Reglstered number.. 1430801 Charity numbers.. 509C60 and SC042846 YORK ARCHAEOLOGICAL TRUST York Archaeology THE JORVIII GROUP YORK ARCHAEOLOGICAL TRUST FOR EXCAVATIIX AND RESEARCH UMITED IA Ilm5ted by tuxanteel ANNVAL REPORT AND HNANaAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CONTENTS Page Reference and administrative details of the (harity. its trustees and advisers Tw5tees' report 2-11 Independent auditors. report 12-14 Con501idated 5tstement of financial activities {irKorporatin8 Consolidated income and expendlture account) Con501idated balance sheet 16 CharSty balance sheet 17 Consolidated Gish Ilow statement Note5 to thE financial statements 1>50 YORK ARCHAEOLOGICAL TRusf FOR EXCAVATION AND REWCH UMITED REFERENCE AND ADMINISTRATIVÉ DEfAILS OF THE CHARITY, IT5 TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 TNstees ProfessorA W Robards, Chair Professor E RoberES. Chair Mr I C Melia Professor M Millett Mis5 S L Palmer Mf E 5outhworth Mr M R Watson Mr P Wheatcroft Company reglstefed number 1430801 tharlty rog15tered number5 $09060 and SCQ42846 Retstered offl 47 Abjwark York YOI 78X COMp￿Y secretary Gill Gimes Chlef executlve offlcer Mr David Jennings Independent audltors Crowe U.K. LLP Black Country House Rounds Green RI￿d OLDBURY B69 2DG 8ankers Natic*nal Westminster l Hurnber Quay5 Wellington Street West HULL HUI 2BN SoUcitor5 Shakespeare Martineau LLP Waterfront House. Waterlront Plaza 35, Station Street NOThINGHAM NG23DQ YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND AESEARCH UMITED TrUSTEES' REPOAT R]R THE YEAR ENDED 31 MARCH 2022 The Tru51ee5. vtho arE a15D dirertors far the wrp05e5 of company law. present their report and the consolidated finarhcial statements of the charity for the year ended 31 March 2022. REFERENCE AND AlhMINIThATIVE DEfAIiS Reference and administrative details are Shown in the schedule of members of the Board and professlonal advlsers on page l of the consolidated financial statements. THE TRUSTEE5 The Trustees WI￿ served the charity during the period were a5 follows: Professor A W Robards PrDfes50r E Robert5 Profe550r S T 0ri5coII Mr I C Mella Prufe55or M Millett Miss S L Palmer Mr E Southworth Mr M R Watson Mr P Wheatcroft (Chairl Iwice Chair) Illesigned December 2021} STRUCTURE. GOVERNANCE AND MANAGEMENT York Archaeological Trust Is a reglstered charity in England and Wales (No. 5090601. Scotland INO. SC0428461 and Company (No. 14308011 limited by guarantee. Go¥ernlng Document Thè Trust Is governed by its Articles of Assoclation. whlch were last amended on 9th Detember 2011. Membership of the Tru5t15 by invitation and approval in 8eneral rneeting. The maximum rbumber of member5 is 150 and there are currently 63. The Articles of A550Clation are under review by the Board. Appolntment of Trustees Any Member of the Trust tsn be ap￿inted by the Tru5tee5 to fill a vacancy (the maximum number of Trustees is 121. When a vacancy arises the Board Appointments Committee oversees a process of external advertlsing. shortfistinE & intErviewing applicants. giving consideration to the 5ki115 arHI eX￿rIEnCE whith it is ¢on5idered will Strengthen the Board nd its diversity. The recomwnendalion5 of the Appointment Committee are considered by the Board and appointments approved. Whèn first appointtd the TrustÈÈ rÈtsins office unlil thè nèxt Annual General Meeting onty, when helshe wlll have to stand for election. Each year one third of the Tfustees retire by rotation. YORK ARCHAEOLOGICAL TRLIST FOA EXCAVATION AND RESEARCH UMITED TRUSTEES, REPORT IcontinuEdl FOR TFIE YEIIR ENDED 31 MARCH 2022 Trusteo Inductlon and Tralnlng New Trustees are provided with a 'Board Bible. that maintsns an updated record of documents relating to the duties and actions of the Trustees and Board. This includes the Artides of Association. thè last two year5 published accounts. Mlnutes ol the meetings of Trustees held In the tast 12 months larbd the 5UPPOrting paper51. the Contract of Commltment and the Code of Condurt forTrustee5 and a copy ofthe Charity Commission publication entitled The Essential Trustee ICC31. In addition. as 500n as practicable after appointment they undertake a thomugh Inductlon programme which introduce5 the Trustee to the senior staff, gNes an insighi into ihÈ operational aspÈtts of runnin8 the Trust and Includes obseThatlon of one of the su1￿cOMMIttee or workin8 group rneet1￿. OrBanl5a￿On and Management The Board of Trustees is responsible for overdll 8o¥ernance. Setting the 5trate8y for the Trust and ensuflng that it Is delivered. The 8oard meets at least five time5 a year. Day to day management ofthe Tfust is the responslbllity ofthe Chief Executive. The Trust, for reporting purposes. is di¥ided into two areas.. Arthaèology, which vndÈrtakès rèsearth proietts. Èxcavations and other archaeolo8i(al work. The operatlons are OTBani5ed into five operating centre5 each of whith ha5 its own budget. The operating centres are based at York IFieldwork & Conservation). Sheffield. Nottingham and Glasgow IINHEAITI and all operate under the Tru5t'5 charitable regSstratlons. Lhjring 2021-22 the Divlsion was rebranded as York Arthae01o￿. removin8 the individual office names and uniting thè Division with onè focus. Attractions. which operates four educatlonal v151tor attractions In York IJORMK. DIG. Barfey Hall and Micklegate Barl,. the annual JORVIK Wiking Festival In York- an onllne dlgital programme operating from Morhk Bar in York, touring exhlbitions and a programme of community projects. This continues to be recc8nised as The JCIRVIK Group. The Trust has a Finance & Audit Committee of two Tru5tee5 and a Co-opted nofvTrustee rnember. a Remuneratio Committee of three Trustees and an Appointments Committee. Thè Appointments Cornmittee commenced a rerruitmellt prograrnme in 2021. with the Jim of appointin8 up to four additional Trustee5. There 15 a150 currently a Steering Group for the Roman Project compTi5in8 fourTrustees, the Senior Leadership Team and external partners as required. Trustees, Indemnity insurance crJ5Dng £7.70512021: £3.5861 vR5 acquired to protett the Charity. the Trustees and officers, providing £5rn liability cover. Charity Governance Code The Board is responsible for the rwew of the Charity Governance Code, which was last formally reviewed during the vear 2019-20. The Board are currently undertaking a review ol working arrangements and recruitment and con%deration of the Charity Govemance Code is at the forefront of this work Key Management Personnel In addition to the Chief Executive OKicer (David Jenning51, the Senior Leadership Team comprises the Chief Flnancial Officer (Gill Gimesl. the Director olAttractions {Sarah Maltbyl and the Director olArchaeolo8y (Dr Howard lonesl. The pay of the Serbior Leadership Team 15 re￿eWed annualfy by the ftemuneratK)n5 Cornmittee and normally set in line with company-wide infiationary increase5. Salaries for new appointments are benchmarked agabn5t salarie5 in similar sectors. prefernbly charitable. although salaries for particular specialists may be set agalnst ihtsse in the commercial sertor. YORK ARCHAEOLOGICAL TRUST FOR EXCAVAMOM AND RESEARCH LIMITED TRUSTEES, REpoirr Icontinuedl FOR TrIE YEAR ENOED 31 MARCH 2022 Fundlni and Group St￿£￿r• The Trust 15 funded from the following source5: Income received through the wsitor attractions and live events. Income from touring exhibitions and streamed events. Funded archaeology and artelart conservation wo Fundlng forspecific projects from Hlstoric E￿larbd. the Herita8e Lottery Fund. the eriti5h Council and Arts Council England. FundinB from other grant wvers. Publlc donation5. In 2021-22 the Trust also received funding Irom the Coronavirus Job Retentlon Scheme, Retoil. H05Pitality & Leisure 8rants, the Arts Councll En8land Cultural A•covery Fund and Rèstart grants. The Trust has a troding 5ub5idiary UVC Retail Limited). which operate5 the retail attlvStles of the Trust at the visltor attractions and online. The results ol this subsidiary have been IncorpoTrted. as ary surplus r>n this artivity is8ift aided to the Trust. The Charity had no fundrai51fbB artivitie5 requirinB disclosure undef S16Z4 of the Charities Act 2011. Rlsk Management During the year the Tntstees have continued to rthryew the risks to the Tru5L The Risk PolKy was reviewed and updHted in November 2021. A5 a result of the review the Committee was disbanded. with the Board Instlgating a more dynamic approach and appointing a rapid reliew group fof ¥>e¢ifi¢ risks as they arose, with others bein8 deleBated to the Finance & Audit Commlttee or revlewed by the full Board as appropriate. Any new Ti5ks, or change5 to existing risks. are notified to the Board at each meèting with thè full risk register being reviewed annualty by the Board. The Trust also has a Finance & Audit Cofflmittee that meets t441th the Trust's Auditors tctr plan the audlt. and, followin8 the audit. to review the linanual results and ihe approprlateness ol control measures. The Tru5teE5 cOn￿der that the principal ri5k5 to the Charity are: Maintaining the financial stability of the organisation if the attfactions are forced to dosè for a lÈngthy period. Reserves have recovered in the finanoal year and are just belDWthe level identified in the REserve5 policy as being sufficient to cover any short temi loss of intome. moving from a deficit balance twelve months a80. The Trust would use all 5UPPQrt available lin the ￿ent of a closure due to further pandemlcl. instigate a 05t reduction prograrnme. review pricin8 and activity to encourage visitors and make use of the Reserves available. The Impact of cost ol living Increases. both in a potential redurtion in viytor number5 due to people having less disposable Income and increased costs of staff pay and supplies. The Trust 15 under considerable preswre on staff pay and recruitment and has inilioted a pay review for implementation in September 2022. External pressures such as the increase in Nat•onal Insurance rates. fuel & utility costs. in particular, have lèd to o review of pricing of arthaeology work together with a c05t saving programme. The York Roman Project. The Trust continues to wryk wtth pur partner in plannin8 the excavation and development ol the Roman Quarter In Yor*. The re￿Sed planning application ha5 been submitted, with the possibility of Planning Committee considÈwatitin in SèptÈrn￿r 2D22. Ne8Otiations on the lease for the attraction are continuin& The m05t recent proposal bases rent on a percentage of turnover and Includes conditional termination clauses, both of whKh would protect the Trust shovld visltor number5 be IowEr than anticipated. The Board consider the risk to the Trvst to be not only financial. but restsurcinL public relation5 and impart on the current 0bxfat￿fts. The Steerin8 Group. Chaired by one of the Trustees, continues to oversee the projert. