COMPANY REGISTRATION NUMBER: 09182268 CHARITY REGISTRATION NUMBER: 11 $9798 The Vindolanda Trust Company Limited by Guarantee Financial Statements 31 December 2024
The Windolanda Tt Company Limiled by Guarantee Financial Statements Year Ended 31 December 2024 Pages Trustees, annual report (incorporaling the directovs reFrf)rt) 1to10 Independent auditorfs report to the members 11to14 Slatement of financial activities {induding income aTr expenditure account) 15 Statement of financial posilion 16 Statement of cash flows 17 Notes to the financial statements 18to35
The Vlndolanda Tntst Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directorfs ReFrt) (¢onfjnu•dJ Year Ended 31 December 2024 The tnJ5tees, who ar8 also th8 direcloTS for the purposes of company law. present their report and Ihe financ1 statements of Ihe charity fw the year ended 31 December 2024. Refernnc• and adminlstrative detalls R•gi¥tgr8d charlty namo Vinddanda Trust Charity Togistration number 1159798 cOmnY rngistralion number 09182268 Prlnclpal office and r•gistered Cheslerhdm Museum office Bardon Mill Hexham NE47 7JN The trusto0s Mr G cland Mr T F Carroll Prof l Hayn8s Mrs E F G StsnlJd Mr L J Thompson Dr P R Wilson Mrs V S J¢thnslon Mrs H WocrfJf(yd Dr J Huntley Dr G Taylor Mr R Sper Dr F J Hunter Mr P Chapman (Retired 28 April 20251 (Reted 19 September 20241 (Reted 19 September 20241 (Relred 19 September 20241 (Retred 19 September 2024) (Retired 29 June 20241 (Appointed 27 April 2024) (Appointed 26 April 2025) Chlef executlve offlcer Mr A Byley Doputy Chlef execuilve offlcer Mr C Gdlthvay A¢¢ountants Accounlanls 2 GosfcKth Park Avenue Newcastle Uky)n Tyne NE12 8EG Audltor UNW LLP Chartered untsnts Citygate, Sl James Boulevwd Newcastte u[ Tyne NE14JE Bank¢rs Lloyds Bank plc 102 Grey Street Newcasue u Tyr NE991SL Sdicllors Ward Hajaway Sandgate Hwse 102 The (aySide Newcastle Upon T NE1 3DX
The Windolanda Trust Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the D5rectorfs Report} Icon Year Ended 31 December 2024 Slructurn, govemancé and manag¢m¢nt Gov•rning docum•nt The Vindolanda Trust was ftsJnded in 1970 aThJ vras operated urKler the rules of its constitution. On 1 January 2015, the net assets of the charity (charity number 500210) were transferred lo a limited by guarantee chafilable comparry (charty wmber 1159798) which is govemed by ils metlUM and articles of association. Charlty and company sLus The Vindolanda Trust underlty)k wrangemenls to transfer lo an inc(Yporaled charilable company limited by guaranleefrom that of the onginal reg$lered ¢harily which was fournjed in 1970 to research, preserve and promote the archaeology of Roman Vindolanda whth I5 al the heart of Ihe Hadrian's Wall World Heritage Sile. The name. structure and management of the Trust remains wlh a body of Trustees (who are also the directors of the charitable ¢ompany under company law) and the aims. objectives. assets and staff dillY transferred to the irwporaled chble company in 2015. Trustees have determined that the Trust will conts.nue to be a independent and ethical organisalion and that it will operate wlh honesty and transparency arKI be respected for its inlegrily. The Trust will advance the knowledge and enhance the awarene55 of Vindolanda throu a meticulous investigation of the archaeological record and maintain VirvJda1a's unNue 'spirit of place. and contribution lo the Hadrian's Wall VV(ffld Heritage Site. Education. access. innovatbon. creativty and sustainable development will remain firmly imbedded in the ethos of the Trust. Intomal control and management The Board of Trustees (who are also the dreclors of Ihe charitable compary) meet four times per year, including the Annual General Meeling and an autumn tsjdgel meetin9. and call any further interim meeting5 on a dbscretionary basis. An impacl and development sub committee meets on a separate basis lo prepare in-depth reports on any matiers 1den1rf by the Board. Trustees consider that this Cuent level is sufficient fcff the continueil gcMJ(i g0vemae of the charity. The Board ofTru5tees undertake the re(xuitment ofnvw members based on a skills review ofthe Board. New Trustees are provided ¥th suppwt and trainiry to meet Ihe¥ responsibilit. The remuneralion of the key management [onnel is first discussed itween the staffing committee. which comprises of Iwo Board members arKI the key management personnel. Ratrfication of remuneration proposals following those dtscuswns is made by the full Board. When reviewing remuneration changes the slaffirwJ committee look at a range oflactors. induding market conditions and compari80ns of remuneration paid in simdar organisation5. Dr Andrew Birfey. the CEO and Director of ExCavatn$. Continues to enjoy the full confidence and support of Trustees. He leads a slroNJ senby management tearn and iheir experience. expertise and commitment lo the Trust kyovides substantial $uprwt for Ihe CEO and lo Ihe board. The Trust is also fortunate lo be served by a team of edated $taff vtho are focu55ed on delivering a quality seryice al all levels. The lurnover of the Vindolanda Trusts staff remains exceplionally level. with high retention. )b satisfaclh)n and an expanding skill base within the team strudure. TP#s stability alows Ihe Trusl lo focus on ils ccKe aims and ot4'eclives wilhout dtstra¢tion$. Publlc benefft The Truslees confimi Ihal tY have referred lo the guNJance c¢Jnlained in the Charity Commission's gerwal guidance on public benefrt when reviewing the Charity'5 aiins and objectives and in planning future activities and setting policies f( the year.
The Vindolanda Trust Company Limited by Guarantee Trustees. Annual Report (Incorporat6ng the Dlrectorfs Report) (conllnu8dJ Year Ended 31 D•cember 2024 A¢hlevom¢nts and p¢rfomian¢o f¢ofttinuedJ Objectives and actlvitigs The principal objed of the Charitale ¢L¥npany is for the archaeological excavath)n, conservation, pServatIon, publi¢ display, education and eni)yment of the Roman remains and arlefacls at Virwjolanda. The Vindolanda Trustees wrchased a secon(J Hadrian's Wall sile al Coran. in 1972 and incorporated this site inlo the aims & objectives of the Trust. Tr Trustees also hold aTrY administer, by way of lease. Ihe Roman Army SeUM whth is adjacent to the Carvoran landholding. Achlevomgnts and performance The Vindolanda Trust had a successfijl year in 2024, with the continued exca¥a)n programs at both Windolanda Roman Fort and Magrkl Fort. eruagiThJ th hundreds of volunteers and Ihovsands of visitors from ar(yJnd the V*Y)rld to LKJlh mu5. Both Vindolanda and the Rornan ArTny Museum opened for the 2024 season mid-February, Vindolanda remained open daity for the remair)ts of the year. with the Roman Army Museuffl closing in late October to assist with the Capital asswaled 4wth the NHLF Magno project. Over the course of 2024. 154.$57 vi%ilors visited the sites al WiThJdaNla and the Roman Amiy Museum. an increase from 144.201 in 2023. These visitors contrilyjled lo another re¢tyd year in terms of trading irme. with retail in the shops up 8% and catering irthne inc¥easing 21%. Th8 Tnjsl continued to offer high quality self4alering accornwn0dal al Codley Gale Farm and Collage and received excellent feedback from guests. We continue lo invest in these FKopertie5 to ensure the quality Matc that of our award-winning museums. The communications team continue IMF0¥1ng our Olne esee by expanding content within the website and mainlaining a slroro social medkq Frfesence. Trading income was suppcrted by online donations. as weN as some Grant income and claims from HMRC Gift AKI scheme. Museum viylor satisfaction - Feedback from online review leS such a5 Trip Advisor and Google remain exceptionally FM)srtive with 97% Good or 8elter rat on Trip Advisor and mostly &stw reviews on Google. We rela1rd our VBilor Attraction (jality AsSUrare Scheme" rating al museums with 6xceptional scores in customer service and quality of visitor joumey wilh Roman Army Museum receivin9 the Welcome accdade. for exceptionJ custorrw service. The Trust is a"Gold" Investors in Peop emIOYer arml cAJr people we true ambassadcys of Vindolanda who share our beliefs and values. Mu$oum Coll•¢tion Do9ignation The Trust retains both museum a¢Creditatn arKI designated colle¢lion statu5 as awarde(I by the Arts CouneAI England for the Vindolanda lection in May 2017. t>esignation is a significant accolade, reflectij nol only on the collection's quality also the imp¥1 that it has made. an¢J is ¢ontinuiNJ to make. on modern archaeologcal research into the everyday lrfe of the Roman people of Vindolanda. This award supports a whole range of committed PeOe who work. volunteer and research the sile lo help us understand and create a fumer picture of our Roman past. We remain as the only Roman collection to be deSnated on Hadrian's Wall arKI the only deSnated ¢olle¢tion in Northumberland.
