##
##
##
||||||Page|
|---|---|---|---|---|---|
|Reference and administrative||details ofthe Charitable|Company,|its Trustees and||
|advisers||||||
|Trustees' report|||||2-9|
|Independent
examiner's|report||||10-11|
|Statement offinancial activities|||||12|
|Balance sheet|||||13-14|
|Statement ofcash flows|||||15|
|Notes tothe financial statements|||||16-35|
|Trustees||SRees, Chair|
|---|---|---|
|||E Bredsdoiff|
|||J Davenport|
|||J Davies|
|||FGale|
|||K Longley|
|||D Morgan|
|Company|registered||
|number||01212455|
|Charity registered|||
|number||508301|
|Registered|office|The Offices|
|||Coed-Y-Dinas|
|||Welshpool|
|||SY21 BRP|
|Chief executive officer||Dr Paul Belford BScMA PhD FSA MClfA|
|Key Management||Paul Belford|
|||Abi McCullough|
|||Tim Malim|
|||Gary Duckers|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
#
##
##
##
##
##
##
##
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2023|2023|2023|2022|
||Note|6|6|||
|Income from:||||||
|Donations
and legacies|4|474,851||474,851|317,235|
|Other trading
activities|5||231,908|231,908|341,134|
|Investments|6||465|465|154|
|Total income||474,851|232,373|707,224|S58,523|
|Expenditure
on:||||||
|Charitable
activities|7|206,541|450,744|657,285|554,287|
|Total expenditure||206,541|450,744|657,285|564,287|
|Net movement
in funds before other||||||
|recognised
gains||268,310|(218,371)|49,939|94,235|
|Other recognised gains:||||||
|Actuarial gains on defined benefit||||||
|pension schemes|21||443,000|443,000|297,000|
|Net movement
in funds||268,310|224,629|492,939|391,236|
|Reconciliation
offunds:||||||
|Total funds brought
forward||188,671|(76,027)|112,644|(276,592)|
|Net movement
in funds||268,310|224,629|492,939|391,235|
|Total funds carried forward||456,981|148,602|605,583|112,544|
##
##
##
||||||2023||2022|
|---|---|---|---|---|---|---|---|
||||Note||F|||
|Fixed assets||||||||
|Tangible assets|||12||46A20||54,919|
||||||46,420||54,919|
|Current assets||||||||
|Debtors|||13|138,894||128,779||
|Cash at bank and in hand||||489,425||589,797||
|||||628,319||716,575||
|Creditors: amounts|falling due within one|||||||
|year|||14|(69,156)||(58,851)||
|Net current assets|||||559,163||857,725|
|Total assets less current liabilities|||||605,583||712,844|
|Net assets excluding||pension asset I||||||
|liability|||||605,583||712,844|
|Defined benefit pension||scheme asset /||||||
|liability|||21||||(600,000)|
|Total net assets|||||605,583||112844|
##
##
||||STATEMENT OF CASH FLOWS|STATEMENT OF CASH FLOWS||||
|---|---|---|---|---|---|---|---|
|||FOR THE YEAR ENDED 31 MARCH|||2023|||
|||||||2023|2022|
||||||Note|E|8|
|Cash flows from operating||activities||||||
|Net cash|used
in operating|activities|||17|(99,841)|23,786|
|Cash flows from investing||activities||||||
|Purchase|oftangible fixed assets|||||(531)|(2616)|
|Net cash|used
in investing|activities||||(531)|(2,616)|
|Cash flows from financing||activities||||||
|Net cash|provided
by financing
activities|||||||
|Change|in cash and cash|equivalents|in the year|||(100,372)|21,170|
|Cash and|cash equivalents|at the beginning||ofthe year||589,797|568,627|
|Cash and cash equivalents||at the end ofthe year|||18|489,425|589,797|
|The notes on pages 16to35form part|||ofthese financial statements|||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|funds|
||||||2023|2023|2023|2022|
||||||6||5||
||Donations|||||||26|
||Government|grants|||474,851||474,851|317,209|
