REGISTERED COMPAThY1¥4UMBER: 01180515 (England and Wales) REGISTERED CHARITY NUMBER: 508849 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR GWYNEDD ARCHAEOLOGICAL TRUST LTD Xeinadin Audit Limited (Statutory Auditor) 24 Lamm Street Carnlartben CarmartbeLshire SA313AL
GWYNEDD ARCHAEOLOGICAL TRUST LTD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees I to 6 Report of the Independent Auditors 7 to 10 Statement of Financial Actlvities Balance Sheet 12 Cash Flow Statement 13 Notes to the Cxsh Floiy Statement 14 Notes to the Financial Statements 15 to 25
GWYNEDD ARCHAEOLOGICAL TRUST LTD (REGISTERED NUMBER: 01180515) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the fanCIal statements of the charity for the year ended 31 Mar¢h 2024. The trustees have adopted the provisions of Aounting and R¢porting.by Chariti¢s' Statement of Recon]tnended Practice applicable to charÈties preparing their , . . accounts in accordance with the Financial Reporting Standard applicable in the UK ar Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The aims and remit of the Gwynedd Ar¢haeologÉcal TnLSt are to recor4 interpret and disseminate historical and archaeological inforniation concerning the bistoric environment and built heritage of North West Wales. The objective for which the Trust was foTmed is to 'advan¢e the education of the public in archaeologg. Significant activities On 31st Mar¢h 2024, Gwynedd Archaeological Tntst along with Clwyd-Powys knbaeological Trust and Glamorgan-Gwent Archaeological Trust merged into the Trust for Welsh Archaeology (recipient GEity), fornierly Dyfed Archaeological Trust charity nun&)er 504616. The Trnst for Welsh Archaeology has adopted the trdding name Heneb. It is Tegistered wxth Companies House and the Charity Commission as The Trust for Welsh Archaeology. Public benefit The Trustees have ci)mplied with the duty in section 4 of the Charities A¢t 2011 to have due regard to public guidance published by the Charity Commission. The TTht works ¢losely with national, regional and local bodies to help recort researcty interpret and protect all aspects of the historic environnlent for the benefit of the public. Page I
GWYNEDD ARCHAEOLOGICAL TRUST LTD (REGISTERED NUMBER: 01180515) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Aehievement and performance Charitable activities , The following is asumJw.to. dem(llJstratehow the ttustacbieved its.ain)s and objectives during the financial year. Our heritage management services continued to offer advice to tbe public. to local authorities and to the Welsh GovernTnenl. This included making available the Historic Environment Record to the public on behalf of the Welsh Ministers, who have a statutory obligation to do this. The Ttust aIso provided advice on mitigating the impact of new developments on the historic environmenL Work for comtnercial clients continued using professionat staff working to standards set by the Chartered Institute for Archaeologists. Plallnillg service Of the 2,934 planning applications registered in 2023-24, we obtained full detsils of1,289 applications and advised that 187 of these could have effects on the historic environmenL We gave pre-application advice on a total of 55 s¢hemes. We requested pre-determination deskbased asse&smenL heritage impact assessment or field evaluation for 24 applications or preapplication enquiries, and recommended planning conditions without tbe need for predeteImination work for 163 applications. Of these, 84 cases involved a professional or photogrdphic record of a historic building. 79 other mitigation programmes (archaeological recording, strip, map and recor or watching briefj were recommended. During the year. we produced three design briefs and approved 38 project designs for ar¢haeologi¢al work and 23 archaeological reports produced through the planning process. Historic Environment Record The Gwynedd Archaeological Trust nlAtainS the regioDal Historic Environment Record (HER). This is a database of around 67.000 records ielating to the arcbaeological lan(tscape in north-west Wales. Enquiries can be made by telephone or email, and by visiting the HER office and our library and records directly. The record is available on-line for public access through 'Archwilio'. Use of Archwilio and the HER are free of charge to the public. An additional 3522 core records were added within the year. and 133 event records. An additional 3984 core-event IiDking re¢ords were created. 9713 core records were updated during the year. A number of other tasks were undertaken in line with the HER 23-24 Forward Plan. Heritage MAllagement Inforniation and advice was supplled to a wtde variety of orgawtions and iLgtitutions, including local history organisations and societies and national abae01O8l¢al organisations and societies (for exan)ple Cambrian Ar¢haeologi¢al Associatton" 20C Society, Researcb Framework Wales). The Tnt provides archaeoIogical advice to the regional Planning Authorities, to Welsh Government and to Natural Resources Wales. Advice is also given to Bangor Diocese. A total of100 enquiries from the general public were responded to. Education and outreaeh GAT delivered 22 pubIic lectures on a wide range of topics, from tbe Mesolithic excavations at Par¢ Cybi to those in BeauTnaris which rediscovered the medieval town wall. 743 people attended across the range of taIks. 