The Vlndolanda Trnst Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (condnuod) Year Ended 31 December 2024 Achlevoments and pwformance (¢ts• Public benofrt & Engagement Tho 2024 excavation & Volunte•r Programmos. In 2024 the Vindolan(Ja Trusl conlwwed ils iwin reswch excavalions at the sites of Vindolanda and Roman forts, providing OpunitieS ICK w¢yJnd 500 excavation and PDsI-Excavation volunteers lo lake part in the work. Aside from the Irsary sch8me places. which is generously supwrted by those volunteers who have means lo do so, the Vin(kJlanda excavations welcomed a field sthool from the University of saXn to its excavations. Al Magna the prqect Continued the excaval#)n of the area lo Sth of milecastle number 46 with long trench which incorporated a section across the vallum and an earlier military ditch lo ils south. Discoveries made in 2024 provided further eVIdee for a hitherto unknown cemelery in this area. with the recovery of 12 cremation burials and a funeray pyre. The analysis of the cMated material is ory)ing bul radiocarbon dating of the remains show Ihat the pyre arKI cremations look place in this aa from the beginning of the 2j cenlury lo middle of the 4th century. Isotot¥c wCk also indicated that Ihe people who were cremated came from tsvo dislinctrve groups. one loca and the other nalh)nal and lernational. This signrficanl discovery ayds a great deal to our understanding of the military and memorial landscape of the site of Magna. Excavations in other parts of the field A1 were completed in 2024 and the work now moves on lo a space dosef to the known fort plaifomi in 2025. Excavation bookirvJs for the 2025 season al Magna were launched in October and November 2024. and all the places were flled in a day. The environmental monitoring at Magna continued to hh3hlHJhl lh8 vKxrying long-lerm Ir8nd of the deterioration of the preservation environrnenl at the sile and the impxl of dimate chang8 on the archaeolcw of the sile. In 2024, the fld to the fh of the fort spent 8 out of 12 months in aerobic conditions rather than the pferred anaerotxc coTrjitTrs. Excavations al Vindolanda launched in Aw"12024 wth a new project enlilled the 'Caslrum' research project. This will, over the course of 5 years. complete the exCavatn arKI presenlalK)n of the 3rd and 4th century stone fort al the Vindlanda sile. making Vindolanda the mosl ¢ompletely excavated Roman forl from the western haw of Ihe Roman eMre. Work commerKed in the northeastern quadrant of the fort and around 40Vo (rf this qLdIan1 was excavated in 2024. Excavation bookiNJs for the following 2025 season were robust and all places were flled in a day. As with previous years, 2024 was a t*Jsy year for lectures and ewenls for the Vindolanda Trusts tsvo projects and teams. This included talk5. serninars and WLYkshops which delivered lo more than 3,500 people in six counlries. The VindolarKla Trusl was well rewesenled al the Roman Archaeology conferKe in London, the Limes intemalional Frontiers of Roman Studie5 corrference in 8alumi in Georgia as well as the European Archaedogy Conference in Rome. CollaboralTve work vrith other organisalions such as as National Trust and the Royal Archaeological Society continued. sharing best practice on environmenlal moniloring of tmjried remains. The work al Magna and v1kanda was presenled on Nalts)nal Radio. BBC Radio 3. and a host of TV dcKumenlary programs. The was a strong focus on the org)ing threat of climate charTrge as theme lo this media woth in 2024.
The Vindolanda Tntst Company Limited by Guarantee Trustses. Annual Report (Incorporating the Dlrectorfs Report) (conlAnu8d) Year Ended 31 December 2024 Achievements and p•rforrnance (coniln Th• 2024 •xcavation & Volunlear Programmw The CollaboratNe Doctoral award between Lancaster UnNersity and the Vintjolanda Trust, looking at the role of Roman Relig¥Jn Hadrian's Wall. cOnVed in 2024 with its end dale scheduled as 2025. The AHRA proje¢l in cdlaboral)n betsveen Ihe Vindolanda Trust and Bristol and Exeter Universities. examining an¢ienl food pracli¢e$ and pathways has been funded and started in 2022 wlh the taking of over 150 Samples of ¢eramic deep lipKI trensK analysis. As in ryevious yw. the akne is 01Y a taste of the many pyoiects and collaborations Ihal the Vindolanda Trust is engaged wth during 2024 as the organi5alion continues to be fonyard thinkin9 and dynamic, looking towards meetiro the challenges of future with confiden. Educatlon The number of educalional group visits during 2024 continued lo grow. with sclK)ols from local, regional and national areas visiti'ng both Vianda and the Roman Army Museum. 2025 prebooking fwres are stroro and are feCaSknrtrJ fal visitor numbers lo be dose to pre pandemic figures. The Activity and Diversty officer has vrtyked well wilh Ihe Vindofanda Activities officer lo imFKove the educational offer within the Trust and VAII conliwe to foojs on raS1 our wofile within groups who traditionalty would not visit heritage srtes. We offer a w(¥k eXperIee week for 16-18 year olds to highlight the opportunities with heritage sector. Over Ihe cwrse of 2024. staff contiwed to er¥Jage wilh various vtsitors and groups, conducting lecluie5 and on-site tours, many of the lectures being availa& for vie•ving via the Vindolanda Tnjsl YouTube channd. Stafflng & Training Staff retention wthin the Trust remains excdlent, and empknyee engagement suNeys conliThJe lo show high levels of workplace satisfaction aThJ strong staff morale. l)Jr team is fulty committed to upholding the highesl standards a1 xhieviw Ihe oty'ectives of the Vindolanda Trust. Training plays a cri11 role in our success. All team members parb'cipaled in slart•of-season training sessions in Felyuary, with athlilional f{U5 on s$ and indusion. as well as understanding the impact of the Magna project. On-the-job training from wea managers aThJ supervtsors ensures that everyone is equipped with the Sk15 necessary lo excel in thr roles. The Magna woiect team continue to thrive in their roles, supported by mentoring from Sen staff. The Trust successfully comF4eted ils Investors in People assessment. and maIn on track to relain our gold acuedilalion. The assessment highlighted several strengths in people management, while also idenlfying a few areas for improvement. The leadership team remain5 committed to providing continuous FKofessional devdopment opptunities. whKh refflain a key priority for both the board and senior 18adership.
The Vindolanda Trnst Company Llmited by Guarantee Trustees. Annual ReF)Ort {Incorporatlng the Dlrectorfs Report) (con11nl Year Ended 31 December 2024 Achlevom•nts and rtonTrance Sustalnablllty and Reslli•nc• The Board have resolved that they will continue lo tY pursue c4)urses of aclK)n that SUPFQrt and extend ther developed primary income slreams. They will continue lo expke and seek new funding opportunilies and avenues. They will monitor inlemal external trends. opportunities and threat5 and spond in a manner Ihal besl suppyts the finanryd sustainability of the Trust to meet ils lMary aims and objectives. The 2024-2034 Stralegic plan was adopleil by the Board after consultalion with senior mana9ement and all staff. The 8oard will continue lo M111rX Ihe Tru5fs operalK)r6 lo adopl good praCte and reduce the carbon fcrfjtprinl of the organisation. Financial review Finan¢ial roview of tho yoar The Trust's main sources of voluntary income are dcffptnS and crther income of £1,074,404. Shop and cafe sales and other fundraising inrne lotalled £741,850 and admissions tolalled £945,552. Income received in gift aid tolalled £82.396 and is induded wthin the rdevant balances. Trust's charitable costs have increased in the year to £2.290.532 resulting in a net surplus of £636,073_ The Trust has a nel asset worth arxl reserves of £9.252.703 at 31 De¢ember 2024. The Trust's unrestricted reserves al 31 Decembw 2024 lolalled £7.097.930 and are tKeSented by Capital assets of £5,783.547, currenl assets of £1.641.053 and liabilities of £319.305 of whth £64.520 is due in more than one year. The Trust's restricted reserves al 31 De¢ember 2024 of £2.154.773 are represerrted by ftxed assets of £1.807.389 and current assets of £347.384. The TnJsl has not carried out any signrfunt fundraising activits. During the year a lolal of 539 {2023.. 416) volunteers gave ther services freely. without remuneration. The value of their input is estimaled at £553.440 {2023.. £436.500). although this income has not been recognised in the financial ststements. Risk appraisal Insurances ar8 in place to cover any liabililies that mthl arise from the Trust's activities. Policies and Fyocedures are in place and are reviewed re1arfY to facilitate the sound management of Ihe charity and a risk register has been established to Mana or mitigate any identifd risks and lo promote high standards and best practice. The Trust followed wiare and implemented changes to minimise the risk of the pandemic and continue lo evaluate assoualed risks. Rasems The Board of Trust, aim to maintain enough in Trusfs reserves to provide against a sudden and unpredicted fall in future income. The minimum future level Wld b& six months. expendilure on staff salaries and other fixed costs including mantenance of Tntsl F*OFWty. This fNJure is currently set at £580,LKIO. The Trust has secured a mixture of shLYt to medium lemi savings accounts lo secure our cash assets. As al 31 December, the free reserves of the Trust lie unreslricled funds wt lied up in fixed assets) amount to £1,314,383 (2023.. £1,255.950}. The reStrted funds of the Trust lolalled £2.154.773 12023.. £1.702,9)5), of this £1.807.38912023'. £1,408.463} is ld up in fixe(J assels.
