Reglstered number- 1430801 Charlty numbers.. 509)60 and SC042846 YORK ARCHAEOLOGICAL TRUST York Archaeology THE JORviJ,I YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED IA ¢ompany Ilmited by waranteel ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CONTENTS Reference and admlnistrative details of the charlty, Its trustees and advlsers Trustees, report 2-11 Independent auditors, report 12-14 Con501idated statement of flnancSal actlvltles Ilncorporatlng Consolldated Income and expendltufe account) Is Consolldated balance sheet 16 Charlty balance sheet 17 Consolldated cash flow ststement Notes to the financlal statements IM9 YORK ARCHAEOLOGICAL TRusf FOR EXCAVATION AND RESEARCH LIMrrED REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees Professor A W Robards. Chair Professor E Roberts, Wice Chair Ms S Hoggett Mr I C Mella ProfÈssor M Millett DrEMol Mr E Southworth Ms A Vavallou Mr M R Wat50n Mr P Wheatcroft (Appointed 9 December 20221 IAppolnted iorh February 20231 (Appolnted 9, De￿rnber 20221 Company re¥lstered number 1430801 Charlty rellstered number5 509060 and SC042846 eg5stered offl¢e 47 Aldwark York YOI 78X Company secr•t•ry Glll Glmes Chlef ¢x•wtl¥e offlcer Mr Davld JennlnBS Independent audltors Crowe U.K. LLP Black Country House Rounds Green Road OLDBURY B69 2DG Bankers Natlonal WestmSnster l Humber Quays Welllngton Street West HULL HU128N Solkltors Shakespeare MartSneau LLP Waterfront House, Waterfront Plaza 35. Station Street NOThINGHAM NG2 3DQ YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMrtED TRUSTEES, REPORT FOR TIIE YEAR ENDED 31 MARCH 2023 The TTUStees. who are also dlrectors for the purposes of company law, present thelr report and the con501idated financial staternents of the charity for the year ended 31 March 2023. REFERENCE AND ADMINISTRATIVE DETAILS Rèference and adminlstratlve deta115 are shown In the schedule Df mernbers of the Board and professlonal advisers on pa8e l of the consolldated financlal statements. THE TRUSTEES The Trustees who served the charlty durlng the perlod were as follows.. Professor A W Robards Professor E Robert5 Ms S Ho88ett Mr I C Mella Profe550r M Mlllett DrEMol M155 S L Palmer Mr E Southworth Ms A Vavallou Mr M R Wa150n Mr P Wheatcroft (vice Chalrl IAppolnted 91h December 20221 (Appolnted 10 February 20231 IReslgned 28 March 20231 (Appointed 9 December 20221 STRucfuRE, GOVERNANCE AND MANAGEMENT York Archaeologl¢al Trust Is a ieglstered charlly In En8land and Wales INO. 5090601, S¢olland (No. SC0428461 and a company INO. 14308011 Ilmlted by 8uarantee. Governln8 Do¢ument The Trust Is governed by its Articles of Assoclation, which were last amended on 9th December 2011. Mèmbe¥5hip of the Trust Is by invitation and approval in general meetlng. The maxlmum number of members15 150 and there are currently 63. The Artlcles of Assoclatlon are under revlew by the Board. Appolntment of Trustees Any Member of the Trusl can be appointed by the Trustees to fill a vacancy Ithe maximum number of Trustees Is 121. When a vacancy arises the Board Appointments Commlttee over5ee5 a Pro￿55 of external advertisin& shortli5tinB & Intervlewlng applScants, glving consideration to the skills and experience which it 15 considered will 5tren@then the Board and its dlversity. The recommendations of the Appolntment Commlttee are considered by the Board and appointments approved. When flrst appointed the Trusteè retains office until the next Annual General Meetin8 only, when helshe will have to Stand for elertion. Each year one third of the Trustees retlre by rotation. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 Trustee Inductlon and Tralning New Trustees are provlded with a '8oard Blble, that malntains an updated record of documents relating to the dutie5 and actlons of the Trustees and Board. Thls Includes the Artlcles of Association, the last two year5 published accounts, Minutes of the meetings of Trustees held in the135t 12 months land ihe supporting papers), the Contract of Commitment and the Code of Conduct for Trustees and a copy of the Charity Commission publication entitled The Essential Trustee ICC31. In adillllon. as soon as practlcable after appolntment they undertake a thorough Induction programme whSch introduce5 the Trustee to the Senior staff, gives an InsiÉht into the operational aspects of runt)ing the Trust and includes observation of one of the sub-committee or workin8 group meetings. Organlsation and Management The Board of Trustees Is responslble for overall governance, settln8 the 5trate8y for the Trust and ensurSng that11 55 delivered. The Board meets at least flve tlmes a year. Day to day management of the Trust Is the responslblllty of the ChSef Executive. The Trust operates as three teams.. York Archaeology, whlch undertske5 archaeolo8lcal projects ran8lng frorn conservallon, through to Beoarchaeolo8V, excavation and research. The operatlons are or8anlsed Into three 8eo8raphlcal operatln8 centre5, York (Fleldwork & Conservatlonl, Nottlngham (Fleldwork & Geoarchaeologyl and Sheffield. Attractions, which operates four educatSonal ￿sItor attractlons In York IIORVIK, DIG, Barley Hall and the City Walls Experlencel,. the Barley Hall Coffee Shop whlch opened In 2022,. Ihe annual JORVIK Vlkln8 Festlval In York,. an onllne dlgltol pro8ramme operatlng from Monk Bar In York and tourln8 and pop up exhlbltlons. The management of and access to the collectlon and archlves a150 slts within thls team. En8agement I'your Archaeo108y'I, which comprlses the Communlty team who work on project5 Ilke Archaeolo8y on Prescrlptlon and the trainin8 excavatlon pro8ramme,' Inherlt, the Glas8ow based unlt worklng on soclal Impact programmes, resoarch and policy development,. Educatlon & Outreach who manage thè extensive schools, colleges, university and research pro8rammes,' and Volunteerin8 which manage5 our programme lor archaeology and attractlons volunteers, Interns and work experlence. These three operatlons area5 are supported by a central Bu51ness Support team. The Trust has a Finance & Audit Cemrnittee of two Trustees and a co-opted non-Trustee member- a Remuneratlon Commlttee of three Trustees and an Appointments Cornrnlttee. The Appolntments Committee met rhroughout 2022 resulllng In the appolntment of three new Trustees. In May 2023 the Board approved the Term5 of Reference for a Rlsk & Governance Committee comprisin8 the Chair and two Trustees. Trustees, indemnity insurance tosting £8,86112021.' £7,705) was atqulred to protect the Charlty, the Trustee5 and offlcers* providing £5m liability cover. Charlty Governance Code The Board is responsible for the review of the Charity Governance Code. The Charity Governance Code wa5 reviewed by the Board in 2022 to ensure that the Code was reflected in the updated strategy for the period 2022-27. The Risk & Governance Committee Is currently working on a detailed review of governance and is due to report back to the Board by the end of 2023. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED TRUSTEES, REPORT Icontinvedl FOR THE YEAR ENDED 31 MARCH 2023 Key Management Personnel In additlon to the Chief Executive Officer (Davld lennlngsl, the Senlor Leadershlp Team comprises the Chlef Financlal Offlcer IGill Gimesl, the Oirector of Attraction5 (Sarah Maltbyl and the Dlrector of Archaeolugy (Dr Howard Jonesl. The pay of the Senior Leadership Team is revlewed annually by the Remunerations Commlttee and normally set In Ilne wlth company-wlde Inflallonary increases. Salarles for new appointments are benchmafked agalnst salaries In Similar settors, preferably charltable, alihou8h salaries for particular specla1I5t5 may be set against th05e In the commercial sectOT. Fundlng and Group Struttur• The Trust Is funded from the following source5'. Income recelved through the vlsltor attractions and Ilve events. Income from touring exhibitions and Streamed èvents. Funded archaeology and artelact conservatlon work. Fundlng for speclflc pfolects from Hlstorlc En8land, the HerltaBe Lottery Fund, the Brlt19h Councll and Arts Councll England. Funding from other 8rant glvers. Publlc donatlons. The Trust has a tradirbB subsidiary IJVC Retail Limltedl, whlch operates the retall actlvitles of the Trust at the vlsitor attractSons and onllne. The results of thls subsldlary have been Incorporated, as