2024-03-31-accounts

AFRICAN PEOPLES HISTORICAL MONUMENT FOUNDATION (BLACK CULTURAL ARCHIVES) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

COMPANY NUMBER 03113148 CHARITY NUMBER 1051087

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03 Charitable Company Information 04-05 Interim Chair’s Introduction 06-14 Trustees' Report 15-18 Independent Auditor’s Report 19 Statement of Financial Activities 20 Balance Sheet 21 Cash Flow Statement 22-36 Notes to the Financial Statements

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At Black Cultural Archives we never allow ourselves to forget the legacy of our Founder members. They had the vision and from 1981, they worked tirelessly to help build the archive collections. They vowed:

“To collect, preserve, and celebrate the histories of people of African and Caribbean descent in the UK and to inspire and give strength to individuals, communities, and society”

Since those early days of BCA, there have been so many people involved to take forward their work. BCA’s report covers our most recent activities, however, at the outset, I wish to thank the incredible staff team, my colleagues on the Board of Trustees, our dedicated volunteers and generous funders. Without their support BCA’s work could not happen and would have put the safekeeping of our precious records for our community in jeopardy.

In 2024 we celebrated the 10th anniversary of our move into 1 Windrush Square. That has come round quickly and although 2014 represented an important milestone in the organisation’s development much more was needed.

After raising considerable funds for that move to happen, BCA then had a permanent home with state-of-the-art facilities to store our collections, a library for research purposes, and spaces where we have welcomed our visitors of all ages, genders, ethnicities and incomes to connect with our archives through workshops, events and exhibitions on site and online.

Our collections are nationally and internationally important and the materials and artefacts have been used extensively by individuals in their personal interests, academics, and media to global museums and galleries. Our community can be assured that we will continue to rescue vital records in danger of being destroyed or assist in determining others where their value has not yet been assessed. Our collections are available for future generations and support the production of authentic accounts of events that our founders had always known had existed and must be shared.

As we have grown, it has become increasingly challenging to balance the demand for services at 1 Windrush Square with the resources needed to meet our operating costs. We could not continue ‘with business as usual’. We needed a solution that would safeguard our

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charity for generations to come.

We have given the utmost importance to ensuring BCA is financially sustainable, therefore, with our immediate plans, we remain resolute in our determination to place the archives at the heart of BCA. We will safeguard, care for and provide access to the valuable collections onsite and online and continue our work with donors to grow the archives.

Our reading room will remain open for researchers, and all learning services will continue. In short, for too long we have been vulnerable to the ups and downs linked to fundraising and believe this is the right approach and will hold the key for our longevity.

We have seen the departure of Lisa Anderson who has led the BCA team for the last three years. She was publicly recognised this year for her excellent work and awarded ‘Leader of the Year’ at the annual Precious Awards. We are grateful to her and other team members who have between them shared in the passion and commitment Black British heritage.

However, it would be remiss to speak to the year without a mention to our funders, donors and supporters. Throughout the year we continued to receive sponsorship, grants, generous donations and ‘in kind’ support from a wide range of companies, trusts and foundations. Helen Hayes MP has campaigned on our behalf and raised in the House of Commons the question of our national status, requesting that MPs work with her to provide us with sustainable funding, given the vitally important role we play.

So, while we continue to build on the work of this year, I finish with the award in 2024 of a posthumous honorary degree to my uncle, Len Garrison, co-founder of BCA. His wife Marie and son Tunde accepted the award and gave an emotional acceptance speech that included his determination to create a lasting home and legacy for Black British History. That determination is shared. There’s nothing more important to us at BCA and so we look forward to the next year.

Sharmaine Lovergrove Interim Chair

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The Trustees of the charitable company, African Peoples Historical Monument Foundation (Black Cultural Archives) Ltd ("BCA"), who also act as directors for the purposes of company law, present their report together with the financial statements for the year ended 31 March 2024.

This annual report and financial statements have been prepared in accordance with statutory requirements, applicable Accounting Standards, and the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102, second edition - effective from 1 January 2019). The report serves as both a trustees’ and directors’ report under company law.

CHARITY OBJECTIVES

At BCA, our mission to collect, preserve, and celebrate the histories of Black people in Britain has never been more essential. This year, our efforts have been guided by three core ambitions:

• Centring Collections: Safeguarding and amplifying Black British stories.