The Vindolanda Trust Company Limited by Guarantee Trust••s' Annual Report {In¢orporating the Directorfs Report) (COnnUed) Year Ended 31 December 2024 Plans for future perlodG The Vindolanda Trust has made a good recovery from the Challenging period caused by the COVID pandemic. Successful trading in 2023 and 2024 has allr)wed it lo slay Irue lo its core and to continue to plan and build for the fvlure. The immediate focus of the nexl two to fNe years remains rebuilding its resources so that it can continue with ts year--year Investm¢$ and improvements at its sites and museums. focus of 2025 will te to investigate opttons and opptynl1tes for fvlure proiecls at Vindolanda and the Roman fort and sile of Magna adjacent to the Roman Amiy Museum. A couple of museum galleries VAII require investment the next 2 to 5 yews to ensure Y•E conlinue to offer visilofs the best experience possible. The Trust is also actively pursuing it5 Green PolThs. trarL%rtioning to a rnore cart)on neutral organisalK>n. Excavatlon and Re8earch 2024 was the first of five years for a new archaeologi¢al researth project al Vinddanda, the Castrum project. This excavation took place in the northeaslem quadrant of the last stone fort, wrth 16 weeks of work in the summer of 2024. The excavations uncovered a range of later 4th century chalet type structures that had covered the earlier and primary ¢entury barracks in Ihis area. The discovery of vo stone rObbg trenches and the material vthhin them provmled new and detailed informalion about the earliest robbing activili8S to have taken the at the sile which appears to have happened in the early 17th century. Some spectacular Roman wtefacts were iecovered from within the Roman buildings and those included the sculptured slone head of the goddess Brntia. wrth a mural crown. A coppery alloy head of an ox god a1 a small statue of the wd Mars were slEII stsnding on their plinths on the floor of a building. The r8mains of the spol heap of the earl$1 known ex¢avalions from modeTn limes induded a workman's shoe and a botue of beer from the pre-cuwrto Scottish and Newcastle Breweries Blown Aje. Exciting re$ear¢h on the artefads discovered from the 2023 excavations Cont1nLj with work on the ink and Stylus tablets. The release of a new text (Jetsiling the sale of a slave lo Vindolanda wa5 publishèd in the leading JournaF Britsnnia in 2024 by Professors Alex Muln, Alex Meyer and Dr Roger Tomin. Scientific work on the proteomi¢s of Ihe leather, led by Dr Elizabeth Greene and Or Gillian Taylor, a collaboration betsveen the UK and Canada provKled new insights into the species of the leather and the timeframe for the impact of dimale change Ihe htstoric preservation of Ihis material. The Crpfunded PhD on Roman Religion between the VindolarKSa Trusl and LaraSter UnNersity completed ils final year. and that thesis wll be defended in Juty 2025. The lipid ceramic project, in conjunction with the Universities of Exeter and Bristol entered its final year in 2024. and Ihe results of this pioneering research on the Roman c*ramics from Vindolanda expeded lo be pUtIshed in 2025. Al Magna the excavatlOll5 Cl11Ued from 202310 the south of milecasue 4610 reveal a hitherto unknown Roman cemetery in thi5 landscape - a rernarkatAe discovery. Roman dilches in the area also produced a comparative collection of Roman leather which included 9 Roman shoes. Desptte the wel summer the excavations al Magna were able lo complete 1 their designated lasks in the field lo the north of the fort in 2024 and will now turn ils allenlK)n lo the main forfs defertts in 2025. Collaboration on insect remains with the UnNersity of Edinburgh and a c105er study of Iheenvironmenlal impact of Ihe Roman occupation of the landscape is ongoing bvilh the prellmirY results from 2024 expected lo be published in the interim archaeological report in June 2025.
The Windolanda Trust Company Limited by Guarantee Trustees, Annual Report {Incorporating the Directorfs Report) {¢orrtlmi8d) Year ErKled 31 December 2024 Plans for future p•riods (coniin NLHF project- Magna The National Lottery Heritage Funded enlered ils 2nd year in 2024. Th& aims of the S-year rKoj&t are as f(41cws.'_ The project wdl investigate the maN)r effects of climate ¢harMJe with a five-year Magna community volunteer excavation and geoarchaeology wogramme. ProvKle activity. learnir¥J engagement oppctunities for over 2.000 people and function as a dynamic and exciting calatyst lo encourage new and more diverse 9rwp of people to engage with the of Ihe trust. Create five new jobs covering archaeolow. geoarchaeology, aclivitiesloLrtrea¢h and Invest in People Gold Standard Heritage Customw Serv. Actively engage wilh local communiis aw$$ the Northem Region. Undertake small build V&Drks for archaeological vdunteer and museum activities. Excdlenl progress on Ihe Proiecl was made during 2024, with Ihe new volunteer and aclivity centre opening in April. The Magna ex¢avation Fwam was fully subscribed wilh over 200 volunteers participating. The Activity and diversity officer has deVelo[d pwtnerships which have irvea5ed inclusivity al the Roman Army Museum. The projecl remairts on track and in lo meet ils obpctives. Ext•mally Funded ProJe¢ts- Conlempornry arts and Arch1 Colla¢tioThs With funding supp¢)rt from. The John Ellerman FOndalK)n. Arts CInCI England and Newcaslle University, 'The Land We Walk On". art. ar¢haeology and dimate change, is a new creattve programme for the Vindolanda Trust. 11 bri5 researchers, archaeologtsts and curators tog8tr with artists to develop new temporary exhibitions and act1vitS Ihal use artistic wactrE lo unlock the Tnjsvs collections enlNen its owing caimate resech. The Vinddanda Trust's archNes proiect began in November 2024 aThY 1$ fvnded by th8 Trust itself. alongside donalions from a private donor. In March 2025. we were su¢¢es$fvl with an &Jdilional grant of £6.600 awarded from the Roman Rese1 Trust lo add lo the kYq'e¢t fvnds. The two-year project will focus on Cataloguing two major archwal cdlections hdd by the Vindolanda Trust.. Ihe Archives of Charlie Andersm and Eric 8¥ley. as W11 as stwt loo.ng towards options for future funding and developmenl in order to continue the pyoiect beyond these inrtial tsvo years.
The Vlndolanda Trust Company Llmited by Guarantee Trustees. Annual Report {In¢orporating the Directorfs Report) (conllnued) Year Ended 31 December 2024 Plans for future periods (conllnu Access Th8 Trust implemented several measures lo in¢rea5e our accessiblty offer at both sile5 during 2024. The Trusts Activity and Diversty offer continues to investigate inclusive opportunities for visitors and volunteers and engages with groups and bodies lo ensure that the Trusts work is more easily accessible. Work on improving our dlIa1 reach is also ongoing with an increased f¢xus on different media platforms enabling access. The Trust's Codley Gate Bam fauliiy contiryJes to offer lonterni museum storage ol bulk poltery and bone as well as some of the Reserve collectK>n and the storage in this knlity has been extended to give 9realef capacity for ancient animal bone storage. Collaborailve prolects for 2025 includ•: Conlinved participal#)n on dl relevant Hadriarn Wall Wtyld Heritage Commillees. Continued participati in 'Wall wide. marketwo and tourism iniliatNes. Wriling tablet research and bIallon. Collaboration projects wilh the UniveNt$ of Weslem Ontario (Canadal. Teesside University, BrislcA University, Northsjmbria University. Edinlxjrgh university. Exeler University, Newcastle University, Reading University. Cardiff Unrverty. Leicester University. Oxford UnNersity. The ArthaeologKal Unil of Oxfor4J North. Johannes GutenberTrUniversilat Mainz {Gemiany), university College Dublin. The Hexham Group of Scholars. The Latin Now leCt. Loans lo museums in the UK irKluding the British Museum legion. exhibition, planning for Canada. Lancaster and Ihe Grtat North Museum in Nertastle. Working with the RomITrGermanSI¢he KcmmissKtrn in Germany. Collaborating Wbth UCD on the ecofacts and insect remains from the VirKkJlanda excavalpjns. The collaborative Do¢toral Award wilh Lancaster UnNersity the Role of Roman Rel10n on Hadrian's Wall. The last year of the CDT between Nev•rasile University aThJ the VirKldarHla Tmst. Trustws. responslbillties ¥tst¢mgnt The Trustees. who are also direclcKs for the purF4)ses of company law, are responsible for preparing the Trustees. report and the finanoal statements in acwdance with applicable law and Uniled Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practi1. Company law requires the charity Truslees to wepare knarla1 statements each year which give a true and fair view of the stale of affairs of the tharilable company and the In)ming resources and application of resources. induding Ihe incorne a1 eXpeIlture. for that period. In preparing these finala1 stslements. Ihe Tnjstees are requred to.. setect suitsble accounting polw5 and t appty them consistendy.. observe the methods and princip in the apFlUb Charits SORP.. make ILgments and accounting estirnate5 that are reasonable and prudent.. prepare the financial slatemenl$ cm) the ty)ing concem basis unless it is inap[opriale to presume that the charity will continue in trAJsinesS.
