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2024-12-31-accounts

THE ROYAL ARCHAEOLOGICAL INSTITUTE

COUNCIL REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2024

SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE1 7BA

THE ROYAL ARCHAEOLOGICAL INSTITUTE

CONTENTS YEAR ENDED 31 DECEMBER 2024

Legal and Administrative Information 1
The Annual Report of the Council 2 - 12
Report of the Independent Auditors 13 - 15
Statement of Financial Activities 16 - 17
Balance Sheet 18 - 19
Statement of Cash Flows 20
Notes forming part of the Financial Statements 21 - 29

THE ROYAL ARCHAEOLOGICAL INSTITUTE

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CHARITY NUMBER: 226222

President Ms Lindsay Allason-Jones (Retired 8 May 2024)
Ms Nathalie Cohen (Elected 8 May 2024)
Vice-Presidents Ms Kathryn Stubbs
Mr Hedley Swain
Dr Susan Wright
Dr Stephen Sherlock
Honorary Secretary Mr Brian Kerr
Honorary Treasurer Ms Jennifer Nye
Honorary Editor Professor Rhiannon Stevens
Meetings Secretary Mr Peter Ginn
Manager Ms Sharon Gerber
Council Members Full list given on pages 11 and 12
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 2024

The Council presents the statutory report with the accounts of the Royal Archaeological Institute for the year ended 31 December 2024.

In May 2024, the Institute was informed that His Majesty King Charles III was delighted to accept the Patronage of the Royal Archaeological Institute.

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 the Digital, Fundraising and Membership, Governance, Meetings and Research Committees and Editorial Board. 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 20th Century.

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

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  1. 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.

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

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.

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.

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 Scholarship is offered annually to any student wishing to attend a conference on a theme related to the Aims and Objectives of the RAI.

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  1. 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 on-line. 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.

  2. 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.

  3. 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.

  4. The Institute runs a series of meetings outside London each year that visit different parts of Britain 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.

  5. 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.

  6. 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.

  7. 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.

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

  9. 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.

  10. 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 Britain and Ireland are informed of these awards and are encouraged to nominate applicants.

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

  12. Whenever possible, the monthly lectures are made freely available on YouTube.

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.

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Achievements and Performance

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 181 of the Archaeological Journal was published online and the printed version will be dispatched in early 2025.

The digitised version of the Archaeological Journal Volumes 1 – 181 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:

10 January

Last chance to see. The threat of climate change to Roman Vindolanda and Magna Dr Andrew Birley

14 February

The Justinianic Plague in England: archaeological contexts and consequences Professor John Hines

13 March

Iron Age and Roman Silchester: 50 years of research in perspective Professor Michael Fulford

10 April

Life (and death) on the edge? Regionality, connectivity and networks in fifth- and sixth-century Cambridgeshire

Dr Katie Haworth

8 May: The President’s Lecture (Postponed)

Stone heads in the Roman military zone and what they tell us about people Lindsay Allason-Jones

9 October

The Maison Domat, Mirefleurs (France): stories of Ancient and Modern Celts, Romans, Bourbons, Stuarts and Hollywood

Professor John Collis

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13 November

Along the line: My life in archaeology Dr Phil Harding

11 December

Stone heads in the Roman military zone and what they tell us about people Lindsay Allason-Jones

During 2024, the Institute’s lectures continued to be made available to all online.

Meetings

The Spring Meeting was a one-day meeting that took place on the 11[th] May 2024 in Newark on Trent. The meeting was called into question with the threat of rail strikes, but the decision was made to go ahead. The weather was in our favour, and we had a good attendance. The meeting started at St Mary Magdalene Church, the largest parish church in England, before moving onto the castle. Newark Castle was shut due to renovations, but Pamela Marshall (unable to attend due to a holiday in Italy) and Sarah Clarke from Newark & Sherwood District Council were able to give us unprecedented access. Lunch was at one of Newark’s prettiest buildings, The Ossington (at a restaurant called Strays) before a guided tour of Newark’s collection of amazing buildings by Prof. Philip Dixon. The meeting concluded in the National Civil War Centre. Thanks should go to Caroline Raison and Dr Mark Gardener for laying the ground work, Pamela Marshall and Sarah Clarke for access and insight into the Castle, Tim Tatton-Brown for stepping in when road traffic (exacerbated by rail problems) held up Mark, and Philip Dixon for his illuminating insights into Newark. The meeting was organised by the Meetings Secretary, Peter Ginn and attended by the new President, Nathalie Cohen and the Honorary Secretary, Brian Kerr.

