RECISTIIRED COMPANY NUMBCR.. OII¥D515 IEiJgl%Md and Wl£sl IiEICISTERED CHAIIITV NUMBER: 508849 Repoi't of the Tru$¢ees and Statemeiils for tbe YtAr Ethded 31 Mir¢h 2021 ro Gwylledd Ar¢li4eologll Ttst Ltd A tompaY Ilimtted by gu&t*ntte Benneii Brooks & Co t Chartei¢d Autants & Slutuloiy Auditors 19 Th'inity Sqe Llandudiio CONWY Ltjo 2RD
Gwynedd AielJeol•gl¢AI Trust Ltd A toinpDy Ilniltod by gu&i'AllteÈ Coihttkts of the FlnatL¢lal Slattmcnts for tlieyear cnded 31 M&a'eb 2021 Page Report of tlie Ti'u$tet$ Report of ltÈ lMd¢peDd1t Audltors StAtement tsf filnncl#l Adlvltles statement o(Ifinanelal Positith 10 sta¢cl¢tOr Cash Flows Notts to tho StRternent of Qsli Flows Nott& to t]J¢ Vin#n¢ial Statements 13 to 22
Cwyrt¢dd Ar¢li#eologleo1 T1.$t Ltd A eompany liihlted by llepovt of tlke Trustee8 for the year eiLded JI Mayeh 2021 Tlle (iusteeg who 4r¢ 8150 director8 of tlie eliAI'ity for Ili¢ puryoscs of the Companies Aci 2006, piuent their r¢poit willi Ihe financial stal7¢nI8 ot-thc cliarily foi. Ihe year ended 31 2021. The Iruste¢s liav¢ &dopled Ilte provisioJJs DfAecouTrtiiiLJ aNd RepoitLIJ8 by Cliari(i&q'. SIAlemerJl of Recomni¢nded Pl¢¢¢¢ ipi)licttbl¢ to ¢hai'iti¢s pirparins Ilieii. accoiints irL ttecoiIDiic¢ with Ilie Finan¢iol ReportinL StandNYi a)ll¢able lll the UKaNd Republic of Ir¢l&iid IFRS 1021 (effee4ive l Juttiiary 20L91. OBJECTIVES AND ACTIvrrJLs ObJedlve$ alm8 The aiins aiid reniil ol. tli¢ GYnedd Ardiiwklogit41 Tiiisl &r¢ to r¢eoil. iniewret and disseminate liislorical and fyirliaeolo8icII Fo&1i011 colicenIng the histoi'ic envjr0nrneI and built heritage of iioidi-west Wales. Tlie objecttve for Mqii¢h Ilie Tiiist w&s formed is to 'advanc¢ tlie ediicalion of the public in artli&eolo8y'. This is a¢liieved Ihrougli the work undertaken by the Tttist. tts olltlined iii Uie Activiti Report below. Publlc btllcftt The Tivste8$ liave coinplied willi Ilie duly in SlI0 4 of IIK Charities Acl 2011 to118ve diie r¢gard lo public giiidancc publislied by the c'ity Coinmissiott. Tlie Tivst wots closdy Jjaiional, lElOal and local bodies to help record, re8w¢li, inltwict aJJd ptotttt 811 a4)e¢18 Ot the histoiic environmeiit for the beiiefitofthe publi P8ge I
Cisyiicdd Ai'chaeologi£AI T1$t Ltd
A ¢oJiipiiy Ilmlted by guarAMtee
Repoi't of tlie Trnstees
roi, tlie year ett(led 31 Marth 2021
STRATEGIC REPORT
AelilEveMÈJIt And pei'foi'mAnee
TIL¢ followinLT is a SUmmY to deOrIst1.tehOW Ilie Iru8t d¢biev¢d 5ts aims aijd objcdives duritkki the fin&i¢i21 yeai..
The finl¢la[ ye9L' coiilujued lo be doniinaled by the restrictions Intiduced lo bttiit Ilie iinp&¢l of Covid-19. Staff continued lo wod(
fi'om hom¢ wlie¥e possible, clnd &ll faee-lo-fnce rne¢liiigs weiE eaii¢elled. This also inolud¢d th¢ cancellation of all cominiiniiy.bssed
r1eldwork. Oui. lieritaEe maiie8¢in¢nt s¢rvic£s. liowever, were able lo continue lo offei. advice Its public, to local aullioiiti¢s aiid lo
Welsh Qovwiillenl. Tliis incliidEd nii1 inieii£inee of Ilk Hisloiac Environtneml Reeord IHERI. Woik for Gom¢iierci41 ¢lietils coilÉined
us1llgpir¢5Slol siaff wlio followed Éliietcovid piYv¢iitativc mcasures.
Pl•i1Mlg seivlce
Ili¢ TJ'L18t advised die local pl8nniiiE auihorili¢s oil airlMeologieal iittplicaiions. Durijig the yVdÉ', 2.414 appltcolioiis ivere ¢h¢¢k¢d,
akd fiill detllils iver¢ r¢qu¢5t¢d for 696, Of thes4 10? were tonsideTed lo hav¢ iinpacl oil lh¢ liisloric ciiviyonimcnl. In gddition, JO
predeteimiiialion 85s¢ssinwits iveiE iijiiidied during die y¢&i', and 40 posl-deteimittatiotk LEcomittend&iLOng welt initiated, in¢ludiob'
surveyy building YeeoTdiiis. walohing bi'ief and pliotograpliie recols. During tlie yew 26 proj¢cl dlgllS weY¢ 1pprOved, oind
ai%bacologi(xl izparts pldUCed thr(811 tli¢ pl)ning process. th the yeai, th¢ plawiillg servic¢ advised ort 12 new schemes oiit8ide
the planlling process) requir(n8 aiylaeologi¢11 I work in all cas&s.
Hlstoi.It Eiiwlroiithollt Rceoixl
Tile Gwyjiedd Archal0[riCaJ 'l'wsl ttiRlnlaiiis the regional Ilislori¢ Ellvironmeni Re¢d {HERI.
Tliis is a dalabass of arOld
50,000 I'ecords I'vlciliiig lo Ilie arcliaeoloEical Inndseape ITh noi.i11-Ivesl Wnles. Ertquii'ie5 cali iK niad¢ by teleplion¢ or einail. ad when
covid resii'iciioiis &Ye lifted by visitin8 11)e HER otTicc aiid otsi. library and IEcariL4 directly. The reeord is available on-liiie foT publlo
a5$ iliroiTrgli 'Arcliiv&lio'. Us¢ uf Arcliwilio llad the HER 8re free of cliai'8e lo the ptsblie. An udditiollal 2,570 cole ir£ords ivere
added wiiliin the yeAr. and 158 event ieeord&. An additional 15,916 coi'c-cven¢ link4ng records created. 29,803 eore rec4)rds
were updated duixiw Ilie year. A nuivb¢r of oilier thsks undertaken, iAcltsdiiibT Iixprovitibv tho recording aii(l usdb>e functions.
