2023-03-31-accounts

Trustees' annualreport(includingdirectors' report
andstrategicreport)	4-15
lndependent auditoCs report	l6-l8
Principalaccounting policies	19-22
Statementoffinancialactivities	23
Balance sheet	24
Gashflow statement	25
Notestothefinancial statements	26-36

	Note	2023 I	2022 {
lncome from:
Chantable trading income	1	25,075,90024,431,991
Totalincome		25,075,90024,431,99r
Expenditureon:
Costs of raising funds:
Fundrarsing andpubliciry	2	16,482	495
Gharitableactivities:	2	23,234,748	))'7'71<2a ¿drt t t,JJ¿
Totalresources expended	2	23,251,230	22,779,0)7
Netincome/ (expenditure)		1,824,6701.,653,964
Other recognised gains/(losses)
Remeasurementgain/(loss) ondefinedbeneFrtpensionplans	10	10,799,000	4,805,000
Net movementinfunds		12,623,(170	6,459,964
Fundsbrought forward		4,182,154	Q.,276,81.0)
Funds carriedforward		16,805,824.1,192,15-[
Net Movementinfunds priortoFRSI02 pension
adjustment:
Net income/(expenditure)perSOFÂ.		1,824,670	1,653,964
Pension financecostincludedincharitableact_ivities		1,281,000	1,439,000
Netsurplus/(defrcit)priortopensioncosts		3,105,6703,092,964
Ällmovementsareinunrest¡icted funds.
,\llincomeandexpendirure derivefromconrinuing activities.

Balance sheet
		2023 I	2022 l'
Fixed assets Tangibleassets	5	236,43221r,+20
Intangibleassets	6
		236,432241,+20
Gurrentassets
Stocks	7	1,349,997	1,784,702
Debtors	8	2,711,973	3,01.6,1,41,
Cashinhand		13,645,774	1,r,736,889
		17,707,684	1.6,537,732
Greditors: amountsfallingduewithinoneyear	9	(3,894,292)	(5,834,998)
Netcurrentassets		73,873,392	10,702,734
Totalassets lesscurrentliabilities		14,049,824	1.0,941,1.54
Net assetsexcludingpensionliabilities		14,049,824	1,0,944,1,54
Definedbenefitpension (liabilityr)/asset	10	2,756,000	(6,762,000)
Net(liabilities)/Asset		16,805.8244-182-1,54
Funds
Llnrestricted funds		14,049,824	70,944,754
Pension reserve		2,756,000	(6,762,000)
	11	16,805,8244,L8),1.54

		2023 I	2022 t
Gashflowfrom operatingactivities	L3	2,032,119	5,159,440
Gashflow frominvestingactivities
PaymentstoacquiretangibleFl-xedassets		(123,234)	(198,236)
Netcashflowfrominvestrng activities		(123,234>	(t98,236)
Netcashinflow		1,908,885	4,960,204
Increase/Q)ecrease)incash	1,3	1,908,885	4,960,204

I Gharitabletradingincome
	2023	2022
	{"	t
UnitedI(ngdom	24,832,787	23,883,27L
RestoftheWorld	243,1L3	548,720
	25,075,900	24,431,991.

2 Totalresourcesexpended
	2023	2022
	I	I
Fundtaisingandpublicity
Advertising	16,482	49s
Archaeological investigations:
Salaries	9,123,541	9,114,551
Plant hire	4,173,425	3,809,331.
Sub-contractedsewices	750,515	61.1.,708
Traveland subsistence	1,438,476	1.,964,609
Projectcosts	516,954	634,741.
Specialistcosts	402,193	348,987
Photographic	4,314	1,4,713
Finance costs (FRS102pensionadjustments)	1,281,000	1,439,000
	17,690,418	17,837,640

