REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Report of the Trustees | 1 | to | 12 |
Report of the Independent Auditors | 13 | to | 15 |
Statement of Financial Activities | 16 |
Statement of Financial Position | 17 |
Statement of Cash Flows | 18 |
Notes to the Statement of Cash Flows | 19 |
Notes to the Financial Statements | 20 | to | 33 |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
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 2023. 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 2015). |
OBJECTIVES AND ACTIVITIES |
Charitable Object |
The object for which the Trust is established is 'to advance the education of the public in archaeology'. The powers by which it may do this are set out in the Articles. These include: being able to undertake, prepare or promote archaeological research, excavations, surveys, reports and advice and for any consequent or similar activities; to publish or otherwise distribute information; to arrange for the safe-keeping of all records arising from such objects and for their eventual deposition; to arrange for the safe-keeping of all materials and objects recovered as a result of such archaeological work, and, where appropriate, to arrange for their eventual deposition and/or display. |
In 2008 The Trust established a separate trust the GGAT HER Charitable Trust to hold much of this data and has made transfers to it under Deeds. The object of the GGAT HER Charitable Trust is for the benefit of the public to advance the education of the public in archaeology by promoting and undertaking the creation maintenance repair up-dating safe keeping dissemination and publication of records relating to archaeology and the historic environment. The powers by which it may do this are set out in the GGAT HER Charitable Trust Deed. These include: the safe keeping of records resulting from archaeological work and where appropriate to arrange for their eventual deposition; the safe keeping of materials and objects recovered as a result of archaeological work and, where appropriate, to arrange for their eventual deposition; to promote and encourage the objects of the charity by means of the circulation of all forms of printed matter and to print publish and sell books papers circulars and periodicals requisite for that purpose. |
Composition |
The Trust is comprised of Members and Trustees. Membership is open to any individual or organisation interested in promoting the Object subject to satisfying a formal application and consent procedure. Membership is personal and incapable of transfer. The number of Trustees is presently limited to a minimum of three and a maximum of nine. The number of Members is unlimited. |
Membership |
The total number of Members not being Trustees at the 31 March 2023 was 89. The Trust retains a register of Members. The Trustees have not enacted a power to establish different kinds of membership (including informal membership) with different rights and obligations. |
Appointment of Trustees |
All Trustees must be Members, except that the Trustees may appoint a single Trustee (who is not a Member) duly qualified to provide expert advice to fill a vacancy up to the next Annual General Meeting. The Trustees may appoint a Member of the Trust (whom the Trustees reasonably consider to be a person suitable and qualified to act) as a Trustee. In filling vacancies, the Board of Trustees looks to widen the range of available expertise. Any Member so appointed shall retain office until the next Annual General Meeting, but then be eligible for re-appointment by the Members. The Members may, by ordinary resolution, at an Annual General Meeting, elect a member to become a Trustee. Trustees are elected for a term of three years running from the time of appointment by the Members at an Annual General Meeting but may on completion stand for up to two further terms to a maximum of nine years, after which they are ineligible to serve as Trustee until the expiry of a further three years from the end of the nine-year period. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
Trustee training and induction |
Prior to appointment new Trustees are provided with a job description and information packs detailing Trust constitution, structure, key current objectives, and copies of recent Annual Reports and Accounts, as well as literature on the responsibilities of being Charity Trustees. Each new Trustee is required to make a signed declaration of commitment and qualification for Trusteeship. An induction includes a review of company/charity history, structure and organisation, role of the trustees, trust business cycles, staffing, policies, financial management and control practices, forward strategies, current operations plan, and the purpose and function of the GGAT HER Charitable Trust. New Trustees are introduced to staff. Documents are provided in a digital handbook. Trustees are made aware of the wide range of guidance available from the Charity Commission in both hard copy and digital forms. |
Organisation |
The Trustees as charity trustees have control of the Trust and its property and funds, and as permitted by and in accord with the Articles they manage the business of the Trust. The Board of Trustees held ten meetings in the year ended 31 March 2023. The GGAT HER Charitable Trust met twice in the reporting period. Particular oversight continued through the office of the corporate trustee. Some of the trust business is considered in detail by committees who report back to the board. Senior staff attend these meetings and when appropriate those of the Board of Trustees. |
The Trustees voluntarily contribute their unpaid time and expertise to the charitable objectives of the Trust. The extent of this contribution is not reflected in the Trust's financial statements, but the Trust is dependent upon the services and expertise provided by its Trustees. Some Trustees have very detailed knowledge and expertise in Historic Environment matters. Others may have a more general interest but bring in skills from other disciplines. The composition of the present Board comprises persons with experience and knowledge of the practice of archaeology by National and Local Government and its delivery through the professional and voluntary archaeological sectors, along with knowledge of historic environment records and archive management practice, the administration of national and regional societies, and third sector engagement. |
At the end of the reporting period the Trust employed nineteen staff, both full-time and part-time with a full-time equivalent of fifteen. Other staff may be employed on a short-term contract basis and volunteers assist with some works. Most of the staff are graduate qualified archaeologists, who bring a wide range of skills, knowledge of the discipline, and experience to the work of the Trust. All but four of the permanent archaeological staff are members of the Chartered Institute for Archaeologists. At the end of the reporting period, nine were full Members, two Associate Members and four Practitioners. Two other staff support its administration. |
