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COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024

COMPANY REGISTRATION NUMBER- 2362531 CHARITY NUMBER - 1001653

We have defined six objectives for the period to 2025: | Vision / Strategic Goals | Objective 1: Increase society's understanding and appreciation of the past through improved awareness and | knowledge of archaeology. | Objective 2: Enhance our reputation as a high performing and innovative Charity that produces excellent | work.

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31stMARCH 2024

OBJECTIVES AND ACTIVITIES

Objectives

The object of the Charity is to advance the education of the public in the subject of archaeology and the appreciation and understanding of the historic environment in the United Kingdom and other parts of the world. We achieve this by creating knowledge which is gathered from archaeological investigations and other research.

Cotswold Archaeology strongly supports a sustainable approach to our cultural heritage, and we utilise our professional expertise to balance the preservation of the most important aspects of our heritage with society's current and future needs. We achere to the principle that significant heritage assets and their settings should be preserved, but where this is not possible ensure that such assets are recorded to the highest standards, and the results of this work widely disseminated. As a Registered Organisation accredited by the Chartered Institute for Archaeologists (CIfA) we signify our commitment to the maintenance and development of the highest professional standards.

The Charity has adopted a Strategic Plan to guide its activities until the end of 2025.

Mission

Cotswold Archaeology exists to increase public awareness and appreciation of the past. We create and communicate knowledge so that it can be valued and enjoyed by present and future generations. We are a leading supplier of professional heritage services who provide high-quality expertise and advice to our customers. We continually aim to improve our service so that we maintain our market-leading reputation.

Values

Our Guiding Principles are:

® We use our research to make the past relevant, interesting and enjoyable to a broad spectrum of beneficiaries;
e Developing knowledge of the past amongst stakeholders increases community cohesion and identity, and furthers an overall appreciation of the world we live in;
e Engagement with heritage activities, either directly or indirectly, benefits individual wellbeing;
e Wecommit to the maintenance and development of the highest professional standards in our activities; e We always strive to meet the needs and aspirations of our customers; and e We want to be a great company to work for.

We link our activities to our Mission and Values through a performance chain that measures our efficiency and effectiveness.

Objective 3: Commitment to the health, safety, wellbeing and safeguarding of our staff and other people we encounter in the course of our work.

Objective 4: Remain a top tier provider of professional heritage services in the UK.

Objective 5: Be a resilient, secure and stable Charity that can adapt to changing circumstances and is well prepared for unexpected events.

Objective 6: A great employer. Be one of the best companies to work for.

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COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Public Benefit

Our Mission, Values and Vision all combine towards the delivery of a public benefit, which Trustees keep under regular review by reference to the guidance on public benefit published by the Charity Commission following the Charities Act 2011. This requires an identifiable benefit or benefits to arise from the work of charities, and such benefits to be available to the public or a section of the public. The activities of Cotswold Archaeology meet that test. STRATEGIC REPORT

Achievements and Performance

We report here on our performance during 2023/24 in delivering the six objectives set out in the previous section. We evaluate our activities under the headings of Knowledge Creation; Facilitating Access to Knowledge and Creating Social Value, and Sustainability, Innovation and Company Development (which collectively address Objectives 1 and 2); and Caring For and Developing Our People (which addresses Objectives 3 and 6). The Financial and Operational Review details our progress with Objectives 4 and 5. In financial year 2023/24 the Charity maintained a high level of income and staff deployment due to our involvement in a wide range of projects, some of very large size. This has allowed us to maintain a strong research output and continue our progress in reaching a diverse range of individuals through our outreach and engagement activities.

Knowledge Creation

Archaeological investigations are an important means by which knowledge about the past is created. The frequency and scale of these projects is closely tied to the level of development in the UK. We were able to secure a good workflow of project commissions throughout the financial year, despite weakness in some parts of the UK construction sector brought about by high interest rates. Residential housebuilding activity was notably subdued.

Demand for our fieidwork services was driven in large measure by projects associated with energy security, residential development and transport infrastructure. Demand for post-excavation and consultancy services was also strong. Many new projects commenced during the year, alongside continuing work on those initiated previously. We worked with Oxford Archaeology Ltd (a registered charity) as a Joint Venture known as Oxford Cotswold Archaeology (OCA) on major fieldwork investigations associated with the A417 Missing Link trunk road scheme in Gloucestershire and the Sizewell C development in Suffolk. Post-excavation analysis by OCA focused on a prehistoric causewayed camp at Thame, Oxfordshire, and a site within the Redcliffe suburb of medieval Bristol. Publication of both projects is anticipated in 2024 or early 2025.

The five largest projects undertaken during the year were field investigations in Gloucestershire, Suffolk (x 2) and Wiltshire (x 2). We also devoted considerable resources to post-excavation analysis and report production, desk-based research and projects associated with historic buildings. Field projects conducted during the year which will have a high research impact when the results have been fully analysed and disseminated include:

e Wendover, Buckinghamshire. A Roman enclosure and timber building, crop drying ovens and burials. « A417 Road Improvement, Birdlip, Gloucestershire (OCA project). Investigation at numerous sites revealed Mesolithic, Neolithic, Bronze Age, Iron Age, Roman and Second World War activity. Notable discoveries included an Iron Age enclosure, linear Iron Age banks and ditches, Iron Age and Roman funerary monuments, and a Roman road and adjacent settlement.
e Gloucester City Campus. A Roman stone building associated with preserved timber stakes and medieval burials associated with the church of St Aldate. The western wall of the rebuilt post-medieval church and two post-medieval brick burial vaults were also found.
e Welborne, Hampshire. Romano-British farmstead and associated field system; medieval enclosures. e Ringwood, Hampshire. A double prehistoric ring ditch, the outer ring 25m in diameter with the inner, likely earlier ditch, inside it. A subsequent Middle Bronze Age cemetery of 24 cremation burials was dug into the remnant mound and infilled ring ditches.
e Barham, Suffolk. Neolithic and Bronze Age pits and Iron Age ditches; Roman occupation comprising two rectangular buildings, four cremation burials and a mound formed from burnt material with a wood-lined trough or well.
e Bury St Edmonds to Colchester Pipeline, Suffolk and Essex. The excavation of sites spread over a considerable distance provided insights into the development of the landscape across a broad time span. Almost every period is accounted for, including the Neolithic, Bronze Age, Iron Age, Roman and Anglo-Saxon periods.

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

e Sizewell C, Leiston, Suffolk (OCA project). A medieval monastic landscape situated between the sites of the original Leiston Abbey and where it was later relocated to. Substantial Neolithic activity has also been identified, including Early Neolithic pits rich in pottery and worked flint. Neolithic and Bronze Age activity tends to be found on the higher ground and sand ridges, whereas the lower ground has greater evidence of medieval stock penning. A trackway was flanked by medieval structures including buildings and ovens, likely associated with the processing of sheep products.
e Lacock, Wiltshire. Roman enclosures containing several roundhouses associated with animal husbandry, followed by a period of pit digging, probably waterholes, and numerous later Roman ovens.
Work on historic buildings was in many cases associated with schemes which aim to provide sympathetic new uses for old buildings which no longer serve their original function. Notable projects include a large building recording survey of 150 buildings at a former military cordite factory at Caerwent, Monmouthshire; a detailed building survey and watching brief work to enable the restoration and conversion of Gilkicker Palmerston Fort in Gosport, Hampshire, and a detailed survey of Ruperra Castle, Caerphilly, prior to restoration.

We have also produced management plans for several Scheduled Monuments which will assist in securing a sustainable future for these important places. Projects included the restoration, and protection with badger meshing, of round barrows on the Came Down Estate in Dorset. At Castle Hill in Dorset we provided management guidance for the protection of a motte and bailey castle. Both projects provided the opportunity to investigate the monuments through desk-based research, landscape walkovers and geophysical survey.

