2022-03-31-accounts - Cotswold Archaeology Ltd

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Address:	Building 11
	Cotswold Business Park
	Cirencester
	Gloucesters hire
	GL7 6BQ
Bankers:	CAF Bank Ltd
	25 Kings Hill Avenue
	Kings Hill
	West Mailing
	Kent
	ME194JQ
Auditors:	Wenn Townsend
	Gosditch House
	5 Gosditch Street
	Cirencester
	Gloucestershire
	GL7 2AG

			Note	Unrestricted	Restricted	2022	2021
				Funds	Fund	Total	Total
Income
Donations and Legacies:
Income from charitable activities:
Archaeological projects				25,209,932		25,209,932	18,371,206
Booksales				1,325		1,325	984
Donations					12,118	12,118	26,992
Government grants							658,122
Investment income				7,816		7,816	11,927
Surplus on fixed assets disposals							6,100
Total Incoming Resources				25,219,073	12,118	25,231,191	19,075,331
Expenditure
Expenditure and charitable	activities:
Archaeological projects				22,886,324	18,522	22,904,846	17,185,356
Other support costs				452,065		452,065	398,598
Total Resources Expended				23,338,389	18,522	23,356,911	17,583,954
				1,880,684	(6,404)	1,874,280	1,491,377
Unrealised surplus/(loss) on	investments			(18,054)		(18,054)	2,238
Net Incoming Resources for		the year		1,862,630	(6,404)	1,856,226	1,493,615
Actuarial (loss)/gain on defined		benefit
pension scheme				928,000		928,000	(883,000)
Net Movement on Funds				2,790,630	(6,404)	2,784,226	610,615
Fund Balances brought forward				4,408,255	69,885	4,478,140	3,867,525
Fund Balances carried forward			12	E7,198,885	f63,481	E7,262,366	F4,478,140

							Note		2022		2021
Fixed Assets
Tangible Fixed	Assets						5	528,963		361,146
Investments							6	533,332		544,826
									1,062,295		905,972
Current Assets
Debtors							7	7,011,697		7,100,062
Cash at Bank and		in Hand						6,265,587		3,665,575
								13,277,284		10,765,637
Deduct: Creditors	(Amounts			falling
due within one year)							8	6,045,213		5,233,469
Net Current Assets									7,232,071		5,532,168
Total Net Assets	before		Pension			Liabili			8,294,366		6,438,140
Defined benefit pension scheme					liability		13		(1,032,000)		(1,960,000)
Total assets less	current		liabilities						E7,262,366		E4,478,140
Financed by:
Unrestricted Funds:
General								5,048,885		2,668,255
Designated								2,150,000		1,740,000
									7,198,885		4,408,255
Restricted Fund							10		63,481		69,885
									E7,262,366		F4,478,140

			2022	2021
CASH USED IN
OPERATING ACTIVITIES			2,980,435	1,645,980
CASHFLOW FROM
INVESTING ACTIVITIES
Interest received			7,816	11,927
Payments to acquire tangible	fixed	assets	(384,478)	(108,037)
Receipts from disposal oftangible
fixed assets			2,800	6,100
Cash provided by (used in) investing		activities	2,606,573	1,555,970
Purchase offixed asset investments
Cashf low from financial activities			(6,561)	(13,869)
INCREASE IN CASH			2,600,012	1,542,101
CASH AND CASH EQUIVALENT AT THE
BEGINNING OF THE YEAR			3,665,575	2,123,474
TOTAL CASH AND CASH EQUIVALENT AT
THE END OFTHE YEAR			26,265,587	E3,665,575

RECONCILIATION	OF OPERATING SURPLUS TO NET	OF OPERATING SURPLUS TO NET		2022	2021
CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
Net Incoming/(outgoing) resources				2,784,226	610,615
Depreciation				210,169	211,521
(Profit)/loss on disposal offixed		assets		3,693	(6,100)
Actuarial loss/(profit)	on defined	benefit pension scheme		(928,000)	883,000
Unrealised (profit)/loss on investments				18,054	2,238
Interest received				(7,816)	(11,927)
(Increase)/Decrease	in debtors			88,365	(2,688,911)
increase/(Decrease)	in creditors			811,744	2,645,544
Net cash inflow from	operating	activities		f2,980,435	F 1,645,980
ANALYSIS OF CHANGES IN NET FUNDS
				Other non-
				Cash
		1stApr 2021	Cash flow	Changes	31st Mar 2022
Cash at bank and in	hand	E3,665,575	f 2,600,012		66,265,587

Surplus on	Ordinary	Activities		2022		2021
The surplus	is stated	after charging:
Auditors Remuneration Depreciation			E f	9,200 210,169	F F	9,100 211,521
(Loss)/Profit	on disposal offixed asset		F	(3,693)		(6,100)

Total Reso	ur	ces Expe	nded
				Staff Costs	~Oe reciatioo	Other	Costs	Total	Total
								2022	2021
Archaeological		Projects		8,914,804	210,169	13,779,873		22,904,846	17,185,356
Management		and
Administration				442,865			9,200	452,065	398,598
				E9,357,669	E210,169	E13,789,073		F23,356,911 E17,583,954
								2022	2021
Other Support Costs
Salaries								442,865	389,498
Audit and Accountancy			Fees					9,200	9,100
								f452,065	E398,598
								2022	2021
Staff Costs
Wages and	Salaries							8,038,356	6,515,094
Social Security		Costs						760,593	591,050
Pension Costs								558,720	492,706
								E9,357,669	f 7,598,850
Employees	benefits				F60,001 - F	70,000	1
					F71,000 -F	80,000	1
					F90,001 - F	100,000	1

pension sche	mes
The average	number ofemployees
analysed by	function, was:
Archaeological	Projects	276	252
Management	and Administration	14	14
		290	266

