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 aL*vrty remaln InfrastrucbJr8, ren￿able engrgy sch8me$ and
r?￿dentIal devek)pmènL The Incre￿ In rene￿at￿ anergy st*emes and knfrasts￿Tè witn8$sed thJriTrJ 23124 Is
conlnuing Bnd Es relkcted fn th8 new LaI￿r govemrwys growth thkles and Green Economy Inilatives aThJ r811&¢ts our
Ma￿st posltlDn as one of the only large ¢ygani5ations that has the capatxty and ￿pabilty to work on more
complex Nationauy s￿n￿¢ant InfKaslr4Kbkn Projects arKA onshore and (duo to our Marine offshore renewab18
Sche￿￿$.
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 $wssfully m￿gated (kn part. through the Insur￿8 pO￿¢Y we
h8d in p￿c8 ts such 8n eventuality). One ofi#Jr m8i(* pknned infrastrucbjre prDje¢ts forthis fv)ancial ygar, the A303
sloneh8￿Je tunnel sthem. was unexpectedty cwlkd two bBlI￿8 we ware realty lo dep4Dy a Who￿ tèam.
Howèver, careful prevloth% ￿nting￿n￿ planning and waParat[¢￿ built from our pr￿0￿5 ex￿rienrE8 ensured that th&
¢*I￿lation oflhe wolo(A did not affect our wr8 t￿SIne&8. We hava been able to ￿¥0t th& u88 OfoUrkn8t￿ry fac1￿9$
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 A￿￿a￿OI)gY Lhnlw (We86exl, a now
Chigf EKecutive lapwint8d ￿.1 2￿14) and a Chatr lapFX)knted J￿Y 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. indL*Jlng the intr(KJJctbn of a M8ion.' Uncov8rfng tlpe
Past to help bumda bettar worfd and the srnw5fi￿tl0n of L￿r vthes to.. Alm Huh. Respecl Care. Thi8 was
undertaken in cb)$6 ￿n$￿tati(￿ wth thè enlm(vganlsation aThJ resulted In Ihè r*ase of & ngw li￿year Strategy
d(￿mont in Aprt 2025.
Wo contlnue to buwd on our rarKJg of charltablè acaivlltes. nauonaty slgnifiL¥nl soclal E*escr*JirvJ work vthh Wel
city Sallsbury and the 8x￿Vation of Sheffield Castte. We hav8 abo laun¢h￿l our Open Llbrary maklNJ OV8T 200
wblltraUon$ completely o￿n awss Imw)y of %¥hlch were outol print) aNJ w8 Con￿nUe to athy to the Ilsl, includlng
ovlding a worfdwide pAnt-on-demand 8eThic•. W8 rem￿ C¢￿r￿Med to wr Netzero ambit*)rK% at¥1 have und8rtaken
many different inltiatives over the y9ar, In¢￿(r￿g Literacy tram11￿,. thanops trj our suthnakle prcthr8wont
pokles and a revlew ofour Estsl8S WKI HeeL
Wa eonthnue to have a Str￿ and 8¥pa￿llng intemath)nd workng on wlè¢ts In Athl&. melnl8nd Europ&.
S8udl thblB and tha p￿lIpp￿&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 r￿W 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 (SITr￿On.

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 advan￿rnent 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 d81￿Ver 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 Strat￿Y.
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 bu￿1 strateg
r8JaUonshlps wth organ￿tIOnS and indNidu* vtho share our cth8ritaUg vau8s:
Act 8& the ho8t forsymposWev8Fts thai alkn wjth I￿r stra10g￿ gDaJg and organ1$8 or ¥p)nsor al18a8t
one trddelgfA¢JemieJpolicy evenL
Explo¥e extharye prcgramnws. seco￿l￿￿ts aThJ trainlrvJ lnibal￿ wlth our th)mestic and intemaknnal
partngr*
L6veragè our excellanc* to to dlveth markets aKJ s8rvkes. We wlll use dI￿r8￿ficatiOTh to
bmaden our range of¢hailta￿ OLrty>uts:
Deflne and communlcate what wè mean by diversificatiw and rt ralates to ￿Jr ￿S￿)n. Val￿8, And
r91ev8nl strategtc g0818.
Create a clearded5k)Trm8klng proce88 ￿ advanc*¥ dN*S￿￿tion inltWfve&
InffuwKe pollcymakws and FIan￿lS at a kKal. nakn4. a)d intsmallwal ￿Ve1 to vabje ofthè hbtoric
envtronm8nL W8 wlll us• our work to h¥yrea(kn nv)st reknnt gThJ (thallenging l&wJe5 of our time..
