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2023-12-31-accounts

THE ROYAL ARCHAEOLOGICAL INSTITUTE

COUNCIL REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2023

SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE1 7BA

THE ROYAL ARCHAEOLOGICAL INSTITUTE

CONTENTS YEAR ENDED 31 DECEMBER 2023

Legal and Administrative Information 1
The Annual Report of the Council 2 - 11
Report of the Independent Auditors 12 - 14
Statement of Financial Activities 15 - 16
Balance Sheet 17 - 18
Statement of Cash Flows 19
Notes forming part of the Financial Statements 20 - 28

THE ROYAL ARCHAEOLOGICAL INSTITUTE

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CHARITY NUMBER: 226222

President Ms Lindsay Allason-Jones
Vice-Presidents Mr Paul Oldham (Retired May 2023)
Ms Kathryn Stubbs
Mr Hedley Swain
Dr Susan Wright
Dr Stephen Sherlock (Elected May 2023)
Honorary Secretary Mr Brian Kerr
Honorary Treasurer Ms Jennifer Nye
Honorary Editor Dr Rhiannon Stevens
Meetings Secretary Mr Peter Ginn
Manager Ms Sharon Gerber
Council members Full list given on pages 10 and 11
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

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THE ANNUAL REPORT OF THE COUNCIL YEAR ENDED 31 DECEMBER 2023

The Council presents the statutory report with the accounts of The Royal Archaeological Institute (the ‘Institute’) for the year ended 31 December 2023.

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. Following the death of our late Patron, Her Majesty Queen Elizabeth, the Institute is awaiting the announcement of its new Royal Patron. 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 pages 10 and 11. The Institute gratefully recognises the support and assistance that all retiring members of Council have given during their period of office.

Aims and Objectives

The aims and objectives of the Institute were reviewed and are as follows:

Aims:

  1. To deliver public benefit by advancing learning about archaeology at all levels.

  2. To study, protect, share and engage audiences with new understandings about aspects of the human past relevant to the United Kingdom including archaeology, buildings and landscapes, from prehistory to the 20[th] Century.

  3. To offer a membership that is open to everyone with an interest in the archaeology and heritage of the United Kingdom.

  4. To create an environment in which young and early career archaeologists can develop their research and career progression and strengthen the future of the discipline.

  5. To facilitate access to expertise in archaeology and related disciplines.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2023

In order to further these aims we:

  1. Champion archaeology and related disciplines at every stage of the research process.

  2. Support our members in sharing skills and resources with all those inspired by the archaeology and heritage of the United Kingdom.

  3. Support the United Kingdom’s archaeology and heritage societies and museums in achieving their research and public engagement goals.

  4. Contribute to new understandings of archaeology through the latest research and scientific techniques.

  5. Work with partners to share information and opportunities to inspire others to engage with and protect the archaeology and heritage of the United Kingdom.

  6. Work with partners and members to contribute to public policy on issues of direct concern to our core aims.

  7. Produce the Archaeological Journal , a regular Newsletter, an active website, and other publications.

  8. Offer grants to facilitate active engagement with archaeological research in the United Kingdom from excavation to dissemination.

  9. Offer a lecture programme where the latest research is shared and discussed.

  10. Organise site visits and conferences.

  11. Practice good governance and financial management, following current Charity Commission guidelines.

Public Benefit

In meeting its aims and objectives, the Society renewed its public benefits list.

  1. Membership of the Royal Archaeological Institute (RAI) is open to all who are interested in the history, archaeology and the history of architecture of Great Britain and Ireland.

  2. Monthly lectures are arranged by the RAI from October to May and these are held in London. They are open to non-members by arrangement – guests are always welcome.

  3. The RAI hosts occasional seminars and conferences relating to its wide archaeological and historical interests. These are open to all.

  4. The Cheney Bursary is offered annually to any student wishing to attend a conference or event on a theme related to the Aims and Objectives of the RAI.

  5. The RAI publishes a refereed journal each year, the Archaeological Journal, and has done so since 1846 at its own expense. This is available in most academic and large public libraries as well as online. It can also be purchased on request. A list of contents is freely available on the RAI website. The RAI also produces consolidated indexes for the Journal and these are currently being made openly available on the RAI’s website.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2023

  1. The RAI gives grants annually for archaeological research and excavation. The Tony Clark Memorial Fund gives grants for work involving science and archaeology. The Bunnell Lewis Research Fund provides grants for work relating to Romano-British archaeology. These awards are open to all to apply.

