to assist them in ensuring their article reflects the latest research, is scientifically rigorous, is well-structured, and follows the JEA style guide. Two papers have already been through the MESA scheme and will appear in JEA 107 (2021).

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

Magazines

Egyptian Archaeology , our biannual colour magazine, assumed an even greater significance in 2020 as our primary physical communication for supporters around the world. Although the ability of many projects to work in the field was reduced during the pandemic, EA took the opportunity of instead reflecting some of the pressing issues being discussed over the recent year. This was particularly seen in the work of ‘Egypt’s Dispersed Heritage Project’ which featured in EA58. Here, Dr Heba Abd el-Gawad and Dr Alice Stevenson discussed issues of ownership in Egyptian heritage and the work their project is doing through the medium of comics and collaboration with artists to unpack problematic issues regarding repatriation and the historic exclusion of Egyptians from their own history. Alongside the usual mix of archaeological research reports, the new editorial advisory board of the magazine issued a repositioning piece reflecting the Society’s commitment to empower source communities, in this case through the platform of EA. These changes have already been implemented by providing access to publication routes in the Society such as the MESA Scheme (see above) and now with a greater balance of Egyptian authors in our magazine and event programme. This long overdue review is producing exciting results, particularly at a time when non-Egyptian projects are finding it hard to operate in the field. We look forward to supporting the voices of Egyptian cultural heritage through EA beyond the global pandemic.

COLLECTIONS

The Society’s collections remain an important repository for scholars all over the world. Continuing work to make materials available online has seen a marked increase in their accessibility and efforts now focus on proactively engaging audiences with these virtual materials, while not forgetting the important task of preserving the originals for future generations.

Due to the outbreak of COVID-19, the Society’s collections remained physically inaccessible to researchers and members throughout the reporting year. Although staff were only able to visit the office once a week for much of this period, the collections and their environmental conditions were monitored throughout the lockdown periods.

Archive

Despite being physically inaccessible to researchers, all enquiries continued to be answered by the Society’s Collections Manager who was able to periodically access the archive and provide scans and information where requested.

Materials digitised shortly before the closure were added to the Society’s online catalogue and Flickr page making them more accessible. Multiple online events were held throughout the reporting year that highlighted the Society’s collections and raised awareness of the vast array of archive materials already available online.

Volunteer Julie Tomsova was able to continue her volunteering remotely by adding captions to the Flickr album of Michael Apted’s 35mm lecture slides, which she had scanned in the previous reporting year. In early 2021, volunteer Alix Robinson was able to continue her volunteering remotely by uploading the transcripts of the Society’s Early Correspondence sub-archive which had been scanned and transcribed by volunteer Dr Brigitte Balanda.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

Library

Volunteer Hazel Gray continued to research some of the rare books within the donated library of the late Geoffrey Vincent Walker and the results were shared on the Society’s Collection Highlights webpage. In preparation for reopening, the library catalogue has been continually updated with new acquisitions throughout the year.

Papyri

The investigation of papyri that have been reported missing from the Society’s collection is ongoing and the return of many of those fragments has been reported on the Society’s website. In the meantime, access to the research rooms at the University of Oxford has been suspended during the pandemic while representatives of the Management Committee have continued to monitor the collection during this period as well as facilitating access via digital means. Trustees understand that police remain active in investigating the circumstances of the unauthorised removal of some papyri.

Cartonnage

Unfortunately, the partnership between the Society and UCL’s Institute of Archaeology Conservation Department reported last year was hindered by the COVID-19 pandemic. It is expected that the students will have greater access to the laboratories in 2021 and will complete work on the first five cartonnage footcases during late 2021. Results of this work will be shared on the EES website and though other communication channels.

EDUCATION AND TRAINING

Our usual plan for physical workshops and skills schools was revised and migrated online during the pandemic. This, naturally, meant a change in the programme from those skills requiring practical guidance toward those activities dealing with digital components. Despite this constraint, our education and training programme was well attended in 2020-21 and attracted new audiences, particularly in Egypt.

Online skills sessions

The growing popularity of the Society’s online engagement programme and increasing attendance from Egypt allowed an opportunity to assess whether online training could be provided in key skill areas. On 3[rd] June 2020 the first free online workshop exploring ‘Getting published through the Egypt Exploration Society’ was held. Dr Jan Geisbusch (Editor of EA magazine), Dr Stephanie Boonstra (Managing Editor of the JEA), and Dr Claudia Näser (Editor-in-Chief of the JEA) outlined the requirements and top tips for each of the platforms and introduced the new MESA scheme (see above). The session was attended by 127 individuals from across the world with one attendee who subsequently submitted an article for the JEA citing this event in their contribution.

