Charlty Registration No. 1032032 Company Reglstration No. 02869264 (England and Wales) THE LIVING ARCHIVE PROJECT ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE LIVING ARCHIVE PROJECT LEGAL AND ADMINISTRATIVE INFORMATION Trustees R Kitchen L Bancroft D Bruce H Griffin M Ferns C Tricks S Amoah L Bedeau V Holton T Hill J Lloyd-Knibbs (SIgned 6th February 2024) (resigned 6th February 2024) (appointed 14th March 2024) Charity number 1032032 Company number 02869264 Registered office Milton Keynes Museum Mcconnell Drive Wolverton Milton Keynes Buckinghamshire MK12 SEL Independent examiner Upton Wilson Ltd 3 West Street Leighton Buzzard Bedfordshire LU7 3DA
THE LIVING ARCHIVE PROJECT CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 7-14
THE LIVING ARCHIVE PROJECT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing documents. the Companies Act 2006 and 'Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" Objectives and activities The principle objects of the board are archival activities and to advance public education by fostering, promoting and co-ordinating the development of the artistic and educational interpretation of documentary material. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achi•vements and performance We are a small organisation. led ably by General Manager Mel Jeavons. with the support of Administrator Rachel Fleet and Archive and Volunteer offir/ArChiV15t Herb Booth. We do not receive any annual revenue funding but rely on project funding, particularly from the Heritage Lottery Fund, and for payment for management services for such things as the organisation of Heritage Open Days. Thanks to additional funding from MK Council and a generous private sponsor we were able to appoint Poppy Hollman as a Creative Producer to initiate new projects with groups who are currently under-represented in the archive, including members of different ethnic communities and those with additional needs. Towards the end of the year we appointed Sagar Kharecha as our first Photographer in Residence. Projects This year has been another busy one with a wide range of successful projects, highlights of which were: MK Museum anniversary: MK Museum received a grant to lebrate their 50th anniversary.Within this project there was a budget for LAMK to do 6 community engagement events, 80 interviews and 30 digital stories. This project will be completed in the next financial year Ploneer Tales Revisited: This project, culminating in an exhibition in Central Milton Keynes Library in January 2024, featured the photographs and stories of 16 individuals who have been pioneers in their own communities or professional lives in Milton Keynes. The portraits of our new pioneers were produced by Sagar Kharecha, Living Archive's Photographer in Residence. Heritage Open Days: This borough wide event under LAMK management enjoyed its most successful year viith 210 events and 20,644 visitors over the ten days. Discover Milton Keynes: LAMK continued to stage exhibitions at the Central Library and launch events have been y11 attended. Fishermead 50th anniversary: LAMK was commissioned to make a film celebrating the 50th anniversary of the Fishermead estate which was premiered in July 2023 LAMK Volunteers - who include the members of the Board. continued to work to deliver what is the essence of our work - 'Everybody has a story to tell'_ so that we can support community cohesion in neighbourhoods across the Borough of Milton Keynes and protect a more precious commodity- its heritage and pride of place. Normally the busiest days at MK Museum site are Tuesdays and Thursdays, when volunteers scan images, research for current projects and transcribe oral history and interviews. Many newly digitised collections were added to the on-line archive.
