Reg15tered Company number: 00202795 IEngland and Wales) Re8iStered Charity number., 207037 TRUSTEES, REPORT AND CON50LIDATED FINANCIAL STATEMENrs FOR THE SUSSEX ARCHAEOLOGICAL SOCIErY (LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 MARCH 2025 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) LEGAL AND ADMINisfRATIVE INFORMATION Trustees Adam Bates Paul Basu Peter Chivers lappointed 19 October 2024, resigned 29 April 20251 Amanda Jones (Chairl Glynnjon Pamela Kent (appointed 19 October 20241 Michael La Rooy (appointed 17 June 20241 john Qrna-ornstein Matthew Pope Jean Sanderson lappolnted 19 October 20241 Jane Seabrook (resigned 24 March 20251 Gavin Stewart Iresigned 20 May 20241 Joseph Sullivan Iresigned 19 October 20241 Portia Tremlett lappointed 19 Ortober 20241 Sarah Wat50n Company Secretary stuart Chatfield Charlty Number 207037 Compary Number 00202795 Registered Office & Prlnclpal Address Barbican House 169 High Street Lewe5 East Sussex BN7 IYE Auditurs TCGroup The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN United Kingdom Banker5 Barclays Bank PIC The Old Bank High Street Lewes East Sussex BN7 2DF Sollcltor5 Adam5 & Remers School Hill Lewes East Sussex BN7 2NN Investment ad￿sOr Cazenove Fund Management Limited 3 Copthall Avenue London EC2R 7BH THE SUSSEX ARCHAEOLOGICAL SOCIEfY (LIMITED BY GUARANTEE) CONTEpirs Page Trustees, Report Statement of Tru5tee5' Responsibilities 12 R8port of the Independent Auditors 13 C0￿011dated Statement of Financial Attivities 17 Con501idated Balance Sheet 18 Society Balance Sheet 19 Consolidated Cash Flow Statement 20 Notes to the Financial Statements 21 THE SUSSEX ARCHAEOLOGICAL SOCIETY (UMITED BY GUARANTEE) TRUSTEES. REPORT Trustees. Report for the year ended 31 March 2025 TheTrustees Iwho are also directors of the Society forthe purposes of the Companie5 Act) present thelr annual report together with the audited financial statements of the Group and the society forthe year ended 31 March 2025. Prior vear comparatives for the year ended 31 March 2024 are included where relevant. The Tru5tee5 confirm that the Tru5tees' report and financial statement5 of the Society Comp￿ with current statutory requirernents, the requirements of the charity's governing document and the provi5i0ns of the Statement of RecomTllended Practice ISORPI, applicable to charities preparing their accounts in accordan￿ wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 20191. Since the Society and the Group qualifies as small un(ler Section 383. the strateglc report required of medium and large companies under The Corllpanies Act 2006 (Strategic Report and Director's Reportl Regulations 2013 is not applicable. Objertlves and Artivitie5 Pollcles and objectives The charf(y has been established for public benefit. The Objects of the Society as defined in its Articles of Association and subsequently approved by the Charity Commission are.. l. To promote the Study of Archaeology by encouragin8 all people from local and wider communities to participate, èngage in, study and research the archaeology and hlstory of E45t and West Sussex,. andlor 2. To establish and maintain museums forthe benefit of the public by managin& maintaining, leasing, accepting gift or legacy and making acce55ible museums and historic site5, monuments. collections and properties in the counties of East and West Sussex: and/or 3. The advancement of education for the public benefit by advancin8 life-long learning opportunities for children and adults in archaeology and history, both at the Socievs properties and elsewhere. In settingoblectlves and planning for activities in the 2024/25 financial year, theTrustee5 have given due consideration to general Buid3n¢e published by the Chartty Commission relating to publlc benefft, Including the guidance 'Public benefit.. running a charity IPB21'. Strategie5 for athlevlng objertives Like many in the heritage sector, the Soclety is navigating a period of change where vi5Wtor needs and expectations are evolving and the way people experience and learn is changing. The 5ocieWs offering must therefore remain competr(ive in thi5 context. The Society was therefore delighted to continue welcominE Vlsitors to its museum5 and herwtage properties and to provide ongoing 5UPPOrt to the archaeological and historical communities in Sussex throughtrut the financial year. Back in the spring of 2023, the dirertors set a clear strategy to substantially remodel and stabilize the Societtys operations. This strategy and it5 key objectives continue to guide the Society in achieving tts objective5 to recover, Stabilize and ultimately grow. The strategy fo¢use5 on three key areas: the team, the offer and the reach. With the aid of a National Lottery Heritage Fund INLHFI grant awarded in 2023, several projects supporting these objectives were delivered in the 2024125 financial year. These Included the production of Comprehensive condttions surveys for each of our heritage pmperties; further restrurturing and modernisation of our stafping team,. and a focus on Improvlns our commercial offer by working with experienced third parties. Volunteers continue to play a central and vital role across èll the Society's activtties. Trustees are enormously grateful to all volunteers and Friends organisations for their tremendous loyalty and unwaverlng commitment. THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) TRUSTEES, REPORT Main actiwties undertaken to further the 5ociety'5 purposes for the public benefit Throughout the year ended 31 March 2025, the Trustees held central and due regard to the guidance published by the Charity Commisslon on public benefit and most ￿ntrallY the need to secure a robust financial operating model forthe Soclety. Achlevements and performance Key flnan¢lal performance Indicators Consolidated result5 are presented for the year ended 3L March 2025 reporting a deficit on unrestricted operations of £76,87812024.. £402,403) and a surplus of £55,00112024: £30.267 deficit) on restricted activity. Unrestricted inc¢Jme in the yearwas £1,389.99712024: £1,472,648), a decrease of 6%. Uniestrirted donations totalled £32,88012024- £19,789), an increase of 66%. The Society remains hugely indebted to all its donors and supporters for their unending support and generosity. The Society's caterin& retail and events actNltre5 continued to be delivered through Sussex Past Tradlng Lt(I ISPTLI, a subsidiary company. Trading activities reported a net surplus of É68,28612024: £55,845). Expenditure in the ypar on unrestricted funds was £1,505,08012024- £1,890,154). a saving of 29%. Staffing costs continued to be the SocietVs most significant revenue investment and totalled £897,602 12024: £1.153,6321, a decrease of 22%. Cash and listed investments. excluding investment properties, decreased during the financial year to £112,84612024.' £213,027) as restritted funds receNed in prior periods were utilised. This movement included Investment galns of £7,43012024.' £15,ia31. Review of artlvlties The 2024125 financlal year represented another year of significant change for the Society with a continued focu5 on implementing its strategic objectiv@s to reshape and establish an increasingly stable operating model. The prlorltles for 2024125 included a continued focu5 On- achieving a clear and refreshed financial operating struciure for the society and wts heritage properties, Including a heightened focus on commercial actlvities including weddin8s, events, catering and retail. establishing a flexlble and affordable staffing structure. driving efficiencies across all costs and outsourcing activities to provi(le more flexibility and resilience and reduce risks ref￿tting the sea50nality of the vlsitor economy. developing and extending key partnerships, especially with the Soclevs property related Friends, organisations. A very welcome resilience grant from the National Lottery Herltage Fund INHLFI enabled the Society to secure resource5 to drive many of these key projects and priorities. The Societ¢s primary source of income continued to be the admi55ions and ancillary income generated from opening its portfolio of heritage properties to vlsitors. In total, 125,06412024- 133,1671 people visited the Society'5 heritage properties in 2024125, generating £634,255 of income12024'. £624,771). In addition. the sale of the building known a5 the Margary Block was completed in April 2025 which injected funds to support the Sociews objectives. These funds will in future help contribute to the maintenance costs of our building5 in line with the condition suNey5 undertaken. Significant changes to the Societvs staffing strurture and to its buslness model continued to be made to better reflect the seasonal nature of it5 activities and the chan8in8 Vlsitor economy, wtth a focus on increasing volunteer support across all of OUT actlvf(les. THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) TRUSTEES, REPORT Herftage Propertle5: Ml¢helham Prfory: Building on the new partnership established with Blue Door Weddlngs In spring 2024, Blue Door also took over operation of the café at the Priory in February 2025 investing in its refurbishTnent and moving the paywall 59 that visitors Can visit the café wlthout paylng an entran￿ fee. This initiative is already having a positive Impact and is helping to Increasin8ly raise the profile of the Priory as a destination. The Prlory welcomed 20,589 visitors12024: 21,3601 across the financial year with the Friends of Michelham Priory and our wider volunteer team continuln8 to play a significant role in both the custodianshlp of the site and supporting its openin8 by fulfilling several roles, assisting wtth the shop and supportin8 the visitor experience. Trustees are enormously grateful to the Friends of Michelham Pricry for their unwavering support evidenced through the range of activSties they organise and the valuable funds they raise. Lewes Propertles: Lewes Castle & Museum welcomed 36.819 vi51tors12024- 36.7221 Including school groups, with Anne of Cleves House attracting 11,053 12024: 6,6321 vi5itors-a 66% increase, mainly achleved through wider opening hours. Events delwered at Lewes Castle during the year included several successfvl open-air theatre performances and cinema screenings. We worked wtth partners to play a central role in the annual Battle of Lewes reenattment weekend in May and opened for free throughout the Lewes Heritage Open Days weekend in September. Several weddings were also hosted at the Castle and we are enormously grateful to those who chose to celebrate their special day with us. The Friend5 of Anne of Cleves