Partnerships, Collaborations, and Professional Citizenship

The Board believes that benefits accrue from working in partnership with other organisations (both within and outside of the heritage sector) that share similar values and objectives to us. In some situations, partnerships with other archaeological organisations allow us to work on larger projects without exposing ourselves to excessive risk. Oxford Cotswold Archaeology JV, mentioned above, is our most significant example of collaborative working. We also collaborate with academic institutions on a variety of research projects. During the year we contributed to projects including: Feed the birds/do not feed the animals (Exeter University); Tales of trauma: life and violence in Roman Gloucester (Exeter University); Bio-cultural impacts on British biodiversity, AD 0-1000 (NERC funded PhD studentship, Exeter University); Hidden kingdoms: the SouthWest of Britain in late antiquity (Exeter and Cardiff Universities); One thousand genomes (an ancient DNA study run by the Francis Crick Institute); Rewilding later prehistory (Oxford University); Rendlesham revealed (Suffolk County Council and University College, London), and projects run from the Molecular Population Genetics Lab, Trinity College Dublin. We also continued to sponsor a student undertaking doctoral research on Roman ceramic building materials at the University of Kent.

Knowledge creation is served by the existence of a strong heritage sector, a well-trained work force, and a corporate commitment to innovation and service development. Cotswold Archaeology is accredited under the ISO 9001: 2015 quality management scheme. As such we commit to continuous improvement. We also play an active role in furthering the discipline and practice of archaeology through staff participation in a wide range of professional citizenship activities both within the UK and internationally.

Facilitating Access to Knowledge and Creating Social Value

Dissemination of Research

Our activities have a positive impact on the various constituencies (public; professional; academic) interested in the archaeology and history of the UK, and our work furthers public knowledge and understanding of the historic environment. We commit to a high standard of research and take pride in the academic quality of our research publications. Our activities deliver a public benefit as we make the results of our work widely availabie to our beneficiaries at little or no cost. Current in-print monographs and journal articles are widely available through public lending libraries. Our unpublished reports are available either via our website or at publicly accessible archives. Our Reports Online library of grey literature reports allows visitors to download for free our unpublished fieldwork reports. This very popular and well-used resource now hosts 5,420 fieldwork reports (5,131 in 2023), and the number continues to grow steadily. The reports can be searched via keyword and map-based interfaces and downloaded at no cost. This section of the website attracted 16,976 visits and downloads during the year. Some 3,276 (2,816 in 2023) of these reports are also freely available online via the Library of Unpublished Fieldwork Reports hosted by the Archaeology Data Service. All our out-of-print monographs are available as pdf downloads from our website, along with an increasing number of reports published in journals and periodicals.

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Four monographs were published during the year concerning excavations near Wantage in Oxfordshire; Stoke Gifford in South Gloucestershire; Little Hadham in Herfordshire, and the first of two volumes detailing the results of our work at Hinkley Point in Somerset. In addition, 22 other reports were published in a variety of academic journals on projects in Bath and North East Somerset, Bristol, Buckinghamshire, Devon, Gloucestershire, Oxfordshire, Somerset, South Gloucestershire, Surrey, and Wiltshire. These journals are widely distributed, both in the UK and internationally, and can be obtained from public libraries and, increasingly, online. Much preparatory work was undertaken on reports on other projects which will be published in the next few years.

Social Value

An overarching objective of the Charity is to deliver public benefit and social value. We defined five social value activities appropriate to Cotswold Archaeology and evaluate our performance in delivering them with reference to the National Social Value Measurement Framework (TOMs). The five activities are. Access to Work; Readiness for Work; Community Support and Engagement; Local Spend and Good Governance. The Board received an annual social value performance report detailing achievement against these activities and approves the targets for future years.

Social Value activities in 2023/24 can be summarised as follows:

1 Access to Work: we promoted local skills and employment via our support for three apprentices. We also provided work experience placements for 25 individuals across our four offices.

2 Readiness for Work: we attended 15 careers fairs at local schools, regional events and universities during the year.

3 Community Support and Engagement: we seek to help foster healthier, safer and more resilient communities by helping to connect people and places through engagement with archaeology and heritage. We are committed to communicating our work to a wide range of beneficiaries, including people of all ages and varying levels of prior knowledge of archaeology. Our beneficiaries range from school children to retired people and from those with a well-developed passion for the past to those with a more casual interest in the history of their community and local area. We strive to develop and tailor our offerings to appeal to traditionally under-served groups in our society. To this end, we delivered during the year:

@ 32 in-person talks.
e 7 on-line webinars.
e 9 open days or exhibitions (including participation in Museum-led events and the Cheltenham Science Festival).
e Volunteering opportunities in our offices and in the field totalling 2,726 hours and involving 165 separate individuals.

As a Charity we actively encourage and support public participation in archaeology to support individual wellbeing. We place considerable importance in working with local groups to deliver impactful community projects, helping to foster community cohesion and pride of place. Notable achievements include:

e Kelmscott Manor, Oxfordshire: Working with our partners, the Society of Antiquaries of London, we delivered in-school and on-site sessions for a local school together with fieldwork volunteering opportunities over a two-week fieldwork programme in Summer 2023.
e Rendlesham, Suffolk: we contributed to the community research excavation and outreach programmes for school and community groups during the final year of a project supported by the Heritage Lottery Fund.
® WWI! B17 bomber crash site investigation, Suffolk. a community-based project that investigated the site of an aircraft that crashed in 1944. This proved to be an extraordinary and rewarding experience for all.
e Minety, Wiltshire: Tne second season of excavation of a Roman tile kiln generated a great deal of local interest and was supported by a committed and enthusiastic group of fieldwork volunteers.

In combination, our websites and social platforms allow us to share stories of discoveries digitally, pitched at different levels, driving rich engagement and a deeper understanding of archaeology. We utilise on-site photos and videos, drone imagery, live Q&A sessions, extended web articles, GIS storyboards, webinars, and social media posts, with associated in-person lectures and open days, to develop a greater public understanding of the archaeology and history of Britain. A strong web presence is also a valuable means of communicating with our wider audiences, particularly those who cannot physically access our sites and events, whatever the reason. In the past year, our website received over 93,500 visits, and we further developed the catalogue of artefacts available to the public via our virtual museum, which now hosts almost 200 free-to-view objects, the majority with 3D models.

| inroles. someWepartsencourageof theroles. someWepartsencourageof the someWepartsencourageof theWepartsencourageof thepartsencourageof theencourageof theof the the Charity,andand supportand wefemale encouragemanagersandand wefemale encouragemanagersand wefemale encouragemanagersandfemale encouragemanagersand encouragemanagersandmanagersandand supporttoto serve femalesas femalesasas visibleso theyroleso theyrole theyrolerole canmodelsbetterand competementorsforfor thesetheirmodelsbetterand competementorsforfor thesetheirbetterand competementorsforfor thesetheirand competementorsforfor thesetheir competementorsforfor thesetheirmentorsforfor thesetheirforfor thesetheirfor thesetheir thesetheirtheir junior colleagues. | | Caring For and Developing Our People | The Charity cannot deliver its objectives without an expert, well-trained and motivated work force. Recruitment | of adequate numbers of professional archaeologists with appropriate skills and experience is a challenge across | the heritage sector, and we place great emphasis on the recruitment and retention of talented individuals. The | Charity has heightened its focus on people-related matters in recent years, and the Board receives an Annual People Report. The Charity is committed to a comprehensive programme of staff training and monitors our performance. | | We strive to develop our people to their maximum maximum potential and continue to invest in an award-winning graduate : training programme. We also believe that non-graduates can play a valuable role in our profession and support

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Our Social Media programme continues to entertain and educate additional audiences and demographics to those traditionally targeted by our academic publications; our analytics software indicates that we significantly outperform other similar organisations with our content quantity, quality, and engagement levels. Our social profiles achieved combined impressions of over 5.4 million during the year, and we engaged daily with individuals from all over the world — mostly countries in Europe, but also North America, Australasia, Asia, Africa and South America. These numbers don’t simply reflect passive onlookers: our core followers, now numbering close to 44,000 (an increase of 5,000 from 2022/23), interact with our discoveries at a rate regarded by industry experts as ‘very highly engaged’ and our audiences are taking the opportunity to learn directly from us about archaeology and our discoveries. Our social posts generated nearly 2,500 conversations during the year. Our social platforms have also acted as a successful communication tool for engaging wider news and media outlets, including Current Archaeology Magazine, Time Team, ITV, and the BBC, and an array of local, national, and international journalists.

