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2021-12-31-accounts

THE ROYAL ARCHAEOLOGICAL INSTITUTE

COUNCIL REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2021

SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE1 7BA

THE ROYAL ARCHAEOLOGICAL INSTITUTE

CONTENTS YEAR ENDED 31 DECEMBER 2021

Legal and Administrative Information 1
The Annual Report of the Council 2 - 9
Report of the Independent Auditors 10 - 12
Statement of Financial Activities 13 - 14
Balance Sheet 15 - 16
Statement of Cash Flows 17
Notes forming part of the Financial Statements 18 - 25

THE ROYAL ARCHAEOLOGICAL INSTITUTE

1

CHARITY NUMBER: 226222

President Mr Ken Smith (Retired 22 June 2021)
Ms Lindsay Allason-Jones (Elected 22 June 2021)
Vice-Presidents Dr Mark Gardiner (Retired 22 June 2021)
Professor Barbara Yorke (Retired 22 June 2021)
Mr Hedley Swain (Elected 22 June 2021)
Mr Paul Oldham
Ms Kathryn Stubbs
Honorary Secretary Dr Pete Wilson (Retired 22 June 2021)
Mr Brian Kerr (Elected 22 June 2021)
Honorary Treasurer Dr Andrew Williams (Retired 22 June 2021)
Vacant Post
Honorary Editor Dr Lisa-Marie Shillito
Meetings Secretary Dr Rachel Swallow (Resigned 12 May 2021)
Mr Peter Ginn (Appointed 15 July 2021)
Council Members Full list given on page 8
Correspondence Address and registered address c/o The Society of Antiquaries
Burlington House
Piccadilly
London
W1J 0BE
Bankers Co-operative Bank plc PO Box 250
Delf House
Southway
Skelmersdale
WN8 6WT
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Auditor Somerbys Limited
30 Nelson Street
Leicester
LE1 7BA

THE ROYAL ARCHAEOLOGICAL INSTITUTE

2

THE ANNUAL REPORT OF THE COUNCIL YEAR ENDED 31 DECEMBER 2021

The Council presents the statutory report with the accounts of The Royal Archaeological Institute for the year ended 31 December 2021

The annual report and accounts are presented in the form of a Statement of Financial Activities, in order to comply with the Statement of Recommended Practice for Charities: Accounting and Reporting by Charities as issued by the Charity Commission in 2015 and comply with the requirements of the Charities Act 2011.

Structure, Governance and Management

The Institute was founded in 1844 and received its Royal Charter in 1961. This defines the nature and legal status of the Institute, which is responsible to the Privy Council for the conduct of its affairs. The Institute publishes a journal and awards research and other grants annually. It holds monthly lectures in London during the Season, which runs from October to May, short Spring and Autumn meetings and an Annual Summer Meeting of a week’s duration when visits are paid to areas of archaeological and architectural interest in the British Isles and Europe.

The Institute is a Registered Charity - No. 226222 - and the registered address is c/o The Society of Antiquaries of London, Burlington House, Piccadilly, London, W1J 0BE.

The Institute's governing body is its Council, whose members are the Council members of the Institute for the purposes of Institute legislation, which is constituted as follows:

Council's work is supported by Editorial, Meetings and Research Committees. An Audit & Investment Committee provides oversight of the conduct of its financial affairs.

The members of the Council who served during the year are listed on page 8. The Institute gratefully recognises the support and assistance that all retiring members of Council have given during their period of office.

Aims

The aims and objectives of the Institute are as follows:

Risk Management

The Council members have a duty to identify and review the risks to which the Institute is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

THE ROYAL ARCHAEOLOGICAL INSTITUTE THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2021

3

Public Benefit

In meeting its aims and objectives, the Society provides public benefit by advancing learning and education about archaeology at all levels and through promoting knowledge and understanding of archaeology.

Council confirms that it has complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on Public Benefit.

