Registered number: 01212455 Charity number: 508301 CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
A, CLWYD-POWYS ARCHAEOLOGICAL TRUST {THEj,: (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Charitable Company, its Trustees and advisers Trustees, report Independent auditors, report on the financial statements statement of financlal activities 2-10 16 Balance sheet 17-18 Statement of cash flows 19 Notes to the financial statements 20-39
CLW{D-POWYS ARCHAEOLOGICAL TRUST (THE) •. (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees C Bell (appointed 31 March 2024) E Bredsdorff (rèsigned 31 March 2024) N Clubb (appointed 31 March 2024) J Davenport, Chair from November 2023 to 31 March 2024 (resigned 31 March 2024) J Davies (resigned 31 March 2024) D Elis-williams (appointed 31 March 2024) F Gale H John {appointed 31 March 2024) K Longley (resigned 31 March 2024) D Morgan {resigned 31 March 2024) H Owen-John (appointed 31 March 2024) J Ratcliffe (appointed 31 March 2024) S Rees, Chair to November 2023 J Wainwright (appointed 31 March 2024) S Williams (appointed 31 March 2024) Company registered number 01212455 Charity registered number 508301 Registered office The Comer House 6, Carmarthen Street Llandeilo Camiarthenshire SA19 6AE Chief executlve officer Dr Paul Belford Bsc MA PhD FSA MClfA (resigned 31 March 2024) Independent auditors Xeinadin Audit Limited Chartered Accountants Statutory Auditors Carmarthen Camarthenshi SA313AL Key Management Paul Belford Abi Mccullough Tim Malim Gary Duckers Accountants WR Partners Belmont House Shrewsbury Business Park Shrewsbury Shopshire SY2 6LG Page 1
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THEj'_ (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial statements of the Charitable Company for the period from 1 April 2023 to 31 March 2024. The Annual report seNes the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Summary This year, 2023124, marks the last year that the Clwyd Powys Trust operated as an independent Trust before becoming a constituent part of Heneb: Trust for Welsh Archaeology. As with every other year of CPAT'S existence the year has been busy and full of archaeology. and bringing the fantastic stories generated to the public. The work of the Trust falls into several categories of which a brief summary is noted below. This highlights the breadth of work undertaken and the reach that this work has into many aspects of Welsh life. Objectives and activities a. Strategy, policies and objectives The charitable object of the Trust as set out in its Memorandum of Association is the education of the public in archaeology in Wales and England. Its historic core of activity is in mid and north east Wales, within the modern counties of Powys. Denbighshire, Flintshire, Wrexham and the eastem part of Conwy. Beleen the 1974 and 1996 re organisations of local govemment in Wales this area vrfas known as Cwd and Powys, hence the Trust's name. The Trust also carries out project work in adjacent counties in England and Wales. and when commensurate with the objectives of the Trust. further afield. The Trust is one of the four Archaeological Trusts in Wales which work closely with national, regional and local bodies to help record, research, interpret and protect all aspects of the historic environment. for the benefrt of the public. In February 2019 Trustees adopted a five year Strategy, which is underpinned by a more detailed two year development plan. The Strategy comprises a vision which delivers a number of aims. The Strategy is driven by the core values of CPAT. which is dedicated to. the education and engagement of the public in archaeology and cultural heritage ensuring the highest ethical and professional standards in all areas of endeavour acquiring the greatest possible understanding of the archaeology of our region delivering excellence at all stages of the archaeological process harnessing creativity, flexibility and innovation maintaining the wellbeing and happiness of all staff and volunteers enjoying the work that we do. and sharing that enjoyment as widely as possible In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. induding the guidance'Public benefit.. running a charity {PB2>'. Page 2
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) •_ (A company limited by guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities (contlnued) b. Activities undertaken to achieve objectives The Trust undertakes the followng principal acttvities in support of its objectives.. maintaining the regional Historic Environment Record (HER) providing planning advice to local authorities, developers and other bodies undertaking heritage management work for Welsh Govemment. local authorities. and other public bodies delivering a programme of outreach and education for as wide a range of people as possible providing archaeological consultancy and contracting services for landowners, developers and other organisats'ons in the public, private and third sectors The Trust is committed to delivering public benefit through its activities, and CPATS publicly funded work in Wales is closely aligned to the goals in the Well being of Future Generations AGt 2015. The Trust is particularly keen to develop ways of enabling aUdIenS who do not nonnally engage with heritage to be able to do so. The Trust makes use of a volunteers in a wide range of its activities, and has policies and procedures in place to safeguard volunteers, staff and members of the public. CPAT is a Registered Organisation {RO} with the Chartered Instttute for Archaeologists (ClfA). Due to Covid and the ongoing uncertainty around the merger process, ClfA and CPAT agreed to defer the renewal process until mid-2023. Therefore the Inspection and renewal were to take place during the financial year 2023-24. ClfA accreditation is an independent recognition that the Trust and its staff abide by a Code of Conduct and ethical principles to support and maintain archaeological standards. Achievements and perfonnance a. Review of activities Planning and Development 4517 planning applications screened in 2023-24 216 archaeological recommendations made on 253 applications The Trust provides historic environment advice to Local Planning Authorities and other bodies in accordance with the Planning (Wales) Act. the Historic Environment Iwales) Act and related circulars, technical advice notes, guidance and best practice documents. During 2023-24 4517 planning applications were examined and of these 548 were appraised against information held within the Clwyd-Powys Historic Environment Record and other datasets. 52 pre-detemiination appraisals were requested which included desk-top assessments and field evaluation - and that conditions should be attached to 211 planning consents Sects'on 23 Conditions. There were 8 recommendations for refusal. watching brief. building recording and Page 3
