THE BRfiisH SCHOOL AT ROME FINANCIAL STATEl￿Elyrs AS AT 31 MARCH 2024 THE BRITISH SCHOOL AT ROME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Registered Charity Number: 314176 THE BRITISH SCHOOL AT ROME FINANCIAL STATE1￿￿￿Ts AS AT 31 MARCH 2024 Table of Contents THETRUSTEES, REPORT................................................................ . Registered Address and London Office..................................................... . Auditors..................................................................................................................... Investment Managers . Bankers........ Achievements aDd PerformaDCe.. .. . ............... ................... ... . . 10 Future Plans .. 11 Donated Goods, F2cllltfies and Services Includlng Volunteers........ Flnancial Revlew............................................................................................... BrltlshAeademy Grants.................................................................................... .... Investments and Cash Resources . Golng Concern aDd Reserves Policy.......................................... THESTATEMENTOFTRUSTEES, RESPONSIBILrrtES.............................................,...................... INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BRITISH SCHOOL AT ROME..................................................................................................... sTATE￿ENT OF F￿ANCIAL ACTIVITIES............................... ..... . BALANCE SHBET................................................................................................................ STATEMETrrr OF CASH FLOWS... NOTES TO THE FINANCIAL STATEMEKrs..... . ACCOUNTtNGPOLlCtEs............................................................ .. .. JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTILIIATIOIY UNCERTAINTY........................................................ ... DONATIONSAND LEGACJES..... ............................... CHAIUTABLE tNCOME...................................................... llYVESTMENTINcO￿...................................................... . . CHARITABLEACTIVITIES..... ...... ... ...... .... . . CHARITABLE ACTIVITIES-RESTIUCTED EXPENDITURE............................................. SUPPORTCOSTS............................................................................ .33 GOVERNANCE................................................................................................................................. 10. GRANTS AND SCHOLARSHIPS.......................................... 11. TRUSTEESAND EMPLOYEES................................................................................. .34 12. FIXEDASSETS............................................................................................................... .. ..36 13. 1NVESTMENrs........................................................................... .. .37 THE BRITISH SCHOOL AT ROME Fll¥ANCIAL STATE11￿￿Ts AS AT 31 MARCH 2024 14. DEBTORS...........................................................................................................................................38 15. CREDITORS: AMOUNfsFALLINGDUEWITHINOIYEYEAR............................................39 16. PROVtSIONS FORPOSTEMPLOYMENTBENEFITS...................................................... . .....39 17. COIWIMITMEIYTS.............................................................................................................................. 18. RESTRICTEDFUNDS...................................................................................................................... 19. UNRESTRICTED FUNDS................................................................................................................ 20. NETINCOMETO NETCASH-FLOW..........................................................................................45 21. AIYALYSIS OFCASHANDCASHEQUIVALENTS....................................................................45 22. FJNANCIALINSTRUMENTS.................................... .45 23. ANALYSISOFNET ASSETS BETWEEN FUNDS....................................................................... 24. CONTrOLLINGPARTY.................................................................................................................46 25. RELATED PARTYTRANSACTIONS...........................................................................................46 26. CONTINGENTLIABILITY.............................................................................................................46 27. PRIOR YEARCOMPARATIVES...................................................................................................47 THE BRrfIsH SCHOOL AT ROME FINANCIAL STATEMENTS AS AT 31 MARCH 2024 THE TRUSTEES, REPORT The Council of the British School at Rome is pleased to present its report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I, and in accordance with the BSR'S Royal Charter, the Charities Act 201 l and SORP 2015. Structur& Governance and Management The Britisb Scbool at Rome (bereinafter tbe BSR) was founded in 1901 and incorporated by Royal Charter in 1912 (Supplemental Charter, 1995, amended 2012). It is a registered charity ill England and Wales, no. 314176. The governing body of tbe BSR comprises the Presiden( HRII Princess Alexandra, the Hon. Lady Ogilvy, KG, GCVO, and the Council. The Director acts as the BSR'S Chief Executive, has the right of attendance at all rneetings of the Council and its subcommittees. and provides the secretariat from among th¢ BSR Staff. Day to day managetneDt of the BSR is delegated to the Director, with the Council providing overall direction. A list of all members of the Council (Trllste￿) who have acted during the 2023-24 fjnancial year appears below, together with details of the BSR'S financial advisers, and members of all committees and Faculties. A full list of members of staff is given on the BSR'S website (htrpS'.l￿sr.a¢.Uk). Ullder the tems of the Royal Charter. Council members are to be appointed by tbe Council. The Council also has three sub-committees: Fiwance and Audit. Nomination5 and Development. No fewer than seven members of the Council must be selected from the fields of specialisation and work enshrined in the BSR, objective5. C&r¢ is taken to s¢cur¢ a balanre between specialists in the Fin¢ Arts and in the Humanities and Social Sciences and generalists with, for example, legal, f￿anCial, media and fundraising skills. In appointing new metllbers, Council is seeking to address issues of equality, diversity and inclusion on Council, Members of the Council serve for a terni of five yeats, renewable for a maximum of a furtber five years. They are nom]ally expected to be familiar with the BSR and its work on appointment. On appointment new Trustees sign a declarntion of eligibility and fill out a declaration of interests (for the PUTpose of maintaining a Register of Interests for Trustees) and m¢¢t with the Chair and Director. The induction pack includes Charity Con]mission guidance, BSR policies, strategies, byelaws and a copy of the BSR'S Charter. All Trustees give of their time fr¢¢ly and no Trustee remuuerdtion was paid in the year. Details of Trustee expenses are disclosed in note I I to the fmancial statements. The Council nonnally meets at least five times a year. The Council is advised on all matters of finance by the Finance and Audit Committee, which is chaired by the Honorary Treasurer, at￿ nornlally meets four times a year. The Finance and Audit Committee is responsible for overse¢iDg: all f￿ancial matters relating to the BSR and r¢porting on these tr) Council; the relationship witb th¢ BSR'S external auditor. and th¢ BSR'S risk analysis and reporting. Professor Abigail Brundin has been Dire¢tor of the BSR since September 2021, on leave from the University of Catnbridg¢. All BSR staff including the Director are employed on the Italian National Contract (CCNL). Selection for awards offered by the BSR is the responsÉbility of the three Faculties (the Faculty of THE BR￿ISH SCHOOL AT Rolk FINANCIAL STATE1￿￿￿Ts AS AT 31 MARCH 2024 knhaeology, History and Letters, the Faculty of the Fine Art5 and the Faculty of Architecture). The Chairs of the Faculties are appointed by the Council aud must be members of the Council. Members of Faculties are elected for a five-year tem by Council on the re¢oTnmendation of the Faculties; they are elected to represent the full range of specialist interests that fall within the chartered objectives of the BSIL Applications for membership of the Facult1￿ are invited by open call and voted by current committee members and research- related BSR staff. Fellowships, scholarships and awards are