Hei'ltage ManAEetnent
Jiifoi'inalion lid odvice Wds SW)plied lo a ivi
Gjvyiiedd Archaeologlcal Trust Ltd Repoj't oftlie I'ruslees foi. tlJ¢ yeki. elided 31 MaJ'cl1 2021 STRATEGIC REPORT FlJJxiieiAI rcviriy R¢5ei'ves i)ollcy Tlje Trust i11ntals a level ol ieseives thai eJiRblcs th¢ Cbtuity to m¢¢t its oiibrointsy coinniithjenls, lo fiuid aiiy shorl-lerni falls in income thrtd Its niAÉnlaitt &I1cl¢nI fund5 to cov¢i' future liabilities io use of redundaiicyt w&ile in Ilie longe¥ te1m payitsE down Ilie pension deficit. The accouiils foi. 202012021 sliow a nei surplus ot. fuiids foi. the yeaT of £1 1,102. Total fund5 caiiied rorwaid as al 31 Maiilj 2021 Alljtsilrtied lo 99,121. b9f0 allowing fut. Ili¢ p¢nsioii d¢fi¢iL Nel current assets ainounled £544.501. RIBk illAii#getneMt Tlie Tiustees of Ilie Gwynedd e0101 Tw$t have wnsidei'ed the inajor &isks lo ivhi¢li Gwyttedd Ai¢baeolobFIc TEw%l exposed. P¥o¢¢duirs118v¢ beell esthblislia in ordei. to IKiligal¢ Iliese Ki8k$ iii Ilie followiiig cakgoiies. - GoweYMnee ad M#iitsgement, includiThg Strat¢8yb Owiiisatioiis SIIuciLEIE af d Ststy . Opeiiional Rssk, Éii¢ludiiTrg the piovisioll ot'servic coJJipetilioii. lupply, IT security attd back-up pitcedtsies Fillanci1 risks, tacliidi11g budgeiary conirol, piucedures and repoi#itiE, reserves policy? cusll tlow, pell8i0n coininilmenls and depIdencY OJJ in¢ome sour¢¢5. Foi. all fynds, Ilie diiity's assets ore ovoilable and #dequal¢ to fiilfjl its Obli1101. Th¢ Tht tuifils its ¢liai'itsble futkctioJs Ilvough Ilie pi'ojeci work of its s&lari¢d Tn thi5 r¢sw¢t Ili¢ fi#anoial prioi'ili&8 are srIng sufficieiii gi'ant aided and coinmi8SiOlled woll( lo Meet those costs. Vutui'e fundliig The Tnsi has ]eceived a bpi'8111 offer of £305,983 fgr 2021_22. TIIis iTpresenls a sli8lJl increase on181 yea¢8 btsnt irÈcoine. Comnii£sions fruiii Loiisult&ils and developus 2ie ]liCipted al Ilie saine l¢vcl 8$ 2020.21. The Ttiist expects 10 mainiaiii a stsffsttb, level of 18 full litlle equivaleiil staff dui'ing 2021-22, wliicli incliidcs an Adminislratoi. and Finan¢c Offi¢ei'. Oilicr Icinporary staff will b¢ tgk¢ll ott lo m¢et any inor¢ascd comiiJcr¢ial wojk. STRUCTURE, GOVERNANCE AND MANAGIMENT Govenjillg documeiil Givyoedd Airli&eolok?K41 Trusl Liniited is a cliarilable T¥iisl 01 a £ompny liniited by giMtHnte¢ not liavinLp a sh8r¢ capital. It is govtrncd by Mttmoi?nduiM and Articles of AssoGlation dated 13 Kfgy 1974, lli)dAted lll Ilie ACIM in Aiigii4 21114. The objeeliv¢ oftlie Ti'lt is to advallte Ilie edtt¢ation of tlie public iii 8¢litseology. Tliis is und•tsken by illeans of th¢ provisioii of a Hisioi'i¢al 7VilDn[¢ iuideilaknnu aichaeuloLyscal exravalioii and surYey> eiicouiiiLJlllLT conuliiinity involvenieMI and the diÉseihinaiion of Ihe resiilis of si11 ivoi-k IhrouLFli Itpoifts, piiblEcntioiis, lecliires, field ¢xcursions nd 8iiiiilw means. Tliere htsve b¢¢n no mal¢rlal th&118es in policy silic¢ Ilie laslTiuslees' Icp4Th1. Tlje Board of Tn]stee8 ts iyspottsiblc for over8eeits8 die ivork of tlit Tiwst rtiaiiilojs Rctiviiies thiDugh a inaiia8ein¢nt ¢oinnJitlee and a fina£ siibkncoiiiinillK d?Il hA$ pai'li¢iilar r¢sponsibilily for owuseeitig th¢ finaii¢ial iiian4ig¢inertl of Uie Trust. llie iiunibei- or fi511-liiiie etTriploye&E dlli'iii8 *he yeai. elided 31 Matrli 2021 Iv&8 13 and there wei? 6 pari time employees. Tlie Chiefr Avcli8eoloEist is iysponsible foi. Ihe ovei'&ll day to day iiianagTeilleiii ofilie TTLL%I. The Truslees MRY Iroiii tILne to lime gnd at any lime appoint g Ttee, eiiliei. lo f£ll 8 casual vacaiwy or by way of addÈiioJJ to Ilie Board of Tw8tLCSy l)IDvided Ilial Ihc i)ra8¢ribcd inaxiinuin be not tli¢rcby ex¢¢td¢d. Any maiibei. so appointed shall ir&in liisth¢r offiee llY Ul)t tlie llcxi AwLual Genei'ol M¢tlLlib, bul lid51ie shRII ihen be ¢liLIible for Lt-eleclion. No rkrson slwll, uiile$$ re¢ots)m¢iided by di¢ TNist¢es for electi(, be eligible foj. eleclioji as a TSItt at any Ge11[ Meetin8, iinle&s %villiin Ilie pres¢iibed lim¢ befor¢ the d&y apptsinled for the n)eeiing Ihere SI11 liave been given 10 the Seeirtwy noli¢e in wrilittgj by some tMMbei' duly qualified to be piE8¢nt And vote &1 the meeiiiig forwliicli sueh noiiee is given, ofhisth¢r inteiition lo propose siich peTSOli for ele¢i&on, aiid also ITrotice iii wi'itiiigy signed by th¢ lo b¢ piwostd, ofiiislhcr willineSS to b¢ ejected. 1¢ PTCStiibcd liinc above ind?lioned 6hRII b¢ suGlI Ilwt, b¢hv¢¢ii die dAt¢ wh¢ii th¢ llotic¢ is s¢tvieed oi'd¢enKd to be served, the day appoillled foi. the liet18 th'e %hall be i)0 IS Ilian four LiQf iiiore (han i¥veniy-eiglii inietveMiTrg ddys. Tlie T]$1$ are einpoiveird io iiiVC81 Ilie itionics of thc Trus1 nDI iiniiiedialcly iEquired far tts piiiposts in or such iAve5tmcnt secu¥ilies or prq)trly as iiiay bt deiei'inined from tiiiie to (ime skibjeci to the eohditiok) tliat such invesinienis are ¢aloTlated to tui'ilier th¢ obj¢cL% ofilK T[lt ddind in thc gov¢iiiiAk) ji)siriim¢nL b¢iii&k Ili¢ MeMoradUnl and Arti¢k% ot AssoGiatioii of th¢ Gwynedd Ar¢lTraeologi¢ol T1. No TrLislee has an inleiu%t in the eonipany which is limited by guaranlee. Pagc 3
CiYynLNld Ai'tli8cologlcAI Tl'ust Ltd A eompaiiy linilttd by guArAte Repovt of Ilie Ti'u$te¢s loj. tlie yeai. ended 31 fvlarelL 2021 REfEttEI NCE AND ADMVIYISTRATIVC DETAIJ R41slei'td Comijany ikUTnbeY 01180515 (C¥18da1ld Wal¢sl liegistcrcd ClIRI'lty numhei. 508849 R¢gl$tered office Craig Beurno B8iigor LL57 2RT Tru51eos R S Kelly D¥ F A Ilichardson MTS L Francis ML3 F E Galc Dr G Robiiison Dr D M Rob¢J'ls D G Ell-WIllia17ls Mr8 F L Llewelly Mr John Ralclirr¢ {ppointed 09,09.20) Conipany Seei*taiy A F Dttvidson Audltors Bennell Brooks & Co Lid Charleiyd Aecoiiiitaiils & Sialiitoiy AudiloTS 19 T¥iniiy Square Lltiidudno CONWY LL30 2RD BxnE(ei¥ NalÈonal Wastininstei. Balik plc Mernoi 8iisin¢s8 CenliE MettAi lJiYdg¢ Anglesey LL59 5WY Pariy tknvi&8 Clwyd-Jon 123 Higli Strccl Bartgor LL57 INT STATEMEI NT OF TRUSTEIEIS, RESVONSIBILMES The tsuste&g liv10 are also Ili¢ diiwAoi'5 of Gvryii¢dd Archaeological Tj'ust Ltd A company litnited by gugranlee for Ilie puipos¢s of eompany lawl ai'c r2sponsibl¢ foi. i)repai'ing Ilie Repoi'i olihe Tttstees and Ili¢ financial sialenients itt AcoK<Lince willi tppl£cttble18w and Uniied Kingdom A¢o)uiiiiiig Standards {Uttited Kiiigdolli fjeD¢rally Acc¢pl¢d Accoiioliiig Practice) including Finaii¢ial Reporliiib? Slandai'd 102"Tlic Firtancial Repot11bI SÉatthard aiiplicllbla ill le UK and Republ$¢ of ITelartd PtEe 4
GivyM¢dd Ai'cliaeoloEleal Trvst Ltd A conipamy Ilnilted by guar4iilee Repot# ofiliE Trustees for tlio yti' o]ided 31 Moi'¢li 2021 STATfi MENT oir TRUSTEESI RFSPONSIBILITIES- eowtlitued Conip2ny law requij'es 117e Irusle&% to pr¢p&i< fillan¢ial stateniellls toi. each fjllacial year whtth give a Irue attd fail. view of the slatv of affairs of the chayitoble ¢OinpaY aiid of Éhe iiicoming resoui'eex aiid 4ppli¢ation of resourc¢8, intludin8 Ilic incom¢ txwidilur4 of tile G1.It8ble conipatty for th41 period. lil prepAÈ7Ag t1$¢ finaiiciaj statcmcnts, the trnslees 8ve requlrtd lo s¢l¢ci suitable a¢wualinB policies 8iid Ilieii 4iply tliem ¢onsislently' obseENe Ilie 111eihods prittoip1¢5 im Ilie Cbarity SORP., mÉke JdenieNtS and ¢stimaltt dial arc Irasonable and ptudeiit., stth¢ whelhcr applicab16 atsuunliiig tlardS liav¢ b¢¢n followed, subject 10 8tty IDal¢Ti41 d¢partiire5 disclosed and p1aed in the filla#ti&l SitstemeIS', prep the financial ststenjents ort the BoinE cotLceiii bagis un1¢58 il 1$ inappr(4ll'iate tts p¥eSU[ th¢ ctlaritable eompany will The Irusl¢65 air Jrsyonsibl¢ for keeping ptDper aceoiinting reeovds whicli di8close ivilli rcdsonable gc¢uracy &1 any lime Ilie financial PDSltion of the eharilable camparty &iid its eikable them lo lsUic that the fittanciul slalemenls tomply ivllli tiio Cotnpatties Aei 2006. Tliey are also respoiisiblc f¢K sdfegiiarding di¢ ass¢ls of Ilie clirtlable compLny li¢nc¢ foi. taking reasonablc sl4)5 for th¢ prevelltion tLrJd delwlioll of fraud alld ot11 irregulai'&lie$. In so fav as the tW81ce5 OT¢ aiv8Te'. Iliei'e 15 no r¢l¢vaiit audit iiif0tIOn of ivliith the cli81'il&ble companys audiloi's are ullawl. and Ihe l¥ustee8 liave (Èkeii all sps tkni they ouglit lo howe taken to i1k¢ thegIV¢S of 4ny retevanl udtl illfoiLthtioA #nd lo establish thatthe oditoi% arc alvar¢ of that infornialiott. RepDrt of die Irustecs, iiicoryK)¥aling fj str8tegie tq)ort. #pproved by Oler of the i>)Ai'd of llustees. us Ilie coimpatty directors, oll 8 Decettther 2021 alld siBiied on the i)oard's belmjf by.. D G Blis-WilliAins Tr81 Pttge 5
Report of tht lildopte1Jt Audltors to the Meillbei% of
Givylledd Ar£lID(bloglC9t Trust Ltd
A company Ilmlled by SUAlXttt¢r
Opln£oJi
W¢ have audited the finaiicial sittieiiients of thvyn¢dd Ar¢liaeolo8i¢al Trust Ltd A conipany liniited by guarantee Ith¢ '¢liaiilable
conipany'l for Ilie Y1. ended 31 Mh 2021 which coniprise the Sialen)ent or rin#ncÈttl Aelivities, the Slalenienl of Fi114n¢iul
Posilion, Ilie Statement of Casli Flows and notes lo Ilie fin&nei81 ststsiiienl$, including a suinmaiy ofsignifi¢ant attouniiiig p)liciu.