6 public walks saw 59 people join us for waIks tbat ranged from the easy- the Jewisb history to be found along Bangovs Higb Street, to the moderately challenging walk along the north coast of Moo starting from Cemaes. The vrdlks Continue to be popular, with numbers holding steady across the years. The team engaged witb 258 school children from across the region, with activities ranging from learning about the Neolithi¢, to how different types of fibre were pmduced and how to accurately draw fmds. All enjoyed thetr activities, especially when milling grain using a replica quern! Witb the Eisteddfod being held in B0dlla the team took the ¢hance to show off some finds from a dig held in Rachub, with members of the public being invited to make replica spindle whorls. 120 people joined the team across two days. In addition to the above, the team attended open days hosted by Cadw (Bryn Celli Ddu) and the Ynys Cybi tAndscape Partnership (Holyhead Breakwater Park) w.Ch again drew large numbers of public. Fieldwork Projeets Two con]munity-based projects were undertaken within the year. Page 2
GWYNEDD ARCHAEOLOGICAL TRUST LTD (REGISTERED NUMBER: 01180515) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Gwynedd knhaeological Tnt was grdnt-aided by Cadw in partnersbip with the Ynys Cybi Landscape Partnersbip to undertake a geophysical survey. Building record and trial excavation at Tn y Mynydd historic farmstead. which is now , part of BUwerth Fann, Rhosco1, Ynys MO Tbis formed part of a con]munityprogramme, with volunteers recrnited , . . by Ynys Cybi Landscape Parlnership undertaking the excavation wod( under the supervision of GAT arcbaeologists. A project concerning the tAndscape of Neolithic knes was continued from tbe previous year. A very Success pbase of work was undertaken by volunteers under the supervision of GAT and National Park staff. The fieldwork in 2023-24 built on the previous years, worL Sjrther expanding the understanding of the axe-making sites above Llanfairfechan. Following the success1 third season of community excavation at the hlllfort in 2022, the production of a second interim report, and receipt of tbe results of the CHERISH-fiJnded radiocarbon dating program during May 2023, work on the post-excavation phase of the Dinas Dinlle project Iw continued into 2023 - 2024. A significant number of field projects were undertaken on behaIf of clienK resulting in an output of over sixty reports. Financial revieiv Financial position Income for the year bas increased by 5.5 /0 to £824,101 The organisation reported a net defi¢it of £1,067.125 which included the donation of £876,678 made to the merged entity. After the actLwial gatn of £248,000 was a¢Unted for, there was an overall net deficit in funds of £819,125. The net assets and liabilities of GAT were transferred to the merged entity. The Trust for WeIsb knchaeology on 31 March 2024. Reserves poliey The Trust maintsins a level of reserves that enables the CEwity to meet its ongoing commitments, to fund any sbort-term falls in income and to n]ainlain sufficient funds to cover future liabilities to stsff in case of redundancy. Total funds carried forward as at 31 March 2024 amounted to £nil as these were transferred to the merged entity Going eoneern Attention is drawn to Note 10 of the accounts STRUCTURE, GOVERNL ANCE AND MANAGEMENT Governing doeument The charity is controlled by its governing documen¢ a deed of ttus¢ and constifutes a limited company, limited by guarantee, as defmed by the Companies Act 2006. Gwynedd Archaeological Trnst Limited is a charitsble TnLSt and a company liwited by guardntee and not having a share capital. It is governed by Memordndum and Articles of Association dated 13 May 1974, updated at the Annual General Meeting (AGM) in August 2014. The objective of the Trust is to advance the edu¢ation of the public in archaeology. This is undertaken by means of the provision of a Historical Environment service, undertaking archaeological excavation and survey, encouraging community involvement and the dissemination of the results of such work througb reports, publications, lectures, field excursions and similar means. There have been no material changes in policy since the last Trustees, repo The Board of Trustees is responsible for overseeing the work of the TTht and monitors activities through a management committee and a finance su&committee that has responsibility for overseeing the rUwla1 mallagement of the TrusL The Chief Archaeologist is responsible for the overall day to day management of the TrusL Page 3
