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2022-12-31-accounts

THE ROYAL ARCHAEOLOGICAL INSTITUTE

COUNCIL REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2022

SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE1 7BA

THE ROYAL ARCHAEOLOGICAL INSTITUTE

CONTENTS YEAR ENDED 31 DECEMBER 2022

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 Ms Lindsay Allason-Jones
Vice-Presidents Mr Paul Oldham
Ms Kathryn Stubbs
Mr Hedley Swain
Dr Susan Wright
Honorary Secretary Mr Brian Kerr
Honorary Treasurer Ms Jennifer Nye
Honorary Editor Dr Lisa-Marie Shillito (Retired May 2022)
Dr Rhiannon Stevens (Appointed May 2022)
Meetings Secretary Mr Peter Ginn
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 2022

The Council presents the statutory report with the accounts of the Royal Archaeological Institute for the year ended 31 December 2022.

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, Research, Governance and Digital Committees. An Audit & Investment Committee provides oversight of the conduct of its financial affairs and risk management.

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 2022

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.

Administration

The Administrator’s post was changed from part-time to full-time.

Achievements and Performance

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

Publications

Volume 179 of the Archaeological Journal was published online and the printed version was dispatched in November 2022. The printed versions of Volumes 177 and 178 experienced distribution problems in 2020 and 2021 and this was rectified in 2022.

The digitised version of the Archaeological Journal Volumes 1 - 179 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:

12 January (Live streamed) A Roman Shrine Complex at Teffont, Wiltshire by Dr David Roberts

9 February (Live streamed) Lindisfarne: New research and new ways of working, the DigVentures model in action Lisa Westcott Wilkins and Brendon Wilkins

9 March (Burlington House and Live streamed) The Life and Times of Black Loch of Myrton, an Iron Age Wetland Settlement in SW Scotland Dr Anne Crone

13 April (Burlington House and Live streamed) 3 p.m. Post-graduate speakers from Sheffield University Chris Dwan and Kelsey Madden 5 p.m. Best of British? A practical analysis to later prehistoric equitation in Britain Dr Rena Maguire

11 May: The President’s lecture (Burlington House and Live streamed) A 'scandalous trough' and Other Tales of Romano-British Sculpture Lindsay Allason-Jones

THE ROYAL ARCHAEOLOGICAL INSTITUTE

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2022

12 October (Burlington House and Live streamed) Investigations at Smallhythe in Kent by the National Trust Nathalie Cohen and Eliott Wragg

9 November (Live streamed)

Reconstructing Bury St Edmunds Abbey Dr Steven Brindle

14 December (Live streamed)

Return to the Neanderthal Site at La Cotte de St Brelade Dr Matthew Pope

During 2022, the Institute’s lectures continued to be made available online to all.

Meetings

After first being organised in 2019, the Dover Spring Meeting finally took place from 13-15 May. Twenty-four members attended, including the President Lindsay Allason-Jones.

On Friday, an introductory lecture was given on the Dover boat by Keith Parfitt in the old cinema at Dover Museum. Saturday was spent at the Castle being guided by Jonathan Coad and Roy Porter – Jonathan Coad having put the weekend together. Lunch at the Castle was in Constable’s Tower and the members enjoyed viewing where Queen Elizabeth the Queen Mother used to stay. Saturday evening supper was held at the Dover Patrol restaurant, and Geoff Morley of Council and Nathalie Cohen were able to join us.

On Sunday, the group was taken by coach to the Western Heights and guided by John Iveson, the Dover Museum Curator. Following an extensive tour of the Heights, the tour followed on to Wanstone Farm, recently acquired and opened by the National Trust. Courtesy of Jon Iveson, the group was shown the extensive refurbishment work in the Maison Dieu which was an added surprise to the itinerary.

The Institute would like to thank Keith Parfitt for his excellent lecture as well as Jon Iveson for arranging the lecture venue and for guiding the group around the Western Heights. Thanks are also due to Jonathan Coad and Roy Porter for their guiding on the Saturday. For arrangements for visiting the National Trust, Wanstone Farm, thanks are due to Nathalie Cohen for suggesting the visit and to Jon Barker and volunteers for the guiding. The organisers are also grateful to Geoff Morley for all his help and information which helped greatly with the organisation.