T1ie fiiian¢ial ryorling ftanJe¥votk Ihal has b¢¢JJ applied in ili¢ir plpayll0n is applicable Jkw UrÈiled Kingdom Aceounlins
Stidards (Unitred Kittgdoin O¢n¢rglly Acc¢i)ted Accoiinling Praciite), ineliiding Finaneiol R¢porliiig Stoiidard 102 Tl)e Financiul
Repoiling Standd Asylicable iii the UK and Republic of I¥elalld'.
In oui'opinion Ilic fittan¢ial stateinents=
give a triie tsnd fAir vieiv of Ilie 5tllt¢ of the thariiable company¥ llff#its as at 31 2021 aiKE of 118 incon)ing Yesoue$ 2nd
£pplicJtion of resources, including ils ii)com¢ and expendiluie. for le yeAI' tliett ended.,
have beeii properly prepared in accarddnce i¥ith Uiiited KinKdoiii Geneially Accept¢d A¢¢ourtlin¥ Praclicc, illclLKtin¥ Financial
Reportijig Siandhd 102'llK Financial Rcporting Slandaid apvlicble iii the UK aiid Republic of Ireland" aijd
bav¢ b¢en pr¢pated itt accordance with theiwuirertients of the Conipanies Act 2006.
Basls foi. opknlo
We wndiicled our audtt in accordace wilh I1tIolA1 Str4ndards on Auditing IUKI IISAS IUKI} and applicabl¢ law. Oui.
iEspoiisibilsties undel. tlxose 8t8ndardg tyjt futher de5ciilJed ill the Auditois, au>$ib]lilltts foi" the audit of Ilje fimanciaj slalements
3e¢tioii ofoui. report. We ind¢p¢Nd¢nt ofih¢ chai'ilabl¢ coniwany sn aecordanee willi Ihe eiliical iHuir¢iii¢nis Ilial 8rc relcvani to
0r au(bi of th¢ fiwdnG&21 s¢al¢nienls iij the UIi iLcludinL tli¢ FRC'S Ethical Slaiidaid. and we havv fiilfiile41 our other eiliic
responstbililieg in 8ee0rdall wilh th¢s¢ requir¢inents. W¢ believe Ihal Ilie adit evidehte we hav¢ obMined is suffL¢i¢ttI artd
appropritite lo yiDvide 8 basis foi'ouy opinion.
Coiiclysloii$ rel•tlllg to oolkn£ eoiieern
In aii(bling the financi
Report of the Iiidop¢ndoTJt Avdltor5 to the Meinl>ers of CiiyneJ]d Arcli4oaloglcal Ti'us¢ Lt A ¢oinpany jlmlted by gusriJitt¢ Responslbllllles of trustees As explatiied more fiilly tIK Sthieiiieiil of Thsiecs, Respoiisibililies, the irllsiees Iwlio lE Jlso Ilw directors of the cliai'ilabl coinpany foi. I13eputp)ses of coinpany laivl ai% responsible for die prep8tlTon of the fiiiancial 8tateiiienls and for beiiig saiisfied IlJ&t iey &bive a ttue airf fair view, atjd foi. su¢li inl¢n)al conl11 as the Éruslees deietmine Is JeSSIrY to en2ble ¢he preparatioll of fiDaii¢ial statenienl8 Ilial ar¢ fr¢¢ froin mal¢rial misslatemettl. wheihey due 10 frnud otenDr. In pi'eparing Ilie financial stalenienis. the Ittist are Irsp0115ibl¢ for a58¢ssing Ihc eliarilable COMnY,8 sbiltly to eontinue os a going coii¢ci'n. disclosing, applicable, niallers relRled tr) goin8 ¢ottcwM aid sIllE tlie goitsg eot)ceiii basis of accouiiting unless tli¢ ltti&tees eiilier illlend lo liquidate Ilie cliarslable ¢oiiipatty oi. io cease opeimliolls, or liav¢ iio realislic alleinalive bul to do 80. Our responslbllllles for tlie glldlt of dio rttharttlil stxtemtnts objectives ai'¢ to obtain Tcasoiiablc a$suiMnce about wlieiher the fiii8nGi&l statements a8 a whole are free frojtt IMtttet701 DiiSStat¢iii¢ni. u4i¢llier du¢ lo fraud or eiror, and Éo tssue a Rep(Ma of the Independelll Auditors Éh&t ti]Glud¢s our opiuion. Rwonoble llssiir&e is a hish level of SUe¢. bul is noi a guaranie¢ that ttudit condiicled Tn accordarnce with ISA$ IUKI will always dei¢ct a nMl¢ital misstat¢iii¢iil wlieD It exists. SSIatenIL1its aiise froni fritsd or aTOI' aryj we considered lljateiial if, ind1vilIally or ill tho aggiEgal< Iliey eottld raOnablY be expetled lo infliicNe Ilie CeOnI1¢ decisions of iisers taken (lie basis of Ui¢£e fjnattcial slalemen tr[eu18rltIe illcludintsi f¥ad, are fijslatttes of wtt.¢ottipliaii¢¢ wÉih lfiws alld Lrgulatiol. We desiBkii proced in line with ou IEsponsibilities, outlined above, to d¢lecl ni4t¢i'ial mTSStalenients in iE8pe¢t of inigularilies, iheluding fraud. Tli¢ ¢xleiit to whicli otsi. proccduEEs air capable of deterting iii'e8ulaillii¢s. iiicluding fi?ud 18 detailed b¢low.' Bascd oil olli. uiid¢rslandittg of the compaiiy and iiiduslryj we identified Iliat Ilie principal sisks of non-cttmpliirtee with law8 aiid regulations tElaied lo UK tjx leLri51atIo regiilatioiis wliieh grovero the PTepAration of fiNiic(al stal¢in¢nls, and wc coiisidei'ed Ilie extertt to irfiioh non-coinpliance niiglit livc a iiw¢¢ritl etyttl on the financial statenllts. We also coiisidered lOse lÉws 2nd r¢gul&lions Iliat hav¢ a di¥¢LI impacl oft Ili¢ fJnJNcial stateillcnts sucli ss th¢ CollipaleS Act 2006. We evalu#ted manauT¢m¢iiÉ'6 I¢¢17Vls and oppoiitsnities for frthudulent lilanilation of the fJnan¢ial stalernents (including tlic Tisk of override of coiitml%}, lli dd¢iDiiii¢d that Ib¢ PLitt¢ipal J'isks weie i%lited Iv posli1 inappropriale jouiiiBI ellli'1¢5 to inciease iEveniie. tliroub.b inattsBketlleiil bias ill iiianipullliion of Ac¢ou•liiig e811inal or tcouniin2 for SIlfICant Ii?nsactions outsid¢ Ihc nottnal ¢oiitse of busi11&ss. Audll pyocedures perf0nll llJclud&l.. Ewuiryof trustees Bil11d aclllal and p(ettli&l liti8fi1ioii and c.la¢nis insia#ees of ntsn-coinpliwic¢ willi laws aiid regulatioiis, AiiditinK Ibe i'isk ofmaNa&keJnent override of ¢ortiroLs, Ilirou81) t¢51iiig jouwal ellli'i¢s aad oihei. adjuslmettis fot appropvtaleness, te8118 a¢¢ounifrtg c81inias IbctAli8¢ af the risk o* m3nagellient bias), evaluating Ilie bugilltgs I'&tioiiNle of 81811if1cil li?n&aclions uutside the nuinl course of business., Revieiviiig fiManeig1 StleMe111 dis¢losuK8 and ogi'eeirtg to pportIng thum¢nlalion lo Bsw5 coniplianc¢ ivsih fipplicable lows And i¥brulaiio#s', and Review of bosil Fneeting minutes wliei't llvailable. TlieAr &r¢ iiili¢i'eM¢ limitations in tli¢ akidil procediires dLw1'i above. We are less likely to be¢oine awore of iii$toa£&4 of noii-¢omplian¢e wsdi iaivg and regulaiiotts Ihtl tti¢ Aot clo$ely r¢laled to £1118 aad rransaclion8 r¢Ileoted in Ilie finanGiBI slalejili1&. Also, tlie risk of llotdele¢ting a nialcTial rnissU4t¢in¢nl due lo fraud 18 liigliey than Ilie iisk ofiioi deteciillg one resuliing f¥ooi crror, as fraud may itsvolvc deliber3i¢ co1¢81¢1)¢ by, for ¢xainpl¢, fOrgY or iiiienlional illisrepreselllitions, or Ihixwgh collusion, A fu¥ihtt descripliort of olli. retspoiisiblllties for t1 8udit of lh¢ fine11 staleMen18 is loted ort Ilie Fs11le7&[ R4rtItt8 Coun¢il¥ website at wwiv.fir.oig.iikl&udil01sresponsitsilities. This dewiplion fotxis paÈt of oui'Repoit of die Ind¢p¢nd¢nt Auditors. Page 7