GWYNEDD ARCHAEOLOGICAL TRUST LTD (REGISTERED NUMBER: 01180515) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNI1ry4CE AND MANAGEMENT Recruitment and appointment of new trustees The Trustees may from time to tinle, and at any time, appoint a Trustee, either to fill a casual vacancy or by Wdy of ,.addition to. theBoard of Tntees, provided that the pres¢ribed nlMuM be not thereby exceeded. Any methbtr so ' . . appointed shall retain his/her office only until the next AGM, but he/slLe shall then be ellEle for re-election. No person shall, unless recommended by the Ttee8 for election, be eligible for election as a Tntee at any General Meeting, unless witbin the prescribed time before the day appointed for the meeting there shall have been gÈven to the Secretary notice in WTitin8, by some member duly qualified to be present and vote at the meeting for which such notice is given, of histher intention to propose such person for electio and also notice in vlti signed by the person to be proposed, of histher willingness to be elected. The prescribed time above mentioned sball be such thaL between the date when the notice is serviced or deemed to be Serve and the day appoillted for the meeting there sball be no less than four, nor more than twenty-eight intervening days. Inductton and trainthg of new trnstees Prior to appointment, new Trustees are provided with a job description and Inforntion packs detaiIing Trust constitution, slrncture, key Gurrent objective4 and copi¢s of recent Annual Reports and Accounts, as well as literature on the responsibilities of being Charity Trustees. Each new Trustee is required to make a signed declaration of commitment and qualification for Trnsteeship. An induction includes a review of companylcharity bistory, Strtllre and organisation, role of the trustees, tnt business ¢ycLes, staffing, poli¢ies, financial niaDag¢ment and control practices, forward strategies, current operdtions plan, and the pu4)ose and flCtiOn of the GAT HER Charitable Trust. TnteeS are made aware of the wide range of guidance available from the Charity Commwioll in both hard copy and digital forn. REFERENCE AND ADiMINISTRATtVE DETAILS Registered Company number 01180515 (England and Wales) Registered Charity number 508849 Registered office Craig Beuno Garth Road Bangor Gwynedd LL57 2RT Page 4
GWYNEDD ARCHAEOLOGICAL TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 MARCH 2024 Trustees MsFEGale Mr D G Elis-williams Mr J B Ratcliffe Dr C Bell (appointed'31.)14) Mr H R R John (appointed i l.i.24) Mrs S E Rees (appointed 31.3.24) J Wainwright {appointed 31.J.24) Mr S R Williams (appointed 31.3.24) Mr H S Owen-John (appointed 1.5.24) Mr N Clubb (appointed 1.5.24) Mr H L Davies {resigned 1.5.24) Mrs F L Llewellyn (resigned 1.5.24) Mr H J Pritchard (resigned 1.5.24) Dr F A Richard50n (resigned 4. LO.23} Dr D M Roberts (resigned 1.5.24) Dr G Robinson (resigned 1.5.24} Auditors Xeinadin Audit Limited (Statutory Auditor) 24 Lammas Street Carmarthen Carnlarthenshire SA313AL STATEMENT OF TRUSTEES, RESPONSIBILITIES The trnstees (who are also the directors of Gwynedd Archaeological Trust Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial 5Éatements for each financial year which give a trne and faiT view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP" make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustee5 are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure tbat the financial statements comply with the Companies Act 2006. They are also responsible for safe.¢vuarding the assets of the charitable company and hence for taking reasonable steps for the prcvention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no Televant audit inforniation of H,hich the charitable company's auditors are unaivare; and the tSteeS have taken all steps that they ouJo t to have taken to make themselves aware of any relevant audit inforn]ation and to establish that the auditors are aware of that infomiatton. Page 5
GWYNEDD ARCHAEOLOGICAL TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 MARCH 2024 AUDITORS The auditor5, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Amiual General Meeting. Report of the trus directors, on /5. / es, incoryorating a strategic repoit approved by order of the board of trustees, as the company and signed on the board'5 behalf by: Dr C Bell - Trustee Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GWYNEDD ARCHAEOLOGICAL TRUST LTD Opinion We have audited the financial statements of Gvrynedd Archaeological Tn Ltd (the 'clwitable compan) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Shee¢ the Cash Flow Statement and notes to the financial statements. in¢luditig a sumw of signifi¢ant accounting policies. The financial reporting framework that has been applied in their prepardtion is appIicable law and United Kingdom Accounting Standards Inited Kingdom Generally Accepted Accounting Prdctice). In our opinion the financial statements: give a true and fair view of the state of the ¢lwitable companvs