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|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|
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||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||
##