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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 2019
FOR
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019










Page

Report of the Trustees 1 to 11

Report of the Independent Auditors 12 to 13

Statement of Financial Activities 14

Statement of Financial Position 15 to 16

Statement of Cash Flows 17

Notes to the Statement of Cash Flows 18

Notes to the Financial Statements 19 to 29


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2019
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 2019. 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.

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 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.

As a body working for public benefit that needs to be outward facing the Trust needs to think about the
values that our users should expect. Although our users are not limited in any way the Trust has identified
three key groups: Users who need advice about archaeology; Users who need information about
archaeology; Users who participate in what we do.

We have identified the values that these three groups should expect from us:-
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
The Trust achieves its Object through carrying out a broad spectrum of activity consistent with the powers
in its articles.


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2019
The Trust is one of the four similar bodies in Wales who work closely with other national, regional and local
bodies, to help protect, record and interpret all aspects of the historic environment, and make the results
available to the public. We maintain the regional Historic Environment Record, and are retained by Unitary
Authorities, Natural Resources Wales, and other bodies, to provide strategic advice, and also case
management support where development proposals, agri-environmental, forestry and woodland, and
maritime and coastal schemes impact on the historic environment. Some elements of the funding of this
work, notably that provided as grant-aid under the oversight of Cadw, is for restricted purposes and much
of it supports the delivery of statutory services by local and national government, in some cases covered
under Memoranda of Understanding.

As there is a potential for this advisory work to conflict with other deliveries, we have agreed with Cadw a
code of practice: The Welsh Archaeological Trusts Code of Practice for the provision of archaeological
advice. The Trust is also registered as an approved organisation with the Chartered Institute for
Archaeologists and requires all employees, whether corporate members of the Institute or not, to adhere to
the CIfA Codes and Standards as a condition of employment.

We also carry out a wide variety of archaeological projects for public sector and private bodies, including
environmental impact assessment, desk-based assessment, field survey, heritage interpretation,
watching-briefs, building recording and excavations, as well as area wide monument assessment and
historic landscape characterisation works with the intention of improving the information and evidence base
to support enhanced protection of the historic environment. Part of this funding, notably that provided as
grant-aid under the oversight of Cadw often for thematic regional-scale surveys and assessments is for
restricted purposes, but the greater part is not.

The Trust also contributes to developing research agendas through publication of its work. It promotes
knowledge and learning about the past through publication, displays, leaflets, lectures and talks and seeks
to involve the community of southeast Wales in its work. This has included working with diverse
organisations and strengthening voluntary participation. Some of this funding, notably that provided as
grant-aid under the oversight of Cadw or by grant-awarding bodies such as the Heritage Lottery Fund is for
restricted purposes, but part is not.

The Trust has a headline Forward Strategy with five main elements: 1. Fostering Public Understanding; 2.
Improve Access and Engagement; 3. Discovery and Research; 4. Developing the Trust; 5. Archive Care &
Deposition. Description of achievements and performance in the reporting period are set out accordingly.

Staff are grouped into Stewardship, HER (Information), Archaeological Services, and Core Operation
Teams. Annual operation plans set out the work to be carried out by each team, the expected outputs, key
operational risks and fiscal targets. The teams review progress with the Chief Executive on a regular
(mainly monthly) occurrence with the notes of these meetings shared with the Board of Trustees.

ACHIEVEMENT AND PERFORMANCE
During the past year the Trust continued to provide access to information about the historic environment,
and connected with new audiences. The Trust carried out discrete works that led to the discovery,
recording, and reporting of new information about the historic environment and archaeology of South
Wales and it improved how it takes care of archives that it holds.

Fostering Public Understanding
The Trust engaged with its beneficiaries through both traditional and digital communication methods. In
addition to many lectures or talks, particular tailor made activities were provided at fifteen public events,
some following a theme of the 'Year of the Sea'.


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2019
The Trust continued to provide 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. Advice and assistance was also
given to many other local heritage networks and forums, some in very deprived communities, and often
connected with empowering them to develop projects to protect or further understanding of their local
heritage. We also provided support to help start up new groups, particularly the South Wales Ironworks
Networks Group.

