| Trustees' annual report (including |
Trustees' annual report (including |
directors' report | |
|---|---|---|---|
| and strategic report) | 4-15 | ||
| Independent auditor's |
report | 16-18 | |
| Principal accounting | policies | 19-22 | |
| Statement offinancial |
activities | 23 | |
| Balance sheet | 24 | ||
| Cash flow statement | 25 | ||
| Notes to the financial | statements | 26-36 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Note | |||||||
| Income from: | |||||||
| Charitable trading income |
24,431,991 | 24,908,600 | |||||
| Total income | 24,431,991 | 24,908,600 | |||||
| Expenditure on: |
|||||||
| Costs of raising funds: | |||||||
| Fundraising and publicity |
495 | 400 | |||||
| Charitable activities: |
22,777,532 | 21,935,478 | |||||
| Total resources expended | 22,778,027 | 21,935,878 | |||||
| Net income/(expenditure) | 1,653,964 | 2,972,722 | |||||
| Other recognised gains/(losses) |
|||||||
| Remeasurement gain/(toss) |
on defined benefit pension | plans | 10 | 4,805,000 | (4,100,000) | ||
| Net movement in funds |
6,458,964 | (1,127,278) | |||||
| Funds brought forward |
(2,276,810) | (1,149,532) | |||||
| Funds carried fovvard | 4,182,154 | (2,276,810) | |||||
| Net Movement in funds |
prior to FRS102pension | ||||||
| adjustment: | |||||||
| Net income/(expenditure) per SOFA |
1,653,964 | 2,972,722 | |||||
| Pension finance cost included in charitable |
activities | 1,439,000 | 724,000 | ||||
| Net surplus/(deficit) prior to pension costs |
3,092,964 | 3,696,722 | |||||
| All movements are in unrestricted |
funds. |
| Balance sheet | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Fixed assets | |||||||
| Tangible assets |
241,420 | 117,302 | |||||
| Intangible assets |
|||||||
| 241,420 | 147,302 | ||||||
| Current assets | |||||||
| Stocks | 1,784,702 | 1,102,495 | |||||
| Debtors | 3,016,141 | 6,087,827 | |||||
| Cash in hand | 11,736,889 | 6,776,685 | |||||
| 16,537,732 | 13,967,007 | ||||||
| Creditors: amounts | falling due | within one year | (5,834,998) | (6,263,119) | |||
| Net current assets | 10,702,734 | 7,703,888 | |||||
| Total assets less current | liabilities | 10,944,154 | 7,851,190 | ||||
| Net assets excluding | pension | liabilities | 10,944,154 | 7,851,190 | |||
| Defined benefit pension | liability | 10 | (6,762,000) | (10,128,000) | |||
| Net (liabilities)/Asset | 4 182 154 | ~2'276 810 | |||||
| Funds | |||||||
| Unrestricted funds |
10,944,154 | 7,851,190 | |||||
| Pension reserve | (6,762,000) | (10,128,000) | |||||
| 4,182,154 | (2,276,810) |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Cash flow from operating | activities | 13 | 5,158)440 | 4,176,795 | |
| Cash flow from | investing | activities | |||
| Payments to acquire |
tangible | fired assets | (198,236) | (62,547) | |
| Net cash flow from | investing | activities | (198,236) | (62,547) | |
| Net cash inflow | 4,960,204 | 4,114,248 | |||
| Increase/(Decrease) | in cash | 13 | 4,960,204 | 4,114,248 |
| 1 Char |
i | table trading |
income | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| United Iwngdom | 23,883,271 | 22,826,987 | |||
| Rest of the world | 548,720 | 2,081,613 | |||
| 24,431,991 | 24,908,600 | ||||
| 2 Total |
resources expended | ||||
| 2022 | 2021 | ||||
| Fundraising | and publicity | ||||
| Advertising | 495 | 400 | |||
| Archaeological | investigations: | ||||
| SaLaties | 9,114,551 | 8,565,760 | |||
| PLant lure | 3,809,331 | 3,548,952 | |||
| Sub-contracted | services | 611,708 | 1,121,102 | ||
| Travel and subsistence | 1,864,609 | 2,575,787 | |||
| Project costs | 634,741 | 795,911 | |||
| Specialist costs | 348,987 | 298,427 | |||
| Photographic | 14,713 | 7,763 | |||
| Finance costs | (FRS102pension | adjustments) | 1,439,000 | 724,000 | |
| 17,837,640 | 17,637,702 |
| 2 Tot |
al r | esources | exp | ended | (continued) | ||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Archaeological | services | and support | costs: | ||||