any surplus on thls actlvity Is 8Sft alded to the Trust. The Charlty had no fundraising aCtivitle5 requlrin8 disclosure under S162A of the Charities Act 2011. Rlsk Mana8•m•nl Durlng the year the Trustees have contlnued to revlew the risk5 to the Trust. Throughout 2022-23 the Board operated dynamic approach to risk by appointinB a iapld review group for speclfic rlsks as they arose, with others bein8 delegated to the Finance & Audit Commlttee or rev5ewed by the full Board as appropilate. Any new rlsks, or changes to existing r15ks, are notified to the 8oard at each meeting with the full risk reglster bein8 reviewed annually by the Board. Thls changed In May 2023, wlth risk mana8ement formin8 part of the Terms of Reference of the Risk & Governance Cornmlttee, with fraud & financlal rSsk management sltting within the remlt of the Flnance & Audit Committee. The Trust also has a Flnance & Audlt Commlttee that meets wlth the Trust's Audltor5 to plan the audit, and, followlng the audlt, to revlew the financlal results and thè appropriateness of control measures. The Trusiees consider that the princlpal rlsks to the Charlty are: Maintaining the finaniial 5t6bility of the or8ani5ation if the attraction5 are forced to close for a lengthy period. Reserves have Increased in the financial year and are above the level identlfled In the Reserve5 policy as being sufficient to cover any short term loss of Income. The Trust would sJ5e all support available (ln the event of a ¢105ure due to further pandemic or other potentially catastrophlc eventsl. instigate a cost reduction pro8raThme, T￿leW pricing and activity to encoura8e vi51tor5 and make use of the Reserves available. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED TRUSTEES, REPORT Icontinuedl FOR TFIE YEAR ENDED 31 MARCH 2023 The Impact of the wlder economlc situatlon. Thls Is felt In many ways. a potentlal reduction in visitor numbers due to people hawng les5 disposable income, a downturn in the level of developer-led archaeo108y incorne, potential major customer failure and increased costs of staff pay and supplie5. The Trust is under considerable pre55ure on staff pay and recruitment, together with ongoin8 external cost pressures. The Trust Continues to review the pricing of archaeology work and attractions admlsslons, is implementin8 an on8oln8 cost saving programme and closely monitoring the level of tenders & customer payment performance. Property portfollo. The Trust occupies many premises, the malorlty of whlch are leased, which are not ideal for efficient worklng or envlronmentally sustainable operation. A review of the portfollo In15 progress and the Trust is workin8 Wlth Ryden Property Management lo reach a suitable solution, but this wlll iequire 518nlficant investment and potentlally result In increased operatlng costs. Volunteer5 Volunteef5 play a key role In the success of the or8anlsatSon, wlth volunleers norrnally worklng In roles rangin8 from Interactlves at the Attractlons. stewards at events, supportlng archaeologlcal heldwork and communlty projects to as515tin8 the Flnds team with cleanin8 and preservation of the collection. Durln8 the year we had 169 actlve volunteers, who between them contributed over 3,553 hours of their tirne to the Trust. The Trustees would Ilke to take th15 opportun5ty to thank them all for thelr commitment and 5UPPOrt and look forward to welcomlng more volunteers In the comln8 year. OBJEcnvES AND AcnviTIES In shaplng our oblectlves for the year and plannlng our actlvlties. Trustees have consldered the Charlty Commlsslon's guldance on publlc beneflt, Including the guidance 'Publlc Benefit.. runnlng a charity IP821'. The objects for whlch the Trust is establlshed are to advance the educatlon of the publlc In archaeology, hlstory and related disclplines a550clated wlth the Clty of York and elsewhere and to promote the preservatlon and dlsplay of collectlons of archaeoloBical materlal, carry out research ènd dls5eminate the results. The Trust contlnues to seek ways of furtherlng knowledge about the past and maklng thls Informatlon readily avallable to the public. The latest Strategy document was approved by the Board on the 20, May 2022 and the related Annual Plan for 2023-24 approved by the Board on 12 May 2023. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 The strategic aims over the next five yèars are.. Discoverlng archaeology from dig to display and beyond. YAT will be economically, environmentally and socially sustalnable and grow. YAT will work as one coheslve organisation. The artivlties of the Trust are arranged so that the work Involved in archaeological Investigation, Teportin8, research and conservation is undertaken by the ArchaeoloÉy Team, under the management of the Dlrector of Archaeology. Operational office5 are located In York, Sheffield and Nottingham, with Ihe Conservation team, under the Head of Conservatlon, also based in York. The Director of Attractions manages the visitor attractions, coffee shop, tourinB exhlbitions and public outreach lincludin8 digital outreach) and Ss responsible for the retention of object5 and managln8 access to the collectS0n. The Director of Archaeolog¥, Dlrector of Attractlons & Chief Financial Officer report to the Chief Exe¢utlve Officer and tO8ether form the Senlor Leadership Team ISLTI. The SLT jolntly manages the En8aBement tearn cornpr15in8 InherSt. base(1 In Glasgow and worklng on internatlonal Prolects. pollcy and Tesearch work., the Communlty En8a8ement Team whlch draw5 on expertise from all areas of the Trust to deliver social impact pro8rammes,' the Outreach team responsible for the Tru5t'5 education and research programmes,. the Communl¢atlons teams and Voltsnteerln8 management. The alm of the Attractlons Team Is to dellver an educatlonally effertlve experlence Ihroygh our vlsStor attractions. events, dlgital Pfogramme and tourin8 exhlbltlon5. The most popular attractlon. JORVIK Vlklng Centre, provides visitors wlth a unique insiBht into Vlkin8 life. All the attractions requlre an entrance fee to be pald. Thls enables us to Invest In further educational activities, including free public events, and to maintain a high-quallty educational experlence in all of our attractions, as well as providin8 fundin8 for the furtherance of the Trust's charllable objectlve5, dellvered through the Archaeology, Community and Inherlt teams. A careful balance needs to be struck between ma¥imlsln8 revenue generation and ensurlng that all secttsrs of the population have acces5 to the educational expellence on offer. School groups are particularly important in this respect and the Trust ensures that the material remalns relevant and appropriate Ic* schools. The digital pro8ramme, IncludlnB the IORVIK Wklng Thlng onllne festival, continued to grow, with the creation of a dlgStal 5tudS0 In Monk Bar Ithe former Rlchard111 Experlencel and there has been a small number of tourlnB exhlbltlons. Income from charilable activitie5 for the year was £9.93m12022 £7.66ml reflectlng a full year of operation of the ttractions and the Browth In archaeology servlces. The Archaeolo8y servlce5 Income was £4.2m12022 £3.23ml and resulted In a surplus 35 a result of the focus on making the archaeology 5erwces self-sustaining. The Archaeology on Prescription pro8ramme was supported by funding from the Natlonal HerStage Lottery Fund, the UK Community Renewal Fund via the Clty of York Couneil, city of York Council Ward Funding, the Feolfees of St Michael Spurriergate. the Aurellys Charltable Trust, York CVS. The Patricia & Donald Shepherd Trust & York Common Good. In addition, the Friends of York Archaeolo8ical Trust donated £8,000 toward5 general fund5 and £6,000 towards the'50 Year5 of the York Archaeologlcal Trust, publication. The Trust 15 grateful to these and all our Supporters throu8hout the year. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED TRLISTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 STFiATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Last year our priorities were: Flnancial su5t31nablllty The ArchaeoloEV opera15ons generated a Small surplu5 in the year, wlth a siÈnlflcant Increase In Income and ¢ontinuin8 efficiencies. The Attractions portfolio was increased with the openln8 of the Barley Hall Coffee Shop and a diverse programme of digital event5. At the end of the year, the Reserve level had exceeiled the increased target set. Publlc beneflt & archaeology The York based Archaeolo8y on Prescrlptlon project moved Into the second phase of operatlon and contlnues to be well re￿}ved. by funders and participants allke. ConversJtlons are ongoing to pllot a 51mll3r project alon851de partners at out Nottingham office. Inherit continued It5 pro8ramme of work outside the UK, Includlng parliclpation in thè Parls Peace Forum In the autumn and workin8 Wlth the Brltlsh Councll in the Mlddle East and Chlna. Uslng core values to bulld the charltv The café at 8arley Hall opened in the summer of 2022, wldenlng the scope of our attractions offerlng. The En8a8ement team dellvered tralnln8 di89 at both York and Nottin8ham with over 150 partltipant5 and the number of volunteerln8 OPPOrtunitSes and Internshlp5 offered Increased In the year. Progress on the Roman Quarter project has stalled and Is It dlsappolntlng that the programmes developed for work during the excavation have not 8one ahead, but they form a strong base for future work wlth other partner5 when the opporiunlty arlses. The Trust also formed a Sclence Working Group to bring tO8ether our In-house specialists lo desl8n a distbnctlve sclence based offer, Includlng geoafchaeolo8y, conservatlon, archaeobotany and osteologv. Future prooflng The Trust has focused durin8 the year on a number of future proofing actSvltles, Including the updated strategv, the approval of a Communications 5trate8y in May 2023, the ongoin8 work of the Equality, Diversity and Incluslon group and contlnued Investment In archaeology systems and recordin8. Engagin8 Wlth stakeholders & beneficiaries 2022 was the Trust's X), year and a number of events took place involving and thanklng our stakeholders for their support, culminatin8 in the launth of '50 Years of York Archaeologlcal Trust, written by Dr Peter Addyman Sn September 2022. The Membershlp Commlttee contlnued It5 work In stren8thenSn8 tles between the Board, the SLT and the Members and the Communications strategy wa5 approved by the Board In May 2023 for implementation. Working with others The Trust continues to work on various projects with the Universities of York. Oxford. Cambridge, Durham ènd York St John through the Community and Edu¢atlon teams and Inherit, our archaeolo8V Services and research panel and the provision of volunteerlng and intern5hlp opportunities. A malor focus this year has been ihe discussions with partners in thè Nottingham area around the development of a visitor attractlon Iprovisionallv entitled The Attenborough Project) based on the River Trent exploring the ecological impact of humans and cllmate change through history. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, REPORT Icontinuedl FOR TFIE YEAR ENDED 31 MARCH 2023 Bein8 a 8ood employer, doing social 8ood The HR strategy was approved by the Board In February 2023 and Is in the early stages of implementatlon. Staff pay has been a major area of concern in the year and the Trust was able to award an interim pèy Increase as well as the annual increase which helped staff with the cost of livin8 increases. A comprehensive training proBramme, led by ACAS, aimed at Ilne mana8ers was also launched, the majorlty of Ilne managers in York have completed the IralnlnÉ and sessions for Nottingham staff have commenced since Aprll. The Trust ha5 also commlssloned bespoke mentoring and development support for key staff members, including those newly promoted to management roles. FINANCIAL REVIEW The Trust had net income for the year, prior to pensSon fund revaluatlon, of £411,742, compared to net income In the prevlous year of £2,096,299, the prevlous year flgure belng drlven by the level of gr3nt fundln8 recelved followin8 the pandemlc and the property sale. Excludln8 these exceptlonal Items, Income overall was £2.56m above the prevlous year. wlth an Increase In costs of £1.60m. In the Attractions both ￿SItor numbers and Income leve15 were hlgher than antlclpated, reflectln8 a full year of operatlon. The IORVIK VlklnB Centre and DIG perlormed partlcularly well In the year. The IORVIK Viklng Festlval ran In both May 2022 and February 2023 and was supported by a Brant of £30k fecelve¢J from the Clty of York Councll. The tradln8 cornpany, which accounts for retail & private hlre actlvlty in the attractlons. made a surplus of £303.966 In the year12022.. £168,794). In IL41y 2022 the Barley Hall Coffee Shop was opened. which contributed £70k of Income to the tradin8 company, but made an operatlng loss. The Coffee shop Benerates the polentlal In future years to have a wlder ran8e of events at Barley Hall and. It Is hoped. wlll (Jrlve an Increase In vlsltor numbers to Barley Hall Itself. Income from Archaeology sèrvites intreased to £4.24m12022: £3.23ml reflectlnB the focus on bu51ness development wlthin the team followlng the reslructurlng In prevlous year5. Expendlture was E4.23m, an Increase from the prevlous year1£3.91ml. Incorne Increased by 31% In the year. wlth a related cost increase of 9%, an Indicatlon of the efflclencies TesultSn8 from the business focu5 of the last few years. The Enga8ement team generated Income of £376.8k with related costs of £597k whlch Inclvde the Costs of the En8agernent team supporting the work of the Atlraction5. Support Costs for the Trust as a whole, ccmprislng FInan￿, HR, IT, Communlcatlons and warehousing amounted to £1.91m12022'. £1.61rn1 The Trust re¢eived no legacy income in the perlod12022: £NIII and recelved donatlons totalllng £20,90412021.' £26,286). The cash balance at the end of the year stood at £2,347,69112022.' £2.391,9891. Restrlcted Funds No income wa5 received agaln5t RestrScted Funds durlng the year12022'. £nlll. Net movement in Restricted Funds was a decrease of £32612022: decrease £1,862). Re5erve5 The reserves policy involve5 the identification of expendlture on planned development, whlch Is transferred to a desi8nated capital reserve, and of freè reserves which are held against advèrse financial sltuations. The Reserves policy is re8ularly rewewed by the Board and wa5 amended in May 2023. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, REPORT leontlnuedl FOR THE YEAR ENDED 31 MARCH 2023 The current pollcy Is to malntain a level of free ieserves equivalent to 25% of the turnover from the attractions division. The Board feel that this reflects the amount required to cover essential costs whilst alternative funding is sou8ht. Based on the budgeted income for the attfactlons for the period 2023-24 of £6.12m the current aim is to maintain free reserves of£l.53m. At the end of the year there was £5.92m12022.. £5.51ml In unrestrlcted reserves. Of thls, £3.77m12022'. £3.89ml relate5 to fixed a55ets, £8.7k Is deslgnated for the annual Helen Addyman Lecture, £18.5k designated for the York Roman Project and £518.8k deslgnated for property development. The balance of Restricted Funds carried forward stands at £23,$6212022.' £23,888> The balance of free reserves, ex¢ludlng Designated Funds and penslon Ilabllltles, Is £1.595m12022'. £1.065ml. Goln8 ¢on¢ern The accounts for thls flnanclal year Show a surplus of £411,742, resultlng In a slgnlficant Increase In the free Aeserves level. The Board continue to monltor on8olng tradlng conditions and are rnindful of the increased cost pressure due to Inflation and Increased pay demand5, but are comfortable that th55 can be cushloned by Implementlng prlce Increases, efflclencles and cost savin8s where posslble. We belleve there are no materlal uncertalntles that call Into doubt the Charlty's abSllty to contlnue. For these reasons, the Trustees conslder It approprlate to contlnue to prepare the financlal statement5 on a g0Sn8 concern baslg. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 PiANS FOR FUTURE PERIODS The Board approved the five year strategy for 2022 onwards In May 2022. The prlorltles are.. DSKover1￿ arthaèolo8y from dll to dlsplay and beyond Public benefit & archaeology Re￿ewIng the Your Archaeology, programmes, developing and implementlng a sustainable strategy for 2023- 2025, includin8 wldenin8 the Scope of the programmp to other geographical areas and developer led work. Continulng the work of the Science Group to create a dlstinct spe¢lallst offef. EnBagln8 wllh stakeholders & beneficlarles Implementlng the Communlcatlon5 Strategy by the end of the financial year and rolllnB out the rebrandlng of the Trust to York Archaeology In the autumn of 2023. Working with others ContlnuinB to develop our NottinBham based partnershlp5 to work on The Attenborough Project and maintainlng and developlng contacts wlth unlversltles. 