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2022-06-30-accounts

The Margaret Thatcher Archive Trust Registered Chanty No 1061822 Report and Financial Statements for the year ended 30 June 2022

The Margaret Thatcher Archive Trust Registered Charity No. 1061822 Report and Financial Statements for the year ended 30 June 2022 Page Contents Trustees and Advisers Trustees, Report Slalement of Trustees, Responsibifrties Report of the Auditors Statement of Financial Actiwties Balance Sheet 10 Slalement of Cash Flows Notes to the Financial Statements 12-15

The Margaret Thatcher Archive Trust Registered Charity No. 1061822 TRUSTEES AND ADVISERS Trustees Lord Strathdyde CH Ichaimianl Lord Powell ol Bayswater KCMG DrA Roberts FRSL Miss A Thatcher Professor Stephen Toope OC Prof Datne Athene Donald Mrs T M James Se¢rotary and principal addre53 Mr A Packwood Churchill College Storey's Way Cambridge C83 ODS ststutory Audito Price Baley LLP Tennyson House Cambridge Business Park Cambridge CB4 OWZ Bankers Uoyds Bank 3 Sidney Street Cambridge CB2 3HG CLA Investment Management Ltd COIF Charity Funds 80 Cheapside London EC2V 6DZ

The Margaret Thatcher Archive Trust Reglstered Chanty No. 1061822 Trustees. Report for the year ended 30 June 2022 The Trustees present their annual report and finanoal statements for the year ended 30 June 2022. The financial statements have been prepared in ac<x)rdan(% wth the accounting poliue5 set oui in note 1 to the 8CCOLJnts and cornply with the Charity's trust deed. the Charities Act 2011 and Aox•unbng and Reporting by Char￿es.. state￿￿nt of Recommended Practice applicable to Char￿e$ preparing their accounts in aC￿rdance wth the Finanaal Reporting Standard applicaLle in the UK and RepuLlic of Ireland IFRS102) effeth.ve for accounting period commencing on or after 1 January 2019. Structure, Govemance and Management The charity was established by a Dedarab"on of CharrtatAe Trust dated 8 Aprl 1997. The vic&Chan￿110r of the Universty of Cambridge is an ex￿￿0 trustee, alongside the Master and Bursar of Churchill College. There are 4 appointe(I trustee& The FJs%er of appoinb.ng appointe(l trustees is vested in the appointed trustees. The Chairman is dected from arTK)ng the appointed trustees by the appointed trustees. The current Chaiman is Lord Strathdyde. By tradib'on. the Director of the Churthill Arthives Centre serves as S￿retary to the Tru$L The trustees have examined the major strategic. business and opera1ional risks which the charity fa<￿5 and confirm that systems have been established to enable regular reports to be producd so that the n￿ssary steps can be taken to lessen these risks. In accordance with the Statement ol RecornrTEnded Practice (Accounling and Reporting by Charthesl, the Trust Is defined as being connected with Churthill College. whose prin¢ipJ address is Storevs Way. Cambridge, CB3 ODS. Both entities have C4)mn￿n administration. Objectives and Activities for the Public Benefft The object tsf the Margaret Thatcher Arthive Trust is the advancement of the education of the public in particular by acquiring. hclding. restoring 8nd maintaining the Thatther Arthive and by making it available to scholars for the purpose of research land publication of the useful resutts of such research) and as appropriale to the public for the purpose of viewng. The seven Trustees are given wde discretionary powers but they are obliged to obsetve the statutes of the Trust, to safeguard rts assets and to present annual accounts. The Trustees of the Margaret Thatcher Archive Tnjsl are responsilAe for the c￿serVatiOn and management of the Thatcher Archive, bthich they have deposited on loan in Churd)ill College. They do not employ staff direcdy but the management and exhibition of the papers is carrd out by employees of Churchill College bwrking In the College's Archives Centre who are responsitrAe to the Trustees for that portion of their wdei task required for the management of the Thatcher Archive itself. The T￿￿teeS nEet annually to ensure that the management is effective. During the year, the main objectives for the Twst were- To oversee the conb"nuing preservation of the Thatcher Arthive. To adrninister and manage the website of the Margaret Thatcher Foundation To advise on issues relating to access. Ind￿Jing the opening of further parts of the collection for researth. To approve and support educab.onal programmes, exhibiti.ons and events based on the Thatcher Archive. The Trust met online on 23 February 2022. The Tnjstees approved the annual accounts and letter of representation to the Independent Examiner. They revie%%td the statement of risks. register of trustee dedarab.ons and heard reports on the ChurchillArchiv8s Centr8 s proposed new digital preservalion system The trustees confirm that they have referred to the guidan￿ ￿•ntained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives an¢J in ￿annIng future activities.

