TRUSTEES. REpoEfAND FWCIAL STATEMENTS FOR ThE YEAR ENDED 31 IAARCH 2025 REGISTERED COhTPANY NUMBER: 01712772 IEn9land and W418s1 REGISIERED CHARITY NUMBER: 287T86
WESSEX ARCHAEOLOGY UMITeD ¢ONTENTS FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2025 Pag8 Chair and Chief Ex8cuts"ve's Report Truste85' Report lincorporating the Strategic R8porti Independent Auditorf8 Report 16 statement of Financial A¢tsvitie5 19 Balanc8 Sheel 20 Cash Flow St8lernent 21 Not&s to the Financial Statem8nt5 22
WESSEX ARCHAEOLOGY LIMrrED STATEMENT OF IRUSTEES, RESPONSIBILMES FOR THE YEAR ENDED 31 MARCH 2025 Chalr and Chlef Exe¢utlve's Report Ojr strong p8rfom)8n¢e in 2023124 wag ¢A)ndnued with an equauy strong perfomance In 2024r25. Buldkng on the platForm of 2023124 we ar lo rewrt ca)nsofKlated hjnds of £8.9 mil)n. During ts finanual year 24126 we gen6r8ted o)nsolklated nu Incomo of £27.7 milllon12024= £25.0 tnillionl and èmployed an 8vgr8ge of 3B7 staff12024.. 3491. Foll¢Jwmg the trend ofw8wious years. cmjr key areas of aLvrty remaln InfrastrucbJr8, renable engrgy sch8me$ and r?dentIal devek)pmènL The Incre In reneat anergy stemes and knfrastsTè witn8$sed thJriTrJ 23124 Is conlnuing Bnd Es relkcted fn th8 new LaIr govemrwys growth thkles and Green Economy Inilatives aThJ r811&¢ts our Mast posltlDn as one of the only large ¢ygani5ations that has the capatxty and pabilty to work on more complex Nationauy sn¢ant InfKaslr4Kbkn Projects arKA onshore and (duo to our Marine offshore renewab18 Sche$. though we had 8 stroNJ year. li wa5nl al salng. We experienced a mah cyLw Incklent In De(ber 2024. whl result8d In a rebuikl ofsoth our re Systwns aThJ a StrerWJlh ol our rybersecurity and rr systems. Th8 incklent al80 c8uaed a Ilrrited loss ofome and data. d ofbthch was $wssfully mgated (kn part. through the Insur8 pO¢Y we h8d in pc8 ts such 8n eventuality). One ofi#Jr m8i( pknned infrastrucbjre prDje¢ts forthis fv)ancial ygar, the A303 sloneh8Je tunnel sthem. was unexpectedty cwlkd two bBlI8 we ware realty lo dep4Dy a Who tèam. Howèver, careful prevloth% ntingn planning and waParat[¢ built from our pr05 exrienrE8 ensured that th& ¢Ilation oflhe wolo(A did not affect our wr8 tSIne&8. We hava been able to ¥0t th& u88 OfoUrkn8try fac19$ 8r)d are foThrdrd to o (xjnwldated le preseThx Am88bury bythe end of2025. Thè year 2024125 aL saw srgnlficant ¢hawJ& In the go¥anCe at Wassex AaOI)gY Lhnlw (We86exl, a now Chigf EKecutive lapwint8d .1 214) and a Chatr lapFX)knted JY 20241 a$ as I arrival of four new TnJ5tg98 alongsklo th8 sad d8parbJre of three w vathd and toWrV tnJsle8s anEI our pmviou8 Chalr. The89 apOntm8nts herald 8 number ofadjustments In overall Strat dkecakn. indLJlng the intr(KJJctbn of a M8ion.' Uncov8rfng tlpe Past to help bumda bettar worfd and the srnw5fitl0n of Lr vthes to.. Alm Huh. Respecl Care. Thi8 was undertaken in cb)$6 n$tati( wth thè enlm(vganlsation aThJ resulted In Ihè rase of & ngw liyear Strategy d(mont in Aprt 2025. Wo contlnue to buwd on our rarKJg of charltablè acaivlltes. nauonaty slgnifiL¥nl soclal EescrJirvJ work vthh Wel city Sallsbury and the 8xVation of Sheffield Castte. We hav8 abo laun¢hl our Open Llbrary maklNJ OV8T 200 wblltraUon$ completely on awss Imw)y of %¥hlch were outol print) aNJ w8 ConnUe to athy to the Ilsl, includlng ovlding a worfdwide pAnt-on-demand 8eThic•. W8 rem C¢rMed to wr Netzero ambit)rK% at¥1 have und8rtaken many different inltiatives over the y9ar, In¢(rg Literacy tram11,. thanops trj our suthnakle prcthr8wont pokles and a revlew ofour Estsl8S WKI HeeL Wa eonthnue to have a Str and 8¥pallng intemath)nd workng on wlè¢ts In Athl&. melnl8nd Europ&. S8udl thblB and tha plIpp&s. Wessex is Ic&nig foThvard to a succass(ul 2025r26 y8ar- bU1[rVa ¢M ¢yJr new WBlon. Vth98 Strategy and 85 psrt of Ihls w8 11 be invesllng for the futwe in rW olkn spaces our Salisbury and Sheff t&&m8 88 as a reaNgnm8nt ofsome of key ¢Yep&rbments and [w)&bO to better refieo* our new (SITrOn.
WESSEX ARCHAEOLOGY LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and the audited financial statements lor the year ended 31 March 2025. The Trust888' Report incorporate5 the Directors. Report and Strategic Report required tiy )MPanY law. Objectlves and Activities The objects lor which the Charitable Company 15 established (its charitable purp05el are lo derive public benefit through.. the advanrnent of education., and the adv8ncewnenl of th8 arts, culture. heritage and science. Wessex was set up as 3 charitable trust in in 1979 and become a company in 1983. Wessex derive5 most of its income from its primary purpose trading in the provision of professiotFal heritage servic8S to businesses and govemment organisalions throughout the UK and int8mationally. In addition lo the public benefil delivered directly by these activiti85, th8 surplus gen8rated by the Cotnpany is invested in educational and community engagement initiatives. Wess8x serves and delivers value for its dients by deploying a wide range of technical. interpretative, advisory and public engagement capabilities and is cOgnIsed as a lead8r in innovation and the provision of high-quality *Nces for archaeology and heritage 5e¢lors. Vlsion an(1 Valu8S Following th8 work on our strategic dir8Ction. we hav8 detemiined that our vision is Uncovering Ihe Past to h81p build 8 bett8r world and our core values are lo.. Aim High, Resp8Ct and Car8. strat&gl¢ Goals Our Strategy 2025-2035 will support our organisation to continue delivering its charitable aims, expertsse and achievement5 to strengthen and extend our worf( on the domestic and int8rnational stages. W8 have defin8d seven strategic goals. which und8rpin all our charitable aims and which we will start to realise in the Coming financial year. We will.. Fulfil our charitable purpose and d81Ver social value whilst being a sustainable. riet zero and inclusive organisation. We will focus on sustsin8ble elements to the ongoing resilieno ol th8 chadty.. Roll out carbon literacy training and ESG awareness to 811 employees. Continue to work with our supply chain and our owned assets to reduce our ¢8rbon footprint. Using audience research define priorities for direct company investm8nt as a perc8ntage of surplus in audience èngag8rn8nt and education work. develop th8 skills of our staff,- supwrtsng their wellbeing and enhancing their abilitie5 to align with their aspirations. the updated strat8gy and their continued eoniribution lo our charitable aims.. Develop a clear organisational design to support the upda18d StratY. R8search and prepare for ngw models of recruthent and employment lo increase diversity and fost81 an indusiv8 culture. Work on reviewing and planning for skills, knowledge and188der5hip d8V81opment in support of organisalional ne8ds lo deliver 51rategic objectives both commercially and for the publi¢ benefit. Invest in improving internal communications induding digital channels to provide graater access and transparency of information for everyone. Further develop opportunities for staff particlpation in comfflitiees etc. Ensure financial resilience to invest in the long-terrn development of our organisation. We wll wod( on hawng new systems in place and investment stralegies". Invest in the peop18, Systems. technology and facilities we need for our colleelive future success. Develop clear strategies for our subsidiaries to ensure they align with our values.
WESSEX ARCHAEOLOGY UMITED STATEMETrTf OF TRUSTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 PIARCH 2025 rTbs• stratèglc reLgtionshrps that ahgn Trh4th our on and core values. W& wS114rtFvdy Seek to bu1 strateg r8JaUonshlps wth organtIOnS and indNidu vtho share our cth8ritaUg vau8s: Act 8& the ho8t forsymposWev8Fts thai alkn wjth Ir stra10g gDaJg and organ1$8 or ¥p)nsor al18a8t one trddelgfA¢JemieJpolicy evenL Explo¥e extharye prcgramnws. secolts aThJ trainlrvJ lnibal wlth our th)mestic and intemaknnal partngr L6veragè our excellanc to to dlveth markets aKJ s8rvkes. We wlll use dIr8ficatiOTh to bmaden our range of¢hailta OLrty>uts: Deflne and communlcate what wè mean by diversificatiw and rt ralates to Jr S)n. Val8, And r91ev8nl strategtc g0818. Create a clearded5k)Trm8klng proce88 advanc¥ dNStion inltWfve& InffuwKe pollcymakws and FIanlS at a kKal. nakn4. a)d intsmallwal Ve1 to vabje ofthè hbtoric envtronm8nL W8 wlll us• our work to h¥yrea(kn nv)st reknnt gThJ (thallenging l&wJe5 of our time.. Connect th locd ¢xAtur81. setenOfiG ¢c¥rYnunty WKI eduratial Organatr)nS to atrUt tsy Wae and need and make %that We do relevant kn th8m. Pkn and Idrify burtget to staff to voknitsw 1-2 days Fwy8ar Creat6 and delfvar imovatlve eng8geFngnl And hwwcthll sdutions by data, 8Tratytics, and tech10. We iH be focused on dats a1 infonnaUoTrled d15)$. aThJ we FmOt8 a targsted. low envtronment and hig 80dakvalue Impa(8pwo8ch: CoTrate basdine info about cJr da14 (whÈVwhylhxflkng1 al$$ lh& n$88 to &nsure our data Is feslllènl fft (or our wrFkW. Begln work on dg¥ok)plng. Trptry and eft¢dthng data41teracy resourcag and trainknu a¢r085 thè organL8atSon induckn developmenL Publlc Benofft Culluml horltaGo contrfbul88 to a sen88 of pla. to MMunity Idenlity and an enhancod apprecwon of th6 8nvonrnenl In whh wg Ive. It Is tangibl8 arKJ lntaThJle. c¥)ntrtwUng to social caprtal and Mang r CmUnIt more sew- Tell8nt and dynamlc. Our work defvers publlc b8nefit by 8nhanrxKJ social indLFSh)n and LY)heslon, promc>fing culthrd derSIty and ¢onlributing to soetal. physical 8nd E(XXJLxni¢ regtIOn. We conlhue ID Invèst kn new Wa to prcwnote an appredal)n of cthral htye arNI lo ssslst the publlc in dthng apprecAable so¢lal value fmm hlstMc envwonment r8s0ur¢es. We focus on educalkjn. eommunlty, terknology. incluslon and wdlb61ng and work lo prwitlsg und8rsthv&l The benefio8ri8s of ourwor eJ8$S a vide sp8¢trum ofe(nrwnflEs and gws a(¥095 the UK and beyond. In addlllon lo tha Ixganlsats'ons or indivlduals who (x)mrrissh)n the Thryk, benefran9$ IrtIde.. fell herit&Jg prof8sslonaLg'. Indldua}S usng publicatlons and digit re$ow(S., sped21 lrfewt gr(xip5" teachers sbjdents in a 8ectors of edwallon.. dIsadvantagl gr¢ups who exp8rf&nce a higher rtsk ol p)vety. 80dal excluslon. dL*cNminatlon or wtknn¢e than Ihe gera1 lakn. rKtuding. but not Wmrted to. 8thnlc mInl8$, MrantS, people vhth thsabllitles, iscdate¢Y eljerly pwle aThJ chitdren. The TNslee8 (a)nfimi Ihat tlw h8ve dug reg¥d to the Chwty Ccvnm15$1on gUhla on wbllc bèngfft.