  2. The RAI publishes a newsletter twice a year. This can be sent to any archaeological/historical organisation requesting it. It is also despatched free to those who express an interest and selected parts are published on the website.

  3. The Institute runs a series of meetings outside London each year that visit different parts of United Kingdom and Europe. Discussions that take place during these meetings often contribute to the interpretations of the places visited and to their conservation and management plans.

  4. The RAI has a website that is accessible to all and provides information on the RAI and how to join. It also advertises the monthly lectures with a synopsis of their contents, the meetings programme and the contents of published material.

  5. The RAI takes an active interest in current heritage issues. It participates in debates and contributes to discussion on national heritage matters and addresses areas of concern that fall within its remit.

  6. The RAI is an important advocate on issues of current concern in relevant fields and aims to respond to issues that are brought to its attention.

  7. The Council of the RAI comments on government documents and legislation, and provides advice and guidance as required.

  8. The RAI endeavours to respond to any enquiries received from members of the public on archaeological and architectural matters within its sphere of interest and expertise.

  9. The Institute awards a prize each year for either an Undergraduate Dissertation or a Master’s Dissertation, on a rotating basis. All university departments in the United Kingdom are informed of these awards and are encouraged to nominate applicants.

  10. The RAI partners a number of other organisations by supporting their initiatives and conferences, particularly in respect to Early Career Archaeologists and young people.

  11. Whenever possible, the monthly lectures are made freely available on the Institute’s YouTube channel.

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 role was changed to Manager.

Achievements and Performance

Council accepted the Charity Governance Code.

A revised job description and contract was drafted for the expanded role of the Manager.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2023

The Governance Committee met throughout the year, and accomplished the following tasks;

A skills audit questionnaire has been circulated to Council members as a trial, in advance of circulation to the membership. This is based on earlier work by Council member Adam Gwilt.

The Royal Archaeological Institute 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 180 of the Archaeological Journal was published online and the printed version was dispatched in early 2024.

The digitised version of the Archaeological Journal Volumes 1 – 180 is currently available online 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:

11 January

Recent excavations in the amphitheatre, fort and town of Richborough Tony Wilmott

8 February

Circular building, circular economies and circular ecologies: Learning from Scottish prehistoric roundhouses Dr Tanja Romankiewicz

8 March

Building Westminster Hall: modelling the original roof structure Dr Gavin Simpson

12 April

Settling down, moving on and coming back – Prehistoric discoveries at Llanfaethlu Ymgartrefu, symud ymlaen a dod yn ôl – Darganfyddiadau cynhanesiol yn Llanfaethlu Catherine Rees and Matthew Jones

10 May: The President’s Lecture My garden’s part in Hitler’s downfall Lindsay Allason-Jones

11 October

New fieldwork at Hinton St Mary, Dorset: the mosaic in context Dr Richard Hobbs and Dr Peter Guest

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2023

8 November

Footmarks. An archaeology of movement Dr Jim Leary

13 December

Life, death and worship at HM Tower of London Alfred Hawkins

During 2023, the Institute’s lectures continued to be made freely available to all online.

Meetings

A Spring Meeting was based in Harrogate from 14 – 17 April. Twenty-seven members attended including the President, Lindsay Allason-Jones and the Honorary Secretary, Brian Kerr. The Meetings Secretary, Peter Ginn led the meeting. The sites visited were Bolton Abbey, Ripley Castle, East Riddleston Hall, Knaresborough Castle, Chapel of our Lady of the Crag, Pontefract Castle and Nostell Priory. The Institute would like to thank all our guides on the various sites, especially Brian Kerr for castle introductions and Dr Philip Dixon who gave us additional information on various sites.

A Summer Meeting was held in the Lune Valley from 11 – 17 September. The Institute would like to thank everyone who attended and all involved in making it a fantastic event, especially Dr Gill Hey and Rachel Newman for starting the meeting with an excellent orientating lecture. Thirty members attended with Mr Geoff Morley taking the lead, with support from the Assistant Meetings Secretary and Dr Sue Wright.

Sites visited included Long Meg and her Daughters, Kirkby Stephen, Kirkby Lonsdale, Sedburgh Friends Meeting House and St Andrew’s Church, St Oswald’s Church at Ravenstonedale, Shap Abbey, Levens Hall, Sizergh Castle, Blackwell Arts and Crafts House and Leighton Hall. In Lancaster, we visited Maritime House Museum, St George’s Quay, the castle and the city museum, and toured Morecambe, St Patrick’s Chapel and St Peter’s Church at Heysham, Cockersand Abbey and Glasson Dock.

