| Trustees' annualreport(includingdirectorst report | |
|---|---|
| andstrategicreport) | 4-15. |
| lndependentauditor's repott | l6-l8 |
| Principalaccounting policies | 19-22 |
| Statementoffinancialactivities | 23 |
| Balance sheet | 24 |
| Gashflow statement | 25 |
| Notestothefinancial statements | 26-36 |
| Note | 2021 { |
2020 I |
|
|---|---|---|---|
| lncome from: | |||
| Charitable trading income | 1 | 24,908,60015,707,421 | |
| Totalincome | 24,908,60015,707,424 | ||
| Expenditureon: | |||
| Costsof raising funds: | |||
| Fundraisingandpublicity | 2 | 400 | 1,,456 |
| Gharitableactivities: | 2 | 21,935,478 | 1.5,820,909 |
| Totalresources expended | 2 | 211935,878 | 15,922,365 |
| Netincome/ (expenditure) | 2,972,722(774,941) | ||
| Other recognised gains/(losses) | |||
| Remeasurementgain/(oss) ondefinedbeneFrtpensionplans | 10 | (4,100,000) | 4,924,000 |
| Net movementinfunds | (1,727,278) | 4,709,059 | |
| Fundsbrought forward | (1,149,532) | (5,858,591) | |
| Funds carriedforward | (2,276,810) | (1,149,532) | |
| Net Movementinfunds priortoFRSIO2pension | |||
| adjustment: | |||
| Netincome/(experrdimre) perSOFA | 2r972r722 | (1,74,941) | |
| Pension financecostincludedincharitableactivities | 724,000 | 973,000 | |
| Netsurplus/(defrcit)priorto pensioncosts | 3,696,722 | 858,059 | |
| Allmovementsareinunrestricted funds. |
| Balance sheet | |||
|---|---|---|---|
| 2021 I |
2020 I |
||
| Fixedassets | |||
| Tang'ibleassets | 5 | 147,302158,435 | |
| Intangibleassets | 6 | ||
| 147,302t58,435 | |||
| Gurrentassets | |||
| Stocks | 7 | 1,102,495 | 986,791 |
| Debtors | 8 | 6,087,827 | 3,790,815 |
| Cashinhand | 6,776,685 | 2,662,437 | |
| 13,967,007 | 7,440,033 | ||
| Greditors: amountsfallingduewithinoneyear | 9 | (6,263,119) | (3,444,000) |
| Netcurrentassets | 7,703,8883,996,033 | ||
| Total assets lesscurrentliabilities | 7,851,190 | 4,154,469 | |
| Net assetsexcludingpensionliabilities | 7,951,190 | 4,154,469 | |
| Definedbenefitpensionliability | 10 | (10,128,000) | (5,304,000) |
| Netliabilities | 0-276-810|n149-532| | ||
| Funds | |||
| Unrestricted funds | 7,851,190 | 4,1.54,468 | |
| Pension reserve | (10,128,000) | (5,304,000) | |
| 1,1, | (2,276,810) | (1,149,532) |
| 2021 2020 t I |
||
|---|---|---|
| Gashflowfrom operatingactivities | 1,3 | 4,176,7951,001,790 |
| Gashflow frominvestingactivities | ||
| PaymentstoacquiretangibleF¡-redassets | (62,547)(1,34,948) | |
| Netcashflowfrominvesting activities | (62,547)(1,34,948) | |
| Netcashinflow | 4,114,248966,942 | |
| Increase/ (Decrease)incash | 1.3 | 4,114,248866,942 |
| I Gharitabletradingincome |
||
|---|---|---|
| 2021 I |
2020t | |
| Unitedl(ngdom | 22,826,987 | 1,4,015,284 |
| RestoftheWorld | 2,091,67i | 1.,692,140 |
| 24,908,600 | t5,707,424 |
| 2 Totalresources expended |
||
|---|---|---|
| 2021 | 2020 | |
| I | t" | |
| Fundraisingandpublicity | ||
| Advertising | 400 | 1,456 |
| Archaeological investigations: | ||
| Salaries | 8,565,760 | 6,337,201. |
| Plant hire | 3,548,952 | 2,157,393 |
| Sub-contractedservices | l,72l,lo2 | 830,21.2 |
| Traveland subsistence | 2,575,787 | 1.,260,61.1. |
| Projectcosts | 795,911 | 549,936 |
| Specialistcosts | 298,427 | 253,850 |
| Photographic | 7,763 | 11,595 |
| Financecosts (FRS102pensionadjustments) | 724,000 | 973,000 |
| 17,637,702 | 12,373,799 |
| 2 Totalresources expended (continued) |
||
|---|---|---|
| 2021 I |
2020I | |
| Archaeologicalservicesandsupportcosts: | ||
