2025-03-31-accounts

Registered company number: 1430801 (England and Wales) Registered charity numbers: 509060 and SC042846

York Archaeological Trust for Excavation and Research Limited (A company limited by guarantee)

Annual Report and Financial Statements

Year Ended 31 March 2025

CONTENTS

	Page
Trustees' report
Objectives and activities	1-2
Achievement and performance	3-5
Financial Review	6
Plans for Future Periods	7
Structure, Governance and Management	8-11
Reference and administrative details	12-13
Statement of Trustees’ responsibilities	14
Independent auditors' report	15-18
Consolidated statement of financial activities	19
(incorporating Consolidated income and
expenditure account)
Charity statement of financial activities	20
(incorporating income and
expenditure account)
Consolidated balance sheet	21
Charity balance sheet	22
Consolidated cash flow statement	23
Charity cash flow statement	24
Notes to the financial statements	25-51

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The objects for which the Trust is established are to advance the education of the public in archaeology, history and related disciplines associated with the City of York and elsewhere and to promote the preservation and display of collections of archaeological material, carry out research and disseminate the results.

The Trust continues to seek ways of furthering knowledge about the past and making this information readily available to the public.

The activities of the Trust can be divided into two main areas:

Archaeology - the archaeology operations undertake archaeological projects ranging from conservation, through to geoarchaeology, excavation and research. The operations are organised into geographical operating centres in York, Nottingham and Sheffield, although projects are undertaken throughout the UK. The delivery of community engagement projects, such as Archaeology on Prescription and the training excavations, also sits within this team.

Attractions - the attractions operations primarily comprise of three educational visitor attractions in York (JORVIK, DIG and Barley Hall), as well as the annual JORVIK Viking Festival in York and touring and pop-up exhibitions. The management of and access to the collection and archives also sits within this team, as does the Interpretation and Learning team who manage the extensive schools, colleges, university and research programmes.

All the attractions require an entrance fee to be paid. This enables the Trust to invest in further educational activities, including free public events, and to maintain a high-quality educational experience in all of our attractions, as well as providing funding for the furtherance of the Trust’s charitable objectives.

The operations are supported by a central Business Support team comprising Finance; HR; IT; Communications & Marketing; Safety, Health, Environmental & Quality (SHEQ) and volunteering, which manages our programme for archaeology and attractions volunteers, interns and work experience.

In shaping our objectives and planning our activities, Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public Benefit: running a charity (PB2)'.

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Strategic Plan Development

A five-year Strategic Plan was agreed by the Board in May 2022, with the underlying central strategic aims being:

• Discovering archaeology from dig to display and beyond.

• The Trust will be economically, environmentally and socially sustainable and grow.

• The Trust will work as one cohesive organisation.

Each year the Strategic Plan is distilled down into an Annual Plan to ensure the work is focussed and monitored. The progress against the Annual Plan for 2024-25 was reported to the Board in May 2025 and the Annual Plan for 2025-26 was reviewed by the Board at the same meeting.

Recovery Planning

As can be seen from these Annual Statements the charity has incurred a significant deficit for the year reported. The Trustees, in association with the executive team, have agreed a Recovery Plan for the current financial year with the onus on protecting revenues and cutting costs where possible, that have the least impact on the running of the charity. These are difficult but necessary decisions as a result of the challenging economic conditions encountered by the charity.

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STRATEGIC REPORT:

ACHIEVEMENT AND PERFORMANCE

Discovering archaeology from dig to display and beyond

Public Benefit and Archaeology

This year saw the final full year of our award-winning Archaeology on Prescription (‘AoP’) project which brought health and well-being benefits to a wide range of groups in York, working with the support of the City of York Council and funded by the National Lottery Heritage Fund and Shared Prosperity Fund. We also extended the project to the East Midlands, working in association with the Canalside Heritage Centre in Nottingham. At the end of the year, we took the decision to re-integrate our community programme into our main archaeological teams in order to better manage the inevitable fluctuations in grant funding. We remain committed to enabling communities to participate in archaeological work and to engage with the past.

We have finalised a Public Benefit Framework within which we can evaluate our work and following a trial within the AoP project its implementation is under consideration for a wider roll out in 2025-26.

Engaging with Stakeholders and Beneficiaries

We have maintained a regular set of meetings and Newsletters with our Members, and now have a relationship manager in place to further develop communication with Members. Communication with staff has been maintained and strengthened: a series of Executive briefings have been initiated, discussing issues with small groups of staff; the Staff Forum and monthly Staff Newsletter ensure regular communication. The voluntary agreement with the Union, Prospect, has worked well in its first full year of implementation. We have continued to explore how to improve the effectiveness of our links with the FoYAT (Friends of York Archaeological Trust); the appointment of a relationship manager is a significant step forwards and will enable better coordination of activities.

Working with Others

We have continued to deepen our collaborative efforts within the city of York, working with a range of heritage and civic bodies to deliver public events and to ensure that heritage is reflected appropriately in local and regional policies. This includes ArchaeoYork, a collaboration between the Trust, the University of York Archaeology Department, York Museums Trust, York Minster and the York Civic Trust, who jointly delivered the Roman Festival in the city in May 2025.

In Nottingham, we are engaged in exploring the opportunity to develop a large-scale attraction working with the Canalside Heritage Centre and TrentArch that will explore the region’s rich archaeology in the wider framework of the eco-system of the Trent.

Internationally, we continue our engagement with the Council of Europe’s Cultural Route of Viking Heritage, which promotes Europe’s rich Viking heritage at a European scale; enables us to participate in joint European initiatives and positions an understanding of our heritage in a wider geographical context. We remain engaged with the Lubeck Symposium that positions an understanding of York within the wider Hanseatic League and have pursued collaborative discussions and projects with archaeologists in Romania, Germany, the Netherlands, Norway and Denmark.

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Being Financially, Environmentally and socially sustainable and grow

Financial Sustainability

The financial sustainability of the Trust has been brought into sharp focus in the year, with the organisation seeing a significant downturn in attraction and archaeology income streams whilst facing increases in staff costs and central overheads. This has significantly impacted on our level of Reserves, which sit well below the target level set in our Reserves policy.

Difficult decisions were made in the year to begin to address this, including the closure of our Micklegate and Monk Bar visitor attractions and the Barley Hall Coffee Shop, and initiating a programme of restructuring to reduce costs. Further actions agreed since the year end to rebuild the financial sustainability of the organisation are described in the Plans for Future Periods section below.

Using Core Values to build the charity

This year saw a significant investment in reviewing and beginning to re-imagine our portfolio of attractions. We appointed an external consultancy to undertake an independent review of each attraction and to initiate our reflections on future developments. We recognise that JORVIK Viking Centre, DIG and Barley Hall are all mature attractions and as such would benefit from a re-assessment of their objectives, themes and modes of presentation, as part of holistic review of our attractions. Having reviewed the independent study, we are now in the process of developing proposals to undertake a masterplan for our attractions. This is being considered alongside a professionalisation of our fundraising strategy, which has also been the subject of an independent review. This investment in external expertise, on both the attractions management and fundraising, has allowed us to sharpen our strategic focus and develop our plans to ensure that we sustain the delivery of the charity’s objects.