advertised once a year, and the Fa￿ltieS meet twice atmuaEly to consider applications and to monitor reports by recipients of awards. The awards process is administered by the Programmes Manager (appointed S¢ptemb¢r 2023, previously by the Registrar). Details of how to apply for awards together with relevant fornis are available on the BSR'S website. A member of the Faculty of Archaeology, History and Letters acts as Chair of Publications, and is appointed by the Council, as is the Chair of Archaeology. The BSR is one of the eight British International Research Institutes (BERI) and is supported by a grant from the Department of Science, Innovation and Technology (DSTT) (previously the Department of Business. Energy and Industrial Strategy. BEIS) to the British Academy (BA), which makes an annual grant to the BSR to support its activities. The BSR'S London address is located witbin the British Academy's building, and an anllual rent is paid for desk spa¢c and services. THE BRITISH SCHOOL AT ROME FINANCIAL STATEMENTS AS AT 31 MARCH 2024 Council Mr B. Allies Mr C. Blackmore ' (to December 2023) Ms. L. Bruni ° (from July 2023) Professor E. Chan]bers Mr M. Gety (Chair) Mr A. GibbizL8 (Honorary Treasurer) Ms C. Higgins Mr I. Hodgson (Deputy Chair to December 2023) Ms. C. Johns ° (from January 2024) Mr. S. Majumdar ° {from January 2024) Mr C. Prentice Ms H. Stewart Professor D. Sturgis Mr R. Surana Professor R. Sweet Mr L. Syson. (to June 2023) Ms S. Taverne (Deputy Chairfrom January 2024) Professor B. Williamson Director Professor A. Bnmdin Finance and Audit Committee Ms R. Altomari (Independent Member from August 2023) ° Mr C. Blackniore, (to De¢¢mb¢r 2023) Mr A. Gibbin5 (Chair) Mr I. Hodgson. (to December 2023) Ms. C. Jobns ° (from January 2024) Mr K Surana ° (from January 2024) Ms S. Taverne Ms. P. Walsh (external member to June 2023) Professor B. Williamson Nominations CoDimittee Dr S. Agbamu (External member). Mr C. Blackmore (to December 2023) Mr C. Prentice (Chair) Professor D. Sti￿gis Prof¢ssor 11 Sweet Mr L. Syson (to June 2023) THE BRITISH SCHOOL AT ROME FINANCIAL STATEMENrs AS AT 31 MARCH 2024 DevelopThellt Committee Mr B. Aklies Ms H. Stewart (Chair) Ms S. Taverne Mr C. Blackmore ' (to December 2023) Faculty of the Fine Arts Professor D. Sturgis (Chair) Mr N. Cl¢ments-Gill¢spie Mr D. Rolph (Abbey Council Repr￿entative) ° Professor M. Finch * Ms C. Grassi Ms O. Grimes Ms C. Julia Mr P. Misty. Ms C. Morris Mr C. Pestana Ms H. Rashid ° Dr Z. IKhitley ° Professor A. Stahl Faculty of Arcbaeology) Hlstory and Letters Professor R. Sweet (Chair) Professor B. Borg (Chair ofPublieations) Professoi G, Bradley Professor A. Cooley (Co-Editor of Papers of the British School at Rome) Professor F. Dennis Professor D. Duncan Professor C. Goodson Professor I. Haynes (Chair ofArehaeologv) Dr M. luliano Dr S. Malloch Prof. F. Mussgnug (Chair of Publications) ° Dr Lara Pucci ° Dr V. Vitsle THE BRrrIsH SCHOOL AT ROME FINANCIAL STATEMENTS AS AT 31 MARCH 2024 Faculty of Architecture Mi B, Allies (Chair) Mr T. Bell Dr G. Beltramini ° Ms D. Benn¢tts Dr M. Iuliano (FAHL representative) Professor N. McLaugblin Dr M. Stevens ' joined during 20234 ¥ left during 20234 Charity Number: 314176 Registered Address and London Office The British School at Rom¢ 10 Carlton House Terrace Lolldon SWIY5AH Rome Office The British School at Rome Via Antonio Gramsci 61 00197 Rome Auditors WMT - Chthered Accountants 4 Bea¢onsfield Road, St Albans, Herts, ALI 3RD Professional Ad￿serS Italian Financial Advisers Ronzoni Group Via Magna Grecia, 39 00183 Rome Italian Legal Advisers Studio Nunziante Magrone Piazza di Pietra 26 00186 Rome THE BRfTISH SCHOOL AT ROKE FINANCIAL STATEMENTS AS AT 31 MARCH 2024 UK Payroll (until August 2023) Sussex Payroll S¢rvices The Mallings 112 MaEling Street Lewes East Sussex BN7 2RG Investment Managers James Hambro & Partners LLP 45 Pall Mall London SWIY 5JG Bankers National We5tinillster Bank Plc 186 Brompton Road London SW3 IXJ Credito Emiliano Via del Tritone 97-8 00187 Rome Objective5 The BSR'S mission is to be a centre of interdisciplinary research excellence in the Mediterranean supporting the filll range of arts, humanities and social sciences. As part of the UK'S overseas research infrastrncture, we create an environtnent for work of international standing and itnpact from Britsin and the Commonwealth, and a bridge into the intellectual and cultural heart of the Mediterranean, Italy and Rome itself. The BSR judges its performance against the following main areas: promoting r¢scarch exeellence (through research generation, facilitation and pubEicatiolls); research Collllectivity (through reseatch collaborations and events). policy and capacity building (through relevant projects, training courses and scholars, car¢er traj¢ctori¢s}; and financial sustainability (thtough grant capture, iDdepeDdellt income g¢n¢ration, demand for facilities and profile). Th¢ objects of tb¢ BSR ar¢ set out in the Supplemental Royal Charter (1995) as follows: (a) To promote the study in Italy of archaeology, history and letters, architecture, painting, sculpture, printmaking and other arts. (b) To establish and maintain in Rome a hostel for students attending the School who are studying arts, archaeology, history and letters and who are of British or Commonwealth birtlL education or residence. (c) To establish and maintain studios and other buildings for the purposes of the School and their use by the students and other persons attending the School. (d) To pursuc arcbacological and other researches and publications in the subject areas THE BRITISH SCHOOL AT ROME FINANCIAL STATEMElYfS AS AT 31 MARCH 2024 specified in (a) above. (e) To maintain in Rornc a gcneral library of the arts, archaeology, history and letters. (D To award Scholarships, Exhibitions, Bursaries. Research Grants and other forn]s of assistance to those of British or Commonwealth birth, education or residence. engaged in the sttldy of the arts, archaeology, history or letters. The BSR'S Strategic Plan 2022-32 was approved by the Council in July 2022 and can be found on the website: h s:lthsr.ac.ukl -content1 loads1202211 I￿sR-I0-Ytar-Strate ic-Plan. f. In 2032 the BSR will be a modern, Ope￿ inclusive and plural institution that welcomes people from a wide range of baCk￿ounds, from across the United Kingdom. the Commonwealth and beyon With individual risks assigned to members of the team to monitor. It is reviewed at every meeting of the Finance and Audit Committee and the Council. It is submitted to the BA as part of the regular reporting. Risks categorised as red under the traffic-lightillg syst¢m are discu&8ed regularly. The only risk considered flagged 'red' was: Liability to USS if no members in the schem¢ This remains a r¢d risk under close review with mitigating actions being actively sougbt and implementsd. Financial Review This summary ￿V¢S a commentary on the headline finall¢i￿ data for the financial year 2023-24. The outcome for the year is a surplus of £266k (2022-23 £ (l)k) before investment gains. This Tesult reflects the timing of the receipt of grants and donations in advance of related activities. post-covid recovery of activities and the reorganization of administration d¢s¢ribcd above" as well &8 the continuing careful management of resourc&g. 14 THE BRTfIsH SCHOOL AT ROME FINANCIAL STATEMENTS AS AT 31 MARCH 2024 Total funds of the BSR at 31 March 2024 stood at £3.7l5,694, including restricted fi￿dS of £717,710. Total income for the year amounted to £2,575,6(K), with expcnditure of £2,310,254, before tsking account of a gain on revaluation of investments of £323,000, as described below in the section on Investments. The value of our investment portfolio at year end was £3,363,127. In 2023-24 the BSR received income from multiple funding streams, sumM￿¢d below by category: GROSS INCOME BY AcfiviTY Grant Arch••olo8y Fln• Arts Schol•rshlps A¢ademk Resld•nd•J Britl$h Academy Grants The allocation for the Main Grant from the British Academy for 2023-24 was £1,138,023. The stipulated allocation of this was: Researcb Library/Research Collections Con]munications/Outreach CoTc￿tablIs￿lent £473,502 £186,900 £ 25,OtK) £452,621 Additional to the Main Grant are grants from the Business Development Fund. Th¢ BSR received £185,748. 