Connect th locd ¢xAtur81. setenOfiG ¢c¥rYnunty WKI edurati￿al Organ￿atr)nS to atr￿Ut tsy
Wa￿e and need and make %that We do relevant kn th8m.
Pkn and Id￿rify burtget to staff to voknitsw 1-2 days Fwy8ar
Creat6 and delfvar imovatlve eng8geFngnl And hwwcthll sdutions by data, 8Tratytics, and tech￿10￿￿. We
iH be focused on dats a￿1 infonnaUoTrled d￿15￿￿)$. aThJ we F￿mOt8 a targsted. low envtronment and hig
80dakvalue Impa(*8pwo8ch:
CoTrate basdine info about c*Jr da14 (whÈVwhylhxflkng1 al￿$$ lh& ￿n$88 to &nsure our data Is feslllènl
fft (or our wrFkW.
Begln work on dg¥ok)plng. ￿Trp￿try and eft*¢dthng data41teracy resourcag and trainknu a¢r085 thè
organL8atSon induckn developmenL
Publlc Benofft
Culluml horltaGo contrfbul88 to a sen88 of pla￿. to ￿MMunity Idenlity and an enhancod apprecwon of th6 8nv*onrnenl
In wh￿h wg Ive. It Is tangibl8 arKJ lntaThJ￿le. c¥)ntrtwUng to social caprtal and Ma￿ng ￿r C￿mUnIt￿ more sew-
Tell8nt and dynamlc. Our work defvers publlc b8nefit by 8nhanrxKJ social indLFSh)n and LY)heslon, promc>fing culthrd
d￿erSIty and ¢onlributing to soetal. physical 8nd E(XXJLxni¢ reg￿tIOn.
We conlhue ID Invèst kn new Wa￿ to prcwnote an appredal*)n of cthral htye arNI lo ssslst the publlc in dthng
apprecAable so¢lal value fmm hlstMc envwonment r8s0ur¢es. We focus on educalkjn. eommunlty, terknology. incluslon
and wdlb61ng and ￿ work lo prwitlsg und8rsthv&l
The benefio8ri8s of ourwor* e￿J￿￿8$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, benefr￿an9$ IrtI￿de.. fell￿ herit&Jg prof8sslonaLg'.
Ind￿ldua}S usng publicatlons and digit￿ re$ow(￿S., sped21 lrfewt gr(xip5" teachers sbjdents in a
8ectors of edwallon.. dIsadvantag￿l gr¢ups who exp8rf&nce a higher rtsk ol p)vety. 80dal excluslon.
dL*cNminatlon or wtknn¢e than Ihe ge￿ra1 ￿lakn. rKtuding. but not Wmrted to. 8thnlc mIn￿l￿8$, M￿rantS, 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
p￿sentatIOn. 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 c￿ents, 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 waystowOrk￿th
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
n*ition
Whatw8wllLdo
Whotwa •chlw*ed
Develop Health &
Safèty, trow
8rafl
FniTnu8wthts hrtegr8tbn 01th8
H881th arKIWetylOHSlwd Qu8Vty
managemnt8yStem8lQMSI,
provldlrgan Incr888¢¢Jrepor
mechanknithat look8 atthevthoi8
ciure, S[￿tre￿$￿s￿￿o￿s the
wayin %yhic.Iwe mwwhataNI how
we do ourworK
Tr*lntBgratk)n oftheOHSandQMS5yStèmsls
ethisW.Amorthlyme8tkngwt*ch lty)ks8rth8
8Lwofth6 IS08￿8￿￿81[￿f0rdt8cUssionoTh
8hai& Oppothn￿8.tskS. non-
conforTWestr.athav8ottcurredlnthe ￿sIneSs,thIS
aiitr*tsthew(wptodL8￿8&trènds. Aquarterty
manawnentK8v*wrÈport p￿￿B8 e￿dence0ftoP
man￿mentin18￿￿Trintr￿pry￿eS&
Investmenti
UP5*Allngpwplp
ènd
comnwnlcatlon
Irwee581he
w8LLbBkngofoui
stsff. Extendstaff
development
capebllltyty
pra8resslng(
tr4knlngand
reersuppwxt
fun¢Uons. Er￿6
$raff our
values and tknfme
[￿rCu￿Ure.
