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2024-03-31-accounts

Company number: 25816 Charity number: 212384

The Egypt Exploration Society

Report and financial statements for the year ended 31 March 2024

The Egypt Exploration Society

Contents

For the year ended 31 March 2024

Reference and administrative information .............................................................................................................................................1 Trustees’ annual report ...............................................................................................................................................................................3 Independent auditor’s report ................................................................................................................................................................. 18 Statement of financial activities (incorporating an income and expenditure account) ............................................................ 22 Balance sheet ............................................................................................................................................................................................... 23 Statement of cash flows ........................................................................................................................................................................... 24 Notes to the financial statements .......................................................................................................................................................... 25

The Egypt Exploration Society

Reference and administrative information

For the year ended 31 March 2024

Company number 25816
Country of incorporation
United Kingdom
Charity number 212384
Country of registration
England and Wales
Registered office and 3 Doughty Mews,
operational address London
WC1N 2PG
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:
CAMPBELL PRICE, BA, MA, PhD (Chair)
SUE PRESTON, BA, FCA, CTA (Treasurer, until 10 May 2024)
RICHARD AYRE (Vice-Chair)
OMNIYA ABDEL BARR, BSc, MSc, PhD
ROBA ASHRAF ABDELBADIE, BSc, MSc, PhD
JOHN BAGULEY, BA, MBA, PhD, FCIOF
JENNY CHONG, BSc, MSc
JENNIFER CROMWELL, BA, MA, PhD, PGCLTHE, FHEA
YVETTE DZUMAGA BA, MD, MBA (Trustee from 25 Nov 2023, Treasurer from 10 May 2024)
ABEER ELADANY, BA, MSc, MLitt, PhD, FSA Scot
ELIZABETH GLITHERO-WEST, MA MA(Oxon), FSA
TACO VAN HEUSDEN
HILARY McGOWAN FMA FRSA (Trustee from 25 Nov 2023)
JAMES POTTS, MA, MA, MPhil, Dip.Law
PENELOPE WILSON, BA, PhD
KATHARINA ZINN, Dipl.Bibl, MA, DPhil (Trustee until 25 Nov 2023)
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 2024

Auditor Joanna Pittman FCA Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2024

The Trustees present their report and financial statements for the year ended 31 March 2024.

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

We are the UK’s leading charity supporting and promoting Egyptian cultural heritage since our foundation in 1882. Today, we facilitate research projects around the world from our offices in London and Cairo. The Society relies almost entirely on donations from our international membership 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.

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.

MAIN OBJECTIVES

In November 2022, the Trustees adopted the following strategic aims. These were based on the results of surveys and consultation conducted by staff during summer 2021 and they express the aims of the Society between 2022 and 2025.

  1. To make the EES’ high-quality facilities and programmes a world-class destination for engaging diverse audiences with Egyptian cultural heritage through:

  2. a. a varied and accessible programme of online courses and Digital Resources providing educational content for interested audiences.

  3. b. an inclusive Learning Hub for Egyptian cultural heritage at our London premises providing access to our collections for researchers, alongside displays, a lending library, and social space for EES members.

  4. c. providing impactful training and skills for the next generation of scholars.

  5. To be the centre of a UK-wide research network for projects focusing on the heritage of Egypt.

  6. To pioneer a sustainable method for sharing research in-print and/or online.

These strategic aims will be achieved alongside embedding changes introduced in the previous business plan, specifically:

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2024

These activities will take place alongside an ambitious Capital Campaign (further details below) which will result in the redevelopment of the Society’s premises in London.

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 of the Oxyrhynchus Papyri.

STAFF CHANGES

In April 2023 the Society welcomed Julia Thorne in the role of Publications Manager. Julia has worked on EES publications for over a decade as a freelance typesetter and will now continue that role as a member of the staff team while also steering the Society’s publication strategy toward a more accessible future.

CAPITAL CAMPAIGN

In November 2022, the Society launched an ambitious Capital Campaign with the aim of transforming the London Office into an accessible, inclusive, and sustainable hub for the study of and engagement with Egyptian cultural heritage. Since then, the Campaign has attracted high-profile Champions such as Prof Mary Beard, Prof Bettany Hughes, and Dan Snow. While Members will be asked to contribute, efforts over the previous 12 months have focused on writing grant applications. If successful, one submission to a major grant funder would secure a large proportion of the funding required for the redevelopment as well as a new activities programme. In compiling our plans and funding bid, the Society has consulted with a wide variety of experts and organisations across heritage and the arts, many of whom provided letters of support. We have also built relationships with local schools and organisations working to benefit communities in the area, such as Cultural Camden and Camden Disability Action. The full public fundraising campaign has yet to be launched, though a book reading event at Hatchards in Piccadilly, featuring Campaign Champion Anthony Sattin, resulted in several donations and new relationships with prospective supporters. We have also welcomed some inaugural members of the Friends of Amelia B. Edwards giving group, established to support the Campaign.

Alongside the fundraising efforts led by Edward Scrivens detailed above, work has also continued on the more logistical side of the transformation. Planning permission for the scheme designed by Studio Becoming was granted by Camden Council in March 2024 which means that, once funds are available, work can begin in earnest. EES

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The Egypt Exploration Society

Trustees’ annual report

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Engagement Manager, Charlotte Jordan, also led on a project to implement a new website and membership management system (CRM) in preparation for raising funds in support of the Campaign (see below).

Achievements and performance

The strategic objectives outlined on page 3 support the five areas of our charitable activities.

REVIEW OF CHARITABLE ACTIVITIES:

RESEARCH

Our ongoing review of EES-supported research projects has continued with the aim of positioning the EES at the centre of research into Egyptian cultural heritage. Over the course of the reporting year, discussions with the British Academy have progressed and the EES will resume its position as a British International Research Institute from 1[st] April 2024. This will introduce the Society and its researchers to those working in neighbouring regions as well as providing an opportunity to share our findings with scholars operating in similar disciplines.