Report vf tlie lijdepeiident AvdltOVB to the Members of GFYyiie41(l AreliAeologleAI Ti'u8t Ltd A eotllPAJiy Ilrtiited by gUAratte ljst of out. repoi't Tliis repojl 18 1)iad¢ solely lo tlie eliariLible Company's menibers, Js i bodyj in ieeoi'dthiite witlTr ChJpl¢r 3 ofpart 16 of the Conipanie5 Act 2006. Oui. atidit work hgs been uNdeiiakett so tliat we Inight stale to th¢ ¢liaiilabl¢ compaiiy's lliejnbcrs those InaituE we are rquir¢d lo stale lo IIKiii in all audilors, reporl and foi. no other pittyose. To tlie fullest exieiil peitiiilted by law, Ive do llot ac¢¢pt oi a5suine r¢spoiisibility lo anyone olher Ihaii Ilie charil&ble eonipfjny Énd the ehnriknble ¢oinpaiiy'8 In¢inb¢rs as & bodyi foi. oily oiidil woj'k, foi'tbis iEPOrt, or fot the opittioits w¢liav¢ foiu¢d. la$011 Leach FCA {SeiiiorSt4tutory Audiloi) foi'attd behalf of Elenncll B10k5 & Co Ltd ChHrleitd Aceollntkrtts & Sialutoiy Auditors Llandudno coNwY LL30 2RD Dalc.. Page 8
Civynedd A Ytheol(trgleal Trust Ltd A compaiiy Ilmlted by gU1.ntee State£1 ol filiian¢lal Ativilies {Incorpoialln8 tt liieojne Expéndituj'e Ateount) foj. tlieyeay etjded 31 Maicli 2021 31.3.20 Totsl funds Uiir¢stLicl¢d fund Reslriclcd Toiil nds Not¢s INCOMC AND ENDOWMIiNTS miom Donations and le81¢8 10,000 10,(x) 950 Cliarllable attlvltles 343,828 379,06J 722,891 733,226 Investm¢nl incom¢ Othei. inconie 659 659 1,334 1,920 385,206 379,Q63 764.269 737,430 EXPEI NDITURZ ON Cliarltsble xctlvlllts 329,901 423.266 753,167 797,536 NET INCOMEI{EXPENDI fuk) 55,305 {44,203) 160,1061 Otlier reco8tEl$¢d galDslaosses) Defjned bettefii scllcll Iransilioll adjiislm¢iit ActhAiial gaiiis on defied b¢ii¢til schenies (753.8461 210.0 1753,8461 210000 Net iiioveinent IM flld$ 1488,541) 144.203} {532,744) {60,106) REI CONCJLIATJON OF FUNDS Total fllmds broknglit f•iv8ixl 554,918 44,203 599,121 659,227 I0'1'AL fi UNDS CARRIED IfoRWARD 66.377 6A377 599.121 The nolcs Foiyn part of Ihcse financial sl&teiiieiits P#ge 9
Givynedd Ai'cliaeolo¥ltHI TI'w5t Lld A conipgny Ilniltod by gulli5te0 St&teintiit of Fliianclal Positloil 31 MAYeh 2021 31.3.20 Toknl runds Unresliicted fulld R¢stri¢ted fund Toi&l fuNd$ Nol¢s rklXED ASSETS TRgible assets 12 306.876 306,876 311790 CURRENT ASSETS Debtors Cash 81 bank aRd in hand 188,910 399610 18&910 399610 137,444 411209 58&520 588,520 548,653 CREDITORS Aiiiourtis allinLr du¢ ividiiii on¢year 14 144,0191 (44,019) 136,1681 NEI. cuRRr ASSETS 544.501 544501 512,485 'roTAL ASSKTS LESS CURREpif LIABILITIES 851J77 851,377 825.275 PROVISIONS foR LIABILITIES {226.1541 pcr4SION (LIABILITYYASSET (785,000) {785.0001 NET ASSETS 66.377 UNDS Uiiieslti¢led fuiid5 ft¢51r¢rted fuThJs &1),377 554,918 44,203 TOTAL FUNDS 599 121 nie financial staleinen iyere approved by Uie BO of Ttvte¢S autlwi'i%d for issiie on 8 December 2021 and w¢r¢ signed on its belialf by.. Icl. D G Elis-williaijts Trtte The iioles foiii? paft of these fiNILcihl slatcmenls age 10
Gwyknedd AlAlOgICal Ti'u5tLtd A coillpally limited by gu4Yantec Statemeiit ofC#slJ for tho year èndod 31 Mxi'¢li 202A 31.J.21 31.3.20 Notes c11 flbws fron) operat18 Aetlvltlts C35h &keiieratcd fioni opall0S Jnter¢sl 11 {6.1221 19,4641 8821 Net cash used in opetalitw a¢lÉviti¢s Casb floiY$ rjM inveJ¢lng adlvltles Pui'cFw¢ of tas]gible fixed assets Sale of tangible fixed I¢15 Interest ret¢iv¢d 15.6591 219 659 113,7981 Netcaslj used in investin a¢tivili¢s 12 4641 Chage In CAsh And ea&lJ eqylvalnt8 fn tlie repordn¥ pti'Eod CAsh and Cash equlvalents At the beglnmliig of tht repDrtliLg perlod 1115991 (22,8101 411209 434019 C8$11 and ca511 equlvalents At the ekd ofthé repoi'llng period 399610 Tb¢ &N)t¢s foiin part of UJes¢ fLllancial staleniffljts J)2ke 11
Giyynedd A YthAeoloElexl Tr$t Ltd A eoniA)any Ilmitod by guai'amlee Notes to the StAteiMent of CAsh Flows foi. tlie yeAr 31 MAirh 2021 RECONCILIATJON OF NCI T INCOMEIIEXPENDITURE) TO NET CASH FLOW ITROM OVERATING ACTIVITIES 31.3.21 31.3.20 Net IncoMellexpendltur¢) for tho roportlng pcrlod {as pc4' tbe Sl4loinont of FIthAlltIAI Attivid¢s) AdJustiiieiiLs fthi.: Depi'%iatiott diarges Ili'ofil oil dig)osal of fixed &ets Interest Irceived Jnteresl paid {Inciea$eYdeEe %ii debtors lttcreusel{decr¢eI iii ci'edilors Diff¢Kllcc betweeti ptttsion Charge 8ttd ¢sh coiitributioJs 160,1061 11,426 (73) 16591 696 151,4661 7,852 12.045 11,3341 882 66,458 127,409} Ntt tsli u$ed In operAltons 6.1221 ANALYSIS OF CHANGES IN FUNDS At 1.4.20 Cash flow Al 31.3.21 Net ¢aslL Casli at bathk and in112nd 411209 15991 411.209 11.599 399610 Total 399610 The llo¢es foiiii of these fiijxncial sta1)ell¢S Pag¢ L2
Civyedd Arcli&toloEitil Ti'v$t Ltd A coDip4Dy Iliiiitod by gu81atee Noles to Ilie FliihiiclRI StAtenieM18 fov th¢ ytAi' ¢md¢d 31 M81'¢11 2021 GKNERAL JNITORMATION Tlie Tiust 1% a private coiw?aThy liiiiited by guarnntee atsd a ch8i7ly r¢gi5tercd ill EngbtTrd Wales. ACCOUNTING POLICIES Basls ofpreparliig the flilaiiclal 5taleii)eMt¥ The financial gialemen18 of the cliai¥thbl¢ companyj whioli is a publtc benefit ontily linder FRS 102, h14 ve been prepared in oeeordttnce with tlie Chttiiiies SORP IFRS 1021 'A¢¢ouniiTig Reporiiiig by Cliaiities.. Statement of Recotniiiended PJwGlice applic&ble lo charities tXEwring Ilieii. UnIS in accordaTrct with Ilie Fin8n¢ial Reportin¥ Standaiyi aH>licable i the UK fyiid Republic of Irelatid IFRS IQ2) (effective l Jaiiuary 20191,. Financial Repottimg Siaiidard 10?. 