We have sustained our focus on archaeological science, reflecting core values that lay at the heart of the charity’s development from the 1970s until today. We have continued to explore collaborative opportunities to develop the work on microplastics in archaeological deposits, delivering a lecture to the European Archaeological Council and participating in funding bids. Our geoarchaeological work which amongst many other things is delivering a deposit model for the city of York continues to attract positive attention. Our plan to integrate our Conservation, geoarchaeological and environmental science teams is beginning to bear fruit in terms of offering a more integrated service.

Future Proofing

This year saw a major investment in securing the mechanical resilience of our ride at JORVIK, which necessitated the closure of the Centre for a week in November. Further upgrading of electrical systems is planned, ensuring that our core revenue generating activity is secure.

We have continued to invest in the development of all of our managers undertaking a major training programme throughout the year. A comprehensive package of on-line training courses has been rolled out across the organisation, and regular support sessions are provided for line managers. In addition, our HR management has been improved through the use of management software, which has made many of our processes and procedures digital rather than paper-based.

A newly-developed Talent Management Strategy and Action Plan provides a holistic framework for further strengthening people management policies and practices.

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Future Proofing - continued

Investment continues in our archaeological digital recording system and associated project management procedures.

We have commissioned an independent environmental audit and carbon reduction plan that will report in the FY25-26.

Working as One Cohesive Organisation

Being a Good Employer Doing Social Good

In addition to many of the initiatives, outlined above, we have continued to implement our EDI strategy with a working group drawn from across the organization.

Our HR strategy is supported by an external consultant, with our work in this sphere informed by an annual staff survey that provides a strong direction to our planned initiatives. This year we have focused on internal communications; ensuring 100% appraisal; staff development and training; and the development of a talent management strategy.

Our Volunteer programme continues to go from strength to strength. This year saw a 25% increase in the number of volunteers. This bucks the national trend which has seen an 11% decrease in regular volunteering. Our 200+ active volunteers remain an integral part of our YA family. Over the year in out Attractions operations they provide more than 1,800 hours of additional collection viewing at JORVIK; 81 hours of time at DIG supporting 108 school visits; and 643 guiding hours at Barley Hall. They also provide a route to employment with 7% of our current staff having commenced their engagement with the organization as a volunteer.

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FINANCIAL REVIEW

The Trust endured a very challenging year resulting in a retained deficit of £1.3m.

Total income for the Trust decreased from £13.9m to £11.6m, a decrease of £2.3m. Both Attractions and Archaeology experienced a turnover drop of £1m year on year. With regard to Attractions, the local York data suggests that although visitor numbers remained resilient, average spend decreased, most likely a direct result of the cost-of-living crisis. In terms of Archaeology, the previous financial year benefited from some large-scale infrastructure projects.

In terms of expenditure, although this decreased by £1.1m from £14m to £12.9m, this was insufficient to offset the turnover reduction, thus causing the deficit of £1.3m for the year. It should be noted that the Trust incurred exceptional costs of £253k in the current financial year relating to redundancy restructure costs.

The cash balance at the end of the year stood at £851k (2024: £1,893k)

Reserves Policy

The current policy is to maintain a level of free reserves equivalent to the legal commitments outstanding should the organisation be wound up, comprising mainly staff redundancy costs and lease commitments, together with three months operating costs for the whole organisation. The Board feel that this reflects the amount required to cover essential costs whilst alternative funding is sought, whilst acknowledging it may take some years to build up the required level of free reserves.

The Reserves policy is regularly reviewed by the Board and was amended in May 2024.

Based on an estimate of the cost of commitments as at 30[th] June 2025, together with a proportion of the budgeted operational costs for 2025-26, the target Reserves figures would be in the region of £5.25m.

The consolidated unrestricted reserves as 31 March 2025 were £4.6m (2024: £5.9m). This figure is inclusive of £3.6m representing the net book value of fixed assets and £0.5m of other designated funds. If these amounts are excluded from the calculation of free reserves, this gives a net unrestricted total of £439k.

Restricted funds at 31 March 2025 were £24k. Detailed of these funds are given in note 20.

Going concern

The Trustees have carried out an assessment of the Trust's going concern position. In making this assessment, the Trustees have considered the challenges facing the charity in funding its activities in the current economic and trading environment with a reduced levels of reserves.

Having considered the financial position and projections of the Trust, and the actions outlined in the agreed Recovery Plan – as described below - the Trustees have a reasonable expectation that it will continue to have adequate resources to support its ongoing activities for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing the financial statements.

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PLANS FOR FUTURE PERIODS

2024-25 has been a year of fundamental challenge, of realisation and change. As a charity we find ourselves exposed to a range of commercial, economic and organisational challenges, which together are reflected in the significant deficit reported for the year and the fall in our levels of reserves. 2025-6 is therefore a crucial year for ensuring that the charity returns to a sound financial footing.

This imperative has driven our Recovery Plan, which was agreed at our May 2025 Board meeting. The Recovery Plan acknowledges that the cost base of the organisation needs to be reduced, and that this will unfortunately require a further round of restructuring and redundancies in 2025-26, alongside other initiatives to improve procurement and control expenditure. This is being supported by a renewed focus on the Trust’s financial and management reporting, and related underlying systems, to better ensure that trends or concerns can be identified and addressed on a timely basis.

The Annual Plan for 2025-26 builds upon the strategies and priorities set out in the five year strategy agreed for 2022 onwards, under the central strategic aims of: Discovering archaeology from dig to display and beyond; that YAT will be economically, environmentally and socially sustainable and grow; and that YAT will work as one cohesive organisation. Specific actions agreed for 2025-26 include further development of seasonal and special exhibitions at Attractions, the delivery of an effective fundraising strategy and to reestablish our reputation for community engagement under a revised structure.

The Charity’s work in responding to its challenges has at times been all consuming but a clear and agreed imperative to change has driven our work and further clarity has been achieved on how the Charity will become financially sustainable in the future as we implement our Recovery Plan. Our sustainability is, however, not just about finances but about ensuring the foundations are in place for us to continue our mission as expressed in our charitable objectives. In securing these foundations and learning from our difficult past we strive to secure a brighter future.

At the time of the approval of this report the restructuring process has been completed, and a new Executive team structure has been announced following David Jennings decision to step down from his role as CEO of the Trust. The Trustees would like to thank David for the commitment and expertise that he has shown in leading York Archaeology for the past 12 years. Gill Gimes retired from her post of Chief Finance Officer in the Spring of this year. We would also like to thank Gill for her hard work and dedication, especially in respect of the recovery of the Trust following the flooding of the JORVIK Viking Centre.

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure

York Archaeological Trust is a registered charity in England and Wales (No. 509060), Scotland (No. SC042846) and a company (No. 1430801) limited by guarantee.

The Trust is governed by its Articles of Association, which were last amended on 9th December 2011. Membership of the Trust is by application and invitation and approval in general meeting. The members appoint new members based on the recommendations from the Membership Committee at the AGM. The maximum number of members is 150 and there are currently 57. The Articles of Association remain under discussion.

Governance

The charity is governed by a Board of Trustees which meets formally five times a year. The Board has established a number of formal standing committees as indicated in the chart below.

Key Committees

Finance & Audit Committee

Purpose: To advise and report to the Trust on all financial matters, external and internal controls and the audit process for the Trust.

Risk & Governance Committee

Purpose: To advise and report to the Trust on all matters related to the management of risk, fraud and good charity governance.

Remuneration Committee

Purpose: To advise and report to the Trust on all matters related to employee remuneration.

Membership Committee

Purpose: To oversee the Trust’s membership arrangements.