2 Total resources expended (continued)
	2023	2022
Archaeologicalservicesandsupportcosts:	{	t"
Salaries	3,780,380	3,322,90r
Training	84,730	63,197
Travelandsubsistence	141,776	78,834
Establishmentcosts	523,038	529,878
Officecosts	478,235	487,053
Legalandprofessional	361,634	296,991
Financecosts	16,966	37,670
Depreciation	128,221	104,118
	5,514,380	4,9t0,542
Governancecosts:
Äuditor'sremuneration	11,950	11,350
CostsofpreparingforTrustees'meetings andsupport forTrustees	18,000	18,000
	29,950	29,350
Totalresourcesexpended	23,251,230	22,779,027
Theaggregatepayrollcosts were:
	2023 I	2022 I
Salaries	10,634,334	11,006,416
Social securitycosts	1,034,301	1.,046,936
Pensioncosts	860,912	815,282
	12,529,547	L2,96g,634

		2023	2022
Management		t4	1,3
Administrative		8	7
Archaeological	-researchers	50	48
,\rchaeologìcal	-intheFreld	275	303
		347	37r

		2023	2022
		No	No
d60,000	-f,69,999		I
d70,000	-f,79,999	;	2
{80,000	-f,89,999	1
f,9o,ooo	-f,99,999

Netincomingtesourcesisstatedaftercharging:
	2023	2022
	{,	t
Staff pensioncontributions(note2)	860,972	8t5,282
Depreciationoffi-redassets(note5)	728,221	104,118
-¿\uditor'sremuneration
Auditservices	11,950	11,350
Foreignexchange losses/(gains)
Operatingleaserentals	263,025	238,740

			Fixtures,
	Improvements		fittings,
	toleasehold		equipment
	plopefty Computers		andvehicles	Total
Cost	{,	{"	{,	{"
Åt1,{pril2022	360,964	1,151,909	986,833	2,499,706
Ådditions	0	40,748	82,486	723,234
At31lvlarch2023	360,964	1,192,6571,069,319		2,622,940
Depreciation
At1April2022	323,301	1,035,862	899,723	2,259,296
Chargeforthe year	13,478	63,632	51,172	128,222
Ãt31March2023	336,779	1,099,494950,235		2,396,509
Netbookvalue
Àt31l\Iarch2023	24,185	93,163 119,084236,432
Ät01,\pril2022	37,663	776,047 87,710		247,420

Finan 7	cialstatements for theyear ended3lMarch2O23 Stocks
		2023 I	2022 I
Short	termwork inprogress	1,349,997	1,781,702
I	Debtors
		2023 I	2022 t
Trade	debtors	2,503,935	2,7+7,946
Prepayments		736,563	1,39,921
Âmountsrecoverableon long-termcontracts		77,415	1,28,274
		2,711,973	141¡+1

	2023	2022
	{,	t
Trade creditors	639,045	873,929
Taxationand social securiry	581,600	543,t51
Deferred income	1,925,622	3,610,231
Othercreditors	61,345	85,589
Äccruals	686,680	662,095
	318941292	5,834,999

Supplementarynote:Deferred Income
	I
Opening Defened Incomeas at01.04.2022	3,670,234
.A.mountreleasedto incomeinyear	(2,444,834)
Amountdeferredinyear	700,222
Closing Deferred Incomeasat31.03.2023	1,925,622

TheprincipalFrnancialass	umptions usedby	the actu
	2023	2022
	o/op^	o/opa
Pension increase rate	2.95oÁ	3.l5Yo
Salaryincrease rate l)iscountrâte	2.95% 4.75oÂ	3.15%o 2.75%o

The majorcategories	ofplanassets(O	CCPF)
	2023	2022
	%Yo
Equities	73	73
Bonds	t6	t7
Properry	9	8
Cash andother	2	)
	100	100

	2023	2022
	o/opu	o/opa
Pension increase rate	2.950Â	3.15o/o
Salaryincrease rate	3.45%	3.65o/o
Discountrâte	4.750Á	2.75%o

	2023	2022
	o/op^	o/opa
Equities	68%	680/o
Bonds	t4%	16To
Property	l50Á	1.50h
Cash andother	3r/,	l%o
	100%	1.000k

