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← The Sir Winston Churchill Archive Trust

2025-06-30-accounts

The Sir Winston Churchill Archive Trust

Registered Charity No 1045646

Report and Financial Statements

for the year ended 30 June 2025

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Report and financial statements

for the year ended 30 June 2025

Page
Contents 1
Trustees and Advisers 2
Trustees' Report 3 - 6
Statement of Trustees' Responsibilities 7
Report of the Independent Examiner 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 16

1

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Trustees and Advisers

Trustees

The Rt. Hon. Lord Boateng Professor Deborah Prentice Mrs Tamsin James Professor Dame Athene Donald Dr Jessica Hall Dr William Frame Mrs Gillian Webber Ms Caro Howell Professor Sharon Peacock

Chair

Vice-Chancellor of Cambridge University Bursar of Churchill College Master of Churchill College (resigned Oct 24) Cambridge University Librarian Representative of the British Library Representative of the Imperial War Museum (resigned Oct 24) Representative of the Imperial War Museum (appointed Oct 24) Master of Churchill College (appointed Oct 24)

Chief Executive Officer (to whom day-to-day management is delegated) Mrs T M James

Secretary and Principal Address

Mr A Packwood Churchill College Storey's Way Cambridge CB3 0DS

Independent Examiner

Suzanne Goldsmith FCA Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Solicitors

Bristows LLP 100 Victoria Embankment London EC4Y 0DH

Bankers

Lloyds Bank 3 Sidney Street Cambridge, CB2 3HG

CCLA Investment Management Ltd COIF Charity Funds 80 Cheapside London EC2V 6DZ

Investment Managers

BNY Mellon Fund Managers Ltd BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA

2

Registered Charity No. 1045646

Sir Winston Churchill Archive Trust

Trustees' report for the year ended 30 June 2025

The Trustees present their annual report and financial statements for the year ended 30 June 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's trust deed, the Charities Act 2011 and 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 (FRS102) effective for accounting period commencing on or after 1 January 2019.

Structure, Governance and Management

The charity was established by a Declaration of Charitable Trust dated 3 April 1995.

The Vice-Chancellor and Librarian of the University of Cambridge are ex-officio Trustees, alongside the Master and Bursar of Churchill College. The British Library and the Imperial War Museum have the power to appoint nominated Trustees. The Ex-officio external and Nominated Trustees appoint the Elected Trustee.

The nominated Trustees and the Elected Trustee hold office for five years and may be re-appointed for one further term of five years. Advice is sought from the Nominating bodies when a vacancy occurs among the Trustees. An appropriate balance of experience and enthusiasm for the objectives of the charity are sought.

New Trustees are shown the work of the Centre and the Trust by the Director, Mr Packwood. They receive detailed reports of the work of the Trust and of the Archives Centre. Training is made available to Trustees from a number of sources, including the investment managers.

The Chairman is elected by the Trustees from among the Nominated and Elected Trustees. The Trust is currently chaired by the Elected Trustee, The Rt. Hon. The Lord Boateng.

In accordance with the Statement of Recommended Practice (Accounting and Reporting by Charities), the Trust is defined as being connected with Churchill College, whose principal address is Storey's Way, Cambridge, CB3 0DS. Both entities have common administration.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Objectives and Activities for the Public Benefit

The object of the Sir Winston Churchill Archive Trust is the conservation and preservation of the Churchill Papers for educational purposes, whether through scholarly research or public display. The papers may be viewed by any member of the general public. The seven Trustees are given wide discretionary powers but they are obliged to observe the statutes of the Trust, to safeguard its assets and to present annual accounts.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.

3

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Trustees' report for the year ended 30 June 2025 (continued)

The Trustees of the Sir Winston Churchill Archive Trust are responsible for the conservation and management of the Winston Churchill Archives under the authority of the National Heritage Memorial Fund. They do not employ staff directly but the management and exhibition of the papers is carried out by employees of Churchill College working in the College's Archives Centre who are responsible to the Trustees for that portion of their wider task required for the management of the Churchill Archives itself. The Trustees meet regularly to ensure that the management is effective.

