2025-03-31-accounts

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YMDDIRIEDOLAETH ARCHAEOLEG CYMRU

THE TRUST FOR WELSH ARCHAEOLOGY

Corner House 6 Carmarthen Street Llandeilo Carmarthenshire SA19 GAE 01558 823121

www.Heneb.org.uk

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REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR31THEMARCH YEAR ENDED2025
Heneb
SCIA:
oO ve Ry
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Ty Cornel
6 Stryd Caerfyrddin
Llandeilo
Sir Gaerfyrddin
SA19 GAE
01558 823121
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info@Heneb.org.uk

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Cwmni Cyfyngedig (1198990) ynghyd ag Elusen Gofrestredig (504616) yw’r Ymddiriedolaeth The Trust is both a Limited Company (1198990) and a Registered Charity (504616)

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in-persen engargements

walks, talks ar¢haeological events ang projects exhibitions Undertaker

newand HER records enhanced HER avatlable to the records public

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==
22,321
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1,181
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%
enquiries
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31,118
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HER enquiries

olarinine heritage . applications Tollowers Gi social management mernia screened consultations

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Reference and Administrative Details

Registered Company number:

1198990 (England and Wales)

Charity Registration Number:

504616

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Trustees: Dr Carol Bell
Mr Nigel David Clubb
Mr David Elis-Williams
Ms Fiona Elizabeth Gale
Mr Hywel Rhys Richard Hywel Rhys Richard Rhys Richard Richard John
Mr Henry Stuart Henry Stuart Stuart Owen-John
Mr John John Baron Ratcliffe
Dr Sian Sian Rees
Ms Judith Wainwright
Mr Steffan Rhys Williams
cre Mr Richard Richard Nicholls,
Re Corner House
6 Carmarthen Street
Llandeilo
Carmarthenshire
SA19 6AE
uditors: Xeinadin Audit Limited
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Ms Fiona Elizabeth Gale Mr Hywel Rhys Richard Hywel Rhys Richard Rhys Richard Richard John Mr Henry Stuart Henry Stuart Stuart Owen-John Mr John John Baron Ratcliffe Dr Sian Sian Rees

Mr Richard Richard Nicholls, Chief Executive

24 Lammas Street

Carmarthen SA31 3AL

Bankers: The National Westminster Bank 59 King Street Carmarthen

Legal Advisors:

Geldards LLP

4 Capital Quarter Tyndall Street Cardiff CF10 4BZ

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31st MARCH

2025

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025.

The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommendef Practice applicable to charities preparing their accounts in accordance with the Financial Repoptiig Stinard applicable in the UK and Republic of Ireland (FRS 102) (effective 1* January 2019).

TMs report details the activities undertaken by the trust during the 2024-25 period. It outlines its charitable iqfMatives and provides supporting financial statements. For trading purposes, the trust operates under the nate Heneb, orThe Trust for Welsh Archaeology T/AHeneb. 2 articles Of aSsOCiation adopted at the 21° September 2023 AGM state that the members of Heneb shail 6 ts J rust@es and thatthe only people eligible to be members of Heneb are its Trustees. SUieenve er che Trust

neb is an educational charity and a private limited company. It was established in April 2024 following the rger of a network offour independent archaeological organisations coveringthe whole of Wales. The object which Heneb is established is to advance the education of the public in archaeology.

Mission statement

Promoting the understanding, conservation and appreciation of the historic environment of Wales.

Promoting the historic environment

All of Heneb’s activities directly or indirectly promote the historic environment. However, some projects and activities were specifically aimed at raising awareness of the historic environment as one of Wales's greatest assets,

Understanding the historic environment

Heneb’s work also assists in advancing the understanding of the historic environment. Some work, however, was specifically designed with this objective in view, including excavations, surveys, assessments, watching briefs and building recording projects.

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Conserving the historic environment

Cadw grant aid enabled Heneb to provide a comprehensive heritage management service across the whole of the region, including:

e Responding to a large number of consultations on a variety of issues affecting the historic environment
Providing advice to organisations and individuals
° senting the Trust on local, regional and national committees

» Ganwihuting to the activities of numerous external groups.

Mii Heneb’s activities help inform this advice.

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‘Trustees Cartonfifm that they have complied with the duty in Section 4 of the Charities Act 2011 to have
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© Uenefit guidance published by the Charity Commission. Significant activities that we
di a Outi © year that demonstrate public benefit are set out in the following pages.
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eneb’s first full financial year
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chaeological Fieldwork and Research

Heneb's Field Services Teams delivered 353 developer-funded archaeological projects across Wales, generating significant income.
Weworked with a range of clients including construction industries, public bodies, and others.
e Ourfield work included: Recording Historic Farmsteads and the Landscape of Neolithic Axes projects in Gwynedd, as well as field work reporting for previous excavations at Dinas Dinlle; the final year of a community excavation at Ty’n y Mynydd, Ynys M6n; a two week excavation for volunteers at Erddig, Wrexham, in partnership with National Trust Cymru; post excavation analysis and a publication report of the Pen Dinas community hillfort excavations at Aberystwyth; and other important projects.

Public Engagement and Education

e Heneb organised successful Archaeology Days in partnership with universities and heritage bodies. e Welaunched an online lecture series that was popular with younger audiences,
« We participated in events such as the National Eisteddfod, Senedd events, and archaeological conferences.
« Heneb was a sponsor of the Council for British Archaeology Awards.

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Digital and Online Presence

e Heneb developed a new website with enhanced navigation, donation options, and membership features.
e Weconsolidated and rebranded social media channels for broader outreach. ¢ Wepublished digital newsletters with growing subscription numbers.

