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REGISTERED COMPANY NUMBER: 01276976 (England and Wales)
REGISTERED CHARITY NUMBER: 505609















REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2018
FOR
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018










Page

Report of the Trustees 1 to 9

Report of the Independent Auditors 10 to 12

Statement of Financial Activities 13

Statement of Financial Position 14 to 15

Statement of Cash Flows 16

Notes to the Statement of Cash Flows 17

Notes to the Financial Statements 18 to 27


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2018
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 2018. 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.

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 2018 was 83. 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)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2018
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 detailed
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 six
meetings in the year ended 31 March 2018. The GGAT HER Charitable Trust met twice in the same
period. Some of the trust business is considered initially at committees. The Trust has set up committees
to consider Finance and Health & Safety. Senior staff attend these meetings and 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 the archaeology by National
and Local Government, in Universities, in the professional archaeological sector, and knowledge and
practice of historic environment archives and record management, museum structures and practice,
delivery of town planning, law, accountancy, business management, and third sector engagement.

The Trust currently employs twenty-two permanent staff, on both a full-time and part-time basis with a
full-time equivalent of eighteen, 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. Two-thirds of the archaeological
staff are members of the Chartered Institute for Archaeologists, with six being full Members and four
Associate Members.

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 may not work outside of the
established policies, controls and strategies, but 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 programmes of work and report back to the Board of Trustees on
progress against agreed forward plans.

Relationships with similar organisations
The Trust is one of four similar organisations in Wales, each covering a distinct geographical area (the
others being The Clwyd-Powys Archaeological Trust Ltd, The Dyfed Archaeological Trust Ltd and The
Gwynedd Archaeological Trust Ltd). The four organisations are sometimes collectively known as the
Welsh Archaeological Trusts. The Trusts share identical charitable objectives and meet at all levels
collectively or partially to discuss issues of mutual interest, and occasionally may collaborate. However,
they are not part of any larger organisation and when response, comment, or approaches are made
concerning any issue in pursuit of the charitable objectives these are made as individual organisations.





GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2018
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 Forward Strategy is founded
on Public Benefit delivery principles. Our report on activity sets out the range of works that we do for the
audience in our nominated geographic area, but which can be relevant to others further afield. Risk review
has been directed to ensure that we can continue to function efficiently and that the data we have
assembled and hold, or that held by the GGAT HER Charitable Trust, can be easily accessed in person or
online and that staff have the necessary qualifications, knowledge, experience, and skills to deliver
associated services.

Activity
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. To facilitate delivery of the Object the Trustees
have agreed a Forward Strategy. This has five key strategic objectives that operational objectives must
meet. Reporting of activity is made against the delivery of the strategic objectives. On review, the strategic
objectives may be replaced or expanded provided they are consistent with delivering the Trust's Object.
Report on activity refers to that occurring in the accounting period.

Strategic Objectives
The 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

ACHIEVEMENT AND PERFORMANCE

The Trust achieves its Object through carrying out a broad spectrum of works and activities as delivered
under our forward strategy. Achievements and performance are monitored. During the past year the Trust
improved access to information about historic environment information, and extended the range of
communities for whom it provides learning and experience opportunities. The Trust has carried out
discrete works that have led to the discovery and recording of new information about the historic
environment and archaeology of South Wales and it has improved how it takes care of archives that it
holds.

Fostering Public Understanding
The Trust directly engaged with the public through a programme of events, including: activities carried out
as part of the Festival of Archaeology and 'Taking over Museums' as well as discrete events across South
Wales; and providing a range of talks or lectures to different audiences.

We also supported and contributed to forums, supported local networks and groups, and extended our
community links.

As part of its advocacy work, the Trust responded to consultations on the marine plan for Wales and
proposals for codifying Historic Environment and Town and Country Planning Law and Regulation as
applicable in Wales. The Trust also provided advice to a wide range of regulatory and non-regulatory
bodies. The way that we have developed a collaborative partnership with Natural Resources Wales was
recognised in the 2018 Awards made by the Institute for Continuous Improvement in Public Services
(ICiPS). The Trust continued to expand its web-based content including social media outputs.







GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2018
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 made a number of 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.

