THE TRUST FOR WELSH ARCHAEOLOGY
Financial health, per its FY2025 accounts
The accounts state that the charity generated a net deficit of £4,100,097 for the year ended 31 March 2025, primarily due to merger-related restructuring costs and a significant actuarial loss on its defined benefit pension scheme. Per the trustees' report, unrestricted funds are in deficit by £402,455, and the charity remains heavily dependent on grant aid from Cadw, which accounted for 36% of total income. The trustees are pursuing a five-year strategy to return to surplus by 2026/27, supported by cash flow forecasting and growth in commercial activities.
What the accounts disclose
“As at 31 March 2025, Heneb has a deficit on unrestricted funds of £402,455 (2022-23: £3,705,072 surplus).” — page 10
Structured financials (annual return, FY ending 31/03/2025)
Trustees
- David Elis-Williams
- Dr Carol Bell
- Fiona Elizabeth Gale
- Henry Stuart Owen-John
- Hywel Rhys Richard John
- John Baron Ratcliffe
- Judith Wainwright
- Nigel David Clubb
- Sian Rees
- Steffan Rhys Williams
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/03/2025 | £3.5m | £4.5m |
| 31/03/2024 | £3.8m | £1.3m |
| 31/03/2023 | £1.3m | £970k |
| 31/03/2022 | £901k | £687k |
| 31/03/2021 | £721k | £648k |
Common questions
Is THE TRUST FOR WELSH ARCHAEOLOGY financially healthy?
The accounts state that the charity generated a net deficit of £4,100,097 for the year ended 31 March 2025, primarily due to merger-related restructuring costs and a significant actuarial loss on its defined benefit pension scheme. Per the trustees' report, unrestricted funds are in deficit by £402,455, and the charity remains heavily dependent on grant aid from Cadw, which accounted for 36% of total income. The trustees are pursuing a five-year strategy to return to surplus by 2026/27, supported by cash flow forecasting and growth in commercial activities. Its FY2025 accounts were audited by Xeinadin Audit Limited.
Government & lottery funding
| Funder | Date | Amount | Purpose |
|---|---|---|---|
| The National Lottery Heritage Fund | 03/12/2024 | £238k | "Building Sustainability and Resilience: Heneb – the Trust for Welsh Archaeology" |
| The National Lottery Heritage Fund | 02/08/2022 | £143k | "Pen Dinas: Penparcau's hillfort" |
| The National Lottery Heritage Fund | 23/08/2018 | £10k | "Training in the trenches: Penally's role in the First World War" |
| The National Lottery Heritage Fund | 27/03/2015 | £10k | "Discovering the legacy of the First World War in Pembrey" |