2023-03-31-accounts - The Trust For Welsh Archaeology

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	20.04.2022	06.97.2022	22,09.2022	26.10.2022	04,01.2023	25.01,2023	A6r4
							15.09.2022
Astrid CaseIdine BSc PGCE
Nigel Club, MA MCHA FSA
Jeffrey L Davies BA PhD
CrtriS Delaney BSC FHA
Heather James BA FSA
Plywol R R )ohn MA FCA
Emma Plunkett DClion BA PhD
Judith Watnwright MA MSc RC
FFLSA

		Page
Report of the Trustees	1	to	2
Report of the Independent Auditors	3	to	6
Statement of Financial Activities		7
Balance Sheet		8
Cash Flow Statement		9
Notes to the Cash Flow Statement		10
Notes to the Financial Statements	11	to	24
Detailed Statement of Financial Activities	25	to	26

				31.3.23	31.3.22
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Notes	£	£	£	£
INCOME AND ENDOWMENTS FROM
Donations and legacies	3	99	353,885	353,984	314,175
Charitable activities	5
Project work		881,723	52,963	934,686	562,415
Investment income	4	1,862	−	1,862	53
Other income	6	20,329		20,329	24,193
Total		904,013	406,848	1,310,861	900,836
EXPENDITURE ON
Raising funds	7				75
Charitable activities	8
Project work		656,428	298,912	955,340	666,743
Other		15,000		15,000	20,000
Total		671,428	298,912	970,340	686,818
NET INCOME		232,585	107,936	340,521	214,018
Transfers between funds	19	105,792	(105,792)		−
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes		804,000		804,000	338,000
Net movement in funds		1,142,377	2,144	1,144,521	552,018
RECONCILIATION OF FUNDS
Total funds brought forward		150,303	7,779	158,082	(393,936)
TOTAL FUNDS CARRIED FORWARD		1,292,680	9,923	1,302,603	158,082

				31.3.23	31.3.22
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Notes
FIXED ASSETS
Tangible assets	14	376,004		376,004	374,136
CURRENT ASSETS
Stocks	15	131,507		131,507	114,796
Debtors	16	121,324	−	121,324	131,952
Cash at bank and in hand		435,163	9,923	445,086	299,239
		687,994	9,923	697,917	545,987
CREDITORS
Amounts falling due within one year	17	(70,318)		(70,318)	(104,041)
NET CURRENT ASSETS		617,676	9,923	627,599	441,946
TOTAL ASSETS LESS CURRENT
LIABILITIES		993,680	9,923	1,003,603	816,082
PENSION ASSET/(LIABILITY)	20	299,000	−	299,000	(658,000)
NET ASSETS		1,292,680	9,923	1,302,603	158,082
FUNDS	19
Unrestricted funds				1,292,680	150,303
Restricted funds				9,923	7,779
TOTAL FUNDS				1,302,603	158,082

		31.3.23	31.3.22
	Notes
Cash flows from operating activities
Cash generated from operations	1	168,955	101,898
Net cash provided by operating activities		168,955	101,898
Cash flows from investing activities
Purchase of tangible fixed assets		(20,539)	(4,659)
Interest received		1,862	53
Net cash used in investing activities		(18,677)	(4,606)
Cash flows from financing activities
Loan repayments in year			(41,791)
Net cash provided by/(used in) financing activities			(41,791)
Change in cash and cash equivalents in
the reporting period		150,278	55,501
Cash and cash equivalents at the
beginning of the reporting period	2	293,975	238,474
Cash and cash equivalents at the end of
the reporting period	2	444,253	293,975