Following the success of this first event, further opportunities were explored. At the request of the Ministry of Tourism and Antiquities in Egypt, the Society organised a Museum Skills Boost about display and interpretation for collections. Dr Mohamed Gamal Rashed (Damietta University) and Dr Anna Garnett (The Petrie Museum of Egyptian and Sudanese Archaeology, UCL) each offered guidance to 178 attendees. Impact measuring before and after the event indicated that those attending improved their skills and knowledge by 25% and felt 19% more confident in the subject following the session.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

OUTREACH AND ENGAGEMENT

The Society’s usual programme for promoting Egyptian cultural heritage was completely revised in light of the global pandemic. All in-person events were cancelled or postponed and, where possible, migrated to an online format. The Society’s first online lecture was delivered on 24[th] March 2020 and its popularity meant that a full programme of regular, twice weekly free lectures was delivered throughout the reporting year, offering intellectual stimulation for those isolated at home as well as fulfilling a social aspect during such a strange time.

Online lecture programme

The Society hosted 108 separate events in 2020-21 on its online Zoom platform and is particularly grateful to all the speakers for giving their time and research in support of the Society. More than 23,000 registrations were recorded during the reporting year with attendees coming from across the world and many subsequently joining the Society in order to contribute toward its charitable work. The free lectures accompanied other free events such as panel discussions, workshops, and study days.

Challenging topics

The Society used its new online platform to introduce attendees to some challenging discussions happening in Egyptology including the display of human remains; engaging local communities in archaeological work; and how to include Egyptian narratives and voices in Egyptology and, ultimately, what decolonisation in Egyptology might look like. The Society was very pleased to partner with other organisations such as ‘Sudan: Old and New’, ‘The Place and the People Project’, and ‘Egypt’s Dispersed Heritage Project’ to present these subjects. Audience participation during the events as well as the use of social media ensured that the discussions were audience-led, and outputs have been shared on the EES website as well as in Egyptian Archaeology magazine. The Society is committed to using its position to promote these discussions and to consider transparently its own history and contributions to Egyptology. The Society will continue to work on inclusivity and promoting access in 2021.

5[th] British Egyptology Congress

BEC5 was due to be held at Durham University in September 2020 but was instead migrated to an online format held across September and October 2020 in regular Tuesday and Thursday sessions. Altogether, 50 people presented their research across 19 events, as well as 7 posters displayed on the EES website. 720 different people attended throughout the Congress and 3388 separate tickets were issued for the panels. The Society is particularly grateful to Giorgia Marchiori and Giuseppe Delia for their adaptability and organisation of the Congress.

Online courses

Though the Society had organised courses before, for the first time ever these were offered online with a 50% discount on tickets offered to EES members. Three courses were offered in 2020-21 including: Ancient Egypt in 50 EES Objects (Dr Campbell Price), Top Ten Technologies of Ancient Egypt 2.0 (Dr Sarah Doherty), and Beginners Ancient Egyptian Hieroglyphs (Dr Penelope Wilson). Each course received more than 100 attendees and raised valuable funds for the Society, and we are grateful to the tutors as well as all those that attended.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

SUBSCRIPTIONS

In 2020-21 there were 1,776 individual subscribers (2020: 1,482) including 344 new subscribers (2020: 104).

Key Management Personnel

Key management personnel are the Board of Trustees who do not receive remuneration for their services, and the Director. Salary bands, which are externally benchmarked every three years, are used to set the Director’s pay. A cost-of-living increase is considered by the Board annually and if approved is awarded to all staff who have completed their probationary period.

Financial review

PRINCIPAL FUNDING SOURCES AND EXPENDITURE IN FURTHERANCE OF THE SOCIETY’S OBJECTIVES

Total incoming resources for the year were £340,919 (2020: £251,188) while total outgoing resources were £290,598 (2020: £319,303) giving rise to a surplus (2020 – deficit) for the year of £50,321 (2020: deficit - £68,115) before taking into account gains and losses on the Society’s investments. After accounting for realised and unrealised gains (2020: losses) on the Society’s investments and on exchange losses/gains (2020: losses) the total surplus (2020: deficit) for the year amounted to £108,808 (2020: deficit - £107,721).

The overall surplus for the year (2020: deficit) after transfers, was split between an unrestricted deficit of £39,123 (2020: deficit - £92,706) and a restricted deficit of £69,685 (2020: deficit - £15,015).

The major sources of income during the year were membership subscriptions (2021: £116,113; 2020: £97,507), giving circle subscriptions (2021: £9,904; 2020: £12,374), sales of publications (2021: £63,127; 2020: £69,743; ), individual donations (2021: £96,476; 2020: £29,138), grants (2021: £4,950 ;2020: £4,550), legacies (2021: £1,512; 2020: £2,777), education and engagement (2021: £29,557; 2020: £6,078) and collection events (2021: £nil; 2020: £7,954).

It is important to note that although the surplus appears generous there are a number of factors to bear in mind. Firstly, the investment gains of £58,501 need to be offset against the loss last year of £39,528. Put simply, the recession in early 2020 arising from the pandemic was followed by markets bouncing back in early 2021, so most of this gain just brings the value of our investments back to where they were last year. Secondly, the vast majority of the surplus is due to restricted funds not being spent owing to COVID-19. The expenses to go against these funds should fall in 2021-22 and will subsequently result in a loss on those funds.