Updated organwam0ft￿ bus#w8
¥ghth des￿be$the [w￿lOn
accountabrflti85 Dfthehtsinwttws
p￿dI￿greate1ClaIIty￿￿￿sand
r88ponsNlrtks aS￿ll a5Mw￿¥+l￿t
W8do m￿0 ¢IBarty.
Wed￿lOP80 thr& inio severalstrantsotthestratsgl
oCti¥Yforth8￿S￿w lookingatthe hIwa￿ty8nd
$tNCtyreto beit6rd@ftw th8rol88and
tiffErent Str￿ of thebu51n8&%creatsdexpllclt
tsCIth￿andbs￿DUrgLSklI1rn￿rlceS Wh￿ setout
the rwemems4nd howth080woW bg maasure
1husail(rM￿Cl￿ar￿j 8xp1kttguhjg￿n&%ty b8
awiabie to ThB modfji is t%ingrotladoutto othgr
lrnprove 8dvertS8NIjrtid&s￿$th mak8
thaseiaoargr. TTrJr8upto d*e
attractNe. In¥)rthE the (￿tsOardN￿and
VOC￿ sothatnew8tarte?
f¢eiewged aMI partoftho its
cuttvre snd purpose th day0￿.
Wecreated a corrmDntempiat8forlobdw￿￿￿4
Wh￿ can b8¥%Aiad8¢ross 8llrnc1u￿nent
Theontwdings¥w8mme con￿nueS1O be devei(ped
th ofthg business eng?￿Rg￿￿ththe
FXIJC8S8on a
I￿¥88t1n leadetship suppOrt￿￿Jty￿nir
to8wygrt8X￿lY￿e￿er￿￿gl8￿kn
in the bJ8lneBs.
We con1th￿tOr￿Ves[￿knÈ&￿legderShlp Hnd
dewLLWL and positfve Ir1t￿￿￿9r9ref1￿t8d In
tr￿d8¢[Bas0 kntheg8noerpaygapArwJ I￿rea5B I
Imp￿ng
dWr81ty. equauty
Creatsa EqUa￿ty￿d hctL*ion
IDEII committee. Wh￿ rLleisto[￿n
barfers, lrnpr￿￿ engw*nt8nd k¥ovi
(de￿9￿ SUFWttOfx•eswd
wel￿ (X￿￿ulteda￿d egr￿￿#￿Termsofr&f8r9nC8
Ivrth8 DElgroup arKlexwto
starknngth20￿.
IrKIu5ion IDEII
T1*sha$be￿ a5￿8¢0￿81￿8nd In the
Strele8koi¥ecltrthfortho
LevwiwielthnsNp*ith¢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 Opera￿0￿$.
Review corporate p0￿cLeS 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 $h8re
infomation and lèan abouttheworkbeingundertHk8n
acr05S the business.
hls rolew88 filled NDvamber 2024- progr8S8isalready
being m8de and en8agernenrwfth Our supply chain has
s￿nifiCant￿¥ incr8a8Èd anab￿ng(1dts to b8 sourt8d 3ta
or8gr3niJlarleveL
Integrate the new Procurement Manager
rol8 to dèlivervalue 8nd cost sawngswhile
workingwith oursupplychainto re81isÈ the
ims gnd colLectdata requiredforourNet
Zerujourney
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WESSEX ARCHAEOLOGY LIMITED
STATEMENT OF TRUSTEES, RESPONSIBiunES
FOR THE YEAR ENDED 31 IAARCH 2025
Flnancial Revlew
Consolidated In￿￿8 forthe year was £27.7m. an kxxease of 10.gY¥ over the F*evious ￿&r. Exp8ndllure Incr8ased hy
17.9% whlth wsult9d In a nat suws of £1.1m. The ￿$￿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 dc￿at8d £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 dedin￿l 8nd t)ebt0￿ have iNJe8sed In lh8 ygar gnded 2025. du& lo our In￿Slrnent
In a tradinglolnl Y8ntur8 th MuswFn of Anha8okw. anothgr uK￿8$&j 8rd￿￿￿j[cal (4)arty. to s&Nlce a
31gnrf￿nt cornmercLql cx)ntr
Th* Charfty Iwd the Group) conlhuès to IrNe5t to 8ffNyerry. with wlncant 0xpBnd￿r8 on rr and Ggosurvey
equipment.
RoSor￿ Polcy
Foilowlng a review by tha FinaJKe. R￿k and Authi C(¥Txth ￿ 2025. ihe T￿￿te&S have approved Res&ws Polcy.
