2022-03-31-accounts

1 Headline Figures Objective o f the Trust	4 5
IMission statement	5
IPromoting the historic environment Understanding the historic environment	5
IConserving the historic environment	5
IPublic Benefit	5
Structure, governance and management	5
Financial review I	9
ICovid−19	9
1 Potential merger o f the four Welsh archaeological trusts Statement as to disclosure of information to Auditors	1.0 10

		Page
Report o f the Trustees	1	to	2
Report o f the Independent Auditors	3	to	5
Statement o f Financial Activities		6
Balance Sheet		7
Cash Flow Statement		8
Notes to the Cash Flow Statement		9
Notes to the Financial Statements	10	to	24
Detailed Statement of Financial Activities	25	to	26

					31.3.22	31.3.21
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
		Notes	£	£	£	£
INCOME AND ENDOWMENTS FROM
Donations and legacies		3		314,175	314,175	326,433
Charitable activities		5
Project work			556,084	6,331	562,415	359,282
Investment income		4	53		53	118
Other income		6	24,193		24,193	34,971
Total			580,330	320,506	900,836	720,804
EXPENDITURE ON
Raising funds		7	75		75	150
Charitable activities		8
Project work			342,043	324,700	666,743	621,453
Other			20,000		20,000	26,000
Total			362,118	324,700	686,818	647,603
NET INCOME/(EXPENDITURE)			218,212	(4,194)	214,018	73,201
Other recognised gains/(losses)
Actuarial gains/(losses) on	defined benefit
schemes			338,000		338,000	(790,281)
Net movement in funds	•		556,212	(4,194)	552,018	(717,080)
**RECONCILIATION OF **	FUNDS
Total funds brought forward			(405,909)	11,973	(393,936)	323,144
TOTAL FUNDS CARRIED FORWARD			150,303	7,779	158,082	(393,936)

				31.3.22	31:3.21
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Notes	£	£	£	£
FIXED ASSETS			,
Tangible assets	14	374,136		374,136	386,787
CURRENT ASSETS
Stocks	15	114,796		114,796	30,190
Debtors	16	131,952		131,952	53,219
Cash at bank and in hand		291,460	7,779	299,239	253,553
		538,208	7,779	545,987	336,962
CREDITORS
Amounts falling due within one year	17	(104,041)		(104,041)	(76,019)
NET CURRENT ASSETS		434,167	7,779	441,946	260,943
T O T A L ASSETS LESS CURRENT
LIABILITIES		808,303	7,779	816,082	647,730
CREDITORS
Amounts falling due after more than one year	18				(32,666)
PENSION LIABILITY	22	(658,000)		(658,000)	(1,009,000)
NET ASSETS/(LIABILITIES)		150,303	7,779	158,082	(393,936)
FUNDS	21
Unrestricted funds				150,303	(405,909)
Restricted funds				7,779	11,973
TOTAL FUNDS				158,082	(393,936)

		31.3.22	31.3.21
	Notes
Cash flows from operating activities
Cash generated from operations Net cash provided by operating activities	1	101,898 101,898	142,532 142,532
Cash flows from investing activities
Purchase o f tangible fixed assets		(4,659)	(4,658)
Interest received		53	118
Net cash used in investing activities		(4,606)	(4,540)
Cash flows from financing activities
Loan repayments in year		(41,791)	(10,027)
Net cash used in financing activities		(41,791)	(10,027)
Change in cash and cash equivalents in
the reporting period		55,501	127,965
Cash and cash equivalents at the beginning o f the reporting period	2	238,474	110,509
Cash and cash equivalents at the end of
the reporting period	2	293,975	238,474

	RECONCILIATION OF NET INCOME TO NET CASH ACTIVITIES	FLOW FROM O	PERATING
			31.3.22	31.3.21
	Net income for the reporting period (as per the Statement o f Financial
	Activities)		214,018	73,201
	Adjustments for:
	Depreciation charges		17,307	20,259
	Interest received		(53)	(118)
	(Increase)/decrease in stocks		(84,606)	1,533
	(Increase)/decrease in debtors		(78,733)	22,771
	Increase in creditors		46,965	2,325
	Difference between pension charge and cash contributions		(13,000)	22,561
	Net cash provided by operations		101,898	142,532
2.	ANALYSIS OF CASH AND CASH EQUIVALENTS
			31.3.22	31.3.21
	Cash in hand		4	50
	Notice deposits (less than 3 months)		299,235	253,503
	Overdrafts included in bank loans and overdrafts falling due within one year		(5,264)	(15,079)
	Total cash and cash equivalents		293,975	238,474
3.	ANALYSIS OF CHANGES IN NET FUNDS
		At 1.4.21	Cash flow	At 31.3.22
	Net cash
	Cash at bank and in hand	253,553	45,686	299,239
	Bank overdraft	(15,079)	9,815	(5,264)
		238,474	55,501	293,975
	Debt
	Debts falling due within 1 year	(9,125)	9,125
	Debts falling due after 1 year	(32,666)	32,666
		(41,791)	41,791
	Total	196,683	97,292	293,975