affairs as at 31 March 2024 and of its incoming resouTces and application of resour¢es, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted A¢coun(ing Practice" and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in a¢cordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are firther described in the Auditors, responsibilities for the audit of the financial statements section of our reporL We are independent of the ¢haritsble 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 StandariL and we have lfilled our other ethical responsil)ilities in accordance with these requirements. We beIieve that the audit ¢vid¢nce we have obtained is sufficient and appropriate to provide a basis for our opinio Conclusions relating to going concern We draw attentton to Note 10 in the financial statements vthich explains that a¢tivities 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 fllMn¢ial statements. Accordingly the financial statements bave been prepared on a basis other than going concern as described in Note 10. Our opinion is not modified in respect of this matter. Other information The trustees are responsible for the other infonnation. The other infOrntiOn conw1 the InfOrntiOll included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the fmancial statements do&s not cover the other iDfornDtion except to the extent otherwise explicitly stated in our reporL we do not express any form of assurdnce ¢on¢lusion thereon. In connection with our audit of the financial statements. our respoL8ilJility is to read the other infornmtion and, in doing so, consider whether the other infonnation is materially incoLsistent with the financial ststements or our knowledge obtained in the audit or otherwise appears to be materially misststed. If we identify such material incoL8iStencies or apparent material misstaten]ents, we are required to detern)ine whether this gives rise to a nterIal misstatement in the financial statements themselves. I£ based on the work we have perfOrn]e we conclude that there is a material misstatement of thts other lnfonnati0 we are required to report that fact. We have ]ÈbIllg to report in tbis regar(L Opfinlons on other matters prescribed by the CompaDRes Act 2006 In our opinion, based on the work undertaken in the course of tbe audit: the infornTration given in the Report of the Trustees for the fll]an¢ial year for vA)ich the financial statements are prepared is consistent with the financial statements. and the Report of the TnteeS has been prepared in accordan¢e with app]icable legal requirements. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GWYNEDD ARCHAEOLOGICAL TRUST LTD Matters on which Ive are required to report by exception In the light of the knowledge and understanding of tbe cboritable company and its envirnellt obtained in the course of the audit, we have not identified material misstatements in the Report of the Trste¢S. We have nothing to report in respect of the following matters where the Companies Act 2006 requires to report to you if, in our opinion". edeqllate accounting records have not- been kept or returns zdequate for our audit.have not been"received, from ' . branches not visited by us" or the fll]anGial statements are not in agreement with tbe accounting records alld returns" or certain disclosures of trustees, remuneration specified by law are not made. or we bave not received all the infOrntiOll and explanations we require for our audit. Responsibilities of trustees As explained more filY in the Statement of Trustees, Responsibilities, the trnstees (who are also the directors of the charitsble company for the PUEposes 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 tntee$ determine is necessary to enable the preparation of financial statements that are free from material misslatemenL whether due to fraud or error. In preparing the fmancial statements, the trustees are responsil)le for assessing the ¢haritable Companys ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GWYNEDD ARCHAEOLOGICAL TRUST LTD Our responsibi]ities for the audit of the fillaneial statements Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from matertal misstatement, whether due to fraud or error, and to issue a Report of the Independent Audxtors that includes our opinion. Reasonable assurance is a higb level of as5Lwance. but is not a guarantee that an audit conducted in accordance with TSAS (UK) will always dete¢t a material n)isstatement when it exists. Misstatements call arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infiuence the ' tionomic decisions of users faken on thebasis of these financial ststements. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below. Extent to which the audit iyas considered Capable of detecting irregttlArities ADcIMding fraud We identify and assess the risks of material misstatement of the finallcial statements, whether due to fraud or emr, and then design and perforni audit procedures responsive to those risks, including obtaining audit evidence that is sutScient and appropriate to provide a basis for our opinio Identifying and assessing poteutlal risks related to irregularfities In identifying and assessing risks of material misstatement in respect of iegUlarlties, including fraud and non-cornpliance with laws and regulation& we considered the following: the nature of the industry and sector. control environment and business forn1¢c including the design of the Chariws remuneration policies and perfornmnce targets" - results of our enquiries of management about their own identification and assessment of the risks of irregularities. - any matters we identified having obtsined and reviewed the Charitys doCution of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance. - detecting and responding to the risks of fraud al whether they have knowledge of any actual, suspected or alleged - the internal controls estsblished to mitigate risks olfraud or non-comp]iance with laws alld regulations. - the matters discussed among the audit engageDlt team regarding how and where fraud migbt occur in the fmancial statements and ally potential indicators of frdud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAS (UK), we are also required to perforln specific procedures to respond to the risk of management override. A fijrther description of our responsibilities for the audit of the financial statenwits is located on the Financial Reporting Council's website at www.fr¢.org.uklauditorsresp0lbI1ttie8. This description forn]s part of our Report of the Independent Auditors. Page 9
REPORT OF THE IIYDEPENDENT AUDITORS TO THE MEMBERS OF GWYNEDD ARCHAEOLOGICAL TRUST LTD Use of our report This report is made solely to the clwitable companls members, &s a body, in accordance with Cbapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the chatitable compangs members those matters we are required to stafr to them in an auditot5' report and for no other purpose. To the lIest extent pern)itted by law, we do not accept or assume responsil)ility to anyone other than the charitable company and the charitable company's members as a body. for our audit worK for this repoQ or for the opinions we have fonned: Mark Jones FCA (Senior Statutory Auditor) for and on behaIf of Xeinadin Audtt Limited (Statutory Auditor) 24 Lamm&s Street Carnwthen Carmarthenshire SA313AL Page 10
GWYNEDD ARCHAEOLOGICAL TRUST LTD STATEMENT OF FINANCIAL ACTIvrrIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Total fiinds 31.3.23 Total fijnds Unrestricted nd Restricted fill)ds Notes INCOlItE AND ENDOWMENTS FROM 'Donations and legacies 704 704 -1,'980 Charitable activities Grant Aided Work Other Archaeological Projects i50,141 350,141 467,197 361,283 414.632 467,197 Investment incorne Other income 6,024 35 6,024 35 2,438 1,141 Total 473,960 350,141 824,101 781.474 EXPENDITURE ON Charitable activities Grant Aided Work Other Archaeolooical Projects Donation to merged entity 300,441 245,561 516,392 714.107 876,678 714,107 876,678 Total 1.590,785 300,441 1,891.226 761,953 NET INCOME/(EXPENDITURE) Transfers between funds Other recognised gains/(losses) A¢arial gains on defined benefit schemes (1.116.825) 59,700 49,700 {59,700) (1,067.125) 19,521 15 248,000 248,000 368,000 1¥4et moven)ent in funds (809,125) (10,000) (819,125) 387,521 RECONCILIATION OF FUNDS Total funds brought forward 809,125 10.000 819,125 431.604 TOTAL FUNDS CARRIED FORWARD 819,125 The notes fotm part of these financial statements Pagell
GWYNEDD ARCHAEOLOGICAL TRUST LTD BALANCE SHEET 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total nds Unrestricted fimd Restricted fund5 Notes FIXED ASSETS Tangible assets 12 i20.409 CURRENT ASSETS Debtors Cash at bank- and in hand 13 121,879 421,387 543,266 CREDrroRS Amounts falling due ivithin one year 14 (44,550) NET CURRENT ASSETS 498,716 TOTAL ASSETS LESS CURRENT LIABILITIES 819,125 NET ASSETS 819,125 FUNDS Unrestricted fijnds Restricted funds 15 809,125 10,000 TOTAL FUNDS 819,125 The ancial statements were approved by the Board of Trustees and authori5ed for issue ..&/. and were Sied on its behalf by: on Dr C Bell - Trustee The notes fonn part of these financial statements Page 12
GWYNEDD ARCHAEOLOGICAL TRUST LTD CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 Noks Cash flows from operating aellvities Cash generated from operations Interest paid (701) Net cash used in operating activiti&s (727,592) (71,485) Cash flows from finvesting actlvities Purchase of tangible fixed assets Sale of tangible fixed assets Interest received (21,699) 321,880 6,024 (40,223) 2,438 Net cash provided by/(used in) investing activities 306,205 (37,785) Change in eash and cash equivalents in the reporting period Cash and Cash equivaIents at the beginnlng of the reporting period (421.387) (109270) 421,387 530,657 CaslA and cash equivaIents at the elld of the reporting period 421,387 The notes forni part of these financial ststements Page 13