THE LIVING ARCHIVE PROJECT TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 LAMK TrusteeslDlrectors Roger Kitchen continued as Chair. David Bruce was Honorary Treasurer and Vice Chair (Archives) Martin Ferns, Sas Amoah, Lincoln Bedeau, Joanna Lloyd-Knibbsand Tom Hill Vre Trustees. Helaine Griffin. Sarah Ralph and Elizabeth Bancroft stood down as Trustees Mel Jeavons continued as Company Secretary The Directors approved the LAMK Business Plan for 2019-2022. The Board Subcommittee continued regular meetings online throughout this time. monitoring developments and preparing strategic options for the main Board. Financial review The results for the year are set out on page 7. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a signrficant drop in funding, they will be able to continue the charitls current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Structure. governance and management The charity is a company limited by guarantee. The trustees. vtho are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were- R Kitchen L Bancroft D Bruce H Griffin M Fems C Tricks S Amoah L Bedeau V Holton T Hill J Lloyd-Knibbs (resigned 6th February 2024) {resigned 6th February 2024) (appointed 14th March 2024) None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees, report was approved by the Board of Trustees R Kitchen Trustee Dated: ,(*
THE LIVING ARCHIVE PROJECT INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE LIVING ARCHIVE PROJECT I report to the trustees on my examination of the financial statements of The Living Archive Project (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial ststements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitls financial statements Carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerf8 Statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act.. or 2. the financial statements do not accord with those records" or 3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requiroment that the accounts give a true and fair view which is nol a matter considered as part of an indepdent examination," or 4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concerns and have come across no other matters in connection llth the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Stephe Wilson FCCA BA<Hons) Chartered Certrfied Accountant Upton Wilson Ltd 3 West Street Leighton Buzzard Bedfordshire LU7 1DA Dated:
THE LIVING ARCHIVE PROJECT STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of The Living Archive Project for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the preventlon and detection of fraud and other irregularities.
THE LIVING ARCHIVE PROJECT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restricted Funds Funds 2024 2024 Total Unrestricted Restrlcted Funds Funds 2023 2023 Total 2024 2023 Notss Income from: Donations and legacies Charitable activities Other trading activities Investments 1,424 1.424 76.266 741 21,265 21.265 89,196 1.959 354 76.266 89.196 741 991 1,959 354 Total income 3,155 76,266 78.430 23,578 89.196 112.774 Expendlture on: Ralslng funds 52 52 78 78 Charltable activities 56.836 30,050 86,886 54,292 28,978 83.270 Totsl resources axpended 56,888 30.050 86.938 54,370 28,978 83,348 Net (outgolng)lincoming resources before transfer (53,733) 46.216 (7.517) (30.792) 60.218 29.426 Gross transfers between funds 22,414 (22,414) 37,476 (37,476) Net Income for the yearl Net movement In funds (31.319) 23,802 (7.517) 6,684 22.742 29.426 Fund balances at 1 April 2023 Fund balances ai 31 March 2024 35,639 30,655 66,294 28,955 7,913 36,868 4.320 54,457 58.777 35.639 30,655 66.294 The statement of financial activities includes all gains and losses recognised in the year. All income and exp8nditur8 d81rv8 from continuing activities. The ststement of financial activities also complies with the requlrements for an Income and expenditure account under the Companies Act 2006.
THE LIVING ARCHIVE PROJECT BALANCE SHEET AS A T 31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets 12 17 17 Currrent assets Cash at bank and in hand 59,510 67,027 Cr•dltors: amounts falling due wlthln one year 13 (750) (750) Net current assets 58.760 66.277 Total assets less current liabilities 58.777 66,294 Income funds Restricted funds Unrestricted funds 14 4.320 54,457 35.639 30,655 58.777 66,294 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 18th November 2024. R Kitchen Trustee Company Registration No. 02869264
THE LIVING ARCHIVE PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charlty Inforniation The Living Archive Project is a private company limited by guarantee in¢oporated In England and Wales. The registered office is Milton Keynes Museum, Mcconnell Drive, Wolverton. Mllton Keynes, Bu¢kinghamshire MK12 SEL 1.1 Accountlng convention The finandal statements have been preprared in a¢¢ordan¢e wlth the charitls goveming document, the Companies Act 2006 and 'Accounting and Reporting by Charltles Statement of Recommended Practice appllcable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefrt Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functlonal currency of the charity. Monetsry amounts in these financlal statements are rounded to the nearest £. The financial statements have been ppared under the historical cost convention, modified to include the revaluation of freehold properties and to include Invèstment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out b810w. 1.2 Going concern Al the time of approving the financial statements, the trustees have a reasonable expectation that the charlty has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees In furtherance