WESSEX ARCHAEOLOGY LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 Achievements and Performance Committed to ourso¢ial impact Our 2024-25 Whatwe wlll do ambition What we achievad Edu¢atlon & Cornmunlty Continue to deliver actiwiies IhBtenh3nce knowledgeand engage people with archBeolow. The Open Libraryplattorm was Launched on 11th july 2024. srarbngwth over 75 bDoks Iincludingmany out-ot-print titl8sl and 155 reports. We continue ro addto andgrow accÈsstO Ouf rich kngwledge data. Wessex rontinues toeng8gewithyoungpeopie in schooLs imrough client co- detivery, SUPPOrting schools impacted by local archaeology, and supportinE sthooLs near ourofficeswho cannot afford thecostgf 2 schooltrip. Inthis period, over 3000 children havetaken part ID hands-on. face-tD-face 88ssions IhatU8e archaeologj as a stimulusforcross curriGular1É8rning. We 8re supportingteacherdeveLopmentthrough tminingin spacific areas of the 8tionalcurriculum. W&hav8 run three communitydropin eventsthBioffer a se18ctio of themed activitieswith somethingto reall. sornethingto do. somethingto W8tth and peopleto ialkto.A partof the8e events IsihÈ inclusion of Open Lityf8ry runningon touch screento encourage 8CCeSStothecontent. Events encourage sraff interaotion and developmÈnt in public 8peakingand psentatIOn. Public events enable speci81ist5to hone theirdis5&mination skilLs, Interpretingarchaeological n8rratives for Jrff8rent audiences. 27talkshave been deliveffjd tolocal 50cieti88 and cornmunity groups.This include8theWI, U3A. Social and communitygroups. These talk5 have reached over 1620 people. WeLi-CitySalisbury projecr continuesforanotherthreeyears, after securing fundingfromthe NationalLottery Community Fund. allowng us to continue worklngwth people Wth mental h8alth needs. DiggiDgforErlestDke project (funded by National Lottery Herbt%ge Fundltook 88tokÈ 8Dd sawW8Ssèxworkingwiththo hidden prison community, using8rchaeolWto Improve s mlndsetand in the r8habilitation of prisoners. Well-city Salisbury and Diwngfor Etiestok8 were Mokey inv&stment proi8ctswithWessexmakingH 10% contribution to overall projectC05ts. Deliver 5eGtor- leading omrnunity engagement Workwith. engage and includ8 cents, partners, Suppliers Ènd oth8r 5traiewt rekation5hip5 in fhedetivery and ellgagetnÈntwth the public, io improvÈ our actmties and dN8r8ty of rEach. servethe broadest8nd most diverse audience possible and L8ave meaningful legacy. Launch and continue ro add resourc8S to our Open knbrary platforyn. where we sharethe ch8riVs ricm )rchaeologi¢al knowtodge and (latawith as many people 85 possible. removing barriers including subscriptions and f8es. Inclusion & W•Llb•lng In Iinewith our audiBnce research and cuFrÉnt bu51neESStrate, continue to find waystowOrkth relevgntgroupsand Challenge inheffjnt bias t8rget8nd engage underserved groups. P05sible, tXP8nd OD exi8ting proj8cts to inGrease the impactand our learnings. ThroughtheW&lcome Piojectweworkedwith overseas NHS staff using heritage for placemakingand Gonnection. Both Digwngfor Ertesioke and TheWetcom8 Proj8Ct are mod818 for neww8y5 ofworking ID communities. Audience research has led tD the creation of a setof audienc8 profiles. The ourcome5 of the project are.. action8ble insights ro inform audience dev8loptnent-, r8ference point in decision making and a stsrtingpointfor ros8-0¢8nisational audience-in5ights-led approach. Audieftce Research Undèrtake r6searchto und8rsrBnd the motivations, needs gnd behaviours of the P8opltrwho angage with us. People centred
WESSEX ARCHAEOLOGY UMrrED STATEMENT OF TRUSTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 IdARCH 2025 Our202+25 nition Whatw8wllLdo Whotwa •chlwed Develop Health & Safèty, trow 8rafl FniTnu8wthts hrtegr8tbn 01th8 H881th arKIWetylOHSlwd Qu8Vty managemnt8yStem8lQMSI, provldlrgan Incr888¢¢Jrepor mechanknithat look8 atthevthoi8 ciure, S[tre$sos the wayin %yhic.Iwe mwwhataNI how we do ourworK TrlntBgratk)n oftheOHSandQMS5yStèmsls ethisW.Amorthlyme8tkngwtch lty)ks8rth8 8Lwofth6 IS08881[f0rdt8cUssionoTh 8hai& Oppothn8.tskS. non- conforTWestr.athav8ottcurredlnthe sIneSs,thIS aiitrtsthew(wptodL88&trènds. Aquarterty manawnentK8vwrÈport pB8 edence0ftoP manmentin18TrintrpryeS& Investmenti UP5Allngpwplp ènd comnwnlcatlon Irwee581he w8LLbBkngofoui stsff. Extendstaff development capebllltyty pra8resslng( tr4knlngand reersuppwxt fun¢Uons. Er6 $raff our values and tknfme [rCuUre. Updated organwam0ft bus#w8 ¥ghth desbe$the [wlOn accountabrflti85 Dfthehtsinwttws pdIgreate1ClaIItysand r88ponsNlrtks aSll a5Mw¥+lt W8do m0 ¢IBarty. WedlOP80 thr& inio severalstrantsotthestratsgl oCti¥Yforth8Sw lookingatthe hIwaty8nd $tNCtyreto beit6rd@ftw th8rol88and tiffErent Str of thebu51n8&%creatsdexpllclt tsCIthandbsDUrgLSklI1rnrlceS Wh setout the rwemems4nd howth080woW bg maasure 1husail(rMClarj 8xp1kttguhjgn&%ty b8 awiabie to ThB modfji is t%ingrotladoutto othgr lrnprove 8dvertS8NIjrtid&s$th mak8 thaseiaoargr. TTrJr8upto de attractNe. In¥)rthE the (tsOardNand VOC sothatnew8tarte? f¢eiewged aMI partoftho its cuttvre snd purpose th day0. Wecreated a corrmDntempiat8forlobdw4 Wh can b8¥%Aiad8¢ross 8llrnc1unent Theontwdings¥w8mme connueS1O be devei(ped th ofthg business eng?Rgththe FXIJC8S8on a I¥88t1n leadetship suppOrtJtynir to8wygrt8XlYeergl8kn in the bJ8lneBs. We con1thtOrVes[knÈ&legderShlp Hnd dewLLWL and positfve Ir1t9r9ref1t8d In trd8¢[Bas0 kntheg8noerpaygapArwJ Irea5B I Impng dWr81ty. equauty Creatsa EqUatyd hctLion IDEII committee. Wh rLleisto[n barfers, lrnpr engwnt8nd k¥ovi (de9 SUFWttOfx•eswd wel (Xultedad egr#Termsofr&f8r9nC8 Ivrth8 DElgroup arKlexwto starknngth20. IrKIu5ion IDEII T1sha$be a58¢0818nd In the Strele8koi¥ecltrthfortho LevwiwielthnsNpith¢iKnrsond strateglc partnersto and Innovaknwaysofwortw
WESSEX ARCHAEOLOGY LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 Activ&lywork for a bettertutur8 Our 2024-25 ambition at W8 willdo Wh8twe 8chievad Rewew and reduc& emi88iOD5 and signth.cant eDÈfgy usewithin the ess8x estate Review altwessex buildings l&xisllngand n8wI. Estatesreview haytaken place. movingtD newoffice8 ai Salisbury and Sh8ffiel(l. Five underutilised di&8elv3ns hav8 been rewmed 3tlhe end of their lease 8nd have been replaced with anelectric van 8tBristDI officeto stgrtintegr81ing Ev's iDtOihefleet. his work Is ongoing-the registerhas been used ro complete several tender$ubrnissions. Evaluatevehicles, Fleet, Tran$port and Equipment. Contilluingto build our35P8Cts and impacis register-withfieldwork beingthefir8tto tÈst he System. Int8gratp Estatps and Facilitlas manag8ment o deliwersustainable goÈls, sush as waste managementacros5 all Opera0$. Review corporate p0cLeS rÈL8tingtO C8rbon reduction and realign our NetZ8ro ¥mbition based on current d)ta. ro18Wè8filled in eartyApril 2025. EnE8g8ment tr18havioural chÈnge overnance hèse aresiillunder revi8wand new date8 have been established b8sed on the darathat ha5 b88n colLatpd as artol ourcarbonfootprint TnÈasurement. RewewbÉhawour81 ch8nges 8ndtraining needed rofocus on climate chang8. Develop company communication srrategy to improve 8ngag8mentwith our net zaro ambition and changes needed tO8chievè It. Carbon literacy coursewa8 pilotedwith trustè8s and &nior m8nagement and willb8 rolled out. Usp of intBmal communications tools ha8 been uccessful. A stsff forum 15 dueto b813unched to progres5 8warene88 8Dd provide a mechanisrn forstaff tD $h8re infomation and lèan abouttheworkbeingundertHk8n acr05S the business. hls rolew88 filled NDvamber 2024- progr8S8isalready being m8de and en8agernenrwfth Our supply chain has snifiCant¥ incr8a8Èd anabng(1dts to b8 sourt8d 3ta or8gr3niJlarleveL Integrate the new Procurement Manager rol8 to dèlivervalue 8nd cost sawngswhile workingwith oursupplychainto re81isÈ the ims gnd colLectdata requiredforourNet Zerujourney Onboard and embed supplier tnanagemeni 50M¥are Ito ensure 311 key 5uppliprs are verified fora range of crit&ria such as H&S. ConstructionlinÈ 18 Dow up end wnningwith an incre858 of over 20 of 8uppli8rs being oDthe platform. There 1$ morè orkplanned on thi5 lieto U88 rhe plarfDrm rnor8 and in tterwa reducewhich, in raturn r8ducesour oparationalrisk.