The important figure is the unrestricted surplus as that is what funds the basic workings of the Society. Although 2020-21 showed a vast improvement compared with what was budgeted for this year (due largely to increased membership and fundraising) it does not mean that the structural issues which led to a deficit in previous years have disappeared and the Board continue to address them.

During the year the Society invested 89% (2020: 94.0%) of its expenditure on delivering its charitable objectives, with the remainder spent on raising funds.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

The Society’s balance sheet has net current assets of £131,136 (2020: £76,318) and investments of £347,980 (2020: £289,394).

INVESTMENT POWERS, POLICY AND PERFORMANCE

Under the Memorandum and Articles of Association the charity has the power to make any investment which the Board of Trustees sees fit. The Trustees have an agreed investment policy that is reviewed annually. Under this policy the Society’s investment objectives are as follows:

The Society seeks to produce the best financial return within an acceptable level of risk.

The investment objective is to balance income and capital returns. The assets should be managed to at least maintain the real capital value of the Society’s portfolio whilst generating a sustainable level of investment income to be reinvested until the Board of Trustees instructs otherwise.

During the year the Trustees undertook a review of the Society’s investment policy. This review was led by the Finance Committee who reviewed a number of options ranging from continuing with the same arrangement of discretionary management to moving into one of a number of funds.

The Committee recommended to the Board of Trustees that all the investment funds should be moved into the Cazenove Responsible Charity Multi Asset Fund. This recommendation was accepted by the Board after seeing a presentation by Cazenove.

While both the General Fund and the Centenary Fund have had a medium low risk approach in the past, only the Centenary Fund was expected to produce income. It is now felt that the Society requires income from all its investments, so the funds have both been transferred to the Cazenove fund.

The Charity fund was chosen because it is a low volatility fund specifically designed for charities. It aims to produce income of approximately 4% per annum in addition to a capital growth comfortably ahead of inflation. In addition, the Fund takes a vigorous approach to ESG issues. In addition to several ethical exclusions (tobacco, indiscriminate weaponry etc) Cazenove have a policy of active engagement with companies and of exercising their votes.

The funds were transferred over in March 2021 which means that is it currently hard to give performance figures for the year. Over the year to 31 March 2021 the funds performed as follows:

General Fund(Balanced Centenary Fund
& medium low risk) (Income and medium low
risk)
Capital return 19.78% 17.98%
Income return 2.36% 3.41%
Total return 22.14% 21.39%
Agreed performance measures:
FTSE Private Investor Balanced Index 19.21% 17.04%
FTSE Private Investor Income Index 0.89% 0.89%

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

This was clearly a year of exceptional impact on markets globally because of the pandemic, so these figures give no guide to expected annual performance.

Reserves policy and going concern

RESERVES POLICY

The Society’s reserves policy relates to its unrestricted general funds only and sets a target for free reserves (being unrestricted general funds not invested in tangible fixed assets). The Society needs to maintain a level of free reserves which allows the charity to:

The Trustees have previously agreed to a target range of between £150,000 to £175,000 in free reserves. This amount would enable the Society to meet all its commitments in the event of a major shortfall in income. In setting this level the Trustees have taken into account the Society’s ownership of a freehold property in central London whose market value is substantially in excess of its historic costs.

At 31 March 2021 the charity had free reserves of £236,409 which is above the target range. The Trustees consider this to be acceptable as events over 2020-21 have been exceptional.

Adherence to the policy and the appropriateness of the policy are reviewed annually by the Finance Committee; if any changes are deemed necessary the Committee makes appropriate recommendations to the Board.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees continue to regularly review and actively manage the principal risks and major uncertainties to which the charity may be exposed.

The Finance Committee assesses the risks and the associated action plan every year and the full Board reviews them annually. Identified risks are listed in the register which outlines the nature of each individual risk and rates them either high, medium or low risk with regards to both probability and impact; a risk management action plan is agreed for each identified risk. Ratings are reviewed regularly, and progress is actively monitored.

The key risks and uncertainties to which the Society is currently exposed and the agreed management actions are as follows:

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

Structure, governance and management

GOVERNING DOCUMENT

The Society is registered as a company, the registration number being 25816, and is limited by guarantee. In the event of a winding up, the liability of each member to contribute under the guarantee is limited to £2. The Society is governed by its Memorandum and Articles of Association. The Society is also a registered charity, the registration number being 212384.

Appointment of Trustees

TRUSTEES (AND DIRECTORS) AND THEIR APPOINTMENT

The members of the Board are the Trustees of the charity. They are elected by the Members of the Society. One third of Trustees retire by rotation each year. Each member may serve for a maximum of seven years unless extended under article 37A to a maximum of nine years.

The members of the Board of Trustees are also all duly appointed Directors and those who served during the year to 31 March 2021 and up to the date of this report are listed in “Reference and Administrative Information”.