The Trustees are responsible for determining and approving any amendments or changes to the Trust's strategies, policies and financial and administrative controls. The day-to-day management of the Trust is carried out by the Chief Executive Officer and team managers, who are charged with delivering agreed works, and, where changing circumstances require, preparing proposals for consideration in respect of improvements or additions. Senior staff review and plan these programmes of work and report back to the Board of Trustees on progress against agreed forward plans. |
Public Benefit |
The Trustees are aware of their responsibilities in ensuring that the Trust delivers identifiable benefits to the public in accord with the established object and permitted activities. Our report here complies with the Charity Commission's guidance on reporting public benefit it provides details of purposes and objectives, a review of significant activities undertaken by the charity to carry out its charitable purposes for the public benefit, details of strategies adopted and activities undertaken to achieve our purposes and objectives and details of the achievements by reference to the purposes and objectives. The Trustees have complied with their duty to have due regard to the commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant. |
We have identified the values that our beneficiaries should expect. These are centred on three generic user groups: Users who need advice about archaeology; Users who need information about archaeology; Users who participate in what we do. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
The values are set out in three short statements: |
Advising |
Users should be given advice that is ethically sound, not detrimental to the archaeological resource, and meets professional standards. It must be appropriate and relevant to the needs, clear, impartial, consistent, accessible and timely. |
Informing |
Users should be given information that meets professional standards. It should be properly researched, accurate and validated or have clearly defined limitations and caveats. It must be proportionate to need and well-collated with rights of future use clearly defined. |
Participating |
Users should be treated fairly and ethically. We believe in inclusivity and openness. Participants should be heard, respected, nurtured, supported, developed and empowered to advocate. |
Activity |
Reporting of activity is made against the delivery of agreed strategic objectives. On review, the strategic objectives may be replaced or expanded provided they are consistent with delivering the Trust's Object. Report on achievement and performance refers to that occurring in the accounting period. |
ACHIEVEMENT AND PERFORMANCE |
The Trust achieves its Object through carrying out a broad spectrum of works and activities as articulated under our forward strategy. Achievements and performance are monitored. |
The current identified strategic objectives are: |
1. Fostering Public Understanding |
2. Improve Access and Engagement |
3. Discovery and Research |
4. Developing the Trust |
5. Archive Care & Deposition |
During the reporting period the Trust continued to provide deliveries under its forward strategy. |
A year in numbers |
228,277 Historic Environment Records maintained; 7,800+ records added, 6,500+ records edited. |
542 Information enquiry responses (228 HER, 314 non-HER enquiries). |
94 assessments, evaluations, excavations, surveys, building recording and watching-briefs. |
73 reports produced. |
534 Planning applications identified as needing mitigation actions. |
132 Pre-planning discussions; 384 conditions for works to mitigate the impact of development on the historic environment requested. |
74 Written Schemes of Investigation approved, 156 reports on work approved. |
309 Actions on proposed land-use change outside the planning regime. |
1,001 hours of work experience and training provided. |
279 Participants at planned activities and events. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
Fostering Public Understanding |
A particular strand of work has been to support local and special interest networks. Much of our interaction with these networks has been directed towards encouraging their members to take advantage of the skills training that we offer, with various activities carried out across our nominal geographic region. Notable works included collaboration with Craig Gwladus Country Park, Neath - Port Talbot CBC in assisting with particular deliveries as part of their two-year HLF funded project 'Coal and the Community of Craig Gwladus Woods'. These included taught sessions and participation in the excavation of industrial archaeological remains, this involved children from local schools and members of Neath Young Archaeologists Club. |
Other deliveries included sessions with local societies on understanding historic landscapes, which had both an indoor taught and field-visit elements, and workshops recording Graveyards and Grave Monuments. The latter has been recognised by the Chartered Institute for Archaeologists, and participants are awarded certificates on completion of the training. During the reporting period the Trusts developed and field tested a new workshop with the title 'Introduction to Archaeological Building Recording' and we will be seeking professional recognition for it. Evaluation of quantitative and qualitative outcomes was positive. |
As part of its advocacy work, the Trust continued to provide specific heritage management advice outside of the planning process on such issues as damage to Scheduled Monuments, condition of non-scheduled sites, reports of new sites, improving access to heritage assets, or for archaeological projects or sites requiring specific heritage management input. |
This year 179 requests for such advice were successfully processed and where appropriate actions on proposed land-use change recommended. Additionally, we processed 85 non-commercial enquiries to the Historic Environment Record, 54 mostly from members of the public can be classified as general interest, with the remainder being academic and predominantly made by lecturers or post-graduate students. In overall terms there was a 39% increase in these enquires on the previous year. |
Separately, the Trust provided an advisory service to local authorities in South Wales which enabled archaeological and related historic environment assessment or recording works to be carried out by archaeological organisations to ensure that certain environmental obligations in connection with land use change controlled by the planning regime could be met. 534 planning applications were identified as needing mitigation actions and 384 conditions for works to mitigate the impact of development on the historic environment recommended to planning authorities in South Wales. In monitoring the execution of related work 74 Written Schemes of Investigation and 156 reports on work undertaken were approved. |
