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2025-12-31-accounts

THE ROYAL ARCHAEOLOGICAL INSTITUTE

COUNCIL REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2025

SOMERBYS LIMITED

CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE1 7BA



THE ROYAL ARCHAEOLOGICAL INSTITUTE

CONTENTS
YEAR ENDED 31 DECEMBER 2025
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 Nathalie Cohen
Vice-Presidents Dr Stephen Sherlock
Ms Kathryn Stubbs
Mr Hedley Swain
Dr Susan Wright
Honorary Secretary Mr Brian Kerr (Retired 14 May 2025)
Honorary Treasurer Ms Jennifer Nye (Retired 30 Sept. 2025)
Mr Oscar Dodd (Appointed 8 Oct. 2025)
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 2025

The Council presents the statutory report with the accounts of the Royal Archaeological Institute for the year ended 31 December 2025.

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.

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  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

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

  10. 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.

  11. 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.

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

  13. 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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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2025

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 182 of the Archaeological Journal was published online, and the printed version was dispatched in January 2026.

The digitised version of the Archaeological Journal Volumes 1 – 182 is currently available to Ordinary 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:

8 January

A Mesolithic experience: Excavations at Rubha Port an t-Seilich, Isle of Islay Professor Steven Mithen

12 February

In search of Britain’s oldest pubs

Dr James Wright (Triskele Heritage)

12 March

Archaeology in a nature and climate crisis Dr Hannah Fluck

9 April

Digging deeper: Initial results from the A428 Simon Markus

14 May: The President’s Lecture Royal Archaeological Institute Past: Women and the RAI Nathalie Cohen

8 October

Cathcart Castle reconsidered Brian Kerr

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12 November

Two famous archaeologists excavate a henge in the 1930s: King Arthur's Round Table then, and its interpretation today

Professor Richard Bradley

10 December

Patches of the endless forest: landscape, monuments and remote perception in the early Neolithic of southern England

Dr Alastair Oswald

During 2025, the Institute’s lectures continued to be made available to all on the Institute’s YouTube channel.

Meetings

The Spring Meeting was held in Brighton and Lewes from 16 – 18 May and was led by the Meetings Secretary and assisted by the Assistant Meetings Secretary. This was an experimental modular meeting attended by 15 members (including the President) for the full weekend, two members on Saturday only, 3 members Sunday only, and one member at the Friday lecture. The Institute would like to thank all those who attended and especially those who guided and facilitated our visit (listed below).

On Friday evening at the Fishing Museum in Brighton, Michael Shapland presented a lecture on his recent excavations of the Globe Theatre and the associated artefacts of the Indian service personnel who looked after it when it was a field hospital during World War I.

Saturday was held in Brighton and began at Saint Nicholas Church, the original Parish Church of the Brighthelmstone. This was followed by a tour of the Royal Pavilion where we were guided by Hedley Swain. Members self-explored The Lanes as well as Saint Peters Church, designed by Sir Charles Barry. Mr Swain also showed us the tunnels that connected the Dome Theatre, previously the pavilion stables, to the Royal Pavilion. We then visited Brighton Museum.

Sunday was held in Lewes where we explored Lewes Castle, Saint Michael’s Church and Pipe Passage. (Unfortunately, the pipe kiln was too overgrown with vegetation to see clearly). We proceeded down the Saxon lanes known as the twittens, crossed through Southover Grange, passing Saint James’ Hospital to have lunch at Anne of Cleves House. Arthur Franklin guided us around Trinity Church and the remains of Lewes Priory. During the reconnaissance, the Meetings Secretary and Assistant Meetings Secretary were guided around Lewes by the county archaeologist Neil Griffin.

A Summer Meeting was held in King’s Lynn from 8 – 14 September and was led by the Meetings Secretary and assisted by the Assistant Meetings Secretary. The meeting was attended by 27 members including the President. The Institute would like to thank all who attended and especially those who guided and facilitated our visit (listed below).