DONATIONS AND LEGACIES
	31.3.22	31.3.21
Donations		140
Grants	314,175	326,293
	314,175	326,433

3.	DONATIONS AND LEGACIES −continued	DONATIONS AND LEGACIES −continued
	Grants received, included in the above, are as follows:
			31.3.22	31.3.21
	CADW		311,175	306,293
	The Foyle Foundation			10,000
	The Welsh Cultural Heritage Fund			10,000
	Llanelli Community Partnership		3,000
			314,175	326,293
4.	INVESTMENT INCOME
			31.3.22	31.3.21
	Deposit account interest		53	118
5.	INCOME FROM CHARITABLE ACTIVITIES
			31.3.22	31.3.21
		Activity	£	£
	Other project income	Project work	556,084	337,017
a	nts	Project work	6,331	22,265
			562,415	359,282
	Grants received, included in the above, are as follows:
			31.3.22	31.3.21
	The National Lottery Community Fund		6,331	22,265
6.	OTHER INCOME
			31.3.22	31.3.21
	Other income		20,259	19,654
	HMRC CJRS income		3,934	15,317
			24,193	34,971

	RAISING FUNDS
	RAISING DONATIONS AND LEGACIES
				31.3.22	31.3.21
	Fundraising and publicity			75	150
8.	CHARITABLE ACTIVITIES COSTS
				Support
			Direct	costs (see
			Costs	note 9)	Totals
	Project work		517,119	149,624	666,743
9.	SUPPORT COSTS
				Governance
		Management	Other	costs	Totals
		£	£	£	£
	Project work	110,337	14,000	25,287	149,624
	Support costs, included in the above, are as follows:
	MANAGEMENT
				31.3.22	31.3.21
				Project	Total
				work	activities
	Wages			58,963	32,590
	Pensions				16,000
	Premises			4,767	6,408
	Insurance			6,622	6,120
	Postage/Telephone			3,263	8,253
	Transport			5,702	6,781
	Central supplies			1,187	391
	Service/Hire			10,789	11,044
	Copying			1,167	584
	Sundry expenses			570	7,936
	Depreciation			17,307	20,259
				110,337	116,366

SUPPORT COSTS −continued GOVERNANCE COSTS
	31.3.22	31.3.21
	Project	Total
	work	activities
Wages	11,839	8,908
Auditors' remuneration	5,800	5,503
Legal and professional fees	2,503	11,307
Central costs	5,145	13,271
	25,287	38,989

	31.3.22	31.3.21
Auditors' remuneration	5,800	5,503
Depreciation −owned assets	17,311	20,259
Operating leases −Other	7,115	7,194
Professional Indemnity Insurance	1,886	1,886
Trustees Indemnity Insurance	623	623

	2022	2021
Wages and salaries	461,286	398,223
Social security costs	40,397	34,164
Superannuation	18,546	41,196
	520,229	473,583

	31.3.22	31.3.21
Administrative and clerical	2	2
Project	11	5
Record	2	2
Education/Publicity	6	5
	21	14

	Unrestricted	Restricted	Total
	funds	funds	funds
INCOME AND ENDOWMENTS FROM
Donations and legacies	10,140	316,293	326,433
Charitable activities
Project work	332,518	26,764	359,282
Investment income	118		118
Other income	34,971		34,971
Total	377,747	343,057	720,804
EXPENDITURE ON
Raising funds	150		150
Charitable activities
Project work	290,369	331,084	621,453
Other	26,000		26,000
Total	316,519	331,084	647,603
NET INCOME	61,228	11,973	73,201
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
schemes	(790,281)		(790,281)
Net movement in funds	(729,053)	11,973	(717,080)
RECONCILIATION OF FUNDS
Total funds brought forward	323,144		323,144