||Total 2023||||474,851||474,851|317,235|
||Total 2022||||317,209|26|317,235||
||Government||funded grants||||||
||||||||2023|2022|
|||||||||6|
||Cadw Grants||||||482,036|306,809|
||Local Authority||Grants|||||S,OOO|
||Natural
Resource Wales Grants||||||9,482||
||Welsh Government|||Agri-Environment|||||
||||||||491,518|317,209|
|5.|Income from||other|trading activities|||||
||Income from||fundraising
events||||||
||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2023|2023|2023|2022|
|||6|6||
|Contract awards||231,636|231,636|340,718|
|Sales 5 fundraising||272|272|41S|
|Total 2023||231,908|231,908|341,134|
|Total 2022|29,572|311,562|341,134||
##
##
##
##
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2023|2023|2022|
|||F|E||
|Bank|interest||465||
|Total|2023||465|154|
|Total|2022||||
##
||Restricted|Unrestricted|||
|---|---|---|---|---|
||funds|funds|Total|Total|
||2023|2023|2023|2022|
||E|E|E|E|
|Support Costs||63,106|63,106|30,568|
|Direct Costs|206,541|387,636|594,179|533,719|
|Total 2023|206,541|450,744|657,285|564,287|
|Total 2022|235,670|328,617|564,287||
##
##
||Activities||||
|---|---|---|---|---|
||undertaken|Support|Total|Total|
||directly|costs|funds|funds|
||2023|2023|2023|2022|
||E|E|E|E|
|Support Costs||63,106|63,106|30,568|
|Direct Costs|594,179||594,179|533,719|
|Total 2023|594,179|63,106|657,285|564,287|
|Total 2022|533,719|30,568|564,287||
##
##
##
||||||Total|Total|
|---|---|---|---|---|---|---|
|||||Direct Costs|funds|funds|
|||||2023|2023|2022|
||||||6||
|Staff costs||||494,672|494,672|448,251|
|Fieldwork consumables||||13,752|13,752|2,578|
|Archaeology
specialist fees||||4,070|4,070|9,775|
|Archaeology
excavation|||fees|7,934|7,934|4,335|
|Travel costs||||10,127|10,127|5,097|
|Subsistence||||6,508|6,508|1,556|
|Office equipment|and|consumables||2,611|2,611|2,834|
|Fees &membership||||11,769|11,769|13,446|
|Outreach
equipment||and consumables||316|316|2,871|
|Translation||||6,102|6,102|5,805|
|Library||||210|210|67|
|Archaeology
equipment|||hire|2,605|2,605|5,477|
|Copy charges||||1,313|1,313|479|
|Office consumables||||3,231|3231|835|
|Insurance||||5,018|5,018|5,042|
|Recruitment
expenses||||1,924|1,924|350|
|Postage, carriage|and communication|||7,655|7,655|5,837|
|Staff clothing||||186|186|635|
|ITsupport fees||||12,679|12,679|12267|
|General costs||||1,497|1,497|915|
|CRF expenditure||||||4,156|
|Total 2023||||594,179|594,179|533,719|
|Total 2022||||533,719|533,719||
##
##
##
##
##
|||||||Support|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||||Costs|funds|funds|
|||||||2023|2023|2022|
|||||||E|F|8|
|Rent 6 rates||||||10,109|10,109|10,707|
|Cleaning
and|other|||||1,508|1,508|1,898|
|Bank charges||||||1,610|1,610|599|
|Bad debts||||||563|563||
|Governance|costs|||||49,316|49,316|17,364|
|Total 2023||||||63,106|63,106|30,568|
|Total 2022||||||30,568|30,568||
|Independent|examiner's|remuneration|||||||
||||||||2023|2022|
||||||||6|8|
|Fees payable|to the Charitable||Company's|independent|examiner|for the|||
|independent|examination|ofthe Charitable||Company's|annual accounts||3,200|2,895|
|Fees payable|to the Charitable||Company's|independent|examiner|in|||
|respect of:|||||||||
|All other services not included|||above||||36,934||
##
##
##
##
|Staffcost|s||||
|---|---|---|---|---|
||||2023|2022|
||||6||
|Wages and salaries|||421,397|382 107|
|Social security costs|||36,674|31,543|
|Contribution|to defined contribution|pension schemes|19,408|f8,996|
