Reglstered number: 01441617 Charfty numbor: 278861 Canterbury Archaeological Trust Limited (A company limited by guarantee) Trustses. Report and Financial Statements For the Year Ended 31 March 2025 Canterbury Archaeological Trust Limited (A company Ilmlted by guarantsel Contents Page Reference and adminislratNe details of the Charty, its Tru51ee¥ and advisers Trustees. report Independent auditorfs report on the finarKial statement$ Statement of financi81 aclimlifrs 2-15 16-19 20 Balance sheet 21 Stslement of cash flows Notes lo the finanual statements 23-39 Canterbury Archaeologlcal Trust Llmlted (A ¢ompony Ilmlted by guarantee) Reference and Adminlstratlve Detalls of tho Charity, its Trustees and Advlseys For the Y•ar Ended 31 March 2025 Truste•s Profes50T Christopher L Bounds MEd DPhil (Resigned 16 September 20241 MrAndrew J Corby LL.B LLM., Secretary Mr Nigel A Flet¢her-Jones (Appointed 6 December 20241 Mr Peter T G Hobbs MA Ioxonl CCIPD FRSA (Deceased 2 March 20251 Brigad￿r M John Meardon DL FCMI RM. Chairman Ms Melanie J Nye BA FCCA, Treasurer Mr Christopher J Robinson MA MBA MRICS Dr David J Shaw BA PhD DLitt Dr Eleanor France5 Williams BA MA PhD Company reglstsrod number 01441517 Charity Mgistèred number 278861 Ro91sl•red offico 92A Broad Street Canterbury Kent CT12LU Company Secfetary Mr A Corby LL.B LLM Independ•nt auditor UHY Hacker Young Chartered Acwunlanls Thames House Roman Square Sittingbourne Kent ME10 4BJ Page 1 Cantsrbury Archaoologi¢al Trust Limited IA company Ilmlted by 9uaranteg1 Trustees, Report For tho y8ar end•d 31 March 2025 The DirectOTS (who are also the Trusleesl present their Annual Report together wtth the audited financial St￿eMentS of Canterblbry Archaeological Trust Limited {the companyf'cAf) for the year ended 31 March 2024. The Directors confimi that the Annual Report and Financial Statements of the company Comp￿ with Ihe current statutory requirements, the requirements of the company's governing dc¢ument and the provisions of the Statement of Recommènded Practice ICharitTes SORP IFRS102). STRUCTURE. GOVERNANCE AND MANAGEMENT Constitution Originally f{Xn￿ as an unin¢orporated charty in 1975, the Trust Was incorpor*ed as a company limf(ed by guarantee on 2 August 1979 and registered with the Charity Commission on g November 1979. The Trust's Memorandum and Articles of Association were revised in 2019 to bring them in line th current charty be81 practice and were formally adopted on 27 Septerrber 2019. The company 1$ ¢onstitu￿ as a registered charity, nunknr 278861. The princpal object of tho company is to promote the advar￿ement of public edu¢at*)n in ￿ suty'ect of archaeolojy. Thgre have been no change5 in the objecl¢ves since the last annual wort. Method of appolntment or electlon of Dlrectors The Art￿leS of AsK￿latIon provide for a minirnun of three Directors with no maximum number. The Directors ol the company, which is limrted by guarantee, are the Members and are charity trustees as defined in the Charty Act. One Trustee. Dr Nigel Fletch8r-Jones. jolned in December 2024 Onè Trustee, Mr Peler Hobbs, left Idecgasedl in March 2025 One Trustee, Professor Chris Bounds. resig￿ in September 2024 One TrL)Steo, Dr Elizabeth Edwards, resigned in June 2024 One Trustee, Mr Martin PratL resvJned in April 2024. Pollcles adopted for the Induction and trninlng of Dlrectorn The Trustees and the senior management team have a system of induction and training lo be adopted when vacancies in the Trustee body occur. A 'New Trustee Induction, pack 15 provKled. The induction in¢l￿je$ an IntrOd￿t￿n lo the working of the departments of the Tfusl. Oryanisalion structurn and declglon maklng The Tmslee Boanl The Trustees are listed on page 1. They afe required lo meet at least three times a year as a Board to oversee the running of the organisation. Théy are empowered lo delegate any of their functions to committees, each of which must contain al least one Trustee. They auihorise the Annual Repc4t and Accotjnts ft)r Companies House and approve the annual budget and the remuneration report prepared by the Finance and Management Committee. P•3e 2 Canterbury Ar¢haeologlcal Trust Umlted IA company limited by guaranteel Trustees. Report For the year ended 31 March 2025 They hold at least one meeting 8 y&8r wtth only Trustee5 presenl. Day to day running of the Chaiity has been delegated lo a professionally qualffied archaeologist who is appointed as the Director of the Trust. Th& Finance and Management Commfftee The Board has appointed a Finance and Management Committee, chaired by a Trustee. to review the Trust's financial, business, administrative and charrtable affairs. The committee meets quarter￿ with the senior management team lo receive ￿PortS from ether commrttees, subcommiitees and wort(ing groups. The Finance and Management Committee reports to the Board. Thg Publi￿alK)nS Committ88 The Trustees have delggated the control of matters in conneclK)n with publications to a C{￿m[ttee under the chairmanship of one of the Trustees. The Publicalh)ns Committee reports to the Board. The R&munerat￿n Subcommiftee The Remuneration Subcommittee is a SIJL￿0mMIttee of the Finance and Management Committee. Ils role is to review the ￿Ve1 of remuneration of the Trust's staff and lo make proposals for the annual pay round to the Finance and Management Committee. The ￿su￿an1 recommendations are subn)itted for approval by the Board. Its membership is the Chair of the Trusl, the Chair of the Finan￿ and Management Committee, the Treasurer and one other Trustee, assisted a5 required by the Director of the Tru51 and the Director of Commercial Services. The admlnlstration of the Trust The Trustls 8dministered by the Trustees through t￿ Director of the Tru$l, the Dire¢tor of Commerci81 SerV￿es and the senior management team. During the year under review, the Dirtttor was Alison Hicks. who letired from her post al the end of May 2025. The Director of Commercial Services was Mark Houlislon during the year to 31 March 2025. Marf( Houlislon was promoted lo Director of the Trust following the retirement of Alison Hicks. Relationships with other oryanlsition8 The Trust is 8 Registered Organisation wth the Chartered Institute for Archaeologists IclfA). thereby onfirming its commitment to professional standards, qual'ty, ￿m￿￿tenCe and integrity in a￿hoe0klgICaI matters. The Tiusl abides by the ClfA Regulations, Codes of Conduct, Standwds and guidance that are binding on all members and Registered Organisalions_ The Trust work5 cb5ely with Historic England. Kent County Council Heritage Conseryation. Canterbury Cty Council and other District Councils in the county of Kent and elsewhere in the south- east of England. The Trust has 8 close relationship with Canterbury Cathedral and wrth the Diccesan Advis Committees reg8rding work in churches. We continue to work with the University of Kent, Canterbury Christ Church University and other acaéemic in$tilulions and schoo15. Through our Continuing outreach arKI education work, we have developed a number of initiatives for incorporating archaeology into the national curriculum. The Trust works wilh a variety of partner organisaltons to d8lNor a range of outreach