We continued to support the development of the new i-Think humanities curriculum, which is being
pioneered at the largest secondary school in Swansea. Trust staff took a lead in delivering a section of the
module relating local archaeology to the wider world sessions to Year 8 pupils as a feasibility exercise with
a view to testing if the module could be rolled over the whole of Wales.

More than twenty volunteers gave their time to the trust many helping with the Historic Environment
Record, but others working through the Arfordir groups monitoring change on the South Wales coastline, or
helped with events and public education.

Our website was enhanced with pages about the projects that the Trust had carried out since 1995 to
record and improve protection of churches and other Christian sites in our geographic area. These pages
provide summary information about the different types of sites and monument studied as well as providing
access to the detailed reports. Pages and photo galleries related to similar work along the South Wales
coast 'Year of the Sea' have also been prepared. These will become available in 2019-20.

As part of its advocacy work, the Trust responded to consultations on the Welsh Farming after Brexit
consultation, the Draft Climate Change: Sector Adaptation Plan consultation, the draft Welsh National
Marine Plan, the Law Commission's consultation on Planning Law in Wales, and consultations on Planning
Policy Wales 10 and the Ecclesiastical Exemption Order. The Trust also provided advice to a wide range of
regulatory and non-regulatory bodies.

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.
Information available to the public was extended through improvements to the HER. Over 8,900 new
records were created, and more than 8,300 existing ones edited.

Just under 50 archaeological reports were made publically accessible through the HER. Requirements
identified in the last quinquennial HER audit continued to be implemented, with a particular focus given to
incorporating locally listed building records in the Cardiff and Vale of Glamorgan unitary authority areas.

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. Most
notably, this included a project working with local skate-boarding groups in Bridgend and Swansea to
record skate-boarding heritage and in doing so improve connectivity and capture alternative heritage
perspectives and valuations.

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 as a partner with the National Waterfront Musuem we
have also hosted a three-month placement under the Cultural Ambition project funded by the Heritage
Lottery Fund's Skills for the Future programme and Welsh Government. This aims to provide unemployed
young people who are also not in education or training with 12 month placements based wholly in heritage
sites, while remotely working towards a qualification as a registered student.



GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2019

Discovery & Research
The Trust undertakes a wide-range of investigative and research works. These inform the knowledge base
for public education. The Trust completed its commemorative project recording sites connected to the
First World War. It also undertook a project to upgrade data we hold on coastal archaeology and assessed
the risk to the archaeological resource in relation to current Natural Resources Wales Shoreline
Management Plan (NRW/SMP) policies and erosion data along the coastline in the Unitary Authorities of
Swansea, Neath Port Talbot, Bridgend, and Vale of Glamorgan.

The Trust completed reporting works for excavations carried out at the Roman Fort at Neath and
commenced post-excavation reporting works in respect of excavations that had been carried out at
Monmouth School, and at Cardiff Castle. The Trust also carried out 96 other archaeological projects,
mostly in the nominal geographic area.

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.

Developing the Trust
The Trust continued to deliver its Object in changing legal, economic fiscal and social contexts.

The Trust needs to retain various types of data to assist its work with and for its beneficiaries, and has
powers under its Articles to ensure that it publishes or otherwise distributes information about
archaeological, research, excavations, surveys, reports and advice and arranges for the safe-keeping of all
records arising from such archaeological works and for their eventual deposition. Working with senior
management the trustees reviewed the trust's archive, records and data management policies and
procedures ahead of the introduction of the General Data Protection Regulation. Some new policies and
procedures were introduced with the intention of ensuring that the Trust would continue to be legally
compliant whilst meeting some of the purposes in its articles which mirror professional expectations.
Specific training was provided to staff.

The Trust's status as an organisation entered on The Chartered Institute for Archaeologists' Register of
Archaeological Organisations (RAO 15) has been maintained. 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.

The Trust plays an important role in delivering historic environment protection in Wales, a role which is
recognised in government technical advice notes and other advisory documents. Over the past ten years
there has been significant erosion in the funding for this work, which has placed considerable pressure on
the trust. The Trust has sought a review of the viability of the current grant-funding scheme, and this has
been agreed by Cadw. It is expected that this review will be completed in 2019-2020.