'Tlie Fin£n¢ial ReporlIDU Staiidard appli¢abl¢ th¢ UK ad Repubbc of Irelalld, and tii¢ cotllPa¢s knt 2006. Tli¢ filiarjaI slalem¢nts have been prepared und. the hisloricsl castconvention. Tli¢ dÉrectoJsltmslEes liav¢ rEvieived the ¢h resources of Ilic Ttust foi. for¢seeablc futLlY¢, alld coiisidering any poleRlial dveise impact to tl)e charitable coillpany% incotttt as A result tsf the COVID pandelliie, tonsidei. thai the Èeeounts bein piwaird oil a Qoing Conccin basis is appLvpr(ale, li)eomlNg i'e80urces All ijicomt is reeL)gtJised iii Uje Slat¢m¢nl ofFi113Licial Activities 0ce Cliarily bas uilillcjncni lo Iht fijttds. Èt is piY)bable thai the incole will be iteeived attd ilte Anunteall be In&Uld Yeliably. Ineonie froin cliaritable a¢li¥tieS include5 graat funduig and irncoiiie uttdercontracL ii¢$ouices expended All exi)enditure is llccout)t¢d for on an aC¢lUlLl$ ba%1$ ha5 bgen ¢1oS5ifi¢d u[el. headiTrg5 that uggT¢gat¢ costs Irl&t¢d to J¢ eale¥JOry. Whtre costs caJtstrl be diiictly atti'ibuied to particu1arheadinbS. theyliave beett alLo¢ated ie activities ott a bA8iS consistent with the use of Yesources. Charitable aclivilies in¢lud¢ ¢xpenditui"e associated with alIOi081Cal projec15 arkd iEiolude tho dir¢cl ¢osls and Buppoit Costs Irlatiiig lo thos¢ aclivilies. fjtsvernaiice co8ts 8retoslS associated witli the genetal njttiiimg of the chxriiy. AIIocAtlon aprtIon}ent costs All costs ar¢ allocal¢d b¢tw¢cn Ilic expciidittiie cLiegth%c5 of tlic Sla¢¢iii¢iil of Finaiicial Aclivilics on a bllsis d¢%i8ned reflect Uie use af die resou¢. Costs tYlatin8 to a pailicular 3clivity are allocated dtiEctlyTr Oth¢i' 8Y¢ 911oc&led Hn appropriate b&8is. Taiiglble nxod a55el$ Twigible fixed 4sgets &re stRted ai ciisi lÈss Ac¢umulAied depreciatÈon. Cost irtcludes the origillal wrelillse price of the Jssei attd tli¢ costs atttibutablc lo bringing the asset ¢0 Its woiiuD8 toiidition tor tts irtiended us¢. The ¢051 Ot'mill'8dditio1Is or diose costinA below £1,000 ave ttot¢dpiialiged. Depwiation 18 provided on all laDg¢ble fix¢d assets, at rates ¢alculgt¢d to writ¢ off ilie cost, I¢s5 timled r£sidual valiie, of each asset on a sysl¢Dialic basis over its expected useful life a3 follows.. Fr¢¢hold propei'ty Moloi'veh¢¢les EqUiplit SO ye&iE S ycats 3-5years On tra118tilioii to FRS102 the pitvioiisly revalued freehold propew beeaikne the deemed cost. T4xatEoJi Tlie clillvily is exeittpt ftoin Corporation tax on iis chfiiitable aciÈviiies. riulld accouiitthg Unr¢8ti'ict¢d funds be used irt 4eeord2nee with tlie thArit2ble objectives at the digereiion of the tnisi¢ex. kestficled rtdS ean only bc iiged forporticiilar r¢slri¢led pillpo williin the objccts of the cha¥iiy. Restriciions ari8e when splfied by Ihtdonor or wliert fiinds ale raised for pa*ticular re5ts'i¢od piirposes. FurtheA'¢4)lthnation of ibe ll&tUiE olld pwpose ef e8¢bfitttd is illeluded itt HLe JJot&g lo the f¢11[ ÉMien)eJits. P¢ 13 conliiiued...
Givyrt¢dd Aixliaeologlcal Trust Ltd A comp&ny Itiiilled by guai'Alltee Notes lo the Finartclal Sthtomeiils- contlnued for thÈyÈar thdtd JI M8J'clJ 2021 AccotINTJNG VOLICIES-fOlltlnued Hlre purfliase and leaslng toinniltments Rentals paid undei. 01)eiMting leases aiE ¢barged to the Ski¢iTl¢tiL of Filn¢la1 Activities on a stixibrht ille basis over the P¢ii$l•n $t5 and other post-relrement b¢n¢fits Tlie list opcralcs a dcfixed benefit ptnsion $clieine wliiGh requires coiitributioiis to be tmade to a 8epaYalely admini8te¥ed rurtd. Tlie cos( of providEng benefits under tiie defined benefit pl8ll is det¢rmined ugints Ilie projected ullit melbod, Ivlii¢b atliibul6s eiilitIeniertl to beiiefits 10 the current p¢rigd (lo d¢ierininc ¢ui'rent suvitt Cosll and lo Ilie cui'r¢nl and piior periods Ilo d¢t¢rmiiK th¢ 8¢ll1 value of d¢fitted b¢n¢fJi oblibialionsl and ts based oji it9Till advice. Past service costs are iwognised ir sialement orrinancial a¢tivilies s(rnigJii-line basij over the v¢sling p¢i'iod or itnmedialcly irihe benefils have vested. Whett a geltlemettt oi # eurtaikn)eot occuis the chJllgc ifi UJ¢ preilt value of Ilit s¢heme liabilities And Ilie kiy value of Il i>lno ass¢15 r¢ne¢tb' Ili¢ gain oi. loss wliicli is ircognised in die staieinent of finaiiciil atlivities. Loss¢s >n¢a511rcd at Ihe dale Ibal the eniployei. beeoiiies demotsslrably coJ2Jmiiied 10 th¢ traniH¢lion alld ¥aiiis wliell all parties wliose ¢seI is requircd 41.¢ irr¢vocably cominitled to th¢ Iransactioa. Tlie iiileiESt elellieni of the defined beiiefil ¢osi ttpKesenis Ilie th8ngr sii present valu¢ of sclieixe 11gtIonS rel?11E flM tlic page ot t11C and 13 deierniincd by llpplyin8 Ilie discouiil Ixte Iti the opciiinB present value of tbe benefit obligatioii, kiiig into a¢¢oiint IMteiiJl eharnges in the obliKalion dLiriThg Ihe year. Tlie eXpted Klurn on plan assets 15 bas1 on an assoqsincnt made &t th¢ bcgintting ot'lli¢ y¢a¥of long-ttrih ilial'k reliiYkRS on scheme a&sets, adjusted foi'ilie effect on the fair vslue of plan assets ofcunlributions received ftnd beiiefjls paid duriaLJ tlie yeai.. Tli¢ diffeiynce Ltween the expected ]elum n pl&n llsseAs #lld tlie i#t#esi togt ig reeogrtised in the slutement offinfyncial adiviti¢s as otlKr fitthll¢e inthTr]e or expens¢. Acttwial gal wid Ioss&8 air re¢ob>ntsed in full ID the slalement of fil¢L &etivilie5 in the tviod in which they occur. Tlie defilled benefjt pensioii tss¢t or liability itt th¢ stBl¢m¢nt of fjllallcial position Comprises Ilie loial each pl of the presciil valu¢ of the d¢fin¢d b¢n¢fil obl(galion {iising a discoiitil illte b*8ed on higli qknaliiy toiporaie LM)rtcls 11181 h&v¢ becn Yaled at AA oi. eqTrFivglent %tats%l, 1&88 9Y P>.%eryice Eosi not yei IEeoElll8ed and less Ilie faii'_v#lue of plaii 855¢ts out of vliicli the obligations are to be Sellled diretily. Fair valuc 1$ bd inarkel pric¢ infoi'inalion and in th¢ case of oiioied se¢urilÉo% is thc publislied wice. Tlie value of ll nel peiisioii lienefit asget is litniled 10 the aM)ount Ilitsl may be retovered eiiliei. IhruuLTli Irduced conti1101 or &8reed retiEnd8 tiY>ni Ilie $dieine. DONATIONS AND LCI GACIL8 31.3.21 31.3.20 DonalÉons Legecies 950 10,000 950 INVEI STMENT INCOME 31.3.20 Depo811 accouni Inoresi 659 Psse 14 ¢oniiiiued...
