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 f￿anCIal statements of the charity for the year ended 31 Mar¢h 2024. The trustees have adopted the provisions of
A￿ounting 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 GE￿ity), 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 TTh￿t 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 n￿lAtainS 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 a￿bae01O8l¢al organisations and societies (for exan)ple Cambrian
Ar¢haeologi¢al Associatton" 20C Society, Researcb Framework Wales). The Tn￿t 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 Tn￿t was grdnt-aided by Cadw in partnersbip with the Ynys Cybi Landscape Partnersbip to
undertake a geophysical survey. Building record and trial excavation at T￿n y Mynydd historic farmstead. which is now
, part of BU￿werth 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 success￿1 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 TTh￿t and monitors activities through a management
committee and a finance su&committee that has responsibility for overseeing the rUw￿la1 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 Tn￿tees, provided that the pres¢ribed n￿lMuM be not thereby exceeded. Any methbtr so ' . .
appointed shall retain his/her office only until the next AGM, but he/slLe shall then be ell￿Ele for re-election.
No person shall, unless recommended by the T￿￿tee8 for election, be eligible for election as a Tn￿tee 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 v￿lti￿ 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 Inforn￿tion 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, Str￿tllre and organisation,
role of the trustees, tn￿t business ¢ycLes, staffing, poli¢ies, financial niaDag¢ment and control practices, forward
strategies, current operdtions plan, and the pu4)ose and fl￿CtiOn of the GAT HER Charitable Trust. Tn￿teeS 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 t￿SteeS 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 infOrn￿tiOn conw1￿ the InfOrn￿tiOll 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 n￿terIal 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 Tn￿teeS 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 envirn￿ellt obtained in the course of
the audit, we have not identified material misstatements in the Report of the Tr￿ste¢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 infOrn￿tiOll and explanations we require for our audit.
Responsibilities of trustees
As explained more fi￿lY 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 tn￿tee$ 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 i￿egUlarlties, including fraud and
non-cornpliance with laws and regulation& we considered the following:
the nature of the industry and sector. control environment and business ￿forn￿1¢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 doCu￿￿tion 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 engageD￿lt 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.uklauditorsresp0￿lbI1ttie8. 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 Si￿ed 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 sTATE1￿￿￿T
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 ' .
prepa￿d in accordance with the Cbarities SORP (FRS 102) 'AccouDting and Repo￿1ng 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 Tn￿t 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 n￿asured 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 aCcn￿lS 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.
T￿GIBLE 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 fl￿dS 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, Tn￿t , . .
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 PrOj￿ts
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 Tn￿t for Welsh knbaeology. The trust was to be wound up
and all of the chariws assets and liabilities were transfe￿ed 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 Tr￿81 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.
cRED￿ORS. 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 ll￿nthS 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 Tn￿t is a member of a defined benefit pension scheme operated for the benefit of the employees of a
number of a￿hae01ogIcaI 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 emb￿ed 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 Ma￿h 2024.
Page 25