8eln8 economkallyi envlronmentally & $￿IallY surtalnable and grow FlnancSal sustalnablllty To malntain the level of Reserves requlred through Increased Income and cost efflclencies across all areas, Includlng further development of the archaeologlcal systems, a revlew of attractlons operatlng procedures and careful consideratlon of vacant posts. Usln8 core values to bulld the charlty Worklng on dellverlng new Inltlatlve5 reflectlng our core values, Including workln8 wlth partners on potentlal ents. Developlng evaluation methodologie5 to support our fundTalsln8 actlvltles and all¢)w better mana8ement of the Internal allocatlon of generated surplus funds. Future prooflng ContSnuing the work on the property portfollo to result In propertle5 whlch are ener8y efflclent, flt for purpose and have scope for growth. Complpting the ieview and Implementation of a Digital SlrateBY, bullding on the work of the team created durlng the pandemic. Developlng a unified fundraisin8 Strate8y. Alming for accreditation to ISO standards on envlronmental sustalnablllty and Qu311ty standards. Workln8 as one cohe51ve organlsatlon Belng a good employer, doln8 Sotlal good Implementing the HR strategy. developing a Trust wlde volunteering 5trate8y and Implementing the EDI action plan to increase diveisity acr055 staff, beneficiaries, volunteer5 and visitors. 10 YORK ARCHAEOLOGICAL TRU￿ FOR EXCAVATION AND RESEARCH LIMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 Statemeftt of Trustee5' responsibilities In resped of the Trustee￿ Annual Report (comprisin8 the Strateg1¢ Report and Dlrectors, Report) and the flnancSal statements. The Trustees (who are also directors of York Archaeological Tfu5t for Excavatltsn and Research Llmited for the purposes of company lawl arè responsible for preparing the Trustees. report and the financial statements in accordancewlth applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally AccÈpted Accounting Practicel. Company law requires the Trustees to prepare flnartcial statements for each financial year. Under company law the Trustees must not approve the financial statements unles5 they arè satisfied that they give a true and fair wew of the slate of aflalrs of the chaiStable company and the group and of the incomSng resource5 and appllcation of resources, Includlng the Income and expendlture, of the charlt3ble8roup for that perlod. In preparing these fln3ncS3l statements. the Trustees are required to.. select sultable accounllng policies and then apply them ¢onslstently: observe the methods and principles in the Charities SORP; fflake judgrnent5 and accountin8 estlmates that are reasonable and prudent,. prepare the financial statements on the goin8 concern bas15 unless It Is Inapproprlate to presume that the charitable group wlll contlnue In operation. The Trustees are responslble for keeplng adequate accounting rKords thatare sufflclent to show and explaln the chafltable company and the group's transactlons and dlsclose wlth reasonable accuracy at any tlmè the flnanclal posltlon of the charltable group and enable them to ensure that the financial statements comply wllh the Companles Act 2006, the Charlties and Trustee Investment (Scotlandl Act 2005 and the Charities Account5 (Scotlandl Regulation$ 2006. They are also re5ponslble for safe8uardin8 the assets of the charltable company and the group and hence for taklng reasonable step5 for the preventlon and detection of fraud and other IrreBularities. 01scIosure of Informatlon to audlto Each of the persons who are Trustees at the ilme when thls Trustees, report15 approved has conflrrned that: 50 far as that Trustee Is aware, there Is no relevant audlt Informatlon of which the charitable group's audltor9 are unaware, and thatTrustee hastaken all the steps that ought to have been taken as a Trustee In order to beaware of any relevant audlt information and to establish that the charitable group'5 auditor5 are aware of that information. Avdltors Crowe U.K. LLP, has indicated its, wlllingness to be re-appolnteil as statutory auditor, subject to the approval of Members at the Annual General Meetin8 Thb5 report Was approved by the Board. in their upaclty asTru5tees and Dlreclgr5. and si8ned on thelr behalf. By ordef of the Board Professor A.W Robard5 Chair DATE 11-Ot¥-1013 11 YORK ARCHAEOLOGICAL TRusf FOR EXCAVATION AND RESEARCH LIMITED Independent Audltorfs Reportlo the Members and Trustees of York Archaeologlcal Trust for Emcavatlon and Researth Umlted OplnSon We have audited the financlal statements of the York Archaeological Trust for Excdvation and Research Llmlted for the year ended 31 March 2023 which comprise the Statement of Financial A¢tivities, the Income and Expenditure AccoLtnt. the Balance Sheet. the Statement of Cash flows and notes to the financial statements, includin8 a Summary of si8niflcant accounting pollcles. The flnanclal reporting framework that has been applied In thelr preparation is applicable law and United Klngdom Accountlng Standard5, including Financial Reporting StandaTd 102 The Financlal Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practl£el. In our opinion the financial statements.. glve a true and falr vlew of the state of the group's and the chafllable compan￿5 affalrs as at 31 March 2023 and of the group's Income and expendlture, for the year then ended,. have been properly prepared in accordance wlth Unlted KlnBdom Generally Accepted Accountln8 Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006, the Charlties and Trustee Investment15cotlandl Act 2(M)5 and Regulations 6 and 8 of the Charities Accounts (Scotlandl Regulations 2006. 88s1s for oplnlon We conducted our audit In accordance with Internallonal Standards on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilities under those standards are further described in the Auditor's respon5ibilitles for the audit of the financial statements sectSon of our report. We are Independent of the 8roup in accor¢Jance wlth the ethlcal requirements that are relevant to our audit of the flnanclal slatements in the UK, Includin8 the FRC'S EthScal Standard, and we have fulfilled our other ethical responslbilltles In accordance wlth these requlrements. We belleve that the audSt evidence we have obtained is sufficient and appropriate to provlde a bas15 for our opinion. Conclus5ons rèlatln8 to 8oln8 ¢on¢em In audltin8 the financial statemenls, we have concluded that the tru5tees' use of the 8oln8 concern b3515 of accountlng In the p¥eparation of the financial statemènts Is approprlate. Based on the work we have performed, we have not identified any material uncertainties ￿latIng to events or condition5 that, individually or collectlvely, may cast slgnlflcant doubl on the charitable company's abllity to contlnue a5 3 golng concern for a perlod ol at least twelve months from when the financial statements are authorlsed for Sssue. Our respon51bllltle5 and the responsibllltles ol the trustÈ@s with respect to golng concern are descrlbed In the relevant sections of this report. Olher Infomiatlon The tr115tees are responslble for the other information contained withln the annual report. The other Informatlon compri5e5 the information included in the annual report, other than the financial statements and uur auditorf5 report thereon. Our opinion on the fSnanclal statements does not cover the other Information and, except to the extent otherwlse expllcitly stated In our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other Informatlon and, In doing so, conslder whether the other information Is materiallv inconsistent with the financial 5tatemen15 of our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such materlal inconsSstencles or apparent materlal rnlsstaternents, we are required to determine whethei thls glve5 rlse to a material mi55tatement in the financial statements themselves. If, based on the work we have performed. we conclude that there 15 a material misstatement of thi5 Other information, we are required to report that fact. We have nothing io report in thls regard. 