House continued to be very attive, arranging a series of well-received talks and music events at the House throughout the year. Bull House: Thoma5 Paine.. Legacy CIC ITPLI was established in August 2024 by previous SA5 Executive Direttor, Leanne O'Boyle, wfth a mission to educate the public on Thomas Paine's Ilfe, writings and legary. With initial funding from UCL Commonwealth Fund, Chalk Cliff Trust, Lewes Town Council and HaNey's Breweryi TPL has taken up the lease on Bull House and developed an associated education programme. We are (lelighte(I that Bull House Is now bein8 opened as a museum and cent￿ for Democracyi taking inspiration from Paine's example of active cit12enship. Thanks to a team of volunteers. the house is now open every Thursday and Saturday from 11am-3pm with entry free. Bull House has also participated in Lewes Artwave festival, hosting 3 local artist. and as part of Lewes Heritage Open Days. It is partnering locally including with Easi Sussex College Group, Create Music and the Lewes Everyday Democracy Group to build community-ba5ed. co-curated prograrnming. TPL 15 also bringing together a consortium of international partners ahead of the 250 anniversary of the signing of the Declaration of Independen￿ in 2026. Partnering with the University of Sussex and the Institute of Thomas Paine Studies at lona University, USA. a conference is being held on 9-10 January 2026 to commemorate the 250th 3nnNersary of thÈ publication of Paine's 'CoFnmon Sense,, looking at its ongoing relevance today. This will be held at both the University of Sussex and Bull House with a keynote from Professor Danielle Allen of Harvard Universtty. There will be an ongoing programme of events and exhlbitions across the yèar. TPL has also been accepted onto Culture East Sussex's CU￿Ure Priority Pipeline as being of strateglc Importance to the region and as a core partner for the national America 250 in the UK campaign. Fishbourne Roman Palace,. AcfOSS the year the Palace welcomed 48,146 visitors12024.' 49,9831, including school groups, alongside supporting a number of key projects and activities. The Society co-convened, wlth Archaeology South-East. a session at the Roman Archaeology Conference in April 2024, which ¢elebrated the last 50 years of Roman archaeolo8y in Sussex. The Session was very well received, and we hope it will lead to further collaborative work with Archaeology South-Ea5t in the future. The year also provided the opportunty to support 19 new external research projects and to progress many in-house projeeis at the Palace. THE SUSSEX ARCHAEOLOGICAL SOCIETY {LIMITED BY GUARANTEE) TRUSTEES, REPORT During the year the "Collections in Cot)text" projeci (Reading University) concluded with the delivery of a Geographic Information 5yslem IGISI which for the first time enables spatial analy515 of large parts of the 196Ds archaeological archive, signrficantty increasing the accessibility and interpretative potential of our collections. The"Fair Game. projert (Exeter Unfversityl prcvlded us a presence at a range of food fairs, family events and farmers, markets, engaging the public and using archaeological narrative5 to a(klre55 modern ecological problems. These two projetts both won award5, from the Collections Trust and the Council for British Archaeology, respectively. The Windows into Ancient Recyclind, INewcastlelDurham Universityl PhD is now well under wayi and the student is mid-way through the initial analysis of the Palace's window glass. Similarly, the "REMADE" project team (Reading Universltyl has visited the Palace and taken 30 destructive and 159 non-destruttive samples. Inttial ￿sUltS have shed light on crafting decisions and metallurgical processes at the Palace. We have slgnificantly deepened and strengthened our relationship with Portsmouth UnDiersity. through their 'Heritage Hub" and "X-Ray Heritage Science Focus Interest Group" We continue to support a PhD, exploring the environmental impact of the Roman invasion. This provides invaluable information, a5 well as being the first project to extract pollen from Roman wall plaster in the UK. This workwill expand into an additional MRes degree that will focu5 on wall plaster and the 19605 pollen samples returned to the Palace In 2025 after 55 years in the care of Historic England. We were delighted to host a delegation of Maori caTvers, and conservation specialists (University College London) in MaylJune 2024. Significant attention wa5 given during the year to our internal processes. We are now SPEcfftuM compllant (the UK museum collertions management standard) for the 9 primary procedures which cover.. object entry. Inventory,. cataloguing,. object exwt,. loans in Iborrowing objects),. loans Out Ilending objects), acquisition and acces5ing,' locatiun and movement control; and document planning. Also, the application process for researchers, in particular applications for destructive sampling, has been upgraded and streamlined. In the last year we have been digitizingthe Palace's collection of 11,000 35mm slides. There has been excellent progress. with arotjnd 90% of the slides now on the catalogue and the work experted to finish in the 2025126 financial year. Marlipins Museum.. Marllplns Museum volunteers contlnued to ensure that all 6,402 visitors12024: 4,9331 received a warm welcome to the museum. Across the year the volunteer5, With support from the Museums officer, continued to build excellent relatlonships with many In the local communfty, providlng out of hours visits to the Cubs, horne carers, MIND and other amenity/lnte￿st groups. The museum was again the venue for a site-specific theatre show Ghostty Tales of Sussex during the annual literary and cU￿ural Shoreham Wordfest. The museum volunteers are also dedicated and passionate about the buil(iing and its collections and have worked hard to ensure that the museum is prominent within the local community, taking part In Light Up Shoreham, taking stands at local history dayslfairs and supportlng other associated artivities and partners. Curatorlal & Collectlons The Societqs museum collertion5 continue to draw research enquiries both nationally and internationally and we have worked co11aborathJely over the year with the British Museum, the National Trust, Historic England, the KeeplESRO, Brighton Museum artd the Novium amongst other colleagues. The museums continue to facilitate access to the collections throuBh providing physical access to the reserve Collections. Copy images are often licensed for reprodurtion in scholarly journals and articles e.g. the Suffragette Handkerchief featured in a discussion paper around the role of women's craft work and tts links to political protest for the United Nations, State of the World Population Report. THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) TRUSTEES. REPORT Anne of Cleves House, Fishbourne Roman Palace and Marlipins Museum worked in partnership with Culture Shtft on a grant funded project to make the museums more ac¢e55ible lo learning disabled adults. This project delivered co- desi8ned supporting resources for this underrepresented audience, as well as delivering Equality, Diversity and Inclusion training to staff and volunteers across the Society. The museums have been supported by addftSonalfundlngfrom Museum Developmentsouth East In covering expenses and time forthree staff members to attend emergencyldi5aSter preparedness training. Essential collections documentation and archives work 15 SilPPOrted by a dedicated team of volullteers, working across the museums and library. Many have volunteered for several years, and with their knowledge and expertise make significant contributions to the Society and museums department. The Society continues to support the work of the Portable Antiquities Scheme/Brliish Museum and we are indebted to the Finds Liaison Officers, Jane Clark and Harry Redburn fortheir hard work and expertise. The Sussex Archaeoiogical Collections The Sussex Archaeological Collections is the annual scholarlyjournal of the Society. first published in 1847. It remains one of England's oldest continually published county archaeological journals. Untjer the direction of Editor Dr Jaime Kaminski, Volume 161 was published in July 2024, with completion of the digital upload of the SAC collection concluded in 2025. Volume 162 15 on course to be published durin8 the 2025126 financial year. Membershlp The Societvs membership ￿ both an important element of its operatlons and a significant Income stream. We are therefore very grateful to our members for their ongoing support and loya￿V. During the 2024125 financial year, the Society sold 1,052 Memberships and of these, 253 were first-time sign-ups and 799 were renewa15. Added to the Society's 79 Life Members, these represent 1.573 member5 12024- 1,6401 and brought In an Income of £60,11412024.. £66,982). Trustees are commttted to working to retain the Society's current membership and finding new ways to develop membership number5, including the membership offer itself. In 2024125 the executive team updated membership materials, including a redesign and reprint of membership cards, the membership introdurtory booklet and the promotlonal membership leaflets. Fundraising Trustees were very pleased to launch the Sussex Guardians Appeal during 2024/25 which focussed on raising funds to support specific capital projects across the Society's heritage property portfolio. The Societ¢s Friends, groups, together with Trustees pledged £12,500 towards thi5 appeal wtth public donations match fundin8 this Sum. More widety Trustees are gratefulto have received £5,OC￿ from thechalk Cltff Trust {Sept 20241 and £700from Garden Guardians Itts be paid in 2025-261. £43,91812024: £50,046) was raised from ongoing donations, with many donations being maximisèd through the addition of grft aid. Marketing The Sotiety's Increasing focus on marketlng continued with the retfultment of a new Marketlng & Sales Manager In October 2024. THE SUSSEX ARCHAEOLOGICAL SOCIEfY ILIMITED BY GUARANTEE) TRUSTEES, REPORT The team refreshed the individual property marketing leaflets, bringing a renewed focus to the branding of our individual heritage properties. and followed this by delivering a considerable distribution scheme across Sussex. In total, 20,000 leaflets were delivered to over 200 Su55ex location5. In addition, 38,000 leaflets were printed for tjistribution across our heritage properties. Filming took place during the financial year at several of our heritage properties, Includlng ITV Merldian reports from Lewe5 Castle and FishbDurne Roman Palace, as well