Information available to the public was extended through improvements to the HER. Over 12,000 new
records were created, and more than 18,000 existing ones edited. Just under 300 reports were made
publically accessible. Requirements identified in the last quinquennial HER audit continued to be
implemented, with a particular focus given to improving information on sites in Monmouthshire. The Trust
is now contracted to assist in delivering the HER Measures in the Historic Environment (Wales) Act 2016,
and as a consequence ensured continuing public access to the record, and in particular with partners
oversaw the refreshing of the platform for digital access (Archwilio).

The Trust continued to support the development of a number of community-led or community-focused
projects, and actively worked on projects to help upskill young adults through archaeological works. The
Trust provided administration support for the Bridgend Heritage Network and actively supported the
replacement networks that have emerged in Cardiff-Merthyr, Swansea and Torfaen following the
withdrawal of the Welsh Government's Pioneer/Fusion Programme.

The Trust continued to provide work experience opportunities for students as well as volunteering
opportunities for all age ranges which allowed work to be progressed for which there was either no or only
very limited grant-aid funding available. Working for the second year with Cardiff University's intern and
work experience placement scheme proved to be a particularly successful venture.

Discovery & Research
The Trust undertakes a wide-range of investigative and research works. These inform the knowledge base
for public education. The Trust continued with its commemorative works in recording sites connected to
the First World War. It carried out a discrete survey of the British Ironworks at Abersychan and undertook a
pilot programme to test rapid desktop recording of traditional farms with a view to improving their
protection. It also carried out 102 other archaeological projects, mostly in the nominal geographic area.

Separately, the Trust provides 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.

Developing the Trust
The Trust has to grow and develop so that it can continue to deliver its Object in changing legal, economic
fiscal and social contexts. The Trust has continued working towards attaining PQASSO quality
accreditation and this has led to revisions to some recording practices and adoption of additional policies
and procedures. It has also led to a review of our user values and now these are centred on 'Advising',
'Informing', and 'Participating'. Working teams have been re-configured to assist delivery in such regards.

With the other Welsh Archaeological Trusts and Cadw, we have revised an Advisor's Code of Practice. We
have also upgraded our guidance documentation for archaeological works carried out in connection with
land use change under the town and country planning regime. Alongside this, we have refreshed and
published related policies and revised service user guidance.

The Trust's status as an organisation entered on The Chartered Institute for Archaeologists' Register of
Archaeological Organisations (RAO 15) has been maintained. In May 2017 as part of the continued
registration requirement, a triennial inspection was undertaken. The Trust passed the inspection and
subject to standard annual requirements will continue its registration for a further three-year period. For the
Trust to be able to undertake primary purpose trading as part of activities specified in the Articles it is
advantageous for it to do so from a position as a body recognised by the Chartered Institute for
Archaeologists, maintaining such formal recognition is a continuing priority.

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2018

The Trust has developed a framework to support more effective evaluation of the impact of its works on its
users and ways that it might develop support for its works.

Archive care and deposition
Preservation of accessible information is a critical part of the work that the Trust carries out in delivering its
Object. The Trust continued to digitise retained data and maintained databases of content and condition of
temporarily held archives. Just under 300 grey literature reports were digitised for uploading to Archwilio.
Databases of content and condition were maintained or refreshed as required.

The Trust needs to hold information securely and then make it accessible. Much of this information is now
held on digital platforms, 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). 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 are not compromised, and that our data is protected within contracts and other agreements
through effective polices and controls.

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 has decreased by 18% to £721,703, with falls both in grant funding and project income.
There was a negative movement in total funds of £63,029. This was due to the in-year losses and an
increase in the provisions for meeting the Trusts share of long-term pension scheme deficits. The increase
in the provision in respect of the pension arises from the latest interim actuarial valuation report. The
liability calculation provision in the financial statements complies with accounting standard FRS 102, which
produces a much higher deficit figure than the funding deficit calculated in the draft interim actuarial report.
Of unrestricted funds that are in deficit at the balance sheet date, the greater part of the pension scheme
debt (£755,727) falls due more than one year from the balance sheet date.

The Trustees continue to implement measures to improve the profitability of the Trust. 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 2019. These show that the Trust
is able to meet the liabilities falling due within one year of the date of the 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 2018 was £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.





GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2018

FUTURE PLANS

The Trust will continue to deliver the operational objectives under its Forward Strategy. Whilst works will
continue to be delivered against a background of changing legislation, regulation and guidance, increased
pressure on government funding, and more competitive grants markets, the trust is also seeking to
continue to grow and diversify funding sources.