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2022 Maintalnlng financial stsbllity across the archaeological ser¥lces. The perfomiance of the archaeology divislon remalns a concem, with the division agaln recording a loss In 2021.2. The Dlrector of Archaeology worked with the mana8ement team ihroughout the period to Continue implementation of the 8ysiness Strate8y for the division. A Head of Research was appointed to drive the change5 and efficiencie5 and the removal of the Regional Mana8er posts at Sheffield and Nottingham and the appointment of a new Regional Manager at York were all completed. The 2021-2 r￿ur•S show ihe Impact of the investment on the costs, with the results of the chal￿¢$ not yet N75ible. VoluThteer5 Volunteer5 play a key rvle in the surcess (Jf ihe organisatiDn. with vulunteers noTm4lly workin¥ in role5 ran8inB from interartive5 at the Attractions, stewards ot events. SUPPQrtinK archaeological fieldwork and community projects to asslsting the Finds team with cleaning and presemtion of the collection. We were delighted that. as the attractlons and operations reopened during the year, our Vofunteers were able to recommence their involvement. Durin8 the yeaf we had 96 artive ￿lunteers. who between theffl contributed over 1.3(KJ h¢)ur5 of their time to the Trust. The Tru5tee5 would like to take this opportunity to thank them all lor their commitment and 5UPPOrt and look forward to welcoming more volunteers in the comingyear. OBJEcllvES AND ACTIVITIES In Shaping our objectives for the yeaf and planning our acttwties. Trustees have considered thE Charity Commission's 8uidance on publi¢ benefit, inclvdinÉ the gUida￿e'PUbliC Benefi1= runninÉ a Charity IPB21'. The objects for %thich the Trust is e5tabli5hed are to advance the education of the public in archaeology, history and related dI￿lp11neS assoaated with the City of York and elsewhere and to promote the preservation and display of collertions of archaeologi¢al material. carry out researth and disseminate the results. The Trust continues to seek ways of furthering knowledge about the past and making this information readily available to the public. The latest strategy document and implementatSon plan were approved by the Board on the 20 May 2022. The strategic aims over the next five years are: Discoverin8 archaeolo8y from di8 to display and beyond. YAT will bè economically. envlronmentally and ￿XIal1V sustalnable and grow. YAT will work a5 one Cohesi￿ orEanis#t•Dn. The activities ol the Trust are arranged so that the work invow in archaeological Investigation. reporting and researih 15 undertaken in the Archaeology Divlsion. Ltnderthe management of the Diwtor of Archaeokjgy. OpEration41 offices re located in York, Sheifield and Nattingham. The Head of co[￿rvation. based in York, 15 responsible for the work on cor15ervation of artefart5, and the Oirectors of Inher¢ based in Gla5Bow, for international projects and research work. The Director of Attractions manages the visitor attraction5. touring exhibitions. public outreach (including digital outreach) and marketing and is responsible for the retention of objects and managing atcess to the tollertion. The Direrttsr of Archaeology, OirÈrtor of Attrartions & Chief Financial Officer rèpt)rt to the Chief Executive Officer. The Cornmunity EnBagement Tearn wa5 created durin8 the year. drawin¥ on expertise from all area5 of the Trust and dernonstratlng our commitment to working a5 one coheyve organisation. The aim of the Attractions DIVI￿on is to deli¥er an educationalty effective experience throu8h our vlsitor attractions. events, di8ital programme and tourins exhibition5. The m051 popular attraction, JORVIK Viking Centre, provides visitor5 with a unique insight into ViknnB life. All the attractions require an erhtrance fee to be paid. This enables us to invest in further educational activities. induding free public event5. and to maintsin a high-quality educatlonal experlence in all of our attfactions. as well as providing funding towards the work of the ￿Chae0108¥ Division. A careful balance needs io be struck belween maximi5ing revenue gEneration and ensuringthat all sector5 of the PDpulation have acce55 to the YORK ARCHAEOLOGICAL TRusf FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, AEPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2022 educatSonal experience on offer. School groups are particularty IMP￿tsnt in thls respect and the Trnst ensures that the material remains relevant and appropriate to schools. The dieital prD8ramme. irtcludin8 thè JORVIK Wikin8 Thin8 online festival, continued to 8row, with the creation of a digital Studio in Monk Bar (the former Richard111 Experience) and the touring exhibition programme recommenced. Income from the Attrartivns. despite the closure. exceeded Expertation5 Wlth total incorne of £4.26m for the year12021: £1.28ml including grant funding received for various projects in ucess of £240k The grant funding covered two pilot phases and a winter pro8ramme on the Arthaeology on Pre5CriPtion initiative and £31.5k for the continuation of the 'Wirtual Wikings, programme, building on the successful work In 2021>21. Arthaeology on Prescription was supported by the UK Community Renewal Fund via City of York Council, The of York Council itself, The Ed de Nunzio Charitable Trust, the Cheshire Community Assura Fund. the IGEN Trust. Arnold Clark. the Sheldon Memorial Trust and the York Rotary clubs. The %wnter programme was funded by the Vale ol York NHS ainical Commissioning Group. The Virtual klngs programme was supported by grants from the Hed* Trust1£30KI and Atts Council England l£l.Skl. We ore grateful to all our funders who have Ènabled us to pilot innovative wtsrk in the period. Archaeology continued the poor performance on recent years, with the hvo maln operating offices recordlng signlficant losses, In part due to the Investment required In staff and systems to facilltate the tumarotsnd prografflrne. Turnover in thÈ Archaèology & Heritage division was £3Am compared to E2.46m in the pfwous year, however, the deficit rose to £564.4k12021.'£156.8kl The Trust was awardèd an Arts Council England Cultural Recovery Fund grant of £1.9m to covèr the Income Its￿ due to the pandernic Ithe Attrartion5 were not able to open until the i* PAay 20211. the additional costs of safe workin8 on reopeninR and the toppinK up of depleted Re5erve5. We are very grateful to Art5 Council England for the award. Some staff remained on furlough. with their costs covered by funds Irom the Coronavinjs Job Retention Scheme and HMRC Restart grants of £76k were received which ¢overEd the reppenin8 of the attraction5 during the year. WE are also grateful to èll indivKluals and organisaiions who made dortations, t*thith totalled £26k in the year, including the Friend5 of York Arthaeolo8i¢al Trust for their donation of £1 YORK ARCHAEOLOGICAL TRU￿ FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2022 STRATEGIC REPORT ACHIEVEMErirs AND PERFORMAN L•5t year we almed to: MaSntaln the financlal stablllty of the Trust lollowing the Impact of Co¥ld-19. The financial impact of Covid-19 continued into 2021-21 with the Attractions unable to open until 17 May and significant numbers ol staff remaining on furlough. although these numbers reduced up to September 2021 when the Scheme ended. The Trust was supported by grant funding as detailÈd above. with the most Sl8nificant award bein8 the Art5 Council England Culturol Rerovery Fvnd award of £1.9m. which enabled the Trust to bring its free Reserves out of deficit. The Trust a150 carried out a sale and lease back of the freehold property at 421 Huntington Road. Yorl with the profit on d￿pOSal ol £518.8k belng transferred to a Deslgnated Propertv Dèvelopment Fund. Continue pro8ress toward5 makin8 arthaeologbcal acti¥it•es self-funding and achiev5ng a minimum level of free reserves of£l.18m. 5i8nificant progre55 h05 been made towart15 athiev1￿ thi5 aim. with the Te5tructurinB of the Regional Manager tier in ArchaeoloBy and the recruitment of a Head of Research who ha5 carried out a systems revlew wlthin the archaeology oifices. This has led to the introduction of a digital slte recording system and work contintses on creatin8 Easy to acce55, clear and understandable rnana8ement information for those running the projects. This ha5 involved considerable inve5tmEnt. whKh 15 reflected in the re5uIt5 of the Ar(haeolo8y division, but they will form the bedrock olthe change programme in the next pwiod. Free reserve5 lexcludlng Deslgnated Funds) at the end of the period stood at £1.(￿5M. Continue to work in partnership on the Roman Quarter property developrnent ond development of the proposed attraction 'EBORACUM'. The Trusvs ambitlon Is to use the YO￿ Roman Project as a prime example of linking excavatiun. research, education, publit engagement and visitor experieno to Create so¢KHI and economic impact through heritage. The proposed development lost momentum durin8 this period as the Wanning applKation was rejected by the City of York Council and has been resubmitted. We continued to develop plans for the attrartion design and our publlc engagement programme in York has locussed on subjects that link into thls projECt. Continue to explore how we maximi5e public benefit from heritage. In particular, we will continue to develop our project Snltlatives around sooal Prescribing and health and wellbeing and our digital offer5. A pilot projÈrt. Archaeology on Prescription. ran bètsvèèn SeptÈmber and Ntsvember 2021 and wo5 so successful that further funding was received for both a winter programme and a second pilot phase with an award of E119,728 from the UK Community Renewal Fund. £66,832 of the award was received in the year although some has been deferred to cover the costs of later stages of the work. We were dellghied to be awarded the Best Community Projett award at the national Museums & Heritè8è awards in May 2022. a rèflèction ofthe innovative approach of thi5 proiecL The Trust intemalfy ha5 been restructured. with the creation of a Community & Engagement team drawn from all operntional afeas with a remit to grow and deliver our offerlnE In these areas. Undertake a rewew and implement artion plans in ￿lat10ft to equality and diversity. The Board created an Equality, Diversity & Inclusion working Irovp, attended by the Vice Chair, in 2021 and has worked with Museums Development Yorkshire on the review and action plan. A key part of the actlon plan was to encourage divErsity on the Board and this reftecteil in the remiitment proce55 corried out in January to May 2022. The work of this group continues. YORK AACHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMTTED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2022 FINANCIAL REVIEW The Trust had net income for the year. prbor io pension fund revaluation. of £2.096.3￿, compared to net expenditure in the previous yeaf of £1.640.069. a movement of over £3.73m. In￿me overall was E5.47rn above the previous year, wlth an Increase In costs of El.73m. The income included grants received of £2.155rn CDmpared to El.58m in the previous year and the profit tsn thè sale of 421 HUntin￿Ort Road. York tsf £518.81 which was translerred to a Deslgnated Property Development Fund. The Income from the Attrartlons & Events dlvlsion was hit by the closures during the year, althou8h after reopening vlsitor numbers