Based on an assessment of cash1k￿ demand. the cash Ixjntkngerw wulrem6ntW88 set at one month's 0￿rat￿l9 costs
Ic. £2ml and the rninlrnum ras8rv8s were sgt at Ihr88 ￿M)nIh5. opgraty {c. £6ml. In dotemilnlng ttle reserve leval.
(x)nsIdern￿oll was gfven to th8 kvel Ofwo￿lng ￿t¥la1 requw8(1 lo salw the expectsd cash flow reqLufBments of proj8(*8.
, at any p￿nI, W&ssex can foras88 it may tKgach thts rNrimum res￿ve8 threshold ofthrge rrh)nths' Op8raI￿ costs. the
policy roquSres that this posltton b8 I￿[￿1￿1 cn ￿ Ch￿11￿ c￿panIS I￿Sk Regk8t8r and addr8588d an
appropriate acllon pkn.
Total n•t a88ets kn the tharws ￿alKe S￿1 at 31 klarth 2025 w8re £9.1m12024-£7.7m}. Tota assets Indudo fixed
asseis of UOm12024- £21ml and restrfcted of £44k12024.. £33kl leaving avalable ￿58T¥e8 of £7.1m12024.
£5.6ml, of whlth, £02m teprgs&nts thB revaluatkjn reserve12024.' £0.2ml.
To cover the potent181 dsks of tTThkng oftlce8, has req￿ Ihat an reseNe of£O.5m L8 he￿ until tho
freelK)Id property b sotd.
The reserygs is r8viewgJ annU￿￿Y to dofvery Chwitable Ccffipanys 0￿(11¥&8 and the rL88d lo
M￿nts1￿ the resMIen￿ of thé orffirfon.
R15k Managgment
W885ex has both a Rtsk Management poli￿ a Risk Management PrLvdure In pl&e. These are rogul8ty r&￿eWed
by the Flnance, Rlsk and Audlt (￿m￿ttlee. Thg Exeoth8 mana￿￿1 Team L8 resp￿sible for th& •x8CUtlork of tho Rlsk
Managbmenl Procedure and th8 rnaintonance of ￿ Tr￿$k Register and ￿sk Appetite. The RLgk R8gi$ter and ￿sk Appetite
Are then ￿viar￿ (a)n￿dered 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 [r￿hanIS[lk% er￿u￿ that e[r￿rgIng issu89 ar8 ￿entffied earfy and ès(xlaled
to Ihe Trustees a￿1 team
Oporatlonol Rl8ks
Op9r815onal risk8 are mitlgated by roEyJ3t mawerrent systm8. that gukle d0cisknma￿ng. t￿k ￿rforrnance and
ftxlude I￿pon&Ve pr(Kxdures to reduce the impact ofadv8rse event& This I￿4ud&S buBiness ￿ntthu1ty plannkng and
8cenarlo testlrKJ.
Cybersecurity Is a kw area of trfflcem. The Ir￿reaS1ng frpquerw *KI 3cphLth8tion Of￿bwth188ts pose a sigrfficant
Jlsk to opera￿￿5, data Intsgrlty. and wwlatkn. VV888ex has Irlykn￿ted 8tratsgkn AlkJn￿ th Ir￿u¥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
8￿PDwe￿d 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 d0￿m￿rts
We8sex Archaedi)Jy Llnwted is a r8gIster￿j tharity and is k￿L￿)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 Sh￿th￿der0fT￿d8nt 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 coM￿Y also betsyne Tru51983 of th8 CharftatA8 Comp8ny. The procedure for
appolntrngnt ol the Dlrè(th and Trustees is d8xth8d In the Charrtable Corn￿*8 Ar￿C￿S ofAssoci8tbn. Truste8s arF
8ppolntsd by th8 Board of D[red￿. New Tntstees Sp￿ Ihn8 atone ofth8 Cha￿table Companys Offi￿ 8t th8 beglnnlr
ol Iheir apwirthent Thdr i[Klur￿￿ day In(lude$ meeiarus wfth Ihe CharllaLle Comp8nVs Chipf Exer#Jlfve Offi￿r and
wrth Ihs Chalmian ¢￿TruSteeS. Thè Induct￿￿ prwess 15 desw tD famili8ri8e r￿W 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 ￿g￿l￿all0￿ and declslon rnaklNJ
Truste68 are rèspondbie trthe overall str8tegk arKI wlcy oty8CtNes of Wesssx. DaY-t￿d8Y mana￿￿ent
is delepted to th6 Chlaf Executiv8 Offl¢er 8rNI the dh8r PfvKI￿ Offlcer5. The Board of T￿￿te8$ 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 maInta￿S partn9r3hip w(thng relaflonshlp5 Wth a rnng8 of (*arrtabl8 arml CoM￿rI￿al entetyrises In th8
aTchaeologi¢8188clor and in related fi6kJ$. The T￿￿teeS are satisfied tkkyt thts8 Tdaih)nships seNo to fuTllw th&
tharftable Mlm8.