The Margaret Thatcher Archive Trust Reglstered Chanty No. 1061822 Achi*v•mènts and P•rfomian¢• Dunng 2021122. the Churchill Arthives Centre produced 142 Th3tchei fles for researchers in our Cambridge leading roorns and also sent dig￿.$ed ry)pies of dozens of files lo researchers unaNe to visit the Centre in person. During the year, the archivist continued to p￿pare teaching resources for irtrperson and O￿lne student group exercises for a number of UK university and other educab.onal group Substantial quant￿.eS of material from the collection also continued to be made freety availabte on the websrte of the Margaret Thatcher Foundation. During the year, wwN.margaietthatcher.org continued rts long.term prtsgramme of publishing Margaret Thatcher's Prime Ministeria archives. resurning in person visits to significant archives following the Covid lockdovms. Vigtor totals for the website have continued in the 600.000s. staff at the Archwes centre (xjnbnued to catalogue some of the post-1990 materials in the Thatther papers. especially Lady Thatcherfs personal cxJrreSponden￿ sgnificant putAic figures. Rlsk Manag•mènt The Trustees have examined the major strategi¢. business and operational risks which the charity faces and confimi that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Financial R8view At 30 June 2022 the Trust hdd £857.95312021". £501,105) of Un￿stricted income funds. The Trustees are of the opinion that assets ale available to fulfil the oL4igab"ons of the chatty. Reserves Policy The Tnjstees consider that the charrty shodd retain suffiuent funds to meet unexpected charges wth respect to the conservation of materials held by the Churchill Archives Centre on behalf of the Trust and to provide funds when required to enable the content of the materials to be made availab￿ to researchers and educationalists ¥%rJddwde. Plans for future Perlods The Trust has now released the majority of the papers relabng to Marga￿t Thatcher, premiership. It is now focused on strategies to prowde direct and ￿MOte a￿e$S to the extensive papers that o)ver the reminder of her lrfe. Such strategies need to be e￿Ordinated with the Churchill Archives Centre, the Margaret Thatcher Foundation and, to a lesser extent. the Cabinet offi￿ and the National Arthive5. Auditors Price Bailey LLP were rwppointed as the Trusys auditors during the year and have expressed theirwillingne$8 10 continue in that capacity. By or(ler of the Trustees Mrs T M James Trustee Date. 6 March 2023

The Margaret Thatcher Archive Trust Reglstered Chanty No. 1061822 Statam•nt of Trust••s' R•sponsibiliti•s The trvstees are responsikle for preparing the Trustees. Annual Report arKI the finanoal statements in accordance wth applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice). Law applicable to d)arities in Endand and Wales requires the TnJstees to prepare finanoal statements for each rinancial year which give a true and fair wew of the charrtls finana￿ actiwbes during the year and of its finan￿31 poS￿.0n at the end of the year. In preparing financia statements gwing a true and fair view the Trustees should follow best practice and.. Observe the methods and prinaFAes of the charib.es SORP {FRS1091", Select suitable acry)unty"n9 pcAicies and then aprly them ￿nsistent￿.. Make judgements and estimates that are reasonable and prudent.. State whether apKAica￿e accounting standards and statements of recommended practice have been followed, subject to any departures disdosed and eX￿ained in the finanaal ststeTnents, and Prepare the financial statements on the goin9 ￿n￿rn basis unles$ it 1$ inaprxopriate to presume that the charty 11 continue in operation. The trustees are responsitrle for keeping proper ?￿ounting records that disdose %%ith reasonatrAe accuracy al 8ny time the finanryal position of the chanty and enatAe them to ensure that the financial statements comply wth the Charities Act 2011 the Charrties (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the d￿tty and hence for taking reasonable steps for the prevention and detethon of fraud and othw irregularsbes. Mrs T M James Trust8• Date". 6 March 2023

Independent Auditor’s Report to the Trustees of The Margaret Thatcher Archives Trust

Opinion

We have audited the financial statements of The Margaret Thatcher Archives Trust (the ‘charity’) for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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.

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 trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

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Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement [set out on page …], the trustees are 5 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 1443 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidancefor-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx.

This description forms part of our auditor’s report.

