Registered number: 1430801 Charity numbers.. 509060 and SC042846 York Archaeology YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED IA company Ilmlt•d by iu•rante•l ANNUAL REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS Referen¢e and administratlve detalls of the charlty, Its trustees and advlsers Trustees, report 2-12 Independent audrtors, report 13-15 Consolldated statement ot finonclal artlvltles Ilncorporatlni Consolldated Income and expendliurn a¢eount) 16 Con5011dated balance sheet 17 Charlty balance sheet Consolidated cash flow statement 19 Notes to the flnanclal statements I51
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Professor A W Robards, Chair Professor E Roberts. Vlce Chalr Ms S Hoggett Mr I C Melia Professor M Millett DrEMol Mr E Southworth Ms A Vavaliou Mr M R Watson Mr P Wheatcroft Cofflpany reolstered number 1430801 Chaffty reolstered numbers 509060 and SC042846 Re8lrtered offlce 47 Aldwark York YOI 7BX Company secretary Gill Glmes Chlef •Mcutl¥e offlcer Mr David Jennin8S Independent audltor5 Crowe U.K. LLP Black Country House Rounds Green Road OLDBURY B69 2DG Bankers National We5tmlnster l Humber Quays Welllngton Street West HULL HUI 2BN Sollcltors Shakespeare Martlneau LLP Waterfront House. Waterfront Plaza 35. Stition Street NOTtINGHAM NG2 3DQ
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also dlrectors for the purposes of company law. present their report and the consolldated flnancial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DEfAIiS Reference and admlnlstratlve detalls are shown In the schedule of members of the 8oard and professional advisers on page l of the consolidated financial statements. THE TRUSTEES The Trustees who served the charlty durlftg the perlod were as follows: Professor A W Robards Professor E Roberts Ms S HoBgett Mr I C Melia Professor M Mlllett DrEMol Mr E Southworth Ms A Vavaliou Mr M R Watson Mr P Wheatcroft (Chalrl Ivlce Chalrl srRucfvRE, GOVERNANCE AND MANAGEMENT York Archaeologlcal Trust Is a re8iStered charity in England and Wale5 INO. 5090601, Scotland (No. SC0428461 and a company (No. 14308011 limited by guarantee. Go¥ernln8 Document The Trust Is governed by Its Articles of Assoclatlon, whlch were last amended on 9th December 2011. Membershlp of the Trust is by application and Invltatlon and approval In Beneral meeting. The maximum number of members Is 150 and there are currently 57. The Articles of A550ciatlon remain under discusslon. Appolntment of Trustees Any Member of the Trust can be appolnted by the Trustees to flll a vacancy Ithe maxlmum number of Trustees Is 121. When a vacancy arlses the Board Appointments Committee oversees a process of external ad¥ertlsln8. shortlisting & interviewing appllcants, glving consideration to the skllls and experience which It Is considered will strengthen the Board and its diversity. The recommendations of the Appolntment Commlttee are consldered by the Board and appointments approved. When first appolnted the Trustee retsins office until the next Annual General Meetlng onlyi when helshe will have to stand for electlon. Each year one third of the Trustees retlre by rotstlon.
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 Trustee Indurtlon and Tralnin New Trustees are provided with a 'Board Bible. that maintalns an updated record of documents relating to the duties and actions of the Trustees and Board. Thls Includes the Articles of Association, the last two years published accounts. Minutes of the meetings of Trustees held in the last 12 months land the supporting papers), the Contract of Commitment and the Code of Conduct for Trustees and a copy of the Charlty Commission publication entitled The Essentlal Trustee ICC31. In addition. as soon as practicable after appointment they undertake a thorough Induction programme which Introduces the Trustee to the senlor stafl, gives an Inslght into the operatlonal aspects of runnlng the Trust and includes observatlon of one of the sub-committee or working group meetln8S. 0ry4n15atlon and Management The Board of Trustees 15 responslble for overall Bovernance, settin8 the 5trate8y for the Trust and ensuring that it is delivered. The Board meets at least five times a year. Day to day management of the Trust 55 the responslblllty of the Chief Executive. In April 2024, following the resignatlon of the Director of Attractions in Januaryi the Trust restructured to create an Executlve Team I'EKec'l, led by Chlef Executive, David lennlngs comprising the Chief Operating Officer, Dr Howard lones who leads the Operatlons team. and Gill Gomes, Chief Financial & Business Support Offlcer, who leads Business Support Team. Dr Gareth Davis, Director of Archaeology & Jen Thewseyi Director of Finance, support the respective Chief Officers. The archaeology operations undertake archaeoloBical projects ranglng from conservation, through to geoarchaeoloBY. excavation and research. The operations are organised into geo8raphlcal operating centre5, York (Fleldwork, Con5ervatlon & Community), Nottlngham (Fieldwork & Geoarchaeologyl and Sheffleld, although projects are undertaken throughout the UK. The Community team are responsible for the dellvery of projects such as Archaeology on Prescription and the training excavations. Inherit, the GIès8ow based unlt working on social impact programmes, research and policy development sat within thls team, but was closed on the 30 April 2024 due to the downturn in the level of grant funded projert work. The attraction5 Qperatlons comprlse four educational vlsitor attractlons In York IIORVIL DIG, Barley Hall and the City Walls Experlencel,. the Barley Hall Coffee Shop. the annual JORVIK Viking Festlval In York,. an online digital programme operatln8 from Monk Bar In York and tourlng and pop up exhlbitlons. The management of and access to the collection nd archives also sits within this team, as does the Interpretation and Learnlng team who manage the extenslve schools, colleges. unlverslty and research programmes. The operations are supported by a central Business Support team, comprislng Flnance,. HR,. IT; Communications & Marketin8,' Safety, Health, Environmental & Quality ISHEQ) and volunteerin& whlch manages our prugramme for rchaeology and attrartions volunteers, interns and work experience. The Trust has a Flnance & Audlt CommltteÈ of two Trustees and a co-opted non-TrusteÈ member,. a Risk & Governance Committee comprising the Chalr and two Trustees; a Remuneratlon Commlttee of three Trustees and an Appointments Committee. The Appointments Committee ha5 met slnce early 2024 to oversee the recruitment of a new Chalr, following the announcement of the current Chair that he was Stepping down at the Annual General Meeting in September 2024. In addition. majcr projects are led by workln8 groups comprising sorne Trustees, Exec members and Heads of Department. Trustees, indemnity insurance costin8 £9,92612023.' £8.8611 was acquired to protect the Charity, the Trustees and officers, providing £IOm liability covei..
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 Charlty Governance Cod The Board Is responsible for the review of the Charity Governance Code. The Charity Governance Code was reviewed by the 8oard in 2022 to ensure that the Code was reflected In the updated strategy for the period 2022-27. Ensuring compllance wlth the Code is delegated to the Risk & Governance Commlttee. who meet regularly to consider rlsk and the approprlateness of Internal pollcles and procedures. Key Management Personnel In addltlon to the Chlef Executlve Offlcer IDavld Jennln851. the Executive Team comprises the Chlef Operatlng Offlcer (Dr Howard Jone51 and the Chief FITianclal & 8usine5s Support Officer IGIII Glmesl. The pay of the Executive Team Is reviewed annually by the Remuneratlons Comrnittee and normally set in line wlth company-wlde Inflationary Increases. Salarles for new appointments are benchmarked agalnst salarie5 in 51mllar sectors. preferably charitable, although salarle5 for partlcular specia115t5 may be set a8alnst those In the commercial sector. Fundlni and Group Strurtur• The Trust is funded from the following sources= Income received through the visitor attractions and live events. Income from touring exhibitions and 5tre3med events. Funded archaeolo8y and artefact conservation work. Funding for Specific projects from Historlc England, the Heritage Lottery Fund. the Brltlsh Councll and Arts Councll England. Funding froffl other grant glvers. Publlc donatlons. The Trust has a trading 5ub5idiary IJVC Retail Limited), which operates the retail activities of the Trust at the vlsltor attractions and onllne. The results of thls subsidiary have been Incorporated, as any surplus on thls activity is gift alded to the Trust. The CharSty had no fundralsing activltles requlrlng dlsclosure under S162A of the Charltles Act 2011. Rl$k ManaBernent Durén8 the yearthe Tru5tee5 have continued to review the risks to the Trust. Risk management forms part of the Terms of Refence of the Rlsk & Governance Cammittee, with fraud & financial risk management Sitting within the Temlt of the Flnance & Audit Comrnittee. The Trust also has a Flnance & Audlt Commlttee that meets wlth the Trust's Auditors to plan the audlt. and. followin8 the audit. to review the flnanclal results and the appropriateness of control measures. The Trustees con51der that the prlnclpal rlsks to the Charlty are: Maintaining the financial stablllty of the organlsatlon if the attrartion5 IJOR VIK in particularl are forced to close for a lengthy period. Reserves levels have decreased in this financial year as a result of exceptlonal costs incurred and are below the level identified in the Reserves policy. However, the Reserves and cash levels are sufficiently high to allow the Trust to implement contingency programmes whllst exploring the funding support available lin the event of a closure due to further pandemic or other potentially catastrophic event51, instigating a cost reduction programme, review pricing and activity to encourage vlsltors and make use of the Reserves available.
