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 Fa￿book
page
people who have been
artively engaged In our
activities
vlsits to our webslte
planning app15cations
pro￿55ed 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 p￿pare 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 tn￿tee$ (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 Safegu￿ding the assets of the charitable company and hence for
taking reasonable steps for the prevention and detection of fraud and other i￿egular1t￿es.
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 Tn￿l 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 requIren￿ts 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[￿ Staten￿lts 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 tn￿te¢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 UnCe￿Illties 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 inf0rn￿tiO￿ 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 infom￿tIon 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 T￿￿tee5 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 th￿tees, 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 I￿￿teeS 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 fu￿1¢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
fi￿dS
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 fl￿d5
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 f￿ancial statements
Page 7

THE TRUST FOR WELSH ARCHAEOLOGY
BALANCE SHEET
31 MARCH 2024
31.3.24
Total
fl￿dS
31.3.23
Total
funds
Unrestricted
funds
RestrA¢ted
fi￿dS
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 fu￿￿la1 statements
Page 9

THE TRUST FOR WELSH
ARCHAEOLOGY
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
RECONCIL￿TION 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
A￿ALySIs 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 estIn￿ted 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 CO￿tion 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 partIC￿ar 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 InStn￿ellts.
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 Tn￿t 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- OTr￿￿ed assets
Operating leases - Otber
8,125
18,617
676
6,050
18,671
6,094
Professional Indenmity Insurance is pUrCh￿d 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 tn￿tees, 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 Tn￿t 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 a￿ts 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 Tn￿t was £876,678 and the donation from Clwyd-Powys
Archaeological Tn￿t 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 lOa￿S 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 Le￿acY
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
fi￿dS
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 envirolln￿L
CUPHAT - Coastal Uplands Heritage and To￿1$￿
is a Tn￿t for Welsh ArchaeologylAberyshryth
University/Ulliversity College Dublin partnersllip project funded by the European Regional Development Fund.
Its key aim is to understand the value and the potential of the natural and cultural heritage in four coastal uplands
areas - the Cajnbrian Mountains and Preseli Mountains in Wales, and the Wicklow Mountains and Blackstairs
Mowitains in Ireland - thus increasing towist numbers and attracting new ove￿a$ visitors to these areas.
A General Reserve Policy has been established in order to n￿lOta]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 adMin￿tered 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 discu￿On 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 Tr￿sts 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 Tn￿t 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 pa￿llellts n￿de 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
Tn￿tees, together with the Chief Exe￿tiVe.
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 Tn￿t 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