15 THE BRITISH SCHOOL AT ROME FINANCIAL STATE1￿￿￿Ts AS AT 31 MARCH 2024 The were used for archaeology equipmenL premises upgrade shutters and windows. the enhancement of digital aad hybrid capacity in the lecture theatre" Tesearth collections project fijnding and some staff costs (archaeology, communicatio￿8 and HR). In addktion, the BSR received £29,976 from the British Academy to purchase archaeological equipment. The auditors in their opinion on page 19, confirnl that the BA ryAts have been spent in the areas and amounts agreed with the BA as set out above. Investments and Cash Resources The Council may invest in any securities approv&1 by law for the investtnent of trust or charitable monies or such other securities as the Council may from time to time approve. Independent advisers, appointed by the Council, manage the BSR's investment portfolio with the objective of the maintenance of income and achieving growth whilst preserving the capital value of the portfolio. Council h&$ established a policy for ethical investing and certain exclusions have been agreed in particular relating to the production and transport of fossil fuels. It is also the case that the investments managed by Hambro voted and that Hambro engage with management of the cornpanies in which they invest to improve their environmental, social and governance performance. During the year the portfolio g¢nmt¢d income of £42,000 (2023: £39.000) and iecord¢d realised and unrealised gains of £323,000 (2023: £(67,000)). At 31 March 2024 OUT cash balances stood at £324,000 (2023- £A80,(Y)O). Going Concern and Reserves Policy The Trustees are satisfied that, CODsidering the financial position and expected future activities, the BSR contAnues to be a going concern. The BSR'S reserv¢s comprise general funds, funds designated by the Council for specific purposes and restricted fimds. The Council's policy has been that (a) designated and restricted funds should b¢ r¢tained for the puryoses for which they were s¢t up (but that designated funds Can be available for more immediate purposes if these are pressing). (b) the level of general funds, after eliminating all unrealised revaluation SUTpluses, should be kept in excess of twelve month5, fOTe running costs of the BSR. In the light of the fmancial pressures of the last few years, Council considers that a reserves target of at least twelve months. rutlliing costs is now more appropriate. Core nU￿l￿g costs are appioximately £1.2 million. Unrestricted reserves stood at year end at £2,998,000 (2023". reserves of £2,527,000). These bistoric reserves include (a) designated fimds of £1.159,000 (2023: £1.128,000) set aside by the Council for scholarship grants and risk mitigation and (b) the Library fund. The Library is Considered to be a heritage asset and is included in the Balance Sheet at a valuation of £567,000 (2023: £567,000). At 31 March 2024 the general funds of the BSR (included within unrestricted fi￿dS and available for spending by the BSR as rquired) amowited to £1272.000 (2023: £832,000). 16 THE BIUTISH SCHOOL AT ROME FINANCIAL STATE￿￿￿Ts AS AT 31 ￿tARCH 2024 The BSR also hol&8 restricted funds of £717.710 (2023: £600.404) being fimd5 ieceived to support specific activity. THE STATE1￿￿NT OF TRUSTEES, RESPONSIBILITIES The Trustees ar¢ responsible for: keeping sufficient accounting records that disclose with reasonable accuracy at any time ihe fujancial position of the BSR and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) regulations 2008 and the provisions of the Charter. and SORP 2015. safeguarding the assets of the BSR and bence for taking reasonable steps for the prevention and detection of fraud and other irregularities; and c. preparing the annual report and 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 and Wales requires the Trustees to prepare financial statements for each f￿anCIal year wbich give a true and fair view of the state of the BSR'S affairs and of the incoming resources and application of iesources of the BSR for that period. In preparing these financial statements, the TrLL8tees are required to: select suitable accounting policies and apply them consi5tently* make judgements and accounting estimates tbat are reasonable and pruden¢ state whether applicable accounting stsndards bave been followed, subject to any material departures disclosed and explained in the fLnancial ststements. d. prepare the f￿anCIal statements on the going concern basis unless it is inappropriats to presum¢ that the BSR will continue in operation; and observe the methods and principles in the Charities SORP. The Trust¢es confirni that, so far as they are aware, there is no relevant audit inforniation of which the BSR'S auditors are unaware. They have tsken all the steps that they ought to bave taken as Trustees in order to make themselves aware of any Televant audit infotmation and to e5tsblish that th¢ BSR'S auditors are aware of that inf0rnLqti0￿ and all T￿￿te¢s, interests a￿ register¢d. 17 THE BRITISH SCHOOL AT ROME FINANCLAL STATE￿E￿￿s AS AT 31 MARCH 2024 The Trustees confirni that in our Opinio￿ in all material aspects, the grdnt payments from the British Academy for 2023-24 have been applied in accordance with, and for tbe purposes set out. in a letter from the Chief Executive of the British Academy (Hetan Shah) of 31" Mar¢h 2023. The Council hereby confimis its approval of the above Trustees, ReporL By order of the Council (Trustees) Signed on its bebalf by: Alan Gibbins- Honorary Treasurer The British School at Rome Via Gramsci 61, 00197 Rome, Itsly www.bsr.ac.uk BSR London Office The BSR at The British Academy 10 Carlton House Terrace, London, SWIY 5AH, UK 18 THE BRITISH SCHOOL AT ROME FINANCIAL STATEMENrs AS AT 31 MARCH 2024 INDEPE1￿ENT AUDITOR'S REPORT TO THE MEMBERS OF THE BIUTISH SCHOOL AT ROME Opinion We have audited the financial statements of the British School at Rome (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Shee¢ the Statement of Cash Flows and note8 to the fman¢ial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their prepardtion is applicable law and United Kingdom Accounting Standards, including Financial Reporttng Standard 102 The Financial Reporting Standard appllcable in the UK and Republic oflreland (United Kingdom Generally A¢cepted Accounting Practice). In our Opinio￿ the financial statemellts: give a lThe and fair view of the state of the charity's affairs as at 3 l March 2024 and of its incoming resources and application of resources for the year then ended. have been properly pr¢par¢d ill ac¢ordan¢¢ with United Kingdom G¢n¢rally Accepted Accounting Practice; and have been prepared in ae¢ordance with the requirements of the Charities Act 201 I. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUK) (ISAS (UK)) and applicable law. Our responsibilities uudeI those standatd5 are fiwther described in the Auditor's responsibilities for the auth't of the financial ststements section of our report. We are independent of the charity in arxordance with the ethical requirements that are relevant to our audit of the fmancial ststements in the UK including the FRC'S Ethical Standard, and we hav¢ fulfilled our other etbical responsibilÉties in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide & b&sis for our opinion. Conclusions relating to going concero In auditing the financial statements, we have concluded that the trustees, us¢ of the going Concern basis of accounting in the preparation of the financial statements is appropriat¢. Based on the work we have p¢rfornAel we have not id¢ntified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at l¢ast twclve months froTll when th¢ financial statements are authorised for issue. Our responsibklities and the Tesponsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The other inforniation comprises the infom￿tion included in the aDnual report other than the fmancial statements and our auditor's report thereon. The trustees are responsible for the other infortnation contained within the annual report. Our opinion on the f￿anCIal statements does not cover the other iDfollnation and, 19 THE BRITISH SCHOOL AT ROME FINANCIAL STATEIVIENrs AS AT 31 MARCH 2024 except to the extent otherwi5¢ explicitly stated in out report. we do not express any fonn of assurance conclusion thereon. Our respoDsibility is to iead the other infonnation and, in doing so, consider whether the other infonnation is materially inconsistent with tbe financial statetnents or our knowledge obtained in the course of th¢ audtt or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether this giv¢s rise to a material misstatement in the fu￿nCIal statements themselves. If, based on the work we have perforn]ed, w¢ conclude that th¢r¢ is a material misstatement of this other inforniation, we are required to report that fact, We have nothing to report in this regard. Matters on wbich we are required to report by eiception We have nothing to report in respect of the following matters in relation to wljich the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, LU our opinion: the inforn]ation given in the trustees. Teport is inconsistent in any material respect with tbe fu￿nCIal statements. or sufficient accounting records have not been kept; or the financial Statements are not in a￿rnent with the accounting records aDd rettirns: or we have not received all the inforn]ation and explanations we require for our audit. Responsibilities of trustees As explained more ￿llY in the trustee5' responsibilities statement set out on page 17 the ttustees are responsible for the preparation of the financial statements and for b¢ing satisfied that they give a true and fair view. and for such internal control as the trustees d¢termine is n¢c¢5sary to enable th¢ preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the cbarity's ability to ¢ODtinue as a going concern, disclosing* as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity 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 144 of the Charities Act 2011 and report in accordance WAth th¢ Act and I¢l¢vant regulations made or having ¢ffKt th¢r¢uDd¢r. Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether due to fraud OT e￿or, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thal 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 aTe considered material if. individually or in the aggregate, they could reasonably b¢ expected to influence the economi¢ decisions of users taken on the basis of these financial statements. 20 THE BRrfIsu SCHOOL AT ROLk FINANCIAL STATEMENTS AS AT 31 MARCH 2024 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 irreguEarities, including fraud. Discussions with and enquities of management and those charged with goveTnance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of thes¢ discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of The British S¢bool at Rome and its activities, the following laws andregulations wer¢ identified as being of significance to the entity: Those laws and regulations considered to have a direct effect on the financial statements include UK Financial reporting standards and Charity Law. Those laws and regulations for which non-compIiance may be fundamental to the operating aspects of the charity and therefore may hav¢ a material effect on the fmancial statements include compliance with clwitable objectives. Public Benefit requirements, Italian Law, Data Protection, Health & Safety Legatisation and Employment Laws. Our audit procedures were designed to respond to those identified risks. including non-compliance with laws and regulations (irregularities) and fraud tbat are material to the fmancial statements. Our audit procedures included but were not limited to: inquiries of management and the Tn￿tte$ as to whether the entity complies with such laws and regulations; inquiries with the same concerning any actual or potellti￿ litigation or claims; Inspection of reEevant legal correspondence. review of Trustee meeting minutes. Testing the appropriateness of journal entries and the perforniance of an￿ytICal review to identify unexpected movements in account balances which may b¢ indicative of fraud. No instanceq of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent diffEcuIty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures perfornied. Irregul￿ltieS that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detecte￿ even though the audit has been plaI￿ed and perfornled in accordance with ISAS (UK). As part of an audit in accordance with ISAS (UK), we exercise Professional judgment and maintain professional scepti¢i5m throughout the audit. We also: Identify and assess tbe risks of material misstatement of the financial statements, whether due to fraud or effor. design and perforn] audkt procedutes responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide abasis for ow opinion. The risk of not detecting a material misststement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omi&sion8. misrepresentstions, orthe override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. 21 THE BRrrIsH SCHOOL AT RON FINANCIAL STATETrLENTS AS AT 31 MARCH 2024 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosu￿ made by the truste¢s. Conclude on the appropriateness of the trustees. use of the going Concern basis of accounting and. based on the audit evidence Obtaine￿ whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we concludc that a material unccrtainty ¢xists. we are required to draw attention in our auditor's report to the related dlsclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, fvtt)r¢ events or conditions may cause the cbarity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the dLSclosures, and whether the fthancial statements represent the underlying transactions and events in a manner that acbieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings. including any sigDificant d¢fi¢ien¢ies in internal control that we identify durAng our audit. Opinion on Other Matter as Required by the British Academy tn our opinion, in all material aspects, the grant payments from the British Academy have been applied in accordance with, and for the purposes set out the Agreement dated 31 March 2023. Use of our report This report is made solely to the cbarity's tn￿tees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the filllest extent pern]itted by law, we do not accept ￿ assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit worK for this report, or for the opinions we have formed. .P..Q.Gtokp.r .2024 WMT Chartered Accountants Statutory Auditor 4 Beaconsfield Road. St Albans, Hertforitshire, ALI 3RD WMT is eligible for appointment as auditor of the charity by virtu¢ of its eligibility for appoinknent as auditor of a company under section 1212 of the Companies Act 2006, 22 THE BRITISH SCHOOL AT ROME FINANCIAL STATEl￿ENTs AS AT 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES UNRESTRIcfED RESTIUCTED 2024 TOTAL 2023 TOTAL Fuf4DS NOTES TO FiJNDS FUNDS ITr40TE 26) ACCOUNTS OOD INCO￿ FROM DONATIONS AND LEGACtES DONATIONS AND VOLUNTARY 455 254 7D9 904 COME LEGACIES io io BRITISH ACADEMY GRA OTHER G￿s 1354 lJ54 74 1239 62 EXCHANGE RATE GAINS CHARITABLE ACTtViTIES 374 377 329 46 39 TOTAL INCOME 890 1,686 2.576 2&78 RAISING FifNDS EXCHANGE RATE LOSSES 87 87 116 547 1,582 2,129 145 309 EXCEPTIONAL TOTAL EXPENDITI 728 2JlO 2,579 OPERATIONAL 162 104 266 (i) SURPLUSI(DEFICIT) 309 14 323 (67) (LOSSES) NET MOVEMENT IN FUNDS 471 118 589 {08) 18-19 BECONCILIATION OF FUNDS TOTAL FuTrfDS BROUGlff 600 3.127 3,195 FORWARD TOTAL FUNDS CARRIED 2.998 718 3.716 3,127 FORWARD THE BRITISH SCHOOL AT ROlktE FINANCEAL STATE1￿￿￿Ts AS AT 31 MARCH 2024 BALANCE SHEET 2023 NOTES TO FUNDS FUNDS TOTAL 000 4000 FUNDS ACCOIJNTS £,000 FIXED ASSETS TANGIBLE ASSETS 146 146 65 12 HERITAGE ASSErs 567 567 567 12 2.849 514 3,363 3,012 13 TOTAL FIXED ASSETS 3,562 514 4.076 3.644 CURRENf ASSETS DEBTORS 253 34 287 138 14 CASH AT BANK AND IN HAND 154 170 324 480 21 TOTAL CURRE￿ ASSETS 407 2114 611 618 LIAB[L￿￿s CREDITORS: AM0￿s FALL￿G DUE W￿H1N ONE 484 628 15 NET CURRENT 204 127 (io) ASSETSILIABILITIES TOTAL ASSETS LESS citRRENT LIABIL￿r£S 3.485 718 4303 3,634 PROVISION FOR LIABILITIES 487 507 16 TOTAL NET ASSETS 2998 718 3.716 3,127 THE FUNDS OF THE BSR RESTIUCTED INCOME FLINDS 718 718 600 18 2.998 1998 2,998 3,716 2,527 3,127 19 TOTAL CIIARITY FUNDS 718 ed by the Counci on 7th October 2024 and signed on j If b Mr M. Getty- Chairman Mr A. Gibbins- Honordry Treasurer THE BRrrisH SCHOOL AT ROME FINANCIAL STATEMENTS AS AT 31 MARCH 2024 STATEMENT OF CASH FLOWS 2024 TOTAL 2023 TOTAL NOTES TO FtrNDS FUNDS THE 4000 £000 ACCOUNTS Cash flows from operating activities: Net cash provided by (used in) operating adivities (75) (172) 20 Cash flows from investing aetivlties: Income from investments Proceeds from sale of investments Purchas¢ of investments Purchase of fixed &sscts 42 580 (710) (100) 39 611 (591) 13 13 12 Net cash provided by (used in) investing actlvllfie$: (188) 59 Change fin cash and cash equivalents ID the reporting perAod (263) 231 Cash and cash equivalents at the beginning of the reporting period 664 428 21 Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at the end of the reporting period 406 21 ANALYSIS OF CHANGES IN NET CASH AT I APRIL 2023 Looo NET CASH AT31 FLOW MARCH £,000 2024 £,000 Cash: Bank balances Cash in investment accounts 480 {156) (102) 324 82 Total cash 664 (258) 406 25 TItE BRITISH SCHOOL AT ROME NOTES TO THE Fll¥lANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINAIYCIAL STATETrtENTS I. ACCOUNTING POLICtES BASIS OF PREPARATION Th¢ BSR meets the deflnition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets, in