REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE TRUST FOR WELSHARCHAEOLOGY ymddiriedolaeth archaeolegol archaeological trust Heneb
Dyfed Archaeological Trust Heneb: the Trust for Welsh Archaeology ymddiriedolaeth archaeolegol archaeological trust Heneb TRUSTEES. REPORT FOR THE YEAR ENDED 31st MARCH 2024 cifA° Corner House, Stryd Caerfyrddin, Llandeilo, Sir Gaerfyrddin SA19 6AE Ffon: Ymholiadau Cyffredinol 01558 823121 Ebost: info chaeol .or Comer House, 6 Carmarthen Street, Uandeilo, Carmarthenshire SA19 6AE Tel: General Enqulries 01558 823121 Email: info d fedarch eolo .or Website: www.heneb.org.uk Gwefan: www.heneb.org.uk Cwmni Cyfyngedig (1198990) ynghyd ag Elusen Gofrestredig (504616) yw r Ymddiriedolaeth. The Trust is both a Limited Company (1198990) and a Registered Charity (504616) Cover photograph: Excavation at Haverfordwest Friaryi 2023.
CONTENTS Headline FSgures Merger of the fourffielsh archaeologic<il trusts Objective of the Trust Mission statement Promoting the historlc environment Understanding the hlstoric environment Conserving the historlc environment Public Benefit structurei governance and management Financial review 10 Statement as to disclosure of information to Auditors li
Headline Figures 170 109,686 577 41 people actively contributed to our activltles hlstoric environment records available to the public Number of walks, talks, events and exhibitions provided by the Trust days volunteered to our actlvities 4400 4128 1,500,000 3780 followers on our Fabook page people who have been artively engaged In our activities vlsits to our webslte planning app15cations pro55ed and assessed 979 191 3800 137 new historlc environment records created archaeological conditions on development projects followers on X archaeological projects undertaken 1500 followers on Instagram
TRUSTEES. REPORT FOR THE YEAR ENDED 31" MARCH 2024 The Trustees present their annual report and accounts for the year ended 31 March 2024 Merger of the four Welsh archaeological trusts This report is for the activities of the Trust for 2023-24, during which period we changed our name from Dyfed Archaeological Trust to the Trust for Welsh Archaeology in order to facilitate merger of the four Welsh archaeologlcal trusts into a single, regionally-based trust. This report covers the charitable work of... the Trust, as do the financial statements, as well as the events leadlng up to merger. For trading purposes the new Trust is referred to as Heneb, or Heneb: the Trust for Welsh Archaeology. At a General Meeting on 19 June 2024 Dyfed Archaeological Trust members voted In favour of an ordinary resolution to transfer the assets and liabilities of Dyfed Archaeological Trust to the Trust for Welsh Archaeologyi once it had been incorporated and registered as a charity. At the 21" September 2023 AGM Dyfed Archaeological Trust members voted in favour of two special resolutions.. to adopt new artlcles of association and to change the name of the company from Dyfed Archaeological Trust to the Trust for Welsh Archaeology. The new articles and change of name were reglstered with Companies House on l November 2023 and subsequently with the Charity Commission. On l November two Dyfed Archaeological Trust trustees stayed on as Trustees of the Trust for Welsh Archaeologyi Other Dyfed Archaeological Trust trustees resigned and were replaced by six new twstees. Two further trustees were appointed in January 2024, one of whom was the new Chair, Dr Carol Bell. The Trust for Welsh Archaeology trustees as of 31 March 2024 were: Carol Bell Nigel David Clubb David Elis-williams Fiona Elizabeth Gale Hywel Rhys Richard John Henry Stuart Owen-john John Baron Ratcliffe Sian Rees Judith Wainwright Steffan Rhys Williams The new articles of association adopted at the 21" September 2023 AGM state that the members of the Trust shall be its Trustees and that the only persons eligible to be members of the Trust are Its Trustees. Membership of Dyfed Archaeological Trust (apart from its Trustees) therefore ceased on registration of the new articles on l November 2023. However, the Trust for Welsh Archaeology Trustees intend to establish Dyfed regional membership and will establish a Dyfed regional advisory panel after the 31" March 2024, in accordance with the new articles. Most of the former Dyfed Archaeological Trust members have indlcated that they would like to be Dyfed Archaeology regional members. On 31. March 2024, the other three Welsh archaeological trusts (donor charities)-Clwyd-Powys Archaeological Trust, Glamorgan-Gwent Archaeological Trust and Gwynedd Archaeological Trust-merged Into the Trust for Welsh Archaeology (recipient charity).
Objective of the Trust The Trust is an educational charity and a private limlted company. The Trust was establlshed in 1975 as part of a network of four independent archaeologlcal organisations coverlng the whole of Wales. The object for which the Trust is established is to advance the education of the public in archaeology. Mission statement Promoting the understandingi conserdation and appreciation of the historic environment of Wales. Promoting the historic environment All of the Trust's activitles directly or indirectly promote the historic environment. However, some projects and activities were specifically almed at raislng awareness of the hlstoric environment as one of Wales's greatest assets. Understanding the historic environment All of the Trust's work assists in advancing the understanding of the hlstoric envlronment. Some work, however, was specifically designed with this objective in view, including excavations, surveys, assessments, watchlng briefs and building recording projects. Conserving the historic environment Cadw grant-aid enabled the Trust to provide a comprehensive heritage management seniice across the whole of the region, including: responding to a large number of consultations on a variety of issues affectlng the historic environment. providing advice to organisations and individuals. representing the Trust on local, regional and national committees. and contributing to the activities of numerous external groups. All of the Trust's activities help inform this advice. Public benefit The Trustees can confirm that they have complied with the duty in Settion 4 of the Charities Act 2011 to have due regard to public benefit guidance publlshed by the Charities Commission. Significant activities that we undertook during the year that demonstrate publlc benefit are set out in the above pages. Structurei governance and management The Trust is one of the four Archaeological Trusts originally established in the 1970s to cover the whole of Wales. Governing document The charlty is controlled by its governing document, a deed of trust, and constitutes a limited companyi limited by guarantee, as defined by the Companies Act 2006. Reference and Administrative Details Reglstered Company number: 1198990 (England and Wales) Registered Charity number: 504616 Officers and Registered Office During the year Mr K Murphy was the Company Secretary and Chief Executive of the Trust. The Trust's Reglstered Office is at Corner House, 6 Carmarthen Street, Uandeilo, Carmarthenshire, SA19