Tangible Fixed Assets
	Short	Plant and	Total
	Leasehold	~Machine
Cost
At 1stApril 2021	274,958	1,049,029	1,323,987
Additions in Year		384,478	384,478
Disposals	(14,897)	(11,271)	(26,168)
At 31stMarch 2022	260,061	1,422,236	1,682,297
~De reciaticn
At 1st April 2021	222,466	740,375	962,841
Charge for the Year	26,444	183,725	210,169
Disposals	(9,326)	(10,350)	(19,676)
At 31st March 2022	239,584	913,750	1,153,334
Net Book Value
At 31st March 2022	F20,477	F508,486	F528,963
At 31st March 2021	F 52,492	F308,654	F361,146

Investments			2022	2021
Market value
Balance b/fwd			544,826	533,195
Additions
Accumulated	interest		6,559	9,393
Unrealised gains/(loss)		on investments	(18,054)	2,238
Realised gain	on investments
			E533,331	F 544,826

Investments	in	subsidiary
Subsidiary
Cost

Debtors				2022	2021
Trade Debtors				6,116,506	6,179,711
Other Debtors				111,905	131,744
Amounts	Recoverable		on Contracts	783,286	788,607
				f 7,011,697	E7,100,062
Creditors	(Amounts	falling due within one year)		2022	2021
Trade Creditors				1,030,182	426,626
Taxation	and Social	Security Costs		651,046	1,333,184
Other Creditors				181,569	948,501
Deferred	Income			4,182,416	2,525,158
				E6,045,213	E5,233,469

Share Capital
The Company	is limited		by guarantee and	does		not have		a Share Capital.		In accordance with the
Company's Memorandum			and Articles of	Association			the	members'	liability, in the		event of the
Company being	wound	up, is limited to E1.
Analysis of Net Assets			by Fund
			( - Unrestricted		Funds -)			Restricted		Total	Total
			General	~Desi		dated		Fund		2022	2021
Fixed Assets			528,963							528,963	361,146
Investments			533,332							533,332	544,826
Current Assets			11,063,803		2,150,000			63,481	13,277,284		10,765,637
Current Liabilities			(6,045,213)						(6,045,213)		(5,233,469)
Pension Scheme
Funding Deficit			(1,032,000)						(1,032,000)		(1,960,000)
			E5,048,885	E	2,150,000			E63,481	E	7,262,366	24,478,140

						2022	2021
Cash at	Bank					P 63,481	E69,885
			Historic		Roman CBM	~commnnit	Total
			~En	land	PhD Fund	Research
						Fund
As at 1st April 2021			13,400		56,485		69,885
Income	in year					12,118	12,118
Expenditure		in year			(18,407)	(115)	(18,522)
As at 31st		March 2022	f 13,400		E38,078	F 12,003	F63,481

				General	~Desi nated	Total
As at 1st	April	2021		2,668,255	1,740,000	4,408,255
(Deficit)/Surplus		for	the year	3,421,630	(631,000)	2,790,630
Transfers	between		Funds	(1,041,000)	1,04'I,OOO
				8 5,048,885	f.2,150,000	E7,198,885

	~Re ort	Outreach	New	Premises	Pension	Total
	A~rchivtn		T~echnoto		Fund
1st April 2021	85,000	125,000	300,000	130,000	1,100,000	1,740,000
Expenditure	(57,000)	(157,000)	(372,000)	(45,000)		(631,000)
Transfer	122,000	182,000	372,000	65,000	300,000	1,041,000
31st March 2022	E 150,000	E 150,000	2300,000	E150,000	E 1,400,000	F2,150,000

Reconciliation ofdefined be	nefit o	bligation
Yearended:				31st Mar 2022	31st Nlar 2021
				E(000)	E(000)
Opening defined benefit obligation				8,813	6,369
Current service cost				244	170
Interest cost				183	148
Contributions by members				41	39
Actuarial losses / (gains)				(718)	2,141
Past service costs / (gains)/losses
Losses/ (gains) on curtailments
Liabilities extinguished on settlements
Liabilities assumed in business	combination
Exchange differences
Estimated unfounded benefits	paid
Benefits paid				(87)	(54)
Closing defined benefit obligation
				8,476	8,813
Reconciliation offair value ofemployer assets
Year ended. "				31st Mar 2022	31st Mar 2021
				R(000)	f.(000)
Opening fair value ofemployer	assets			6,853	5,292
Net interest				142	123
Contributions by members				41	39
Contributions by the employer				156	152
Return on assets excluding amounts		included	in interest	339	1,301
Assets distributed on settlements
Exchange differences
Benefits paid				(87)	(54)
Closing fair value ofemployer	assets			7,444	6,853

		Approximate	%increase to	Approximate	monetary
Change in assumptions at 31st March 2022:		Defined Benefit Obligation		Amount (f000)
0.1%decrease	in Real Discount Rate		2%		190
1 year increase	in member life expectancy		4%		339
0.1%increase	in the Salary Increase Rate		0%		24
0.1%increase	in the Pension Increase Rate		2%		164

Analysis of projected	amount to be charged to operating	amount to be charged to operating	profit for the year to 31st March 2023	profit for the year to 31st March 2023
Year ended. "			31st March 2023
			6(000)	%of Pay
Projected current service		cost	(222)	(42.8)
Interest including plan	assets		206	39.6
Interest cost on defined	benefit obligation		(235)	(45.2)
Past service cost including		curtailments
Effect ofsettlements
			251	(48.4)