In addition to its formal Committees the Trust has convened a number of informal working groups which work jointly with Senior Managers on specific topics or projects.

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Appointment of Trustees

Any Member of the Trust can be appointed by the Trustees to fill a vacancy (the maximum number of Trustees is 12). When a vacancy arises the Board Appointments Committee oversees a process of external advertising, shortlisting & interviewing applicants, giving consideration to the skills and experience which it is considered will strengthen the Board and its diversity. The recommendations of the Appointment Committee are considered by the Board and appointments approved. When first appointed the Trustee retains office until the next Annual General Meeting only, when he/she will have to stand for election. Each year one third of the Trustees retire by rotation.

Professor Robards retired as Chair of Trustees on 27th September 2024; Ellen Roberts was appointed by the Trustees as his successor.

Trustee Induction and Training

New Trustees are provided with a ‘Board Bible’ that maintains an updated record of documents relating to the duties and actions of the Trustees and Board. This includes the Articles of Association, the last two years published accounts, Minutes of the meetings of Trustees held in the last 12 months (and the supporting papers), the Contract of Commitment and the Code of Conduct for Trustees and a copy of the Charity Commission publication entitled The Essential Trustee (CC3). In addition, as soon as practicable after appointment they undertake a thorough induction programme which introduces the Trustee to the senior staff, gives an insight into the operational aspects of running the Trust and includes observation of one of the sub-committee or working group meetings.

Management

The day-to-day management of the Trust’s staff and activity in the year was delegated by the trustees to the Chief Executive Office and the Executive Team comprising the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Director of Archaeology and Director of Public Engagement. The team meets on a weekly basis and attend trustee Board meetings in order to update trustees and also seek approval for proposals where appropriate.

A revised Executive Team structure has been put in place since the end of the financial year, comprising of the Chief Executive Officer, Chief Financial Officer and Director of Public Engagement.

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Charity Governance Code

The Board is responsible for the review of the Charity Governance Code. The Charity Governance Code was reviewed by the Board in 2022 to ensure that the Code was reflected in the updated strategy for the period 2022-27. Ensuring compliance with the Code is delegated to the Risk & Governance Committee, who meet regularly to consider risk and the appropriateness of internal policies and procedures.

Key Management Personnel

The Key Management of the Trust in the year comprised of the Chief Executive Officer (David Jennings), the Chief Operating Officer (Dr Howard Jones) and the Chief Financial Officer (Paul Davies from 17 March 2025, previously Gill Gimes until her retirement).

In addition, the Executive Team included the Director of Archaeology (Gareth Davies) and Director of Public Engagement (Gareth Henry).

The pay of the Executive Team is reviewed annually by the Remunerations Committee and normally set in line with company-wide inflationary increases. Salaries for new appointments are benchmarked against salaries in similar sectors, preferably charitable, although salaries for particular specialists may be set against those in the commercial sector.

Funding and Group Structure

The Trust is funded from the following sources:

• Income received through the visitor attractions and live events, including related Gift Aid where applicable.

• Funded archaeology and artefact conservation work.

• Funding for specific projects from agencies such as Historic England and Arts Council England.

• Funding from other grant givers.

• Public donations and the support of the Friends of YAT.

The Trust has a trading subsidiary (JVC Retail Limited), which operates the retail activities of the Trust at the visitor attractions and online. The results of this subsidiary have been incorporated, as any surplus on this activity is gift aided to the Trust.

The Charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

The Friends of York Archaeological Trust

The Friends of York Archaeological Trust was established in 1975 as an independent volunteer-driven charity to help support the charitable aims and activities of York Archaeological Trust. Alongside their fundraising the Friends provide valued help and assistance to the Charity, and the Trustees would like to express their thanks for their continuing support.

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Volunteers

Volunteers play a key role in the success of the organisation, with volunteers normally working in roles ranging from acting as Trustees, interactives at the attractions, stewards at events and the Festival, supporting archaeological fieldwork and community projects to assisting the Finds team with cleaning and preservation of the collection. New volunteers follow a detailed induction and training programme and refresher training is offered to the current volunteers.

During the year we had 196 registered volunteers and placements, who between them contributed 6,049 hours of their time to the Trust across our range of activities. The Trustees would like to take this opportunity to thank them all for their commitment and support and look forward to welcoming more volunteers in the coming year.

Risk Management

During the year the Trustees have continued to review the risks to the Trust. Risk management forms part of the Terms of Reference of the Risk & Governance Committee, with fraud & financial risk management sitting within the remit of the Finance & Audit Committee.

The Trust also has a Finance & Audit Committee that meets with the Trust's Auditors to plan the audit, and, following the audit, to review the financial results and the appropriateness of control measures.

The Trustees consider that the principal risks to the Charity are:

• Maintaining the financial stability of the organisation, particularly if the JORVIK Viking Centre was forced to close for a lengthy period. As noted, Reserves levels have decreased in this financial year and are significantly below the target level identified in the Reserves policy. However, the Reserves and cash levels remain sufficient to allow the Trust to implement its agreed Recovery Plan, and to restore financial stability in the 2025/26 financial year and then to recommence rebuilding reserves towards the target in forthcoming years.

• The impact of the wider economic situation. This is felt in many ways, a potential reduction in visitor numbers, a downturn in the level of developer-led archaeology income, potential major customer failure and increased costs of staff pay and supplies. The Trust is under considerable pressure on staff pay and recruitment, together with ongoing external cost pressures. The Trust continues to review the pricing of archaeology work and attractions admissions, is implementing an ongoing cost saving programme and closely monitoring the level of tenders & customer payment performance.

• Property portfolio. The Trust occupies many premises, the majority of which are leased, which are not ideal for efficient working or environmentally sustainable operation. A review of the portfolio, including initial discussions with landlords, in is progress and the Trust continues to work with Ryden Property Management to identify opportunities and longer term strategic planning in the context of our financial position.

Trustees’ indemnity insurance has been acquired to protect the Charity, the Trustees and officers, providing £10m liability cover.

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

Registered Address

47 Aldwark York YO1 7BX

Registered Numbers of the Charity

509060 and SC042846

Company Registered Number

1430801

Auditors

Crowe U.K. LLP Black Country House Rounds Green Road Oldbury B69 2DG

Solicitors

Shakespeare Martineau LLP Waterfront House, Waterfront Plaza 35 Station Street Nottingham NG2 3DQ

Bankers

National Westminster 1 Humber Quays Wellington Street West Hull HU1 2BN

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS - continued

Insurance Brokers

PIB Insurance Brokers Poppleton Grange Low Poppleton Lane YO26 6GZ

Trustees

Professor A W Robards (Chair) - resigned 27 September 2024 Professor E Roberts (Chair / previously Vice Chair) Mr E Southworth (Vice Chair) Ms S Hoggett Mr I C Melia Professor M Millett Dr E Mol Ms A Vavaliou Mr M R Watson Mr P Wheatcroft

Officers and Key Management Personnel Chief Executive Officer Mr David Jennings (resigned 31 August 25) Chief Operations Officer Dr Howard Jones Chief Financial Officer Mr Paul Davies (from 17 March 2025) Mrs Gill Gimes (to 17 March 2025)

Director of Archaeology Dr Gareth Davies (resigned 31 July 25) Director of Public Engagement Mr Gareth Henry (permanent appointment 1 May 25)

Company Secretary

Mr Paul Davies

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STATEMENT OF TRUSTEES' RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ ANNUAL REPORT (COMPRISING THE STRATEGIC REPORT AND DIRECTORS’ REPORT) AND THE FINANCIAL STATEMENTS.