The Vlndolanda Trust Company Umited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢tsndnu•d) Year Ended 31 December 2024 Trustees responslbllltle$ statffilont f¢o•th The Trustees are responsible for keeping adequate aco)unting record5 that are sufficient lo show and explain the charivs transa¢lKins and disdose wth reasonable accuracy al any lime the finatKial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. Ttw are also reSporle lor safewardin9 the assets of the charty and hence tsking aSonable steps for the prevention and delectKM of fraud and other irrewlarities. Auditor Each of the persons who ss a Truslee at date of aprKoval of thi8 report ¢onfirms that: so far as they are aware. Ihere is r#) relevant wdit Inforfflath of whh the charity's ajditor Is unaware; and they have taken all steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit infomiation and lo establish that charivs auditor is aware of that information. A resolution proposing that UNW LLP t* app¢ted as audil(Ys of the cx)mpany will be pul to the members. Small company provlslons This repcyt has been prepared in accoriiance with the provtswi$ applicalJe lo companies enlilled to the Small companies exemption. The TnJstee$' annual port was approved on 28 June 2025 and signed on b8haff of the board of Trustees by: Mrs V S John Trustee DrGTay Trustee 10
The Vindolanda Trust Company Limltsd by Guarantee Independent Aud5torfs Report to the Members of The Vindolanda Trust Year Ended 31 December 2024 Oplnlon We have audited the financial statements of The VindolarKla Trust for the year ended 31 December 2024 which comprise the statement of fbnancial &tr¥ilies {including income arKI expenditure account), slalement of financial sItIon. stalement of cash flows and the related notes, including a summary of signrficanl accounting wlicies. The financiaf reporting framework that has been applied in their preparalion is applKable law and United Kingdcmn Accounting Standards. including FRS 102 The Financial Reporting Stsndard appIatsIe in the UK and Republic of Ireland (United KiThJdom Generally Accepted ACcntIng Practice). In our opinion the fi'nancial statements: give a Irue and fair view of the stale of the chitable ¢ompanrf$ affairs as al 31 December 2024 and of ils incoming resources a1 aprIation of reswr¢es. irmguding its income and expenditure, for the year then ended.. have beerb properfy pY8pa in aC0)rdar with United "n]0M Ger)erally Accepted Accounting Pra¢lice', have been prepared in aCCordare with the requirements of the Companies Act 2008 Basis for oplnion We conducted our audit in accordance Inlemalional Standards on Audtling (UK) {ISAs IUK)) and applicable law. i)Jr responwbililies under those slandards are further described in the 'Audilor'$ sponsibililies for the audit of the financial slalements. sectN)n of our report. We e independent of the charitable company in aCcordae wth elhKal requirements that are relevant lo our audit of the rinancial statements in the UK. including the FRC'S EthKal Standard. and we have fulfilled our other ethical responsibilities in a¢¢ordance wilh these requirements. We believe thal the audil evidence we have obtained is sufficient and appyowiale lo provide a basi8 for our cyinion. Conclusk+ns relatlng to golng coii¢em In auditing the financial statements. we have concauded that the Trustees. use of the going concern basis of accounting in the preparation of the fInarla1 statements is appropriate. Based on the work we have performed, we have not idenlrfied any mater1 urvtainties relating to events or condiiions that, individually orcolleclively. may cast sIrfan1 doubton Ihe ents"ty's abilty lo continue as a going concern for a period of at least hvdve months from when the financial slalements are aulhorised for tssue. Our responsibilities and the responsibilili8s of the Trustees respect lo syjing concwn described in the relevant sections of this report. 11
The Vlndolanda Trust Company Llmlted by Guarantee Independent Auditorfs Report to the Members of The Vindolanda Trust (¢onWn¢rtrfJ Year Ended 31 December 2024 Oth•r informatlon The other infomiation comprises the irrfNmatM)n induded in the anrthl report, other than the financial statements and our audilorfs report Ihereon. Trustees are reswnsible for the other information. (ljr opinion on the financial statements does rK>t covw the other infomiation and. ex¢epl lo the exlenl otherwise explicilly staled in our reFKKt, we (lo not express any fomi of assurarKe condus1ft thereon. In connection with audit of the finaT31 stslemenls, Iwr SponSILlity to read the other information and, in doing $0. ¢onsider whether the other inf(Kmalion is maleri811y inconsistent with the financial statements or r kno%%4edge ¢)blained in Ihe audit or otherwise appears to be materially misstated. If we idenlfy su¢h material inconsisterS or apparent material misstatements, we are required to determine whether there is a material misstatement in the finaal statements or a material misslalemenl of the other inftymation. If. based on the work we have performed. we )lude that there Is a material mi$$tstemenl of Ihis other infwnalion. we are required to report that fact. We have nothing lo report in this regwd. Oplnlons on oth•r matt•rs pre5crlb•d by th• Companies Act 2006 In our opinion. based on the work un(lertaken in the ccxjrse of the audit.. the information given in the Trustees. report for the financial ye¥ for which Ihe financial statements re prepar8d is conwstent with the financial ststements". aThJ the Tru51ees' report has been weped in &COrdan with apFAicable legal requirements. IAatters on which we are roqulred to report by eXptIon In the light of the knoWI1ge and understanding of the charitate ¢ompany ils environment obtained in the course of the audrt, we have Trjl identified material misstatements in the Truslees, rept. We have nothing lo report in respect of the followiThJ matters where the Companies A¢t 2006 requires us to report lo you if. in our opinion- adequate a¢¢ounling rd5 have nol been kept. or retums adequate for r audit have not been received from branches not visited by us. or the finanoal statements are not in agreement with the accounting records and the returns, or certain disclosures of Trusiees remun8ratK)n SFeafied by la# are not made., or we have not receNed al the infln and e¥planations we require for our audit.. the Trustees were not entitled lo rxepare the financial stslemenls in accordance with the small companies regime and lake thtage of the smal companies exemption in preparing the directors and Trustees, report. 12
The Windolanda Trust Company Limited by Guarantee Independent Auditorfs Report lo the Members of The Vlndolanda Trust (condnuedj Year Ended 31 December 2024 Re$pon$lbililles of trustws As exrAained more fully in Trustees. pOnsIbl1e$ slatemenl. the Trustees (who are also the directors for the purposes of company law}are responsibk for Ihe preparation of the financial statements and for being satisfied that they give a true and fair vmv. and for such internal ntrOl as the Trustees determine is necessary lo enable the preparatn of financial statements Ihal are free from material misstatement, whether due lo fraud cff error. In preparing the financial slalements. the Trustee5 are resSIble frK assessing the charitable company's ability lo conbnue as a gotng o)ncem, disdosing, as apicable, matters related lo going concem and using the concern basts of accounts.ng urless the Trustees wlher intend lo liquidate the charilable company or lo cease operations. or have rK) reIStIC alternative bul lo do so. Auditorfs r•sponslbillties for the audil of the financlal statements Our objectives are lo obtain reasonable aSSUrar ab(yJt whether the finartial statements as a whole are free from material misstatement, whetW due to fraud or error. 