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Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Price Bailey LLP

Statutory Auditor Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Date: 23 March 2023

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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The Margaret Thatcher Archive Trust Registered Charity No. 1061822 Statement of Financial Activities for the year to 30 June 2022 Unrestrlcted Unrestrlcted Funds Fund5 2022 2021 INCOME Voluntary Income Bank Interest 400.200 37 354,174 Charitable Activities Copynght Fees and RO￿lieS 500 146 Total Income 400.737 354,325 EXPENDITURE Charitable Acliwlies 43.889 55.384 Total Expenditure 43,889 55,384 Net Incomel{Expenditure} 356.848 298,941 RECONCIUATION OF FUNDS Total Funds Brought Forward 501.105 202,164 Total Funds Carried FopKard 857.953 501,105 Al income and expenditure derives from continuing actswi￿* The Statement of financi￿ activib.es indude5 all gains and losses recognised in the year. The notes on pages 12 to 15 fomi part of these accounts

The Margaret Thatcher Archive Trust Registered Charity No. 1061822 Balance Sheet as at 30 June 2022 2022 2021 Current Assets Cash at Bank and in Hand Current Accoun15 Deposit Accounts Held by Trustees Total Current Assets 877.238 20,538 10 479.775 20,501 897,786 500,286 Debtors 4,320 504.606 897.786 Liabilities: Amounts falling due within one year 39,833 3,501 Net Current Assets 857,953 501,105 Net Assets 857.953 501,105 The Funds of the Charity Unrestricted Income Funds 857.953 501,105 857.953 501,105 The financial stslernenls on pages 9 to 15 ￿re approved by the Tnjstees and signed on their behalf by." Mr5 T M Jarnes Trustee Date." 6 Mareh 2023 10

The Margaret Thatcher Archive Trust Registered Charity No. 1061822 Statement of Cash Flows Note 2022 2021 Cash Flows from Oparatlng Actl¥itl•s: Net Cash Generatedllusedl in Operating Ath"wb"es 397,463 287,896 Cash Flows frorn Investing Activities: Intere51 from Inve5trnents Nat Cash Provided by Investing Activiti•s 37 37 Change in Ca$h and Cash Equivalents in the Year 397.500 287,901 Cash and Cash Equivalents at the beginning of the year 500,286 212,385 Cash and Ca$h Equivalents * the end of the year 897.786 500.286 11

The Margaret Thatcher Archive Trust Registered Charity No. 1061822 Notes to the Financial Statements for the year ended 30 Junè 2022 Accounting Policies lal Basis of Accounting The financial staternents have been PTepared in accordance wlh AGwunting and Repgrting by Charrties". Statement of Recommended Practice apkluble to chanties preparing their accounts in accordance wth the Financial Reporb"ng Stsndard applicatrAe in the UK and Repu￿1¢ of Ireland IFRS 1021 (effective 1 January 20191- (Charits"es SORP 2019 IFRS10211, the Financial Repo￿n9 Stan¢Jard apK4ica￿e in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a'true and fair. view and have departed from the Charity'es (Accounts and Reports) Regulations 2008 only to the extent required to provide a'true and fair vi￿. This departure has invofved following Accounting and Reporting by Charitie5 preparing their account5 in accordance wth the Financial Reporting Standard ap￿ICalle in the UK and Republic of Irdand IFRS 1021 effects've for accounting periods commenang on or after 1 January 2019. The Trust constr(utes a public benefft entity as defined by FRS102. Assets and liabilities are initially recognised at historical cost or transaction vave ur4ess otherwise stated in the relevant accounting pdicy note. Ibl Going Concern The trustees consider that ￿ere are no material uncertainties about the Trusys abTlty to continue as a going concern. As such, they continue to adopt the going concem basis of accounts in preparing the financial stslemenls Icl Fund A¢counting The Income Fund represents unreslricted funds for the cdoguing. care, maintenance and improvernent of the condition of the Thatchei Archive and such actiwbes rdakn.ng to the archive as are authorised. The Income Fund ￿s0 indudes all of the normal income and expendTiure transactions of the Trust. Idl Debtors Debtors a￿ recognised at the setuement amount due. lel Cash at Bank and In Hand Cash al bank and cash in hand indudes cash and money hdd in deposit OT sirnilar accounts. IQ Creditors Creditors are recognised where the charity has a present o￿lgatIOn resutting from a past event that wll probably result in the transfer of ftJnd5 to a third party and the amount due to settle the obligion can be measured or estimated reliably. Credrtors are nomally recognised at their setuement amount after allowing for any trade discounts due. Igl Ineoma Income from grants receivable, invesknents and bank deposits is induded in the Statement of Financial Activities a5 income. Interest is induded gross and diwdends indude the related tax credit 12

