Charity number: 216249
CAMBRIAN ARCHAEOLOGICAL ASSOCIATION (Cymdeithas Hynafiaethau Cymru)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 24 |
CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees Neil Bayliss (resigned 22 July 2022) Jenny Britnell, Treasurer William Britnell Marie-Therese Castay Rhiannon Comeau, Membership Secretary Andrew Davidson Tudur Davies Toby Driver Fiona Gale Heather James, General Secretary - Frances Lynch Llewellyn, Programme Secretary Kenneth Murphy, Editor Sian Rees, Chairman Eurwyn Wiliam (appointed 13 October 2022)
Charity registered number 216249 Principal office Braemar Llangunnor Road Carmarthen Carmarthenshire SA31 2PB President Elizabeth Walker Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the financial statements of the charity for the year from 1 January 2022 to 31 December 2022. The annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (update effective 1 January 2019).
The name of the Charity is The Cambrian Archaeological Association. It is also known by the same name in Welsh, Cymdeithas Hynafiaethau Cymru.
The Cambrian Archaeological Association has no central office, consequently the address of the principal office is the address of its General Secretary. In 2022 the General Secretary was Mrs Heather James, BA FSA, Braemar, Llangunnor Road, Carmarthen, Carmarthenshire SA31 2PB, one of the Trustees.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance on how planned activities will contribute to the aims and objectives they have set.
The principal object of the Charity is to examine, preserve and illustrate the ancient monuments and remains of the history, language, manners, customs, arts and industries of Wales and the Marches and to educate the public in such matters.
b. Main activities undertaken to further the charity's objects for the public benefit
The Charity’s Objects are defined in its Constitution, subject to periodic revision since its foundation in 1846, the latest substantive updating being known as ‘The Speech House Laws’, approved at an annual general meeting at The Speech House, Forest of Dean in August 2001 and published in volume 151, 2002 of the Association’s journal Archaeologia Cambrensis , and the subsequent 2014 amendment. It is also available on the Association’s website. The Charity’s Objects are defined thus: ‘ to examine, preserve and illustrate the ancient monuments and remains of the history, language , manners, customs, arts and industries of Wales and the Marches and to educate the public in such matters'. In furtherance of these objects the Charity’s activities include publication of Archaeologia Cambrensis and other publications, the holding of meetings, excursions and conferences for members and guests, the holding of regular public lectures to which the public will be admitted, the making of grants and the awarding of prizes, and any other lawful functions which the Trustees may deem appropriate to promote the Objects of the Charity’.
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Achievements and performance
a. Review of activities
Volume 171 of the Association’s highly regarded journal Archaeologia Cambrensis was distributed to members in late Autumn, edited by the retiring Editor William Britnell, assisted by the incoming Editor Ken Murphy. This is the 22nd volume Mr Britnell has edited and thanks were expressed to Mr Britnell at the AGM. Past volumes of Archaeologia Cambrensis from 2000 continue to be added to the Archaeological Data Service, York with the previous 3 years’ issues withheld. Earlier volumes from 1846 are available through the National Library of Wales’ site ‘Welsh Journals Online’. Through sterling digitizing work by Jenny Britnell, the 6 volumes of the CAA’s Monograph series and all other Cambrians’ publications were added to the Archaeological Data Service’s CAA site thus giving free online access to an additional wealth of archaeological information for Wales and The Marches.
The Annual Summer Meeting took place on July 4th to 9th in the Ribble Valley, Lancashire, organised by the Programme Secretary Frances Lynch Llewellyn. The inauguration of the President, Dr Elizabeth Walker took place there and her lecture was subsequently recorded and made available online after the AGM on October 13th. The Autumn two-day Meeting was held in Cowbridge on September 12th to 14th, organised by Chairman Sian Rees. Both Meetings were attended to full capacity. For the second year running a programme of Walks and Talks – now expanded to 11 events organised by Trustees and Members and open to all as free Outreach activities – was organised, with venues across Wales. The final event of the year was an online Christmas lecture on Welsh Wall-paintings, given by Richard Suggett on 10th December This was organised jointly with the Royal Commission on Ancient and Historic Monuments Wales and was well attended.
Trustees met by video link on February 10th, June 9th and November 3rd. A review of CAA policies has been carried out and a draft Welsh Language Policy paper circulated for adoption and implementation early in 2023. The 2022 AGM was also held online and chaired by Sian Rees as an evening Meeting on 13th October. Following his election at the AGM, ex-President Dr Eurwyn Wiliam now attends as a Trustee.