The Trustees have also reviewed succession planning measures, both at Board and executive level, and
introduced improved and additional external support (particularly in the areas of accountancy and
cybersecurity).

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.

Work teams reviewed hard-copy material that they held in order to determine what needed to be retained,
what should be transferred to designated repositories, and what could otherwise be securely destroyed.



GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2019

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 6% to £676,282, with a particular reduction in project income.
Expenditure was reduced by 9%. There was a negative movement in total funds of £43,389. 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 (£725,377) falls due more than one year from the
balance sheet date.

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 September 2020. These
show that the Trust expects to be able to meet the liabilities falling due within one year of the date of the
statements.

The management of particular financial risks to the charity is described in the Risk Management report in
the Structure Governance and Management section below.

Archaeological Organisations Pension Scheme (AOPS)
The Trust is a contributing employer to the Archaeological Organisations Pension Scheme a defined
benefit pension scheme, closed to Future Accruals in 2018.

The latest Actuarial Valuation Report was issued in July 2019 and relevant information has been brought
into the notes to the accounts (Note 17). The scheme is in deficit, and the Statutory Funding Objective has
not been met. A recovery plan agreed with the Pension Regulator, should eliminate the deficit by 5 August
2030.

The Trust's share of the liability is currently 26.32%. Both the funding valuation, on which employer
contributions are based, and the valuation for the purposes of FRS102 have been undertaken by
independent actuaries, further details are given in Note 17 to the accounts. Although a long-term debt the
scale of the pension scheme liability has resulted in a negative balance sheet.

In addition to meeting the deficit liability, the employers are expected to meet the administrative costs of the
scheme and the pensions levy.

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 2019 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 2019


Going Concern
The Trustees have reviewed the financial position of the Charitable Company, taking account of reserves
and cash, the 2019-2020 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.

FUTURE PLANS
The Trust will continue to deliver operational objectives under its Forward Strategy. However it anticipates
that the context of it operations will remain difficult due to continued public funding pressures, adverse
market conditions, and the uncertainties of changing legislation, regulation and guidance. It does not see
the various components forming its operations changing dramatically in the near future.

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 the existing structure of the Trust
needs 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.

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.

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.

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.



GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2019


Membership
The total number of Members not being Trustees at the 31 March 2019 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.

Automatic Disqualification Declarations
All Trustees have completed declarations that they are not automatically disqualified as serving as
Trustees, a similar declaration has been made by the Chief Executive Officer in respect of his appointment.

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 five
meetings in the year ended 31 March 2019. The GGAT HER Charitable Trust met once in the same period.
Some of the trust business is considered in detail by committees who report back to the board, for example
Health & Safety matters. 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 archaeology by National and Local
Government, in Universities, in the professional archaeological sector, and knowledge of historic
environment archives and record management practice, museum structures and practice, delivery of town
planning, law, business management, and third sector engagement.


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2019
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.

Staffing
The Trust currently employs twenty-one 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 eight being full Members, three
Associate Members, and two Practitioner Members. Staff salaries are annually reviewed by the Board of
Trustees; in settling remuneration the Trustees take account of professional salary minima
recommendations published by the Chartered Institute for Archaeologists. In 2018-2019 the ratio for the
remuneration for the highest and lowest earning employees on a full-time equivalent basis was less than
3:1.

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

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 one severe and three high risks that fall into two groups:

Financial (including fraud and pension risks)
The Trust is a contributing employer to the Archaeological Organisations Pension Scheme a defined
benefit pension scheme, closed to Future Accruals in 2018.

The scheme is in deficit, but has a recovery plan agreed with the Pension Regulator. In addition to meeting
the deficit liability, the employers are expected to meet the administrative costs of the scheme and the
pensions levy. The pension scheme liability is a long-term debt.

The relative low level of cash reserves provides a context wherein the resilience of the Trust to fiscal
shocks is weakened. Any incident of fraud will have an impact and a significant fraud is likely to lead to the
failure of the business and the closure of the charity. In order to ameliorate this particular risk the Trustees
have ensured: a) that effective financial procedures, which need to be strictly adhered to, are in place and
compliance regularly monitored; b) the imposition of strong IT security measures; c) that staff have the
necessary IT competences and understand the risks; d) monies are held in multiple places with separated
transfer controls.