I.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
			31.3.23	31.3.22
	Net income for the reporting period (as per the Statement of Financial
	Activities)		340,521	214,018
	Adjustments for:
	Depreciation charges		18,670	17,307
	Interest received		(1,862)	(53)
	Increase in stocks		(16,711)	(84,606)
	Decrease/(increase) in debtors		10,628	(78,733)
	(Decrease)/increase in creditors		(29,291)	46,965
	Difference between pension charge and cash contributions		(153,000)	(13,000)
	Net cash provided by operations		168,955	101,898
2.	ANALYSIS OF CASH AND CASH EQUIVALENTS
			31.3.23	31.3.22
	Cash in hand		108	4
	Notice deposits (less than 3 months)		444,978	299,235
	Overdrafts included in bank loans and overdrafts falling due within one year		(833)	(5,264)
	Total cash and cash equivalents		444,253	293,975
3.	ANALYSIS OF CHANGES IN NET FUNDS
		At 1.4.22	Cash flow	At 31.3.23
	Net cash
	Cash at bank and in hand	299,239	145,847	445,086
	Bank overdraft	(5,264)	4,431	(833)
		293,975	150,278	444,253
	Total	293,975	150,278	444,253

DONATIONS AND LEGACIES
	31.3.23	31.3.22
Donations	99
Grants	353,885	314,175
	353,984	314,175
Grants received, included in the above, are as follows:
	31.3.23	31.3.22
CADW	353,885	311,175
Llanelli Community Partnership		3,000
	353,885	314,175

4.	INVESTMENT INCOME
			31.3.23	31.3.22
	Deposit account interest		1,862	53
5.	INCOME FROM CHARITABLE ACTIVITIES
			31.3.23	31.3.22
		Activity	£	£
	Other project income	Project work	881,723	556,084
	Grants	Project work	52,963	6,331
			934,686	562,415
	Grants received, included in the above, are as follows:
			31.3.23	31.3.22
	The National Lottery Community Fund			6,331
	Welsh Government		52,963
			52,963	6,331
6.	OTHER INCOME
			31.3.23	31.3.22
	Other income		20,329	20,259
	HMRC CJRS income			3,934
			20,329	24,193
	2022 Other income includes £3,934 from HMRC coronavirus job retention scheme. Nil in 2023.
7.	RAISING FUNDS
	RAISING DONATIONS AND LEGACIES
			31.3.23	31.3.22
	Fundraising and publicity			75

			Support
		Direct	costs(see
		Costs	note 9)	Totals
Project work		761,745	193,595	955,340
SUPPORT COSTS
			Governance
	Management	Other	costs	Totals
	£	£	£	£
Project work	136,873	8,000	48,722	193,595
Support costs, included in the above, are as follows:
MANAGEMENT
			31.3.23	31.3.22
			Project	Total
			work	activities
Wages			69,776	58,963
Premises			10,353	4,767
Insurance			6,905	6,622
Postage/Telephone			3,368	3,263
Transport			6,551	5,702
Central supplies			5,310	1,187
Service/Hire			13,334	10,789
Copying			979	1,167
Sundry expenses			1,627	570
Depreciation			18,670	17,307
			136,873	110,337
GOVERNANCE COSTS
			31.3.23	31.3.22
			Project	Total
			work	activities
Wages			22,752	11,839
Auditors' remuneration			6,050	5,800
Legal and professional fees			11,391	2,503
Members expenses			229
Central costs			8,300	5,145
			48,722	25,287

	31.3.23	31.3.22
Auditors' remuneration	6,050	5,800
Depreciation −owned assets	18,671	17,311
Operating leases −Other	6,094	7,115

	2023	2022
Wages and salaries	680,435	461,286
Social security costs	57,095	40,397
Superannuation	24,641	18,546
	762,171	520,229

	31.3.23	31.3.22
Administrative and clerical	2	2
Project	19	1 I
Record	2	2
Education/Publicity	7	6
	30	21

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
	Unrestricted	Restricted	Total
	funds	funds	funds
INCOME AND ENDOWMENTS FROM
Donations and legacies		314,175	314,175
Charitable activities
Project work	556,084	6,331	562,415
Investment income	53		53
Other income	24,193		24,193
Total	580,330	320,506	900,836
EXPENDITURE ON
Raising funds	75		75
Charitable activities
Project work	342,043	324,700	666,743
Other	20,000		20,000
Total	362,118	324,700	686,818
NET INCOME/(EXPENDITURE)	218,212	(4,194)	214,018
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes	338,000		338,000
Net movement in funds	556,212	(4,194)	552,018
RECONCILIATION OF FUNDS
Total funds brought forward	(405,909)	11,973	(393,936)
TOTAL FUNDS CARRIED FORWARD	150,303	7,779	158,082