Achievements and Performance

Despite the impact of Covid-19, the Royal Archaeological Institute has continued to publish T he Archaeological Journal, deliver lectures, hold meetings across the country and to award grants in support of archaeological and historical research.

Publications

Volume 178 of the Archaeological Journal was published online during the year. The printed versions of Volumes 177 and 178 have, regrettably, experienced distribution problems which, it is hoped, will be rectified in 2022.

The digitised version of the Archaeological Journal Volumes 1 - 178 is currently available online to libraries and to members through the Institute’s website.

Two Newsletters were published which, besides reporting on the Institute's activities, included short reports on research projects that had received awards from the Institute's research funds.

Lectures

The following lectures were held online and at the Rooms of the Society of Antiquaries of London, Burlington House:

13 January (Live streamed) Petuaria revisited: new light on Roman Brough-on-Humber Dr Peter Halkon

10 February (Live streamed)

Fortifying rulership: the emergence and development of Pictish power centres in Northeast Scotland, c. 3001000 AD

Professor Gordon Noble

10 March (Live streamed) Roman frontiers in their landscape settings Professor David Breeze

14 April (Live streamed) 3 p.m. Work by the Roman Roads Research Association David Ratledge, Rob Entwistle and Mike Haken 5 p.m. M.R. James’s East Anglia

Dr Richard Hoggett

13 May (Live streamed) The archaeology of the Greenwich World Heritage Site Dr Jane Sidell

THE ROYAL ARCHAEOLOGICAL INSTITUTE

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2021

22 June (Live streamed)

4.15 Annual General meeting

5 p.m. The Staffordshire Hoard and the history of seventh-century England Professor Barbara Yorke

13 October (Burlington House and Live streamed) Putting the pieces back together: what slighting can tell us about the past Dr Richard Nevell

10 November (Burlington House and Live streamed) Tattershall Castle: the newly built personality of Ralph Lord Cromwell Dr James Wright

8 December (Burlington House and Live streamed) Talking torcs: a craft perspective on Iron Age gold Dr Tessa Machling and Roland Williamson

During 2021, the Institute’s lectures continued to be made available online to all.

Meetings

The Spring Meeting in Dover was cancelled due to Covid restrictions. On 15 May , an alternative online event (Zoom) on Dover’s Environs was held. The following three papers were presented : 'Julius Caesar’s Landing Sites' by Andrew Fitzpatrick, ‘Roman Richborough: Some New Insights' by Tony Willmott and ‘ The archaeology of Hellfire Corner: National Trust sites at the White Cliffs' by Nathalie Cohen.

The Summer Meeting scheduled for Copenhagen and Malmö was postponed until 2022.

The Autumn Meeting in Newark was postponed until October 2022. An alternative meeting was held from 4-9 October and was based in Caernarfon. The President, Lindsay Allason-Jones and the Honorary Secretary, Brian Kerr attended together with twenty-seven members. The meeting was led by the Meetings Secretary, Peter Ginn and the Assistant Meetings Secretary, Caroline Raison. The castles of Caernarfon, Beaumaris and Conwy were visited. The Llanberis Slate Mine, Segontium, Penrhyn, Plas Mawr, and Plas Newydd were also on the list of sites. The President and Honorary Secretary helped guide the group around some of the above sites. Dr Peter Jarvis was kind enough to help guide the group around Plas Mawr, and the Institute was grateful for his help. On the final day, a local archaeologist, Rhys Mwyn guided the group around some of the prehistoric sites of Anglesey. We were lucky enough to see inside Barclodiad y Gawres, which is usually locked, together with Din Dryfol, Castell Bryn Gwynn,Trefignath Burial Chamber and the South Stack Huts. The gallery at Oriel Mon was also visited. The Institute would like to thank the President, Honorary Secretary, Dr Jarvis and Rhys Mwyn for the guiding as well as Frances Lynch and Rhys for their help in planning the visits.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