PRESIDENT AND VICE PRESIDENTS AND THEIR APPOINTMENT

The President is elected by the Society's members by ordinary resolution and holds office for a term of five years (unless terminated earlier by death or resignation). Vice-Presidents are elected by the Society's members by ordinary resolution and hold office for life or until he or she resigns from office or ceases to be a member of the Society. There shall be only one President of the Society at any time but there is no limit on the number of Vice-Presidents who may be appointed.

INDUCTION AND TRAINING OF TRUSTEES

As members of the Society new Trustees are already familiar with its governing structure, financial affairs and activities. An induction session is held in London and all new Trustees are expected to attend, with existing Trustees also invited, and additional training is provided as necessary. The Society regularly looks for new Trustees who will bring additional expertise and knowledge to the work of promoting the Society’s mission.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

ORGANISATIONAL STRUCTURE

The administration of the Society is in the hands of the Board of Trustees, which meet at least four times a year (seven times in 2020-21). Following a review of the Society’s governance structure in 2020-21, there are now Committees covering Finance, Research (with a sub-committee for the Management of the Delta Survey), Publications and Communications, Collections (with a sub-committee for the Management of the Oxyrhynchus Papyri) and other matters as required; these Committees make recommendations to the Board of Trustees. A Director is appointed by the Board of Trustees to manage and lead the day-to-day operations of the Society.

Statement of responsibilities of the Trustees

The Trustees (who are also directors of the Egypt Exploration Society for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Independent Examiner

Sayer Vincent LLP was appointed as the charitable company's independent examiner at the 2020 Annual General Meeting and accepted the appointment.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2021

This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

The Trustees’ annual report has been approved by the Trustees on 17 September 2021 and signed on their behalf by:

Campbell Price Chair

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Independent examiner’s report

To the members of

The Egypt Exploration Society

I report to the trustees on my examination of the accounts of the Egypt Exploration Society for the year ended 31 March 2021.

This report is made solely to the Trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the Trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity’s Trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’) .

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accounts in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Name: Joanna Pittman FCA

Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 23 September 2021

17

The Egypt Exploration Society

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2021

Unrestricted
Note
£
Income from:
2
51,096
3
-
63,127
3,642
21,572
115,815
9,904
6,600
4
4,762
276,518
5a
25,329
5a
16,244
5a
67,242
5a
26,443
5a
29,672
5a
112,685
277,615
40,234
7
39,137
-
39,137
7
(14)
39,123
Reconciliation of funds:
404,955
444,078
Research
Education and Engagement
Giving circle subscriptions
Research
Education, Engagement and Events
Investments
Rental income
Total income
Expenditure on:
Publications and other sales
Raising funds
Collections
Membership subscriptions
Donations and legacies
Charitable activities
Total expenditure
Net (expenditure) before net
(losses)/Gains on investments
Charitable activities
Publications
Subscription Volumes for Members
Collections
(1,097)
Total funds brought forward
Net (losses) / gains on investments
Net (expenditure) / income for the year
Total funds carried forward
Transfers between funds
Net (expenditure) / income before other
recognised gains and losses
Other (losses)/gains
Net movement in funds		 Unrestricted
Note
£
Income from:
2
51,096
3
-
63,127
3,642
21,572
115,815
9,904
6,600
4
4,762
276,518
5a
25,329
5a
16,244
5a
67,242
5a
26,443
5a
29,672
5a
112,685
277,615
40,234
7
39,137
-
39,137
7
(14)
39,123
Reconciliation of funds:
404,955
444,078
Research
Education and Engagement
Giving circle subscriptions
Research
Education, Engagement and Events
Investments
Rental income
Total income
Expenditure on:
Publications and other sales
Raising funds
Collections
Membership subscriptions
Donations and legacies
Charitable activities
Total expenditure
Net (expenditure) before net
(losses)/Gains on investments
Charitable activities
Publications
Subscription Volumes for Members
Collections
(1,097)
Total funds brought forward
Net (losses) / gains on investments
Net (expenditure) / income for the year
Total funds carried forward
Transfers between funds
Net (expenditure) / income before other
recognised gains and losses
Other (losses)/gains
Net movement in funds		 Restricted
£
23,475
28,367
-
7,985
298
-
-
4,276		 2021
Total
£
74,571
28,367
63,127
3,642
29,557
116,113
9,904
6,600
9,038		 Unrestricted
£
24,400
-
69,743
2,190
6,078
97,507
12,374
6,600
6,254		 Restricted
£
-
8,010
5,326
7,953
-
-
-
-
4,753		 2020
Total
£
24,400
8,010
75,069
10,143
6,078
97,507
12,374
6,600
11,007
276,518 64,401 340,919 225,146 26,042 251,188
25,329
16,244
67,242
26,443
29,672
112,685		 6,852
2,255
1,872
433
1,539
32		 32,181
18,499
69,114
26,876
31,211
112,717		 17,699
38,454
63,318
38,703
33,185
106,906		 4
3,033
3,711
14,264
6
20		 17,703
41,487
67,029
52,967
33,191
106,926
277,615 12,983 290,598 298,265 21,038 319,303
40,234
(1,097)		 18,267
51,418		 58,501
50,321		 (21,490)
(73,119)		 (18,038)
5,004		 (39,528)
(68,115)
39,137
-		 69,685
-		 108,822
-		 (94,609)
1,981		 (13,034)
(1,981)		 (107,643)
-
39,137
(14)		 69,685
-		 108,822
(14)		 (92,628)
(78)		 (15,015)
-		 (107,643)
(78)
39,123
404,955		 69,685
153,049		 108,808
558,004		 (92,706)
497,661		 (15,015)
168,064		 (107,721)
665,725
444,078 222,734 666,812 404,955 153,049 558,004

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 18a to the financial statements.