4 Local Spend: we favour the local procurement of goods and services where practicable so that we make a positive economic contribution to the communities we work in. We support small, local and diversely owned businesses through a refreshed procurement policy which we adopted during the year. We are working towards the creation of a central register of suppliers which will create greater control of spend and decision making, alongside a programme of staff training in the principles of responsible procurement. The register will also allow us to better communicate our corporate values and policies to our supply chain, in particular those relating to anti-bribery, carbon reduction, equality, diversity and inclusion, modern slavery and sustainability.

5 Good Governance: we strive to set exemplary standards of good governance and responsible employment. The Charity is committed to the equality, diversity and inclusion in all its operations and organises workplace sessions to raise awareness of these issues. We place considerable emphasis on staff well-being and support mental health in the workplace. We continually seek improvements to our company working culture so that colleagues can be open about their mental health and will be supported if they do so. We operate a Mental Health First Aider scheme. We shared daily updates during National Mental Health Awareness Week covering financial well-being, how to deal with anxiety, and reminders regarding our Employee Assistance Programme and the Wellness page on our company intranet.

We publish our Gender Pay Gap report in line with Government requirements. Our median gender pay gap at 5 April 2023 had decreased from the previous snapshot at 5 April 2022, but there is more we want to do to maintain progress in reducing the imbalance. For instance, women are under-represented at managerial level inroles. someWepartsencourageof theroles. someWepartsencourageof the someWepartsencourageof theWepartsencourageof thepartsencourageof theencourageof theof the the Charity,andand supportand wefemale encouragemanagersandand wefemale encouragemanagersand wefemale encouragemanagersandfemale encouragemanagersand encouragemanagersandmanagersandand supporttoto serve femalesas femalesasas visibleso theyroleso theyrole theyrolerole canmodelsbetterand competementorsforfor thesetheirmodelsbetterand competementorsforfor thesetheirbetterand competementorsforfor thesetheirand competementorsforfor thesetheir competementorsforfor thesetheirmentorsforfor thesetheirforfor thesetheirfor thesetheir thesetheirtheir junior colleagues.

We strive to develop our people to their maximum maximum potential and continue to invest in an award-winning graduate training programme. We also believe that non-graduates can play a valuable role in our profession and support the National Apprenticeship Scheme. Our Level 3 Archaeological Technician apprentices progressed with their training during the year and are on course to complete their apprenticeships before the end of 2024.

As the Charity grows, we devote greater resources to communication with our colleagues. In addition to face-toface briefings, we convene online staff ‘town hall meetings’ where colleagues receive updates on the performance of the Charity and are able to ask questions. Our internal online staff newsletter is well read. We have maintained our focus on activities that help foster staff engagement and alignment with our guiding values. We undertake an annual staff survey and formulate an action plan to react to the key trends.

We commit to exemplary standards of health and safety performance which ensure the heaith, safety and wellbeing of our staff and all others affected by our work. We recognise that a safe working culture in which risk of harm is minimised is a key factor in the success of the Charity. Our people are our most important assets. We maintain an occupational health and safety management system in accordance with the high standards required

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| COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued)
| FOR THE YEAR ENDED 31st MARCH 2024 | for our ISO 45001 accreditation. This goes beyond basic compliance with relevant legislation. The Trustees | approved an updated Health and Safety Policy and Procedures in March 2024, and receive an annual health, safety and welfare report. Whilst overall responsibility for policy and implementation rests with the Board, it has
| delegated to the Chief Executive authority for policy provision, safety management systems and legal | compliance. | We commit to continuous improvement in the management of health and safety and the Board monitors that an | appropriate level of resourcing is provided. Our objectives are: - e To provide best practice and control of the health and safety risks arising from our work activities. e Toconsult with our employees on matters affecting their health, safety, and wellbeing.
| e To provide and maintain safe vehicles, plant, and equipment. ¢ To ensure safe handling and use of substances.
| * To provide information, instruction, and supervision for employees. strive to implement best practice wherever practicable.
| e To ensure all employees are competent to do their tasks, to give them the appropriate training and to | e To prevent incidents and cases of work-related ill health. e To support and look after the physical and menial wellbeing of our employees. e To maintain safe and healthy working conditions. ® To review and revise our Health, Safety and Wellbeing policy at least annually.

Safeguarding of our staff and all others we encounter during the course of our activities (including the recipients of our digital communications) is of the utmost importance to the Charity. A refreshed Safeguarding Policy was adopted in 2023, accompanied by a Safeguarding Procedure that explains how to raise a concern, and how it will be investigated.

Sustainability, Innovation and Company Development

Environmental Sustainability and Carbon Reduction

Cotswold Archaeology is committed to initiatives that advance environmental, economic, and social sustainability for current and future generations. We support the principle of sustainable development, and our Corporate Mission and Objectives directly align with United Nations Sustainable Development Goal 11.4: Strengthen efforts to protect and safeguard the world’s cultural and natural heritage. We work collaboratively with our peers and stakeholders to develop, implement and enhance the climate action agenda in the heritage sector. We adopted a Sustainability Policy in 2022 to guide our activities and the Board receives an Annual Environmental Sustainability Report. Cotswold Archaeology is committed to achieving Net Zero Carbon by 2050 and has chosen the 2022/23 financial year as the baseline year against which progress will be compared. In December 2023 the Board adopted its first Carbon Reduction Plan and formulated reduction activities to cover the next three years. We have actions concerned with scope 1 and 2 emissions from buildings and the direct fleet, and scope 3 emissions from staff commuting, business travel, and purchased goods and services. The actions cover all the required elements for successful carbon reduction initiatives by highlighting actions across data management, staff, technology, and management systems. The carbon reduction plan will be subject to the processes laid out in our ISO 14001: 2015 Environmental Management system which is independently certified.

The Energy Savings Opportunity Scheme (ESOS) is a mandatory government energy assessment scheme. Cotswold Archaeology now falls within the scope of this scheme and therefore compiled its energy usage data for the 2022/23 financial year, ready for submission to the Environment Agency. The ESOS legislation repeats every four years, with the next compliance deadline in December 2027 when it is expected that the ESOS audit requirements will change to a Net Zero audit.

Innovation and Service Development

Cotswold Archaeology is committed to digital innovation. During the year we undertook a detailed review of the state of our IT infrastructure and devised a plan to bring about a step change in capacity, resilience and security. It will take several years to achieve this goal fully. The main achievements during the year were achieving Cyber Essentials Plus accreditation, installation of software that allows for standardisation of equipment and software across the staff complement, adding extra server storage capacity and disaster recovery testing.

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COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

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We are the joint owner with Oxford Archaeology of a software system that allows us to capture digital archaeological data in the field. The two Charities are committed to the future development of the system and continue to invest in it. During the year we implemented various software upgrades, such as an improved digital mapping interface that enables staff to view, edit and query results, and allows geophysical and drone-derived surveys to be used as base mapping. We also introduced new recording features and layouts which provide greater accessibility for mobile device users. Further functionality enhancements are scheduled for 2024/25. An additional 60 tablets were deployed to our sites, supported by a concerted training and upskilling programme, which allow our archaeologists to capture data on site.

We have also continued to develop the organisation and working methods of our geomatics department, supported by instrument upgrades, and continued to invest in Unmanned Aerial Systems (drones) which have proved valuable on various projects, not least in the recording of standing structures. Drone services are now provided in all offices. Our historic building recording service has also benefited from the purchase of a dedicated portable laser scanner which has created efficiencies in our on-site recording methodologies.

Future Plans

The Charity has a strong order book of projects for 2024/25 and the Trustees believe it is well placed to achieve its budgets for the year.

We have defined five priorities for investment and focus over the next few years:

e Develop our expertise and capability in digital data management to make us more efficient and technologically proficient. In 2024/25 we will commence our programme of enhanced investment in IT infrastructure and staffing to bring our infrastructure in line with contemporary standards.
e Improve our skills development and training programmes so that employees develop io their full potential quicker.
e Build workplace culture as an effective recruitment and retention tool.
Grow our post-excavation analysis and publication capability so that it keeps pace with the increasing volume of fieldwork undertaken.
e Enhance our sustainability and social value credentials.