The Margaret Thatcher Archive Trust Registered Charity No. 1061822 Notes to the Financial Statements for the year ended 30 Junè 2022 Ihl Expènditurè Expenditure is rttsgni5ed on an accrua basis as a liabilty is Incu[￿d. Expendtture indudes any VAT which cannot be recovered and is reported as part of the expenditure to which it rdates. ChantsLqe expenditure comprises those costs incurre(I by the Trust in the delivery of rts activities and services for its beneficiaries. It indudes both costs that can be allocated direcoy to such activities and those costs of an indirect nature necessary to support them. Govemance expendf(ure comprises those costs associated meets'ng the constitutional and statutory requirements of the Trust and indude the audit fees and costs linked lo Ihe str*egic management of the Trust. All costs are allocated between the expendiiure categories of the ststement of finanaal activities on a basis designed to reflect the use of the resources. Costs relating to a parb'cular activity are allocated direcdy. lil Heritage Assets The Trust has herrtage assets which are of historical importance and are held to advance the educational objeclwe5 of the charity and for preservab.on and conservab"on. Sufficiently reliable information about the value of these assets is not available and hence they are not induded in the balance sheet "l Financial Instruments Financial assets and financial liabilthes are recognised vthen the trust becomes a party to the contractual provisions of the instrumenL Al financia a55et5 and liabiltb.es are intb.ally measured at transacb.on price linduding transaction costs). The tiust only has financial assets and financial liabiltb.es of a kind that qualfy as basic financial instruments. Basic financial instruments are inibalty recognised at transact•Jn value and subsequenljy measured at their setuement value which Is deerned to be their WSL Ikl Signrficant Accounting Estimates and Judgements There are no signfficant accounting estimates orjudgements %thich might materially affect the financial statements. Analysi5 of Expenditure Basis of Charitabl• Allocation Activities Governance 2022 Totsl Expenditure 2021122 Website Management and Running Costs Audit and Legal Fees Other Expenses Direct Direct Direcl 42,524 42,524 1,048 317 1.048 317 42.524 1,365 43.889 13

The Margaret Thatcher Archive Trust Registered Charity No. 1061822 Notes to the Financial Ststernents for the year ended 30 June 2022 Analysis of Expenditure (Continued) Basi5 of Charitsble Allocation Activities Govèmanc• 2021 Total Expenditurn 2020121 Web5rte Managernenl and Running Costs Audit and Legal Fees Other Expenses Direct Diiecl Direct 54.317 54,317 1,030 37 1,030 37 54,317 1,(￿7 55,384 Inv•$tm•nt In¢orn• 2022 2021 Inteiesl re¢eived 37 Trustees. remuneration No Trustee received any remunerab.on or expenses in respect of semces to the Trust in the year. Employee Inforn)ation The Trust does not have any employees. Debtors Unrestricted Funds 2022 2021 Churchill College 4.320 4,320 Liabiliti8s.' Amounts falling due wihin one year Unrèstrict•d Funds 2022 2021 Churchill College Creditors Auditors. rernuneration 38.825 2,511 990 1.008 39,833 3,501 14

The Margaret Thatcher Archive Trust Registered Charity No. 1061822 Not•s to th• Financial Stat•mènts for th• yèar •nd•d 30 Junè 2022 Reconciliation of Net Movement in Funds to Net Cash Flow from Operating Activities 2022 2021 Net movement in funds for the reporting period 356.848 298,941 Adjustments for.. Interest frorn Investments Decreaselllncreasel in Debtofs IncreasellDecreasel in Credrtors {371 4.320 38,332 151 15701 110,4701 Net Cash Provided byllused in) Operating ktivities 397.463 287.896 Anatysis ofcash and Cash Equivalents 2022 2021 Cash in Hand and Current Accounts Dep¢yJ 877.248 20.538 479,785 20.501 Total Cash and Cash Equfval•nts 897,786 500,286 Analysls of Nèt Dabt At1Juty 2021 Cash Movement At 30 June 2022 Cash in Hand and Current Accounts Deposit 479,785 20.501 397,463 37 877,248 20.538 500,286 397.500 897,786 10 Related Parties The activth.es of the Trust are based at Churchill College. The Trust Deed sb"pulates thatthe Master and Bursar of Churchill College are ex-offiuo Trustees of the Trust The current chief executive officer is the Bursar of Churchill College. Expendfcure of £43.84512021.' nil) was incurred by the College on behaifof the Trust and the College received £70012021.. £4.3201 on behalf of the Trusl Induded within the Trusys debtors as al 30 June 2022 is an amount of £38,825 due to the College12021-. £4,320 due from tt)e College), the Trust having transferred £nil12021 £8751 to the College during the year. There are no other rdated party transaction5 to note. 15