12 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED Oplnlons on other matters prescribed by the Companle5 Art 2006 In our oplnion based on the work undertaken in the course of our audit the information given in the trustees, report, which includes the dlrectors. report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statèmènts are prepared is con51Stent with the financial statements.. and the strategic report and the directors, report included wlthin the tru5tees' report have been prepared in accordan with applicable legal requirements. Matters on whlth we are requlred to report by ex¢eMlon In light of the knowledÉe and understandlng of the charltable company and their environment obtained in the course of the audit, we have not Identifled material misstatements in the strategic report or the diTectors' report included wlthln the trustee5' report. We have nothln8 to report In respect of the followlng matters In relatlon to whlch the Companles Act 2006 and the Charitles Accounts (Scotlandl Regulations 2￿6 requires us to report to you if, In our oplnlon.. adequate and proper accountln8 records have not been kept,. or the financial statements are not in agreemènt wlth the accountlng records and returns. or certaln dlsclosures of trustee5' remuneration 5peclfled by law are not made,. or we have not re¢elved all the Information and explanatlon5 we requlre for our audlt. Re>pun51bllltl•s oltruste•s As explained more fully In the trustees, responslbllities statement set out on pages 2-12, the trustees Iwho are also the dlrectors of the charltable company for the purposes of company lawl are responslble for the preparatlon of the flnanclal 5tatement5 and for beSng satisfled that they glve a true and falr vlew. and for such internal control a5 the tru5tee5 determlne 15 necessary to enable the preparation of financlal statements that are free from material rnlsstatement, whether due to fraud or error. In preparlng the financial statements, the trustees are re5ponslble for assesslng the 8roup'5 or the charitable companvs ablllty to cont5nue as a golns concern, d15closln8, as applScable, matteT5 re5ated to Éolng concern and usln8 the going concern basis ol accounting unless the trustees esther Intend to Ilquldate the charitable company or to cease operatlons, or have no realistic alternative but to do $0. Audltorfs f•sponslbllltles for the audlt of the fln•n¢lal statements We have been appointed a5 audltor under sectlon 44llllcl of the Charltles and Trustee Investment Iscotlèndl Act 2005 and under the Companies Act 2006 and report In accordance w5th the Acts and relevant regulations made or having effect thereunder. Our objectlves are to obtaln reasonable assurance about whether the flnancial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an audltor's report that include5 our opinion. Reasonable a55uran¢e is a high level of a55ur3nce. but is not a guarantee that an audit ¢ondu¢led in accordance with ISAS IUKI will always detect a materlal misstatement when It exlsts. Mlsstatements can arise frorn fraud or error and are consldered materlal If, Individually or in the aggregate, they could reasonably be expected to Influence the economlc decisions of users taken on the basi5 of these financial statements. Details of the extent to which the audit wa5 considered capable of detecting irregularities, Includlng fraud and non- compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Aeportin8 Council'5 web51te at.. www.1rc.or .uk auditorsres onsibilities. This description forms part of our auditor's rèpoft. 13 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED Extent to which the audSt was considered capable of detecting irregularities, includin8 fraud Irrègularities. including fraud. are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and di5CU55ed these between our audit team members. We then designed and performed audlt pfocedures responsive to those risks, includlng obtainlng audit evldence sufficient and appropriate to provlde a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable cornpany operates, focusing on those laws and re£ulations that have a direct effect on ihe determlnatlon of material amount5 and dlsclosures In the financial 5tatement5. The laws and regulations we con51dered In thls context were the Companies Act 2006, the Charities Act 2011, the Charities and Truslee Investment (Scotlandl Act 2CQS together with the Charities SORP IFRS 1021. We a5se55ed the required cornpliance with these laws and re8ulations as part of our audit procedures on the related financlal statement Items. In additbon, we considered provisions of other laws and regulations that do not have a diTect effect on the financial statements but compllance wlth which ml8ht be fundamental to Ihe charitable company's ability lo operate or to avoid material penalty. We a150 consldered the opportunltie5 and Incentlves that may exlst wlthln the charltable company for fraud. The key laws and re8ulatlon5 we considered in thSs context were General Dats Protection Regulatlon, health and safety le81513tSon and employee legislation. Auditin8 Standards lirnit the required audlt procedures to Idenllfy non-compliance with these laws and re8ulations to enqulry of the Trustees and other mana&ement and Inspettion of regularory and legal correspondence, If any. We Identlfled the 8reate5t rlsk of rnaterlal Impact on the financlal stalernents ffom Irre8ularltles, It)cludlng fraud, to be the override of Controls by management. Our audit procedures to respond to these rlsk5 Included enquiries of mana8ement and the Finance & Audit Committee about their own identification and assessment of the risks of irregularities, sample testin8 on the postln8 of journals, revSewSnB accountln8 eslimates for bla5es. revlewln8 re8ulatorv correspondence wlth the Charlty Commlsslon. and readlng m5nules of meellngs of those charged wlth 8overnance. Owln8 to the inherent Ilmltations of an audlt, there Is an unavoldable rlsk that we may not have detected sorne materlal mlsstatement5 in the financlal slatements. even though we have properly planned and performed our audit In accordance with auditln8 Standards. For example, the further removed non-compllance wlth laws and re8ulatlons 1Srre8ularltlesl15 from the events and tran5artlon5 reflected In the financial Statements, the le55 Ilkely the Inherently Ilmlted procedures requlrèd by auditln8 Standards would identify it. In addition, as wlth any audlt, there remalned hlgher rlsk of non-deteclion of irregularities, as these may involve collusion, forgery, intentional omisslons, misrepresentation5, or the overrlde of internal controls. We are not responsible for preventin8 non-compliance and cannot be expected to detect non-compllance wlth all laws and reBulatlons. Use of our report Thls report is made solely to the charltable companvs members, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's tru51ees, as a body, in accordance wlth RegulatSon 10 of the Charities Accounts Iscotlandl Regulatlons 2006. Our audlt work has been undertaken so that we might state to the charitable company'5 members those matter5 we are requlred to stale to them In an audltor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ltrte charitable company and the charitable company's truslees as a body for our audit work, for thls report, or for the oplnions we have formed. Kerry Brown Senior Statutory AudStor For and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House. Rounds Green Road, Oldbury, West Midlands, B69 2DG Date.. 24 August 2023 14 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING CONSOLIDATEO INCOME & EXPENOITURE ACCOUNTI FOR THE YEAR ENDED 31 MAFtCH 2023 Unrestrirted funds 2023 Restrictèd funds 2023 Total fvnds 2023 Total funds 2022 Note Income from: Donatlons, grants and legacies Charitable activitie5 Other trading actSvltles Investments Dlsposal of flxed assets 20.904 9,930.665 918309 7,621 20,904 9,930,665 918,309 7,621 2,154,784 7,663,135 627,909 ioi 518,817 Total Incorn• 10,877N99 10.877,499 10,964,746 Expendltur• on: Ralslng fund5 Charitable actlvltles 614,343 9,851,088 614,343 9.851.414 4S9,115 8,409.332 326 Total expendltur• 10,465,431 326 10,46S,757 8.868,447 Net Income I lexpendlturel before Investmènt losses 412.068 13261 411,742 2,096,299 Net Income I lexpendltur•l befor• other galn5 and losses 412068 13261 411.742 2,096,299 Transfers between funds 21 Other recognlsed galns I Ilossesl Actuarlal Ilossesl l 8alns on defined benefit pension schemes Net movement In funds 4121168 13261 411,742 2,096,299 Reconclllatlon of fund5'. Total funds at l Aprll 2022 5,505,665 23,888 5.529,553 3,433,255 Total fvnds at 31 March 2023 5,917,733 23,562 5,941.295 5,529,553 All activltles relate to continulng operations. Comparative figure5 are shown in note 30. The notes on page5 19 to 49 form part of these financlal statements. 