WESSEX ARCHAEOLOGY LIMITED STATEMENT OF TRUSTEES, RESPONSIBiunES FOR THE YEAR ENDED 31 IAARCH 2025 Flnancial Revlew Consolidated In8 forthe year was £27.7m. an kxxease of 10.gY¥ over the Fevious &r. Exp8ndllure Incr8ased hy 17.9% whlth wsult9d In a nat suws of £1.1m. The $1 for the y8ar to Marth 2024 was a surplus of £2.4rn. The Increa8ed rev6nue and ¢x>sls refiethl skng LY)rg dematvj. r Iradlng subsldl8ri8s, Wess•x Archaec4trJy Ven[U Lwnlted and Trident WA GmbH, whlth delfvgr ar¢h8eokgkAI seryéces to ¢1gnts outside the UK. contributed a nef loss for year to March 2025 of £161k as we invest in our temath)nal cap8bllities lin 2024 thts two thE&S generated a proflt d £B50kl.' see note 17. It should be noted that We8Bex Wagology Ventures Llmtted dcat8d £1SOk of proffts to th8 UK thanty undèr GrTI Ald kn the yew. The total fvnds ofth8 Group at 31 March 2025 We £8.9m (2024- £7.8m) otvthith £44k is r69trfct8d IF¥in(xpalty Wejl C fundln91. Cash b81ances hav8 dedinl 8nd t)ebt0 have iNJe8sed In lh8 ygar gnded 2025. du& lo our InSlrnent In a tradinglolnl Y8ntur8 th MuswFn of Anha8okw. anothgr uK8$&j 8rdj[cal (4)arty. to s&Nlce a 31gnrfnt cornmercLql cx)ntr Th Charfty Iwd the Group) conlhuès to IrNe5t to 8ffNyerry. with wlncant 0xpBndr8 on rr and Ggosurvey equipment. RoSor Polcy Foilowlng a review by tha FinaJKe. Rk and Authi C(¥Txth 2025. ihe Tte&S have approved Res&ws Polcy. Based on an assessment of cash1k demand. the cash Ixjntkngerw wulrem6ntW88 set at one month's 0ratl9 costs Ic. £2ml and the rninlrnum ras8rv8s were sgt at Ihr88 M)nIh5. opgraty {c. £6ml. In dotemilnlng ttle reserve leval. (x)nsIdernoll was gfven to th8 kvel Ofwolng t¥la1 requw8(1 lo salw the expectsd cash flow reqLufBments of proj8(8. , at any pnI, W&ssex can foras88 it may tKgach thts rNrimum resve8 threshold ofthrge rrh)nths' Op8raI costs. the policy roquSres that this posltton b8 I[11 cn Ch11 cpanIS ISk Regk8t8r and addr8588d an appropriate acllon pkn. Total n•t a88ets kn the tharws alKe S1 at 31 klarth 2025 w8re £9.1m12024-£7.7m}. Tota assets Indudo fixed asseis of UOm12024- £21ml and restrfcted of £44k12024.. £33kl leaving avalable 58T¥e8 of £7.1m12024. £5.6ml, of whlth, £02m teprgs&nts thB revaluatkjn reserve12024.' £0.2ml. To cover the potent181 dsks of tTThkng oftlce8, has req Ihat an reseNe of£O.5m L8 he until tho freelK)Id property b sotd. The reserygs is r8viewgJ annUY to dofvery Chwitable Ccffipanys 0(11¥&8 and the rL88d lo Mnts1 the resMIen of thé orffirfon. R15k Managgment W885ex has both a Rtsk Management poli a Risk Management PrLvdure In pl&e. These are rogul8ty r&eWed by the Flnance, Rlsk and Audlt (mttlee. Thg Exeoth8 mana1 Team L8 respsible for th& •x8CUtlork of tho Rlsk Managbmenl Procedure and th8 rnaintonance of Tr$k Register and sk Appetite. The RLgk R8gi$ter and sk Appetite Are then viar (a)ndered by the Finance. sk arKJ Aud committee arml apwoved by the Board. The k6y areas of risk idenfjfl6d are as foLbw8: l>)vernance Rlsks Govemance t1sks are mlvgated thmugh regularmor¥tww ofthe regulatory and operauonal environment supported by IDlemal contrcAs and tsxt8mal avksots. The$9 [rhanIS[lk% eru that e[rrgIng issu89 ar8 entffied earfy and ès(xlaled to Ihe Trustees a1 team Oporatlonol Rl8ks Op9r815onal risk8 are mitlgated by roEyJ3t mawerrent systm8. that gukle d0cisknmang. tk rforrnance and ftxlude Ipon&Ve pr(Kxdures to reduce the impact ofadv8rse event& This I4ud&S buBiness ntthu1ty plannkng and 8cenarlo testlrKJ. Cybersecurity Is a kw area of trfflcem. The IrreaS1ng frpquerw KI 3cphLth8tion Ofbwth188ts pose a sigrfficant Jlsk to opera5, data Intsgrlty. and wwlatkn. VV888ex has Irlyknted 8tratsgkn AlkJn th Iru¥try b851
WESSEX ARCHAEOLOGY LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 pra¢tices and maintains cyber insulan cover. Regular tr8ining and awareness measures are undertaken lo strengthen organisation81 resilience. Flnancial Rlsks Financial risks are mits"gat8d through car8ful financial forwaid planning, the monitoring of budgets and reporting mechanisms. The Finance team has a¢¢885 to in house Quantity Surv8yors as well as ext8rnal financial advice and the support of legal and payment collection services to tnanage exposure. Extsrnal Risks External Risks, includlng geopolltScal instability, climate change and supply chain disruption are mitigated by careful strategic planning and servic8 d8v8lopmenl programmes that can adapt to changing market conditions and regulatory change. Complianc8 Rlsk$ Risks are Tnitigaled by robust cornpliance systerns su¢h as ISO 45001 and Iso 9001 which are externally audited. In addition. w8 continue to foster a strong organisational Cultu rooted in intagrity and accountability. Mandatory training ft)r 11 staff includes business compliance lanli-bribery and corruption. GDPR. Modern slav8ry, Whistleblowing plus othersl nd su8tainabilily and N8t Zero. Staff a expected to demonstiale and communicat8 the company's core values and are 8PDwed lo challeng8 behaviours or decisions which that fall short of our standards. Other Ri$ks Economic Risk- in ctrmmon with many businesses, the charity MaInS exFM)S8d to macroeconomic volalilily. Inflationary impacts and 51aff I ski115 shortag8s are ol particular concern. In mitigation the Trustees and the Executiv8 continue to rnonitor e¢onomic developments clos81y and the Trustees have maintained their support for a serie5 01 business d8velopment and diversification strat8gie5 which seek to explore additional incoffle str88ms. Risks lo People- the organisation 15 dependent upon its peop18 and turbulent times can plac8 our team under Increased rsonal and profe5sSonal strains which can result in lowered performance. ill health, staff losses or recruitm8nl dfffi¢u1ti8S. The Board of Truslees and the managem8nt team treat the health. saf8ty. wellb8ing and retention of OUT people as a piioiity. gnsuring a saf&, supportive and developmental environment.