5

THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2021

Research Grants

Research grants totalling £18,906 were awarded in 2021, as follows:

Dr Benjamin Roberts How ancient are the massive Cornish tin ingots found around St Austell? £1,134
Beverley Still Exploring the prehistoric landscape of Upper Teesdale (County Durham) £2,192
Dr Peter Halkon Petuaria revisited – looking for a lost Roman theatre £2,821
Dr Rob Wiseman Gathering the harvest: collating evidence on the rural economy of Iron £4,620
Age and Roman Cambridgeshire
Dr Robert Fry What lies beneath Longis? Searching for Iron Age and Roman Alderney £3,890
Prof Steven Mithen Rubha Port a t-Seilich: excavating an Upper Palaeolithic site in Western £4,249
Scotland

The Institute made donations of £1,500 to the library of the Society of Antiquaries of London, where members have reading rights, and of £10,000 to the Council for British Archaeology’s Archaeological Achievement Awards (Early Career Archaeologist).

Cheney Bursaries

No Cheney Bursaries were awarded in 2021.

Archaeological Achievement Awards

The Institute sponsored the Early Career Archaeologist Award which was presented to Grace Griffith and the Highly Commended Award was presented to Dr Iris Kramer. We are grateful to our member Dr Tanja Romankiewicz for presenting the award in an online ceremony on behalf of the Institute.

Membership

Council regrets to note the deaths of ten members during the year, of whom two were Life members and eight were Ordinary members. As a result of the review of the membership roll, twenty-four Ordinary members and six Student members were removed from the membership list due to non-payment. Eight Ordinary members resigned. Four Student members and one Associate member each became an Ordinary member and one Associate member and two Ordinary members each became a Life member. Sixty-five new members were elected: fortyfour Ordinary members, one Life member, three Associate members and seventeen Student members. Six of the new Student members are sponsored by the Institute.

2021 2020
Life members 91 89
Ordinary members 526 519
Associate members 75 74
Student members(under 26 years of age) 36 29
Total Individual members 728 711

THE ROYAL ARCHAEOLOGICAL INSTITUTE THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2021

6

Financial Review

The Statement of Financial Activities shows net incoming resources of £17,424 (2020: £8,612 net outgoing resources) before unrealised gains on investments.

The Institute maintained its scrutiny of administration costs during the year; governance costs were reduced due to the holding of virtual meetings. The Institute is very grateful to Somerbys for having held its charges for its services.

The Institute’s net assets as at 31 December 2021 are £1,913,235 (2020: £1,681,960), which are more than sufficient to meet its obligations.

The total assets had been proportioned between different fund types which would provide an ambitious, but not stretching, annual yield, and growth in the long-term value of the investments to be equal to but not greater than inflation. Council was satisfied with the income achieved.

Risk Policy

Council receives an annual report from the Audit and Investment Committee. The most recent, received in March 2021, highlighted the following (action taken in italics):

The Covid Pandemic has impacted on the way societies function in unforeseen ways and this has revealed unprecedented risks. During 2022, the Institute’s Risk Policy will be reviewed and any identified shortcomings addressed

Reserves Policy

Council’s policy is to retain sufficient resources to enable it to carry out its charitable activities from a sound financial base and to achieve its long-term objectives. Capital, in the form of fixed asset investments, is maintained with a view to generating investment income as part of incoming resources to meet charitable expenditure year by year, in line with its investment policy.

Reserves at 31 December 2021 amounted to £1,913,235 and of this £1,800,830 represented investments and tangible assets held to generate income to carry out the charitable objectives. Free reserves, the amount of unrestricted net current assets, totalled £100,365.

Investment Policy

The Institute’s primary investment objective is to monitor the performance of the Investment Manager with the aim of generating an agreed and ambitious income stream, and of maintaining the value of total investment funds equal, over the long term, to the inflation rate. Reports on the Institute’s portfolio are received quarterly, an annual meeting takes place between a representative of the CCLA and the Audit and Investment Committee and ad hoc assistance is readily available throughout the year.