The Trust needs to ensure that it has the staff competencies necessary to deliver the outcomes that
clients, funders, and users require. The Trust will continue to look to strengthen the capability of our staff
through further investment in both formal and work place training, and through encouraging and supporting
Continuous Professional Development.

The Trust has demonstrated resilience in meeting past challenges, and diversity of operations has been a
particular strength. In looking forward the Trustees have identified that existing structures need to be
improved and have started to take steps to achieve this.

The Trust recognises that those who work with it whether as employees and volunteers, and those who
come into contact with the Trust whether in a professional or business capacity or as a visitor or as a
participant in an activity or event have a right to expect to do so safely. We shall continue to keep our
health and safety policies and systems under review and take appropriate specialist consultancy advice
implementing improvement or enhancement measures as necessary.

The Trust will continue to advocate the importance of what we do and, following consideration of best
approaches, provide informed advice as to how our offer can continue to be effectively delivered in
changing circumstances.

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 risk register has identified high risks that fall into two groups:

Financial (including fraud and pension risks) - the Glamorgan-Gwent Archaeological Trust Limited is
member body of the Archaeological Organisations Pension Scheme a defined benefit pension scheme.
The scheme is in deficit and has a recovery plan agreed with the Pension Regulator. The pension scheme
liability is the major contributing factor to the negative balance sheet. Cash is sufficient for operations but
needs to be managed carefully. Digital accounts management increases fraud and data loss risk.

Revised and additional financial and data management policies, procedures, and protocols have been
introduced alongside enhanced IT security measures. With other scheme employers, the trust has sought
closure of the Archaeological Organisations Pension Scheme to future accruals, and expects this to occur
in 2018. The Trustees continue to seek to increase income and profitability whilst reducing fixed costs and
getting best value in variable expenditure, including staff costs.


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2018
Information protection and rights - effective management and retention of historic environment information
and unrestricted use of such data, subject to standard legal requirements, is an important element in
supporting the Glamorgan-Gwent Archaeological Trust Limited's delivery of its Object for its beneficiaries.

The Charitable Company has established a separate Trust the GGAT HER Charitable Trust to hold much
of this data and has made transfers to it under Deeds. The Charitable Company has also invested in
systems and systems management to reduce the risk of loss of data, and in particular to reduce potential
damage or loss arising from cyber risks. This has been taken forward alongside other data protection
enhancements.

The Trustees will continue to implement such measures are as necessary to preserve the information sets
and the rights to the information sets that the Charitable Company creates for current and future public
benefit.

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, Mr M White chaired meetings of the Board of Trustees. During the reporting period,
Mr J Lewis was appointed as a Trustee on 27 October 2017.

By requirement of the Articles Professor R Howell was re-appointed at the Annual General Meeting held on
16 December 2017 for a further three-year term.

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 annually each January. 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.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01276976 (England and Wales)

Registered Charity number
505609


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2018
REFERENCE AND ADMINISTRATIVE DETAILS
Registered office
Heathfield House
Heathfield
Swansea
SA1 6EL

Trustees
Mr F A Aberg
Mr T Beech
Mr N Clubb
Ms J K Howell
Professor R C Howell
Mr J Lewis - appointed 27.10.17
Mr W L Mitchell
Mr J Parkhouse
Mr M White - resigned 30.11.18

Company Secretary
A G Marvell

Auditors
Graham Paul Limited
(Statutory Auditor)
Court House
Court Road
Bridgend
CF31 1BE

Additional Advisers
During the year ended 31 March 2018, the Trust received specialist advice in the management of its affairs
from:-

Bankers
Natwest Bank plc
9 Belle Vue Way
Swansea
SA1 5BZ

Insurance Brokers
Towergate Insurance, Fareham
Funtley Court,
Funtley Hill,
Funtley,
Fareham
PO19 7UY

Going Concern
The Trustees have reviewed the financial position of the Charitable Company, taking account of reserves
and cash, the 2018-2019 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.


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2018
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.

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, Graham Paul 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 12 December 2018 and signed on its behalf by:



A G Marvell - Secretary

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 2018 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 2018 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 the 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.

Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us
to report to you where:
- the trustees' use of the going concern basis of accounting in the preparation of the financial
statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that
may cast significant doubt about the charitable company's ability to continue to adopt the going
concern basis of accounting for a period of at least twelve months from the date when the financial
statements are authorised for issue.

Emphasis of matter
We draw attention to Note 20 of the financial statements in respect of going concern. Our opinion is not
qualified in respect of this matter.

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 there is a material misstatement in the financial statements or a material misstatement of the other
information. 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.

Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
Opinion on other matters prescribed by the Companies Act 2006
- 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.

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.

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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)



Brian Scott (Senior Statutory Auditor)
for and on behalf of Graham Paul Limited
(Statutory Auditor)
Court House
Court Road
Bridgend
CF31 1BE

12 December 2018

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2018
2018 2017

Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 104,053 - 104,053 104,921
Charitable activities 4
Other Curatorial Services 9,620 - 9,620 14,940
Grant Aided Work - 292,412 292,412 305,550
Other Archaeological Projects 315,317 - 315,317 449,829
Investment income 3 301 - 301 961
Total 429,291 292,412 721,703 876,201

EXPENDITURE ON
Charitable activities 5
Grant Aided Work - 296,923 296,923 307,796
Other Archaeological Projects 487,809 - 487,809 476,017
Total 487,809 296,923 784,732 783,813
NET INCOME/(EXPENDITURE) (58,518 ) (4,511 ) (63,029 ) 92,388
Transfers between funds 16 (4,511 ) 4,511 - -

Net movement in funds (63,029 ) - (63,029 ) 92,388
RECONCILIATION OF FUNDS

Total funds brought forward (596,204 ) 4,717 (591,487 ) (683,875 )
TOTAL FUNDS CARRIED FORWARD (659,233 ) 4,717 (654,516 ) (591,487 )

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
STATEMENT OF FINANCIAL POSITION
AT 31 MARCH 2018
2018 2017

Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 13,264 - 13,264 24,023

CURRENT ASSETS
Debtors 12 197,591 - 197,591 227,319
Cash at bank 90,826 4,717 95,543 151,556
288,417 4,717 293,134 378,875

CREDITORS
Amounts falling due within one year 13 (205,187 ) - (205,187 ) (301,859 )

NET CURRENT ASSETS 83,230 4,717 87,947 77,016
TOTAL ASSETS LESS CURRENT
LIABILITIES


96,494

4,717

101,211

101,039
CREDITORS
Amounts falling due after more than one year
14

(755,727

)

-

(755,727

)

(692,526

)

NET ASSETS/(LIABILITIES) (659,233 ) 4,717 (654,516 ) (591,487 )
FUNDS 16
Unrestricted funds (659,233 ) (596,204 )
Restricted funds 4,717 4,717
TOTAL FUNDS (654,516 ) (591,487 )

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
STATEMENT OF FINANCIAL POSITION - CONTINUED
AT 31 MARCH 2018
These financial statements have been prepared in accordance with the special provisions of Part 15 of the
Companies Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 12 December 2018 and were signed on its behalf by:




Mr F A Aberg - Trustee



Mr T Beech - Trustee


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2018
2018 2017
Notes £    £   
Cash flows from operating activities:
Cash generated from operations 1 (51,898 ) (83,774 )
Net cash provided by (used in) operating
activities


(51,898

)

(83,774

)

Cash flows from investing activities:
Purchase of tangible fixed assets (4,416 ) (6,400 )
Interest received 301 961
Net cash provided by (used in) investing
activities


(4,115

)

(5,439

)

Change in cash and cash equivalents in
the reporting period


(56,013

)

(89,213

)
Cash and cash equivalents at the
beginning of the reporting period


151,556

240,769
Cash and cash equivalents at the end of
the reporting period


95,543

151,556

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2018
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2018 2017
£    £   
Net income/(expenditure) for the reporting period (as per the
statement of financial activities)

(63,029

)

92,388
Adjustments for:
Depreciation charges 15,175 15,095
Interest received (301 ) (961 )
Decrease/(increase) in debtors 29,728 (59,156 )
Decrease in creditors (33,471 ) (131,140 )
Net cash provided by (used in) operating activities (51,898 ) (83,774 )


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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 2015)', 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 2018-2019 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.

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 - 15% on reducing balance
Computer equipment - 33% on cost

Taxation
The charity is exempt from corporation tax on its charitable activities.