WESSEX ARCHAEOLOGY uMrrED STATEMENT OF TRUSTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 MARCH 2025 Structur•, Gov6rnance and Management Gov•mlng d0mrts We8sex Archaedi)Jy Llnwted is a r8gIsterj tharity and is kL)rated as a C[npanY Ilmlted by guar8ntse and without share capwal. The goveming (kncurnent Is Ms Upda Ardd&s ofAssodation, whlch were adopted by a spedal r&801utbn on 20 M8rch 2015. Members of the Charitatl8 Company mayvote at er81 m98tlng5 aryl Ihelr Ilabilty for Its d8bts1s Ilmtted to £10 8ath. Subsldlary undertaklng$ The Chadty h8s a trading sub4¢Mary. Wessex Artha VenIU Umite(I whlch L8 lh9 sde Shthder0fTd8nt VVA GmbH. Thg tradlng resutts of these 5ub8hJlariBS 51w In Note 17 of Ihg Group financlal 8t8tements. Appolnfment of Trustèe8 and Dlre¢tOf5 On appolntmEnt. 8t1 Director¥ of tho coMY also betsyne Tru51983 of th8 CharftatA8 Comp8ny. The procedure for appolntrngnt ol the Dlrè(th and Trustees is d8xth8d In the Charrtable Corn8 ArCS ofAssoci8tbn. Truste8s arF 8ppolntsd by th8 Board of D[red. New Tntstees Sp Ihn8 atone ofth8 Chatable Companys Offi 8t th8 beglnnlr ol Iheir apwirthent Thdr i[Klur day In(lude$ meeiarus wfth Ihe CharllaLle Comp8nVs Chipf Exer#Jlfve Offir and wrth Ihs Chalmian ¢TruSteeS. Thè Induct prwess 15 desw tD famili8ri8e rW Trustees With the rk oftha Charltable Company atKt its alm5 aTrJ obj8Ct'ves. Furthw traInr and aw8reness-raiwg is provid&J by the Tnjstses, Chlef Exewtyve Offi, Prln&pal Offws a8 ap6Yoprfth. During 2024. Chalrol th8 Trusteos, l. Sèlby, 8teppad down and T. Wrtghtwas appolnted as Ch&r. At 31 March 2025. th8re were mBmbers12024:81. Structurg of glall0 and declslon rnaklNJ Truste68 are rèspondbie trthe overall str8tegk arKI wlcy oty8CtNes of Wesssx. DaY-td8Y manaent is delepted to th6 Chlaf Executiv8 Offl¢er 8rNI the dh8r PfvKI Offlcer5. The Board of Tte8$ arKI the Senior Management Team Comw'se th8 key managemènt peTsc¥)n81 of the Charity Sn charge otdlrectiNJ ond witrolllng, tunnlng and opwalln9 fhe Chaty on a day4W bask¥. We&8ex maIntaS partn9r3hip w(thng relaflonshlp5 Wth a rnng8 of (arrtabl8 arml CoMrIal entetyrises In th8 aTchaeologi¢8188clor and in related fi6kJ$. The TteeS are satisfied tkkyt thts8 Tdaih)nships seNo to fuTllw th& tharftable Mlm8. The Trustees have rathved the events &YJons adv• 8bi15ty to achl8¥8 ilB staled charlt8bJe objects or its gl oblwJatknns. The Tntstees haye 0 IrryA8menW 8 risk m8nagem8nt system based on Charity Comrnlssion guidonce. They are satL8fi8d that the m4tsr risk8 have In Identifjed ond that sultable mear&S are pkice to mOnorthe kx)ssI9 ocwrrenL¥ 0fth rBks lo avdd or. rf neee&5ary, to milate tlw effect5. The Board has 65tgblshed three S0mMleeS. NC¥mnatK C(¥M7itteè. Remuner8tsn Commiiteo and nanC0. Rlsk Audit Committee. Th8 Committges gre ostablish8d as sUrrttee8 oftha Board arKI ccfflprlsè at 5oast Sen0 TTUSt888. Pay pollcy for s•nlor Staff AJI ofthe currentfwuslees gi¥e thelr tNne free and N) Tnjslee re¢Ved in the year. Trust88$' èxpensès and reL8led paty transathns arg dlsc105ed In notes to the Fina181 Slate. The p8y of lh6 Executive Management Team and all staff is remewed anwoly ar¥J is increased in lir wilh a mknimumlovd sel by tho RetTwneration Corr¥nrttee. Thg Twstees tsrnark p8yawaYds agamst paylgvds In a¥npaMble tharfti88. Incluslve employmènt Polet8S W8ssex welcombs appltslions fur employrnent frcn all pmspeth effe$ reyarrlless of gender. race, bariOr dknblllty. We aim to 8ctivety prornote •qualty of (ywrt¢mHyand mMise the almlths. skills and gxperfence ol all empbyees, to ensure that rnanagement brA$ are Irthe. Employoe Infwmakn Wessex plac¢5 great Imporlanca on that emph)yees ar8 [J[Y upjated and hav8 approprLate opw>rbJnlltes t ervJag8 th ¥enky managem8nL A5taff rwsWer Is &tyLgled to d ollhxs ar¥1 by and 818taff wovhled with
WESSEX ARCHAEOLOGY LIMITED STATEMENT OF TRUSTEES, RESPONSIBILlEs FOR THE YEAR ENDED 31 MARCH 2025 an account on an intemal social network. A Staff Fowm meeting 15 convened on a quartedy basis which is attended by staff rgpr85entativ&s, the Prospect Union and a m8fflber of the Executive Managernenl Team. Gender Pay informatlon A5 an organisation of over 250 8mployees, Wessgx 15 requir8d to monitor and publish Gender Pay Gap information. To ¢omply with th8se iegulations the Group.. reports and publishes gender pay gap information annually. reports g8nder pay gap information lo th8 govemmenl online. using the G8nder Pay Gap and publishes gender pay gap inlorrnation on it5 website at htt s."Ilwww.wessexarch.¢o.ukl end8r- -re Wess8x strives to maintain a workplac8 Whe p80ple can engage in a fulfilling car8er and can thrive at work. To do this we tnake a consistent effort lo attract as div8rse a range of ¢andsdales as possible. ¢reale opportunities 50 that everyone Can explore a career in a way that work5 for them and ensure that we have the right proc8sses in place to make pay 8nd progre$5ion fair for 8veryone. Wessex is comrnitted lo the developrn8nt ol our staff. by fostering a culture of inclusion. fairness and flexibility Wessex strives to maintain a workplace Whe people can engage in a fulfilling care8r and can thrive at work. W8 tnakg 8 consistent effort to build a culture that ensures that all etnploye85 feel a sense of belonging and that everyone is valued for the differences they bring. Every level of our business is challenged to create opportunities so that everyone can explore a career in a way that works for th8m ensuring we have the right processes in plaTr to make pay and progression fair for everyone. ortin Fundralslng Wessex does not actively fundraise from the g&neral public, either diie¢lly or through the Llse of Ihird-party fundraising provlders. No complaint5 W8r8 received in respecl of fundraising in either th8 current or PvIouS finanei81 year. The organisalion does respond to fndIng Calls from gov8rrimenl and civil agenci8s. Such opportunitie5 are subject to th8 same risk manag&rnent and auditing ¢riteria as th8 company's commercial activities.
WESSEX ARCHAEOLOGY UMIIED STATEMEiif OF TRUSTEES, RESPONSIBILMES FOR THE YEAR ENDED 31 MARCH 2025 Refarence and admlni51ratfvo detslls Reglstered Company Trumb•r 01712772 {England and Wal8#) R•glstsred Charlly numbgr EngLand and Wdes.. 287786 S¢oU8nd.' SC042630 Porthy House Old Sarum Park Salistjury IMltshe SP4 6E8 TN8to•s T Wright (Chairl {Apwinted 1710612024) I Sglby IRe&gnad 0410er20241 R K V Cook (Rèslgned 26111120241 J N Joihnson IR&8ignl 22105120251 C M Watson S L U Voaden {Resigned 31110r2tY24) M Denm8ad R Skè8188 S Trow A Schultz {Appointed 24105120241 N Glbson (Apinted 22105120251 R W Laddle IAppolntBd 2210512025) K Ward (Appolntod 2210512025) Secretary 3 D Smlth Further offlvs: Pur8 offiees Suitè 68 Bannin Road 2 Pkn EIn[gh EH6 5NP Logix House, Wrofham Road. mpham DA13 OQB Untt R6. Rfver3lde Bk)ck. SheafBank Buslness Part PrDSpt R. Sheffighy S2 3EN ut 9, City 8usine58 Patk. E8s¢cm Rfj, Brw BSS OSP l¥ln¢ipal 0ffi¢oTS: P A Baggaley AHN Bryant C Budd SEve MRal 8DSTth ch[efTedthW onk4r IR8sW 01105r2025) Chi&f CornmerL¥al OffKr Chlatoperating Officer Chief Exe(wbve Olr Chief Strategy Officer Chlef Flnanc8 offi Bankers.. Lbyds Bank PLC, 3gThTeadedk 4 LandC EC2R 8AU Audltors.. Haysmac LLP, 10 (kn8n Slreel Pkc4 Lorthn. EC4R 1AG Sdicllors: Isons Sojlcitors LLP. AkxBndra H, Sl Street. Safjsbwy. SP12SB
WESSEX ARCHAEOLOGY LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDEO 31 MARCH 2025 statement of the Board of TTUStee$ responsibilitles for the finan¢ial statoments Th8 Tru51ees. who a also directors of W855ex Archaeology Limited for the purposes of company law. are responsibkg for preparing the Trustees, Report (incorporating the Strategic Report) and the a¢¢ounts In accoidance vAth applicabl8 law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting PTactlC81. Company law requires the Trustees to prepare financial sta18ments for each financial year and not approve the financial statements unless they are satisfied that the financial sta18rnenis give a tru8 and fair view of the slate ol th8 affairs of the Charity and the Group as al the balance sheet date and of the incoming resources and application ol r850urcas, including in¢ome and expenditure. of the Charity and Group for the year then ended. In preparing those financial 5taterngnt5 which give a true and fail view. the Trustees should follow best practlce and.. select suitable accounting policies and then apply ihem ¢OnsistenY,. observe the rn8thods and principles of the Charities SORP., make judgements and 8Stimate5 that are reasonable and prudent.. state wh8ther applicable accounting standard5 and statements of recommended pra¢tice hav8 been followed, subjeel to any tnaterial departures disclosed and explained in the financial statements.. prepare the financial statements on th8 going con¢em basis unl85S It is inappropriate to assume that Ihe Charitable company wi11 continu& on that basis The Trustees ar8 r8$ponsible for ke8ping accounting records whKh disclose with reasonable accuracy 8t any titne th8 financi81 position of the charitable company and which enable Ih8rn lo ensure that the financial slalernenls cornply wth the Companies Act 2006. ihe Charitl8s and Trustee Investment (Scotlandl Act 2005 and the Chaiilies Accounts IS¢ollandl Regulations 2D06 las amended). The Trusi885 are also responsible for safeguarding th8 assets of the charitable company and group and hence for taking aSOnabLe $18Ps lor th8 prevention and dele¢tion of fraud and other irregularities. The Trustee$ are responsible for th8 Maintenan and Intrfrity ol th8 ctrrpDfdte and finandal infomiation Included on th8 charitab18 Company s websi18. Legislation in the United Kingdorn governing the preparation and dissemination ol FinanrA81 Statements rnay differ from legislats.on in other jurisdictions. Each of the director5, who h8ld offic8 at the date of approval ol this TTUStees' Report, has ¢onfimed that thare Is no information of which th8y are aware which Is relevant to the audit but of which lh8 auditor is unawar8. Thèy have further confirrned that they have taken appropriate steps to identify such relevant information and to establish that the auditors are made aware of such information. Auditors During the year, the auditors Hay$macinlyr8 LLP changed their name to HaysMa¢ LLP. Haysmac LLP have expressed their willingness lo continue in Offi as audito. A resolution proposing that H8y5Mac LLP be reappointed a5 audrtors of the charitsble Company for the forthcoming year will be put lo mernb8rs at the Annual Gèneral Meeting. The Trustees. Report lincorporating the Strategic Reportl was approved by the Trustees on 30 Octobgr 2025 and signed on their behalf by.. T. Wright- Chair ol Trustee