|Operating|costs ofdefined benefit|pension schemes|17,193|17,605|
||||494,672|448,251|
||||||||2023|2023|2022|
|---|---|---|---|---|---|---|---|---|---|
|||||||||No.|No.|
|Employees||||||||15||
|The number|of employees|whose|employee|benefits|(excluding|employer|pension|costs)|exceeded|
|880,000was:||||||||||
|2023|2022|
|---|---|
|No.|No.|
##
##
##
##
##
||Freehold|Plant and|Motor|Fixtures|Office||
|---|---|---|---|---|---|---|
||property|machinery
8|vehicles
6|and fittings|equipment
8|Total
6|
|Cost or valuation|||||||
|At 1 April 2022|38,000|27,098|19,249|2,777|31,773|118,895|
|Additions|||||531|531|
|At 31 March 2023|38,000|27,096|19,249|2,777|32,304|119,426|
|Depreciation|||||||
|At 1 April 2022||25,149|16,201|440|22,186|63,976|
|Charge for the year||432|2,812|210|5,576|9,030|
|At 31 March 2023||25,581|19,013|650|27,762|73,006|
|Net book value|||||||
|At 31 March 2023|38,000|1,515|236|2,127|4,542|46,420|
|At 31Match 2022|38,000|1,947|3,048|2,337|9,587|54,919|
##
|||2023|2022|
|---|---|---|---|
|||8||
|Due within one year||||
|Trade debtors||138,113|125,091|
|Prepayments|and accrued income|781|1,688|
|||138,894|126,779|
##
##
##
|Creditors: Amounts
|falling due within one year|||
|---|---|---|---|
|||2023|2022|
|||6|5|
|Trade creditors||22,895|19,310|
|Other taxation and social security||38~78|28,009|
|Pension fund loan payable||2,808||
|Accruals and deferred|income|4,975|11,532|
|||69,156|55,851|
##
##
##
|Statement offu|nds -|current|year|||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
||||Balance at 1|||Gains/|31 March|
||||April 2022|Income|Expenditure|(Losses)|2023|
||||8|||F|F|
|Unrestricted
funds||||||||
|General Funds|||523,973|232,373|(607,744)||148,602|
|Pension reserve|||(600,000)||157000|443000||
||||(76,027)|232,373|(450,744)|443,000|148,602|
|Restricted funds||||||||
|CBA Bursary|||3,504||||3,504|
|Cadw Grant Aid|||76,367|465,369|(182,743)||358,993|
|Cadw Beacon Ring|||2,757||||2,757|
|Natural Resources Wales||||||||
|Grant|||17,081|9,482|(538)||26,025|
|RVB Foundation|Research|||||||
|Grant|||14,340||||14,340|
|Other Local Authodties||Grants|74,622||(23,260)||51,362|
||||188,671|474,851|(206,541)||456,981|
|Total offunds|||112,644|707,224|(657,285)|443,000|605,583|
##
##
##
##
##
##
##
|Statement offun|ds - prior year|||||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
||Balance at||||Transfers|Gainer|31March|
||1April 2021|Income
f|Expenditure|f|in/outf|(Losses)f|2022f|
|Unrestricted||||||||
|funds||||||||
|General Funds|550,705|311,742|(346,617)||8,143||523,973|
|Pension reserve|(915,000)||18,000|||297,000|(600,000)|
||(364,295)|311,742|(328,617)||8,143|297,000|(76,027)|
|Restricted||||||||
|funds||||||||
|CBA Bursary|3,504||||||3,504|
|Cadw Grant Aid|1,389|306,809|(231,831)||||76,367|
|Cadw Beacon||||||||
|Ring|2,757||||||2,757|
|Natural||||||||
|Resources||||||||
|Wales Grant|12,681|4,400|||||17,081|
|RVB Foundation||||||||
|Research Grant|14,340||||||14,340|
|NGO|8,143||||(8,143)|||
|Other Local||||||||
|Authorities||||||||
|Grants|42,889|35,572|(3,839)||||74,622|
||85,703|346,781|(235,670)||(8,143)||188,671|
|Total offutide|(278,592)|658,523|(564,287)|||297,000|112,644|
##
##
##
||Analysis ofnet ass|ets betw|een|funds -|current year||||
|---|---|---|---|---|---|---|---|---|
||||||Restricted|Unrestricted||Total|
||||||funds||funds|funds|
||||||2023
6||2023
f|2023
6|
||Tangible fixed assets||||||46,420|46,420|