6AE. The National Westminster Bank plc, 59 Klng Street, Carmarthen are the Trust's bankers. Red Klte Law LLP, 14-15 Spilman Street, Carmarthen, serve as the Trust's legal advlsors. Clay Shaw Butler, 24 Llammas Street, Carmarthen, SA31 3AL are the Trust's auditors. Trustees The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present st their report with the financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of Accounting and Reportlng by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Financlal Reportlng Standard applicable In the UK and Republic of Ireland (FRS 102) (effective l January 2015). Seven Dyfed Archaeological Trust Trustees served during the course of the year: N Clubb resigned as a Trustee on 23 May 2023. Of the remalning six, A Caseldine and C Delaney were the retiring Trustees and put their names forward for re-election at the AGM on 21" September 2023 and, under Article 41 of the Trust's Articles, were deemed re-elected. st At the 21 September 2023 AGM Dyfed Archaeological Trust members voted in favour of two special resolutions: to adopt new articles of association and to change the name of the company from Dyfed Archaeological Trust to the Trust for Welsh Archaeology. The new articles and change of name were St registered with Companies House on l November 2023 and subsequently with the Charity Commission. The Trust for Welsh Archaeology articles state that there could be up to eleven Trustees. On I. November two Dyfed Archaeological Trust trustees stayed on as trustees of the Trust for Welsh Archaeologyi Other Dyfed Archaeological Trust trustees resigned and were replaced by six new trustees. Two further trustees were appointed in January 2024, one of whom was the new Chair, Dr Carol Bell. The table below shows Dyfed Archaeological Trustees who attended Board meetings up to the AGM of 21" September 2023, followed by a table showing the Trust for Welsh Archaeology Trustees who attended Board meetings up to 31 March 2024. st A Caseldine (resigned 31.10.2023) N Clubb (resigned 23.06.2023) J Davies (resigned 31.10.2023) C Delaney (resigned 31.10.2023) H John E Plunkett-Dillon (resigned 31.10.2023) J Wainwright
C Bell (apFointed 29.01.2024) N Clubb (apFointed 01.11.2023) D Elis-williams (apFK)inted 01.11.2023) F Gale (appointel 01.11.2023) H John H Owen-john (appointed 01.11.2023) J Ratcliffe (appointed 01.11.2023) S Rees (appointed 01.11.2023) J Wainwright S Williams (appointed 29.01.2024) statement of Trustees Responsibilities The Trustees are responsible for preparlng the Report of the Trustees and the financlal statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Practice). Company law requires the Trustees to ppare financial statements for each financial year whlch give a true and fair view of the state of affairs of the charitable company and of the incoming resources and applicatlon of resources, including the income and expenditure, of the charitable company for that period. In preparing those financlal statements, the Trustees are required to: select suitable accounting policies and then apply them consistentlyi observe the methods and pr5nciples in the Charity SORP. • make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tlme the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: there Ss no relevant audit information of which the charitable company's auditors are unaware the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Board Meetings Dyfed Archaeological Trust Management CommSttee comprlsed the Board of Trustees and four senior staff members.. Chief Executive Officer, Head of DAT Archaeological Services, Office Manager and one of three senlor Heritage Management staff in rotation. The Committee met four times prlor to the AGM of st 21 September 2023. In advance of meetings and to assist Tnjstees in discharging their responsibillties Trustees were provided with sets of papers which included.. quarterly accounts; an updated risk register. a report on any health and safety issues. a rolling programme of reviewing policies and procedures. report on the activities of the Trust In the previous quarter and other relevant papers. st Following the AGM of 21 September 2023, the Trust for Welsh Archaeology Board was established. In additional to the Trustees, Board meetings were attended by the TWA Interim CEO, K Murphy, the TWA Head of Finance, the CEOS of Clwyd-Powys, Glamorgan-Gwent and Gwynedd Archaeological Trusts and on the 6 20 and 27 of March by the TWA CEO deslgnate, R Nicholls. Following an interim meeting of St 31 October 2024, ten Board meetings were held. Four of these We In-person meetings held at the future regional offices of TWA: Clwyd-Powys (Welshpool), Dyfed (Llandeilo), Glamorgan-Gwent (Newport) and Gwynedd (Bangor). Much of the business concerned merger of the four trusts, but other Important business was addressed, including an updated risk register. Membership of Dyfed Archaeological Trust All members of the Trust, including Trustees, voluntarily contrlbuted their unpaid time and expertlse to the charitable objects of the Trust. The Trust was heavily dependent upon the services and expertise provlded by its members serving as Trustees, together with the valuable advi and specialist contributions to Individual projects provlded by other members. The new articles of associatlon adopted at the 21. September 2023 AGM state that the members of the Trust shall be its Trustees and that the only persons eligible to be members of the Trust are its Trustees. Membership of Dyfed Archaeological Trust (apart from its Trustees) therefore ceased on registratlon of the new articles on l November 2023. Members of Dyfed Archaeologlcal Trust as of 21" September 2023 are listed In Appendix A. Membership of Dyfed Archaeology and Dyfed Regional Advisory Panel The Trust for Welsh Archaeology Trustees Intend to establish Dyfed regional membership and will establish a Dyfed regional advisory panel after the 31 March 2024, in accordance with the new artlcles of associatlon. Most of the former Dyfed Archaeological Trust members have indicated that they would like to be Dyfed Archaeology reglonal members. Rlsks review Trustees regularly review the risk register. This process includes an analysis and, if necessaryi updating of the systems that have been established to mitigate identified risks. The Archaeological Organisations Pensions Scheme (AOPS) is the most significant risk identified. Archaeological Organisatlons Penslons Scheme The Archaeological Organisations Pensions Scheme (AOPS) is a multi-employer pension scheme whlch operates for the benefit of the employees of the four Welsh Archaeological Trusts. The assets of the scheme are invested and managed independently of the finances of the Trust. The most recent valuation th for which information is available was carried out on 6 April 2021 at which time the liabilities of the penslon scheme were greater than its assets. A deficit recovery plan agreed with the Pension Regulator st is in place to eliminate the deficit. An FRS102 calculation was undertaken at 31 March 2024 which shows a surplus on the pension scheme, full details can be found in note 21. th On 28 March 2024, the Trust for Welsh Archaeology signed a Substitution of Prlncipal Employer deed making the Trust for Welsh Archaeology the sole Princlpal Employer of AOPS. On the same dayA Clwyd- Powys, Glamorgan-Gwent and Gwynedd Archaeological Trusts (the leavlng employers) signed Flexible Apportlonment Arrangements assigning their liablllties and obligations to the Trust for Welsh Archaeology (the receiving employer).