| Salaries | 3,322,901 | 3,046,195 | |||||
| Training | 63,197 | 39,715 | |||||
| Travel and subsistence | 78,834 | 77,720 | |||||
| Estabhshment 0ffice costs |
costs | 529,878 487,053 |
394,121 302,016 |
||||
| Legal and professional | 286,891 | 325,209 | |||||
| Finance costs | 37,670 | 9,870 | |||||
| Foreign currency | exchange | (gain)/loss | |||||
| Depreciation | 104,118 | 73,680 | |||||
| 4,910,542 | 4,268,526 | ||||||
| Governance | costs: | ||||||
| Auditor's remuneration |
11,350 | 11,250 | |||||
| Costs ot preparing | for Trustees' | meetings | and support for Trustees | 18,000 | 18,000 | ||
| 29,350 | 29,250 | ||||||
| Total resources | expended | 22,778,027 | 21,935,878 | ||||
| The aggregate | payroll costs | were: | |||||
| 2022 | 2021 | ||||||
| Salaries | 11,006,416 | 9,889,487 | |||||
| Social security | costs | 1,046,936 | 911,702 | ||||
| Pension costs | 815,282 | 681,294 | |||||
| 12,868,634 | 11,482,483 |
| 2022 | 2021 | ||
|---|---|---|---|
| ihlanagement | 13 | ||
| Adininistrativc | 7 | 8 | |
| Archaeological | —researchers | 48 | 53 |
| Archaeological | —in the field | 303 | 291 |
| 371 | 364 |
| 2022 | 2021 |
|---|---|
| No | No |
| Net incoming resources is s |
tated after charging: | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Staff pension contributions |
(note 2) | 815,282 | 681,294 |
| Depreciation offired assets |
(note 5) | 104,118 | 73,680 |
| Auditor's remuneration |
|||
| Audit services | 11,350 | 11,250 | |
| Foreign exchange losses/(gains) | |||
| Operating lease rentals |
238,740 | 161,087 |
| 5 Tangible fixed asse |
ts | |||
|---|---|---|---|---|
| Fixtures, | ||||
| Improvements | fittings, | |||
| to leasehold | equipment | |||
| property | Computers | and vehicles | Total | |
| Cost | ||||
| At 1 April 2021 |
348,172 | 1,045,528 | 907,770 | 2,301,470 |
| Additions | 12,792 | 106,381 | 79,063 | 198&236 |
| (i | ||||
| At 31 inarch 2022 | 360&964 | 1,151,909 | 986,833 | 2,499,706 |
| Depreciation | ||||
| At 1 April 2021 | 310,903 | 981,907 | 861,358 | 2,154,168 |
| Charge tor the year | 12,398 | 53,955 | 37,765 | 104,118 |
| At 31March 2022 | 323,301 | 1,035,862 | 899,123 | 2,258,286 |
| Net book value | ||||
| At 31 March 2022 | 37,663 | 116,047 | 87,710 | 241,420 |
| At 31 March 2021 | 37,269 | 63,621 | 46,412 | 147,302 |
| Cost | |
|---|---|
| At 1 April 2021 and 31 March 2022 | 104)469 |
| Amortisation | |
| At 1 April 2021 and 31 March 2022 | 104&469 |
| Net book value | |
| At 31 March 2021 and 31 inarch 2022 |
| 7 Stocks |
||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Short term work in progress | 1,784,702 | 1,102,495 | ||
| 8 Debtors |
||||
| 2022 | 2021 | |||
| Trade debtors | 2,747,946 | 4,785,893 | ||
| Prepayments | 139,921 | 142,402 | ||
| Amounts recoverable |
on long-term | contracts | 128&274 | 1,159,532 |
| 3,016,141 | 6,087,827 |
| 2022 | 2021 | |
|---|---|---|
| Trade creditors | 873,929 | 1,438,651 |
| Taxation and social security | 543,151 | 1,466,732 |
| Deferred income | 3,670,234 | 2,326,015 |
| Other creditors | 85,589 | 203,058 |
| Accruals | 662,095 | 828,663 |
| 5,834,998 | 6,263,119 |
| Opening | Deferred Income as at 01.04.2021 | Deferred Income as at 01.04.2021 | 2,326,015 |
|---|---|---|---|
| Amount | released | to income in year | (736,540) |
| Amount | deferred | in year | 2,080,759 |
| Closing | Deferred | Income as at 31.03.2022 | 3,670,234 |
| 2022 | 2021 | |
|---|---|---|
| '/o pa | .'o pa | |
| Pension increase rate | 3.15 '/0 | 2 8o/ |
| Salary increase rate | 3.15 '/o | 2 80/o |
| Discount rate | 2.75 '/0 | 2.05'./o |
| 2022 | 2021 | |
|---|---|---|
| %pa | , 0 pa | |
| Pension increase rate | 3.15% | o 80.' |
| Salaz increase rate | 3.65% | 3.3,' 0 |
| Discount rate | 2.75% | 2.05". 0 |
| 2022 | 2021 | |
|---|---|---|
| %pa | /o pa | |
| Equities | 68% | 69'/0 |
| Boncls | 16% | 15% |
| Property | 15% | 1)"! |
| Cash and other | 1% | 1% |
