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






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|||**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**|





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## 

||||||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<br>Net cash provided by operating activities|1|**101,898**<br>101,898|**142,532**<br>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**<br>**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 **<br>**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|





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## 

|**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**<br>**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<br>−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**|