as an episode of Channel 4's Four in a Bed being filmèd at th8 Palate. Anne of Cleves House hosted several commercial filming project5. Eight broadcast media intervlewslreportS were secured, including two ITV Meridian reports, and 12 press releases distributed. The Marketing team continued to work on strengthening local community partnerships, including providing free admission passes on family activity days to food banks and schools in disadvantaged areas in Eastbourne, Hailsham and Lewes. The Marketing team successfully promoted numerous event5 acr055 the Societqs propertie5 and 5UPPOrted a new exhibition at Marfipins Museum. Online purchase revenue (general admission tickets, event tickets & member5hipsl increased by 9% to £122,83712024'. £111,930>. A projett to bvSld a new webslte whlch wlll further improve communication, marketing and sales opportunities commenced and the team continued to work closely with trustees to shape future strategy and refine the Society's CRM ticketing and database systems, further boosting marketing efficiency and member engagement. Finance Trustees remain committed to delivering a financially sustainable operating model for the Society that provides platform from whlch to secure fvture growth and success. Work in 2024125 focus5ed on continuing to improve the efficiency and effectwÈness of our use of resources across all the Societ¢s activities. In March 2025, the Society explored outsourclng Its flnance funrtlon to secure both the flexibility and the qualified skills required to assist in driving efficiencies and establishing robust procedu￿5. Human Resources In continuing to drive efficiencies and improvements. all of the Sociews HR policies are now made available to staff and volunteers through the Breathe HR System. The IHASCO e.learning platform now ensures that new staff are assigned to e-learning modules as soon as they loin the Societ¢s employment. Investment policy and performance During the financial year the Society released a further £63,389 in two tranches12024.' £87,8551 of investments from it5 Cazenove Fund to provide working capital. The Soclet¢s investments continue to be held in a charitable multi-asset fund managed by Cazenove Fund Management LiM￿ed, wf(h low investment risk exposure. Post balance sheet events The sale of the building known as the Margary Block was completed in April 2025, at a value of £550,000, adding critical funds to the SocSetVs cash reseNes. THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) TRUSTEES, REPORT Flnancial review Golng concern Trustees have considered in detail the level of funds currently held by the Society and the expected level of income and expendrture for a period of twefve months from the date of signature of these financial statements. These consSderatlons have taken into account the Societvs current financial position and the continuing challenges and uncertaintie5 of the external financial climate. Based on the acÈion5 the S(Kiety is taking,. Trustees believe the preparation of these financial statements on a golng- concerned basis 15 appropriate. Trustees continueto closely rnonilorthe impart of theSr StrategicAction Plan and the external operatlng envlronment. Further detaits regarding the adoption of the going concern principle can be found in the Accounting Policies (Note 2.31. Reserves policy The Society holds its reserves in the forrll of cash and investments including its investment property Ithe Margary Block) up until its sale in April 2025. ReseNes are necessary for several reasons, firstly to deal with the 5ociet¢s seasonality of income, which peaks In summer when visltor numbers are hoghest. Secondly, to meet the Societvs custodial and maintenance obligations to the heritage assets in fts care by investing in strategic projects through matched funding of related grants and donations. Flnally. to ensure the Society retains sufficient reserves to meet its contractual obligations on a going concern basis. The Trijstees consider that reserves equating to three months of their unrestricted expenditure, being £450,000, are necessary to meet these requirements. The free reserves for the Group at 31 March 2025 were as follows: Unrestricted reserves per balance sheet- £1,422,606 Le5s'. Tansible Fixed Assets.. £1,272,302 Free reseNe5: £150,304 Free reserves of £150,30412024- £198,745) therefore sit below the target level. The sale of the investment property which completed in April 2025 improves this position significantly. The Soclety contlnues to work to d1versify its Income streams and is prioritising investment in the strategic fundraising and commercial expertise necessaryto deliver this. Restritted grant5 and donations Teceived in the year totaled £11,03812024.. £30,400) with £191,12912024-. £60,667} spent or committed during the year, including from restricted funds brought fomard from prior periods. Trustees remain determined to fully honor the wishes of their donors and maintain careful records to ensure that funds are spent as intended. These polities are reviewed annually. The Society does not otherwise designate funds for specific projetts. Principal funding The Society generated 86%12024- 91%) of its in-year funding from operating income. 75%12024.' 66%) was derived from its charitable activities, primarily from its properties and 17%12024: 24961 from its trading activities including its shops, cafes and the hosting of events. Material investments pollcy The Society's investment Strategy is to maximise Investment gains without taking undue risk. Cazenove Fund Management Limited acts as investment advSsor to the Society. The Trustees view the Society's investments as being THE SUSSEX ARCHAEOLOGICAL SOCIEfY ILIMITED BY GUARANTEE) TRUSTEES, REPORT long-term in nature. The Trustees continue to keep the portfolio under review in conjunction with advice from zenove Fund Management Limited and others where relevant, and fulfy intend to increase investments a5 funds permil. 5trurture, governance and management Constitution The Society was founded in 1846 and is registered as a company limited by guarantee, first established by a Memorandum and Articles of Association on l January 1925. Subsequent modification5 have been made to the Memorandum and Articles when required, with the current Articles adopted by the Societvs member5 on 23 October 2021, and further minor amendments formally agreed with the Charrfcies Commission, coming into force from l November 2022. The Society is also registered as a charity with the Charity Commission Iregistratlon number 2070371. It had a paying membership as at 31 March 2025 of 1.57312024.. 1,6401, each of whom ?8ree to contribute £1 in the event of the company being wound up. Method of appointment or election of Trustees The Council of the Society, with between 5 and 12 elected Trustees, is the only body empowered to take decisions on behalf of the Society. Trustees are elected to Council by the members at the AGM and must be fully pald-up members of the Society throughout their term in office. Any meThber of the society can stand for consideration for election to the Council for a term of three years. No member can serve as an elected member of the Council for more than three consecutive terms of three years. The Council is also able to co-opt a maximum of 2 additional members. The Trustee5 are ultimately responsible for setting the future 5trate8ic direction of the Society, monitoring progress of that direction and safeguarding the Societvs financial welfare. After the AGM in December 2024, the Council comprised a total of 12 elected Tmstees and I co-opted Trustee under the chairmanship of Amanda lones. Mike Prtts a renowned writer, broadcaster, archaeologist and edrtor of British Archaeolo8y for over 20 years, took over the role of President at the 2024 AGM. Tmstees wish to pay tribute to Martin Bell who served as Presldent for six years up until thi5 date. During the financlal year there were four sulpcommittees in place to attively support the work of Council, namely.. Collections. Engagement & Research, Finance & General Purposes, Governance, Audit & Risk and Commerclal & Trading. Each committee's membership comprises Trustees wwth relevant and specialist skills pertinent to the work of that committee. Member5 of the senior executive team addttionally contribute to the work of Council on an onBoinB basls. The Society's President is entitled to attend meetings of the Council of Trustee5 as an observer but does not hold votin8 ri8hts. Poll¢les adopted for the induction and training of Trustees Every year the Council und8rtakes a skills audit, matching skills and experience against future needs, and identifying gaps which they seek to fi51 through transparent and fair recruitment, annual votes of members and cu-option DPPOrtunities underihe terms of the Society's articles. Three members of Council stepped down in 2024125, namely Joe Sullivan, Gavin Stewart and Jane Seabrook. Trustees are hugely indebted to Joe. Gavin and lane for their service, commitment and wise counsel during their respective terms of ofFice. THE SUSSEX ARCHAEOLOGICAL SOCIETY ILIMITED BY GUARANTEEI TRUSTEES. REPORT Pay policy for senior staff The ExecutNe lead recommends pay change5 for staff annually, which are reviewed by Council and, if approved, Included In operating budgets. Senior staff pay is reviewed by Council following recommendation from the Chair. The major criteria taken into account in setting all pay leve15 are the performance of the technlcal requirements of the roles, the market rates for the roles and the abilr(y of the Charity to pay. The society pay5 all of its staff at or above the National Living Wage. The relatively low rates of pay currently in use at the Society remain of strategic concem to Trustees, especially as regards the Society's ability to recruit and retain talented and experienced staff. Charity Governance Code The Society's governance structures are described in Its Articles of Association. In addition, a range of policies and procedures a5515t with the practical management of the Society's day-to-day 8overnance-related matters. In 2024125 the Governance, Audit and Risk Committee met four times focusin8 on each of these responsibilities as well as continuing to review the Society's full suite of policies, procedures and documentation with governance implications. Whilst recognising the significant progress that has been made, the Society continues to work towards continually Strengthening its alignment with the Charlty Governance Code (revised In 20201 which expands on seven major principles. The Code emphasises