The Trustees (who are also directors of York Archaeological Trust for Excavation and Research Limited for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charitable group'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 audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

Crowe U.K. LLP, has indicated its’ willingness to be re-appointed as statutory auditor, subject to the approval of Members at the Annual General Meeting

This report was approved by the Board, in their capacity as Trustees and Directors, and signed on their behalf on 1 September 2025.

By order of the Board

Professor Ellen Roberts

Chair of Trustees

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

Opinion

We have audited the financial statements of the York Archaeological Trust for Excavation and Research Limited for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Balance Sheet, the Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 March 2025 and of the group’s income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies 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 with the financial statements; and

• the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

• adequate and proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s or the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

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 within income recognition and 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, 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 noncompliance 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 noncompliance 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.

Helen Blundell LLB FCA FCIE DChA

Date ……………………………………16 September 2025

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

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING CONSOLIDATED INCOME & EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2025

Expenditure on: Raising funds 4 Charitable activities 6 Total expenditure Net income / (expenditure) before other gains and losses Transfers between funds 20 Other recognised gains / (losses): Actuarial (losses) / gains on defined benefit pension schemes 24 Net movement in funds Reconciliation of funds: Total funds at 1 April 2024 Total funds at 31 March 2025 Note Income from: Donations, grants and legacies 2 Charitable activities 3 Other trading activities 4 Investments 5 Other income 24 Total income		Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 15,850 - 15,850 9,065 10,749,599 - 10,749,599 12,811,066 790,094 - 790,094 872,625 28,151 - 28,151 28,210 - - - 240,000
		11,583,694 - 11,583,694 13,960,966
		580,688 - 580,688 617,109 12,334,903 - 12,334,903 13,365,716
		12,915,591 - 12,915,591 13,982,825
		(1,331,897) - (1,331,897) (21,859)
		- - - - 3,168 - 3,168 -
		(1,328,729) - (1,328,729) (21,859) 5,895,875 23,562 5,919,437 5,941,295
		4,567,146 23,562 4,590,708 5,919,437

All activities relate to continuing operations. Comparative figures are shown in note 29.

The notes on pages 25 to 51 form part of these financial statements.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME & EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2025

Expenditure on: Charitable activities 7 Total expenditure Net income / (expenditure) before other gains and losses Transfers between funds 20 Other recognised gains / (losses): Actuarial (losses) / gains on defined benefit pension schemes 24 Net movement in funds Reconciliation of funds: Total funds at 1 April 2024 Total funds at 31 March 2025 Note Income from: Donations, grants and legacies 2 Charitable activities 3 Investments 5 Other income 24 Total income		Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 15,850 - 15,850 9,065 10,749,599 - 10,749,599 12,811,066 241,538 - 241,538 287,707 - - - 240,000
		11,006,987 - 11,006,987 13,347,838
		12,338,884 - 12,338,884 13,369,697
		12,338,884 - 12,338,884 13,369,697
		(1,331,897) - (1,331,897) (21,859)
		- - - - 3,168 - 3,168 -
		(1,328,729) - (1,328,729) (21,859) 5,885,875 23,562 5,909,437 5,931,295
		4,557,146 23,562 4,580,708 5,909,437

All activities relate to continuing operations. Comparative figures are shown in note 29.

The notes on pages 25 to 51 form part of these financial statements.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		2025	2024
	Note	£	£
Fixed assets
Tangible assets	15	3,584,252	3,697,194
Investments	16	9	9
		3,584,261	3,697,203
Current assets
Stocks	17	165,708	162,186
Debtors	18	1,902,891	2,965,153
Cash at bank and in hand		1,042,318	1,893,229
		3,110,917	5,020,568
Creditors: amounts falling due within one	19	(2,104,470)	(2,745,166)
year
Net current assets		1,006,447	2,275,402
Total assets less current liabilities		4,590,708	5,972,605
Creditors:amounts falling due after more	19	-	(50,000)
than one year
Net assets excluding pension scheme		4,590,708	5,922,605
Liabilities
Defined benefit pension scheme assets	24	-	(3,168)
Net assets including pension scheme	21	4,590,708	5,919,437
Liabilities
Charity Funds
Restricted funds	20	23,562	23,562
Unrestricted funds:	20
Unrestricted funds excluding pension		4,567,146	5,899,043
liability
Pension reserve		-	(3,168)
Total unrestricted funds		4,567,146	5,895,875
Total funds		4,590,708	5,919,437

The financial statements were approved by the Trustees on 1 September 2025, and signed on their behalf by:

Mr I C Melia – Chair of Finance Committee

The notes on pages 25 to 51 form part of these financial statements.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

CHARITY BALANCE SHEET

AS AT 31 MARCH 2025

		2025	2024
	Note	£	£
Fixed assets
Tangible assets	15	3,584,252	3,697,194
Investments	16	10	10
		3,584,262	3,697,204
Current assets
Stocks	17	30,838	36,206
Debtors	18	2,023,429	3,078,903
Cash at bank and in hand		1,023,246	1,884,095
		3,077,513	4,999,204
Creditors:amounts falling due within one	19	(2,081,067)	(2,733,803)
year
Net current assets		996,446	2,265,401
Total assets less current liabilities		4,580,708	5,962,605
Creditors:amounts falling due after more	19	-	(50,000)
than one year
Net assets excluding pension scheme		4,580,708	5,912,605
Liabilities
Defined benefit pension scheme liability	24	-	(3,168)
Net assets including pension scheme		4,580,708	5,909,437
Liabilities
Charity Funds
Restricted funds	20	23,562	23,562
Unrestricted funds:	20
Unrestricted funds excluding pension		4,557,146	5,889,043
liability
Pension reserve		-	(3,168)
Total unrestricted funds		4,557,146	5,885,875
Total funds		4,580,708	5,909,437

The financial statements were approved by the Trustees on 1 September 2025, and signed on their behalf by:

Mr I C Melia – Chair of Finance Committee

The notes on pages 25 to 51 form part of these financial statements.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

				2025	2024
	Note			£	£
Cash flows from operating activities
Net cash used in operating activities	22			(633,720)	(253,263)
Cash flows from investing activities:
Dividends, interest and rents from investments				28,151	28,210
Proceeds from sale of fixed assets				-	-
Purchase of property, plant and equipment				(146,705)	(170,450)
Net cash used in investing activities				(118,554)	(142,239)
Cash flows from financing activities:
Repayments of borrowings				(92,857)	(55,821)
Interest paid				(5,780)	(3,138)
Net cash used in financing activities				(98,637)	(58,959)
Change in cash and cash equivalents in the year				(850,911)	(454,462)
Cash and cash equivalents brought forward				1,893,229	2,347,691
Cash and cash equivalents carried forward	23			1,042,318	1,893,229
	At 1	April	Cash flows	Other non- At 31 March
Analysis of changes in net debt:		2024		cash changes	2025
Cash and cash equivalents	1,893,229		(850,911)	-	1,042,318
Loans falling due within one year	(42,857)		92,857	(50,000)	-
Loans falling due after more than one year	(50,000)		-	50,000	-
Total	1,800,372		(758,054)	-	1,042,318

The notes on pages 25 to 51 form part of these financial statements.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

