COMPANY REGISTRATION NUMBER: 09182268 CHARifi REGISTrATION NUMBER: 1159798 The Vindolanda Trust Company Limited by Guarantee Financial Statements 31 December 2023
The Vlndolanda Trt Company Llmlted by Guarantee Flnanclal Statements Year Ended 31 December 2023 Pages Trustees, annual report (incorporating the directorfs report) 1to11 Independent auditorfs report to the members 12to15 Statement of financial activities (induding income and expenditure account) 16 Statement of financial position 17 Statement of cash fk)ws 18 Notes to the financial slaterr*nts 19to34
The Windolanda Trust Company Limited by Guarantso Trust••s' Annual Report (Incorporallng the Directorf$ Report) Year Ended 31 December 2023 The IrLth5, who are also the diredors for the purposes of c¢xnY law. present their report the financial 8tateffnts of the chwty for the year ended 31 Dbe1 2023. R•fevgncg •nd admlnlslr•tl¥8 d•tsll¥ Reglstered ch•rfty name The Vythanda Tnjst Charfty r•glstrallon numb•r 1159798 Company r•glkntlon numbor 09182268 Prfnclpal offlce and rnglst•ved Chestertth Museum offlce Bafdon Mil NE47 7JN The truytees Mr G Calland Mr T F Carroll Prof l Hayne5 E F G StrndrY Mr L J Thompson Dr P R V4llson rs V S Johnston Mrs H INoc¥JtI Dr H C Andersen Dr J Hunt Prof G Tayb)r Mr R Spencer (Retired 18 Juty 2023) Chlfrf èxKuth• offlc•r PlrA Birley Deputy Chlef ex•cutlve officer Mr C Galb A¢countnts Plectrle & Co countsnts 2 Gosforth Park Avenue Ntrcastle Upon Tyr NE12 8EG Audltor UNW LLP Chartered acmunlts Ctygate, St James Boulevard NE14JE Bankers Ltyds Bank pk 102 Grey Street NE991SL Solicitora Ward Hadway Sandgale HOL 11r2 The Quayside NE1 30X
The Windolanda Trust
Company Llmited by Guarantee
Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) le1b1
Year Ended 31 December 2023
Structure. governance and manag•m•nt
Governlng dUmont
The Vindolanda Trust was founded in 1970 and was operated under the rules of its conslrtution. On 1
January 2015, the assets of the charty {charity nwnber 500210} transferred lo a limited by
guarantee charitable wnpany (charty number 1159798} whth is go¥erMd by ts rnerrorandum and
artth of association.
Charlty and Company ¥latUS
Thevindolanda Trust undert(x4( arrangemenistotransfertoan incorpNed charitable company limited
by guarantee from that ofthe original registered Charty whth was founded in 1970to research, preserve
and promote the archaee4¢)gy of Roman Vir)dolanda whh IES at the heart of the Hadrian's Wall Wofld
Heritage Site. The name, stntUre and managewnt ofthe Tntst remains wilh a body ofTru5tees {who
a aL80 the directors of the charitab company urKler cranY lawl and the aims. obie¢tNgS, assets
and stsff dirty transferred to the IrKOw charitle company in 2015.
Trustees have determined that the Trust wdl conlmiue to be a truty independent •KI ethical organisation
and that il wll operate with honesty and transparency and be spected for its integrity. The Tnjsl will
advance the knthv and enhance th& wareness of Vindolanda through a meticulous Investation
of the archaeolcoical record and maintsin Vindolafts's unh4ue 'spirit of place, and contribulion to the
Hadrian's Wall World Heriwe Site. Education. access. inTh)vation. creatiwty and sustawiab
d8velopnEnt wiu remain firmty imbedded in ettrK6 of the Tt.
lntwTh control and management
The Board of Tte8S are akn the dwecicrfs ofthe charilabl& cY) m8et fourtines per year,
including Annual General Meeting arKI an autumn budget meeling, an(1 call any further interim
meelings on a discretwary basis. An impact arbd devekpment sub commrttee rrnets on a separate
basis to prepare in-depth reports on any matters 1dentrf by the Board. Tnjstees consKler that this
urrent level is Sufficie for the corrtinued gwj governae of thwity.
The Board ofTrustees undertake the recrUthnt ofnew mnbers based on a skils revivN ofthe Board.
Nthv Trustees are provided wilh suwort and trainin9 to rrE& their responsibillies.
The remuneration
The Windolanda Trust
Company Llmited by Guardnteo
Trustees. Annual Report (Incorporating the Dlrectorfs Report) (¢lIft•}
Year Ended 31 Docember 2023
Stvucture. g¢>vernance and m•n•gement (
ObJ•cllv•s and athltl•s
The pllncpal object of the charitable CL¥np is for the wchaeobgical excavation, conseryat)n,
preseThalw)n. public display. education and enjoyment of the Roman remains and artefacts at
VintJolan¢Ja. The Vindolanda Twstees purchased a socond Hadrian's Wam site al carv0. in 1972 and
incorporated this sf(e into the aims & oeclives of the Twst. The Twste8s also h)Id and administer. by
way of lease. the Roman Amyy Museum vlhich is adjacent to Ihe Car¥0 landholdir¥J.
Achlev•m•nts and pwlorni•n
2023 proved lo be another seSsful year the Vindolanda Trusl. For the fiTSt tim8 tho Twst were
able to run hvo excavation prcgrams concuTrenty at Vindolanda Rcnan Fort and Magna Fort,
wekoming volunteers and wsrtors from around the to bh museums. INe continued our recovery
from Ihe ¢hallenging years crf 20212021, whore restrvthons due to the COMD-19 pandem irrwted
the business significanty.
Both Vinddanda and the Roman Army Museum ope for the 2023 season in earty February.
Vindokqnda remained open daity for the rwnwnder of the year. with the Roman Army Museum closing
In late Oclober lo assist facilitale the Ggpital associated ith the NHLF Magna project.
Over the cOue of 2023, visrts to Vindolanda and the Roman Am)y Museum increased lo 144,201
(2022 - 139,395 visrtorsl. These Visito contn"buted to another rttord year in tern of tr&ding income.
increases in Sondary spend within the retsil and ¢ering outlèts dèspite the challenging
economic conditn$ through the country.
The Trust continued to offer hwh qualty self
The Windolanda Trust Company Llmlt•d by Guarants• Tnt' Annual Report {Incorporating the Directoes Report) (c Year Ended 31 D•comr 2023 Achlevements and perf0mnCe It0? Publlc b•nefft & Engag•m•nt Th0 2023 •xuvatlon & Voluntwr Progrnmmm. ID 2023 the Vir¥))landa Trust expandeil its Nnteer prC9T to incwate the start of thè Magna project at CaNoran fort. This, when combined with the final season of Ihrrfk on the Vindolanda project welcomed than 400 voknntegr5 to our sites. As usual. toth excavalions were over-subscribed with thousands of Peop wailing online to t¥)ok th8ir platss. The Tntst continued to offer a young bursary sChe. nJn in partnership th Historic England and this was expanded to indude 10 young pecple from the north of England wrth a particuLqr emphasis on those who came from di&thantaged groUnd$. Loc4(ing foTward to 2024, the Trust wrm continue with thK8 s¢heme, funded by generous donations made by people who have been fortunate enough to personalty benefft frun this eper and to be able to afford to W olhers to do the same. Al Magna the prqect started with the excavation ofthe eastem halfof milecastle nurrthr 46. This poody preserved part of the Frontiers of the Roman Empire Vlcffld Heritage Srte still manth3ed to surprise u8 wr¢h some rern0fkab finds that dluminated lrfe on the frontEr 21 years ago. Those discoveries induded a rare and beaulifulty preseryed dua beam bakn¢e and the grave of an eklety person (pSUMed Christian) buried in the crt#)k of thejunclK)n beleen Ihe mik¢aslle and Hadrian's Wall cir AD350400. The environmentsl monrtoring at Magna stsrted to shtr•V the worrying long4emi tndS and impact of climate dnge on the archwkw of the srte and Ihi8 irtswred the Trust to irbvesl in a similar system for the site of Vindolanda. The Trust in?led in four burd probe mys and a weather statM at Vindolanda to prowde comparalrrfe data for the M4na probes. In 2023, the data from those prcèes proved beyond doubl that there was no4V a direct relatnShip beknn extr dimatic chan9es above ground and the k)ss of archaeolcgKal deposits the surfxe. Over 100 artefacts from the 1ndolrth Trusts ¢¢t)n3 there Sent on temporary loan in 2023. induding lo the Bfitish Museum in weparation for the Legion Exhbitmm in 2023. Our work on becoming a greerw and MO ewronnwrtaky friendty organisat)n tInued into 2023 with the instaNatKJn ol the solar eleclric cycle shelter on the site and the replacement of the petrol gra$$ cutters and equipment for grounds maintenarte wtth an EV equ8ftt. The adoptK)n of a paperless Tecordww Syslom for bch excava atVmdL4anda and Magna saved an estwn•ted 3.5 tor ofcarbon. 2023 was a busy year for lectures with mre than 40fy) peopbg attending th& 24 *tures delNerd by tho Trusls archaeobgThl and curatorial teams. bcrth natnal and intemationalty. From Sweden to Rome. Belgium and the Netherlands, the Trusts work continued to a¢h an inlematK)nal audience. TV, radio and other media outreach akn connected millM5 rrnre to the work ofthe Tntst in 2023.