that charities are encouraged to meet the princlples and outcomes of the Code by either applyln8 the recommended practice or explaining what they have done instead, stating why they have not yet applied it. The authors of the Code say, "We want the Code to be a tool for continuous improvement towards the highest standards" The Society shares this goal. The major areas for the Society where explanation is required relate to: The development of a new five-year Strateglc Plan and the sustainabllSty of the Socletls Income.. A strategic action plan develope(l in 2023 and resuking resilien￿ support awarded by the National Lottey Heritage Fund focu5es on secuTing a sustainable, long-term, financial operating model for the Society and Trustees continue to prioritise its delivery. The Council has not initiated an external evaluation of its own performance. This will be undertaken when the Societ(s operations are more Stable and when resources permtt. The Governance Code has much expanded its requirements on equality, diversity, inclusion and belon8in8. Trustees are fully committed to these principles, and the Society is taking an accelerated approach to these requirements as a result. Organi5ational struclure and decision making In 2024125 the Councll of Trustees met on six12024: tenl occaslons and each of the sub-committees. quarterly. These sub-commlttees are: Collections, Engagement & Research Commwttee Commercial & Trading Committee (being the Board of Directors of Sussex Past ITradingl Limited) Finan￿ & General Purposes Committee Governance, Audit & Risk Committee A Chairs Comrnittee, comprising the Chair of Council and each of the above Committee Chairs, met monthly as a minimum throughout the year to review progress against objectives. THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) TRUSTEES, REPORT The role of Executive lead. with delegated authority, oversees the management of the business and administrative affairs of the Soclety and manages, directly or Indlrectly, its staff and volunteers. In 2024125 there were an average of 8 full time12024.' 91, and 52 part time12024.' 631 staff members, totaling 6012024: 721 equating to 13.74 FTE12024.. 16.761. Trustee5 continued to engage Countercufture during the 2024125 financial year to temporarily lead the NLHF-funded organisational change programme including a number of the Society's wider executive functions. namety finance, fundrai51ng and marketingi alongside the newly created post of General Manager. Trustees a￿ hugely indebted to John Baldock who was employed a5 the Societys General Manager between August 2024 and April 2025, and to Gavin Stewart who acted as an Associate Director for the Society for the twelve-month period commencing July 2024. Risk management The SoCiet￿s Governance, Audit & Risk Committee takes lead responsibility for monitoring and reviewin8the Society's risk management processes, to ensure that risks are properly Identified and managed. The most significant risk remains the Socievs need to secure a sustainable and affordable annual operating model. In 2024125, the Society continued its review and update of its Heahh & Safety policies and procedures and continues to review all of its organisational policies, supported by training where appropriate. This included the undertakin8 of a security review at Fishbourne Roman Palace and completion of detailed conditions surveys to inform maintenance prlorities acr055 our heritage properties. A key focus of the committee ha5 been the ongoing investigations into Brack Mount which include commi$5ioning a structural enBineers report. This enhanced approach to risk rnanagement includes plans forfurther staff training and empowerment to ensure risk management processes are embedded throughout the Society and completing the costing of the recently undertaken conditions surveys and a review of security acr055 the SocietWs heritage properties. Plans for future periods Trustees remain committed to delwering a truly sustainable annual operating model for the Society that provides platform from which to secure future 8rowth and success. The Trustees approved an updated operating budget forthe 2024125 financial year, based on the Strategic Action Plan priorities to chart a path to financial stability. The acttons the Society has taken durlng 2024125 have yielded improved results. Over the past two years, annual operating costs have been reduced by over £600k- a signtlicant achievement in the current financial climate. More however shll needs to be done in order to secure a truly sustainable linancial position for the longer-term. Trading in the 2024125 financial year ha5 also continued to prove challenging largely due to the macro-economic factors putting pressure on household incomes and an associated reduction in secondary spend coupled with increased operating costs in some a￿8$. Trustees are confident that the dlfficult deeislons made across the past two years wlll secure a MO￿ stable budget for the future. We are excited to now be entering a new phase of investment which increaslngly places a local focus on each of our key business units. With an enhanced focu5 on individual heritage properknes, a new Director will be recruited for Fishbourne Roman Palace and a new Director for our Lewes Properties and over the next 12 months we will also focus on recruitment of an extensive team of volunteers to support our acts'vitres, on continuing to grow our income from commercial activities an(i on delivery of an enhanced event programme- as we continue to diver51ty the Society'5 business model and improve its efficiency, whilst SDII deltvering against its core charriable oblectives. A new Chief Operating OfficerlDeputy CEO will also be appointed. io THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) TRUSTEES, REPORT There will be a continued focus on the Society's engagement wilh it5 members and on widening the learnin8, engagement and participation opportunities we offer, alongside supporting the wider archaeological communlty through effethve advocacy and worklng in partnership to increase reach and impact. Determining how the Society can increa5in8ly make it5 heritage properhe5 and collections more accesslble will be key in helpin8 shape its vision for the future. Equality, Diversity and Inclusion remain specific areas of focus for the Soclety, and work will continue on improvins the equalities information the Society holds about its stsff which will ensu￿ a better understanding of our current wori(Force profile before we then look to identify future a¢tion5 to ensure the Society continues to better refiect its local communities. Infomiation on fundralsing practices The Society uphold5 the standards and compliance requirements Set out by the Fundra￿Ing Regulator and the requirements of the General Data Protection Regulations IGDPRI. This work 15 overseen by key senior staff and reviewed byTrustees. No external fundraising agencies are used and therewere no complaints recelved in the 2024125 year in respect of fundraising activities12024-. NILI- This report was approved by the Council of Trustees and signed on their behalf by- Amanda L Jones BAIHonsl PGDip MSC FCA Chair of the Council of Trustees Date: 31 October 2025 li THE SUSSEX ARCHAEOLOGICAL SOCIEfY ILIMITED BY GUARANfEE) STATEMENT OF TRUSTEE'S RESPONSIBILITIES The Trustees, who are also the directors of The Sussex Archaeological Society for the purpose of company law, ?re responsible for preparing the Trustees, Report and the accounts In accordance with applicable law and United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Company law require5 the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the incorne and expenditure, of the charitable company and group for that yèar. In preparing these accounts, the Trustees are required to- seleci suitable accounting policies and then apply them consistentlyi obs&Ne the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent,. and p￿pare the account5 on the going concern basls unless it is inappropriate to presume that the charf(able company will continue in operation. The TrLbStees are responsible for keeping proper accounting records that dlsclose w￿h reasonable 4ccuracy at any time the financial positlon of the charitable company and group and enable them to ensure that the accounts cornply with the Companies Act 2006. They are also responslble for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. 12 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS We have audtted the financial statements of The Sussex Archaeological society I'the charitable companll and its Subsidiary I'the group'l for the year ended 31 Marth 2025 which comprise the Consolidated Statement of Financial Activities, the Group Balance Sheet, the Charlty Balance Sheet, the Cash Flow Statement and notes to the financial 5tatement5, incluLlin8 a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Klngdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reportingstandard applicable in the UK and Republic of Ireland Iunited Kingdom General Accepted Accounting Practice). In our upinion, the financial statements- give a true and fairview of the state of the group's and the parent charitable compan¢s affair5 as at 31 March 2025 and of its incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls lor opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibllities for the audit of the financial statements section of our report. We are independent of the group in accordance wtih the ethical requlrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions rel*ing to going concern We have nothing to report in respert of the following matters In rèlation to which the ISAS IUKI require us to report to you where: the Trustees use of the going concern basis uf accounting in the preparation of the financial statements is not appropriate.. or theTrustees have not disclosed in the financial statements any identified material uncertainties that may cast signrficant doubt about the group's or the parent chafltable companfs ability to continue to adopt the going concern basi5 of accounting for a period of at least twelve month5 from the datè when the finarbcial statements are authorised for ￿SUe. Other infomiation The trustees are responslble for the other information. The other information comprises the infomiation included in the trustees, annual report, other than the financlal statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othenmise explicitly stated In our report, we do not expre55 any form of assuran￿ conclusion thereon. 