Research Grants

Research grants totalling £20,944 were awarded in 2023, as follows:

Alyson Tanner & Radiocarbon dating and analysis of palaeoenvironmental, faunal and £4,878
David Roberts human remains from Coombe Bissett Down excavations 2022
David Petts Dating Lindisfarne £3,666
Gabor Thomas From Tribal Centre to Royal Monastery: Settlement Transformations at £5,000
Early Medieval Lyminge
Martin Carruthers The Cairns Excavation Project £2,000
Oliver Davis Investigations at Trelai Park, Cardiff: The First Middle Bronze Age £2,900
Enclosure in South Wales
Peter Guest Archaeological Excavation of The Roman ‘Villa’ At Hinton St Mary, 2023 £1,500
Richard Bradley Re-excavation of King Arthur’s Round Table henge monument £1,000

The grant for ‘From Tribal Centre to Royal Monastery: Settlement Transformations at Early Medieval Lyminge’ included a contribution of £1,000 from the Tony Clark Memorial Fund. The grant for ‘Archaeological Excavation of The Roman ‘Villa’ At Hinton St Mary, 2023’ included a contribution of £750 from the Bunnell Lewis Research Fund.

Research grants of £3,105 that were awarded in earlier years were repaid to the Institute during the year.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2023

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 Chartered Institute for Archaeologists Early Careers Special Interest Group Conference and £2,500 to support the Young Archaeologists Club.

Cheney Bursaries

No Cheney Bursaries were awarded in 2023.

Archaeological Achievement Awards

The Institute sponsored the Early Career Archaeologist Award presented to Sakshi Surara and the Highly Commended Award presented to Tabitha Gulliver Lawrence. We are grateful to Ms Lindsay Allason-Jones and Dr Penny Bickle for attending the awards ceremony in York on behalf of the Institute.

Membership

Council regrets to note the deaths of fifteen members during the year, of whom two were Life members and thirteen were Ordinary members. As a result of the review of the membership roll, twenty-seven Ordinary members, five Associate members and seven Student members were removed from the membership list due to non-payment. Six Ordinary members, two Associate members and one Student member resigned. One Ordinary member became an Associate member and one Associate member became an Ordinary member. Thirty-three new members were elected: twenty-two Ordinary members, five Associate members and six Student members. One of the new Student members was sponsored by the Institute.

2023 2022
Life members 84 86
Ordinary members 497 521
Associate members 67 69
Student members (under 26 years of age) 29 31
Total Individual members 677 707

Financial Review

The Statement of Financial Activities shows net outgoing resources of £11,680 (2022: £1,611 net incoming resources) before realised and 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 2023 are £1,793,847 (2022: £1, 692,314), 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 the Institute’s operational costs in 2023.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2023

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 following risks were highlighted in the 2023 Risk Assessment.

Information Security – The threat of cyber-attacks of the Institute’s website, electronic archives and financial accounts continues to increase. The Institute has purchased an additional insurance policy to cover cyber security. - During the summer, the new website was launched, based on Drupal 9, which is fully supported by its developer, and regular updates will greatly reduce security risk. Professional advice regarding website security will be reviewed regularly as a matter of priority and consideration will be given to a comprehensive professional review of the Institute’s information security controls and vulnerabilities.

Archaeological Journal – Whilst the publisher of the Archaeological Journal has improved its service during 2023, the editorial team continues to experience challenges with the publication of the Journal. The Editorial Committee reviewed a number of potential alternative publishers during 2023 but were unable to identify an adequate substitute. To help mitigate risk of further issues and delays, the Institute is piloting the engagement of a copy editor to assist the Editor in 2024.

Lectures at Burlington House – The risk of having to move from Burlington House remains, but the Institute may have found a possible alternative should one be required.

Meetings (Events) – The Institute is updating its general risk assessment and will have specific risk assessments in place for each Meeting (Event).

Transition of President – The President’s term ends in May 2024 and the Institute has identified her successor. To assist with the transition, the incoming President has attended, and will continue to attend, Council and other key Committee meetings. In addition, the outgoing President has agreed to stay on Council for one year after retiring, in order to provide a level of continuity.

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 2023 amounted to £1,793,847 and of this £1,694,601 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 £88,275.