Conflicts of Interest The Trust has a Trustees Confllct of Interest Policy. All Trustees complete an annual register of interest and declare any changes at the beginning of each Board meeting. The Trust also has a Heritage Management-contractlng Conflicts of Interest Policy, and a Members of Staff Conflict of Interest Policy, which includes a declaration of interests form. Reporting Serious Incidents It is the Trustees duty to declare any serious incidents that may pose a threat to the Trust's beneficiaries, services, assets or reputation. The Trustees declare that no such incidents were reportable during 2023-24. Health and Safety The Trust has a Health and Safety Policy and supporting documentation. A risk assessment is carried out for every Trust project. No health and safety issues were reported in 2023-24. Health and safety is a standing item on the agenda of Board meetings. Staff The average number of employees during the year was 30 A list of staff as at 31 March 2024 is contained in Appendix B. Dyfed Archaeological Trust pay has been based on the National Joint Council pay-scales; pay grades and bands were reviewed periodically by the Board of Trustees. New pay-scales will be implemented following merger of the four Trusts on l April 2024. Professional and Other Reglstration The Trust Is a Reglstered Organisation of the Chartered Institute for Archaeologists and a member of FAME (Federation of Archaeological Managers & Employers). Dyfed HER Charitable Trust The Dyfed HER Charitable Trust was established in 2008, with the Dyfed Archaeological Trust as the sole Trustee. The purpose of this Trust is to safeguard the Historlc Environment Record (HER) for public use in the event of insolvency of The Dyfed Archaeological Trust (the parent Trust). Four Trustee meetings n%J were held during the year and on the 22 January 2024 a Deed of Transfer was signed, transferring records created during the year by the Dyfed Archaeological Trusvthe Trust for Welsh Archaeology to the Dyfed HER Charitable Trust. 5t A deed dated 31 March 2024 amended the name of The Dyfed HER Charitable Trust to The Welsh Archaeological HER Charitable Trust. on the same date Trustees of the Welsh Archaeological Trust accepted the transfer of the assets and liabilities of the Clwyd-Powys HER Trust, the Glamorgan-Gwent HER Charitable Trust and the Gwynedd HER Charitable Trust. Financial review As a voluntary sector organisation the Trust continues to be heavily dependent upon grant-aid from Cadw. This grant-aid accounted for 9 % of the Trust's total incoming resources (2022-23: 27 % ). We are most grateful for this continued support. For the year ended 31 March 2024, 6 % of the total resources were expended on governance of the charity (2022-23: 51¥o), a small amount on publicity and advertisingi and the rest on direct charitable expendlture on the activities described above. During the year the Trust made a surplus of £2,450,333 prior to any adjustments for the defined benefit pension scheme. Following the pension adjustments, which are explained further in note 21, the Trust generated net income of £2,526,333. io
As at 31 March 2024, the Trust has a surplus on unrestricted funds of £3,705,072 (2022-23: £1,292,680). There is therefore no reason to believe that the Trust cannot continue to pay its debts as they fall due and to continue to operate as a going concern. Reserves policy The Trust has a reserves policy that is required in order to maintain services should temporary problems be experienced in any of the major areas of income or expenditure, or should the Trust become exposed to an unexpected financial contlngency. It is intended that the reserve would cover any financial shortfall in the short term until appropriate actlon could be taken to remedy the situation. The reserve would only be used in the following circumstances.. redundancy costs when all other sources were exhausted. essential operating costs when all other sources were exhausted; and when entering any enforced overdraft. Prospects for 2024-25 The Cadw grant to Dyfed Archaeological Trust in 2023-24 was £339,316. For 2024-25 the Trust for Welsh Archaeology put in a successful application of £1,219,267 to Cadw on behalf of the four Welsh archaeological trusts. Statement as to disclosure of information to Auditors So far as the Trustees are aware, there is no relevant audit information of which the company's auditors are unaware, and individual Trustees have taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. Audltors The auditors, Xelnadin Audit Llmited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of Trustees on 13th December 2024 and signed on its behalf rustee li
ymddiriedolaeth archaeolegol archaeological trust Heneb A day's work done-recording the ruined house at Pricaston, Castlemartin, Pembrokeshire in 2007. Heneb: the Trust for Welsh Archaeology The Corner House, 6 Carmarthen Street, Llandeilo Carmarthenshire, SA19 6AE 01558 823121 info@dyfedarchaeology.org.uk Www.heneb.org.uk 12
REGISTERED COMPANY I¥UMBER: 01198990 (England and Wale5) REGISTERED CIIAIUTY NUMBER: 504616 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE TRUST FOR WELSH ARCHAEOLOGY Xeinadin Audit Limited Ststutory Auditors and Cllarterd Accountants 24 Lammas Street Carmarthenshire SA313AL
THE TRUST FOR WELSH ARCHAEOLOGY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Report of the Independent Auditors 3 to 6 Statement of Financial ActivÈties Balance Sheet Cash Flojv Stalement Notes to the Cash Flow Statemellt io Notes to the Financial Statsments 11 to 26
THE TRUST FOR WELSH ARCHAEOLOGY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with tbe fmancial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Staternent of Recornmended Pradice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019). STRATEGIC REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT Governing doeument The charity is controlled by its governing documenL a deed of trusL and constitutes a limited company, limited by guarantee, as defined by the Companies Aet 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01198990 (England and Wales) Registered Charity number 504616 Registered office The Corner House 6 Camiarthen Street Llandeilo Camarthenshire SA19 6AE Trustees Dr J L Davie5 (resigned l.11.23) Mr C J Delaney (resigned l. E1.23) Mrs A Caseldine (resigned 1.1123) Mr N Clubb J Wainwright MrHRRJohn Mrs E Plunkett Dillon (resigned l.11.23) Dr C Bell (appointed 29.1.24) Mr S R Williams (appointed 29.1.24) Mrs S E Rees (appointed l.11.23) Mr J B Ratcliffe (appointed l.11.23) Mr H S Owen-John (appoinled l.11.23) Ms F E Gale (appointed l.11.23) Mr D G Elis-williams (appointed l.11.23) Company Secretary Mr R A Nicholls Auditors Xeinadin Audit Limited Statutory Auditors and Chartered Accountants 24 Lammas Street Carmarthen Carnkarthenshire SA313AL Page I
THE TRUST FOR WELSH ARCHAEOLOGY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The tntee$ (who are also the directors of The Trust for Welsh Archaeology for the purposes of company law) are responsible for preparing the Report of the Trustees and the fmancial statements ID accordance with applicable laiv and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each fmancial year which give a tNe and fair view of the state of affairs of the charilable company and of the incoming resources and application of resources. including the income and expenditure, of the charitsble company for that period. In preparing those fmancial statements, the trustees are required lo select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent" stale whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the fmancial statements: prepare the financial statements on the going Concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accurdcy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for Safeguding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other iegular1tes. In so far as the trustees are aware: there is no relevant audit inforniation of which the charitable companys auditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infonnation and to establish that the auditors are aware of that infom]alion. AUDITORS The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trust directors. on ./31 s, incorporating a slrdtegic repor¢ approved by order of the board of trustees, a5 the company £*... and signed on the board's behalf by: Dr C Bell - Trustee Page 2