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE CASH FLOW sTATE1T FOR THE YEAR EI¥DED 31 MARCH 2024 RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIvrrIES 31.3.24 31.3.23 Net (expenditllrejlineome for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation cbaTges Interest received Interest paid Decrease in debtors Decrease in creditors Difference between pension charge and cash contributions (1,067,125) 19,521 20,227 (6,024) 899 121,879 (44,550) 248,001 18,081 (2,438) 701 56,739 (15,388) (148,000) Net cash used in operations (726,693) (70,784) AI¥4ALYSIS OF CHANGES NET FUNDS At 1.4.23 Cash flow At3l.3.24 iyet cash Cash at bank and in hand 421.387 (421,387) 421.387 (421,387) Total 421,387 (421,387) The notes forn] part of these financial statements Page 14
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS ,.The fjnall¢I statements of.the charitabl¢.¢ompany, which is a public benefit entitywnder FRS 102, have been ' . prepad in accordance with the Cbarities SORP (FRS 102) 'AccouDting and Repo1ng by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Coipg concern On the 31 March 2024 the charity merged with The Tnt for Welsh Archaeology. The trust is to be wound up and all of th¢ chariws asscts and liabilities were transferred to The TnLSt for Welsh Archaeology, charity number 504616. This transfer is shown as an exceptional itetn within the accounts. Therefore the financial statements have been prepared on the basis tbat GAT is not a going concern INCOME All incorne is recognised in the Ststement of Financial Activities once the charity has entitlement to the funds, it Is probable that the income will be received and the amount can be nasured reliably. EXPENDITUR Liabililies are recognised as expenditure as soon as there is a legal or constru¢tive obligation committing the charity lo that expenditure. it is pmbable that a transfer of economi¢ benefits will be required in settlement and the amount of the obltgation can be measured reliably. Expenditure is accounted for on an aCcnlS b&sis and bas been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. TGIBLE FIXED ASSETS Deprectation is pmvided at the followAng annual fdtes in order to write off each asset over its estimated useful life. Freehold property Equipment Motor vehicles 2% oncost 33.33/0 on cost and 20% on cost 20 /LI on cost TAXATION The charity is exempt from corporation tax on its charitable activities. FUND ACCOUNTTNG Unrestri¢ted fldS can be ed in accordance with the clwitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the clwity. Restrictions arise when specified by tbe donor or when funds are raised for parttcular restricted pury)oses. Furtber explanation of the nature and PUTpose of each fund is included in the not to the fllmncial statements. HIRE PURCIIASE AJYD LEASING COMMrrMENrs Rentals paid under operdting leases are charged to the Statement of Financial Activities on a straight Ixne basis over the period of the lease. Page 15 Continued...
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICLES - continued PENSION COSTS AND OTHER POST-RETIREMENT BENEFTTS , The TnLSt operates a Defmed Benefit Pension Scheme. This is a multiryloyer pension scheme. T,he, Tnt , . . accounts for the pension asset under Financial Accoullting Standard 102 IFRS102). The FRS102 asset figure has been calculated by the scheme actliary &s at 31st Mar¢h 2024. The Trnst also operates a defined contribution pension scheme. ContnThutions paydble to the charitys peJ)sion scheme are charged to the Statement of Financial Activities in the period to syhich they relate. DONATIONS AIYD LEGACIES 31.3.24 31.3.23 Donation5 Legacies 704 1,980 704 1,980 INVESTMENT INCOTr 31.3.24 31.3.23 Deposit account interest 6,024 2.438 INCOME FROM CHARrrABLE ACTivrrtES 31.3.24 31.3.23 Activity Grants from Cadw Grant Aided Work Other grants Grant Aided Wo Subscriptionslfriends income Grant Aided Work Other grants Other Archaeological Projects Private archaeological project Other Archaeological PrOjts 329,859 19,305 977 8,250 458.947 352,869 8,250 164 414,632 817.338 775,915 Page 16 continued...
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 CIIARrrABLE ACTIVITLES COSTS Support costs (see note 6) Direct Totals Grant Aided Work Other Archaeological Projects Donation to merged entity 300,001 478,125 876,678 440 235,982 300,441 714,107 876,678 1,654,804 236,422 1,891,226 SUPPORT COSTS Governance costs Management Other Totals Grant Aided Work Other Ar¢haeological Projects 440 11,413 440 235,982 180,648 43,921 180,648 11,853 43,921 236,422 NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after chargtnyJ(crediting): 31.3.24 31.3.23 Auditors, remuneration Auditors, remuneration for non audit work Depreciation - owned assets Otber operating leases 4,500 5,004 20,228 3,348 4,500 1,700 18,081 3,844 TRUSTEES, REMUNEIL4TION AND BENEFrrs There were no 1ntstees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. TRUSTEES, EXPENSES There were no trLTStees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 17 continued..