A Summer Meeting was held in Inverness and the surrounding area from 2 – 8 September. Twenty-four members attended including the President, Honorary Secretary, Meetings Secretary and Assistant Meetings Secretary. The Institute would like to thank all who attended and especially our guides Gareth Nicholas (Brodie Castle), Steve Worth (Kinloss Abbey), Professor Gordon Noble and colleagues (excavation at Burghead), Willie MacCrae (Tarbat Discovery Centre) and Susan Kruse who gave an orientation lecture in Inverness.

Sites visited included Culloden Battlefield, Brodie Castle, Kinloss Abbey, Sueno’s Stone, Burghead and Well, Nigg Old Church, Tarbat Discovery Centre, Dornoch (museum and town), Dunrobin Castle, Carn Liath Broch, a neolithic cairn in Embo, Urquhart Castle, Corrimony Cairn, Cawdor Castle, Elgin

Cathedral, Glen Moray distillery (also a former execution site), Fort George, Clava Cairns, Groam House, Fortrose Cathedral, Kirkmichael (Udale Bay), and a henge monument in Conon Bridge on a plot of land surrounded by houses. Afterwards we had a lecture on the future and restoration of Inverness Castle. We also undertook a walking tour of Inverness looking at Balnain House, the remains of the Blackfriars monastery in the friar’s graveyard, the old High Kirk, Dunbar Hospital, Abertarff House, the Victorian market, Egyptian war memorial, Market Brae steps, the tartan warehouse, the biblical passages, the Town Steeple, the Merkat Cross, the Town House, the fossils in the pavement [which had recently been identified], Inverness Museum, the War Memorial, the Ness Islands, the concrete hippos, the General’s Well, the Botanic Gardens and Inverness Cathedral. Following in the footsteps of Pitt Rivers, first inspector of ancient monuments, we indulged near the end of our meeting at one remote site in a small glass of port and a slice of fruit cake while giving our toast to our Patron.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2024

Conference

Street House Neolithic Salt Conference: 13 – 15 September

The Royal Archaeological Institute supported the conference which was held in Middlesbrough and Loftus. Over sixty delegates from America, Canada, France, Germany, Japan and across the UK attended. The conference featured academic papers from scholars at Bristol, Exeter, Durham, UCL in London, Sheffield and the National Museum of Scotland. A range of finds and an exhibition relating to the site were on display in Loftus Town Hall. A seminar of papers was presented by delegates from Germany, Scotland and Canada, followed by a presentation from Derek Archibald the owner of Whitby Sea Salt. There was a site tour of the Neolithic sites in the immediate area and a visit to the current excavations. This was followed by a demonstration by Yvette Sanderson (Sheffield University) on how the salt was made 6,000 years ago. The exhibition was open to the public in the afternoon, followed by a site tour organised by Loftus Accord Walking Group.

Research Grants

Research grants totalling £19,684 were awarded in 2024, as follows:

Dr Andy Seaman Fonmon Castle Landscape Archaeology Project: Analysis of £400
Charcoal Remains for Radiocarbon Dating
Norton Disney Investigation of the Roman Archaeology of Potter Hill, Norton Disney, £1,750
History and Lincolnshire
Archaeology Group
Professor Steven Rubha Port an t-Seilich: Post-excavation £3,114
Mithen
Altogether Gueswick Hills 2023research/ post-excavation analysis £3,841
Archaeology
Dr Tanja Geographies of Power: Environmental and economic analysis of two £4,779
Romankiewicz Roman Iron Age settlements in the shadow of Trimontium Roman fort
Dr Gillian Taylor, Dr Measuring and monitoring the climate crisis facing our hidden history £5,000
Andrew Birley & Ms
Sonya Galloway
Mr Peter Davenport Excavations along Walcot Street Bath, The Town of Aquae Sulis £800

The grant for ‘Fonmon Castle Landscape Archaeology Project: Analysis of Charcoal Remains for Radiocarbon Dating’ was from the Tony Clark Memorial Fund. The grant for ‘Investigation of the Roman Archaeology of Potter Hill, Norton Disney, Lincolnshire’ included a contribution of £750 from the Bunnell Lewis Research Fund.