The Windolanda Trt Company Llmlt•d by Guarantse Trustees. Annual Report (Incorporating tho Directorfs Report) Year Endod 31 Docember 2023 Achlevgm•nts and p•rfomwice (c•0? The 2022 excavatlon & Volunt••r Programmm (contlnwd). The CollaboratNe D1 wward. bd¥thten LwKaster Unrrfersty and the Virthlanda Trust kxking at the role of Roman RelIgn on Hadrian's Wall continued in 2023 th rts end dste scheduled as 2025. The AHRA prc4ect in co118boralion behveen the VindoLgrKla Tntst and Bristol and Exeter Unwersrtw. eXnIning ancnI food practices and pathways has been funded and started in 2022 with the taking of over 150 samples of ceramK for deep k'imd fi>ren5K anasts. Unfortunatety, the Horizon in whh th& Tnjst was a partnerwas UnSLessIuI in 2022 (the UK leawng the EU has made rts paitipalKn in those Projects very drfficult to realise) but the TNst has Continl lo work its UK and European partners and ha$ re-submitted to this fund i) 2023 with a pro)1 enlrtled 'MONARCH'. We hope to receNe news about the success or otheiSe of thi5 applKalbJn in May 2024. As in pwous years. the above onkrf a taste of the mY projects and collthrations that th• VindOnda Trust is engaged with during 2023 as Ihe organisation continues to be fopward thinking and dynamic, looking towards meetw the challenges of the future with confydence. Edu¢•tlon The number of edUCatn group $It¥ during 2023 conb.nued to gr(yw. wrth schcdg from local. regional and national areas visfling trth ViTrJolarth and the R(Knan Army Museum. Pre-booking$ for 2024 are very healthy and we are fore&7sting final educational numbers to be similar to pre pandemic fvJures. The A¢tNty and DNersty office ha$ worked well wrth the Vin&)landa Activities officer to improve the eduCatnal offer within the Trust and wll cryttinue to i)n Aising our profi wrthin groups who tradith?nalty woubj not wsit heiita9e sites. The Trust continue to erwjage with a gfOUP of 1&18 Ye okl thiklren. and the Youth Panel wothing on lemporary exhibitk)ns within the MLWUM. Overthe ¢ours0 of 2023. staff continued toengagewith various vtstlors growls, corkJucling1oCturg5 and or118 tours, many of t1 leiures available for the Vindolanda Trust YouTubg channel.
The Windolanda Trust Company Limited by Guarantee Trusto•s' Annual Report (Incorporating the Directorfs R•port) Year Ended 31 December 2023 A¢hl•v•ffl•nts and rfOrmance (twAh7U• Staffing & TralThlng staff retention kvels continue to be excel1w within the TrusL and our empbyee eTrjagent irKlicates high level of workplxe $ati$fion and staff rra. Al team membefs are focused on rnainlaining hyh standards achieving the go of the Vin(bknda Trust. Staff training continues to be a svjnfficant laclor in achiewng success and the fvll team participated in the start of season $essn9 in February. and on the job training Cpportunit$ continue to ensure that the team are fulty equipped with the sklls required to fuffil their roles. New team membersioined as part of the Magna project and Settled in well with menIC9 and job shad(yMng from senior lean members. The Trust c¢)mpletgd the Investors in Peopk cycle retained our goky a¢creditat)n, th8 assessrnent identrfMI several strong areas within pecyk management aThl indicated a coupl& of areas for improvement. Opp)rtunitN?s for continual Prrfessional dernent remain a hh wionty for the bowd and leadership lewn. Suslalnablllty and R•slli•Trc• The Board have resofved thal they wll continue to xtivety Pursue coutses of aclion that support and exiend their developed primary incerfnè streams. They wll wnlinue lo explore and seek nv•V funding opportunities and avenues. They wll mnitor inlemal and extemal trends, cpportunrties and threats and respond in a manner that best supports Ihe financial sustanabiiity of Ihe Trust to meet rt$ primary aims and objectives. Forward business aft$ will conlinue to be subj'ect to rciwst scnthy. with the publt)n of the 2024- 2034 FoThvard pkn scheduled for MKI 2024. The Board wl continue to monitor the Trusfs operations to adopt good practice and reduce the carbon footprint of the Organisat. Financial rnvi8w Flnanclal rovlwaf of lh• yoar The Trusfs main sources of voluntary are donatn5 and other incoff of£1,006,752. Shop arKI cafe sales and other fvndraising income tcrtalted £627,022 and admissp)ns totalled £948.269. Income received in grft aid tOtsId £132.429 and is induded wrthin the rean1 balances. The Trusl's charitab costs have increased in the year lo £1.997.879 resuming in a net surplus of £656.903. The Tw$t has a nel asset worth reserves of £8,616.630 at 31 Decembor 2023. The Trusvs unrestricted reserves at 31 Decemb8r 2023 totalled È6.913.725 and are represented by caprtal assets of £5,657.775 current assets of £1,741,636 and Ik4)ilit of £485.686 of which £171.578 is due in nv)re than ¢)n8 year. The Trust's restricled reserves at 31 December 2023 of £1.702.905 are represented by fixed assets of £1,408,463 and current assets of £294,442. The Trust has nc carried out any Syniant fundraising xtIVr. During the year a total of 416 {2022'. 5011 NvlunteeTS gave their freety. withoth remunerion. Th8 value of their input is ests"mated at £436.500 {22.. £274,700), akhough this income has not been renised in the finan¢i statements.
Vlndolanda Trust Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) Year Ended 31 D•c•mbor 2023 Flnanclal rnvl•w k appraisal Insurances ar8 in place to cover any li8.11tS Ihat mwjht artse frcth the Trusfs adNities. Polics and procedures are in plxe and are revieVd regurty to tslitate the sound managerrent of the charity and a risk regisler has been estsbli8hed to manage or mtyate ary identified risks and to promote high standards and best practice. Tr Trust follph*d guKlae and iffplerwted changes to minimise the risk of the Pandem and conb.nue to eVaale asswaled rks. The Board of Trustees, aim to maintain enowh in the Trusys reseNes to provhje against a sudden and unpredicted tsll in future income. The minimum firture knl would be six months. expendrture on staff salaries and other fixed costs irbcluding maintenance of Trust propety. This fvJure is currentty set at £550.000. The Trust has secured a mixture of shc¥t to m&Jium temi Savings aCCnts lo secufe our ¢ash assets. As at 31 December. Ihe free resef¥es of the Trust I unrestricted funds not tied up in fixed as$8t$l amount to £1.255,950 {2022. £810.650}. The restrthd fvnds of the Trust totaHed £1.702.905 12022.. £1,355.4471. of this £1.408,463 {2022: £1.155.9821 is up in fixed assets.