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 The Impart of the wider economic situation. This is felt In many ways, a potentlal reduction in visltor nufflber5, a downtUTn in the level of developer-led archaeology income, potential major customer fallure and increased costs of staff pay and supplies. The Trust Is under conslderable pressure on staff pay and recrultment, together with ongoin8 external cost pressure5. The Trust continues to review the pricing of archaeology work and attraction5 admisslons, is implementing an ongoin8 Cost savlng programme and c105ely monitorin8 the level of tenders & customer payment performance. Property portfollo. The Trust occuple5 many premi5e5, the malorlty of whlch are leased, which are not ideal for efficient working or envlronmentally sustainable operation. A revlew of the portfolio in is progress and the Trust continues to work wlth Ryden Property Management to reach a suitable solutlon. but thls may require signiflcant investrnent and potentially result in increased operatlng costs. Volunteers Volunteers play a key role In the success of the organlsatlon, with volunteers nomially worklni sn roles ranglng from acting as Trustees, Interactives at the attractions, stewards at events and the Festlval, supporting archaeologlcal fieldwork and community projects to asslstinB the Flnds team with cleanin8 and preservation of the collection. New volunteers follow a detalled Inductlon and training programme and refresher tT?ininB is offered to the current volunteers. During the year we had 210 artlve volunteers, who beeen them contributed over 5,123 hours of their time to the Trusl. The Trustees would like to take thls opportunity to thank thern all for their comrnltment and sUPPOrt and look forward to welcomin8 more volunteer5 In the comlng year. OBJECTIVES AND ACTIVITIES In shaping our oblectlves for the year and plannSng our actlvlt5e5, Trustees have consldered the Charlty Commlsslon's 8uldance on publlc benefit, Sncluding the guldance'Publlc Benefit: running a charity IPB21'. The objects for whlch the Trust Is established are to advance the educatlon of the publlc In archaeology, hlstory and related disclplines associated wlth the Clty of York and elsewhere and to promote the preservatlon and dlsplay of collections of archaeologlcal materlal, carry out research and dlsseminate the re5uIt$, The Trust continues to seek ways of furtherlng knowled8e about the past and making this Informatlon readily available to the public. The latest strategy document was approved by the Board on the 20th May 2022 and the related Annual Plan for 2024-25 approved by the Board on 23, February 2024.
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 The strategic alms over the next five years are.. Discovering archaeology from dig to dlsplay and beyond. YAT will be economically, environmentally and socially su5talnable and grow. YAT will work as one cohesive organisation. The Chlef Operatlng Officer and Chief Financlal Officer report to the Chlef Executlve Offlcer and together form the Executlve Team (Execl. The dellvery of the actlvltles of the Trust Is led by the Chlef Operatlng Offlcer, wlth the work Involved In archaeological Investlgatlon, reportlng, research and conservatSon belng undertaken by the Archaeology Team. under the management of the Director of Archaeolo8y. Operational offices are located in York, Sheffield and Nottln8ham, with the Conservatlon team, under the Head of Conservation, also based In York. The Communlty Engagement Team (including Inherlt up to 30 Aprll 20241, whlch draws on expertise from all areas of the Trust to deliver social benefit Slts within the Archaeo108V Team. The relevant department head5 SUPPOrt the Chief Operating Offlcer in managing the vlsltor attractlons. coffee shop, tourin8 exhibitions and publlc outreach (including dlgltal outreachl and are responslble for the retention of oblects and managing access to the collection. The alm of the Attractlons Team is to deliver an educationally effective experience through our vlsitor attractions. events, digital proBramme and touring exhibitions. The m05t popular attraction, JORVIK Viking Centre, provldes visltor5 wlth a unlque inslght into Viking life. All the attractions require an entrance fee to be pald. This enables us to invest In further educatlonal activlties, including free public events, and to maintain a hiBh-quallty educatlonal experience in all of our attractions, as well as provldlng fundln8 for the furtherance of the Trusvs charltable oblectlves, delivered through the Archaeolo8y and Communlty Engagement teams. A careful balance needs to be struck between maximising revenue generation and ensuring that all sectors of the population have access to the educational experlence on offer. khool Bfoups are particularly Important In this respect and the Trust ensures that the materlal remalns relevant and appropriate to the current schools, syllabus. The dlBital programme. including the JORVIK Vlklng Thing online festival. continued to grow, with the creation of a digital studio in Monk Bar (the former Richard 111 Experience) and there have been a Small number of touring exhlbitions. Income from charitable attlvltles for the year was £12.Blm12023 E9.93ml reflecting a full year of operatlon of the attractlons and the Browth in archaeology servlces. The Archaeology seNlces Income was £7.Im12023 £4.2ml and resulted in a surplus as a result of the focus on maklng the archaeology seNices self-sustalnlng. The Archaeology on Prescrlption progfamme was supported by fundin8 from the Natlonal Herltage Lottery Fund, Museum Development Yorkshlre and the Friends of York Archaeolo8lcal Trust. In addltlon. the Friends of York Archaeological Trust donated £5,500 towards general funds. The Trust IS grateful to these and all our SLlPPOrters throu8hout the year.
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITEO TRUSTEES, REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Lartyear our prlorltle5 wer•: Dlsco¥erln8 ai¢h•eology from dlg to dlsplay and beyond Publlc benefit & archaeology Reviewin8 the 'Your ArchaeoloBy' programmes, developln8 and Implementln8 a sustaSnable strategy for 2023- 2025, includlng wldenlng the scope of the p(08ramme to other geographlcal areas and developer led work. Continuin8 the work of the Science Group, a working group comprislng Trustee5 and archaeology staff whlch was set up in 2023, to create a distinct specla115t offer. A strategy Is In place for the Your ATchaeolo8I programme and fundin8 secured to continue the programme into 2025 whllst efforts are focused on longer term fundin8. In February 2024 the Board approved a pllot scheme for brinBin8 together GeoArchaeology and Conservatlon and enhanclng our speclallst environmental offerin& as recommended by the Sclence Group, and work has commenced on the initiative. Enga8ln8 wlth stakeholders & beneficiarles Implementlng the Communications strategy by the end of the financial year and rolling out the rebranding of the Trust to York Archaeology In the autumn of 2023. This was completed and work moved to focu5 on the 40 anniversary of JORVIK in April 2024. In addition. the stsff Forum meetlngs, department staff panel meetings and monthly new51etter have been reintroduced. as have re8ular CEO brieflng meetlngs wlth Members which have been well received. The Trust signed a voluntary recognitlon agreement with the Prospect union and Inltlal communlcation wlth Prospect has been positive. Workln8 with others Continulng to develop our Nottlngham based partnershlps to work on The Attenborough Prolect and malntalnlng and developlng contatts with universities. Oi5CUSslon5 coritln¢Je around creatlng a malor attractlon In the East Midlands. utlllslng over So years of research Into the Trent valley and working with several NottinEham based partnership5. A5 part of this funding was secured from the Heritage Lottery Fund for an Archaeolo8y on Prescriptlon project at the Canalside Herltage Centre in Beeston. which wa5 delayed due to the Maternity leave of the Project Manager and will commence In autumn 2024. Belni economlcalfy, 4nvlronmentally & 50¢1ally sustslnable and grow Financial su5tainability To malntaSn the level of Reserves requlred through Increased income and Cost effleiencies across all areas. including further development of the archaeoloBlcal systems. a review of attrartions operatin8 procedures and carefvl consideration of vacant posts. Exceptional costs incurred in the year resulted in a slight dip in Reserves levels. The Board a159 reviewed the Reserves policy and felt that a higher target figure was prudent, whilst acknowledging it make take a number of years to achSeve this. Current Reserve levels are therefore below the tar8et required. The archaeological systems development was a factor in the archaeolobry team lexcludlng Comrnunity Engagement & Inherit) contributin8 a surplus of £230.Ok in the year, against a surplus of £42.9k the previous year.
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 The attractions continued to deliver a surplus. albeit at a lower level than the previous year. The were savings on staffing costs due to not replacinB a number of Senior posts as they became vacant. UsSng core values to bulld the charlty Working on deliverlnE new initiatives reflettinB our core values. Includlng worklng with partners on potential events. Developing evaluatlon methodolo8ies to support our fundraisin8 actlvitle5 and allow better mana8ement of the Internal allocation of generated surplus funds. Work contlnues on the exploratlon of a malor attractlon In the East Mldlands workin8 Wlth various Nottlngham based partners. In addition. we have been working wlth several partners in York explorln8 the potential for a Romans based exhibition In some format and continue to work with universitles throughout the UK and abroad. partlcularly Unlver51ty of York, York St John, the University of NottinBham and Nottingham Trent. In 2023-24 we Started to build link5 With the Historical Museum in Oslo, while sustaining links with other European heritage practices and institutions in Scandinavia, Germary and Central Europe Future proofing ContlnulnB the work on the property portfollo to result in propertie5 which are ener8y efficlent. flt for purpose and have scope for Browth. Completlng the revlew and Implementation of a Digital Strategy buildin8 on the work of the team created durin8 the pandemic. Explorin8 possibilities ènd developlng a fundraising strategy for the whole organlsatlon . Aiming for accredltstlon to ISO standards on environmental 5U5tainability and Quality standards. The sourclng of sultable property remains an on8oln8 prolert due to the scarcity of property avallable In the location requlred, but we contlnue to work wlth Ryden Property Management to reach a resolutlon. Digital outreach contlnued, with number5 growlng for our podcast Ilstener5 and the Communications team focused on soclal medla, with feed from the Trust now being available on various platforms and generating much Interest. The revlew of the Di8Its1 strate8y was deferred due to staffin8 chan8es and wlll commence in the summer of 2024. Work continues in other areas, with the archaeology systerns working group movln8 towards implementlng Quallty standards, alon85ide our new SHEQ Coordlnator who Is leadlng on the environmental work. Workln8 as on• cohtslve org•nliatlon Belng a 8ood employer, dolng social good Implementin8 the HR strategy developing a Trust wide volunteering strate8y and Implementlng the EDI actlon plan to increase dlverslty across staff, beneficSarles, volunteers and vlsltors. The HR Strategy was desi8ned to run over several years and. whilst the implementation of some aspects has been delayed by exceptional HR issues during the year and staff resources,15 on track to meet its outcomes by the end of 2026. In this financlal year we have implemented a leadershlp development and chan8e management programme for the E¥ec and the Heod5 of Department from the attractions and bu5ine55 SUPPOrt, bulldln8 On the programme for the archaeology managers whlch has been ongoing for several years. In addition, the reinstatement of the staff Forum, Staff Panels and monthly newsletter has been welcomed by staff. The Volunteering Strategy was approved by the Board in February 2024 and implementation has commenced and the EDI working group continued its focL5S on developing and implementing the EDI action plan. ACAS management training was completed for the first tier of all management staff and wlll be rolled out to the second tier of staff in 2024-25
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED TRUSTEES, REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW The Trust had net Costs for the year, prior to penslon fund valuatIon, of £21,859, compared to net income in the prevlous year of £411,742. Major contributlng factors to the deficit were the exceptional costs of restructurlng of E222.5k and a £103.6k investment in the leadership development pro8ramme, rebrandln& staff survey and an evaluation framework In the Attractlons both vlsltor numbers and income levels We lower than antlclpated. There was a period in February 2024 when the ride at JORVIK wa5 closed, resulting in lower income and vlsitors, particularly damaging as It was during the Vikln8 Festlval week when numbers are tradltionally higher. In general across York we are Seeing a downturn In footlall and vlsitor numbers to attractlons. The tradlng company, whlch accounts for retall & prlvate hlre actlvlty In the attractions, made a surplus of £255,516 in the year12023.' £303,966?. The Barley Hall Coffee Shop contributed almost £89k of incorne to the tradin8 company. but contlnues to Make an operatlng Ios5 and a revlew of the café Is underwav. Income from Archaeology servlces Increased to £7.14m12023: £4.24ml The growth In incorne was drlven by an on80in8 sI8nificant Infrastructu project working with Angllan Water, although Income In the York office rose by 23% from the prevlous year reflecting the focus on business development. Expenditure was £6.95m, an increase from the previous year1£4.23ml Included in that flgure are the costs of sub contracted speclallsts for our growlng 8eoarchaeolo8y services. The Community En8a8ernent team showed a net C05t in the year as antlclpated fundlng of £85k was deferred to 2024. Inherlt showed aloss for the year reflecting the difficulty of fully funding the type of project work the team specialise in and, regretfully* the declsion was made at the February 2024 Board meetin8 to close Inherit. Support costs for the Trust as a whole, comprising Finance. HR. IT. Communicatlons and warehousing amounted to £2.13m12023: £1.91ml The Trust received no leiacy Income In the perlod12023: £Nil} and received donatlons totalllng £9.06512023.. £20,904). The cash balance at the end of the year stood at £1,893,22912023: £2,347,691). Restrfcted Funds No Income wa5 recelved agaln5t Restrlcted Funds durlnB the year {2023: £nlll and there was no Net movement In Restrlrted Funds12023: decrease £3261. Reserves The Reserves Policy involve5 the Identlfication of expenditure on planned development, which 15 transferred to designated capital reserve, and of free reserves whlch a held against adverse financial situations. The Reserves policy is Tegularly reviewed by the Board and was amended In May 2024. The current policy Is to malntaSn a level of free reserves equivalent to the legal commitments Outstanding should the organisatlon be wound up, cornpri5ing rnainly staff redundancy costs and lease commitments, together with three months operating costs for the whole organSsatlon. The Board feel that this reflects the amount required to cover essentlal costs whilst alternative funding 15 sought, whilst acknowledging it may take some years to build up the free reserves objertive.