EES Centenary Awards

The Society offered Centenary Awards in 2023 asking applicants to consider the following:

  1. The wider public benefit of their project

  2. Knowledge exchange and/or community engagement

  3. Innovative methodology

  4. Clear and achievable project based on resources requested

  5. Link to previous/current work of the Egypt Exploration Society

Following objective scoring based on the above weighted criteria, the following projects were awarded funding in 2023-24:

EES Research Grants

For the first time in several years, the Society offered grants to its Affiliated Projects. Several applications were received, and we were delighted to offer up to £5,000 to Project Amunet directed by Angela Tooley and Maarten Praet. They will use the funds to investigate bodily adornment on the preserved body of Amunet to investigate their symbolism as well as the wider role of women in the royal court of Mentuhotep Nebhepetre. Outlines of this project, and the Centenary Awards, will be available on the Society’s website and further reports will be made available to members on completion through Egyptian Archaeology magazine, events, and social media.

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The Egypt Exploration Society

Trustees’ annual report

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PUBLICATIONS

Pioneering a sustainable method for sharing research in-print and/or online is one of our key objectives. A new distribution agreement with ISD International implemented in 2023-24 means that forthcoming and previously published volumes can also be made available as e-books and print-on-demand. This will bring the back catalogue into circulation again making research available while also making a modest contribution to income generation. Alongside a new distribution agreement, Julia Thorne has also implemented new cover and interior layout designs and style guides which feature in volumes produced this year.

EES Website

While not traditionally considered a publishing platform, our website (and social media) is increasingly the platform by which people first encounter our work. In 2023, Charlotte Jordan implemented a new website for the Society which seamlessly integrates with our membership management system (CRM). This platform now enables members to log in and manage their own subscriptions as well as personal details. It also allows us to share exclusive information with members such as the latest issue of Egyptian Archaeology magazine as well as discounts on events. It is hoped that this will add value to membership and improve retention as well as offering an improved membership experience.

Books

Two volumes were produced in 2023-24 which were printed late in the year to coincide with the new launch of our new distribution partnership. Archaeological Sites of the Nile Delta of Egypt: A Gazetteer by Jeffrey Spencer provides a catalogue of work completed by the EES Delta Survey since 1997. The data which was once available on the EES website has been expanded to include commentary by the author as well as images of the sites discussed. This is a fundamental reference tool for those working in the Delta region of Egypt.

Statuary from Royal Buildings at Amarna: Its creation and contexts by Kristin Thompson and Marsha Hill is one of the most ambitious publishing projects ever attempted by the Society. This two-volume work has been printed in hardback with a slipcase thanks to generous funding from the Metropolitan Museum of Art, the Friends of the Petrie Museum, and the Amarna Trust. At over 800 pages and 1500 images, the work comprehensively brings together evidence for the decorative programme at Amarna including the manufacture, and subsequent destruction, of composite statues. It is available, firstly, as a collector’s edition of which only 300 copies have been produced. After this, it will be made available in paperback.

Annual Appeal

In 2023, supporters raised almost £15,000 toward our Annual Appeal. This funding was sought to cover the production costs of our forthcoming title, Ancient Egypt in 50 Discoveries . This volume will present 50 discoveries by the Egypt Exploration Society that have offered new perspectives on Egypt’s Pharaonic past and will be edited by Stephanie Boonstra and Campbell Price. The volume includes entries written by former EES scholars and Skills School participants building on their work which featured in the EES Walking Trail at the Egyptian Museum Cairo in February 2024. We are grateful to those who supported our Appeal and look forward to producing the book in 2024-25.

Journal of Egyptian Archaeology

Volume 109 of the Journal of Egyptian Archaeology was printed and distributed within the calendar year of 2023 and the articles included were made available via OnlineFirst to JEA-online subscribers throughout the year. A further article supported by the Mentoring for Egyptian and Sudanese Authors (MESA) was printed in this volume:

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The MESA Scheme is directly supported by our Patron Giving Circle and we are very grateful to them for empowering authors from source communities to be published in the JEA.

Graeco-Roman Memoirs

The Oxyrhynchus Papyri , vol. LXXXVII (GRM 108) was published in August 2023. This is the final subscription volume produced and was mailed to those who had opted to receive it in 2020-21. An article about one of the translations available within the volume, a fragment of the Sayings of Jesus, was published by Candida Moss in The Daily Beast at the time that the volume was released. Future volumes of the Graeco-Roman Memoirs will be released as monographs as above and will not, therefore, be available as an add-on to membership.

Magazines

Issues 63 and 64 of Egyptian Archaeology , our biannual colour magazine, were published this year. The autumn issue of this year contained three EES-funded research projects. First, Jun Yi Wong reported on his season studying scenes of proscription at Hatshepsut’s mortuary temple at Deir el-Bahari, which was supported by a Centenary Award in 2020. Similarly, Dorian Vanhulle also received a Centenary Award in 2022 and shared his documentation of rock art and inscriptions endangered by modern urbanism in the Aswan region. Finally, a Patron Award recipient, Amanda Ford Spora, provided an update on her project to engage young Sudanese people in their heritage by using replicas and manga. Additionally, Stephanie Boonstra and Anna Hodgkinson presented the EES archive by considering the insights gleaned from Mr Hayter’s notebook on the 1921 excavations at Amarna. In the spring issue, Alaa Shams reported on his EES-supported archaeobotanical work at South Abydos. This issue also provided an article based on the ‘Mewseum’ exhibition held in the EES London office. Overall, there were 18 papers in these magazines with a total of 27 contributors, more than 20% of whom were Egyptian. Both magazines are now available to read online for free by EES members, facilitated by our relaunched website. They have already been viewed by over 320 people and read by more than 80 members.