Improve Access and Engagement |
The Trust has a role in the management of and facilitation of access to the Welsh historic environment. The Trust recognises that legislation, notably the Historic Environment (Wales) Act 2016, and related new or amended regulation and guidance has changed the context within which we deliver our object in Wales. We have continued to make improvements to the Historic Environment Record (HER) as a result of particular measures introduced in 2017 under provisions in the Historic Environment (Wales) Act 2016. In the reporting period the Trust has worked with the other Welsh archaeological trusts to improve public access to the record through the on-line portal Archwilio, with the improved site now in place. |
Information available to the public was extended; nearly 8,000 new records were created, and more than 6,500 existing ones edited. A particular focus was given to incorporating records of, and creating cross-references for, Locally Listed Buildings in Merthyr Tydfil unitary authority area. With grant-aid support from Cadw, some specific tasks were undertaken to improve the quality and content of the record. These included assessment and update of Core records with no Condition records; creation of full HER records for Glastir polygonal data; and the update of Event records where the Year field is missing. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
Grant-aid was also increased to allow the appointment of an additional staff member to address the backlog of new data to be created from 'grey literature' deposited with the HER. At the end of March 2023 we held 1,356 reports waiting to be processed, which would result in an estimated 2,200 new event records, 7,980 new primary records and 14,360 record edits. The jump in reports waiting to be processed was the result of an exercise to capture outstanding return data from archaeological practitioners. Many complied, but those not doing so will now need to return both historic data ready processed for inclusion in the record and report copies as opposed to just reports. From 1 April 2023 archaeological practitioners using the HER will need to provide ready processed data and report copies in digital form. |
Many of the ways the trust had carried out engagement previously were impacted by the SARS-CoV-2 (Covid-19) pandemic. We have now started to rebuild our volunteer support base. This will take some time. One key future initiative will be the resurrection of our Arfordir Coastal Monitoring project, part of our active response to Climate Change impacts. We opened up discussions with potential partners to the initiative including local societies in our network and Swansea University's new Centre for Heritage Research and Training (CHART) as part of the planning for a re-launch in 2023-2024. |
Discovery & Research |
The Trust undertakes investigative and research works, which inform the knowledge base for public education. |
As part of wider project with the principal aim to create a consistent landscape-level understanding of farmstead character and survival in Wales in order to inform future land-use policy and interpretation, analysis and digitisation of traditional farm buildings was carried out for the Monmouth Unitary Authority area. |
This work led to the creation of 1,769 new or enhanced farmstead records each mapped as a polygon. All but five of these were given new designations. Those five had HER records pre-existing for the whole farmstead, the remaining 1,764 (99.8%) either had no HER record or the record only pertained to one element of the complex, most frequently the house. Nearly all the farmsteads had suffered some degree of change since the late nineteenth century, but 133 (8%) of farmsteads were considered to be extant and survived largely unaltered from the late 19th century and there were 57 cases (3%) where only the farmhouse survived but the premises still had an agricultural use. Another 647 (36.57%)) were considered to have experienced noticeable change but with less than 50% loss of buildings, for others survival was less and in some case the sites had completely disappeared. |
Two projects were undertaken that supported deliveries under the Welsh Historic Environment and Climate Change in Wales Sector Adaptation Plan (SAP 2020), and in particular to improving knowledge of the asset base potentially directly or indirectly affected by Climate Change and adaptation measures. One project looked at historic environment assets along two rivers: the Afon Afan and the River Usk. Our work identified 257 historic environment assets along the Afon Afan and 391 along the lower reaches of the River Usk. A recent previous study not designed to identify historic environment assets and focused on in-river structures had identified 290 structures along the Afon Afan but only 20 of these can be classified as historic environment assets. The other project focused on assessing the archaeological resource most likely to be at risk within the identified short-term High and Medium-High Risk Area Policy Units of the relevant Shoreline Management Plans (SMPs). This followed a recent enhancement of the Historic Environment Record along the Trust's Coastline. The assessment revealed that whilst the SMPs have some utility in forecasting where there is likely to be risk of coastal erosion and/or flooding, they are not necessarily the best guide to the risks facing individual sites, as the criteria used to divide the coast include a range of factors. So some sites in SMP Medium-High Risk Areas can be shown to be eroding at a faster rate than some of their equivalents in High Risk Areas. Therefore tailor made approaches to monitoring change and managing impacts will need to be adopted. |
The Trust continued post-excavation study and reporting works in respect of excavations that had been carried out in Caerleon. The Trust also worked on 91 other archaeological projects, mostly in the nominal geographic area. These included forty-eight watching-briefs, and sixteen assessments or surveys. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
Developing the Trust |
The Trustees have given considerable thought to improving the operating structure of the Trust and a preferred organisation structure has been implemented organically. This has been designed to retain capacity and ability with a particular focus on better knowledge and skills sharing in the two main teams, thereby ensuring continuance of well-informed advice and decision making; reduction of risks to historic environment advisory and records management functions; and, a better focus on delivering for future generations as allowable within the parameters of the Trust's established Object and powers. |