| Salaries | 3,046,195 | 2,191,916 |
| Training | 39,715 | 92,546 |
| Traveland subsistence | 77,720 | 80,975 |
| Establishmentcosts | 394,721 | 444,155 |
| Officecosts | 302,016 | 288,411 |
| Legal andprofessional | 325,209 | 251,639 |
| Financecosts | 9,870 | 19,056 |
| Foreign currencyexchange(gain)/loss | 4 | |
| Depreciation | 73,680 | 59,652 |
| 4,268,526 | 3,417,354 | |
| Governancecosts: | ||
| Àuditor'sremuneration | 11,250 | 11,250 |
| CostsofpreparingforTrustees'meetìngs andsupportforTrustees | 18,000 | 18,507 |
| 29,250 | 29,757 | |
| Totalresourcesexpended | 21,935,878 | 15,922,365 |
| Theaggregatepayrollcosts were: | ||
| 2021 I |
2020I | |
| Salaries Socialsecuritycosts |
9,889,487 911702 |
7,396,491. '667,821. |
| Pensioncosts | 681,294 | 675,223 |
| 11,4821483 | 9,739,535 |
| 2021 | 2020 | |
|---|---|---|
| Management Administrative |
t2I | 12 9 |
| Archaeological-researchers | 53 | 55 |
| Archaeological-inthe held | 291 | 199 |
| 364 | 275 |
| 2021 | 2020 | ||
|---|---|---|---|
| No | No | ||
| d60,000 d70,000 |
-f,69,999 -f,79,999 |
I I |
2 |
| d80,000 d90,000 |
-f,89,999 -f,99,999 |
I |
| Net incomingresources is statedaftercharging: | ||
|---|---|---|
| 2021 I |
2020 I |
|
| Staff pensioncontributions(note2) | 681,294 | 675,223 |
| Depreciationoflxedassets(note5) | 73,680 | 59,652 |
| Audito¡'sremuneration | ||
| Auditsewices | 11,250 | 1,1,250 |
| Foreþexchange losses/(gains) | 4 | |
| Operatingleaserentals | 161,087 | 2L4,176 |
| Fixtures, | Fixtures, | |||||
|---|---|---|---|---|---|---|
| fmprovements | fittings, | |||||
| toleasehold | equipment | |||||
| Cost | property I |
Computers {, |
andvehicles {, |
Total {" |
||
| ,\t1April2020 | 342,35t | 1,006,140 | 890,432 | 2,239,923 | ||
| Additions | 5,821 | 39,388 | 17,338 | 62,547 | ||
| Àt31March2021 | 348,172 | 7,045,529 | 907,770 | 2,301,470 | ||
| Depreciation | ||||||
| Àt1Äpril2020 | 299,509 | 950,361 | 830,618 | 2,080,488 | ||
| Chargeforthe year | 77,394 | 37,546 | 30,740 | 73,680 | ||
| Àt31lvlarch2021 | 310,903 | ggl,907 | 961,358 | 2,154,169 | ||
| Netbookvalue | ||||||
| At31March2021 | 37,269 | 63,621 | 46,472 | 147,302 |
||
| At3lMarch2020 | 42,842 | 55,779 | 59,914158,435 |
| 7 | Stocks | ||
|---|---|---|---|
| 2021 I |
2020 t |
||
| Short | termwork inprogress | 1,102,495986,791 | |
| I | Debtors | ||
| 2021 I |
2020 t |
||
| Trade | debtors | 4,785,893 | 3,299,724 |
| Prepayments | 142,402 | 69,796 | |
| Amountsrecovetable onlong-termcontracts | I,159,532 | +21,305 | |
| 6,087,827 | 3,790,915 |
| 2021 Ã |
2020I | |
|---|---|---|
| Trade creditors | 1,438,651 | 661,106 |
| Taxationand social security | 1,466,732 | 984,372 |
| Deferedincome | 2,326,015 | 1,469,896 |
| Othercreditors | 203,058 | 117,763 |
| ,{ccruals | 828,663 | 210,973 |
| 6,263,119 | 3,444,000 |
| TheprincipalFrnancialass | umptions usedby | the actu |
|---|---|---|
| 2021 o/op^ |
2020 o/opa |
|
| Pension increase rate | 2.8o/o | 1..8To |
| Salaryincrease rate | 2.8o/o | 1..8Yo |
| Discountrate | 2.05% | 2.30/o |
| Themajorcategories | ofplanassets(O | CCPF) |
|---|---|---|
| 2021 | 2020 | |
| %% | ||
| Equities. | 7lo | 680 |
| Bonds | 190Á | 22o/o |
| Property | 60 | 70h |
| Cash andother | 40/, | 30 |
| 2021 | 2020 | |
|---|---|---|
| '/op^ | o/op^ | |
| Pension increase rate | 2.8o/o | 1,.8o/" |
| Salaryincrease rate | 3.30 | 2.30h |
| Discountrate | 2.05o/o | 2.3o/o |
| 2027 | 2020 | |
|---|---|---|
| '/oP^ | o/op^ | |
| Equities | 69% | 68o/o |