and incorne were above the leve15 anticipated. The touring exhibitions recommenced. generatlng income of £64.7k in the year and there ￿ a full programme for the next year. The JORVIK Vikin8 Festival was deferrÈd to May 2022 and will be supported bya grant of £3(A( received fmm the Oty of York Council. The trading company. which accounts for refail & private hire activity in the attraCt￿n5, made a Small surplus of £168,794 in the year12021.. defKit E3,4051. Income across the Arthaeolo8y & Heritage DNision inueased1£3.4m compared to £2.46ml. exceeding pre pandemk income ft8ure5. Expenditure in the Oiw5ion. whith includes administration on behalf of the Trust as a whole. was E5.317m, an increase from the previous year. Thi5 expenditure included costs funded from the Arts Council England Cultural Recovery Fvrml grant. The Trust received legacy incorne of £25 in the period12021: £Nil) and re￿IVed donations totalllng £26.286 {2021= £38,830). The Trust also received grant income of £2.128,47312021.' £1,541,565) comprising the Arts Council England Cultural Recovery Fund l£1.926.4201 Coronavirus Job Aetentmx) Scheme {E125.8011 and Retall. Lelsurè & Hospitality svpport grants {E76,2521. The cash balance ot the end Df the year Stood at £2,391,98912021: £325.3881. Re5trlcted Fund5 No income wa5 received against Restricted Fund5 durin8 the year {2021'. £52.9501. Net movement in Restricted Funds was a decrease of £1,86212021: increase £4.1961. YORKARCHAEOL061CAL TRU￿ FOR EXCAVATION AfiD IIE5EARCH UMITEO TRUSTEES, REPORT l¢oniinuedl FOR THE YEAR ENDED 31 MARCH 2022 Reserves The reserve5 policy involves the identification of expenditure on planned development. which is tr)nsferred to a designated capltal reserve. and otfree resetves which are held against adverse financial situations. The Re5eNes policy is re8ulady reviEwed by the Board and was arner￿ed in May 2021. The current policy 15 to maintain a knl of free reser¥es equivalent to 25% of the tumover from the attractlons dfvlslon prior to the impatt uf roronavirus in 2020-21. The Board feel ihat thi5 reflErt5 the omount required to cover e55ential Costs whilst alternative fundinB 15 50UBhL 8a5ed on irKome frorn the attract#)n5 for the period 2019-20 of£4.72m the current aim 15 to maintain free reserves of El.18m. At the end vf the year there was £5.Sm12021= £3.4m} in unre5trirted re5Erve5. Of thi5, £3.89m12021: £4.5ml Telate5 to fixed assets, E8.7k is designated for the annual Helen Addyman Lecture. £1&5k designated for the York Roman Project and £518.8k newly designated lor property development. The balance of Re5trirted Furbd5 iarried fOr￿rd 5tsnd5 ai £23.88812021: E25,7501 The balance of free reseNe5. excluding Designated Fund5 and pension liabilities. is £1.065m12021= negatlve £1.108ml. Achieving the aim of the policy to maintain a level of £1.18m ￿11 be met by a focus on financial 5ustsinability as Outlined in the plon5 for future perir>Js. Golng concern The attrartions reopened on I￿ May 2011 and trnd•n8 since reopEning ha5 exceeded expert3t￿n5. although it has not yet reached pre covid trading IEve15. The Trust Wa5 awarded a Culture Recovery Fund grant of £1.9m in April 2021, and the sale of the freehold property at 421 Huntington Road, York completed in September 2021. This resulted in an Increase In Reserves taking Reserves to a f¢ure in excess of £lm. approaching our tar8et Re5erve5 of £1.18m. The Board continuè to moniior ongthngtradin8 conditions arhd are rnindfvl ofthe increased c05t pressu due to inflation and increased pay demarbd5, but are comfortable that this can be cushioned by implementing price Increases. effiuencies and cost savings where p0s￿ble. We believe there are no r[￿terial uncertaintie5 that call into doubt the Charity's ab41ity to contSnue. For thEse reasons. the Tru5tee5 consider it appropriate tl) continue to prepare the finanaal statements on a going concern basls. YORK ARCHAEOLOGICAL Trusr FOR EXCAVATK)N AND RESEARCH Um￿ED TRUSTEES, REPORT IcontSnuedl FOR THE YEAR ENDED 31 MARCH 2022 PLANS FOR FUTURE PERIOOS The Board approved the five year 5trate8y for 2022 onward5 in May 2021. The priorities for the first twelve months are: Financial 5U5tainability Reaching sustainability in the Archaeolo8y operations. improiryng & dNersi￿n8 in¢ome stream5 in the Attractlons operatlons. controlling £0Sts in the face of external factor5 and maintaining the minimum Reserves target of £1.18m. Publk benefit & archaeology Focussing on dellvering the York based Archaeology on Prescriptiorb projert and piloting a project outside our York base. Using the Roman Quarter excavation a5 a f(Kal point for future work and initlatlng conversations to introduce similar programmes in our developef lead work. Usin8 core values to build the charity WorkinB on delivering nEw attractions and initiative5 rellecting our core values. includlng opening the café at Barley Hall In the sumrner of 2022 and continuing to work with partners on fvtvre possibilities. Fthure woofing Review and implementation of a Di8ltal Strategy and the continuation of the review. investment and implementation of recording and management inlomution systems In the archaeolo￿ operation5. Engaging with stakEholdEf5 & beneficiarie5 Completing a review of Cornmunication5, whith will result in On appfoved Communlcations Mrate8y by ihe end of the financial year. Working wlth others Continuin8 to dèvèltsp our partnerships with the UniveThty of York, the supporters of the beneficiarie5 Of ArchaeoloBV on Pre5CriPtion and potential partner5 in new attnction Belng a good employer. dolng social gLN)d Finaf15in8 Dur HR Strategy. includin8 pay & conditions. the traininB and development of staff and volLtnteErs. succe55i0n plannin8 and incre￿n8 diversity and indusion. on the 8oard. within the staff & volunteèrs, oui visltors and the beneficiarie5 of our seNce io YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, REPOAT Icontinuedl FOR THE YEA9 ENDED 31 MARCH 2022 Statement of Trustee5' rryon51b14tie5 In wespert of theTrustee< Annual Report {ronyri5ing the Strate8lc RepDrt and D5rectors' Reportl and the financial statements. Tho Trustees (who are also dirertors of York Atthaeologlcal Trnst for Extavation and Rèsearch Limited for the purposes of company law) are re5ponyble for preparin8 theTru5teE5' report and thefinancial staternent5 in accurdance with appliiable law and United Kingdom Accounting Stsndard5 Iunited Kingdom Generally AC￿pted Accounting Practicel. Company law requires the Trusiees to prepare financial statements lor each finandal year. Under company law the Trustee5 mu51 not approve thE financial 5tatement5 unle55 they are 5at15fied that they give a true and fair view of the State of affairs of the charitable company and the Broup and of the incoming resources and application of resources, includlng the Sncome and expenditure. of the charitable group forthat perh￿. In preparing these financlal statements, the Trustees are required to: select suttable accounting policie5 and then appty thern consistentty: observe the methods and principles in the Charities SORP- makejudgments and accounting estimates that are reasonable and pmdent- prepare the financial statements on the going conorn basis unless it is inappropriate to presume that ihe charitable group will contlnue In operatK)n. The Trustees are responsible for keep•ng adequate accounting record5thatare sufficienttoshowandexplain the charitable company ¥nd thE grpup's trnnsactions and disdose w•th reasonable arcuracy Jt Jny lime the finanrial pDytion of the tharitable gmup and enable them to ensure that the ffinancial statements comply with the Cornpanie5 Att 2006, the Charities and Trustee Investment15cotlandl Art 2trfJ5 and thè Charities Accounts IS¢otlandl Re8ulalion5 2￿6. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonablo steps for the prevention and detection of fraud and other iire8ularitie Ols¢lowre of Infomiaiion to audito Each ol the persons who are Trustees at the time when this Trustees. report Is approved has confirmed that: so far ?5 that Trustee 15 aware. there is no relevant audit information of which the charitable Broup's auditor5 are unaware, and that Trustee has taken all the stepsthat ought to have been taken as a Tmstee In order to be aware of any relevant audit Information and to establish that the charitable gmup's audbtors are aware ol that Information. Auditor5 Crowe U.K. LLP. has indicated its. wllingness to be re4ppointed as Statutory audStor. subject to the approval of Members at the Annual General Meeting Th15 report was approved by the Board, In thelr rapadty asTrustÈes artd Dlrertors. and $58ned on the5r behalf. By arder of the Board Professor A.W Robards (half DATE 1g.o&_Z¢*iL 11 YORK ARCHAEOLOGICAL TRusf FOR EXCAVATION AND RESEARCH UMITED Independènt Audltorfs Report tothe mernbe￿ aNI Trustees of York ArchaeologScal Trust fty ￿¢awaiIOn and Research Llmlted Oplnlon We have audited the financial statements ofthè York Arthaeolowcal Trust for ExcavatSon and Researrh Limited fur the year ended 31 March 2022 which cDmpri5e the Statement of Financial Attivltles. the Income and Expenditure Account. the Balance SheeL the Statement of Cash flows and notes to the financial statements. inclvding a summary of slgnificant accounting policies. The financial repcrtlng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. indudin8 Firtan¢ial Reportin8 Standard 102 The Flnancial Reportlng standard applScable in the UK and Republic of Ireland Iunited Kingdom Generalty Accepted Accounting PractitÈl. In our opinlon the financial 5taternent5". give a true and fair view of the 5tste ol the 8roup's and the charitable company's affairs as at 31 March 2022 and of the group's income and expenditure. for the yeaf then ended.. have been property prepared in accordance with Uniied Kingdom Generally Accepted Accountlng Practice." and have been prepared in attordance with the requirements of the Companie5 Acl 2006. the Charitie5 and Trustee Inve51ment (Scotlandl Art 2005 and Regulations 6 and 8 01 the Charities Attounts1Scotlandl Regulations 2006. Basls for oplnion We conducted our audit in accordance with Iniernational Standards on Auditin8 IUKI IISA5 IUKII and appllcable law. Our responsibilltles under those standard5 are further described in the Auditorfs responsibilities for the audit of the financial statements sectlon of our report. WÈ arè independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial 5tstements in the UK. irbduding the FRCS Ethical 5tsndard, and we have fulfilled our other ethical responsibilities in accordance with ihE5e requirement5. We believe that the audit evidence we have obtained is sufficlent and appropriate to provide a ba5t5 for our opinion. CoThclus5ons rolatlwd to golng concern In audStin8 thè financial statèmenis, we have CO￿lUded that the trustees. use ol the going concern ba515 of accounting in the preparation of the financial statements is appropriate. 