aThJ communty projects, furthering the charitable aim of the Trust. Page 3 Canterbury Archaeological Trust Limitèd IA company limited by guaranteg) Trustsos. Report For the yoar ended 31 March 2025 Risk Management The Trustees consider that appropii8te systems for the control of the risks to which the Trust is exposed are in place. The Trust mainlaing a Risk Registei which ¢denlifies and lists the principal risks which the charity mighl face. These are broken down into the follNing organisational risk types.. Strategic arKI repulalional Operational Compliance Fwianeial Eath organisalional risk type is divided into categories and SUbaeg￿le$, and these individual sub- categories into specffic factors. For each, the likelihood of occurrence is idenlilied, the impact of occurrence assessed, and 8ppropriate control procedures and mrtigation strategies artKulaled. The register is rev￿ed annualty by sen¥)r management and approved by the B¢)ard. Principal ri5k$ idenlified include: Slrale ￿ and re ational.. Str&tegic risk- Long-lenn demand risk.. Insufficient demand for charity's Services ￿yeS unsustainable. Slralegies foraddressing.. Director of the Trust and Senior Managers monitor and survey demand. Resources coneentrated on primary aclNf(ies. New sources of funding activety sought. New audiences and directions for charitable activities 8clNely sought. Director of the Trust and Senior Managers continuously devebp and iM￿eMent a pro4ctive marketing plan, Pr¢JJuctiDn of external newsletter enhances Trust profile. strdteg￿ risk- Competition nsk.. Presence of other organisations with similar objectiV&5 and little scop8 for drfterenliation., other Organisat￿n$ competing for the same sources of income. Strateg￿s for addressiw. Identify and concentrate on strengths: review activitiès and developlrelain client-bas?., establish links with key referrer5', production of extemal newsletter lo enha[￿e Trust profile.. improve efficiency and qualty of Serv￿., develop and implement a eustomer management and ￿entiOn slralegy. Stratwc nsk- Natural disasternsk.. Impact of uncontrollable event on charity e.g. fire, Ilwd, pandemic. stralegies for addressing.. Disaster Managemerbt Plan kept up to date- inchjdes proviS￿n of a￿ernal￿e accommcJical Trust {FCATI- founded in 1984 with the principal aim of provKling financial and prartical support for the Trust. FCAT provides a vlay for people lo become familiar with the range of work thg Tru$l undertakes, through lectures, events and publieations. and can include opportuniti8s for voluntèer engagement. In realisirrfJ the charitable aim of the Trust, the Trustees have taken into account the Charity Commission's guKlance on public benefrt and are satisfied that the charity's activities compty. ACHIEVEMENTS AND PERFORMANCE Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this rea$on, they eonlinue lo adopt the going-concern basis in preparing the financial slalements. Further del*il$ regarding the &4oplion of the going-concem basis can be found in the Accounting Policies. Page 7 Cantsrbury Arehaeologleal Trust LlmSted {A company limitèd by guarantee) Trustees, Report For the year ended 31 March 2026 Revi•w of activitiès The Trust engaged in commercially-funded fieldwork and office-based projects throughout 202 2025. This work i￿l￿ded excavations, evaluations, watching briefs, historic building recording, field suNeys, desk assessments. impact assessment5, heritage statem8nls, consultancy and documentary research. These activities are largely carried out on behaw of property developers, l¢xal and national govemmenl agencies and privale individuals in ordef lo satisfy planning conditions regarding the histor￿ environment., they form a major 30urce of incolne for the Trust and assist in the pursu(t of oyr aims and objectives. The new archaeological understanding derived from this fieldwork beneffts the public In many ways. In temis of public engagement and education, dissemin?lion of the work in variou5 formats helps people discover. explore and share in aspects of their local and regKJnal h8ritag8, and can enha￿e visitor experiences. Further, it provides an enhanced dats sel of archaeological knowle(Ige tr) further hgritag& understanding across a broad spectrum of organisalions and Indiv￿ua1s, for example helping to inform the articulation of District Loc81 Plans regarding Heritage. Archaedogy and Conseryats'on and assist with the implementslion of infornied planning poliry d￿ls1OnS. The Trust engage5 in a variety of outreach and engagement projects funded by granls and donalkjns from exlemal bodies and individuals. These aelivilies (detailed further below) are also of importance in fuMillirYd our charitable aims ond objective5. Staff The Trust has had a successful year thanks lo the endeavours of our prOfeSs￿nal and commrttad staff. Many staff have been with the Trust for a Considerable period of time and their skills and experience continue to provide a bedrock for the organisation. In 2024-2025, the Trust welcomed a number of r*w staff, including 8 Finance Manager, experienced field staff arbd trdinees taken on under the Trust's ClfA-8pproved trainin9 scheme. F￿dw0￿[ Fieldwork during 202￿2025 comprised evaluations. excavation and watehing brief inteNenlions undertaken across Kent and lo a lesser extenl East Sussex. Essex and elsewhere. Work continued at Manslon, Gontinuing excavatK)ns undertaken in 2023-2024, with major excavation5 al Charing Heath IBurfevJh Famil and Dover18ench Slreell. A complex series of small scale interventions took place across c1nte￿ury as part of the Canlert)ury Connected project. with other notable sites near Grain IAII Hallows), Lenham, Herne Bay (Attira Parkl, Blean, Ashford Iwalerbiook Park) and Hurst Green. Work on solar fafm developments formod a significant part of CAT'S f*klwork activities during the same per*)d. Publi¢ benefft 15 integrated into archaeological fieldwork where possible, and Opportunities sought and taken to engage communlty groups and members of the public to explofe archaeology, heritage and the wort of the Tfusl through a variety of media. De$k4)8sed assessments Desk*ased assessments. hentage statements and imp$¢t as$e$$ments have been undertaken by the Trust in adVa￿e of develowienl schemes. These have involved $rte$ and schèmès across Kent, as well as in the South-East of England and London. Page 8 Canterbury A￿ha￿010gICal Trust Limited (A Company limitsd by guarantee) Trustee5' Report For the year ended 31 March 2026 Hisloric ButhlAng Sun￿y$ A number of historic buikling survey5 were undertaken in 2024-2025. including further work al Canterbury Cathedral in advance of renovation works. Recording and anaty$is work on other buildings within the city included suNeys at the Poor Pri8sts Hospital, Castle Street, and Canterbury Castle, as well as throughout Kent. Lectures and seminars Tru515taff members gave lectures to the Friends of Canterbury A¥Chaeolog￿l Trust and lo other $tscieties and communty groups throughout 202￿2025. These included 18Ctures at a variety of local and regional conferences. The lectures presented the resuMs of excavations, survey and research into the archaeology of Kent and elsewhere. Some werè held on-line. others in person. the latter including the annu81 Frank Jenkins Memork41 lecture, presented by the Director of the Trust in March 2025 as a combined event for the Friends and the Canterbury Historical and Archaeological Society. The Frank Jenkins Me[￿rial lecture provides an overview of the Trust's work thfoughout the year. Website The Trust websiie 1www.canlerburytrust.