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|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|
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||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|
##