The Windolanda Tnt Company Limlted by Guarnntee Trustses. Annual Report (Incorpordting the Dlrectorfs Report) (t Yoar Endod 31 D•cember 2023 Plans for futur• porlods The Vindolanda Trust has had lo adapt to fundamental changes in its operalbonal environment to survNe and meet its core aims and ¢tytrves in the last Iwo ye8rs. The success in being able to do $0 has alh)wed it to stay In to its core and to continue to plan and buikl for the future. The irrnediate f$ of the next Iwo lo fve years remains rebuilding its resources to pre-parKlemic levels so that il can continue wrth the year on year investrnents and improvemenls al ils srte$ and museums. The focus of 2024 will be to r&lum to normal operanS. and to plan for firture prcpcts al the Roman fort and site of Magna, adjacent lo tr Roman Amiy Museum. where rf( hopes lo run a fNe year research excavation to mrtigate the problems of climate change which is affecling thal part of the World Herrtage Site (See NLHF). The Trust k8 aL80 actNety and rygre5SNdy putsuing its Green PolKies. transitioning to a more carbon neutral organi5ation. Exuvatlon and Re1th 2023 was tr final yearlorthe project entitled IlnderstarKling CornnunitKrys and Identrtw. The Severan fort1 and roundhouse CoMpX * Vindolanda" The ex&ivatn$ completed the south-western quadrant of the third century fort and establk8hed the natural subsoil ve19 bekm the first timber forts in a wide area of the site. Those deep excavat$ encountered the remains of limber buildiThJs daling from the end of the first Century to the middle of the secondary century AD. HrJ4¥ever, it was ncrted that despite some wonderful smaN finds, the general state of presefvaknn was much pwrer than enwintered nearby onty 7 years previousty. In tr final 15 minutes of excavation an almost complete Roman letter was discoved. addressed to the fourrfiing officer of the srte, Julius VerecUrU5. Artefacts frcKn the srie induded a s¥Jbstantial number of small insects remains. grains and seeds. The insects included the earl'est known example of a bed bug from RonHn Britain. aThl this discovery was ewined by Kal se Jackson fr(Nn Universty of Oublin. The 6 per$ of excavatron. or 12 weeks at the site of MwJna c(ryiletety e>plDred the easlem haff of milecastle 46. This was frmjnd to have been extenswdy destroyed by later stone robbing. leaving onty the cores of the main east and wesl walls. Extrarnural work around the edges of the mikcastle encountered a large, cobbled yard sUrfe. This surface eovered a Se of pits dug through the pre- Roman boulder clay and thr puw reff4•ns ar. 2023 was the final year for the ptdtnehIp between the Twsl and Lewter Universty'$ Arch-l&an project. We continued to wk with ¢olWues at the UnNersty of Teesside. undertaking organ remains anatysis. alongside UnNersity of Edinburgh. In 2023 Nvwcastle University's geophysical survey of Magna was complir*nted by a finer piece of work in collaboratn with the Dr. Chrislcs)h Rummel and his team from the Romtsch£ermantsehe Kommission in Frankfvrt. Gennany. Thts excellent w and cdlaboralion will ccrtinue in 2024.
The Windolanda TnBt Company Limited by Guaranteo Trustees. Annual Report (Incorporating the Directorfs Report) Year Ended 31 December 2023 Plans forfuturn p•rlods NLHF projocl. Magna The Vindolanda Trust were delvJhted to l¥fr approval d a Grant 4)plintion to the National Lottery Heritage Fund. The £2.5 million prqect b8 based at Roman Magna. next to the Roman Amy Musgum and the delNery phase cerfnmerKed on 15th FebrLWy 2023. The awns ofthe 5-year proiect awe as folkn... InvestNJate the major effects of dimate chary with a fr-year Magna communty volunteer excavation and geoarchaeobgy programme. ProvKle aetmty. MIng and er3agement OPrtunitieS for 2.000 peIe and lurictK)n as a dynami and excrting catatyst lo en[age and m¢)re dr4ase group of peop lo erwJag8 ith the work of the trust. Create fve new jobs Vering archaeokgy. geoarchaeok)gy. 8xtpiili8sloutrexh and Investor in People Gold Standard Herilage Customer Servv. Adivety engage wth cL¥nmunitses xross tr Northem RegK)n. Undertake smal buihj vths for archaw)bgThl volunteer and museum actiV¢t. Progress on the ProJeLt during 2023 was excelbent. with the fwst 12 of archaeologul research completed at Magna. and the COMffMent of the build work carried out in the final 3 months of the year. The catal program cleted in April 2024. ACE and Art Fund fvnd•d project Launched in April 2022, the Creats'ng Connections ACE prgect carried on throughout 2023 an¢J will be complete in April 2024. The project has engaged with kxal communty groups and in September. Youth Panel {ages 1&17) reconvened lo devebp a project ary)und climate change whh will be delivered in earty 2024. The project continues to engage with groups of 10 Museum VonteerS who have audited some 25% of Ihe 23,000 archaeokgvl artefacts on the ne•¥ cdlections database. This year the database has become an inlogral tcol for the museum and archaeology Staff, helping wrth severnl queries which we recerve including for loans. TV Crexs and vi5itiThJ specialists. The Digital Biographies project. funded by Art Fund. was comphted in April 2023. with an intemational wthshop into the impxt of games on herrtage srtes arHI museums.
The Windolanda Trust Company Llmlted by Guarantee Trustees. Annual Report (Incorporating th• Dlrnctorfs Report) Yur Ended 31 December 2023 Plans for futurn perlods Access The Trust continue to look at syslems and prnctices will increase our Xcessibfy at both sites with the new tty room at Roman Army Museum bw.ng a fulty accessible space. The Trust recruited an Activity and Diversty offw as part ofthe Magna prcpct who will invest¥ale inclusNe opwrtunrties for visrtO and volunteers. Progress on these xtivities has been eXCelnt, wrth wnprovements made lo the provision of lnf0mwn regaIng xcessibilty lo Vindolanda and the Rlan Amiy Museum. The Trust's Codky Gate Barn kn.lty ntinueS to ¢)ffer kng4erm museum storage of buVK pottery and bone as well as some of the Reserve couedion and the storage in this facilty has been extended to gNe greater capacity for •ncnt animal bone storage. Collaborallve projects for 2024 Includ•: Continued partKipation on all relevant Hadrian's Wall World Herrta9e Conwnittees. Continued partKipalM)n in Vlal wvje. markeling and tourism initiatNes. Wriiing tabt research and public8tMM. Collaboration projects with the uneIEeS of Westem Ontarn (Canada), Teesside Untversity, Bristol UnNersty. Northurla Universty, Edinburgh unNersty. Exeter UnNersrty. Ntrwcasue Univernty, Reading Universty. Cardiff unTrty. Lewter Universty, Oxford Universty. The Archaeolcoical Unit of Oxford North. The Hexham Group of Scholars. The Latin Nrnv PTOJ Loans to museums in ltsty and the Nether$ and plannirvj for Canada, digital contribLrtions to displays in Spain and Bebium. Working with the Rcmisch-Gem)ansiche Kommiss)n in Gemwny. Collaborating with UCD on the ecothts and irtsect remains from the Vindolanda excavations. The ¢ollat4)rative Docthl Award ¥thith Lan&75ter Un[¥èrsY on the Role of Roman Rel10n on Hadrian's Wall. The sec Last yw of the COT bethen NwAra$tkn UnTrMsty and the Vin(h)landa Trust. Trust•es' rgsponslbllltl•B ¥tat•m•nt The Trustees, who are also directors for the purposes of wnpany law, are responsible for preparing the Trustees, report and the financhql stalements in COldanCe with appluble and United Kingdom AccountiThJ StarKlards (United Kingdom Generalfy Accepted Accounting PrxtK&). Company law requires the clwity Trust88s to prepare staterne for each year which gNe a true and fair viww of the stsle of affairs of the charitable cc¥npany and the IrOrnIng $OUr¢e5 and application of resouros, indudiNd the and eyperditurn. for that Ped. In prepamg these financial stste1, the Trustees are requirgj to.. select SUle accounting p1 and Ihen them consistentty,. observe the methods and prinuples in the applicab chare$ SORP.. make judgments and accounling estim*es that are reasonable and PnKlent: prepare the financd Stalen gryng ¢(¢M basis unless it is nappropriate to presum& that the charity will continue in business. 10
Tho Windolanda Trust Company Limited by Guarant•• Trust•es' Annual Roport (Incorporatlng the Directorfs Report) Year Ended 31 December 2023 The Trustees are responsib for keepinp adequate accounting reccrfd$ that are wfv'ent lo $h(yw and explain the charty's Iransadkjns and disclose wilh reasonab accuracy at any time the financial position of chanty and enable thn lo ensure that the financkil sLqlements compty with lh& Companies Acl 20C6. They are also responsble for safeguarding the assets of the charity and hence for taking reasonable step5 for Ihe prevention and detedK>n of fraud and other ¥regularities. Audltor Each of the persons who is a Trustee at the date of approval of this rert confirm$ that.. so far as they are aTe. tkn is no reknnt audit infOnn1 of which the charty's aditor is unaware; and they hwe taken all steps that ttrw ought to ht¥e taken as a Tntstee to m&%e themsefves aware of any leant 8rt infomiakn and to establish thatthe chity's auditor is aware of that infcrfmation. A resoluth propos1 that UNW LLP b8 Teapwnted auditors of the c(ryany will be put to the Sm•ll ¢ompany provlslo This report has been prepared *) rdance with the provisions applKabk to crynpaniè$ entitled to the small companies exempth)n. The Trustees. annual report was approvwj on 29 June 2024 aThJ $igned on behaff of the board of Trustees by.. Mr G Calknd Trustee Mrs V S Johnston Trustee 11