18

The Egypt Exploration Society

Balance sheet

Balance sheet
As at 31 March 2021 Company no. 25816
Note
Fixed assets:
12a
12b
13
Current assets:
14
15
Liabilities:
16
17a
18a
Total unrestricted funds
General funds
Total charity funds
Intangible assets
Investments
Cash at bank and in hand
Tangible assets
Creditors: amounts falling due within one year
Net current assets
Total net assets
Unrestricted income funds:
Designated funds
The funds of the charity:
Stocks
Debtors
Restricted income funds		 £
15,170
57,866
130,151		 2021
£
184,096
3,600
347,980		 £
15,464
52,342
65,302		 2020
£
185,092
7,200
289,394
535,676
131,136		 481,686
76,318
203,187
(72,051)		 133,108
(56,790)
207,669
236,409		 212,224
192,731
666,812 558,004
222,734
444,078		 153,049
404,955
666,812 558,004

The opinion of the directors is that the company is entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge the following responsibilities:

Approved by the Trustees on 17 September 2021 and signed on their behalf by:

Campbell Price Chair

Sue Preston Treasurer

19

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

1 Accounting policies

a) Statutory information

The Egypt Exploration Society is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address is 3 Doughty Mews, London WC1N 2PG.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

As a smaller charity, a statement of cashflows is not presented.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The Trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

Key judgements that the charitable company has made which have a significant effect on the accounts include estimating the liability for future grant commitments.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Legacy income is recognised when there is sufficient information to determine that, at the year end, the Society had entitlement, the legacy was measurable and it was more likely than not that the legacy would be received. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

20

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

1 Accounting policies (continued)

Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so please refer to the Trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

i) Expenditure and irrecoverable VAT

Irrecoverable VAT is not charged as a cost against the activity for which the expenditure was incurred and is shown separately.

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time and costs, of the amount attributable to each activity.

2021 2020 2019
Cost of raising funds 11% 6% 5%
Research 6% 13% 34%
Educational events 11% 10% 11%
Publication costs 24% 21% 18%
Subscription volumes for members 39% 33% 27%
Collections 9% 17% 5%

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

21

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

The freehold property is stated at cost. The Trustees are of the opinion that the residual value of the land and buildings is in excess of the carrying value of the asset and therefore depreciation is considered not appropriate. The property includes a flat which is sub-let under a pre-existing agreement, protected under the Rent Act 1977, at less than market rates. As the charity does not hold the flat with the intention to generate funds it is not separately identified as an investment property.

Other fixed assets are stated at cost less depreciation.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

 Office furniture and fittings 5 years  Computer equipment 4 years  Intangible assets 5 years

m) Listed Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains / (losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

n) Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks.

o) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

p) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

q) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

r) Financial instruments

With the exception of the listed investments described above, the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

22

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

1 Accounting policies (continued)

s) Heritage assets

The society holds heritage assets in the form of a library, a collection of classical papyri (held in Oxford) and an archive containing materials relating to excavations undertaken by the Society and to the founding, development and history of the Society itself. The permanent collection is formed of photographs, letters, mementoes, samples, papyri, books, watercolours and manuscripts. The collection has not been included in the balance sheet as the historical cost information is not available due to the unique nature of the collection and the Trustees believe that obtaining valuations for these items would not justify the cost.

Expenditure which is required to preserve or prevent deterioration of individual items within the archive is recognised in the statement of financial activities when incurred. The archive, library and papyri are accessible to researchers and other users by appointment subject to the access and privacy policy of the society.

t) Pensions

The charity contributes to a defined contribution pension scheme. Contributions are charged to the statement of financial activities as they become payable according to the rules of the scheme. The assets of the scheme are held separately from those of the charity. The charity has no liability under the scheme other than for the due payment of contributions.