The Trustees have rathved the events ￿ &YJons adv• 8bi15ty to achl8¥8 ilB staled
charlt8bJe objects or its ￿g￿l oblwJatknns. The Tntstees haye *0 IrryA8menW 8 risk m8nagem8nt system based on
Charity Comrnlssion guidonce. They are satL8fi8d that the m4tsr risk8 have I￿n Identifjed ond that sultable mea￿r&S are
pkice to mOn￿orthe kx)ssI￿9 ocwrrenL¥ 0fth￿ rBks lo avdd or. rf neee&5ary, to mil￿ate tl*w effect5.
The Board has 65tgblshed three S￿￿0mM￿leeS. NC¥mnatK￿ C(¥M7itteè. Remuner8tsn Commiiteo and ￿nanC0. Rlsk
Audit Committee. Th8 Committges gre ostablish8d as sU￿rr￿ttee8 oftha Board arKI ccfflprlsè at 5oast Se￿n0
TTUSt888.
Pay pollcy for s•nlor Staff
AJI ofthe currentfwuslees gi¥e thelr tNne free￿ and N) Tnjslee re¢￿Ved in the year. Trust88$'
èxpensès and reL8led paty transathns arg dlsc105ed In notes to the Fina￿181 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 ts￿rnark p8yawaYds agamst paylgvds In a¥npaMble tharfti88.
Incluslve employmènt Polet8S
W8ssex welcombs appltslions fur employrnent frc￿n all pmspeth eff￿e$ reyarrlless of gender. race, bari￿Or
dknblllty. We aim to 8ctivety prornote •qualty of (ywrt¢mHyand m￿Mise the almlths. skills and gxperfence ol all
empbyees, to ensure that rnanagement ￿brA$ are Ir￿the.
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 r*wsWer Is &tyLgled to d ollhxs ar¥1 by and 818taff wovhled with

WESSEX ARCHAEOLOGY LIMITED
STATEMENT OF TRUSTEES, RESPONSIBIL￿lEs
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 P￿vIouS finanei81 year.
The organisalion does respond to f￿ndIng 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
IMltsh*e
SP4 6E8
TN8to•s
T Wright (Chairl {Apwinted 1710612024)
I Sglby IRe&gnad 0410er20241
R K V Cook (Rèslgned 26111120241
J N Joihnson IR&8ign￿l 22105120251
C M Watson
S L U Voaden {Resigned 31110r2tY24)
M Denm8ad
R Skè8188
S Trow
A Schultz {Appointed 24105120241
N Glbson (Ap￿inted 22105120251
R W Laddle IAppolntBd 2210512025)
K Ward (Appolntod 2210512025)
Secretary
3 D Smlth
Further offlvs:
Pur8 offiees Suitè 68 Bannin￿ Road 2 Pkn E￿In￿[gh EH6 5NP
Logix House, Wrofham Road. m￿pham DA13 OQB
Untt R6. Rfver3lde Bk)ck. SheafBank Buslness Part PrDSp￿t R￿. Sheffighy S2 3EN
u￿t 9, City 8usine58 Patk. E8s¢cm Rfj￿, Brw BSS OSP
l¥ln¢ipal 0ffi¢oTS:
P A Baggaley
AHN Bryant
C Budd
SEve
MRal
8DST￿th
ch[efTed￿thW onk4r IR8sW 01105r2025)
Chi&f CornmerL¥al OffK*r
Chlatoperating Officer
Chief Exe(wbve Ol￿r
Chief Strategy Officer
Chlef Flnanc8 offi
Bankers..
Lbyds Bank PLC, 3gThTead￿edk 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 ¢Onsisten￿Y,.