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e Weestablished a branded YouTube channel for lectures and talks.
Fu iness Development and Financial Sustainability
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Heneb secured £238k from the National Lottery Heritage Fund and pursued other funding applications.
We increased self-earned income, receiving over £310k for additional projects.
inted a Business Development Manager to grow income streams.
ic ng@Mrovernance, and Organisational Development
oped and designed a formal 5 Year Strategy document.
e We appointed senior finance leadership support with a Head of Finance and Business Services.
e Weupdated the Trust’s staff handbook and key organisational policies.
e Weheld staff away days and enhanced internal communications and Teams collaboration.
Collaboration, Partnerships and Policy Advocacy
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Heneb engaged with key stakeholders including National Lottery Heritage Fund, Cadw, Amgueddfa Cymru, Natural Resources Wales, and others,
- We participated in the Historic Environment Wales Group and government consultation processes. « Werenewed a Memorandum of Understanding with Natural Resources Wales. e Heneb initiated work aligned with the Anti-Racist Wales Action Plan, focusing on diverse heritage sites.

Heritage Records Management and Compliance

e Heneb managed and audited the Historic Environment Record through the HER Trust. e Weprepared for quinquennial and Chartered Institute for Archaeologist (CIfA) audits to maintain high standards.

Internal Systems and Staff Welfare

e Heneb integrated IT infrastructure across the four former trusts, including cybersecurity and cloud storage.

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e Wehave strengthened staff communication culture and wellbeing initiatives.
e Weprovided branded clothing and updated signage for staff visibility and identity.

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Welsh Language
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e Wecommitted to bilingual delivery and renewed efforts to increase Welsh in the workplace and
delivered a range of events bilingually across the country and as part of Wales Week London.
Ris Ww
TfiBtees regularly review the risk register. This process includes an analysis and, if necessary, updating of, the
systems that have been established to mitigate identified risks.
: een the organisation’s risks involved examining various systems and procedures for managing
OSE Ska Phe Mai" areas of risk considered were:
Sovernance @nd oversight
Operational activities
wet activities
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ues considered under the heading of governance included continuity of the charity, the depth and breadth xpertise of the trustees and its charitable and investment policies and the Archaeological Organisations nsions Scheme (AOPS).

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The trustees have acted to evaluate the range of expertise available within the charity. The trustees’ skills and training are aligned with the charity’s objectives and activities but are periodically reviewed to ensure that they are collectively suitable to deal with anticipated future developments.

Operational risks include the need to meet statutory and legal requirements, management, secretarial and administrative activities. Risks arise both from the trustees’ activities and from the services provided by professional advisers. Steps have been taken to limit the risks arising from these sources, Financial risks include loss of income, loss of capital and misappropriation of funds. These may arise from poor budgetary control, inappropriate spending or transfer of funds, poor accounting and inappropriate investment policies. Steps have been taken to limit the risks in all these areas.

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Archaeological Organisations Pensions Scheme

The Trust for Welsh Archaelogy (“Heneb”) operates the Archaeological Organisations Pensions Scheme (“AOPS”) for the benefit of its present and former employees and for former employees of Clwyd Powys, Glamorgan-Gwent and Gwynedd Archaeological Trusts. The assets of the scheme are invested and managed independently of the finances of Heneb.

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The most recent valuation for which information is available was carried out on 6th April 2024 at which time the liabilities of the pension scheme were greater than its assets. An FRS102 calculation was undertaken as at 31% March 2025 which showsa deficit on the pension scheme, full details can be found in note 20 in the accounts.

A deficit recovery plan has been agreed with the Pension Regulator and is in place to eliminate the deficit.

Conflicts of Interest

The T rustees Conflict of Interest Policy. All Trustees complete an annual register of interest and de shanges at the beginning of each Board meeting. The Trust also has a Heritage ManagementGeptracting Conflicts of interest Policy, and a Members of Staff Conflict of Interest Policy, which includes a ration of interests’ form.

ious Incidents

rustees’d ‘© declare any serious incidents that may posea threat to the Trust's beneficiaries, ation. The Trustees declare that no such incidents were reportable during 2024-25.

ealth and Safety

neb has a Health and Safety Policy and supporting documentation. A risk assessment is carried out for ery Heneb project. No health and safety issues were reported in 2024-25. Health and safety is a standing item on the agenda of Board meetings.

Professional and Other Registration

Heneb is a Registered Organisation of the Chartered Institute for Archaeologists and a member of FAME (Federation of Archaeological Managers & Employers).

Financial review

Heneb continues to be heavily dependent upon grant aid from Cadw. This grant aid accounted for 36% of the Trust's total income (2023-24: 29%), We are most grateful for this continued support.

For the year ended 31st March 2025, 7% of the total resources were expended on governance of the charity (2022-23: 6%), a small amount on publicity and advertising, and the rest on direct charitable expenditure on the activities described above.

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During the year Heneb made a deficit of £1,008,097 prior to any adjustments for the defined benefit pension scheme. Following the pension adjustments, which are explained further in note 20, Heneb generated a net deficit of £4,100,097.

The deficit was primarily attributable to rationalisation initiatives undertaken during the year, which resulted in redundancy and other merger-related one-off expenses, as well as elevated administrative and legal costs associated with the restructuring of the AOPS. This included the introduction of a Flexible Apportionment » Arrangement designed to address the scheme's shortfall and the engagement of professional trustees for its adminisie > Thegit S Gre now actively pursuing a return to surplus, implementing an agreed five-year strategy supported by targeted cash flow forecasting. These measures are intended to restore Heneb to a surplus position during the financial year 2026/27. B StrMtezic initiatives currently underway are expected to stimulate growth in commercial activities and preve Gperationablsfficiency. Furthermore, the commitment and expertise of our highly experienced team aracruclal far overcon ing challenges, building networks, and seizing new opportunities. Heneb's unique yosition in th@ Wels? archaeological landscape allows the newly merged organisation to explore 2ppC | Jere previously unavailable to the four individual trusts. This enables us to provide services, Ss wieete, and work towards establishing Heneb as the leading provider of archaeological services roughout Wales. at 31 March 2025, Heneb hasa deficit on unrestricted funds of £402,455 (2022-23: »705,072 surplus).