Specific objectives for 2024/25 include:

e Implement a system for prioritising requests for unfunded outreach activities, including a mechanism to evaluate the impact of those activities.
e Refresh the content and design of our website. Launch a new website to showcase work delivered by OCA JV. .
e Maintain the strong recent performance in the number of published peer reviewed monographs and journal papers.
e Develop our Digital Recording System that captures archaeological data digitally during fieldwork via improved performance and deployment of new features. Maintain the focus on siaff training and software development.
e Build on our recent progress in the use of drones and laser scanners to collect archaeological data. e Continue with initiatives to support the mental health of our staff, including managerial training in mental health recognition and promoting the greater visibility of our mental health first aiders.
e Implement actions in support of our social value agenda. e Evaluate and implement actions in support of our Carbon Reduction Plan. e Improve the management of our vehicle fleet including driver training. » Install a Virtual Private Network (VPN) to create a more stable IT environment for staff who work e Installoutsidenew of ourfirewalls offices.and enhance our IT disaster recovery procedures. corporate values and key policies to our supply chain.
e Implement enhanced purchasing and sub-contractor assessment processes and communicate our
Weposition wishandto remainreputation a leadingwithin andsupplieroutsideof professionalthe heritage hs e ctor.ritageWeserviceshave developedin the UK anda strong furtherreputation consolidatein publicour outreach and community engagement, and we will continue to invest in these activities. We also want to develop further partnerships with academic institutions to deliver high-quality synthesis and research projects.

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

FINANCIAL AND OPERATIONAL REVIEW

Investigations of archaeological and heritage sites are largely funded by bodies which act in the role of developer, and it is normal practice for these bodies to engage our services through contract. We maintain a professional archaeological service to undertake this research. The major sources of this income derive from Government agencies, local authorities, landowners and commercial organisations. The Charity secured an income of £29,578,957 from its unrestricted activities to enable it to undertake its work (£24,135,650 in 2023). We registered an operational surplus (net incoming resources) for the year of £1,539,165 (£3,064,744 in 2023).

The Charity operates from four offices. We supplemented our original base in Cirencester by opening offices in Milton Keynes in 2011; Andover in 2012 and Suffolk in 2019. In addition to the delivery of project work, our offices function as hubs from which we can forge links with local stakeholders. The existence of these offices allows us to undertake investigations throughout the UK.

The amount of heritage work undertaken in the UK is closely tied to the health of the construction and development industries. We were able to maintain a strong work programme throughout the year, despite high interest rates discouraging activity in some construction sectors. Trustees consider that the Charity has sufficient reserves to withstand any short-term diminution in the demand for its services caused by deterioration in the volume of construction activity.

The Charity maintains close control of its finances. A budget is adopted by the Board for each forthcoming financial year, and performance is measured against this. Key performance indicators are monitored monthly by the Senior Management Team, and the quarterly management profit and loss account and balance sheet are reviewed by either the Full Board or the Finance, People and Culture Committee. If significant variation to the budget is anticipated, a revised budget is prepared for Board approval. The Charity implements rigorous credit control procedures to ensure the timely payment of bills and the maintenance of liquidity and cash flow.

Pension Schemes

The Charity operates two pension schemes, one defined contribution scheme (administered by Royal London) and a defined benefit scheme administered through the Gloucestershire County Council Pension Fund. The defined contribution schemes are open to all employees whilst the defined benefit scheme was closed to new entrants in 2007. Our individual fund within the Gloucestershire County Council pension fund was £1.466m in surplus at 31 March 2023, a position which improved to £2.493m at 31 March 2024, resulting in a positive contribution on the balance sheet of £1.027m. This improvement can be attributed to investment performance returns typically being higher than assumed in last year’s accounting discount rate assumption. A higher than assumed investment return will lead to a positive return on assets in the balance sheet. | Employer contribution rates are currently fixed until 31 March 2026. | Trustees have paid close attention to the implications of the pension valuation on the operations of the | Charity over many years and are familiar with the volatile nature of the FRS102 calculation. Experience | suggestsin subsequent that positiveyears. movementsThe fundinginposition our fundingdoespositionnot poseareany frequentlyshort-term counteractedrisk to the by negativeCharity, but movementsTrustees remain mindful of the long-term implications. A designated fund was created in 2014 within our unrestricted | funds to cover any pension deficit at the point the Charity finally leaves the scheme. Trustees consider it prudent to both maintain this fund and increase its value as finances allow. | | Reserves Policy The Reserves Policy received its annual review. Trustees consider it important to build up sufficient free | unrestricted reserves not designated for other purposes to finance our planned programme of research for the the | foreseeable future. The Trustees consider that we should aim to sustain free reserves equivalent to between

The Reserves Policy received its annual review. Trustees consider it important to build up sufficient free unrestricted reserves not designated for other purposes to finance our planned programme of research for the the foreseeable future. The Trustees consider that we should aim to sustain free reserves equivalent to between three- and six-months’ working capital to allow normal business activities to be undertaken without major financial risk, and to mitigate the risks to the Charity of a shortfall in budgeted income.

At 31 March 2024 the Charity had free reserves of £9.1m. Trustees are very mindful of the volatile fluctuationsin the valuation of our defined benefit pension fund and that the current positive funding position may not persist in future years. They are content that the Charity has an appropriate level of reserves to support our research and education activities over the coming years.

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

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Investment Policy

The Charity has built up funds from its trading operations which are held as unrestricted reserves. Part of these funds is retained in cash deposits to support day-to-day cash flow requirements and the remainder is available for investment. The sums required or available in both categories fluctuate according to trading conditions, so flexibility is an important consideration. We aim to preserve the value of our invested funds against inflation and to achieve modest capital growth by means of prudent placemenis in a diversified range of investments with a low level of risk. Diversity is sought both in terms of the range of placements and length of commitment. Within this policy, the Trustees have delegated responsibility for investments to the Finance, People and Culture Committee which comprises both Trustees and professionally qualified staff. The Finance, People and Culture Committee undertakes on an annual basis a financial health check of the investment portfolio. This investment policy is itself subject to annual review.

Principal Risks and Uncertainties

The Trustees identify and review the risks to which the Charity is exposed. We have a risk management policy which sets out procedures and systems to mitigate those risks. Risk is assessed as part of the ISO 9001: 2015 quality management system which is subject to annual external audit. The Senior Management Team maintains a Risk Register which is regularly updated, with the major risks reviewed by Trustees at every Full Board meeting. The risks that score highest in the risk matrix are:

Operational Risks

‘
e Failure to find senior managers with sufficient skills to successfully lead and manage a company of our size.
e Disruption to operations, financial liabilities, loss of income and damage to reputation caused by a serious health and safety incident.
e Difficulties in recruiting enough Archaeologists with appropriate competencies/experience to service major labour-intensive contracts.
e Disruption to business activities brought about by shortages and price rises because of issues with global supply chains and political situations.
e Cuts in Government spending result in reduced opportunities to win work on major public infrastructure projects and thus less demand for our services overall.
® Recession in UK economy leads to less demand for our services from private sector clients, especially residential house builders.

Financial Risks

e Inadequate commercial awareness (and confidence) leading to overly risky contracts and poor client communications during their execution. e Rising supply costs cannot be fully passed on to customers leading to reduced profitability. Trustees are satisfied that appropriate contingency measures are in place to mitigate these risks. The Charity also maintains a Business Continuity Plan which is reviewed as part of the ISO 9001: 2015 system.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Cotswold Archaeology Limited is registered as a Charity. It is also incorporated as a Company, limited by guarantee and without share capital. The Charity is run in accordance with its Articles of Association which were last revised in 2021. The Articles state that the Board of Directors, who are also Charity Trustees, shall not be less than five or more than twelve. Directors are appointed for a three-year term and retire at the end of this period. A retiring Director is eligible for re-election. Many of our projects are of a lengthy duration, often in the order of five to ten years, and accordingly the Board considers that continuity and experience amongst the trustee cohort to be beneficial. Six Trustees have served on the Board for in excess of nine years: MrA. Chater to assist with long-term business continuity and on account of his special experience with financial management; Mr P. Cullen on account of his long-term experience of working with commercial development companies; Prof. T. Darvill on account of his especial expertise and experience in the heritage sector; Ms V. Fenner given her experience in outreach and community activities; Ms S. Parsons on account of her accountancy and charity governance experience, and Mr K. Winmill on account of his local knowledge and contacts in one of our core operating areas. Mr K. Winmill will retire from the Board at the 2024 AGM. The Chair, Vice Chair and Committee Chairs are elected for three-year terms, at the conclusion of which they are eligible for re-election.