COLLECTIONS

As the Society focuses on plans for its transformation, work has already begun on packing up the collections in preparation for the imminent removal of the trees at 8 Doughty Street and subsequent repair work required to stabilise the rear wall of its premises. On the advice of specialists, the Society relocated its most fragile archives (the glass plate negatives and artwork) to off-site storage in January 2024. These can still be recalled if necessary, but are in specialised storage for heritage collections. Volunteers are now concentrating on ensuring our inventories are accurate ready for the eventual removal of all collections off-site during any building work.

Conserving the Collections

Thanks to funds raised in 2022-23, work was able to begin on the conservation of highlights within the collections. This included the large watercolour by Howard Carter (ART.224) which subsequently went on display in 2022 and, in February 2024, was put on long-term display at the Egypt Centre at Swansea University. In 2023, this work continued with the conservation of the large oil painting of Amelia Edwards by Florence Blakiston Attwood-Mathews which will go on display at Bolton Museum in 2024. The conservation and reframing of our largest papyrus (P.Oxy. LV 3804-

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The Egypt Exploration Society

Trustees’ annual report

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3805) was carried out over 2023 by the expert hand of Eve Menei. Finally, two of the 1930s replicas of artefacts uncovered by the Society at Amarna have been cleaned and brought back to their original state. Not only have these projects preserved the items that belong in the Society’s collections, but they have also ensured that they can be displayed to the public again. Further conservation projects will continue into 2024 alongside the display of these items both in London and around the UK.

Oral History Workshop

The Society’s archives contain a lasting record of British archaeology in Egypt since 1882 including references to characters that have played a role in this, whether in the field or as supporters. Much of this is collated and published in Who Was Who in Egyptology , but the personal reflections and memories are often missing. For this reason, we have decided to resurrect the EES Oral History Project which was previously carried out under the direction of Chris Naunton. Training for this was carried out by the Oral History Society in 2023 and a workshop was held at the EES in June 2023 bringing together Egyptological specialists to discuss carrying out oral history projects. Stephanie Boonstra will direct this project in the archives by establishing clear templates for interviews. She is assisted by the expert guidance of Rosalind Janssen and a newly appointed Ethics Committee.

Papyri

The ongoing police investigation into thefts from the Society’s collection of papyri has not yet reached a conclusion though we have been able to return most of the affected items to our collection store. Staff and Trustees continue to work closely with colleagues at the Faculty of Classics, University of Oxford to ensure the safe management of the collection as well as support ongoing research on it.

Cartonnage

We have continued our partnership with the UCL MA Conservation programme which enables their students to work on our collection of cartonnage as part of their training programme. A report of their work will be provided in Egyptian Archaeology in 2024.

EDUCATION AND TRAINING

While we have continued to offer our skills building sessions, we also understand that it is increasingly important to ensure longevity in the skills we are building. For this reason, we have built upon some of our previous Skills Schools by introducing tangible outputs over multi-year projects. By building an alumni group of EES-trained scholars, we look to increase capacity for further training.

Egyptian Archaeology Skills School

From 10th-14th July 2023, the Society delivered the sixth Egyptian Archaeology Skills School. Nine early career scholars completed the School including Elizabeth Owen, a former EES Archive Intern and current volunteer. Overall feedback from the School indicated that the attendees felt that their skills and confidence in Egyptian archaeology increased by more than 100% over the course of the week. One participant commented that “the field school was so thorough and helpful - my confidence has improved quite a lot and I think I made some amazing connections”. In particular, the cohort improved most within the topic of survey work, reporting an average of over 150% improvement in their skills and over 200% increase in confidence.

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The Egypt Exploration Society

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For the year ended 31 March 2024

Egyptian Museum, Cairo – Walking Trail

Building on the success of the 2022 Egyptological Archives Skills School, Stephanie Boonstra curated the first Walking Trail around the Egyptian Museum in Cairo with those who participated in the School:

Thanks to the support of the British Council, 12 panels in English and Arabic were placed around the Museum guiding visitors to highlights in the collections that had been discovered during excavations of the Society. These included the small ivory statuette of Khufu, the shrine of Hathor from Deir el-Bahari, and the unfinished bust of Nefertiti. The display was advertised with large banners showing EES archival images presented on the façade of the Museum from January to June 2024. Thanks to the efforts of Essam Nagy, the display was launched on 31[st] January 2024 by HE Gareth Bayley, British Ambassador to Egypt and Dr Ali Abdelhalim, Director of the EMC. In his opening remarks, the EES Director noted the Society’s efforts to not just provide training, but also tangible outputs where this training could be implemented and showcased. The Scholars involved in the project were able to discuss their display panels with the Ambassador during the launch and a webpage including the panels and a video of the launch was made available on the EES website.

Skills sessions

The Cairo Office continued its in-person skills program including the following workshops:

OUTREACH AND ENGAGEMENT

Sharing the latest research via outreach and engagement is a service that we are aligning more closely to our efforts in publications – perhaps better considered together as ‘dissemination’. We aim to provide a journey from general interest through to professional scholarly research. However, we welcome people of any background to participate in those activities and want to ensure that our offer is accessible and inclusive for all.

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The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2024

Cairo lectures

The Cairo Office continues to offer a series of regular in-person lectures at the British Council. These included the following:

Unpacking Abydos Conference

As part of a Centenary Award granted in 2022, Amany Abd el-Hameed (see above) organised the Unpacking Abydos conference with Essam Nagy at the British Council from 5[th] -7[th] December 2023. This conference, organised in partnership with Penn Museum, the Supreme Council of Antiquities, and the Centre of Documentation of Egyptian Antiquities served as a venue for discussion and reflection upon the past, present, and future of archaeological work at Abydos. Over the three days, more than 120 people attended the conference in-person, with a further 60 attending online. Alongside the conference, the organisers also held a workshop for 12 local school children titled “An Adventure in the Temple”, where they engaged with the site of Abydos through art, producing a mosaic of Seti I temple, and learning more about the site.