￿.ukl is updated regular￿ to ensure that il refflains current for the dNerse range of people accessing the srte.11 attract5 thousands of visitors. including commerci81 clients w5hing to use our range of services, as well as researchers, volunleers and those wanting to see the nature and range of work the Trust undertakes. It has a News sectton wtih links to the Trust newsbetter Isee below), and the front end is dynamic wf(h regularfy changing, appealing content showcasing what is new on the si(e. Individuals can keep informed about the progress of fieldwork through on-line site blogs. The website includes a staff portal. a password protected ar&a with materials and information for Trust staff. to keep them updated of Trust matter5 and provide useful resources. 7he Friends OfC8nt&￿ury Archaeologic81 Tnist The Friends of Canterbury ArchaeologiGal Trust, wf(h an enthusiastic membership of approximate 200-300, provide valuable support lo thg Trust. For an annual 5ubscriplion, members ieceive three new51etters a year about the Trust's work, discounted prices on Trust publications and other tenelits including dedic8led sile tours, lectures, presentations and c￿lS1Onal excursions led by Trust staff. Lectures are often given in collaboration wilh the Centre for Kent History and Heritage and the Canterbury Historical and Archaeological Society. Friends, lectures are presented in person duTirg the spring and summer, and on-line in the winter, dual approach designed to make lectures accessible lo a broad range of people. The Friends support the Trust in the fom of grants for equipment and community projects, and for staff development and training. Grants given by the Friends in 202&k2025 support8d the engagement piogramme at East Wear Bay (see below) and assisted staff in attendan￿ al conferences. Following appioval by the Trustees. administrative and financial dulles associaed with the running of FCAT are now undertaken by Trust employees. Public8lK)ns The Trust produces a wide range of publications of differin9 types avned at different sèctors of the community, disseminating archaeological knowledge lo engage and inform the broadest possible speclrnm of the publK. The Trust website has a section dedicated to our lethnieal reports, available for free download to anyone 8ccessing the site_ Page 9 Cantorbury Ar¢ha•ologlcal Trust Llmlted IA ¢ompany limit•d by guarantee) Trustees, Report For the year ended 31 March 2025 Technical and academic publications are produced as part of the Trust's mainstream activities. Nearly 150 such 'grey lrteralure, publications were produced in 2024-2025, describing the results of desk assessments, building recording, w*ehing brief, evaluations and excavations, as well as specialist reports. In 202￿2025, work has continued on a Canterbury Atlas. The Atlas will fomi the prc4Jucl of a collaborative work be￿een the Trust, Canterbury Christ Church Universty and the Historic Towns Trust, and is supported by the Friends. the Canterbury Hi5tori¢al and Archaeological Society and variety of individuals and charitable bodies. Clwtered Inslitule lorA￿h￿I0gISrs The Trust remains a Registered Organisalion with thè Chartered Institute for Archaeologists IClfAI and. in this role, Trust representalives attend regular Responsible Posl-holder meetings. Educ81K￿ Init￿tiVeS The Trust provides an exlensive rangg of leaGhing and leaming resources, including our CAT Kil and CAT Boxes which ar& available for loan lo schools and olher or9anisations worf(ing wsth young people. CAT Kits contain p¢)ttery. animal borbe and building rnaleri?Is designed for handling, 8 b￿k[el describing the finds. teaching ideas and links lo other resources. CAT Boxes comprise original archaeological and historical objects, as well as replicas. The boxes are a tod for engagement that enable children and young people lo physically interact with archaeology and archaeolog￿al materials. This has the potential to inspire, educate and infom children about our past and shared heritage. As in previous yeais, in-per80n school visits took place promoting archaeology and heritage worf( as a career pathway, explaining the type of work archaeologists engage in, the skills invow and how someone could gel started in the profession. The Trust seeks lo promote heritage and the archaeolog￿1 profession to students. to attract a wide variety of tslents to the sector. The Trust Continl￿ to work closely with community groups to bring archaeology into the curriculum of schoolchildren and students. The Trust Pfomotes the lan Coulson Annual 8ur5ary on our website. providing wide dissemination of this Kent Archaeological Society award lo devel¢Jp classroom resources which will support the leaching and learning of archaeolLYJy and local history in Kent arKI Medway schools. Un￿e￿ty Liaison The Trust continues to have mutually beneficial links with can10￿￿ry'S unniersities, Can1e￿Ury Christ Church Universty and the UnNetsity of Kent al Canlerbury. We partner with both universilles in communty arehaeobgy projects and other teaching, learning and engagement inrtiatives, in¢luding at Easl Wear Bay (see below}. Joint rese8rch betsveen unwersty stsff and sludants and members of the Trugt is encouraged, and the Trust provide5 volunlegr ptacgment$ and opportuni(ies for undergraduates and p0St-gradL￿te$. The Tmst Librnry The Tw$1 maintalns a Ibrary wthin the head office al Broad Siregt in Canlerbury for use both by members of Trusl Staff ond, by arrangement, students and members of the public. The library is mainlained with the help of volunteers. The Trust additionally houses the library of the Canterbury Historical and Arch0ed0g￿al Society, providing a eharitable seNice lo the Society. Page 10 Contorbury Arthaoologieal Trust Llmlted IA company limitod by guaranteè) Trustees, Report For tha yèar ènded 31 Mareh 2025 Worknng with Museums The Trust works closely with museums throughout Kent. and especial￿ with the Canlert)ury Museum Service and Dover. Folkestone and Maidstone museums, both with a view towards the deposition of published arGhives and on éxhibition and event collaborations. The Trust shares a facilr(y al our base in Wincheap. Canterbury with the Canterbury Museum SeNice. The Trust continues to assess our slorage facililies al Wincheap, working with local museurns to ensure the retention and slorage of material by appropriate curatorial bodies. One member of Trust staff Is a Trustee of the Dover Bronze Age Boat Trust, the chartsble organisation sel up to manage the ¢onservation and exhibbtion of the boat. hosted in Dov8r Museum. Community Engagemenl & Partnerships The Trust fosters and maintsins relationships with a wide range of local organisation5 and gro(tps. Staff work ¢losety with the Dover Archaeological Group and the Folkestone Research and Archaeology Group, amateur *chaeological bodles which do extensive work in Kent. A retired member of staff is Director of Excavations for the Dover A￿hae¢10yl¢al Group and is the Chair of the Kent Archaeological Society IK4SI Fi&ldwork Commrttee and the KAS Fieldworf% Forum. The Director of the Trust sits on the committee of the Canterbury Historical and Archaeological Society. A member of staff ac15 as honorary Archaeological Consultant lo the Diocesan Advisory Committee (DACI for the Diocese of Chichester, whilst the Trust continues to maintain close links with the DAC for Canterbury Dioces8. East Wear B8 The second year of grant funding from Ihe National Lottery Heritage Fund for the East Wear Bay Archaeological Project has enabled the Trust to continue extending thg range and scope of community work undertaken. The sile of East Wear Bay is one of international importance. ￿ntsIn1ng rèmains extending back into the prehi$loTiC period, with a focus of occupation dating to the Late Iron Age and continuing into the Roman penod. 