8rvJ lo Issue an audilorfs port that Includes our opinion. Reasonable assurance 15 a hth level of assurance. bul is not a guarantee Ihal an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or errcff and we cOnSered material if. individualfy or in the aggregate. they could reasonably be expected lo influence eC0M1¢ deasions of users taken on the basis of these financial staternenls. Irregularities. includin9 fraud. are itanCeS of nork-compfiance wlh laws and rewlat#)ns. We desun procedures in line with our respjnsibilrties. ll1ed above, lo detect material misstalemenls in respect of irregularils, induding fraud. The Spe¢rf procedures for this ergement and the extent to which these are capatAe of detecting irregularities. iiKiuding fraud 15 detailed bekn¥'. We identified areas of law and regulations that SonablY be expected to have a material effect on financial statements from our general and sectty experience and thrwgh discussions with the Trustees and other management {as required by alling standards) and from inspection of the charitable company's legaj C(WreSwnden, arnj we discussed wilh the Trustees and other management Ihe poIleS and procedures in pl&e regarding compliance with laws and regulations. We communicate(J identif laws and regulaknons lIOu)0Ul our team and remained alert to any indrcats'ons of non-compliartt throughout the audft. Firstly. the company suty'ecl to laws and reguLqtions that dwecuy affect the financial statements including financial reporting Iwslalion linduding rdated companies legislation), distributable profits legislation and laxalion legislation and we assessed the exlenl of Compliar with these laws and rewlations as part of crtjr prccedures on the rdated financial statement ttem5. Secondly the company is subi8cl to many other laws and regulations where the Consequen of non compliance could have a malerk41 effect on aMnIS or disclosures in the financial statements. for instance through the impositi.on of fines or Irtigatn. We idenlbfied the following areas as Ih05e most likely lo have such an effect,. health and safety. eM0Yrnent law. data pyotection, environmental law and certain aspects of company legislalw)n, rec(Jnising the nature of the charitable COMpanS aclivilies. Auditing Standards limil the required audit prcKedures lo Njentrfy non-compliance with these laws and regulations lo enquiry of the Trustees arKJ olher management and inspection of regulatory arKI legal correspOrKlen. rfany. Though these procedwes, we nol became awwe of any actual or suspe¢led non-comkrfiance material to the financial stalemenls. 13
The Vindolanda Trust Company Limited by Guarantse Independent Auditovs Report to the Members of The Vlndolanda Trust Iconthu¢dJ Year Ended 31 December 2024 Auditorfs responslbllltles for th• audit of the financial statoments Because of the inherent limitaiM)ns of an audr(. Ihere is a risk that we will not delect all irregularilie$, including those leading to a material rni551alefflenls in the financial statements or non-compliance with regulation. Thi5 risk increases the more that compliance wilh a law or rewlalion is removed from the events and transactions reflected in the financial stslemenls, as we will be less likely lo become awa of instan5 of non-compliance. The risk is a150 syeater regarding regularitS curing due lo fraud rather Ihan error. as fraud involves intent1 Conalment, forgery. collusion. omission or misrepre5entslion. A ftjrther de5criplion of our responsibilit*s fty Ihe audit of the financial statennIS is located on the Financial Reporting Councll's website al.. www.fr¢.org.uklaUdilorsresponsibilit. This description forms part of our audilorfs report. Usa of our report This report is made solely lo the charitable ojmpany's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our aLKlit work has been undertaken so that we might state lo the ¢harty'5 members those matters we are requyed lo state lo them in an auditor s report and for no olher purpose. To the fullest extent pemilted by law. we do [t accept or assume responsibility lo anyone other than the charitable company a1 its members as a body, for our audit work. for this report. or for the opinions we have fomed ¢J- Anne Hallowell BS¢ DChA FCA ISenM)r Siatul(ry Auditor} For and on tehalf of UNW LLP Chartered aLxounlants & stalulory alItOr Citygale Si Jamos Boulevard Newcaslle upon Tyne NEI 4JE 28 June 2025 14
The Vlndolanda Trust Company Llmlted by Guarantee Statement of Flnanclal Actlvities (Including income and expenditure account) Year Endod 31 Decombor 2024 2024 Restlted fuThJs Totsl funds Total funds 2023 unrestrted fvThYs Income from: Donations and legacies Charitable activities Other trading aclNiiies Investment income 693.918 1,074,404 1.038.213 741.850 72.138 1.IX)6.752 948.269 627.022 72.739 1.038,213 741,850 72.138 Tot Income 2.232.687 33.918 2.926.605 2.854,782 Expendlture on: Expenditure on raising fUls.. Costs of other trading activibes Expenditure on Charitab aclivilies Other expenditure Tot expendlture 377.146 1.671.336 7.872 234.178 385,018 1,905,514 350.853 1.640,282 6,744 10 12 2.048.482 242.050 2.290.532 1.997.879 Net Income and net movement In funds 184.205 451.868 636.073 656,903 Reconciliation of funds Total funds brought forwar Tot funds carried forward 6.913.725 I.702.5 8,616,630 7.959,727 7.097.930 2.154.773 9.252.703 8.616.630 The statement of financial activities includes all gans and losses recognised in the year. All income and expenditure derive from continuing xtiv1eS. The n¢te8 on pages 18 10 35 fomi part ofthese finandal slatements. 15
The Vlndolanda Trust Company Llmlted by Guarantee Statsment of Flnancial Position 31 December 2024 2024 2023 Flxed assets Tangible fixed assels Investments 16 7.589.936 18 1.000 7.066,238 7.590,936 7.066,238 Current assets Stocks DebloTS Cash al bank and in hand 19 20 82.808 72.791 1.832.838 79,710 215,109 1,741,259 1.988.437 2.036,078 Credhors: amounts falllng due withln on• yoar Net current assets 21 262.150 314,108 1.726.287 1,721.970 Totsl assets less current Ilabllttles 9.317.223 8.788.208 Crodltors: amounts falllng du• after mor• than on• year N8t a5sots 64.520 171.578 9.252.703 8,616.630 Charity funds Reslricled funds Unrestricted furkys 2.154.773 7.097.930 1,702.905 6.913.725 Tolal charity funds 24 9.252,703 8,616,630 The Trustees acknowledge their resportsibilities for comp"ng wilh requirement of the Act with respect to accounting records arKJ preparation of financial slalements. The financial slatemenl$ have been prepared in Vith the provisions aPpIable to enlilies subject to the sm811 cLNnpanies regime. These financial statements were apwoved by the ljoard ofTruslees aThJ aulhLYised for issue on 28 June 20 signed on beh4f of Ihe board by: MrsVSJ Trustee slon Dr G Taor Trustee Company reg Iralion ryjmber.. 09182268 Charity registration number: 1159798 Th• no¢•5 on p•gH 11 to 3510rn1 part rflhM• lIn¢la1 si•nwt$. 16
The Vlndolanda Trust Company Llmited by Guarantee ststemont of Cash Flows Year Ended 31 December 2024 2024 2023 Note 26 Cash generated from operatS 988.330 817,638 Interest paid Interest received 14,597) 35,055 (12.185) 34.657 Net cash from operating activities 1.018.788 840,110 Cash flows from Investlng actlvfties Dividends. interest and rents from inve$1mts Purchase of tangible assets Purchases of other investments 37.083 38.082 (840.862} (412.865) {1,000} (804.779} {374.7831 Net cash used in inveslirvJ aclivilies Cash flows from flnanclng actlvitios Repayments of tKirrowings Net cash used in financing activities (122,4301 (195,917) 1122,4301 1195,917) Not increase in cash and cash equlvalents Cash and cash equlvalents at beglnnSng of ythir Cash and $h equlvalents at end of year 91.579 1.741.259 269,410 1,471,849 1,741,259 27 1.832.838 The notes ¢)n pages 18 to 3Sfomi pat oflh•s• finrial Statements. 17
The Windolanda Trust Company Limited by Guarantee Notss to the Financial Statements Year Ended 31 December 2024 General infomiation The charity is a CoMpY limited by Gnthntee. inC(Xted d(nlled in Engla a1 a registered charity in Ervjand and Wales. The address of th8 registered offic8 is Cheslerholm Museum. Bardon Mill. Hexham. Northumberland. NE47 7JN. Statement of compllan¢e The financial stalefflenls have been wepared in accordae wilh the Charities SORP (FRS 102)- Accounting and Repcvts'ng by Charities." Slalemenl of Recommended Practice applicable to charities weparing their &counts in acCdance with the Financial Rep)rtiro Standard applicable in the UK and Republic of Ireland IFRS 102) {effe¢live 1 January 2019). the Financial Reporti Standard applicable in the UK and Republic of IrelaThJ (FRS 1021 and the Companies Act 2006. The Vind(Aanda Trust meets the defiThtion of a benefit entity under FRS102. Accountlng polkles Basls of preparntlon Assets and liabilities are initially recotwtsed at historical cost or transaction value unless olheNise slated in the relevant accounting pdry. The financial statements are prepared in slerting. Wh is the functK)nal rrencY of the entity, and are rouThYed lo the n8arest £1. Going concern Thè financial Slalements have been prepaied on the g)ing corKem basis. The Board has a reasonable expectslion that the charity has adequate resources lo continue in operational existence for the foreseeable future. The Bowd has concluded thal the going concern assumplK)n is apworrtiale in wewing these frnancial stakments. Fund accounting Unrestricted funds a avalable for use al the disuetion of the Trustees lo furthef any of the charivs wrposes. Designated funds are untrted fuThJ$ eamwked by Ihe Trvslees for particular future project or commitment. Restricted funds afe fun¢Js which are to be used in accordance with e¢[r restrictions imposed by donors CK which have been raised by the group for parttular wrposes. The ¢osts of raising and adminTrslering such fvnds are charged Jainst the speaffij1. The aim and use of each restricted fund is set out in the notes to the final slatemernts.