15 YORK ARCHAEOLOGICAL TRU￿ FOR EXCAVATION AND RESEARCH UMITED CONSOLIDATED BALANCE SHEEr ASA T31 MARCH 2023 2023 2022 Note Flxed assets Tan8ible assets Investments 16 17 S,769￿34 3,888,257 3,769,843 3,888,266 Current assets Stock5 Debtors Cash at bank and In hand 18 19 151,674 1.613,582 Z.347,691 140.469 1,067,939 2.391,989 4,112,947 11,838,663) 3,600,397 11,807,058) Credltors.. arnounts falllng due wlthln one year 20 Net current assets 2,274,Z84 1,793,339 Tot•1 asset51•5s current Ilabllllles 6.044.127 5,681,605 CTedltOTS.' amounts falllng due after more than one year 20 {99,6641 1148,8B41 Net •55et5 excludlng ￿nSIOn scheme Ilabllltles Defined benefit pensSon scheme assets 5.944,463 S,532,721 25 13,161) 13,1681 Net a55ets Includln8 penslon scheme 22 5,941,295 5,529,553 Charlty Funds Restritted fund5 Unrestricted fund5-. Unrestricted funds excludlng pension liability Pension reserve 21 21 23.562 23,888 5.920.901 13,1681 5,508,833 3,1681 Total unrestricted funds 5,917.733 5,505,66S Total funds 5.941.295 5,529,553 The financial statements were approved by the Trustees on 11 Au8USt 2023 and signed on their behalf, by-. Mr I C Melia The notes on pages 19 to 49 form part of these financial statements. Chair of Flnance Commlttee YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESV4RCH LIMITED CHARITY BALANCE SHEET ASA T31 MARCH 2023 2023 2022 Note Flxed a55ets Tan8ible assets InvÈstments 16 17 3,769,834 io 3,888,257 io 3,769,844 3.888,267 Current a55ets Stocks Debtors Cash at bank and in hand 18 19 41.207 1,723.614 2,330,069 49.666 1,347.023 2,385,330 4,094090 3,782,019 CredltOfS'. amount5 falllng due withln one year 20 11,830,602 11,998,683 Net ¢urrent assots 2.264,288 1,783,336 Tot•1 a55ets less current Ilabllltles 6,034,131 5,671,603 Credltors: amounts fallln8 due after more than one year 20 {99,6641 1148,8841 Net assets ex¢ludln8 penslort scheme llabl1￿1•5 Deflned benellt penslon scherne liabillty 5,934A63 5,522,719 1&2S 3.168 3,168 Net asset$ In¢ludln8 penslon Scheme 5,931.295 5,519,S51 ChJrlty Funds Reslricted funds Unrestrlcted funds.. Unrestrlcted funds excludlng pension liability Pension reserve Total unrestricted funds 21 23,562 23,888 5,910,901 3,168 5,907,733 5,498.831 3,168 5.495.663 Total fund5 5,931,295 5,519,551 Charlty $urplus 411,742 L911,367 The financlal Statements were approved by the Trustees on 11 August 2023 and signed on their behalf. bv.. Mrlcmeli The notes on pages 19 to 49 form part of these financial statement5. Chalr of finan￿ Committee 17 YORK ARCHAEOLOGICAL TRusf FOR EXCAVATION ANO RESEARCH LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note Cash flows from operatlni activities Net cash used In operatlng actlvltles 23 121,222 1,781,656 Cash flows from In￿$1[Al actlvltles: DivSdend5, Interest and rents from Snvestments Proceeds from sale of ffxed a55ets Purchbse of property, plant and equlpment 7fi24 ioi 934,567 66,2951 1121.0061 Net ¢ash used In In￿511n8 actlvltl•s 1113,382} 868,373 Cash flows from tlnanclng a¢tl¥ltles: Inflows from new borrowln8 Repayment5 of borrowln85 Interest pald 148,8271 1576,2141 3,312 17,214 N•t cash us•d In ftnandni actl¥ltSes 1511391 1583,4281 Chany In cash and cash equlvalents In the year 144,2981 2,066.601 Cash and cash equlvalents brought forward 2,391,9B9 325,3B8 Cash and Cash equlvalents carrled lorward 24 2.347,691 2,391,989 At l Aprll 2022 Cash flows Other non- cash changes At 31 March 2023 2,347,691 149.0181 199,6641 Analysls of ¢habwes In net debt: Cash Loans fallinB due within one year Loans falllng due after more than one year 2,391,989 144,2981 148,8571 11611 1148,884 49,220 Total 2,194,248 4,761 2.199,009 18 YORK ARCHAEOLOGICAL TRUST FOR EXCAVAT1014 AND RESEARCH LIMITED NOTES TOTHE FINANCIALsfATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A£countln8 policies Ba515 olpreporotlon olflnonclolstotements York Archaeological Trust for Excavation and Research Llmited is a charitable company limited by guarantee in the United KinÉdom, re8lStration number 1430801. In thè event of the charlty bein8 wound up, the liabilitv In respect of the guarantee 15 limited to El per member of the charlty. The address Of the registered Offi￿ is glven in the charlfy infofmatlon on page l of these account5. The nature of the charity's operatlons and prlnclpal activitie5 are included in the Trustees, Report. The charlty meets the deflnltlon of a publlc benefit enllly under FRS 102. The f5nanclal statements have been prepared In accordance wlth Accountln8 and Reportln8 by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordancewith the Flnancial Reporting Standard appllcable in the UK and Republlc of Ireland IFRS 1021 lelfectlve I january 20151 ICharllSes SORP IFRS 10211, the Finan¢ial Reporlln8 Standard applScable in the UK and Republlc of Ireland IFRS 1021 and the Companles Act 2006. Assets and IlabS1Stles are Initially recogni5ed at hlstorlcal c05t or transactlon value unless Otherwlse stated in the relevant accountlng policy. The Statement of Financial Actlvilie5 ISOFAI and Balance Sheet consolldate the flnanclal statements of the Charity and its subsidlary undertaking. The results of the subsldlary are consolidated on a line by line basls. No separate SOFA has been presented for the Charlty alone as permitted by sectlon 408 of the Companles Acl 2006. These flnanclal statements are prepared in Sterlin& which Is the functlonal currency of the Charlty. Monetary arnounts In these flnancial statements are rounded to the nearest E. Golnq concern The accounts for this financial year Show a surplus of £426,742, resultlnB Sn a significant increase in the free Reserves level. The 8oard contlnue to monitor ongoing trading conditions and are mindful of the Increased cost pressure due to Inflatlon and Increased pay demands, but are comfortable that this can be cvshioned by Implementin8 price increases, efflclencSe5 and cost savln85 where p0551ble. We belleve there are no materlal uncertainties that call into doubt the Charlty's ablllty to contlnue. For these reasons, the Trustees conslder It approprlate to contlnue to prepare the financlal staternents on goln8 con￿rn basls. 19 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 AccountlnB pollcles- contlnued Fuftd47ccountlnq General funds are unrestricted funds whlch are avaSlable for use at the dlscretion of the Trustees in furtherance of the general objective5 of the Charity and which have not been desl8nated for other purposes. Designated funds comprise unrestricted fund5 that have been set a51de by the Trustee5 for partlcular purposes. The aim and use of each deslgnated fund 15 set out in the notes to the financial statements. Re5trlcted funds are funds whlch are to be used in accordance wlth speclflc re5trlctlons imposed by donors or whlch have been ralsed by the Charlty for particular purposes. The costs of ralsing and admlnis¢ering such funds are charged against the specific fund. The alm and use of each restricted fund is set out in the notes to the flnanclal statements. Investment Income, galn5 and losses are allocated to the approprlate fund. Income All In¢ome Is recognised once the Charity ha5 entltlernent to the Incorne, It Is probable that the Income wlll be recelved and the amount of Income recelvable can be measured iellablv. For legacies, entitlement is taken as the earlier of the date on whlch either.. the Chaiity Is aware that probate has been granted, the estate has been flnalised and notifi¢atlon has been made by the executorlsl to the Trust that a d15trlbullon wlll be made, or when a d15trlbution Is TeceSved from the estate. Aecelpt of a leBacy, in whole or In part, is only consldered probable when the amount can be measured rellably and the Charlty has been notlfied of the executor's intenllon to make a dlstribution. Where legacles have been notified to the Charity, or the CharSty is aware of the grantlng of probate, and the crlteria for Income reco8nition have not been met, then the legacy Is treated as a contln8ent asset and dlsclosed If materlal. Income tax recoverable In relation to donations received under Glft Ald or deeds of covenant is reco8nised at the time of the donation. In respect of long-term contracts, turnover represents the value of work done In the year, Includin8 estlmates of amounts not Involced. Turnover In respect of long-term contracts Is recognised by referen￿ to the stage of completion. 