Reserves policy

For its first year of operation, Heneb used the reserves policy of the former Dyfed Archaeological Trust. This policy aimed to retain sufficient reserves to cover any financiat shortfall in the short term until appropriate action could be taken to remedy the situation. The reserve was envisaged only to be used to cover:

e Redundancy costs
« Essential operating costs
e Entering into any enforced overdraft

A new policy has been under consideration by Trustees, based on the experience of Heneb’s first year of operations, and was formally adopted by the Board of Trustees in November 2025.

Prospects for 2025-26 and beyond

Heneb has been awarded grant funding from Cadw of £1.28m for 2025-26 and continues to work on raising diversified funding through grants and growing its income in developer led archaeology through investment in business development.

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Statement of Trustees’ Responsibilities

The trustees (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 financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company lawef@quires the trustees to prepare financial statements for each financial year. Under that law, the truiStees Have elected to prepare the financial statements in accordance with United Kingdom Generally Ac@epted Accounting Practice (United Kingdom Accounting Standards and applicable law).

JnGer company law the trustees must not approve the financial statements unless they are satisfied that they gV@ Bitrue and fair view of the state of affairs of the charitable company and of the incoming resources and ap Puce Puce ‘i »/ e80urces, including the income and expenditure, of the charitable company for that period. In Preparing tics firancial statements, the trustees are required to

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ap Puce Puce ‘i
Preparing
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act Suitable accounting policies and then apply them consistently;

sG5erve the Methods and principles in the Charities SORP;
e make judgements and estimates that are reasonable and prudent;
® state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial 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 accuracy 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 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 is no relevant audit information of which the charitable company's auditors are unaware; and

e 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.

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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.

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itors
itors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General
ve of the board of Trustees
and signed on its behalf
bg ng . " f q
r C Bell- Trustee
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Report of the Independent Auditors

Opinion

We have audited the financial statements of The Trust for Welsh Archaeology (the ‘charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the . Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. Thevfifiancial reporting framework that has been applied in their preparation is applicable law and Unites#Kinggom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Ii Gur opinion the financial statements: _[give][ 2][ true][and][ fair][view][ of][the][state][of][the][ charitable][company's][ affairs][as][at][31][ March] 2025[and][ of][its] Nsomiherssources and application of resources, including its income and expenditure, for the year ’ > oeU have been@foperly prepared in accordance with United Kingdom Generally Accepted Accounting e “Have Deen prepared in accordance with the requirements of the Companies Act 2006.

sis for opinion

fe conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainties relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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in Ga@prreeiion with our audit of the financial statements, our responsibility is to read the other information and,
iniping so, consider whether the other information is materially inconsistent with the financial statements or
auf knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such
jalinconsistencies or apparent material misstatements, we are required to determine whether this gives
isi material misstatement in the financial statements themselves. If, based on the work we have
erfOmned, We eontlicie that there is a material misstatement of this other information, we are required to
mt thiS0¥aet ~~We Have nothing to report in this regard.
alate i) atters prescribed by the Companies Act 2006
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our opinion, based on the work undertaken in the course of the audit:

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e the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

e the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

® adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
® wehave not received ail the information and explanations we require for our audit.

Responsibilities of trustees

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As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also Page 14

the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's 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 liquidatath@ Gharitable company or to cease operations, or have no realistic alternative but to do

So. (ar responsibilities for the audit of the financial statements OUP Objestives are to obtain reasonable assurance about whether the financial statements as a whole are fee from material misstatement, whether due to fraud or error, and to issue a Report of We independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but ls tot a guarantee that an audit conducted in accordance with ISAs (UK) will always Jetent a ateriatiiisstatement when it exists. Misstatements can arise from fraud or error and are onsidered materiei if, individually or in the aggregate, they could reasonably be expected to fluence the economic decisions of users taken on the basis of these financial statements.

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extent to which our procedures are capable of detecting irregularities, including fraud is
tailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud

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We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

e thenature of the industry and sector, control environment and business performance including the design of the Charity's remuneration policies and performance targets;
e results of our enquiries of management about their own identification and assessment of the risks of irregularities;
® any matters we identified having obtained and reviewed the Charity’s documentation of their policies and procedures relating to:
e identifying, evaluating and complying with laws and regulations and whether they were aware

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of any instances of noncompliance;
e detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controis established to mitigate risks of fraud or non-compliance with laws and regulations;
e the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud,

As a reatilt Of these procedures, we considered the opportunities and incentives that may exist withir Weenisation for fraud and identified the greatest potential for fraud in relation to revenue reebgnition. In common with all audits under ISAs (UK), we are also required to perform specific amacedures to respond to the risk of management override.

A Tattitetdascrintion of our responsibilities for the audit of the financial statements is located on ne ils Aepoming Council's website at www.frc.org.uk/auditorsresponsibilities. This riptt@a faqs part of our Report of the Independent Auditors.

is report is made solely to the charitable company's members, as a body, in accordance with apter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we ht state to the charitable company's members those matters we are required to state to them an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not ccept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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Mind, Abit OM

Mark Jones BSc FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited Statutory Auditors and Chartered Accountants

24 Lammas Street

Carmarthen Carmarthenshire SA31 3AL

Date:Ab fufrar

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FINANCIAL STATEMENTS

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FO YEAR ENDED 31 MARCH 2025

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||||||||| |---|---|---|---|---|---|---|---| |31.3,25|31.3.24| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |Notes|£|£|£|£| |INCOME AND ENDOWMENTS FROM| |id legacies|3|1,341|1,219,268|1,220,609|2,757,375| |a|ies|5| |tk|2,041,336|205,886|2,247,222|1,002,317| |e|4|23,411|-|23,411|7,961| |6|32,769|-|32,769|18,945| |Total|2,098,857|1,425,154|3,524,011|3,786,598| |EXPENDITURE ON| |Raising|funds|7|8,957|-|8,957|5,000| |Charitable activities|8| |Project|work|3,187,831|1,383,320|4,571,151|1,344,265| |Other|(48,000)|.|(48,000)|(13,000)| |Total|3,148,788|1,383,320|4,532,108|1,336,265| |NET INCOME/(EXPENDITURE}|(1,049,931)|41,834|(1,008,097)|2,450,333| |Transfers between funds|19|34,404|(34,404)|-|-| |Other recognised gains/{losses)| |Actuarial gains/(losses) on defined|benefit| |schemes|(3,092,000)|-|(3,092,000)|76,000| |Net movement|in funds|(4,107,527)|7,430|(4,100,097)|2,526,333| |RECONCILIATION OF FUNDS| |Total|funds|brought|forward|3,705,072|123,864|3,828,936|1,302,603| |TOTAL|FUNDS CARRIED FORWARD|(402,455)|131,294|(271,161)|3,828,936|