13 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS In connection wlth our audit of the financial statements, otjr responsibility 15 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financlal statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material Inconslstencies or apparent material misstatements, we are required to deterrnine whether there is a material misstatement in the financial Statements or a material mlsstatement of the other information. If, based on the work we have performed, we conclude that there is a material mi55tatement of thls other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matter5 prescribed by the Companles Act 21x16 In our opinion, based on the work undertaken In the course of the audit.. the information given in the trustees, report Ilncorporatlng the directors, reportl for the financlal year for which the financial statements are p￿pared is consistent with the financial 5tatements,' and the directors, report has been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by exception IrT the light of our knowledge and understanding of the charitable company and its envlronment obtained in the course of the audit, we have not Identified material misstatements in the directors, report. We have nothingto report in respect of thefollowing matters in relation to which the Companies Act 2￿6 requires us to report to you rf, in our opinion.. adequate accounting records have not been kept, or relurn5 adequate for our audit have not been received from branches not visited by us,. or the flnancial statements are not in agreement with the accounting ￿cOrdS and returns,. or certain disclosure5 of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audtt. Responslbilities of trustees As explained more ful￿ in the tru5tee5' responsibilities statement, the trustees (who are also the dlrectors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair view. and for such Internal control a5 the trustee5 determine Is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee5 are responsible for assessing the charitable companvs ability to continue as a going concern, disclosin& a5 applicable, matters related to going concern ènd using the going concern basis of accounting unless the trustees @ither intend to liquidate the charitable company orto cease operations, or have no reallstic alternatNe but to do so. 14 THE SUSSEX ARCHAEOLOGICAL SOCIEfY (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Auditorfs responsibilities for the audlt Of the finandal statements Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material mi55tatement, whether due to fraud or error, and to Issue an auditorfs report that Includes our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS IUKI will a￿ayS detect a material misstatemÈnt when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influence the economic decisions of Users taken on the b￿lS of these financial statements. Irregularities, including fraud, are instan￿$ of non-compliance wtth laws and regulations. The extent to which our procedures are capable of detecting irregularitie5, including fraud, is detailed below. A further description of our responsibilitie5 for the audit of the financial Statements is located on the Financial Reporting Council's websSte at: https:l/www.frc.org.uklauditorsresponsibilities. This description forms part of our audttorfs report. Extent to whlch the audit was consldered capable of detecting irregularities, including fraud The objertNes of our audit, in respert to fraud, are- to identify and assess the risks of material misstatement of the financial statements due to fraud- to obtain sufficient appropriate audit evidence regarding the a5ses5ed risk5 of material rnis5tatement due to fraud, through designing and implementin8 appropriate responses- and to respond appropriately to fraud or Suspected fraud identified during the audit. However, the prlmary responslbllity for the prevention and detection of fraud rests with both those char8ed with Bovernance of the entity and its management. Our approach was as follows.. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management la5 required by auditing standardsl, and discussed with the directors and other management the policies and procedures regarding compliance with law5 and regulations,. We identified the following areas as those most likely to have such an effect: health and safety* General Data Protection Regulation IGDPRI,- fraud- bribery and corruption and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enqulry of the trustee5 and other management and inspection of regulatory and le8al corresponden￿, if any. We considered the legal and regulatory framewor￿ directly applicable to the financial statements reporting framework IFRS 102 and the Companies Art 2006 and the Charities Act 20111 and the relevant tax compliance regulati0115 in the Ul. We considered the nature of the company's/charwk¢s operations. the control environment and business performance, including the key drivers for managemenys remuneration; We communicated identified laws and regulations throughout our team and remained alert to anv indications of non-compliance throughout the audit,. We considered the procedures and controls that the companylcharity has established to address risks identifièd, or that othewisè prevent, deter and detect fraud,. and how senior management monitor5 those procedures and controls. 15 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE} REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Based on this understanding we designed our audit protedures to Identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to addre55 each identified fraud risk. These Pro￿dureS included.. testing manual journals; reviewing thè financial statement disclosures and testing to supporting documentation: performin8 analytical procedures.. and enquiring of management, and were designed to provide reasonable assurance that the financlal statements were free from fraud or error. Owlng to the inherent limitation5 of an audlt, there is an unavoidable risk that we may not have deterted some material misstatements in the financial statements, even though we have property planned and perfomied our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transattions refietted in the finantial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularitie5 occurring due to fraud rather than error, as fraud involves Intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report 15 made Solely to the charitable CoMpan￿S members, as a body. in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might State to the charitable companrfs members those matters we are required to state to them in an audttorfs report and for no other purpose. To the fullest extent perrnitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the tharilable compan¢s members as a body, for our audit work, for this report, or for the opinions we have formed. Mark Cummins FCCA (Senlor Statutory Auditor) for and on behalf ofTC Group Statutory Auditors Office.. Sussex Dated.. z6 7025 16 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES IINCLUDING THE INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR EJVDED 31 MARCH 2025 Restrlrted funds Unrestrfcted funds Total 20ZS Total 2024 INCOME FROM: Donations and legacles Charitable activitie5 Other trading actwitie5 Investments Totsl Income Notes 11,038 21S,867 92,994 995,724 282.083 19,196 1.389.997 104,032 1.211.591 282.083 19,196 1.616.902 117,028 998,599 364,294 23,127 1,503.048 226,905 EXPENDITURE ON: Raising funds Charitable artNf(ies Total expenditure 214.305 1.290,775 1,505,080 214,305 1,481,91YI 1.696.209 358,799 1,592,022 1,950,821 191,129 191,129 Net incomelexpenditure 35,776 1115,083) (79,3071 1447,7731 Unrealised gains/llosse51 on investments 12113 57,430 57.430 15.103 Transfer between funds 20 19,225 (19,225) Net movement in fiinds 55,001 {76,8781 121,877) 1432,6701 Fund balances brought forward 20 451,851 1,499,484 1,951.335 2,384,005 Fund balances at carried forward 20 506.852 IA22.606 1.929,458 1,951,335 All income and gains for the year are recognised above. All of the group'5 activities other then those identified above are cla55ed a5 Continuing. The Statement of Financial Activitie5 abo complies with the requirements for an income and expenditure account under the Companie5 Act 2006. 17 THE SUSSEX ARCHAEOLOGICAL SOCIETY {LIMITED BY GUARANTEE) CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes FIXED ASSETS Tangible assets Investments Investment property li 1,272,302 18,755 550.OIKI 1,302,346 81,630 500.000 13 12 1,841,057 1,883,976 CURRENT ASSErs Stock Debtors Cash at bank and in hand 14 15 12.050 277,541 94,091 383,682 22,094 133,666 131,397 287,157 CURRENT LIABILITIES Creditors due within one year 16 {295,2811 1219,7981 CURRE￿ ASSErs 88,401 67,359 TOTAL ASSEfs LESS CURREP LIABILITIES 1,929,458 1,951,335 NET ASSETS 1.929,458 1,951,335 REPRESENTED BY: Restricted funds Unrestricted funds 506,852 1.422,606 1,929,458 451,851 1,499,484 1,951,335 The notes on pages 21 to 37 form part of these financial statements The accounts were appToved by the Boar(l of Trustees and signed on their behalf by- Amanda Ljunes FCA Msc DPA BAIHonsl Chair of the Council of Trustee5 Date: 31 October 2025 Company Number-00202795 18 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) soaETY BALANCE SHEEr FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes FIXED ASSErs Tangible assets Investments li 1,2n,302 168.755 550,000 1.302,346 231,630 500,000 13 Investrnent property 12 1,991,057 2,033,976 CURRENT ASSErs Debtor5 Cash at bank and in hand 15 258,783 93,373 352,156 118,953 118,860 237,813 CURRENT LIABILITIES Credwtor5 due within one year 16 1591,4841 1429,8971 NET cuRRETr￿ LIABIUTIES {239,3281 1192,0841 TOTAL ASSEfs LESS CURRENT UABIUTIES 1,751,729 1,841,892 NET ASSETS 1.751.729 1,841,892 REpRESE￿ED BY: Restrided funds Unrestricted funds 20 506,852 1.244.877 1,751,729 451,851 1,390,041 1.841,892 The notes on pages 21 to 37 form part of these financial statements The accounts were approved by the Board of Trustees and signed on thelr behalf by: Amanda L Jones FCA Msc DPA BAIHonsl Chair of the Council of Trustees Date: 31"October 2025 Company Number-00202795 19 THE SUSSEX ARCHAEOLOGICAL SOCIEfY {LIMITED BY GUARANTEE) CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng activities: Net in¢omel{expenditurel for the year Adjustments for. Depreciation charges Gains11105sesl on investments Dwidends, interest and rents from investments Ilncrea5elldecrease in stock Ilncreasellde£rease in debtors Increa5elldetreasel in creditors Net cash provided by/{used In) operating artivitles 121,8771 1432,6701 li 12113 35,027 (57,430) (19,196) 10,044 {143,8751 75,483 34,690 115,1031 123,1271 17.783 1,255 12,548 15 16 {99,9471 28.046 Cash f ows from investing artivities: Dividends, interest and rents from investments Proceeds from investments Purchase of tangible fixed assets Net ca$h used in investin8 artlvlties 13 19,196 70.305 14.9831 23,127 94,436 19,8301 li 84.518 107,733 Increaselldecreose} In cash and Cash equivalents in the year Cash and cash equlvalents at the beginning of the year Cash and cash equivalents at the end Of the year (37.306) 1296,8911 131,397 428,288 131,397 94,091 Analysis of net cash/ldebt) At l Aprfl 2024 Cash flow Non-cash Change5 At 31 March 2025 Cash at bank and in hand 131,397 137,3061 94.091 20 THE SUSSEX ARCHAEOLOGICAL SOCIETY ILIMITED BY GUARANTEE) NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STATUTORY INFORMATION The charity is a charitable company, limited by guarantee, registered in England and Wales. The registered affice. company number and charity number are detailed in the Legal and Administrative Information. ACCOUNTING POUCIES 2.1 Basis of accountlng The flnancial statements have been prepared under the Companies Act 2006, The Charities Att 2011 and in accordance with the Charitie5' Statement of Recommended prarti￿{SoRp IFRS 10211 and Financial Reporting Standard 102. The charitsble company meets the definition of a public benefit entity under FRS 102. Assets and liabilr(ies are initlally recognlsed at cost or transactlon value unless otherwlse stated In the relevant accountlng pollcy. 