The meeting began with a lecture in the Great Hall of Thoresby College by Clive Bond on the context of Sea Henge. The group was based at the Dukes Head Hotel, Kings Lynn. We would like to thank Jackie, our driver, from Eagles Coaches. Our first stop was Grimes Graves with thanks to Rob Pyatt and then to Oxburgh Estate facilitated by Em Parker. The Charles Burrell Museum in Thetford provided the most wonderful refreshments and talk by the trustees. This was followed by Thetford Priory and Thetford Castle Mound.

Day two we visited Appleton Church, Sandringham House, Castle Acre Priory where we were given access by Tim and guided by Jonathan Coad who led us on to Castle Acre Castle via St James the Great Church.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2025

On day three, we visited Caistor Roman settlement and were met by one of the excavation team, Franz. Afterwards, we visited Norwich Castle and Museum before being guided around Norwich Cathedral.

Day four we visited Wareham Iron Age settlement with a talk by Geoff, Binham Priory facilitated by Maureen Foster and guided by Matt Champion. We headed on to Bircham Windmill, the Bronze Age barrows, North

Elmham Bishops Castle and then Castle Rising Castle where we raised a toast of port, along with a slice of fruit cake, to our Patron King Charles III.

On our final day, we visited King’s Lynn Minster, guided by Peter Jackson. We explored the roof, rang the bells and visited Stories of Lynn where we met the mayor. We visited St George’s Guildhall where we saw the recently uncovered floor dating from when Shakespeare’s travelling company toured King’s Lynn. After lunch, we visited the King’s Lynn Museum, the Chapel of St Nicholas and the Fisherfolk Museum. We ended with a final buildings tour that included the Greenland Fishery House and the oldest building in King’s Lynn, All Saints Church.

An Autumn Meeting was held in Canterbury on 22[nd] November and was led by the President and assisted by the Meeting Secretary. The meeting was attended by 25 members. The Institute would like to thank all who attended and helped to facilitate the meeting.

We met at Saint Martin’s Church where we were guided by Elena Field. Afterwards, we walked to Saint Augustine’s Abbey and were guided by Brian. After lunch, we toured Canterbury Cathedral guided by our President and former Canterbury Cathedral archaeologist. Afterwards, we were given a tour of the Cathedral’s archives by Cressida Williams and Helen. The day ended with tea and cake at the Cathedral Lodge.

Conference

Iron Age Dialogues, Cardiff University: 30[th] April to 2[nd] May 2025

Iron Age Dialogues was the first major UK Iron Age conference since 2007 and was held informally in honour of the now retired Niall Sharples. The Royal Archaeological Institute co-sponsored the conference and had a stand to raise awareness of the Institute and to encourage new members. With 193 attendees and 46 presentations (with a strong showing of Institute members) over three days, it met its objectives of 'addressing the big questions and debates, to consider the new research directions leading towards the mid-21st century'. Widely enjoyed, it was noted for the efficiency of the conference organizers and the exceptionally bright and sunny Welsh weather.

Research Grants

Research grants totalling £24,747 were awarded in 2025, as follows:

Altogether Archaeology Gueswick Hills 2024 research/ post-excavation analysis £3,710
Ms Amanda Clarke The Nave Island Archaeological Project (NIAP) £2,000
Prof. Gordon Noble Late Antique Hilltop Settlements of Northern Britain: £4,690
Community-led investigations at East Lomond
Prof. Mike Parker Pearson Crosswell: a stone circle and henge complex among the £2,500
bluestone sources

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Ms Molly Toal Lunt Meadows Nature Reserve, Sefton - Mesolithic landscape £3,700
Norton Disney History Investigation of the Roman archaeology of Potter Hill, £1,600
& Archaeology Group Norton Disney
Dr Steve Ashby Combs and Contacts: Exploring British-Scandinavian £1,703
Connections in the Viking Age
Ms Tereza Nesnídalová From Home or Abroad? A Multi-Isotope Analysis of Human £4,844
Remains from the Early Medieval cemetery at Ipplepen, Devon

The grant for ‘Late Antique Hilltop Settlements of Northern Britain: Community-led investigations at East Lomond’ included a £500 legacy from RE Pascall. The grant for ‘Combs and Contacts: Exploring BritishScandinavian Connections in the Viking Age’ included a contribution of £500 from the Tony Clark Memorial Fund.