Due to project underspending, the Institute was repaid £2,520 for a research grant awarded in 2023 and a total of £519.60 for two research grants awarded in 2024.

The RAI Masters Dissertation Prize

In March 2024, the RAI Masters Dissertation Prize, covering years 2022 and 2023, was awarded to Hannah Lycett-Smith from Cardiff University for her dissertation, Dietary reconstruction in Early Medieval South Wales: a comparative analysis of microwear and dental calculus at Llandough Monastic Cemetery, Glamorgan.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2024

The Tony Baggs Undergraduate Dissertation Prize

In December 2024, the Tony Baggs Undergraduate Dissertation Prize, covering years 2023 and 2024, was awarded to Sorcha Tisdall from University of Oxford for her dissertation, Miniature Axes in Roman Britain – Symbolism and Substitution in Ritual Dedication.

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.

Cheney Bursaries

Two students were awarded bursaries to attend the Street House Neolithic Salt Conference. Bursary funds were also used towards the accommodation and travel expenses of the Masters Dissertation Prize winner and the Tony Baggs Undergraduate Dissertation Prize winner.

Archaeological Achievement Awards

The Institute sponsored the Early Career Archaeologist Award presented to Rosie Crawford and Kieran Manchip. We are grateful to Ms Nathalie Cohen for attending the awards ceremony in Cardiff on behalf of the Institute.

Membership

Council regrets to note the deaths of nine members during the year, of whom three were Life members, five were Ordinary members and one was an Associate member. As a result of the review of the membership roll, twentyseven Ordinary members, three Associate members and seven Student members were removed from the membership list due to non-payment. Six Ordinary members resigned. One Ordinary member and one Associate member became Honorary Life members due to their services to the Institute. Forty-nine new members were gained: one Honorary Life member (His Majesty the King), thirty-nine Ordinary members, three Associate members and six Student members. One of the new Student members was sponsored by the Institute.

2024 2023
Life members 84 84
Ordinary members 497 497
Associate members 65 67
Student members (under 26 years of age) 28 29
Total Individual members 674 677

Financial Review

The Statement of Financial Activities shows net outgoing resources of £13,070 (2023: £11,680 net outgoing 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 2024 are £1,820,923 (2023: £1,793,847), 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 2024.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2024

Risk Policy

The following risks were highlighted in the 2024 Risk Assessment.

Information Security – The threat of cyber-attacks of the Institute’s website, electronic archives and financial accounts continues. Website security will be reviewed periodically. There were no cyber security attacks or threats on the Institute in 2024.

Archaeological Journal – The editorial team continues to experience challenges with the publication of the Journal particularly with the submission and editorial processes. A trial was carried out employing two Copy Editors but the Editor was unsure if she would continue using this service.

Financial Pressures Across British Archaeology – Many non-profit organisations across British archaeology are facing funding cuts due to fiscal tightening by the government. The Institute can play a role in helping bridge some of these gaps through its grant programmes and by making donations, such as our regular donation to the Council of British Archaeology. Whilst the Institute is fiscally sound, there is a risk that its ability to deliver on this key aim will be impacted by its own increasing operational costs. To mitigate this risk, Council has created the Fundraising and Membership Committee which is tasked with reviewing new opportunities to raise capital for the Institute and increase and diversify its membership.

During 2025, 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 2024 amounted to £1,817,523 and of this £1,734,540 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 £72,102.