CHARITY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

				2025	2024
	Note			£	£
Cash flows from operating activities
Net cash used in operating activities	22			(820,292)	(510,324)
Cash flows from investing activities:
Dividends, interest and rents from investments				28,151	28,210
Net funds received from subsidiary				176,634	265,549
Purchase of property, plant and equipment				(146,705)	(170,450)
Net cash from investing activities				58,080	123,309
Cash flows from financing activities:
Repayments of borrowings				(92,857)	(55,821)
Interest paid				(5,780)	(3,138)
Net cash used in financing activities				(98,637)	(58,959)
Change in cash and cash equivalents in the year				(860,849)	(445,974)
Cash and cash equivalents brought forward				1,884,095	2,330,069
Cash and cash equivalents carried forward	23			1,023,246	1,884,095
	At 1	April	Cash flows	Other non- At 31 March
Analysis of changes in net debt:		2024		cash changes	2025
Cash and cash equivalents	1,884,095		(860,849)	-	1,023,426
Loans falling due within one year	(42,857)		92,857	(50,000)	-
Loans falling due after more than one year	(50,000)		-	50,000	-
Total	1,791,238		(767,992)	-	1,023,246

The notes on pages 25 to 51 form part of these financial statements.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies

Basis of preparation of financial statements

York Archaeological Trust for Excavation and Research Limited is a charitable company limited by guarantee in the United Kingdom, registration number 1430801. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these accounts. The nature of the charity's operations and principal activities are included in the Trustees' Report.

The charity meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

These financial statements are prepared in Sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The Trustees have carried out an assessment of the charity's going concern position. In making this assessment, the Trustees have considered the challenges facing the charity in funding its activities in the current economic and trading environment with a reduced levels of reserves.

Having considered the financial position and projections of the charity, and the Recovery Plan to be implemented in 2025-26, the Trustees have a reasonable expectation that the charity will continue to have adequate resources to support its ongoing activities for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing the financial statements.

Further information on the financial challenges experienced by the charity in the year, and actions taken to address this, are included in the Trustees' report.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies – continued

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, 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 distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

In respect of long-term contracts, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts is recognised by reference to the stage of completion.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include costs of the central support functions. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies – continued

Investments

Investments in subsidiary undertakings are valued at cost.

Tangible and intangible fixed assets and depreciation

All assets costing more than £1,500 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - 5 - 40 years Long-term leasehold property - 3 - 40 years - Plant and equipment 3 - 20 years Software - 3 - 10 years

Operating leases

Rentals under operating leases are charged to the SOFA on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Taxation

York Archaeological Trust is a Charity registered under the Charities Act 2011, number 509060. As such the Charity is entitled to take advantage of the exemptions granted by section 505 of the Income and Corporation Taxes Act 1988.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies – continued

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Pensions

The Charity primarily operates a defined contribution pension scheme for its employees, and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

The Charity also participated in the North Yorkshire County Council Pension Scheme, a defined benefits pension scheme, in the prior year. The assets of the scheme are held separately from those of the Charity.

Pension scheme liabilities are measured on an actuarial 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 Charity also participates in the Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing defined benefits (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 scheme-wide contribution rate is set. The Charity is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS102 “Employee benefits”, the Charity therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme.

FRS102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multiemployer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and of the resulting expense in the profit or loss in accordance with section 28 of FRS102. The Trustees are satisfied that the scheme provided by Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the financial statements.

When employees have rendered service to the charity, short term employee benefits to which they are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies – continued

I nsurance claims

An insurance claim is recognised when the Charity has established its entitlement to the reimbursement of the insured loss, the receipt of the reimbursement is virtually certain and its amount can be measured reliably.

Receipt is virtually certain when an offer of settlement is received from the insurer. The insurance settlement is recognised at the value receivable.

Insurance reimbursements relating to business interruption are recognised as other income. Reimbursements in respect of expenditure are offset against the related expense heading in the SOFA.

Key judgements and estimation uncertainties

There were no judgements made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.

Volunteers

The Trust received the support of around 200 volunteers, who contributed over 6000 hours of support this year. It is difficult to reliably measure the value of this contribution which has, therefore, not been accounted for in these accounts.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Income from donations and legacies

Donations	Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 15,850 - 15,850 9,065
	15,850 - 15,850 9,065

Included in donations is £6,500 (2024:£5,500) received from the Friends of York Archaeological Trust.

3. Income from charitable activities

Charitable activities JORVIK Viking Centre DIG Barley Hall Micklegate Bar & Monk Bar Events Exhibitions Outreach York Fieldwork Conservation Nottingham & Sheffield Geoarchaeology Community Engagement INHERIT Other		Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 10,749,599 - 10,749,599 12,811,066
		Unrestricted funds 2025 £ Restricted funds 2025 £ Total funds 2025 £ Total funds 2024 £ 4,610,843 - 4,610,843 4,858,243 176,873 - 176,873 211,597 127,431 - 127,431 128,656 24,108 - 24,108 33,028 99,800 - 99,800 77,487 38,038 - 38,038 33,156 48,425 - 48,425 55,610 1,065,060 - 1,065,060 1,173,589 151,857 - 151,857 176,256 3,778,292 - 3,778,292 5,482,999 425,284 - 425,284 297,897 194,297 - 194,297 189,433 - - - 58,770 9,290 - 9,290 34,343
		10,749,599 - 10,749,599 12,811,066

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Raising funds

Other trading activities Shop & café income and private hire Fundraising trading expenses Cost of sales Shop & café costs Wages and salaries Net incoming resources from trading activities	Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 790,094 - 790,094 872,625
	381,644 - 381,644 427,419 62,281 - 62,281 64,087 136,763 - 136,763 125,602
	580,688 - 580,688 617,109
	209,406 - 209,406 255,516

Shop & café income represents income from the shops at JORVIK, DIG, and Barley Hall, and the café at Barley Hall. All are operated through JVC Retail Limited.

Income from the hiring out of venues for events is referred to as private hire. These are operated through JVC Retail Limited.

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YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Investments

Group

Group
Bank interest receivable Charity Bank interest receivable Income from trading subsidiary: Profits gifted Interest on loan		Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 28,151 - 28,151 28,210
		Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 28,151 - 28,151 28,210 209,406 - 209,406 255,516 3,981 - 3,981 3,981
		241,537 - 241,537 287,707

6. Analysis of expenditure on charitable activities

Note Charitable activities7 & 8	Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £
	12,334,903 - 12,334,90313,365,716

The charity’s own expenditure on charitable activities was £12,338,884 (2024: £13,369,697).