During the reporting period the Trust continued to take part in a collaborative discussions with the other Welsh archaeological trusts, together we would like to enhance the historic influence of the trusts for the benefit of future generations, and to ensure long-term stability so that we can maintain and build on the accrued legacy achievement. This work resulted in the production of a Prospectus in December 2022 which set out the rationale for creating the Trust for Welsh Archaeology (tTWA), by combining the four Welsh Archaeological Trusts, and which could build on their success in promoting archaeology in their respective regions. A decision by all four of the Welsh archaeological trusts to proceed had not been reached by the end of the reporting period. |
On another collaborative front the trust participated in a revamp of the public portal to the Welsh archaeological trusts' Historic Environment Records - Archwilio (https://archwilio.org.uk/wp/). This included not only a rebuild of the front end internet access in wordpress and a refresh of introductory content but improvements in how information can be viewed and data layers presented. |
Archive care and deposition |
Preservation of accessible information is a critical part of the work that the Trust carries out in delivering its Object. However, following our move to new offices in Baglan, where our Historic Environment Record and administrative archives are stored, and our offices and store in Newport, where project archives and related material are retained, full re-establishment remains to be completed. Nevertheless, digitisation of some of the hard copy material held in our Historic Environment Record and its subsequent transfer to permanent archive was able to be continued. |
FINANCIAL REVIEW |
The results for the year and the charity's financial position at the end of the year are shown in the attached financial statements. |
Transactions and financial position |
Income for the year declined (7.46%), but this was partly offset with a decrease in expenditure (5.67%). In overall terms the balance sheet improved by £662,505. However, this is almost entirely due to a change in the liability position of a frozen pension scheme with multiple employers. For the year ended 31 March 2023 the Trust has obtained, from a qualified actuary in accordance with the requirements of FRS102, an estimated liability at the balance sheet date related to its proportion of the overall pension scheme liability, this estimate taking a Gilts plus approach. |
There was a small income over expenditure surplus of £26,283. Outside current staff costs the largest charges to the trust were the costs relating to the frozen pension scheme. Changes in site expenses and specialist fees reflect operational variations in the provision of archaeological services. Property maintenance costs were negligible, an expected improvement following the premises relocation in 2021. |
The Trustees have assessed the charity's future programme of works and commitments against working capital in place. Financial projections have been prepared for the period to 30 November 2024. These show that the Trust expects to be able to meet the liabilities falling due within one year of the date of the financial statements. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
Benefits in kind |
Trustees voluntarily contribute their unpaid time and expertise to the charitable objectives of the Trust. The extent of these contributions are not reflected in the Trust's financial statements. |
Reserves policies |
The Trustees' policy is to establish a position where the Trust holds sufficient reserves, as a general fund, to meet the liability of the Trust and, where appropriate, to establish additional funds for future initiatives or development. |
Discrete Funds |
The Trust has established a Youth Heritage Fund to support the engagement of young persons with heritage and specifically archaeology. The value of this fund at the 31 March 2023 was £1,727. |
Investment authority & restrictions |
The Trust has a power to set aside funds for special purposes or as reserves against future expenditure. Deposits or investments may only be exercised in promoting the Object of the Trust. For such purposes, the Trustees may employ a professional investment manager and to arrange for investments or other property of the Trust to be held in the name of a nominee in the same manner and subject to the same conditions as the trustees of a trust are permitted to do by the Trustee Act 2000. |
Going Concern |
Attention is drawn to Note 21 to the accounts. |
FUTURE PLANS |
The Trust will continue to engage with the other three Welsh archaeological trusts to explore ways in which organisations with shared objectives, practice, and general mutual interests can be better protected, existing knowledge retained, and the public benefit educational purposes safe-guarded, most likely as closely conjoined organisations. The possible impact is stated in the notes to the accounts. If this leads to an agreed change to a merged corporate entity, the object of the Trust would still be retained and the various components of its operations within its current nominal geographic area would not change in the near future. Until this happens the trust will carry on delivering its object using existing powers. If a merger does not occur then the Trust will move forward under a refreshed forward strategy and business plan benefitting from the reflection, examination, vision modelling and potential eventuality planning that inform such transition consideration exercises. |
In the short term the Trust will continue to deliver its works through two main teams (Advisory Services and Archaeological Services) ensuring effective divisions between regulatory advisers and information providers and those who deliver particular archaeological services, whether to assist amelioration of impacts of land-use and other change to the historic environment or those providing well-being from engagement with it. The Trust will continue to advocate the importance of what we do and, with careful consideration of best approaches to ensure that it can continue to provide our offer in tightened economic conditions. |
The Trust needs to ensure that it retains staff with the competencies necessary to deliver the outcomes that clients, funders, and users require, and therefore it will continue to look to strengthen their capability and competence under the banner of retained recognised professional accreditation. We shall continue to keep our policies and systems under review and take appropriate specialist consultancy advice implementing improvement or enhancement measures as necessary in order to provide a secure environment for both our employees, volunteers and visitors. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