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.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2024

Plans for 2025

The Institute plans to publish Volume 182 of the Archaeological Journal in 2025 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 and live streamed if permitted by the speaker. 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 three meetings will be held in 2025. In May, the Spring Meeting will be held in Brighton and environs, a Summer Meeting in Kings Lynn in September and an Autumn Meeting in Canterbury in November.

The Institute will continue to award annual research grants and also its Masters and Undergraduate Dissertation Prizes in alternate years. In 2025, 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.

The Governance Committee will continue to focus on identifying areas for improving governance. 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 Institute will continue to work towards implementing recommendations from the External Review in 2025. As part of this, the skills audit will be rolled out to the membership.

All of these activities will be promoted through social media and the 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 2024

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) Ms Nathalie Cohen (A) (D) (E) (F) (G) (M) (R)

Retired 8 May 2024 Elected 8 May 2024

Council members Elected/Retired/Resigned Ms Kathryn Stubbs (Vice-President) (M) Mr Hedley Swain (Vice-President) (A) Dr Susan Wright (Vice-President) Mr Adam Gwilt (A) (F) Retired 8 May 2024 Professor Penny Bickle (Early Career Officer) Dr Christopher Ferguson (D) (F) Dr Richard Nevell (D) Dr Isobel Thompson (E) Mr Jay Carver (R) Dr Tanja Romankiewicz Dr Paul Stamper Professor Elizabeth Tingle Dr Charlotte Franson Elected 8 May 2024 Dr Rena Maguire (F) Elected 8 May 2024

Officers Position Mr Brian Kerr Honorary Secretary Ms Jennifer Nye Honorary Treasurer Professor Rhiannon Stevens Honorary Editor Mr Peter Ginn (F) Meetings Secretary The following members of the Institute also served on committees Dr Brendan O’Connor (A) Retired 8 May 2024 Dr Alex Gibson (A) Resigned February 2024 Dr Gill Hey (A) Dr Andrew David (R; Tony Clark Memorial Fund) Dr Steven Ashby (E) Professor John Collis (E) Dr Stephen Sherlock (M) (R) Dr Eileen Wilkes (R) Dr Adrian Olivier (R) (G) Dr Andrew Seaman (E) Mr Lee Spink (A) Resigned February 2024 Mr Geoffrey Morley (M) (R) Mrs Sue Shaw (M) (G) Mr James Schadla-Hall (A) (F)

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2024

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

Manager Newsletter Editor Reviews Editor Assistant Meetings Secretary

(A): Member of Audit & Investment

(D): Member of Digital Committee

(E): Member of Editorial Board

(F): Member of Fundraising & Membership Committee

(G): Member of Governance Committee

(M): Member of Meetings Committee

(R): Member of Research Committee

Approved and signed on behalf of Council on 12 March 2025.

PRESIDENT Ms Nathalie Cohen

FOR COUNCIL Mr Brian Kerr

HONORARY TREASURER Ms Jennifer Nye

FOR COUNCIL

Professor Elizabeth Tingle

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INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of The Royal Archaeological Institute (the ‘Institute’) for the year ended 31 December 2024 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.

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INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2024

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.

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

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INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2024

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 Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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

16

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024

Current Financial Year
Note
Income and endowments
Donations, grants & legacies
2
Subscriptions
Gift aid on subscriptions
Income from meetings (excursions)
6
Sale of publications
Investment income
3
Total income
Expenditure:
Publications
4
Lectures
5
Meetings (events)
6
Editor’s honoraria
Meetings honoraria
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
£
520
19,785
(25)
25,077
25,745
55,633
126,735
16,944
3,990
24,969
6,640
2,800
16,368
12,155
59,249
143,115
(16,380)
39,559
23,179
1,751,510
1,774,689		 Restricted
Funds
£
500
-
-
-
-
1,060
1,560
-
-
-
-
-
1,650
-
-
1,650
(90)
587
497
42,337
42,834		 Total
2024
£
1,020
19,785
(25)
25,077
25,745
56,693
128,295
16,944
3,990
24,969
6,640
2,800
18,018
12,155
59,249
144,765
(16,470)
40,146
23,676
1,793,847
1,817,523		 Total
2023
£
10
20,260
5,522
24,901
23,340
53,370
127,403
13,772
8,457
24,455
6,640
800
17,839
11,535
55,585
139,083
(11,680)
113,213
101,533
1,692,314
1,793,847