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THEI '_: (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance (continued) Heritage Management The Trust engages with a wide range of organisations and individuals in order to conserve, protect and promote the historic environment of the region. Information is provided to natiOnainCal govemment, third sectorlvotuntary organisations, and utility and other companies, including Dyfed-Powys and North Wales Police, National Resources Wales, Portable Antiquities Scheme, The Coal Authority, Cd Cymru, Sevem Trent and Dwr Cymru, coastal management groups. local action groups. museum advisory groups and the Welsh Conflict Archaeology Advisory Panel. A range of consultstions are responded to. which may affect the historic environment. These include woodland creation schemes and felling applications, Flood Risk Activity Permits, mine remediations, agri*nvironmental EIAS, weir modification and removal. riparian environs and river restoration and more. In 2023-24 we have delivered 423 consultations, as well as training, advice and liaison with key stakeholders. The Historic Environment Record 409 new records created in 2023-24 27,961 additions to existing records Over 190,000 records available to the public The four Welsh archaeological trusts maintain the four regional Historic Environment Records (HERS) for Wales. The HERS cover all aspects of human activity dating from early prehistory to the entieth century. The records include details of lesser-known sites as well information on famous sites. The HERS fulfil a wide variety of functions such as assisting in the positive management and presentation of the historic environment and in planning control. They also offer a unique opportunity to discover and investigate the historic environment of Wales. At the end of March 2024. the Clwyd-Powys HER contained information on 136,768 sites, with 53,284 records of archaeological events. It is continually expanded and updated as new information becomes available. During 2023-24, 409 new records were created and 27,961 additions made to existing records. Working in partnership, the four trusts have developed web-based database management sOfre. The trusts believe that the dissemination of information leading to a wider understanding of our historic environment is the most effective conseNation tool and therefore created the Archwilio website to provide public access to core information in the HERS. The Archwilio website was completely revised during 2023-24, making the search facility easier to use and the data more accessible. Under the Historic Environment (Wales) Act Welsh Ministers have a statutory duty to compile and keep up to date a historic environment record for each local authority area in Wales. Welsh Ministers have delegated this duty to the trusts. During 2023-24, in addition to routine maintenance and enhancement work, the trusts worked to ensure that the HERS are compliant wth the Act and with the Welsh Language Standards. All records created since 2016 aE bilingual and available on Archwilio. Page 4
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) gr: . (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance (contlnued) Public Engagement. CPAT have continued to deliver a variety of archaeology sessions in schools across the region covering skills such as map regression, finds processing, archaeological illustration and recording. and have continued to attend events such as the Bannau Breicheniog Historic Environment Action Plan, Oxford University cultural exchange. NRW liaison days and community events to highlight the work of the WATS, deliver outreach and engagements and forge new networks. On 11th November the annual Archaeology Day was held, this year in Newtown. It was the first year that CPAT collaborated with the Council for British Archaeology Wales (CBAW), to deliver a day of lectures and project updates from across Wales to an audience of over 100 people. The event eamed excellent feedback. Throughout 2023-24 CPAT have maintained a regular schedule of content creation and scheduled across various social media channels including Facebook, X, Instagram, YouTube, Threads and Linkedln. The channels have continued to grow and show an upward trend in both followers and engagements. The most popular posts are linked with project updates, but content is created which links to other national and international trending items. A programme of talks and lectures has been delivered throughout 2023-24 including the popular Winter Lecture series which attracted over 200 attendees, talks to local societies and the U3A and community groups such as Newtown Mound. A full colour newsletter was produced each quarter. highlighting project work including Cadw- funded climate change projects. Over the past few years Clwyd-Powys Archaeology has participated in a number of events associated with the Council for British Archaeology's Festival of Archaeology. In July 2023, CPAT attended the launch event at Powis Castle. and an Archaeology Day at the Elan Valley Visitor Centre. The Elan Valley event attracted over 1000 visitors, including the Lord Mayor of Birmingham who was keen to know more about the history of Barnes Wallis, dambusters experiments in the valley as well as the history of the area which provides water to Birmingham. The event at Powis Castle gained national recognition and was selected to launch the Lweek festival. CPAT were key partners in delivering the event with the CBA, including a three-week community excavation, volunteer workshops and the festival weekend itself. It was incredibly fun and a chance for large numbers of people to get involved with archaeology whilst raising the profile of Wales in the UK Archaeology sector. As well as the activities noted ab)ve the Trust undertook a number of specific projects relating to Cadw fijnding. This included projects around climate change, notsbly work on river environments and the Marine environment. This year's project built on the 2021-22 and 2022-23 iteration of work on rivers in the CPAT region, part of the ongoing pan-wales initiative, and conlinued to idents'fy and record baseline data resulting in the enhancement of the HER for future land management and development control. Historic assets in coastal locations are particularly vulnerable to erosion and flooding, actions that are increasing in severity and occurrence as the effects of climate change worsen. Shoreline Management Plans have been developed for all areas of coast around the UK and this pan-wales project sought to record historic assets in the Historic Environment Record that may be at risk from natural factors and mitigation projects that may be developed by various agencies to counteract those natural prosses, such as coastal defence and flood alleviation schemes. Another project focussed on farms and farmsteads. The rural landscape is potentially at risk through changes in land-use, the amalgamation of famis, and the redundancy of historic structures as farming methods change. Some of these land-use changes result directly or InditlY from climate change Changes to agrienvironment schemes, as well as development pressures, are also factors. However. the lack of data Conrning historic farms and farmsteads makes it difficult to develop appropriate mits'gation or protection. This long-tem project Page 5