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED Based on the calculations of cost of commitments as at 30 June 2024, together with a proportion of the budgeted operational costs for 2024-25, the target ReseNes figures would be £5.7m At the end of the year there was £5.90m12023'. £5.92ml in unrestricted reserves. Of this, £3.7m12023: £3.77ml relates to flxed assets, £8.6k is deslgnated for the annual Helen Addyman Lecture, £18.5k designated for the York Roman Project and £518.8k designated for property developmenL The balance of Restrirted Fund5 carried forward stand5 at £23,56212023- £23,5621 ThÈ balance of free reserves, excludlng Designated Funds and small penslon Ilabllitles, Is £1.646m12023.. £1.595ml. Golni concern Desplte a net expenditure In the year of £21,859 there was a modest Increase In the free reserves at the year end due to release5 from the flxed asset reserve. The Board contlnue to monitor on8oln8 tradlng conditions and are mlndful of the increased cost pressure due to inflation and increased pay demands, but are comfortable that th15 can be cu5hloned by Implementlng price increases. efficiencies and cost 5avin8s where possible. We believe there are no material uncertainties that call Into doubt the Charity'5 ability to contlnue. For these reasons. the Trustees conslder it approprlate to contlnue to prepare the flnancial statements on a going concern ba51s. PLANS FOR FUTURE PERIODS The Board approved the flve year strategy for 2022 onwards in May 2022 and reviewed the strategy and annual plan for 2024.25 in February 2024. The age and performance of the rlde at JORVIK. the Trust'5 largest Income generatinB operation, together wlth the downturn in visitor numbers to our attractlons drlven by lower footfall in York in general, make focussing on IORVIK a prlorlty for the upcomlng year. The refurblshment of IORVIL where the last major refurbishment was followlng the floodlng In 2015, Is the maln prlorlty for the next few years. An external review of our attrictlons by Katapult. a firm of external attractions consultants, was commissioned in early 2024. Attentlon wlll also be glven to a programme for a boost of visitor numbers to JORVIK over the summer and to the other attractlons, wlth a new exhibltion bein8 introduced at Barley Hall in July* a refresh of DIG and a review of the café and dl8ltal operatlons. Other alms for the perlod are.. DIXOrIn6 Ih•e0108Y from dl8 to dlsplay and beyond Publlc benefit & archaeology Implementlng a sustalnable Strategy for the Communlty Engagement work. Including widening the scope of the programrne to other geographical areas and developer led work. Implementing the Geoarch I conservation I environmental archaeology programme lormulated by the Sclence In Archaeology 8roup, Engaging with stakeholders & beneficiarles Continuing to improve Internal communications with staff with the introduction of a new internal homepage, which will be a one stop Shop for Information (policies. staff handbook, forms & procedure51, new5 and discusslon thread5. Building on the work of the Membership Committee in harne55ing the 5ki115 our Members brln8. Commissioning an external fundraising review. mindful of the investment required for a IORVIK refurbishment alongside other development opportunities. Working wlth others Continuing to develop our Nottingham based partnershlps to work on the East Midland5 project and maintaining and developing contact5 Wlth univer51ties. Developing wider European links with both museums and archaeology practices to place Viking York withln the wider European plcture. 10
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED TRUSTEES, REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 Beln8 economlcalty, envlronm•ntslly & soclally sustalnable and grow Nnancial sustsinability To bulld up the level of Reserves to the new target requlred through increased incorne and cost efficiencies across all areas, including further development of the archaeological systems, a review of all operatln8 departments and their delivery and careful implementation of cost savlng5. Uslng core values to bulld the charlty Rolllng out the evaluation framework completed in February 2024 across some delivery teams. Complete baseline environmental survey and Implement a carbon ductIon scheme. Future prooflng Complete a fvll audit of all operatlng departments to assess whether they are financlally sustalnable and/ or contributing to or 5UPPOrtlng our charltable obJectlves, mlndful of the need for signlflcant Investment In JORVI the main fund generator, Worklni as on• Coheslve orian15atlon Belng a good employer. doing soclal 8ood Implementin8 the HR strategy and volunteerlng 5trate8y and Implementlng the EDI actlon plan to increase dlverslty across staff, beneficiaries, volunteer5 and vlsltor5. 11
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITEO TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 staternent of Trustee5' re5ponslbllltles In resp&ct of the Trustee< Annual Report Icornprlsln8 the Strateilc Report and Dlrectors, Report) and the flnan¢lal statements. The Tru5tee5 (who are ?150 directors of York Archaeological Trust for Excavation and Research Limited for the purpose5 of company lawl are responsible for preparing the Trustees, report and the financial statements In accordance with applicable law and United Kingdom Accountlng Standards Iunlted Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial Statements unless they are sat15fied that they give a true and falr view of the state of affalrs of the charitable company and the 8roup and of the Incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparlng these flnancial statements, the Trustees are required to,. select suitable accountin8 policie5 and then apply them conslstentlv,. observe the methods and princlples In the CharSties SORP,, make lud8ments and accounting estlmates that are reasonable and prudent,. prepare the flnanclal statements on the golng concern basls unless It is inappropriate to presume that the charitsble group will contlnue in operatlon. The Trustees are responslble for keeplng adequate aecountSng recordsthat are sufficientto show and explain the chafitable company and the group's transattion5 and disclose with reasonable accuracy at any tlme the financlal posltlon of the charitable group and enable them to ensure that the financial statements comply wlth the Companie5 Act 26, the Charities and Trustee Investment (Scotlandl Act 2005 and the Charitles Account5 (Scotlandl Regulatlons 2006. They are also responslble for safe8uardlng the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Dbclosure of Informatlon to audltors Each of the persons who are Trustee5 at the time when thls Trustees, report 15 approved has confTrmed that.. so far as that Trustee Is aware, there is no relevant audlt Informatlon of which the charltable 8roup's auditors are unaware, and that Trustee has taken all the steps that Ought to have been taken as a Trustee In order to be aware of any relevant audlt Information and to establish that the charitable group'5 auditors are aware of that information. Audltors Crowe U.K. LLP. has indicated its, willingness to be re-appolnted as ststutory autlitor, subject to the approval of Members at the Annual General Meeting Thls report was approved by the Board, in thelr capaclty as Trustees and Dlrertors. and sllned on theSr behalf. By order of the Board Professor A.W Robard5 Chalr DATE 12
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITEO IndePendt Audltorfs Report to the Members and Trustees of York Archaeologlcal Trust for Excavat5on and Research Lirnited Oplnlon We have audited the financial statements of the York Archaeological Trust for Excavation and Research Limlted for the year ended 31 March 2024 whlch comprise the Statement of Financial Activities. the Income and Expenditure Account. the Balance Sheet, the Statement of Cash flows and notes to the financlal statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparatlon is applicable law and United Kingdom Accounting Standards, includinB Financial Reporting Stsnd3rd 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland Iunlted Klngdom Generally Accepted Accountlng Practlcel. In our oplnlon the financial statements.. glve a true and fair view of the state of the group's and the charitable compan5 affiirs as at 31 March 2024 and of the group's Income and expendlture, for the year then ended; have been properly prepared In accordan with United Kingdom Generally Accepted Accounting Prartiee,. and have been prepared in accordance with the requlrements of the Companies Act 2006, the Charities and Trustee Investment Iscotlandl Act 2005 and Regulations 6 and 8 of the Charities Accounts (Scotlandl Regulations 2LK)6. Basls for oplnlon We conducted our audit in accordance wlth Internatlonal Standards on Audlting IUKI115As IUKII and applicable law. Our responsibilities under those standards are further descrlbed In the Audltols responslbllltles for the audit of the financlal statement5 sectlon of our report. We are independent of the group in accordance with the ethlcal requlrements that are relevant to our audit of the flnanclal statements In the UK.. including the FRC'S Ethical Standard, and we have fulfllled our other ethical responsibllltles in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basls for our oplnlon. Concluslons relatln8 to iolni concern In auditing the flnanclal statements. we have concluded that the trustees, use of the going concern basi5 of accounting in the pParatIOn of the financlal statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin8 to events or conditlons that, Individually or collectively, may cast s18nificant doubt on the charltable company's ability to continue as a goin8 concern for a period of at least twelve months from when the flnanclal statements are authorlsed for Issue. Our responsibilities and the re5pon51bllltles of the trustees wlth fespett to golng concern are descrlbed In the relevant sertlons of thls report. Other Inforniatlon The trustees a resptsnsible for the uther information contalned within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our oplnSon on the flnanclal statements does not cover the other informatlon and, except to the extent otherwise explicitly ststed in our report, we do not express anyform of assurance conclusion thereon. Our responsibility 15 to read the other information and. in doing so, consider whether the other information 15 materially inconsistent with the financlal statement5 or our knowledge obtained in the audit or otherwise appears to be materially mls5tated. If we identify such material incon5iStencie5 or apparent material misstaternents, we Hre required to determine whether this gives rise to a material mi55tatement in the financial statement5 themselves. If, based on the work we have performed. we conclude that there 15 a material misstatement of this other Information, we are required to Teport that fact. We have nothing to report in thi5 regard. 13