accordance with thc Slatem¢nt of Recommended Prdctice". Accounting and Reporting by Charities preparing their accounts in accordancc with the Financial Reportillg Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) {SecoDd Edition) and tbe Cbarities Act 2011 and UK Generally Accepted Practice as it applies from l January 2015. The financial statements have been prepared on a going concern basis, under the historical cost onvention as modified by the revaluation of certain fixed assets. The preparation of fmancial statements in compliance with SORP 201 S requires th¢ use of certain critical accounting estimates. It also requires manag¢m¢nt to exercis¢ judgment in applying the accounting policics (sec note 2). The following principal accounting policies have beell applied: a) Incomlng Resources All income is recognised once the BSR has entitlement to the income, it is probable that it will be received and the amount receivable can be measured reliably. All income is ￿OsS without deduction for related expenditure. Investment income is recognised wh¢n receivable based on notifl￿tion from the invesknent managers. Legacies. illcluding payments on accoun( are Tecognised in the accounts when it is probable that the legacy will be received, and the amount can be ascertained. Grants for general support. research. scholarships or fixed assets are recognised on a receivable 'Ji basis and are defetred only when the donoT has imposed pre-conditions on the use of the granL Restricted income is recorded in the SOFA when receivable. Where amounts are unspent and are repayable to the donor these are recognised as negative income in the period in which they become repayable. Donated assets are recognised within fixed assets and within donation income at their fair value once the BSR is entitled to the asset. it is probable that the asset wkll be transferred to the BSR and the value can be measured reliably. b) Resources Expended Liabilities for expenditure are recognised in accordance with the accruals concept. 26 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARENIDED 31 MARCH 2024 Grants payabl¢ for research and scholarship fall duc ODly when such rescarch is undertaken or upon attendance at the BSR alld accoTdingly are accounted for over the period of research or attendance, Expenditure for research and acadetnic studies, residential research programmes, research projects. library and publicatiolls disclosed within Ckwitable activities includes departll￿lltaI salaries. A proportion of salary cost is allocated to governance costs based OD the estimated time expended on such activities. Support costs are allocated in full to expenditure inCu￿ed ou cbaritable activities. Support costs which are related to a specAfic activity are allocated to that activity in fidl. Irrecoverable VAT or IVA is clwged as a cost against the ¢xpenditure heading for which it was Incu￿¢d. e) Tangible Fixed Assets Tangible f￿ed assets, other than heritage assets, are stated at historical cost less a¢cumulated depreciation and any accumulated impainnent losses. Historica] cost includes cxpenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the maDner intended by managemenL Depreciation is charged so as to allocate the cost of assets less their residual vaEue over their estimated usem lives. Depreciation is provided on the following basis: Computers Motor vehicles Office equipment Fixtures and fittings Archaeological equipment -250/0 straight line -25 % straight line -201/1 o straight line -200/0 strdigbt line -ior/*o straight line Additions to fixed assets with a value below £1,000 are written off directly to the Statement of Financial Activities. In tenns of land and buildings our policy is only to ¢apitalis¢ new building work, or significant aaditional facilities. d) Herltage Assets The Library is considered to be a heritage asset held and nialntained principally for its contribution to knowledge and culture and is included in the Balance Sheet at its deemed cost, being its estimated value at the transition to SORP 2015 under FRS 102. The cost of additions to the Library aTC capitalised where they have a material impact on the value of the Library. No depreciation is charged as the Library is considered to have an indefinite life. 27 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEIVIENrs FOR THE YEAR EI¥DED 31 MARCH 2024 e) Valuation of Investments Investments are carried at market value with any unrealised gains and losses being included in the Statement of Financial Activities and allocated between restricted and u)]restiicted funds. Th¢ cost of management of the investments h&8 been charged to the Statement of Fiwancial Activities. The proportion of investment income Telating to restricted funds is retained for use within restricted funds. Debtors SELOrt-terni debtors are measured at transaction price. less any impairn]ent losses. g) Cash and Cash Equivalents Cash and cash equivalents comprise cash at bank and in hand and demand deposits wkth banks. b) Financial IDStruments The charity only enters into basic financial instrLllnents transactions that result in the recognition of finallcial assets and liabilities such as debtors alld creditors. Financial instrLunents aTe initially measured at traDsaction value. They are assessed at the end of ea¢b reporting period for objective evidence of impairnient. If objective evidence of impainnent is found, an impairnient loss is recognised in the SOFA. l) Short-term Credltors Short-term creditors are measured at the tra￿actIon price. j) Foreign Currency Translation The fllwicial statements are presented in sterlin& which is also the functional currency of the BSR. Tr¢msaL*ons and balances Thc BSR has incomc and cxpenditure in sterling and noD-steTling currencies. and consequently maintains bank accounts in sterling, Euros and US dollars to facilitate this. The Tft￿tees, policy is to exchange sterling currency into Euros only when the income is certain and the expenditure is foreseeable. Foreign currency transactions are translated into the functional CUTr¢ncy using the exchange rate at the date of the traL8action. At each period end foreign c￿encY monetary items Ji are translated using the closing rate. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the SOFA. 'Ji Foreign exchange gains and I0￿eS that relate to monetary assets and liabilities arc pr¢s¢nled separately on the face of the SOFA within income or expenditure. 28 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 k) Pensions Staff on the Itslian National Contract accrne pension benefits in the Italian state pension. Staff on UK-based contracts were offered membership of tbe Universities Superallnuation Scheme (USS), however there are no louger any staff memkrs on UK contracts. The institution currently participates in the Universities Superannuation Scheme (but see under 'Risk Management,, above on p.14). The scheme is a hybrid pension scheme, providing defined benefits (for all membeTS), as well a5 defined contribution benefjts. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contsibution rate is set. The institution is therefore exposed to actuarial risks associated with oth¢r institutions, employees and is unable to identify its share of the ullderlying asset5 and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS I02 "Employee benefEts", the instiiution therefore accounts for the scheme as if it were a wholly defined contribution scbeme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines bow each employer within tbe scheme will fund the overall deficit, the iDStitution recognis¢s a liability for the contributions payabl¢ that arise from the agreement (to the extent that they relate to the deficit) and therefore an expense is recognised. tn evaluating the USS liability we have used last year's model since the &e￿arIal model for the cumnt year has not been issued by USS. l) Hollday Pay and Perniessi Accrual A liability is recognised to the extent of any unused pay entitlement which is accrned at the Balance Sheet date and carried fonvard to fvture periods. This is measured at tbe undiscounted salary cost of the future holiday entitlement acC￿￿d at the Balance Sheet date. m) ProvisAons for Liabilities Provisions are made where an eveDt has taken place that give5 the BSR a legal or constructive obligation that probably requires settlement by a transfeT of economic benefi¢ and a reliable ¢stin￿te can b¢ made of the amount of th¢ obligation. Provisions are charged as an expense to the SOFA in the year that the BSR becomes aware of the obligation and are measured at th¢ b¢st estimate at the Balance Sheet date of the expenditure required to settle the Obligatio￿ tsking into account relevant risks and uncertainties. When payments are eventually mad4 they are cbarged to the provision canied ill the Balance Sheet. n) Funds Unrestsicted funds are fiulds which the Trustees are free to use for any puryose in fijrtherance of the charity's objectives. Unrestricted funds include designated fi￿dS which the Trustees have, at their discretion. set aside for specific purposes. Restricted funds are funds whi¢FÈ are to be used in accordance with specific restrictions imposed by the donor. 