Investment Policy

The Institute’s primary investment objective is to monitor the performance of the Investment Manager with the aims 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. The Institute receives reports on its portfolio quarterly, a representative of the Institute’s investment manager, CCLA, meets with the Audit and Investment Committee annually and provides ad hoc assistance throughout the year, as needed.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2023

Plans for 2024

The Institute plans to publish Volume 181 of the Archaeological Journal in 2024 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 in-person at Burlington House. The website will include a synopsis of lecture contents, and the lectures will be available online for the benefit of members. Most lectures will also be available to the public on the Institute’s YouTube channel.

It is planned that two meetings will be held in the coming year. The Spring Meeting will be held in Newark in May 2024 with a Summer Meeting in Fort William/Inverness in September 2024.

The Institute will continue to award annual research grants and also its Masters and Undergraduate Dissertation Prizes in alternate years. In 2024, nominations for the Tony Baggs Undergraduate 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.

The Governance Committee will continue to focus on identifying areas for improving governance in light of the recommendations of the Review of the Royal Archaeological Institute (2021). The Template for Assessing Governance Code – Small Charities will be used to track the progress of our work on governance and to identify gaps and areas for further improvement.

The revision of the Manager’s job description and contract has identified gaps in guidance and procedures which are being addressed. Work is in hand on a Health and Safety Policy with the help of the Meetings Secretary, but the Committee also needs to draft a Disciplinary and Complaints Procedure and a GDPR Policy.

The Institute will continue to work towards implementing recommendations from the External Review during 2024. As part of this, the skills audit currently being trialled with Council members will be rolled out to the membership.

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:

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2023

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.

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) (E sub) Mr Geoffrey Morley (R) Ms Caroline Raison (M) Mrs Sue Shaw (M) (G) Mr Adam Gwilt (A) Dr Penny Bickle (Early Career Officer) Dr Christopher Ferguson (D) Dr Richard Nevell (D) Dr Isobel Thompson Mr Jay Carver Dr Tanja Romankiewicz Dr Paul Stamper Professor Elizabeth Tingle Officers Mr Brian Kerr (A) (D) (E) (G) (M) (R) Ms Jennifer Nye (A) (D) (E) (G) (M) (R) Dr Rhiannon Stevens (E) Mr Peter Ginn (E sub)

Retired May 2023 Retired May 2023 Retired May 2023 Retired May 2023

Elected May 2023 Elected May 2023 Elected May 2023 Elected May 2023

Position Honorary Secretary Honorary Treasurer Honorary Editor Meetings Secretary

In the future, the President, Honorary Secretary and Honorary Treasurer may attend all meetings but are not obliged to do so.

The following members of the Institute also served on committees in 2023: Dr Brendan O’Connor (A) Dr Alex Gibson (A) Dr Gill Hey (A) Dr Andrew David (R; Tony Clark Memorial Fund ) Mr William J. Britnell (E) Retired May 2023 Dr Margaret Nieke (E) Retired May 2023 Dr Steven Ashby (E) Professor John Collis (E) Dr Stephen Sherlock (M) (R) Dr Eileen Wilkes (R) Ms Nathalie Cohen (M) Dr Adrian Olivier (R) (G) Dr Andrew Seaman (E) Mr Lee Spink (A) Professor Lisa-Marie Shillito (E sub)

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2023

In addition to the above, the following served throughout the year: Ms Sharon Gerber Ms Katherine Barclay Dr Andy Valdez-Tullett Ms Caroline Raison

Manager Newsletter Editor Reviews Editor Assistant Meetings Secretary

(A): Member of Audit & Investment

(D): Member of Digital Committee

(E): Member of Editorial Committee

(E sub): Member of Editorial sub-Committee

(G): Member of Governance Committee

(M): Member of Meetings Committee

(R): Member of Research Committee

Approved and signed on behalf of Council on 13 March 2024.

PRESIDENT Ms Lindsay Allason-Jones

FOR COUNCIL Mr Brian Kerr

HONORARY TREASURER FOR COUNCIL Ms Jennifer Nye Dr Stephen Sherlock

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INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2023

Opinion

We have audited the financial statements of The Royal Archaeological Institute (the ‘Institute’) for the year ended 31 December 2023 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 Institute’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.

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INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2023

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 pages 9 and 10, 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.

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INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2023

Our understanding of the legal and regulatory framework applicable to The Royal Archaeological Institute and how the charity has complied with its obligations has been obtained by enquiry of management and those charged with governance.

As part of our enquiries, we have discussed policies and procedures on compliance with laws and regulations and whether any instances of non compliance have occurred.