Unfortunately, the group was not able to gain access into the Painted House but are now fully aware of all its problems. The President wrote to Dover District Council to offer the Institute’s support to try and open this very important Roman site and received a positive response.

The Summer Meeting scheduled for the Lune Valley was postponed until September 2023.

The Autumn Meeting in Newark was postponed until Spring 2024.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2022

Research Grants

Research grants totalling £17,733 were awarded in 2022 and a deferred grant from 2020 had been paid, as follows:

David Brooks A Community Exploration by the Swaledale and Arkengarthdale £4,615
Archaeology Group (SWAAG) of a Romano-British Site at Hagg Farm,
Swaledale, North Yorkshire. Part 2 - Specialist Post-Ex Analysis of Finds
and Development of the Report
Prof Gordon Noble Boom Towns or Seasonal Assemblies: The Great Hillforts of Northern £4,708
and James O’Driscoll Britain
Prof Lisa-Marie Exploring the Environmental Impact of the Iron Age-Roman Transition at £4,295
Shillito and Damian the Northern Frontier
Rudge
Prof Steven Mithen Rubha Port an t-Seilich: Excavating an Upper Palaeolithic Site in Western £4,115
Scotland

A 2020 deferred grant (£5,000) was paid to Dr Nick Overton’s project ‘Exploring Mesolithic Belief Systems Through the Treatment and Disposal of Animal Remains’.

The grant for ‘A Community Exploration by the Swaledale and Arkengarthdale Archaeology Group (SWAAG) of a Romano-British Site at Hagg Farm, Swaledale, North Yorkshire. Part 2 - Specialist Post-Ex Analysis of Finds and Development of the Report’ included a contribution of £750 from the Bunnell Lewis Research Fund. The grant for ‘Exploring the Environmental Impact of the Iron Age-Roman Transition at the Northern Frontier’ included a contribution of £1,010 from the Tony Clark Memorial Fund.

The Institute made a donation of £1,500 to the library of the Society of Antiquaries of London, where members have reading rights. A donation of £10,000 was made to the Council for British Archaeology to cover £2,500 for the Archaeological Achievement Awards (Early Career Award), £5,000 for the Festival of Archaeology Youth Takeover Day, which formed part of the CIfA Early Careers Special Interest Group Conference and £2,500 to support the Young Archaeologists Club.

The RAI Masters Dissertation Prize

In March 2022, the RAI Masters dissertation prize, covering years 2020 and 2021, was awarded to Jemma Moorhouse from the University of Reading for her dissertation, Iron Age and Roman Copper-Alloys from the A14 Excavations: Integrating and Assessing the Use of p-XRF Analysis in a Large Infrastructure Project .

The Tony Baggs Undergraduate Dissertation Prize

In December 2022, the Tony Baggs Undergraduate Dissertation Prize, covering years 2021 and 2022, was awarded to Maria Cunningham from University College London, Institute of Archaeology for her dissertation, More Than Concrete: Investigating the Preservation of WWII Coastal Defences on the South-East Coast of England.

Cheney Bursaries

No Cheney Bursaries were awarded in 2022 but bursary funds were used towards the accommodation and travel expenses of the Masters Dissertation Prize recipient.

Archaeological Achievement Awards

The Institute sponsored the Early Career Archaeologist Award presented to Victoria Sands and the Highly Commended Award presented to Megan Schlanker. We are grateful to Ms Jeannette Plummer Sires for presenting the awards on behalf of the Institute at the ceremony held in Dublin Castle.

Membership

Council regrets to note the deaths of twelve members during the year, of whom five were Life members, six were Ordinary members and one was an Associate member. As a result of the review of the membership roll, twentythree Ordinary members, four Associate members and eleven Student members were removed from the membership list due to non-payment. Six Ordinary members, two Associate members and one Student member resigned. Two Student members each became an Ordinary member. Thirty-eight new members were elected: twenty-eight Ordinary members, one Associate member and nine Student members. Three of the new Student members are sponsored by the Institute.