The Windolanda Trust Company Umlted by Guarantee Indopendent AuditoV$ Report to the momr5 of Tho Windolanda Trust Year Endod 31 December 2023 Oplnlon Vle have audited the financial Statents of The VirKlolaTrJa Trust for the year ended 31 December 2023 whh comprise the stat)ent of financial actNibes lincluding in¢ome ond expenditure &countl. statement of financial posttion, sL8lemenl of cash I>$ and the rekted notes. indudiThJ a summary of signrfnI accounting polies. The financial reporting framthvoth thal has been applied in their preparation is applicable law and United Kingthm Accounting Standards, including FRS 102 The Financial Reporting Standard applicat4e in the UK and Republ of IrgL4nd (Unrted "ngdoM Generdty Accepted AccrntIng Pr&tKe). In our opinion the financial statements.. gwe a true and fair View of the state of charitable company's affairs as * 31 December 2023 and of its incc¥ning resources and appItiOn of resLMJrces. including its bneome and expenditure, for the year then ended., have been property weped in ordance wilh United ngdoM Ggneralty Acceptgj Accounting Prathg.. have been prepared in aCcordce vthh the requirents ofth8 CryvpanEs Act 2r Basls for oplnlon conducted our audit in accordance wrth IntematK>nal Standards on Audrting {UKI IISAS (UK)} and applicable law. Our reSpOnslIrtieS under those standards are further described in the 'Audilorfs responsibilrties for thè audit of the ffinaftck statements. section of our report. We are independent of thè charitable rnmpany in accordan with the ethical requirements that are relevant lo our aLKlit of the ffinancial statements in the UK. induding the FRC'S Ethical Standard. and we have fulfilled our other ethul responsibilities in accordance wrth these requirements. Vle belwe that the audit 8dere we have obtained is SLrffKient and appropiiate to prode a basis for our winion. Concluslons rnlatlng to golng concern In audrting the financial statements. we have concluded Ihat the Trustees. use of the going concem basis of accounting in the preparatn of the financial sLiteffthts is appropriate. Based on the work we have performed, we have not entIfied any material un¢ertainti8$ rglats.ng to events OT eondilions that, individualty or collectNe. may casl svjnifunt doubt onthg entty's abilty to continue as a going nCern for a per of at least e1Ve months from when the financial slatements are authorised for issue. Our respon$ibilrtw and the responsibilrt*s of the Tntstees vAth respect to gng ccwKem are described in the relevant sect#)ns of this report. 12
The Vlndolanda Tnmt Company Limited by Guarantee Independent Audltorfs Report to the Members of Th• Windolanda Tt (¢M>ts•dJ Year Ended 31 December 2023 Oth•r inforniation The other informatb)n comprises the informatM)n induded in the annual rep1. other than the financial slalemenls and auditorfs report Ihefeon. The Trustees are responsible forthe other infomialion. Our ¢Jpinion on the financial Statleftts does not cover the other Informaln and. except lo the extent othe1$e explicty sLed in reporL we do r#)t express form of assuran COlUSion thereon. In connection with our audrt ofthe financwl $tsterrnts, our responsibilty is lo read the other inf0mtiOn and, in doing so, consider ether the other information materialty irthnsistent with the financial statements or Iwr kn¢¥ledge cthained in the audit or otherwise appears lo be materialty misstated. If we identify such material ino)nsislencie5 or apparent material misstatements. we arg required to determine wwher there is a materia mi$Statent in the financial stalements c a material misstatemént of the other informatv)n. If, based on the work we have performed, we conclude that there is a mateTid mi5slatement of this 4her inforMK, we are required to reF¥Irt that fact. We have nothing to rewt in this regard. Opinions on Oth mattern prescrfbed by the Companl•s Act 2006 In our opinion, based on the work undertaken in the couTre ofthe audL' the informion given in the Trustees, retf0rthe ffinanc year fortéthth the finanrAal stat11S are prep3Ked is consistent with the fin¥la1 statn.. and the Tru5tees' report has been prepared in accord8e with applKable knJal requireffnts. IAatt•r4 on whlch we ar• T•quir•d to vgport by oxc•pt In the light of the kntr•Aedge and understandybg clthe chwitable anY and its environment obtained in the Course of the aLKlit. we have not identified material misstatements in thg Tru5tees' repo We have nothing lo report in respect ofthe folkning mattets the Compan$ Act 20(6 requir88 us lo report to you rf. In our Opinn.. adequate accounting records have not been kept. or rdwns adequate for our audit have not been receNe(l from branches not visited by us.. or the financial statement8 are ncrt in agreeffnt with the accounting records and the retums; or certain disdosures of Twstees rernuneTrtn wified by are not made.. or we have nc recer4ed all the information and explanation$ we require for our audit: or the Trustees were not enbtbi to Pfepare the financkil statements in rdance with the small companies. regirre and take atrant4e of the small compani&s' exemption in preparin9 the directrrts and Trustees. rewrL 13
The Windolanda Trust Company Llmited by Guarante• Independent Auditorfs Report to the MOM15 of The Windolanda Trt (¢onWnu•dl Yoar Endod 31 Decembor 2023 R6spoMlbllillM of tnMte•s As explained more fulty in the Trustees, resp)nsblitl statement, the Trustees Iwtho are al the directofs forthe purposes of¢anY Iwl are responSibfOrthe preparat ofthefinanryal statements and for bw'ng satisfied that they gNe a true and fair vww, and for such intemal control as the Trustees detemiine is necessary to enable the preparation Lrf finwKial Statem that are free from material misstatement. whether due to fraud or error. In preparing the financ1 statemwts. the Trustees are responsible for as5essiw the charitable corrpanly lo continue as a goiTrJ concem. disclosing. as appIlIe. mattws related lo going concern and using the 'ng concem basis of ac£ounting unless the Truste8s either intend to h'quidate the chaiitable ccwmpany or to cease operations. or have no rtdislic alternative but to do so. Audltorfs T•sponslbllltl•s lor th• audlt of the flnanclal statemonts Our objectives are lo obtsin reasonable assurance about whether the financial statements as a whole are free from materral mi$sLment. whethw due to fraud or error, arKI to issue an audrtorfs rewt that includes our opinion. Reasonable assurance is a high ve1 of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslatement when rt exists. Misstatements can arise from fraud or effor and are consklered material rf, indmdualy or in the aggregate, they coukl reasonabty be experted to wffluence the Kon¢IC decisMMs of users taken on the basis of these financial statemènts. Irregulwities, Inclding fraud, are inslan¢es of non•iance with lthys aTrJ regulatKJns. We design procedures in line with our responsibilities. 01ned above. to deted material misslalemenls in respect of irregularilY&s. including fraud. The specffi¢ procedu for this engageThnt and the extènt to vthich these are capable of detecting irregukrrties. wKluding fra1 is detailed beknw.. We identrftgj areas of and regulations that could reasonabty be expected to have a material effect on the financial statement$ from our general aThJ seclor experience and through discussions with the Trustees and other managemnt {as required by audrt9 standards) and from inspection of the charitsble companls legal CorreSdenCe. and we di8cussed with the Trustee5 arKI other management the pole$ arKI procedures in pce regarding MplIance wrth I and regulations. We communi¢ed Jentir1 laws and regulatxjns throughoutourteam and remaingj lo any indications of non4c4npliance throughoui the audrt. Firstty. thè ¢(Thpany i8 Subject to I and regulatws th directy affect the financial statwnents including financial rePo.n9 legislatK (including related c¢Mryanies kg1slaln}, distributab proffts legislation and taxation ¢skation and we assessed the extent of compliance Yath these law$ and regulations as part of our procedures on Ihe related fInartl sL8teffnt items. Secon(y thg ccvnpany is suty'ect to m•ny dhèr lavts and regulatiLTh Vthere the conwuences of non- compliance coukl have a material effect on amcMJnts or discbsures in the financial ststements, for instance through the impositKin of fines Of 1rtvjatn. identifd the folkxing areas as those I51 kely to have such an effect., heatth arKI safety. enyh)yment Iww, data protection. environmental law and certain aspeds of company 1eg1skit. recognising nature of the chantabbe corrwnls activities. Audi(ing Slarthrds limrt the required audit prcedureS to wjenlfy non-compliance with these laws and regulations lo enquiry of the Trustees and other Manageent aThJ Inspect of regulatory and legal rresponden. rfany. Thr(gh these procedures. we d*J not became aware ofany actual or suspected non-compliance material to th8 fin1 sLitements. 14