• Celebrating Contributions: Honouring the cultural and historical impact of Black people in Britain, fostering pride and reflection.

• Building a Diverse Workforce: Developing a future generation of diverse leaders in the arts and heritage sectors.

These aims underline our dedication to ensuring Black history is celebrated every day, not only during Black History Month.

THE YEAR IN REVIEW

This year has been a testament to the enduring importance of preserving and celebrating Black British heritage. Black Cultural Archives (BCA) has thrived as a cornerstone for connection, inspiration, and education through exhibitions, workshops, and community engagement.

Key Achievements

• During Black History Month 2023, BCA welcomed over 1,300 visitors, engaged 400+ school children, and hosted several events, drawing hundreds into meaningful conversations about Black British history.

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• Through community collaborations, exhibitions, and workshops, BCA has taken significant steps towards reclaiming narratives, inspiring change, and deepening public understanding of Black British heritage.

Highlights

Centring Collections:

• Expanded access to collections, supporting over 250 researchers and logging over 2,500 library visits.

• Partnered with Decolonising the Archive for "Correcting our Collecting" course, empowering communities to reclaim their histories.

• Hosted exhibitions like

• Remembering the Grenada Revolution in collaboration with International Curators Forum

• Challenging the Narrative: Exploring race, identity, and scientific bias with partners like Wellcome Collection.

• Over a Barrel: Windrush Children, Tragedy and Triumph: Amplifying the voices of Windrush children in collaboration with journalist Nadine White.

Celebrating Contributions:

• Marked the Windrush 75th Anniversary, with a partnership with CIRCA arts featuring Sir Frank Bowling’s digital artwork and first hand stories in a short film. Arrival, showcased on the Piccadilly Circus Lights.

• Hosted inspiring events, including Gary Younge and Linton Kwesi Johnson’s discussion on identity and activism.

• Hosted exhibitions to showcase renowned artists like Tee Max’s photograph in Ascension Years and Yvadney Davis’ Proverbs of a Windrush Child.

STRUCTURE, GOVERNANCE, AND MANAGEMENT

Governance

The African Peoples Historical Monument Foundation (Black Cultural Archives) Ltd is a charitable company limited by guarantee, governed by its Memorandum and Articles of Association (registered on 12 October 1995 and amended subsequently). It was registered as a charity on 28 November 1995.

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AFRICAN PEOPLE'S HISTORICAL MONUMENT FOUNDATION (BLACK CULTURAL ARCHIVES) LIMITED COMPANY NUMBER 03113148 / CHARITY NUMBER 1051087 ANNUAL REPORT & FINANCIAL STATEMENTS - YEAR END 31 MARCH 2024

During the year, the Governing Document underwent significant revisions to address identified weaknesses in the BCA Articles. These weaknesses were highlighted by independent legal advisers, prompting a comprehensive review to ensure clarity regarding the responsibilities and accountabilities of Trustees, both collectively on the Board and individually in advancing the organisation’s objectives.

The revised Articles now reflect simplified and modernised language, ensuring they are up to date with current terminology and governance standards. This review was particularly important as the Articles had not undergone such an in-depth update in many years.

The Board views the completion of this review as a positive and necessary step in strengthening the organisation’s governance framework. Trustees engaged closely with the Charity Commission throughout the process, receiving its guidance and support, culminating in the final approval of the changes.

The key updates made to the Governing Document include:

• Alignment with current legislation governing BCA as a charitable company.

• Provisions regarding private benefits, payments, and remuneration, including permitted exclusions.

• Clarifications on circumstances leading to the removal of the Chair.

• Updated criteria for disqualification from serving as a Trustee.

• Enhanced processes for declaring interests to the Board.

• Reinforcement of proper procedures for meetings.

• Guidelines for becoming or stepping down as a member of the Charity.

These revisions strengthen the organisation's governance, ensuring it is robust, transparent, and aligned with regulatory expectations.