2.2 Group finantial statemènts The financial statements consolidate the results of the Society and its wholly owned subsidiaries on a line by line basis. A separate Statement of Financial Activities lincluding income and expenditure account) for the charty has not been presented as the charity has taken advantage of the exemptlon afforded by section 408 of the Companies Act 2006. The Income and Expendr(ure account forthe yeardeatt w￿h In the accounts of the Soclety was a dèfictt of£147,463 12024: £489,285 deficit). 2.3 Goin8 concern The financial statements have been prepared on a 8oing concern ba515 as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reseNes forthe Society to be to continue as a going concern. 2.4 Income All incorne 15 Fecogni5ed once the Society ha5 entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on estab5ishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Society has sufficient eviden￿ that a 8ift has been left to them Ithrough knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims In the estate. Receipt of g legacy must be recognised when it is probable that It will be received and the fair value of the amount recewable, which will generally be the expected cash amount to be distributed to the Society. can be reliably measured. Grants are included in the Consolidated Statement of financlal activities on a receivable basis. The balance of income received for specific purposes but not expended during the period 15 shown in the relevant funds on the Con501idated Balan￿ Sheet. Where income 15 received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income 15 received, the income is accrued. 21 THE SUSSEX ARCHAEOLOGICAL SOCIETY (UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Icontlnuedl 2.5 Income Icontlnuedl Donated servi￿$ or facilities are recognised when the Society has control over the item, any conditlons associated with the donated item have been met, the receipt of economic beneflt from the use by the Societv of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, in general volunteers, time is not recognised. Please refer to the Trustees, report for more information about their hiEhty valued contribution. On re￿IPt, donated professional services and facilities are recognised on the basis of the value of the gift to the Socieiy which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of rec@ipt. Income tax recoverable in relation to donations re￿iVed under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax retoverable in relatlon to investment Income is recognised at the time the Investment income is receivable. 2.6 Expenditure Expendrture is recognised On￿ there Is a legal or construttfve obligation to transfer economlc benefrt to a third party, r( is probable that a transfer of economic benefits will be required Sn settlement and the amount of the obligation can be measured reliably. EXpend[tu￿ Is classified by activity. The costs of each attlvity are made up of the total of dirert Costs and shared costs, including support Costs involved in undertakin8 each activity. Dirèct cost5 attributable to a single actwity are allocated directly to that activity. Shared costs which Contribute to more than one artivf(y and support costs whith are not attributable to a single actwity are apportioned between those aLtwf(ies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's Use. Fundraislng costs arethose incurred in seekingvoluntarycontributions and do not includethecosts of dlsseminating information in support of the charitable artivities. Support costs are those costs incurred directly in support of expenditure on the objects of the Society and include project management tarried out at the Society's Head offi￿. Expenditure on raisin8funds indudes all expenditure incurred bytheGroupto raisefundsfor rts charitable purposes and include5 costs of all fundraising actwities, events and non-charitabletrading. Expenditure on charitable actDlities is Incurred on directly undertakin8 the actNities which further the Group's objettives, a5 well as any associated SUPPDrt costs. 2.7 Government grants GovÈrnment grants relatingtotangible fixed a55ets aretreated as deferred income an(i released totheconsolidated statement of financial artivf(ies overthe expected useful lives of the assets concerned. Other grants, including the Coronavirusjob retention scheme monies, are credited to the Consolidated Statement of financial actThiities as the reloted expenditure 15 incurred. 22 THE SUSSEX ARCHAEOLOGICAL SOCIETY {LIMrrED BY GUARANTEE) NOTES TOTHE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued) 2.8 Interest receivable Interest on funds held on deposit is intluded when receniable and the amount can be measured reliably by the Societvi thi5 i5 normally upon notthc7tion of the interest paid or payable by the Ban 2.9 Tangible fixed assets and depreclation Freehold properties held for investment or admlnlstratlon purposes are inclufled at their latest independent valuation, subject to market industry movements. Unrealised gains and losses are taken to unrestricted funds. Historic properties and collections of artefac15 held in furtherance of the Society's objectives are not capitalised. The decision to include items within fixed asset5 is assessed on a case by case basi5.' there ￿ no set value below which as5et5 are not capitalised. The Society maintains many heritage assets and does not consider that relialjle cost or valuation information Cdn be obtained for the vast rnajority of items held as, SLbch owing to the incomparable nature of many of the assets, conventional valuation approaches lack svfficient reliabilr(y and that. even if valuations could be obtained, the costs would be onerous compared with the additional benefits derived by the Society and the users of the accounts. The Society does not therefore recosnise those assets on its Balance Sheet, other than re￿nt acqui51tion5 where a reliable valuatlon is possible. Expenditure on these assets, where it does not result in the creation of a new herltage asset. is charged to the Consolldated Statement of flnancial attivities as it is incurred. Tangible fixed assets are tarried at cost, net of depreciation and any provision for impalrment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value. Depreciation is provided on the following bases: Office equipment Computers, fixtures & fittin85 and equipment 10%-25% Straight Line 10%-25% Straight Line Tan8iblefixed assets include the cost of Fishboume Roman Palace's Collettions Dlscovery Centre. No depreciation has been provided on that asset as the Trustee5 are of the opinion that tt should be classified as a heritage asset. Herttage assets have very longi useful, econemic lives as they are maintained to a standard to ensure their continued existence in a sound stste of repair, and thus any depreciation charge would be immaterial. 2.10 Investments Fixed asset investments are a form of financial instrument at)d are initialty recognised at theirtransaction cost and subsequently measured at falr value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealise(I, are combined and shown in the heading'Gain5lllossesl on investments, in the Statement of financial 6rtivitie5. Investments in subsidiaries are valued at cost les5 prov15ion for impalrment. Z11 Stock Stocks are valued at the lower of cost an(1 net realisable value after making due allowance for obsolete and slow- movlng stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overhead5. 23 THE SUSSEX ARCHAEOLOGICAL SOCIETY ILIMITED BY GUARANTEE) NOTESTOTHE FINANCIALSTATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES Icontinuedl 2.12 Penslons The society operates a defined contribution pension scheme and the penston charge represents the amounts payable bythe Socièty to the fund in respect of the year. The Society continues to be a non-contributing member of a defined benefit pension scheme. The Society ￿3$ed to be an artive member of the scheme at 31 December 2019. 2.13 Cash at bank and in hand Cash at bank and in hand includes bank accounts, cash and short term highty liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposits or similar account. 114 Creditors and provlsions Creditors and provisions are recognised where the Society has a present obligation resufting from a past event that will probably in the transfer of funds to a third party and the amount due to settle the obligation can be me¥ured or ￿tIrnated reliably. 2.15 Debtur5 Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of anytrade discounts due. 2.16 Lease and hire purchase ¢ommltments The society only has financial assets and financlal liabilities of a kind that qualify as basic financlal Instrumènts. Basic financial instrument5 are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans whlch are subsequentty measured at amortised cost Using the effective interesL method. 