11 is, h¢)wever, threatened by coastal erosion and gradually disappearing into the bay. The Trust has been granted * long-term license by the landowner lo vesligale the site and 8 programme of investigative archaeological works are scheduled until at ast 2026. The prciect enabks the Trust to provide a rangg of diverse engagement opportunities. sc*me forming part of the excavation season ané others running throughout the year. Lead partners working wrth Canterbury Archaeological Trust include Folkestone Musèum, Folkest¢ne Research and Archaeology Group. Dover Arehaeologieal Group and the Universty of Kent. Folkestone and Hythe District cour￿11 have provided continuing support. and the projecÈ is frjnded by grants and donations from a variety of charitable sources in addition to that from the National Lottey Herila9e Fund. comprising local, regional and national bodies and individuals. Excav*ion wth in Juty and August 2024 ran fr>r a lolal period of eight weeks and saw Trust siaff working wrth a range of volunteers- indNiduals. as well as untversity students and communty groups. Students from the Universily of K8nt attended the field school e￿ment of the project, run akjngshde the volunteer sile engagement. Students leamt excavation techniques, sile excavation and recording skills, finds pr¢￿esSing and recoiding, Usg of silg survey equipment and site photography, helping t¢ equip them for a future career in archaeology. CAT'S partnership with the Kent Downs Trust I UNESCO Global Geopark continued. Organised visits by groups of children of various ages I￿k plxe, helping lo establish new and reaffirming existing relationships with schools in the Folkeslone area. Work included initialNes to deliver our Primary and SEND offer. Visual art wtsrkshops, a filmmaking project, and sile tours all helped CAT in its ambrtion to aitracl membefs of harder to reach groups arKI to use archaedogy to improve their he811h and wellbein9. Page11 Canterbury Archagologlcal Trust Llmltod {A company limlled by guarantee) Truste￿, Rgport For the year ended 31 March 2025 We also connected with care homes and dementia friendly cafes in Folkeslone and Sittingbourne, with the Trust designing and presenting dementia-friendty finds handling and discussion sessions. kin Our Past The Unbcking Our Past websrte Ihttps.'Ilunlockingourpast.co.ukll continues to be updated on 8 monthly basis. Originally funded by a grant from the Historie England CovKI-19 Emergency Response Fund, it now fomis part of the Trust's ongoing outreach and charf(able oulpul. New ilems are regularly posted to ensure that the website remains current and expanding- the additions are highlNJhled in the Trust's social media posts, ensuring that the celebration of these items, and information regarding Ihem, has a wider reach than the website alone. Items lo be selected are suggested by Trust staff. Feedbad( from the websilg is collated to enable the Trust lo improve and enhance our online content. anlerbu Atlas The Trust is partnering with Canterbury Christ Church UnNersity and the Historic Towns Trust to produce an Historical Atlas of Canlerbury. Thi8 follows a similar partnership of organis81ions which produced a new Histori￿1 Map of Canterbury in 2021. The Alla5 forms part of the prestwJious and internationally recognised series of Historical Atla$e$ published by the Historie Towns Trust.11 will contain a series of upto4ale maps of Canterbury at different historical periods. together with perio discussions and a gazetteer of siles. The Atlas will assist with publEC understanding of the city of Canterbury artd r(s extensive heritage, 8nd provide an gducational resource for all those wishing to gain further knowledge. Grants from a variety of external organisations, charilies and indNiduals. match funded by the Historic Towns Tru$t, are funding the project. Work on production of text, plan8 and images for Ihe Atlas continued throughout 202ts2025. Social Media The Trust's Faeebcok pa9e continues to build on its following. with over 7,000 followers at the end of March 2025. Update5 are provNJed on ongoing and recent excavations. new publications and finds added to the Unlocking Our Past website, with links lo follow lo view gr&ater detail. Links are also posted lo our monthly newslelter, and our newsletter links to ourwebsrte, where addition81 infomiation is provided. Facebook posts usually reach c. 1,000 people. with c. 50-100 engagements. The Inslagram ￿OUnt has c. 1.980 foll￿e￿ and engages c. 100-200 people per post. These platfomis continue to be used lo showcase our interests, our work and th* of others, using dynamic conlenl lo age a range of people, in vari¢JJs Ixalions across the world, with OUT shared heritage. FINANCIAL REVIEW The ststemenl of activib'es for the year endiThJ 31 March 2025 ghows net expenditure for the year ol £3,765. This compares to net irKome in the previous year of £225.S25. The lolal expenditure for the year was £2,705,358 compared to £2,758,299 in the previous year. In¢ome met expectations. despile a downturn In work during February and March 2025. Donalions and legacies remained strong, largety as a resu￿ of the successful Easl Wear Bay pr(iect al Folkestone which has gained fundin9 both from the National Lottery Heritage Fund and 8 variety of other charitable ly)dies and individLtals. Our charitable actNities saw a change in incomg from £2,835.284 in the Lg$1 finaneial yearto £2.440,486 in this. A on business development over the past years has been successful and will continue. Page 12 Cant&rt)ury Archaeologlcal Trust Llmltod IA company limlled by guarantee) Trustees, Report For the year ended 31 March 2025 R•sorvos The policy of the Trustees in respect of reserves is that the Trust should hokl unreslrided Cash reserves representing at least three- to six-months. expenditure. The nature of the Trust's activities 1$ such that worf( is Invu¢ed once work has been undertaken, and payments receNed therefore lag some way behind expenditure_ Sufficient cash Teserve¥ ensuTe that the Trust Can ¢ontinue to fund ils aclivf(ies. The value of the Tru5t'$ unrestricted free reserves at 31 March 