Our understanding of the charity's policies and procedures on fraud risk has been obtained through enquiry with management as to the control activities, operational systems in place and whether there is knowledge of any actual, suspected or alleged fraud.

We consider that the audit team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. During our audit work there were no significant instances of non-compliance identified.

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

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.

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STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023

Current Financial Year
Note
Income and endowments
Donations, grants & legacies
2
Subscriptions
Gift aid on subscriptions
Income from meetings (events)
6
Sale of publications
Investment income
3
Total income
Expenditure:
Publications
4
Lectures
5
Meetings (events)
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/(losses) on investments
Net income and net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
10
20,260
5,522
24,901
23,340
52,506
126,539
13,290
8,457
25,255
7,122
16,089
11,535
55,585
137,333
(10,794)
111,267
100,473
1,651,037
1,751,510		 Restricted
Funds
£
-
-
-
-
-
864
864
-
-
-
-
1,750
-
-
1,750
(886)
1,946
1,060
41,277
42,337		 Total
2023
£
10
20,260
5,522
24,901
23,340
53,370
127,403
13,290
8,457
25,255
7,122
17,839
11,535
55,585
139,083
(11,680)
113,213
101,533
1,692,314
1,793,847		 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

All income and expenditure derive from continuing activities.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

16

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023

Prior Financial Year
Note
Income and endowments
Donations, grants & legacies
2
Subscriptions
Gift aid on subscriptions
Income from meetings (events)
6
Sale of publications
Investment income
3
Total income
Expenditure:
Publications
4
Lectures
5
Meetings (events)
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

All income and expenditure derive from continuing activities.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

17

BALANCE SHEET AT 31 DECEMBER 2023

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		 3,989
1,910
97,507
1,466
104,872
-
5,433
193
1,710,164
41,346		 2023
£
1,694,340
261
1,694,601
99,246
1,793,847
42,337
1,751,510
1,793,847		 2022
£
1,581,127
468
1,581,595
3,153
653
111,764
1,132
116,702
-
5,310
673
110,719
1,692,314
41,277
1,609,728
41,309
1,651,037
1,692,314

THE ROYAL ARCHAEOLOGICAL INSTITUTE

18

BALANCE SHEET AT 31 DECEMBER 2023

These financial statements were approved on behalf of Council on 13 March 2024 and signed on its behalf by:

PRESIDENT FOR COUNCIL Ms Lindsay Allason-Jones Mr Brian Kerr

HONORARY TREASURER FOR COUNCIL Ms Jennifer Nye Dr Stephen Sherlock

THE ROYAL ARCHAEOLOGICAL INSTITUTE

19

STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2023

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 2023
Cash and cash equivalents at 31 December 2023
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31 December 2023		 2023
£
(67,293)
(67,293)
-
(367,269)
367,269
2,746
50,624
53,370
(13,923)
112,896
98,973
1,466
97,507
98,973		 2022
£
(53,413)
(53,413)
(282)
-
-
444
49,521
49,683
(3,730)
116,626
112,896
1,132
111,764
112,896

THE ROYAL ARCHAEOLOGICAL INSTITUTE

20

NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

  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

21

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023

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

(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.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

22

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023

2. Donations, grants and legacies

Unrestricted
Funds
Donations and gifts
10
Tony Baggs Prize
-
10
3
Investment income and interest receivable
Unrestricted
Funds
Dividend income
49,759
Bank interest
2,747
52,506
4
Publications
Expenditure on publications:
Publications and other expenses
6,650
Editors’ honoraria and expenses
6,640
13,290
5
Lectures
Travelling, lecture room hire
and accommodation
8,457
6
Meetings (events)
Income from meetings
24,901
Expenditure on meetings
(24,455)
Honoraria
(800)
(354)		 Restricted
Funds
-
-
-
Restricted
Funds
864
-
864
-
-
-
-
-
-
-
-		 Total
2023
10
-
10
Total
2023
50,623
2,747
53,370
6,650
6,640
13,290
8,457
24,901
(24,455)
(800)
(354)		 Total
2022
156
500
656
Total
2022
49,520
445
49,965
1,612
6,640
8,252
5,460
2,750
(2,960)
(1,600)
(1,810)