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Page 17

The notes form part of these financial statements

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

BALANCE SHEET

31 MARCH 2025

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|||||||| |---|---|---|---|---|---|---| |31.3.25|31.3.24| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |Notes|£|£|£|£| |angible assets|15|769,945|7|769,945|743,472| |URRENT ASSETS| |cks|16|246,943|:|246,943|207,195| |7|704,020|-|704,020|611,219| |i|hand|617,219|131,294|748,513|1,333,614| |1,568,182|131,294|1,699,476|2,152,028| |RS| |thin one year|18|(355,582)|-|(355,582)|(398,564)| |NET|CURRENT|ASSETS|1,212,600|131,294|1,343,894|1,753,464| |TOTAL ASSETS LESS CURRENT LIABILITIES| |1,982,545|131,294|2,113,839|2,496,936| |PENSION (LIABILITY)/ASSET|20|(2,385,000)|-|(2,385,000)|1,332,000| |NET|ASSETS|(402,455)|131,294|(271 ,161)|3,828,936| |FUNDS|19| |Unrestricted funds|(402,455)|3,705,072| |Restricted funds|131,294|123,864| |TOTAL FUNDS|(271,161)|3,828,936|

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The financial statements were approved by the Board of Trustees and authorised for issue on 7" November 2025 and were signed on Its behalf by:

, mit, A. eet ere eee eens Prancutadahaapsiadeteaboaseakae

Dr C Bell - Trustee

Page 18

The notes form part of these financial statements

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

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31.3.25 31.3.24
Notes & £
om operating activities
d from operations 1 (506,612) 1,267,485
Net cash (used in)/provided by operating activities (506,612) 1,267,485
ows from investing activities
| fixed assets (101,900)23,411 (386,085)7,961
cash inv g activities (78,489) (378,124)
Chan sh and cash equivalents in
the reporting period (585,101) 889,361
Cash and cash equivalents at the
beginning of the reporting period 1,333,614 444,253
Cash and cash equivalents at the end of
the reporting period 748,513 1,333,614
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ie 19

The notes form part ofthese financial statements

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

1.	RECONCILIATIONOFNET(EXPENDITURE)/INCOMETONETCASH	RECONCILIATIONOFNET(EXPENDITURE)/INCOMETONETCASH	CASHFLOW FROM	FLOW FROMOPERATINGACTIVITIES	ACTIVITIES
				31.3.25	31.3.24
				£	£
	expenditure)/incomeforthereportingperiod (asperthe
	Statementof FinancialActivities)			(1,008,097)	2,450,333
	Adjustments for:
	Depreciation charges			66,082	18,617
	Interestreceived			(23,411)	(7,961)
	Increase instocks	stocks		(39,748)	(75,688)
		ebtors -		(92,801)	(489,895)
		ease increditors		{42,982)	329,079
	6	fnpension chargeandcashcontributions		634,345	(957,000)
		In)/provided by operations		(506,612)	1,267,485
2.	ANALYSISOF	OFCHANGESINNETFUNDS
			At 1.4.24	Cashflow	At31.3.25
			£	£	£
	Netcash
	Cashatbankandinhand		1,333,614	(585,101)	748,513
			1,333,614	(585,101)	748,513
	Total		1,333,614	(585,101)	748,513

Page 20

The notes form part of these financial statements

)

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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1. STATUTORY INFORMATION
“The Trust for Welsh Archaeology T/A Heneb is a company limited by guarantee incorporated in England and Wales.
. The legistered office is The Corner House, 6 Carmarthen Street, Llandeilo, Carmarthenshire SA19 6AE.
The Trust for Welsh Archaeology T/A Heneb is a registered charity in England and Wales. Charity registration
number Is 504616.
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Thefinancial statements are presented In Sterling (£), the charity's functional currency, and rounded to the nearest 8 pfincipal ettivities and nature of the charity's operations is to advance the education of the public in 2 . ey. he Signet accounting policies applied in the preparation of these financial statements are set out below. N#ss Paileies have been consistently applied to all years unless otherwise stated.

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2. ACCOUNTING POLICIES
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BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, which is 2 public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

On the 31 March 2024 the charity merged with Giamorgan-Gwent Archaeological Trust, Gwynedd Archaeological Trust and Clwyd-Powys Archeological Trust to form The Trust for Welsh Archaeology T/A Heneb.

The assets and liabilities of the three trusts were transferred at net book value to Heneb at this date and reported as donations to Heneb. A Flexible Apportionment Arrangement was put in place, by which the Archaeological Organisational Pension Scheme (AOPS) deficits were also transferred.

The donation received from Glamorgan-Gwent Archaeological Trust was £295,531, the donation from Gwynedd Archeological Trust was £876,678 and the donation from Clwyd-Powys Archaeological Trust was £934,771, totalling £2,106,980.

These transfers were shown as an exceptional item within the accounts for the year ended 31 March 2024.

The figures for the period ending 31 March 2024 pertain solely to the former Dyfed Archaeological Trust. In contrast, the figures for the period ending31 March 2025 represent the consolidated status of all four trusts during their first full year of operation following the merger.

The Trust for Welsh Archaeology T/A Heneb incurred additional liabilities and restructuring costs as a result of the merger that took place on 31 Mach 2024, These have contributed toa significant deficit of (£1,008,097) in the current year. The merger was part of a strategic initiative to enhance service delivery and long-term sustainability.