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED Opinions on other matters prescribed by the Cornpanie5 Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees, report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent wlth the financlal statements,. and the strategic report and the director5. report included withln the trustees, report have been prepared in accordance with applicable legal requirements. M•tt•rs •Th whl¢h w• Ar• r•qulr•d to report by ex¢eptlon In light of the knowledge and understanding of the charltable company and their environment obtained in the course of the audlt, we have not Identlfied materlal misstatements In the strategic report or the dlrertors, report Included withln the trustees, port. We have nothing to report in respect of the following matter5 in relation to whSch the Companles Act 2006 and the Charltie5 Account5 Iscotlandl Regulations 2006 requires us to report to you If, in our opinion.. adequate and proper accountlng records have not been kept. or the financial staternents are not In agreement with the accountlng record5 and return5,' cr certain di5c105ure5 of trustees, remuneratlon speclfled by law are not made,. or we have not recelved all the Information and explanations we require for our audlt. Re5ponslblllt1•5 of tn15te•i As explained more fully in the trustees, responslblllties statement set out on pages 2-12, the trustees (who are also the dlrectors of the charitable company for the purposes of company lawl are responsible for the preparation of the flnancial statements and for being satisfied that they glve a true and falr vlew, and for such internal control as the trustees determine is necessary to enable the preparation of financlal statements that are free from material mlsstatement. whether due to fraud or error. In preparlng the flnanclal statements, the trustee5 are responsible for 3S5essin8 the group's or the charitable compan¢s ablllty to continue a5 a going concern, dlscloslngi as applScable, matters related tD golng concern and using the going concern basls of accountlng unless the trustees elther intend to liquidate the charitable company or to cease operatlons, or have no reallstlc alternatlve but to do so. Audltorfs r•sponslbllltle> for the audft of the flnandal statements We have been appolnted as audltor under sectlon 44llllcl of the Charltles and Trustee Investment (Scotlandl Act 2005 and under the Companie5 Act 2006 and report in accordance wSth the Acts and relevant regulations made or havlng efFeet thereunder, Our objective5 are to obtain reasonable assurance about whether the financial statements 35 a whole are free from material misstatement. whether due to fraud or error, and to Sssue an auditor's report that include5 our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detett a materlal misstatement when it exists. Mi5Statement5 can arise from fraud or error and are considered material if. individually or in the aggregate, they could aSOnablY be expected to influence the economic decisions of u5er5 taken on the basls of these financial 5tatement5. Details of the extent to which the audit w?5 considered capable of detecting irregularities, including fraud and non- compliance wlth 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 Reporting Council's website at.. ww .fr¢.or au itorsres onsibilities. This description form5 part of our audltorfs reporL 14
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, 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 discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The key laws and regulations we considered in this context were General Data Protection Regulation, health and safety legislation and employee legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance & Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, audit procedures over income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’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 the charitable company and the charitable company’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
Kerry Brown Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House, Rounds Green Road, Oldbury, West Midlands, B69 2DG
Date: 13 September 2024
15
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED CONSOLIDATEDSTATEMENT OF FINANCIALACTIVITIES IINCORPORATING CONSOLIDATED INCOME & EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds Z014 Restrlrted funds 1024 Totsl tunds 1024 Total funds 2023 Note Infoffle from: Donations. grants and legacles Charitable artivitle5 Other tradin8 activitles Investments Other income Disp0531 of fixed assets 9.065 12,811,066 872,625 28,210 240,000 9.065 Il811,066 872,625 28,210 240,000 20,904 9,930,665 918,309 7,621 25 Totsl Incom• 13,960.966 13.960,966 10,877.499 Expendltur• on: Raislng funds Charttable activitles 617,109 13.365,716 617,109 13.365,716 614.343 9,851.414 Totsl expendltur• 13.982.825 13.982,815 10,465,757 N•t Incoffle / {exp•ndltur•l bofor• Investment losses 121,8591 121,859) 411.742 Net Income l {expendltur•l before other galns and losse5 121.859) 121,859) 411,742 Transfers between fvnds 21 Oth•r r•coinls•d 8•lns l {loMe51 Actuarial Ilossesl I galns on deflned beneflt pension Schemes Net movement In fund5 (2159) 121,859) 411,742 Reconclllation of fvnds.. Total funds at l Aprll 2023 5,917,733 Z3,562 5.941,295 5.529,553 Total fund5 at 31 Mlrrh 2024 5,895,875 23,562 5.919.437 5.941,295 All activities relate to continuing operations. Comparative figures are shown In note 30. The notes on pages 20 to 51 ft)rm part of these financial statements. 16
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITEO CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 1024 2023 Note Flx•d assets Tangible assets Inve5tfflents 16 17 3,697,194 3,769,834 3,697,203 3,769,843 Current assets Stock5 Debtors Cash at bank and In hand 18 19 162,186 2,965.153 1,893,229 151,674 1,613,582 2,347.691 5,020,568 745,166 4,112,947 1838 663 Creditors: amounts faSllnB due within one year 20 Net current assets 2,275,402 2,274.284 Totsl Assets less current Ilabllltles 5,971,605 6,044,127 Creditors: amount5 falling due after more than one year 20 150,0001 199.6641 Net amets excludlni penslon scheme Ilabllltle5 Deflned benefit penslon scheme assets 5,922,605 5,944,463 25 3.168 13,168 N•t 4ss0ts Includlni p•nslon sch•m• Ilabllltl41 22 5,919,437 5.941,295 Charlty Funds Restrlrted fvnds Unrestricted funds: Unrestricted funds excludlng penslon Ilabillty Penslon reseNe 21 21 Z3.56Z 23.562 5,899,043 13,168 5,920.901 3.1681 Total unrestricted funds 5,895,875 5.917,733 Total funds 5,919,437 5,941.295 The flnanclal statements were approved by the Trustees on 23rd August 2024 and signed on their behalf, by.. Mr I C Melia The notes on pages 20 to 51 form part of these financlal statements. Chalr of Finan Commlttee 17
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED CHARITY BALANCE SHEET AS A T31 MARCH 2024 2024 2023 Flxed assets Tan8lble assets Investments 16 17 3,697.194 io 3,769,834 io 3,697,204 3,769,844 Current usets Stocks Debtors Cash at bank and in hand 18 19 36,206 3,078,903 1,884,095 41.207 1,723,614 2,330,069 4,999,204 4.094,890 Credltors: amounts fallln8 due wlthln one year 20 2,735,803 1,830,602 Net current •sseti Z,265,401 2,264,288 Total ass•ts1055 rrent Ilabllltles 5,962,605 6,034.132 Credltors". amounts fallin8 due after more than one year 20 {50,000) 199,6641 Net assets exdudlnB p•n51on scheme Ilabllltles Defined beneflt penslon scheme liabi16ty 5,912,605 5,934,463 1&25 5,168 3,168 Net •ssets Includlng penslon s¢heme Ilabllltles 5,909A37 5,931,295 Charfty Fundg Restrlrted funds Unrestrlcted fund5.' Unrestricted funds excludlng pension liability Pension reserve Total unrestricted funds 21 23,562 23,562 5.889.043 13,168 5.885,875 5,910,901 3,1681 5.907,733 Total funds 5,909A37 5.931.295 Charity 5urplu5 1 Ideflcltl 121,859) 411,742 The financial 5tatement5 were approved by the Trustees on 231d Au8USt 2024 and signed on thelr behalf, by: Mr I C Melia The notes on pages 20 to 50 form part of these flnancial statements. Chalr of Flnance Commlttee 18
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operatlng actlyltles Net cash used In operatlng actlvitles 23 125J,263 121.222 Cash flows from Inve5tlng actl¥ltle$: Divldend5. interest and rent5 from investments Proceeds from sale of flxed assets Purchase of property, plant and Èquipment 28.210 7,624 1170,450 1121,0061 Net (ash us•d In Inv•5tlni artlvltlqj 142 239 113,382 Cash Ilows from flnanclng ictlvltlej: Inflow5 from new borrowlng Repayments of borrowin85 Interest paid 155.821) 13,1381 148,8271 3,3121 Net cash u50d In flnanclng actlvltles 58,959 52,139 Chany In cash and cash equl¥alents In the year 1454.4621 {44,2981 Cash and cash equlvalents brou8ht fonvard 2,347,691 2.391,989 Cash and cash equl¥alents carrled forward 24 1893,229 2,347,691 At l Aprll 2023 Cash flows Other non- cash changes At 31 March 2024 1,893.229 142,857) 150,0001 An•tysl$ of ¢hanies In net debt: Cash Loans falllng due wlthln one year Loans fallin8 due after rnore than one year 2,347,691 1454,462 149,0141 6.157 199,664 49,664 Total 1199,013 398,641 1000,372 19
