| Trustees' annualreport(includingdirectorst report | |
|---|---|
| andstrategicreport) | 4-15 |
| lndependentauditor'sreport | 16-l8 |
| Principalaccounting policies | 19-22 |
| Statementoffinancialactivities | 23 |
| Balance sheet | 24 |
| Gashflow statement | 25 |
| Notestothefinancial statements | 26-36 |
| Note | 2024 I |
2023 { |
|
|---|---|---|---|
| lncome from: | |||
| Charitable trading income | I | 22,743,L3325,075,900 | |
| Totalincome | 22,743,73325,075,900 | ||
| Expenditureon: | |||
| Gostsof raising funds: | |||
| Fundraisingandpubliciq' | 2 | 7,011 | 16,482 |
| Gharitableactivities: | 2 | 22,618,892 | 23,234,748 |
| Totalresourcesexpended | 2 | 22,625,90323,251.,230 | |
| Netincome/(expenditure) | r\7,230 | 1.,824,670 | |
| Other recognisedgains/(losses) | |||
| Remeasurementgain/(oss) ondefìned benefit pensionplans | 10 | 2,884,000 | 10,799,000 |
| Net movementinfunds | 3,001,230 | 12,623,670 | |
| Fundsbrought forward | 16,805,8244,182,154 | ||
| Funds carried forward | 19,807,0541.6,805,824 | ||
| NetMovement infunds priortoFRSI02pension | |||
| adjustment: | |||
| Netincome/(expenditure) perSOFA | L\7,230 | 1,824,670 | |
| Pensionfìnance costincludedincharitableacuviries | 107,000 | 1,281,000 | |
| Net surplus/(deficit) prior topensioncosts | 224,230 | 3,1.05,610 | |
| Allmovementsareinunrestrictedfunds. |
| Balancesheet | |||
|---|---|---|---|
| 2024 | 2023 | ||
| ß | T | ||
| Fixedassets | |||
| Tangibleassets | 5 | 170,060236,432 | |
| Intangibleassets | 6 | ||
| 170,060236,432 | |||
| Gurrentassets | |||
| Stocks | 7 | 1,590,r44 | 1.,349,997 |
| Debtors | 8 | 3,906,294 | 2,711,913 |
| Cashinhand | 73,5L7,909 | 13,645,774 | |
| L9,014,347 | 11,707,684 | ||
| Greditors: amountsfallingduewithinoneyear | 9 | (4,910,353) | (3,894,292) |
| Netcurrentassets | 14,103,994 | 13,813,392 | |
| Totalassets lesscurrentliabilities | 14,274,054 | 14,049,824 | |
| .Netassets excluding pensionliabilities | 14,274,054 | 14,049,824 | |
| Definedbenefit pension(liability)/asset | 10 | 5,533,000 | 2,'756,000 |
| Net(liabilities)/Asset | 19.807.054 | 16.805.824 | |
| Funds | |||
| Unrestricted funds | 14,214,054 | 1.4,049,824 | |
| Pensionreserve | 5,533,000 | 2,756,000 | |
| 11 | 19,807,054 | 16,805,824 |
| 2024 ß |
2023 I |
||
|---|---|---|---|
| Gashflowfrom operatingactivities | 73 | (69,395) | 2,032,779 |
| Gashflow frominvestingactivities | |||
| Paymentstoacquiretangible fixedassets | (59,480) | (1,23,234) | |
| Netcashflov¡frominvestingactivities | (59,480) | (123,234) | |
| Netcashinflow | (127,865|1,908,885 | ||
| Increase/@ecrease)incash | 13 | (127,865) | 1,908,885 |
| { Gharitabletradingincome |
||
|---|---|---|
| 2024 I |
2023 t |
|
| UnitedKingdom | 22,654,297 | 24,832,787 |
| RestoftheWodd | 88,842 | 243,113 |
| 22,743,133 | 25,075,900 |
| 2 Totalresources expended |
||
|---|---|---|
| 2024 | 2023 | |
| Fundraisingandpublicity | {, | {, |
| Advertising | 7,07716,482 | |
| Archaeological investigations: | ||
| Salaries | 10,122,295 | 9,1.23,541 |
| Plant hire | 3r27r,716 | 4,1.73,425 |
| Sub-contractedservices | 330,431 | 750,515 |
| Traveland subsistence | 2,073,618 | 1,438,476 |
| Projectcosts | 548,055 | 576,954 |
| Specialist costs | 532,744 | 402,1.93 |
| Photographic | 4,383 | 4,31.4 |
| Financecosts@RS102pensionadjustments) | 107,000 | 1,281,000 |
| 16,930,242 | 17,690,41.8 |
| 2 Totalresources expended (continued) |
||
|---|---|---|
| 2024 I |
2023 d |
|
| Archaeologicalservicesandsupportcosts: | ||
| Salaries | 3,877,868 | 3,780,380 |
| Training | 100,351 | 84,130 |
| Travelandsubsistence | r40,994 | 741.,776 |