A high proportion of members have elected to receive email notices on Cambrians events and other events and publications of interest forwarded to us by other organisations. Further notices of events, publications and the growing number of lectures available on the Association’s YouTube Channel are posted on our Facebook and Twitter channels, as well as short reports on events. The Association benefits from the work of Genevieve Cain (who receives a modest honorarium and attends Trustees’ Meetings) in maintaining the Association's website
Our subscription increase, the first for 30 years, which was agreed at the 2021 AGM, has been successfully implemented. Some 80% of members have paid at the increased rate, and efforts continue to contact those (mostly Standing Order payers) who have not yet paid the increase.
Individual membership at December 31st 2022 stood at 519, with 89 institutional subscribers. 28 new individual members joined in 2022, counterbalancing 15 resignations during the same period (most of them prompted by the subscription increase), 8 removals from the membership list for non-payment of subscriptions, and a number of deaths. Analysis by the Membership Secretary shows that most new members join through the website, to which they are guided by links in social media messages and by the QR codes in our new membership leaflets.
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Achievements and performance (continued)
An annual printed Newsletter continues to be sent by post to all members, with reports and news of past and forthcoming events and booking forms for forthcoming events. An enhanced version of the Newsletter with colour images is also placed on the CAA website. Changing patterns of online access, a review of costs, and an audit of the use of the Association's library at Amgueddfa Cymru National Museum Wales, have set in train an end to the exchange of journals with other institutions and learned societies and the dispersal of the Association’s journal collection. Its holdings are being amalgamated with those of the Museum Library with surplus material offered to members and other libraries or disposed of. Members continue to be able to use the Museum library by appointment.
The twice postponed National Eisteddfod was finally held at Tregaron and the Association’s lecture was given by Dr Andrew Green on Aug 3rd, entitled ‘Ystrad Fflur:sut mae cyflwyno safle hanesyddol i ymwelwyr?'. ..'Strata Florida: how to present a historical site to visitors?'.
Research grants awarded at the November 3rd Meeting of Trustees were:
-
£483 to Caroline Kerkham for obtaining digital scans and archival prints from the National Library of Wales for a major volume on Welsh garden history
-
£2,000 to Katie Fallace for travel to and accommodation at Simon Fraser University, Canada to undertake specialized isotope examination of human bones from an early medieval cemetery in south Wales - £2,000 to Mike Parker Pearson towards the costs of excavations at Ffynnongroes, as part of the Origins of Stonehenge project
-
£1,344 to Andrew Seaman for Fonmon Castle for four radiocarbon dates, as part of the Fonmon Castle Landscape Archaeology Project.
The G T Clark prizes in this quinquennial year were awarded to:
Prehistory: Jane Kenney for A Welsh Landscape Through Time Early medieval: Mark Redknap and Alan Lane for Excavations at Llangorse Crannog Medieval: Evan Jones and Richard Stone (eds) for The World of the Newport Ship Post medieval: Alan Aberg, Mark Redknap and Sian Rees for Wales and the Sea There was no agreement on a candidate for the Roman prize and this was not awarded
The new Gwobr Archaeoleg Cambrian Archaeology Prize was awarded to Dan Hunt for his dissertation on Pembrokeshire promontory forts.
The Association is grateful for generous donations totalling £1,106.
b. Investment policy and performance
The Association’s primary investment objective is to generate an agreed income stream, and to maintain the value of total investment funds equal, over the long term, to the inflation rate. Reports on the Association’s portfolio are received quarterly.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
b. Financial review
The Association’s net assets as at 31 December 2022 are £365,000 (2021: £430,181), which are more than sufficient to meet its obligations.
In 2022 the Association continued to monitor the performance of its invested funds currently managed by Schroders and M&G Investments. The total assets are apportioned between different fund types so as to provide an ambitious, but not stretching, annual yield, along with growth in the long-term value of the investments at least equal to inflation. The Trustees are pleased to report a slight increase in the income achieved – rising from £8,599 in 2021 to £9,725 this year – although, as reported below, there was a decline in the overall value of investment units.
c. Reserves policy
The Association’s policy is to retain sufficient resources to enable it to carry out its charitable activities from a sound financial base and to achieve its long-term objectives. Capital in the form of fixed asset investments, is maintained with a view to generating as much investment income as is possible as part of incoming resources to meet charitable expenditure year by year.