During the year, the main objectives for the Trust were:

The Trust contributes every year to the Churchill College Archives Centre which houses the papers owned by the Trust and provides and maintains the facilities to enable them to carry out their work in furtherance of the charitable objectives.

Achievements and Performance

The Trust met on 4 November 2024. The trustees welcomed the Director-General of the Imperial War museum as a new trustee, heard an update on the Archives Centre's collaboration with the University of Fort Hare, and approved a new approach to the insurance of the Churchill Papers collection. They also approved the Statutory Report and Annual Accounts, approved the budget and reviewed the Trustees' Declaration Register and Statement of Risks. They received an update from Bloomsbury, discussed a trial application of AI to the collection, took note of the Archives Centre's expansion plans, and endorsed plans for a 30th anniversary event for the Trust in the House of Commons.

The full financial report shows that the Trust completed its twenty-ninth year with total funds of £3,470,320 (compared to £3,344,951 in 2024). The Trust made a grant of £48,000 to Churchill College to support the work of the Churchill Archives Centre (£58,000 in 2024).

The Churchill Papers were made available through two websites, run by Bloomsbury: The Churchill Archive Online (https://www.churchillarchive.com/) and the Churchill Archive For Schools (https://www.churchillarchiveforschools.com/).

4

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Trustees' report for the year ended 30 June 2025 (continued)

Financial Review

At 30 June 2025 the Trust held £283,709 (2024: £271,615) of unrestricted funds. These funds will be required to meet any shortfall in income against expenditure in the short term until additional funding is secured.

The Trust is currently funded by income from its investments.

The Trust has an on-going commitment to fund the management and conservation of the Churchill Papers held on its behalf by the Churchill Archives Centre. It will seek to retain sufficient capital to generate the income required to fulfil these commitments.

The Trustees are of the opinion, on a fund-by-fund basis, that assets are available to fulfil the obligations of the charity.

All investment funds have been invested in Newton Growth and Income Fund for charities since January 2017. The Newton Growth and Income Fund for Charities is a unit trust authorised by the Financial Conduct Authority as a non UCITS retail scheme and is operated by BNY Mellon Fund Managers Limited.

The Newton Growth and Income Fund for Charities aims to generate capital growth and income growth over a period of 5-7 years by investing at least 70% of the assets in a global portfolio of equities and fixed income securities.

The fund is specifically designed for charity clients in the UK and has a policy of no direct investment in companies which derive more than 10% turnover from tobacco production.

The Trustees have wide investment powers and all investments made during the year fall within these powers.

Fundraising Activities

The Trust does not carry out any fundraising activities.

Reserves Policy

The Trustees have a policy of retaining sufficient liquid assets to meet on-going commitments which is deemed to be one year of expenditure. This is estimated to be no more than £90,000. The Trust had Income reserves of £283,709 at 30 June 2025 and net current assets of £173,683 and therefore meets its reserves policy.

5

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Trustees' report for the year ended 30 June 2025 (continued)

Plans for future Periods

The main objective of the Trust is to support the Churchill Archives Centre in planning and delivering online access to the collection for the benefit of the public.

The Trust will work to ensure the proper security, integrity and preservation of the collection, and will also monitor and advise on the exhibition of the papers in the UK and overseas.

The Trust will work to widen access to the collection, nationally and internationally.

By order of the Trustees

Mrs T M James Trustee

Date: 24[th] February 2026

6

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Independent Examiner's Report to the Trustees of the Sir Winston Churchill Archive Trust

I report to the Charity Trustees on my examination of the accounts of the Trust for the year ended 30 June 2025 which are set out on pages 9 to 17.