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMfTED NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles 8asls oApreparatlon oAfvonclalstotements York Archaeological Trust for Excavatlon and Research Llmited is a charitable company limlted by 8uarantee In the United Kingdorn, registration number 1430801. In the event of the charity beSng wound up, the liability in respect of the guarantee Is limited to £1 per member of the charity. The addre55 of the re8iStered offlce Is liven in the charity information on page l of these accounts. The nature of the charlty's operations and prlnclpal actlvltles are included in the Tru5tee5' Report, The charlty meets the definltlon of a public benefit entity under FRS 102. The finandal statements have been prepared in accordance with Accounting and Reportlng by Charities- Statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Flnanclal Reportln8 Standard applicable In the UK and Republlc of Ireland IFRS 1021 (effective l January 20151- (Charities SORP IFRS 10211, the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companles Act 2006. Assets and liabilitles are initlally recogn55ed at hlstorlcal c05t or transaction value unless otherwise ststed In the relevant accountlng pollcy. The Statement of Financlal Actlvltles ISOFAI and Balance Sheet consolldate the flnanclal statement5 of the Charlty and its subsidiary undertaking. The results of the subsldlary are con5011dated on a line by line basis. No separate SOFA has been presented forthe Charlty alone as pemiitted bysectlon 408 of the Companles Act 2006. These financial statements are prepared in Sterlin& which is the functional currency of the Charlty. Monetary amounts in these financial statements are rounded to the nearest £. Golng coneem Desplte a net expendlture In the year of £21.859 therè was a modest Increase In the free resen4es at the year end due to releases from the flxed asset reserve. The 8oard continue to monitor ongoing tradin8 condltlons and are mindful of the Increased cost pressure due to Inflatlon and increased pay demands, but are comfortable that this can be CLsshloned by implementing price increases, efficlÈndes and cost savlngs where posslble. We belleve there are no material uncertaintles that call into doubt thè Charity's abillty to contlnue. For these reasons. the Trustees conslder it appropriate to continue to prepare the financlal statements on going concern bas1$. 20
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH IIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polldes- contlnued Fundoccountlnq General funds are unrestricted funds whlch are available for use at the discretion of the Trustees In furtherance of the 8eneral objectives of the Charity and which have not been de51Bnated for other purposes. Designated funds comprlse unrestrlcted funds that have been set aside by the Trustees for partlcular purposes. The alm and use of each designated fund Is set out In the notes to the flnancial statements. Restrlcted funds are funds which are to be used in accordance wlth specific restrlction5 imposed by donors or which have been raised by the Charlty for partlcular purp0se5. The costs of raisin8 and administering such funds are charged agalnst the Specific fund. The aim and use of each restricted fund Is Set out in the notes to the financlal statements. Investrnent income, galns and losses are allocated to the appropriate fund. Income All Incorne Is recognised once the Charity has entitlement to the Income. it is probable that the income wlll be received and the amount of income recelvable can be measured reliably. For le8acles. entltlement Is taken as the earller of the date on which either: the Charity is awa that probate has been granted, the estate has been finalised and notification has been made by the executorl51 to the Trust that a dlstrlbutlon wlll be made, or when a distribution is received from the estate. Recelpt of a legacyi in whole or in part. Is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distributlon. Where legacies have been notlfied to the Charlty, or the Charity 15 aware of the 8rantin8 of probate, and the crlterla for income recognltion have not been met, then the legacy is treated as a contingent asset and dlsclosed If material. Income tax recoverable in relation to donations received under Glft Ald or deeds of covenant15 recognised at the tlme of the donatlon. In respect of long-term contrarts, turn¢)ver represents the value of work done In the year. Includln8 estimates of amounts not Involced. Turnover in respert of lon8-term contracts is rècognlsed by reference to the stage of completlon. 21
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountln8 pollcles- contlnued Expendlture Expenditure is recognised once there is a legal or constructlve obligatlon to make payment to a thlrd party, It is probable that settlement will be requlred and the amount of the obligation can be measured reliably. All exponditure is a¢¢ounted for on an accrua15 basis. All expenses including support costs and govemance costs are allocated to the appllcable expendlture headlngs. Fundralslng costs are those Incurred In seekln8 voluntary contrlbutlons and do not Include the c05ts of disseminatinB informatlon In 5UPPOrt of the charltable actlvltle5. Support costs are those costs incurred dlrettly In 5UPPOrt of expenditure on the objects of the Charity and include costs of the central support functlons. Governance costs are those incurred in connection with administratlon of the Charlty and compllance wlth constltLrtional and statutory requlrements. Investments Investments In subsldiary undertakings are valued at cost. Tanqlble andlntunglbleflxed assets and depreclotlon All assets costln8 more than £1.5 are capitalised. Tangible fixed a5set5 are stated at cost less depreciation. Depreciation is provided at rates calculated to wrlte off the co$tof fixed assets. less thelr estlmated residual value, ovèr theirexpected useful Ilves on the followlng bases: Freehold propertv Long-term leasehold property Plant and equipment Software 5- 40 years 3- 40 years 3- 20 years 3- 10 years Operatlng l¢oses Rentals under operating leases are char8ed to the SOFA on a stralght Ilne basls over the lease tsrm. Benefits received and recelvable as an incentive to SlEn an operating lease are reco8nised on a stral8ht Ilne basis over the period ulltll the date the rent 15 expected to be adjusted to the prevailing market rate. Interestrffelvoble Inte5t on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; thi5 15 normally upon notificatlon of the Interest pald or payable by the Bank. Stocks and work In pnjqress Stocks and work in progress are valued atthe lower of costand net reallsable value after making due allowance for obsolete and slow-moving stock5. Cost include5 all direct costs and an appropriate proportion of fixed and variable overheads.
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poncles- contlnued T17Xatlon York Archaeolo8ical Trust is a Charity registered under the Charitles Act 2011. number 509060. As such the Charity Is entitled to take advantage of the exemptions Branted by section 505 of the Income and Corporation Taxes Act 1988. Trdde and other debtors are recognlsed at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepald net of any trade dlscounts due. Cosh at Bunk and In hond Cash at bank and In hand Includes cash and short term highly liquid investments with a short maturlty of three month5 or les5 from the date of acqu151tlon or openlng of the deposit or similar account. Credltws ondprovlslons Creditor5 and prov151ons are recognlsed where the Charlty has a present obli8ation resultin8 from a past event that wlll probably result in the transfer of funds to a thlrd party and the amount due to settle the obllgation can be measured or estimated reliably. Creditors and provisions are normally recognlsed at their settlement amount after allowing for any trade discounts due. Rnunclal Instruments The Charity only has flnanclal assets and finènclal liabilltles of a klnd that quallfy as basic financial instruments. Basic financial Instruments are Inltlally recognlsed at transactlon value and subsequently measured at thelr settlement value with the exceptlon of bank loans whlch are subsequently measured at amortised cost uslng the effective interest method. Penslons The Charity operates a defined contribution pension scheme and the penslon charge represents the amounts payable by the Charlty to the fund in respect of the year. The Charity participates In the North Yorkshire Penslon Scheme, a deflned benefits penslon scheme, and thè pension charge Is based on a full artuarial valuation as at 31 March 2022. The assets of the Scheme are held separately from those of the Charlty. Pension scheme Ilabilities are measured on an actuarlal basis using a projected unit method and are discounted to their present value. Pension scheme assets are valued at market value at the balance sheet date. The pension scheme deficit is recogni5ed in full on the balance sheet. 23
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Account7ng pollcl•s- contlnued Penslons- contlnued The Charity participates in the Universities Superannuation Scheme. The scheme Is a hybrid pension scheme, providing defined benefrts (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a 5cheme-wide contrlbutlon rate is set. The Charity is therefore exposed to actuarlal risks associated with other Institutlons, employee5 and 15 unable to Identify Its share of the underlying a55et5 and Ilabilftles of the scheme on a con515tent and reasonable basls. As required by Section 28 of FR5102 "Employee benefits" the Charity therefore accounts for the scheme as If It were a wholly defined contribution Scheme. A5 a result, the amount charged to the profit and loss account represents the contrlbutlons pay3ble to the scheme. Since the Charlty has entered into an agreement (the Recovery Plan) that determines how each employer wSthin the scheme will fund the overall deficit. the Charlty recogni5es a liability for the contribution5 payable that arise from the agreement (to the extent that they relate to the deficit) and therefore an expen5e15 recognlsed. FR5102 makes the dlstlnrtlon between a group plan and a multl-employer scheme. A group plan conslsts of collection of entities under common control typically with a sponsorinB employer. A multl-employer scheme is a Scheme for entities not under common control and represents ltypicallyl an industry-wide scheme such as Unlver51tles Superannuatlon Scheme. The accountlng for a multl-employer scheme where the ernployer has entered Into an agreement wlth the scheme that determlnes how the employer wlll fund a deficit results in the recoBnltion of a Ilablllty for the contributions payable that arise from the a8reement Ito the extent that they relate to the deficit) and of the re5ultlng expense in the profit or loss in accordance with settlon 28 of FRSIO2. The Trustees are satisfied that the scheme provided by Universities Superannuation Scheme meets the deflnltlon of a multl-employerscheme and has therefore recognised the discounted fairvalue of the contractual contrlbutions under the fundlng plan in existence at the date of approvinB the financlal statements. When employees have rendered Service to the charity, short term employee benefits to whlch they are entltled are reco8nised at the undiscounted amount expected to be paid in exchange for that servlce. Insurance clalms An Insurance clalm Is recognlsed when the Charlty has estsbllshed Its entitlement to the relmbursement of the Insured loss, the receipt of the relmbursement is virtually certain and Its amount can be measured reliably. Receipt is vlrtually certaSn when an offer of settlement Is recelved from the Insurer. The Insurance settlement Is recogni5ed at the value receivable. Insurance relmbur5ements relating to busines5 interruption are recognised as other income. Relmbursements in respect of expenditure are offset against the relatsd expense headln8 in the 50FA. KeyAudgements ande5timation un¢ertalntles There were no jud8ement5 made in the process of applying the above accounting policie5 that have had a significant effect on amounts re¢o8nised in the financlal statements. 24