All income and expenditure derive from continuing activities.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

17

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024

Prior Financial Year
Note
Income and endowments
Donations, grants & legacies
2
Subscriptions
Gift aid on subscriptions
Income from meetings (excursions)
6
Sale of publications
Investment income
3
Total income
Expenditure:
Publications
4
Lectures
5
Meetings (excursions)
6
Editors’ honoraria
Meetings honoraria
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
£
10
20,260
5,522
24,901
23,340
52,506
126,539
13,772
8,457
24,455
6,640
800
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
13,772
8,457
24,455
6,640
800
17,839
11,535
55,585
139,083
(11,680)
113,213
101,533
1,692,314
1,793,847

All income and expenditure derive from continuing activities.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

18

BALANCE SHEET AT 31 DECEMBER 2024

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
Accruals
13
Other creditors
13
Net current assets
Net assets
Represented by:
Restricted funds
15
Unrestricted funds
General funds
Designated funds
14		 200
997
89,630
1,376
92,203
6,209
3,011
1,581,755
192,934		 2024
£
1,734,486
54
1,734,540
82,983
1,817,523
42,834
1,774,689
1,817,523		 2023
£
1,694,340
261
1,694,601
3,989
1,910
97,507
1,466
104,872
5,433
193
99,246
1,793,847
42,337
1,710,164
41,346
1,751,510
1,793,847

THE ROYAL ARCHAEOLOGICAL INSTITUTE

19

BALANCE SHEET AT 31 DECEMBER 2024

These financial statements were approved on behalf of Council on 12 March 2025 and signed on its behalf by:

PRESIDENT Ms Nathalie Cohen

FOR COUNCIL Mr Brian Kerr

HONORARY TREASURER Ms Jennifer Nye

FOR COUNCIL Professor Elizabeth Tingle

THE ROYAL ARCHAEOLOGICAL INSTITUTE

20

STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2024

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 2024
Cash and cash equivalents at 31 December 2024
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31 December
2024		 2024
£
(64,660)
(64,660)
-
-
-
3,875
52,818
56,693
(7,967)
98,873
91,006
1,376
89,630
91,006		 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

THE ROYAL ARCHAEOLOGICAL INSTITUTE

21

NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

  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.

(c) Expenditure is accounted for on the accruals basis and has been classified under headings that aggregate all costs related to the category.

THE ROYAL ARCHAEOLOGICAL INSTITUTE NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024

22

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

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.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

23

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024

2.
Donations, grants and legacies
Unrestricted
Funds
Donations and gifts
520
Tony Baggs Prize
-
520
3Investment income and interest receivable
Unrestricted
Funds
Dividend income
51,758
Bank interest
3,875
55,633
4
Publications
Expenditure on publications:
Publications and other expenses
8,025
Newsletter/mailing print
3,751
Newsletter/mailing postage
Newsletter typesetting, design and
corrections
3,220
1,948
16,944
5
Lectures
Travelling, lecture room hire
and accommodation
3,990
6
Meetings (excursions)
Income from Meetings
25,077
Expenditure on meetings
(24,969)
108		 Restricted
Funds
-
500
500
Restricted
Funds
1,060
-
1,060
-
-
-
-
-
-
-
-
-		 Total
2024
520
500
1,020
Total
2024
52,818
3,875
56,693
8,025
3,751
3,220
1,948
16,944
3,990
25,077
(24,969)
108		 Total
2023
10
-
10
Total
2023
50,623
2,747
53,370
6,650
4,924
2,198
-
13,772
8,457
24,901
(24,455)
446