Giyynrdd Areliaeologltrtl Ti'us* Ltd A coiiipgny Ilnilled by gw#Yiiittc Note¥ to tlie F4nlliEcIAI Statenieiits- £ontiiiued fol. Ilit yeÈr Ènd¢d 31 Mar7 2021 INCOME ITROM CHARrfAJJL£ ACTIVITIF 31.3.20 Aclivity GY2nts from Cadw 32Q364 310,7 Othergr8ntrs 67,059 72,089 Privatè aiyhaeologieal projec 334,214 J48,470 Silbscriptionfrie income 733 226 CHARITABLE ACTIVITY COSTS Direet Costs costs15ee note 71 Tolttls 608,615 144,552 753 167 SUPPORT COSTS Governan Maliagemeiil Oth Toialg 128599 NET INCOMEI(EXPJ£NI)ITUREI Net ineonie/lexpehditui?l is stoted altet ¢114181(¢1¢dItI1ig)'. 31.3.20 Auditots, rett)ull¢ralioii Deprecialton- owned assets Otlier operating lea8es Surplus ott dispos of fixed assets 5,475 11,427 3,190 731 7,885 12,044 743 PtEtt 15 tontinued...
GivyDcdJ A9¢0]081£al Trust Ltd A compjbiiy Ilml¢ed by guthrajitee Notes to tlJ¢ FlihAnciHI statemlI5- £(blltiiiued for tht yeir Èwlcil 31 Marrli 2021 TRUSTEESI REMUiYEFRATION AND BEP4EIqTS There weie trLl6t¢¢s' muneration or Otb bleits for the year ettded 31 Miith2021 foi. the year eAed 31 MRrcli 2020. Tru$tecs' p¢ScS There weit no ITiises' expen8es paid foi. the year ethded 31 March 2021 nor for Ulc year ellded 31 m1rCI1 2020. io. STAf4F COSTS 31.3.20 Wages attd salaries Soctal $e¢u¥ity costs Ollier pcnsioTI costs 472,141 34.709 15537 46A527 37,342 52 553 437 The av¢rag¢ moiiilily nntr ot employees duriLg tbe ye41.wfys as folloiv&'. 31.3.21 31.3.20 Cliittf Executive HevitAge illatiagenKnt Ar¢lia¢olo&b j¢al projects Adiniiiisliiltoll &1td SUprt 10 20 19 No BIMploycc$ W¢Tyd ¢wolum¢nl8 in excess of£60,000. COMPARAI'IVEIS FOR THE STATEME4 NT OF FINANCIAL ACTIVITIES Unre$lri¢l¢d fulld R¢slfi¢ted Total tbttds INCOMC AND ENI)OWM£NTS VROM DOIli0111 legacie 950 950 Chaiit&ble wetlvllles 350.900 382,320 733.226 Iiiveslinenl in¢ome Ollitt iiieoine 1,334 ,334 Totbl 355,104 382.320 737,430 EXPENDITURE ON ChAI'ltable a¢tlvllle5 450,445 347,091 797.536 NET INCOMEI{EXPENDITURK) 195.341) 35,235 160.1061 RECONCILIATION OF FUNDS Total lunds brought foFiY*iMi 650,259 8,968 659.227 Page 16 C{lli1Cd...
Gwynedd Avc]1oeoloElcal TYu8t Ltd A coniyHny Ilnilted by QUArAMÉte NDtes to tlic FIRxiielfil stlltemets- conti[1 for thc y¢Hr emiled 31 Mar¢h 2021 co{PARATIVEs IPOR THE STATEMCI NT OF f4lNANCIAL ACYIVITIES- tolltliiu¢d Reslricled fiind Total riinds fiEDd TOTAL FUIYDS CARRIED FORWARD 554918 599,121 12. TANGIBLE FIXED Assrrs Freelad property Molor vehi¢les Bquipmeni Tothls C(IST Al l Apiil 2020 Addilioii8 Di$posals 350,(K)O 12%,534 5,659 20,941 499.475 5,659 At 31 March 2021 350,000 133.974 504.915 DKPRECIATION At l Apiil 2020 Charge foi'yeai. Bliniiiialed disposal 50,603 2,000 116,475 8,093 731 19,607 1,334 180,685 11,427 7J Al 31 Marcli 2021 124495 N£T BOOII VALUE Ai 31 Kfivcli 2021 297 397 306 876 Ai 31 M#rch 2020 299,397 12,059 1,334 312,790 13. DEBTORS; AMOUNTS FALUNG DUE IVITHLN ONL Y£AR 31J.21 3IJ,20 Trad¢ debtors Olher debloL Pitpayiiients rtiid lecrlled Incorne 11(501 66,041 6,368 49,310 80,660 188910 137,444 14, CREI DITORS: AMOUIYTS FALLING DUE WITHIN ONE YCI AR 31.3.21 31,3.20 Tiade Ctslitots 11.794 20,313 9,415 17,033 VAT A¢¢iu916 gndd¢ferr¢d incomc 44.019 PaEe 17 conilnued...
GW1dd Ai'cli&eDloglcal Ti'll5t Ltd A toiiipANy Iliiiliod by guarantee Notes to tILe FI%1¢111 Slatettbettts- toThtlttLt ror tlit ytAr elld¢d 31 MAr¢h 2021 15. PROVISIOiYS FOR LIABILITJES 31.3.20 Defjned b¢nefil petTrsion plo liability 226 154 During the iKI'iod, a ¢liaiig¢ in In¢asureiii¢nl basis fi'om a defin1 colltribiition plan Io 8 defined ber11 i)lan look plthee due lo 1l¢leI infollation be¢otttiiig ivailable io lable the split of assets Ond liabibiie5 eonal}IY b¢(w¢ th¢ partioipHtinB Tiwts. P1¢4w ref<r to Dot¢ 17 for mor¢ inforinjtion. 16. MOVEMENTIN FUNDS Nel 1n0vettil in funds At 1.4.20 At31.3.21 Unrtsts'iettd funds Gcneral fund 554,918 1488,5411 66,377 Re$ts.Icl¢d funds Restri¢te41 fuiid 44,203 144,203) TOTAL FUNDS 599,121 532.744 66,377 Net ]novement ill fuads, incliided in Ilie above al'e ll5 follows.. Irt¢oniiDg resotsrces Resoiirtes pended Gains losses Mov¢nJ¢JJl id funds UJire5trl¢ted fund5 Geiieral fund 385,206 1329.9011 {543,846) 1488,5411 R£%trlcted fund5 Reslricled fuiid 379,063 1423,266) 144,2031 T¢yfAL fiUNDS 1753,167} 543.846 532,7441 Comparatlve5 foi. Inoyeinent lil fudS N¢1 )oveinettl in funds Al 1.4.19 AL31.3.20 Uni'eslrltled fllJid$ Qena•l fiirtd 650,259 (95,3411 554.918 Resti'lcted fulldJ liesirickd fiJ21d 8,968 35,235 44,203 TOTAL IWNDS 659,227 Page 18 contitlucd...
Gwyncdd Areliaeolo2leal Ltd A eoMPAJiy Ilmlitd by gllAIAntet Notes to ¢lJt Fiiiallcllll 8titeintJits- wiitlnued for the yeai. endtil 31 M&r¢li 2021 16. MOVEMENT IN FUNDS- eoikllDued Coimparative net iKovenieni in rlld8, liluded in the above rts follvs.. In¢olliin& resources liesou¥¢es cxpEded Movettienl in funds Uni'csti'lcted funds Gerternl fvnd 355,104 1450.445) 1gS,3411 Resti'leted fuiid$ R¢strithi fund 382.326 1347,091) 35,235 TOTAL FUNDS 737.430 1797 536 A tUEnt yeAi' 12 nJ1th$ iith pritrr ye, 12 iiwnths coitrjbliied position É5 as folloivs.. Nel Inovdncni in funds Ai 1.4.19 Ai 31.3.21 UILrestrfere(I funds Genetal fund 650,259 (583,8821 66,377 Re8trl<ted fiinds 8,968 18.968) TOTAL FUNDS 6S9 227 66.3TI A CULI'elll yeaK 12 montlis prioryear 12 Months coillbined iiet InovemenÉ in fuiids, Inclllded bi the above al'e a5 follows.. Incomill resouires Re8011rces expende Gains aiid Ios8eS Movets*Lt in fuNdÈ Uiiresti'leted funds Generlll fund 740,JIO 1780,3461 1543,846) 1583.8821 Rc5trl¢ted funds Restricted fund 761,389 (770,3571 (8,9681 TOTAL IfuNDS 1501699 543,8461 592.8501 Tlie Teslr&¢l¢d firiids set oul above piin¢ipally relate to CADW projects ivith the restsllcEioll til Uial its¢s¢ fund$ Should b¢ 8pent ITh accordance willi (he grant application. Tlte pension piovi8ion lill yeJr eiidcd J l MJrcli 20201 aiid eslii?uiled liability lin year eoded 3 l Ma¥cli 2021) UlE Inade in unreslri¢ted fund. Thmii8h the apportionincnl of ovei'head4 Kslrt¢led ocl¢vili&% niakc a tAinlribulion lo tlie deficit reduction, bui il is tiot possiblc to C4?Iciilat¢ ivhat porlioii of provision or liabiliiy would be allvibui&ble to the reslrictcd fund in th¢ Sialemellt of Fi#an¢ial Activ¢iie8. Pa8e 19 conlitiued...