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE TRUST FOR WELSH ARCHAEOLOGY Opinion We have audited the financial statements of The Tnl for Welsh Ar¢baeology (the '¢lwitable compan} for the year ended 31 March 2024 which comprise the Statement of Financial Activities, tbe Balance SheeL the Cash Flow Statement and notes to the financial statements. including a sumllw ol significant accounting policies. The fmancÈal reporting framework that has been applied in their preparntion is applÈcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prdctice). In our opinion tbe fitwlcial statements: give a true and fair view of the state of the charitable companys affairs as at 31 Mar¢h 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then endeQ' have been properly prepared in accordance with United Kingdom Generdlly Accepted Accounting Practice, and have been prepared in accordance with the requIrents of the Companies Act 2006. Basis for opinion We conducted our audit in accordance witb International Standards on Auditing (UK) USAS (UK)) and applicable law. Our responsibilÈties under tbose standards are fiLrther described irt the Auditors, responsibiltties for the audit 0£ the fmancial statements section of our report. We are independent of the charitable company in accordance wÈth the ethical requixements that are relevant to our audit of the filla[ Statenlts in the UK including the FRC'S Ethic Stan(knd, and we have fulfilled our other ethical responsibiIities in a¢¢ordance with tIMe requirements. We belkeve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainties relating to going coueern In auditing the fmancial statements, we have concluded that the tnte¢s, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfortned, we have not identified any material UnCeIllties relating to events or conditions thaL individually or collectively, nlay cast significant doubt on the charitable compangs ability to continue as a going concern for a period of at least twelve months from when the financial statfflnents are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are descnl)ed in the relevant sections of this report. Other information The trustees are responsible for the other inf0rntiO The other inforn)ation comprises the infonnation included in the Annual Report, other than the fmancial statements and our Report of Ihe Independent Auditors thereon. Our opinion on the financial statements does not cover the other inforn)ation an4 except to the extent otherwise explicitly slated in our report. we do not expr any form of assurance concluston thereo In connection with our audit of the fmancial statements, our r&wnsibility is to read the other inforniation and, in doing so. consider whether the other infomtIon is materially inconsistent with the fmancial ststements or our Imowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such nwteriaI iaconsistencies or apparent material misslatements, we are required to determine whether this gives rise to a nHterial nJisstaten]ent in the financial statements thenlselves. If, based on the work we have perfornie(I we conclude that there is a material misstatement of this other Inforn]atio we are requiied to report that facL We have nothing to report in this regar(L Opinions on other matters preseribed by the Companies Act 2006 In our opinion, based on tbe work und¢rtak¢n in the Cou¢ of the audit: tbe infornmtion given in the Report of the Ttee5 for the fllwicial year for which the financial statements are prepared is consistenÉ with the financial statements" and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE TRUST FOR WELSH ARCHAEOLOGY Matters on which we are required to report by exception In the light of the knowledge and understanding of the clwitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Tn. We have nothing to rq)ort in respect of the following matters where the Companies Act 2006 requires us to report to you if, ill our opillion: adequate accounting records have not been kept or returns adequate for our audit have not been recelved from branches not visited by us; or the financial statements are not in agreement vlith the accounting records and returns. or certain disclosures of thtees, remuneration specified by law ar¢ not ma(k" or we have not received all the infornTrtion and explanations we require for our audit Responsibilities of trustees As explained more fvlly in the Statement of Tntstees, Responsibilitie4 the trustees (who are also the directors of the clwitable Company for the purposes of company law) are responsil)le for the preparation of the financial statements and for being satisfied that they give a true alld fair view, and for such internal control as the trustees detem)ine is necessary to enable the preparation of financial statements that are free from nmterial misstatemenL whetber due to fraud or error. In preparing the fjnallcial statements, the IteeS are responsible for assessing tbe charitable compangs ability to continue as a going concern, disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the cEwitable collipany or to cease operations, or have no realistic alternative but lo do so. Page 4
REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF THE TRUST FOR WELSH ARCHAEOLOGY Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whetber the financial statements as a whole are free from rnaterial rnisstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurdnce is a bigb level of a&suran¢e. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or eTmr and are considered material if, individually or in the aggregate, they Could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial statements. The extent to which our pm¢edures are capable of detecting irre8ularities, including frdud is detailed below. Extent to which the audit was considered capable of detecting irregularities, incIuding fraud We identify and assess the risk8 of material misstatement of the financial statemenL% whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtsining audit evidence that is sufficient and appropriate to provide a basxs for our opinion. Identifying and assessing potential risks related to irregulartties In identifying and assessing risks of material nisststement in respe¢t of irregularities, including fraud and non-compliance with laws and regulation& we coll5idered the following: - the nature of the industy and se¢tor. control environment and business perforn]ance including the design of the Cbarity's remuneration policies and performance targets. - results of our enquiries of nMnagement about their own identification and assessment of the risks of irre8ularities' - any matters we identified having obtained and reviewed the CEwitVs documentation of their policies and procedures relating to- - identifying. evaluating and complying with law5 and regulatio and whether they were aware of ally instances of noncompliance" - detecting and resTJonding to the risks of fraud and wbether they have knowledge of any actual, suspected or alleged fraud; - the internal controls estabixshed to mitigate risks of fraud or non-¢onwliance with laws and regulations. - the matters discussed among the audit engagement team regarding bow and where fraud might o¢¢vr in the fu1¢la1 statenLents and any potential indicators of fraud. As a result of these procedures, we considered the oppottunÈties and incentives that nMy exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recogDitioL In common with alE audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. A fifftber description of our responsibilities for the audÈt of the financial statements is locafrd on the Financial Reporting Council's webstte at www.frc.org.uklauditorsresponsibilities. This description for$ part of our Report of the Independent Auditors. Page 5