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcl•s- contlnued Volurteers The Trust recelves the support ol over 210 volunteers. b¥tho contributed over 5.123 hours of support this year. It Is difficult to rellably measure the value of this contribution which has. therefore. not been accounted for in these ¢¢ounts, Flft•n¢lal 4ctlvltles of the charlty The finan¢i¥l activities shown in tht consolldated statement Includes those of the Charlty'5 wholly owned subsldlary• JVC Retsil Limlted. A summary of the financlal actlvltles undertaken by the parent Charity is set out below.. 2024 2023 Incomefrom Donations and legacies Investments Charltable actlvltle5 Other Income Dlsposal of flxed assets Interest receivable from subsidiary Amount 8ift aided by subsidiary 965 28,210 IUll,066 240.0(XI 20.904 7.621 9,930,665 3.981 I5516 3,981 303,966 13.347,838 10.267.137 Expendlture on Ralslng funds Charftable artlvltles 113,365,716) 9.851.414) N•t Incom• I l•xp•ndltur•l b•for• Inwstm•nt IoM•$ {17,878) 415,723 Attuarial gainslllosses) on defined benefit pension schemes Net movement In funds {17.878) 415,723 25
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from don*tlons and legacles Unrestrlrted fvnds 2024 R¢strlcted funds 2024 Total funds Total fvnds 2023 Donatlons Legacies Grants 9,065 9,065 20,gJ4 9.065 9,065 20.904 Income trorn charltable actl¥ltl•J Unrestrlrt•d funds 2024 Restrtct•d funds 2024 Totsl funds Total funds 2023 Charltable actlvltles 12,811,066 II81L066 9.930,665
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charltable actlvlties (¢ontlnued) Unrestrlcted fund5 2024 Restrlcted funds 2024 Total nds 2024 Total funds 2023 JORVIK Viking Centré DIG 8arley Hall MickleBate Bar Monk Bar Events Exhibitions Flnds Marketing Outreach Community Engagement Vlrtual York Fieldwork Conservatlon Sheffleld Icomblned with Nottlngham for 20241 Northllght Herltage Nottingham & Sheffleld Geoarchaeologv INHERIT A&H Volunteers Other income 4,858,243 211,597 128,656 3Z,963 65 77,487 33,156 2,000 4.858,243 111,597 128.656 32,963 65 77,487 33,156 4,721,120 208.712 122,044 27,779 57 158.593 38,397 500 91,720 192,677 55,610 189,433 55,610 189,433 1.173,589 176,256 1.173,589 176,256 971,209 160,091 184,880 SN82,999 29797 58,770 5.947 125 26,273 5,482,999 297,897 58,770 5,947 125 16,273 2.890.490 92,3B2 37.549 30,685 12.811,066 12,811,066 9,930,665 27
YORKARCHAEOIOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR ThtE YEAR ENDED 31 MARCH 2024 Raising funds Unrestrlrted funds 2024 Restrlcted fufids 2024 Totsl funds 21)24 Total funds 2023 Other tradln¢ artlvltles Shop & café Income and prlvate hlre 87225 872,625 918,309 Fundralslnq trodlng expenses Cort of sales Shop & café costs Wa8es and salarles 427.419 64,087 125,602 617,109 427,419 64,087 125,602 617,109 450,190 64,649 99,504 614.343 Net Incomlng resources from tradlng actlvltle5 155,516 255,516 303,966 Shop & café income represents income from the shops at JORVIK, DIG. Barley Hall. Micklegate Bar and Monk Bar, and the café at Barley Hall. All are operated through JVC Retail Llmlted. Income from the hlrlng out of venues for events is referred to as prlvate hlre. These are operated throu8h JVC Retail Llmlted. 28
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investments Unrestrlrted funds 2024 Restrlcted funds 2024 Total nds 2024 Total fund5 2023 Bank Interest recelvable 28,210 28,210 7,621 Anatysls of expendltur• on ¢h•rttable actlvltles Unre5tr1cted fund5 2024 R•strlcted fund5 2014 Total funds 2024 Total funds 2023 Note Charitable actlvltles 8&9 13,365,716 13,365,716 9.851.414 Dlrect Costs Total 2024 Total 2023 Penslon scheme flnance cost Premises Cost of sales Englneering maintenan¢e Dlrect Costs Severance payments WaBes and salaries Depreclatlon 436,292 220.766 166.949 4,008,764 l*M,690 6.464.414 199,455 339,269 377,923 117,489 1.858.794 5,629,918 189,308 11,64L330 ,512,701 29
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMifED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Support costs Total 2024 Totsl 2023 Prernlses Marketing P05t, telephone and ststlonery Insurance Bank charges Staff recrultment costs IT costs Vehlcle costs Other support costs General office costs Loan interest Depreclation Governance 403.598 330,962 97,064 136,375 10,659 9,752 91,471 23.922 302,653 76.705 3,138 43,634 194,453 291.235 257,980 101,605 101,S75 3,897 11,104 86,565 59,771 182.883 75,764 3,312 50.122 112,899 io 1,7Z4,386 1,338,712 Gov•manc• costs Unr•strlrt•d 2024 Totsl 2024 Total 2023 Audit fees Legal and professional fees Trustees, indemnity Insurance Other governance costs Salaries and wa8es 15.2SO 143.934 9.926 4,156 21,187 15,250 142,770 9,926 4,156 21,187 14,200 63,662 8,861 5.457 20,719 194.453 193.289 112.899 30
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ii. Net Incomln6 resources I (resources expended) This is stated after charging: 2024 2023 Depreciatlon of tanglble flxed assets: - owned by the charltable group Auditors, remuneration 243,090 15,150 239,430 14,200 Staff pension ¢ontributions 240,131 212,412 Operating lease rentals.. Land and buildings 395,405 346.380 Audltor5' remuneratlon cornpr15e5'. Audlt of consolldated accounts 11,255 10,400 JVC Retall Ltd.. Audlt of accounts Taxatlon compllance Other non-audlt servlces 2.950 700 150 700 150 12. stsff costs Staff cost5 were 85 follows: 2024 2023 Wages and salarles So¢i81 security Costs 5.948.138 4,966,610 526,752 456.615 Other pension ¢0sts'. Defined contribution schemes Defined benefit Schemes 182,26B 58,563 153,535 58.877 ,715,7ZI 5,635,637 31
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Staff costs contlnued The average monthly number of employees was: 22612023: 2141 includlng casual and part-time statr. 2024 No. 222 2023 No. 210 Archaeoloaical and Attrartlon5 Staff Mana8ement staff 226 214 The number of higher paid employees was.. 2024 No. 2023 No. In the band £60,IJOI - £70,(N)O In the band £70,1)01- £80.1) In the band £90,001- £100,000 In the band £160,001- £170,0 Tnjstees and key mana8ement personnel remuneration & expenses.. During the year, no Trustees received any remuneratlon12023- £NILI. During the year, no Trustees received any benefits In klnd12023: £NILI. Durlng the year. Trustees received £1,956 reimbursement of expenses for travel costs12023: £1,979). The Trust conslders Its key management personnel comprisethe Trustees and Senior Management Team. The total amount of employee benefits received by key management personnel Is £496,58712023.. £386,885). Th8 pay of the Senior Management Team 15 revièwed annually and normally set In Ilne wlth company-wlde Inflationary Increases. Salaries for new appointments are benchmarked against salarles In slmilar sectors. preferably charitsble. althou8h salarles for particular speciallsts may be Set a8ain5t those In the commerclal sector. 3 termination payments are recorded in the a¢¢ounts for the year, totalllng £144.69012023: £NILI. 13. T•xatlon The Company is a gIstered Charity and Is exempt from income and corporation tax to the extentthat income and galns are applicable and applled to charitsble purposes only. Trustse< Indemnlty Insurance Trustees, indemnity Insuran costirig £9,92612023: £8.8611 was acquired to protect the Charity. the Trustees and officersi providing £IOm liability cover. 32
YORK ARCHAEOLOGICAL TRusf FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Other Ilnance Income 2024 2023 Expected return on pension scheme a55ets Interest on pension Scheme Ilabllitles 80,000 63.000 167.000) 57.000 13.000 6.000 16. YanKlbl• •nd Intsn8lbl• flx•d •ss•ts Lon8-term leasehold property Freehold property Plant and equlpm•nt Software Total Gmup C05t At l Aprll 2023 Addltions D5sp05als 620,487 5,151,093 1,047,247 164,641 82,669 6,901,496 5,809 170,450 At 31 March 2024 620,487 S,15193 I.21188 88,477 7.071.945 Depreclotlon At l Aprll 2023 Charge for the year On disposals 617,487 1,601,335 179,328 839,010 59,115 73,830 3,131,663 4,646 243,089 At 31 March 2024 617,487 1,780,663 (898,1251 78A76) 3,374.752) Net book value At 31 March 2024 3370,429 313,763 10,001 3,697,194 At 31 March 2023 3,000 3,549,757 208.237 8.840 3.769.834 The fixed asset additions comprise property fit out costs for Barley Hall café; and upgraded rr infrastructure across the whole organisation. 33
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tan8lble and Intangible fixed assets Icontlnuedl Lon8-term leasehold property Freehold propertv Plant and equlpment Software Total Cost At l Aprll 2023 Addltions Dlsposals 620,487 5,151m3 1.047.247 164.641 82,669 6,901,496 s09 170,450 At 31 March 2024 5 151,093 L211,888 88NTI 7.071,945 Depredqtlon At l April 2023 Charge for the year On disposals 617,487 1,601,335 179,328 839,010 59,115 73,830 3,131,663 4,646 243,089 At 31 March 2024 1780 663 898.125 78A761 3,374.752 hlet Ik valuff At 31 March 2024 3.370,419 313.763 10,001 3,697.194 At 31 March 2023 3,549,757 208.237 ,840 3.769.834 17. Flxed •ss•t Invertments Unllsted 5gcurltl•i Total 6mup Market At l April 2023 Dlsposals At 31 March 2024 Group Investments otmqrket value comprlse.. Z024 2023 Group undertakin8s