THE ROYAL ARCHAEOLOGICAL INSTITUTE THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2021

7

Plans for 2022

The Institute plans to publish Volume 179 of the Archaeological Journal in the Summer of 2022, and to continue to publish newsletters in Spring and Autumn.

Lectures will continue to take place on a monthly basis, from January to May and October to December. These will be livestreamed and in-person at Burlington House if possible. The Institute will consider and decide on its future policy for the holding of lectures in view of the threat to the Society of Antiquaries’ tenancy at Burlington House. The website will include a synopsis of lecture contents, and the lectures will be available online for the benefit of Ordinary members. Most lectures will also be available to the general public on the Institute’s YouTube channel.

Three meetings will be held through the year, pandemic restrictions permitting. The Spring meeting is planned to be in Dover in May, the Summer meeting in the Lune Valley in July and the Autumn meeting in Newark in October.

The Institute will continue to award annual research grants and also its Masters and Undergraduate Dissertation Prizes in alternate years. In 2022, the Undergraduate Dissertation Prize will be judged. The Institute will contribute to work with other bodies, such as the Council for British Archaeology, to promote national awards.

The recommendations arising from the External Review produced by Dr Gemma Tully were passed at the Institute’s Annual General Meeting on 22[nd] June 2021. When the new Council met in October 2021, it was felt that we could not proceed directly to the recruitment of new posts in light of the continuing constraints and uncertainties imposed by the continuing Pandemic, and by the pressing need to address issues relating to the Governance of the Institute. It was therefore agreed to prioritise changes to the Governance of the Institute, building on the recommendations contained in the Review, before proceeding to the implementation of other recommendations as are still considered applicable, desirable and affordable. A programme of priorities will be devised, and sub-committees established when needed, to include members with specific skills, to address specific recommendations.

All of these activities will be promoted through the website and social media.

Statement of the Council's responsibilities in respect of the preparation of financial statements

The Council Members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales and the Institute's Royal Charter requires the Council to prepare financial statements for each financial year, which are required by law to give a true and fair view of the state of affairs of the Institute at the year-end and of the surplus or deficit of the Institute for that period. In preparing these financial statements, the Council is required to:

THE ROYAL ARCHAEOLOGICAL INSTITUTE

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2021

The Council is responsible for keeping accounting records, which disclose with reasonable accuracy at any time the financial position of the Institute and which enables it to ensure that the financial statements comply with the requirements of the Royal Charter and Statutes and the Charities Act 2011. It is also responsible for safeguarding the assets of the Institute and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Officers from June 2021 to May 2022

President

Mr Ken Smith (E) (R) (A) (M) Ms Lindsay Allason-Jones (E) (R) (A) (M)

Retired 22 June 2021 Elected 22 June 2021

Council members Elected/Retired/Resigned (6 Vacant Posts)

Mr Paul Oldham (Vice-President) (A) Dr Mark Gardiner (Vice-President) Professor Barbara Yorke (Vice-President) Ms Kathryn Stubbs (Vice-President) (M) Mr Hedley Swain (Vice-President) Dr Steven Ashby (E) Professor John Collis (E) Mrs Henrietta Quinnell Dr Adrian Olivier Dr Andrew Seaman (E) Dr Hugh Willmott Mr Geoffrey Morley Ms Caroline Raison Mrs Sue Shaw (M) Dr Rachel Swallow Mr Adam Gwilt Ms Alison Telfer

Retired 22 June 2021 Retired 22 June 2021

Elected 22 June 2021 Retired 22 June 2021 Retired 22 June 2021 Retired 22 June 2021

Resigned 12 May 2021

Resigned 12 May 2021 Resigned 5 February 2021

Officers

Position

Dr Pete Wilson

Mr Brian Kerr

Dr Andrew Williams

Honorary Secretary: Retired 22 June 2021 Honorary Secretary: Elected 22 June 2021 Honorary Treasurer: Retired 22 June 2021 (Vacant Post)