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Trustees are satisfied that the Board contains a good mix of skills and attitudes. There is diversity of opinion and a culturewillingness to challenge views expressed by fellow Trustees and the executive when appropriate. A Trustee training session on contract awareness was delivered during the year.

The Charity aligns with the Charity Governance Code for England and Wales. During the year an updated Code of Governance was adopted that included new policies and procedures on Serious Incident Reporting; Trustee Expenses; Campaigns and Political Activity and Engaging External Speakers at Charity Events. Delegated authorities to management are granted via a power of attorney and a schedule of delegated financial authority. Both documents were reviewed and refreshed during the year.

Potential new Trustees are identified through advertisement or informal contact. During the recruitment process Trustees are mindful of their wish to promote equality, diversity and inclusion in the composition of the Board. Candidates receive a programme of induction from the Chief Executive to fully inform them of the workings of the Charity and the responsibilities attached to trusteeship. They are issued with an induction pack and briefed on the organisation of archaeology in the UK and the objectives, opportunities and challenges facing the Charity. Candidates’ CVs and supporting information are presented to the Board for consideration. Members of the Board are reimbursed for out-of-pocket expenses, such as transport costs to attend meetings and visit projects but are otherwise not remunerated.

The Full Board normally meets twice per year, plus an Annual General Meeting, while its two committees (Archaeology and Public Engagement, and Finance, People and Culture) each meet on at least a further two occasions. Trustees are required to declare any interests at the commencement of each meeting. Full Board attendance during the year was 84% (2023: 85%). Reports from the committees are presented to the Full Board. The Chief Executive has responsibility for appraising Trustees of new legislation, guidance and statements of good practice to enable them to effectively discharge their responsibilities.

The management of the Charity is regulated by a Code of Governance and our strategic direction is guided by a Strategic Plan. The current Plan covers the period to the end of 2025.

The Board of Trustees reviews the success of the Charity in meeting its stated aims and objectives at Full Board meetings. It benchmarks progress against 36 targets set out in the Strategic Plan which underpin the six strategic goals which form our Corporate Vision. The Board also receives reports from the Archaeology and Public Engagement Committee which acts as custodian of academic and professional standards and reviews the effectiveness of our outreach and community engagement activities. A panel of Specialist Academic Advisors assists the Trustees in validating and assuring the quality of our projects and publications.

To meet our charitable objectives, the Board appoints salaried staff to undertake projects under the leadership of a Chief Executive. The Chief Executive is supported in operational management by a Senior Management Team comprising the Commercial Director & Director of Fieldwork; Finance Director, Director of Heritage Consultancy; People Director, and Director of Research and Engagement. The Commercial Director is tasked with responsibility for the oversight and financial control of our trading operations, including management of contract risk. To allow the Charity to respond to the demands for its services a staff of around 312 (279 in 2023) is maintained. The Full Board approves the annual staff pay award, following prior consideration by the Finance, People and Culture Committee. The pay and remuneration packages of the Senior Management Team are set by the Full Board with reference to the salaries offered for comparable posts, and local employment conditions.

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Status and Administration

The Directors, who are also Charity Trustees, and who served during the year were:

Professor T C Darvill (Chair) OBE Mr A M Chater Mr P P J Cullen Dr L H Evis (Vice Chair) Ms V E P Fenner Professor C M Gerrard Ms K A Josephides Ms C Kirk Ms S B Parsons Mr K P Winmill Dr C J Young

Taxation Status

The company is a registered Charity within the terms of the Income and Corporation Taxes Act 2007.

Address:	Building 11
	Cotswold Business Park
	Cirencester
	Gloucestershire
	GL7 6BQ
Bankers:	CAF Bank Ltd
	25 Kings Hill Avenue
	Kings Hill
	West Malling
	Kent
	ME19 4JQ
Auditors:	WennTownsend
	Gosditch House	:
	5 Gosditch Street
	Cirencester
	Gloucestershire
	GL72AG

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COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

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Directors Responsibilities

The Directors are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

and fair view of the state of affairs of the Charitable Company and of the incoming resources and application Company law requires the Directors to prepare financial statements for each financial year, which give a true of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial statements, the Directors are required to:

e select suitable accounting policies and then apply them consistently; ° observe the methods and principles in the Charities SORP 2015 (FRS 102); e make judgements and estimates that are reasonable and prudent; ° state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in operation.

The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Directors are aware:

° there is no relevant audit information of which the Charitable Company’s auditor is unaware; and e the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Auditor

Wenn Townsend having expressed their willingness to continue in office, will be deemed to be reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the Company receives notice under section 488(1) of the Companies Act 2006.

By Order of the Directors

K A Josephides CHAIR OF THE FINANCE, PEOPLE AND CULTURE COMMITTEE

Date: 31st July 2024

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COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF COTSWOLD ARCHAEOLOGY LIMITED

We have audited the financial statements of Cotswold Archaeology Ltd (the ‘Charitable Company’) for the year ended 31st March 2024 which comprise the Statement of Financial Activities, Balance Sheet and Cash Flow 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).

Opinion on financial statements:

In our opinion the financial statements:

¢ give atrue and fair view of the state of the Charitable Company’s affairs as at 31st March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e have been prepared in accordance with the requirements of the Companies Act 2006.

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 Charitable Company 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 Trustees’ 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 charitable company’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 other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material inconsistencies, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital)

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF COTSWOLD ARCHAEOLOGY LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

e the information given in the Trustees’ report (incorporating the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
e the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
e the financial statements are not in agreement with the accounting records and returns; or
e certain disclosures of directors’ remuneration specified by law are not made; or
e we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 12, the Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees 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 Trustees are responsible for assessing the Charitable Company’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 Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

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| COTSWOLD ARCHAEOLOGY LIMITED | (A Company Limited by Guarantee and not having a Share Capital) | | INDEPENDENT AUDITORS REPORT | TO THE MEMBERS OF COTSWOLD ARCHAEOLOGY LIMITED | : OE | e Enquiry of management, those charged with governance and the entity’s solicitors around actual and | potential litigation claims; | e Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with | « Reviewinglaws and regulations;minutes of meetings of those charged with governance: | e Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
e Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant
- transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

e Identify and-assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
e 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 Charitable Company’s internal control.
e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
e Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Charitable Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures 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, future events or conditions may cause the Charitable Company to cease to continue as a going concern.
e Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves 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 significant deficiencies in internal control that we identify during our audit.

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COTSWOLD ARCHAEOLOGY LIMITED {A Company Limited by Guarantee and not having a Share Capital)

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF COTSWOLD ARCHAEOLOGY LIMITED

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company's 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 Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Senior Statutory Auditor

For and on behalf of Wenn Townsend, Statutory Auditor 5 Gosditch Street Cirencester Gloucestershire

Date: 1st August 2024

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital)

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STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31st MARCH 2024

	Note	Unrestricted Funds	Restricted Fund	2024 Total	2023 Total
		£	£	£	£
Income
Donations and Legacies:
Income from charitable activities:
Archaeological projects		29,243,958	-	29,243,958	24,043,642
Booksales Donations		945 -	- 52,883	945 52,883	642 24,774
Investment income		319,554	-	319,554	85,116
Surplus on fixed assets disposals		14,500	-	14,500	6,250
Total Incoming Resources		29,578,957	52,883	29,631,840	24,160,424
Expenditure
Expenditure and charitable activities:
Archaeological projects		27,406,093	90,550	27,496,643	20,567,336
Other support costs		601,140	-	601,140	498,686
Total Resources Expended	4	28,007,233	90,550	28,097,783	21,066,022
		1,571,724	(37,667)	1,534,057	3,094,402
Unrealised surplus/(loss) on investments		5,108	-	5,108	(29,658)
NetIncoming Resources fortheyear		1,576,832	(37,667)	1,539,165	3,064,744
Actuarial (loss)/gain on defined benefit
pension scheme		1,027,000	-	1,027,000.	2,498,000
Net Movement on Funds		2,603,832	(37,667)	2,566,165	5,562,744
Fund Balances brought forward		12,781,640	43,470	12,825,110	7,262,366
FundBalancescarriedforward	12	15,385,472	5,803	15,391,275	12,825,110