2 Income from donations and legacies

Website grant
Donations
Legacies
Interest
Research
Other grants and donations
Dividends
Income from investments		 Unrestricted
£
49,584
1,512
-		 Restricted
£
23,475
-
-		 2021
Total
£
73,059
1,512
-		 Unrestricted
£
21,623
2,777
-		 Restricted
£
-
-
-		 2020
Total
£
21,623
2,777
-
51,096 23,475 74,571 24,400 - 24,400
Unrestricted
£		 Restricted
£
28,367		 2021
Total
£
28,367		 Unrestricted
£
-		 Restricted
£
8,010		 2020
Total
£
8,010
- 28,367 28,367 - 8,010 8,010
Unrestricted
£
4,716
46		 Restricted
£
4,276
-		 2021
Total
£
8,992
46		 Unrestricted
£
6,080
174		 Restricted
£
4,753
-		 2020
Total
£
10,833
174
4,762 4,276 9,038 6,254 4,753 11,007

3 Research

23

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

5a Analysis of expenditure (current year)

Charitable activities

Staff costs (note 9)
Direct costs
Depreciation and amortisation
Office and other expenses
Premises costs
Bank charges and finance costs
Computer costs
Legal and professional fees
Support costs
Governance costs
Total expenditure 2021
Total expenditure 2020		 Cost of
raising funds
£
9,005
916
-
-
-
3,582
-
6,844		 Research
£
8,938
2,758
-
-
-
-
-
-		 Publications
£
15,215
28,591
-
-
-
-
-
-		 Collections
£
14,429
2,564
-
-
-
-
-
-		 Education,
Engagement
and events
£
14,978
4,755
-
-
-
-
-
-		 Subscription
volumes for
members
£
39,201
32,066
-
-
-
-
-
-		 Governance
costs
£
13,452
-
-
3,101
-
-
-
-		 Support
costs
£
23,771
-
4,597
16,641
33,369
5,258
5,303
1,264		 2021
Total
£
138,989
71,650
4,597
19,742
33,369
8,840
5,303
8,108		 2020
Total
£
158,043
75,450
4,995
31,704
27,221
6,188
4,999
10,703
20,347
9,999
1,835		 11,696
5,748
1,055		 43,806
21,384
3,924		 16,993
8,351
1,532		 19,733
9,698
1,780		 71,267
35,023
6,427		 16,553
-
(16,553)		 90,203
(90,203)
-		 290,598
-
-		 319,303
-
-
32,181 18,499 69,114 26,876 31,211 112,717 - - 290,598 319,303
17,703 41,487 67,029 52,967 33,191 106,926 - - -

24

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

5b Analysis of expenditure (prior year)

Charitable activities

Staff costs (note 9)
Direct costs
Depreciation and amortisation
Office and other expenses
Premises costs
Bank charges and finance costs
Computer costs
Legal and professional fees
Support costs
Governance costs
Total expenditure 2020		 Cost of
raising funds
£
6,791
1,441
-
-
-
2,740
-
-
10,972
5,457
1,274
17,703		 Research
£
27,064
(1,351)
-
-
-
-
-
-
25,713
12,788
2,986
41,487		 Publications
£
17,096
24,447
-
-
-
-
-
-
41,543
20,662
4,824
67,029		 Collections
£
16,150
16,678
-
-
-
-
-
-
32,828
16,328
3,811
52,967		 Education,
Engagement
and events
£
15,399
5,172
-
-
-
-
-
-
20,571
10,231
2,389
33,191		 Subscription
volumes for
members
£
37,207
29,063
-
-
-
-
-
-
66,270
32,960
7,696
106,926		 Governance
costs
£
14,985
-
-
7,995
-
-
-
-
22,980
-
(22,980)
-		 Support
costs
£
23,351
-
4,995
23,709
27,221
3,448
4,999
10,703
98,426
(98,426)
-
-		 2020
Total
£
158,043
75,450
4,995
31,704
27,221
6,187
4,999
10,703
319,302
-
-
319,302

25

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

Grant making
All grants are to individuals
Cobra Goddesses Survey Project
Paddle Dolls: Attributes and Analysis
Teens, Sudan and ‘digitally produced’ Replicas
Reassessing the destruction of Hatshepsut’s monuments		 2021
£
-
-
-
-		 2020
£
1,475
1,200
500
500
- 3,675

Grants awarded in prior years of £42 returned unused.

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2021 2020
£ £
Depreciation 997 1,395
Loss on disposal of fixed assets - (148)
Amortisation 3,600 3,600
Operating lease rentals:
Equipment 2,173 2,173
Independent examiner remuneration (excluding VAT):
Independent examination 3,100 -
Auditor's remuneration (excluding VAT):
Audit - 6,300
Foreign exchange (gains) / losses (14) 78

8 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Staff costs were as follows:

Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Salaries and wages
Social security costs
Temporary staff and Agency staff costs		 2021
£
125,813
-
7,320
5,856		 2020
£
141,602
-
10,501
5,940
138,989 158,043

No employee earned more than £60,000 during the year (2020: nil).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £ 48,999 (2020: £71,396).

The charity Trustees were not paid and received no other benefits from employment with the charity in the year (2020: £nil). One charity Trustee received payment for professional or other services supplied to the charity £500 (2020: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £Nil (2020: £1,696) incurred by Nil (2020: 8) members relating to attendance at meetings of the trustees.