2025, bein9 the amount of unrestricted roserves bss the value of tangible fixed assets at 31 March 2025 (which are not considered to be liquid and hence not part of the Trust's free reserves). were £1.417,664, representing approximatety five months, worth of operational @xpendilure. The level of free reserves held al 31 March 2025 is therefore considered lo be in line with the tsrget range as sel out by the Trust's reserves pclicy. PLANS FOR THE FUTURE The Trustees remain confident that the aims and obj-ectives of the Trust eontinue to be effectively realised. Ongoing and future projects ar@ intended to ensure that this will remain the case over the coming years. The income of the Tru51 derives largely from commercially funded activities and the Trustees remain mindful that there are polenlk41 issues that may be encountered going forwards, in particular ones that coukl affect the commercial environment in which archaeologists work. The medium-term prospe¢l$ of the construction industry remain uncertain, while a change in pL8nning environment could potentially impact the nature of arehaeological work generated IhrJJgh the planning procèss. The Trust continues lo be supportive of the work of ClfA in making represent8tK)ns to govemment on behalf of the archaeology sector. Outreach and community work will continue, with a particular f￿u$ on ensuring that publK benefit and ngagemenl Continue to be embedded into the core work of the Trust. The work ot our successful East Wear Bay project will be buiw upon and addrtional opportunrties sought and pursued to undertake and lund a rang8 of outreach, public.focussed and communty projects not directly reL4ted lo commercial activffies. These initiatives will enable us to not merely satisfy bul also exeel in our charitable objectives. The Trust intends to continue developing collaborative projects with higher education establishrnenls, particularly the Universrty of Kent al Canterbury and Canterbury Christ Church University, as well as with a range of communTty and voluntsry groups and organisations. The worrying reduction in the number of unNersity departments offering unejergraduate degrees and post-graduate courses will undoubtedly have an impact on individuals going into the archaeology profession. There remains a skills shortage in the archaeology sector. al all levels, and this can make staff Teciuitmenl Challenging. The Trust's SU￿0$$￿1 series of train￿9 programmes, both for career entry field staff and for other specialists, will continue. We will continuo to play an active part in eneouraging younger people into archaeolcoy and heritsge, b8ing committed to a continuation and enhancement of our work with schools. colleges and universities. The leaching kits and teacher's guide5 will be promole(l and remain available to be used in educalKJnal xlivf(ies, focussing on schoo15 and schoolchildren for the foreseeable future. Page 13 Carrterbury Archapological Trust Llmlted IA Company Ilmitod by gu•rants•l Trustees, Rèport For the ygar andod 31 March 2025 STATEMEKf OF TRUSTEES. RESPONSIBILITIES The Trustees (who are Èlso the direclots of the Company for the purposes of company law) are responsible for preparing the Trustees. report and the finan¢ial statements in &cOrd￿Ce with applicab￿ law and United Kingdom Accounting Standards Iunrted Kingdorn Generally Accepted AGcountsng Practice). Coryany law requires the Trustees to prepare financial statements for each financial year. Under company law. the Trustees must nol approve the financial statements unless they are Satisf￿ that they give a true and faif view of the state of affair5 of the Company and of ils incoming ￿SOUrceS and application of resources, including its income and expendf(ure, for that period. In preparing these financial slalements. the TnJslees are required lo.. • Select surtable aecounting policies and then appty them consist8ntty- • ObSe￿e th? method¥ and principles of the Charities SORP IFRS 102} make judgments and accounting e$limales Ihal are reasonable and pwdent". • State whether applicable UK Accounting Stsndards IFRS 1021 have been foll¢)wed, subject to any matèrial departures dlsclosed and expL9ined in the financial statements-, prepare the financial slalemenls on the going ¢¢neern basis unless ￿ Is Inappropriate lo presume that the Company will continue in business. The Trustees arè Tesponsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose WEth reasonable accuracy al any tim& the th'nancial position of the Company and enoble them to ensure that the financial slalemenls comp with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hen￿ for takin9 reasonable steps for the prevention and detttlion of fraud and other irreguL*ritis$. DIsclosu￿ of infomiation to auditorn In 80 f8r as the Trustee8 are aware.. there is no relevant audit infoirnation of which the charltable company's audts is unaware.. and the Trustees have taken all steps that they ought lo have taken to make theMSe￿e$ &are of any re￿vant audit information and lo establish that Ihe auditor is avlare of that inf0mat￿n. Auditors UHY Hacker Young were appointed audilers to the company and a resc4ulion proposing the reapwntment will be pul to the Annual General Meeting. Page 14 Canterbury Archaeological Trust Limited IA cornpany limited by guaranteo) Trustees, Report For the year ended 31 March 2025 Srnall Company Provlslons This report has be8n prepared in accordance with the small compani9s' regime under the CompanleB Act 2006. This report was approved by order ofthe Board of Trustees. and Signed on their beha￿ by.. M John Meardon OL Dale.. ISf91zs Pag8 15 Cantgrbury Archaeological Trust Limited IA company Ilmltod by guarnntsal Independent Audltorfs Report to the Members of Canterbury Archaeological Trust Umlied Oplnlon We have audited the financial slalemenls of Canterbury Archaeologic81 Trust Limi¢ed (the charilll for the year ended 31 March 2025 which comprise the Statement of financial activities, the Balance sheet, the Sl8lemenl cash flows and Ihg rel*ed r￿tes, including a summary of significant accounting policies. The financial ieporting frarnework that has been appl￿d in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandafd applicable in the UK and Republic of Ireland. Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slatemenl$'. give a true and fair view of the slate of the charitable eompanls 8ffairs as at 31 March 2025 and of its incoming resources and application of resources. including its income and expenditure for the y8ar th&n ended- have been property prepared in accordance wfth United Kingdom Generally Ac¢•pled Accounting Practice., and have been prepared in accordance with the requirements of the Companies Acl 20[￿. Basis for opinlon We conducted our audrt in accor¢Jance with Intsrnalional Standard$ on Auditing (UK) IISAS (UKII and applicable Law. Our re5ponsibililies under those standards are further described in the Audrtor's respon$ibilrties for the audrt of the ff nancial statements sett￿n of our report. We are independent of the ch8rit8ble company in accordance th the ethical r8quiremenls that are relevant lo our audrt of the finaneial ststemenls in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fvlfilled our other ethical responsibilities in accc*dance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial $t8temenls is approprwte. Based on the work we have performed, we have not idenlthed any material uncertainties relating to events or eknnditions that, individualty or collectivety. may cast signrficant doubt on the charitable companls ability to continue as a going concem for a period of atlgast months from when the financial slalements are authorised for issue. Our responsibilf(ies and the responsibilities of the Trustees wilh respect to going concern are described in the relevant sections of this report. Ckner Informatlon The clher Infomwion comprises the infomiation included in the Annual report otherthan the financial statements and our Audito¢8 report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our ieport, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially in¢onsistent wrth the financial statements or our knowledge obtained in the course of the audit, or othewise appears to be materially misstated. If we identify such material inconsisteneies or apparent material misstatements. we are required lo detemiine whether this gives rise lo a material misslalement in the financial statements themselves. If, based on Ihe work we have performed, we conclude that there is a material misstatement of this other infoimalion, we are required to report that fact. We have nothing to report in this regard. Page 16 Cant¢rbury ArGha8ological Trust Llmlted IA company Ilmlted ty guarantsel Ind•pènd•nt Audltor's Report to the Members of Canterbury Archaeological Trust LIMIt￿ Icontlnufjdl Opinion on other matters prnscribed by lh• Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomial*)n given in the Trustees, Report for the financial year for which the financlal ststements are prepared is consistent wrth the financial statements. the Trustoes. R8pryt has been prepaied in accordance with applicable18gal requirements. Matters on which we are requlrod to report by gxGeptlon In the Ighl of our knowtedge and understanding of the charitable company and its environment oblained in the course of the OL*Jil, we have not idenltfied material misstatements in the Trustees. Report. We have r*Xhing to report in respect of the following matters in relation to which Comp8nigs Ad requires us to report to you rf. in our opinion- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visilod by us,. or the financial statements are not in agreement with the accounting records and retums,. or certain disclosures of Truste8s' r8muneration spècified by law are nol made., or we have not received all the information and expknalions we require for our audit., c the Trustees We￿ not ent￿ed lo prepare the financial statement5 in accordance with the small companies regime and tske advantage of the small ccfflpanies. exemplbjns in preparing the Trustees, Report an from the requirement to prepar& a Strat8gic ReporL Ro$pon$lbllltl8s of trustees As explained more fully in the Trustees, responsibilit￿9 statement, the Trustees (who are also thè directors of the charitable company for the purposes of Company lawl are responsible for the preparation of the finan¢ial stslemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trusleos delemiine is necessary to enable the preparation of financial statements that are free from material misst*ement, whether due to fraud or error. In pieparing the financial slalgments, the Trustees are responsible for assessing th8 charrtable company's abilrty to eonlinue as a going concèm, disclosing, as applicable, matters related lo goin9 concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realist￿ allemative but lo do so. AudltoV8 responslbllltles lor thè audlt of tho Ilnanclal statem9nts Our objective8 are lo obtain reasonable assurance about whether the financial slalemenls os a whole are free from maleTial misstatement, whether due to fraud or error, and lo issue an Auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordanGe wrth ISA¥ IUKI will a￿ayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consKlere¢J material rf, individualty or in the aggregate, they could reasonably be expected to in1luen￿ the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, ar& instances of non-compliance with laws and regulations. We design procedures in line with our responsibiltties. outlined above, to detect material misslalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularrties, including fraud 1$ detaiEed a5 follows: P4e 17 Canterbury Archaeologlcal Trust Limited (A company limit•d by guarantee) Independent Audltorfs Report to tho Members of Cant•rbury Archaeologl¢al Trust Limit•d (continued) NOnrycomplian￿ with laws and regulat￿nS Based on". oui understanding of the charltable company and the sector in which il operates- discussion with management and those charged wlh governance.. and obtaining an understanding of the charitable company's polKies and procedures regarding compliar￿e wi laws and re9ulations'. We considered the significant laws and regulations to be the Financjal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. the Charil*s SORP (FRS 102}. the Charities Act 2011, the Companies Act 2006 and UK lax legislation. The charitable company is also subject lo laws and rggulalions where the consequence of non-compliance could have a material effect on the amunl or disclosures in the financial slalements. for example through the imposition of fines or litlgations. We identified such laws and regulations lo be the HeaKh and Safety at Work etc Act 1974, the Data Prote¢lion Act 2018, Employment Rights Act 1996 and the Bribery A¢1 2010. Our procedures in respect of the abov? included.. Revièw of the financial statement disclosures and agreeing to supporting docum8nlalion- Remew of minutes of meetings of those charged with g¢)vernance for any Instsnce of nonrycompliance wlh laws and regulations., Review of coriespondence with regulatory and tsx authorrties lor any Instances of notFcomplance with laws and regulations- and Review of l¢gal expenditure account$ to understand the nature of expenditure incurrèd. Fraud We assessed the 5u6ceplibilily of the financial stslemenls to matenal misstatement, Including fraud. Our risk a88essmenl procedures included.. Enquiry with rn8nagemenl 8nd those charged wth govornance regardlng any known or suspected inslan¢e$ offraud., Obtaining an understanding of the charitable company's policie5 and procedures relating to.. detecliThJ and responding lo the risks of fraud., and internal Gonlrols established lo miligale risks related to fraud. Review of minutes of meetings of those charged with g0veMan￿ for any known or suspecte(l instanc8s of fraud.. Discussion amngsl the engagement team as lo how and where fraud might occur in the financial $latemenls'. Performing anal￿1¢81 procedures to identrfy any unusual or unexpected relationships Ihal may indicate ri$k of material mi5Statemnt lo fraud. Based on our risk assessment. we considered the areas most 8usceplibte to froud to be journals and key estlmates and judgements. Our procedures in respect of the above included.. Testing a sample ofjournal entries