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 AuD￿0￿s REPORT TO THE MEMBERS AND TRUSTEES OF I￿SsEx 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 ￿M￿lSe
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 $w￿rnnt ac¢ounting tdkiag. Thg flnandal
repOrb￿ framawork that has been appl￿d In th8Er preparation L% appl￿￿￿1& law and Unrted ￿ryd0M Aecountlng Standarts,
It￿[UdIng Fln8n¢ial R¢p)rUng Starvjard 102 Th8 Frnci81 Reporting Starth 8ppllcaW8 in th6 UK at￿ Repubme of Ir&lAnd
(Unit￿1 Kingdorn GenerglyAccepted Acoxmtiro Praclkel.
In our oWnlon, the financlal stalements:
give a tsu& and fair of the state of thg group's atKt of the pargnt charltabl8 company5 affalrg as at 31 March
2Q25 and of the group's and parent eh8rilable eorryanws n81 movrnt in fvnds. Includlng thè Inry)ma xnd
expenditurg, for the year thèn 8lld￿'.
hav8 baen propety wgpared in aLxx)rdaThx ￿lIh Unitotl Kngthi GeneraltyAttxptsd AciL)unting Praikn., and
have be8n prepared in a￿[dance wtth t1￿ wMr8Thnts Compani88 Act 20[￿ 8nd the Charikn8$ e4K1 Tn
Invoslment Iscouandl Aet 2005 and reguLgtlon 8 oftho Ch8rits8Actthnt8 ISc#)U&)d) R￿ulat￿J￿s 2006.
Ba￿5 for oplnlon
We conducted our audl In w)Tdanc* wilh Intom8ltonat staTrJards Audw (UK) IISAS (UK)) and apFlkabJe ￿w. Our
respon8lbill￿eS ￿nder th0￿ standaril8 are further dtiscritrod kn th8 r98ponsi)Ifioe8 for th& audlt of thè ffn3nelal
8tatem8nts section ol our report. We are lnd9￿￿Jent of Ihè grwp kn accordan￿ ￿th the 8t￿1 r8quirements that are
rd8vant to our audlt of the finallcKIl staterywts In th8 UK iwKaudiThJ lh8 FRC'S EthKxI S￿dard. 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 p￿de 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¢c￿ntlng in the
P¥8paratton olthe flnanLx413tatemants B appwiat
Based on the workwe have perft￿m￿. we have not idenIffl￿1 any materw UncwtsU￿es Telatlng to 8V8nts orconditions that.
Indiwdually or ttJlle£#fvely. m8y cast 5knlficant d￿bI on the gr£wJp's a￿￿ty to Lxjnbnue as a wing for a pertod of at
lea¥1 Iw&lva months frorn when kn finandal slatwnerrts are aJIlM￿Sed for tssue.
Ourre5ponsibll83 andth& ￿[￿$1b￿lI￿Otth6tr￿teeSW1Ih respect1DD)kng c4)fKW are (lasrxibed in the r818vant secllor
of thu8 reporL
(Xhor Inforniatl¢)n
The tnjstees are responsU)j8f￿ts other Informakn. Th8 other infoThnatkn Ihe Informatlon [ne￿ded 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 ott*rwEse ewkltty slatgd in ujr report, w& do riot &xwess any fom) of a88ur8nce
conclusion thereon.
connection our audit of the fmanoal 8taten*nts. our r05ponsiLxW ts to re￿ th8 other Infom)atk)n and, in dolng so.
o)nslder whether the other informdon L8 matew Inc￿1 wth the ffnanckl $tatenRnts or our knowlwlge obtalned in
the audit or 0fh9rw￿2 appears to be rnat￿la1ty mlsstated. If kkntrfy such rTthriaJ &)consi$tencSes or apparent tnatgdal
8statements, we ara requIr￿1 to d0termlne￿elllerthere Is a matW1￿ n￿$Stat￿ntinlh￿finand9l statements ora material
mlsstatement ol the other infonnatlon. If. bawj C￿ the work we have Perform￿1, we condude that thare is a material
m155tatement of Ihls othar infcmiatK)Tr. we Brè requlr&J to rewt Ihat fa￿ W¥ have Tr)thlng to In thL8 reganl.
Oplnlon$ 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 dI￿tOrS, 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 T￿￿te8$. R8POrt heva prepared In aCC(￿d￿8
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 ag￿em8￿t 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 dascrfpt￿yn ol ow rvspon8ibllUe8 ￿ the 8udit finar￿f41 statery￿19 18 locat￿ Iin ￿ FInan￿￿ RepotbrKJ
CcMJn¢il'8 wabsltg at *vfjY.trc.
n81￿ti9& Thig d8s¢ripdon fm part of our auditors report.