Reserves at 31 December 2022 amounted to £365,000 (2021: £430,181). Of this, £316,218 (2021: 370,507) represented fixed asset investments held to generate income to carry out the charitable objectives. Free reserves decreased – at £260,381 (2021: £310,662) primarily due to the fall in the value of investment units.
The net incoming resources before accounting for investment gains / (losses) at the end of the financial year were £9,108 (2021: £nil)
The reserves include Restricted Funds of £2,581 (2021 £4,054) which includes fixed asset investments of £1,452 (2021: £1,916) committed to building up funds for the Quinquennial G T Clark prize awards.
Unrestricted funds of £102,038 (2021: £115,465) are reserved as Designated Funds to cover future expenditure on field meetings, research grants, and prizes.
Structure, governance and management
a. Constitution
Cambrian Archaeological Association is a registered charity, number 216249, and is constituted under a Trust deed.
The Cambrian Archaeological Association operates under its governing document ‘The Speech House Laws’. This – the latest revision of our Constitution, first drawn up in 1846 – was approved by members at an Extraordinary General Meeting, held at The Speech House, Forest of Dean in August 2001. The AGM of 2014 approved an amendment to this Constitution allowing an increase in Trustee numbers from 12 to 14.
b. Methods of appointment or election of Trustees
The Executive Committee can consist of up to 14 Trustees who elect their own Chairman and officers. They are empowered under the Constitution to organize and direct the business of the Association in furtherance of the objects. Trustees are elected annually at the annual general meeting by majority show of hands either by nomination from the executive committee (the body of Trustees) or by nomination with proposer and seconder from the floor of the AGM by members present. An induction pack is provided for Trustees who must be members of the Association.
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Structure, governance and management (continued)
c. Policies adopted for the induction and training of Trustees
After election at the annual general meeting and before attending their first Trustees’ meeting, new Trustee(s) are sent an induction pack by the General Secretary, comprising copies of the Speech House Laws (The Constitution), the current Newsletter and copies of the minutes of the last three Trustees’ meetings. They are also advised that summary accounts and reports for previous years are printed in the Association’s journal, Archaeologia Cambrensis and full accounts can be viewed on the Charity Commission’s website. At the Trustees’ meeting, the Chairman introduces the new Trustee(s) to other members and then goes round the table asking each existing Trustee to give their name and a brief summary of their work past and present and role in the Association so that the new Trustee(s) are fully aware of who their new colleagues are.
d. Organisational structure and decision-making policies
The President of the Association serves for one year by invitation of the Trustees. This is an honorary office awarded in recognition of the President’s contribution to the history and archaeology of Wales. The President presides over the annual general meeting and gives a Presidential Lecture, subsequently printed in Archaeologia Cambrensis . He or she is regarded as the figurehead of the Association and whilst welcome to attend Trustees’ meetings, does not have voting powers. At the annual general meeting on 13 October Dr Elizabeth Walker was installed as President by Dr Sian Rees when she received the Presidential Badge.
Decisions taken at the annual general meeting as required by the Constitution consist of the approval and adoption of the Trustees’ Report and Financial Statements and the election of Trustees. Motions for both of these activities are put to the Meeting and supported by a proposer and seconder from the membership on the floor and approved by majority show of hands, scrutinized by the President.
Decisions taken by Trustees in furtherance of the Objects (‘Speech House Laws’ Section C) and within the scope defined by headings (i) to (xi) under Section D: Powers are by majority assent of Trustees and are recorded as such in the Minutes of the Meeting produced by the General Secretary. In the event of a tie, the Chairman has the casting vote.
e. Trustee and Annual General Meetings
Trustee meetings and annual general meetings are currently held online via Zoom. Trustee meetings take place in February, June and November. The AGM – formerly held during either the Summer or autumn field meeting – has been held in October since 2020 as a stand-alone meeting on Zoom. The Trustees have resolved to continue this practice since a wider section of the membership is thus reached. The Summer meeting usually hosts the Presidential inauguration and lecture. The lecture is recorded and shown at the AGM after the business meeting; it is then available on the Association’s YouTube channel.