REPORT OF THE IIYDEPENDENT AUDITORS TO THE MEMBERS OF THE TRUST FOR WELSH ARCHAEOLOGY Use of our report This report is nwde solely to tbe Charitable companYs members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work h&s been undertaken so that we might state to the charitable ¢ompanYs members those matters we are required to state to them in an auditors, report and for no other purpose. To the fidlest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit worL for this repor( or for the opinions we have fornied. Y&.Jh Al/ lll Mark Jones FCA (Senior Statutory Auditor) for and on bebalf of Xeinadin Audit Limited Statutory Auditors and Chartered Accountallts 24 Lammas Street Carniartben Carniarthenshire SA313AL 18.Iiaiao&K4 Page 6
THE TRUST FOR WELSH ARCHAEOLOGY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPEIYDITURE ACCOUNT) FOR THE YEAR EI¥DED 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total fimds Unrestrtcted funds Restricted fidS Notes INCOME AKD ENDOWMENTS FROM Donations and legacies 2,306,635 450.740 2,757,375 353,984 Charitable activities Project work 874,787 127,5iO 1,002,317 934,686 Investment income Other income 7,961 18.945 7,961 18,945 1,862 20,329 Total 3.208,328 578,270 J,786,598 1,310,861 EXPENDITURE ON Raising fld5 5,000 5,000 Charitable activities Project work 879,937 464,328 1,344,265 955,340 Other (13,000) (13,000) 15,000 Total 871.937 464,328 1.336,265 970,340 NET INCOME Other recognised gains/(losses) Actuarial gains on defined benefit schemes 2,i36,391 113,942 2,450,)33 340.521 76.000 76,0110 804,000 Net movement in funds 2.412.391 113,942 2,526,333 1,144.521 RECONCILIATION OF FUNDS Total funds brought fonvard 1,292.680 9,923 I,i02,603 158,082 TOTAL FUNDS CARRIED FORWARD 3.705.071 123,865 i,828,936 1,302,603 The noles forn) part of these fancial statements Page 7
THE TRUST FOR WELSH ARCHAEOLOGY BALANCE SHEET 31 MARCH 2024 31.3.24 Total fldS 31.3.23 Total funds Unrestricted funds RestrA¢ted fidS Notes FIXED ASSETS Tangible assets 15 742,111 743,472 376,004 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 16 17 207,195 569,705 1,252,625 207,195 611.219 1.33i.614 131,507 121,324 445,086 41,514 80,989 2,029,525 122.503 2,152,028 697,917 CREDITORS Amounts falling due within one year 18 (398,564) (398,564) (70,318) NET CURRENT ASSETS 1.630.961 122,503 1,753,464 627.599 TOTAL ASSETS LESS CURRENT LIABILITIES 2,373,072 123,864 2,496,936 1,003,603 PENSION ASSET 21 1,332.000 1,332,000 299,000 NET ASSETS 3.705,072 12i,864 3,828,936 1,302,60J FUNDS Unrestricted funds Restricted fiu]ds 20 3,705,072 123.864 1,292,680 9,923 TOTAL FUNDS 3,828,936 1,302,603 The f ancial statemellis were approved by the Board of Ttvstees and authorised for issue on Dr C Bell - Trustee The notes forn) part of these financial statements Page 8
THE TRUST FOR WELSH IIRCHAEOLOGY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 Notes Cash floivs from operating activities Cash g¢nerat¢d from operations J267,485 168,955 Net cash provided by operating activities 1.267,485 168,955 Cash flows from investing activities Purchase of tangible fixed assets Interest received (386,085) 7,961 (20,539) 1,862 Net cash used in investing activities (378,124) (18,677) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 889,361 150,278 444253 293,975 Cash and cash equivalents at the end of the reporting period 1,333,614 444,253 The notes forni part of these fula1 statements Page 9
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILTION OF NET INCOME TO IYET CASH FLOW FROM OPERATING ACTIVITLES 31.3.24 31.3.23 . ,IYet illcojnelor the£pOrting period (as per the Statement of Finaneial, .. Activities) Adjustments for: Depreciatxon charges InteTesÈ received Increase in stocks (Increase)Idecrease in debtors Increasel(decrease) in creditors Difference between pension charge and cash contributions 2,450,333 340,521 18,617 (7,961) (75,688) (489,895) 329,079 (957,000) 18,670 (1,862) (16,711) 10,628 (29,291) (153,000) Net Cash provided by operations 1267,485 168,955 ANALYSIS OF CASH AND CASH EQUIVALENTS 31.3.24 31,3.23 Cash in hand Notice deposits Oess than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 674 1,332,940 108 444,978 (833) Total cash and cash equivalents 1.333,614 444,253 AALySIs OF CHANGES IN IYET FUM)S At 1.4.23 Cash flow At31.3.24 Net cash Cash at bank and in hand Bank overdraft 445,086 (833) 888,528 833 1,333,614 444,253 889,361 1,333,614 Total 444,253 889,361 1,333,614 The notes forni part of these financial statements Page 10
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 31 MARCH 2024 STATufoRY INFORMATIOIW4 The T$t for Welsh knhaeology is a company limited by guarantee incorporated in England and Wales. The . ,iegistered office is The Corner Hous4 6 Cannthen StreeL Llalldeilo, Carnlartbenshire SA19 6AE. The Trust for Welsh Archaeology has adopted the trading name Heneb. It is registered with Companies House and the Charity Commission as The Trust for Welsh Archaeology. The financial statements are presented in Sterling (£), the clmritys functional currell¢y, and rounded to the nearest pound. The principal activities and nature of the ¢lwitys operations is to eDlw]ce the education of the public in archaeology. The significant accounting policies applied in the preparation of these financial statements a set out below. Tbese policies have been consistently applied to all years unless otherwlse stated. ACCOtFNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial statements of the clwitable company, which is a public benefit entity under FRS 102, have been prepared in a¢¢ordan¢e with the Charities SORP (FRS 102) 'Accounting and Reporting by Clwities: Statement of Recommended Prdctice applicable to cbarities preparing their accounts in accordance with the Financial Reporting Standard appli¢able io the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and tbe Companies Act 2006. The financial statements have been prepared wider the historical cost convention. On the 31 March 2024 the cbarity merged with GlanKJrgan-Gwent Archaeolog1 Trus¢ Gwynedd Archaeologi¢al Trust and Clwyd-Powys Archeological Trust to forni The Trust for Welsh Archaeology. The three trusts were wound up and all of the clwitys assets and Iiabilities were traLsferred at net book value to the The Tntst for Welsh Archaeology. The donation received from Glamorgan-Gwent knhaeological Trust was £606,531, the donation from Gwynedd Archeological Trust vras £876.678 and the donation from Clwyd-Powys Archaeological Trust was £934,771, totalling £2.417.980 These transfers are shown as an exceptional item within the accounts. tNCOME All income is recognised in the Statement of Financial Activities once the G]lty has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. EXPENDITURE Liabilities are recogrrised as expenditure as soon as there is a legal or coLstructive obIigation conullitting the charity to that expenditure, it is probable tbat a transftr