TANGIBLE FIXED ASSETS
		Freehold	Motor	Computer
		property	vehicles	equipment
		£	£	£
COST
At 1 April 2022		417,613		32,959
Additions		965	16,894	2,368
At 31 March 2023		418,578	16,894	35,327
DEPRECIATION
At 1 April 2022		61,450		22,308
Charge for year		7,144	4,224	4,339
At 31 March 2023		68,594	4,224	26,647
NET BOOK VALUE
At 31 March 2023		349,984	12,670	8,680
At 31 March 2022		356,163		10,651
		Excavation
	Other	and
	office	survey	Photographic
	equipment	equipment	equipment	Totals
COST
At 1 April 2022	31,454	23,185	1,228	506,439
Additions	312	−		20,539
At 31 March 2023	31,766	23,185	1,228	526,978
DEPRECIATION
At 1 April 2022	29,711	17,668	1,166	132,303
Charge for year	680	2,263	21	18,671
At 31 March 2023	30,391	19,931	1,187	150,974
NET BOOK VALUE
At 31 March 2023	1,375	3,254	41	376,004
At 31 March 2022	1,743	5,517	62	374,136

15.	STOCKS
		31.3.23	31.3.22
	Work−in−progress	131,507	114,796
16.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		31.3.23	31.3.22
	Trade debtors	64,371	110,946
	Other debtors	24,524	5,790
	Prepayments	32,429	15,216
		121,324	131,952
17.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		31.3.23	31.3.22
	Bank loans and overdrafts (see note 18)	833	5,264
	Trade creditors	2,616	2,098
	Social security and other taxes	16,404	66,404
	VAT	23,577
	Other creditors	3,483	2,761
	Deferred income	15,000	16,000
	Accnied expenses	8,405	11,514
		70,318	104,041

Balance as at I April 2022	16,000
Amounts released to income earned from charitable activities	(16,000)
Amount deferred in year	15,000
Balance as at 31 March 2023	15,000

	31.3.23	31.3.22
Amounts falling due within one year on demand:
Bank overdrafts	833	5,264

			Net	Transfers
			movement	between	At
		At 1.4.22	in funds	funds	31.3.23
		£	£	£	£
Unrestricted funds
General fund		20,543	1,036,585	71,740	1,128,868
Reserve fund		129,760		34,052	163,812
		150,303	1,036,585	105,792	1,292,680
Restricted funds
Cadw Grants		−	102,499	(92,576)	9,923
This Time fund	.	7,779		(7,779)
CUPHAT		−	5,437	(5,437)
		7,779	107,936	(105,792)	9,923
TOTAL FUNDS		158,082	1,144,521		1,302,603

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	904,013	(671,428)	804,000	1,036,585
Restricted funds
Cady,' Grants	353,885	(251,386)		102,499
CUPHAT	52,963	(47,526)		5,437
	406,848	(298,912)		107,936
TOTAL FUNDS	1,310,861	(970,340)	804,000	1,144,521

		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

Comparative net movement in funds, inclu	ded 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

		2023		2022
Discount rate		4.70%		2.70%
RPI price inflation		3.50%		3.70%
CPI price inflation		2.90%		3.00%
Rate o f increase in pensions in payment (LPI5)		3.40%		3.50%
		S3PxA (CMI)	S3PxA (CMI)
		2021		2021
	projections with		projections with
Post retirement mortality		1.25% LTR	1.25% LTR
The major categories of scheme assets are as follows:
	2023	2023	2022	2022
	£	%	£	%
Equities	1,121,000	34.3%	1,103,000	32.3%
Bonds	739,000	22.6%	606,000	17.8%
Alternative	486,000	14.9%	769,000	22.6%