The Vindolanda Trust Company Limited by Guarantee Notes to the Financlal Statements (conllnuedj Year Ended 31 December 2024 Accountlng pollcl85 {conllfftd) Incoming r¥st>urc All income ts induded in the stalemenl of finla1 acliwties entitlement has passed lo the charity. it is probable that the econom brI1$ associated with the Irans&tion will flow to the Charity and amwnl can be rdbty measured. The following sp8ufic wlicies are applied lo particular categories of in¢ome: Income from donations is r¢cogntse(I when there is eVIdee of enlitlemenl lo the gft, receipt is probable and rts amount ¢an be measvred reliabty. gran15 we induded in the slatemenl of finanaal ti¥le$ on a receivable basis. The balance of i[0e received for sP1C purposes but not expded during the period is slN)wn in the relevant furK15 on the balance sheet. Where incorne is received in advance of enlillemenl of receipt. ils reixjgnilion is deferred an(1 induded in creditS as t1eferred income. Where enlillemenl occurs before irKome is received, Ihe income is accrued. lega¢y income 15 recogned receipt is wobable armj enlillement is established. income from donated goods 1$ measured at t1 fair value of the sxlods unless this is impractical to Measu lIablY. in vhH'th case Ihe valve is derNed from the cost lo the donor or the estimated re$e value. Donated fa¢ilils arKI services are recognrsed in the accounts when received if the value can be reliably measured. No amounts are iluded for the contribution of general volunteers. other IrMe is recognised in the periLhJ in whh rt is receivable and to the extent the goods have been provided or on completion of the servKe. Resources expended Expendilure is recognised on an ac(xuals basi8 as 2 Ikgbilrty is incurred. Expenditure indudes any VAT whi¢h cannot be fulty recovered. aThJ is dassifd under headirvJs of the stalemenl of financial tivitEs to il relales.. ex[dIture on raising funds InLeS tt)e costs of all fundraising a¢tivilie$. evenls, non- thtable trading activities, and the sale (rf donated gocrfjs. expenditure on charilablo aclNilies IudeS all costs irxurred by a diarity in undertaking aclivilies that further its charilable aims for Ihe benefit of its benefiaaries, including those support Costs and ¢ost5 rdaling lo Ihe wvemance of th8 charity apportioned lo charitable aclivilies. other expenditure includes al experKlilure Ihal reitherrelated to raising funds for the charity nor part of its expenditure on thtalJe *ivities. all cos15 are allocated to 8xpendilure categories reflecting the use of the resource. Direct costs allnbutable to a sir4Jle ¥twity are alknaled direcuy lo that activity. Operating lèas•s Lease payments are re¢ognised as an expense ovw Ihe lease lemi on a slrai9hl-line basis. The gregate benefit of lease incentives B rwised as a reduclK>n lo expense over the lease term. on 8 str8h141fte basis. 19
The Vlndolanda Trust Company Llmited by Guarantee Notes to the Flnancial Statements Year Ended 31 December 2024 Accounting policles Tanglblo fix•d as$gts Tangible fixed assets are inilially recorded al C$1. aNI subwuenuy state(J at cost less any accumulated depCIall0n and imparrwit losses. Any tangible assets carried al revalued amounts are recorded at the fair value al the date of revaluation less any subsequent accumulated deplatIOn and subsequent accumulated impaim)enl losses. A revrew for indicators of impairm8nl is carried oul al each repNting dale, with Ihg re(Verable amount being eslimalfd whwe such indulors exisl. Wh¥e ryIng value exceeds the recoverable amount, the asset is impayed accLYilingly. PrKir impairments are also revi8wed for possible reversal at exh reporting dale. Assets under conslruclion are accounted for at t1. They are rrjt depreciated until the accounting period in which IFW are broughl into use. Depre¢lation Deweci8tion ts calculated so as lo write off the cost or valuatK)n of an asset, less its residual value. over the usefijl economic lrfe of that asset as follows: FreeId propErty Fixtures and fittirys Motor vehicles Exhibition build and film produclM)n over 10 to 50 years over 10 yews over 4 years over 10 10 20 years Heritage assets The Trust hokjs Roman rem81rts and wiefacts at ts Vindolanda archaeolog1 site and museum which can be classffjied as Heritage rK Histor Assets under the Charities SORP IFRS 1021. These artefacts and remains have been acquired by excavation at the VindOnda sile and the Trustees consider Ihal establishing ther cost or vakjabon is nol a praclical exercise. There is no value for these assets included in fixed assets. Investments Unlisted equity investrnenls are initrally reCded at cosl, and subsequently measured al fair value. If fair value cannot be reliatty measured. assets are measured al cosl less impairment. Listed investments are measured at fair value charvJes in fair value being recognised in income or expenditure. Slo¢k$ Stocks are measured al the lower of st a1 estimated selling price less costs to complete and sell. Cost indudes all costs of purchase. costs of ¢wvers*)n arKI other costs incurred in bringing the stock lo its present location and conditK)n.
The Vlndolanda Trust Company Llmlted by Guarantee Notes to the Flnanclal Statements (conthuedl Year Ended 31 December 2024 Accountlng pollci85 (cantsnudd) Dobt Trade and other debtors recogni5ed at seillement amount after any trade di5Unt offered. Prepayments are ValUj at the amount wepaid nel ofany trade discounts due. Cash at bank and In hKI Cash al bank and in hand indudes cash and short term higNy liquid inveslments vrith a short maturity of six months or less from the dale of acqUisitn or openiro of the deFQSit or similar account. Croditors and PrO$10n$ Liabilities are recognised when there is an obligation at the baLan Sheet dale as a result of a past event, il is probatrAe that a transfer of econom benefrt wll be fequwed in selllemenl. the amount of the Selllemenl can be estimated reliably. Liabilities a recognised at the amount that the company anlicipales il will pay lo settle Ihe debt or the amcyjnl it has received as advanced payments for Ihe 9Jods w servKes it 51 prov¥Je. Provisions are measured al best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on Ihe present value of those amounts. discounted al we-lax discount rate ihat reflects the risks spe¢ifi¢ to the liability. The unwinding of the discount i8 recognised within interest payat4e and similar ¢harges. Financlal Instrnments company only enters into bas financia instrument tratIOnS that result in the recognition of financial assets and lbIlItIeS like trade and other accounts receNable and payable. cash and bank balances. and loans from third parb'es. Al such instruments are initialty recognised at transaction wice. unless the arrangement constilules a fInaIng transaction. in which case the transactK)n is measured 31 the present value of the future receipts discounted at a market rale of interesl. All finala1 instruments e subsequenuy carried al amortised Cost using the effective interest method. Ponslons Short-terni ben Short-lerm benefits. including h(4iday pay and other similar non•Mone1 benefits are recognised as an expense in the period in the service is received. Dgfinod contrilxrtion pension p The Trust OP8rates a defi contribution pension plan for its employees. ConlributKJns are rnISed as an expense they fal due. Amounts due but not yet paid are induded wlhin creditors on the balance sheet. The assets of the plan are hdd Separately from the company in independently minIStered funds. 21
The Vlndolanda Trust Company Llmlted by Guarantee Notes to the Flnanclal Statements Year Ended 31 December 2024 Accountlng polici•s (con Judgements and k•y sources of estimation uncertalnty Eslimales and judgements are continually evaluated and are based on historical experience and other factors. including exK)eclations of future events that are believed lo be reasonable under the circumStae$. Estimates induded within these financial statemenls indude deFKeciation ch¥ges. Nor of the eslimales me are considered lo carry signrficant estimatK>n uncertainty, nor to bear significant risk of causing a material adjustment lo carywng amounts of as5els and liabilitS within the next financial year. In weparing these fInarla1 StaIeffnts Ihe Trustees do not ¢on$ider there were any significant areas of judgement that were required in applw'ng the charrty'$ accounting policies as set ojt above. Company 8L2tu$ The Vindolanda TnJst 1$ a company limf(eil by guaranlee and 8CLxdIWY does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the asse15 of the charrtable company in the event of it being wound up while he or she is a membw. or within one year after he lx she ceases to be a member.