| Bonds | ts% | 120h |
| Ptoperqr | 75% | 170h |
| Cash andother | 7% | 30h |
| 10001o | 1000h |
| 2021 | 2020 | |
|---|---|---|
| I | I | |
| Fair Valueofplanassets | 25,079,000 | 19,949,000 |
| PresentValueoffunded retjrement obligations | 135.207.0001 | (25.253.000| |
| Net liability | 110.128.0001 | 15-304-000) |
| 2021 I |
2020 I |
|
|---|---|---|
| Currentservicecost | (1,101,000) | (7,323,000) |
| Netinterestexperìse | (129,000) | (231,000) |
| Totalrecognisedinnet expenditure | (1,230,000) | (1,554,000) |
| Actuarialgains/Qosses) Totalrecognisedinother gains/(osses) |
(4,100,000) (4,100,000) |
4,824,000 4,824,000 |
| Reconciliation ofdefïnedbenefit obligation: | ||
|---|---|---|
| 2021 | 2020 | |
| I | t | |
| Opening deñned beneñt liabilities at1-Àpril | 25,253,000 | 29,410,000 |
| Currentservicecost | 1,101,000 | 1.323,000 |
| Interest cost | 592,000 | 728,000 |
| Changeinassumptions&re-measuïements | 8,589,000 | (4,614,000) |
| Estimateofbenefits paid | (334,000) | (443,000) |
| Experienceloss/(gain)ondeFrnedbeneht obligation | (218,000) | (1,369,000) |
| Contributionsby plan participant | 224,000 | 218,000 |
| Closingdehnedbenefit liabilitiesat31March | 35,207,000 | 25,253,000 |
| Reconciliation of faitvalueof employet'sassets¡ | ||
| 2021 | 2020 | |
| I | I | |
| Opening fair valueofplans'assetsat1April | 19,949,000 | 20,255,000 |
| Interestonassets | 463,000 | 497,000 |
| Retum onasset lessinterest | 4,271,000 | (1,159,000) |
| EstimateofbeneFrtspaid | (334,000) | (443,000) |
| Contributionsby employer | 506,000 | 581,000 |
| Contributionsbyplan participant | 224,000 | 218,000 |
| Closing fai¡ valueofplans'assetsat31March | 25,079,000 | 19,949,000 |
| 11 Fundreconciliation |
||
|---|---|---|
| 2021 I |
2020 {, |
|
| Balance at1.Aprtl, 2020 | (1,149,532) | (5,858,591) |
| A.ctuarial(osses)/gains | (4,100,000) | 4,824,000 |
| Netincome/(expenditure) | 2,972,722 | (114,941) |
| Balance at3lMarch2027 | (2,276,810) | (7,1.49,532) |
| Totalfutureminimumleasepaymentsunder non-cancellable op Landandbuildings |
eratingleases are asfollows: | |
|---|---|---|
| 2021 {, |
2020 I |
|
| Withinone year | t60,t1t | 21.3,260 |
| Morethanone year andlessthan fiveyears | t51233 | 170,4'1.8 |
| Other: | ||
| Withinone yeâr | 9t6 | 916 |
| Morethanoneyeüandlessthan fiveyears | 687 | 1.,603 |
| Reconciliation of net expendituretonet cash inflowfrom operatingactivities |
|||
|---|---|---|---|
| 2021 I |
2020t | ||
| Netincome/(expenditure) | 21972r722 | (rt4,941) | |
| Netinterest on defined LGPSliability | 129,000 | 231,000 | |
| Depreciation | 73,680 | 59,652 | |
| Contributions todeFtned beneFttpensionschemes | 595,000 | 7+2,000 | |
| (Inctease)/decreâseinstocks (note7) | (715,714) | (32+,680) | |
| (Increase)/decreaseindebtors (note8) | (2,297,072) | (222,876) | |
| Increase/(decrease)increditors (note9) | 2,819,119 | 631.,635 | |
| Netcashinflowfromoperatingactivities | 4,176,795 | 1,001,790 | |
| Reconciliation of net cashflowtomovement in net funds | |||
| 2021 I |
2020 î |
||
| Increase/(decrease)incashinthe year | 4,114,248866,842 | ||
| Changeinnet funds | 4,114,248966,942 | ||
| Netfundsat1.Apnl.2O2O | 2,662,437 | 1.,795,595 | |
| Netfunds at31.}l4arch2021. | 6,7761685 | 2,662,437 | |
| Analysisofchangesinnet funds | |||
| At | Cashflows At |
||
| lApril2020 ,I |
2021 t" 3lM.arc}¡202l I |
||
| Netcash: | |||
| Cashinhandand atbank | 2,662,437 | 4,1'1.4,2486,776,685 | |
| Netfunds | 2,662,437 | 4,t14,2486,776,685 |