Annuities	549,000	16.8%	669,000	19.6%
Cash	285,000	8.7%	263,000	7.7%
Property	92,000	2.8%
	3,272,000	00.0%	3,410,000	00.0%

The movement in deficit during the year is as follows:
	2023	2022
Present value of funded obligations	2,973,000	4,068,000
Fair value of plan assets	(3,272,000)	(3,410,000)
Net defined benefit (asset)/ liability	(299,000)	658,000
The change in benefit obligation during the year is as follows:
	2023	2022
Liability at the start of the period	4,068,000	4,436,000
Current service costs
Interest on pension liabilities	108,000	88,000
Members contributions
Actuarial (gains)/losses on liabilities	(1,085,000)	(343,000)
Curtailments
Settlements
Benefits paid	(118,000)	(113,000)
Past service cost
Liability at the end of the period	2,973,000	4,068,000
The change in the plan asscts during the year is as follows:
	2023	2022
Fair value of plan assets at the start of the period	3,410,000	3,427,000
Interest income	93,000	68,000
Actuarial gains/(losses) on assets	(281,000)	(5,000)
Non investment expenses	(8,000)	(14,000)
Curtailments
Settlements
Employer contributions	176 ,000	47,000
Member contributions
Benefits/transfers paid	(118 ,000)	(113,000)
Fair value of plan assets at end of period	3,272,000	3,410,000

Analysis o f return on plan assets
Interest income	93,000	68,000
Actuarial (loss)/gain on on plan assets	(281,000)	(5,000)
Return on plan assets	(188,000)	63,000
Analysis o f amounts recognised in the Statement of Financial Activities:
	2023	2022
Current service costs
Past service costs
Administration expenses	8,000	14,000
Net interest cost	15,000	20,000
	23,000	34,000
Total costs recognised in SOFA
Statement o f actuarial gains and losses:
	2023	2022
Actuarial gains/(losses) on liabilities	1,085,000	343,000
Actuarial gains/(losses) on assets	(281,000)	(5,000)
Total actuarial gain/(losses) in statement of comprehensive income	804,000	338,000

The	total of future minimum lease	payments under non−cancellab	payments under non−cancellab	le operating leas	es are as follows:
		2023		2023	2022	2022
		Land	&		Land &
		buildings		Other	buildings	Other
		£		£	£	£
Due	within 1 year		−	958		4,071
Due	1−5 years			1,352		2,311
Due	> 5 years			−		−
				2,310		6,382

	31.3.23	31.3.22
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants	353,885	314,175
	353,984	314,175
Investment income
Deposit account interest	1,862	53
Charitable activities
Other project income	881,723	556,084
Grants	52,963	6,331
	934,686	562,415
Other income
Other income	20,329	20,259
HMRC CJRS income		3,934
	20,329	24,193
Total incoming resources	1,310,861	900,836
EXPENDITURE
Raising donations and legacies
Fundraising and publicity		75
Charitable activities
Wages	669,643	451,427
Postage and stationery	7	217
Transport	59,172	20,751
Consumables	18,524	14,328
Service/Hire	1,661	(757)
Specialist fees	9,710	28,132
Sundry expenses	3,028	3,021
	761,745	517,119
Other
Interest on pension scheme liabilities	15,000	20,000
Support costs
Management
Wages	69,776	58,963
Carried forward	69,776	58,963

	31.3.23	31.3.22
Management
Brought forward	69,776	58,963
Premises	10,353	4,767
Insurance	6,905	6,622
Postage/Telephone	3,368	3,263
Transport	6,551	5,702
Central supplies	5,310	1,187
Service/Hire	13,334	10,789
Copying	979	1,167
Sundry expenses	1,627	570
Depreciation	18,670	17,307
	136,873	110,337
Other
Defined benefit admin costs	8,000	14,000
Governance costs
Wages	22,752	11,839
Auditors' remuneration	6,050	5,800
Legal and professional fees	11,391	2,503
Members expenses	229
Central costs	8,300	5,145
	48,722	25,287
Total resources expended	970,340	686,818
Net income	340,521	214,018