13.	**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES **	**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES **	−continued
		Unrestricted	Restricted	Total
		funds	funds	funds
	TOTAL FUNDS CARRIED FORWARD	(405,909)	11,973	(393,936)
14.	TANGIBLE FIXED ASSETS
				Other
		Freehold	Computer	office
		property	equipment	equipment
	COST
	At 1 April 2021	415,848	42,514	35,772
	Additions	1,765	2,494	400
	Disposals		(12,049)	(4,718)
	At 31 March 2022	417,613	32,959	31,454
	DEPRECIATION
	At 1 April 2021	53,097	29,030	33,549
	Charge for year	8,353	5,327	881
	Eliminated on disposal		(12,049)	(4,719)
	At 31 March 2022	61,450	22,308	29,711
	NET BOOK VALUE
	At 31 March 2022	356,163	10,651	1,743
	At 31 March 2021	362,751	13,484	2,223
		Excavation
		and
		survey	Photographic
		equipment	equipment	Totals
	COST
	At 1 April 2021	23,185	1,228	518,547
	Additions			4,659
	Disposals			(16,767)
	At 31 March 2022	23,185	1,228	506,439
	DEPRECIATION
	At 1 April 2021	14,949	1,135	131,760
	Charge for year	2,719	31	17,311
	Eliminated on disposal			(16,768)
	At 31 March 2022	17,668	1,166	132,303
	NET BOOK VALUE
	At 31 March 2022	5,517	62	374,136
	At 31 March 2021	8,236	93	386,787

15.	STOCKS
		31.3.22	31.3.21
or	k −in−progress	114,796	30,190
16.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		31.3.22	31.3.21
		£	£
	Trade debtors	110,946	22,378
	Other debtors	5,790	19,525
	Prepayments	15,216	11,316
		131,952	53,219
17.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		31.3.22	31.3.21
	Bank loans and overdrafts (see note 19)	5,264	24,204
	Trade creditors	2,098	6,382
	Social security and other taxes	66,404	29,312
	Other creditors	2,761	2,872
	Deferred income	16,000	7,640
	Accrued expenses	11,514	5,609
		104,041	76,019

Balance as at 1 April 2021	7,640
Amounts released to income earned from charitable activities	(7,640)
Amount deferred in year	16,000
Balance as at 31 March 2022	16,000

18.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		31.3.22	31.3.21
	Bank loans (see note 19)		32,666
19.	LOANS
	An analysis o f the maturity o f loans is given below:
		31.3.22	31.3.21
	Amounts falling due within one year on demand:
	Bank overdrafts	5,264	15,079
	Bank loans		9,125
		5,264	24,204
	Amounts falling between one and two years:
	Bank loans −1−2 years		9,125
	Amounts falling due between two and five years:
	Bank loans −2−5 years		23,541
20.	SECURED DEBTS
	The following secured debts are included within creditors:
		31.3.22	31.3.21
	Bank overdrafts	5,264	15,079
	Bank loans		41,791
		5,264	56,870

MOVEMENT IN FUNDS
		Net	Transfers
		movement	between	At
	At 1.4.21	in funds	funds	31.3.22
	£	£	£	£
Unrestricted funds
General fund	(530,669)	556,212	(5,000)	20,543
Reserve fund	124,760	−	5,000	129,760
	(405,909)	556,212		150,303
Restricted funds
The Foyle Foundation	1,673	(1,673)
This Time fund	10,300	(2,521)		7,779
	11,973	(4,194)		7,779
TOTAL FUNDS	(393,936)	552,018		158,082
Net movement in funds, included in the above are as follows:
	Incoming	Resources	Gains and	Movement
	resources	expended	losses	in funds
	£	£	£	£
Unrestricted funds
General fund	580,330	(362,118)	338,000	556,212
Restricted funds
Cadw Grants	308,925	(308,925)
The Foyle Foundation		(1,673)	−	(1,673)
This Time fund	6,331	(8,852)		(2,521)
Merger fund	2,250	(2,250)
Llanelli Community Partnership	3,000	(3,000)
	320,506	(324,700)		(4,194)
TOTAL FUNDS	900,836	(686,818)	338,000	552,018

		Net	Transfers
		movement	between	At
	At 1.4.20	in funds	funds	31.3.21
	£	£	£	£
Unrestricted funds
General fund	203,384	(729,053)	(5,000)	(530,669)
Reserve fund	119,760		5,000	124,760
	323,144	(729,053)		(405,909)
Restricted funds
The Foyle Foundation		1,673		1,673
This Time fund		10,300		10,300
		11,973		11,973
TOTAL FUNDS	323,144	(717,080)		(393,936)

	Incoming	Resources	Gains and	Movement
	resources	expended	losses	in funds
	£	£	£	£
Unrestricted funds
General fund	377,747	(316,519)	(790,281)	(729,053)
Restricted funds
Cadw Grants	306,293	(306,293)
The Foyle Foundation	10,000	(8,327)		1,673
This Time fund	22,265	(11,965)		10,300
LEADER Polygon pilot fund	4,499	(4,499)
	343,057	(331,084)		11,973
TOTAL FUNDS	720,804	(647,603)	(790,281)	(717,080)