Dr Lisa-Marie Shillito Dr Rachel Swallow

Mr Peter Ginn

Honorary Editor Meetings Secretary: Resigned 12 May 2021

Meetings Secretary: Appointed 15 July 2021

In addition to the above, the following served throughout the year:

Ms Sharon Gerber Ms Katherine Barclay Dr Andy Valdez-Tullett Ms Caroline Raison

Administrator Newsletter Editor Reviews Editor Assistant Meetings Secretary

THE ROYAL ARCHAEOLOGICAL INSTITUTE

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2021

The following members of the Institute also served on committees from May 2020 – June 2021:

Dr Brendan O’Connor (A) Professor Martin Millett (A) Sir Rupert Jackson (A) Mr Edward Thornton-Firkin (A) Dr Alex Gibson (A) Dr Andrew David (R; Tony Clark Memorial Fund ) Mr William J. Britnell (R) (E) Dr Margaret Nieke (E) Professor Anthony Quiney (M) Dr Stephen Sherlock (M) (R) Dr Eileen Wilkes (R) Ms Nathalie Cohen (M)

(E): Member of Editorial Committee

(A): Member of Audit & Investment (M): Member of Meetings Committee (R): Member of Research Committee

Approved and signed on behalf of Council on 9 March 2022.

PRESIDENT Ms Lindsay Allason-Jones

FOR COUNCIL Mr Adam Gwilt

HONORARY SECRETARY Mr Brian Kerr

FOR COUNCIL Mrs Sue Shaw

THE ROYAL ARCHAEOLOGICAL INSTITUTE INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2021

10

Opinion

We have audited the financial statements of The Royal Archaeological Institute (the ‘Institute’) for the year ended 31 December 2021 which comprise a statement of financial activities, balance sheet, cashflow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Institute 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 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 the foundation’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 Council members are responsible for the other information. The other information comprises the information included in the Council members’ annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, 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.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

11

INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2021

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Council members

As explained more fully in the Council’s responsibilities statement set out on page 8, the Council members are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Council members 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 Council members are responsible for assessing the Institute’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 Council members either intend to liquidate the Institute or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 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, is detailed below.

The risk of not detecting a material misstatement resulting from error is considered to be low. The risk of not detecting a material misstatement resulting from fraud is higher, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

In the context of the Royal Archaeological Institute, we have not identified any specific laws and regulations other than general commercial laws and regulations such as: Charities Act 2011; Charity Commission guidance; and GDPR.

In response to the audit risks identified, we have undertaken the following procedures:

THE ROYAL ARCHAEOLOGICAL INSTITUTE

12

INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2021

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

Use of our report

This report is made solely to the Institute’s Council members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Institute’s Council 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 Institute and the Institute’s Council members as a body, for our audit work, for this report, or for the opinions we have formed.

SOMERBYS LIMITED

Chartered Accountants and Statutory Auditor

Date: 30 Nelson Street LEICESTER LE1 7BA

Somerbys Limited is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

13

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2021

Current Financial Year
Note
Income and endowments
Donations, grants & legacies
2
Subscriptions
Gift aid on subscriptions
Income from meetings (excursions)
6
Sale of publications
Sundry income
Investment income
3
Total income
Expenditure:
Archaeological Journal
4
Lectures
5
Meetings (excursions)
6
Printing & postage
Charitable activities:
Grants and prizes
7
Subscriptions and donations
Administration and governance costs
8
Total expenditure
Net income before gains and losses on
investments
Net gains on investments
Net income and net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£