WESSEX ARCHAEOLOGY UMrrED INDEPENDENT AuD0s REPORT TO THE MEMBERS AND TRUSTEES OF ISsEx ARCHAEOLOGY LIMITED FOR THE YEAR ENDED 31 IqARCH 2025 Oplnlon We have audted the flnancwl statements of W88sex Archaeokw Llnmled forlhg year 31 Mard) 2025 whlch MlSe the Consolklated Stat8rnent of Fina[ ActNWes. c0ns0Fdat and Charity Bdance Sheets. Con$olldated Cash Flow statemenL notes to the ffinanC stslements. including a summary of $wrnnt ac¢ounting tdkiag. Thg flnandal repOrb framawork that has been appld In th8Er preparation L% appl1& law and Unrted ryd0M Aecountlng Standarts, It[UdIng Fln8n¢ial R¢p)rUng Starvjard 102 Th8 Frnci81 Reporting Starth 8ppllcaW8 in th6 UK at Repubme of Ir&lAnd (Unit1 Kingdorn GenerglyAccepted Acoxmtiro Praclkel. In our oWnlon, the financlal stalements: give a tsu& and fair of the state of thg group's atKt of the pargnt charltabl8 company5 affalrg as at 31 March 2Q25 and of the group's and parent eh8rilable eorryanws n81 movrnt in fvnds. Includlng thè Inry)ma xnd expenditurg, for the year thèn 8lld'. hav8 baen propety wgpared in aLxx)rdaThx lIh Unitotl Kngthi GeneraltyAttxptsd AciL)unting Praikn., and have be8n prepared in a[dance wtth t1 wMr8Thnts Compani88 Act 20[ 8nd the Charikn8$ e4K1 Tn Invoslment Iscouandl Aet 2005 and reguLgtlon 8 oftho Ch8rits8Actthnt8 ISc#)U&)d) RulatJs 2006. Ba5 for oplnlon We conducted our audl In w)Tdanc wilh Intom8ltonat staTrJards Audw (UK) IISAS (UK)) and apFlkabJe w. Our respon8lbilleS nder th0 standaril8 are further dtiscritrod kn th8 r98ponsi)Ifioe8 for th& audlt of thè ffn3nelal 8tatem8nts section ol our report. We are lnd9Jent of Ihè grwp kn accordan th the 8t1 r8quirements that are rd8vant to our audlt of the finallcKIl staterywts In th8 UK iwKaudiThJ lh8 FRC'S EthKxI Sdard. and we havè fumlled Dur other gthical respon8ibllitth kn ¥dance ¥¥Fth Ih85e rEquYenEnts. W8 bebevè that the audit ewdence wa h8ve obtain9d Is sufflcknt and &pproprfato to pde o basls for ow OF4nkn. Concluslon8 rdatlng to SYJINJ c1¢•M In audlting the flnanoal staternents. we have that Ihe t. ofthg wjlng conixn basls Dfa¢cntlng in the P¥8paratton olthe flnanLx413tatemants B appwiat Based on the workwe have perftm. we have not idenIffl1 any materw UncwtsUes Telatlng to 8V8nts orconditions that. Indiwdually or ttJlle£#fvely. m8y cast 5knlficant dbI on the gr£wJp's aty to Lxjnbnue as a wing for a pertod of at lea¥1 Iw&lva months frorn when kn finandal slatwnerrts are aJIlMSed for tssue. Ourre5ponsibll83 andth& [$1blIOtth6trteeSW1Ih respect1DD)kng c4)fKW are (lasrxibed in the r818vant secllor of thu8 reporL (Xhor Inforniatl¢)n The tnjstees are responsU)j8fts other Informakn. Th8 other infoThnatkn Ihe Informatlon [neded In tha Chalr 8rMI Chlef Exgthe's Report. arKI th8 Tru5tees' ReporL opinlcm on the finandal statements dtses not COV8r th8 Olher knformatitsn and, excopl to thè extent ottrwEse ewkltty slatgd in ujr report, w& do riot &xwess any fom) of a88ur8nce conclusion thereon. connection our audit of the fmanoal 8tatennts. our r05ponsiLxW ts to re th8 other Infom)atk)n and, in dolng so. o)nslder whether the other informdon L8 matew Inc1 wth the ffnanckl $tatenRnts or our knowlwlge obtalned in the audit or 0fh9rw2 appears to be rnatla1ty mlsstated. If kkntrfy such rTthriaJ &)consi$tencSes or apparent tnatgdal 8statements, we ara requIr1 to d0termlneelllerthere Is a matW1 n$Statntinlhfinand9l statements ora material mlsstatement ol the other infonnatlon. If. bawj C the work we have Perform1, we condude that thare is a material m155tatement of Ihls othar infcmiatK)Tr. we Brè requlr&J to rewt Ihat fa W¥ have Tr)thlng to In thL8 reganl. Oplnlon$ on other matters PTeKrlb8d by th• Companles Act 2006 our Ink)n, based on th8 th undgrtaken in the ¢r8e ofth8 aud the Inlomwtion gNen in thg Tnth. Report {vhl¢ th8 strategk report and th8 dItOrS, rgFQrt pr6pgred for th8 purposes of company lawl frjrthe finanlxd Wh fin8noal statsmgntsare pwpar8d b consistent wllh the financial staternents., and the str2tegic report and dir8clors' report wlhkn Iha Tte8$. R8POrt heva prepared In aCC(d8 vAlh applcthè kgal requkaments. 13
WESSEX ARCHAEOLOGY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF WESSEX ARCHAEOLOGY LIMITED FOR THE YEAR ENDED 31 MARCH 202$ Mattsrs on whl¢h we are requir¢d to report by exceptlon In the light of the knowledge and understanding ol the group and the parent ¢haritable company and Its environment obtained in the course of the audil, we have not Identified mal8rial rni5Statements in th8 Ttustees, Report (which incorporal&s the strategic report and the dir8Ctors' report). We have nothing to report in respect of the following matters in relation to which the Companles Act 2006 and thg Charfty Ac¢ount5 IS¢otlandl Regulations las amended) requi us to report to YOLJ if. in our opinion.. adequate a¢countillg COrdS have not been kept by the parenl charitable company., or the parent Charitable ¢ornpany financlal staternents are not in agem8t with the a¢oountlng records and returns-. or certain disdosures of tru5tees' r8muneratlOn 5pe¢ified by law are not rnade.. or we hav8 not received all the infomalion and explanations we require for our audit Resptsnslbllities of tNstees for th• tlnanclal 5tat•ments As explained more fully In th8 trustees. responsibilities Statement set out on page 15, the trusl8e5 (who are also the directors of the ¢harit8ble company for the PUFPOS8S of company lawl a r8sponsible for the prepaialion of the financial $tat8ment$ and for being satisfied that they give a true and fair view. and for su¢h internal control as the trustees determine is necéssary lo enable th8 preparatK)n ol finantial statemènts that are free from Thalerial mis51atem8nl, wheth8r due to fraud or 8rror. In preparing the financial $tatem?nls, the Irusl885 are responsible for 8S5essing the group'5 and the parent charitable company's ability to ¢ontinue as a going concern. disclosing. as applicable. mattels related lo going conc8rn and using Ihe going concern basis of accounting unl8ss thg trustees either intend lo liquidate the group or the par8nt charitable company or to cease operations, tsr have no realistic alternative bul to do so. Auditor's re$pon5ibilltles for the audit of tho finan¢lal slatements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole ar8 fvee frorn tnaterial misstatement whether due to fraud or error. and lo issu8 an auditor's report that includes ouropinion. Reasonable a5SUTan¢8 is a high level of assu•nc8, but is not a guarantee that an audit Conducted in aceordan¢e with ISAS IUKI will always detect a mat8rial tnisslat8menl when it exists. Mi55tatem8nt5 Can arise trotn fraud orerror and are considered material if, individually or the aggregalÈ. th8y could reasonably be expect8d to influence the economic decisions of users taken on th8 basis of these financial statemantS. Irregularities, Induding fraud. are instances ol n0n-cotnpl1an wilh laws and regulations. We design procedu$ in line with our responsibilities, ouuined above, to detect tnaterial misstatement5 in respect of irregularities, induding fraud. The 8Xtenl to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understsnding of the group and the environrnent in which it op8rate5. we ident1fied that the principal risks ol non-cotnplian¢e with laws and regulations related to the r8gulalory requlrements of the Charity Cornmission, and we nsider8d the extant to which non-compliance might have a material effect on the financ4al slaterments. We also consider8d re aiation ol the finantsal statemenis such as the Companies A¢1 2006, The Charities Act 2011. VAT, and payro We 8valuated management's incentlV85 and opportuni1188 for fraudulent tnanipulation ol th8 finan¢ial statem8nis lin¢luding the risk of override of controlsl. and determined that the principal risks were related to posts-ng inappropriate journal entri88 and tnanagem8nt bias In c&rtain accounting estifflales and judgements such as the income recognition policy applied lo work in progr85s. Audil procedures performed by the eng8gement 18am included.. Inspecting correspondence with regulators and tax authorities., Dis¢ussionsNVlth rnanagemenl including consideration of known or suspected instances ol non-compliance with laws and regulation and fraud". Evaluating manag8tnenl's controls designed to prev8nt and det8ct Irregularities.. Identifying and testing journals, in particu1arjournal entries po$t8d with unusual account combinatlons, posllngs by unusual users or with unusual descriptions.. and Challenging assumptions and judgement$ made tiy rnanagement in their crritical accounting eslirnates. such as th8 recognition of work in progress. Because of the Inher8nt limitations ol an audit, there is a risk that we will not detect all irregularities, including tho88 leading to a rnaterial mi5Stalement in the financial statetnenls or non-compliance with r8gu1ation. This risk increases the mor8 that compliance with a law or gUlatIOn is removecl from the events and transactions reflected in th8 financial slalem8nts. as we will be less lik81y to become awar8 ol Instances ol non-coThplian¢e. The nsk is also great8r gardIng irregularities occurring du8 to fraud rather than error, as fraud involv8s intentional con¢ealm8nt, fofgery. collusion, omission or misrepr8senlation. xes.