The Trustees recognise that insufficient liquidity could lead to the collapse of the Trust through technical
insolvency. A number of measures have been identified to reduce the risk or impact of the risk including:
a) client resilience, contract and payment controls; b) strict adherence to budgets, and implementation of
additional spending controls as necessary; d) provision for staffing adjustments; d) improved reserves.

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2019

In general terms risks around a low level of reserves will continue to be reduced in the short-term by
focusing on profitability of current work-flow (if necessary through re-configuration of workforce and further
fixed cost savings), and in the medium to long-term through improving income stream diversification and
commercial works expansion.



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 Trust 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 Trust 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 in order to meet both legislative, regulatory and professional
expectation. Shortfalls with legal requirements could lead to investigation, fines, and reputational damage.
This risk has been partially remediated by ensuring that the Trust has: a) strong and effective data
management policies, procedures and practice; b) specific staff training; c) avoidance of and reduction in
duplication of some data classes, d) timely transfers of archive material to long-term depositories.

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 trust creates for current and future public benefit.

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
See earlier.

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

Registered Charity number
505609

Registered office
Heathfield House
Heathfield
Swansea
SA1 6EL


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2019
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
Mr F A Aberg
Mr T Beech
Mr N Clubb
Ms J K Howell
Professor R C Howell
Mr J Lewis
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 2019, 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


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2019
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 25 October 2019 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 2019 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 2019 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.

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.

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.

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.



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

25 October 2019

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2019
2019 2018

Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 107,277 - 107,277 104,053
Charitable activities 4
Other Curatorial Services 8,375 - 8,375 9,620
Grant Aided Work - 300,074 300,074 292,412
Other Archaeological Projects 260,343 - 260,343 315,317
Investment income 3 213 - 213 301
Total 376,208 300,074 676,282 721,703

EXPENDITURE ON
Charitable activities 5
Grant Aided Work - 301,367 301,367 296,923
Other Archaeological Projects 418,304 - 418,304 487,809
Total 418,304 301,367 719,671 784,732
NET INCOME/(EXPENDITURE) (42,096 ) (1,293 ) (43,389 ) (63,029 )
Transfers between funds 16 (1,293 ) 1,293 - -

Net movement in funds (43,389 ) - (43,389 ) (63,029 )
RECONCILIATION OF FUNDS

Total funds brought forward (659,233 ) 4,717 (654,516 ) (591,487 )
TOTAL FUNDS CARRIED FORWARD (702,622 ) 4,717 (697,905 ) (654,516 )

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
STATEMENT OF FINANCIAL POSITION
AT 31 MARCH 2019
2019 2018

Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 8,288 - 8,288 13,264

CURRENT ASSETS
Debtors 12 181,696 - 181,696 197,591
Cash at bank 50,523 4,717 55,240 95,543
232,219 4,717 236,936 293,134

CREDITORS
Amounts falling due within one year 13 (217,752 ) - (217,752 ) (205,187 )

NET CURRENT ASSETS 14,467 4,717 19,184 87,947
TOTAL ASSETS LESS CURRENT
LIABILITIES


22,755

4,717

27,472

101,211
CREDITORS
Amounts falling due after more than one year
14

(725,377

)

-

(725,377

)

(755,727

)

NET ASSETS/(LIABILITIES) (702,622 ) 4,717 (697,905 ) (654,516 )
FUNDS 16
Unrestricted funds (702,622 ) (659,233 )
Restricted funds 4,717 4,717
TOTAL FUNDS (697,905 ) (654,516 )

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
STATEMENT OF FINANCIAL POSITION - CONTINUED
AT 31 MARCH 2019
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 25 October 2019 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 2019
2019 2018
Notes £    £   
Cash flows from operating activities:
Cash generated from operations 1 (40,516 ) (51,898 )
Net cash provided by (used in) operating
activities


(40,516

)

(51,898

)

Cash flows from investing activities:
Purchase of tangible fixed assets - (4,416 )
Interest received 213 301
Net cash provided by (used in) investing
activities


213

(4,115

)

Change in cash and cash equivalents in
the reporting period


(40,303

)