The Trust appreciates that it needs to hold information securely and then make it accessible. The Trust needs to ensure on a continuing review basis the appropriateness and security of systems on which the Trust's data is held and that our Intellectual Property Rights and Copyright privilege over our assets, which are there for public benefit, are not compromised and that our data is protected within contracts and other agreements through effective polices and controls. Much of this information is now held on digital platforms and we shall continue to work to expand and enrich content. However, in addition to our core systems there are some for which we share ownership (e.g. Archwilio the on-line access to the Historic Environment Records of all four Welsh archaeological trusts), and we will continue to work closely with our partners in ensuring that these records are improved and made more accessible and safeguarded for the long term. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The purpose of the body, its organisation and the powers and duties of governance are set out in the Memorandum and Articles of Association of Glamorgan-Gwent Archaeological Trust Limited. Subscribers to the Memorandum signed the governing document on 12 August 1976. The company was formally incorporated on 13 September 1976 and registered with the Charity Commission shortly afterwards. The Articles were most recently amended by a special resolution dated 8 February 2014. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees carry out regular reviews of the charity's activities and systems in use. This is to assist future planning and assessing any major risks to which the charitable company might be exposed. The current risk register identifies two high risks. These are being managed in a context of on-going discussions with similar bodies. |
Financial (including income reduction and cash flow pressures) |
The Trustees recognise that although positions have improved avoiding income reduction (and particularly that from commercial works) needs to be managed effectively. A number of measures have been identified to reduce the risk or impact of this risk including: a) improve and retain reserves; b) strategic review of possible clients and funding streams; c) specific staff training and development to ensure commercial competitiveness; d) general professional improvement review; e) improved operational logistics; f) marketing and promotion to raise awareness among potential clients; g) maintenance of professional standards whilst ensuring delivery to agreed time and costs; h) staffing redeployment or other adjustments. |
There is a particular continuing focus on managing improvements in performance, especially in terms of the archaeological services operations and business development. |
Strategic development |
The Trustees recognise that a merger with similar bodies in Wales is an optimal solution for ensuring more effective delivery of identical public benefit objects and objectives in the long term, and it has had a particular focus on achieving this in the past year. As a consequence revision of its own existing forward strategy and plan has been stalled with the risk of working in unfocused and misdirected ways and the effective management balance of the Trust becoming more skewed. In addition to particular measures for a new Strategic Plan should the optimal solution fail the Trustees have identified some measures to reduce the risk or impact of this risk: a) specific staff training and development to limit the extent to which knowledge and expertise rests with one individual; b) ensure corporate knowledge transfer; c) ensure staff are sufficiently familiar with colleagues' roles to be able to cover those roles in the short-term; d) explore expanding use of third party support services. |
The trust has actively promoted the concept of a changed structure to ensure the continuance of the Welsh archaeological trusts, if this comes to fruition then these risks will quickly dissipate, if it does not then strategic and business planning for the trust as stand-alone body will be the priority. |
The risk register is next due to be reviewed early in 2024. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Trustees |
The Trustees are registered as Directors of the Company and as such, their report serves as the Statutory Directors' report. Since there is no share capital, the Directors do not hold any beneficial interest in the company. |
In the reporting period meetings of the Board of Trustees were chaired by Mr N Clubb (3), |
Chief Executive Officer |
Mr AG Marvell is appointed as the Chief Executive Officer. |
GGAT HER Charitable Trust |
The Glamorgan-Gwent Archaeological Trust created the GGAT HER Charitable Trust on 31 January 2008. The purpose of the body, its organisation and the powers and duties of governance are set out in the GGAT HER Charitable Trust Deed. There are two Trustees the Glamorgan-Gwent Archaeological Trust as a corporate trustee and Ms C Jones. |
The Trust transferred material forming the Historic Environment Record at the point of creation and has made subsequent transfers. The Glamorgan-Gwent Archaeological Trust has managed the record and actions are reported in the main body of this report. |
The cost of managing the GGAT HER Charitable Trust is reported in the notes to the accounts. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
1276976 (England and Wales) |
Registered Charity number |
505609 |
Registered office |
Sa12 Business Centre |
Seaway Parade Industrial Estate |
Baglan |
Port Talbot |
SA12 7BR |
Trustees |
Mr N Clubb |
Ms C Jones |
Mr C Jones-Jenkins |
Ms J K Howell | resigned 7 June 2022 |
Mr J Lewis |
Mr W Mitchell | resigned 7 June 2022 |
Mr HS Owen-John | appointed 18 October 2023 |
Mr J Parkhouse | resigned 28 September 2022 |
Mr K Whitaker | resigned 30 May 2022 |
Company Secretary |
Mr A G Marvell |
Auditors |
Xeinadin Audit Limited |
(Statutory Auditor) |
Becket House |
36 Old Jewry |
London |
EC2R 8DD |
The re-appointment of Xeinadin Audit Limited as auditors to the Trust was duly approved at the Annual General Meeting held on 20 January 2023. |
Additional Advisers |
During the year ended 31 March 2023, the Trust received specialist advice in the management of its affairs from:- |
Accountancy Support |
Macey Owen Limited, |
5 Willow Walk |
Cowbridge |
Vale of Glamorgan CF71 7E |
Banking |
NatWest Bank plc |
9 Belle Vue Way |
Swansea |
SA1 5BZ |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
HR and Health & Safety Consultancy |
WorkNest |
Woodhouse |
Church Lane |
Aldford |
Chester |
CH3 6JD |
Insurance Brokers |
Towergate Insurance |
Funtley Court |
Funtley Hill |
Funtley |
Fareham |
PO19 7UY |
During the reporting period the Trust also received particular legal advice from: |
Geldards LLP |
Capital Quarter No.4 |
Tyndall Street |
Cardiff |
CF10 4BZ |
Pension Partners LLP |
The Old Rectory |
Church Lane |
Hallow |
Worcester |
Worcestershire |
WR2 6PF |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Glamorgan-Gwent Archaeological Trust Limited (The) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
Opinion |
We have audited the financial statements of Glamorgan-Gwent Archaeological Trust Limited (The) (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- | have been prepared in accordance with the requirements of the Companies Act 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical 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. |