Trustees and Management

The Board of Trustees, (selected through a competitive process, and with a focus on relevant skills and knowledge), oversees the charity’s

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AFRICAN PEOPLE'S HISTORICAL MONUMENT FOUNDATION (BLACK CULTURALARCHIVES) LIMITED AFRICAN PEOPLE'S HISTORICAL MONUMENT FOUNDATION (BLACK CULTURAL ARCHIVES) LIMITED COMPANY NUMBER 03113148 / CHARITY NUMBER 1051087 COMPANY NUMBER 03113148/ Charity number 1051087 ANNUAL REPORT & FINANCIAL STATEMENTS - YEAR END 31 MARCH 2024 ANNUAL REPORT& FINANCIALSTATEMENTS - YEAR END 31 MARCH 2024

operations and ensures its governance structure supports its mission. Trustees monitor specific operational areas and contribute their expertise to the organisation’s development.

Trustees are inducted into the charity’s policies, activities, and strategy through comprehensive training, including site tours, departmental presentations, and access to key documents.

Risk Management

The Board of Trustees has overarching responsibility for risk management, and was supported by the Audit and Risk Committee (ARC) until December 2023 when the requirement was incorporated in the business of Board meetings. Through the year a comprehensive Risk Register was maintained.

Key risks include:

• Revenue challenges and cash flow management.

• Board and staff recruitment.

• Broader economic and political uncertainties.

Efforts to mitigate risks include appointing new trustees and leadership, strengthening fundraising capacity, and planning a strategy day to refresh risk management frameworks.

Members’ liability

Each member of the Company undertakes to contribute to the assets of the charitable company if it should be wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1, for payment of the Company's debts and liabilities contracted before they cease to be a member.

Trustee Indemnity

Subject to the provisions set out in the Companies Act, every Trustee appointed will be indemnified out of the assets of the charitable company, against any liability incurred by them in that capacity in defending any proceedings with any application in which relief is

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granted to them by the court from liability for negligence, default, breach of duty or breach of trust in relation to the affairs of the charitable company. Trustee indemnity insurance of £1m is in place through RSA Insurance Company at a cost of £3,359.99.

Arrangements for Setting Pay and Remuneration of Key Management Personnel

The key management personnel of the charitable company comprise the Trustees and the Managing Director.

No Trustees received any remuneration in respect of their duties as a Trustee from the charitable company in the year under review.

Trustees have agreed that the pay and remuneration of the key personnel is approved annually by the Board. Consideration will be given to appropriate benchmarking metrics as well as the performance of both the individual and the company.

Fundraising Practices and Performance

We commit to our fundraising being legal, open, honest and respectful, meeting the standards set in the Fundraising Code of Practice. The charity is aware of the Charities (Protection and Social Investment) Act 2016 and the Trustees support the aims of this legislation. The majority of the charity's voluntary income comes from other charitable bodies. The charity undertakes very little direct fundraising activity involving individual donors. The charity considers the origin of unsolicited donations and legacies. The charity does not share or purchase any donor data with or from third parties. In the year under review, the charity did not receive any funds due to the work of professional fundraisers. Furthermore, the charity did not receive any complaints in relation to fundraising or raise any matter with regulators during the year.

Financial Oversight

In the year under review, four General Meetings and one Extraordinary General Meeting were held. Trustees maintain oversight of the remuneration and pay structure, ensuring benchmarking and performance metrics guide decisions.

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BCA Financial Performance Review and Strategic Decisions for 2025

BCA achieved a strong financial recovery in the year ending 31 March

2024, marking a significant turnaround:

• Income: £973,934 (an increase of 9% compared to the previous year).

• Expenditure: £895,800, with the majority (£781,714) allocated to charitable activities.

• ° Net Surplus: £78,134, effectively reversing the prior year's deficit of £114,106.

While the financial performance was positive, the Trustees remained mindful of the sector's volatile funding environment. With significant projects for 2025-2026 underway, including a review of foundational strategies such as the Collections Management Strategy, the planned departure of the Managing Director, and the implementation of a new fundraising strategy, the Board made the strategic decision to temporarily close the building to ‘walk-in’ visitors, effective from 1 February 2025. However, the reading room and archives will remain open to the public on an appointment basis.

During this period, BCA will maintain its core organisational activities, including learning and research, while providing structured access to the building. This approach will allow the organisation to strengthen its financial reserves and stabilise growth in alignment with its expenditure.

Reserves Policy

The Trustees maintain a reserves policy to ensure the charity can sustain operations during unexpected financial challenges. The target is to hold unrestricted reserves equivalent to at least three months of operating costs.