7 . Direct costs

Premises Cost of sales Engineering maintenance Direct costs Wages and salaries Severance payments Depreciation	Total 2025 Total 2024 £ £ 553,458 436,292 229,046 220,766 177,226 166,949 2,874,162 4,008,764 6,413,839 6,464,414 126,331 144,690 201,222 199,455
	10,575,283 11,641,330

32

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Support costs

Note Premises Marketing Telephone, stationery & general office Insurance Bank and payment processing Staff recruitment costs IT costs Vehicle costs Other support costs Loan interest Depreciation Governance9	Total 2025 Total 2024 £ £ 483,732 403,598 274,303 330,962 78,456 107,273 134,771 136,375 74,381 77,155 20,766 9,752 107,715 91,471 56,471 23,922 320,976 302,653 5,780 3,138 58,424 43,634 143,845 194,453
	1,759,620 1,724,386

9. Governance costs

Audit fees Legal and professional fees Trustees’ indemnity insurance Other governance costs Salaries and wages	Unrestricted Total Total 2025 £ 2025 £ 2024 £ 19,400 19,400 15,250 80,316 80,316 142,770 14,842 14,842 9,926 4,539 4,539 4,156 24,748 24,748 21,187
	143,845 143,845 193,289

33

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Net incoming resources / (resources expended)

This is stated after charging:

Depreciation of tangible fixed assets: - owned by the charitable group Auditors’ remuneration Staff pension contributions Operating lease rentals: - Land and buildings Auditors’ remuneration comprises: Audit of consolidated accounts JVC Retail Ltd: Audit of accounts Taxation compliance Other non-audit services Staff costs Staff costs were as follows: Wages and salaries Social security costs Pension costs: Defined contribution schemes Defined benefit schemes

2025 2024 £ £ 259,646 243,090 19,400 15,250 250,868 240,831 440,725 395,405

14,500 11,255 4,000 3,145 900 700 - 150 2025 2024 £ £ 5,797,8215,948,138 526,662 526,752 223,541 182,268 27,327 58,563 6,701,6816,715,721

11. Staff costs

19 termination payments are also recorded in the accounts for the year, totalling £126,331 (2024: £144,690 in respect of 3 terminations).

34

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Staff costs continued

The average monthly number of employees was: 225 (2024: 226) including casual and part-time staff:

Archaeological and Attractions staff Management staff The number of higher paid employees was: In the band £60,001 - £70,000 In the band £80,001 - £90,000 In the band £90,001 - £100,000 In the band £100,001 - £110,000 In the band £160,001 - £170,000	2025 2024 No. No. 221 222 4 4
	225 226
	2025 2024 No. No. 1 1 1 - - 1 1 - - 1
	3 3

Trustees and key management personnel remuneration & expenses:

During the year, no Trustees received remuneration (2024: £NIL), or received any benefits in kind (2024: £NIL). During the year, Trustees received £2,751 reimbursement of expenses for travel costs (2024: £1,956).

The Trust considers its key management personnel comprise the Trustees and Senior Management Team. The total amount of employee benefits received by key management personnel is £330,080 (2024: £496,587).

The pay of the Senior Management Team is reviewed annually and normally set in line with company-wide inflationary increases. Salaries for new appointments are benchmarked against salaries in similar sectors, preferably charitable, although salaries for particular specialists may be set against those in the commercial sector.

12. Taxation

The Company is a registered Charity and is exempt from income and corporation tax to the extent that income and gains are applicable and applied to charitable purposes only.

13. Trustees’ Indemnity Insurance

Trustees’ indemnity insurance costing £14,842 (2024: £9,926) was acquired to protect the Charity, the Trustees and officers, providing £10m liability cover.

35

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Other finance income

Other finance income
Expected return on pension scheme assets Interest on pension scheme liabilities	2025 £ 2024 £ - 80,000 - (67,000)
	- 13,000

As described in note 24, no other finance income was recognised in the Statement of Financial Activities for the year ended 31 March 2025.

15. Tangible and intangible fixed assets

Group and company Cost At 1 April 2024 Additions Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for the year On disposals At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024	Freehold property Long-term leasehold property Plant and equipment Software Total £ £ £ £ £ 620,487 5,151,093 1,211,888 88,477 7,071,945 - - 144,120 2,585 146,705 - - - - -
	620,487 5,151,093 1,356,008 91,062 7,218,650
	617,487 1,780,663 898,125 78,476 3,374,752 - 178,152 75,142 6,352 259,646 - - - - -
	(617,487) (1,958,815) (973,267) (84,828) (3,634,398)
	3,000 3,192,278 382,741 6,234 3,584,252
	3,000 3,370,430 313,763 10,001 3,697,194

36

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Fixed asset investments

Group Cost At 1 April 2024 Disposals At 31 March 2025 Group investments at cost comprise: Group undertakings Charity Cost At 1 April 2024 Disposals At 31 March 2025		Unlisted securities Total £ £ 9 9 - - 9 9 2025 2024 £ £ 9 9
		9 9
		Unlisted securities Total £ £ 10 10 - - 10 10

Charity investments at cost comprise:

Group undertakings	2025 2024 £ £ 10 10 10 10

37

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Fixed asset investments (continued)

The Charity owns 100% of the issued share capital of JVC Retail Limited, a Company incorporated in the United Kingdom (Registration No. 03477326). Its registered office is 47, Aldwark, York, YO1 7BX.

The results and shareholder's funds of JVC Retail Limited are included in the consolidated financial statements as follows (see also note 4):

Turnover Expenditure Profits gifted to the Charity JVC Retail Balance Sheet as at 31 March 2025: Current assets Stocks Debtors Cash at bank Creditors:amounts falling due within one year Net current assets Net assets Capital and reserves Called up share capital Profit and loss account Shareholders' funds		2025 £ 2024 £ 790,094 872,625 (580,688) (617,109) 209,406 255,516 2025 2024 £ £ 134,870 125,980 - 29,964 19,073 9,134
		153,943 165,078 (143,943) (155,077)
		10,001 10,001
		10,001 10,001
		1 1 10,000 10,000
		10,001 10,001

The Charity owns 9 of the 10 issued shares in Eboracum Roman Centre Limited, a dormant Company (Registration No. 02205858). Its registered office is 47, Aldwark, York, YO1 7BX. The total share capital and reserves of the company is £10. (2024: £10)

38

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Stocks

Finished goods and goods for resale		Group	Charity
		2025 2024 £ £ 165,708 162,186	2025 2024 £ £ 30,838 36,206

18. Debtors

Debtors
Trade debtors Amounts owed by group undertakings Prepayments Accrued income Other debtors	Group 2025 2024 £ £ 1,352,1432,035,007 - - 353,393 331,273 180,690 570,408 16,665 28,465	Group	Charity
			2025 2024 £ £ 1,352,1432,035,007 120,538 113,750 353,393 331,273 180,690 570,408 16,665 28,465
	1,902,8912,965,153		2,023,4293,078,903

39

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Creditors: Amounts falling due within one year

Bank loans and overdrafts Trade creditors Amounts owed to group undertakings Accruals and deferred income Other taxation and social security (see below) Other creditors - pension liabilities Other taxation and social security PAYE/NI VAT	Group 2025 2024 £ £ - 42,857 455,4351,449,745 - - 1,326,961 979,678 288,025 245,111 34,049 27,775	Group	Charity
			2025 2024 £ £ - 42,857 436,9091,415,435 - 29,964 1,322,084 972,661 288,025 245,111 34,049 27,775
	2,104,4702,745,166		2,081,0672,733,803
		Group	Charity
		2025 2024 £ £ 98,997 90,552 189,028 154,559	2025 2024 £ £ 98,997 90,552 189,028 154,559
		288,025 245,111	288,025 245,111

Included in accruals and deferred income are the following amounts of deferred income.

Deferred income Deferred income at 1 April 2024 Resources deferred during the year Amounts released from previous years Deferred income at 31 March 2025		Group	Charity
		893,303 893,303

Deferred income represents monies received in advance for archaeological services, private hire and touring exhibitions where either the service is not complete or the exhibition has not opened.

40

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Creditors - continued: Amounts falling due after more than one year

Bank loans		Group 2025 2024 £ £ - 50,000	Charity
			2025 2024 £ £ - 50,000
		- 50,000	- 50,000

The Trust took out a Coronavirus Business Interruption Loan of £750,000 in May 2020. 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 Huntington Road in September 2021 £500,000 of the loan was repaid, leaving an unsecured balance repayable monthly.