	2022	2021
Discount rate	2.70%	2.00%
RPI price inflation	3.70%	3.30%
CPI price inflation	3.00%	2.60%
Rate o f increase in pensions in payment (LPI5)	3.50%	3.20%
	S3PxA (CMI	S3PxA (CMI
	2021 projections	2020
	with 1.25% LTR)	projections with
Post retirement mortality		1.25% LTR)

	2022	2022	2021	2021
	£	%	£	%
Equities	1,103,000	32.3%	1,485,000	43.3%
Bonds	606,000	17.8%	625,000	18.2%
Alternative	769,000	22.6%	363,000	10.6%
Annuities	669,000	19.6%	759,000	22.2%
Cash	263,000	7.7%	195,000	5.7%
	3,410,000	00.0%	3,427,000	00.0%

EMPLOYEE BENEFIT OBLIGATIONS −continued
The movement in deficit during the year is as follows:
	2022	2021
Present value o f funded obligations	4,068,000	4,436,000
Fair value o f plan assets	(3,410,000)	(3,427,000)
defined benefit liability	(658,000)	1,009,000
The change in benefit obligation during the year is as follows:
	2022	2021
Liability at the start o f the period	4,436,000	4,149,000
Current service costs
Interest on pension liabilities	88,000	86,000
Members contributions
Actuarial (gains)/losses on liabilities	(343,000)	290,000
Curtailments
Settlements
Benefits paid	( I 13,000)	(111,000)
Past service cost		22,000
Liability at the end o f the period	4,068,000	4,436,000
The change in the plan assets during the year is as follows:
	2022	2021
Fair value o f plan assets at the start o f the period	3,427,000	2,896,000
Interest income	68,000	60,000
Actuarial gains/(losses) on assets	(5,000)	557,000
Non investment expenses	(14,000)	(7,000)
Curtailments
Settlements
Employer contributions	47,000	32,000
Member contributions
Benefits/transfers paid	(113,000)	(111,000)
Fair value o f plan assets at end o f period	3,410,000	3,427,000
Analysis o f return on plan assets
Interest income	68,000	60,000
Actuarial (loss)/gain on on plan assets	(5,000)	557,000
Return on plan assets	63,000	617,000

	2022	2021
Current service costs
Past service costs		22,000
Administration expenses	14,000	7,000
Net interest cost	20,000	26,000
	•34,000	55,000
Total costs recognised in SOFA
Statement o f actuarial gains and losses:
	2022	2021
Actuarial gains/(losses) on liabilities	343,000	(290,000)
Actuarial gains/(losses) on assets	(5,000)	557,000
Difference between past service deficit liability and pension liability		(1,057,281)
Total actuarial gain/(losses) in statement o f comprehensive income	338,000	(790,281)

		2022	2022	2021	2021
		Land &		Land &
		buildings	Other	buildings	Other
		£	£	£	£
Due	within 1 year		4,071		1,251
Due	1−5 years		2,311		3,678
Due	> 5 years
			6 382		4,929

	31.3.22	31.3.21
INCOME AND ENDOWMENTS
Donations and legacies
Donations		140
Grants	314,175	326,293
	314,175	326,433
Investment income
Deposit account interest	53	118
Charitable activities
Other project income	556,084	337,017
Grants	6,331	22,265
	562,415	359,282
Other income
Other income	20,259	19,654
HMRC CJRS income	3,934	15,317
	24,193	34,971
Total incoming resources	900,836	720,804
EXPENDITURE
Raising donations and legacies
Fundraising and publicity	75	150
Charitable activities
Wages	451,427	410,084
Postage and stationery	217	100
Transport	20,751	2,441
Consumables	14,328	19,003
Service/Hire	(757)	5,593
Specialist fees	28,132	20,937
Sundry expenses	3,021	940
	517,119	459,098
Other
Interest on pension scheme liabilities	20,000	26,000
Support costs
Management
Wages	58,963	32,590
Carried forward	58,963	32,590

	31.3.22	31.3.21
Management
Brought forward	58,963	32,590
Pensions		16,000
Premises	4,767	6,408
Insurance	6,622	6,120
Postage/Telephone	3,263	8,253
Transport	5,702	6,781
Central supplies	1,187	391
Service/Hire	10,789	11,044
Copying	1,167	584
Sundry expenses	570	7,936
Depreciation	17,307	20,259
	110,337	116,366
Other
Defined benefit admin costs	14,000	7,000
Governance costs
Wages	11,839	8,908
Auditors' remuneration	5,800	5,503
Legal and professional fees	2,503	11,307
Central costs	5,145	13,271
	25,287	38,989
Total resources expended	686,818	647,603
Net income	214,018	73,201