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Flxed asset Investments {contSnued) Unllsted $¢curltles Total Charfty Mafket Klue At l April 2023 Dlsposals io io At 31 March 2024 io io Clwrltylnve5tmenrs ot market value eomprtse.. 2024 2023 Group undertaklngs io io io io The Charity owns IQO% of the Issued Share capltal of JVC Retall Llmlted, a Cornpany incorporated in the United Klngdom on 8 December 1997 (Registration No. 034773261. Its reglstered office is 47, Aldwark, York, YOI 7BX. The results and shareholder's funds of JVC Retall Llmlted are Included In the consolldated flnanclal statements as follows: 2024 2023 Turnover Expenditure Gift Aid payment Shareholder's funds 872.625 918.309 1617.1091 1614.3431 1255,5161 1303.9661 io.ooi io.ooi io,ooi io.ooi 35
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH2024 17. Flxed asset Investments {contlftuedl JVC Retall Balance Sheet as at 31 March 2024 2023 Current assets Stocks 125,980 110.467 Debtors 29,964 27,630 Cash at bank 9,134 17,622 165078 155.719 CredStors'. amounts fallln8 due wlthin one year 1155AITII 1145,7181 Net curr•nt •Ss•ts io,ooi Net assets io,ooi io,ooi catrI and resems Called up sharo capital Profit and loss account 10.000 10.000 Sh•r•holders' funds io,ooi io.ooi The Charlty owns 9 of the 10 Issued shares in Eboracum Roman Centre Llmlted, a dormant Company (Registration No. 022058581. Its registered offlce IS 47, Aldwarl York. YOI 7BX. The total share capltal and resepies of the company Is £10. 12023: £101 i& Stoeks Group Cha 2014 2023 2023 Flnished goods and goods for resale 162,186 151,674 36206 41.207 Stock value recognised a5 an expense In the year 416,508 451,602 36,790 38.680 36
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR nlE YEAR ENDED 31 MARCH 2024 19. Debtors Group Charlty 2024 2023 2024 2023 Trade debtors Amounts owed by group undertakin8S Amount5 owed from group undertaklngs Prepayment5 Accrued Income Other debtors 2,035,007 1,149,954 I035,007 1,149,854 113,750 113,750 331,273 570,408 28.465 159,355 249,338 54.935 331,273 570,408 28,465 159,355 249,338 51.317 2,965,153 1.613,582 3,078,903 1.723,614 io. Credftors: Amounts falllni due wlthln one year Grou Char 2024 2023 2024 2023 Bank loans and overdrafts Trade credltors Amounts owed to group undertaklngs Accruals and deferred income Other taxation and soclal securlty Other Creditors- penslon Ilabllltle5 42.857 1.449.745 49.018 311.932 42,857 49.018 1,415,435 287,362 29,964 23.912 972,661 1,138,287 245,111 297,472 27.775 34.551 979,678 1.145,690 245,111 297,472 27.775 34,551 2,745,166 1,838,663 2.733,803 1,830,602 Grou Cha 2024 2023 2024 2023 Other taxatlon and soclal securltv PAYEINI VAT 90.552 154.559 88,204 209,268 90,552 154,559 88.204 209,268 245.111 297,472 245,111 297.472 37
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Credltors: Amounts fainna due wlthln one year Icontlnued) Included In accruals and deferred income are the following amounts of deferred Income, Group Charl Deftrred Income Deferred income at l April 2023 Resources deferred durlng the year Amounts released from previou5 years 830,129 829,962 378.578 378,578 5652531 1565,086 Deferred Income at 31 March 2024 643,454 643,454 Deferred income presents monies received In advance for archaeolo8ical servlces, private hire and tourlng exhlbltlons where either the service is not complete or the exhibitlon has not opened. Credltors: Amounts falllni due after more than one ye•r Gro Charl 2024 2023 1024 2023 Bank loans 50,000 99.664 99,664 50,000 99.664 50,000 99.664 The bank loan for an orlglnal amount of £48,(IXI was taken out In Ortober 2017 and was repayable over 10 years at a rate 3.5% over Base Rate. The bank loan was secured by way of a fixed and floatin8 charge over all the assets and undertakln85 of the Trust. tO8ether with a charge over the Trust's Interest in the premlses from which JORVIK operates. The decision wa5 taken by the Trustto pursue early settlement of this loan during this financial year. and it was repald in full on 21" February 2024. In May 2020. a Coronavirus Buslnes5 Inteuptfj0n Loan of £750.000 was taken out. The loan was originally secured on 421 Huntington Road, York and was repayable at £12,500 per month from June 2021. Following the sale of 421 Huntlngton Road in september 2021 £500,IXIO of the loan was repaid, leaving an unsecured balance repayable at £3,571.42 per month.
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Maturfty ofdebt: bank loans payable by Instalrnents 2024 2023 Within one year Between one year and two years 8etween twD to five years 8etsveen six and ten years 50.165 51,151 53.608 93.959 7.541 101,316 155.108 39
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Statement of fvnds rought Incomln8 Forward resources Resour¢e5 Expended Transfer5 Gwlns I losses Carrfed FoNard 2024 Unrestrktedfvnd5 Tan8ible flxed a5set5 Helen Addyman fund York Roman prolect Property Development fund 3,769,843 8,694 18,500 518,817 172,6401 3.697.203 11021 ,soo 518,817 Totsl De51gnated funds 4,315,854 11021 172,6401 4,243.112 General funds JVC Retall Pension resetve 1,595,051 13,088,340 113,365,613) 328,156 10.000 872,625 {617,1091 1255,5161 (3,168) 1,645,934 13.168) Total Unrestrlcted fvnds 5,917,733 13,960,965 113,98I8241 5,895.875 Restfktedfvftds Brou8ht Forward In¢omlni resources Resources Expended Transfer5 Galns I losses Carrlod Forward Campaign Canute DestSnatlon Vlkini Sheldon Memorlal Trust 2 Vespertlne 2 In search of Angllcan York Protectln8 PreciDU5 Memorles The Shambles, York Oral History York Minster Fabric Rolls Vernacular Archltecture Octon Appeal Living Hlstory Group DIG library project / Digltisatlon 15.272 18511 531 113 1,167 2,697 500 2,906 242 749 15.272 (8511 531 113 1.167 2,697 500 2,906 242 749 244 Total Restrlcted funds 23,562 23.562 Total Funds 5,941295 13,960.965 113,982,824) 5.919,437 40
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCII 2024 21. Ststement of funds {continuedl Dèsignated Fund5'. The tanglble fixed asset fund represents the value of unrestricted fixed assets. Thè Helen Addyman fund 15 for the c05t5 Of an annual lecture to be known as The Helen Addyman Lecture. The York Roman project was created In 2018 and Is a fund to facllltate research Into & discovery of the Roman colonlal settlement in York, The Property Development fund was created after the sale of 421 Huntington Road, holdlng the 8aln on dlsposal for use in future development, Restrlcted Fund5'. The Campal8n Canute Fund Is a restrlcted fund for the costs of the redevelopment of the JORVIK Viking Centre above the value agreed In settlement under the Insurance clalm. Whllst the physical redevelopment of the attractlon Is complete and JORVIK has reopened to the publlc, the remalnlng funds in Campaign Canute wlll be used for the development of dl8ltal and Interactlve appllcatlons to enhance the visitor experlence. Other re5trlcted fund5 relate to Income received to fund a nurnber of ongolng project5 a5 Shown above. Transfers Transfers are made between restrlcted and unrestrlcted funds when an asset has been purchased from restrlcted fund donatlons, Is held for the general purposes for which the Charity exists and the requlrements pf the restriction have been met in full. Summary of funds 2024 8rou8ht fonvard Incomlni resources Resources expended Tr•nsfers Galns I losses CaTrlèd Forward General funds Restrlcted funds 5,917,733 23,562 13,960.965 113,98I8Z4) s95,875 23,562 5,941,295 13,960,965 {13,982.8241 5.919,437 41
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Statement of funds Brought Incomlnc Fon¥ard resources Resources Expended Transfers Galns I losses Carried Forward 2023 Unrestrlrtedfvnds Tangible flxed aet5 Helen Addyman fund York Roman project Property Oevelopment fund 3M8,267 8.694 18,$00 518 817 IIIB,4241 3,769,843 8.694 518,817 Total Deslgnated funds 4,434278 1118,4241 4.315.854 General funds JVC Retail Pension reserve 1.064,557 9,959,190 10.000 918,309 3,168 (951,088) 422,390 (614,3431 1303,9661 1,595,051 (3.168 Total Unrestricted funds 5,505,665 10,877,499 110,465.4311 5,917.733 Restrlctedfvnds Brou8ht Fonwlrd Incomln8 resources R•sources Expended Transfers Galns I losses Carrled Fonvard Campaign Canute Oestlnatlon Viking Sheldon Mefflorlal Trust 2 Vespertine 2 In Search of Angllcan York Protectlng Precl¢>us Memorles The Shambles. York Oral Hlstory York Mlnster Fabric ADIIS Vernacular Architecture O¢ton Appeal Lfving H15tory Group DIG library project / Dlgltlsatlon 15.272 {8511 BS7 113 1,167 2,697 500 2,906 242 749 15,272 18511 531 113 1,167 2,697 soo 2.906 242 749 244 13261 Total Restrlrted funds 23.888 {3261 23.562 Total Funds 5,5Z9.553 10,877,499 {10,465,7561 5,941,295 42
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Statement of fvnds Icontlnuedl Surnrnaryolfunds 2023 Brouiht ton¥ard Incomln8 resources Resource5 expended Transfars Galns I 1055•S Carrled Forward General funds Restrlcted funds 5,505,665 23,888 10,877A99 (IOA65,4311 326 5,917,733 23.562 5,529,553 10,877,499 (10,465.7561 S,941.295 22. Analys15 of n•t assots b•tween fvnds 2014 2014 2024 ZOZ3 2023 2023 Unrestrlcted Re5trlrted fund5 funds Totsl Unrestrlcted Restrlrted lunds funds fund5 Total lunds Tanglble flxed assets Flxed asset investments Current assets Credltors due wlthln one year Creditors due In more than r>ne year Provisions for Ilabllltle5 and charges 3,697.194 3,697.194 3,769,834 3.769,834 4,997,006 11745,166) {50,000) 3.168 23,562 5,020,568 4,089,376 (2,745,166) 11,838,654) 150,000) 199,6641 13.168) 3.168 23,562 4,112,938 11,838,654) 199,6641 3,168 5,895,875 23 562 5.919N37 5,917,733 23,562 5,941,295 43