The Windolanda Trust C4)mpany Lim5ted by Guarantee Notes to the Financlal Statements {conthdj Year Ended 31 Decomber 2024 Donatlons and1ogaci•s Unrestricled Funds Restricted Total Funds Funds 2024 Donations Donalmjns 126.094 34.000 160.094 Grants Other grants received Governrnenl grants received 656.918 3.000 656,918 Subscriptions Subscriptions - Friends of Vindolanda 28.325 28,325 Other donatlons and l•gaci8s Revenue refijnds - grft aKJ Other income Hedley Centre incorne 82,3 99,140 44,531 82,396 99.140 44.531 380.486 693.918 1.074,404 Uryestricled Funds Restricted Total Funds FuThYs 2023 Donations Donations Grants Other granls receNe(I 255,658 102,167 357.825 386.434 386.434 Subscrlpllons Subscriptions - Friends of Virrflolanda 28.341 28,341 Oiher donations and lagacles Revenue refunds- gift aKI Other income Hedley Centre income 132,429 63,956 37,767 132.429 63.956 37,767 518.151 488.601 1.006,752 23
The Windolanda Trust Company Limited by Guarantee Notes to the Financial Statements (£vnrfnu¥d) Year Ended 31 December 2024 In¢omo from charltable actlvllies Ufftstricted TOL Funds Unrestricted Total Funds Funds 2024 Funds 2023 Admission fees Activity room incc¥ne 1.035.821 2.392 1,035,821 2,392 945,552 2,717 945,552 2.717 1.038.213 1,038,213 948,269 948,269 In¢om• from other tradlng actlv6tles Total Funds Unreslr8d Total Funds 2024 Funds 2023 FurKSs Sales of guides, reklicas elc Coffee shop irKom8 360.750 381.700 3W). 15D 381.700 327,988 299.034 327.988 299.034 741.850 741,850 627,022 627.022 Invostment Income Unrestricteil Totsl Funds Unrestricted Total Funds FuThJs 2024 Funds 2023 Rental income Bank interest rewvalAe Other interest r1vable 37.083 34.989 37.083 34.989 38,082 34,657 38,082 34.657 72.138 72.138 72.739 72,739
The Vindolanda Trust Company Umited by Guarante• Notes to the Flnancial Statements (coR¢IR¢ Year Ended 31 December 2024 Expenditure on raising furKIs Unrestricted FurKIs Restricted Total Funds Funds 2024 Purchase of guides. replicas etc Coffee shop purchases Fund-raising and publicty 143.221 189.995 43,930 143.221 189,995 S1,802 7,872 377,146 7,872 385.018 Unrestricted FuTrJs Restricted Total Funds Funds 2023 Purchase of gutdes, reF4icas elc Coffee shop purchases Fund-raisirYJ and blty 138,595 166,617 34.747 138.595 166.617 45.641 10.894 339.959 10,894 350.853 10. Exp•nditur• on charitablo activiti by lund type Unrestricled Funds ReStrted Total Funds Funds 2024 Operation of the Vindolanda sile in line with the charity's principal objects Support costs 1.454,577 216.759 226,273 7,9)S 1.680,850 224.664 1,671.336 234,178 1.5.514 Unrestricted Funds Restricted Total Funds Funds 2023 Operation of the VirKkdanda sile in line with the charity s principal objects Supwt costs 1,272,896 237,137 129,049 1,200 1,401,945 238,337 1.510,033 130,249 1,640.282 25
The Windolanda Trusl Company Limited by Guarantee Notes to th• Flnancial Ststements Iconthuod) Year Ended 31 December 2024 11. Analys18 of support cts The Tnjsl allocales costs dire¢t lo aclivilie5 as far as possible, then identifies the rernainirTrg costs of its support functions. It then identifies those costs whKh relate lo the governance function. Having identifd rts g)vernarKe Costs. Ihe remainiro support costs are allocated lo the Trust'5 prir1paJ activity. Analysis of support costs activity Totsl 2024 Tota 2023 Staff costs General office Finance costs Governance costs Insurance Telephone Printing, post4* and Sts1 Hire of equipment Bank charges and credit card charges Booking charges 34.749 562 4.597 55,377 36,649 32.582 7,660 7,614 34,749 562 4,597 SS,377 36,649 32,582 7,660 7,614 29,199 1,606 12,185 75,041 34,736 28,454 6,878 5,030 11] 34.363 10.511 34,363 10,511 33.982 11,226 224.664 224,664 238,337 Governance costs 2024 2023 Accountancy fees Auditorfs remuneration Legal and prof&%sional fees General and office expenses 12.976 11,771 25,808 4,822 12.987 11,616 47,520 2.918 55,377 75,041 12. Othor oxpondltur• Ufftstricled Ti>tal Funds Unrestricted Tofal Funds Fund5 2024 Funds 2023 Loss on disposal of tanglje fixed assets 6.744 6,744 13. Audltors r¢munoralion 2024 2023 Fees payable for the audit of the fina181 slatements 11,771 11,616
The Vlndolanda Trust Company Llmlted by Guarantee Notes to the Flnancial Statements (conttnwdj Year Ended 31 December 2024 14. Staff costs The tol4 staff costs and employee bfftS for the rep(Kting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer Contr1tti1?nS lo PerOn plans 868,720 $8,179 20,636 947,535 729,971 46.646 16.215 792.832 The key management personnel of the Trust CoMse the Trustees. the Chief Execvlive Offr and the Dewly Ch*f Executive Officeloperalions manager. The total employee benefits of Ihe key management personnel of Ihe Trusl was £119.721{2023.. £114.034). The 51aff pension arrangements, which satisfy the rules for Stake1Mder exemplion, are through a recognised financial pension and insurance company. The average head count of employees duriry year was 4412023: 401. The average number of full-ts.rne equivalent employees durirvJ the year is analysed as fdlows: 2024 No. 2023 Charitable staff Administrative Staff 43 39 40 No employee received empkjyee benefts of m(Ke Ihan £60,[ during the year (2023.. Nill. 15. Truste• remuneratlon and •xpens•s None of the Trustees re1ved any expenses, remuneratDn or other benefits from emp4oyment wilh the charity.
The Windolanda TNst Company Limited by Guarantee Notes to the Financial Statements (conl&TruedJ Year Ended 31 December 2024 16. Tangibl• fix assets Exhibrtion Motor tlild & film vehicles prc#YLKtion under Fixtures and opety constructi)n fittings Total Coat Al 1 Jan 2024 Additions Disposals Transfers 6.873.916 36.212 326,379 730.380 520,364 74,270 (10.694) 50.450 1.774.794 9,545,903 840,862 110.6941 987.541 (1.013.204) 7.897.669 43.555 583,940 25,663 At 31 Doc 2024 50.450 1.8W.457 10.376,071 Depreciation Al 1 Jan 2024 Che for the year Disposals At 31 Doc 2024 1.071.645 244,812 44.751 1.118.457 2.479,665 155.238 $1.641 (10,6941 285,759 5.698 104,587 317.164 110,694) 50.449 1.223.044 2.786.135 1.226.883 Carrying amount At 31 Dec 2024 6,670.786 43.555 298.181 577.413 7,589.936 At 31 Oec 2023 5,802.271 326.379 275.552 5.699 656,337 7,066,238 The carrying amount allribuled to land & tIldingS presents an original site value of £125,000, made by the Trustees, Flus additions less depreciation to dale. These assets have been valued showing no value attributable lo the collectn of Roman antiquities or lo the archaeological siles of Vindolanda aNI Carvoran, as this may cause risk to the assets. Included in the value is an arnoulll totalling £703.844 {2023= £703,844) relating lo land. buildings and the open air museum complex, forwhich no d8preryation has been charged. An annual impairment reviewwas Carried out by the Trustee5, the residual value of the buildings are deemed their cost. therefore no further depreciation has been charged on these IlIdIrj5. The buildings. owned by the Trust. a Currently Valued for insurance purposes at a repU3cemenl cosl of £21.2 million. The freehold property krmwin as Cheslerholm, Bardon Mill. Nc*thumberland wilh a carrying amount of £171.380 (2023.. £171.3801 have been rAedged as security against the bank loans. The Trustees of the National Heritage Memorid Fund hold a charge over Ihe la1 at Bardon Mill, Hexham. Northumberland as security againsl Wants issued the Museum extensK)n. Capltal commltments 2024 2023 Contracted for but not WOVKled for in the finarKid staiements 41.872 570.203
The Vlndolanda Trust Company Llmlted by Guarantee Notss to the Flnancial Statements (conllnu Year Ended 31 December 2024 17. Heritag• as¥9ts The Trust holds more than 40,OIJ) Roman artefacts in ils Designated museum collection al toth Vindolanda and the Roman Army museum has at vinanda and Magna 96 acres of archaeological land, ofwhich is scheduled as part of the Frontiers ofthe Roman Empre Wodd Her11 Site. These artefa¢ls and Temains have been acquired by excavat al Ihe Vindolanda aThJ Magna siles. The Trust maintains a catslogue of the efacls. access to the coltIOnS on dIsaY in the museums 15 by admission lickel. cesS lo the reserve collection is by request. The Trust has a robust Conservati management lo ensure all finds are documented correctly. The Trust maintains Acquiqilion and Disposal FK4icies Ihal are in linewith the Designation status of the Coll8clions. On site consolidatJn, repair arKI management of heritage assets is prepared suplse by Dr Andrew Brley FSA, FSA Scol (CEO & DYecl(Y of Excavations). Conservation and museum display is managed by Barbara Bidey MA. FSA {Curalorl. The site at Roman Vinddarth ts the only roman fort and vicus within Ihe WoTkl Heritage Sile that has had a continuous excavation prwam. currenuy in its 53rd year. The artefacls discovered and now on display or within $1003e ts the lwgesl sIe collection from the Roman period within Bfi18in. These artefacts provide a UnVe insight into lrfe in Roman BrI1n 2,000 years ago and access to the colle¢lb)n not 0Y benefrts researchers bul also publ. including educational groups who ¥isil both Museums. The Board of Trustees considw that establishiThJ a valuation is not a F*actical exercise due lo the unique nature of the Heritage assets. 18. Investments Othor investments Cost or valuation Al 1 January 2024 Additior 1.000 At 31 December 2024 1.000 Impalrment At 1 January 2024 and 31 December 2024 Carrying amount At 31 December 2024 1.000 Al 31 December 2023 All investments shown above are hdd at cost.