360
23,485
3,223

12,420
29,098
-

47,964
116,550

9,680

2,405

15,156
6,341

13,966
12,615

35,042
95,205
21,345
209,653
230,998
1,640,726
1,871,724		 Restricted
Funds
£
-
-
-
-
-
-
1,019
1,019
-
-
-
-
4,940
-
-
4,940
(3,921)
4,198
277
41,234
41,511		 Total
2021
£
360
23,485
3,223
12,420
29,098
-
48,983
117,569
9,680
2,405
15,156
6,341
18,906
12,615
35,042
100,145
17,424
213,851
231,275
1,681,960
1,913,235		 Total
2020
£
2,710
20,985
3,275
-
23,520
-
47,811
98,301
9,302
2,044
2,544
6,563
18,960
20,871
46,629
106,913
(8,612)
129,534
120,922
1,561,038
1,681,960

All income and expenditure derive from continuing activities.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

14

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2021

Prior Financial Year
Note
Income and endowments
Donations, grants & legacies
2
Subscriptions
Gift aid on subscriptions
Income from meetings (excursions)
6
Sale of publications
Sundry income
Investment income
3
Total income
Expenditure:
Archaeological Journal
4
Lectures
5
Meetings (excursions)
6
Printing & postage
Charitable activities:
Grants and prizes
7
Subscriptions and donations
Administration and governance costs
8
Total expenditure
Net income before gains and losses on
investments
Net gains on investments
Net income and net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£

1,886
20,985
3,275

-
23,520
-

46,822
96,488

9,302

2,044

2,544
6,563

16,960
20,871

46,629
104,913
(8,425)
128,742
120,317
1,520,409
1,640,726		 Restricted
Funds
£
824
-
-
-
-
-
989
1,813
-
-
-
-
2,000
-
-
2,000
(187)
792
605
40,629
41,234		 Total
2020
£
2,710
20,985
3,275
-
23,520
-
47,811
98,301
9,302
2,044
2,544
6,563
18,960
20,871
46,629
106,913
(8,612)
129,534
120,922
1,561,038
1,681,960

All income and expenditure derive from continuing activities.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

15

BALANCE SHEET AT 31 DECEMBER 2021

Note
Fixed assets
Investments
10
Tangible assets
11
Current assets
Debtors and prepayments
12
Prepayments and other
debtors
Short term deposits
Cash at bank and in hand
Creditors: amounts falling due
within one year
Creditors
13
Accruals
Net current assets
Net assets
Represented by:
Restricted funds
15
Unrestricted funds
General funds
Designated funds
14		 3,273
3,123
114,540
2,086
123,022
5,000
5,617
112,405
41,511
1,830,503
41,221
1,871,724		 2021
£
1,800,437
393
1,800,830
1,913,235
1,913,235		 2020
£
1,586,586
333
1,586,919
200
3,066
111,768
27
115,061
13,742
6,278
95,041
1,681,960
41,234
1,601,929
38,797
1,640,726
1,681,960

THE ROYAL ARCHAEOLOGICAL INSTITUTE

16

BALANCE SHEET AT 31 DECEMBER 2021

These financial statements were approved on behalf of Council on 9 March 2022 and signed on its behalf by:

PRESIDENT FOR COUNCIL Ms Lindsay Allason-Jones Mr Adam Gwilt

HONORARY SECRETARY FOR COUNCIL Mr Brian Kerr Mrs Sue Shaw

THE ROYAL ARCHAEOLOGICAL INSTITUTE

17

STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2021

Note
Cash flow from operating activities
Cash generated from operations
21
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Payments to acquire investments
Receipts from sales of investments
Interest received
Dividends received
Net cash flow from investing activities
Net increase in cash and cash equivalent
Cash and cash equivalents at 1 January 2021
Cash and cash equivalents at 31 December 2021
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31 December 2021		 2021
£
(43,812)
(43,812)
(340)
-
-
13
48,970
48,643
4,831
111,795
116,626
2,086
114,540
116,626		 2020
£
(41,853)
(41,853)
(500)
(120,000)
-
146
47,665
(72,689)
(114,542)
226,337
111,795
27
111,768
111,795

THE ROYAL ARCHAEOLOGICAL INSTITUTE NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

18

  1. Accounting policies

  2. (a) General information and basis of preparation . The Royal Archaeological Institute is a registered charity in England and Wales and its governing document is a Royal Charter dated 11 October 1961. The financial statements have been prepared on a going concern basis under the historical cost convention as modified by the revaluation of investments, with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements are presented in sterling which is the functional currency of the Institute and rounded to the nearest £.