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|
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continued.,.....

| j )

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

ACCOUNTING POLICIES - continued

OF PREPARING THE FINANCIAL STATEMENTS

[tion, the charity has recognised an actuarial loss of (€3,092,000) relating to its participation in the AOPS pension scheme. The most recent valuation for which information is available was carried out on 6th April 2024 at which time the liabilities of the pension scheme were greater than its assets. An FRS102 calculation was undertaken as at 31st March 2025 which shows a deficit on the pension scheme, full details can be found in Note 20. A deficit recovery plan has been agreed with the Pension Regulator and is in place to eliminate the deficit. have reviewed detailed financial forecasts coveringthe next four years. These forecasts show a return rs three and four. Based on this assessment, the trustees are confident that the charity remains a cer has adequate resources to continue in operational existence for the foreseeable future

NCOM cognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is the income will be received and the amount can be measured reliably.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruals 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 allocated to activities on a basis consistent with the use of resources.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates In order to write off each asset over its estimated useful life.

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||||| |---|---|---|---| |Freehold|Property|2%|straight line| |Computer Equipment|33% straight|line| |Office Equipment|33% straight line| |Excavation and Survey Equipment|33% straight line| |Photographic Equipment|33% straight line| |Motor Vehicles|25% straight line|

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STOCKS

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

TAXATION

The charity is exempt from corporation 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 used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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continued...... |
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| | | )

)

| |

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

ACCOUNTING POLICIES - continued

ND ACCOUNTING explanation ofthe nature and purpose of each fund is included in the notes to the financial statements.

FINANCIAL INSTRUMENTS

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at thelr settlement value.

GCOMMITMENTS Teniais pad Onder Operating Leases are charged to the SOFA as incurred over the terms ofthe lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

€ Trust [oeWWitsh Archaeology T/A Heneb operates a Defined Benefit Pension Scheme. This is a multi-employer : soherie. The Trust for Welsh Archaeology T/A Heneb accounts for the pension asset under Financial sintings Standard 102 (FRS102). The FRS102 asset figure has been calculated by the scheme actuary as at 34 rch 2025.

The Trust for Welsh Archaeology T/A Heneb also operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

3. DONATIONS AND LEGACIES

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31.3.25 31.3.24
£ £
Donations 1,342 2,418,059
Grants 1,219,267 339,316
1,220,609 2,757,375
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On the 31 March 2024 the charity merged with Glamorgan-Gwent Archaeological Trust, Gwynedd Archaeological Trust and Clwyd-Powys Archeological Trust to form The Trust for Welsh Archaeology T/A Heneb.

In the prior year the donation received from Glamorgan-Gwent Archaeological Trust was £295,531, the donation from Gwynedd Archeological Trust was £876,678 and the donation from Clwyd-Powys Archaeological Trust was £934,771

A donation of £2,106,980 was included within donations for the year ended 31 March 2024 to reflect this.

Grants received, included in the above, are as follows:

----- Start of picture text -----
Cadw
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31,3.25 31.3.24
£ £
1,219,267 339,316
continued......
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|
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ze 23

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

| | :

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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||||| |---|---|---|---| |4.|INCOME| |31.3.25|31.3.24| |£|£| |itaccount interest|23,411|7,961| |,|INCOME FROM CHARITABLE ACTIVITIES| |31.3.25|31.3.24| |Activity|£|£| |income|Project work|2,041,336|874,787| |Project work|205,886|127,530| |2,247,222|1,002,317| |eived, included|in the above, are as follows:| |31.3.25|31.3.24| |£|£| |Cadw|21,906|-| |General|64,905|-| |The National Lottery Community Fund|-|63,830| |Welsh Government|-|63,700| |National Lottery Heritage Fund|119,075|-| |205,886|127,530| |6.|OTHER INCOME| |31.3.25|31.3.24| |£|£| |Other income|32,769|18,945| |?.|RAISING FUNDS| |RAISING DONATIONS AND LEGACIES| |31,3.25|31.3.24| |£|£| |Fundraising and publicity|15,386|5,000|

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THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

| |

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

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7. RAISING FUNDS- continued
TRADING ACTIVITIES
31.3.25 31.3.24
£ £
Bad debts (6,429) .
te: amounts 8,957 5,000
A TIVITIES COSTS
Support
Direct costs (see
Costs note 9) Totals
£ £ £
ect work 2,632,445 1,938,706 4,571,151
9. SUPPORT COSTS
Governance
Management Other costs Totals
£ £ £ £
Project work 776,595 946,758 215,353 1,938,706
Support costs, included In the above, are as follows:
MANAGEMENT
31.3.25 31.3.24
Project Total
work activities
£ £
Wages 346,183 154,494
Social security 38,775 -
Premises 85,948 20,230
Insurance 33,188 6,729
Postage/Telephone 29,360 4,272
Transport 17,339 4,937
Central supplies 3,221 6,088
Service/Hire 102,440 18,059
Copying 5,716 1,216
Sundry expenses 48,343 32,490
Depreciation 66,082 18,617
776,595 267,132
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ye 25

continued...

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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||||| |---|---|---|---| |9.|SUPPORT COSTS|- continued| |ANCE COSTS| |31.3.25|31.3.24| |Project|Total| |work|activities| |£|£| |Wages|48,944|24,692| |Auditors’ remuneration|18,325|8,125| |Legal and professional fees|90,892|39,028| |nses|1,672|690| |55,520|8,666| |215,353|81,201| |E/(EXPENDITURE)| |Net Income/(expenditure) is stated after charging/(crediting):| |31.3.25|31.3.24| |£|£| |Auditors’ remuneration|18,325|8,125| |Depreciation|- owned assets|75,427|18,617| |Operating leases - Other|676|676|

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11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

TRUSTEES' EXPENSES

Payments were made to the trustees for the year of £1,135 (2024 £132}

12. STAFFCOSTS

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|||| |---|---|---| |2025|2024| |£|£| |Wages and salaries|2,285,592|765,174| |Social security costs|195,841|59,659| |Superannuation|94,010|26,259| |2,575,443|851,092|

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Key management personnel consists of the Chief Executive, Head of Finance and Head of Archaeological Services. The total employee benefits of the key management personnel of The Trust for Welsh Archaeology T/A Heneb were £217,435 (2024: £169,178).