WESSEX ARCHAEOLOGY LIAITED INDEPENDENT AUDrroR'S REPORT TOIHE MEIABERS AND TrUSTEES OF WESSEXARCHAEOLOGY UMrrED FOR THE YEAR ENDED 31 fiARCH 2025 A further dascrfptyn ol ow rvspon8ibllUe8 the 8udit finarf41 statery19 18 locat Iin FInan RepotbrKJ CcMJn¢il'8 wabsltg at vfjY.trc. n81ti9& Thig d8s¢ripdon fm part of our auditors report. Us• olour r•port This report L% madè solely lo Ihe caritable (#ryn8 memtrers. as a Ixjdy. in W)rdanC wlth Chaptèr 3 of Part 16 of th8 Companles Act 2006. soctlon 4411Xc} of the Charfttes and Tru5tse Investment (Sco) Act 2005 and regulalk)n 10 of the Charioes Aunts IS(a)tlandl Rogulauons 21KJ6. ¢lJr eilW been undertaken sothatw& rnlght 8tale lo the charmab company's members Ihosg rTh9tt8rs required to Stale to them in an Auditorf8 report and for no other purpose. To th8 fiJllest èxtent permltt8d by law. we do oot 4cc4pt or as8ume resF¥)nsibllrty to anyone 0th8r than thè tharitsble Company arKI the charftabl? ¢omyanl3 merythrg as a FK¥ty. fOrJraUlrrtrt forthl8 repjrl or thE* opinlons we hav& foryned. Rlchard Weaver For and on b&h8lfof HAy8Mac LLP St8tulc4y Audltors 10 en Slreet Place London EC4R 1AG Date.. 17 November 2025
WESSEX ARCHAEOLOGY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unr8Strl¢tsd funds R8Strlcted funds Totsl 2025 Total 2024 Notes INCOME FROM: Charitable a¢tlvitles Archaeol0gCal PToje¢ts 27,688,332 24.981.245 27.538,001 150.331 24,981,245 Total Incomo 27,538,001 150,331 27.688,332 EXPENDITURE ON Charitable activities 26,449.158 139.287 26,588,445 22,562,097 26,588,445 22,562.097 Total experbdlturè 26,449.158 139.287 2,419.148 NET INCOME 1,088.843 11.045 1,099.888 13,4781 14,938 Gains &105ses 13,4781 1,085.365 11.045 1,096,410 2,434.086 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 7,768.638 33,125 7,801,763 5.367.677 TOTAL FUNDS CARRIED FORWARD 8.854,003 44,169 8,898,173 7.801.763 The Statement of Financial Activi118s includes all gains 8nd losses r8cognisd in the year. income and expenditure derlv8 from continuing activits"es. A Charity only Statement of Financial Acliviiies is included in note 18. The notes on pages 19 to 30 form part of these financial statements. 16
WESSEX ARCHAEOLOGY UMtrED ConN>any Nmbor. 01712772 CONSOLIDATED AND CHARITY BALANCE SHEErs AT 31 MARCH 202S ChHrlty 2025 2025 2024 FIXED ASSErs TangIb assots Inv6stsn6nts 1.978.924 2.081,998 1,964,282 10 2,075,461 10 T¢)tal fixed ass•ts 1.978.924 2.081,998 1.964,2fj2 2,075,471 CURRENT ASSErs Debtor8 Cash at bank and In haNI 9.430.532 2.336.gJ6 5,939,945 5,284,192 9,720,2 2,085,664 5,412,282 4,947,112 Total curTent a860ts 11.767.438 11.224.137 11,8(6,fj25 10,359,394 CREDITORS: arncuts fallng duo 4thln one y8ar 10 {4,339.ZJOI {4.871.207) 14,133,272} {4.121,3701 NET CURRENT ASSErs 7,428.208 6.352.930 7.673.354 6238,024 TOTAL ASSEfs LESS CURREKr UABILITIES 9.407.132 8.434,928 9,637.626 8,813.495 CREDITORS: arnounts falllng aft one year {5.8461 165.226) IS.B461 16S,2281 PROVISIONS FOR UA8ILrr1&8 13 1503,113) 1567.938) 1503.1131 {567.1611 8.898.173 7,801.763 9.128.6 7.681.108 FUNDS 14 R08trfct•d funds Restridèd funds 44.169 33,125 44.189 33.125 Unrgslrlctod fLmd8: General fund ReVuC reseN6 6,616, 237.308 7.531.331 237.308 8,847.189 237,308 7.410.675 237.308 TOTAL FiINDS 8,896.1n 7.801,763 9,128,6e6 7,681,108 Th& flnandal statemwts aFvrov•J by the Board of Trust8&s 8uUKxi8al frA i8su8 on 30 October 2025 and ar sbned (bn Its behaw by". Chalr of Trustees Thg rKIl8S ¢M P8g8$ 19 to 30 form Fert of these finwKx81 Statets. 17
WESSEX ARCHAEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Total 2025 Total 2024 Not• Cash flow$ from operating activities= Cash lused)Iprovided by operations Interest paid Interest element of hire purchase and finance lease rental payrnents 12.364.586) 12431 117,7381 3,203,735 17,6831 121.8971 Net cash lusedllprovlded by operatlng a¢tlvltl08 12.382.547) 3,174,155 Cash flows from investsng actlYltle$: Purchase of tangle fixed 85s8ts 1387,3801 1303.6311 Net cash used in investing activi•5 1387,3801 1303,8311 Cash flows frgm linancing activitie5'. Assets purchased under finance leases Capital repayrnents in the year 59,880 1242,8471 1177,3591 N8t cash usad in finanang activities 1177.3591 1182,9671 Change In cash and cash •quivalenl$ In the reporting perlod 12.947.2861 2.687,557 Cash and cash equivalents at th8 b8ginning of the reporting p8ri0d 5,284,191 2,596,834 Cash and cash equival8nt5 at thè end of the reportlng p8riod 2,336,906 5,284,191 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTivrriES Total 2025 Total 2024 Net incorn8 forthe reportlng perlod las perstatgment of Flnanclal Actlvitiesl 1,235,365 2.434.086 Adjustment5 for- Depreciation ¢hary88 Interest paid Loss on disposal of fixed assets Interest element of hire pur¢has& and finance lease rental paym8lltS IDecreaseyinciea5e in provisions Ilncreaselldecrease in debtors Decrease in creditors Currency diff8r8nces 490.454 243 14.500 17.738 164,8251 13,490.5871 1413.9981 13,4561 506.754 7,683 20,279 21,897 67,805 233.316 188,0851 Net cash (used Inl provlded by operatln9 a¢tlVLtie5 12,364,566) 3,203.735 The notes on pages 19 to 30 forrn part of these financial statements 18
WESSEX ARCHAEOLOGY uiirrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 STATirroRY JNFORMATION W65¥9x Arthaedogy thyted kn a ciThw)y Umtrl by guaranteg (c¢ryny numbgr 01712772). reglster&l In England and W8198, wfth(wJt ghare (xtyl. W8ssexArchae(Aogy Umlted Is a150 a charfty reglstered with the Charlty Commlgsh)n In England and Wa8 8nd Its Oly8 ofthe Scottish Chafty RegulÈtr In ScoUand. The guarantors 8r8 th8 trust888 to the extent of £10 each. Th8r8 7 trustees at the balanc8 $heèl date12024- B Iruste881. The (x>mp&nl8 r6gl8tered officè athJrg88 be fithd kn the TnBtees' Rep)rt. ACCOUNTING POWIES Basls of pTrparlng th• finala1 8tatsmer The lknan&al statements ol th8 dritable ryy. Is 8 bwfft FRS 102, hav8 been prepar1 in accordance the Charfties SORP {FRS 1021'Awunting arnd ReF¥Jtlng by Charfvès.. Statoment of Recommend8d Pra apsAicable to charitses wartng thwao>Junts In ardan vth the FInaal Reporbng Standard appIable in th8 UK and Republk of Irel8nd IFRS 1021 IS&cond Edition, effth 1 January 2019}', Finandal Rep)rt9 Stsndard 102 7h8 nanCIal Reporbng StAndard app4cabJe in th9 LJK and Republ1¢ of Irdand. and the cpanIes Act 2006. lInarla1 s(at8ments have tn w9pad und8r the hi¥bric41 (x>st convenllon. xs rn(¥Jffied by the rèvabJafK>n ol certaw) assets. Th& fina1 statements a prwnted in Sterfiro, ¥thl( Is 480 the fundonal JrranCY of the ¢Lvryaw. fand stat8rnents are rounded to the nearest Pound. Th8 signrfkanl aCCounUngIesp knthèpreparntK) of Ihes8fir7¢I state[nts ore setoul bek>w. Th prAici&s have boen LY]n6JSt8nUy a1d to an years pr88Wlted 0th8rntse staled. BaBls of consolldallon These finanTr&l 8tstements da1 ts r8¥ulls of the Charlty t-0ed subsldlary, Wess8X ArChl09Y Ventures Umw. otk a I4)y-l1n• basts. Wes$8xArthaeO Vanlures Umlted has Sts own Whty- owned subsldlary. Trf(knt WA GmbH. a regd in G8ryTrany. 1)1 Is also Indud8d In Ih&se con8c4dated ffin8nda statements. The r88ults of the Ven wth MOLA Ltd been induded on 8 propJ1k)nd basis {seg Tr)t8 151. Inc¢)m• All In[ is 1Th1ud In Iho StatemtOf FinancialAcbvlUes th8 IB Wtyenbued to the inwme aftBr 8ny perfofmanco condltims haw been nrt amount L¥n Mea• rdiaw. 8Thd It 15 proboLI8 that th8 Incom8 VAIJ be reLwed. Inoome from charltable advlll8s h)duth8moLmts inv(xwJ tn the yew, exdusfve ofVak Addad Tax. In Tesp6¢t of loThJ.lemi ¢ontracts, Ino)me repres8 vak of work Ihs year. i1udi ostimates of8mounts rK>l Invced and Is r¢gnLIed by referen to the stage ofe(Nnploti(M. Long temi ntracts Where contrac15 are not coMpte at th& of the nIal yaar for th8 anticlpaw value of Incorne bvhere the ¢))st ofTrhThk exce8ds actsj yU6 of incom&, pr¢)vided Ihat I r6ason8bl8 certginty that the anth1.pat value 11 realls8d In lh9 next 8cctyJntir¥J perh)d. Thls is separatsly di8¢bwl withln dgbtor5 8$ 'amounls r8coverabk on ntraCts.. Ary SFAUs of kncK>rne ovw exp&ndknr8 Is mt recognised Un 1hore Is asonable certainty Ihal thè surplus cry8taligè in a firture period. separ8tdy drJclosèd withln credltLY8 as'payments on w)Unton(x&ts'. F1 prow8kn h madefrxthses au eorlraclsin th&yoaTwhlch they gre first r(m&n. Exwndlturo I Is a(xourted for on an basjs arKt has Lwi d8S8lfted tor heading8 that aggregate all costs rdatsd to the CAtyry. EXprture is rectsJnlsed ther& is a kgal Or)nStr1¥ obfigallon lo make payments to third es. it Is probat4& that the settlem be requi, and Ihe amount of the oblig8liDn eAn be m8asured rellably. Expen(lilure on the of the clwitable companys admues. ww Inckjdes edtKatlon aThJ u)mmunity engagement, may b8 ojsts Ihat be to spe¢fft arthaeok¥Jcal wojects or eA)sts that cannot be allocated to specfft pro1ts, bul ilTl for anae¢)k¥i(41 EWects Support costs enable the Charity to carry out fts a(aivrllé8 do not Ihemsefves pro(J the ¢JJtyut ol Ih&se acts'vllie$. They Incjude Items vthich are lKhly klenlffjiatAe as supwt costs and an apportKMen{ ofshwj o)sts, whlch 8r8 on the Lp8L% oflhe nunknrofsuFyort staff. Govemwc8 COSt8 aswoaied wlth the general runniro of the ch as OPP0S9d to Ihe direct manggemant of th Companys op8ratlons are dassed as wm8nc* c08ts indude dlrect aftd r8lated Support costs. 19