Ihroughoul the year. which mgt a defined risk critoria, by agreeing to supportin9 do¢umenlation- Assessing s￿nifICant eslimales and judgements made by management for bi88, including the alEocation of support costs., Testing the existence and accuracy of income recognised in the year Page 18 C•nterbury Archaeological Trust Llmlted IA company Ilmltgd by guarant0•1 Independent Audltorfs Report to the Members of Canterbury Archaeologlcal Trust Limited {contlnuodl We also communScaled relevant identified laws and regulations and potential fraud rlsks to 811 engagement team members and Temained alert lo any indications of fTaud or non-compliance with law$ and regulations throughout the audit. Our audit procedures were designed to respond to risks of mateiial misstatement in the financial ststements, recognising that the risk of not delecling a material misslalemenl due to fraud is higher than the risk of no deteding one resulting frorn error. as fraud may involve deliberate concealment by. for example, for9ery. misrepresentations or through collusion. There are inherent limitation5 in the audit pr¢xedures perfomied and the further removed non-compliance wilh laws and rggulalions is from the events and Iransaetions refiecled in the financial S&￿eMentS, the less likety we are to become awara of it. A further d¢$criplion of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. wM.fre.or .uklaudilorsres nsibiif(ies. This deSCript￿n fom)s part of our Auditorfs report. Use of our report This report Is made solely lo the charitable CoMpan￿S mgmbers, as a body, in accordance with Chapter 3 of Part 16 of the Comparbie5 Act 2Q06. Our audit work has been undertaken so that we might slate lo the charrtable company's members those matters we are required to sl8le to them in an Auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not a¢￿pl or assume responsibility lo anyone other than the charitable company and its members. as a body, for our audit WQTk, for this report. or for the opinions we hav8 formed. UHY Y¢>rt Trac•y Moore BFP ACA (Senlor Statutory audltor) for and on behalf of UHY Hacker Young Chartered Accountsnts Tham8s House Roman Square SittirKJbourne Kent ME10 48J Date.. 22 &pLeffjbw l)2S. Page 19 Canl•rbury Archa•ological Trust Limitod (A Company Ilmlted by guarantee) ststement ot tinancial activities lincorporaling income and oxpendituro a¢¢ounti For the Year Ended 31 March 2025 Unrostricted funds 2025 Restricted funds 2025 Total lunds 2025 Total funds 2024 Note Income from: Dcfflalions and legacies Charitable activities Investments other income 14,1431 2,440,486 14,523 162.009 88,718 157.866 2,529,204 14,523 118,018 2,835,284 12.715 17,807 Total income 2,450,866 250,727 2,701.593 2,983,824 Expondlturo on: Charitable actNities 2.447,974 267.384 2,705.358 2, 758,299 Total expendftur• 2,447,974 257.384 2,705.358 2, 758,299 Net incomellexpendllure) Transfers between funds 2,892 (27,8411 16,6571 27,841 13,7651 225,525 18 Net movement In funds 124,9491 21.184 13,765) 225,525 Reconciliation of fund$: Total fiJnds brought forward Net movement in funds 1,899,012 124,949} 105.698 21,184 2,004.708 13,765) I, 7T9, 183 225,525 Tolal funds caNi•d forward 1.874,063 126,880 2,000,943 2,004, 708 The Statement of Financial Acliwlie$ i￿lUd￿ all gains and losses recognised in the yeaT. The notes on pages 23 to 39 fonn part of these financial statemonls. Page 20 Cant•rbury Archaeologlcal Trust Limitgd (A company IlmFtéd by guarantee) Registered number: 01441517 Balance Sheot As at 31 March 2025 2024 Note xed 8$$gt$ Tangiblg a558ts Current assets 13 456,399 443.749 Dgbtors Cash at bank and in hand 14 738,307 1,205.334 977.239 1. 169,403 1,943,841 2. 146,642 Cufrent liabilities Cr8dftor5.' amounts I￿ling due within on8 year 15 1367.44n (548,372) Net currerrt a88ets 1,576,194 1.598,27Q Totsl asselsloss cunont liabilitles 2.032,593 2,042.019 Credilors.. amounts falling due after rnore ihan one year 16 131,6501 (57,311) Totsl net assets aooo,943 2,004,708 Charity funds FI￿riCted funds Unrestrtcled funds 18 18 126,880 1,874,063 105.896 1,899.012 Total funds 2.QIOO,943 2,004,708 The Twstees ￿kno￿edge their responsknlitses lor complwng with the requirements of th8 Act with rosr￿t to alzountlng records and PfekRratw)n ol Ilnanclal statements. The financial statements have been PTepared in accordancè with the provisions awicable lo entibes sutlect to the srnall companies reglme. The financi statements were approved and authorised tor issue by the Trust8 s and signed on their behalt by.. rewJCo y LL.B LL14L Brlga n Meardon DL FCMI RM .' 15 September 2025 e notes on pages ¥J to 39 fr)rm part ol Ih93e linancial statemen Page 21 Canterbury Archa•ologi¢al Trust Limit (A company limited by guarantee} Statement of Cash Flows For the Year Ended 31 March 2026 2025 2024 Not• Cash Ilows from op•rating aetivltleB Net cash used in operating adivilies 20 72,904 362,665 Cash flows from Inv•stlng actlvltles DNidends, interests and rents from investmen18 Purchase of tangible fLx8d assets 14,523 145,8351 12, T15 (22,570) Nèt ¢4sh u$•d in Inv•stlng acllvlll 131,3121 19,855) Cash flo￿ from flnanclng a¢tlvltlg$ Repayments offinancfr leases {5.6611 (5,661) Change in cash and cash equivalents In the year Cash and cash equivalents al the beginning of the year 35.931 347,149 1,169,403 822,254 Cash and cash equlvalents at the end of the year 21 1,205.334 1. 769,403 Thé note$ on pages 23 10 39 fomi part of these fin8ncial statements Page 22 CaDtsrbury Archaeological Trust Limitod (A company limlt•d by guarant••l Notes to the Flnanclal Statements For the Year Ended 31 March 2025 nèral Informatlon Canterbury Archaeological Trust Limited 1$ a company limited by guarantee, incorporaled in England and Wales in the United Kingdom. The address of the registered offKe is 92a Broad Street, Canterbury. Kent. CT1 2LU. The members of the company are the Trustees named on page 1. In the event of the Chafrtable company beirE wound up. the liability in respeel of the guarantee is limited to £1 per member of Ihe company. The charitable company's activities were carried on as an incorporated association until 2 August 1979. On that day a company limited by guarantee Irestricled to £1 per merrl)erl was incorporated to acquire all the assets, liabilities and actniities of the unintorporated assoclation fofmerly known as Canterbury Archaeological Trust. Thg finan¢ial stslements are presented in sterfing which is tho furKtional currency of the Trust and rounded to the nearest £1. Accountlng pollcles 2.1 Baslg of preparatlon of financlal 8tstemoni8 The finanGial slalem?nl$ have been prepared in accordance with the Charitses SORP {FRS 102) Isecond edition) Accounting and Reporting by Charrtie5'. Statement of Recommended Practice applicab￿ lo charities preparing their a￿OuntS in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ire18nd IFRS 1021 (January 20221 aTrJ the Companies Act 20C6. Canterbury Archaeological Trust Limited meets the definltion of a publ￿ benefit entty under FRS 102. Asset$ and liabilities are initially r￿QgnIsed * historical cost or transaction value unless othe￿iSe stated in the relevant accounting policy. 