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Reconclllatlon of net movement In fund5 to net cash flow from operatlnK actlvltles 1024 2023 Net income I lexpenditurel for the year las per Statement of Flnancial Activities) {21,8S91 411,742 Adlustment for: Depreclatlon charges Interest paid Disposal of fixed assets Dividends, Snterest and rents from Investments Defined beneflt penslon scherne Ilncreasel / decrease In stocks Ilncreasel I decrease In debtors Increase I Idecreasel In credltors 243,090 3,138 239,430 3.312 {28,2101 17,6211 {10,5111 111.2051 11.351,5641 1545.6451 912.654 31,209 Alet cash used In operntlnq ortlvltles 1153.2631 121,222 Analysls of (ash and cash •qulvilenti 1024 2023 Cash in hand 1,893,229 2,347,691 25. P•nslon wmmltm•nts North Yorkshlre County Councll Pension Scheme The Company particlpated In the local government penslon scheme, administered by North York5hlre County Council. which operates as a defined beneflt pension scheme. The most recent full artuarial valuatlon was as at 31 March 2022. The one remainlng actlve Member of The North Yorkshire County Council Pension Scherne left the employment of the Company on 31 January 2024. The Company subsequently opted to exit the pension scheme, and the Fund's actuary carried out an exit valuation in respect of the Company's admission to the Fund, which revealed that a surplus exlsted. The surplus was calculated at £240,000 and was repaid to the Company In full following the year end. The 3mount1s shown in Other Income in the Staternent of Flnancial Artivities and is included in accrued income in the Balance Sheet. In 2023, the amount5 recognised in the 8al3nce Sheet were £Nil. FRS 102 states that an entity sh311 recognise a plan surplus as a defined benefit plan asset only to the extent that it is able to recover the surplus, either through reduced contributions in the future or throu8h refunds from the plan. This element of this recoverable surplus had not been calculated and a £Nil a55et was recoinised for the purposes of these financial statements on the grounds that the asset IS Immaterial to the account5. The following disclosures are in relation to the valuation at 31 January 2024 prior to calculation of the exit valuation. 44
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Penslon commltments Icontlnued) 2024 2023 Present value of funded obll8ations Falr value of schemè asset5 I1.68600) 11,717,000) 2,154,LK)O 2 026,000 Surplu5/Deflclt per FRS 102 468.000 309.000 The amounts recognlsed In the Balance Sheet are £NII12023.. £NIII. FRS 102 states that an entlty shall reco8nbse a plan surplus as a defined beneflt plan asset only to the extent that it 15 able to recover the surplus, elther through reduced contrlbutlons In the future or through refunds from the plan. Thls element of thls recoverable surplus has not been calculated and a £NII asset has been recogn15ed for the purpose5 of these flnanclal statement5 on the grounds that the asset is Immaterlal to the accounts. The amounts reco8nised in the statement of Financlal Actlvltles are as follows.. 2024 2023 Current servlce cost Past service cost Interest on obllgatlon Expected return on scheme assets 114,000) 129.0001 167,0001 80,000 11,0001 157,0001 63,000 123,0001 Movements In the present value Df the defined bènèfit obligation were as follow5.. 2024 2023 Openlni deflned beneflt obllgatlon Current Service cost Past serylce cost Interest cost Contributions by scheme participants Actuarial gains and1105sesl Benefits paid C105ing defined benefit obligatlon 1.717,000 14,000 2,079,IXJO 29.000 67,IXIO 57,fy)0 7,000 8,CKIO {47.0001 1377,0001 {72,0001 179,0001 1,686,000 1.717.lJOO 45
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTESTOTHE FINANcIALSTATEmEFs FOR THE YEAR ENDED 31 MARCH 2024 25. Penslon comrnltments Icontlnuedl Changes in the fair value of scheme assets were as follows.. 2024 2023 Opening falr value of scheme assets Interest Income on assets Actuarial 8ains and1105sesl Contrlbutlon5 by employer ContrSbutlons by scheme partlclpants Benefits paid 2,026,0(X) 80J)00 23,000 .000 7.OlJO 2,000 1,154,000 2,267.lJOO 63,000 1277,0001 44,000 179,OCrfII 2.026,000 The artual retum on plan assets was £103.(KIO12023: loss of £214,000) The cumulative amount of actuarlal gains and1055es recognlsed In the con501idated ststement of total recognlsed gains and losses was a loss of £nil12023: £nill. The rnajor categorles of Scheme assets as a percentage of total Scheme a55ets are as follows: 2024 2023 Equltles Government & corporate bonds Property Cash Alt¢matives 47. 19.7% 5.6% 4.3% 22.5% 52.1% 18.2% 6.4% 1.4% 21.YA Prlnclpal actuarial assumptions at the Balan Sheet date (expressed as wei8hted avèragesl: 2024 2023 Dlscount rate Future salary Increases Future pension increases Inflation ICPII 4.8% 3.75% 2.5% 2.5% 4.8% 3.95% 2.7% 2.7%
YORK ARCHAEOLOGICAL TRusf FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. Penslon commitments (contlnuedl Amounts for the current and previous four periods are as follows: Defined beneflt penslon %hemes 2024 2023 2022 2021 2020 Defined benefit obllgatlon Scheme a55ets Unreco8nlsed asset 11,686,(XX)I 11,717.0001 12.079,CQOI 12,187.0001 11,969.0001 2,IS4,000 2.026,1)00 2,267,0( 2,246.01)J 1,792.000 468.000) 309.0001 I88,() 159,0001 SurplusllDeficlt} 177,000 Experlenee adjustmènts on scheme liabilities Experience adjustments on scheme assets 47,000 377,CM)O 113,000 1220,0001 34,000 23,000 277.(K)01 431,000 134,000 47
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Unl¥eisltles Superannuatlon Scherne The total cost charged to the profft and l¢)ss account15 £31,77412023: £33,301). The latest available complete actuarlal valuation of the Unlversities Superannuation Scheme is at 31 March 2023 (the valuatlon datel, which was carrled out uslng the projected unlt method. Since thè irtstitutlon cannot identify its share of USS Retlrement Income Builder Ideflned benefitl assets and Ilabllltles, the following disclosurés reflect those relevant for those assets and Ilabllltles as a whole. The scheme's statutory fundlng ob]ectlve Is to hold sufflclent and approprlate assets to cover tts technlcal provlslons. At the valuation date. the value of the assets of the scheme was £73.1 billlon and the value of the scheme's technical provlsions was £65.7 billion Indicatln8 a surplus of £7.4 bllllon and a funding ratio of 111.3%. The key financlal a5sumptlons used In the 2023 valuation are described below. More detall Is set out In the Statement of Fundln8 Principles. Prfu Inflatlon RPI cpi 3.40 3.00 Return frorn gllts 3.70 Return •bove 811ts Pre-retirement portFollo Post-retirement portfolio 2.50 The above rates are Illustratlve slngle-equivalent rates at 31 March 2023. In practlce. full yleld curves for gilts and Inflatlon have been used In the calculatlons. The CPI assumptlon Is a flat rate based on a lonB-term average expected level of CPI. broadly conslstent with lon8 term market expectations. The RPI assumption allows for an assumed gap between RPI and CPI of 1.0% pa pre-2030 and 0.1% pa post.2030. Assumed penslon increases are derlved from the relevant inflation assumption wlth allowafice for applicable caps and collars. As at the valuatlon date the surplus was £7.4 billion on the assumptlons adopted for the calculatlon of the Technical Provisions. There has been a signlflcant rise in fixed interest and index-llnked gllt ylelds since the prevlous valuation date of 311t March 2020. and an increase in expected returns on other cla55 assets. Thi5 ha5 resulted In discount rates being materially higher than at the previou5 valuation. Expectation5 for CPI prlce Inflatlon have a150 increased since the 2020 valuation. As a result, there has been a decrease in the required future Service contributlon rates. Contribution rates from 1st Aprll 2024 will be 20.6% of salaries, split as follows.. Employqr contributions from l Aprll 2024 14.5% Employee contrlbutk>ns from l Aprll 2024 6.1% 48
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Penslon commltments {continuedl Defined beneflt penslon scheme liabilltles 2024 2023 North Yorkshlre County Council Pension Scheme Unlverslties Superannuation Scheme lease 3,168 3,168 3,168 In the North Yorkshlre County Council Pension Scheme, prior to exit, there were 7 pensloner members and l artlve member. In the Unlverslties Superannuatlon Scheme there are currently 6 pensloner members and 2 act5ve members. Comrnltments und•r op•ratlni lease5 At 31 March 2024 the Charlty was committed to maklng the followlng payments under non-cancellable operating leases as set out below for land, bulldings and IT equlpment. Perfod: 2024 2023 Withln I year Wlthin 2 to 5 years After more than 5 years 360,950 986,351 1.829,401 354.936 1,076,526 1,991,249 3,176,702 3,422,711 49
YORKARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH UMITED NOTES TO THE FINANCIAL STATEMENTS FOR ThfE YEAR ENDED 31 MARCH 2024 27. Company Ilmlted by iuardntee The Company. being Ilmlted byguarantee, has no Share capltal. Every Member Is liable to contrlbute a sum not exceedlng £1 in the event of the Company being wound up whilst still a Member or within one year thereafter. The number of Members is declared not to be more than one hundred and fifty. The Members are not entitled to any distribution of the income or property of the Company and, In the unllkely event of the wlndlng up or dissolution of the Company, any surplus remalnlng shall be transferred to some other charltable Institution havlng charitsble oblects slmllar to those of the Company. Capltal commltments The Trust has authorlsed. but not contracted for. capltal expendlture of £NII12023:£Nil} a5 at the Balance Sheet date. 29. Related party tr•nsaLtlons 2024 2023 Income recelved by Charlty from JVC R•tall Ltd Glft Ald donatlon Interest payable on loan 255,516 3,981 303,966 3,981 RechaTVS from Charlty to JVC Retsll Ltd staff costs Property costs Other admln costs IZ5,602 37,270 16.313 99,505 34,679 15,408 There are no other Related Party transartion5 to di5¢105e. D*ails of Trustèè remuneratlon and expenses are stated in Note 12. 50
YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 30. SOFA prlor year comparatlves Vnrestrlrted funds 2023 Restrlrted funds 2023 Total fvnds 2023 lftcomefrom.. Donatlons. grants and legacles Charitsble actlvlties Other tradlng actlvltles Investments Dlsposal of fixed assets 20.904 9,930.665 918.309 7,621 20,904 9.930.665 918.309 7.621 Total Incoffl• 10,877,499 10,877N99 Expendlturn on.. Raisin8 funds Charitsble actlvlties 614,343 9.851,088 614.343 9,851,414 326 Totsl •xp•ndltur• 10.465.431 326 10 465,757 Net Inrne / {expendltur•l before Investment losses 412.068 13161 411.742 Transfers between funds Artuarial galns on defined benefit pen51on schemes Net •¥p•ndlture 412.068 (326) 411.742 51