Online courses

In 2023-24, we ran 12 courses: Foundation Ancient Egyptian Hieroglyphs (Charlotte Jordan), Extraordinary Ordinary Objects from Egypt and Sudan (Anna Garnett), Beginners Ancient Egyptian Hieroglyphs (Joseph Clayton), South of Aswan: the Archaeology of Sudan and Nubia (Loretta Kilroe), A History of Ancient Egypt in Thirty Temples (Kelly Accetta Crowe), Beyond Beginners Ancient Egyptian Hieroglyphs (Joseph Clayton), The Lost Cities of Egypt (Carl Graves), Intermediate Ancient Egyptian Hieroglyphs (Joseph Clayton), A Piece of the Action: Disabled People in Ancient Egypt and Egyptology (Alexandra Morris), Egyptian Art in the Late Period (Jen Turner), Beyond Intermediate Ancient Egyptian Hieroglyphs (Joseph Clayton), Edible Egyptology: A Taste of Egypt (Sarah Doherty). All courses were held live online with recordings made available to those supporters unable to attend live and resources provided through a shared online folder.

All these courses saw a total of 1051 registrants (2023: 996), comprising 1001 members and 46 non-members. Although, 65 new members (2023: 83) joined the Society when booking an online course. Of the people who completed the feedback survey for the online courses, 96% (2023: 93%) would recommend the EES online course to a friend. When asked for a rating between 1 (poor) and 5 (excellent) for the content of the live sessions, online resources and value for money, all aspects were rated above an average of 4.70 (2023: 4.50) with the live session content averaging at 4.80 (2023: 4.70).

Online lecture programme

The Society hosted 23 events in 2023-24 (2023: 33) on its online Zoom platform. The monthly Tuesday Spotlight series of short lectures based on overarching themes continued this year. These themes included ‘Visualising Egypt’ and ‘Traversing the Nile’, followed by ‘Wonders of Egypt’ in early 2024. Live attendance has continued to drop following the peak during the global pandemic, with attendance averaging at 90 people (2023: 128). However, postevent views via YouTube have continued to climb, as views within 10 days of their upload are averaging at 248 (2023: 234).

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The Egypt Exploration Society

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Study day and discussion panel

The Society's hosted its first Hybrid Study Day entitled ‘Art in the Age of Ramesses the Great’ on Saturday 15 July 2023 at the Society of Antiquaries of London and Online via Zoom. This marked our first large-scale in-person event since the global pandemic, which had around 200 in-person and online attendees. This study day was sponsored by AdamsKaye, whose co-founder first interacted with the EES at our Open Day in 2022. This helped to cover the costs of venue hire which enabled us to make the event available both in-person and online. We’re very grateful to AdamsKaye for their support of this event.

In June, we hosted Contemporary Art Interventions in Egyptian Collections, a discussion panel hosted by Alice Stevenson as part of her British Academy Mid-Career Fellowship Project ‘Exhibition Experiments around Egyptology: The Role of Contemporary Art’. The event brought together Egyptian artist Sara Sallam, Community Archaeologist, Museum and Heritage Professional Gemma Tully and independent curator and writer James Putnam to discuss how contemporary art can influence the approach and perceptions of ancient Egypt.

As part of our Annual Appeal to support the production of Ancient Egypt in 50 Discoveries, five highlights from the book were discussed by the volume’s editors, Stephanie Boonstra and Campbell Price. The event was chaired by Carl Graves and it helped us to reach our target so that production on the volume can begin in 2024-25.

In-person events

Once again, we hosted an Open Day at the London Office in September. This year we joined the London Open House Festival, which enabled us to reach a large audience of non-members on the day, totalling over 110 people. Many joined our online newsletter, and some have since become members. This was a great opportunity to connect with the local community in London, and we hope to join the festival again in future years.

To celebrate the 150[th] anniversary of Amelia Edwards’ journey ‘A Thousand Miles Up the Nile’, the EES and Ancient World Tours led a tour for 23 members around Egypt from 8 to 21 February 2024. EES Director, Carl Graves delivered five lectures during the tour and accompanied the members throughout. Travelling in Amelia’s footsteps, the group visited sites around Aswan, Lake Nasser, and Cairo and even managed to visit the latest EES Walking Trail at the Egyptian Museum.

Office Exhibitions

The office display space continues to attract new exhibits presenting items from the Society’s collections. This year we also held launch events where the local community were invited to visit and find out more about the work that we do from Doughty Mews. Over 2023-24, the Society hosted the following displays:

The skills gained in offering small displays will be expanded and built upon in a new exhibition space planned for the future redevelopment of the Society’s premises.

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The Egypt Exploration Society

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For the year ended 31 March 2024

SUBSCRIPTIONS

In 2023-24 there were 1,744 individual subscribers (2023: 1,826) including 256 new subscribers (2023: 271). The modest drop of 4% in overall membership was expected following the global pandemic, though it is hoped that the improvement in value for members by the introduction of new systems will see retention improve in future years. The Trustees made the difficult decision to increase subscription rates in 2024-25 owing to the ongoing increase in costs which the Society must cover to continue offering services to members. The increase amounted to around 5%, or £3 per member depending on their subscription type.

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 £509,930 (2023: £613,733) while total outgoing resources were £559,682 (2023: £529,857) giving rise to a deficit for the year of £49,752 (2023: surplus, £83,876) before taking into account gains and losses on the Society’s investments. After accounting for realised and unrealised gains (2023: losses) on the Society’s investments the total deficit (2023: surplus) for the year amounted to £34,030 (2023: surplus, £66,121).