2.2 Going concern The financial statements have been prepared on a going concern basis. The Trusiees have considered relevant infgrmalion, including the annual budget, forecast future Cash flows and the impacl of subsequenl events, on the business in making their assessment. This analysis also considers the effectiveness of availab￿ measures to assist in mitigating the impact. More infomiation can be found in the Tmstee8 Report. Based on these as$es$ment$ and having rtyard to the resources available to the entity, the Trustees have concluded there is no material uncertainty and that they can continue lo adopt the going concem basis in preparing the annual report and accounts. Page 23 Cjnterbury A￿h?8010glCal Trust Limited {A company Ilmlted by guarants•} Notes to tho Flnanclal Statements For tho Year Ended 31 March 2025 Accounting poli¢ios {continu•dl 2.3 Income All income is recognised once the Charty has enlill8menl to the income. il is probabb that the income will be received and the amount of income feGeivable can be m&asured reliabty. Grants are included in the Slalem8nt of financial activrties on a re￿1vable basis. The balance of income receNed for specific purposes bLJt not expended during the period is shown in the relevant funds on the Balance sheet. Where income is receNed in advance of enlitlemenl of receipt, its Tecc¥3nilion is deferred and included in CTedilors as deferred income. Where enlillemenl cccurs before income is recewed, the income is accrued. In￿me is also generatetl through long temi contracts for archaeological SerV￿e$. The amount of incomè included refiect8 the accruals of the right lo consideration as the contract activty progresses by reference to the value of the work perfomied. Where the contract outcome cannot be measured reliably, income is r￿QgnIsed only to the extent of the expenses recognised that are recoverable. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is nomalty upon notrf1¢at￿n of the interest paid or payable by the institution with whom the funds are deposited. Income tax recoveroble in relation lo investment income is re¢cgnised at the time the investment income is receivable. Qlher income 1$ reco9nised in the period In which ￿ 1$ recelvable and lo the extent the gocKls have been provid8d or on completion of the servicE. 2.4 Expendfture Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit lo a third paty. it is probable that a transfer Of ettjnomic benefils will be requlred i) settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aetivty- The co818 of each activty are made up of the totsl ol direct costs and shared costs, including support costs involved in undertaking each aclivity. Direct costs allributable to a single aclivty are allo¢*ed directly to that activity. Shared costs ￿lCh contribute lo more than one aclivty and support cost$ which are not attributable to a single activity are apportioned between those aclivilie8 on a basis consistent wrth the use of resources. Central stsff costs are allocated on the basis of Ilme spent. depreciatic charges allocated on the portion of the asset'5 use. Expenditure on charitable activities is incurred on directly undertaking the adwrti8$ which fvrther the Chariiy's obi8Ctives, as well as any associated support costs. All expendrture is inclusive of irrecovefable VAT. 2.5 Taxatlon The Chanty is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Ad 2010 and therefore il meets the dÈfinrt￿n trf a charitable company for UK Corporat￿)n lax purposes. Accordingty. the Charity is potenlialty exempt from laxalion in respect of income or capital gain8 receNed within calegoiies covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Secllon 2S6 of the Taxation of Chargeable Gains Act 1992, to the extonl that such income or gains ar applied e￿luSIVe￿ lo charitable purposes. No such charg& has arisen in the y8ar. P4e 24 Canterbury Archaaological Trust Limited (A company Ilmll•d by guaranto•1 Notes to the Flnanclal Statements For thè Ygar End￿ 31 March 2025 Accounting policies (Contlnu￿) 2.6 Tangible fixed assets and depreciation Tangible fixed a8sels costing £250 or more are caprtolised and re¢ogniGed when future economlc beneffts are probable and the cost or value of the assel can bg measured rgliably. Tangible fixed assets are initially recognis8d at cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimienl losses. All costs in¢uired to bring a tangible fixed asset into rts intended working wndttion should be irtluded in the Measu￿Ment of cost. A revi8w for impairment of a fixed a5sel 1$ Carried out if events or changes in circumstances indicale that the carying value of any r￿ed asset may not b8 r8cov&rable. Shortfalls befvleen the carrying y￿ue of fixed assets and their recoverable amounts are recognised as impaimients. Impairment losses are recogniyed in the Statement of Financial Activities. Depreciation is charged $0 as to allocate the cost of tangible fixed assets less their residual value over theii eslimate(l useful liv&s, using the straighl-lino method. Depreciation is provided on the following bases: Freehold land Freehold property Fixiures and fittings Motor vehicles Computer equipment and sothvare 4 years straight line 5 years straight line 3 years straight line 2.7 Herbtage ass•ts The Charity owns a h"brary of approxim8lely 12,306 arehaeological books 8nd journals which are considered to be h8rilage assets, and some books cannot be disposed of without extemal consent. The Direclors have considered the requirements of the Charities SORP FRS 102 {sècond edrtionl section 18 relating to heritage assels and are of the opinion that no value should be placed on these assets in the Balance Sheet on the basis that information on cost or valuation ol the assets is not readity available and could not be obtained without undue cost. Consequently, conventional approaches to such a valuation would laek rdiabllity. The library is available for use of by staff and scholars by appoinlmenl. 2A D•bto Trade and other deblor5 are recogniyed at the settlement amount after any trade discount offered. Prepayments are vèlued at the amount prepaid net of any trade discounts due. 2.9 Cash al bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short malunty of Ihiee months or less frorn the dale of acquisflion or opening of the deposit or similar acctsunl. Page 25 Canterbury ArchaeDloglcal Trust Llmlt•d IA company limited by guarantee) Notes lo the Financial Statgments For the Year Endgd 31 March 2025 Accountlng pollcies Icontinuedl 2.10 Uabllltles and provl$ions Liobilbties are recognL8ed when there is an obligation at the Balance sheat date as a r8suh of a pa 8venl, il is Probab￿ that a transfer of economi¢ benefit will be required in settlement, and the amount of the settlement Can be eslimaled reliabty- Liabilitie5 are recoynised al the amount that Charity anticipates it will pay lo $dUe the debt or the amount il has received as advanced payments for the gocxjs or services il must provKIe. 2.11 Flnanclal Instruments The Charity onty has financial assets and financial Irabilities of a kind that qu*fy as basic finanual instrurnenls. Basic financial instrument5 are inilialty recognised 81 transaction value and subsequentty measure