The notes on pages 22-32 form an integral part of these financial statements

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital)

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31st MARCH 2024

Analysis of prior year figures

	Unrestricted	Restricted	2023
	Funds	Fund	Total
	£	£	£
Income
Donations and Legacies:
Income from charitable activities:
Archaeological projects	24,043,642	-	24,043,642
Book sales	642	-	642
Donations	-	24,774	24,774
Government grants	-	-	-
Investment income	85,116	~	85,116
Surplus on fixed assets disposals	6,250	-	6,250
Total Incoming Resources	24,135,650	24,774	24,160,424
Expenditure
Expenditure and charitable activities:
Archaeological projects	20,522,551	44,785	20,567,336
Other support costs	498,686	-	498,686
Total Resources Expended	21,021,237	44,785	21,066,022
	3,114,413	(20,011)	3,094,402
Unrealised surplus/(loss) on investments	(29,658)	-	(29,658)
NetIncoming Resources forthe year	3,084,755	(20,011)	3,064,744
Actuarial (loss)/gain on defined benefit
pension scheme	2,498,000	-	2,498,000
Net Movement on Funds	5,582,755	(20,011)	5,562,744
Fund Balances brought forward	7,198,885	63,481	7,262,366
FundBalancescarriedforward	12,781,640	43,470	12,825,110

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital)

BALANCE SHEET

31st MARCH 2024

	Note		2024		2023
		£	£	£	£
Fixed Assets
Tangible Fixed Assets	5	544,829		484,097
Investments	6	430,808		411,745
			975,637		895,842
Current Assets
Debtors	7	6,062,550		4,560,723
Cash at Bank and in Hand		12,677,725		11,073,366
		18,740,275		15,634,089
Deduct: Creditors (Amounts falling
due within one year)	8	6,817,637		5,170,821
~~Net Current Assets~~			11,922,638		10,463,268
~~Total Net Assets before Pension Liability~~			12,898,275		11,359,110
Defined benefit pension scheme	13		2,493,000		1,466,000
asset/(liability)
Total assets less current liabilities			15,391,275		12,825,110
Financed by:
Unrestricted Funds:	11
General Designated		12,110,472 3,275,000		9,831,640 2,950,000
			15,385,472		12,781,640
Restricted Fund	10		5,803		43,470
			15,391,275		12,825,110

These financial statements were approved by the Finance, People and Culture Committee and signed on 31st July 2024 behalf of the Committee on

K A Josephides CHAIR OF THE FINANCE, PEOPLE AND CULTURE COMMITTEE

The notes on pages 22-32 form an integral part of these financial statements

COTSWOLD ARCHAEOLOGY LIMITED

(A Company Limited by Guarantee and not having a Share Capital)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2024

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |CASH|USED|IN| |OPERATING|ACTIVITIES|1,566,119|4,808,060| |CASHFLOW|FROM| |INVESTING|ACTIVITIES| |Interest|received|319,554|85,116| |Payments|to|acquire|tangible|fixed|assets|(281,819)|(183,576)| |Receipts|from|disposal|of tangible|fixed|assets|14,500|6,250| |Cash|provided|by|(used|in)|investing|activities|-|4,715,850| |Sale|of fixed|asset|investments|-|100,000| |Cashflow|from|financial|activities|(13,995)|(8,071)| |INCREASE|IN|CASH|1,604,359|4,807,779| |CASH AND|CASH|EQUIVALENT AT THE| |BEGINNING|OF|THE YEAR|11,073,366|6,265,587| |TOTAL|CASH|AND|CASH|EQUIVALENT AT| |THE|END OFTHE YEAR|12,677,725|11,073,366|

----- End of picture text -----

The notes on pages 22-32 form an integral part of these financial statements

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COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2024

RECONCILIATIONOFOPERATING SURPLUSTONET CASH(OUTFLOW)/INFLOWFROMOPERATINGACTIVITIES	2024 £	2023 £
Net Incoming/{outgoing) resources Depreciation (Profit)/loss on disposal offixed assets Actuarial loss/(profit) ondefinedbenefitpensionscheme Unrealised (profit)/loss on investments	2,566,205 221,087 (14,500) (1,027,000) (5,1 8	5,562,744 228,442 (6,250) (2,498,000) 29,658
Interest received	(319,554)	(85,116)
(Increase)/Decrease in debtors	(1,501,827)	2,450,974
Increase/(Decrease) in creditors	1,646,816	(874,392)
Net cash inflowfrom operating activities	1,566,119	4,808,060
ANALYSISOFCHANGESINNETFUNDS

Other non-
Cash
istApr2023 Cash flow Changes 31st Mar2024

The notes on pages 22-32 form an integral part of these financial statements

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A Company Limited by Guarantee and not having a Share Capital COTSWOLD ARCHAEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024

i |

General information

The Company is a private company limited by guarantee, registered and incorporated in England and Wales. The address of the registered office is Building 11, Cotswold Business Park, Cirencester, Gloucestershire GL7 6BQ

Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the (FRS102)),Financial Reportthe F in ancialg StandardReportingapplicableStandardin applicablethe UK andin theRepublicUK andofRepublicIreland of(FRS102)Ireland (FRS(Charities102) andSORPthe Companies Act 2006.

Cotswold Archaeology Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Depreciation

Depreciation is provided using the following rates and bases which reflect the anticipated useful lives of the assets and their residual value:

Plant and Equipment 25% straight line Improvements to Leasehold Property 5 years (Term of Lease)

Revenue Recognition

The Company’s primary source of income derives from archaeological project contracts. Income from these contracts is recognised when receivable. Incoming resources from grants and donations are included when receivable. In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates based on time costs and actual expenditure costs for amounts not yet invoiced. All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

Interest Income

Interest income is recognised when it is received.

Resources Expenditure

Expenditure is recognised in the period in which they are incurred and include attributable VAT which cannot be recovered.

e Charitable expenditure comprises costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both direct and indirect costs whose charges is necessary to support them.
e Support costs include those costs associated with meeting the constitutional and statutory requirements at the Charity including audit fees and administrative labour.
Investments Investments held as fixed assets are revalued at market value of the balance sheet date and the gain or loss taken to the SOFA.

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COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31st MARCH 2024

;

Accounting Policies (continued)

Pensions

The Company operates a pension scheme providing benefits based on pensionable pay which was closed to new members in 2007. The assets of the scheme are held and managed separately from those of the Company. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over employees’ working lives with the Company. The contributions are determined by a qualified actuary on the basis of triennial valuations.

The scheme is being accounted for under FRS102, with the annually calculated notional surplus or deficit on the funding of the scheme is shown in the accounts as a designated pension scheme fund entitled “Pension Reserve”, which is deducted from unrestricted funds in the balance sheet. The directors believe that the scheme currently meets statutory minimum funding requirements. The directors note that the calculated notional deficit or surplus calculated under FRS102 can vary greatly from year to year depending on the assumptions made at the valuation date, but with little or no effect on short term cash flows. The employees not entitled to be part of the above scheme are entitled to be members of a defined contribution scheme. The costs charged in the financial statements represent the contribution payable by the Company during the year.

Operating Leases

The Charity classifies the lease of property and motor vehicles as operating leases; the title to the equipment remains with the lessor and the equipment is replaced before the end of its economic life. Rental charges are charged on a straight-line basis over the term of the lease.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Funds

The Company’s funds consist of unrestricted and restricted amounts. The Company may use unrestricted amounts at its discretion. Restricted funds represent income, which is restricted to a particular purpose, in accordance with the donor’s wishes. Designated funds are unrestricted funds set aside by the Directors out of unrestricted general funds for specific future purposes or projects.