The Windolanda Trust Company Limlted by Guarantee Independent Auditovs R•F)Ort to the Membors of The Vlndolanda Trust (continu• Year Ended 31 December 2023 Auditorfs responslbllftles for the audlt of th• flnanclal stal•mw Because of the inherent 1wnrtalft$ of an audi¢. thwe is a risk thal we wil not detect all irregularilies, induding those leading to a Materi missLments in the financial statements or non-compliance with regulion. This rtsk increases the more that comphance wilh a law or reguLgtion ts removod from the events and trans¥tKffl5 reflected vi the finarla1 statements, as we will be less likety to become aware of instances of non-compliance. The risk is also greater regarding irregularits occuring due to fraud rather than emr, as fraiKI intention81 conceaknent, forgery. collusion. omi5$K or mi8repreSentstn. Ils• of our r•port This report is made solety to the charitable ciwnpanls members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit w(wk has been undertaken so that we mwhl state to the chaftys rnber$ those matters we are required to state tt) them in an auditor's report and for no other purpose. To the fullest extent pernrtted by la, we do ncl accept or assume responsibilty to anyone other than the charitable c(¥npany and ib membets as a body. for our audrt work, for this report, or for the opin$ we have formed Anne HalkA¥dl Bsc DChA FCA {SeriTh Ststutory Auditor> For and C behalf of UNW LLP Chartered accountants & st*utory athyitor Ctygale St James Boulevard Newcas9 upon Tyne NE14JE 29 Jlme 2024 15
The Windolanda Tt Company Limitsd by Guarants• Statem•nt of Flnanclal Activities (including income and expendlture account) Year Ended 31 December 2023 2023 unrestric ReSt[ted funds fvnds Totsl funds Total funds 2022 Incomè from: Donations and legacies charitab actNities Other trading aclrvities Investment inccAne 518,151 948,269 627,022 72.739 488.601 1.006.752 948.269 627.022 72,739 343.761 799.075 589.763 24,664 Total income 2,166.181 488.601 2.654,782 1,757.263 Expendlture on: Expendrture on raksing funds: Costs of othertrnding &tiwt Expenditure on chaiitable aCtiveS other expenditure Tolal expendlturn 339.959 10 1.510.033 12 6.744 10.894 130.249 350,853 1.640,282 6.744 312.535 1,497,618 1.856.736 141.143 1.997.879 1.810.153 Net Incom•l(•xndI1Yrtj and not movement In funds 309.445 347.458 656,903 (52.890) Reconclllatlon of funds Total fvnds brought foThvard Total funds urri•d fonvard 6.604.280 1.355.447 7,959.727 8.616,630 8,012.617 6.913.725 1.702,905 7.959,727 The Slalement of financial actsvil IndeS all gains and )sSeS recognised hi the year. All income and expenditure derive continuiNJ aclNit*s. Th• nots• ¢)n 0•¥ 19 to 34 forni part ofthM• fin•nel•l •tAt•m•nl 16
Tho Windolanda Tntst Company Lirnlted by Guarantee statement of Financlal Posltlon 31 December 2023 2023 2022 Flxed ass•ts Tangtile fixed assets 16 7.(M.238 6,949.612 Curnent ass•ts stocks DebtcKs Cash at bank and in hand 79.710 215,109 1,741.259 2.036.078 61.834 44,981 1.471,849 19 1.578.664 Cf•ditor4: amounts falling due vhthln on• ymr Nat current assets 314,108 233.984 1.721.970 1.344,680 Totsl ass•ts less current Nabllltles 8.788.208 8.294.292 Cr•dllorn: amounts falllng due after mor• than ono y•ar 21 171.578 334,565 8,616,630 7.959.727 Charlty fvnds Restricted fvnds Unrestricted funds 1.702,905 6.913,725 8.616.630 7,959.727 1.355.447 6,604,280 Total charity funds The Trustees xknvwiedge their responsibilities for c¢)mptying wth the requirement of the Act with respKI lo accounting records and preparation of finanCh statements. The financial statements have been prepared in xcordwlce fjth the provisions applKable to entities su.eCt to the small companY&s regime. These finala1 statts were apwoved bythe boa TrUSte&S aNI aulhcffised issue on 29 June 2024, and are svJn8d on behaw Of1 board by: Mr G CalLand Trustee MrsVSJoh Trustee Company registration nwnber. 09182268 Charity registrat number. 1159798 Th• nots• on p•gtt 19to 34 fomi p•rt of thM• flnancl•l $tt•m•nts. 17
The Windolanda Tntst Company Llmited by Guarantee Statement of Cash Flows Year Ended 31 December 2023 23 2022 Cash generated operations 817.638 304,690 Interest paid Inter received (12.185) 34.657 (15.497) 3,335 Net cash from opeTatiTrJ xtivili6S e40.110 292.528 Cash Ill) fvom Invegllng activl¢les Dwidends. interest and rents from investrwts Purchase of tangible assets Net &ish used in invests.ng acb¥ikn 38.082 21.329 {412.865I 1240,362) 1374.7831 (219.0331 Cash flows from financlng ¥¢tlvltle8 Repayments of borrowbngs Paymenls of finance18ase ithilities Net cash used in finanung athtss {195,917) 159.3521 13281 (59.680) 1195.917> Net Increase In cash and cash •qulvalents Cash and cash equIvalts at beglnnlng of yoar Cash and cash oqulval•nts at end of year 269.410 1.471,849 13,815 1,458,034 1.741.259 1,471.849 Th• n¢)t•¥ on p*9•8 19 to 34 fomi p•rt ol IhM• fimneI •1•tn.
The Windolanda Trust Company Llmited by Guarantee Notes to the Flnanclal Statements Year Ended 31 DeCemr 2023 Genèral Inforniatlon The charty is a company limrted by guarantee. incorpored and d¢yniciled in England and a registered charity wi England and Wales. The address of registered office 1$ Chesterholm Museum. Bardon Mll, Hexham. Northumbertand. NE47 7JN. Stat•mMt of compliaDc• The financial statements haNt been prepared in acCdanCe with the Charilies SORP IFRS 1021- Acunting arKI Reporting by Charities.. Statemenl of Re¢omrrended Practice applicable lo charities preparing their accounts in &cordance 7Mth the Fan¢1 Rewrting SlaThJard applicab in the UK and Republ of IreSand IFRS 102) {effectNe 1 January 20191, the Financial Reporting Standard in the UK and Republ of Ireland IFRS 102) and the ConvnS Act 2006. The Vindolanda Trust definll)n of a publ berfft entity under FRS102. Accountlng pollcles Assets and liabilits are Kitialty rncognised at hthi¢ cctst ortran&th value unless otherwise slat8d in the reknnl accounting poly. financial statements are prepared in sterling. whth is thelurttKKI ujrrency of the enlty. and are rounded to the nea$1 £1. Golng concwn The financkql ststements have been Prepared on the going cortem basts. The Board has a reasonabk eypectatKJn that the tharity has adequate resources to continue in operational existence for the foreseeable future. The Board has concluded that the wng concern assumption is appropriate n preparing these finarKial statements. Judg8Mts and key TcaS of estimalion unc•rtalnty Estimates and judgements ar8 continualty eVaated and are based on historKal experience and other faclcrfs. indudir¥J expedakns of fulure vlents Ihat are belioved to be reasonab under the rArcLmStances. Estimates IlLIded within these financial statements in¢de depreCIatn charges. None of the estimates made a consKlered to carry $3nificant estimation uncertainty, nor to bear signrficant risk of causirwJ a materol adjustment to carrying amunts of assets and habilitm within the next financial year. In preparing these financial sterrnnts the Trustees do not consider Ihore were any 5*3nffK8nt areas of judgement that We wuired in opptying the chwtys &countiNJ policies as set out 19
The Windolanda Trt Company Limited by Guarants• Notes to th• Financial Statements {tOnlknM Yoar Ended 31 December 2023 Accounting policies {COMlthwdJ Fund aCU11Thg UnrestrKte(l fvrKls are wailabb for at the diSCretM crf the Trustees to further any of the charty's purposes. Des¥naled fLKKls are unrestrthd funds eam)athed by Tnjstees for particular future proi8Ct or commitment. Reslrtted funds a fijnds which are to be used in accordance with specfft restrictions imposed by donors orwhich have been raised by the group for paular purp)ses. The costs of raising and athini$tering such funds are tharged apainsl the SPlf fuThJ. The aim and use of each restricted fund is set out in the notes to the ffina statements. Incomlng vesources l income 1$ induded in the SLernet of finarKial &tNits when entfllemenl has passed to the charity. it is Pfobable that the econ¢)mK benefrts assoc11 with the tranSaCtTh will flN lo th& charity and the amunt can be relity measured. The foll(wng specrfK pol18¥ are appld to partlar categories (rf ine4)me". income from dathS recognised vthen there is evmfjer of entitlement to the grft, receipt is probable and its wnount can be measured rekabty. grants are indud&J in the $Lement of finarKial &Xivibes on a receNat4e basis. The balance of Inco recerved lor spffic pUrFe$ but I1 expended during the period is shwi in the reVant fvnds on the balance sheet there income is receNed in advance of enlitkment of recwpt, its reco9nitk)n is deferred and included in creditors as deferred income. NThere lega inm is recognised when receipt is probab and entitlIent is estsblish8d. inc(Mne from ¢)naled goods is rrea5ured at the fair Yalue of the goods unsS this is iMpractal lo Measu reliably. in whth case the value is derived frcvn the cost to the donor or the estimated resale value. Donated facilits and servKes are re¢3n1Sed in the accounts Nythen receNed rf the value can be reliabty measured. No awthnts are inclLvJed for the contribution of general volunteers. other income is recognised in the per in which il is recepMbl8 and to tho extent the goods have been provhjed or on conyletN)n of the servtt.