20 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountini pollcies- contlnued Expendlture Expenditure is recogni5ed once there is a legal or constructive obllgatlon to make payment to a third party, It is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expen5e5 Including support costs and Boverllance costs are allocated to the applicable expenditure headlngs. Fundralslng costs are those Incurred Sn seeklnB voluntary contrlbutlons and do not Include the costs of dissemlnatlng Informatlon In support of the charStable activities. Support costs are those costs Incurred dlrectly in support of expenditure on the objects of thè Charity and Include costs of the central support functions. Governance costs are those Incurred in connection with admlnlstfatlon of the Charity and compliance wlth conslltutional and $1otutQry Tequlrements. Investments Investments in Subsidiary undertakin8s are valued at C05t. Tonqlble ond Intonglblefixed a￿ets ond depreclotlon All assets costinB more than £1,500 are capltalised. Tan8lble flxed 355ets are stated at cost less depreclatlon. Depreclatlon15 provlded at rates ￿l¢￿lated to wrlte off the cost of fixed assets, less thelr estlmated resldual value, overtheir expected useful Ilves on the followln8 ba5es'. Freehold propertv Long-term leasehold property Planl and equlpment Software 5- 40 years 3- 40 years 3- 20 years 3- 10 years Opemting leuses Rentals under operatlng leases are charged to the SOFA on a stralght Ilne basls over the lease term. Benefits received and re￿1vable as an incentive to sign an operatin8 lease are reco8ni5ed on a straight Ilne ba515 over the period until the date the rent 15 expected to be adju51ed to the prevalllng market rate. Intsrest rnceivoble Interest on fund5 held on deposit is included when recetvable and the amount can be measured reliably bv the Charity, this is normally upon notification of the interest paid or payable by the Bank. Stocks ond work ift progress Stocks and work In progress arevalued at the lower of c05t and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct cost5 and an appropriate proportion of fixed and variable overheads. 21 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A¢countin8 policies- continued Taxotlon York Archaeological Trust Is a Charity re8lStÈrÈd under the Charitles Act 2011, number 509060. As such the Charity Is entitlèd to lake advanta8e of the exemption5 granted by Section 505 of the Income and Corporation Taxes Act 1988. Debtor5 Trade and other debtors are reco8n15ed at the settlement amount after any trade d15count offered. Prepayments are valued at the amount prepald net of any trade discounts due. Cash at Bankandln hand Cash at bank and in hand Includes cash and short term hl8hly IlquSd investments wlth a short maturlty of three months or less from the date of acquisition or openlng of the deposit or slmllar account. Credltors ondprovtslons Credltors and provlslons are reco8nlsed where the Charlty has a present obllgatlon resulting Irorn a past event that will probably result In the transfer of funds to a third party and the amoijnt due to settle the obligatio can be measured or estlmated reliably. Creditors and provislons are normally recognlsed at their sÈtilement amount after allowlng for any trade dlscounts due. Flnanclul Instrnments The Charity only ha5 financial assets and flnancial Ilabilltle5 of a klnd that quallfy as basic financlal Instruments. Basic financial Instruments are Initially recognlsed at transaction value and subsequently measured at thelT settlement value wlth the exception of bank loan5 which are subsequently measured at amortlsed cost uslng the effectivè Interest method. Penslons The Charlty tsperate5 a defined contribution pension scheme and the pension charge rÈpresents the amounts payable by the Charity to the fund In fespe¢t of the year. The Charity particlpates In the North Yorkshlre Penslon Seheme, a defined benefits penslon scheme, and the pension charge Is based on a full actuarial valuation as at 31 March 2022. The assets of the scheme are held separately from those of the Charlty. Penslon s¢heme liabilities are measured on an actuarial basis using a prolectÈd unit method and are discounted to thelr PTe5enl value using a discount rate of 4.8%. Pension scheme assets are valued at market value at the balance sheet date. The pension scheme deficit 15 recognised in full on the balance sheet. 22 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMTTED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng poll¢les- 5,505,665 Restrlrtedlunds Brought Forward lficomlng resource5 Resources Expended Tr4Trsfers Galn$ I losses Carrled Forward Campal8n Canute Destination Vlklng Sheldon Memorlal Trust 2 Ve5pertine 2 In Search of An8llcan york ProtectSn8 Precious Memorles The Shambles, York Oral History York Minster Fabric Rolls Vernacular Archltecture Oclon Appeal Llving Hislory Group DIG Ilbrary prolect l Dlgltisatlon Roman5 Tralning Grant 15,272 18511 857 113 1,167 2,697 s( 2,906 242 749 244 1.604 250 15,272 18511 857 113 1,167 2,697 500 2,906 242 749 11.6121 12501 Total Restricted funds 25.750 Z3,888 Total Funds 3A33,255 10,964,746 I8￿68,448> 5,529,553 41 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 21. Statement of funds Icontlnuedl Summary offunds 2022 Brought forward Incomlng resources Resources expended Transfer5 Galns I losses Carrled Forward General lunds Restricted funds 3,407,505 25.750 10.964,746 18.866.586) IIA62} 5,505.665 23,888 3,433,Z55 10,964,746 (S￿68,448> 5,529,5S3 22. Analysls of net •5sets between funds 2023 2023 2023 2022 2022 2022 Unrestrlcted R¢strlct8d lunds funds Total Unrestrlcted Restrfrted fvnds funds funds Total funds Tanglble flxed assets Flxed asset investments Current assets Credltors due wlthln one year Creditors due In more than one year Provlsions for Ilablllties and charge5 Y,769,B43 3,769,843 3,888,257 3,888,257 4.089.376 11,838,663> 199.6641 13,1681 23,561 4,112.938 3,576,509 11,838,663> 11,807,058) 199.6641 1148,8841 13,1681 13,1681 23,888 3,600.397 11,807,058) 1148,8841 13,1681 5,917,733 23,562 5,941,295 5,505,665 23,888 5,529,553 42 YORK ARCHAEOLOGICAL TRusf FOR EXCAVATiof4 AND RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2023 Recondllation of net movemènt In fund5 to net cash flow Irom op•ratln8 artFvlties 2023 2022 Net incorne I lexpendSturel for the year la5 per Statement of Flnancial Activitie51 411,742 2,096.300 Adlustment for: Depreciatlon charges Interest paid Dlsposal of flxed assets Dlvldend5, Interest and rents from Investments Deflned beneflt penslon Scheme Ilncreasel I decre35e In 5tock5 Ilncrèasel I decrease In debtors Increa5e/ Idecreasel In credltcr5 239A30 3.312 265,067 7,214 1518,8171 iioii 118,0001 16,264 123,497 1189,7681 {7,6211 111.2051 1545,6451 31.209 Nei cosh usedln oper(rtlnq uctlvltles 121.222 1,781,6S6 24. Analysls of cosh and ¢ash equSval•nts 2023 2022 Cash in hand 2,347,691 2,391,989 25. Penslon commltments North Yorkshire County Councll Penslon Scheme The Company partlclpates In the Ioc31 government penslon scheme, admlnlstered by North Yorkshire Countv Counc51, whlch operates as a defined benefit pension Scheme. The most recent full actuarlal valuation was as at 31 March 2022. 2023 2022 Present value of funded obligations Fair value of scheme assets 11,717,000) 12,079.0001 2.026.000 2,267,000 Surplus/Deficit per FRS 102 309POO 188,OC The amovnts recognised in the Balance Sheet are £Nil12022'. £Nill. FRS 102 State that an entity shall reco8nise a plan surplus a5 a defined benefil plan asset only to the extent Ihat It is able to recover the surplus. elther through reduced contributions In the future or through refund5 from the plan. This element of thls recoverablè surplus has not been calculated and a £Nil asset has been recognised for the purposes of these financial statements on the grounds that the asset rs immaterial to the account5. 