8ased on the work we have performed, we have not iderhtified any material uncertalnties relating to event5 ur conditions that, individually or collectively, may cast significant doubt on the tharitablE company's ability to continue as a going concern for a period of at least twelve months Irom vthen the finanool 5trtements are authorised for issue. Our responsibilities and the responsibilities of the trustees respett to going concem are described in the relevani 5eclion5 of th15 reporL Other InforMa￿n The trustees a￿ responsSble for ihe other informotion c(mtsined within the annual report. The other inforMat￿)￿b comprises the Informatlon included in the annual report, other than the financtal statemenis and our auditols report therpon. Our opinion on the financial statements does not cover the other Infomiation and, except to the extent otherwise e¥plicitly stated in our report, we do not express any form of assurante condu5ion thereon. r responslblllty is to read the othef information arKI. in doing so. con5Hder whether the other information 15 rnateriallv inconsistent with the financial statements or our kn￿￿edge obtained in the audit or otherwise appears to be materially mi55tated. If we iderbtify Such material inconsistencies orapparent material mi55tatements, we are requiied to determine whether thls gives rise to a material mi55t4tement in the financial statements themselves. If. based on the work we have perfornied. we conclude that th￿t is a ￿￿tErial m155talement of this other information. we are required to report that fact. We have nothing to report in thbs regard. 12 YORK ARCHAEOLOGICAL TRvsfFOR EXCAVAnoN AND RESEARCH UMITED Oplnlon5 on o¢her matters wescribed byth• Companl•s Act 2006 In Our opinion based on the work undertaken in the course of our audit the information 8iven in the trustees, report, which indudes the directors. report and the 5tratE8K report p￿pared for the purposes of company law. for the financial year lor which the financlal statemÈnts are prePa￿d is consistent th the financial 5tatement5- and the strategic report and the dirertor< report induded within the tfustee5' report have been prepared in accordance th applicable leBal requirements. Matt•r5 on whkh we arn rnqulred to report by excoptlon In158ht of the knowledge and understanding of the ¢haritable ¢ompany and their environment obtained in the course of the audit, we have not Sdentified material misstatements in thE 5trate8ic report or the director5. report included within the tru5tees' report. We have nothlng to report in respect of the followinÉ matter5 in relation to which the Companle5 Act 21XJ6 and the Charities Accounts IScotland} Regulations requires us to report to you if, in ouropinlon.. adequate and pmper a¢¢ounting reiords havE nDt been kept: or the financial statements are r￿t in agreement with the accounting records and retums: or certaln dlsclosures of trustees. remunerat•Dn specified by law are not made: ur we have nDt received all the information and e¥planations we require for our audit. Responslblll¢ies of rrustees A5 explained More fulty in the trustees. responstlmllt￿S statement set out on pages 2-12, the trusiees Iwho a￿ also the dlrector5 of the charitable company for the purposes of company lawl a￿ ￿$pUn$1b1e for the preparatTron of the financial statements and for belng satlsfied that they give a true and fair view, and for 5uth internal control as the trustees determine 15 nece55Ory to enable the preparati¢)n of financial 5taternents that are free from material misstatement. whether due to fraud or error. In prEparing the financial statements. the trustees are responsible for a55essinB the group's or the charitable companvs ability to continue a5 a going concern, di5c105inB, a5 applicable. matter5 related to going concem and using the gtTrin8 concern basis of accounting unless the trusiees either intend to liquidate the charitsble company or to cease operation5. or have no realistic alternative but to do so. Audltorfs respons1blllt￿S for the •Jdlt of thtllnandal statements We have been oppoinled a5 auditor under5ectiDn 44llllcl of the CharitiES and Trustee Investment Iscotlandl Att 200S nd under the Cornpanie5 Art 2CK)6 and report in accordance wth the Acts and relevant regulations made or havin8 effect thereunder. Qur tsbjertives arè to obtain reastsnable assurance about whether the financial statements as a whole are frEe from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is noi a guarantEe that an Judit ronduttpd in accurdance with ISAS IUKI will always deteu a material misstatement when it ex•sts. Mi$5tatements can arise from fraud or error and are ctsnsidèred material rf. individually or in thè apAr￿ale, they tould reasonably be experted to influence the economi deci5ion5 of users taken on the ba515 of these financ4al statements. DEtai15 Of thE extent to whith the audit wa5 congdered capable of deterting irregularitie5. induding fraud and non. compliavbce wth Iow5 and reKulation5 are Set out below. A fvrther descrlptlon of our responsibilities forthe audit of ihe financial 5tatement5 is located on the Financial Reporting Council's website at.. W￿.fr¢.0 auditorsr btlitiQS. Thi5 description forrn5 part ofour auditorfs ￿port. 13 YORK ARCHAEOLOGICAL TRUST FOR EKCAVAnoN AND RESEARCH UMITED Extent to whlth the awlit Was CDnsidered ￿Pable oldetertkng *wlarltle4 Intludlng fTrud Irregularities, induding fraud. are Instan￿ of nort-complian¢e with laws and re8ulations. We identified and assessed the ri5k5 of material misstatement of the financial statements from irregularities, whether due io fraud or error, and dlscussed these between our audit tèam membèrs. Wè then de5i8ned and performed audit pr￿ed￿re5 responsive to those risks, Indudin8 obtaining audit eviden￿ sufficient and appropriate to provTrde a basis for our opinS0n. We obtalned an Understandi￿ of the le8al and regulatory frarneworks within which the charitable ¢ompany operates, focuslng on those laws and regulation5 that have a direct effect on the determination of rnaterial amounts and di5rlo5ure5 in the financial 5tatement5. The laws and regulations we considered in thi5 context were the Companies Att 2006, the Charitie5 Art 2011, the Charities and Tru￿e• Invèsiment IS¢otlandl Art 2005 together with the Charitie5 50RP IFRS 1021. We assessed the required Crynpliance with these law5 and regulations as part of our audit prncedures on the related finantial statèmènt items. In addition, we Con￿dered provish)ns of other laws and regulatw that do not have a d1￿Ct effed ¢)n the financial statements but compliance wth whith mi8ht be fundarnental to the charitable compan￿5 ability to operate or to avold a material penaliy. We olso considered the opportunities and ir￿ent[Ve5 that may exist within the charitable company for fraud. The key law5 and regulations we considered In thi5 context were General Data Protection Regulation. health and Safety leglslation and employee legislation. Auditin8 Standard5 limit the required audit prttedures io identify nonn-¢ornpliance and cannot be experted to detert non-cornplian￿ with all law5 and regulation Use of our report This report is made solely to the charitable company'5 rnember5, a5 a body. in accoidance with Chapter 3 of Part 16 of the Companies Act 2￿6, and to tht tharitable company's trustees, as a body. In accwdance with Regulation 10 ofthe Charities Accounts15cotlandl Re8ulation5 2006. Our audit work has been undertaken so that we might state to the charitable ¢ornpany'5 members those matters we are reqUI￿d to state to them in an auditorfs report and for no other purpose. To the fullest extent pemlitted by law. we do rtot atcept or assume responsibl￿ty to anyone other than the charitable cornpany and the tharitable company'5 truslee5 as a body for our audit worK for thi5 report, or for the oplnlons we have lomied. (( Kerry Brown Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 81ack Country House, Rounds Green Road. Oldbury, West Midland5. B69 2DG Date= 29 September 2022 14 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITEO CONSOLIDATED STATEMENT OF FINANCIAL AcnvmES IINCORPORATING CONSOUDATED INCOME & EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Total funds 2022 Total funds 2021 funds 2022 fvnds 2022 Note Incorne from: Oonations, grants and legacies Charitable activities her tradlng activitles Investments Oisposal oifixed assets 154,784 7.663.135 617,909 ioi SI8￿17 2.154.784 7.663.135 627,90Y ioi 51¢817 1.580,395 3.738,387 177.888 234 Total Income 10,%4,746 10,964,746 5,496,904 Expendhure on: Raising funds Charitable artivities 459,115 8,4107,470 459.115 8,¢K19,332 179,846 6,957,127 I￿62 Total expendlture SA66￿5 1.862 8,868,447 7.136,973 Nei Incume I (expenditure) befvre Investment losses 2m8,161 11,8621 2,096,299 11,640,069) Net kncome I lexpendlturel before other galns and losses 2J198.161 llJ621 2,096,299 11.640,0691 Transfers between fund5 21 Other re¢ognlsed gains / Ilossesl Artuarial110s5esl l Kain5 On defined benefft pension schemes Net movement Sn fvnds 152.000 098.161 11.8621 1096,299 11.488.069) Reconciliation of fvnd5- Total funds at l April 2021 3A07.505 25.750 3.433.Z55 4.921.323 Total funds at ai Mwth 2022 5.505.665 23088 5.519,553 3,433.255 All activiiies relate to coniinuing operntions. Comparati¥e figures are shovm in note 3L The note5 on pa8e5 19 to 50 form part of these financial statements. 15 YORK ARCHAEOLOGICAL TRiisf FOR EXCAVATION AND RESEARCH UMITEO CONSOLIDATED BALANCE SHEET ASA T31 MARCH2022 2022 2021 Notè Flxed assets Tangible a5set5 Investments 16 17 3,888257 4.502,779 3,888266 4.502,788 Current assets Stocks Debtors Cash at bank and in hand 18 19 140,469 1,067J39 2.391389 156,733 1.191,438 325,388 3.6QO397 11,807,058) 1,673,559 12,078,969) Creditors= amounts lallins due w•thin one year Net current assets 1.793339 1405,4101 Totsl a55ets Ip$5 current 4abllltle5 S.681￿05 4,097,378 Creditors: arnount5 falling due after more than one year 20 {148.8841 1642,9551 Net assets excludlng pension stheme Ilabllitles Defined benefit pension 5theme assets 5,532,721 3.454,423 3.168 21,168 N•t assets Includknq pqMlon scheme Ilabllltles 22 5.529553 3,433,255 Charlty Funds RÈstritt*d funds Unrestricted fund5: Unrestrirted hjnds excluding pension liability Penslon reserve 21 21 25.750 5,508W3 3.1681 3,428,673 121,168 Total unrestrirted funds 5,505.665 3,407,SOS Total fund5 S.529S53 3.433,255 The financial statements were approved by the Trustees on iv Au8u5t 2022 and si8ned on their behalf. by: Mr I C Melta The notes on pages 19 10 50 fL￿n part of these finanoal stalements. Chatr of Flnance Commlttee 16 YORK ARCHAEOLOGICAL TRUST FOR EXCAVAnoN AND RESEARCH UMITED CHARITY BALANCE SHEET ASA T31 MARCM 2022 2022 2021 Flxed assets Tangible assets Investments 16 17 3.888.257 io 4,502,779 io 3W,267 4,SOI789 Current a55ets Stocks Debtors Cash at bank and in hand 49,666 1,347.023 2.385330 59,OB9 1,304,585 324.433 19 3,782,019 Lfj88,107 Credltor5: amounis fallin8 due Th￿thIn one year 20 L998,683 1100.114 Net currenl 15sets 1783 336 412.007 Total assets less current Ilab115tles 5,671,603 4,09).782 Credttors: amounts fallin8 due after more than one year 20 1148A841 1642.9551 Net assets excludlng penslon scheme Ilabilitie5 Defined benefit pension scheffle liability s￿12.719 3,447,827 1&25 13.1681 121.1681 Net assets Includlng penslon 5theme Ilabllltles 5.519,551 3,4Z6,659 Charfty Funds Restricted fund5 Unrestricted funds: Unrestricted funds excludln8 penslon Ilability Pension reserve Total unrestricted fund5 21 23.888 25.750 5.498,831 (3.168) 5.495.663 3,422,077 121.1681 3.400,909 Total fvnds 5,519,551 3,426,659 Charlty surplus 1,911,367 I1.613,￿lI The financial 5tstements wère approved bythe Trustee5 on iyh August 2022 and g8ned on thelr behalf. bv: Mrlcmdia The notes on page5 19 to 50 form part of these financ•al statement& Chalr of Hnanc• Commltt 17 YORK ARCHAEOLOGICAL TAUST FOR EXCAVAnoN ANO RÉSEARCH UMifED CONSOLIDATEO CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 i0Z2 2021 Cash flows frorn operatln8 artivltlos Net cash used in operating activities L781.656 1868.6481 Cash flows from Investlng actI￿tIes. Dlvidends, interest and rents from investments Proceed5 frorn Sale of fixed assets Purchase of property. plant and equlpment ioi 934.567 (66,2951 234 113.0551 Net tash used In In¥esiin6 arti¥itiP5 868.373 Cèsh flow5 from thonrlnK arti¥itiES: Inflows from new borrowin8 Repayments ol borrowings Interest paid 750,OJO 115,6401 1.8641 1576,214) 17.Z14 Net cash used in financ(ni artivEtle5 1583,42B) 732,496 Change In cash and cash equ1va￿ntS In the year 2.066.601 1148.9731 Cash and cath Equivalents brou8ht forward 325,388 474,361 Cash and cash equl¥alents carrled forward 24 2391.989 325,388 At l April 2021 Cash flow5 Other non- At 31 March cash changes 2022 2.391,989 148,8571 1148.8841 Analysis uf chan8es In net debt: Cash Loan5 fallin8 due within one year Loans falling due after more than one year 325.388 2.