CLWYD-POWYS ARCHAEOLOGICAL TRUST {THE)';' (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance (continued) has been identifying, mapping and assessing historic farms and farmsteads in the CPAT region. For several years CPAT and the National Trust have formed an effective and dynamic partnership to deliver a range of projects at Chirk Castle and Erddig Hall. During 2023 the focus was on furthering knowledge of the 'Lost Buildings,, sht)V4n on eighteenth century mapping. The extent of a Banqueting Hall, previously uncovered in 2022 was established together with the in- situ demolition remains of a building, the extent and purpose of which remain unknown. In addition, a geophysical survey of the motte and bailey was enhanced producing tantalising evidence for possible structural remains, and a trench re-excavated and enlarged across the line of Ways Dyke. The latter followed on from the previous yearfs excellent results,. confiming both the alignment and the extent of structural displacement of the bank whilst evaluating the potential for recovering dateable material. The previous excavation revealed the remains of in-situ building demolition together with dateable artefactual material that allowed our Finds Workshop team (both professional and volunteer) to refine their knowledge of 18th century ceramics. Georeferencing the survey SutS has identified that the building would appear to be a later addition to a range of outbuildings (stables and workshops?) that appear on the earliest mapping of Erddig Hall. The structure, therefore, forms a key part in the hitherto unknown history of the earlier phase of the estate. In July 2023 CPAT directed an excavation to investigate 18th century water garden features at Powis Castle, to coincide with the launch of the CBA'S Festival of Arohaeology. Over a period of 9 days, 23 volunteers participated and were instructed in the principles of archaeological techniques for excavats'on and recording. The location had been selected at the base of the (now buried) 18th century cascade, adjacent to the Great Lawn and footpath along its edge. This facilitated visitors being able to see archaeologists at work, and to ask questions of the team with National Trust volunteers often engaged in giving site tours. In addition to the field work, volunteers also had the opportunity to attend a Finds Workshop, helping to process, identify and catalogue artefacts recovered from both Powis Castle and Chirk Caslje. A magnetometer survey vtss undertaken in advan of excavation, to better refine the results from the c.2008 survey wth improved technology. and to include a small area at the top of the cascade to locate any surviving buried features, as well as covering the Great Lawn and an area to the south-west of it. Apart from drainage across the lawn. several water management features were plotted. and a natural flow accumulation path appeared to run in a south-west to north*asterly direction. Two trenches were laid out either side of the footpath. The southem one was 10 x sm and the northern one the same length but half the width. Although the volunteers learnt the importance of identifying archaeological deposits and artefactual evidence, the excavation revealed that much of this area had been subsequently re- landscaped and water features backfilled with brick rubble. of probable Georgian date. A relatively modern pipe trench, that had been cut through the rubble, rendered quite a large area of the southern trench excavation sterile of meaningful results. However a few residual sherds of 13th century pottery recovered from modem backfill attested to the earlier medieval origins of the site. To date, these are the only 13th century artefacts recovered from any excavations undertaken at Powis Castle. Public interest throughout the excavations was such that volunteer guides were engaged all day every day with numerous ad hoc visits. This peaked on the day of the launch of the CBA Festival of Archaeology {15th July) and on a dedicated CBA Skills Training Day, given by CPAT on 16th July to groups who had pre-booked. CPAT Senior Archaeologist lan Grant discussed the aims and methods of the archaeological investigation, and showed the visible results in the ground whilst Chris Matthews gave a well-received workshop that covered the techniques involved in the processing of geophysical survey data. Page 6
<. , CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perforniance (continued) In addition to the Heritage Managemen( Outreach and Planning work CPAT have a Field Services section who undertake commercial work. Field Services Team: Performance 2023-24 FY Team composition Principal Archaeologist: Time Malim {4d) Senior Archaeologists: Richard Hankinson (3d). lan Grant, Will Logan Project Archaeologists: Chris Matthews (4d), Sophie Cooledge, Evon Kirby (2d}, Karl Macrow Previous financial dimensions Prior to 2021 £215.000 was expected income based on 5 years wrferage (for 4 FTES) 2021-22 FY (FST 4.5 FTES) 160 fee proposals were submitted (average 3.4 hours per tender) 74 won (46.25 % SucsS rate) £250,000 invoiced Average chargeable time 67.180 £70,524 surplus on (base?) staff cost as contribution to Trust running costs 2022-23 FY (6 FTEs} No of tenders: 146 {63 won) (430A sU$S rate) Value of tenders". £590,835 Number of invoices issued 121 Value of work invoiced.. £310,590 (average £25882 per month) 72 reports completed 5 publication papers submittedlpublished Archiving partially complete Types and range of projects Historic Building Surveys from Level 1- level 3 GPS, Lidar and magnetometer surveys Watching briefs, evaluations, mitigation and community projects (outreach) DBAS, HIAS, some wind fann EIAS Clients include Cadw, NT & EH, LPAS, architects, consultancies, private individuals, builders, housing, aggregates, energy generation & distrtbukn'on, coastal defence. A good many repeat clientslagents Geographic spread includes Anglesey to Warwckshire, Merseyside to Herefordshire & some outliers Skills & technology We now have a skills matrix, and the team has wide-ranging experience and specialist knowledge, as well as rtain technical abilities: ms0ffi. QGIS. Illustrator, photogrammetry. TST, CSCS. First Aid. Challenges: Wider experience in Heritage Statements and EIAS is needed. and the team is slowty adapting to digital recording and onerous archiving, copyright and HER submission requirements. Page 7
, CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE). (A company Ilmrted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perfomiance (continued) Field Services Team - performance review. April 2023 - March 2024 inclusive Tenders - 181, total value £644,948 Total value of 91 won (at average of £3563) - £324,255 (Viin rate 50.270/0 Total invoiced £422,269 (this includes thirds (plant, temporary staff. expenses) Total base cost £236,340 for FST @ 7 staff (= 6 E) Totsl cost with 450/0 OIH - £342,693 (so £422,269 - £342.693 - £79,576 profit (minus thirds)} Break down of activity 12,464.45 Non-chargeable time Holidays 1639 hrs (c.13.10/0 of booked time) Management 1312 hrs (c.10.50/0 of booked time) Sickness 429 hrs (c.3.4Yo of booked time) Tendering 447 hrs {c.3.6Yo of booked time) Training 290 hrs (c.2.3 % of booked time) Archive 165 hrs (c.1.3 /ts of booked time) Staff meetings 260 hrs (c.20/o of booked time) Compassionate leave 56hrs (c.0.4 % of booked time) Publications 48hrs {c.0.4% booked time) IT downtime 48hrs (c.0.40/0 booked time) Outreach (CRC) 49hrs (c.0.4 % booked time) Time off for dependents 7hrs Principal chargeable work (for Q1 & Q2> Nantcwd y Dre 310 hrs (5.1 % booked time) Erddig 367 hrs (6 /0 of booked time) Powis Castle 264 hrs (4.40/0 of booked time) Prestatyn 230 hrs (3.8Ll/o of booked time) BOa$ 231 hrs (3.80/0 of booked time) Carrog 220 hrs (3.6 % of booked time) Manmoel 194 hrs (3.2/0 of booked time) Rhosrobin 171 hrs (2.8 /0 of booked time) Chirbury 154 hrs (2.5 /0 of booked time) Total non-chargeable time (37.7 /0 of booked b'me) Chargeout rate calculated on 65 /ts Utilisation, @ 450/0 OIH, so if non-chargeable time = c.30°A then theoretically we have a 50k surplus Page 8
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THEI (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review a. Going concèrn" On 31 March 2024 CPAT merged into The Trust for Welsh Archaeology formerly Dyfed Archaeological Trust (they have kept Dyfed's Companies House no 1198990 & Charity commission number 504616). The assets and liabilities of CPAT have transferred to The Trust for Welsh Archaeology at this date. As such, these accounts are not prepared on a going concern basis. structure, governance and management a. Constitution CWd-Powys Archaeological Trust (The) is registered as a charitsble company limited by guarantee and was set up by a Trust deed. b. Methods of appointment or election of Trustees The management of the Charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. c. Organisational structure and decislon-making policies The day-to-day management of the organisation is entrusted to a Senior Management Team comprising of the Trust Director, Principal Archaeologist, Regional Archaeologist and Head of Technology, Information and Planning. The SMT reports directly to the Board of Trustees. d. Policies adopted for the induction and training of Trustees Trustees are elected by members of the Twst. The rights. duties and responsibilities of Trustees and the issue of induction training for Trustees are set out in the Trust's Memorandum of Trustees, Responsibilities and Duties. e. Pay policy for key management personnel The Trust pay scale for all staff is linked to the minimum salary levels recommended by the Chartered Institute for Archaeologists, and is arranged in three bands reflecting management responsibility (and level of ClfA membership). The members of the Senior Management are all full Members of ClfA and sit within the Management band of the CPAT pay scale. Plans for future periods On 31 March 2024 CPAT merged into The Trust for Welsh Archaeology formerly Dyfed Archaeological Trust. The assets and liabilities of CPAT have transferred toThe Trust for Welsh Archaeology at this date. Page 9
., CLWYD-POWYS ARCHAEOLOGICAL TRUST (THEI ¢';-. (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 statement of Trustees. responsibilities The Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to: select suitsble accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP {FRS 102)" make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose wth reasonable accuracy at any time the financial position of the Charitable Company and 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. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees, pOrt is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit infomiation of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the charity's auditors are aware of that infomation. Approved by order of the members of the board of Trustees and signed on their behalf by: C Bell (Trustee) Date: /5/L 202* Page 10
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) .4 (A company Ilmlted by guarantee) -.. . . . INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) Opinion We have audited the financial statements of CEwyd-PONS Archaeological Trust Limited (The) {the 'charitable company,) for the year ended 31 March 2024 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. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Ksngdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming reSoUrS and application of resources. including its income and expenditure for the year then ended., have been properly prepared in accordance Mfjth United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance vrith Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther 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. Conclusions relating to going concern We draw attention to Note 2.2 in the financial statements which explains that activities of the charity have been transferred to a merged entity and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going conrn as described in Note 2.2. Our opinion is not modified in respect of this matter. Page11
CLWYD-POWYS ARCHAEOLOGICAL TRUST {THE}... (A company limited by guarantee) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (CONTINUED) Other inforniation 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 repor( we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we onc5ude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: 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 the Report of the Trustees has been prepared in accordan 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, 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 retums 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 retums., or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Page 12
CLWYD-POWfS ARCHAEOLOGICAL TRUST (THE) ,*,; (A company limtted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (CONTINUED) Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also 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 neSSary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Iln preparing the financial statements. the trustees are resFM)nsible for assessing the charitable company's ability to continue as a going concem. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either inteTKI to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 13
.' CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) ¢. 0¥-,._,.