The Vindolanda Trust Company Limited by Guarantse Notes to th• Financlal Statements (¢Ollllnu Year Ended 31 December 2024 19. Stocks 2024 2023 Finished goods afKI goods for resale 82.808 79.710 20. Deblors 2024 2023 Trade debtcws Prepayments and &crued income Other debtors 3.673 60.997 8.121 4.157 207.876 3.076 215.109 72.791 21. Cr•dltors: amounts falling due within one year 2024 2023 Bank loans and overdrafts Trade creditors Ac¢rual$ and deferred irwme So¢ial security and other taxes 13.703 22,378 199.238 26,831 .075 99.150 175.165 10.718 262.150 314,108 8ank security- legal charges exL%I over the freehold property krM)wn a5 Cheslerholm, 8ardon Mill. NOrthUmbland dated 19th Februwy 2016. Included in the aljove is deferred iOme. this reLgles to income for a¢¢ommodation and excavalion pl&es relating lo lulure per$. The movement on deferred irxome is shown below... 2024 2023 Oeferred income al 151 January 2024 Incoming r8sources receNed requiring defern11 Release of incoming resources during the Deferred income al 31* December 2024 130,958 129,600 {130.9581 129,600 71,647 130,958 171.6471 130,958
The Vindolanda Trust Company Llmited by Guarantee Notes to the Financial Statements (Gontinu•dJ Year Ended 31 December 2024 22. Credltors: amounts falling due aftor moro than one yoar 2024 2023 Bank loans a1 overdrafts 84,520 171,578 Included within creditors.. aTTUtS falling due after more than on8 year is an amount of £5.277 {2023.' £45.588) in respect of liabilities payab or repayate by inslalments which fall due for payment after more than fTve years from the retLYting date. The bank loan is secjxed on the freehold woperty kThJwn as Chesterholm, Bathn Mill. Northumbedand. The loan attracts an interest rale of 3.11% and is repaYae by April 2030. The loan is repayable by instalmenls. 23. Pen81ons and other post retlrement benofrts Defined contribution plans The amount recognised in income or expendrture as an expense in relat)n lo defined ¢>)ntrilxJlion plans was £20,63612023: £16,215). ConlriLwlvJns tolalling £769 vHe payable al the yew end and we included in credilijrs. 31
The Vindolanda Trust Company Limited by Guarantee Notes to the Financial Statements (conllThKd) Year Ended 31 December 2024 24. Analysis of Charitable funds Unrestrlcted funds At 1 JaNwy 2024 At 31 Llecember 2024 Irwne Expendiiure General funds 6,913,725 2.232,687 (2.048.482) 7.097,930 Restrl¢ted funds At 1 January 2024 At 310ecemb¢r 2024 Income Expenditure Roman V•Tiling tallets fund Heritage Lottery Fund woject 1 Arts Councd Fund 1 Northumberland County COU Arts Councd Fund 2 Heritage Lottery Fund Fffoject 2 Art5 CouncA Fund 3 R & K Beleson Northumberland County Council 2 John ElleTman Foundation Arts Council Fund 4 Royal ArchaeologKal Inslitule National Arts ColleclM)n University of Teeside P Wardman 183,(X)O 1,084.823 2.314 183,000 {26.530} 1.058,293 13251 1.989 15001 2,51J] 11811 1,270 1154.5291 739.384 (19,5411 2,240 132,617} 64,114 (3,000) 1.451 316.875 14.711 96.731 577,038 7,070 3,OtM) 28.8rKJ 35.0(KJ 28,8C() 34,705 12951 {4001 (1,5101 1.510 2,500 31,378 12,622) {242.050) 1.702.5 693.918 2.154.773 Unrostri¢tod funds At 1 January 2023 At 31 December 2023 Income Expendtlure General funds 6,604.280 2.166.181 {1.856.736} 6.913,725 Restrlcted funds Al 31 December 2023 1 January 2023 Income Expenditure Roman WTiting tablets fund Heritage Lottery FurKI proiecl 1 AJts Council Fund 1 Northumbedand County Cwncil Arts Council Fund 2 Heritage Loltery FurKI project 2 Arts Council Fund 3 Karbon Homes R & K Beleson 183.0 1.111.054 2,639 3,500 6.021 37.157 12.076 183,000 1.084,823 2,314 3,000 1,451 316,875 14,711 {26.2311 16.4881 15001 {7,0001 (67,9101 {25.6451 11,9331 {5.4361 (141,1431 6,163 2.430 347.628 28.280 1,933 102.167 96,731 1.355.447 488.601 1,702,905
The Vindolanda Trust Company Limited by Guarantee Notes to the Financial Statements (conllftuedl Year Ended 31 December 2024 24. Analysis of dritable funds icoft6ft A restricted fund is intended lo identify money donate(I for a PLffP and lo reslrKI the expenditure of it to that purkM)se. The Roman Writiw Tablets FurKI represents rnOn received from the British Museum for the display of the Vindolanda Roman writing tabfets in ts 1980's and 1990's which can only be used with the permission of the Chty CommrssK)WS. The Heritage Lottery Fund Projetl 1 represenls gants receNed from the Heritage Lottery Fund and from the Arts CourKil England for the museum gallery. The Arts C(MJncil Fund 1 represents srants received from the Arts Councsl England for the DltISIng of the Vindolanda WLK)den Cdlecknn. The Northumberland County Councl ant re1ved is a cA)ntr*Julion towards the purchase of Display cases. The Arts Council Fund 2 represents syants recerled from the Arts C(KJncil England for the creation of Digital Biographies. Th8 Heritage Lollery Fund Proj1 2 rewesents yants received from Ihe Herrilage Lottery Fund for the Roman Magna project. The Arts Ctwnol Fund 3 rewesents tyanis rerIed from theArts cn¢11 England for the Creating Connections project. The Kart>on Homes an1 receNed is a contribution towards the Creating Connections project. The R & K Bele50n dOnatn is for the Ceramics w>ie¢t. The Northumbedand County Cwncil grant 2 receNed is a contribution towards The Land We Walk On pilot project. TheJohn Ellerman Foundation represents a gyant received towards The Land We Walk On proie¢l. The Arts C11 Fund 4 presents a ganl receNed towards The Land We Walk On project. The Roy81 Archaeologral Inslilule represents a ganl received for the Measuriw Monitoring the climate CrIS Facing wr Hthen proiecl. The National Arts Collection rewesents a gant received to send a delegate to tt)e 26th Limes cOngsS in Batumi. GeLYgia. The University of Teeside preSentS a granl re1ve(l l(y4rnrds the Climate impact EXhI.10n. The P Wardman donation is for the Vindolanda archives woiect.
The Vlndolanda Trust Company Llmlted by Guarantee Notes to the Flnanclal Statements (Conth} Year Ended 31 December 2024 25. AnySIS of net assets between funds Unrestricted Funds Reslri¢ted Total Funds Funds 2024 Tan&ye frxed assets Current as3e15 Creditors bss than 1 year Creditors geater than 1 year Net assets 5.783.547 1.641.053 (262.150) 164.5201 7.097.930 1.807.389 347.384 7,590,936 1,988,437 1262,1501 164,5201 9,252,703 2.154.773 Unrestricted Funds Restrided Total Funds FurMJ$ 2023 TarwJible fryed assets Currenl assets Credilofs k55 than 1 year Creditors geater Ihan 1 year Not as$0ts 5.657.775 1.741.636 {314.108) {171.578) 6.913.725 1,408.463 294,442 7,066.238 2,036,078 1314. 1081 1171,5781 8,616,630 1,702.W5 26. Cash g¢nwat¢d from ¢)Porations 2024 2023 Net income 636.073 656.903 Adjustments fv." DerAe¢ialion of taThJible fixed assets Dividends, interest and rents from inveslmenls Other interest receivable and srmlar ino)me Interest payable and similar charges Loss on disposal of tangble fixed assets 317.164 (37.083) (35,055) 4.597 289.495 (38,082) 134.657) 12.185 6,744 Changes in." Stocks Trade and other debtors Trade arKI other ueditcrfs 13,0981 142,318 136,5861 988,330 117,876} 1170.1281 113,054 817,638 27. Analysis of ¢hangos in nql debt Olher non - cash change5 At 1 Jan 2024 Cash flows At 31 D8c 2024 Cash at bank arKI in haj Debt due wthin one year Debt due after one year 1.741.259 (29.0751 (171.578) 1.540, 91.579 122.430 1,832,838 113,7031 164,5201 1.754,615 (107.0581 107.058 214.C
The Windolanda Trust Company Limlted by Guarantee Notes to the Financlal Stat¢ments (¢on¢KN• Yaar Ended 31 December 2024 28. Oporating lease commltments The lolal future minimum lease payments under rth)n-¢ancdIab operating leases are as follows.. 2024 2023 Not later than 1 year Later than 1 year aThJ not later thaTr S years Later than 5 years 50,004 200,016 1.050,084 50.004 200.016 1.100.088 1.300.104 1.350.108 29. Rdated parties Remuneration commensurate with the re5 is paid lo key management. Remuneration of £119,721 12023.. £114.0341 was paid in the yew, iluding pension contributions of £3,00212023= £2,994) and employers national insurance contributions of £11,94812023". £11.259). Remuneration commensurate ryth iheir roles is paKI to the wives of the key management. Remuneration of £86.267 {2023.' £79.686} was pahj in the year, including pension conlribulions of £2.280 {2023: £2,111 } and ern nath)nal insurance cnntributions of £7,979 {2023.' £7.2011. Remuneration commensurate with her re is paKI to ihe molher of Andrew Birtey, Patricia Birfey. Remuneralion of £20,650 12023: £19,412) was paFd in the year, induding employers national insurance conlribulions of £1,390 [£2023.. £1.2511. Renl is *0 pai(J to Patricia Birtey as landowner, at £50,004 {2023'. £50.004).