Material uncertainty in relation to going concern |
Without qualifying our opinion we draw attention to Notes 19 and 21 to the financial statements which indicates the Trusts intention to merge with the three other archaeological trusts in Wales. |
A proposed merger indicates the existence of a material uncertainty that casts significant doubt about the Trust's ability to continue as a going concern. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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. |
In connection with our audit of the financial statements, 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 the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; 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; or |
- | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, 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 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. |
Our responsibilities for the audit of the financial statements |
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 a Report of the Independent Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The audit was planned on the basis that the testing undertaken and procedures carried out would have a reasonable expectation of detecting any instances of irregularity including fraud. The plan involved assessing the risk of the financial statements containing material misstatements taking into account various factors such as the control systems in place, the standard of record keeping and an assessment of the influence and role of the stakeholders involved. The audit plan was followed and benefitted from the audit teams knowledge of the client. They considered how fraud may occur and where the financial statements may be susceptible to error. |
Suitable transaction sample testing was made on the high risk areas of the financial statements. Enquiries were made of the charitable company directors for information and explanations as required during the course of the audit and any contentious areas appropriately challenged to ensure that sufficient audit evidence was obtained. |
The procedures and testing undertaken as a result of our risk assessments were deemed sufficient to identify material errors for which adjustment was then made in the financial statements. There is however no guarantee that all errors, including those related to fraud, would be identified as part of the audit. |
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 Report of the Independent Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
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. 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 auditors' 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
8th Floor Becket House |
36 Old Jewry |
London |
EC2R 8DD |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
( | ) | ( | ) | ( | ) |
Total | ( | ) |
NET INCOME/(EXPENDITURE) | ( | ) |
Transfers between funds | 16 | (8,264 | ) | 8,264 | - | - |
Net movement in funds | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward | ( | ) | ( | ) | ( | ) |
TOTAL FUNDS CARRIED FORWARD | (485,221 | ) |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) (REGISTERED NUMBER: 01276976) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( | ) | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( | ) |
NET ASSETS | ( | ) |
FUNDS | 16 |
Unrestricted funds | (605,223 | ) |
Restricted funds | 120,002 |
TOTAL FUNDS | (485,221 | ) |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (18,372 | ) | (37,434 | ) |
Net cash used in operating activities | (18,372 | ) | (37,434 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (3,312 | ) | (7,241 | ) |
Sale of tangible fixed assets | - | 16 |
Interest received | 79 | - |
Net cash used in investing activities | (3,233 | ) | (7,225 | ) |
Change in cash and cash equivalents in the reporting period | (21,605 | ) | (44,659 | ) |
Cash and cash equivalents at the beginning of the reporting period | 123,023 | 167,682 |
Cash and cash equivalents at the end of the reporting period | 101,418 | 123,023 |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2023 | 2022 |
£ | £ |
Net income for the reporting period (as per the Statement of Financial Activities) | 662,505 | 390,386 |
Adjustments for: |
Depreciation charges | 4,292 | 4,694 |
Interest received | (79 | ) | - |
Decrease/(increase) in debtors | 34,076 | (103,712 | ) |
Decrease in creditors | (719,166 | ) | (328,802 | ) |
Net cash used in operations | (18,372 | ) | (37,434 | ) |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank | 123,023 | (21,605 | ) | 101,418 |
123,023 | (21,605 | ) | 101,418 |
Total | 123,023 | (21,605 | ) | 101,418 |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The Trustees have reviewed the financial position of the Charitable Company, taking account of reserves and cash, the 2023-2024 Budget and longer term plans, together with its financial and risk management systems. The Trustees believe that the Charitable Company has adequate resources to continue to operate for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the annual Financial Statements. |
Further to the above the Trust intends to merge with three similar entities at 31st March 2024. If this occurs it would be wound up. Further details are disclosed at Notes 19 and 21 to the financial statements. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
The following specific policies are applied to particular categories of income: |
- Grants are recognised in full in the Statement of Financial Activities in the period in which they are receivable. |
- Investment income is included when receivable. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The Trust operates a Defined Contribution Scheme and a Defined Benefit Scheme. |
Payments into the Defined Contribution scheme are charged to the Statement of Financial Activities in the year incurred. The accounting charge for the period represents the employer's contributions payable. |
The Defined Benefit Scheme, which is closed to new members, is a multi-employer scheme. The percentage share of underlying assets and liabilities belonging to the individual participating employers has been advised to the Trust by the Scheme Trustees. Therefore the liabilities attributed to the Trust have been valued in accordance with FRS 102, based on actuarial advice, and the appropriate share recognised in the balance sheet. |
A deficit repayment plan has been entered into by the Scheme Trustees and Employers. Because the actuarial assumptions used for accounting and funding differ the present value of these additional contributions may differ from the position recognised in the balance sheet. |
2. | DONATIONS AND LEGACIES |
2023 | 2022 |
£ | £ |
Curatorial Services UA Support |
Donations and other income | 8,550 | 9,144 |
3. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Interest receivable - trading | 79 | - |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | INCOME FROM CHARITABLE ACTIVITIES |
2023 | 2022 |
Activity | £ | £ |
Other Curatorial Services | Other Curatorial Services | 25,923 | 28,245 |
Grants | Grant Aided Work | 401,199 | 422,645 |
Other projects | Other Archaeological Projects | 209,975 | 259,832 |
Grants received, included in the above, are as follows: |
2023 | 2022 |
£ | £ |
CADW | 401,199 | 337,245 |
WG WATT | - | 85,400 |
401,199 | 422,645 |
5. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 6) | Totals |
£ | £ | £ |
Grant Aided Work | 405,791 | 23,223 | 429,014 |
Archaeological service provision | 37,476 | - | 37,476 |
Other Archaeological Projects | 147,421 | 121,903 | 269,324 |
Pension deficit provision movement | - | (636,222 | ) | (636,222 | ) |
590,688 | (491,096 | ) | 99,592 |
6. | SUPPORT COSTS |
Governance |
Management | costs | Totals |
£ | £ | £ |
Grant Aided Work | 17,450 | 5,773 | 23,223 |
Other Archaeological Projects | 109,728 | 12,175 | 121,903 |
Pension deficit provision movement | (636,222 | ) | - | (636,222 | ) |
(509,044 | ) | 17,948 | (491,096 | ) |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Auditors' remuneration | 6,300 | 6,625 |
Depreciation - owned assets |
Hire of plant and machinery | 8,654 | 6,759 |
Other operating leases | 5,308 | 6,430 |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
Trustees' expenses |
During the period payments were made to trustees of £Nil (2022: £Nil) and key management of £425 (2022: £52) in respect of reimbursement of expenses incurred wholly and exclusively for the purposes of trust activities. |
All transactions were performed on an arms length basis. |
9. | STAFF COSTS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
557,801 | 542,612 |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Administration | 3 | 4 |
Archaeological staff | 18 | 17 |
Included in staff costs is remuneration paid to Key Management Personnel of £50,977 (2022 £39,823). |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Charitable activities |
342,847 | - |
( | ) | ( | ) |
Total | ( | ) |
NET INCOME/(EXPENDITURE) | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward | (1,010,154 | ) | 134,547 | ( | ) |
TOTAL FUNDS CARRIED FORWARD | (605,223 | ) | 120,002 | (485,221 | ) |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on |
contracts |
Prepayments and accrued income |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 23,140 | 34,939 |
Pension creditor |
Accruals and deferred income |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Pension creditor | - | 690,000 |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
16. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | (605,223 | ) | 727,796 | (8,264 | ) | 114,309 |
Restricted funds |
CADW | (3,672 | ) | (4,592 | ) | 8,264 | - |
Youth Volunteering Grant | 3,990 | - | - | 3,990 |
Youth Heritage Fund | 1,727 | - | - | 1,727 |
Cultural Recovery Funding | 56,248 | (37,476 | ) | - | 18,772 |
Welsh Government WATT Grant | 61,709 | (23,223 | ) | - | 38,486 |
(65,291 | ) |
TOTAL FUNDS | ( | ) | 662,505 | 177,284 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 360,898 | 366,898 | 727,796 |
Restricted funds |
CADW | 401,199 | (405,791 | ) | (4,592 | ) |
Cultural Recovery Funding | - | (37,476 | ) | (37,476 | ) |
Welsh Government WATT Grant | - | (23,223 | ) | (23,223 | ) |
( | ) | (65,291 | ) |
TOTAL FUNDS | ( | ) | 662,505 |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General fund | (1,010,154 | ) | 404,931 | (605,223 | ) |
Restricted funds |
CADW | 2,116 | (5,788 | ) | (3,672 | ) |
Youth Volunteering Grant | 3,990 | - | 3,990 |
Youth Heritage Fund | 1,727 | - | 1,727 |
Cultural Recovery Funding | 126,714 | (70,466 | ) | 56,248 |
Welsh Government WATT Grant | - | 61,709 | 61,709 |
134,547 | (14,545 | ) | 120,002 |
TOTAL FUNDS | (875,607 | ) | 390,386 | (485,221 | ) |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 400,853 | 4,078 | 404,931 |
Restricted funds |
CADW | 337,245 | (343,033 | ) | (5,788 | ) |
Cultural Recovery Funding | - | (70,466 | ) | (70,466 | ) |
Welsh Government WATT Grant | 85,400 | (23,691 | ) | 61,709 |
422,645 | (437,190 | ) | (14,545 | ) |
TOTAL FUNDS | 823,498 | (433,112 | ) | 390,386 |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.4.21 | in funds | funds | 31.3.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | (1,010,154 | ) | 1,132,727 | (8,264 | ) | 114,309 |
Restricted funds |
CADW | 2,116 | (10,380 | ) | 8,264 | - |
Youth Volunteering Grant | 3,990 | - | - | 3,990 |
Youth Heritage Fund | 1,727 | - | - | 1,727 |
Cultural Recovery Funding | 126,714 | (107,942 | ) | - | 18,772 |
Welsh Government WATT Grant | - | 38,486 | - | 38,486 |
134,547 | (79,836 | ) | 8,264 | 62,975 |
TOTAL FUNDS | (875,607 | ) | 1,052,891 | - | 177,284 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 761,751 | 370,976 | 1,132,727 |
Restricted funds |
CADW | 738,444 | (748,824 | ) | (10,380 | ) |
Cultural Recovery Funding | - | (107,942 | ) | (107,942 | ) |
Welsh Government WATT Grant | 85,400 | (46,914 | ) | 38,486 |
823,844 | (903,680 | ) | (79,836 | ) |
TOTAL FUNDS | 1,585,595 | (532,704 | ) | 1,052,891 |
Grants received from CADW: Welsh Historic Monuments are awarded for specific projects and on condition that separate audited accounts are submitted to them. |
Grants to support encouragement of Youth Volunteering made by the Welsh Council for Voluntary Action under the Gwirvol initiative were awarded for specific purposes. |
The Youth Heritage Fund was established as part of the charitable company's 40th Anniversary celebrations. The purpose of the fund is to carry out or support projects that engage young persons with heritage and in particular archaeology. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | MOVEMENT IN FUNDS - continued |
The Cultural Recovery Fund and Welsh Archaeological Trusts Transition Grants received from Welsh Government and administered by Cadw are restricted for specific purposes. The Cultural Recovery Grant was made to support Cultural Organisations but to build up future resilience. The Welsh Archaeological Trusts Transition Grant is provided to support legal and additional administrative costs in exploring and progressing a possible merger of the four Welsh archaeological trusts into a national Welsh archaeological trust. The grant was made to the Glamorgan-Gwent Archaeological Trust as the applicant but supports the collective endeavour in this matter of the four Welsh archaeological trusts. |
The Glamorgan Gwent HER Charitable Trust |
The Glamorgan-Gwent Archaeological Trust created a separate Trust, the GGAT HER Charitable Trust on 31 January 2008. The GGAT is presently the sole Trustee of this body. |
Transactions during the year for this restricted fund are as follows:- |
£ | £ |
Balance at 1 April 2022 | - |
Add: Resources Expended |
Governance Costs |
Salary costs | 4,313 |
Office rent | 292 |
Insurance | 76 |
Office & computer expenses | 115 |
4,796 |