Responsibilities and Basis of Report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Independent Examiner

Suzanne Goldsmith FCA Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Date: 11 March 2026

7

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Statement of Financial Activities for the year ended 30 June 2025

Note
INCOME
Investment Income
Publishing Fees
Total Income
EXPENDITURE
Charitable Activities
3
Total Expenditure
Net (Expenditure)/Income for the
year before transfers
Transfer from Endowment Fund to Cash Fund
Net (Expenditure)/ Income before
other gains and losses
Net Gains on Investments
Net Income
RECONCILIATION OF FUNDS
Total Funds Brought Forward
Total Funds Carried Forward
2
3		 5,956
11,075
70,656
70,656
(59,581)
67,758
3,911
12,088
271,615
283,703
Unrestricted
Funds
2025
£

5,119
8,177		 67,758
-
67,758
-
-

67,758
(67,758)
-
113,281
113,281
3,073,336
3,186,617
Endowment
Funds
2025
£		 72,877
5,956
78,833
70,656
70,656
8,177
-
8,177
117,192
125,369
3,344,951
3,470,320
Total
Funds
2025
£		 72,121
11,378
Total
Funds
2024
£
83,499

87,452
87,452

(3,953)
-
(3,953)
272,431
268,478
3,076,473
3,344,951

All income and expenditure derives from continuing activities.

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 11 to 16 form part of these accounts

8

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Balance Sheet as at 30 June 2025

Note 2025
£
£		 2025
£
£		 2024
£
£
Total Fixed Assets
Fixed Assets
Investments - Securities
Investments - Cash		 5
5		 3,296,637
3,224,111
72,526		 3,179,445
3,109,497
69,948
Current Assets
Debtors		 6 5,956 6,494
Cash at Bank and in Hand 11 191,553 181,236
Total Current Assets 197,509 187,730
Liabilities: Amounts falling due within one year : Amounts falling due within one year 7 (23,826) (23,826) (22,224)
Net Current Assets 173,683 165,505
Net Assets 10 3,470,320 3,344,951
THE FUNDS OF THE CHARITY
Capital Funds
Expendable Endowments		 8 3,186,617 3,073,336
Income Funds
Unrestricted Funds		 9 283,703 271,615
Total Charity Funds 3,470,320 3,344,951

The notes on pages 11 to 16 form part of these accounts

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mrs T M James Trustee

Date: 24[th] February 2026

9

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2025

The principal accounting policies adopted are laid out below, presented in sterling, and rounded to the nearest

1 Accounting Policies

(a) Basis of Accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)); the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective for accounting periods commencing on or after 1 January 2019.

The Trust constitutes a public benefit entity as defined by FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy

(b) Going Concern

As at 30 June 2025, the Trust had enough cash reserves to fund its usual level of activities for the next two years.

The Trustees therefore consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. As such, they continue to adopt the going concern basis of accounts in preparing the financial statements.

(c) Fund Accounting

The financial statements refer to two separately distinguished funds:

The Agreement relating to the Churchill Archive provides that the capital of the endowment fund may be expended.

(d) Debtors

Debtors are recognised at the settlement amount due.

(e) Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and money held in deposit or similar accounts.

10

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2025 (continued)

(f) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

(g) Income

Income from grants receivable, investments and bank deposits is included in the Statement of Financial Activities as income. Interest is included gross and dividends include the related tax

(h) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance expenditure comprises those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity.

All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resources. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

(i) Heritage Assets

The Trust has heritage assets which are of historical importance and are held to advance the educational objectives of the charity and for preservation and conservation. Sufficiently reliable information about the value of these assets is not available and hence they are not included in the balance sheet.

(j) Investment Assets

Investments held for the long-term to generate income or capital growth are carried at market value measured as the bid value at the Balance Sheet date which is considered to be the fair value and disclosed as fixed asset investments at the balance sheet date.

(k) Realised and Unrealised Gains and Losses on Investment Assets

Realised gains and losses are recognised as arising at the time of disposals from the portfolio by comparing the sale proceeds with the acquisition cost.

Any unrealised increase or decrease in the value of investment assets is shown as an unrealised gain or loss in the Statement of Financial Activities.

11

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2025 (continued)

(l) Financial Instruments

Financial assets and financial liabilities are recognised when the Trust becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs).

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value which is deemed to be fair value. Investments are valued at the closing bid price as disclosed in note 5.