Due to project underspending, the Institute was repaid £259 for a research grant awarded in 2025.

Donations

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 Take over Day, which formed part of the CIfA Early Careers Special Interest Group Conference and £2,500 to support the Young Archaeologists Club.

Cheney Bursaries

A Cheney Bursary of £251 was awarded to Ms Leesha Charles who attended the Theoretical Archaeological Group at York, 15-17 December 2025.

Archaeological Achievement Awards

The Institute sponsored the Early Career Archaeologist Award presented to Kayleigh Hibberd and the Highly Commended Award presented to Melissa Lambe. We are grateful to Professor Mark Gardiner and Dr Rena Maguire for attending the awards ceremony in Belfast on behalf of the Institute.

Membership

Council regrets to note the deaths of thirteen members during the year, of whom two were Life members, seven were Ordinary members and four were an Associate member. As a result of the review of the membership roll, twenty-two Ordinary members, one Associate member and seven Student members were removed from the membership list due to non-payment. Two Life members, seven Ordinary members and one Associate member resigned. One Ordinary member became an Associate member, and one Associate member became an Ordinary member. Eleven Life members were removed from the membership list due to the lack of up-to-date contact details. Thirty-five new members were gained: twenty-four Ordinary members, four Associate members and seven Student members. One of the new Student members was sponsored by the Institute.

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2025

2025 2024
Life members 69 84
Ordinary members 485 497
Associate members 63 65
Student members (under 26 years of age) 28 28
Total Individual members 645 674

To promote the Royal Archaeological Institute, the President attended Current Archaeology Live! 2025 at UCL, Institute of Education, and ‘Archaeology for Life’ at Burlington House, organised by UCL. In July, the Manager attended an event for the Festival of Archaeology at Oakham Castle.

Financial Review

Council is disappointed to report a deficit on the Unrestricted Funds for the year of £21,438 (2024 deficit £16,380). Council is continually monitoring costs to keep these to a minimum, whilst still fulfilling the needs of the members in providing interesting and stimulating lectures and meetings during the year. Council believes the current membership subscriptions provides great value for money, however in order to continue providing these services the subscription rates are currently under review.

Council is very concerned with the disappointing performance of the funds held on Investment during 2025. The overall portfolio under external management has fallen in value by £68,698 (2024: increase of £40,146). The Audit and Investment Committee has met with the Investment managers to express this concern and to gain an understanding of the reasons for this. This is the second year that the Fund has underperformed the Steady Growth Charity Index, although in previous years this index has been exceeded. We have been assured that corrective action has been taken to produce stronger returns in the future and we will be monitoring this very closely. Whilst the value of the investments has fallen it has continued to produce investment income of £56,845 (2024 £56,693).

As a result of the deficit for the year and the fall in the value of the investments the Institute’s Unrestricted Funds have fallen in the year to £1,685,612 (2024: £1,774,689). Whilst this represents a healthy level of reserves which will continue to enable the Institute to meet its financial and charitable obligations for some years, Council is not being complacent and will be taking the appropriate action to maintain these reserves for future generations interested in archaeology.

During the year, the Institute gratefully received a bequest from the late Dr Judie English, a former member. This bequest comprises a share in two residential properties. These properties are currently on the market and the income from their sale will be accounted for once the funds have been received.

Risk Policy

The Audit and Investment Committee carries out an annual risk assessment covering the following areas: Governance, Operations, Financial, External and Compliance. These risks are recorded in a register against which are noted the existing controls to mitigate these risks, together with planned enhancements which are laid before Council for their consideration and agreed implementation.