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2018
1. ACCOUNTING POLICIES - continued

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the
trustees.

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 of the resulting deficit has been recognised as a liability in the balance sheet.

A deficit repayment plan has been entered into by the Trust. Because the actuarial assumptions
used for accounting and funding differ the present value of these additional contributions may differ
from the liability recognised in the balance sheet.

2. DONATIONS AND LEGACIES

2018 2017
£    £   
Curatorial Services UA Support 103,761 101,727
Donations and other income 292 3,194
104,053 104,921

3. INVESTMENT INCOME

2018 2017
£    £   
Deposit account interest 301 961


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2018
4. INCOME FROM CHARITABLE ACTIVITIES

2018 2017
Activity £    £   
Other Curatorial Services Other Curatorial Services 9,620 14,940
Grants Grant Aided Work 292,412 305,550
Other projects Other Archaeological Projects 315,317 449,829
617,349 770,319

Grants received, included in the above, are as follows:
2018 2017
£    £   
CADW 292,412 305,550

5. CHARITABLE ACTIVITIES COSTS



Direct costs
Support
costs

Totals
(See note 6)
£    £    £   
Grant Aided Work 296,923 - 296,923
Other Archaeological Projects 309,246 178,563 487,809
606,169 178,563 784,732

6. SUPPORT COSTS



Management
Governance
costs

Totals
£    £    £   
Other Archaeological Projects 169,155 9,408 178,563

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2018 2017
£    £   
Auditors' remuneration 5,000 3,333
Depreciation - owned assets 15,175 15,095
Hire of plant and machinery 1,853 3,952
Other operating leases 6,004 7,418


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2018
8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2018 nor for the
year ended 31 March 2017 .

Trustees' expenses

During the period payments were made to trustees of £1,475 (2017: £814) and key management of
£1,850 (2017: £1,257) 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

2018 2017
£    £   
Wages and salaries 496,457 570,787
Social security costs 41,291 48,928
Other pension costs 45,213 44,957
582,961 664,672

The average monthly number of employees during the year was as follows:

2018 2017
Administration 4 5
Archaeological staff 20 23
24 28

No employees received emoluments in excess of £60,000.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted
funds
Restricted
funds
Total
funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 104,921 - 104,921
Charitable activities
Other Curatorial Services 14,940 - 14,940
Grant Aided Work - 305,550 305,550
Other Archaeological Projects 449,829 - 449,829
Investment income 961 - 961
Total 570,651 305,550 876,201

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2018
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
funds
Restricted
funds
Total
funds
£    £    £   

EXPENDITURE ON
Charitable activities
Grant Aided Work - 307,796 307,796
Other Archaeological Projects 476,017 - 476,017
Total 476,017 307,796 783,813
NET INCOME/(EXPENDITURE) 94,634 (2,246 ) 92,388
Transfers between funds (2,246 ) 2,246 -
Net movement in funds 92,388 - 92,388
RECONCILIATION OF FUNDS

Total funds brought forward (688,592 ) 4,717 (683,875 )
TOTAL FUNDS CARRIED FORWARD (596,204 ) 4,717 (591,487 )

11. TANGIBLE FIXED ASSETS

Fixtures and
fittings
Computer
equipment

Totals
£    £    £   
COST
At 1 April 2017 46,322 96,875 143,197
Additions - 4,416 4,416
At 31 March 2018 46,322 101,291 147,613
DEPRECIATION
At 1 April 2017 37,909 81,265 119,174
Charge for year 1,262 13,913 15,175
At 31 March 2018 39,171 95,178 134,349
NET BOOK VALUE
At 31 March 2018 7,151 6,113 13,264
At 31 March 2017 8,413 15,610 24,023

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2018
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018 2017
£    £   
Trade debtors 152,137 200,479
Amounts recoverable on contracts 28,464 12,015
Prepayments 16,990 14,825
197,591 227,319

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018 2017
£    £   
Trade creditors 18,305 36,449
Social security and other taxes 10,198 9,152
VAT 30,501 36,937
Pension creditor 27,343 83,300
Accruals and deferred income 118,840 136,021
205,187 301,859

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018 2017
£    £   
Pension creditor 755,727 692,526

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018 2017
£    £   
Within one year 36,836 35,500
Between one and five years 93,569 115,375
130,405 150,875