Less: Deficit funded by the Trustee of the Trust | (4,796) |
Balance at 31 March 2023 | - |
17. | EMPLOYEE BENEFIT OBLIGATIONS |
The Trust is a member of a defined benefit pension scheme operated for the benefit of the employees of a number of archaeological organisations, called the 'Archaeological Organisations Pension Scheme', which requires contributions to be made to a separate administered fund. |
The latest full actuarial funding valuation was undertaken by Rachael Mills FIA, as at 5 April 2021. In valuing the scheme, the Actuary used the projected unit method. The pension provision as at 31 March 2022 is based on the triennial valuation as at 6 April 2021. |
The pension cost charge to the statement of financial activities for the year amounts to £55,976 (2022:£18,194). |
Included in these figures are contributions made to a defined contribution pension scheme of £20,696 (2022 £11,981) |
From the draft triennial valuation the scheme assets, liabilities and deficits are listed below: - |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
17. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Annual |
Update |
6 April 2021 |
£m |
Value of Assets | 10.6 |
Past Service Liability: |
Active Members | - |
Deferred Members | 7.0 |
Pensioner Members | 8.8 |
Insured Pensioners | 1.6 |
GMP Equalisation | 0.1 |
Total technical provisions | 11.7 |
Deficit | 1.1 |
Funding Level | 90% |
The principal funding assumptions in the Actuarial Report were:- |
Discount rate - pre-retirement | 2.4% |
Discount rate - post-retirement | 1.9% |
Price inflation - RPI | 3.4% |
Price inflation - CPI | 2.7% |
Pension Increases - RPI up to 5% | 3.3% |
Deferred revaluation - CPI up to 5% | 2.7% |
Mortality after retirement | S3PxA tables projected by birth year in line with the CMI 2020 Model with long term rate of improvement of 1.5%pa |
Commutation allowance | 22.5% of pension will be commuted for cash |
Members who joined the scheme before 6 April 2000 retire at age 60 or their next birthday if over 60 at the valuation date whereas later joiners retire at normal retirement age. |
At 5 April 2021 there were no active members and 62 members with preserved benefits with 31 pensioner members being paid from the fund. |
There is currently a recovery plan in place to reduce the deficit on the pension scheme, this aims to eliminate the deficit by April 2042. |
For the year ended 31st March 2023 the Trust has obtained, from a qualified actuary in accordance with the requirements of FRS102, an estimated liability at the balance sheet date related to its proportion of the overall pension scheme liability. |
The disclosures provided are as follows: |
The Archaeological Organisations Pension Scheme provides defined benefits and is closed to new entrants. |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
17. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Principal actuarial assumptions at the balance sheet date | Year to 31/3/2023 |
Discount rate | 4.70% |
RPI price inflation | 3.50% |
CPI price inflation | 2.90% |
Rate of increase in pensions in payment (LP15) | 3.40% |
Post retirement mortality | S3PxA (CMI2021 projections with 1.25% LTR) |
The amounts recognised in the Statement of Financial Position (£ s) | £ |
Present value of funded obligations | 3,078 |
Fair value of plan assets | (3,389 | ) |
Net defined benefit liability/(asset) | (311 | ) |
Deferred Tax | - |
Net liability/(asset) recognised in the balance sheet (post tax) | (311 | ) |
Although the above disclosure shows a pension scheme asset, on the basis that there have been no reductions in deficit recovery payments or a return of funds since the Balance Sheet date the asset has not been recognised in the Balance Sheet. |
The amounts recognised in the Statement of Financial Activities (000s) | £ |
Service cost | - |
Administration costs incurred during the period | 11 |
Net interest cost | 17 |
Curtailments | - |
Settlements | - |
Past service cost | - |
Total pension expense | 28 |
Other gains/(losses) recognised in the Statement of Financial Activities (£ 's) | £ |
Actuarial (loss)/gain on plan assets | (215 | ) |
Actuarial (loss)/gain on defined benefit obligation | 1,176 |
of which due to experience | (48) |
of which due to demographic assumptions | - |
of which due to financial assumptions | 1224 |
Total (loss)/gain in Statement of Financial Activities | 961 |
Changes in the present value of the defined benefit obligation (£ s) | £ |
Liabilities at the start of the period | 4,265 |
Interest cost | 113 |
Service cost | - |
Contribution by members | - |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
17. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Actuarial loss/(gain) | (1,176 | ) |
Benefits paid | (124 | ) |
Curtailments | - |
Settlements | - |
Past service cost | - |
Liabilities at the end of the period | 3,078 |
Changes in the fair value of plan assets (£ s) | £ |
Fair value of plan assets at the start of the period | 3,575 |
Interest income | 96 |
Actuarial (loss)/gain | (215 | ) |
Contributions by the employer | 68 |
Contributions by members | - |
Benefits paid | (124 | ) |
Non-investment expenses | (11 | ) |
Curtailments | - |
Settlements | - |
Fair value of plan assets at the end of the period | 3,389 |
Analysis of return on plan assets (£ s) | £ |
Interest income | 96 |
Actuarial (loss)/gain on plan assets | (215 | ) |
Return on plan assets | (119 | ) |
Major categories of plan assets as a percentage of total assets (£ s) |
£ |
Equities | 1,200 | 35.4% |
Bonds | 791 | 23.3% |
Alternatives | 519 | 15.3% |
Annuities | 475 | 14.0% |
Cash | 305 | 9.0% |
Property | 99 | 3.0% |
3,575 | 100.0% |
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST |
LIMITED (THE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
18. | RELATED PARTY DISCLOSURES |
The Glamorgan-Gwent Archaeological Trust is a Trustee of the GGAT HER Charitable Trust, which was created on 31st January 2008. |
19. | POST BALANCE SHEET EVENTS |
The four Welsh archaeological trusts have been exploring a possible merger. At the balance sheet date the matter was paused. Subsequently a method to achieve the merger has been agreed. One of the trusts has changed its name, adopted the articles agreed for the merged organisation, and changed the composition of its Board. |
It is currently intended that the merger will be completed by the 31st March 2024. |
20. | ULTIMATE CONTROLLING PARTY |
There is no individual controlling party as the Trust is managed collectively by a board of Trustees. |
21. | GOING CONCERN |
The Trustees have reviewed the financial position of the Charitable Company, taking account of reserves and cash, the 2023/24 Budget and longer term plans, together with its financial and risk management systems. The Trustees believe that the Charitable Company has adequate resources to continue to operate for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the annual Financial Statements. |
The Trust intends to merge with three similar entities at 31st March 2024. If this occurs it would be wound up. |