(￿.601 1130.7651 81.9)8 1642.9551 494,071 Total 1448.3321 2,642,580 194.248 18 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Account1￿ poltcles 80$1$ ofpreporntion olfinan¢iolst4tements York Archaeologlcal Trust for Excavation and Researth Limited is a tharttsblE company limited by 8uaTantee In the Unlted Kingdom. registratlon number 1430801. In the event of the tharity being WOLtnd up, the liability in rE5pect of thE 8uarantee 15 limited to £1 PEr member of the tharity. The addres5 of the registered office is given in the charity information on page l of these accounts. The nature of the tharity's operations and princlpal actlvtties are Snduded In the Trustees. Report. The charity meEts the definition ofa public bEnefft entity under FRS 102. The financial Statements have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Pfactice applicable to charities preparing their accounts in accordance wlth the Financlal Reportlng5tandard applicable in the UK and Republic of Irdand {FRS 1021 (effèctivè l January 20151-ICharitiesSORP IFRS 10211, the Financial Reportin8 Standard applicable in the UK and Republ•t of Ireland (FR5 1021 and the Companie5 Act 2￿6. Assets and liabilities are initially recognised at historical cost or trarbsaction value unless othenylse stated in the relevant accounting p)li¢y. The Statement of Financial Activities ISOFAI and Balan￿ Sheet con501idate the financial statements of the Charity and it5 subsidiary undertaking. The results of the subsidiary are consolklated on a Ilne by Ilne basls. NO 5ep3rate SOFA ha5 been presented forthe charity alone as perniitted by5ection 408of the Companies Act These financial $tatements are prepared In Sterlin& which is the fun¢tlonal currency ol the Charity. Mortetary amounts in these flnancial Statements are rounded to the nearest E. Goln9 concern TheTrustees' Report sets out a review of the finandal perfomiante of the Charity and its. Re5eTve5 Posltion. The attractions reopened on i* May 2021 and trading sin¢p reopen1￿ hè5 e￿￿eded expertations, although it has not yet reached pre covid trading levels. The Trust was awarded a Culture Recovery Fund grant of El.9m In Apdl 2021. and the sale of the freehold ptoperty at 421 Huntington Road. York completed Sn September 2021. Thls resulted In an increase In Reserves taking Reserves to a figure in exces5 of Elm. approachin8 our tar8et Reserve5 01 £1.18rn. The eoard continue to monitor on80ing trnding conditions and are mindful of the increased c05t pressure due to inflation and increased pay demands. but are comfortable that thls can be cushioned by efficiencles and cost savings where possible. We beliEve there are no material uncertaintie5 that call into doubt the Charity's ability to contlnuo. For these reasons, the Tnjstees consider it appropriate to continue to prepare the financial statemenis on a going Con￿r￿ basis. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATH)N AND RESEARCH UMITEO NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 MARCH 2022 Accountlng polkles- contlnued Fwidqrcountln9 General funds are unresirkted funds which are available for use at the di5CTetion of the Trustees in furtherance ofthe 8eneral objectives olthe Charity and whith have not been desi8nated for other purposes. De5i8nated funds comprise unrestricted funds that have been set aslde by the Tru5tee5 fDr partTrcular purposes. The alm and use of eath de*nated fund Is set out In the notes to the financial statements. Restricted funds are fund5 which are to be used in accordan￿ with specific restrlctions imposed by donors or which have been ratsed by the Charity lor particular purpose& The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restrittÈd fund is sèt out irt thè notÈs t the hnanclal statements. Investment income. gains and losses are allocated to the appropriaie fund. Incomt All income 15 recognised once the Chafity ha5 entitlement to the income, it is probable that the income wlll be received and the amount ol income receIVab￿ be measured rellabty. For le8acie5, entitlement 15 taken as the earlier of the date on whKh either: the Charity is aware that probate has beerb 8ranted. the estate has been finalised and r￿tIfICatIon ha5 been made bythe executorl51 to theTrust that a distribution will be made. or when a distribution ￿ recelved from the estate. Receipt of a le8acy, in whole or in part. is only considered probable when the amount ¢•n be measured reliably and the Charity ha5 been notified of the executor'5 intention to make a distribution. Where legacies have been notified io the Charity, or the Charity 15 awa￿ of the 8rantin8 of probate. and the criteria for Income recognitlon have not been met, then the legacy is treated as a coniingent asset and disck>sed If material. Income tax recovèrnble in rèlation to donatlons recelved underGift ￿ or deeds of covenant ts recognised at the time of the donation. In respect of long-term Contrac￿ tumoN*r represe•)ts the value of work done in the year, indudinB estimates of amounis not Involcod. Turnover In respert of10fi8-term contratts is rects8nised by reference to the stage of completion. A Government grant of £125.801 was receNed underthe Cornna¥irusJob Retention Scheme. 20 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Account1￿ pollcles-contlnued Expeftdkure Expenditure is recogni5ed On￿ there 15 a legal ￿ conStn￿1¥e obligatlon to make payment to a thlrd partyi It is probable that Settlement wll be required and the amount of the obligation can be measured rellablv. All expenditure 15 accounted lor on an accruals ba515. All expenses induding support costs and Bovernance costs are allocated to the applicable expenditure headings. Fundraising costs are thpse inrurred in seeking voluntary contribution5 and do not include the c05t5 Qf di55eminatin8 information in 5UPPOrt of the tharitable activitie5. Support Costs are those costs incurred directty in 5UPPOrt of expenditure on the objects of the Charity and include costs of the central support functions. Governance costs are those incurred in (onnection with administration of the Charlty and ompliarb¢e with tonstitutional and statutory requI￿rnents. Investments Investments in sub￿diary undertaklngs are Valued at cosL Tangible amllntqnqiblefixed a55ets unddepreciatMI All asseis costing mole than El.500 are ￿PitalISed. Tangible fixed assets are stated at C05t less depreciation. Depreciation 15 provided at rates calculated to write off the cost of ffixed assets, less ihelrestimated resldual value, overtheir expected u5efLtI lives on the followin bases: Freehold property Long-term leasehold property Plant and equipment Software 5- 40 years 3-40 years 3- 20 years 3- 10 year5 Operatlng leoses Rentals under operatirh8 lease5 awe tharged to the SOFA on a 5trat8ht line basis over the lease term. Benefits recelved and receivable as an incentive to slgn an operating lease are reco8niged on 3 straight line basis over the pericd until the date the rent is expected to be adjusted to the prevailing Market rate. Intere5trecefvable Interest on funds held on deposlt is induded when receivable and the amount can be rnea5vred reliably by the Charity- this is normally upon notiftstion of the irtterest paid or ptyable by the Bank Sto¢￿1nd work in pro8ress are valued at thelowerofcostand nettealisablevalue after makingdue allowance for ob501ete and slow-movin8 stocks. C05t indudes all dirert costs arhd an appropriate proportion offixed and variable overhead& 21 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2032 AccountTnB policles-contlnued roxatlon York Archaeological Trust is a Charity rewtered under the Charitles Act 2011. number 509060. A5 suth the Charity 15 entitled to take advantage of the exemptK>ns granted by settion 505 of the Income and Corporation Taxes Act 1988. Debto Trade and other debtors are recognsed at the settlement amount ofter any trade di5cwnt offered. Prepayments are valued at the an￿nt prepaid net of anytrade discounts due. Cush at Bank a￿1￿ hand Cash at bank and In hand irtcludes cash and short term highly liquid investments with a short maturity of th￿e month5 or le55 from the date of acquiytion or opening of the deposit or Similar account. Credltors andprovlslons Creditor5 and provi5ion5 are reco8ni5ed where the Charity ha5 o present obliBation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obli8ation can be measured or estimated reliably. Credltors and pmvlsSons afe nofmalfy recoKni5ed at their settlement amount after allowing for any trade discounts due. Fintsndttlinstrnments The Charity only hasfinancial assets and financial liabilitiesof a kind that qualify as basl¢finan¢lal instrument5. Basic financlal Instruments are Initialfy ￿COgnISed at transactK*rb value and 5ubsequentty measured at their settlement value with the excèption of bank loans whith are 5ubsequerhtEy measured at amortised cost Ilsing the effertbVE interest rnethDd. Penslons The Charity operates a defined contribution pension scherne and the PenS￿n chafge represents the amounts payable by the Charity to the fund in respect of the yeaf. The Chafity participates in the North Yorkshire Pertsim khÈme, a dtfiThed benefits pension scheme. and the penslon charge is based on a full attuarwl valu)tiOD a5 at 31 March 2020. The a55ets of the 5theme are held 5epafately from those of the Charity. Pens5on scheme loa￿litIeS are measured on an actuarial basis u&ng a proiErted unit method and are discounted to their present value using a dixount r*e 012.8%. Pension stheme a55ets are