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2018
16. MOVEMENT IN FUNDS





At 1.4.17
Net
movement in
funds
Transfers
between
funds


At 31.3.18
£    £    £    £   
Unrestricted funds
General fund (596,204 ) (58,518 ) (4,511 ) (659,233 )

Restricted funds
CADW - (4,511 ) 4,511 -
Youth Volunteering Grant 3,990 - - 3,990
Youth Heritage Fund 727 - - 727
4,717 (4,511 ) 4,511 4,717

TOTAL FUNDS (591,487 ) (63,029 ) - (654,516 )

Net movement in funds, included in the above are as follows:

Incoming
resources
Resources
expended
Movement in
funds
£    £    £   
Unrestricted funds
General fund 429,291 (487,809 ) (58,518 )

Restricted funds
CADW 292,412 (296,923 ) (4,511 )

TOTAL FUNDS 721,703 (784,732 ) (63,029 )


Comparatives for movement in funds




At 1.4.16
Net
movement in
funds
Transfers
between
funds


At 31.3.17
£    £    £    £   

Unrestricted Funds
General fund (688,592 ) 94,634 (2,246 ) (596,204 )

Restricted Funds
CADW - (2,246 ) 2,246 -
Youth Volunteering Grant 3,990 - - 3,990
Youth Heritage Fund 727 - - 727
4,717 (2,246 ) 2,246 4,717

TOTAL FUNDS (683,875 ) 92,388 - (591,487 )

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2018
16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming
resources
Resources
expended
Movement in
funds
£    £    £   
Unrestricted funds
General fund 570,651 (476,017 ) 94,634

Restricted funds
CADW 305,550 (307,796 ) (2,246 )

TOTAL FUNDS 876,201 (783,813 ) 92,388

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 are 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.

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 2017 Nil

Add: Resources Expended
Governance Costs
Salary costs 5,523
Office rent 398
Insurance 102
Office & computer expenses 158
6,180

Less: Deficit funded by the Trustee of the Trust (6,180)
Balance at 31 March 2018 -






GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2018
17. PENSION COMMITMENTS

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 independent qualified Actuaries, Aviva,
as at 6 April 2018. In valuing the scheme, the Actuary used the projected unit method. The pension
provision as at 31 March 2018 is based on the draft triennial valuation as at 6 April 2018

The pension cost charge to the statement of financial activities for the year amounts to £45,213
(2017:£44,957).

From the draft triennial valuation the scheme assets, liabilities and deficits are listed below: -

Annual
Update
6 April 2018
£
Value of Assets 10,562,000
Past Service Liability:
Active Members 3,536,000
Members with Preserved Benefits 3,460,000
Pensioners Paid from Fund 4,062,000
11,058,000

Deficit 496,000

Funding Level 96%

The principal assumptions in the Actuarial Report were:-

Return on investments - up to retirement 4.0% per annum
Return on investments - after retirement 4.0% per annum
Salary increases 3.0% per annum
Pension increases in payment - RPI (maximum 5%) 3.5% per annum
Early leaver indexation 2.8% per annum

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 6 April 2018 there were 22 active members and 52 members with preserved benefits with 20
pensioners from the fund of which 26 members relate to The Glamorgan-Gwent Archaeological
Trust Limited.

There is currently a recovery plan in place to reduce the deficit on the pension scheme, this aims to
eliminate the deficit by October 2026.

The Archaeological Organisations Pension scheme is a multi-employer scheme and as such in the
event of one employer being unable to meet their liabilities the other employers within the scheme
would be liable. It is a last man standing scheme.


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2018
17. PENSION COMMITMENTS
- continued

The most significant differences in the actuarial assumptions used to measure the pension liabilities
for accounting purposes, compared to the funding, are a discount rate of 2.6% and future increases
in the RPI of 3.25%. Using these assumptions to measure the pension liabilities, rather than those
used for funding purposes, leads to the liability of £783,070 recognised in the financial statements.

The expense recognised in the financial statements is made up of the change in liability arising from
employee service during the reporting period £55,196, interest expense £19,434 and
remeasurements of the defined benefit liability £18,711.

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. ULTIMATE CONTROLLING PARTY

There is no individual controlling party as the Trust is managed collectively by a board of Trustees.

20. GOING CONCERN

The Trustees have reviewed the financial position of the Charitable Company, taking account of
reserves and cash, the 2018/19 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.