THE ROYAL ARCHAEOLOGICAL INSTITUTE

24

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024

7
Grants
Research Grants
15,494
Tony Clark Memorial Fund
-
Cheney Bursary
374
Prizes
500
Bunnell Lewis Fund
-
Tony Baggs Prize
-
16,368
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 during the year was:
Number of employees
Current
Employment costs
Wages and salaries
Other pension costs		 -
15,494
16,089
400
400
1,000
-
374
750
500
-
750
750
-
500
500
-
1,650
18,018
17,839
Unrestricted and Total
2024
2023
37,407
34,518
2,956
2,490
927
207
854
207
5,604
5,472
1,374
1,309
7,572
413
816
5,790
507
1,718
1,156
1,882
817
838
59,249
55,585
1
1
1
1
36,333
33,528
1,074
990
37,407
34,518		 16,089
1,000
750
-
-
-
17,839

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

THE ROYAL ARCHAEOLOGICAL INSTITUTE

25

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024

10
Investments
Listed investments
Market value at 1 January 2024
Acquisitions at cost
Disposals at market value
Net unrealised investment gains/(losses)
Market value at 31 December 2024
Historical cost at 31 December 2024		 Total
2024
1,694,340
-
-
40,146
1,734,486
1,232,155		 Total
2023
1,581,127
367,269
(356,990)
102,934
1,694,340
1,232,155

Listed investments held at 31 December 2024 comprised wholly of Charities Official Investment Funds.

11
Tangible fixed assets
Cost:
At 1 January 2024
Additions
31 December 2024
Depreciation:
At 1 January 2024
Charge for year
31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Computer
Equipment
6,645
-
6,645
6,384
207
6,591
54
261

THE ROYAL ARCHAEOLOGICAL INSTITUTE

26

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024

12
Debtors and prepayments
Prepayments
Other debtors
13
Accruals and deferred income
Grants and Other Creditors
Accruals
Deferred income		 2024
997
200
1,197
2024
3,011
6,209
-
9,220		 2023
1,910
3,989
5,899
2023
193
5,393
40
5,626

Deferred income of £nil (2023 - £40) relates to funds received in the year to 31 December 2024, for the year ended 31 December 2025.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

27

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024

14 Designated funds

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

Mr Frank S Cheney
Life Membership
Talbot Green		 Balance
01/01/2024
26,833
14,513
41,346		 Transfers
Note 17
-
-
153,447
153,447		 Expenditure
(373)
-
(1,486)
(1,859)		 Balance
31/12/2024
26,460
14,513
151,961
192,934

The funds are held for the following purposes:

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
01/01/2024
30,282
12,055
-
42,337		 Incoming
Expenditure
683
(750)
377
(400)
500
(500)
1,560
(1,650)		 Gains
554
33
-
587		 Balance
31/12/2024
30,769
12,065
-
42,834

THE ROYAL ARCHAEOLOGICAL INSTITUTE

28

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024

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 2024
are represented by:
Fixed Assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Fund balances at 31 December 2023
are represented by:
Fixed Assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
Funds
54
1,702,533
81,322
(9,220)
1,774,689
261
1,662,974
93,901
(5,626)
1,751,510		 Restricted
Funds
-
31,953
10,881
-
42,834
-
31,366
10,971
-
42,337		 Total
Funds
54
1,734,486
92,203
(9,220)
1,817,523
261
1,694,340
104,872
(5,626)
1,793,847

16 Analysis of net assets between funds

17. Transfer between funds

A transfer between funds of £153,447 was made in the year to the Talbot Green designated fund.

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 £1,074 (2023 - £990).

THE ROYAL ARCHAEOLOGICAL INSTITUTE

29

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024

19. Capital Commitments

Contractual commitments for the acquisition of tangible fixed assets contracted for but not provided in the financial statements amounted to £nil (2023 - £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 £4,224 (2023 - £4,577) was paid by way of travelling expenses to fifteen Council and Committee members during the year. Honoraria of £6,640 (2023 - £7,440) were paid to the 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		 2024
23,676
207
(40,146)
(56,693)
4,702
3,594
(64,660)		 2023
101,533
207
(113,213)
(53,370)
(2,093)
(357)
(67,293)

22 Analysis of changes in net funds

The Institute had no debt during the year.