valued at market value at the balance sheet date. The pension scheme deficit is recognised in fitll on the balance sheet. YORK ARCHAEOLOGICAL TRU￿ FOR EXCAVATION AND RESEARCH UMttED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountini po11¢1es-￿Dt1nUed Penslons- contlnued The Charity parti¢ipates in the UnNersitiE$ 5uperdnnuation 5theme. The stheme is a hybrid pension xhemE. providing defined benefits Ifor all rnembersl. as well a5 defined cOntribut￿Tr benefits. The assets ofthe 5cherne are held in a separate trvstee-adrninistered fvnd. Because of the mutual nature of the scheme. the assets are not attributed to indivldual Institutions and a 5d￿me-w1de contribution rate ￿ set. The Charity Ss therefore exposed to actuarial risks associated with other Institution￿ employees and is unable to identify its share of the undedying assets and l￿bilit*S ol the Scheme on a constslent and reasonable bèsis. As required by Section 28 of FR5102 "Employee benefits" the Charity therefore accounts for the stheme as if it were a wholly defined contrlbutlon scheme. As a result, the amount charged to ihe profit and 1055 account represents the tontr*utions payable to the 5d￿Me. Sineè the Charity has entered into an agreement (the Recovery Planl thai determine5 hgw each employerwithin the scheme wll fund the overall deficiL the Charity recD8ni5E5 a liability for the contributions payable that arise from the agreement Ito the extent that they relate to the deficit) and therefore an expense Is reccenbsed. FR5102 makes the di5tinrtian between a group plaD and a multi*mpbyer 5theme. A group plan con515ts of collection of entities under common control typKolty vrith a s[￿Son￿6 employer. A multi*mployer scheme is scheme for entitles not Ltnder common control and represents ltypScallyl an Industry-wlde scheme such as Universities Superannuation Scheme. The ac¢ounting for a multi-employer stheme where the employer has entered into an a8reementwith the scheme that deterMw￿5 how the emplDyerwill fund a deficit results in the recognition of a liability for the contributions payable that arise from the a8reement Ito the extent that they relate to the deficiil and of ihe resultkng expense in the profit or loss In accordance wlth settion 28 of FRSIO2. The Tru5teE5 are 5at15fied that the ¥cherne prEMded by Universities SUper￿n￿￿tI￿n Scheme rnEet5 the definition ofa multi-ernployerxheme arKI ha5therefL)rewecogni5edthedi5counted tsirvalue of the contractual contrilyjtions under the funding plan in ex15tence at the date of approvin8 the financial statements. When Employee5 have rendered Service to the tharity. short terrn Employee benefits to which they are entitled are recogni5ed at the undiscounted amount experted to be paid in exchange for that Service. Insurnnce clolms An insurance claim is retts8nised when the Charity has established its entitlernent to the reimbursement of the insured 105S, the receipt of the reimbursement is wrtualty certain and its amount ian be measured reliably. Receipt is wrtually tertain whèn an offÈr of sèttlèment is retèNed from the insurer. The insurance settlement is recogni5ed at the value receivable. Insurance reimbursements relatlng to bustness Interruption are recognised as other income. Reimbursements irt respect of experhditure are offset winst the related expense heading in the SOFA. Keyjudqements and estlmotlon uncertt7lntles There were no judBements made in the process of applying the above accountinB policies that have had significant effect on arnovnts recognised in the financhal ststements. 23 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION ANO RESEARCH UMITED NOTE5TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDEO 31 MARCH 2022 A 1.514 3,823,605 147.813 100.057 1,514 1.166.849 48,816 29.916 654 iio) 32.345 4,385 12,800 64,694 64.694 80￿21 17276 80,621 17,276 4259220 4,259 220 1.282,955 Inci)me from Archaeology and Hvitage: Unrestrkted Restrfcted fund5 fund5 Z022 Total fvr)ds 2022 Total Fund5 2021 York Fieldwork Conservation Sheffield Northlight Herita8e Nottingham INHERIT A&H Other income 739.782 144.624 739.782 144.624 320,608 3,277 1.992.022 175,104 27.813 552.419 119.432 209,834 8,080 1.430.055 129.559 3,277 1.992.022 175,104 Z7￿13 6,OS3 3A13.915 3.403,915 2,455,432 YORK ARCHAEOLOGICAL TRiIST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Ralsing fund5 Total fvnd5 2022 Total funds 2021 funds 20 funds 20 othertmdhjg artlvltles Shop income and private hire 627.91Jg 627.9Qg 177,888 Fundrolslng trodln9 expenses C05t of sales Shop costs Wages and salarie5 Fundraisirhg 317.090 49,711 9Z314 317,OXI 49.711 92.314 80,926 50,672 45.714 2.534 179,846 459.115 459,115 Net incoming resources from trading actiwties 168.794 168,794 11,9581 Shop Income represents Income Imm the shops at JORVI[ DIG. Bariey Hall, Mickle8ate Bar and Monk Bar. whi(h are operated thfOU8h JVC Retsil Lirnited. Income from the hiring out ofvenues forevents is referred to as private hire. These are operated throu8h JVC Retail Llmited. Fundraising costs represent the costs of campaign development. 27 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATI(hN AMD RESEARCH iIMifED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 In¥estments Unre5trktod Restrkt funds lunds 2022 2022 Total lund5 2022 Total funds 2021 Bank interest receivable ioi ioi 234 Analy515 01 expendlture on chavltth activitl Restrfcted fvnds 2022 Totol fund5 2022 Total funds 2021 funds Attrartions Archaeology 3,090.546 5316.924 2 3.092.408 2.794.955 5,316,924 4,162,172 8,407,470 1I62 8A09,332 6.957.127 Dlrect costs Attrattion5 and Events ATthaeoloBy and Herltage Total 2022 Total 2021 Pension scheme finance c05t Premises Cost of sales Engineering maintenance Direct costs Severance payments Wage5 and salaries Depreciation 275,555 185,447 119,767 33.987 22.437 1.842.%1 19U42 275.555 185,447 119.767 LZ37,92Z 1271,909 54.509 76.946 3,308,809 5,151.770 192.142 236,246 119.345 57.152 906,714 58.128 4,498,020 191.250 672.296 4,601,240 7,273.536 6.069,855 28 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2022 Supptsrt tosts AtIActlDns ArthaeoloRy Totsl 20n Total 2021 P￿rnISeS Markètin8 Post, telephone and stationery Insurance Bank charges Staff recruitrneni costs IT costs Vehicle costs OthÈr support costs General office costs Loan Snterest FSnance lease interest Oepreciatb?n Governance 241402 242,402 282.305 72.985 84.875 204,680 201,713 31.148 85.701 4,978 925 73.870 7,532 32,5CQ 56.939 1.864 336 89,057 96,029 84￿5 4,985 157 77.996 21476 41258 64,539 7314 1072 24A48 127,222 64.539 7,214 n,925 89356 72,925 89.956 715.683 1,157,809 887.272 GovernaThce ￿$ts Total 2022 Total 2021 2022 Audit fee5 Legal and professional fees Tru5tee5' indemrbity insurance Other governance costs SalariE5 and wages 13.475 4￿￿75 13.475 48￿75 7.705 10.322 60.78D 3,586 950 20.391 .901 19,901 89.956 89.956 96.029 29 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ii. Net IncomTng resour￿s/ I￿Ur￿ expendedl This rs stateil after thar¥in8= 2022 2021 DeprecSation ol tangible fixed assets: owned by the tharitable group Auditor5, remuneration 265,067 11.300 280.307 11.300 Staff penslon contributions 176.879 187.765 Operating lease rentals: Land and buildlngs 297,833 273.675 AuditOTS' remuneratlon comprises- Audit of con501idated accounts Ell.3(Xl IVC Retail Ltd Audit pf accounts Taxation compliance Other non-audit seryices E2,7 El 12. Staff costs Staff CD5ts were a5 fdlows: 2022 2021 WaBes and salarie5 Social Security costs 4,750,OZ5 4,070,876 321,714 317,898 Other pension costs= Defined contribution 5chernes Oefined benefit schemes 120,586 S6.293 131,827 55.938 5.248.618 4.576,539 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTESTO THE FINANCIALSTATEMENT5 FOR THE Y&AR ENDED 31 MARCH 2022 IL stsff costs contlnued The avera8E monthty numbET of employees wa5: 19912021: 1%1 including casual and part.time staff: 2022 No. 92 103 2021 No. 86 106 chaeolo8iral and herita8e stsll Attractions and event5 Staff Mana8ement and administration staff 199 196 The nvmber of higher paid employees wa5: 2022 No. 2021 No. In the band £60,LNJI- £70.LMKI In the band £70,001- £80.LIXI In the band £80,￿l- £90.CKKI Trustees and key management personnel remuneratiryi & expen5e5". During the year, no Trustees received any remuneration12021: £NILI. During the year, no Trustees received any benefits in kind12021-. £NILI. During the year, Trurtees rèceived E265.33 rèirnbursement of e¥penses for travel costs12021- £NIII. The Trvst conslders its key rnanagement personnel compriseihe Twstees and Senior Mana8ement Team. The total amount of employee beneflts received by key management pers¢)nnel 15 £371.66012021'. £368,831). The pay of the Senior Management Team 15 rewewed annually and nofmalty set In Ilnè with company-wide Inflatlonary Increases. salaries for new apwntments are benchrnarked aBain5t salaries in 5irnilar sectors, preferably charitable, although salarles for partkular spetialists may be set a8ain5t those in the commercial 5ertor. 3 termination payments are recorded in the accounts for the year. totalling E49.12112021: 8 payments totalling £58.1281. 13. Taxatlon The Company is a registered Charity and 15 exempi from income and corporation tax to the extent that income and gains a￿ applitable and ap￿led to charitsble purpose5 onty. 14. Trustee< Indemnity Insurance TrustÈè¢ indèmnity insurantè costing £7,70512021: ￿.586) was acquired to protect the Charity, the TNslee5 and officer5, prowdinB E5m liability cover. 31 YORK AACHAEOLOGICAL TRUST FOR EXCAVATIOII ANO RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2022 15. Ot￿r ffinance incomq 2022 2021 ExpertEd retum un pension scheme assets Interest on pensson scheme liabilit 45,IJOO 41,(M)J 145.0001 144,0Tr]1 16. Tan¥ible inlangllle flxed a55ets LOb￿￿eM7 leasehold Plant and property Èqulpment Software Freehold Total Gmup Cost At l April 2021 Additions Disposals L430.758 5,114.64a 896.396 66,295 82ffj69 7,524.466 66,295 1810.2711 {8102711 At 31 March 2022 610A87 5,114,643 961691 81669 6.780,490 Depreclotlun At l April 2021 Char8e for the year On di5P05a15 987A57 20377 la94￿21) LZ44.755 177x15 739.549 54.933 49,927 3,021,687 11,952 265,067 1394,521 At 31 March 2022 613J13 L424560 794A82 61.879 2.892233 Plet book vtrlue At 31 March 2022 7,175 3.692.083 168.Z09 20,790 3,888,257 At 31 March 2021 443.301 3,869.888 156.847 32,742 4,502,779 The fixed a55et additions comprise instèllatK¥n of a new fire alami 5VStem at Barley Hall- a boller Installation at DIG,. installation of a new ccrv system at DIG: a system upgrade to the K3 EPOS system at Jorvik and up8raded IT infrastructure acro55 the whole oruani5ation. 