Us• olour r•port
This report L% madè solely lo Ihe c*aritable (#ryn￿8 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 A￿unts IS(a)tlandl Rogulauons 21KJ6. ¢lJr e￿ilW￿ ￿ 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. fOr￿JraUlrrtrt forthl8 repjrl or ￿ thE* opinlons we hav& foryned.
Rlchard Weaver
For and on b&h8lfof HAy8Mac LLP
St8tulc4y Audltors
10 ￿e￿n 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
Archaeol0g￿Cal 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
ReV￿u￿￿C￿ 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 State￿ts.
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$:
Purchase of tangl￿e fixed 85s8ts
1387,3801
1303.6311
Net cash used in investing activi￿•5
1387,3801
1303,8311
Cash flows frgm linancing activitie5'.
Assets purchased under finance leases
Capital repayrnents in the year
59,880
1242,8471
1177,3591
N8t cash usad in finanang activities
1177.3591
1182,9671
Change In cash and cash •quivalenl$ 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 Wa￿8 8nd Its Oly￿8 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• fina￿la1 8tatsmer
The lknan&al statements ol th8 d￿ritable ryy. Is 8 bwfft FRS 102, hav8 been
prepar￿1 in accordance the Charfties SORP {FRS 1021'Awunting arnd ReF¥Jtlng by Charfvès.. Statoment of
Recommend8d Pra￿￿ apsAicable to charitses wartng thwao>Junts In a￿rdan￿ v￿th the FIna￿al Reporbng
Standard appI￿able in th8 UK and Republk of Irel8nd IFRS 1021 IS&cond Edition, effth 1 January 2019}',
Finandal Rep)rt￿9 Stsndard 102 7h8 ￿nanCIal Reporbng StAndard app4cabJe in th9 LJK and Republ1¢ of Irdand.
and the c￿panIes Act 2006. lInar￿la1 s(at8ments have t￿n w9pa￿d und8r the hi¥bric41 (x>st convenllon.
xs rn(¥Jffied by the rèvabJafK>n ol certaw) assets. Th& fina￿1 statements a￿ prwnted in Sterfiro, ¥thl(* Is 480
the fundonal ￿JrranCY of the ¢Lvryaw. f￿and￿ stat8rnents are rounded to the nearest Pound.
Th8 signrfkanl aCCounUng￿I￿es￿p￿ knthèpreparntK*) of Ihes8fir￿7¢I￿ state[n￿ts ore setoul bek>w. Th
prAici&s have boen LY]n6JSt8nUy a￿1*d to an years pr88Wlted ￿ 0th8rntse staled.
BaBls of consolldallon
These finanTr&l 8tstements ￿￿da1* ts r8¥ulls of the Charlty ￿t￿￿-0*￿ed subsldlary, Wess8X
ArCh￿l09Y Ventures Umw. otk a I￿￿4)y-l1n• basts. Wes$8xArthaeO￿￿￿ Vanlures Umlted has Sts own Wh￿ty-
owned subsldlary. Trf(knt WA GmbH. a reg￿￿d in G8ryTrany. ￿1)1￿ Is also Indud8d In Ih&se
con8c4dated ffin8nda statements. The r88ults of the Ven￿￿ wth MOLA Ltd been induded on 8
propJ1k)nd basis {seg Tr)t8 151.
Inc¢)m•
All In￿[￿ is 1Th1ud￿ In Iho Statem￿tOf FinancialAcbvlUes th8 IB Wtyenbued to the inwme aftBr
8ny perfofmanco condltims haw been nrt amount L¥n Mea￿•￿ rdiaw. 8Thd It 15 proboLI8 that th8
Incom8 VAIJ be reL*wed.
Inoome from charltable advlll8s h)duth8moLmts inv(xwJ tn the yew, exdusfve ofVak￿ Addad Tax. In Tesp6¢t
of loThJ.lemi ¢ontracts, Ino)me repres￿8 vak* of work Ihs year. i1￿udi￿ ostimates of8mounts rK>l
Inv￿ced and Is r¢￿gnLIed by referen￿ to the stage ofe(Nnploti(M.