2.17 Operatlng leases Renta15 paid under operating leases are tharged to the Consolidated statement of financial activities on a straight line basis over the lease term. 2.18 Fund ac¢ountlng General funds are unrestricted funds which are available for use atthe discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purpose5. Restricted funds are funds which are to be used in accordance with specific restrirtions imposed by donors or which have been raised by the Group for particular purF3oses. The cost5 of rai5in8 and administering such funds are charged against the spectficfund. The aim and use of each restrtcted fund is set out In the notes tothe flnancial statements. Investment incomei gains and losses are allo£ated to the approprlate fund. 2.19 Taxation The SoCiet￿s income falls within the exemptions under part 11 of the Corporation Tax Art 2010. 24 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Crltlcal accountlng estimates and Judgements Estimates and judEments are continually evaluated and are based on historical experience and other fattors, includin8 expectations of future eventsthat are believed to be reasonable underthe circum5tance5. Critical accounting estimatès and assumptions: The Society makes estimates and assumptions concerning the future. The resulting accounting estirnates and assumptions will, by definition, seldom equal the related actual ￿SUItS. The estimates and assumptions that have a Sign1￿Cant risk of causing a material adjustment to the carrying amounts of a55ets and liabilities wkhln the next financial year are discussed below. The value of the Local Government Pension Scheme defined benefrt liability included within the 2024 figure5 depen(ied on a number of factors that are deterrnined on an artuarial basis using a variety of assumptions. The assumptions that were used in determinillg the net Cost for pensions Included the discount rate. Any changes in these assumptions, which are in Note 18, will have impacted the carrying value of the pension liability and the contingent liability disclosed in Note 23. The Society makes estirnates and assumptions toncerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and 8ssumption5that have o Signif￿an1 risk of causing a material adjustment to the carrying amounts of a55ets and liabilitles within the next financial year are discussed below. Critical areas Df judsment.. Heritoge Assets The Society own5 Other historic properties Ilisted in Note 111 which are preseNed, maintained and opened to the public in furtherance of the Society's objectives. In addition there are collections kept in East and West Sussex Record Offices on long term deposr(. As itwould be difficult to attribute afairvalue to the properties listed in Note 11, in accordance withthèstatement of Recommended Practice, they have not been tapitalised. Stod( provision Stock15 Stated at the lower of cost and net realisable value. The trustee5 assess the carrying value of stock at the year end, making provision where necessary for items that are slow-moving, obsolete, or damaged. The provision is based on historic usage, post year-end sales information and management's assessment of futu￿ dernand. These estimates involve inherent uncertainty and could change if actual future conditions differfrom expertations. GiftAid debtor The charity recognises a debtorfor amounts recoverable from HM Revenue & Customs in respect of GiftAid claims on eligible donations. The amount recognised Is based on donations received up to the year end for which the claim is considered recoverable. Estimation ￿n￿rtainty arises in assessin8 donor eligibility, completeness of declarations, and the timing of daims and receipts from HMRC. Accruedgmntincome Grant income is accrued where the charity has satisfied the conditions of entitlement under a grant agreement and receipt of the income is considered probable, but funds have not yet been received at the balance sheet date. Judgement is required to determine the extent to which performance-related conditions have been met and to estimate the amount due based on correspondence with funders. 25 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARAKfEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM DONATIONS AND LEGACIES Restricted funds Unrestrlcted funds Total 2025 Total 2024 Donations and legacies Member5. subscriptions 11.038 32,880 60,114 43,918 60.114 104,032 50,046 66,982 11,038 92.994 117,028 INCOME FROM CHARITABLE A￿1VITIEs Restrlrted funds Unrestrlrted Funds Total 2025 Total 2024 Properties Grants receivable 877,784 117.940 877,784 333,807 1,211,591 925,407 73,192 998,599 215.867 215.867 995,7Z4 INCOME FROM OTHER TRADING ACTIVITIES Restrlcted lunds Unrestricted funds Total 2025 Total 2024 Subsidiary trading income 282,083 282,083 282.083 282.083 364,294 364,294 INCOME FROM INVESTMENTS Restrirted funds Unrestricted funds Total 2025 Total 2024 Investment income- properties 19,196 19.196 23,127 19.196 19,196 23,127 26 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF EXPENDITURE Staff costs Depreciation Other colls Total Total 2025 2024 RaisinB funds 56.908 157,397 214.305 358,799 Charitable expenditure: Attivitie5 undertaken dirertly Support cost5 554,792 289,965 844,757 1,095,723 285,902 840.694 35.027 35,027 316,218 606.183 637.147 1,481.904 496,299 1,592,022 Totsl expendlture 897.602 35,027 763,580 1,696.209 1,950,821 Analysis of support Costs: Total 2025 Total 2024 staff costs Rate5, Utllitie5 and Insurance Other expenditure Office costs Buildings and ground maintenance Governance Isee below) Professional fees Bad debt Dep￿ciatIOn 285,902 73,674 34.743 101,900 212.359 53,634 28,492 84,726 1,280 17,496 54,005 9,617 34,690 496,299 21,650 65,267 18,984 35.027 637,147 Analy515 of governance ¢osts: Total 2025 Total 2024 Auditors remuneration 21.650 17,496 17.496 21.650 27 THE SUSSEX ARCHAEOLOGICAL SOCIEfY (LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STAFF COSTS The avera8e number of persons employed by the Society during the year was as follows.. Group 2025 Number Group 2024 Number Full time Part time 52 60 63 72 The aggregate payroll costs for the year were as follows: Group Society 2025 2024 2025 2024 Wa6es and salarie5 Social security costs Contribution to defined contribution pen5i0n schemes 841.655 35,005 1,077,924 46,525 834,155 35.005 988,765 43.044 20,942 29,183 20,942 28,072 897,602 1,153,632 890.102 1,059,881 No staff were peld in excess of £60,000 during the year12024: Nill. During the period the society incurred staff settlement costs of £17,81312024-. Nill. The Truslee5 consider that the Society'5 key manogement pe￿O￿ne1 during the period were John Baldock (General Mana8erl and Gavin Stewart (Associate Directorl. None of the Trustees received any remuneration or other benefr(s frorn the society or any connected body. No Trustees12024: none) had expenses reimbursed during the year. Key management personnel received total aggregate remuneration, including employers national Insuran￿ and pension contributions, of £59,426 {2024: £55,8031- 28 THE SUSSEX ARCHAEOLOGICAL SOCIEfY (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EAIDED 31 MARCH 2025 10 COMPARATIVE STATEMETrTh OF FINANCIAL AcfiviTIES- 31 MARCH 2024 Restrkted funds Unrestrlcted funds Total 2024 INCOME FROM.. Donations and legacies Charitable activities Othertrading artivities Investments 30,2S7 143 86.771 998,456 364,294 23,127 1,472,648 117,028 998,599 364,294 23,127 1,503,048 Total income 30.4LK) EXPENDITURE ON: Raising funds Charitable acllvltles Total expenditure 358,799 1,531,355 1,890.154 358,799 1,592,022 1,950,821 60,667 60,667 Net Incomellexpenditurel befure net gains/llossesl on investments 130.2671 1417,5061 1447,7731 Net gainslllosses) on investments 15,103 15,103 Net movement In funds 130,267 1402,4031 1432,6701 Fund balances brought forward a5 restated 482,118 1,901,887 2,384,1J)s Fund balances Carried fonvard 451,851 1,499,484 1,951,335 29 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 11 TANGIBLE FIXED ASSEf5- GROUP AND SOCIETY Computer Equipment, Fixtures and Fishboume Palace Collections Fltilngs Dlscovery Centre Total Cost At l April 2024 Additions 499,838 4,983 1,198,473 1,698,311 4,983 1,703,294 At 31 March 2025 504,821 1,198.473 Depreciation At l April 2024 Charge for the year At 31 March 2025 395,965 35,027 430,992 395.965 35.027 430,992 Net book value At 31 March 2025 73,829 1,193,473 1,198,473 1,272,302 At 31 March 2024 103,873 1,302,346 The Soclety owns the following other historic properties which are preserved, maintained and opened to the public in fLErtherance of the Society's objectives. Barbican House, Lewes. Lewes Castle. Brack Mount, Lewes Anne ofcieve5 House Museum, lewes. Priest House, Wèst Hoathly. Michelham Priory. Fishbourne Roman Palace Marlipins Museum, Shoreham by Sea. The Long Man of Wilmington Holtye Roman Road Colleciions of artefacts are contalned In the properties listed above, that are marked with an asterisk. In addition, there are collections kept in East and West Sussex Record offices on long term deposit. As it would be difficult to attribute a fair value to the above properties. in accordan￿ with the Statement of Recommended Practice, they have not been capitali5ed. Overthe last few years, the historic buildings have been revalued for insurance purposes. The insurance value for reinstatement purpose5 as at 31 March 2025 15 approximately £92 million12024- £98 million). On 24 November 2004 the Society granted a charge over Fishbourne Roman Palace to the National Heritage Memorial Fund as a condition for the receipt of a grant from the National Lottery Heritage Fund INLHF towards the improvements being undertaken at Fishbourne Roman Palace. Under the terms of this grant NLHF can claw back the sum awarded of £2,547,000 lor proportion thereof) should the Society cease to Use the property in accordance with its objects. 