The overall deficit for the year (2023: surplus) after transfers, was split between an unrestricted deficit of £94,652 (2023: surplus £26,313) and a restricted surplus of £60,622 (2023: surplus £39,808).

The major sources of income during the year were membership subscriptions (2024: £131,009; 2023: £138,822), giving circle subscriptions (2024: £9,636; 2023: £16,777), publication sales (2024: £80,142; 2023: £72,130), individual donations (2024: £129,935; 2023: £65,292), grants (2024: £5,000; 2023: £37,971), Annual Appeal (2024: £14,011; 2023: £28,670); legacies (2024: £48,474; 2023: £180,225), and events (2024: £67,992; 2023: £50,667).

The decrease in giving circle subscriptions reflects the increase in contributions from those donors to the Capital Campaign shown in individual donations. The decrease in grants reflects the awarding in 2022-23 of the Department Work and Pensions grant to cover the role of a Collections Assistant (Zipporah Blake) and the British Council support for early career Egyptian researchers.

The Society’s financial performance for the year ended 31[st] March 2024 is impacted by the income generated towards our Building the Future capital campaign which seeks to raise funds for the transformation of our premises in Doughty Mews. It is also affected by the use of legacies received in prior years toward the implementation of a new membership management system (CRM) and website which were launched in November 2023. The Society has been notified of several further substantial legacies pledged as well as significant donations to support the Campaign. Funds

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from these activities will be designated or restricted toward the future development of the Society. It is crucial that the surplus funds received in prior years are used to secure the Society’s long-term sustainability.

During the year the Society invested 85% (2023: 83%) of its expenditure on delivering its charitable objectives, with the remainder spent on raising funds. As previously reported, the Trustees are aware that initial investments in a Capital Campaign will see the resources expended on raising funds increase over the next few years. This is hoped to be matched by a corresponding increase in funds raised for the redevelopment of the Society’s Doughty Mews premises.

The Society’s balance sheet has net current assets of £202,370 (2023: £252,587) and investments of £360,140 (2023: £344,418).

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.

The Society investments are managed in the Cazenove Responsible Charity Multi Asset 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 fund produced an income, including interest, of £15,011 during the year (2023: £13,975).

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:

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The Egypt Exploration Society

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The Trustees transferred £50,000 to the Development Fund this year (2023: £200,000). This reflects the desire of Trustees to ensure that legacies and other large donations should be used to fund the long term development of the Society rather than becoming part of general funds. £127,730 was paid out of the Development Fund for the year (2023: £155,319) in order to support the Capital Campaign and the implementation of a new website and membership management system (CRM).

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.

The free reserves are now £161,077 (2023: £178,959) which is in line with the level set by the Board of Trustees. The Trustees consider that this level is reasonable particularly in the current economic uncertainty.

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 before being reviewed by the full Board. 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:

14

The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2024

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 2024 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 online, 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.

15

The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2024

ORGANISATIONAL STRUCTURE

The administration of the Society is in the hands of the Board of Trustees, which meet at least four times a year. Supporting the Board are 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), Development Committee (overseeing the Capital Campaign), and other matters as required; these Committees make recommendations to the Board of Trustees. Not all members of Committees are Trustees. Some individuals are co-opted to ensure that the Society is supported by the necessary skills and expertise. 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.

In so far as the trustees are aware:

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.

16

The Egypt Exploration Society

Trustees’ annual report

For the year ended 31 March 2024

Auditor

Sayer Vincent LLP was appointed as the charitable company's Independent Examiner at the 2023 Annual General Meeting and accepted the appointment. The Board of Trustees felt that an Independent Audit would be more appropriate as the Society expects to raise substantial income to support its Capital Campaign over the coming years.

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 4th October 2024 and signed on their behalf by:

Campbell Price Chair

17

Independent auditor’s report

To the members of

The Egypt Exploration Society

We have audited the financial statements of Egypt Exploration Society (the ‘charitable company’) for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Egypt Exploration Society's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If,

18

Independent auditor’s report

To the members of

The Egypt Exploration Society

based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with

19

Independent auditor’s report

To the members of

The Egypt Exploration Society

ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

20

Independent auditor’s report

To the members of

The Egypt Exploration Society

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Other matter

The financial statements for the year ended 31 March 2023 were not audited, but they were subject to an independent examination in accordance with Charity Commission directions.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor) 18 October 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

21

The Egypt Exploration Society

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

For the year ended 31 March 2024

Note
Income from:
2
3
4
5a
5a
5a
5a
5a
5a
5a
7
Reconciliation of funds:
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward
Net gains/(losses) on investments
Net income for the year
Total expenditure
Net income before net Gains/(Losses) on
investments
Charitable activities
Publications
Membership costs
Collections
Donations and legacies
Charitable activities
Research
Education and engagement
Giving circle subscriptions
Research
Education and engagement
Investments
Rental income
Total income
Expenditure on:
Publications
Collections
Membership subscriptions
Cost of raising funds
Development costs		 Unrestricted
£
89,948
-
80,142
2,120
67,992
131,009
9,636
6,600
10,029		 Restricted
£
99,437
8,035
-
-
-
-
-
-
4,982		 2024
Total
£
189,385
8,035
80,142
2,120
67,992
131,009
9,636
6,600
15,011		 Unrestricted
£
210,053
-
72,130
2,604
50,667
138,822
16,777
6,600
9,094		 Restricted
2023
Total
£
£
94,089
304,142
8,016
8,016
-
72,130
-
2,604
-
50,667
-
138,822
-
16,777
-
6,600
4,881
13,975
106,986
613,733
38
32,917
5,986
204,024
14,816
37,352
9
52,844
18,420
48,532
21,682
80,146
12
74,042
60,963
529,857
(6,215)
(17,755)
39,808
66,121
-
-
39,808
66,121
226,830
714,812
266,638
780,933
83,876
46,023
397,476 112,454 509,930 506,747
31,330
166,283
23,189
113,340
31,889
58,087
78,229		 6
6,694
11,716
21,951
11,258
5,695
15		 31,336
172,977
34,905
135,291
43,147
63,782
78,244		 32,879
198,038
22,536
52,835
30,112
58,464
74,030
502,347 57,335 559,682 468,894
10,219
(104,871)		 5,503
55,119		 15,722
(49,752)		 (11,540)
37,853
(94,652)
-		 60,622
-		 (34,030)
-		 26,313
-
(94,652)
514,295		 60,622
266,638		 (34,030)
780,933		 26,313
487,982
419,643 327,260 746,903 514,295

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.