32 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AMD RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2022 Tan8lble and irrtanKible fixed assets Iconlinuedl LonK4emi leasèhold Plant and propth equlpment Freehold property Software Toièl At l April 2021 Addition5 Disp05als IA30.758 5J14.643 896396 66,295 82.669 7￿24,466 66.295 1810,Z711 810271 At 31 March 2022 620A87 5.114.643 961691 B2,669 6,780A90 Oepredtstitin At l April 2021 Charge for the year On disposals 987.457 20377 1394,5211 1244.755 177,805 739549 54,933 49327 3,021.687 11,952 265.067 (394.5211 At 31 March 2022 613313 794,482 61￿79 2,892,233 Net book value At 31 March 2022 7,175 3.691083 168.Z09 20,790 3,888,257 At 31 March 2021 443,301 3.869.888 156.847 32.742 4,502,779 17. Hxed asset investments Llsted securlties UnllstEd secuiities Total Group Mttrket volue At l April 2021 Disposal5 At 31 March 2022 Group hjvestfflents atmarket ¥rylve comwi5e." 2022 2021 Llsted investments Group undertakin8S 33 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2022 17. Flxed a55•t Inv•stm•nts Icontlnu•d) L15ted Unllsted securltles setyrltles Total Charlty Muyket value At l April 2021 Oisposa15 io At 31 March 2022 io Charlty hjvestments otmorket¥0l￿ comwi*.' 2022 2021 Listed investments Group underta￿n8$ io io io The Charity owns l(YJ% ol the issued share Capbtsl of JVC Retail Limited. a Company irbCfJfppTated in the United Kingdom on 8 December 1997 (Registration No. 034773261. Its feglstertd officè is 47, Aldwark, York, YOI 7BX. The results and shareholderfs funds of JVC Retsil Limited are induded in the consolidated financial statemenis as follow5.. 2022 2021 Turnover Expenditure Gift Aid payment Shareholder's fund5 627,909 177,888 14YJ,115) 1181,2931 1165.389) 96 lo,￿1 io,ooi 6.596 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR TIIE YEAR ENDEO 31 MARCI4 20Z2 17. Flxed a55et in5tments Icontlnuedl JVC Retsil ealance Sheet as at 31 March 2022 2012 2021 Current assets Stocks 90.804 97,643 Debtors 61569 26.006 Cash at bank 6.659 955 160,032 124,604 Creditor5: amounts falling due within one year I￿0.031} {118,0081 Net current a55ets io,ooi 6,596 Net assets 10.(KIL 6.596 Capltal and reserves Called up share capital Profit and loss account lo1￿0 6.595 5harehoklers' fvrtds ,ooi 6,596 The Chority own5 9 of the 10 issued shares in Eboracurn Roman Centre Limited, a dormant Company IReElstration No. 022058581. Its registered offi¢e 1$ 47. Aldwark. York. YOI 7BX. The total share capital and reserves of the company is EIO. {2021.. EIOI Stock5 Group Charlty 2021 2022 2021 Flnlshed goods and goods for resale 140.469 IS6.733 49,666 59.089 Sl(Kk value recogni5ed as an expense in the yeac 346,198 80.926 30,403 9.535 35 YORK ARCHAEOLOGICAL TRLIST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2022 19. Debtors Group Charlty 2021 2022 2021 Trade debtor5 Amounts owed by group undertakings Amount5 owed from group underta￿￿8$ Prepayments Accrued income Other debtors 703.620 672,447 703.S65 113,750 165,389 92.860 257,655 671,844 113,750 91860 227.678 257,655 285.803 5.510 227,678 285,803 5.510 7J39 1,191,438 L347.023 1.304.585 Creditors: Amounts fallni duewlthln one ￿ar Group Charlty 20 2021 2022 2021 Bank loan5 and overdrafts Trade treditors Amounts owed to group undertaknngs cruals and defer￿d in¢ome Other taxation and social security Other credltors- pension liabilities Other creditors. finan￿ lease 4B,62I 473,610 130,765 697.043 48.622 450.441 227.906 1,048.734 195.257 27,723 130,765 697.043 25,403 770,099 453.938 22,866 774,357 195,257 453,938 27.723 22.866 IW7.058 2,078.969 1,998,683 2.100.114 Group Charlty lozz 2021 2022 2021 Other taxation and social secuwity PAYEINI VAT 89319 205,561 105.938 248,377 89,319 105.938 205.561 248,377 195257 453.938 195.157 453,938 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATIOM AND RESEARCH UMITEO NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED31 MARCH 2022 Cr•dltors: Amounts faulng duewlthkn one year {contlnuÈdl Induded in acrruals and deferred income are the follown8 arnounts of deferred income. Group Charlty OefvTed Income Deferred income at l April 2021 Resource5 deferred during the year Amounts released from prevlousyears 502.591 502,591 442,325 441.825 12414831 1242.4831 Oeferred income at 31 Marth 2022 702,433 701,933 Oeferred income represeftts mon￿5 received in advan￿ for archaeological 5ervice5, private hire and touring exhitmtions where either the service is not cDmplEte or the exhibition has not opened. CredltOYs: Amounts fallh)g due after more than one year Group Charity 2022 2021 2022 2021 Bank loans Finance lease 148.884 642,955 148.884 641955 148.884 642,955 148,884 642,955 The bank loan for an original arr￿Unt of £48.(￿ wa5 taken out in October 2017 and •s repayable over 10 years at a rate 3.5% over Base Rate. The liabilitie5 disd05ed above Ore secured by the Charity. The bank loan is secured by way of a fixed and floating charge over all the assets and undertakings of the Trust together a tharge over the Trust's interest in the premises from whi¢h JOAVIK operaies. In May 2020, a Coronaviru5 Busine55 Intemjption Loan of E750.CL*) was taken out. The IDan was originally secvred on 421 Hurbtingtun Road. York and was repayable * £12.5￿ per month from June 2021. Following the sale of 421 Huntingion Road in September 2021 E5(K),C(Kl of the loan was fepald. leaving an un5ecurEd balance repayable at £3,571.42 per month. 37 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATIOM AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2022 Maturlty of debt: bank loans payable by instalmeAts 2022 2021 Within one year Betwèen one yèar and two years Between two to fwe years Between slx and ten vears 54.073 101.860 54,689 153.26S 339.329 338,632 210.622 831.226 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 21. Statement vf fund5 Brou8hi Incomhg Forward fesour Resources Translers Empended Galns I losses Carrled Forward 2021 UnrestAttedfvnds Tangible fixed assets Helen Addyman fund York Roman project Property Development fund 4502.788 1614,5211 3.888,267 8,694 18,500 518.817 11500 518A17 Total Oe5ignated fund5 4529,982 {95.7041 4034,17B General fund5 JVC REtail Pension reserve IL107,9041 IOJ36.837 6595 627.909 1&425.470) Z61JJ93 1459,115) 1165,3891 ,ooo L064,557 10.000 (3.1681 Total Unrestrlued funds 3007J15 IOJ64.746 14866586) 5,505,665 Re5trfrtedfvn(ts BroWt Inc¢Jmlwa Re50ur Expended Tran5f•rs GalThs I losses Carrled Forward Campaign Canute Desiination Wiklng Sheldon MemtTrTial Trust 2 Vespertine 2 In Search of Anglican York ProtertirbK Pieciou5 Memories The Shamble5, York Oral History York Minster Fabric Ro115 Vemacular Architecture Octon Appeal ving History Grovp DIG library project l OigitiSation HLF Emergency Funding Romans Training Grant 15.272 (851) 15,272 18511 857 113 1,167 2,697 500 L167 697 24Z 749 244 24Z 749 244 (46121 Total Restricted funds 25.750 Total Funds 3M33255 10,964.746 (8M4481 5,529,553 39 YORK ARCHAEOLOGICAL TRusf FOR EXCAVAMON AND RESEARCH UMITED NOTES TO THE FINANaAL STATEMETr¥rs FOR THE YEAR ENDED31 MARCH 2022 11. Statement of funds {contlnuedl Deslgnated Funds-. The tangible fixed asset fund represents the value of unrestricted fixed asser% The Helen Addyman fvnd is f¢f ihe costs of art annual lecture to be known as The Helen Addyman Lecture. The York Roman projectwas created in 2018 and isa fvnd tofadlltaie research into & disrovery Df the Roman colonial settlement in York. The Property Devek)pment fvnd was created ofter the sale of 421 Huntington Road, holdSng the galn on disposal for Use in future developmenL Restricted Funds.. The Campai8n Canvte Fund is a restricted fund for the ¢￿ts ol the redevelopment of the JORVIK VikSng Centre abo¥e the value agreed in settlement under the Insuran￿ daim. Vlhilst the physical redevelopment of the attrattitin is complete and JORVIK has reopened to the public. the rernaining fund5 in Campaign Canute will be used for the deVelopn￿nt of digital and interartive applications to enhance the vi51tor eiperience. The Roman5 Training Grant is a restricted grant awarded by The Rornan Society, to fatilitaie artivities In Roman Archaeology. The grant awarded durlng the year specifically allows for the provision of ski115-ba5ed training in an aspett of Roman arthaeolo8V. Other restricted funds relate to income re￿IVed to fund a nurnber of ongoing projects a$ Shown above. Transfers Trnnsfefs are made between restricted and uniestricted lunds when an asset has been purchased from restricted fund donation5. 15 held for the 8eneral purp05e5 forwhich the Charity exists and the requirements olthe restriction have been met in full. Summary oflunds 2022 Brou8ht lo￿ard Incomlng resources Rewur¢e5 expended Transf•rs Galns I 1055e5 Carrfed Forward General fund5 Restricted funds 3007,505 10,964.746 (W,5861 25.750 IL8621 S.SOS.665 23,888 3,433.255 10.964,746 (B￿4448) 5.529.553 40 YORK ARCHAEOLOGICAL TRusf FOR EXCAVATION AMD RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR niE YEAR ENDED 31 MARCH2022 Zl. Ststement of funds Brou8ht InCon￿ni Resources Transfers Fonvard resources Expended Galns I IDsses Carrled Forward 2021 Unrestrfctedfvnd5 Tangible fixed a55ets Helen Addyman fund York Roman proiett 4.rn 8,694 {267,2521 4￿02,788 4694 18.500 Total Designated fund5 4.797.2a4 1267,2521 4,529,98Z General fvnd5 JVC Retail Penslon reserve 285,637 5266ffi (6,931a251 10.000 177M8 11812931 25,IKJO 272.318 11.107.904) 6,595 21,168 152.000 Total Unrestritted funds 4A94.703 SA43J54 ￿.088.218) 5,066 152,1XlO 3,407,5D5 Restrlrtedfvnds 8rD￿h¢ Incoml Forward resouftes RESoufcES Expended Transfers Galns I losses Carrled Forward Campalgn Canute Destinatlon Viking Sheldon Mernorial Trust 2 Vespertine 2 In Search of Angllcan York PrutErting PrECiQUS MEmories The Shamble5, York Oral History York Minster Fabric Rolls Vernacular Architecture Octon Appeal Living History Group DIG library project l Digitisation HLF Emergency Fundin Romans Training Grant LEP IT Funding 15.2n 15.272 18511 857 113 L167 1697 500 I906 242 749 1851) 157 ¥167 2,697 749 244 IA73 12691 (47.6041 49,nKI 11096) 25 (301 12.970) Total Re51rirted funds 26.610 51950 148,7541 15.066) 25,750 Total Funds 4321323 5A96.904 17.136.9731 152,1XMI 3,433,255 41 YORK AACHAEOLOGICAL TRUSF FOR EXCAVAMON AND RESEARCH UMITED NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2022 21. Staiemenl of funds Icontlnuedl Summary of fvnds 2021 rou8ht lonvard Incorninu resources Resources Transf• expended Galns I losses Carrled Fonw¥d General fund5 Restricted fund5 4194,703 26.619 5A43.954 17.088214 51950 148,754 5,066 15IIJOD 3,407,505 ZS.750 4.921322 5A96J04 17,136.9731 151000 3,433,255 Z2. Analysls of net assets between funds Z022 2022 2021 2021 2021 Unrestrirt¢d Restficted funds fvnds Total Unrestrkted Restrkted lunds funds funds Tvtal fund5 Tangible fixÈd assets Fixed a55et inve5tment5 Current assets Creditors duè within one yèar c￿ditOrS due in mvrE than one year Provisions for liatHlities and charges 3,B88,257 3￿.257 41.502.779 4.502.779 3.576.509 23J88 3.61x1,397 1.647.809 {1,807,0581 IIW7.058} 12,078.9691 1148.8841 1148.884) IfA2.9551 13.1681 (3.1681 21.1681 25.750 1.673,559 12.078.9691 1642,9551 121,1681 5J15,665 23W 5.529.553 3.407.