29 THE BRTfIsH SCHOOL AT Ro￿ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Details of the of the BSII how they have arisen and their use, are given in notes 18 and 19. o) Going concern The Trustees are not aware of n￿terIal uncertainties regarding going concern. A detailed annual budget is prepared for the next 12-month period. The BSR Colltinues to maxntain a tight control over its finances and has substantial unrestricted fimds available to it and is not reliant on any debt facilities. The Trustees have a reasonable expectation that the BSR has adequate resources to continue in operational existence for the foreseeable future. p) Redulldancy and terffjiDation payments Redundancy and tern]iDation paytnents are recoguised when the BSR is demonstrably conm]itted to tbe redundancy or tenniDation and there is a CODStnictive obligation to this coutse of actio 2. JUDGTr￿NTS APPLYllYG ACCOIJNTING POLICIES AIYD KEY SOURCES OF ESTlI￿ATIoN UNCERTAINTY The preparation of the financial statetnents require5 management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the year. The natur¢ of estimation means tbe actual outcomes could differ from those estimates. The key source of estimation uncertainty that could have an impact on the financial statements relates to the valuation of the heritage asset. Note Id) above describes the factors considcred in the valuation of the Library and note 12 provides more infonllation about th¢ asseL FRS 102- 'Post Employment Benefits, makes the distinction between a Group Plan and a multi- employer scheme. A Group Plan ￿nSISts of a ¢ollection of entities under common control typirAlly with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industy-wide scheme such as that Provided by USS. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that detern]ines how the employer will fund a deficit results in tbe recogaition of a liability for the +J• contributions payabEe that arise from the agreement (to the extent that they i¢late to tbe defioit) and the resulting expense is recognised in profit or loss in accordance with section 28 of FRS 102. The Trustees are satisfied that the scbeme provided by USS meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the fmancial statements. 30 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 3. DONATIONS AJYD LEGACIES Unre5trActed Restricted funds funds £'ooo £'ooo 97 254 10 1,354 63 Total 2024 £'ooo 351 10 1,354 74 358 Total 2023 £'ooo 539 Donations and voluntary income Legacies BA Grant Grants Scholarship sponsorship 1.239 62 365 11 358 466 1,681 2,147 2,210 4. CHARITABLE INCOME Income from cbaritsble activities: Total 2024 £'ooo 215 98 64 Total 2023 £'ooo 199 67 63 Residence income Course fees Other charitable activities 377 329 5. INVESTMENt INCOME 2024 £'ooo 46 2023 £'ooo 39 Dividends and interest 46 39 31 THE BRITISH SCHOOL AT ROME NOTES TO THE FllYANCIAL STATEl￿￿￿Ts FOR THE YEAR ENDED 31 MARCH 2024 6. CHARITABLE ACTMTIES Expenditure on charitable activities is made up as follows: Direct Support costs £'ooo 823 63 31 TotaE 2024 £'ooo 1,739 352 38 Total 2023 £'ooo 1,701 404 40 t￿ellses £'ooo 916 289 Research and Residential Pro￿l￿eS Library Publications 1.212 917 2.129 2.145 CHARITABLE ACTIVITIES- RESTRICTED EXPENDITURE Included within charitable expenditure is the following restricted expenditure: 2024 £'ooo 1,168 186 2023 £•ooo 1,013 226 British Acadetny main grant British Academy BDF ￿nt Cary Tavolozza Simon Keay J. Osborne Maitland Marshall P. Smitb Shortland Sutton Place- Falffii Sutton Pla¢e- Bridget Riley mural Rometrans 25 60 25 35 31 159 24 14 Alta British Academy other grant5 Other 10 29 16 30 1.582 1,511 32 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARENDED 31 MARCH 2024 8. SUPPORT COSTS Support costs, which are aIlocated to c]witable activities. are as follows: 2024 £'ooo 442 263 68 19 32 93 2023 £'ooo 393 281 70 12 31 61 Support staff salaries and related staff costs Building maintenance and utilities costs IT and equipment maintenance Depreciation Consultants, fees Other 917 848 9. GOVERNANCE All governance expenditure relates to UDrestricted funds and is included in support costs above. 2024 £?000 2023 £'ooo 10 17 Salaries attd related costs Auditors. remunerntion Council and Committee meetings 17 16 41 32 10. GRAIYTS AND SCHOLARSHIPS Grants and scholarships amounted to £102,000 {2023: £115,000) awarded to 53 (2023: 48) individuals. There were no ￿ants payable to institutioTh8 (2023: llone). 2024 2023 Grants paid: Research Scholarships Iyo. £'OOO No. 17 85 £'ooo 17 98 52 47 53 102 48 115 The BSR supports residential awards for visual artists and architects and for research in the history. archaeology, art history, society and ¢ultur¢ of Italy. 33 THE BRITISH SCHOOL AT ROME NOTlt S TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 11. TRUSTEES AND EMPLOYEES 2024 £'ooo 710 418 2023 £'ooo 775 384 (60) 77 Aggregate staff costs comprise: Wages and salaries Taxes, social security and related costs Pensions (note 16) Staff deferred pay (note 16) 62 1,192 1,176 Wages and salaries include redundancy costs of £ Nil (2023.. £50,944). Italian pension contributions are in¢ludcd in taxes, social sccurity and rclatcd costs. Pcnsion costs above relate to contributions to the USS and adjustments to the USS deficit recovery provision. The contribution rate payable in 2023-24 was 21.60/0 of pensionable Sa1￿]es. The nutllber of employees with an annual salary of more than £60,000 is as follows: 2024 2023 (Resla¢ed) £60,001 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 to £lOO.QOO £IOO.001 to £110,000 £110,001 to £120,000 The average number of employees analysed by fiwction was as follows: 2024 No. 19 2023 No. 17 Res¢ar¢h and residential Publications Library Support Management and administrntion of the cbatity 30 29 34 THE BRrrIsH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 m￿RCH 2024 Other bcllefits.. One member of staff, currently the Peter J. Smith Fellow in Archaeology, is required to reside within the BSR in Rome to perforni their contractual duties and for this purpose they are provided with rent- free acconjmodation. Rémuneration arrangemeiitsfor BSR key managementpersonnel Total remuneration paid to key management personnel: The BSR'S key management personnel who sit on the Senior Management Committee comprise the Director, the Head of Research Collections. the Registrar (until July 2023). the Programmes Manager (from September 2023), the HR Manager. the Residence and Estate Manager. Archaeology Manager and Finance Manager. The total remuneration including all salaries. peasion and other benefits was £478,578 (2023., £384,214). REGISTRAR: the salary received was in line with UK national academic scales. Some yeals ago, following the abandonment of a UK-wide acad¢mic-related salary Scale. the then Fitlance and Persorjnel Subcommittee agreed that the BSR would use the pay-scale of University College, London as the r¢fer¢nce ￿al¢. The Registrar's employment by the BSR was terniinated in july 2023 following the restructuring process and there are no longer any employees on UK contracts. The Registrar was paid redundancy costs of £50,944 which were accrued in the prior year and paid during this financial Trustees Remuneration The Trustees of the BSR received no rernuneration in the Ye￿ under review (2023.. £nil). A total amount of£6.695 (2023: £2,877) was reiMbWs￿ to 11 (2023: 0 Trustees in respect of travel charges. 