WESSEX ARCHAEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES - continued Tangible fixed assets Assets are capitalised where the cost Of an ileffl exceeds £2,000 and th8 useful e¢onomi¢ life of the a55et is longer than the year of acquisition. Assets are disposed of in the ac¢ounts and removed from th8 fixed ass8t register when the useful economic Ille of the asset comes to an 8nd and the net book value is nil. The charita1& company operat85 a policy of revaluation on Ire8hold land and property. Freehold land and property Is included al current value al Ihe balance Sheet date. Depreci8tion is calculated so as to writ8 off the cost of an asset, less its estsmated residual value, ev8nly over the useful eoonomi¢ life of that asset. as follow5". Leasehold buildings Cornputer equipment Archaeology Evaluation Equipm8nl Motor vehicles All offter assets Calculaled evenly over the remaining period of the lease 3 years straight line basis 3 years 51raight line basis 4 years straight line basis 3-, & and 10-years Straight line ba51S Investment5 Investmenis in 5ubsidiarigs are valued at cost less impairrnenl. Debtors and creditor$ r8¢èlvable I payabl• within one year Debtors and creditor5 Wlth no stated interest rale and re¢eiv8ble or payable within one year ar8 o¢orded at tr8n5action pric8. Any105ses arisin9 from impairment ale recognis8d in expenditure. Ca$h at bank and in hand Cash at bank and cash in hand includes cash and highly liquid bank accounts. Provisrons Provisions are reco9nised when the charitable company has a present18gal 01 constru¢t1V8 obligation as a result of past ev8nts. it is probable that an oufflow of resour$ will be r8quir8d lo settle th8 obligation, and the amount has been reliably 8Stimat8d. Taxatlon The charity is exgrnpt from corporation lax on its charitable activit188. Fund accountlng Wh8re lund5 are r8ceived lor specific purposes set out by th8 donor or implied by the terms of appeal. these a shown a5 restricted income In the Siatem8nt of Financial Activities. Expenditur8 for the purposes specified 18 lied a ainst the income and any amount uriexpended at the balance she8t da18 is shown within Reslricled un General funds ar8 Unrgstricted fund5 which are available for use at the discretion ol the tnjstees in lurtherance ol the general objecliv8s of the charity and which have not been designated for othei purposes. Deficit balan¢es incurred on specific R85tri¢ied funds are funded from Unrestricted funds wher8 no further Restricted fund income 15 expected to offset the expenditure incurred. The Truste85, at their disCtIon, may set aside funds to cover specffjc futu costs. Such funds are shown as designated funds within Unrestricted Funds. Wher8 the trustees decide such funds are no longer quired for the purposes intended, they may be released by transfer to general Unrestrict8d Funds. Foreign currenci8$ Assets and liabilitie5 in foreign cUrrene$ are translated into sterling at the rates of exchange ruling at th8 balance sheel date. Transa¢tions in foreign curren¢ie5 are transla18d into sterling at the rat8 of exchang& ruling al the date of transaction. Exchange diff8renc8s are taken inlts account in arriving at the operatin9 SuIt. Penslon 5¢heme The charitable company operates a defined contribution pension $chem8 for all its employees. Th8 assets of the Schem& are held separately from Ih05e of the charitable company. Pension Costs charged in the siatement of Financial Activities represent the contributions payable by the ¢haritabl& company in the y88r. 20
WESSEX ARCHAEOLOGY UMITED NOTES TO THE FINANCIAL STATEMEPtrs FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES.ntInu9d Golng eoncorn Thg fin8n(l statements hav8 Len Kwed on a gvirvJ cor basi8 as the knJ¥lees befieve that rKJ material un(rtalnlias exlsL Th8 trvstaes havè nller8d thè knl of fvnds he and exp6(ed 18vg1 of incoTh 8nd &XpEndIre ts 12 Mont from aut81ng theso financi?1 statements, laking Into conskl8rdlk)n tha forecast Incwie and expendilurè streams. The Trustsgs cA)nsld8r dgeted and &xpendltur& is Sufnctent with th knl ofraser for Ihe iarity lo l ailg to rx)ntlnue a5 8 e¢)nwn. Judgemonts and koy sourc•s of•stknth un¢ertalnty In ts appll¢aUon of the chathable Ix)mpaty$ ac¢x¥4nttng tw)krAes, managpmenl is rgquwed to melutymgnts. esb'mat8s and assumpll(kns aboutthe carry vdue of assets an¢J li)Illtl88 Ihaf ar&nOtadtyappafyntfr0[n olh8T sourc8s. Tr 89lfimats5 and tha undatyng asswnpkn ar& ba58d on histth81 expedence arKI othar factors Ihal are wsldored lo be reWant. A(#ual r8su#s may drfyer Ih6se estimates. Th9 estimates and undarfyjng aswnptions rév1 on an owlThJ basis. Rev15wJrts to acLounlNy estirnate8 arg rncognlsed In Ihe perf¢>J in which Ihe esttmats Is revised rflh8 reslon aff8cts only that perhd, or in th8 perlod of the revL%ian and fuivre p8ricJs Ifth8 affts both (aJrr8nt fijture poriods. Th8 nvJ5t nCant arBaS ofhtyent tn th8 fina1•1 stateMts we th8 antv'pat8d vahJe aThJ costs In relatlon to Incornet knterm ¢traCt8. Hlrè pubaS• and 18aslng tommllmants Assets fund1 through finance1oas8s are eaKKklsed a5 fad assels and deprBdated on a StraJht-1In8 basis over the shorter of thelr us8ful ect)nornlc Ille and the se temi. Inte$t Is durged tri Ststement ol Financlal Actlmles on a stralghl-jlne bagB. Rènt to (wralry k8ses where 8tht8ntiatly all the beneflts and rfsk8 01 ownership remain vrfth 1he18SSLY8Tr thar lo Ihe state[rn1 of Financiat Actfvidès as IUrr8d. INCOIAE FROM CHARrrABLE ACTibwllES Analy518 of Incc¥n& by athity. 2025 2024 C08Stal Community Fielth GaoSeThlces Graphk Heritage Rosearch Othar 765.331 14.827 19.387,932 3215,489 15.870 925,227 2.326,389 888.936 836.727 274,095 17283.744 3,283,859 55.484 687,559 2,388,819 36.510 27.538.LK11 24,846,797 Ir0m8 relaung to Communty eng8gem8nt is oSJcated dweelty. SuWus&8 or dgffots on pr0Cl8 a xllocatsd dlrècvy to 8a¢h aclwty. The remaining irKom8 apporkned to each 8clMty on basLs of tolal st8ff chwgè values for Ihe year. £0.5m of rffx)rr* is atlributabl8 to theitsint ventsjre wilh MLU {see notg 151., 2024.. £0. 21
WESSEX ARCHAEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CHARITABLE ACTIVITIES COSTS Provision of charitable activities.. 2025 2024 Archaetslogical & Community projects Support costs Governance costs 21.307,697 4,937,937 203.524 18,892,854 2,386.507 169,315 26.449.158 22.448.675 Govemance costs Include £90,18112024'. £73,670) salaries lincl. pensions and employerfs national insurance). Analysis of archaeological projects & education costs.. 2025 2024 Salari88 lincl. pensions and 8mployer'$ national insuran¢81 PlanUBuildings hire and other site ¢05ts Travel and v8hi¢18 hire Staff accommodation External Specialists. f&es Direct facilitses and services costs Other proj8¢t ¢osts Depreciation 12,404,D51 2.744,935 1,047,928 1.011.227 1,740,102 1,669,278 265.657 424,519 10,587.730 2,800,018 812,397 558,569 1,888,675 1,412.505 S94,455 438,505 21.307.697 18.892.854 Included in direct facilitles and seNc8s ¢osts is an operating leas8 charge of £372.773 for land and buildings 12024 £354,411). Included in travel and vehicle hire costs is an operating lease charge of £33.324 for other £18310 In addition, the Charity incurred other operating lease ¢ost5 rglating to Softwa and IT assets o Analysis of 5UPPQrt costs.. 2025 2024 Salaries lincl. p8nsions and employ8V5 national insurance) Travel and subsisten¢g Telephone and IT related servic8S Print, p051age and ststionery Professional lee5 and services Insurance Ulililies and facilities costs other support costs DepreCIaton Staff Accomtnodats"on 3.703,418 233,370 163,935 20,211 507,269 18,132 39,756 178,057 66.073 7,716 2,625,148 89,096 158.010 18,833 217,434 16,956 32,057 158,058 68.250 2.664 4.937.937 3,386,507 22