of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an a¢¢rnals basis and has been classified under headings that aggregate all cost related to the category. Where Costs cannot be directly attributed to particular headings they have been allo¢ated to activities on a basis consistent with the use of resources. TANGIBLE FIXED ASSETS Depreciation is PTovided at the following annual rdtes in order to lte off each asset over its estInted useful life. Freehold Property 2Yo on written dovm value Page 11 contiJLued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTfNG POLICIES - continued TANGIBLE FIXED ASSETS Computer Equipment otyice Equipment Excavation and Survey Equipment Photographic Equipment down value 330/0 on written down value 330/0 on written down value 330/0 on vnitten down value STOCKS Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditUTe and an appropriate proportion of fixed and variable overheads. TAXATION The charity is exempt from COtion tax on its charitable activities. FUND ACCOUNTING Unrestricted funds can be used in accordance with the Charitable objectives at the discretion of the trustees. Restricted funds can only be for partICar restricted purpose5 within the obje¢ts of the ¢ty. Restrictions arise when spe¢tfied by the donor or when fimds are raised for particular restricted purposes. Further explanation of the nature and pU$se of each fund is included ill the notes to the financial statements. FINANCIAL tNSTRUMEIYTS The charity only has financial assets and financial liabilities of a kind that qualify as basic financial InStnellts. Basic f]nancial instnunents are initially recognised at transaction value and subsequently measured at their settlement value. LEASING COMMITMENTS Rentals paid under Operating Leases are charged to the SOFA as incurred over the tern of the lease. PENSION COSTS AND OTHER POST-RETIREMENT BENEFf13 The Trust operates a Defmed Benefit PeLsion Scheme. This is a multi-employer peL8ion scheme. The Trust accounts for the pension asset under Financial Accounting Standard 102 (FRS102). The FRS102 asset figure has been calculated by tbe scheme actuary as at 31 st March 2024.. The TnLSt also operates a defllled contribution pension scheme. Contributions payable to the clwitys pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Page 12 continued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMEwfs - continued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS A[ LEGACtES 31.3.24 31.3.23 ,Donalions . Grants 2.418,059 339,316 353,885 2,757,375 353,984 On Ibe 31 March 2024 the charity merged with Glamorgan-Gwent Archaeologxcal TnL8t, GW}edd Archaeological Trust and Clwyd-Powys Archeological Trust to forni Tbe Trnst for Welsh Archaeology. The three twsts were wound up and all of the charitys assets and liabilities were transferred at net book value to the The Trnst for Welsh Archaeology. The donation received from Glamopdan-Gwent Ar¢haeological Trnst was £606,531, the donation from Gwynedd knheological Trnst was £876,678 and the donation from Clwyd-Powy8 Arclmeological Tnt was £934,771 A donation of £2,417.980 is included within donations to reflect this. Grants received, included in the above, are as follow5: 31.3.24 31.3.23 CADW 339,316 353,885 INVESTMENT INCOME 31.3.24 31.3.23 Deposit account interest 7,961 1,862 ll¥COME FROM CHAIUTABLE ACTIvrrIES 31.3.24 31.3.23 Activity Project work Project work Other project income Grants 874,787 127,530 881,723 52,963 1.002,317 934,686 Grants received, included in the above. are &s follows: 31.3.24 31.3.23 The National Lottery Conlmunity Fund Welsh Government 63,830 63,700 52,963 127,530 52,963 Page 13 continued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 OTHER COmE 31.3.24 31.3.23 Other.income-. RAISING FUNDS RAISJIW4G DONATIONS AND LEGACIIS 31.3.24 31.3.23 Fundraising and publicity 5,000 CHARITABLE ACTivrrIES COSTS Support costs (see note 9) Direct Costs Totals Proj¢¢t work 893,932 450,333 1,344,265 SUPPORT COSTS Governance costs Management Other Totals Project work 267.132 102.000 81,201 450,333 Support costs, included in the above, are a5 follows: MANAGEMENT 31.3.24 Project work 31.3.23 Totsl activities Wages Premises Insurance Postagerrelephone TraJsport Central supplies Service/Hire Copying Sundry expenses Depreciation 154,494 20,230 6,729 4,272 4,937 6,088 18,059 1,216 32.490 18,617 69,776 10,353 6,905 3,368 6,551 5,310 13,334 979 1,627 18,670 267.132 136,873 Page 14 continued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS - continued GOVERNANCE COSTS 31.3.24 31.3.23 work a¢tivities Wages Auditors, remuneration Legal and professional fees Members expenses Central costs 24,692 8,125 39,028 690 8,666 22,752 6,050 11,391 229 8,300 81,201 48,722 io. ET INCOIVIEI(EXPELNDrruRE) Net incomel{expenditure) is stated after cbargingl(¢rediting): 31.3.24 31.3.23 Auditors, remuneration Depreciation- OTred assets Operating leases - Otber 8,125 18,617 676 6,050 18,671 6,094 Professional Indenmity Insurance is pUrChd to protect the cbarity from loss arising from the neglect or defaults of its Tn]slees, employee or agents. Trustees tnden]nity Inslwance is purchased to indemnify the Trnstees or other officers against the consequences of any neglect or default on their part. ii. TRUSTEES, REMI UNERATION AND BENEFITS There were no tntees, rnnuneration or other benefits for the year e[ed 31 March 2024 nor for the year ended 31 March 2023. TRUSTEES, EXPENSES Payments were made to the trustees for trdvel exPe[S in the year of £132 (2023: £Nil} Page 15 continued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - contRnued FOR THE YEAR ENDED 31 MARCH 2024 12. STAFF COSTS 2024 2023 Wages and salaries Social security ¢osts Superannuation 765,174 59,659 26259 680,435 57,095 24,641 851,092 762,171 Key management personneI consists of the Chkef Executive, Office Manager and Head of DAT Archaeological Servic¢s. The total ¢mployee ben¢fits of the key management p¢rsonnel of the Tnt were £169,178 (2023: £144,962). The average rnonthly number of employees during the year Wds as follow5." 31.3.24 31.3.23 Administrative and clerical Project Record Edu¢ation/Publicity 19 19 30 30 No employees received emoluments in exce&s of £60,000. 13. EXCEPTIONAL fTEMS On the 31 March 2024 the charlty merged with Glamorgau-Gwent Ar¢haeoIogical Trus( Gvrynedd Archaeological Tntst and Clwyd-Povrys Archeological Tntst to forni The TnLSt for Welsh Archaeology. The three Irusts were to be wound up and all of the charitys ats and liabilities were transfetred at net book value to the The Trust for Welsb Arcl]aeology. The donation received from Glamorgan-Gwent Archaeological Trust was £606.531, tbe donation from Gwynedd Archeological Tnt was £876,678 and the donation from Clwyd-Powys Archaeological Tnt was £934.771. totalling £2,417.980. These transfers are shown as an exceptional item within the accounts. Page 16 Continued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR EIWED 31 MARCH 2024 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds fimds Totsl funds INCOME AND ENDOWMEiYfs FROM Donations and legacies 353,885 353,984 Charitable activities Project work 881,723 52,963 934,686 tnvestment income Other income 1,862 20,329 1,862 20,329 Total 904,013 406,848 1,310,861 EXPENDITURE ON Charitable a¢vItIeS Project work 656,428 298,912 955,340 Other 15,000 15,000 Total 671.428 298,912 970,340 II'ET INCOME Transfers between funds Other recognised gains/O05ses) Actuarial gains on defmed benefit schemes 232,585 I05,792 107,936 (105,792) 340,521 804.000 804,000 Net movement in funds 1,142J77 2,144 1,144,521 RECONCILJATION OF FUNDS Total fimds brought forward 150,303 7,779 158,082 TOTAL FUNDS CARRIED FORWARD 1292,680 9,923 1,302,603 Page 17 ontinued...