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INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CLWYD-POWYS ARCHAEOLOGICAL
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CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (CONTINUED Use of our rep.ort This report is made solely to the charitable company's members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest 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 work, for this report, or for the opinions we have formed. Mark Jones FCA (Senlor Statutory Auditor) for and on behelf on Xeinadin Audit Limited Chartered Accountants statutory Auditors Carmarthen Camarthenshire SA313AL Date: IF/,,/&¥ Page 15
,CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) "_:" '." (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 PAARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note ncome from: Donations and legacies Charitable activities other trading activities Investments 400,950 400,950 452,315 460 474,857 231, 636 272 452.315 460 23,099 23,099 465 Total Income 400,950 475,874 876,824 707.224 Expendlture on: Charitable activities other expenditure 341.423 36,697 524,213 898,074 865,636 934,771 657.285 Total expenditure 378,120 1A22,287 1,800,407 657.285 Net incomellexpenditure) Transfers beeen funds 22,830 (479.811) (946,413) 479,811 1923,583) 49,939 17 Net movement in funds before other recognised gainsl(losses) (456,981) 1466,602) 1923.583) 49,939 Other recognised galnsl(losses): Actuarial gains on defined benefit pension schemes 318,000 318,000 443,000 Net movement in funds 1456,981) (148,602) (605,583) 492.939 Reconciliation of funds: Total funds brought forward Net movement in funds 456,981 (456,981) 148,602 (148,602) 605,583 (605.583) 172,644 492, 939 Total funds carried forward 605, 583 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 20 to 39 fomi part of these financial statements. Page 18
Y:•*.:' CLVVYD.POWYS ARCHAEOLOGICAL TRUST (THE) . • (A company limited by guarantee) REGISTERED NUMBER: 01212455 . BALANCE SHEET AS AT 31 MARCH 2024 Note Fixed assets Tangible assets 14 46,420 46,420 Current assets Debtors Cash at bank and in hand 15 138.894 489,425 628.319 Creditors: amounts falling due wtthin one year 16 (69, 156) Net current assets 559, 163 Total assets less current liabilities 605.583 Total net assets 605, 583 Page 17
+%)yi¥ ' CLWYD-POWYS ARCHAEOLOGICAL TRUST {THE) IA company limited by guarantee) k REGISTERED NUMBER: 01212455 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 2024 2023 Note Charity funds Restricted funds Unrestricted funds 17 456,987 148,602 17 Total funds 605.583 The entj'ty was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 145 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance vrfith the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. C Bell (Trustee) Date: 13 The notes on pages 20 to 39 form part of these financial statements. Page 18
CLWYD.POWfS ARCHAEOLOGICAL TRUST (THE) (A company limited by guarantee) . STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023, Note Cash flows from operating activitles Net cash used in operating activities 19 (483,663) (99,841) Cash flows from investing activities Purchase of tangible fixed assets (5.762) (531) Net cash used in Investing actlvities (5,762) (531) Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (489,425) (100,372) 489A25 589, 797 Cash and cash equivalents at the end of the year 20 489,425 The notes on pages 20 to 39 form part of these financial ststements Page 19
CLWID-POWYS ARCHAEOLOGICAL TRUST (THE) *- (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 General Inforniatlon Clvryd-Powys Archaeological Trust Limited is a private limited company, limited by guarantee. incorporated in England and Wales, with its registered office and principal place of business at The Corner House. 6, Carmarthen Street. Llandeilo. Camarthenshire, Wales, SA19 6AE. The Charity is a company limited by guarantee. The members of the Charity are the Trustees named on page 1. In the event of the Charity being wound up. the liability in respect of the guarantee is limited to £1 per member of the Charity. Accounting policies 2.1 Basis of preparation of financial statements The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Clwyd-Powys Archaeological Trust (The) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise stated in the relevant accounting policy. 2.2 Going concem On the 31 March 2024 the charity merged with The Trust for Welsh Archaeology. The trust is to be wound up and all of the Charity's assets and liabilities were transferred to the The Trust for Welsh Archaeology. charity number 504616. The donation made totalled £934,771. 2.3 Income All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be receNed and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Inme tax recoverable in relation to donations received under Gift Aid or deeds of ¢ovenant is recognised at the time of the donation. Income tsx recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 20
~•fv¥.... CLWYD-POVVYS ARCHAEOLOGICAL TRUST {THE) /-' (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (continued) 2.4 Expenditure Expenditure is recognised On the is a legal or constructive obligation to transfer economic benefit to a third paty. 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direcuy to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resour$. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants are accounted for on receipt and shown in the Statement of Financial Activity. 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £100 or MO are capitalised and recognised when future economic benefits are probable and the cost or value of the ast can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following bases: Land Plant and machinery Motor vehicles Fixtures and fittings Office equipment Not depreciated 15Vo 25/0 15° 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 21
' CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE). . (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continuedl 2.8 Cash at bank and in hand Cash at bank and in hand indudes cash and short-term highly Siquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabllities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefft will be required in settlement, and the amount of the settlement can be estimated reliably. 2.10 Financlal Instruments The Charitable Company 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 their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Pensions The Charity is a member of a defined benefit pension scheme which is closed to new members. The Charity has accounted for the defined benefit pension scheme under Financial Accounting standard 102 (FRS102). The FRS 102 surplus figure has been calculated by the scheme actuary as at 31 March 2024, using a Gilts plus approach. The carying value of any pension scheme asset is restricted to the extent that the Charity is able to recover the surplus either through reduced contributions in the future or through refunds from the scheme. The Charity also operates a defined contributs'on plan. A defined contribution plan is a pension plan under which the Charity pays fixed contributions into a separate entity. Once the contributions have been paid the Charity has no further payment obligations. 2.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 22
CLWYD-POWYS ARCHAEOLOGICAL TRUST {THE) (A company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and areas of judgment Estirnate5 and judgments are continually evaluated and are based on historical experience'and "other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Charitable Company makes estimates and assumptions conMIng the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgment: The present value of the Pension Scheme's defined benefft liability depends on a number of factors that are determining the net cost (income) for pensions indude the discount rate. Any changes in these assumptions will impact the carrying amount of the pension liability. The pension fvnd is in surplus this year. This has not been included as an asset as there is currently no planned reduction in contribution rate and there is no unconditional right to a refund. Page 23
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (A Company limited by guarantee) ¥..<".fj!*A'," NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Restricted funds 2024 Total funds 2024 Total funds 2023 Grants Government grants 1,000 399,950 1.000 399.950 474,851 Total 2024 400,950 400,950 474,851 Total 2023 474,851 474,851 Government funded grants 2024 2023 Cadw Grants Natural Resource Wales Grants Welsh Government Agri-Environment 482, 036 9,482 359,280 359,280 491,518 All Cadw income in the year has been contract income, shown in the note below. Income from charitsble activities As restated Total funds 2023 Unrestricted funds 2024 Total funds 2024 Contract awards 452,315 452.315 231,636 Total 2023 as restated 231,636 231.636 Income from contracts has been reclassified to charitable activities during the year, and the comparatives restated accordingly. Page 24
.,*#,-:•.': CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) ,- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Incomo from other trading activities tncome from fundraising events Unrestricted funds 2024 Total funds 2024 Total funds 2023 Sales & fundraising 460 272 Total 2023 272 272 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank interest 23,099 23,099 465 Totsl 2024 23,099 23,099 465 Total 2023 465 465 Page 25
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (A company Ilmtted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expendlture on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Support Costs Direct Costs 90,480 433,733 90,480 775,156 63, 106 594, 779 341.423 Total 2024 341,423 524,213 865,636 657,285 Total 2023 206. 541 450. 744 657,285 Other expenditure Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donation upon merger 36,697 898,074 934.771 On the 31 March 2024 a donation of £934,771 has been made to The Trust for Welsh Archaeology. 10. Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Support Costs Direct Costs 90,480 90,480 775,156 63,106 594, 179 775,156 775,156 90,480 865,636 657,285 Total 2023 594. 179 63. 106 657.285 Page 26
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) gr.- <. (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysis of expenditure by activities (continued) Analysis of direct costs Total funds 2024 Total funds 2023 Dlrect Costs 2024 staff costs Fieldwork consumables Archaeology specialist fees Archaeology excavation fees Travel costs Subsistence Office equipment and consumables Fees & membership Outreach equipment and consumables Translation Library Archaeology equipment hire Copy charges Office consumables Insuran Recruitment expenses Postage, carriage and communication Staff clothing IT support fees General costs 643,212 19,672 11,146 12,016 10,337 3.650 1,666 19,810 379 4,815 170 8,436 995 643,212 19,672 11,146 12,016 10,337 3,650 1,666 19,810 379 4,815 170 8,436 995 2,749 494,672 13,752 4, Q70 7, 934 70, 127 6,508 2,611 11,769 316 6, 702 210 2, 605 1,313 3,231 5,018 1,924 7, 655 186 2,749 1,505 7.706 691 19,696 1,057 1,505 7,706 691 19,696 1,057 12,679 1,497 775,156 775,156 594, 179 Total 2023 594, 179 594, 179 Page 27
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysis of expendlture by actlvities (continued) AnaSysis of support costs Support Costs 2024 Total funds 2024 Total funds 2023 Rent and rates Cleaning and other Bank charges Bad debts provision Governance costs 8,390 1,800 1,175 1.080 78,035 8,390 1,800 1,176 1,080 78,035 10, 109 1.508 7,610 563 49.316 90,480 90,480 63, 106 Total 2023 63.106 63, 106 11. Auditors. remuneratlon 2024 2023 Fees payable to the Charitable Company's auditor for the audit of the Charitable Company's annual accounts Fees payable to the Charitable Company's auditor in respect of. Independent Examination fee All non-audit seNices not included above 3,500 3.2QO 36,934 Page 28