26

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

10 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Raising funds
Research
Collections
Education, Engagement and Events
Subscription Volumes for Members
Support
Governance
Publications		 2021
No.
0.3
0.3
0.5
0.5
0.5
1.2
0.8
0.4		 2020
No.
0.2
0.9
0.6
0.5
0.5
1.2
0.8
0.5
4.5 5.2

11 Related party transactions

One charity Trustee received payment for professional or other services supplied to the charity £500 (2020: £nil).

There are no other related party transactions to disclose for 2021.

12a Tangible fixed assets

Tangible fixed assets
As at 1/4/20
As at 31/3/21
As at 31/3/21
Disposal in year
Eliminated on disposal
Net book value
As at 31/3/21
As at 1/4/20
As at 1/4/20
Additions in year
Charge for the year
Depreciation
Cost		 Freehold
property
land and
buildings
£
181,907
-
-		 Office
furniture
and fittings
£
10,512
-
-		 Computer
equipment
£
17,650
-
-		 Total
£
210,069
-
-
181,907 10,512 17,650 210,069
-
-
-		 10,512
-
-		 14,464
997
-		 24,976
997
- 10,512 15,461 25,973
181,907 - 2,189 184,096
181,907 - 3,186 185,093

27

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

12b Intangible fixed assets

Intangible fixed assets
As at 1/4/20
Additions in year
As at 31/3/21
Amortisation
As at 1/4/20
Charge for the year
Cost
As at 31/3/21
Net book value
As at 31/3/21
As at 1/4/20		 Website
£
18,000
-		 Total
£
18,000
-
18,000 18,000
10,800
3,600		 10,800
3,600
14,400 14,400
3,600 3,600
7,200 7,200

The intangible asset represents the capitalisation of the value of work done on the Society website. This is being written off over five years.

All of the above assets are used for charitable purposes, with the exception of a residential flat held as part of freehold property.

13 Investments

Investments
Disposal proceeds
Net gain / (loss) on change in fair value
Fair value at the start of the year
Additions at cost
Fair value at the end of the year
Cash
Shares listed on the London Stock Exchange
Investments comprise:
Cash held by investment broker pending reinvestment		 £
177,471
234,921
(226,313)
40,234
Unrestricted		 Restricted
(Centenary)
£
98,690
126,377
(121,667)
18,267		 2021
£
276,161
361,298
(347,980)
58,501		 2020
£
314,462
43,238
(42,011)
(39,528)
226,313
-		 121,667
-		 347,980
-		 276,161
13,233
226,313 121,667 347,980 289,394
2021
£
347,980
-		 2020
£
276,161
13,233
347,980 289,394

28

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

14
15
VAT recoverable
Accrued income and prepayments
Staff Loans
Finished goods
Stocks
Debtors
Publication sales		 2021
£
15,464		 2020
£
15,464
15,464 15,464
2021
£
751
4,740
-
52,375		 2020
£
872
1,631
2,668
47,171
57,866 52,342

With the exception of listed investments, all of the charity’s financial instruments, both assets and liabilities, are measured at amortised cost. The carrying values of these are shown above and also in note 16.

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Grants committed
Subscriptions received in advance
Taxation and social security
Accruals and other creditors
Trade creditors		 2021
£
-
2,675
3,022
20,694
45,660		 2020
£
-
2,675
3,081
33,282
17,752
72,051 56,790

17a Analysis of net assets between funds (current year)

Net assets at 31 March 2021
Net current assets
Intangible fixed assets
Investments
Tangible fixed assets		 General
unrestricted
£
-
-
226,313
10,096		 Designated
£
184,095
3,600
-
19,974		 Restricted
£
-
-
121,667
101,067		 Total funds
£
184,095
3,600
347,980
131,137
236,409 207,669 222,734 666,812

29

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

17b Analysis of net assets between funds (prior year)

18a
Restricted funds:
Total restricted funds
Total designated funds
General funds
Investments
Development fund
Amelia Edwards Projects funds
Scholarship fund
Total funds
Unrestricted funds:
Designated funds:
Fixed asset fund
Centenary fund
Delta Survey fund
Research fund
Publications fund
Website Fund
Movements in funds (current year)
Sponsor a Book fund
Collections fund
Total unrestricted funds
Online Engagement fund
Education and Training fund
Tangible fixed assets
Capital Campaign fund
Intangible fixed assets
Net current assets
Net assets at 30 March 2020		 At 1 April
2020
£
2,087
7,119
104,173
10,535
8,353
375
18,582
-
-
-
1,826		 General
unrestricted
£
-
-
185,221
7,510		 Designated
£
185,092
7,200
-
19,932		 Restricted
£
-
-
104,173
48,876		 Total funds
£
185,092
7,200
289,394
76,318
192,731 212,224 153,049 558,004
Income &
gains
£
-
-
22,543
4,950
29,617
-
-
20,697
1,570
831
2,460		 Expenditure
& losses
£
(137)
-
(83)
(2,114)
-
(375)
(424)
(6,844)
(1,530)
-
(1,476)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-		 At 31 March
2021
£
1,950
7,119
126,633
13,371
37,970
-
18,158
13,853
40
831
2,810
153,049 82,668 (12,983) - 222,734
185,092
7,200
19,932		 -
-
-		 (997)
(3,600)
42		 -
-
-		 184,095
3,600
19,974
212,224 - (4,555) - 207,669
192,731 316,752 (273,074) - 236,409
404,955 316,752 (277,629) - 444,078
558,004 399,420 (290,612) - 666,812

The balance of the Archive Appeal has been transferred into the Collection fund following the completion of rehousing the glass plate negatives.