THE TRUST FORWELSll ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEARENDED 31 MARCH 2024 15. TANGIBLE FIXED ASSETS Freebold property Motor vehicles Computer equipment COST At l April 2023 Additions 418,578 329J97 16,894 15,660 35,327 l5,534 At 31 March 2024 747,975 32,554 50,861 DEPRECIATION At l April 2023 Charge for year 68,594 7,000 4224 3,168 26,647 5,291 At 31 March 2024 75,594 7,392 31,938 NET BOOK VALUE At 31 March 2024 672,381 25,162 18,923 At 31 March 2023 349,984 12,670 8,680 Excavation Other office equipment Photogrnphi equipment equipment Totals COST At l April 2023 Additions 31,766 20.599 23.185 4,506 1,228 389 526,978 386,085 At 31 Mar¢h 2024 52,365 27,691 1,617 913,063 DEPRECIATION At l April 2023 Charge for year 30,391 455 19,931 2,561 1,187 142 150,974 18,617 At 31 March 2024 30,846 22,492 1,329 169,591 NET BOOK VALUE At 31 March 2024 21.519 5,199 288 743,472 At 31 March 2023 1,375 3,254 41 376,004 Page 18 continued...
THE TRUST FORWELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 16. STOCKS 31.3.24 31.3.23 . ,WorLin:progress.. .207.195 13.1,5Q7 17. DEBTORS: AMOUNTS FALLING DUE WfTHtN ONE YEAR 31.3.24 31.3.23 Trade debtors Other debtors Prepayments 413,872 136,598 60,749 64,371 24,524 32,429 611,219 121,324 18. CREDfroRS: Amouiyfs FALLING DUE ONE YEAR 31.3.24 31.3.23 Bank loans and overdrdfts {see note 19) Trade creditors Social security and other taxes VAT Other Creditors DefeTred income AGcnJed expenses 833 2,616 16,404 23,577 3,483 15.000 8,405 142,227 22,482 75,667 61,330 36,551 60,307 398,564 70J18 DEFERRED ll¥COME Deferred income ¢onstsls of income received in advance of woA( carried OUL Balance as at l April 2023 Amounts released to income earned from clwitable activities Amount deferTed in year 15,000 (15,000) 14,875 Balance as at 31 March 2024 14,875 Page 19 ¢ontinued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 19. LOANS An analysis of the maturity of lOaS is given below. 31.3.23 Amounts falling due within one year on denwi(L. Bank overdrafts 833 20. MOVEIVIENT ]J¥ FUIWS Net movement in funds At 31.3,24 At 1.4.23 Unrestricted funds General fimd Reserve fimd 1.128,868 163.812 2,412,392 3,541,260 163,812 1.292,680 2,412,392 3,705,072 Restricted funds Cadw Grants CUPHAT HLF Pendtnas T A Roberts Legacy Culture Recovery Funding Youth Volunteering Grant Youth Heritage Fund Welsh government WATT Grant Cadw Beacon Ring RVB Foundation Research grant 9,923 13,974 15,528 (7,385) 10,000 20,110 3,990 1,727 38,900 2,757 14,340 23,897 15,528 (7,385) 10,000 20,110 3.990 1,727 38,900 2,757 14,340 9,923 113,941 123,864 TOTAL FUNDS 1.302,603 2,526,333 3,828,936 Page 20 continued..
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. MOVEIVIENT IN FUNDS . continued Net movement in filnds. included in the above are as follows: Incoming Resources resources expended Gains and losses Movement in funds Unrestricted funds General fund 3,208,328 (871,936) 76,000 2,412,392 Restricted funds Cadw Grants CUPHAT HLF Pendinas T A Roberts LeacY Culture Recovery Funding Youth Volunteering Grant Youth Heritage Fund Welsh government WATT Grant Cadw Beacon Ring RVB Foundation Research grant 358316 63.700 63,830 10,000 20,110 3,990 1,727 38,900 2.757 14,340 (344,942) {48,172) (71215) 13,974 15,528 (7,385) 10,000 20.110 3,990 1,727 38,900 2,757 14,340 578270 (464,329) 113,941 TOTAL FUNDS 3,786,598 (lJ36,265) 76,000 2,526,333 Comparatives for movement in funds Net movement in fimds Transfers between fidS At 31.3.23 At 1.4.22 Unrestricted funds General fund Reserve fund 20,543 129.760 1,036,585 71,740 34,052 1,128,868 163,812 150,303 1.036,585 105,792 1292,680 Restricted funds Cadw Grants This Time fund CUPHAT 102,499 (92,576) (7,779) (5,437) 9923 7,779 5,437 7.779 107,936 (105,792) 9,923 TOTAL FUNDS 158,082 1.144.521 1,302,603 Fage 21 continued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. MOVEMENT IN FUNDS - continued Cojnparative net movement in fund& included in the above are as follows: Resources expended Movement in fi$ losses Unrestricted funds General fund 904,013 (671,428) 804,000 1,036,585 Restricted funds Cadw Grants CUPHAT 353,885 52.963 (251,386) (47,526) 102,499 5,437 406,848 (298,912) 107,936 TOTAL FUNDS 1.310.861 (970,340) 804.000 1.144,521 Grdnts received from Cadw: Welsh Historic Monuments are subject to specific condttions, including a requirement that a separate audited account be submitted on a project by project basis. Grants from this source and correspondin8 expenditure are therefore treated as Restricted Funds. Cadw grants are awarded for specific PTojects as agreed by Cadw in their offer of grant each year. The fiuLds are to enable the Trust to: Conserve and protect the bistoric environment of Wales including threat-related archaeological recordtngs, surveys, assessments. excavations and watcbing briefs. to identify historic assets of national in]portance' to provide curatorial services related to the regional Historic Environmental Recor4 including plallT)iog advisory services. to promote public underslaodyng and appreciation of the Welsh Heritage" and to support community engagement with the historic envirollnL CUPHAT - Coastal Uplands Heritage and To1$ is a Tnt for Welsh ArchaeologylAberyshryth University/Ulliversity College Dublin partnersllip project funded by the European Regional Development Fund. Its key aim is to understand the value and the potential of the natural and cultural heritage in four coastal uplands areas - the Cajnbrian Mountains and Preseli Mountains in Wales, and the Wicklow Mountains and Blackstairs Mowitains in Ireland - thus increasing towist numbers and attracting new ovea$ visitors to these areas. A General Reserve Policy has been established in order to nlOta]n services should