WESSEX ARCHAEOLOGY LNrfED NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 IAARCH 2025 CHARITABLE ACTivmES COST8 {eonthiu•di An81ys19 lt thtab exp0Thrtur& Year8nd6d 31 March 2025 & Cory¥nunty Projects Support Costs Governane• osts Tot41 Coastal Communlty csU11an¢Y gldwor 863.451 457.025 839.652 14.458.248 2.597,497 17.980 2.073.092 2CK),371 10S.930 194.615 3.350,617 602,0) 4.187 480A27 8,549 4,368 8.021 138.1(M) 24.814 172 19.801 1.071,968 567,393 1.042,421 17.946,965 3,224.772 22.319 2.573,321 GraphiG5 Resaarch 21A07,697 4.937.937 203,524 26.449.158 AnafyBls OfdIr rknritsble 6xl111Ure by Year 9nded 31 MArch 2024 & C¢mmunlty Projects Supp Govemancg Total Coaslal Comrnun Con5ukancy Flèldw(k G80s9rvices Graphics R&sear 817,324 233,864 867.154 12.853.932 2.587.801 50.376 1.682.404 146.504 41.920 119.586 2.3ts1,042 7.325 971,152 277,880 792.719 15,273,168 3,074.850 59.857 1,999.049 5,979 115,195 23,191 451 15.077 301.568 18.892.854 3,386,507 169,315 22,448,675 Costs to Communty gre aik)¢atJ ¢fir• to rdoyant a•. Olhar arth&801oglcal & cornmunty pr8(ts 8fKI suw)ort cx)sts arp ap1id to ea{ activty i)n the b8$is of total 51aff charge values for Ihe year. NET INCOME Nat Income 1$ arrfved at afterttwglrwJ: 2025 2024 Daptedatlon Operaung leases- land and Iwldings OpeAlThJ lea. othar Auditots. remneratlon- audlt 490.454 372.TT3 33,324 44.246 S06.755 354.411 24,276 26,086
WESSEX ARCHAEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REMUNERATION AND BENEFITS Trustees, rernuneration wa5 paid in the nomial course of duties. and for the peiiod of twsteeship wa$ as rollows.. 202$ 2024 Salaries Pension contributson5 Benefit in Kind Expenses 108,246 2,838 5,134 2,434 2.434 117,058 Remuneration and benefits lor th8 PvIouS year were in relatk)n lo Mr C M Brayne. Authority lo pay trust£e5 remunerats.on is provid8d by the Articles of Association of the Gharitable company. Truste8s were reimbursed exp8nse$ of £2,43412024 £8401 STAFF COSTS The ag9r8gate payroll costs W8re". 2025 2024 Wag8s and salari8S Etnploye¢s national insurance Pension contributions Redundancy & T8rmination paym8nts 13,751,243 1,361.758 943,469 142.000 10,859,907 1,129.004 1.099,021 98.942 16.198,470 13.188,874 The average number of staff empltsyed by the charitable company during the financial year amounted to". 2025 2024 295 279 Ar¢haeologis15 Educationloutreach staft rt5tsff 85 63 387 349 Th8 numberof 8rnpIoy8es whose earnings forthe year eXeded £60,000 are within tho followng bands.. 2025 2024 £60,000- £69.99g £70,000- £79.999 £80,000- E89.999 £90,000- £99,999 £100,000-£109.999 10 The key managem8nt P8rsonnel of th8 charity during the year comprised the Non-Executive Trust8es and the S8nior Management Team (Chief Executive Officer, Chief Comrn8rcial Offie8r. Chief Opeialing Offic8r, Chief Strategy Officer, Chief Financial Officer and 6 d1CtorS covering Hurnan ResourTrs. Quality, Syslems. Communi¢alions. su5tainabilily Consultancy). The total costs or con5ultsncy fe85 Whe appropriate, comprising salary. compensation for loss of office, p8n5ion contributions and benefits in kind and associated atianal Insuran¢e costs ol the 1612024- 151 key rnanagernent personnel of the charity were £1.401,75512024 - £1,026,509). 24
00 Eoo )Oa ¢4oJo 000
ONO 000 00 mTr-O ¢wo)o 000 000
WESSEX ARCNAEOLOGY LNITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 DEm)RS: AMOUNTS FALLWIG tHIE YimiiN ONE YEAR Gr4)UP Charlty 2025 2024 2025 2024 Trade (lebtoY8 Amounts recovgrable Dn C8 Arnount8 owed by subsldtary undeft&knngs Othar d8btors PrèpayTnents 4AB8.787 1.934,943 4,141.301 673.882 4.553, 1,917,215 446.081 2218,925 585.151 3,517,437 352,556 417.680 918.984 205,625 2.419.355 587.447 919.137 205.625 9.430.532 5,939.945 9,720. 5.412,282 10. CREDThORS.. AMOUNTS FALUNG DUE WIThIN ONE YEAR Group Charlty 2025 21124 2025 2024 Flnan¢8 [S8e note 12) Paynnts on acfxjunt Trade u8dttor8 So(y8] security aThJ other tax88 0th8r créthlors AcrAual$ and 41eferrnd Inmm6 59.318 2,184,495 ¢1,079 646,146 262.117 246,075 177.2J7 1458.072 916.891 899,497 2f6.874 202,776 59,318 2,122.3S5 911.343 593.198 2.743 156.316 177297 2,324,411 284,847 928,610 213,683 192,522 4239230 4,871.207 4.133,272 4.121.370 11. CREDrroRS: AIIOUNTS FALLWG DUE AFfER MORE THAM ONE YEAR {GROUPAND CHARITY) 2025 2024 Flnance ba8e188 note 12) 5,846 65,226 27
WESSEX ARCHAEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. LEASING AGREEMENTS (GROUP AND CHARITY) Flnance leases 2025 2024 Net obligations repayable.. Within one year Between one and five years 59.318 5.846 177,297 65,226 65.164 242.523 The tangibl8 fixed a$5et5 held und8rlinan¢g lease agreements 8r8 provided as securityfor the obligation5 under finance lease agreements. Minimum lease payments under non-cancellable operating leases fall due as follows.. 2025 2024 Wthin one year Between one and five years 553,596 1.398,619 345.505 617,787 1.952,216 963,292 13. PROVISIONS FOR LIABILITIES (GROUP AND CHARITY) Bad debts Depo$ltion Total At 1 April 2023 Charged in the year 73,226 22.574 426,9D7 45.231 500,133 67,805 Al 1 April 2024 95.800 472.138 567.938 Charyed in th8 year Ulilised in the year 32,000 195.80DI 32,000 196.8251 11.0251 At 31 March 2025 32,000 471.113 503.113 Deposltlon provlslon The deposition provision r818tes lo cost5 which will be incurred when project archives a d8POSlted in the r81evant museum. As many of Ih85e museutll5 are CLJrrently at full capacity. it is not possible to give a rtain dat8 a5 to wh&n this provision will be utilised. 28
WESSEX ARCHAEOLOGY UMTfED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 MOVEMENT JN FUNDS Wrth th9 exceplon of the rèvaluati( all of the urweslJl¢tsd fuNJs have b8an generated from su[u8 Ircome on arthaeologa stys whkth hove be (wrt in the furthordnc• ofthe chath8ble cornpanys objecUv8s. These funds have been and con11n to b8 fvwy u11S& in tneetlng th8 negd5 of thè d)aritsble cyjmpany. as explaed In TrUsie8, rwrt wlthc¥Jtwhlth its oxlrj Th)t pursued. The m0vennt In general fuThts ts anaw In the Sthmèrt of FinaW Movement In restrfcted fund# (wp and chltyl At 31 Ilar¢h 2024 At 31 March 2025 Exp•ndlturg Well Clty fund.. N8Uonal Lottery Fund Daf8nwe Llnks.. BumS1and's Idilltsry P8st Fwd Chemjstry in SelMKIs Sanday Wrec Chestthill ci51 cemetery c4Jmrnunty Tot•1 restrfcted fvnds 120.759 116,332 37,631 110 110 (1} 9.992 17.6 2,571 18.655 1.722 7,226 (965) 33.12S 150.331 139.287 44.169 15. RELATED PARfY OISCLOSURES MOLA-W88s8x Ar<a801ogy a Jwt Yanthrè Wassex Ar¢aedDgy Limlt&d MOLA (Museum of London Archoyl. Each party rights to ts nèt assets of th8 anèngemenL A Bryanl S Eve and S Smith rewesent Wessex Ah8ooJ(Y on board of tha joint venbjre. Th• grosg vau8 ol sales Invoiced 8rKI th6 outstandlng re(¥W)le bala from MOLA-WessexArcha8oJogywBg E637.98512024- nlal. Mr8 R K V Cook is a 8hw8hcthr aThJ ¢thre¢tr of Beeth Lrta. Beerm#8t Consuftar Llmtted pr0vld0d18g 5WCeS to tho charft8tAe cxjrnpany and its SUbslarywoS$exAn*oe01(3gyVen1urQ9 Ltd. where gh8 was also a thr8¢tor durkng the year 314 March 2025, to the of £199 (2(Y24- £52.873). Th6ts werg no lurlhar rdated pwty transadX In tho currentor prtivKXlS yoar. 1& ULTIMATE CONTROLUNG PARTY The ¢thorftabl8 wmpany has M thknmat& CrtrLkng pwty. 29
WESSEX ARCHAEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. SUBSIDIARY UNDERTAKINGS Wèss&x Ar¢haeology Limited owns 100% 01 the shar8 capital ol Wessex Archaeology V8ntur8s Limited. A Summary of Wessex Archaeology Ventu$ Limited's financial perfortllance is shown below. Full audited accounts are available publicly available at Companies House. W855ex Archaeology V8nlur85 Lirniled owns 100U/D ofth8 share capital ofTridentWA GmbH, a company limited by 5hargs and Teglstered in Germany. A summary ofTrident WA GrnbH's financial performance is shown below. Wessex Archaeology V8nture5 Lirnited 2024 £000 Trident WA GmbH 2025 £000 2025 £000 2024 £000 Proflt and10$s account 1,758 11,7081 1.974 11,6921 1261 Tumover Expenditure Net interest payable 179 13571 1,329 19261 256 Profit I (Ios51 for the year 12001 394 39 Balan¢e Sheet Investrnents and Fixed Assets Current Assets Current Liabilities Net Assets l Liatiilities 22 1.290 11,0491 264 15 529 14041 11401 22 376 15491 11651 19511 1861 11661 Total capital and reserv8S 1861 264 11401 CHARITY-ONLY STATEMENT OF FINANCIAL ACTIVITIES Unrestrlcied funds R*stricted funds Total 2025 Total 2024 INCOME FROM- Archaeological proj8Cts 26,354,455 150.33 23,176.705 Total Income 26.354,455 150,331 26.504.786 EXPENDITURE ON 25,207,230 21,450.430 Charitable actEvitlgS 25.067.943 139,287 Total expenditure 25,067,943 139.287 25,207,230 21,450,430 Gift Aid 150,000 150,000 INCOMEIIEXPENDITURE) 1,436,512 11,045 1.447.S56 1,726,275 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIEO FORWARD 7,647.983 33,125 7,681,108 5,954,8J3 9.084,495 44,169 9,128,665 7.881,108 30