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.

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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.

Plans for 2026

The Institute plans to publish Volume 183 of the Archaeological Journal in 2026 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 2026. In May, the Spring Meeting will be held in West Riding II, a Summer Meeting in Bath and environs in September and an Autumn Meeting in Westminster in November.

The Institute will continue to award annual research grants and also its Master’s and Undergraduate Dissertation Prizes in alternate years. In May 2026, the Master’s Dissertation Prize will be awarded. The Institute will continue to work with other bodies, such as the Council for British Archaeology and Current 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 Fundraising and Membership Committee will continue to review membership subscriptions and benefits, and a membership survey will be conducted.

The Institute will continue to work towards implementing recommendations from the External Review in 2026. 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).

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2025

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

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

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

Elected 14 May 2025 Elected 14 May 2025

Officers

Mr Brian Kerr (A) (D) (E) (F) (G) (M) (R) Ms Jennifer Nye (A) (G) Mr Oscar Dodd (A) (F) (G) (R) Professor Rhiannon Stevens (E) Mr Peter Ginn (M) (F)

Position

Honorary Secretary (Retired 14 May 2025) Honorary Treasurer (Retired 30 Sept. 2025) Honorary Treasurer (Appointed 8 Oct. 2025) Honorary Editor Meetings Secretary

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THE ANNUAL REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 31 DECEMBER 2025

The following members of the Institute also served on committees Dr Andrew David (R; Tony Clark Memorial Fund) Retired 14 May 2025 Dr Steven Ashby (E) Retired 14 May 2025 Professor John Collis (E) Retired 14 May 2025 Dr Eileen Wilkes (R) Retired 14 May 2025 Dr Adrian Olivier (R) (G) Retired 14 May 2025 (R) Dr Andrew Seaman (E) Dr Gill Hey (A) Mrs Sue Shaw (M) (G) Mr James Schadla-Hall (A) (F) Professor Mark Gardiner (E) Mr Adam Gwilt (A) (F) Ms Jennifer Nye (A) (G) Ms Deborah Frearson (R) Professor Lisa-Marie Shillito (R; Tony Clark Memorial Fund) Mr Matthew Champion (E) Mrs Christine Woodford (M) In addition to the above, the following served throughout the year: Ms Sharon Gerber Manager Ms Katherine Barclay (M) (E) Newsletter Editor Mr Geoffrey Morley (M) (R) Assistant Meetings Secretary Dr Andy Valdez-Tullett (E) Reviews Editor

(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 11 March 2026.

PRESIDENT FOR COUNCIL Ms Nathalie Cohen Dr Stephen Sherlock

HONORARY TREASURER FOR COUNCIL Mr Oscar Dodd Dr Susan Wright

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INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2025

Opinion

We have audited the financial statements of The Royal Archaeological Institute (the ‘Institute’) for the year ended 31 December 2025 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.

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INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2025

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.

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.

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INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL YEAR ENDED 31 DECEMBER 2025

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:

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 2025

Current Financial Year
Note
Income and endowments
Donations, grants & legacies
2
Subscriptions
Gift aid on subscriptions
Income from meetings (excursions)
6
Archaeological Journal
Investment income
3
Total income
Expenditure:
Newsletter & Member Info
4
Lectures
5
Meetings (events)
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/(losses) on investments
Net income and net movement in
funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£

10
19,330
2,774

32,996
30,809

55,764
141,683

16,234

8,801

32,737
6,640
2,800

24,239
11,500

60,170
163,121
(21,438)
(67,639)
(89,077)
1,774,689
1,685,612		 Restricted
Funds
£
-
-
-
-
-
1,081
1,081
-
-
-
-
-
500
-
-
500
581
(1,059)
(478)
42,834
42,356		 Total
2025
£
10
19,330
2,774
32,996
30,809
56,845
142,764
16,234
8,801
32,737
6,640
2,800
24,739
11,500
60,170
163,621
(20,857)
(68,698)
(89,555)
1,817,523
1,727,968		 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

All income and expenditure derive from continuing activities.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

17

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2025

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:
Newsletter & Member Info
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
£

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

All income and expenditure derive from continuing activities.