temporary problems be experienced in any of the major areas of income or expenditure, or if the Trust should become exposed to an unexpected financial contingency. It is intended and expected that the reseryes would cover such fU]cIal shortfall in the short terni until appropriate remedial action has been take These fuDds have been recognised as a separate designated fund WAtbia the accounts. Page 22 ¢ontinued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 21. EMPLOYEE BENEF OBLIGATIOIW4S The Trust is a member of a defined benefit pension scheme operated for the benefit of the employees of a . ,numb¢r .o£.ar£haeo]ogical .orgaDisatioJJs, .Galled The AtGba¢ological Qrgani5ations P.ensii)ns. (AOP) Scheme,. , which requires contributions to be made to a separately adMintered pension fimd. The assets of the scheme are invested and managed independently of the finances of the TrusL The latest Iriennial actuarial valuation using the Projected Unit Method was undertaken by an iDdependent quaEified Actuary, Quallt as at 31 March 2021. FRS102 calculations have been rnade to deterniine the figures recognised below. The pension scheme is a multi-employer scbeme and is shared by Ibree other charities. As part of the next triennial actiwial valuation as at 5 ApTiI 2024, as yet not fllMlised the Archaeologxcal Organisation Pension Scheme h&s enkned on a review of the scheme nLles, lch includes reviewing the validity of past d¢¢isions. A potential ambiguity is under discuOn witb the erne's lawyeÈ3. The likelihood and quantum of any liability on the employers is unclear. The main assunytions used in the actuarial valuations are as follows: 2024 4.800/0 3.300/0 2.900/0 3.20% S3PxA (CMI 2021) projections with 2023 4.700/. 3.50D/o 2.900/. Discount rate RPI price infiation CPI price infiation Rate of increase in pensions in payment (LP15) S3PxA (Cmt) 2021projeGtions witb 1.250/oLTR Post retirement mortality The n]ajor categories of s¢heme assets for all four Trsts are as follows: 2024 2024 2023 2023 Equities Bonds Alternative Allnuities Cash LDI Property 1,115,000 4,134.(K)O 4,277,000 894,000 360,000 1.296,0(K) 9.2% 34.2Yo 35.40/0 4,519,000 37.30/0 2,979,000 24.60/0 1,957,000 1,142,000 1,150,000 10.80/. 373,000 12.076,000 2,120,000 100.00/0 The movement in surylus during the year is as follows: 2024 2023 Present value of funded obligations Fair value of plan assets 10,744,000 (12,076000) 11,008,000 (12,120,000) Net defined benefit (asset)I liability (1,332,000) (1,112,000) The change in benefit obligation during the year is as follows: Page 23 continued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 21. EMPLOYEE BENEFrr OBLIGATIONS - eolltinued 2024 2023 Liability at the start of the period Current service costs Interest on pension liabilities Members contributions Actuarial (gains)Aosses on liabilities CurtaiLments Settlements Benefits paid Past service cost 11.008,000 15,229,000 507,000 405,000 (345,000) (4,220,000) {426,000) (406,000) Liability at the end of the period 10,744.000 11,008,000 The change in the plan assets during the year is as follows: 2024 2023 12,120,00 Fair value of plan assets at the start of the period Interest income Actuarial gainsl(losses) on assets Non investment expenses Curtailments Settlements Employer contributions Member contributions Benefitsltransfers paid 12,765,000 347,000 (1,142,000) (30,000) 557,000 (50,000) (408,000) 283,000 586,000 (426,000) (406,000) Fair value of plan assets at end of period 2,076,000 12,120,000 Analysis of return on plan assets Interest illcome Actuarial (loss)Igain on on plan assets 557,000 (50000) 347,000 (1,142,000) Return on plan assets 507,000 (795,000) Analysis of amounts recognised in the Statement of Financial Activities for The Tnt for Welsh Archeology: (excluding CPAT, GGAT & GATI 2024 2023 Current service costs Past service costs Administration expenses Net illt¢r¢st cost 102,000 (13,000) 8,000 15,000 Page 24 continued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 21. EMPLOYEE BENEFIT OBLIGATIONS - eontinmed 89,000 23,000 Total costs recognised ill SOFA Statement of aCtyar1 gains and losses: 2024 2023 Actuarial gainsl(losses) on liabilities Actuarial gainsl(losses) on assets 300,000 (224,000) 1,085,000 (281,000) Total actuarial gain/Oo&8es) in statement of comprehensive incorne 76,000 804,000 The AOPS scheme was closed to accnwl on 3 1st July 2018. stsff were transferred into a contributory pension scheme with NEST pensions. Some staff also have pallellts nde into a private Aviva pension scbeme. During the year ended 31 March 2024 £26,347 (2023: £24,641) of enwloyer contributions was paid into these pension scheme, at the year end there was a creditor of £4,016 (2023: £3,483). 22. RELATED PARTY DISCLOSURES There were no related paty transactions for tbe year ended 31 March 2024 23. ULTIMATE CONTROLLING PARTY Ultimate control is exercised by the Management Con]mittee, which is a delegated conmllttee of the Board of Tntees, together with the Chief ExetiVe. 24. COMPANY LTrirrED BY GUARAIYTE The company is limited by guarantee" each rnembees liability is limited to £1 on winding up of the company. 25. STATUS AND TAXATION The Tnt is registeted under the Conipanies Act 2006 and is a Company Limited by guardntee not having a Share Capital. No provision for Cory)oration Tax IHS been made as the Tn is a Registered Charity. Page 25 Continued...
THE TRUST FOR WELSH ARCHAEOLOGY NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 26. OPERATING LEASE COMKITMENTS The total of filture minimum le&se payments under non-rancellable opernting leases are as follows: 2024 2023 Land & buildings IAnd & buildings Other Due within l year Due 1- 5 years Due > 5 years 676 676 958 1,352 1,352 2,310 Page 26