The Vlndolanda Tnmt Company Limited by Guarantse Notes to the Finala1 Statements Year Ended 31 December 2023 Accountlng pollcles Resou•$ expended Expenditur8 15 rgcogntsed on an &cruaL¥ basi8 as • liabilty is intsJ(red. EyperKliture inclLKlos any VATwhich cannot b8fv1ty rffovered. aTKI 15 Classif under heng5 ofthe statement of financial actNities to whth it relates.. expenditure on raisiry funds includes the costs of all fundraising ath1t. everts, non- hartsbbe tradiry actmties, arKI the Sa of donated gorJ5. expenditure on charitable actr1its irKludes all costs incurred by a charity in undertakin9 actNths that further its charitable aims for the benefft of its benefKiari&s, irKluding those support costs and costs reW"ng to the g(Nemance of Ihe char]ty apportK)ned lo chartsble adivitw. other experKliture includes al experKlilurnlhal is rlther reLated to raising fvnds for thgcharity nor part of ts wJenditUTe on charrtak xtivit. all costs are alk¢ated lo expenditure catego$ refiecting the use of the resource. Direct C05t5 attributable to a single actNbty are allocated dwecty to that activty. Opgratlng 1oas•s Lease payments a recognised as an eypense over the lease term on a straigh14ine basis. The a9gregale benefit of lease incentives ts rwnised as a reductw)n to expense ¢)ver the lease term. on a strawhl-line basis. Tanglble fixed assets Tangible red assets are intsty Torded at cost. and subsequenty stated at Cost knss any aumUlated dePre¢t aNJ Impont bsses. Any tangib assets carried at revaId amunls are recorded al the fair value at the de of rerdlual)n less any subsequent accumulated depreciation and subsequent accumulated impaimwnt losse5. A revivw for indicato of irrpaimnt L% carried out at exh reporting date. wilh the recoverable amount being estimated where such iTrJVto exist. Vthere the carrying value exceeds the recoverable amount. the asset ks vnpwred acc(KdirwJty. Prior impairments are also reviewed for possble reversal at each reporting dale. Assets under ¢$trln are accounted for at cost. Tlw are not depreuated until the xcounting ped in whKh tlw are bnjught into use. Depreclatlon Depreciation is cakulated so as to write off the cost or vthatK>n of asset. less bts residual value. over the useful econom lrfe ofthat asset as foll$.. Freehold prcperty Fixtures and ffttings Motor vehicles Exhibi(ion build and ffilm production over 10 to SO years er 10 years ler 4 years crter 10 to 20 years 21
Tho Windolanda Trust Company Limited by Guarants• Notes to the Flnanclal Ststements (t Year Ended 31 December 2023 Accounting policies {co#iinu•O) Herltage assets The Trust hohJ$ Ri)man remains and wtefacts at the Vindolanda archaeobgical site and museum which can be classified as Heritage or HisloricAssets urKlerthe Charities SORP {FRS 102). Thesg artefacts and remains have been aCqUid by ex¢avat)n at the Windolanda site and the Trustees consider that eslablishing Ir cost or Valuat is not a practical exercise. There 1$ r¥) value for these assets Includ in fixed assets. Stocks Stocks are rsred at the IcA¥er of cost and estimated selh'ng piice kss eosts to complete and sdl. Cost includes al costs of pUhaSe, costs of convers)n arKI other costs irUrred in bringing the stock to its Present k¢at)n and cond11K. Trade and olher debtors are recognised al the anwnt after any traJ8 discount offered. Prwymenls are valued at the annt prepaKI net d any trade discounts due. Cash at bank and In hand Cash at bank in hand in¢deS cash atvj shNI temi liqu investments 7Mth 8 short maturity of six rnnths Of less frc¥n the date of wuisition or opening of deposit similai account. Credllor4 and provhlons Liab11rt are recognised when there is an obfigation atthe balanee sheet date as a result of a past event, rt is Probab that a transfer of econom benefit will be required in settkment, and the amount of the setllement can be estimated reliabty. Liabihtw are reco3nised at the amount that the company antic)ates r( will pay lo settbe the debt or amount rt has received as advanced payments for the gctsgs or services it must provide. Pwsh)ns are mea5urvJ at the best estimate of the rnnts required to settle the obligation. here the effect ofthe lin value ofmorw material. prwsKffl is basgd on the present value of those amounts. discounted at the pr&tax discount rate Ihal refle¢t$ th& ri8k$ spth¢ to the Irabilty. The unwirKling of the diaUnt 15 rwnised within Mlterest payat4e and similar charges. Flnantlal Instruments The company onty enters into basK financial ins¢rument Iransxtws that result in the recognition of financial assets and liabilrtiès IIAe trade and ¢Xher accounts receNable and payable, cash and bank balances, and k)ans frcwn thyd pwties. All such instruments are initialy rewnised at transactN)n prKe. unsS the arrangew*nt Constrtutes a finanung tTansa¢tson, in whth case the transxttin ts rIured al the present value of the futu receipts discounted at a market rate of interest. All financial instruments are subSeqnIY eaffied al amrtised cost using the effective interest method.
The Windolanda Trust Company Llmlted by Guarantee Notes to the Flnanclal Ststements Year Ended 31 December 2023 Accounting polici•¥ Pensions Short4erm benefit Short4erm benefts, irKluding hOlaY pay and ottr£r similar nm-rmnetary beneffts ar8 rened as an expense in the pen¢)d in whth the ser¥ice is received. Defin eontrlbutlon p•nslon plan The Trust operates a defined trutiOn pension plan its enyloyees. Contnbulions are recognised as an expense when they fall due. AJunts due but not yet paid are included vthhin Credito on the balance sheel. The assds of the plan are held separatety from the company in ind¢pendentty administered lurbd& Company slalus The Vindolanda TTU$t i% a ccrfnpany linited by guarantee and xcordirwjty does ncrt have a share capital. Every 1mber of the company undertakes to contribute such emount a$ may be required not exceeding £1 to the assets of the Charitab eompany in the event of it being wound up while hg or shg is a rrnnts. or within on8 year after he or She ceases to be a mèmber.