(56,013

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


95,543

151,556
Cash and cash equivalents at the end of
the reporting period


55,240

95,543

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2019
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2019 2018
£    £   
Net income/(expenditure) for the reporting period (as per the
statement of financial activities)

(43,389

)

(63,029

)
Adjustments for:
Depreciation charges 4,975 15,175
Interest received (213 ) (301 )
Decrease in debtors 15,896 29,728
Decrease in creditors (17,785 ) (33,471 )
Net cash provided by (used in) operating activities (40,516 ) (51,898 )


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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 2019-2020 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 2019
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 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 liability recognised in the balance sheet.

2. DONATIONS AND LEGACIES

2019 2018
£    £   
Curatorial Services UA Support 106,874 103,761
Donations and other income 403 292
107,277 104,053

3. INVESTMENT INCOME

2019 2018
£    £   
Deposit account interest 213 301


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2019
4. INCOME FROM CHARITABLE ACTIVITIES

2019 2018
Activity £    £   
Other Curatorial Services Other Curatorial Services 8,375 9,620
Grants Grant Aided Work 300,074 292,412
Other projects Other Archaeological Projects 260,343 315,317
568,792 617,349

Grants received, included in the above, are as follows:
2019 2018
£    £   
CADW 300,074 292,412

5. CHARITABLE ACTIVITIES COSTS



Direct costs
Support
costs

Totals
(See note 6)
£    £    £   
Grant Aided Work 301,367 - 301,367
Other Archaeological Projects 297,312 120,992 418,304
598,679 120,992 719,671

6. SUPPORT COSTS



Management
Governance
costs

Totals
£    £    £   
Other Archaeological Projects 116,806 4,186 120,992

7. NET INCOME/(EXPENDITURE)

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

2019 2018
£    £   
Auditors' remuneration 3,435 5,000
Depreciation - owned assets 4,976 15,175
Hire of plant and machinery 1,091 1,853
Other operating leases 6,841 6,004


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2019
8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2019 nor for the
year ended 31 March 2018 .

Trustees' expenses

During the period payments were made to trustees of £1,335 (2018: £1,475) and key management
of £816 (2018: £1,850) 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

2019 2018
£    £   
Wages and salaries 476,899 496,457
Social security costs 39,724 41,291
Other pension costs 22,161 45,213
538,784 582,961

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

2019 2018
Administration 4 4
Archaeological staff 18 20
22 24

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 104,053 - 104,053
Charitable activities
Other Curatorial Services 9,620 - 9,620
Grant Aided Work - 292,412 292,412
Other Archaeological Projects 315,317 - 315,317
Investment income 301 - 301
Total 429,291 292,412 721,703

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2019
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
funds
Restricted
funds
Total
funds
£    £    £   

EXPENDITURE ON
Charitable activities
Grant Aided Work - 296,923 296,923
Other Archaeological Projects 487,809 - 487,809
Total 487,809 296,923 784,732
NET INCOME/(EXPENDITURE) (58,518 ) (4,511 ) (63,029 )
Transfers between funds (4,511 ) 4,511 -
Net movement in funds (63,029 ) - (63,029 )
RECONCILIATION OF FUNDS

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

11. TANGIBLE FIXED ASSETS

Fixtures and
fittings
Computer
equipment

Totals
£    £    £   
COST
At 1 April 2018 46,322 101,291 147,613
Disposals (5,870 ) (49,243 ) (55,113 )
At 31 March 2019 40,452 52,048 92,500
DEPRECIATION
At 1 April 2018 39,171 95,178 134,349
Charge for year 1,073 3,903 4,976
Eliminated on disposal (5,870 ) (49,243 ) (55,113 )
At 31 March 2019 34,374 49,838 84,212
NET BOOK VALUE
At 31 March 2019 6,078 2,210 8,288
At 31 March 2018 7,151 6,113 13,264

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2019
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019 2018
£    £   
Trade debtors 146,793 152,137
Amounts recoverable on contracts 20,320 28,464
Prepayments 14,583 16,990
181,696 197,591

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019 2018
£    £   
Trade creditors 17,681 18,305
Social security and other taxes 14,191 10,198
VAT 31,341 30,501
Pension creditor 31,899 27,343
Accruals and deferred income 122,640 118,840
217,752 205,187