| Establishmentcosts | 577,755 | 523,038 |
| Officecosts | 605,290 | 478,235 |
| Legal andprofessional | 604,988 | 361,634 |
| Financecosts | (375,248) | 16,966 |
| Depreciation | 125,852 | 128,227 |
| 5,657,8505,514,380 | ||
| Governancecosts: | ||
| ,{.uditor's remuneration | 12,800 | 11,950 |
| Costsofpreparing for Trustees'meetings andsupportforTrustees | 18,000 | 18,000 |
| 30,800 | 29,950 | |
| Totalresourcesexpended | 22,625,903 | 23,25r,230 |
| Theaggregatepayrollcostswere: | ||
| 2024 | 2023 | |
| {, | î | |
| Salaries | 12,384,858 | 10,634,334 |
| Social security costs | l,lg5,694 | 1,034,301 |
| Pension costs | 1,0661736 | 860,91,2 |
| 14,637,288 | 72,529,547 |
| The full-timeequivalent@lIE)numberofemployees | during thefrnancialyearwasasfollows: | |
|---|---|---|
| 2024 | 2023 | |
| Management Administrative |
15 13 |
14I |
| Archaeological-researchers | 54 | 50 |
| Archaeological-inthe field | 288 | 275 |
| 370 | 347 |
| 2024 | 2023 | ||
|---|---|---|---|
| No | No | ||
| d60,000 | -f,69,999 | 4 | |
| d70,000 | -f,79,999 | 2 | |
| d80,000 | -f,89,999 | 2 | 1, |
| d90,000 | -f,99,999 | 1 |
| Netincomingresourcesisstatedaftercharging: | ||
|---|---|---|
| 2024 I |
2023 I |
|
| Staff pensioncontributions(note2) | 1,066,736 | 860,91,2 |
| Depreciationoffixedassets(note5) | 725,952 | 1.28,221 |
| ,{.uditor's remuneration Auditservices |
12,800 | 11,950 |
| Foreþexchange losses/(gains) Operatingleaserentals |
359,612 | 263,025 |
| Fixtures, | ||||
|---|---|---|---|---|
| Improvements | fittings, | |||
| to leasehold | equipment | |||
| plopefty {, |
Computers [[ |
andvehicles | I Total |
|
| Cost | ||||
| At1.Aprt2023 | 360,964 | 1,192,657 | 7,069r3lg | 21622rg40 |
| Additions | 0 | 24,975 | 34,565 | 59,480 |
| At31.March2024 | 360,9641,217,572 1,103,884 | 2,682,420 | ||
| Depreciation | ||||
| At'tApri.2023 | 336,779 | 7,099,494 | 950,235 | 2,396,509 |
| lharge forthe year At31March2024 |
12,359 63,615 49,878 349,1387,163,1091,000,113 |
725,852 2,512,360 |
||
| Netbookvalue At37March2024 |
11,826 54,463103,771170,060 | |||
| At07 Apä2023 | 24,185 93,163119,084236,432 |
| 7 Stocks |
||
|---|---|---|
| 2024 I |
2023 I |
|
| Short termwork inprogress | r,590,L44 | 1,349,997 |
| 8 Debtors |
||
|---|---|---|
| 2024 I |
2023 t |
|
| Tradedebtors | 3,5231406 | 2503,935 |
| Prepayments | 233,742 | 736,563 |
| ,{.mountsrecoverableon long-termcontracts | 149,146 | 71,415 |
| 3,906,294 | j.ry1213 |
| 2024 | 2023 | |
|---|---|---|
| {, | {, | |
| Trade creditors | 1,097,010 | 639,045 |
| Taxationand social security | 799,180 | 581,600 |
| Deferred income | 2,615,687 | 1.,925,622 |
| Othercreditors | 64,135 | 67,345 |
| Accruals | 334,341 | 686,680 |
| 4,910,353 | 3,894,292 |
| Supplementarynote:Deferred Income | |
|---|---|
| { | |
| Opening Deferred Incomeas at01.04.2023 | t,925,622 |
| Amountreleasedto incomeinyear | (686,229) |
| Âmountdeferred'tnyear | 1.,376,294 |
| Closing Deferred Incomeasat31.03.2024 | 2,615,697 |
| Theprincipalfìnancial ass | umptionsusedby | the actu |
|---|---|---|
| 2024 | 2023 | |
| o/oP^ | o/opa | |
| Pension increase rate Salaryincrease rate |
2.75o 2.75oÁ |
2.95o/o 2.95%o |
| Discountrate | 4.85% | 4.750/o |
| The majorcategories | ofplanassets(O | CCPF) |
|---|---|---|
| 2024 | 2023 | |
| % | o/o | |
| Equities | 67 | 73 |
| Bonds | 22 | 1,6 |
| Property | I | 9 |
| Cash andother | 2 | 2 |
| 100 | 100 |
| 2024 | 2023 | |
|---|---|---|
| o/op^ | o/opa | |
| Pension increase ¡ate Salaryincreaserate Discountrate |
2.75o/o 3.25% 4.85% |
2.95o/o 3.450h 4.75"h |
| 2024 | 2023 | |
|---|---|---|
| o/opu | o/oP^ | |
| Equities | 60% | 68% |