THE ROYAL ARCHAEOLOGICAL INSTITUTE

18

BALANCE SHEET AT 31 DECEMBER 2025

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		 1,150
1,627
64,122
1,462
68,361
6,452
245
1,493,580
192,032		 2025
£
1,665,788
516
1,666,304
61,664
1,727,968
42,356
1,685,612
1,727,968		 2024
£
1,734,486
54
1,734,540
200
997
89,630
1,376
92,203
6,209
3,011
82,983
1,817,523
42,834
1,581,755
192,934
1,774,689
1,817,523

THE ROYAL ARCHAEOLOGICAL INSTITUTE

19

BALANCE SHEET AT 31 DECEMBER 2025

These financial statements were approved on behalf of Council on 11 March 2026 and signed on its behalf by:

PRESIDENT Ms Nathalie Cohen

FOR COUNCIL Dr Stephen Sherlock

HONORARY TREASURER Mr Oscar Dodd

FOR COUNCIL Dr Susan Wright

THE ROYAL ARCHAEOLOGICAL INSTITUTE

20

STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2025

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 2025
Cash and cash equivalents at 31 December 2025
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31 December
2025		 2025
£
(81,493)
(81,493)
(774)
-
-
2,827
54,018

56,071

(25,422)
91,006

65,584


1,462
64,122

65,584		 2024
£
(64,660)
(64,660)
-
-
-
3,875
52,818
56,693
(7,967)
98,873
91,006
1,376
89,630
91,006

THE ROYAL ARCHAEOLOGICAL INSTITUTE

21

NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

  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 2025

22

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or have been raised by the Institute for particular purposes.

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 2025

2.
Donations, grants and legacies
Unrestricted
Funds
Donations and gifts
10
Tony Baggs Prize
-
10
3Investment income and interest receivable
Unrestricted
Funds
Dividend income
52,937
Bank interest
2,827
55,764
4
Newsletter & Member Info
Expenditure on publications:
Publications and other expenses
8,114
Newsletter/mailing print
3,499
Newsletter/mailing postage
Newsletter typesetting, design and
corrections
1,816
2,805
16,234
5
Lectures
Travelling, lecture room hire
and accommodation
8,801
6
Meetings (excursions)
Income from Meetings
32,996
Expenditure on meetings
(32,737)

259		 Restricted
Funds
-
-
-
Restricted
Funds
1,081
-
1,081
-
-
-
-
-
-
-
-
-		 Total
2025
10
-
10
Total
2025
54,018
2,827
56,845
8,114
3,499
1,816
2,805
16,234
8,801
32,996
(32,737)
259		 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

THE ROYAL ARCHAEOLOGICAL INSTITUTE

24

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2025

7
Grants
Research Grants
Tony Clark Memorial Fund
Cheney Bursary
Prizes
Bunnell Lewis Fund
Tony Baggs Prize		 23,988
-
251
-
-
-
24,239		 -
500
-
-
-
-
500		 23,988
500
251
-
-
-
24,739		 15,494
400
374
500
750
500
18,018
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		 Unrestricted and Total
2025
2024
38,513
37,407
2,836
2,956
874
927
312
207
6,375
5,604
1,912
1,374
4,553
529
398
7,572
413
816
2,549
1,156
1,319
817
60,170
59,249
1
1
1
1
37,407
36,333
1,106
1,074
38,513
37,407		 Unrestricted and Total
2025
2024
38,513
37,407
2,836
2,956
874
927
312
207
6,375
5,604
1,912
1,374
4,553
529
398
7,572
413
816
2,549
1,156
1,319
817
60,170
59,249
1
1
1
1
37,407
36,333
1,106
1,074
38,513
37,407
59,249
1
1
36,333
1,074
37,407