The Windolanda Tnmt Company Limited by Guarantso Notes to the Flnanc5al Statements Year Ended 31 December 2023 5. Donatlons and legacS0s Unrestitted Restrthd Totsl Funds Funds Funds 2023 Oonatlons Donations 255.658 102,167 357.825 Grnnts Other grants receNed Government grants reeeived 386.434 386.434 Subscrlpllons SubScriptn$- Fr3 ofVrthl8Th 28.341 28.341 Olh•r donatlons •nd1¢gacles Revenue refunds- grft aKI Other income Hedley Centre irthme 132.429 63.9 37.767 132,429 63,958 37.767 518.151 488,601 1.6.752 Unrestitled Restrpaed Tclal Fund5 Funds Funds 2022 Don•tlon$ Donations 91.117 91.117 Grants Other grants receNed Govemrrénl grants rgcerrnl $7,848 57,848 2,000 2.cilo Subxrlolons subscriptn$ - Friends of Vindokqnda 23.607 23,607 Olher donallons and leg•cl•s Revenue refunds - grft aid Other income Hgdley Centre income 84,C69 50.047 35,073 84,069 50,047 35.073 285.913 57,848 343.761
Tho Vlndolanda Trust Company Limited by Guarante• Notss to the Flnanclal Ststements Year Ended 31 December 2023 Income from charitable activii Unrestrthd Tot•1 Funds un5111¢ted Total Funds Funds 2023 Funds 2022 Admiss fees 945.552 2.717 945,552 2.717 798,458 617 798.458 617 948.269 948.269 799.075 799.075 Income from other tradlng actlvkl•s Unrestitted Total Funds Unrestricted Total FuThJs Funds 2023 Funds 2022 Sales of guides. replus etc Coffee shop inco 327.988 299.034 327.988 299,034 295.024 294,739 295.024 294.739 27.022 627.022 $89,763 589.763 Inv•stsn•nt Incom• UnrestrKted Totsl Fund¥ Unrestrided Total FurKJs FurKIs 2023 FuTrJs 2022 R8ntal Ir(18 Bank interest receivable 38.082 34.657 38.082 34,657 21.329 3.335 21,329 3.335 r2,739 72.739 24.664 24,664
The Windolanda Trt Company Limited by Guaranteo Notes to the Financlal Statements Year Endod 31 December 2023 EXndItUr9 ¢>n rnlslng funds Unreslricled Restricted Totsl Funds Funds Funds 2023 Purchase of gu•Jes, replicas etc Coffee shop purchases Fund-raising aj pubkty 138,595 1e6,617 34,747 339,959 138,595 166,617 45.641 350,853 10,894 10.894 Unrestrthj Restrthd Total Funds Funds Funds 2022 Purchase of guides, wkas etc Coffee shop purchases Fun&raKsing and publ 109,696 147.332 32.945 109,6 147.332 55.507 289,973 22.562 312.535 10. ExpendIlU on charltable acllvllles by fund type Unrestricted ReStrted Total Fund$ FUjS Funds 2023 Operati¢)n of the Vindolanda sfle in line t• the charity's princiA otty'ects Support costs 1.272,896 237,137 129.049 1,200 130.249 1.401.945 238,337 1.510.033 1.640.282 Unrestitted Restlted Totsl FurKIs FuThJ$ Funds 2022 Operation of the Vindolanda site in line TAryth the charity's prirripal ¢)bi&ts Support costs 1.197, 68,579 8,907 1.266,385 231,233 1.420.132 7T.486 1,497,618
The Windolanda Trust Company Limit•d by Guarantse Notes to the Financial Statements (eonl Year Ended 31 D•cemb8r 2023 11. Analysls of support costs The Tntst allocates costs direct to activities as far as possible, then thn1ir the remaining costs of its support functions. tt then Klentsfies those cosls whth relgte to the governance fundion. Having identrfd its governance costs, the remaining support costs are alocated to the Trust's principal adivty. Anotrysis of athity ToLg12023 TcAal 2022 Staff costs General office Finance costs Govemance costs Insurance Tekphone Printing, postage and statKMry Hire of equipment Bank charges an¢J credli card charges Interest on finance leases Booking charges 29,199 29,199 25.982 2.603 15,439 57,S55 34,889 20,724 9,427 4,691 50,078 12.185 75.041 34.736 28,454 6.878 5,030 33.982 12.185 75.041 34.736 28,454 6,878 5,030 33.982 11.226 11.226 9,787 238,337 238,337 231.233 Govemanco costs 2023 2022 Accountsrw fees Audrtorfs TemUneran Legal and professTha1 fees 12,987 11.616 47.520 2,918 75.041 12,618 8.870 33.245 2.822 57.5SS 12. Other oxpendltur• unrestric Total Funds unStriCted Total Funds Funds 2023 Funds 2022 L055 on dk8posal of lang19 fixed assets 6.744 6.744
The Windolanda Trust Company Limited by Guarantse Notes to the Flnanclal Statements Year Ended 31 December 2023 13. Audltors rernuneration 2023 2022 Fees payable for the aLvJit of the financial statements 11,616 8.870 14 Stsff costs The total staff costs and for the rewting per*)d are anatysed as folhjvs: 2023 2022 Wages and salar Social secunty costs Employer contitjutions to peTrsn plans 729.971 649.1 42,264 13.924 16.215 792.832 705,749 The key ManeTrt person1 of the Trust compitse the Trustees. Ihe ch ExecLrtNe Officer and the Deputy Chief ExeculNe OirK0peratl)n$ manager. The toLIl employee benefts of the key management personnd ofthe Tntst was £99.782 (2tr22. £94.074). The staff pension arrangements. whth sattsfy the rules for stakelM)Ider exptI. are through rewgnised financk41 pension and insurance cijmpany. The average head counl of empbyees durin9 the year was 4012022: 38). The average number of fulktime equwalenl enwknyees during the year is anatywj a5 follm.. 2023 No. 2022 Chwrtable staff Administrative staff 39 37 40 No empbyoe receNed empkyyee benefits of more than £60.0(Kl during the year12022'. Nill. 15. Trust•• r•muneration and expenses None of the Trustees received any eynse5. remuneratsn or other benefits from employment with the charity.
The Windolanda Trust Company Limited by Guarantee Notes to the Flnanclal Statements (ftyrfM•t• Year Ended 31 December 2023 16. Tanglble flxed assets Assets Freehokl urKler FlureS and propety coltrtn fittings Exhibrtion McAor build & film vehic9 production Total At 1 Jan 2023 Addrtions Disposals At 31 Doc 2023 6,870,924 2.992 488,857 83,494 {51.987) 520,364 $0.450 1,774,794 9,185,025 412.865 {51,9871 50.450 1.774.794 9,545.903 326.379 6.873.916 326,379 Depreciation At 1 Jan 2023 Charge for the year Disposals At 31 Doc 2023 937.081 244,126 39.053 1.015.1S3 2,235.413 134.564 45.929 145,243) 244.812 5,698 103,304 289,495 145.243) 44.751 1,118,457 2,479,865 1.071.645 Carrylng amount At 31 Doc 1023 5.802,271 5.933.843 326.379 275,552 5,699 11.397 656,337 7.C66,238 759.641 6.949.612 At 31 De¢ 2022 244.731 The caryying amount atrbuted to land & buJings resents an oTvJinal site value of £125.000. made by the Trustees. plus additions less depreehqlion lo date. These assets have been valued shcy4ving no value attrJutabbe to the Collect of Roman antNUIt or to the archaec4L>aul sites of Vindoknda and Carvoran, as this may cause risk to the assets. Included in the value is an amount lotalling 03,844 {2022.' £703,844) r&kting to land, buildings and the open air museum conwlex, forwhrh no no depreciabon has been charged. An annual impaimRnt reviewwas caTrd out by the Trustees. the residual value of the buiklings are deemed their cost, therefore no further depreciation has been charg&J on these buildiThJs. The buildings, owned by the Tnssl. e currenty Valu for insurance purposes at a replacement cost of £19.9 Milln. The freehold property knn as cheStertM. Bardon Mll. Nc¥thberfand with a carrying Unt of£171.38012022. £171,380} have been pkdged as seeurity against the bank bans. The Trustees of the National Hentage Memoria Fund h¢)kJ a tharge over the land al Bardon Mill. Hexham. NorthurY)erland as security against grants issued forlhe Museum exten$i¢)n. C•wtsl commitin•nts 2023 2022 traded for but not prwdwj for in fv finala1 statents 570.203