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

2019 2018
£    £   
Pension creditor 725,377 755,727

15. LEASING AGREEMENTS

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

2019 2018
£    £   
Within one year 36,836 36,836
Between one and five years 56,733 93,569
93,569 130,405


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2019
16. MOVEMENT IN FUNDS





At 1.4.18
Net
movement in
funds
Transfers
between
funds


At 31.3.19
£    £    £    £   
Unrestricted funds
General fund (659,233 ) (42,096 ) (1,293 ) (702,622 )

Restricted funds
CADW - (1,293 ) 1,293 -
Youth Volunteering Grant 3,990 - - 3,990
Youth Heritage Fund 727 - - 727
4,717 (1,293 ) 1,293 4,717

TOTAL FUNDS (654,516 ) (43,389 ) - (697,905 )

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

Incoming
resources
Resources
expended
Movement in
funds
£    £    £   
Unrestricted funds
General fund 376,208 (418,304 ) (42,096 )

Restricted funds
CADW 300,074 (301,367 ) (1,293 )

TOTAL FUNDS 676,282 (719,671 ) (43,389 )


Comparatives for 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 )

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2019
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 429,291 (487,809 ) (58,518 )

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

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

A current year 12 months and prior year 12 months combined position is as follows:





At 1.4.17
Net
movement in
funds
Transfers
between
funds


At 31.3.19
£    £    £    £   
Unrestricted funds
General fund (596,204 ) (100,614 ) (5,804 ) (702,622 )

Restricted funds
CADW - (5,804 ) 5,804 -
Youth Volunteering Grant 3,990 - - 3,990
Youth Heritage Fund 727 - - 727
4,717 (5,804 ) 5,804 4,717
TOTAL FUNDS (591,487 ) (106,418 ) - (697,905 )


A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
resources
Resources
expended
Movement in
funds
£    £    £   
Unrestricted funds
General fund 805,499 (906,113 ) (100,614 )

Restricted funds
CADW 592,486 (598,290 ) (5,804 )
TOTAL FUNDS 1,397,985 (1,504,403 ) (106,418 )

GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2019
16. MOVEMENT IN FUNDS - continued

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 2018 Nil

Add: Resources Expended
Governance Costs
Salary costs 4,831
Office rent 381
Insurance 116
Office & computer expenses 123
5,451

Less: Deficit funded by the Trustee of the Trust (5,451)
Balance at 31 March 2019 -





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 2019 is based on the triennial valuation as at 6 April 2018

The pension cost charge to the statement of financial activities for the year amounts to £22,161
(2018:£45,213).

Included in these figures are contributions made to a defined contribution pension scheme of
£11,962 (2018 £24,405)


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2019
17. PENSION COMMITMENTS
- continued

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 3,776,000
Members with Preserved Benefits 3,714,000
Pensioners Paid from Fund 4,215,000
11,705,000

Deficit 1,143,000

Funding Level 90%

The principal assumptions in the Actuarial Report were:-

Return on investments - up to retirement 3.75% per annum
Return on investments - after retirement 3.75% 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 August 2030.

The Archaeological Organisations Pension scheme is a multi-employer scheme. The scheme is a
frozen scheme. Legal advice to the Scheme Trustees is that it is not constituted as a last-man
standing scheme and as such each individual employer is liable for its own deficit.

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 2.4% and future increases
in the RPI of 3.3%. Using these assumptions to measure the pension liabilities, rather than those
used for funding purposes, leads to the liability of £752,401 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 £15,283, interest expense £20,360 and
remeasurements of the defined benefit liability £29,046 (gain).


GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST
LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 MARCH 2019
17. PENSION COMMITMENTS
- continued

During the reporting period the AOPS was closed to the future accrual of benefits. This curtailment
did not reduce the value of accrued liabilities because benefits for current employees continue to be
linked to their salary at the time they retire or leave the Trust. The effect of re-measurement for this
curtailment was to reduce the cost of accruing benefits to zero for service after the curtailment,
hence the reduction in the cost of accruing benefits compared to the prior year.

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 2019/20 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.