As of 31 March 2024, unrestricted reserves stood at £273,215, equivalent to four months of operating costs, exceeding the minimum target of 3 months. This demonstrates strong financial management and provides assurance of the charity’s future liquidity. The reserves policy is reviewed annually to ensure it aligns with

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organisational priorities and supports the charity’s long-term financial resilience.

Short-Term and Long-Term Aims and Objectives

Short-Term Aims

For the reporting period, BCA has focused on strengthening financial resilience, expanding community engagement, and enhancing digital platforms. Activities such as hosting exhibitions, workshops, and educational programmes were delivered.

Long-Term Aims

Aligned with our 2030 Vision Plan, our long-term objectives include establishing financial sustainability, fostering diverse leadership in the arts, and safeguarding Black British heritage. The short-term activities during this period are foundational steps towards achieving these goals, such as digitising archives to support future accessibility and securing strategic partnerships for sustained funding.

Resource Allocation

During this period, we allocated significant resources to project delivery £235,919, staff renumeration £531,451, and operational costs £176,952. A dedicated team, including 21 staff members, contributed to delivering these objectives effectively.

Social Investment

BCA's social investment policies focus on leveraging resources to enhance its charitable activities and further its mission of preserving and celebrating Black British heritage. During the reporting period, social investments were directed towards projects with measurable community impact, such as workforce development programmes and digital archive expansion.

These investments contributed to the charity's objectives by:

• Supporting training initiatives that fostered leadership within underrepresented communities.

• Funding the digitisation of heritage collections, ensuring accessibility for future generations.

• Promoting sustainability through targeted grants and partnerships

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aligned with long-term goals.

These programme-related investments not only advanced BCA’s aims but also strengthened its financial sustainability and community engagement, ensuring alignment with the charity's broader strategic vision.

Statement of Directors’ Responsibilities

Company law requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net expenditure of the charity for the year. In preparing those financial statements, the trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Make judgements and estimates that are reasonable and prudent;

• Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue to operate; and

• State whether applicable Accounting Standards have been followed subject to any material departures disclosed and explained in financial statements.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the memorandum and articles of association. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE TO THE AUDITORS

The directors confirm that they have taken appropriate steps to make themselves aware of any relevant audit information and to establish that the auditors are aware of such information. As far as the directors are aware, there is no relevant information which has not been disclosed to the auditors.

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Our Supporters

None of our achievements would be possible without the support of our funders, partners, and collaborators, including:

  - Google Arts and Culture

• e The National Archive e

  • Bloomberg

• Wikimedia Foundation

  • Esmée Fairbairn

• e Warner[e]

• Dr. Martens Foundation

While collaborations with community groups and individuals have

enriched our work immeasurably, these include

• Decolonising the Archives

• International Curators Forum

Yvadney Davis

• Nadine White

• e UCL ° Poetic Unity e Tee Max "

• We are deeply grateful to all visitors, funders, and community members who supported us this year. Together, we are preserving Black British history and building a legacy for future generations.

Thank you for being part of this journey. Together, we are making Black British history, British history.

Approved by the Directors and signed on their behalf by: Sharmaune ……………………………………… Date: Aoveg/ove 01 / 31 / 2025

Sharmaine Lovegrove Interim Chair

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OPINION

We have audited the financial statements of African People’s Historical Monument Foundation (Black Cultural Archives) Limited (the ‘charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 2024 and of its income and expenditure for the year then ended;

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• Have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS OF 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 Auditor’s 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

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed,

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we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work

Our responsibilities and the

responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial does not cover the other information and we do not express any form of assurance conclusion thereon.

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 themselves. If, based on the work we

undertaken in the course of the audit:

• The information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained In the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

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:

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• 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, 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 company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S 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 an auditor's report that include 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures

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in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• The charitable company is required to comply with both company law and charity law and based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.

• We gained an understanding of how the charitable company complied with its legal and regulatory framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls.

• The audit team, which is experienced in the audit of charities, considered the charitable company’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.

• Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions.

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 auditor’s report.

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 auditor’s 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.

Simon Goodridge (Senior Statutory Auditor)

For and on behalf of Knox Cropper LLP Chartered Accountants, Statutory Auditor

65 Leadenhall Street London

EC3A 2AD

01 / 31 / 2025

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These accounts have been prepared in accordance with the provisions relating to companies subject to the Small Companies Regime within Part 15 of the Companies Act 2006.