The decision was taken by the Trust to make an early settlement of the loan, and it was repaid in full in March 2025.

Maturity of debt: bank loans payable by instalments

Maturity of debt: bank loans payable by instalments
Within one year Between one year and two years	2025 £ 2024 £ - 42,857 - 50,000
	- 92,857

41

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Statement of funds

Year ended 31 March 2025 Unrestricted funds Tangible fixed assets Helen Addyman fund York Roman project Property Development fund Total Designated funds General funds JVC Retail Pension reserve Total Unrestricted funds Restricted funds Campaign Canute In Search of Anglican York Protecting Precious Memories York Minster Fabric Rolls Other small restricted funds (with balances of under £1k) Total Restricted funds Total Funds		Brought Forward Incoming resources Resources Expended Transfers Gains / Losses Carried Forward £ £ £ £ £ £ 3,697,203 - - (112,951) - 3,584,252 8,592 - (2,192) - - 6,400 18,500 - - - - 18,500 518,817 - - - - 518,817 4,243,112 - (2,192) (112,951) - 4,127,969 1,645,931 10,793,600 (12,332,711) 322,357 - 429,177 10,000 790,094 (580,688) (209,406) - 10,000 (3,168) - - - 3,168 - 5,895,875 11,583,694 (12,915,591) - 3,168 4,567,146	Brought Forward Incoming resources Resources Expended Transfers Gains / Losses Carried Forward £ £ £ £ £ £ 3,697,203 - - (112,951) - 3,584,252 8,592 - (2,192) - - 6,400 18,500 - - - - 18,500 518,817 - - - - 518,817 4,243,112 - (2,192) (112,951) - 4,127,969 1,645,931 10,793,600 (12,332,711) 322,357 - 429,177 10,000 790,094 (580,688) (209,406) - 10,000 (3,168) - - - 3,168 - 5,895,875 11,583,694 (12,915,591) - 3,168 4,567,146
		5,895,875 11,583,694 (12,915,591)
		Brought Forward Incoming resources Resources Expended Transfers £ £ £ £ 15,272 - - - 1,167 - - - 2,697 - - - 2,906 - - - 1,520 - - -	Gains / Losses Carried Forward £ £ - 15,272 - 1,167 - 2,697 - 2,906 - 1,520 - 23,562 3,168 4,590,708
		23,562 - - -
		5,919,437 11,583,694 (12,915,591) -

42

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Statement of funds (continued)

Designated Funds:

The tangible fixed asset fund represents the value of unrestricted fixed assets.

The Helen Addyman fund is for the costs 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 facilitate research into & discovery of the Roman colonial settlement in York.

The Property Development fund was created after the sale of 421 Huntington Road, holding the gain on disposal for use in future development.

Restricted Funds:

The Campaign Canute Fund is a restricted fund for the costs of the redevelopment of the JORVIK Viking Centre above the value agreed in settlement under the insurance claim. Whilst the physical redevelopment of the attraction is complete and JORVIK has reopened to the public, the remaining funds in Campaign Canute will be used for the development of digital and interactive applications to enhance the visitor experience.

Other restricted funds relate to income received to fund a number of ongoing projects as shown above.

Transfers

Transfers are made between restricted and unrestricted funds when an asset has been purchased from restricted fund donations, is held for the general purposes for which the Charity exists and the requirements of the restriction have been met in full.

Summary of funds

Year ended 31 March 2025 General funds Restricted funds	Brought forward Incoming resources Resources expended Transfers Gains / losses Carried Forward £ £ £ £ £ £ 5,895,875 11,583,694 (12,915,591) - 3,168 4,567,146 23,562 - - - - 23,562
	5,919,347 11,583,694 (12,915,591) - - 4,590,708

43

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Statement of funds – prior year Year ended 31 March 2024 Unrestricted funds Tangible fixed assets Helen Addyman fund York Roman project Property Development fund Total Designated funds General funds JVC Retail Pension reserve Total Unrestricted funds Restricted funds Campaign Canute In Search of Anglican York Protecting Precious Memories York Minster Fabric Rolls Other small restricted funds (with balances of under £1k) Total Restricted funds Total Funds Summary of funds Year ended 31 March 2024 General funds Restricted funds		Brought Forward Incoming resources Resources Expended Transfers Carried Forward £ £ £ £ £ 3,769,843 - - (72,640) 3,697,203 8,694 - (102) - 8,592 18,500 - - - 18,500 518,817 - - - 518,817 4,315,854 - (102) (72,640) 4,243,112 1,595,047 13,088,341 (13,365,614) 328,156 1,645,931 10,000 872,625 (617,109) (255,516) 10,000 (3,168) - - - (3,168) 5,917,733 13,960,966 (13,982,825) - 5,895,875 Brought Forward Incoming resources Resources Expended Transfers Carried Forward £ £ £ £ £ 15,272 - - - 15,272 1,167 - - - 1,167 2,697 - - - 2,697 2,906 - - - 2,906 1,520 - - - 1,520 23,562 - - - 23,562 5,941,295 13,960,966 (13,892,825) - 5,919,437 Brought forward Incoming resources Resources expended Transfers Carried Forward £ £ £ £ £ 5,917,733 13,960,966 (13,982,825) - 5,895,875 23,562 - - - 23,562	Brought Forward Incoming resources Resources Expended Transfers Carried Forward £ £ £ £ £ 3,769,843 - - (72,640) 3,697,203 8,694 - (102) - 8,592 18,500 - - - 18,500 518,817 - - - 518,817 4,315,854 - (102) (72,640) 4,243,112 1,595,047 13,088,341 (13,365,614) 328,156 1,645,931 10,000 872,625 (617,109) (255,516) 10,000 (3,168) - - - (3,168) 5,917,733 13,960,966 (13,982,825) - 5,895,875 Brought Forward Incoming resources Resources Expended Transfers Carried Forward £ £ £ £ £ 15,272 - - - 15,272 1,167 - - - 1,167 2,697 - - - 2,697 2,906 - - - 2,906 1,520 - - - 1,520 23,562 - - - 23,562 5,941,295 13,960,966 (13,892,825) - 5,919,437 Brought forward Incoming resources Resources expended Transfers Carried Forward £ £ £ £ £ 5,917,733 13,960,966 (13,982,825) - 5,895,875 23,562 - - - 23,562
			23,562 - - - 23,562
			5,941,295 13,960,966 (13,892,825) - 5,919,437 Brought forward Incoming resources Resources expended Transfers Carried Forward £ £ £ £ £ 5,917,733 13,960,966 (13,982,825) - 5,895,875 23,562 - - - 23,562
			5,941,295 13,960,966 (13,982,825) - 5,919,437

44

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Analysis of net assets between funds