THE ROYAL ARCHAEOLOGICAL INSTITUTE

23

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023

7
Grants
Research Grants
Tony Clark Memorial Fund
Cheney Bursary
Prizes
Bunnell Lewis Fund
Tony Baggs Prize
8
Administration and governance costs
Salary and pensions costs
Office administration
Bank charges
Computer equipment depreciation
Audit fees
Accountancy and bookkeeping
Travel and accommodation
Administration travel
Governance
Room hire
Storage
9
Staff costs and employee benefits
The average monthly number of employees
Number of employees
Current
Employment costs
Wages and salaries
Other pension costs		 16,089
-
-
-
-
-
16,089
during the year was:		 -
16,089
15,973
1,000
1,000
1,010
-
-
124
-
-
500
750
750
750
-
-
500
1,750
17,839
18,857
Unrestricted and Total
2023
2022
34,518
29,232
2,490
2,392
854
207
1,031
207
5,472
4,800
1,309
862
5,790
507
1,718
4,303
239
262
1,882
1,700
838
1,189
55,585
46,217
1
1
1
1
33,528
28,354
990
878
34,518
29,232		 15,973
1,010
124
500
750
500
18,857

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

THE ROYAL ARCHAEOLOGICAL INSTITUTE

24

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023

10
Investments
Listed investments
Market value at 1 January 2023
Acquisitions at cost
Disposals at market value
Net unrealised investment gains/(losses)
Market value at 31 December 2023
Historical cost at 31 December 2023		 Total
2023
1,581,127
367,269
(356,990)
102,934
1,694,340
1,232,155		 Total
2022
1,800,437
-
(219,310)
1,581,127
1,115,364

Listed investments held at 31 December 2023 comprised wholly of Charities Official Investment Funds.

11 Tangible fixed assets

Tangible fixed assets
Cost:
At 1 January 2023
Additions
31 December 2023
Depreciation:
At 1 January 2023
Charge for year
31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Computer
Equipment
6,645
-
6,645
6,177
207
6,384
261
468

THE ROYAL ARCHAEOLOGICAL INSTITUTE

25

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023

12
Debtors and prepayments
Prepayments
Other debtors
13
Accruals and deferred income
Grants and Other Creditors
Accruals
Social security
Deferred income		 2023
1,910
3,989
5,899
2023
193
5,393
-
40
5,626		 2022
369
3,437
3,806
2022
180
5,190
493
120
5,983

Deferred income of £40 (2022 - £120) relates to funds received in the year to 31 December 2023, for the year ended 31 December 2024.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

26

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023

14 Designated funds

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

Mr Frank S Cheney
Life membership		 Balance
01/01/2023
26,805
14,504
41,309		 Incoming
28
9
37		 Expenditure
-
-
-		 Balance
31/12/2023
26,833
14,513
41,346

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
01/01/2023
28,298
12,979
-
41,277		 Incoming
Expenditure
528
(750)
336
(1,000)
-
-
864
(1,750)		 Gains
2,206
(260)
-
1,946		 Balance
31/12/2023
30,282
12,055
-
42,337

THE ROYAL ARCHAEOLOGICAL INSTITUTE

27

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023

15 Restricted funds (continued)

The funds are held for the following purposes:

Tony Clark Memorial Fund - To be applied to archaeological research with priority going to small organisations and individuals, with preference to projects in which archaeological prospecting and archaeomagnetic dating are significant components.

Tony Baggs Fund
-
16
Analysis of net assets between funds
Fund balances at 31 December 2023
are represented by:
Fixed Assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Fund balances at 31 December 2022
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
261
-
261
1,662,974
31,366
1,694,340
93,901
10,971
104,872
(5,626)
-
(5,626)
1,751,510
42,337
1,793,847
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		 For the undergraduate dissertation award.
Unrestricted
Funds
Restricted
Funds
Total
Funds
261
-
261
1,662,974
31,366
1,694,340
93,901
10,971
104,872
(5,626)
-
(5,626)
1,751,510
42,337
1,793,847
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
1,692,314

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 £990 (2022 - £878).

THE ROYAL ARCHAEOLOGICAL INSTITUTE

28

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023

19. Capital Commitments

Contractual commitments for the acquisition of tangible fixed assets contracted for but not provided in the financial statements amounted to £nil (2022 - £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 £4,577 (2022 - £4,303) was paid by way of travelling expenses to twenty-five Council and Committee members during the year. Honoraria and expenses of £7,440 (2022 - £8,240) were paid to the 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

Net income for year
Depreciation of tangible fixed assets
(Gain)/loss on investments
Investment income
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash flow from operations		 2023
101,533
207
(113,213)
(53,370)
(2,093)
(357)
(67,293)		 2022
(220,921)
207
219,310
(49,965)
2,590
(4,634)
(53,413)

22 Analysis of changes in net funds

The Institute had no debt during the year.