2022 2021
Life members 86 91
Ordinary members 521 526
Associate members 69 75
Student members (under 26 years of age) 31 36
Total Individual members 707 728

THE ROYAL ARCHAEOLOGICAL INSTITUTE

6

THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2022

Financial Review

The Statement of Financial Activities shows net outgoing resources of £1,611 (2021: £17,424 net incoming 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 2022 are £1,692,314 (2021: £1,913,235), which are more than sufficient to meet its obligations.

The Institute’s investment portfolio was well diversified to mitigate losses in a challenging global economic environment and provided adequate income to support its operational costs in 2022.

Risk Policy

The following risks were highlighted in the 2022 Risk Assessment.

During 2023, 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 2022 amounted to £1,692,314 and of this £1,581,595 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 £98,915.

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 2022

7

Plans for 2023

The Institute plans to publish Volume 180 of the Archaeological Journal in the Summer of 2023, and to continue to publish newsletters in Spring and Autumn.

Lectures will continue to take place monthly from January to May and October to December. These will be inperson at Burlington House if possible. The Institute will consider and decide on its future policy for the holding of lectures in view of the uncertainty about 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 in the absence of any unforeseen circumstances (i.e., rail strikes, further pandemic restrictions). The Spring Meeting will be held in the West Riding of Yorkshire in April 2023 with an Autumn Meeting in the Lune Valley in September 2023.

The Institute will continue to award annual research grants and also its Masters and Undergraduate Dissertation Prizes in alternate years. In 2023, nominations for the Masters Dissertation Prize will be accepted. The Institute will continue to work with other bodies, such as the Council for British Archaeology, to promote national awards.

In response to the recommendations arising from the External Review produced by Dr Gemma Tully in 2021, the President created the Digital and Governance Committees. During 2022, the Digital Committee focused on developing a brief and invited tenders for redesigning and updating the Institute’s website. The Governance Committee focused on identifying areas for improving governance, including designating Chairs for each of the Committees and creating job descriptions for the Institute’s Officers. The Institute will continue to work towards implementing recommendations from the External Review in 2023.

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

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 2022

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

President

Ms Lindsay Allason-Jones (A) (D) (E) (G) (M) (R)

Council members Elected/Retired/Resigned

Mr Paul Oldham (Vice-President) Ms Kathryn Stubbs (Vice-President) (M) Mr Hedley Swain (Vice-President) Dr Susan Wright (Vice-President) Elected May 2022 Dr Adrian Olivier (R) (G) Retired May 2022 Dr Andrew Seaman (E) Retired May 2022 Mr Geoffrey Morley (R) Ms Caroline Raison (M) Mrs Sue Shaw (M) (G) Mr Adam Gwilt (A) Dr Penny Bickle Elected May 2022 Dr Christopher Ferguson (D) Elected May 2022 Dr Richard Nevell (D) Elected May 2022 Dr Isobel Thompson Elected May 2022 Officers Position Mr Brian Kerr Honorary Secretary Ms Jennifer Nye Honorary Treasurer: Appointed May 2022 Dr Lisa-Marie Shillito Honorary Editor: Retired May 2022 Dr Rhiannon Stevens Honorary Editor: Appointed May 2022 Mr Peter Ginn Meetings Secretary

The following members of the Institute also served on committees

Dr Brendan O’Connor (A) Sir Rupert Jackson (A) Resigned October 2022 Dr Alex Gibson (A) Dr Gill Hey (A) Dr Andrew David (R; Tony Clark Memorial Fund ) Mr William J. Britnell (E) Dr Margaret Nieke (E) Dr Steven Ashby (E) Professor John Collis (E) Dr Stephen Sherlock (M) (R) Dr Eileen Wilkes (R) Ms Nathalie Cohen (M)

THE ROYAL ARCHAEOLOGICAL INSTITUTE

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2022

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

(A): Member of Audit & Investment

(D): Member of Digital Committee

(E): Member of Editorial Committee

(G): Member of Governance Committee

(M): Member of Meetings Committee

(R): Member of Research Committee

Approved and signed on behalf of Council on 8 March 2023.

