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|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|
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|||||||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|||
##