Long temi ￿ntracts
Where contrac15 are not coMp￿te at th& of the ￿￿nI￿al yaar for th8 anticlpaw value of
Incorne bvhere the ¢))st ofTrhThk exce8ds actsj￿ y￿U6 of incom&, pr¢)vided Ihat I￿ ￿ r6ason8bl8 certginty that
the anth1.pat￿ value ￿11 ￿ realls8d In lh9 next 8cctyJntir¥J perh)d. Thls is separatsly di8¢bwl withln dgbtor5 8$
'amounls r8coverabk on ￿ntraCts.. Ary S￿FAUs 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'. F￿1 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 t￿￿or heading8 that aggregate all
costs rdatsd to the CAtyry. EXp￿￿rture is rectsJnlsed ther& is a kgal Or￿)nStr￿1¥￿ 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 pro1￿ts, bul i￿l￿T￿l for an*ae¢)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 apportK￿Men{ 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 disC￿tIon, 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 cUrren￿e$ 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 L*en Kw*ed on a gvirvJ cor￿￿ basi8 as the knJ¥lees befieve that rKJ material
un(*rtalnlias exlsL Th8 trvstaes havè ￿n￿ller8d thè knl of fvnds he￿ and exp6(*ed 18vg1 of incoTh* 8nd
&XpEndI￿re ts 12 Mont￿ from aut￿81ng 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 i*arity 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 m*elutymgnts.
esb'mat8s and assumpll(kns aboutthe carry￿￿ vdue of assets an¢J li*)Illtl88 Ihaf ar&nOt￿adtyappafyntfr0[n olh8T
sourc8s. Tr 89lfimats5 and tha undatyng asswnpkn ar& ba58d on histth81 expedence arKI othar factors Ihal
are wsldored lo be re￿Want. A(#ual r8su#s may drfyer Ih6se estimates.
Th9 estimates and undarfyjng aswnptions rév￿￿￿1 on an owlThJ basis. Rev15wJrts to acLounlNy estirnate8
arg rncognlsed In Ihe perf¢>J in which Ihe esttmats Is revised rflh8 re￿slon aff8cts only that perhd, or in th8 perlod
of the revL%ian and fuivre p8ric*Js Ifth8 aff￿ts both (aJrr8nt ￿ fijture poriods.
Th8 nvJ5t ￿n￿Cant arBaS ofhtyent tn th8 fina￿1•1 stateM￿ts we th8 antv'pat8d vahJe aThJ costs
In relatlon to Incorn￿et￿ kn￿term ¢￿traCt8.
Hlrè pu￿baS• and 18aslng tommllmants
Assets fund￿1 through finance1oas8s are eaKKklsed a5 f￿ad assels and deprBdated on a Stra￿Jht-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[r￿n1 of Financiat Actfvidès as I￿Urr8d.
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
Ir￿0m8 relaung to Communty eng8gem8nt is oSJcated dweelty. SuWus&8 or dgffots on pr0￿Cl8 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
DepreCIat￿on
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 ￿ ￿l￿t th￿tab￿ exp0Th￿rtur&
Year8nd6d 31 March 2025
& Cory¥nunty
Projects
Support
Costs
Governane•
osts
Tot41
Coastal
Communlty
c￿sU11an¢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 6x￿l￿111Ure 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)¢at￿J ¢fir• to rdoyant a•. Olhar arth&801oglcal & cornmunty
pr￿8(ts 8fKI suw)ort cx)sts arp ap1￿i￿d 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 P￿vIouS 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 eX￿eded £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 d1￿CtorS 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 C￿￿8
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)
Payn*nts 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 ba8e18*8 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 arthaeolog￿a stys whkth hove be￿ (wrt in the furthordnc• ofthe chath8ble cornpanys
objecUv8s. These funds have been and con11n￿ to b8 fvwy u1￿1S&￿ in tneetlng th8 negd5 of thè d)aritsble
cyjmpany. as expla￿ed In ￿TrUsie￿8, rwrt wlthc¥Jtwhlth its oxlrj Th)t pursued.
The m0ven￿nt In general fuThts ts anaw In the Sthmèrt of FinaW
Movement In restrfcted fund# (wp and ch*ltyl
At 31 Ilar¢h
2024
At 31 March
2025
Exp•ndlturg
Well Clty fund.. N8Uonal Lottery Fund
Daf8nwe Llnks.. Bum￿S1and'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 Arch*o*yl. Each party rights to ts nèt assets of th8 anèngemenL A Bryanl S Eve and S
Smith rewesent Wessex A￿h8ooJ(￿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￿ L￿rta￿. Beer*m#8t Consuftar
Llmtted pr0vld0d18g￿ 5WCeS to tho charft8tAe cxjrnpany and its SUbs￿larywoS$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& Cr￿trL￿kng 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