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. staff costs 2024 Wages and salaries Social security costs Contribution to defined contiibution pension schemes Operating costs of defined benefit pension schemes 485,373 41,851 20,911 95.077 421,397 36,674 79,408 77,193 643,212 494,672 The average number of persons employed by the Charrtable Company during the year was as follows: 2024 No. 2023 No. Employees 15 15 The number of employees vthose employ& benefits (excluding employer pension costs) exceeded £60,000 was: 2024 No. 2023 No. In the band £60,001- £70,000 Aggregate remuneration received by key management personnel amounted to £157,244 (2023: £148,344) 13. Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2023 - £NIU. During the year ended 31 March 2024. no Trustee expenses have been incurred (2023 - £NIL). Page 29
. 4 CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) ¥%-:••, (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Tangible fixed assets Freehold Plant and propety machinery Motor Fixtures Office vehicles and fittings equipment Total At 1 April 2023 Additions Disposals 38,000 27,096 19.249 2,777 32,304 119,426 5.762 5.762 (38,066) (125.188) (38.000) (27,096) (19,249) {2,777) At 31 March 2024 At 1 April 2023 Charge for the year On disposals 25,581 1,515 (27,096) 19,013 236 (19,249 650 417 11,067) 27,762 6.239 (34,001) 73,006 8,407 181,413) At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 38.000 1,575 236 2, 727 4.542 46,420 15. Debtors 2024 2023 Due within one year Trade debtors Prepayments and accrued income 138, 713 781 138,894 Page 30
CLWYD-POWfS ARCHAEOLOGICAL TRUST (THE) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Creditors: Amounts falling due within one year 2024 Trade creditors Other taxation and social security other creditors Accruals and deferred income 22, 895 38,478 2,808 4,975 69, 156 Page 31
, CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds Statement of funds - current year Balance at 1 April 2023 Transfers Inlout Gainsl (Losses) Income Expenditure Unrestricted funds General Funds 148,602 475,874 (1,422,287) 479,811 318,000 Restricted funds CBA Bursary Cadw Grant Aid Cadw Beacon Ring Natural Resources Wales Grant RVB Foundation Research Grant other Local Authorities Grants National Museum Wales 3,504 358,993 2,757 13,504) (360,023) (398,920) (2.757) 399.950 26,025 {26,025) 14,340 51,362 (14.340) (51,362) 1,000 (1,000) 456,981 400,950 1378,120) (479,811 Total of funds 605,583 876,824 {1,800,407) 318,000 Page 32
CLWYD-POWYS ARCHAEOLOGICAL TRUST ITHEI **':" IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (continued) The CB"A Bursary was given-to CPAT to support-the salary of a workplace training post in Community Archaeology in 2013-14 and 2014-15. The remaining balance has been transferred to unrestricted this year as these funds have been spent in previous years. Cadw Grant Aid is grant funding from Welsh Govemment which is administered by Cadw. It consists of several different strands of funding. The main grant is awarded annually for CPAT to undertake projects which on behalf of Welsh Govemment for the public benefit. These include provision of planning advice to local authorities and other public bodies, the maintenance of the Historic Environment Record, provision of heritage management advi, outreach projects. and the protection and management of Éhe historic environment. Other Cadw grant aid may be received under the North-East Wales Community Archaeology project, through Contingency Funding, and for other projects from time to time. Some of the brought forward balan has been transferred to unrestricted this year as these fijnds were spent in previous years but the costs were not recorded as restricted expenditure at the time. Cadw Beacon Ring is grant aid given to CPAT under a management agreement for the conservation of Beacon Ring hillfort, Powys. For environmentsl reasons it has not been possible to undertake conservation work yet. Natural ReSoUS Wales Grant is funding given to CPAT to provide specific projects under the Memorandum of Understanding beeen the four Welsh Archaeological Trusts and NRW. Some of the brought fOard balan has been transferred to unrestricted this year as these funds were spent in previous years but the costs were not recorded as restrtcted expenditure at the time. The RVB Foundation Research Grant was provided by the Ruud van Biek Foundation from 2008-09 to assist in the purchase. conservation and promotion of the hillfort at Beacon Ring. The balance of the fund will be used to support the publication of a book on Beacon Ring, and ongoing vegetation management of the site. other local authority grants are from Wales Cultural Recovery Fund to "Support CPAT with financial assistance as a result of the Covid-19 outbrea, and from Denbighshire County Council to Support Community Outreach Projects at Chirk Castle" The Wales Cultural Recovery fund grant was incorrectly recorded as restricted and has since been spent, and the Chirk Castle funds have been spent in previous years. As such the balance has been transferred to unrestricted funds. All funds were transferred to The Trust for Welsh Archaeology on 31 March 2024. Page 33
", CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (continued) Statement of funds - prior year Balance at 31 March 2023 Balance at l Apnl 2022 Gains/ (Losses) Income Expenditure Unrestricted funds General Funds Pension reserve 523,973 (600, 000) 232,373 (607, 744) 157,000 148,602 443,000 (76.027) 232,373 (450, 744) 443,000 148,602 Restricted funds CBA Bursary Cadw Grant Aid Cadw Beacon Ring Natural Resources Wales Grant RVB Foundation Research Grant Other Local Authorities Grants 3, 504 76.367 2. 757 3,504 358, 993 2, 757 465.369 (182, 743) 17.081 9,482 (538) 26,025 14,340 74, 622 14.340 51,362 (23.260) 188.671 474.851 (206, 541) 456,981 Total of funds 112.644 707.224 (657.285) 443,000 605,583 18. Analysis of net assets between funds Analysis of net assets between funds - current perFod Total funds 2024 Total Page 34
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Analysis of net assets between funds (continued) A-nalysis. of n'et assets between funds - prior pèriod Restn'cted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 46.420 171,338 (69, 156) 46,420 628,319 (69. 156) 456.981 Total 456,981 148,602 605, 583 19. Reconciliation of net movément in funds to net cash flow from operating activities 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities) (923,583) 49, 939 Adjustments for.. Depreciation charges Loss on the sale of fixed assets Decreasel{increase) in debtors Increasel(decrease) in creditors Defined benefit pension gainl(cost) 8,407 43,775 138,894 {69.156) 318,000 9.030 (12.115) 10,305 (157,000) Net cash used in operating activitles {483,663) (99. 841) 20. Analysis of cash and cash equivalents 2024 2023 Cash in hand 489.425 Total cash and cash equlvalents 489,425 Page 35
. CLWYD-POWYS ARCHAEOLOGICAL TRUST {THE)-. -. (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2024 21. Analysis of changes in net debt At 1 April 2023 Cash flows 489,425 (489,425) 22. Contingent Ilabilities The Trust is a member of a defined benefit pension scheme operated for the benefit of the employees of a number of archaeological organisations, called The Archaeological Organisations Pensions (AOP) Scheme, which requires contributions to be made to a separately administered pension fund. The assets of the scheme are invested and managed independently of the finances of the Trust. The latest triennial actuarial valuation using the Projected Unit Method was undertaken by an independent qualified Actuary, Quantum, as at 31 March 2021. FRS102 calculations have been made to determine the figures regnised below. The pension scheme is a multi-employer scheme and is shared by three other charities. As part of the next triennial actuarial valuation as at 05 April 2024, as yet not finalised the Archaeological Organisation Pension Scheme has embarked on a review of the scheme rules. which includes reviewing the validity of past decisions. A potential ambiguity is under discussion with the scheme's lawyers. The likelihood and quantum of any liability on the employers is unclear. 23. Pension commitments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £20,935 {2023 - £29,634). Contributions of £Nil (2023: £2,808) were payable to the scheme at the balance sheet date and are included in creditors. The Charitable Company operates a defined benefit pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. Contributions payable by the charity to the fund during the year amounted to £77,000 {2023.' £175.000). Contributions of £nil (2023: £nil) were payable to the fund at the balance sheet date. Page 36
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) -_*% (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Penslon commftments {continued) PrincTpal'actuartat assumptions at the Balan sheet date (expressed as"vrfeighted averages)." At 31 March At 31 March 2024 2023 Discount rate RPI price inflation CPI price inflation Rate of increase in pensions in payment (LP15} 4.70 3.50 2.90 3.40 At 31 March At 31 Mah 2024 2023 Years Years Mortality rates (in years) - for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 65 now - at 65 for a female aged 45 now 21.4 22.6 23.9 25.3 22.0 23.3 24.4 25.8 The Charitable Company's share of the assets in the scheme was: At 31 March At 31 March 2024 2023 Equities Bonds 301.000 1,116,000 1,233, 000 813,000 102, 000 314.000 534,000 Property Cash and other liquid assets Altematives LDI 97,000 1,155,000 350,000 Total falr value of assets 3,019,000 2, 996,000 The actual retum on scheme assets was £151.000 (2023 - £-185.000). Page 37
CLWYD-POWYS ARCHAEOLOGICAL TRUST ITHE).;. (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Pension commltments (continued) The amounts recognised in the Statement of financial activities are as follows: 2024 2023 Net Interest (income)Icost Administrative expenses {13,000) 102,000 14,OOQ 4,000 Total amount recognised in the Statement of financial acttvitles 89,000 18,000 Movements in the present value of the defined benefit obligation were as follows: 2024 Opening defined benefit obligation Benefits paid Actuarial (loss)Igain Interest cost 2,721,000 (103,000) (30,000> 125,000 Closing defined benefit obligation 2,713,000 Movements in the fair value of the Charitable Company's share of scheme assets were as follows: 2024 Opening fair value of scheme assets Interest income Actuarial {loss}Igain Contributions by employer Benefits paid Non investment expenses 2,996,000 138,000 13,000 77,000 (103,000) (102,000) Closing fair value of scheme assets 3,019,000 The Charity has the above surplus of £306,000 (2023: surplus of £275,000) in respect of its defined benefit pension scheme. Page 38
CLWYD-POWYS ARCHAEOLOGICAL TRUST (THE) I:°"- (A company limFted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Related party transactions During the year, CPAT paid £629 for membership of The Federation of Archaeological Managers and Employers, of which Tim Malim is a director. The amount outstanding at year end was £Nil . During the year, CPAT received income for a programme of £2,810 (2023: £5,000) from The Council for British Archaeology. a charity of which Gary Duckers, long term partner is a senior manager. The amount outstanding at year end was £Nil {2023: £Nil). Page 39