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

THE ROYAL ARCHAEOLOGICAL INSTITUTE NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

19

1. Accounting policies (continued)

The Institute operates a defined contribution pension plan for the benefit of its employees. Contributions are charged as an expense as they become payable.

(i) Useful economic lives of tangible assets:

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic levels and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See accounting policy note (above) for the useful economic lives for each class of assets.

2. Donations, grants and legacies

Donations and gifts
Tony Baggs Prize		 Unrestricted
Funds
Restricted
Funds
360
-
-
-
360
-		 Total
2021
360
-
360		 Total
2020
2,210
500
2,710

THE ROYAL ARCHAEOLOGICAL INSTITUTE

20

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

3 Investment income and interest receivable

Dividend income
Bank interest
4
Archaeological journal
Expenditure on journals:
Publications and other expenses
Editors’ honoraria and expenses
5
Lectures
Travelling, lecture room hire
and accommodation
6
Meetings (excursions)
Income from Meetings
Expenditure on meetings
Honoraria
7
Grants
Research Grants
Tony Clark Memorial Fund
Cheney Bursary
Prizes
Bunnell Lewis Fund		 Unrestricted
Funds
47,951
13
47,964
3,040
6,640
9,680
2,405
12,420
(13,356)
(1,800)
(2,736)
13,966
-
-
-
-
13,966		 Restricted
Funds
1,019
-
1,019
-
-
-
-
-
-
-
-
-
2,690
2,250
-
-
4,940		 Total
2021
48,970
13
48,983
3,040
6,640
9,680
2,405
12,420
(13,356)
(1,800)
(2,736)
13,966
2,690
2,250
-
-
18,906		 Total
2020
47,664
147
47,811
2,662
6,640
9,302
2,044
-
(256)
(2,800)
(2,544)
16,287
-
173
1,000
1,500
18,960

THE ROYAL ARCHAEOLOGICAL INSTITUTE

21

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

8
Administration and governance costs
Salary and pensions costs
Office administration
Bank charges
Computer equipment depreciation
Audit fees
Consultancy fees
Accountancy and bookkeeping
Travel and accommodation
Administration travel
Governance
Room hire
9
Staff costs and employee benefits
The average monthly number of employees during the year was:
Number of employees
Current
Employment costs
Wages and salaries
Other pension costs		 Unrestricted and Total
2021
2020
18,991
18,992
1,367
1,1229
1,101
280
1,000
167
4,440
400
4,200
16,951
927
1,110
3,302
160
3,323
2,140
253
130
751
558
35,042
46,629
1
1
1
1
18,452
18,458
539
534
18,991
18,992		 Unrestricted and Total
2021
2020
18,991
18,992
1,367
1,1229
1,101
280
1,000
167
4,440
400
4,200
16,951
927
1,110
3,302
160
3,323
2,140
253
130
751
558
35,042
46,629
1
1
1
1
18,452
18,458
539
534
18,991
18,992
46,629
1
1
18,458
534
18,992

No employee received total employee benefits (excluding employer pension costs) of more than £60,000.