22

The Egypt Exploration Society

Company no. 25816

Balance sheet

As at 31 March 2024

As at 31 March 2024
Note
Fixed assets:
12a
12b
13
Current assets:
14
15
Liabilities:
16
17a
18a
Total unrestricted funds
Stocks
Debtors
Net current assets
Intangible assets
Creditors: amounts falling due within one year
Restricted income funds
Total net assets
Total charity funds
Unrestricted income funds:
Designated funds
The funds of the charity:
General funds
Investments
Cash at bank and in hand
Tangible assets		 £
9,133
260,269
34,713		 2024
£
£
184,393
-
360,140
544,533
16,538
290,381
34,297
341,216
(88,629)
202,370
746,903
327,260
335,336
178,959
419,643
746,903		 2023
£
183,928
-
344,418
528,346
252,587
304,115
(101,745)
308,566
111,077
780,933
266,638
514,295
780,933

Approved by the Trustees on 4th October 2024 and signed on their behalf by:

Campbell Price Chair

Yvette Dzumaga Treasurer

23

The Egypt Exploration Society

Statement of cash flows

For the year ended 31 March 2023

Cash flows from operating activities
Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
(Gains)/losses on investments
Dividends, interest and rent from investments
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash (used in) / provided by operating activities
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand
Overdraft facility repayable on demand
Total cash and cash equivalents
Net cash (used in) investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
year		 £
£
(34,030)
1,345
(15,722)
15,011
7,405
30,112
13,116
17,237
(15,011)
(1,810)
(16,821)
416
34,297
34,713
At 1 April
2023
Cash flows
£
£
34,297
416
-
-
34,297
416
2024		 £
£
(34,030)
1,345
(15,722)
15,011
7,405
30,112
13,116
17,237
(15,011)
(1,810)
(16,821)
416
34,297
34,713
At 1 April
2023
Cash flows
£
£
34,297
416
-
-
34,297
416
2024		 £
£
66,121
1,229
17,755
13,975
(1,060)
(212,573)
18,622
(95,931)
(13,975)
(1,257)
(15,232)
(111,163)
145,460
34,297
Other non-
cash
changes
At 31
March
2024
£
£
-
34,713
-
-
-
34,713
2023		 £
£
66,121
1,229
17,755
13,975
(1,060)
(212,573)
18,622
(95,931)
(13,975)
(1,257)
(15,232)
(111,163)
145,460
34,297
Other non-
cash
changes
At 31
March
2024
£
£
-
34,713
-
-
-
34,713
2023
17,237
(16,821)		 (95,931)
(15,232)
At 1 April
2023
£
34,297
-		 Other non-
cash
changes
£
-
-
416
34,297		 (111,163)
145,460
34,713 34,297
Cash flows
£
416
-		 At 31
March
2024
£
34,713
-
34,297 416 - 34,713

24

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

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.

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.

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. The level of cash held at 31 March 2023 was lower than anticipated but has since recovered post yearend. Should the need arise, the charity continues to hold investments which could be drawndown on to provide cashflow - though this has not been required to date.

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.

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.

25

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

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.

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.

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.

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.

2024 2023 2022 2021 2020
Development costs 31% 39% 0% 0% 0%
Cost of raising funds 6% 6% 16% 11% 6%
Research 6% 7% 19% 6% 13%
Education and engagement 11% 15% 14% 11% 10%
Publication costs 24% 10% 17% 24% 21%
Membership costs 14% 14% 26% 39% 33%
Collections 8% 9% 8% 9% 17%

k) Operating leases

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

26

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

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.

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.

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.

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.

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.

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.

27

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

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

Legacies
Department of Work and
Pensions grant
British Council grant
Donations		 Unrestricted
£
41,474
48,474
-
-
89,948		 Restricted
£
99,437
-
-
-
99,437		 2024
Total
£
140,911
48,474
-
-		 Unrestricted
£
29,828
180,225
-
-		 2023
Restricted
Total
£
£
61,068
90,896
-
180,225
25,000
25,000
8,021
8,021
94,089
304,142
189,385 210,053

Restricted donations include capital donations of £64,100, Production of Amarna Statutary volume donations of £21,216, annual appeal 50 discoveries donations of £14,011 and Education and training of £110

3 Research

Research
Grants
Donations		 Unrestricted
£
-
-
-		 Restricted
£
3,035
5,000
8,035		 2024
Total
£
3,035
5,000		 Unrestricted
£
-
-		 2023
Restricted
Total
£
£
3,066
3,066
4,950
4,950
8,016
8,016
8,035 -

4 Income from investments

Income from investments
Interest
Dividends		 Unrestricted
£
9,241
788
10,029		 Restricted
£
4,977
5
4,982		 2024
Total
£
14,218
793		 Unrestricted
£
9,041
53		 2023
Restricted
Total
£
£
4,868
13,909
13
66
4,881
13,975
15,011 9,094

28

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

5a Analysis of expenditure (current year)