||Current assets||||456,981||171,338|628,319|
||Creditors due within|one year|||||(69,156)|(69,156)|
||Total||||456,981||148,602|605,583|
||Analysis ofnet assets between|||funds -|prior year||||
||||||Restricted||Unrestricted|Tote/|
||||||funds||funds|funds|
||||||2022||2022|2022|
|||||||||8|
||Tangible fixed assets||||||54,919|54,919|
||Current assets||||188,671||527,905|716,576|
||Creditors due within|one year|||||(58,851)|(58,851)|
||Provisions
for liabilities and charges||||||(600,000)|(600,000)|
||Total||||188,671||(76,027)|112644|
|17,|Reconciliation
ofnet movement|||in funds to net cash flow from operating|||activities||
||||||||2023|2022|
|||||||||6|
||Net income for the year (as per Statement||||of Financial Activities)||49,939|94,236|
||Adjustments
for:||||||||
||Depreciation
charges||||||9,030|10,354|
||Increase
in debtors||||||(12,115)|(36,948)|
||Increase/(decrease)|in creditors|||||10,305|(25856)|
||Defined benefit pension cost||||||(157,000)|(18,000)|
||Net cash provided
by/(used||in)|operating|activities||(99,841)|23,786|
##
##
##
##
##
##
##
##
##
|Principal actuarial|assumptions|assumptions|at the Balance sheet date (expressed as weighted|at the Balance sheet date (expressed as weighted|averages):|averages):|
|---|---|---|---|---|---|---|
|||||At 31|March|At 31March|
||||||2023|2022|
||||||a/o||
|Discount rate|||||4.70|2.70|
|RPI price inflation|||||3.50|3.70|
|CPI price inflation|||||2.90|3.00|
|Rate of increase|in pensions|in|payment|(LP15)|3.40|3.50|
|||||At 31|March|At31March|
||||||2023|2022|
||||||Years|Years|
|Mortality rates (in|years)||||||
|-fora male aged|65 now||||22.0|22.0|
|-at 65for a male|aged 45 now||||23.3|23.3|
|-forafemale aged 65 now|||||24.4|24.3|
|-at 65for a female aged 45||now|||25.8|25.8|
|Sensitivity|analysis|analysis||||
|---|---|---|---|---|---|
|||||At 31 March|At 31March|
|||||2023|2022|
|||||6|8|
|Discount rate -0.1'%%d||||40,000|63,000|
|Mortality assumption -1 year increase||||92,000|163,000|
|CPI rate -0.1'/o||||16,000|(21,000)|
|The Charitable||Company's|share ofthe assets in the scheme was:|||
|||||At 31 March|At 31March|
|||||2023|2022|
||||||Z|
|Equities||||1,233,000|1,250,000|
|Corporate|bonds|||813,000|686,000|
|Property||||102,000||
|Cash and other||liquid assets||314,000|298,000|
|Alternatives||||534,000|873,000|
|Total fair value||ofassets||2,996,000|3,107,000|
##
##
##
|The am|ounts|r|ecognised
in the Statement
of|Financial Ac|tivities|are as follows:|||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||||||||E||
|Interest|cost||||||14,000|18,000|
|Administrative|||expenses||||4,000|7,000|
|Total amount|||recognised
in the Statement|of Financial|Activities||18,000|25,000|
|Movements||in|the present value ofthe defined|benefit obligation||were as follows:|||
|||||||||2023|
|||||||||E|
|Opening|defined
benefit obligation|||||||3,707,000|
|Benefits|paid|||||||(97,000)|
|Actuarial|(loss)/gain|||||||(988,000)|
|Interest|cost|||||||99,000|
|Closing|defined benefit obligation|||||||2,721,000|
|Movements||in|the fair value ofthe Charitable|Company's|share|ofscheme assets|were as|follows:|
|||||||||2023|
|Opening|fair|value ofscheme assets||||||3,107,000|
|Interest|income|||||||85,000|
|Actuarial|(loss)/gain|||||||(270,000)|
|Contributions||by employer||||||175,000|
|Benefits|paid|||||||(97,000)|
|Non investment|||expenses|||||(4,000)|
|Closing|fair|value ofscheme assets||||||2,996,000|
##