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THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

12. STAFF COSTS - continued

rage monthly number of employees (Head Count) during the year was as follows:

		31.3.25	31.3.24
Administrativeandclerical		7	2
Project		31	19
Record Education /	Publicity	____ 24 4 66	____ 2 —, 30
	ofutnployeeswhoseemployeebenefits(excludingemployerpensioncosts)exceeded£60,000was: 31.3.25 31.3.24
	70,000	1	____ =

13. EXCEPTIONAL ITEMS

Inthe last financial year the charity merged with Glamorgan-Gwent Archaeological Trust,Gwynedd[ Archaeological] Trust and Clwyd-Powys Archeological Trust to form The Trust for Welsh Archaeology T/A Heneb.

These transfers are shown as an exceptional item within the accounts in the comparative figures.

14, COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

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Unrestricted Restricted Total
funds funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2,306,635 450,740 2,757,375
Charitable activities
Project work 874,787 127,530 1,002,317
Investment income 7,961 . 7,961
Other income 18,945 - 18,945
Total 3,208,328 578,270 3,786,598
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ze 27

continued......

)

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS- continued

FOR THE YEAR ENDED 31 MARCH 2025

14.	COMPARATIVESFORTHESTATEMENTOFFINANCIALACTIVITIES-continued	COMPARATIVESFORTHESTATEMENTOFFINANCIALACTIVITIES-continued
		Unrestricted	Restricted	Total
		funds	funds	funds
	DITUREON
		£	£	£
	Raisingfunds	5,000	-	5,000
	Charitableactivities
	Projectwork	879,937	464,328	1,344,265
		(13,000)	-	(13,000)
		871,937	464,328	1,336,265
		2,336,391	113,942	2,450,333
	isedgains/(losses)
	Actuarialgainsondefined benefitschemes	76,000	=	76,000
	Netmovementinfunds	2,412,391	113,942	2,526,333
	RECONCILIATIONOFFUNDS
	Totalfundsbrought forward	1,292,680	9,923	1,302,603
	TOTALFUNDSCARRIEDFORWARD	3,705,071	123,865	3,828,936
15.	TANGIBLEFIXEDASSETS
		Freehotd	Motor	Computer
		property	vehicles	equipment
		£	£	£
	COST
	At1 April2024	747,975	32,554	50,861
	Additions		-	81,243
	At31 March 2025	747,975	32,554	132,104
	DEPRECIATION At 1 April2024 Chargeforyear	75,594 13,448	7,392 6,291	31,938 37,783
	At31 March2025	89,042	13,683	69,721
	NETBOOKVALUE
	At 31 March2025	658,933	18,877	62,383
	At31March2024	672,381	25,162	18,923

continued......

Page 28

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS- continued

FOR THE YEAR ENDED 31 MARCH 2025

15.	TANG FIXEDASSETS- continued
			Excavation
		Other	and
		Office	survey	Photographic
		equipment	equipment	equipment	Totals
		£	£	£	£
	COST
	At 1 April2024	52,365	27,691	1,617	913,063
	Additions	396	19,895	366	101,900
	5	52,761	47,586	1,983	1,014,963
	DEPRECIATI
	1	30,846	22,492	1,329	169,591
		7,883	9,742	280	75,427
	arch2025	38,729	32,234	1,609	245,018
	NETBOOKVALUE
	At31 March2025	14,032	15,352	374	769,945
	At31 March2024	21,519	5,199	288	743,472
16.	STOCKS
				31.3.25	31.3.24
				£	£
	Work-in-progress			246,943	207,195
17.	DEBTORS:AMOUNTSFALLINGDUEWITHINONE	ONEYEAR
				31,3,25	31.3.24
				£	E
	Tradedebtors			685,052	413,872
	Otherdebtors			:	136,598
	Prepayments			18,968	60,749
				704,020	611,219

ige 29

continued......

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

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|||||| |---|---|---|---|---| |18.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR| |31.3.25|31.3.24| |£|£| |creditors|102,800|142,227| |Social security and other taxes|50,206|22,482| |VAT|107,937|75,667| |Other|creditors|14,382|61,330| |Deferred income|14,875|36,551| |Accrued expenses|65,382|60,307| |355,582|398,564| |D|DI|ME| |ne consists of income received|in|advance|of work carried out.| |£| |ce as at|1|April 2024|36,551| |Amounts released to income earned from|charitable|activities|(21,676)| |Amount deferred in year|.| |Balance as at 31|March 2025|14,875| |19.|MOVEMENTINFUNDS| |Net|Transfers| |movement|between|At| |At 1.4.24|in funds|funds|31.3.25| |£|£|£|£| |Unrestricted funds| |General fund|3,705,072|(4,141,931)|34,404|(402,455)| |Restricted funds| |Cadw Grants|23,897|(42,250)|18,353|-| |CUPHAT|15,528|-|(15,528)|-| |NLHF Pendinas|(7,385)|(20,113)|27,498|.| |TA Roberts Legacy|10,000|-|-|10,000| |Culture Recovery Funding|20,110|-|(20,110)|-| |Youth Volunteering Grant|3,990|-|(3,990)|-| |Youth Heritage Fund|1,727|-|(1,727)|-| |Welsh government WATT Grant|38,900|-|(38,900)|-| |Cadw Beacon Ring|2,757|-|-|2,757| |RVB Foundation Research grant|14,340|:|.|14,340| |National Lottery Heritage Fund -| |Sustainable grant|-|104,197|-|104,197| |123,864|41,834|(34,404)|131,294| |TOTAL FUNDS|3,828,936|(4,100,097)|=|(271,161)|