Gwyiiedd ArthAeologltl TiY$t Ltd A coJiJpJiy Ilniited by gua1]te¢ Notes lo the Flu&iEel81 Statements efjntlnued foi. tli¢yeAr akded 31 M#v¢h 2Q2A 17. EMPLOYEE BENEFIT OBLICATIONS Tb¢ Tfusl is a Lnetiiber ora Jnulli-employer defjned beRefJt peiision 8cheme fo¥ the beJ)efit of the cmplOye of a numb¢i' of rcliaeologiI orgattis&(ioiis. the Aclisologicrtl Or8aniqalioiis Pcns¢on S¢li¢me {AOPSI. This reqiiitEs conlribulions to be t)Jade 10 o sepaiat¢ly admiiiisiered p¢ns1011 fid. The a88els of Ihe sclieihe are invested 2nd iiunalled indLwendently of tILe rinani%s of th¢ Trusl. The lalesl liiunial a¢liiari&l valuaiion using Iht PIDi¢cl¢d Uliit Method UlKieiaken by an indei)eiideiit qilifIed Actuary. Avivo, os 116 Api'il 2018. The pexsioii sch¢mc is a multi-employey èiid is l•1'ed by Pieviotsslys tlie actuarial I'eports did not ettable ¢aclJ ClritY lo idcnlify Ihe shaxs of the u1leY1yiTh assets and li8bilill¢5 a ¢OIiSiSlentor r&isonable basis. As a result tlTre chai'ily was iinable to C4)mply witli the fLiII provisions of FR8102. Dis¢losure ivÉs d1?£01.e mad¢ accoldance i¥illi paiawpli 28.IIA ot. FRS102 45 if th¢ s¢11 wes a defined conlribulÈoTh sehe4he aiid th¢ Trn$l ircOglsed a liability for Iht ¢oniribulions payable that llrise froin the defI¢it iicovay plttTi of £226,154 al 31 March 2020. Subs¢queiiilyb suffici¢ttl iuformaiiott beeamc available aDd A chinge 10 defÈned benefit &ccouiitiog took place Is of l April 2020 iti &ccordance willi FRS102 p2vttgrthpli 28.£C.Thi$ ig 5e¢ii as cliaiigt to an ijnprovcd ii]easiirei]Tret)I basis, ii8ing niore conJpt¢ie ]llf111&tl0ll to th¢ sa¢ wid¢rlyittg obligialiott. which resiilis in a diff•rJice LEco&¥iiised on IraJJsilion. A ItMnsil1? dsff¢renct of £753,846 (updated bii>whi forwa1 pension liability of £98Q(A)O less PriDr yeiE r provision liability of £226,154) has be¢rt retroArtis¢d ss a s¢pAtYl¢ iiein in the slat¢menl of fItsl¢i1 Activities undeT Iloth¢r ircognised in(10$¢BI. The compaY>y has 7 einployees in Ihc AOPS12020- 71. At 6 April the schenje had a tothl 22 Ettembeis still in omploym¢iit and 52 members ivith pSerVed beRefits. The Trust lia8 ¢¢ascd contribiitions to the sclieme for tnrolled mefftiKf5 a5 at 31 july 2018, tlits ivas afler o eonsultsktion betiveert Ilie fout Welsh 'chae01081cI Tiusts to ce the defjned beThefJt ¢ottts'ibiitlQIi sth¢ni¢ fTOiiI l Augus(2018. Tli¢ p¢n$ion h¢j¢ trietujial valualioii as al 6 April 2018, upddled lo July 2019, shoiys a defLcII of £1,143.000. is a recov¢ry plan iii place lo se£k lo eliniinale Ilie defieii by 5 AUg12030. Tliis iYquir¢3 GAT to iiiak¢ additional Ikfioil reduciion lilYibutI1Mis of ¢iit4 £21.QOO per aiimm, ille1118 by 3VA caclt year. Payment of th¢ above Yat¢ (pliis m¢niixrs' ¢onirsbuiion8 aiid the peMilg tequii'ed for tlie in8ura#¢¢ ef dcatli itt seNi¢e b¢kiefit81 will ensiire that the benefits promised under ihe Sclicnie b¢ yrovid¢d as Ihcy fall diie. Ir Ihe assiirtiptions aro boiiic oiii ill prncii¢c. '1 c4)iitribiilion rates are bLsed an Ilie alimlin tliai all Inett)berts iyho joined befor¢ 6 Api'il 2000 exereise tlieir riu¥lil to i?tire lll tIK age ot60 lor their nexl biitli thte if over th¢ ag¢ of60 at di¢ valuation da(el. M¢Jnb¢rs ofihc AOPS a¢CAIE indexed linked pensioii of1160tli oFfiiial pens50nable salary for e4dJ year in the 4ch¢iiic up 10 6 Ai)ril 28 and 1180111 for eocli yethr sinee. Th¢ lal¢st Iii¢nnial acluariol valuation ivll8 undcrL1ken by an independeiii qllalified acliiary. The update valiialioll ILS al O April 2018 Showed.. Value of asset Activ¢ mmibcrs M¢mbciE wilh preserved benefits Pensionei's ld from tlie fild 10,562,iX)O 3.776,QOO 3,714.0 4,215.0(NJ 11,705 1]0 Deficil 1,14J,(MK) Pag¢20 coiiliiiued...
Gwynedd Ai'chAcoloElt#l Ti'u$t Ltd A ¢onip4Jiy liinitod by guai'Alltee Notts to Ilie FInne191 Sl&teineiii8- coi111ed foi. tlje yesr ended 31 Mar¢h 2021 17. EMPLOY& BENEFIT OBLIGATIONS- eontlthued A valuatlg11 has obtaÈiied al 31 Maith 202110 8s¢ertÉirt the PlPoition of the defined ben¢fil sch¢nK assets, liabiliti&%, iNwm¢ and costs aÉl1'ithble to ihe Tt-USI. 2021 Amoiivls recognised its tlje Stfjteinent of Financial Aclivilies P1£ sl service ¢osi Non iiivtstni¢al expensc8 Expe¢ied Keiiirtl OD plall A¥ets lttievesi eost 17.000 17,000 147,0001 Tothl cliarL(ed lo di&ritable expenditure 2021 Ainounts tAken 10 oili¢i'compreli¢nsiv¢ income keliirn on assets ex¢lllding aiiioiints ill¢lud¢d in ll¢l ¥nl¢rcsi Actuarial cliatlBeE rel&tcd to obligatlOD8 397,000 ia7.0001 A¢Ubarial g1110$s) recegnised in othe¢gains1(lossesl 210000 TLYnsilion adjiislEneni oll defined benefIt seheme 753 8461 Total retogniged ITr IAlier gai*sl{losses) rie amounts iiicludd io th¢ balan¢¢ skeel arisiag from Ilie eompanl$ obli8ations in spect of defind benefit plttAS ore as rollows.. 21)21 Pt¢3clll value ofd¢fined benefitobligalions Fgir valu¢ ofplaii agsets {3,452,0001 2,667.lJOO Deficit ill s¢bwno 2021 Movertieiils iji llie p1i5ent value of defined bejefji oblibFritiOllS Op&ii&)¥ defjlled beLicfJl obliall0 sl sei'vice ctssi Int&Est c¢$t Aotii?rial105s¢sKgains) Bcnetits paid 3.246,000 17,000 68,000 187,000 3 452 0(K) 2021 Movements ttt Ilie fair value of pl} ass¢is Op¢iiii)gr lairv811 orschen8sSetS Contribiitions by liV10Ye1. Noii inY¢slllier¢l expeiises Exi)wied L'elurn Actuarial gainsl{Ios8es) 2,266,000 40,000 117.0001 47,0 397,000 Pag¢21
Gwynedd ALtliaeologltl Ti'u$t Ltd A eompAriy Ilmitcd by guArantee Notes to tlie Fitignci&l St•temenis tontlnutd for the ytAr eNled 31 M8rrb Z021 E7. EMPLOYEE BENEf4lT OBLIGATIONS- tohliillod B¢ll¢fJls paid 66 0001 2.667.0(X) 2021 Coiiiposition of plan asseis.. rquilies Bortds Altujiatives Allnuities Ch 1,393.000 586,000 341,000 164.000 183,000 2.667 000 Prineipal Aeliiatill 9$6UWPtlon5 at the StatelentOr Financial Postiion d21e lexpres%d as weithied avei?geEI.' 2021 r)iscount rite IRPI) Pi'ice inflalion ICPII Defcn'ed reval#110Ji Pen8ion intli8ses- KPI up lo 5% Mortality. pre retsrein¢iil 3.300/ 2./0 2.60% S3PA tables based oiiye81.of birth. allowingfor CMI 2020iiiipiovciiicftls with al.25Yo P41 lor¥ leimlrend rate Mortality- p05tretiiEment Casli eominulttlioi? 90% of InAxiinum availabl¢ Lkfe expeet&ncy- CuiLriil petisi(Miers abTe 65 Jnales Cui)Eiil pMS1(ti3 age 65 females Fuiuie pens1oJie &E¢ 65 Imri'ettily a8¢ 451- Inalcs Fiiluir p510¢15 ag¢ 65 Icui'renlly agc451- females 21.9 24.3 23.2 25.7 18. CONTINGENT LIABILITIES As lloted in t)oto 17 theTril is party lo the defined tsellzfll AOPS. 19. RELATED fARTY DISCLOSURES No Ttust¢¢ oi. oili¢r P¢LEon Kjated to llLt TNSI liad lY peisonal interest in ally ¢ontr#cl or traia¢ll01) eJite¥ed into by the TrusÉ during the year. PAgc 22
Private & Confidential
The Trustees Gwynedd Archaeological Trust Ltd Craig Beuno Garth Road Bangor LL57 2RT
Dear Trustees,
Audit of the financial statements of the Gwynedd Archaeological Trust Limited (“GAT”) for the year ended 31 March 2021
We are writing to set out the findings from our audit of Gwynedd Archaeological Trust Ltd in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“UKGAAP”), International Standards on Auditing (UK and Ireland) (ISAs(UK&I)) and the Charites SORP (FRS 102).