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 2024
Total expenditure 2023		 Cost of raising
funds
£
22,404
1,948
-
-
-
-
-
-
24,352
5,473
1,511
31,336
32,917		 Charitable activities Membership
costs
£
17,483
43,322
-
-
-
-
-
-
60,805
13,666
3,773
78,244
74,042		 Governance
costs
£
17,951
9,034
-
-
-
-
-
-
26,985
-
(26,985)
-
-		 Support
costs
£
26,296
-
1,345
23,374
32,506
6,673
7,564
-
97,758
(97,758)
-
-
-		 2024
Total
2023
Total
£
£
233,048
201,356
248,478
258,403
1,345
1,228
23,374
22,037
32,506
28,383
6,673
7,052
7,564
5,412
6,694
5,986
559,682
529,857
-
-
-
-
559,682
-
529,857
Development
costs
£
35,781
91,949
-
-
-
-
-
6,694
134,424
30,213
8,340
172,977
204,024		 Research
£
15,116
12,009
-
-
-
-
-
-
27,125
6,097
1,683
34,905
37,352		 Publications
and other
sales
£
53,468
51,669
-
-
-
-
-
-
105,137
23,631
6,523
135,291
52,844		 Collections
£
17,947
15,583
-
-
-
-
-
-
33,530
7,537
2,080
43,147
48,532		 Education,
engagement
and events
£
26,602
22,964
-
-
-
-
-
-
49,566
11,141
3,075
63,782
80,146

29

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

5b Analysis of expenditure (prior year)

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 2023		 Cost of
raising funds
£
19,652
6,374
-
-
-
-
-
-
26,026
5,565
1,326
32,917		 Development
costs
£
31,205
124,114
-
-
-
-
-
5,986
161,305
34,495
8,224
204,024		 Research
£
14,721
14,810
-
-
-
-
-
-
29,531
6,315
1,506
37,352		 Publications
£
29,121
12,659
-
-
-
-
-
-
41,780
8,934
2,130
52,844
Charitable		 Collections
£
17,219
21,152
-
-
-
-
-
-
38,371
8,205
1,956
48,532
activities		 Education,
Engagement
and events
£
26,004
37,361
-
-
-
-
-
-
63,365
13,550
3,231
80,146		 Subscription
volumes for
members
£
20,573
37,966
-
-
-
-
-
-
58,539
12,518
2,985
74,042		 Governance
costs
£
17,391
3,967
-
-
-
-
-
-
21,358
-
(21,358)
-		 Support
costs
2023
Total
£
£
25,470
201,356
-
258,403
1,228
1,228
22,037
22,037
28,383
28,383
7,052
7,052
5,412
5,412
-
5,986
89,582
529,857
(89,582)
-
-
-
-
529,857

30

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

6 Grant making

6
Grant making		 6
Grant making
7
All grants are to individuals
An Investigation into the Unpublished Archaeological Collections of "Yassa Adraous
Pasha" and "Zaki Ghali": Towards Ethical Exploration and Academic Discourse
The Roman Baths and water management in Hermopolis Magna
125 years at Abydos (1899-2024)
Project Amunet
Conservation of monuments and sites in Sudan during the Anglo-Egyptian
Condominium period (1898-1956)
Net Income for the year
Handling bureaucracy: The identity of Egyptian administration as seen through
fingerprint analysis in sealings from the Early Dynastic Period
This is stated after charging / (crediting):		 2024
£
5,000
845
1,201
1,000
-
-
-
-		 2023
£
-
-
-
-
2,212
2,000
-
-
8,046 4,212
2024
2023
£
£
1,345
1,228
-
-
1,212
1,710
-
3,675
8,500
-
Audit
Equipment
Depreciation
Independent examiner remuneration (excluding VAT):
Independent examination
Auditor's remuneration (excluding VAT):
Amortisation
Operating lease rentals:
This is stated after charging / (crediting):
2024 2023
£ £
Depreciation 1,345 1,228
Amortisation - -
Operating lease rentals:
Equipment 1,212 1,710
Independent examiner remuneration (excluding VAT):
Independent examination - 3,675
Auditor's remuneration (excluding VAT):
Audit 8,500 -

8 Taxation

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

31

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

9 Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Employer’s contribution to defined contribution pension schemes
Salaries and wages
Social security costs		 2024
2023
£
£
207,700
179,462
15,368
13,420
9,980
8,474
233,048
201,356

Salary costs include Development costs fixed term contract £35,781 (2023: £31,205)

No employee earned more than £60,000 during the year (2023: nil).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £56,214 (2023: £54,472).

The charity Trustees were not paid and received no other benefits from employment with the charity in the year (2023: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £381 (2023: £292) incurred by 3 (2023: 2) members relating to attendance at meetings of the trustees.

10 Staff numbers

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

Education, Engagement and Events
Governance
Collections
Raising funds
Support
Publications
Development costs
Membership Cost
Research		 2024
2023
No.
No.
1.0
1.0
0.6
0.5
0.4
0.4
1.5
0.9
0.5
0.5
0.8
0.8
0.5
0.6
0.8
0.8
0.5
0.5
6.6
6.0

11 Related party transactions

No charity Trustee received payment for professional or other services supplied to the charity (2022: £nil).

There are no other related party transactions to disclose for 2023/24 (2022/23: none).

Aggregate donations from related parties were nil (2022/23: none).

32

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

12a Tangible fixed assets

Tangible fixed assets
Cost
As at 31/3/24
Disposal in year
Eliminated on disposal
As at 31/3/24
As at 1/4/23
As at 1/4/23
Additions in year
Depreciation
As at 31/3/24
Cost
As at 31/3/24
Charge for the year
As at 1/4/23
As at 1/4/23
Net book value
Net book value
As at 31/3/24
As at 31/3/24
Amortisation
As at 1/4/23
Charge for the year
Intangible fixed assets
As at 1/4/23
Additions in year		 Freehold
property
land and
buildings
£
181,907
-
-		 Office
furniture and
fittings
£
10,512
-
(1,177)		 Computer
equipment
£
19,975
1,810
(2,010)		 Total
£
212,394
1,810
(3,187)
181,907 9,335 19,775 211,017
-
-
-		 10,512
-
(1,177)		 17,954
1,345
(2,010)		 28,466
1,345
(3,187)
- 9,335 17,289 26,624
181,907 - 2,486 184,393
181,907 - 2,021 183,928
Website
£
18,000
-		 Total
£
18,000
-
18,000 18,000
18,000
-		 18,000
-
18,000 18,000
- -
- -

12b Intangible fixed assets

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.