PRESIDENT Ms Lindsay Allason-Jones

FOR COUNCIL Mr Brian Kerr

HONORARY TREASURER Ms Jennifer Nye

FOR COUNCIL Ms Caroline Raison

THE ROYAL ARCHAEOLOGICAL INSTITUTE INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2022

10

Opinion

We have audited the financial statements of The Royal Archaeological Institute (the ‘Institute’) for the year ended 31 December 2022 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 2022

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 7 and 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 2022

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

Date:

Chartered Accountants and Statutory Auditor

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 2022

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:
Publications
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
£

80
21,045
3,053

2,750
22,673
-

48,922
98,523

8,252

5,460

4,560
6,657

16,597
11,750

46,217
99,493
(970)
(219,717)
(220,687)
1,871,724
1,651,037		 Restricted
Funds
£
576
-
-
-
-
-
1,043
1,619
-
-
-
-
2,260
-
-
2,260
(641)
407
(234)
41,511
41,277		 Total
2022
£
656
21,045
3,053
2,750
22,673
-
49,965
100,142
8,252
5,460
4,560
6,657
18,857
11,750
46,217
101,753
(1,611)
(219,310)
(220,921)
1,913,235
1,692,314		 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

All income and expenditure derive from continuing activities.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

14

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2022

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:
Publications
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

All income and expenditure derive from continuing activities.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

15

BALANCE SHEET AT 31 DECEMBER 2022

Note
Fixed assets
Investments
10
Tangible assets
11
Current assets
Debtors
12
Prepayments and other
debtors
12
Short term deposits
Cash at bank and in hand
Creditors: amounts falling due
within one year
Creditors
13
Accruals
Other creditors
Net current assets
Net assets
Represented by:
Restricted funds
15
Unrestricted funds
General funds
Designated funds
14		 3,153
653
111,764
1,132
116,702
-
5,310
673
1,609,728
41,309		 2022
£
1,581,127
468
1,581,595
110,719
1,692,314
41,277
1,651,037
1,692,314		 2021
£
1,800,437
393
1,800,830
3,273
3,123
114,540
2,086
123,022
5,000
5,617
-
112,405
1,913,235
41,511
1,830,503
41,221
1,871,724
1,913,235

THE ROYAL ARCHAEOLOGICAL INSTITUTE

16

BALANCE SHEET AT 31 DECEMBER 2022

These financial statements were approved on behalf of Council on 8 March 2023 and signed on its behalf by:

PRESIDENT FOR COUNCIL Ms Lindsay Allason-Jones Mr Brian Kerr

HONORARY TREASURER Ms Jennifer Nye

FOR COUNCIL Ms Caroline Raison

THE ROYAL ARCHAEOLOGICAL INSTITUTE

17

STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2022

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 2022
Cash and cash equivalents at 31 December 2022
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31 December 2022		 2022
£
(53,413)
(53,413)
(282)
-
-
444
49,521
49,683
(3,730)
116,626
112,896
1,132
111,764
112,896		 2021
£
(43,812)
(43,812)
(340)
-
-
13
48,970
48,643
4,831
111,795
116,626
2,086
114,540
116,626

THE ROYAL ARCHAEOLOGICAL INSTITUTE NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

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.

Computer equipment - 33 1/3% per annum of cost.

THE ROYAL ARCHAEOLOGICAL INSTITUTE NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

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
80
76
-
500
80
576		 Total
2022
156
500
656		 Total
2021
360
-
360

THE ROYAL ARCHAEOLOGICAL INSTITUTE

20

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

3 Investment income and interest receivable

Dividend income
Bank interest
4
Publications
Expenditure on publications:
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
Tony Baggs Prize		 Unrestricted
Funds
48,477
445
48,922
1,612
6,640
8,252
5,460
2,750
(2,960)
(1,600)
(1,810)
15,973
-
124
500
-
-
16,597		 Restricted
Funds
1,043
-
1,043
-
-
-
-
-
-
-
-
-
1,010
-
-
750
500
2,260		 Total
2022
49,520
445
49,965
1,612
6,640
8,252
5,460
2,750
(2,960)
(1,600)
(1,810)
15,973
1,010
124
500
750
500
18,857		 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