	2023	2022
	{,	t
Fai¡Valueofplanassets	28,696,000	21,917,000
PresentValueoffunded retjrement obligations	125.940.000)	134.679.000)
Net(liability)/Åsset	2.756.000	16-762.000)

	2023	2022
	I	{,
Currentserwicecost	(1,654,000)	(1,,772,000)
Netinterestexpense	(200,000)	(220,000)
Totalrecognisedinnet expenditure	(1,854,000)	(1,992,000)
Åctuarialgains/(losses)	10,799,000	4,805,000
Totalrecognisedinother gans/(losses)	10,799,0004,805,000
Totalnet amountrecognisedintheperiod	8,945,0002,813,000

Reconciliation ofdefinedbenefit obligation:
	2023	2022
	Å	t
OpeningdeFrnedbenefit liabilities at1r\pril	34,679,000	35,207,000
Currentservice cost	1,654,000	1,772,000
Interest cost	973,000	738,000
Changeinassumptions&re-measurements	(16,023,000)	(2,959,000)
EstimateofbeneFrtspaid	(453,000)	(397,000)
Experience loss/(gain) on defined benefit obligatìon	4,855,000	73,000
Contributionsbyplan participant	255,000	245,000
ClosingdeFrned beneFrtliabilitiesat 31l{arch	25,940,000	34,679,000
Reconciliation of fairvalueof employet'sassets:
	2023	2022
	{,	t
Openingfaìr valueofplans'âssetsat1April	27,917,000	25,079,000
Interest onassets	773,000	5i8,000
Retumonasset lessinterest	(1,716,000)	1,919,000
Otherexperìence*	1,347,000	0
EstimateofbeneFrtspaid	(4s3,000)	(397,000)
Contributionsby employer	573,000	553,000
Contributionsbyplan participant	255,000	245,000
Closing fairvalueofplans'assetsat 31iVlarch	28,696,000	27,917,000

Indexinthe12monthsfromSeptember2021toSe 11 Fund reconc¡l¡at¡on	ptember2022).
	2023 I	2022I
Balanceat1Àpril ,\ctuarialQosses)/gains	4,192,154 10,799,000	Q,276,810) 4,805,000
Netincome/(expenditure)	1,924,670	1,653,964
Balance at 31 Nlarch	16,805,824	4,1.91,r5+

Totalfutureminimumleasepaymentsundet non-cancellable op Landandbuildings	eratingleases are asfollows:
	2023	2022
	{,	t
Withinone year	262,720	238,053
Morethanone year andlessthanFrveyears	496,754	579,933
Other:
Withinone yeâr	305	687
N{orethanone year andlessthan hveyears	0	229

Reconciliation of net expendituretonetcash inflow from operatingactivities
	2023 {,	2022 I
Netincome/(expendirure)	1,824,670	\,653,964
Netinterestondefined LGPSliabfity	200,000	220,000
Depreciation	128,221	104,118
Contributions todeltnedbeneFttpensionschemes	1,081,000	1,219,000
(Inctease)/decreaseinstocks(note7)	434,705	(682,207)
(Increase)/decreaseindebtors (note8)	304,228	3,071.,686
Increase/(decrease)increditors (note9)	(1,940,705)	(+28,1,2r)
Netcashinflowfromoperatingactivities	2,0321119	5,159,440
Reconciliation of netcashflowtomovement in net funds
	2023 I	2022 I
Increase/(decrease)incashinthe year	1,908,885	4,960,204
Changeinnetfunds	1,908,885	+,960,20+
Netfunds at1Àpril	11,736,889	6,776,685
Netfundsat31l\farch	13,645,7741t,736,889
Analysisofchangesinnetfunds

Analysisofchangesinnetfunds
	At	Cashflows	At
	ILpril2022	2023	3lM,a¡cl¡L2023
	{"	{,	{,
Netc¿sh:
Cashrnhandand atbank	1,r,736,989	1,908,885	"1.3,645,774
Netfunds	11,736,889	1,908,885	73,645,774