(m) Significant Accounting Estimates and Judgements

There are no significant accounting estimates or judgements which might materially affect the financial statements.

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----- Start of picture text -----
2 Investment Income 2025 2024
£ £
Income from listed investments 70,097 68,790
Interest 2,780 3,331
72,877 72,121
3 Analysis of Expenditure
Cost of
Basis of Charitable
Expenditure 2024/25 Allocation Activities Govern-
£ ance 2025 Total
Costs Directly allocated to Maintenance of Archive: £ £
Grant to Churchill College Archives Centre Direct 48,000 - 48,000
Insurance Direct 21,626 - 21,626
Legal & Professional Fees Direct - 40 40
Independent Examination Fees Direct - 960 960
69,656 1,000 70,656
Cost of
Basis of Charitable Govern-
Expenditure 2023/24 Allocation Activities ance 2024 Total
£ £ £
Costs Directly allocated to Maintenance of Archive:
Grant to Churchill College Archives Centre Direct 58,000 - 58,000
Grant to Churchill College Archives Centre to be Direct 10,000 - 10,000
paid in 2023/24
Insurance Direct 18,272 - 18,272
Legal & Professional Fees Direct - 40 40
Independent Examination Fees Direct - 1,140 1,140
86,272 1,180 87,452
----- End of picture text -----

12

Registered Charity No. 1045646

Sir Winston Churchill Archive Trust

Notes to the Financial Statements for the year ended 30 June 2025 (continued)

4 Trustees' remuneration

No Trustee received any remuneration in respect of services to the Trust in the year. No expenses were reimbursed to Trustees in the year (2024: £Nil).

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----- Start of picture text -----
Fixed Asset Investments 2025 2024
£ £
Opening historic/book cost 2,123,100 2,123,100
Opening unrealised appreciation of investments 1,056,345 783,914
Opening market value 3,179,445 2,907,014
Unrealised (loss)/gain 117,192 272,432
Closing calculation 3,296,637 3,179,446
Closing historic/book cost 2,123,100 2,123,100
Closing unrealised appreciation of investments 1,173,537 1,056,345
Closing market value 3,296,637 3,179,445
----- End of picture text -----

5 Fixed Asset Investments

2025 Analysis of Investments
Equities
Fixed Interest Securities
Cash held as part of investment portfolio		 1,747,217
UK
2025
£
1,051,627
623,064
1,674,691
72,526		 1,549,420
Overseas
2025
£
1,549,420
-
1,549,420
-		 3,296,637
Total
2025
£
2,601,047
623,064
3,224,111
72,526		 100.00%
Percentage
2025
%
78.90%
18.90%
97.80%
2.20%
2024 Analysis of Investments
Equities
Fixed Interest Securities
Cash held as part of investment portfolio		 1,685,106
UK
2024
£
1,014,243
600,915
1,615,158
69,948		 1,494,339
Overseas
2024
£
1,494,339
-
1,494,339
-		 3,179,445
Total
2024
£
2,508,582
600,915
3,109,497
69,948		 100.00%
Percentage
2024
%
78.90%
18.90%
97.80%
2.20%

13

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2025 (continued)

==> picture [472 x 336] intentionally omitted <==

----- Start of picture text -----
6 Debtors Unrestricted Endowment Total Total
Funds Funds Funds Funds
2025 2025 2025 2024
£ £ £ £
Amounts falling due within one year
-
Publishing Fees 5,956 5,956 6,494
All debtors relate to unrestricted funds.
7 Creditors Unrestricted Endowment Total Total
Funds Funds Funds Funds
2025 2025 2025 2024
£ £ £ £
Amounts falling due within one year
Churchill College 22,866 - 22,866 11,084
Accural for Grant to be paid in 24/25 10,000
Auditors' remuneration 960 - 960 1,140
-
23,826 23,826 22,224
All creditors relate to unrestricted funds.
8 Endowments 2025 2 24
£ £
Balance as at 1 July 2024 3,073,336 2,80 9 ,997
Movement in funds, gains and transfers 113,281 263,339
Balance as at 30 June 2025 3,186,617 3,073,336
----- End of picture text -----

The endowment fund was established in 1995 to provide future income for the Trust.