43 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 25. Pension commitments Icontlnuedl The amounts recogni5ed In the Statement of Financial Actlvitles are as follows: 2023 2022 Current Service cost Past service cost Interest on oblSgatlon Expected return on scheme assets 129,(KJoI 130.0001 (s7.￿0) 63,000 145,IXIOI 45,000 130.0001 Movements in the present value of the denned beneffit obllgatlon were as follows.. 2023 2022 Openlng defSned beneflt obllgatlon Curfent servlce c05t Past servlce c05t Interest cost Contributions by scheme partlclpants Actuarial 83ins and Ilossesl Benefbts pald a051n8 defined benefit obllgatlon 2.079.000 29.IXIO 2,187.000 30.000 S7,(K)O 45,000 8,000 7,0(K) {377,0001 1113,0001 179.0001 I77,￿0> 1.717.000 2,079,OOJ Change5 In the falr value of scheme assets were as follows- 2023 2022 Openln8 fair value of scheme assets Interest income u)n assets Actuarial 8alns and1105sesl Contrlbutlons by employer Contributions by scheme participant5 Benefit5 paid 2,267.000 63,￿0 1277,0001 44,￿0 2,246.000 45.000 12,O¢XII 48.000 7,000 I77,￿0> 2.267,OOD 179,0001 2,026,000 The actual loss on plan asset5 was £214.00012022: gain of £43,(￿0) The cumulative amount of actuarlal 8alns and losses recognised in the con501idated statement of total reco8nised galns and10s5es was a Ios5 of £nil12022: £nlll. The group expects to contribute £15,(KJO to the defined benefit pension scherne during the period ending March 2024. YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION ANO RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 25. Penslon commitmènts Icontlnuedl The malor cate8ories of scheme a55ets as a percentage of total scherne a55ets are as follows: 2023 2022 Equltles Government & corporate bonds Propwty Cash Alternatlves 52.1% 18.2% 6.4% IA% 21.9% 55.7% 24.S% 7.4% 11.3% Prlncipal actuarlal assumptions at the Balance Sheet date (expressed as weS8hted averages): 2023 2022 Dlscount rate at 31 March Future salary Increases Future pension Increases Inflatlon ICPII 4.8% 3.95% 2.7% 2.7% 2.8% 4.35% 3.1% 3.1% Amounts for the current and prevlou5 four perlods are as follows- Oeflned benefit penslon sthemes 2023 2022 2021 2020 2019 Oefined beneflt obligatlon Scheme assets Unrecognlsed asset 11.717,IXIO} 12,079,OCQI 12,187,000) 11,969,OCQI 12,000,000) 2,026.000 2,267,¢XJO 2,246,0 1,792,OC(I 1,794,000 1309,0001 1188,0001 59,000 Surplus/lOefi¢itl 1177,0001 1206,0001 Experlence adjustments on scheme IlabS1itles Experience adlustments on scheme assets 377￿00 113.0 1220,0001 34,000 Iii,0001 1277,0001 12,OWI 431,0th) 134,0001 i0i.oC#) 45 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND Rf SEARCH UMITED NOTES TO THE FINANCIAL￿ATEmENTs FOR fHE YEAR ENDED 31 MARCH 2023 Unlversities Superannuation Sch•me The total cost charged to the profit and Ios5 account IS £33,30112022- £31,762). The latest available complete actuarial valuation of the Retirement Income Builder Is at 31 March 2020 (the valuatlon datel, whlch was carrbed out usln8 the projecled unlt method. Slnce the institution cannot identify Its share of USS Retirement Income 8uilder Ideflned benefltl assets and Ilabilities, the followin8 dlsclosures reflect those relevant for those assets and liabilitie5 a5 a whole. The scheme's statutory funding oblectlve Is to hold sufficlent and approprlate asseis to cover Its technical provisions. At the valuation date. the value of the assets of the scheme was £66.5 bi115on and the value of the schème's technical provislons wa9 E80.6 billion indicatin8 a Shortfall of £14.1 blllion and a fundln8 ratlo of 82.5%. The key flnanclal assumptlons used In the 2020 valuatlon are descrlbed below. More delall Is set out In the Statement of Funding Principles. %pa Prke InflatSon RPI cpi 2.80 2.10 Return from gllts 0.70 Return ats0￿ illts Pre-retirement portfolio P05t-retlrement portfolio 2.75 The above rates are Illustratlve slngle-equlvaleht rates at 31 March 2020. In practlce, full ySeld curve5 for Bllts and inflètion have been used in the calculatlons. Penslon Increases before and after retirement are assumed to be 5bps higher than the CPI cvrve for current beneflts and 35bps lower than the CPI curve for benefits Sn Ilne wlth CPI wSth a mlnlmum of 0% and a maxlmum of 2.5% pa. As the scheme had a deficlt as at 31 March 2020, employers will pay contributions to clear this deficit a5 Set out in the Recovery Plan and summarised below. Contrlbutlons are shown as % of salary. Deficit Mntrlbutlons from l AprS12022 6.2% Defi¢lt wntrlbutlons from l Aprll 20Z4 6.3% YORK ARCHAEOLOGICA17RUST FOR EXCAVATION AND RESEARCH IIMITED NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Penslon ¢ommStmenis {¢ontlnuedl Defined benefit pen51on Scheme Ilabilitle5 2023 2022 North Yorkshlre County Council Pension Scheme Unlverslties Superannuation Scheme 3,168 3,168 3.168 3,168 In the North Yorkshire County Councll Penslon Scheme there are currently 7 pensloner members and l actlve member. In the Unlver51tles Superannuaiion Scheme there are currently 6 pensloner members and 2 actlve members. 26. Cornmltments under operatlnR leases At 31 March 2023 the Charlty was committed to maklng the followln8 payments under non-cancellable operating leases a5 Set out below for land, bulldlnBs and IT equlpment. Perlod: 2023 2022 Wlthln I year Wlthln 2 to 5 years After more than 5 years 354,936 1.076.526 1,991,249 316,950 1,112,012 1,974,823 3.422,711 3,403,785 47 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION ANO RESEARCH LIMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 27. Comp•ny Ilmlted by8uarantee The Company, being limited by guarantee, ha5 no share capltal. Every Member Is Ilable to contrlbute a sum not exceeding £1 in the event of the Company being wound up whi15t still a Member or wlthln one year thereafter. The number of Members 15 declared not to be more than onè hundred and fifty. The Membèrs are not entitled to any dlstribution of the Income or property of the Company and, In the unllkely event of the winding up or dis501utlon of the Company, any surplu5 remalning shall be transferred to some other charllable institution having charltable oblects simllar to those of the Company. Capltal commltments The Trust has authorlsed, but not contracted for, copltal empendlture of £Nil12022-£Nill as at the Balance Sheet date. 29. Related party transactlons 2023 2022 Income recelved by Charlty from JVC R•tsll Ltd Glft Ald donat5on Interest poyable on loan 303,966 3,981 165,389 3,981 Re¢h4ryesfrom Charlty to JVC Retall Ltd Staff costs Property Costs Other admln cost5 99.505 34.679 15,408 92,315 34,213 5,236 Durlng the year. Ihe Trust procured servlces from Trustee Prof. M Millett at a cost of £700 in relation to an Academic Readerfs Report. The appointment Wa5 rnade following a meeting of the YA Publlcatbon GToup, whlch identified Prof. Mlllett as a leading authority in the archaeology of Roman Britain and wlth a particular expertise in the archaeology of Ron)an York. Followlng an Initial approach to e5labli5h availability within ihe preferred publication tlmetable, and an Indlcatlon of the fee, the servlce was then procured. All amounts had been settled at the reporting date. There are no other Related Party transactlons to dlsclose. Detalls of Trustee remuneratlon and expenses are stated in Note 12. 48 YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCTrI 2023 SOFA prfor year comparatlves Unrestrlrted funds 2022 Restrkted funds 2022 Total funds 2022 Inromefrom.. Donations, 8rants and legacles Charltable actlvltles Other trading activities Investments Dlsposal of fixed assets 2,154,784 7,663,135 627,909 ioi S18,817 2,154.784 7,663,135 627,909 ioi 518,817 Total In¢ome 10,964,746 10,964,746 Expendlture on.. Ralsin8 funds Charltable actlvltles 4S9,115 8,407,470 459,115 8,409,332 1,862 Total expendsture 8,866,585 1.862 8,868,447 N•1 expendlture belorq Sn¥estment10gses Z,098,161 11.8621 2,096,299 Transfer5 between funds Actuarlal 8ains on deflned benefit penslon schemes Net empenditure 2,098,161 11,8621 2,096,299