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Sian Rees (Chair of Trustees)
Date:
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CAMBRIAN ARCHAEOLOIXAL ASSOIJATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Indopend•nt examln• r•port to the Tnwt•e• of C•mbrfan Archa•ologlc•l A•Boclallon Ilhg charftyl I r8pLYI to the tharfty Trustees my exam1rlI0Tr of the acuxrrt8 the tharity for the year end 31 December 2022. RewnslbHttIK and bash of r•port Ag the Trustees of the chadty Y are reSpOnt4e for Ihe yeyration of the acCnIS In acCOr(lar wilh the requlrements of the Charitses Ad 2011 Ilhe 2011 AI). I report In resped of my examinatic of the tharity's ac£ounts carried tkn der section 145 of the 2011 Act and in carying out my examinats'on I have followed the apFlicable Direthon8 given by tho Charity Commission under serAlon 1451511bl ot the 2011 Act Indep•ndent •xamln•rf• •t•m•nt I havo rnpleted my examination. I cx>nfirni Ihat no matters have come to my attentlon In cOntI)n vlth examination gin9 me Cause to boli•v• Ihat in any matarial rnspoct.. accOLtIng reojrds were not kept m resped of the tharity as requred ty sedon 130 of the 2011 Ad,. c the accounts do not aec4Kd ilh those record&" or the accounts do not ¥%lth the aF$)lltIo rwulrements concjjming th• fonn contort of accounts 5Ot out In th8 Chanb'es IAccxJunts and Reports) Regulations 2C08 other than any requirement that the a(xounts givo a 'true and f81¢ view Is not a matter con&d8fOd 88 Pwt of an Independont examinalon. I have no conLms and ha¥9 comg acTOS5 no other mattexs in ¢onneoion wth Ihe oxamln8lion to wh lention should be drawn in tris rnpt in ordw to gnat4e a undw8IarKIlg of the aCUnts lo be reathgd. Thi8 report is made solely to the charfV$ Trustees. as a b(xJy. in aCc8nee wlth Part 4 of tha Charili8s IAc¢ounls an(J R¢portsl Regulations 2008. My hag trAen undertaken 30 that I might state lo the charity's Tru8t888 those m8ttors l am requlred to 4to to th¢m in an Indepdent examiners report ard lor no othgr purpose. To tha fullest extent permitted by18w. I do not accept or awme responsibillty lo anyme other than the charity and the charity'8 Tru8te88 as a body, for my WLYk orfor thi$ reporL Signed: S J Tweedle Dated: Bsc FCA DChA WR Partn•r• Chartgrgd AcCoUnts Belmont House ShrewSry sinesS Park Shrewsbury Shropshire SY2 6LG Pagg 8
CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net (expenditure)/income before net losses on investments Net losses on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2022 £ - - - 31 31 1,040 1,040 (1,009) (464) (1,473) 4,054 (1,473) 2,581 |
Unrestricted funds 2022 £ 19,118 225 27,465 9,801 56,609 46,492 46,492 10,117 (73,825) (63,708) 426,127 (63,708) 362,419 |
Total funds 2022 £ 19,118 225 27,465 9,832 56,640 47,532 47,532 9,108 (74,289) (65,181) 430,181 (65,181) 365,000 |
Total funds 2021 £ 17,879 - 18,144 8,605 44,628 44,628 44,628 - (8,431) (8,431) 438,612 (8,431) 430,181 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 24 form part of these financial statements.
Page 9
CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds |
1,522 49,010 50,532 (1,750) |
2022 £ 316,218 316,218 48,782 365,000 365,000 2,581 362,419 365,000 |
- 60,748 60,748 (1,074) |
2021 £ 370,507 |
|---|---|---|---|---|
| 370,507 59,674 |
||||
| 430,181 | ||||
| 430,181 | ||||
| 4,054 426,127 |
||||
| 430,181 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Sian Rees
(Chair of Trustees) Date:
The notes on pages 11 to 24 form part of these financial statements.
Page 10
CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. General information
Cambrian Archaeological Association is a registered charity, number 216249, and is constituted under a Trust deed.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Cambrian Archaeological Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
After making enquires, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore continue to adopt the going concern basis in preparing its financial statements.