33

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

For the year ended 31 March 2024
13
14
15
Net gain / (loss) on change in fair value
Accrued income and prepayments
Finished goods
Disposal proceeds
Investments
Additions at cost
Debtors
Shares listed on the London Stock Exchange
Stocks
VAT recoverable
Fair value at the start of the year
Cash
Fair value at the end of the year
Investments comprise:
Cash held by investment broker pending reinvestment		 £
223,872
-
-
10,219
Unrestricted		 Restricted
(Centenary)
£
120,546
-
-
5,503		 2024
£
344,418
-
-
15,722		 2023
£
362,173
-
-
(17,755)
234,091
-		 126,049
-		 360,140
-		 344,418
-
234,091 126,049 360,140 344,418
2024
£
360,140
-		 2023
£
344,418
-
360,140 344,418
2024
£
9,133		 2023
£
16,538
9,133 16,538
2024
£
28,324
231,945		 2023
£
37,230
253,151
260,269 290,381

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.

34

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

16 Creditors: amounts falling due within one year

Grants committed
Subscriptions received in advance
Taxation and social security
Accruals and other creditors		 2024
2023
£
£
5,000
4,255
5,115
5,157
43,238
38,055
48,392
41,162
101,745
88,629

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

Analysis of net assets between funds (current year)
Intangible fixed assets
Tangible fixed assets
Investments
Net assets at 31 March 2024
Net current assets		 General
unrestricted
£
-
-
234,091
(123,014)		 Designated
£
184,393
-
-
124,173		 Restricted
Total funds
£
£
-
184,393
-
-
126,049
360,140
201,211
202,370
327,260
746,903
111,077 308,566

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

Analysis of net assets between funds (prior year)
Net current assets
Net assets at 31 March 2023
Tangible fixed assets
Intangible fixed assets
Investments		 General
unrestricted
£
-
-
223,872
(44,913)		 Designated
£
183,928
-
-
151,408		 Restricted
Total funds
£
£
-
183,928
-
-
120,546
344,418
146,092
252,587
266,638
780,933
178,959 335,336

35

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

18a Movements in funds (current year)

Restricted funds:
Total restricted funds
Total designated funds
General funds
18b
Restricted funds:
Total restricted funds
Total designated funds
General funds
Amelia Edwards Project Fund
Scholarship Fund
Centenary Fund
Delta Survey Fund
Research Fund
Collections Fund
Online Engagement Fund
Education and Training Fund
Collections Fund
Total unrestricted funds
Capital Campaign Fund
Online Engagement Fund
Total unrestricted funds
Unrestricted funds:
Designated funds:
Fixed asset fund
Website Fund
Total funds
Education and Training Fund
Publications Fund
Capital Campaign Fund
Research Fund
Publications Fund
Development fund
Total funds
Amelia Edwards Projects Fund
Scholarship Fund
Unrestricted funds:
Designated funds:
Development fund
Movements in funds (prior year)
Fixed asset fund
Centenary Fund
Delta Survey Fund		 At 1 April
2023
£
1,950
7,119
121,164
10,046
28,499
47,111
24,092
403
6,933
19,322		 Income &
gains
£
-
-
10,485
5,000
3,035
-
64,100
-
110
35,227		 Expenditure
& losses
£
-
(5,507)
(3,120)
(3,488)
(5,000)
(11,250)
(6,694)
-
(350)
(21,926)		 Transfers
£
-
-
-
-
-
-
-
-
-
-		 At 31 March
2024
£
1,950
1,612
128,529
11,558
26,534
35,861
81,498
403
6,693
32,623
266,638 117,957 (57,335) - 327,260
183,928
151,408		 -
-		 -
(127,235)		 465
50,000		 184,393
74,173
335,336 - (127,235) 50,465 258,566
178,959 407,695 (375,112) (50,465) 161,077
514,295 407,695 (502,347) - 419,643
780,933 525,652 (559,682) - 746,903
At 31 March
2022
£
1,950
7,119
126,797
16,122
25,004
24,295
4,000
403
1,819
19,322		 Income &
gains
£
-
-
4,881
4,950
3,066
28,670
26,078
-
39,341		 Expenditure
& losses
£
-
-
(10,514)
(11,026)
429
(5,854)
(5,986)
-
(34,227)
-		 Transfers
£
-
-
-
-
-
-
-
-
-
-		 At 1 April
2023
£
1,950
7,119
121,164
10,046
28,499
47,111
24,092
403
6,933
19,322
226,830 106,986 (67,178) - 266,638
183,899
-
106,358		 -
-
-		 -
-
(154,950)		 29
-
200,000		 183,928
-
151,408
290,257 - (154,950) 200,029 335,336
197,725 506,747 (325,484) (200,029) 178,959
487,982 506,747 (480,434) - 514,295
714,812 613,733 (547,612) - 780,933

36

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

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.

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.

37

The Egypt Exploration Society

Notes to the financial statements

For the year ended 31 March 2024

Purpose of designated funds:

Fixed Asset Fund

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

Development Fund

This fund represents income generated through legacies and donations received in the past. It is designated by the Board of Trustees for charitable purposes and development projects that will generate future financial sustainability for the Society.

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

Less than one year
One to five years		 2024
2023
£
£
1,212
1,220
4,848
4,880
6,060
6,100
Equipment

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.

38