35 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENTS FOR THE ENDED 31 m￿RCH 2024 12. FIXED ASSETS Library books £'ooo Computer Archaeology Furniture equipment Equipment and fAttings £'ooo £'ooo £'ooo Vehicles Total £'ooo £?000 Cost or Valuation Brought forward Additions Disposals 567 60 321 100 125 84 1,157 loo Carried forward 567 60 421 125 84 1,257 Depreclatlon Brought forward Charge for year Disposals 60 256 19 125 84 525 19 Carried forward 60 275 125 84 544 Net Book Value At 31 March 2024 567 146 713 At 31 March 2023 567 65 632 Fixed assets held are all for direct charitable use. Under an agreement dated 25 April 1912 between the Comune di Roma and the British Ambassador at that time, the Britisb School at Rome was granted, for an annual rental of one Italian lira, the use in pe￿etuIty of the land on which the BSR is builL provided that the land is used excluskvely for study and research in the humanities. archaeology and fine arts. Should the land not be used for such putposes, it ha5 to be sutrcndercd to thc Comune without any compensation for its cost or value. On thls basis. no value is ascribed to the BSR builthng in the accounts. The TTU5tees consider that it IS Dot POS5ible to ascribe a meaninthl value to the intaugiblc Ixn¢fit of the use of the land on which the BSR is built. The Trustees consider the research collections (previously 'the Library.) of bookSJ papers, manuscripts and pictur￿ to be a heritage asset within the definition of SORP 2015. The research collections have a deemed cost of £567,000 including the value of the booL8 donatPAI to the BSR in 2017-18. Many of the contents are considered to be irreplaceable. The Resear¢b collections holdings consist of a Library of approximately 110,000 volumes, of which 80.000 are monographs and 30.000 periodicals. 600 CUJTent periodicals are taken (papcr and 36 THE BIUTISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 online). Spccialisms include Meditcrrancan arCha￿logY, prebistory, ancient history and tcxts. the history of ancient religions. ecclesiastical and medieval history. Italian topography, kn'story of art and architectural history, and the writings of travellers in Italy. The Library's acquisition policy aims to complement the existing areas of excellence in the collection, through its holdings of international as well as local Italian publications and periodicals in these areas of study. The collection, entirely on open shelves, provides the resources and services necessary to support the researcb activities of the BSR. In addition, the Special Collections include the Archive, comprising of administrative ￿ordS and private papers, a collection of drawings and prints. as well as a photographic archive of approximatively 300,(KIO images. The Library and Archive welcome all scholars. undergraduates and graduates, studying in any field relevant to the collections. The Library catalogue is available through URBIS, a consortium of 23 Research Libraries in Rome h ://www.urbis-libnet.or vuf]noDo 235 (167) 129 Deferred income brought for4vard Deferred income released in current period Income defe￿ed in cumt period Deferred income carried forward 235 197 16. PROVISIONS FOR POST EMPLOYMEwf BENEFITS 2024 £'ooo 474 13 2023 £'ooo 492 15 Provision for staff defeued pay Provision for USS deficit 487 507 The 'staff deferred pay. liability represents defetred pay due to employees at 31 March 2024, payable when they leave the BSR or earlier in certain circumstances set out in Italian legislation. Upon terniination of emplojinent for any reaso￿ employers pay a teTmination indemnity ('Trattamento di fme Rapporto. or TFR) to all employees. TFR is ¢alculated as 6.90/0 of each year's amiual salary, revalued annually on the basis of 759/D of infiation plus a fixed Tate of1.50/D during the period of accrual, and is paid as a lunip sum. 39 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 The movements in the staff deferred pay provision for the year are &8 follows: 2024 £'ooo 492 60 (64) (14) 2023 £'ooo 409 77 (8) 14 Balance at l April Increase in provision for the year Provision relea5¢d Ex¢hang¢ (gain)I lo&g Balan¢¢ at 31 March 474 492 At the fmancial year end one employee remained a member of the UniversEties Superannuation Scheme (USS). a multi-employer def￿ed benefit pension schetne. A liability of £13,000 (2023.. £15.000) has been recognised, representing the present value of the additional contributions payable between 2020 and 2031, with the r¢S￿tIllg expense recognised in the SOFA. The previous year's model wa5 used to evaluate the liability since USS have not issued an actuarxal model for the year to 31" March 2024. The movement in the liability during the year was as follows: 2024 £>ooo 15 (2) 2023 £'ooo 91 (76) Balance at l April Increase l (decrease) in provision for the year Balance at 31 March 13 15 The total cost charged to the profit and loss account is £2k (2023: £(60)k) as shown in note I l. Deficit recovery contributions due within one yeat for the institution are £ 3.3k (prior year: £ 1.7k). The latest available ¢omplete actuarial valuation of the Retirement Incon]e Builder is as at 31 March 2020 (th¢ valuation date) and was ¢auied out using the projected unit method. Since the institution ¢aDnot id¢ntify its sljare of USS Retir¢ment Income Builder (defmed benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities. The 2023 valuation was tbe seventh valvatioll for th¢ scheme under tbe scheme-spe¢ifi¢ funding regizne introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their te¢l￿1¢al provisions. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scbetne's technical provisions was £65.7 billion indicating a surplus of £7.4 billlon and a funding ratio of 83 /0. The key f￿anCial assumptioDS used in the 2023 valuation are described below. More detail is set out the Statement of Funding Principles (uss.co.uklabout-us/valuation-and-fundinglslatement-of- funding-principl¢s). 40 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CPI assumption Tern] dependent rates in line with the differen¢¢ between the Fixed Interest and Index Linked yield curves less: I.￿/0 p.a. to 2030. reducing linearly by O. 10/0 p.a. to a long- terni difference of O. L % p.& from 2040 Pension increases (subject to a floor of (W/o) CPI assumption plus 0.030/0 Di8coiint rate (forward rdtes) Fixed interest gilt yield plus: Pre-retiremeDt: 2.50/0 p.a. Post retirement: 0.90/0 p.a. The main demogrdpbic assumptions used relate to the mortality &ssumptions. These assumptions are b&sed on analysis of the scheme's experience cattied out as part of the 2023 actiwial valuation. The mortality assumptions used ID these figures are as follows: 2023 valuation IOIO/o of S2PMA "light" for males and 950/0 of S3PFA for females Mortality base table Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.40/0 p.a. and a long-term improvement rate of1.80/0 p.a. for males and 1.60/0 pa for femal¢s The current life ¢xpe¢tanci¢s on retirement at age 65 are: 2024 23.6 25.5 25.3 27.1 2023 23.9 25.5 25.9 27.3 Males currently aged 65 fyears) Females currently aged 65 (years) Males currently aged 45 (years) Fell￿les currently aged 45 (years) The 2022 deficit recovery liability refiects this plan. The ]iability figures have been produced using the following assumptions: 2024 2.70% 2023 Discount rate Pension increases (CPD 3.0(V/o 41 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR EIIDED 31 MARCH 2024 17. COiIINllTMEiYrs The BSR has awarded stipends for wts and scholarships totalling £90,300 to be paid in 202Ék25 (2023-24: £42,246). No provision has been made for these grants as the conditions attaching to the grants had not been met at 31 Marcb 2024. 18. RESTRICTED FUNDS Fund At l Aprll Total Total Gains on Transfer 2023 Incomffing resollrees investment resource5 expended £'ooo (60) (6) (i) At31 March 2024 £'ooo £'ooo 32 71 £'ooo 35 £'ooo £'ooo P. Smith Cary Tavolozza FraDklill Architect 6M K. Sykes British Academy Shortland Jones Walker Webb Simon Keay Sutton Place- Falerfil Sutton Place- BR Mural CycIades Alta 73 103 50 20 I,354 103 50 20 (1,354> 221 17 75 46 221 17 83 42 (4) (25) 46 24 35 (35) 10 10 (7) (6) (25) (14) (29) 16 J. Osborne Maitland 28 AHRC British Academy Post Doctoral Otber 14 35 25 26 (16) 35 Total 600 1,686 (1,582) 14 718 The Peter Smith Fund was generously provided by the late Mr. Peter Smith for the purpose of supporting archaeology, including th¢ purc]]asc of geophysical and archaeological survey equipment. 