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS 31.3.24 31.3.23 . , Wages andsalarA&S. Social security costs Other pension costs .578,949 54,356 19,601 4¥* 529,520 27254 9,591 652,906 566,365 The averdge monthly number of employees during the year w&8 as follows: 31.3.24 31.3.23 Chief Ex¢cutiv¢ Heritage management Archaeological projects Administration and support 21 18 No employees received fflnoluments in exc of £60,0(KI. io. EXCEPTIONAL ITEMS On the 31 Mar¢h 2024 the clwity merged with The Tnt for Welsh knbaeology. The trust was to be wound up and all of the chariws assets and liabilities were transfeed to the The Trnst for Welsh Archaeology, charity number 504616. The donation rnade was £876.678. The trdnsfer is shown as an exceptional item within the financial statements. ii. COMPIIRATIVES FOR THE STATEMENT OF FINANCIAL AcrIvrnES Unrestsicted Restricted funds Total fimds INCOME AND Ef4DOWMENTS FROM Donations and legacies 185 1,795 1,980 Charitable actlvlties Grant Aided Work Other Archaeological Projects 361,283 361.283 414,632 414,632 Investment incoxlle Other tncome 2.438 1,141 2,438 1,141 Total 418,396 363,078 781,474 EXPENDITURE ON Charitable activities Grant Aided Work Other Ar¢haeological Projects 245,561 245,561 516,392 516,392 Total 516,392 245,561 761,953 Page 18 continued...
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ii. COMPARATIVES FOR TllE STATEMENT OF FINANCIAL ACTIvrrIES- eontinued Unrestiicted Restricted fund funds Total funds NET INCOMEIIEXPENDITURE) Transfers between funds Other recognised gainsluosses) Actuarial gains on defined benefit schemes (97,996) 117,517 117,517 (117,517) 19.521 368,000 368,000 Net movement in funds 387,521 387,521 RECONCILIATION OF Ft7NDS Total fimds brought forward 421,604 10,000 431,604 TOTAL FUNDS CARIUED FORWARD 809,125 10,000 819,125 12. TANGIBLE FIXED ASSETS Freehold propety Motor vebicles Equipment Totals COST At l April 2023 Additions Disposals 350.000 174,787 2,124 (176,911) 20,941 19.575 (40,516) 545,728 21,699 (567,427) (350,000) At 31 March 2024 DEPRECIATIO, At l April 2023 Charge for year Eliminated on disposal 56,603 2,000 (58,603) 147,775 14,313 (162.088) 20,941 3,915 (24,856) 225,319 20228 (245,547) At 31 MaTch 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 293.397 27,012 320,409 In March 2022, the freehold property vrds valued at £300,000 {market value) which is not materÈally different Éo the value transferred to The Tr81 for Wejsh Ar¢haeology. Page 19 Continued...
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 13. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 31.3.24 31.3.23 . ,TrAde d¢btoi&. Other debtors Prepayments and a¢¢nLed income 69,717 5,950 121,879 14. cREDORS. AMoifNTS FALLJF4G DUE wfTHtN OIYE YEAR 31.3.24 31.3.23 Trdde creditors VAT A¢cn]als and deferred income 9,983 29,467 5,100 44,550 15. MOVEMENT IN FUNDS Net llKivement in funds Transfers between fijnds At 31.3.24 At 1.4.23 Unrestricted funds General fund 809,125 {868,825) 59,700 Restricted funds Grant Aided Wotk TA Roberts Legacy 49,700 (49,700) (10,000) 10,000 10,000 49,700 (59,700) TOTAL FUNDS 819,125 (819,125) Net movernent in funds, included in the above are as follows: Incoming resources Resources expended Gains aod losses Movement in fLmds Unrestricted funds General fijnd 473,960 (1,590.785) 248.000 (868,825) Restricted funds Grant Aided Work 350,141 (300,441) 49,700 TOTAL FUNDS 824,101 (1,89l226) 248,000 (819,125) Page 20 ntinued...
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 15. MOVEMENT IN FUNDS - contlnued Comparative5 for movement in fullds Net movement in funds between funds At 31.3.23 At 1.4.22 Unrestricted funds General fimd 421,604 270,004 117,517 809,125 Re5trieted funds Grant Aided Work TA Roberts Legacy 117,517 (117,517) 10,000 10,000 10,000 117517 (117,517) 10,000 TOTAL FUNDS 431,604 387,521 819,125 Cornparative net movemellt in fun(Is, included in the above are as follows: tncoming resources Resour¢es expended Gains and losses Movement in fimds Unrestrieted funds General fund 418.396 (516.392} 368,000 270,004 Re5trieted funds Grant Aided Work 363,078 (245.561) 117,517 TOTAL FUNDS 781,474 {761,953) 368,000 387.521 A Current year 12 months and prior year 12 months combi1 position is as follows: Net nx)vement in funds Transfers between funds At 31.3.24 At 1.4.22 Unrestricted funds General fund 421.604 (598,821) 177,217 Restrieted funds Grant Aided WoA( TA Roberts Legacy 167,217 (167,217) (10,000) 10,000 10.000 167,217 (177,217) TOTAL FUNDS 431,604 (431,604) Page21 continued...