9 Income Funds - Unrestricted

The income of the Trust represents unrestricted funds for the cataloguing, maintenance and improvement of the condition of the Churchill Archive and such other activities relating to the Archive as authorised.

==> picture [446 x 73] intentionally omitted <==

----- Start of picture text -----
2025 2024
£ £
Unrestricted funds:
Balance as at 1 July 2024 271,615 246,476
Movement in funds, gains and transfers 12,088 25,139
Balance as at 30 June 2025 283,703 271,615
----- End of picture text -----

14

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2025 (continued)

==> picture [475 x 545] intentionally omitted <==

----- Start of picture text -----
10 Analysis of net assets between funds 2025 Unrestricted Designated Endowment Total
Funds Funds Funds Funds
2025 2025 2025 2025
£ £ £ £
Investments 110,020 - 3,186,617 3,296,637
Current Assets 197,509 - - 197,509
Current Liabilities (23,826) - - (23,826)
Total net assets 283,703 - 3,186,617 3,470,320
Unrealised gains at 1 July 2024 35,253 - 1,021,092 1,056,345
Unrealised gains in year 3,911 - 113,281 117,192
-
Total unrealised gains at 30 June 2025 39,164 1,134,373 1,173,537
Analysis of net assets between funds 2024 Unrestricted Designated Endowment Total
Funds Funds Funds Funds
2024 2024 2024 2024
£ £ £ £
Investments 106,109 - 3,073,336 3,179,445
Current Assets 187,730 - 187,730
Current Liabilities (22,224) - - (22,224)
Total net assets 271,615 - 3,073,336 3,344,951
Unrealised gains at 1 July 2023 26,161 - 757,753 783,914
Unrealised gains in year 9,092 - 263,339 272,431
-
Total unrealised gains at 30 June 2024 35,253 1,021,092 1,056,345
11 Analysis of Cash and Cash Equivalents 2025 2024
£ £
Current account 19,383 11,452
Deposit accounts 172,170 169,784
Total Cash and Cash Equivalents 191,553 181,236
As at 1 As at 30
Analysis of Changes in Net Debt July 2024 Cashflows June 2025
Cash at bank and in hand 181,236 10,317 191,553
----- End of picture text -----

15

Sir Winston Churchill Archive Trust

Registered Charity No. 1045646

Notes to the Financial Statements for the year ended 30 June 2025 (continued)

12 Related Parties

The activities of the charity are based at Churchill College to whom it makes contribution towards the charity's running costs. The Trust Deed stipulates that the Master and Bursar of Churchill College are exofficio Trustees of the charity. The current chief executive officer is the Bursar of Churchill College.

Expenditure of £90,656 (2024: £87,452) was incurred by the College on behalf of the Trust. Included within the Trust's creditors as at 30 June 2025 is an amount of £22,866 due to the College (2024: £11,084), the Trust having transferred £Nil (2024: £Nil) to the College during the year.

There are not other related party transactions to note.

13 Statement of Financial Activities for the year ended 30 June 2024

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Unrestricted Endowment Total
Funds Funds Funds
2024 2024 2024
£ £ £
INCOME
Investment Income 5,627 66,494 72,121
Other Income
Publishing Fees 11,378 - 11,378
Miscellaneous - - -
Total Income 17,005 66,494 83,499
EXPENDITURE
Charitable Activities 87,452 - 87,452
-
Total Expenditure 87,452 87,452
Net (Expenditure)/Income for the year before transfers (70,447) 66,494 (3,953)
Transfer from Endowment Fund to Cash Fund 66,494 (66,494) -
Net Income before other Gains and Losses (3,953) - (3,953)
Unrealised Losses on Investments 9,092 263,339 272,431
Net Movement in Funds 5,139 263,339 268,478
RECONCILIATION OF FUNDS
Total Funds Brought Forward 266,476 2,809,997 3,076,473
Total Funds Carried Forward 271,615 3,073,336 3,344,951
----- End of picture text -----

16