Significant findings from the audit
We are required under ISA (UK&I) 260 “Communication to those charged with governance” to communicate findings from our audit, including:
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Our views about significant qualitative aspects of the entity’s accounting practices, including accounting policies, accounting estimates and financial statement disclosures;
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Significant difficulties, if any, encountered during the audit.
Accounting for the Trust’s share of the deficit in the Archaeological Organisations Pension Scheme (“AOPS”)
As you are all very much aware, the Trust is a member of AOPS which is a multi-employer defined benefit pension scheme. Previously, the Trust was unable to identify its share of the underlying assets and liabilities in AOPS, and therefore the scheme was accounted for as if it was a defined contribution scheme as follows:
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a) the pension contributions paid by the Trust were charged to the Statement of Financial Activities as they fell due (effectively on a monthly basis as they are paid), and
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b) A liability was recorded for the deficit reduction contributions that are required to fund any deficit that arises. This was measured at the present value of the contributions payable, discounted using yields applicable to high quality corporate bonds. The charge that arises was presented in the Statement of Financial Activities together with the normal contributions.
The provision recorded as at 31 March 2020 was £226,154. For the financial year ended 31 March 2021, sufficient information became available (in the form of the FRS 102 pension disclosure report provided by Quantum Advisory) that enabled the reasonable split of assets and liabilities between the participating Trusts. A change to defined benefit accounting took place as of 1 April 2020 in accordance with FRS 102 paragraph 28.8C and this is seen as a change to an improved measurement basis. As a result of this change in accounting, a transition adjustment of £753,846 (updated brought forward pension liability of £980,000 less previous provision of £226,154) has been recognised in the Statement of Financial Activities. More detail can be found in note 17 of the financial statements, and we would be happy to discuss this in more detail with the Trustees during the AGM.
St George's Court, Winnington Avenue, Northwich, Cheshire, CW8 4EE. Tel: 0845 330 3200 Fax: 0845 009 0561 Registered Office: St George’s Court, Winnington Avenue, Northwich, Cheshire CW8 4EE. Registered in England, No. 02648803. A list of directors is open to inspection at the registered office. bennettbrooks is a trading name of Bennett Brooks & Co. Ltd. Registered to carry out audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales.
bennettbrooks.co.uk
Appropriateness of the going concern concept
The financial statements are being prepared on the going concern basis, which means that the Trustees consider that the Trust will be able to meet its financial liabilities as they fall due for a period of at least 12 months from the date of signing, supported by the high levels of cash reserves held and the expected continuation of the Cadw grant. We have yet to review the forecasts for the coming 12-month period, which we hope to do before the meeting, but fully expect the going concern basis of preparation to remain appropriate.
Assessment of the level of primary purpose and non-primary purpose trading
As discussed in previous years, the extent of the non-primary purpose trading within the Trust will need to be monitored as a risk on an ongoing basis. We are still seeing an increasing number of Charitable organisations adopting a structure with a trading subsidiary through which the non-primary purpose trading activity can be recorded. Any surplus generated by the trading subsidiary is then passed up to the Trust via a gift-aided covenant and would therefore not be subject to corporation tax. This is a common option in order to reduce the risk of challenge in this area and I continue to recommend that this structure is considered.
Significant deficiencies in internal control
We are required under ISA (UK&I) 265 “Communicating deficiencies in internal control to those charged with governance and management” to communicate matters identified during the audit.
The audit included consideration of internal control relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. Our work may therefore not have identified all significant deficiencies in your system of internal controls which a separate audit of internal control may reveal.
We wish to draw your attention to the following matters which we identified and you may consider implementing during the course of the year.
| course of the year. | ||
|---|---|---|
| Observation | Implication | Recommendation |
| For one new starter in the period, a copy of the signed employment contract was not kept on file. |
Employee contracts should be held for all staff members and kept up to date to comply with relevant workplace laws and regulations. |
We advise that all signed employment contracts are kept on file and updated regularly where necessary. |
| Upon review, an old debtor balance was considered to be irrecoverable. |
Income and debtors may be misstated. | We would recommend the finance team complete a full review of outstanding debtor balances quarterly and provide for any balances which are unlikely to be recovered. |
Auditor independence
We are required under the UK Ethical standards to report matters that bear upon the auditor’s objectivity and independence relating to the provision of non-audit services including the safeguards put in place. We provide certain accountancy services for the Trust in the preparation of the statutory financial statements and certain payroll advice during the year. The safeguards against these potential threats to auditor independence are the use of separate teams within Bennett Brooks to perform the services – these services are both performed by our Llandudno office under the direction of my fellow Director Andrew Filbee who leads the team in Llandudno. The audit is performed by a specialist audit team under my direction, and although the team members live local to the North Wales coast, are based in our Northwich head office with me. I consider appropriate safeguards to be in place and confirm that we consider both Bennett Brooks and myself as your senior statutory auditor to be independent.
St George's Court, Winnington Avenue, Northwich, Cheshire, CW8 4EE. Tel: 0845 330 3200 Fax: 0845 009 0561
Registered Office: St George’s Court, Winnington Avenue, Northwich, Cheshire CW8 4EE. Registered in England, No. 02648803. A list of directors is open to inspection at the registered office. bennettbrooks is a trading name of Bennett Brooks & Co. Ltd. Registered to carry out audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales.
bennettbrooks.co.uk
Other matters
We are also required under ISAs (UK&I) to communicate to you if we have anything to report on the following matters:
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Uncorrected misstatements;
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Matters related to fraud;
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Matters related to laws and regulations;
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Matters related to related parties;
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Subsequent events;
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Matters related to going concern;
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Any significant facts that bear upon our independence and objectivity – refer above;
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Matters related to the auditors’ report;
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Relevant returns with UK authorities have been filed promptly;
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Any other matters that, in our professional judgement, are significant to the oversight of the financial reporting process.
There are no further matters to report.
This letter has been prepared solely for your use and should not be quoted in whole or in part without our prior written consent. No responsibility to any third party is accepted as this letter has not been prepared for, or is intended for, any other purpose.
We would like to thank you and your staff for their assistance and co-operation during the audit process. Please call me on 0771 423 1813 if there are any areas you would like to discuss.
Yours sincerely
Jason Leach on behalf of Bennett Brooks & Co Ltd
St George's Court, Winnington Avenue, Northwich, Cheshire, CW8 4EE. Tel: 0845 330 3200 Fax: 0845 009 0561 Registered Office: St George’s Court, Winnington Avenue, Northwich, Cheshire CW8 4EE. Registered in England, No. 02648803. A list of directors is open to inspection at the registered office. bennettbrooks is a trading name of Bennett Brooks & Co. Ltd. Registered to carry out audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales.
bennettbrooks.co.uk