THE ROYAL ARCHAEOLOGICAL INSTITUTE

21

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

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
Storage		 Unrestricted and Total
2022
2021
29,232
18,991
2,392
1,367
1,031
207
1,101
280
4,800
-
4,440
400
862
927
4,303
239
262
3,302
160
3,323
1,700
751
1,189
-
46,217
35,042		 Unrestricted and Total
2022
2021
29,232
18,991
2,392
1,367
1,031
207
1,101
280
4,800
-
4,440
400
862
927
4,303
239
262
3,302
160
3,323
1,700
751
1,189
-
46,217
35,042
35,042
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		 1
1
28,354
878
29,232		 1
1
18,452
539
18,991

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

10
Investments
Listed investments
Market value at 1 January 2022
Acquisitions at cost
Net unrealised investment gains/(losses)
Net realised investment gains/(losses)
Market value at 31 December 2022
Historical cost at 31 December 2022		 Total
2022
1,800,437
-
(219,310)
-
1,581,127
1,115,364		 Total
2021
1,586,586
-
213,851
-
1,800,437
1,115,364

Listed investments held at 31 December 2022 comprised wholly of Charities Official Investment Funds.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

22

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

11
Tangible fixed assets
Cost:
At 1 January 2022
Additions
31 December 2022
Depreciation:
At 1 January 2022
Charge for year
31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
12
Debtors and prepayments
Prepayments
Other debtors
13
Accruals and deferred income
Grants and Other Creditors
Accruals
Social security
Deferred income		 2022
369
3,437
3,806
2022
180
5,190
493
120
5,983		 Computer
Equipment
6,363
282
6,645
5,970
207
6,177
468
393
2021
3,123
3,273
6,396
2021
5,000
5,537
-
80
10,617

Deferred income of £120 (2021 - £80) relates to funds received in the year to 31 December 2022, for the year ended 31 December 2023.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

23

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

14 Designated funds

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

Mr Frank S Cheney
Life Membership		 Balance
01/01/2022
26,739
14,482
41,221		 Incoming
66
22
88		 Expenditure
-
-
-		 Balance
31/12/2022
26,805
14,504
41,309

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
01/01/2022
28,130
13,381
-
41,511		 Incoming
Expenditure
671
(750)
448
(1,010)
500
(500)
1,619
(2,260)		 Gains
246
161
-
407		 Balance
31/12/2022
28,297
12,980
-
41,277

THE ROYAL ARCHAEOLOGICAL INSTITUTE

24

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

15 Restricted funds (continued)

The funds are held for the following purposes:

Bunnell Lewis Research Fund

Tony Clark Memorial Fund

Tony Baggs Fund
-
Analysis of net assets between funds
Fund balances at 31 December 2022
are represented by:
Fixed Assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Fund balances at 31 December 2021
are represented by:
Fixed Assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 For the undergraduate dissertation award.
Unrestricted
Funds
Restricted
Funds
Total
Funds
468
-
468
1,551,654
29,473
1,581,127
104,898
11,804
116,702
(5,983)
-
(5,983)
1,651,037
41,277
1,692,314
393
-
393
1,770,964
29,473
1,800,437
110,984
12,038
123,022
(10,617)
-
(10,617)
1,871,724
41,511
1,913,235		 For the undergraduate dissertation award.
Unrestricted
Funds
Restricted
Funds
Total
Funds
468
-
468
1,551,654
29,473
1,581,127
104,898
11,804
116,702
(5,983)
-
(5,983)
1,651,037
41,277
1,692,314
393
-
393
1,770,964
29,473
1,800,437
110,984
12,038
123,022
(10,617)
-
(10,617)
1,871,724
41,511
1,913,235
1,913,235

16 Analysis of net assets between funds

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 £878 (2021 - £539).

THE ROYAL ARCHAEOLOGICAL INSTITUTE

25

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2022

19. Capital Commitments

Contractual commitments for the acquisition of tangible fixed assets contracted for but not provided in the financial statements amounted to £nil (2021 - £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 £4,303 (2021 - £3,302) was paid by way of travelling expenses to twenty-five Council and Committee members during the year. Honoraria and expenses of £8,240 (2021 - £8,440) 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
Loss/(Gains) on investments
Investment income
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash flow from operations		 2022
(223,974)
207
219,310
(49,965)
5,643
(4,634)
(53,413)		 2021
231,275
280
(213,851)
(48,983)
(3,130)
(9,403)
(43,812)