of thelr charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the r8Strict8d funds are set out in the notes to the financial stat8m8nts. 1.4 Income Income is re¢ognised when the charity is legally entitled to it after any perfonnance conditions have been met, the amounts Can be measured reliably. and it is probable that income will be received. Cash donations are r8cognised on receipt. Oiher donations are recognised once the charity has been notified of the donation. unless performan conditions require deferral of thè amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otheNise if the charity has been notlfied of an impending distribution. the amount is know, and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 1.5 Expendlture Liabilities are recognised as resources expended as soon as there Is a legal or constw¢tive obligation ommitting the charty to expenditure. All expenditure is accounted for on an accwals basls and Is recognised in the period to which it relates.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollclos (contlnued} 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the Cost or valuation of assets less their residual values over their usèful lives on the following bases: Plant and equipment 25% reduclng balance The gain or loss arising on the dlsposal of an asset is detemiined as the difference between the sale proceeds and the Carrng value of the asset, and is recognised in net incomel(expenditure) for the year. 1.7 Impairnient of fixed assets At each reporting end date, the charlty reviews the carrying amounts of its tangible assets to determine whether there Is any Indlcatlon thal Ihose assets have SLrffer8d an impairment loss. If any such indication exists, the recoverable amount of the asset is estlmated In order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Baslc financlal assets Basic financial assels, which include debtors and ¢ash and bank balances, are initially measured at transactlon prlce Includlng transactlon costs and are subsequently carrfed at amortised cost uslng Ihe effective interest method unless the arrangement constitutes a financing transaction, where the transactlon is measured at the present value of the future receipts discounted at a market rate of interest. Flnanclal assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction prlce unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable wlthln one year are not amortised. Debt instruments are subsequently carried at amortisèd cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classlfied as current liabilities if payment is due within one year or less. If not, they are present8d as noTrcurrent liabllltles. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective inler8St method. Derecognition of financial Ilabllltles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or ¢an¢elled.
THE LIVING ARCHIVE PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (continued) 1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.10 Retirern•nt b•nefrts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.11 Leases Rentsls payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. Crltlcal accountlng estimates and judgements In the application of the charitvs accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted funds Unreslricted fvnds 2024 2023 Donations and gifts Other grants receivable 1.424 20, 765 500 1.424 21,265 Charitable activities 2024 2023 Income from charitable activities 76.266 89,196
THE LIVING ARCHIVE PROJECT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other tradlng activities Unrestrlcted funds Unrestricted funds 2024 2023 Income from other trading activities 741 1.959 Investments Unrestrlcted funds Unrestricted fvnds 2024 2023 Interest receivable 991 354 Ralslng funds Unrestricted funds Unrestricted funds 2024 2023 Fundraisin and ublic Other fundraising costs 52 78 Charltable actlvlties 2024 2023 Staff costs Activities undertaken directly 52,313 34,573 49,085 34,185 86,886 83.270 86.886 83,270 Analysls by fund Unrestricted funds Restricted funds 56,836 30,050 54,292 28,978 86,886 83,270 10-
THE LIVING ARCHIVE PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs sts 2024 Support Governance costs Gosts 2023 Other support costs 3.742 780 4,522 4.426 780 5.206 3.742 780 4.522 4,426 780 5,206 Analysed between Charitable activities 3,742 4,522 5,223 780 6,003 10 Trustees None of the trustees (or any persons connected with them) received any remundation or benefits from the charity during the year. 11 Employees Number of employees The average monthly number of employees during the year was: 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Social security costs 52,313 49,085 52.313 49,085 11
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible fixed assets Plant and equlpment Cost At 1 April 2023 26,450 At 31 March 2024 26,450 Depreciation and impainnent At 1 April 2023 26,450 At 31 March 2024 26,450 Carrying amount At 31 March 2024 At 31 March 2023 13 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 750 750 12
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THE LIVING ARCHIVE PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Analysls of net assets between funds Unrestricted Restri¢ted Funds Funds 2024 2024 Total Unrestricted Restricted Funds Funds 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are represented by: Tangible assets Current assetsl (liabilities) 17 17 35.639 30,655 66,294 28.938 7.913 36.851 Total income 35,639 30,655 66.294 28,955 7,913 36,868 16 Related party transactions There were no disclosable related paty transactions during the year (2023 - none). 14