2.3 Income
All income is recognised once the charity has 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 establishing 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 charity has sufficient evidence that a gift has been left to them (through 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 a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Government grants
Government grants are treated as income in the Statement of Financial Activity.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the 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 the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.11 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Other than fixed asset investments, basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
3. Income from donations and legacies
| Donations Publication grants Gift Aid reclaim Subscriptions Total 2022 Donations Legacies Publication grants Gift Aid reclaim Subscriptions Total 2021 |
Unrestricted funds 2022 £ 1,106 1,820 1,838 14,354 19,118 Unrestricted funds 2021 £ 1,774 3,000 690 1,398 11,017 17,879 |
Total funds 2022 £ 1,106 1,820 1,838 14,354 |
|---|---|---|
| 19,118 | ||
| Total funds 2021 £ 1,774 3,000 690 1,398 11,017 |
||
| 17,879 |
4. Income from charitable activities
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Return of unspent grant | 225 | 225 | - |
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5. Income from other trading activities
Income from fundraising events
| Additional meetings Book sales Journal sales Total 2022 Additional meetings Book sales Total 2021 |
Unrestricted funds 2022 £ 27,024 319 122 27,465 Unrestricted funds 2021 £ 17,742 402 18,144 |
Total funds 2022 £ 27,024 319 122 |
|---|---|---|
| 27,465 | ||
| Total funds 2021 £ 17,742 402 |
||
| 18,144 |
6. Investment income
| Bank interest Investment income Total 2022 |
Restricted funds 2022 £ 3 28 31 |
Unrestricted funds 2022 £ 103 9,698 9,801 |
Total funds 2022 £ 106 9,726 |
|---|---|---|---|
| 9,832 |
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
6. Investment income (continued)
| Bank interest Investment income Total 2021 |
Restricted funds 2021 £ - 29 29 |
Unrestricted funds 2021 £ 6 8,570 8,576 |
Total funds 2021 £ 6 8,599 |
|---|---|---|---|
| 8,605 |
7. Analysis of expenditure on charitable activities
Summary by fund type
| Grants / Prizes Meetings Publications Other costs Governance costs Total 2022 |
Restricted funds 2022 £ 801 - - 239 - 1,040 |
Unrestricted funds 2022 £ 6,127 24,999 9,709 4,157 1,500 46,492 |
Total 2022 £ 6,928 24,999 9,709 4,396 1,500 |
|---|---|---|---|
| 47,532 |
Grants awarded during the year amounted to £5,827 and were all to individuals for research.
| Grants / Prizes Meetings Publications Other costs Governance costs Total 2021 |
Unrestricted funds 2021 £ 8,660 16,403 14,880 3,611 1,074 44,628 |
Total 2021 £ 8,660 16,403 14,880 3,611 1,074 |
|---|---|---|
| 44,628 |
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
Grants awarded during 2021 amounted to £10,160 and were all to individuals for research. £1,500 of the 2019 grant awards were returned to funds.
8. Analysis of expenditure by activities
| Grants / prizes Meetings Publications Other costs Governance costs Total 2022 |
Activities undertaken directly 2022 £ 6,928 24,999 9,709 - - 41,636 |
Support costs 2022 £ - - - 4,396 1,500 5,896 |
Total funds 2022 £ 6,928 24,999 9,709 4,396 1,500 |
|---|---|---|---|
| 47,532 |
| Grants / Prizes Meetings Publications Other costs Governance costs Total 2021 |
Activities undertaken directly 2021 £ 8,660 16,403 14,880 - - 39,943 |
Support costs 2021 £ - - - 3,611 1,074 4,685 |
Total funds 2021 £ 8,660 16,403 14,880 3,611 1,074 |
|---|---|---|---|
| 44,628 |
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Accountancy fees Website costs Newsletter Postage Insurance Officers expenses Stationery Rent/room hire Subscriptions Total 2022 Accountancy fees Website costs Newsletter Postage Insurance Officers expenses Stationery Rent/room hire Subscriptions List of members Total 2021 |
Support costs 2022 £ - 2,124 736 422 330 139 131 384 130 4,396 Other costs 2021 £ - 1,275 633 218 331 46 380 225 125 378 3,611 |
Governance costs 2022 £ 1,500 - - - - - - - - 1,500 Governance costs 2021 £ 1,074 - - - - - - - - - 1,074 |
Total funds 2022 £ 1,500 2,124 736 422 330 139 131 384 130 |
|---|---|---|---|
| 5,896 | |||
| Total funds 2021 £ 1,074 1,275 633 218 331 46 380 225 125 378 |
|||
| 4,685 |
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,500 ( 2021 - £1,074 ).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 December 2022, expenses totaling £ 2,360 were reimbursed or paid directly to 6 Trustees (2021 - £2,168 to 6 Trustees) . Of this amount, £242 related to travel costs with the £2,118 relating to reimbursement of general support cost purchases.