10
Investments
Listed investments
Market value at 1 January 2021
Acquisitions at cost
Net unrealised investment gains/(losses)
Net realised investment gains/(losses)
Market value at 31 December 2021
Historical cost at 31 December 2021		 Total
2021
1,586,586
-
213,851
-
1,800,437
1,115,364		 Total
2020
1,337,052
120,000
129,534
-
1,586,586
1,115,364

Listed investments held at 31 December 2021 comprised wholly of Charities Official Investment Funds.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

22

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

11
Tangible fixed assets
Cost:
At 1 January 2021
Additions
31 December 2021
Depreciation:
At 1 January 2021
Charge for year
31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
12
Debtors and prepayments
Prepayments
Accrued income
Other debtors
13
Accruals and deferred income
Grants and Other Creditors
Accruals
Social security
Deferred income		 2021
3,123
-
3,273
6,396
2021
5,000
5,537
-
80
10,617		 Computer
Equipment
6,023
340
6,363
5,690
280
5,970
393
333
2020
3,066
-
200
3,266
2020
14,132
5,368
-
520
20,020

Deferred income of £80 (2020 - £520) relates to funds received in the year to 31 December 2021, for the year ended 31 December 2022.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

23

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

14 Designated funds

The income funds of the Institute include designated funds comprising the following:

Mr Frank S Cheney
Life Membership		 Balance
01/01/2021
26,665
12,132
38,797		 Incoming
74
2,355
2,424		 Expenditure
-
-
-		 Balance
31/12/2021
26,739
14,482
41,221

The funds are held for the following purposes:

Mr Frank S Cheney

Life Membership

15 Restricted funds

The income funds of the Institute include restricted funds comprising special trusts and unexpended balances of grants held as funds to be applied for specific purposes, as follows:-

The Bunnell Lewis Research Fund
The Tony Clark Memorial Fund
Tony Baggs Dissertation Prize		 Balance
01/01/2021
26,558
14,676
-
41,234		 Incoming
Expenditure
654
(2,250)
365
(2,690)
-
-
1,019
(4,940)		 Gains
3,168
1,030
-
4,198		 Balance
31/12/2021
28,130
13,381
41,511

THE ROYAL ARCHAEOLOGICAL INSTITUTE

24

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

15 Restricted funds (continued)

The funds are held for the following purposes: -

Bunnell Lewis Research Fund

Tony Clark Memorial Fund

For the undergraduate dissertation award.

16
Analysis of net assets between funds
Fund balances at 31 December 2021
are represented by:
Fixed Assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Fund balances at 31 December 2020
are represented by:
Fixed Assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
Funds
393
1,770,964
110,984
(10,617)
1,871,724
333
1,557,113
103,300
(20,020)
£1,640,726		 Restricted
Funds
-
29,473
12,038
-
41,511
-
29,473
11,761
-
£41,234		 Total
Funds
393
1,800,437
123,022
(10,617)
1,913,235
33
1,586,586
115,061
(20,020)
£1,681,960

17. Transfer between funds

No transfers between funds were made in the year.

18. Pension and other post-retirement benefits

The Institute operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £539 (2020 - £534).

THE ROYAL ARCHAEOLOGICAL INSTITUTE

25

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2021

19. Capital Commitments

Contractual commitments for the acquisition of tangible fixed assets contracted for but not provided in the financial statements amounted to £nil (2020 - £nil).

20. Council members’ remuneration and related party transactions

No members of the Council received any remuneration in respect of their services as a member of the Council during the current or preceding year, although a sum totalling £3,302 (2020 - £2,140) was paid by way of travelling expenses to twenty-five Council and Committee members during the year. Honoraria and expenses of £8,440 (2020 - £9,440) were paid to the Meetings Secretary, Assistant Meetings Secretary, Editor and Reviews Editor of the Archaeological Journal, and Newsletter Editor. No further related party transactions require disclosure.

21 Reconciliation of net income to net cash flow from operations

Reconciliation of net income to net cash flow from operations
Net income for year
Depreciation of tangible fixed assets
Gains on investments
Investment income
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash flow from operations		 2021
231,275
280
(213,851)
(48,983)
(3,130)
(9,403)
(43,812)		 2020
120,922
167
(129,534)
(47,811)
11,284
3,119
(41,853)