42 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 The bequest establishing the Cary Fund was assigned by the Council in Noverllb¢r 1995 to be used to create a fellowship to enable an academic to undertake research in Rome and to be involved with a BSR postgraduate taught course. The stipendiary Cary fellow, Robert Coates-StepbeDS, retited in December 2023 to become the Cary Research Fellow (non-stipenth'ary). The Tavolozza Fund was established to publish a new book on the BSR'S collection of Piranesi prints. The Jill A. Franklin Fellowship in Early Medieval Architecture Fund is set up by a donation from kn. Bob Allies in memory of Dr, Jill A. Franklin to facilitate research on Carolingian and Romanesque Architecture in partnership with the British Archaeological Association. Architect Six Month Fund is set up by a donation from Mr. Bob Allies to match donations from other donors to offer a fiJrth¢r three rnonths residency to Rome Scholars in Architecture so increasing their award to six months. The Keith Sykes Fund is for a six-month r¢sid¢n¢y for a res¢arcber studying Italy from tbe &ge of Dante to the present day. As noted in the Trustees Report, the British Academy D)akes a restricted grant with allocations for Researcb, Library, ComtuunicatiODS and Core costs and a separate Business Development Fund. The Shortland Jones Fund is a bequest of £230,118 with a preference for scholarships for British and Maltcse citizens for archaeological andlor historical research before 600 AD. The Walker Fund is for the study of Classical or Renaissance architecture in Rome. The Webb Legacy is to fi￿d a student of architecture or 8￿ha¢O10gy. It is no longer possible to me¢t the tsnns of the bequest therefore the fund is not Currently being drawn down. The Simon Keay fi￿d was estabIisb¢d for the BSR Simon Keay Award in Mediterrallean archaeology. The Sutton Place donations are gifts to support the excavations at Falerii Novi and to fund the cost of a mural in the BSR by the not¢d UK artist Bridg¢t Ililey. Sutton Place is a charitable trust established by Mr. ￿(ark Gety. Chair of Council. The Cyclades Fund is a grant from the British Academy for studies in the Greek Islands, PI Dr Emlyn Dodd. The Alta Fund is an anonyinous (lonation to assist Fine Arts projects. The J. Osborne Fund is to cover additional costs for the publication of Mr. John Osborne's book Rome in the ￿ Century, published by Cambridge University Press. The Maitland Fund is a donation to the knhive for research on th¢ Roman Society plwtograpbic collection. 43 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 An AHRC award was granted to Prof. Raphaele Mouren to catalogue, study and make available the library of Guillaume Pellicier, the ambassador of FrdnFois ler to Venice (153942). British Academy Post Doctoral Fellows]Jips were awarded to two researchers in Humaoities and Fine Other Funds include The Rushforth Lecture Fund representing a donation from Professor John Osborne to commemorate the work of the first director of the BSR, Gordon Rushforth, and a Leverbulme award which was granted in conjunction with the University of Leicester, to create a digital edition of W. Gell's sketches and notes from bis travels Èn Spain and Portugal. 19. UNRESTRICTED FUIIDS General Lfibrary Designated funds fund fund$ £'ooo £'ooo 567 1.128 (84) 57 58 Total 2024 £'ooo 2,527 l62 Total 2023 £iooo 2,674 (83) £'ooo 832 246 (57) 251 At l April Net resources in l (out) Gross transfers between funds (Losses)Igains on investments 309 (64) At 31 March 1,272 567 1,159 2,998 2,527 The Library is a heritage asset wbich is held and maintrdined pIincipally for its contribution to knowledge and cultwe. The value of the Library És beld in a specifi¢ d¢signated fund as it 'Ji represents an asset that is not readily available for spending by the BSR. The deSi￿ated funds are funds set aside by the Council for various ￿nts for research, scholarslups aDd risk mitigation and arise from unrestricted bequests. The Designated funds comprise the Last Fund (£339k), the Balsdon Fund (£89k), the Radford Fund (£207k) for research and scholarship, an Itslian statutory TFR FW￿ (£474k) and the Sinking Fund (£50k) set up to pay for futur¢ major maintenance. THE BRITISH SCHOOL AT Rol￿[￿ NOTES TO THE FThANCIAL STATE￿￿Ts FOR THE YEAR ENDED 31 MARCH 2024 20. NET INCOME TO NET CASH-FLOW Reconciliation of net incomel(expenditure) to net cash-flow from operating activities 2024 £'ooo 2023 £'ooo Net incomel(expeDditure) for the reporting period (as per the statement of financial activities) AdjustmeDts for: 589 (68) Dep￿lation Charges Foreign excbange difference on banks a¢¢ounts (Gains) I losses on investmellts Dividends. intercst and rents from investments Dccrease l (incrcase) in dcbtors (Decrease) l increase in creditorJ Increase/(decrease) in provisions 19 (5) (323) (42) (149) (144) (20) 12 (5) 67 (39) 12 186 Net c￿￿p￿0vIded by (used in) operatsng activities (75) 172 21. ANALYSIS OF CASH AND CASH EQUtVALENTS 2024 £?000 2023 £'ooo Cash in hand Notice deposits Oess than three months) Cash in investment a¢¢ouDts 324 82 480 184 Totsl cash and cash equlvalents 406 664 22. FINANCIAL INSTRUMENTS 2024 £'ooo 2023 £'ooo Flnanct21 assets Financial assets measured at fair value through the SOFA 3,281 2.828 Financial assets measured at fair value through the SOFA comprise listed investments. 45 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCLIL STATEMEIYTS FOR THE YEAR EIqDED 31 MARCH 2024 23. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted funds funds £'ooo £'ooo TotaI funds £'ooo Fund balances at 31 March 2024 are represented by: Tangibl¢ and heritage fixed assets Invesinients Cash Other cu￿ent assets cU￿¢￿t liabilities Long-tenn liabilities 713 2.849 154 253 (484) (487) 713 3,363 324 287 (484) (487) 514 170 34 Total net assets 2,998 718 3,716 24. CONTROLLING PARTY The activities of the BSR are controlled by the Council. There is no ultimate controlling party of the BSR. 25. RELATED PARTY TRANSACTIONS In 202>24, a BSR Council member donated £0 (2023: £146.772) to the unrestricted fun&8 of the BSR and £185.424 (2023: £196,383) to the restricted funds of the BSI 26. CONTINGENT LIABILITY Due a restructuring in M￿ch 2023 which was finalised in July 2023 the British School at Rome was left with no metubers in the USS pension scheme. Exiting the scheme can give rise to a potential Section 75 liabilÈty. however in agreement with USS the British School at Rotne applied for a P¢riod of Grace concession and employed a new USS eligible member in September 2023 so re-entering the scheme. Post year end iu June 2024 the same member withdrew from USS again giving rise to a potential Section 75 Liability. The British School at Rome have requested a Section 75 Liability valuation with the intention of withdrawing from USS should the valuation be affordable. In the contrary case the British School at Rome will examine other possibilities including re-entering the scheme. 46 THE BRITISH SCHOOL AT ROM NOTES TO THE FINANCIAL STATEME￿Is FOR THE YEAR EfiDED 31 MARCH 2024 27. PRIOR YEAR COMPARATIVES STATEMENT OF FINANCIAL ACTIVITIES 2023 iIIWSTRICTED RLSTIUCTED 2023 TOTAL 2022 TOTAL NOTES TO FUNDS OTE 26) ACCOUNTS &ooo &OOD £.000 rNCOME FROM DONATIONS AND LEGACIES DONATtONS AND vOL￿ARy 600 304 9(14 601 rNCOME LEGACIES BRrrIsH ACADEMY GR 1,239 1,239 62 1.191 56 OTHER GRANrs 14 CHAIUTABLE ACTIVITIES EXCHANGE RATE GAtNS 329 329 193 VESTMETr￿S 37 39 33 TOTAL INCOME 985 1,593 1578 2,074 EKPENDITURE RAISING FLfNDS 116 54 EXCHANGE RATE LOSSES CHARITABLE ACTMfiES 634 1,511 2,145 309 2,016 6-9 CHARITABLE A￿TIEs 309 EXCEPTIONAL TOTAL EXPENDrruRE 1,068 1,511 2,579 2,147 OPERATIONAL {83) (i) (73) SURPLU81(DEFICIT) NET INWaSTMENT GAfNS I (64) (3) (67) 198 ILOSSES) NET MOVEMENT IN FUNDS (14T) 79 (68) 125 18-19 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGI 2,674 521 3.195 3,070 FORWARD TOTAL FUNDS CARRIED 2￿? 600 3,127 3,195 FORWARD 47 THE BRITISH SCHOOL AT ROME NOTES TO THE FINANCIAL STATEME FOR THE YEAR ENDED 31 MARCH 2024 SORP 2015 requires the SOFA prior year comparatives to include the analysis between Unrestricted and Restricted amounts. UNRESTRICTED FUNDS 2023 General funds £'ooo 1.036 (53) (ioi) (50) Library Designated fund funds £'ooo £'ooo 567 1,071 (30) 101 (14) Total 2023 £'ooo 2.674 (83) Total 2022 £'ooo 2,623 (136) At l April Net resources in l (out) Gross transfers between funds (Lossesygains on investments (64) 187 At 31 March 832 567 1,128 2,527 2,674 RESTRICTED FUNDS 2023 Fund At l April Total Incomfing resources Total Gaxns on Transfer resources Investment expended £'ooo At31 March £'ooo £'ooo 32 £'ooo £'ooo £?000 32 71 P. SDJith Cary MarshaEI RomeTrans British Academy Shortland Jones Walker Webb Slmon Keay Sutton Plaee- Falerll Sutton Place- BR Mural Cyclades Alta 80 {8) (5) (24) (1.239) (5) (2) 24 1.239 226 17 76 46 221 17 75 46 (i) (i) 38 39 (31) 46 159 (159) 10 10 34 (io) 24 J. Osborne Maitland 30 (2) (27) 28 Other 33 18 24 Tot212023 521 1,593 (1,511) (3) 600 48 THE BRITISH SCHOOL AT ROME NOTES TO THE Fll¥ANCIAL STATEMENTS FOR THE YEARENDED 31 MARCH 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Unrestricted Restricted funds funds £'ooo Total funds £'ooo £'ooo Fund balances at 31 March 2023 are represented by: Tangible and heritage fixed assets Investtnents Casb Other current asscts Current liabilities Long-tenn liabilities 632 2,628 264 138 (628) (507) 632 3,012 480 138 (628) (507) 384 216 Total net assets 2,527 600 3,127 49