Surplus on Ordinary Activities

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2024|2023| |£|£| |The|surplus|is|stated|after|charging:| |Auditors|Remuneration|10,700|9,600| |Depreciation|221,087|228,442| |(Loss)/Profit|on|disposal|of fixed|asset|14,500|6,250|

----- End of picture text -----

3. Taxation

As a Charity Cotswold Archaeology Limited is exempt from tax on income and gains falling within the Income Taxes Act 2007 Section 524 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

COTSWOLD ARCHAEOLOGY LIMITED

(A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31st MARCH 2024

4, Total Resources Expended

	StaffCosts	Depreciation	OtherCosts	OtherCosts	Total	Total
					2024	2023
					£	£
Archaeological Projects	11,221,976	221,087	16,053,580		27,496,643	20,567,336
Management and
Administration	590,440	-	10,700		601,140	498,686
	11,812,416	221,087	16,064,280		28,097,783	21,066,022
					2024	2023
OtherSupport Costs
Salaries					590,440	489,086
Audit and Accountancy Fees					10,700	9,600
					601,140	498,686
					2024	2023
StaffCosts
Wages and Salaries					9,987,156	8,310,222
Social Security Costs					994,462	854,148
Pension Costs					830,798	586,235
					11,812,416	9,750,605
Employees benefits		£70,001-	£80,000	5
		£110,000-£120,000		1

The total pension costs for the employees is £108,366 all of whom are members of one of the company’s pension schemes

The average number of employees analysed by function, was:

analysed by function, was:

Archaeological Projects	297	264
Management and Administration	15	15
	312	279

The Directors received no remuneration during the year. Total expenses reimbursed to Directors during the year amounted to £2,846 (2023 £1,990).

The total amount of employee benefits received by key management personnel is £648,877 (2023 £561,358). The Charity considers its senior management team key personnel.

COTSWOLD ARCHAEOLOGY LIMITED

(A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31st MARCH 2024

5. Tangible Fixed Assets

Tangible Fixed Assets
	Short	~~Plant and~~	Total
	Leasehold	~~Machinery~~
	improvements
	£	£	£
Cost
At 1st April2023	270,482	1,541,177	1,811,659
Additions in Year	39,608	242,211	281,819
Disposals	(-)	(37,538)	(37,538)
At 31stMarch 2024	310,090	1,745,850	2,055,940
~~Depreciation~~
At istApril 2023	259,661	1,067,901	1,327,562
Charge forthe Year	16,420	204,667	221,087
Disposals	(-)	(37,538)	(37,538)
At 31st March 2024	276,081	1,235,030	1,511,111
Net Book Value
At 31st March 2024	34,009	510,820	544,829
At31stMarch2023	10,821	473,276	484,097

| | |

COTSWOLD ARCHAEOLOGY LIMITED A Company Limited by Guarantee and not having a Share Capital

| | |

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31st MARCH 2024

Investments	2024	2023
	£	£
Market value
Balance b/fwd	411,745	533,331
Disposals	(-)	(100,000)
Accumulated interest	13,955	8,072
Unrealised gains/(loss) on investments	5,108	(29,658)
Realised gain on investments	-	-
	430,808	411,745

The investments were held M & G Investments Charibond Charities Fixed Interest Common Investment Fund, Accumulation Shares of £ 430,808 (2023 £411,745). The market value of investments was valued at mid-market price as at 31st March 2024.

		2024	2023
		£	£
	investments in subsidiary	1	1
	Subsidiary
	Cost	1	1
	Theshare isheld inSuffolkArchaeologyLimited.Thecompanyisdormant.
7.	Debtors	2024	2023
		£	£
	Trade Debtors	5,474,190	3,696 327
	Other Debtors	116,596	141,640
	Amounts Recoverable on Contracts	471,764	722,756
		6,062,550	4,560,723
8.	Creditors (Amounts falling duewithin oneyear)	2024	2023
		£	£
	Trade Creditors	1,161,174	847,240
	Taxation and Social Security Costs	1,196,577	609,962
	Other Creditors	249,213	103,261
	Deferred Income	4,210,673	3,610,358
		6,817,637	5,170,821

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31st MARCH 2024

Deferred Income relates to archaeological project contract income received in advance and relates wholly to the year under review.

9. 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 £1.

10. Analysis of Net Assets by Fund

		~~<-Unrestricted Funds ->~~	~~<-Unrestricted Funds ->~~	~~Restricted~~	~~Restricted~~	Total	Total
		~~General~~	~~Designated~~		Fund	2024	2023
		£	£		£	£	£
	Fixed Assets	544,829	-		-	544,829	484,097
	Investments	430,808	-		-	430,808	411,745
	CurrentAssets	15,459,472	3,275,000		5,803	18,740,275	15,634,089
	Current Liabilities	(6,817,637)	-		-	(6,817,637)	(6,170,821)
	Pension Scheme
	Funding Surplus/(Deficit)	2,493,000	-		-	2,493,000	1,466,000
		12,110,472	3,275,000		5,803	15,391,275	12,825,110
	The restricted fund current	assets are comprised as follows:
2024 2023 ~~	~~ £ £
Cash at Bank 5,803 43,470

			Historic	Roman	CBM	Community
		England	PhD	Fund		Research	£
			£		£		Fund
						£
			Asat 1stApril2023 Income inyear Expenditure in year	13,400 - (13,400)	18,178 7,737 (20 112)
	Asat31stMarch2024	-		5,803		-	5,803

Historic England:

Grants provided by Historic England restricted to supporting the publication of Historic England sponsored books.

Roman Ceramic Building Material (CBM) PhD Fund:

Donations to support a funded PhD student researching Roman ceramic building material at the University of Kent.

| t

| |

A Company LimitedCOTSWOLDby GuaranteeARCHAEOLOGYand not havingLIMITEDa Share Capital NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31st MARCH 2024

Community Research Fund:

Donations to support fieldwork and post-excavation analysis of a community research project in Wiltshire.

11. Unrestricted Funds

Unrestricted Funds
	General	~~Designated~~	Total
	£	£	£
As at 1stApril2023	9,831,640	2,950,000	12,781,640
(Deficit)/Surplus forthe year	3,613,832	(1,010,000)	2,603,832
Transfers between Funds	(1,335,000)	1,335,000	-
	12,110,472	3,275,000	15,385,472

The designated funds are listed below. These funds are earmarked and exist to enable the Charity to continue to provide archaeological services to a high standard on an ongoing basis.

	~~Dissemination~~	Public	New	~~Premises~~	~~Pension~~	Total
	~~and Archiving~~	~~Engagement~~	~~Technology~~	£	Fund	£
	£	And Social	£		£
		Value
		£
1st April 2023	350,000	300,000	300,000	250,000	1,750,000	2,950,000
Expenditure	(405,000)	(270,000)	(235,000)	(100,000)	~	(1,010,000)
Transfer	505,000	295,000	385,000	150,000	~	1,335,000
31st March	450,000	325,000	450,000	300,000	1,750,000	3,275,000
2024			~~—~~	~~ee~~

Funds have been designated by the Directors for the following purposes:

Dissemination and Archiving:

Public Engagement and Social Value:

New Technology:

The Charity makes it work widely and freely available to advance the education of the public. It strives to research the results of its most significant investigations even when this is over and above the contractual requirement with those who commissioned the work in the first place. It ensures that the finds and archives resulting from investigations are deposited with publicly accessible repositories wherever possible. This fund finances such work where this is not covered within pre-existing contracts, and supports the maintenance of the Reports Online facility on our website that provides free access to our unpublished fieldwork reports.

Work associated with the wider dissemination of the results of our projects to a broad range of individuals, social media posts, website stories, in-person events and talks, and providing opportunities to volunteer. Activities that support access to, and preparedness for, employment in our sector.

Maintenance and upgrading of computer infrastructure to maintain contemporary standards of functionality, resilience and security. Investment in the capture archaeological data in a born digital format, especially that arising from archaeological fieldwork investigations. Investment in digital survey (geomatics).

|4 I

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31st MARCH 2024

Premises:

Future premises requirements, including dilapidations at the end of lease terms.

Defined Benefit Pension Scheme:

Provision for liabilities arising from the Company’s defined benefit pension scheme operated by Gloucestershire County Council and provision for any final cessation payment.

Movement of Funds 31st March

	~~Unrestricted~~	~~Restricted~~	Total	Total
	Funds	Funds	2024	2023
	£	£	£	£
Balance B/Fwd	12,781,640	43,470	12,825,110	7,262,366
Surplus/(Loss) fortheYear	2,603,832	(37,667)	2,566,165	5,562,744
	15,385,472	5,803	15,391,275	12,825,110
	~~Unrestricted~~	~~Restricted~~	Total
	Funds	Funds	2023
	£	£	£
Balance B/Fwd	7,198,885	63,481	7,262,366
Surplus/(Loss) fortheYear	5,582,755	(20,011)	5,562,744
	12,781,640	43,470	12,825,110

13. Defined Benefit Pension Scheme

By the end of the year, 11 (2022 - 14) employees were members of the Gloucestershire Local Government Pension Scheme (GLGPS). The Company contributed £149,000 (2023 - £159,000) to the scheme on behalf of its employees during the year. The Company has 19 deferred pensioners and 10 pensioners.