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 15. MOVEMENT IN FUM)S - continued A current year 12 months and prior year 12 llnthS combined net movejnent in fijnds, included in the above are ,as foll0v:, - .. Incon]ing Resources expended Gains and Movement losses in fimds Unrestricted funds General fund 892,356 (2.107,177) 616,000 (598,821) Restricted funds Grant Aided Work 713,219 (546.002) 167217 TOTAL FUNDS 1,605,575 (2,653,179) 616,000 (431,604) The restricted fimds relate to Cadw projects with tbe restri¢tions being that these funds should be spent in accordance with the grant applicatio TA Roberts Legacy The TA Roberts legacy represents the proceeds of a legacy Provided to fiffther archaeological research in Anglesey. None of these funds have been spent at the year en(L 16. EMPLOYEE BENEFIT OBLIGATIONS The Tnt is a member of a defined benefit pension scheme operated for the benefit of the employees of a number of ahae01ogIcaI organisations, called The Archaeological OrganisatioDS Pensions (AOP) Scheme, which requires contributions to be made to a separdtely admiIllStered pension fimd. The assets of the scheme are invested and managed independently of the finances of the TTUSL The latest triennial actuarial valuation using the Projected Unit Method was undertaken by an independent qualtfied Acw, Quallw as at 31 March 2021. FRS102 calculations have been made to detern]ine the figLWeS Te¢ogDised below. The pension scheme is a multi-employer scheme and is sbared by threc other charities. As part of the next trÈennial actuarial valuation as at 5 April 2024, as yet not finalised, the knhaeological Organisation Pension Scheme has embed on a review of the scheme rule5. which includes reviewing the validity of past decisions. A potential ambiguity is under discussion witb the scheme's lawyers. The likelihood and quantum of any liabtlity on the ¢mploy•s is unclear. The nmin assumptions used in the actuarial valuations are as follows 2024 4.800/0 3.300/0 2.900/0 3.200/. S3PxA (Cmt) 2021 projections v/ith 1.25 /0 LTR 2023 4.700/0 3.50/0 Discount rate price infiation CPI price inflation Rate of increase in pensions in payment {LP15) S3PxA (CMD 202 Iprojections with 1.250/oLTR Post retirement mortality Page 22 continued...
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 16. EMPLOYEE BENEFIT OBLIGATIONS - continued The major categories of scheme assets are as follows: 2024 2024 2023 2023 Equilies Bonds Alternative Annuities Cash LDI Propety 234,0(K) 868,000 35.0% 898,000 36.20/0 131,000 76.000 272,000 11.0% 965,000 636,000 418,000 118,000 246,000 39.20/0 25.8% 10.oo/o 80,000 2.479,000 loo.A 2,463,000 100.00/0 The movement in surplus during the year is as follows: 2024 2023 Present value of funded obligations Fair value of plan assets Restricition on pension surplus 2,259,000 {2,479,000) 2,236,000 (2,463,000) 227,000 Net defined benefit (asset)/ liability (220,000) The Change in benefit obligation during the year is as follows: 2024 2023 Liability at the start of the period Current servÉce costs Interest on pension liabilities Members contributions Actuarial (gains)/losses on liabilities Curtailments Settlements Benefits paid Past serYi¢e cost 2,236,000 3,189,000 103,000 85,000 (10,000) (971,000) (70,000) (67,000) Liability at the end of the period 2,259,000 2,236,000 The change in the plan assets during the year is as follows: 2024 2023 Fair value of plan &ss¢ts at the start of the period tnterest income 2,463,000 113,000 2,673,000 73,000 Page 23 continued...
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 16. EMPLOYEE BENEFrr OBLIGATIONS - conlfinued Actuarial gainsl{losses) on assets Nou investment exp.enses Curtailments Settlements Employer Contributio Member ¢ontnl)utioDS Benefitsitransfers paid 11,000 -.(102,000) (376,000) .(7,000) .. 64,000 167,000 (70,000) (67,000) Fair value of plan assets at end ofperiod 2.479,000 2.463,000 Allalysis of return on plan assets Inteiest income ActLwial (loss)Igain on on plan assets 113,000 11,000 73,000 (376,000) Return on plan assets 124,000 (303,000) Analysis of amounts recognised in the Statement of Financial Activities: 2024 2023 Current senryce costs Past service costs Administration expenses Net interest cost 102,000 (10,000) 7,000 12,000 92.000 19,000 Total costs recognised in SOFA Page 24 continued...
GWYNEDD ARCHAEOLOGICAL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 17. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 Mah 2024. Page 25