| Bonds | 23% | 1,4% |
| Property | 75% | 15% |
| Cash andother | 2% | 3% |
| t00% | 1,00% |
| 2024 | 2023 | |
|---|---|---|
| {" | î | |
| Fair Valueofplanassets | 32,150,000 | 28,696,000 |
| PresentValueoffunded retirement obligations | (26.617.000|125-940-000) | |
| Net(iabiJity)/Asset | 5.533,000 | 2.756.000 |
| 2024 | 2023 | |
|---|---|---|
| I | I | |
| Currentservice cost | (952,000) | (1,654,000) |
| Netinterestexpense | 726,000 | (200,000) |
| Totalrecognisedinnet expendirure | (826,000) | (1,854,000) |
| A.ctuarial gains/(losses) | 2,884,000 | 10,799,000 |
| Totalrecognisedinothergains/Qosses) | 2,884,000 | 10,799,000 |
| Totalnetamountrecognisedintheperiod | 2,058,0008,945,000 |
| Reconciliationofdefined benefit obligation: | ||
|---|---|---|
| 2024 | 2023 | |
| I | I | |
| Openingdefìnedbenefìt liabilities at1Â.pril | 25,940,000 | 34,679,000 |
| Currentservice cost | 952,000 | 1,654,000 |
| Interestcost | \,2421000 | 973,000 |
| Changeinassumptions&re-measurements | (1,756,000) | (16,023,000) |
| Estimateofbenefìts paid | (809,000) | (4s3,000) |
| Experience loss/(gain) on defined benefìt obligauon | 764,000 | 4,855,000 |
| Contributionsby plan participant | 284,ooo | 255,000 |
| Closingdefìnedbenefit liabilitiesat 31 N{arch | 26,617,000 | 25,940,000 |
| Reconciliationoffairvalueof employer'sassets: | ||
| 2024 | 2023 | |
| t" | t | |
| Opening fairvalueofplans'assetsat1Äpril | 28,696,000 | 27,917,000 |
| Interest onassets | 1,368,000 | 773,000 |
| Returnonasset lessinterest | 1,892,000 | (1,716,000) |
| Otherexperiencex | 1,347,000 | |
| Estimateofbenefìts paid | (809,000) | (453,000) |
| Contributionsby employer | 719,000 | 573,000 |
| Contributionsby plan participant | 284,000 | 255,000 |
| Closing fairvalueofplans'assetsat 31 Nlarch | 32,150,00028,696,000 |
| 11 Fundreconciliation |
||
|---|---|---|
| 2024 I |
2023I | |
| Balanceat1April | 16,805,824 | 4,1.82,154 |
| Actuarial(losses)/gains | 2,884,000 | 10,799,000 |
| Netincome/(expenditure) | 117,230 | 1,924,670 |
| Balance at 31March | 19,907,054 | 16,805,824 |
| Totalfutureminimumleasepaymentsundernon-cancellableop Landandbuildings |
eratingleases a¡e asfollows | |
|---|---|---|
| 2024I | 2023 t |
|
| Withinone year Morethanone year andlessthan fiveyears |
359,612 448,12t |
262,720 _4e!l:1 |
| Other: | ||
| Withinone year | 0 | 305 |
| Morethanone year andlessthan fiveyeats | 0 | 0 |
| 13 Notestothestatementofcashflows |
|||
|---|---|---|---|
| Reconciliation of net expendituretonetcash | |||
| inflowfrom operatingactivities | |||
| 2024 I |
2023I | ||
| Netincome/(expenditure) | 117,230 | 1,924,670 | |
| Netinterest on defined LGPSliability | (126,000) | 200,000 | |
| Depreciation | 125,952 | 1,28,221 | |
| Contributions todefined benefit pensionschemes | 233,000 | 1,081,000 | |
| (Increase)/decreaseinstocks(note7) | (240,147) | 434,705 | |
| (Increase)/decreaseindebtors (noteB) | (1,194,381) | 304,228 | |
| Increase/(decrease)increditors (note9) | 1,016,061 | (1,940,705) | |
| Netcashinflorv fromoperating activities | (68,385)2,032,119 | ||
| Reconciliation of net cashflowtomovement in net funds | |||
| 2024 I |
2023 { |
||
| Increase/(decrease)incashintheyear | (L27,865)1,908,885 | ||
| Changeinnet funds | (127,865)1,908,885 | ||
| Netfunds at1April | 13,645,774 | 71,736,899 | |
| Netfundsat31March | 13,517,909 | 13,645,774 | |
| Analysisofchangesinnet funds | |||
| At | Cashflows At |
||
| 7ApnI2023 {, |
2024 {, 31trfarclr2024 I |
||
| Netcash: | |||
| Cashinhandand atbank | 1.3,645,774 | (127,865)13,517,909 | |
| Netfunds | 73,645,774 | (12t,865>13,517,909 |