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|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|
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||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||
##