The assets of the defined benefits scheme for staff are held separately from those of the Charity. The Scheme is funded by contributions from the employees and employer in accordance with the recommendations of independent qualified actuaries on the basis of triennial formal valuations. The most recent of these formal valuations was made on 31st March 2022, using the revised actuarial assumptions of the Pensions Act 1995, and reported a deficit of £2,744,000 which is being funded by employer's contributions of 29.8% per annum and employees’ contributions on average of 7.9% of pensionable pay to 31st March 2023.

Significant assumptions used are as follows:

	31st March 2024	31st March 2023
	% p.a.	% p.a.
Inflation/Pension Increase Rate	2.95%	2.95%
Salary Increase Rate	3.45%	3.45%
DiscountRate	4.75%	4.75%

‘A Company LimitedCOTSWOLDby GuaranteeARCHAEOLOGYand not havingLIMITEDa Share Capital

| | | | | |

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31st MARCH 2024

Major categories of plan asset

Year ended	31st	Mar2024	31st Mar 2023	31st Mar 2023
		%		%
Equities		65		66
Bonds		21		21
Property		12		12
Cash		2		1
		100		100
Balance Sheet
Year ended:	31st	Mar 2024	31st Mar 2023
		£ (000)		£ (000)
Fair value ofemployer assets		8,545		7,418
Present value offunded liabilities		(6,052)		(5,952)
Net (under)/overfunding in funded plans		2,493		1,466
Present value of unfounded liabilities		-		-
Unrecognised past service cost		-	;	-
Netasset/(Liability)		2,493		1,466

The defined benefit obligation is split £3,773,000, £1,473,000 and £806,000 between active members, deferred members and pensioner members respectively as at 31st March 2024 The liabilities as at 31st March 2024 are based on the current benefit structure of the GLGPS.

Reconciliation of defined benefit obligation

Reconciliation of defineddefined benefit obligationobligation
Yearended: Opening defined benefit obligation Current service cost	31stMar2024 £ (000) 5,952 139	31stMar2023 £ (000) 8,476 228
Interest cost	285	236
Contributions bymembers	45	43
Actuarial losses / (gains)	(-)	(-)
Past service costs / (gains)/losses	-	-
Losses/ (gains) on curtailments	-	-
Changes in financial assumptions	(412)	(3,454)
Changes in demographic assumptions	(33)	(211)
Other expenses	149	680
Estimated unfounded benefits paid	-	-
Benefits paid	(73)	(46)
Closing defined benefit obligation
	6,052	5,952

: t

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31st MARCH 2024

Reconciliation of fair value of employer assets

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Year|ended:|31st|Mar|2024|31st|Mar|2023| |£|(000)|£|(000)| |Opening|fair|value|of employer assets|7,418|7,444| |Net|interest|359|207| |Contributions|by|members|45|43| |Contributions|by|the|employer|304|159| |Return|on|assets|excluding|amounts|included|in|interest|(492)|(345)| |Assets|distributed|on|settlements|-|-| |Other expenses|(-)|(44)| |Benefits|paid|(73)|(46)| |Closing|fair value|of employer|assets|8,545|7,418|

----- End of picture text -----

Investment returns

The return on the Fund in market value terms for the period to 31st March 2024 is estimated based on actual Fund returns as provided by the Administering Authority and index returns where necessary. Details are given below:

Actual Returns from 1st April 2023 to 31st March 2024 11.3% Total Returns from 1st April 2023 to 31st March 2024 11.3%

Sensitivity Analysis

The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below:

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Approximate|%|increase|to|Approximate|monetary| |Change|in|assumptions|at|31st|March|2024:|Defined|Benefit|Obligation|Amount|(£|000)| |0.1%|decrease|in|Real|Discount|Rate|2%|126| |1|year|increase|in|member|life|expectancy|4%|242| |0.1%|increase|in|the|Salary|Increase|Rate|0%|19| |0.1%|increase|in|the|Pension|Increase|Rate|2%|109|

----- End of picture text -----

Analysis of projected amount to be charged to operating profit for the year to 34st March 2024

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Year|ended:|31st|March|2025| |£|(000)|%|of Pay| |Projected|current|service|cost|(128)|(23.4)| |Interest|including|plan|assets|420|76.6| |interest|cost|on|defined|benefit|obligation|(295)|(53.8)| |Past|service|cost|including|curtailments|125|22.8| |Effect|of|settlements|-|“| |(3)|(0.6)|

----- End of picture text -----

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31st MARCH 2024

The actuary estimates that the Employer's contributions for the year to 31st March 2025 will be approximately £305,000.

14. Defined Contribution Scheme

The Company operates a defined contribution pension scheme in respect of the employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the Company and amounted to £525,039 (2023 £427,029).

15. Related Party Transactions

There were no related party transaction during the year or prior year.

16. Contingent Liabilities

The Company's leasehold premises have had alterations made that may require rectification at the end of the lease. The costs relating to this are not known. A provision of funds over the period of the lease will be made through the designated premises reserve to cover anticipated future cosis.

17. Capital Commitments

There were no capital commitments at the year end.

18. Controlling Parties

The Charitable Company has no ultimate controlling party.

19. Going Concern

| The Charity has no going concern issues. | 20. Operating Leases

Total future minimum lease payments under non-cancellable leases are as follows:

Leases on Buildings	2024	2023
	£	£
Within 1 year	233,308	226,852
Morethan 1 year	302,450	387,258
Other
Less than 1 year	93,765	134,573
Morethan1year	10,980	59,663

21. Government Grants

The Charity received none during the last two financial years.

2024-03-31-accounts

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31stMARCH 2024

OBJECTIVES AND ACTIVITIES

Objectives

Mission

Values

Our Guiding Principles are:

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Public Benefit

Achievements and Performance

Knowledge Creation

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Partnerships, Collaborations, and Professional Citizenship

Facilitating Access to Knowledge and Creating Social Value

Dissemination of Research

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Social Value

1 Access to Work: we promoted local skills and employment via our support for three apprentices. We also provided work experience placements for 25 individuals across our four offices.

2 Readiness for Work: we attended 15 careers fairs at local schools, regional events and universities during the year.

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Sustainability, Innovation and Company Development

Innovation and Service Development

Future Plans

Specific objectives for 2024/25 include:

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

FINANCIAL AND OPERATIONAL REVIEW

Pension Schemes

Investment Policy

Principal Risks and Uncertainties

Operational Risks

Financial Risks

STRUCTURE, GOVERNANCE AND MANAGEMENT

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Status and Administration

Taxation Status

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31st MARCH 2024

Directors Responsibilities

In so far as the Directors are aware:

Auditor

By Order of the Directors

K A Josephides CHAIR OF THE FINANCE, PEOPLE AND CULTURE COMMITTEE

Date: 31st July 2024

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF COTSWOLD ARCHAEOLOGY LIMITED

Opinion on financial statements:

Basis for opinion

Conclusions relating to going concern

Other information

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF COTSWOLD ARCHAEOLOGY LIMITED

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of Trustees

Auditor’s responsibilities for the audit of the financial statements

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF COTSWOLD ARCHAEOLOGY LIMITED

Use of our report

Date: 1st August 2024

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31st MARCH 2024

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31st MARCH 2024

Analysis of prior year figures

BALANCE SHEET

31st MARCH 2024

K A Josephides CHAIR OF THE FINANCE, PEOPLE AND CULTURE COMMITTEE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2024

CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2024

General information

Accounting Policies

Basis of preparation

Depreciation

Revenue Recognition

Interest Income

Resources Expenditure

COTSWOLD ARCHAEOLOGY LIMITED (A Company Limited by Guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31st MARCH 2024

Accounting Policies (continued)

Pensions

Operating Leases

Debtors

Funds

3. Taxation

(A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31st MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31st MARCH 2024