%)S 2S.750 3.433.255 42 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMEiifs FOR THE YEAR EAIDED 31 MARCH 2022 Reconclllatlon of net mu¥ement in fvnds to net cash Iluw from operotiry arti¥llie5 Z022 2021 Net income I lexpenditvrel for the year las per Statement of Financial Activities) 2.096,31XI 11.640.069) Adjustment for: Depreciation charges Interest paid Disposal of fixed assets Dividend5, interest and rents frtyn investments Defined benefit pension scheme Increase) l (lecrease In stocks Ilncrea5el I decrease in debtors Increase I Ideueasel in creditors 265.067 7.214 1518A17) iioii 118,0001 16.264 123.497 1189.7681 280,307 1,864 12341 125,0fy)1 12,959 S6.803 444.722 Ivet cush usedln operotlng 1.78L6S6 1868.6481 Anatysls of cash and tash 4ul¥al*nts 2022 2021 Cash in hand 2391,989 325,388 Penslon commItm￿ts North Yorkshire County Council Pension Stheme Thè Company participates in the local 8overnment pension sthemp. administered by North Yorkshire County Council. which operate5 as a defined benefrt pension scheme. Thè most recent full actuar6al valuatlort was as at 31 March 2019. 2022 2021 Present value of funded obl*al￿n5 Fair value vf 5chEme a55ets 12.079.000) 12,187,000) 2,Z67,lJOO 2,246,(NJO SuTpIu5lDeficit per FR5 102 8.000 The amounts Tecogni5ed in the Balance Sheet are £Nil12021= £Nill. FRS 102 stste that an entity shall reco8nise a plan surplus as a defined benefit plan asset onty to the extent that r( ￿ able to recover the surplu5. either thn)u8h reduced contributions in the future or through refunds from the plan. This element of this retoverable surplu5 ha5 not been calculated and a £Nil a55et ha5 be￿ reco8ni5ed for the purp95e5 of these financial Statements on the grounds ihat the asset is immaterial to the accounts. 43 YORK ARCHAEOLOGICAL TRusf FOR EXCAVAnoN AND RESEARCH UMtfED NOTES TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 MARCH 2022 25. Penslon tommltmÈnts Icontlnued) The arnounts reco8nised in the Statement of Finanaal Activities are as follows: 2022 2021 Cuirent service cost Past service cost Interest on obligation Expected retum on scheme assets 130,0001 124,(KJOI (45JlOOI 45.000 (300001 144,CO]I 41.000 127,000 Movements in the present value of the defined benefit obligation were as follows.. 2022 2021 Openin8 defined benefit obligation Current service cost Past service cost Interest cost Contributions by scheme participants Actuarial gains and Ilossesl Benefits pald CIp5ing dEfined benefii ¢)bEi8ation 2.187,000 3o.ooo I,969,￿0 24,tKIo 45.000 44.￿0 7.000 220,000 177.1x￿)l 2.187.000 li￿,000> 77.000) 2,079.000 ChHnge5 in IhE f•ir value uf 5chEme a55ets were as follow5: 2022 2021 Opening foir value of scheffle a55ets Interest income on assets Actuarlal gains and Ilossesl Contribution5 by employer Contribution5 by 5cherne participants Benefits paid 2.246,000 1.792.000 45,L4XI 41,000 I2.￿)) 431,000 52,000 7,000 77.L 2.246,000 7,000 177.000 2,267,IKIO The actual return on plan assets was £43.￿oI2021: £472,CiKII The cumulative omount of artuarial gain5 and105ses fecoBnised in the consolidated statement of total rècognised gain5 and losse5 was a loss of Enil12021'. 8aln £152.OC(JI. The group expects ts contribute É29,01)O to the defined benefit pension xheme durinB the period endin8 March 2023. YORK ARCHAEOLOGICAL TRUST FOR EXCAVAnoN AND RESEARCH UMITEO NOTES TO TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Penslon commltments (contknuedl The major categories of scheme assets as a percentage of totsl scheme assets a￿ as follows: 2022 2021 Equities Govemment & corporate bonds Property Cash AlternatiVES 55.7% Z4.5% 7.4% 1.1% 11.3% 57.8% 18.3% 6.1% 3.3% 14.5% Principal actuarial assumptions at thE Balance s￿et date lexpre55ed a5 ￿e¥&hIed averages).. 20Z2 2021 Oistount rate at 31 March Future salary increases Future pension increases Inflation IcpI} 1.8% 4.35% 3.1% 3.1% 2.1% 3.95% 2.7% 2.7% Amounts for the turrent and previous four perit)ds are as follo￿. Defined benefit pension 5cheme5 20 2021 2020 2019 2018 Defined benefit obligation Scheme assets Unreco8nised asset 12,079.ODO) 12.187.000) 11.%9.1)001 12,000,(M)01 11,999,0001 1267.(XlO 2.246,0￿• 1.792,( 1,794,rA)o 1,685,(D) 159,(W Surplu5llOeficit 177.000 206.￿0 I314,0￿) Experience adjustments on scheme liabilitles Exptrlènce adjustrnents on scheme a55ets 113.0ty) 1220,1)JII 34,0 Ill,￿0) 114,OlX)I 12.(IXII 431.(KKJ {34.0001 ioi,o 86,DOO 45 YORK ARCHAEOLOGICAL TRUST FOR EXCAVAnoN ANO RÉSÉARCH UMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2022 Unlversltles SuperannuatlDn Sthème The total c05t charged to the profit and lossaccount is £31.76212021.. E32.41XJI. The latest available complete actuarlal valuatlon ol the Retirement IncomE Buildew is at 31 March 2020 (the valuation datel. whlch was carrled out using the projèct￿ unit mèthod. Since the in5thtution canrK*t identify its share of USS Retirement Income Builder Idefined benEfitl assets and liabilities, the following disclosures reflect those relthfant for those assets and l•abilhtW4s as a whole. The 5theme's statutory fundin8 objertive 15 to hold sufficient and appropriate a55ets to covef its technlcal provlsions. At the valuation date, the value of the assets of the scheme wa5 £66.5 bllllon and the value the Scheme's technical provisions was £80.6 billion indicaiing a shortfall of £14.1 billion and a lunding ratio of 82.5%. The key finantial assumptions used in the Z020 voluation are desuibed below. More detail is set out in the Statement of Funding Principle5. Prfce Inflation RPI cpi Retym frtyn ￿lts 0.70 Return alThe sllts Pre-retirement portfolio P05t-retiTement portfolio 2.75 The above rotes are illsjstrative yngle-equivalent rates ai 31 March 2020.10) prartice. full yield curve5 for 8ilt5 and inflation have been used the calrulalion5. Pension Intreases before and aftÈr rÈtirèment art assumed to be 5bps higher than the CPI curve for cuttent berbefit5 and 35bps lower than the CPI curve foi benefits in line with CPI with a minlmum of 0% and a maximum of 2.5% pa. As the scheme had a defitit as at 31 Marth 2020, empltsyer5 will pay contributions to dear thls deficit as sei oyt in the REcovery P￿￿ and 5umrnari5ed bebw. Contributions are shown as % of salary. Deficlt contrlbutions from l O£tvbEr 2021 Oeficlt contrlbut50Th5 from l Aprll 2022 6.3% Deficit (Dntributions froffl l OrtobEr ZOZZ 6.3% YORK ARCHAEOLOGICAL TRusf FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMETr￿S FOR THE YEAR ENDED 31 MARCH 2022 P•nslon commltm•nts Icontlnuodl Defined benefit pension scheme liabiliiies 2022 2021 North Yorkshire Counry Council Pension Scheme Unlvergdes superannuation Stheme 3.168 21,168 3.168 21,168 In the North Yorkshire County Council Pension Scheme there are currentty 7 pensioner members and l actfve member. In the Universitie5 ￿perannuatIOn Scheme there are currentty 6 pensioner members and 2 artive members. Comwwtment5 undEr (yerailrva IEa5e5 At 31 March 2022 the Charity was committed to making the followng payments under non-cancellable operating leases as set out below for land. buildin85 and Ir equ•pmenL Perlod: 2022 2021 Within I year Within 2 to 5 years After more than 5 years 316.950 1.112.OlZ I,974￿23 215,480 636,841 2.080,469 3 403 785 2.932 790 47 YORK ARCHAEOLIXICAL TRUST FOR EXCAVATION AND RESEARCH UMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2022 27. Flnandal instruments Group Financial assèts 2022 2021 Financial assets measured at fair value through incorm & expenditure Financial a55ets thal are debi in51Wrr￿ts measured at al￿rtIsed cost 3367.068 1,289.148 3367.068 1.289,148 Financial liabilities 20Z2 2021 Finanoal liabilities measured at amortised c05t I1￿58.253) 11.765.395) llJl58,253) 11,765,395) Finandal assets measured at fair value through income & expenditure comprise imiestments in UK lI￿ed 5ecuritles. Financial assets measured at amortised cost comprbse cash at bank. trade debtor5 and accrued income. Firhanual liabilitie5 measured at amorti5ed c05t comprise trade creditors. acuuals and other creditors. Charlty Finanrial assets 2022 2021 Financial assets that are debt instrument5 measured at amorti5ed cost 3,639,493 1,401,340 3.639.493 1,401.340 Financial liobilitie5 2022 2021 Flnancial liabilities measured at arnorti5ed cost 11,250,377> 11.786,5411 11.250.377> 11,786.5411 Finantial assets measured at amortised Cost ¢omprise osh at bank. trade debtors, a¢¢rued income and other debtor5. Financial liabilities MeasU￿d at anwiised cost comprise bank loan% finance lea$4 trade ¢reditOf5, accrua15 and other credltors. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2022 Cornpany liThited by 8uaranle• The Company. belng Ilmited by guarantee, has no Share capital. Every Member 15 liable to contrlbute a sum not exceeding £1 in the event of the Company being wound upwhilst still a Member or within one year thereafter. The number of Members is dedared not to be mofe than one hundred and fifty. The Members are not entitled to any distribution of the Income or property of the Company and. in the ynlikely event of the winding up or di5501ution of the Comparty, arty surplu5 remaininK shall be transferred to some other charltable institution having charitable objects similar to those of the Company. Capltal Commitments The Trust has a￿horIsed. but not Contraued for. Capital expenditure of £Nil12021'.£Nill as at the Balance Sheet date. Related party transactions 2022 2021 lrtcome retel¥ed by Clwty from IVC Relal Ltd Gift Aid donation Interest pa¥able on loan 165389 3,981 3.981 Retharyes from CharftytoJVC Retsm Lttl Staff costs Property Costs Other admin c05t5 92.315 34.213 45,714 33,156 3,732 The￿ are no other Related Party transactions lodisclose. Detalls ofTfusiee remuneration and expenses are stated in Note 12. 49 YORK AACHAEOLOGICAL TRUST FOR EXCAVATJON AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR TIIE YEAR ENDED 31 MARCH 2022 31. SOFA prlor yearcomparatl¥es Unre5trkted Restrfcted funds funds 2021 2021 Total funds 2021 Incomefrom". Donation5, Brants and leBacie5 Charitable actiwties Other tradin8 artNities Investments Disposal of r￿ed a55ets 1,527,445 3.738.387 177,888 234 52,950 1,580,395 3.738,387 177,888 234 Total in¢ome 5.443.954 52.950 5.496.904 Expenditure on.. Ralslng funds Charitablè actmties 179,846 6.9)8.373 179.846 6,957,127 48,754 Totsl expendlture 7,088,219 48.754 7.136,973 Net expendlture before iD¥estment105se5 11.644.265) 4,196 11,640,069 Trnnsfers between funds ActuarSal galns on defined benefit pengon Schemes 5.066 152.IMI 152,000 Net expendilure 11.487,1991 18701 11,488,069) Post balance sheet e¥Ènts 8arl•y Hall Café The Trust took on the lease of the premises at 3. Coffee Yard on 28th April 2022. The property forms part of the Barley Hall building and connects through at first floor level. The pr¢¥Jerty had been operated independently a5 a cafe bar and became vacant during 2021. The business plan is to operate the ground floor ofthe property as a cafe, both for visitors to Barley Hall and the general public. with the caterinB facilitie5 being utili5ed to cater for an increased number of events at Barlèy Hall and in the tourtyard. In additiorb, the first floor of the property, to8etheT with the adjoining space at Barley Hall. will be used as education workspace. resultirtg in intrea5ed education revenue lor the attraaion. The lease was independently asse55ed and a full survey of the property commissioned. The lease is for a 10 year period. with 3 year break clauses at a c05t of £35,(MXJ per annum. The afe is due lo open in Juty 2022 after some refurbishment.