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THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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||||||| |---|---|---|---|---|---| |19.|MOVEMENT IN FUNDS-|continued| |verment in funds,|included in the above are as follows:| |Incoming|Resources|Gains and|Movement| |resources|expended|losses|in funds| |£|£|£|£| |Unrestricted funds| |General fund|2,098,857|(3,148,788)|(3,092,000)|(4,141,931)| |nts|1,239,173|(1,281,423)|.|(42,250)| |i|64,906|(85,019)|-|(20,113)| |tional|Heritage Fund -| |nt|119,075|(14,878)|-|104,197| |evoir|2,000|(2,000)|£| |1,425,154|(1,383,320)|-|41,834| |TOTAL FUNDS|3,524,011|(4,532,108)|(3,082,000)|(4,100,097)| |Comparatives for movement|in funds| |Net| |movement|At| |At|1.4.23|in funds|31.3,24| |£|£|£| |Unrestricted funds| |General fund|1,128,868|2,412,392|3,541,260| |Reserve fund|163,812|-|163,812| |1,292,680|2,412,392|3,705,072| |Restricted funds| |Cadw Grants|9,923|13,974|23,897| |CUPHAT|-|15,528|15,528| |NLHF Pendinas|-|(7,385)|(7,385)| |T|A|Roberts Legacy|-|10,000|10,000| |Culture Recovery Funding|-|20,110|20,110| |Youth Volunteering Grant|3,990|3,990| |Youth Heritage Fund|1,727|1,727| |Welsh government WATT Grant|-|38,900|38,900| |Cadw Beacon Ring|-|2,757|2,757| |RVB Foundation Research grant|-|14.340|14,340| |9,923|113,941|123,864| |TOTAL FUNDS|1,302,603|2,526,333|3,828,936|

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ye 31

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THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

| | | ) : ' | )

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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|||||||| |---|---|---|---|---|---|---| |19.|MOVEMENTIN FUNDS|- continued| |ative|net movement|in funds,|included|in the above are as follows:| |Incoming|Resources|Gains and|Movement| |resources|expended|losses|in funds| |£|£|£|£| |Unrestricted funds| |General fund|3,208,328|(871,936)|76,000|2,412,392| |Restricted funds| |358,916|(344,942)|.|13,974| |63,700|(48,172)|-|15,528| |i|63,830|(71,215)|-|(7,385)| |Culture|Li|Funding|20,11010,000|-:|“.|20,11010,000| |ng Grant|3,990|=|-|3,990| |e Fund|1,727|-|-|1,727| |Cadw Beaconvernment Ring|WATT|Grant|38,9002,757|-.|-.|38,9002,757| |RVB Foundation|Research grant|14,340|.|.|14,340| |578,270|(454,329)|-|113,941| |TOTAL FUNDS|3,786,598|(1,336,265)|76,000|2,526,333|

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Grants received from Cadw: Welsh Historic Monuments are subject to specific conditions, including a requirement that a separate audited account be submitted on a project by project basis. Grants from this source and corresponding expenditure are therefore treated as Restricted Funds.

Cadw grants are awarded for specific projects as agreed by Cadw in their offer of grant each year. The funds are to enable The Trust for Welsh Archaeology T/A Heneb to: conserve and protect the historic environment of Wales including threat-related archaeological recordings, surveys, assessments, excavations and watching briefs; to identify historic assets of national importance; to provide curatorial services related to the regional Historic Environmental Record, including planning advisory services; to promote public understanding and appreciation of the Welsh Heritage; and to support community engagement with the historic environment.

CUPHATUniversity/UniversityCoastal CollegeUplands DublinHeritage partnershipand projectTourism fundedisbyatheDyfed EuropeanArchaeological Regional DevelopmentTrust/Aberystwyth Fund. Its key alm is to understand the value and the potential of the natural and cultural heritage in four coastal uplands areas - the Cambrian Mountains and Preseli Mountains in Wales, and the Wicklow Mountains and Blackstairs Mountains in Ireland - thus increasing tourist numbers and attracting new overseas visitors to these areas. Weish Government WATT Grant - Welsh Archaeological Trusts Transfer Grant - This was a targeted grant from Welsh Government for the costs incurred throughout the determination, review and ultimate merger of the four Archaeological Trusts. TRANSFERS BETWEEN FUNDS Transfers have been made from the general fund to Cadw grants fund and the NLHF Pendinas restricted fund in respect of overspends. continued......

Page 32

| | | )

| | |

i : i

‘

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS- continued

FOR THE YEAR ENDED 31 MARCH 2025

MOVEMENT IN FUNDS - continued

IRANSFERS BETWEEN FUNDS- continued

sfers have been made from the CUPHAT restricted fund, Culture Recovery Funding, Youth Volunteering Grant, Youth Heritage Fund and Welsh Government WATT Grant to the general fund in respect of costs incurred Historically, the Cadw overheads were shown as restricted expenditure within the accounts. Moving forward, these overheads will show as a transfer between current funds in the current year and future years. MPLOVEE BENEFIT OBLIGATIONS

ai for Walsh Archaeology T/A Heneb operates the Archaeological Organisations Pensions Scheme (AOPS) onthe Banelit ofits present and former employees and for former employees of Clwyd Powys, Glamorgan-Gwent anc Gwyned@ Archaeological Trusts. The assets of the scheme are invested and managed independently of the Ses Of Te Trust for Welsh Archaeology T/A Heneb.

ust recent valuation for which information is available was carried out on 6th April 2024 at which time the liabilities of the pension scheme were greater than its assets. An FRS102 calculation was undertaken as at 31st March 2025 which showsa deficit on the pension scheme, full details can be found below.

Adeficit recovery plan has been agreed with the Pension Regulator and is in place to eliminate the deficit.