The Vlndolanda Trust Company Llmited by Guarantee Notes to the Flnanclal Statements fr Year Ended 31 Decembor 2023 17. Herltage assets The Trust hohJ$ moro than 40.OCKI Roman artefacts in its Desvjnated museum colkntion at both Vindolanda Roman Amiy museum and has al VindolarKta and M4na 96 xres of archaeok)gical land, 80% 01wh is sChedUd as ofthe Frontr6 ofthe Roman EmpiTe World Herrtage Site. These artefacts and remains have been xquiwl by exWatX at the Vindolanda And Magna siles. Trust maintains a ue of the artefx$, access to the colltS on dtsplay li the museums is by admissKin tet. access to the reserye coll8ctn is by request. The Tru¥t has a rdjust Conservat Manag1 to ensure all firKls are dcKumented correclty. TheTrust maintsins AcquisilK and Disposal wlKies that are in linewith the Designation status of the ColbèctK?ns. On site ¢onsolidatw)n. repair and management of herit&3e assets is prepared supeNised by Dr Andrew BI FS& FSA Scol (CEO & DirectorofExcavation$l, Cowrvation an(1 museum display managed by Barfoara Birley FSA (Curator). The Site at Roman Vindolanda is the onty roman frKt and vicus within the Worw Heritage Srte that has had a continuous excavat)n prcgrwn, cuffentty in its 53rd year. The artefacts discovered and on display or within storage is the lar9est single coHectDn from the Roman period wrthin Britain. These artefa¢ts provide a unwjue inspaht into lrfe in Roman Britain 2.000 yeafs w and access to the colleCtn r1 onty beneffts researchers but also the publK. including educational groups who visit both Museums. The Board of Trustees consNJer that esta)IL8hll a valuation is nrt a prnctul exercise due to the urmque nU Of Hentage assets. 18. Slocks 2023 2022 Finished gocrfts arKI goods for resale 79.710 61.834 19. Debtors 2023 2022 Trade debtors Prepayments and accrued income Other debtors 4,157 207,876 3.076 215,109 5.385 31.216 8.380 44.981
The Windolanda Trust Company Limited by Guarantee Notes to the Finan¢lal Statements (¢MthH•rfJ Year Ended 31 December 2023 20. Crodltorn: mounts falllng du• 4thin one ythv 2023 2022 Bank k)ans and ¢)veTdrafts Trade creditors Alal$ and defe8 Ir(8 Social security and other taxes 29.075 99.150 175.165 10.718 62.005 53,227 99.606 19.146 314.108 233.984 Bank security- gal Che6 exist oNwthe freehold propety knNn as Chesterhohm. Bardon Mill. Northumberland dated 19th February 2016. Included in above is deferred income. thk8 relates lo income for xcorNxJalM)n and excavation pla¢e8 relatry to future perKxts. The nVern on deferr1 in(>)mB 15 sh(Ywn belw.. 2023 2022 Deferred at 1 January 2023 Inccming Tgsources received rgquiring delerme Release of incoming resourtes during the year Deferred irKoff at 3111 De¢ener 2023 71,647 130,958 171.64n 130.958 65.553 71.647 (65.553) 71.647 21. CredltorJ: amounts falllng due after more than one year 2023 2022 Bank bans and overdrafts 171,578 334,565 Induded thIn credrtots". arncMJnl$ faling due after mre than one year is an amount of £45.588 12022.. £102.4401 in respect of Iratybbes payable or repayabl8 by instaknents whh fall due for paymenl after more than fve yes from reportiNJ dale. The bank bans are secured on the freghoky property kTh74vn as Chestetholm. Bardon Mill. Northumberland. Loan 1 and Loan 2 were wid during Ihe year. Loan 3 attracls an interest rate of 3.11% and is repayable by April 2030. The loans are repayable by 1nstakTts. 22. P•nslons and other posl rnllremwrt benefits Defin•d contribution plans Th8 any)unt reniSed in incorr* crf expenditure as an expense in relatk)n io d8fin8d Contributn pLgn$ was £16.21 S (2022.. £13.9241. Contributi¢YB totaming £4.024 Vbpre p¥yable at the year end arKI are included in creditorn. 31
Tho Windolanda Tyust Company Limited by Guarantee Notes to the Financial Statements (c Year Ended 31 December 2023 23. Analysls of charliable funds Unr•Jtrict•d funds At 31 December 2023 1 January 2023 Incr# EXpdure General fvnds 6.604.280 2,166.181 (1.856.736) 6,913,725 1 January 2022 31 Decembgr 2022 General funds 6.614.970 1.699,415 11.710.105) 6.604,280 Restricted fvnd5 At 31 D•c•mber 2023 1 January 2023 Income Exwditure Rorn8n writing tat4ets fund Heritage Lottery Fund prqect 1 Arts Council FurKI 1 Northumberland County Coun Arts Council Fund 2 Heritage Lottery Fund proied 2 Arts Council FurKI 3 Karbon Homes R & K Beleson 183.r 1.111,054 2.639 183,000 126,2311 1.084.823 {6.4881 2.314 (5001 3,000 {7.0001 1,451 {67,910) 316,875 {25.645) 14.711 11.933} 15,436) 96,731 {141.143) 1,702.905 6.163 6.021 37,1S7 12,076 2,430 347,628 28.280 1,933 102.167 1.355,447 488,601 At 1 January 2022 At 31 December 2022 Income Expenditure Roman wriling tsblets fund Heritage L¢)ttery Fund ptoie¢t 1 Arts Council Fund 1 Northumberland County Council Arts Council Fund 2 Heritage Lottery Fund proie¢t 2 Arts Council Fund 3 183.C*)O 1.137,193 24.084 183.000 126.1391 1,111.054 121.44SI 2.639 (5001 3,500 115,8491 6.021 (12,841} 37,157 (23.274) 12.076 (100.0481 1.355.447 21,870 27.500 22.498 35.350 1.397.647 57.848
The Vlndolanda Trust Company Limited by Guarant•• Notes to the Flnanclal Ststements (¢o•JlbNndJ Year Ended 31 December 2023 23. Anatysis of ¢h•ritsbl• fund5 (C A reslrieted fund ts intended to identrfy ffmey donated for a purpose and to restrictthe expenditure of it lo tt purpose. The Roman Writing Tablets Fund represents Irn TeceNed frrmn the British Museum for the di8p of the VindolarKla Roman writing tabts in the 1980's ar 1990's onty bo used with the pernission of the Charity CLyMNYr9. The Heritage Lottery Fund Project 1 represents grants receNed from the Heritage Lottery FurKI and frorn the Arts Council England for the new museum galery. TheArts Council Fund 1 represents grants recep48d fromth8Arts Council England forthè Digitising of the Vindolanda Vlotrjen Collection. The Northumberland CW Counril grant received iy a contrbutwjn tthvards tr purchase of Display cases. The Arts Council Fund 2 represents grants received from the Arts C(MJrKil England for the creatn of Dla1 Bh)graphw. The Heritage Lottery Fund Pr(iect 2 represents grants receive(l frLYn the Herrita98 Lottery Fund for the Runan mna proiecL The Arts Council FurKI 3 represents grants e1ved from the Arts Cnl Eng forthe Creating Connections proiecl. The Kafbon Homes grnnt reCepd is a contribution t(waS Ihe CrealiThJ Connectins project. The R & K Beleson dOnatn L8 for the CericS project. 24. Anatysis of n•t asgtts bolw••n funds Unrestrted Restrthd Total Funds Fun(l$ Funds 2023 Tangible fixed assets Currenl assets Creditors $5 than 1 year Credrtors greater than 1 year Net assèts 5.657.775 1.741,636 {314.108) {171.578) 1,408.463 294.442 7,IA6.238 2.D36,078 {314,108} {171.578) 8.616.630 6.913.725 1.702.905 Unre5tncted Funds Restrided Total Fund8 Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year N•t assets 5.793,630 1.379.199 (233.9841 1334,565> 6,604.280 1,155,982 193.465 6,949.612 1.578,664 1233.984) 1334.565) 7.959.727 1,355,447
The V5ndolanda Trust Company Limited by Guaranteo Notss to the Financlal Ststements Year Ended 31 Decemb•r 2023 2S. Cash ganorat•d from op•rations 2023 2022 Net inc(wnellexpendituTe) 656,903 (52,8901 Adjustments for. t)epreciation of taThJible fed assets DNKlends, inlerest and rents investff Other interest receivab and similar inc4x Inl¢resl payable and similar charges Loss on disposal of tangible fixed assets 289.495 138,082} 134,657) 12.185 6,744 282,849 {21.329} 13,3351 15,497 Chan9es in.. stks Trade and other debtlN5 Trade and othor Credit$ 117.876) {170,128} 113,054 (16.824) 37,933 62.789 817.638 304.690 26. Analysis of changes in net debt Other nor At 31 D•¢ 2023 1 Jan 2023 Cash flNs ¢hange$ Cash at bank ar in hand Debt due within one year Debt due after year 1.471,849 62,0051 1334,565) 1.075,279 269,410 195.917 1,741,259 129.075) (171,578} 1.540,606 1162,98n 162,987 465,327 27. Op•r•ting lew• commltm•nts The total future minirNm lease paymts under nOrnCelabIè opwating a$8$ ar8 as follows.. 2023 2022 Not later than 1 year Ler than 1 year and not later than S yws Later than S yea 51.653 200,016 1,150.092 200,016 1.100,088 1.350.108 1.401.761 28. Related partles Remuneration commensurate with their roles is paKI to the key management Remuneralitin of £99,78212022: £94,074} was wd #i the year. RemL1nefatn coMn5U1ale with their rdes Is patil to the wrrfes of the kgy management. Remunefalion of £70,37412022.. £65,770) was paKI in the year. Remuneration corwrthsuraie with her role r& to the nKther of Andrew Birley. Patricia Bir*. Remuneration 01£18.161 (2022.. £16.973) was paKI in the year. Rent is paKI to PatrKia Bidey as landtyvner, at £50.004 (2022.. £50.004).