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 2025

10
Investments
Listed investments
Market value at 1 January 2025
Acquisitions at cost
Disposals at market value
Net unrealised investment gains/(losses)
Market value at 31 December 2025
Historical cost at 31 December 2025		 Total
2025
1,734,486
-
-
(68,698)
1,665,788
1,232,155		 Total
2024
1,694,340
-
-
40,146
1,734,486
1,232,155

Listed investments held at 31 December 2025 comprised wholly of Charities Official Investment Funds.

11
Tangible fixed assets
Cost:
At 1 January 2025
Additions
31 December 2025
Depreciation:
At 1 January 2025
Charge for year
31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Computer
Equipment
6,645
774
7,419
6,591
312
6,903
516
54

THE ROYAL ARCHAEOLOGICAL INSTITUTE

26

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2025

12
Debtors and prepayments
Prepayments
Other debtors
13
Accruals and deferred income
Grants and Other Creditors
Accruals		 2025
1,627
1,150
2,777
2025
245
6,452
6,697		 2024
997
200
1,197
2024
3,011
6,209
9,220

THE ROYAL ARCHAEOLOGICAL INSTITUTE

27

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2025

14 Designated funds

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

Mr Frank S Cheney
Life Membership
Talbot Green		 Balance
01/01/2025
26,460
14,513
151,961
192,934		 Transfers
Note 17
-
-
-
-		 Expenditure
(251)
-
(651)
(902)		 Balance
31/12/2025
26,209
14,513
151,310
192,032

The funds are held for the following purposes:

Mr Frank S Cheney

Life Membership Talbot Green

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		 Balance
01/01/2025

30,769
12,065
42,834		 Incoming
Expenditure
702
-
379
(500)
1,081
(500)		 Gains
(1,202)
143
(1,059)		 Balance
31/12/2025
30,269
12,087
42,356

THE ROYAL ARCHAEOLOGICAL INSTITUTE

28

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2025

15 Restricted funds (continued)

The funds are held for the following purposes:

Bunnell Lewis Research Fund

Tony Clark Memorial Fund

Analysis of net assets between funds
Fund balances at 31 December 2025
are represented by:
Fixed Assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Fund balances at 31 December 2024
are represented by:
Fixed Assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
Funds
516
1,634,893
56,900
(6,697)
1,685,612
54
1,702,533
81,322
(9,220)
1,774,689		 Restricted
Funds
-
30,895
11,461
-
42,356
-
31,953
10,881
-
42,834		 Total
Funds
516
1,665,788
68,361
(6,697)
1,727,968
54
1,734,486
92,203
(9,220)
1,817,523

16 Analysis of net assets between funds

17. Transfer between funds

No transfers between funds were made in the year.

18. Pension and other post-retirement benefits

The Institute operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £1,106 (2024 - £1,074).

THE ROYAL ARCHAEOLOGICAL INSTITUTE

29

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2025

19. Capital Commitments

Contractual commitments for the acquisition of tangible fixed assets contracted for but not provided in the financial statements amounted to £nil (2024 - £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 £1,864 (2024 - £4,224) was paid by way of travelling expenses to fifteen Council and Committee members during the year. Honoraria of £6,640 (2024 - £6,640) were paid to the Editor and Reviews Editor of the Archaeological Journal, and Newsletter Editor. Honoraria of £2,800 (2024 - £2,800) were paid to the Meetings Secretary and Assistant Meetings Secretary. 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		 2025
(89,555)
312
68,698
(56,845)
(1,580)
(2,523)
(81,493)		 2024
23,676
207
(40,146)
(56,693)
4,702
3,594
(64,660)

22 Analysis of changes in net funds

The Institute had no debt during the year.