11. Fixed asset investments
| Cost or valuation At 1 January 2022 Additions Revaluations At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Unlisted investments £ 370,507 20,000 (74,289) 316,218 316,218 370,507 |
|---|---|
The Charity's investments are held at their market value as at 31 December 2022. The movement in the year is charged to the Statement of Financial Activities.
All investments are unlisted investments and are held in the UK.
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
12. Debtors
| Due within one year Prepayments and accrued income |
2022 £ 1,522 1,522 |
2021 £ - |
|---|---|---|
| - |
| 13. | Creditors: Amounts falling due within one year | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals and deferred income | 1,750 | 1,074 |
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
14. Statement of funds
Statement of funds - current year
| Balance at 1 January 2022 £ Unrestricted funds Designated funds Research fund 85,188 Educational fund 30,277 Additional meetings - 115,465 General funds General Funds 310,662 Total Unrestricted funds 426,127 Restricted funds G T Clark Trust Fund 4,054 Total of funds 430,181 |
Income £ 4,483 518 27,024 32,025 24,584 56,609 31 56,640 |
Expenditure £ (5,827) (300) (24,999) (31,126) (15,366) (46,492) (1,040) (47,532) |
Transfers in/out £ 3,560 (2) (2,025) 1,533 (1,533) - - - |
Gains/ (Losses) £ Balance at 31 December 2022 £ (11,176) 76,228 (4,683) 25,810 - - (15,859) 102,038 (57,966) 260,381 (73,825) 362,419 (464) 2,581 (74,289) 365,000 |
|---|---|---|---|---|
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
14. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Research fund Educational fund Additional meetings General funds General Funds Total Unrestricted funds Restricted funds G T Clark Trust Fund Total of funds |
Balance at 1 January 2021 £ 87,717 30,595 - 118,312 316,140 434,452 4,160 438,612 |
Income £ 3,676 478 17,742 21,896 22,703 44,599 29 44,628 |
Expenditure £ (8,660) - (16,403) (25,063) (19,565) (44,628) - (44,628) |
Transfers in/out £ - - (1,339) (1,339) 1,339 - - - |
Gains/ (Losses) £ 2,455 (796) - 1,659 (9,955) (8,296) (135) (8,431) |
Balance at 31 December 2021 £ 85,188 30,277 - 115,465 310,662 426,127 4,054 430,181 |
|---|---|---|---|---|---|---|
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
14. Statement of funds (continued)
Restricted
The Association administers the G. T. Clark Trust Fund, set up to commemorate a distinguished nineteenth-century archaeologist. The G. T. Clark Prizes are awarded for the most distinguished published contributions to the study of the history and antiquities of Wales and the Marches during the previous quinquennium.
Designated
Three further funds are accounted for separately - each with its own bank accounts for financial control.
Research Fund
Fund established for the distribution of grants towards research and excavation, particularly relating to Wales and the Marches.
Financed by income from designated investment funds.
There has been a transfer from General funds into the Research Fund this year to correct a historical error and bring the balances in line with expectations.
Education Fund
Fund established to award prizes and to make grants to students and other young people under the age of 25 who are engaged in archaeological studies or activities, particularly relating to Wales and the Marches.
Financed by income from designated investment funds.
Additional Meetings Fund
The Association arranges Spring, Summer and Autumn meetings in the UK and abroad - the account is cleared to nil at the end of each year by transfer of balance to general account.
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2022 £ 1,452 1,129 - 2,581 |
Unrestricted funds 2022 £ 314,766 49,403 (1,750) 362,419 |
Total funds 2022 £ 316,218 50,532 (1,750) 365,000 |
|---|---|---|---|
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CAMBRIAN ARCHAEOLOGICAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
15. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2021 £ 1,916 2,138 - 4,054 |
Unrestricted funds 2021 £ 368,591 58,610 (1,074) 426,127 |
Total funds 2021 £ 370,507 60,748 (1,074) 430,181 |
|---|---|---|---|
16. Related party transactions
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 December 2022.
In the prior year the trustee Tudur Davies received £1,636 as payment for specialist analysis via a research grant awarded by the charity to a non trustee.
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