| 100% | 1000/0 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Fair Value ofplan | assets | 27,917,000 | 25,079,000 | ||
| Present Value of | funded retirement | obligations | ~34 679 000 | ~35207 000 | |
| Net liability | ~6762 000 | ~10 1'28 000 | |||
| Statement offinancial activities |
|||||
| The total amounts | recognised | in the | period are as Follows: | ||
| 2022 | 2021 |
| Current service cost |
(1,772,000) | (1,101,000) | |
|---|---|---|---|
| Net interest expense | (220,000) | (129,000) | |
| Total recognised in net expenditure |
(1,992,000) | (1,230,000) | |
| Actuarial gains/(losses) |
4,805,000 | 4,100,000 | |
| Total recognised in other gains/(losses) |
4,805,000 | (4, 1OO,OOO) | |
| Total net amount recognised | in the period | 2,813,000 | 5,330,000 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Opening | defined benefit liabilities | at 1 April | 35,207,000 | 25,253,000 | |
| Current | service cost | 1,772,000 | 1,101,000 | ||
| Interest | cost | 738,000 | 59'2,000 | ||
| Change | in assumptions | R re-measurements | (2,959,000) | 8,589,000 | |
| Estimate | ofbenefits paid | (397,000) | (334,000) | ||
| Ezpeiience loss/(gain) | on defined | benefit obligation | 73,000 | (218,000) | |
| Contributions bi plan |
participant | 245,000 | 22-1,000 | ||
| Closing | defined benefit | liabilities | at 31 i%larch | 34,679,000 | 35,207,000 |
| Reconciliation offair value ofemployer's assets: |
||
|---|---|---|
| 2022 | 2021 | |
| Opening fair value ofplans' assets at 1 April |
25,079,000 | 19,919,000 |
| Interest on assets | 518,000 | 463,000 |
| Return on asset less interest | 1,919,000 | -1,271,000 |
| Estimate ofbenefits paid |
(397,000) | (334,000) |
| Contributions by employer |
553,000 | 506,000 |
| Contributions by plan participant |
245,000 | 22-1,000 |
| Closing fair value ofplans' assets at 31 ivlarch | 27,917,000 | 25,079,000 |
| 2022 | 2021 | ||
|---|---|---|---|
| Balance | at 1 April 2021 | (2,276,810) | (1,149,532) |
| Actuarial | (losses)/gains | 4,805,000 | (4,100,000) |
| Net income/(expenditure) | 1,653,964 | 2972 722 | |
| Balance | at 31March 2022 | 4,182,154 | (2,276,810) |
| Total Land |
Futu and |
re minimum lease paym buildings |
ents under |
non-cancellable operating leases |
are as follows: | |
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| within | one year | 2387053 | 160,171 | |||
| implore | than | one year and less than | five years | 579,933 | 151,233 | |
| Other: | ||||||
| 'iVithin | one year | 687 | 916 | |||
| More | than | one year and less than | five years | 229 | 687 | |
| Operating j238,741 |
leases —lease payments (2021: f161,087), |
recognised | as an expense in the period |
| inflow from oper | ating acti |
vities | |||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Net income/(expenditure) | 1,653,964 | 2 972722 | |||||
| Net interest on defined LGPS liability | 220&000 | 129,000 | |||||
| Depreciation | 104,118 | 73,680 | |||||
| Contributions to defined benefit |
pension | schemes | 1,219,000 | 595,000 | |||
| (Increase)/decrease | in stocks (note 7) | (682,207) | (115,714) | ||||
| (Increase)/decrease | in debtors (note 8) | 3,071,686 | (2,297,012) | ||||
| Increase/(decrease) | in creditors | (note 9) | (428,121) | 2,819,119 | |||
| Net cash inflow from operating | activities | 5,158,440 | 1,176,795 | ||||
| Reconciliation of net cash |
flow to | movement | in net funds | ||||
| 2022 | 2021 | ||||||
| Increase/(decrease) | in cash in the year | 4,960,204 | 4,114,248 | ||||
| Change in net Funds | 4,960,204 | 4,114,2-18 | |||||
| Net Funds at I April | 2021 | 6,776,685 | 2,662,437 | ||||
| Net Funds at 31 March 2022 | 11,736,889 | 6,776,685 | |||||
| Analysis ofchanges | in net funds | ||||||
| At | Cash | flows At |
|||||
| 1April 2021 | 2022 | 31March 2022 | |||||
| Net cash: | |||||||
| Cash in hand and at | bank | 6,776,685 | 1,960,204 11,736,889 |
||||
| Net funds | 6,776,685 | 4,960,204 11,736,889 |