The financial statements were approved by the Directors on 29th January 2025

Sharmaine Lovegrove Interim Chair

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1. ACCOUNTING POLICIES

(a) Basis of Accounting

The financial statements are prepared under the historical cost convention with the exception of donated heritage assets which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102 second edition – effective from January 2019)), applicable UK accounting standards and the Companies Act 2006. The charity is a public entity as defined by FRS102.

The principal accounting policies adopted in the preparation of the financial statements are set out below:

(b) Going Concern

As set out in Note 2, the Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

(c) Tangible Fixed Assets and Depreciation

All fixed asset additions whose costs exceed £500 are capitalised at historic cost. Provision is made for depreciation on tangible fixed assets, at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

• Office Equipment (over three years)

• Fixtures and Fittings (over three years)

• Catering Equipment (over three years)

Assets under construction are not depreciated until the asset is brought into use.

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) Funds ~~—__——_~~

(d) Funds

Unrestricted funds are donations and other incoming resources received or generated and can be used at the discretion of the directors for charitable purposes. Designated funds are unrestricted funds that have been set aside by Trustees to be used for a particular purpose. Restricted funds comprise funds received for specific programmes and activities, as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

(e ~~a~~ ) Charitable Expenditure

~~a~~

Charitable expenditure comprises direct expenditure attributable to the charitable objectives or activities. Where costs cannot be attributed, they have been apportioned to charitable objectives or activities, according to the time or resources applied to each (Note 7).

(f) Costs of Generating Funds

The costs of generating funds consist of costs incurred on events and activities and an apportionment of overhead and support costs (Note 7).

(g) Governance Costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit together with an apportionment of overhead and support costs (Note 7).

(h) Income

Revenue grants are credited to incoming resources on the earlier of when they are received or when they become receivable, unless they relate to a specified future period, in which case they are deferred. Capital grants for the purchase of fixed assets are credited to restricted incoming resources on the earlier of when they are received or become receivable. Depreciation on the related fixed assets is charged against the restricted fund. All other incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

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(i) Heritage Assets

Heritage assets are stated at cost of acquisition or, where a reasonable valuation is available, at value, when they are donated.

(j) Benefits in Kind

Donated staff and services are brought into account at the value to the charity which equates to the cost to the provider.

2.GOING CONCERN

The Trustees have carefully assessed the financial position and strategic outlook for Black Cultural Archives (BCA) and confirm the organisation’s ability to continue as a going concern for at minimum 12 months from the date of this report’s approval.

During the year under review, BCA demonstrated a strong financial recovery, achieving a net surplus of £78,134 and a 9% increase in income to £973,934. Unrestricted reserves as of 31 January 2025 stood at £273,215, equivalent to four months of operating costs, surpassing the Trustees’ target of maintaining reserves at three months’ operating expenditure.

The organisation’s long-term sustainability is anchored in its 2030 Vision Plan, which prioritises financial resilience, the strengthening of partnerships, diversification of income streams, and deeper community engagement.

In December 2024, the Trustees made the strategic decision to temporarily pause ‘walk-in’ public access to 1 Windrush Square from 1 February 2025, whilst retaining public access to the reading room and archives by appointment. This decision reflects a proactive response to evolving challenges and opportunities in the sector.

The fundraising environment in the Arts and Heritage sector has undergone significant shifts, including the closure of key trusts, changes in funding criteria, and recruitment challenges, all of which contributed to a decline in income in 2023–2024. Coupled with the need to update the Collections Management Strategy and transitions within the Management Team, the Trustees see the temporary closure to 'walk-in'

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED ee

visitors, whilst ensuring the reading rooms and archives remain

accessible to the public by appointment, as an opportunity to recalibrate operations and refocus income-generating activities. The adoption of a new fundraising strategy is central to this effort.

BCA’s confidence in its future is bolstered by emerging partnerships and funding opportunities, including grants for digital preservation and workforce development. Support from major funders such as the National Lottery Heritage Foundation and Paul Hamlyn Foundation further reinforces the Trustees’ assurance in the organisation’s ability to meet its obligations.

The Trustees believe that the strategic measures outlined, together with the organisation’s current financial health, provide the necessary foundation to sustain operations and meet liabilities as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.

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The average number of staff employed during the year was 21 (2023: 20).