30

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

18b Movements in funds (prior year)

Restricted funds:
Total restricted funds
Total designated funds
General funds
Amelia Edwards Projects funds
Scholarship fund
Centenary fund
Delta Survey fund
Research fund
Archive Appeal fund
Sponsor a Book fund
Collections fund
Publications fund
Total funds
Unrestricted funds:
Designated funds:
Fixed asset fund
Website Fund
Development fund
Total unrestricted funds		 At 2 April
2019
£
2,287
7,119
122,173
6,335
4,893
24,882
375
-
-		 Income &
gains
£
-
-
4,753
4,550
3,460
-
-
7,954
5,325		 Expenditure
& losses
£
(200)
-
(20,772)
(350)
-
(14,080)
-
(174)
(3,499)		 Transfers
£
-
-
(1,981)
-
-
(10,802)
-
10,802
-		 At 31 March
2020
£
2,087
7,119
104,173
10,535
8,353
-
375
18,582
1,826
168,064 26,042 (39,075) (1,981) 153,049
183,686
10,800
14,556		 1,406
-
-		 -
(3,600)
5,376		 -
-
-		 185,092
7,200
19,932
209,042 1,406 1,776 - 212,224
288,619 223,740 (321,609) 1,981 192,731
497,661 225,146 (319,833) 1,981 404,955
665,725 251,188 (358,908) - 558,004

Purposes of restricted funds

Amelia Edwards Projects Fund

Established in 2009 to receive donations given to the Society for small-scale fieldwork, archive and other projects.

Scholarship Fund

Established in 2014 to receive a grant from the British Council to allow young Egyptian archaeologists and Egyptologists to spend short, intensive periods of research at the Society’s base in London.

Centenary Fund

Established in 1982 to support the publication of the Society's research, the financing of annual studentships, conservation of the Society's archives, and the reprinting of out of print EES volumes. Now used entirely to provide small grants to early-career researchers.

Delta Survey Fund

Established to receive income from an annual grant provided by the British Academy for the work of the EES Delta Survey Project. The work involves survey and other archaeological fieldwork in the Delta region of Egypt, undertaken solely in the name of the EES, or in collaboration with other institutions. The funds are also used for the organisation of a biennial workshop on Delta archaeology hosted by the Society in Cairo.

Research Fund

In 2020, this replaced the previous ‘Excavation Fund’ which was established in 2005 to receive donations for fieldwork and research. This Fund is intended to support the exploration and study of Egypt’s unique cultural heritage through archaeological fieldwork as well as museum and archive based projects.

Publications Fund

In 2020, this replaced the previous ‘Sponsor a Book Fund’ which was established in 2011 to enable donors directly to support the publication of EES books. This Fund supports the creation and sharing of a lasting record of research. This could include the ongoing production and distribution of monographs and journals as well as communicating our work to online audiences.

31

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2021

Purposes of restricted funds (continued)

Collections Fund

Established in 2020 to receive donations to preserve and make accessible the Society’s unique Library, Archive, Cartonnage and Papyri collections. Our Collections cover the history of European travel and exploration in the Nile Valley, as well as archaeological investigation of sites and monuments. Funds remaining from the 2018 Archive Appeal were subsumed within this Fund in 2020.

Online engagement fund

This fund was founded in 2020 in response to the COVID-19 global health crisis. Supporters made donations to help the Society provide online events and engagement activities including lectures, skills sessions, online courses, and study days. Donations to this fund will continue to support the Society’s online engagement programme.

Capital campaign fund

This fund was founded in 2020 in response to the growing need to provide premises fit for purpose that allow the Society to adequately deliver its charitable objectives. Donations made to this fund will support maintenance of the Society’s premises, legal fees or staff salaries relating to that activity, fundraising costs, and any subsequent building or redevelopment required.

Education and Training Fund

Established in 2020 to receive donations dedicated providing skills to the next generation of scholars necessary for the ongoing investigation, preservation, and promotion of Egypt’s unique cultural heritage.

Purpose of designated funds:

Fixed asset fund

This fund has been established to hold the net book value of the fixed assets.

Website fund

This fund has been established to hold the net book value of the website

Development fund

This fund represents income generated through legacies in the past. It is designated by the Board of Trustees for charitable activities, in particular to support ongoing fieldwork and research in Egypt through the grant-making process.

19 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

the following periods
Less than one year
One to five years		 2021
2020
£
£
540
961
540
540
1,080
1,501
Equipment
1,080 1,501

20 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £2.

32