30 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE} NOTES TOTHE FINANCIAL STATEMENT5 ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 TANGIBLE FIXED ASSETS (Col￿1NuED) A pmportion of the grant ho5 been capitalised above as the Collertions Discovery Centre at Fishbourne Roman Palace. The market value of th￿ property and land upon which tt has been built cannot be separated from the valuation of the site as a whole. INVESTMENT PROPERTY Group 2025 50¢Sety 2025 2024 2024 Valuatlon At l April 2024 Revaluation 51XI,CM)O 50,000 550,000 so0,￿0 500,000 50.000 51XJ.000 At 31 March 2025 500,0 550.000 5(X),000 On 4 April 2025 the investment property was sold for £550,000. The revaluation above represents an uplift to refled the rllarket value of the property at 31 March 2025. The hlstorical cost of the freehold investment property is £Nil. 13 FIXED Ass￿ INVESTMENTS Group LTSted securitie5 Cost or valuatlon At l April 2024 Disposals at carrylng value Unrealised gains/llossesl on revaluation At 31 March 2025 81,630 {63,3891 514 18,755 Net book value At 31 March 2025 At 31 March 2024 18.755 81,630 Soclety Investment in subsidiary Listed securlties Total Cost or valuation At l April 2024 Disposals at carying value Unreali5ed gains/llossesl on revaluation At 31 March 2025 150.000 81,630 163,3891 514 18,755 231.630 163,3891 514 168,755 150,000 Net book value At 31 March 2025 At 31 March 2024 150.000 150,000 18,755 81,630 16S,755 231,630 31 THE SUSSEX ARCHAEOLOGICAL SOCIETY (UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 FIXED Ass￿ IWESTMENTS Icontlnuedl Investment galns shown on the Statement of Financial Activities of £7.43012024-. £15,103) include unrealised gains on investments of £51412024.. £8,522) and realised gains on investments of £6,91612024'. £6,581). STOCK Group 2025 So¢lety 2025 2024 2024 Finished good5 and goods for resale 12,050 22,094 15 DEBTORS Group 2025 Soclety 2025 2024 2024 Oue wlthin one year Trade debtors Prepayments and accrued Income 39,306 238.235 43,368 90,298 22,233 236.550 258.783 28,655 90,298 118,953 277,541 133,666 16 CREDITORS: due within one year Group 2025 Society 2025 2024 2024 Trade credttors 121,928 112,313 121.928 355,107 27,250 32,538 54,661 591,484 112,313 Amounts owed to group undertaking5 Other taxation and social securlty Other creditors 221.602 27,250 32,538 113,565 295,281 24,932 2,514 80,039 24,932 2,514 68,536 Accruals and deferred income 219,798 429,897 32 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEf+ifs ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 OPERATING LEASE COMMITmETr￿s At 31 March 2025 the Group and the Society had commitments to makefLrture minimum lease payments under non-cancellable operatlng leases as follows.. Group 2025 2024 Less than l year 1-2 years 26,442 35,256 26,442 61,698 26,442 18 PENSION Comm￿MENTs The Society oporates a deflned contributlon pension scheme. The assets of the scheme are held separately from those of the Society in an independently administered fund. The pension cost charge for the period ended 31 March 2025 represents contributions payable by the Society to the fund and amounted to £20,942 12024: £29,183). Contributions totalling £8,33512024: £7,662) were receivable from the fund at the balance sheet date and are included wwthln creditors. The Group operate5 a defined benefft pension scheme but ceased being a contributing employer to the East Sussex Lotal Gnvernment Pension Scheme IESLGPSI as at 31 January 2020 when its one remalning member left the Societvs employment The ESLGPS is a fvnded defined benefit scheme, with assets held in separate trustee administered funds. The total contributlon made for the period ended 31 March 2025 was £Nil12024.. £Nill, of whlch employer's contributions totalled £Nil12024.. £Nill. In zddition amounts totalling £Nil 12024- £Nill were paid by the employertowards the pension scheme deficit. As stated in Note 23, the Society cèased being a contributing employer to the ESLGPS. Contributions to the date of cessation have been paid in full at the balance sheet date. The pension c05t and provision for the year ending 31 December 2019 are based on the cessation report and ￿ lated advice of a professionalty qualified attuary. The actuary's calculation suggests that there is a reasonably high likelihood that the a55ets allocated to the Society within the Fund will generate sufficient return5 over the next 20 years to fund its pension liabiltties in full and remove the current debt. On this basss, no liability forthe defined benefit pension scheme has been recognised at the Balance Sheet date, but a contingent liability has been recorded as disclosed in Note 23. 19 SHARE CAPITAL AND CONTROL The charity is limited by guarantee and doe5 not have any share capital. In the event of a winding up each member guarantees to contribute an amount of no more ihan £1. 33 THE SUSSEX ARCHAEOLOGICAL SOCIETY (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTlhlUED) FOR THE YEAR ENDED 31 MARCH 2025 20 SUMMARY OF FUNO MOVEMENTS Group fund movement Balance at l April 2024 Income Expenditure Transfer Gains1 Balance at {lossesl 31 March 2025 Unrestrfcted funds General Funds SPTL Reserves 1,390,041 1,107,914 109,443 282,083 1.499,484 1,389,997 {1,291,2831 119,2251 1213,7971 1,505,080 57,430 1244.877 177,729 57,430 IN22,606 119,2251 Restricted funds Michelham Priory Development Fund Isainsbury'sl Michelham Priory Fund Hasluck & Hrtbla¢kl Fishbourne Romarb Palace- North Wing Interpretation Collertions Discovery Centre Reserve Fund Aoc Tile, Sculpture & Wealden Iron Gallery Sally Christian Tr?inin8 Fund Donation for Fundraiser Pool FRP SDNP Books SAC Digitilisation Projett NLHF Emergency Funding Ann Winser Legacy Friends of Michelham toilet refurb project The Iron Torc Small Projects- Various NLHF Resilience Fund 101,526 101,526 86,482 8,5¢JO 116.6221 78,360 11,297 11.297 32,140 2,538 5,1541 19,225 48,749 13,075 13,075 13.844 681 16311 16811 13,213 I,ooo 9,750 3.590 59,007 106,618 9,750 3,590 59,007 106,618 5,226 5,226 1,607 6,008 1,607 6,008 47.826 506,852 215,867 226,905 1168,0411 1191,1291 451,851 19,225 Total funds 1,951,335 1.616.902 11,696,209) 57,430 1,929.458 The Michelham Priory DevelopThent Fund wa5 donated by the Monument Trust Isainsbury'sl to assist with ongoing development of Michelham Priory including works to restore the moat once technical assessment is complete. The Countryside Stewardship Trust has a150 contributed to this projert. 34 THE SUSSEX ARCHAEOLOGICAL SOCI ETY ILIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 SUMMARYOF FUND MOVEMENTS IcoTrifiNUED) The Michelham Priory Fund represents funds donated to the Soclety from the Hasluck Trust and the Stella Hotblack Fund. The Fishbourne Roman Palace interpretation improvements, includlng construction of a new viewing platform and installation of various Vid￿ displays. 15 now largely complete. The Collertions Discovery Centre ICDCI ReS&￿e Fund represents monies donated from Chichester Distrltt Counc51, and matched by the Soclety, to be spent on the CDC at Fishbourne Roman Palace. Work on interpretation and displays at Anne of Cleves House IAOCI is scheduled in the coming year. The Sally Christian Training Fund relates to legacy monies donated for the purposes of providing training and archaeology courses. Donation for fundraiser represents fund5 donated by J Windsor in order to support research and new fundraising streams. The Pool FRP fundin8 represents monies donated for the purposes of maintenance of Fishbourne Roman Palace pool projert. The SDNP books fund rep￿SentS monies donated for the purposes of the new publications of South Downs National Park5 books. The SAC DBit15ation Project fund represented monles donated for the purposes of the digitisation of the Su55ex Archaeological Collertion5. NLHF Emergency Funding represents incorne given by the National Lottery Heritage Fund for emergency support durin8 the COVID-19 pandemic as well as further investmeFrt into infrastructure. NLHF Cultural Recovery Funding represents income given by the Natignal Lottery Heritage Fund for emergencv support during the COVID-19 pandemic as well as further investment into infrastructure. Ann Winser Legacy fundlng relates to a donation left to the Society via a memberfs will to be used specifically on the Library. The Friends of Michelham Priory IFOMPI Toilets funding represents monies donated for the purposes of the Michelham Priory toilet reburbishment. The Iron Torc Fund represents donation5 recelved toward the purchase of the Iron Torc artefact. There were several smaller re5tTiCted grants and donations recewed between 2022 and 2025 which will be spent in the coming periods. The NLHF resilience fund represents grants received for creating a more resilient and sustainable Societyi delivering more accessible. diverse and engaging access to the heritage of Sussex. 35 THE SUSSEX ARCHAEOLOGICAL SOCIEfY (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 ANALYSIS OF NET ASSEfs BETWEEN FUNDS Restricied funds Unrestricted funds 2025 Total Consolldated fvnd balances at 31 March 2025 are represented by: Fixe(l assets Flxed asset Investments Investment property Current assets Creditors due within one year 1,272,302 1,272,302 18,755 550,000 383.682 295,281) 1,929.458 18,755 104.415 383,682 445,585 (295,2811 1,422,606 506,852 Restricted funds Unrestricted funds 2024 Total Consolidated fund balances at 31 March 2024 are represented bv: Fixed asset5 Fixed asset investments Investment property Current assets Creditors due within one year 1,302,346 1,302.346 81,630 500,000 287,157 1219,7981 1,951,335 81,630 83,064 287,157 416,936 1219.7981 1,499.484 451,851 22 RELATED PARTY TRANSAUIONS During the year, the Society received a loan of £30,000 from Amanda Jones, a trustee of the Society. The balance outstanding at the year end wa5 £30,000. The loan wa5 fully repaid after the year end on 27 May 2025. 23 CONTINGENT UABILITIES The Society ceased being a contributing ernployer to the East Sussex Local Government Pension Scheme IESLGPSI as at 31 January 2020 when its one remaining member left the Societvs employment. This created a cessation event, with the Society's deficit being valued at £293,000 as at that date. The ESLGPS have agreed for the Society to repay this liability, rf required, over a period of 20 years in return for a charge over the freehold of The Priest House, West Hoathly. Permission to enter into thi5 arrangement was secured by vote of members at an AGM held on 29 June 2019. The Society ha5 not been Informed of any payments which are due forthe period to 31 March 2025. 36 THE SUSSEX ARCHAEOLOGICAL SOCIETY ILIMITED BY GUARANTEE) NOTESTOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 PRINCIPAL SUBSIDIARIES The followin8 was a subsidiary undertaking of the Society: Name Company registered number 03355746 Class ot shares Ordinary Holdin8 Included in onsolidation Yes Sussex Past Trading Limited ICx)% The financial results of the subsidiary for the year were: Name Income Expendlture Profit foi period Net assets Sussex Past Trading Limrted 282,083 1213,7971 68,286* 327,729 * After donation of £99,964 in relation to prioryear profits The subsidiary's registered Offi￿ is: Barblcan House. 169 High Street, Lewes. E05t Sussex. BN7 IYE. The principal activttyof the trading subsidlary Isthat of the operation of the cafes, shops, weddings and events in the historical sites and buildings owned by The Sussex Archaeological Society across Sussex and related aclivities. 37