The main assumptions used in the actuarial valuations are as follows:

----- Start of picture text -----
2025 2024
Discount rate 5.90% 4.80%
RP! price inflation 3.20% 3.30%
CPIRate price of Increaseinflation in pensions in payment (LPI5) S4PxA (CMI]2.80%3.10% 2023 S4PxA2.90%3.20% (CMI
Post retirement mortality projections1.25% with LTR) 2023projectionswith
The major categories of scheme assets are as follows: 1.25%LTR)
2025 2025 2024 2024
Equities 1,154,000£ 10.6%% 1,115,000£ 9.3%%
Bonds 3,738,000 34.4% 4,134,000 34.2%
Alternative 4,404,000 40.6% 4,277,000 35.4%
Annuities 810,000 7.5% 894,000 7.4%
Cash (209,000) -1.9% 360,000 29%
LDI 954,000 8.8% 1,296,000 10,8%
Property . Z
10,851,000 100.0% 12,076,000 100.0%
----- End of picture text -----

ze 33

continued..,....

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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|||||| |---|---|---|---|---| |20.|EMPLOYEE BENEFIT OBLIGATIONS|- continued| |ment in surplus during the year is as follows:| |2025|2024| |£|£| |Present value of funded obligations|13,236,000|10,744,000| |Fair|value|of plan assets|(10,851,000)|(12,076,000)| |Net defined benefit (asset)/ liability|2,385,000|__|(1,332,000)| |nefit obligation during the year Is as follows:|2025|2024| |£|£| |La|ith|rt of the period|10,744,000|11,008,000| |costs|-|-| |sion|liabilities|507,000|507,000| |ntributions|-|=| || (gains)/losses on liabilities|(1,135,000)|(345,000)| |Curtailments|-|.| |Settlements|-|-| |Benefits paid|(347,000)|(426,000)| |Past service cost|3,467,000|-| |Liability at the end of|the period|13,236,000|10,744,000| |The change|in the plan assets during the year is as follows:| |2025|2024| |£|£| |Fair value of plan assets at the start of the period|12,076,000|12,120,000| |Interest income|555,000|557,000| |Actuarial gains/(losses) on assets|(760,000)|(50,000)| |Non investment expenses|(943,000)|(408,000)| |Curtallments|:|-| |Settlements|-| |Employer contributions|270,000|283,000| |Member contributions|-|-| |Benefits/transfers|paid|{347,000)|(426,000)| |Fair value of plan assets at end|of period|10,851,000|12,076,000| |Analysis of return on plan assets| |£|£| |Interest income|555,000|557,000| |Actuarial (loss)/gain on on plan assets|(760,000)|(50,000)| |Return on plan assets|{205,000)|507,000|

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Analysis of amounts recognised in the Statement of Financial Activities:

Page 34

continued......

H \

) | |

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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|||||| |---|---|---|---|---| |20.|EMPLOYEE BENEFIT OBLIGATIONS|- continued| |2025|2024| |€|£| |Current service|costs|_|.| |Past|service costs|3,467,00|-| |0| |Administration expenses|943,000|408,000| |Net interest cost|48,000|(50,000)| |4,362,000|__358,000| |re|ised|in SOFA| |Ctuarial gains and losses:| |2025|2024| |Actuarial|£|£| |gains/(losses) on liabilities|1,135,000|345,000| |Actuarial gains/(losses) on assets|(760,000)|(50,000)4| |——~|—|—-|2| |Total actuarial gain/(losses)|in statement of|comprehensive income|375,000|295,000|

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During the year ended 31 March 2025 £94,010 of employer contributions was paid into these pension scheme, at the year end there wasa creditor of £14,312.

RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025

STATUS AND TAXATION

The company is limited by guarantee; each member's liability is limited to £1 on winding up of the company.

The Trust for Welsh Archaeology T/A Heneb is registered under the Companies Act 2006 and is a Company Limited by guarantee not having a Share Capital. No provision for Corporation Tax has been made as The Trust for Welsh Archaelogy T/A Heneb is a Registered Charity.

ge 35

continued.,....

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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23. j§OPERATING LEASE COMMITMENTS
al of future minimum lease payments under non-cancellable operating leases are as follows:
2025 2025 2024 2024
Land & Land &
buildings Other buildings Other
£ £ £ 3
Due within 1 year ~ 676 = 676
rs = : = 676
= 676 = 1,352
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Page 36

YMDDIRIEDOLAETH ARCHAEOLEG CYMRU

THE TRUST FOR WELSH ARCHAEOLOGY

Contents

Reference and Administrative Details

Registered Company number:

1198990 (England and Wales)

Charity Registration Number:

504616

Mr Richard Richard Nicholls, Chief Executive

Geldards LLP

TRUSTEES’ REPORT FOR THE YEAR ENDED 31st MARCH

2025

Mission statement

Promoting the historic environment

Understanding the historic environment

Conserving the historic environment

chaeological Fieldwork and Research

Public Engagement and Education

Digital and Online Presence

Archaeological Organisations Pensions Scheme

Conflicts of Interest

ious Incidents

ealth and Safety

Professional and Other Registration

Financial review

Reserves policy

Prospects for 2025-26 and beyond

Statement of Trustees’ Responsibilities

Statement as to disclosure of information to Auditors

Report of the Independent Auditors

Opinion

sis for opinion

Material uncertainties relating to going concern

Other information

Matters on which we are required to report by exception

Responsibilities of trustees

Mind, Abit OM

Date:Ab fufrar

FINANCIAL STATEMENTS

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

BALANCE SHEET

31 MARCH 2025

CASH FLOW STATEMENT

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

BASIS OF PREPARING THE FINANCIAL STATEMENTS

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

OF PREPARING THE FINANCIAL STATEMENTS

EXPENDITURE

TANGIBLE FIXED ASSETS

STOCKS

TAXATION

FUND ACCOUNTING

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

ND ACCOUNTING explanation ofthe nature and purpose of each fund is included in the notes to the financial statements.

FINANCIAL INSTRUMENTS

3. DONATIONS AND LEGACIES

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

11. TRUSTEES' REMUNERATION AND BENEFITS

TRUSTEES' EXPENSES

12. STAFFCOSTS

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

12. STAFF COSTS - continued

13. EXCEPTIONAL ITEMS

14, COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

THE TRUST FOR WELSH ARCHAEOLOGY T/A HENEB

NOTES TO THE FINANCIAL STATEMENTS- continued