Key Management Personnel (KMP) consisted of 2 employees: Managing Director and Deputy Manager.

Total emoluments paid to key management personnel during the year amounted to £109,166 (2023: £233,864, encompassing 2 KMP).

The number of employees whose emoluments exceeded £60,000 during the year was as follows:

£60,001–£70,000: 1 employee

Emoluments include gross salaries, employer pension contributions, benefits in kind, and redundancy payments (where applicable). No Director received any remuneration during the year (2023: £ Nil).

No directors were reimbursed travel and subsistence expenses during the year (2023: £nil).

9.TAXATION

The African Peoples Historical Monument Foundation (Black Cultural Archives) Ltd is a registered charity and is potentially exempt from taxation in respect of income and capital gains within the categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to charitable purposes.

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Heritage assets represent private papers from individuals and collections from organisations which lead to a greater understanding of the contribution made to Britain by Black people of African descent. They are held at the charity’s premises in Brixton and offsite storage. Significant work has been undertaken by the charity during the year, in maintaining these archives and making them available.

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DESCRIPTION OF RESTRICTED FUNDS

Arts Council England

Arts Council England funds were granted to support building resilience post covid and artistic residencies.

Bloomberg

Bloomberg restricted income comprises of two grants. One grant was to enable the creation of digital resources for the Bloomberg Connects application – this work crosses financial years as the national lockdowns restricted access to the heritage collections held in 1 Windrush Square.

The second grant is in support of Black Cultural Archives core functions and to contribute to general programmatic activity.

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City Bridge Trust

City Bridge Funds were to support the business development of the organisation. Creating avenues to sustain the organisation and provide income generating opportunities.

London Borough of Lambeth

In addition to unrestricted revenue Lambeth also provided a capital grant to cover an iterative multi-year building improvement project.

Esmee Fairbairn Foundation

A multi-year project fund due to end in 2024, ‘Seeing Ourselves’, centred on workforce development in the arts and heritage sector. The funds are released annually (not in line with the financial year) and cover the full costs of the project.

Warner Music Group & Blavatnik Family Foundation Social Justice Fund

The penultimate year of a three-year grant to support operational costs to enable BCA to continue the work to preserve and celebrate the histories of people of African and Caribbean descent in the United Kingdom.

Paul Hamlyn Foundation

Support for programmatic work on the history of the Windrush scandal and its present-day impact.

Poetic Unity

Funding for a joint project to provide support and services for young people aged 1230 years old. Delivered by Poetic Unity, Theatre Peckham and Black Cultural Archives, this project supports youth employment and training with a primary focus on personal development.

Tides (Google)

This grant was received to support the organisation’s efforts to digitise and preserve digital material, providing more space and better public access to our digital archive.

Being Human

Funding to support BCA’s contribution to the Being Human festival, enabling the ability to execute a public engagement activity.

Elevate Fund

Grant provided by Lambeth Council to support the creative and cultural sector for all young people. With a focus on creating unmissable arts education offer for students and career opportunities in the creative industry this grant expanded capacity and impact within the workforce development team.

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National Archives

The Testbed Sustainability grant was awarded to research ways to secure the preservation of collections whilst improving organisational sustainability in line with environmental risks.

The second grant was to catalogue the photographic collection of the McKenzie Heritage Picture Archive, on loan from Anita J McKenzie.

US Embassy

Funds to support programming for BCA, allowing the extension of Black Futures Season and highlighting some of the shared experiences and differences in the fight for racial justice and equity in the US and UK through the medium of art.

Wikimedia

Supporting core work of BCA in line with Wikimedia Foundation principles such as to advance the scholarship & advocacy focused on free knowledge and racial equity and ivesting in non-traditional records of knowledge (i.e. oral histories).

Dr Martens

Dr Martens Foundation supported BCA's learning programme. The funds supported the relaunch of the Youth Forum.

Royal Holloway

Royal Holloway are engaged in a five year partnership with BCA to enhance the diversity within national curriculum as well as advancing BCA’s own learning resources and capacity.

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20. LEASEHOLD PROPERTIES

The charity has agreed terms with the London Borough of Lambeth for the award of a 99-year lease at a peppercorn rent on premises in Brixton.

21. RELATED PARTY TRANSACTIONS

There were no related party transactions in the year.

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