		2025	2025	2025	2024	2024 2024
		£	£	£	£	£ £
		Unrestricted	Restricted	Total	Unrestricted Restricted Total
		funds	funds	funds	funds	funds funds
Tangible fixed assets		3,584,252	-	3,584,252	3,697,194	- 3,697,194
Fixed	asset investments	9	-	9	9	- 9
Current assets		3,087,355	23,562	3,110,917	4,997,006	23,562 5,020,568
Creditors due within one year		(2,104,470)	-	(2,104,470)	(2,745,166)	- (2,745,166)
Creditors due in more than one year		-	-	-	(50,000)	- (50,000)
Provisions for liabilities and charges		-	-	-	(3,168)	- (3,168)
		4,567,146	23,562	4,590,708	5,895,875	23,562 5,919,437
22.	Reconciliation of net movement in funds to		net cash flow from operating activities:
	Group
					2025	2024
					£	£
	Net income / (expenditure) for the year				(1,331,897)	(21,859)
	(as per Statement of Financial	Activities)
	Adjustment for:
	Depreciation charges				259,646	243,090
	Interest paid				5,780	3,138
	Dividends, interest and rents from investments				(28,151)	(28,210)
	(Increase) / decrease in stocks				(3,522)	(10,512)
	(Increase) / decrease in debtors				1,062,263	(1,351,564)
	Increase / (decrease) in creditors				(597,839)	912,654
	Net cash used in operating activities				(633,720)	(253,263)

45

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Reconciliation of net movement in funds to net cash flow from operating activities - continued:

Charity

Charity
Net income / (expenditure) for the year (as per Statement of Financial Activities) Adjustment for: Depreciation charges Interest paid Dividends, interest and rents from investments Gift Aid and interest from subsidiary (Increase) / decrease in stocks (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash used in operating activities 23. Analysis of cash and cash equivalents Group Cash at bank and on short term deposit Charity Cash at bank and on short term deposit	2025 2024 £ £ (1,331,897) (21,859) 259,646 243,090 5,780 3,138 (28,151) (28,210) (213,386) (259,497) 5,368 5,001 1,062,263 (1,355,297) (579,915) 903,310
	(820,292) (510,324)
	2025 2024 £ £ 1,042,318 1,893,229
	1,023,246 1,884,095

24. Pension commitments

North Yorkshire County Council Pension Scheme

The Company previously participated in the local government pension scheme, administered by North Yorkshire County Council, which operates as a defined benefit pension scheme.

The one remaining active member of The North Yorkshire County Council Pension Scheme left the employment of the Company on 31[st] 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 existed.

The surplus was calculated at £240,000 and was recognised as Other Income in the Statement of Financial Activities for the year ended 31 March 2024 and was included in accrued income in the Balance Sheet. The repayment has been received in full during the current year.

Prior to the decision to the exit the Scheme, no plan surplus had been recognised as FRS 102 states that an entity shall recognise a surplus on 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 through refunds from the plan. Actuarial movements on the calculated net asset position were therefore not recognised in the financial statements.

46

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

24. Pension commitments (continued)

Universities Superannuation Scheme

The total cost charged to the profit and loss account is £27,327 (2024: £31,774).

The latest available complete actuarial valuation of the Universities Superannuation Scheme is at 31 March 2024 (the valuation date), which was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The scheme’s statutory funding objective is to hold sufficient and appropriate assets to cover its technical provisions. At the valuation date, the value of the assets of the scheme was £74.8 billion and the value of the scheme’s technical provisions was £65.6 billion indicating a surplus of £9.2 billion and a funding ratio of 114%.

The key financial assumptions used in the 2024 valuation are described below. More detail is set out in the Statement of Funding Principles.

	% pa
Price inflation
CPI		3.00
Return from gilts		4.30
Return above gilts
Pre-retirement portfolio		2.00
Post-retirement portfolio		0.80

The above rates are illustrative single-equivalent rates at 31 March 2024. In practice, full yield curves for gilts and inflation have been used in the calculations.

The CPI assumption is a flat rate based on a long-term average expected level of CPI, broadly consistent with long term market expectations. Assumed pension increases are derived from the relevant inflation assumption with allowance for applicable caps and collars.

As at the valuation date the surplus was £7.4 billion on the assumptions adopted for the calculation of the Technical Provisions. The estimated surplus increased by £1.8bn over the year to 31 March 2024. The main reason for this is an increase in the discount rates over the period. This effect was partially offset by lower than assumed investment returns over the year and the impact of the past service benefit changes introduced on 1 April 2024 (including the uplift to accrued pensions for members who were in pensionable service between 1 April 2022 and 31 March 2024), for which an allowance is made in the 31 March 2024 figures.

Contribution rates from 1[st] April 2024, as set out in the Scheme’s current Statement of Funding Principles dated 20 December 2023 will be 20.6% of salaries, split as follows:

Employer contributions from 1 April 2024 14.5% Employee contributions from 1 April 2024 6.1%

47

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

24. Pension commitments (continued)

Defined benefit pension scheme liabilities: Universities Superannuation Scheme	2025 2024 £ £ - 3,168
	- 3,168

The liability of £3,168 has been reversed in full in the year in line with the calculated Scheme surplus as described above, and is included on the Statement of Financial Activities as an actuarial gain on defined benefit pension schemes.

During the year there were 6 pensioner members and 2 active members of the Universities Superannuation Scheme.

25. Commitments under operating leases

At 31 March 2025 the Charity was committed to making the following payments under non-cancellable operating leases as set out below for its properties.

Period:

Period:
Within 1 year Within 2 to 5 years After more than 5 years	2025 £ 2024 £ 434,050 360,950 766,096 986,351 1,712,267 1,829,401
	2,912,413 3,176,702

26. Company limited by guarantee

The Company, being limited by guarantee, has no share capital. Every Member is liable to contribute a sum not exceeding £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 unlikely event of the winding up or dissolution of the Company, any surplus remaining shall be transferred to some other charitable institution having charitable objects similar to those of the Company.

48

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

27. Capital commitments

The Trust has authorised, but not contracted for, capital expenditure of £Nil (2024:£Nil) as at the Balance Sheet date.

28. Related party transactions

lated party transactions
	2025	2024
	£	£
Income received by Charity from JVC Retail Ltd
Gift Aid donation	209,406	255,516
Interest payable on loan	3,981	3,981
Recharges from Charity to JVC Retail Ltd
Staff costs	136,763	125,602
Property costs	41,550	37,270
Other admin costs	17,537	16,313

There are no other Related Party transactions to disclose. Details of Trustee remuneration and expenses are stated in Note 11.

49

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

29. SOFA prior year comparatives

Group

Group
Income from: Donations, grants and legacies Charitable activities Other trading activities Investments Other income Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income / (expenditure) before other gains and losses Transfers between funds Actuarial gains on defined benefit pension schemes Net expenditure	Unrestricted funds 2024 £ Restricted funds 2024 £ Total funds 2024 £ 9,065 - 9,065 12,811,066 - 12,811,066 872,625 - 872,625 28,210 - 28,210 240,000 - 240,000
	13,960,966 - 13,960,966
	617,109 - 617,109 13,365,716 - 13,365,716
	13,982,825 - 13,982,825
	(21,859) - (21,859) - - - - - - (21,859) - (21,859)

50

YORK ARCHAEOLOGICAL TRUST FOR EXCAVATION AND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

29. SOFA prior year comparatives

Charity

Income from: Donations, grants and legacies Charitable activities Investments Other income Total income Expenditure on: Charitable activities Total expenditure Net income / (expenditure) before other gains and losses Transfers between funds Actuarial gains on defined benefit pension schemes Net expenditure	Unrestricted funds 2024 £ Restricted funds 2024 £ Total funds 2024 £ 9,065 - 9,065 12,811,066 - 12,811,066 287,707 - 287,707 240,000 - 240,000
	13,347,838 - 13,347,838
	13,369,697 - 13,369,697
	13,369,697 - 13,369,697
	(21,859) - (21,859) - - - - - - (21,859) - (21,859)

51