The Rothschild Archive Limited A charitable company limited by guarantee Report and financial statements For the year ended 31 March 2024 Ckny 1$1[ahOn nurnbcr.. 1075.140 Ci•npAny regi*rnson nwnber.. 3702208 (England & WAlesl The RUth$(h hrthi4£ li1&i Confidenknal
The Rothschild Archive Limited Contents Charity details Report of the Directors Independent auditors, report Statement of financial activities 9-13 14 Summary income and expenditure 15 Balance sheet 16 Statement of cash flows 17 Notes to the financial statements 18-29 Ch*ily fe81$1110tt number.. 1075.140 ww#Nion mumr.. 37o22081En8]w & Wales) ThE Ro[h Confideiilial
The Rothschild Archive Limited Charity details DIRECTORS AND TRUSTEES: Baron Eric de Rothschild (Chairman) Julien de Beaumarchais John Grimond Kate Rothschild Baroness Ariane de Rothschild Professor Emma Rothschild Lionel de Rothschild David Todd Paul-Andre Rosental Nicholas Wrigley Anthony de Rothschild SECRETARY: Melanie Aspey REGISTERED OFFICE: New Court St Swithin's Lane London EC4N 8AL INDEPENDENT AUDITORS: Saffery LLP 71 Queen Victoria Street London EC4V4BE INVESTMENT MANAGERS: Rothschild & Co Wealth Management {UK} Limited New Court St Swithin's Lane London EC4N 8AL (tharity r¢8istration numbEr.' 1075J40 rtllmber.. 3702208 IEn¥la*d & W¢S} lThc R4ih5th1d Arthn'L lJilllt Confiderslial
Report of the Directors The Directors, who are also the trustees of The Rothschild Archive Lirnited ('the charity.), present their Directors, report and financial statements for the year ended 31 March 2024 which have been prepared in accordance with the accounting policies set out on pages 18-20 and comply with the charity's Memorandum and Articles of Association, the Charities Act 2011, Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland. The information on page 3 forms part of this report. Governing Documents The charity is a company limited by guarantee governed by its Memorandum and Articles ofAssociation dated 27 January 1999. Objects and Strategy The charity's objects are to advance education for Ihe public benefit by the acquisition, preservation and maintenance of the books, letters, manuscripts, other papers. chattels or artefacts which are or were previously in the ownership of the Rothschild family or the Rothschild family businesses for study by such scholars and other purposes as the charity considers appropriate. In particular, the charity will seek to encourage and develop increased access to these materials by the academic community and to make them more widely available by publication, exhibition and electronic distribution. The Directors regularly review the charity's objects and activities to ensure they continue to reflect these aims. As part of these reviews, the Directors have considered the Charity Commission's general guidance on public benefit. The charity has granted a licence in respect of the archive to N M Rolhschild & Sons Limited. Under the licence, N M Rothschild & Sons Limited maintains and administers the archive at its sole expense in furtherance of the charity's objectives and under the overall direction of the Directors of the charity. In return, N M Rothschild & Sons Limited enjoys certain rights to exploit the archive for the purposes of its business. Structure, governance and management The Directors (who are also the trustees for the purposes of charity law) of the charity who held office during the year. and to the date of this report, were as follows.. Baron Eric de Rothschild (Chairman) Julien de Beaumarchais John Grimond Kate Rothschild Baroness Ariane de Rothschild Professor Emma Rothschild Lionel de Rothschild David Todd Paul-Andre Rosental Nicholas Wrigley Anthony de Rothschild ¥iy reBis1rnion Umber. 1075.140 CL¥MWy Mumber.. 3702208 IEThBland & W4¢51 Confideiilial
The number of Directors shall not be fewer than three and shall not exceed eleven. At all times a majority of the Directors shall be members of the Rothschild family. New Directors may be appointed by current Directors to fill a casual vacancy or as additional trustees. Such appointments shall be confirmed by the members by ordinary resolution. The board may appoint one of their number to be Chairman. The quorum for Directors, meetings is one third of the board of Directors and attendance may be by conference phone call. The Directors have established an investment sub- committee and an academic sub-committee. The Directors may delegate any of their powers to a committee consisting of one or more Directors. The board of Directors meets regularly as required. The Directors have been supported throughout the year by the Secretary to the charity, and by the staff of the Archive. The Directors consider that the board of Directors, comprise the key management personnel of the charity in charge of directing, controlling and managing the charity on a day-to-day basis. All Directors give of their time freely and no Director received remuneration in the year. Details of directors, expenses and related party transactions are disclosed in notes 5 and 13 to the accounts. New members of the board are provided with the published guidance for trustees issued by the Charity Commission and directed to the resources available on the organisation's website. Previous publications and accounts of the Archive are also made available. New members additionally meet with the Secretary, in advance of their first board meeting, so that they can familiarise themselves with the work of the Archive. Achlevoments and performance During the year the archivists welcomed a pleasing number of researchers in the reading room in London. As ever the range of subjects that visitors researched was diverse, including the history of sovereign loans, local history, Anglo-Jewish history, history of rnigration, the histories of several Jewish families, pre-WWI German economy, art history and provenance research. The archivists have been fortunate to have been able to draw on the skills and enthusiasm of a group of volunteers, most of whom are retired former staff of the Rothschild business. This year they have supported a research project based on the early cash books of N M Rothschild & Sons. which were the basis of a PhD study by Bernadette Mischka of the University of Regensburg. The study explored the application of automated transcription of the entries in the cash books, enabling the data to be more readily accessible for researchers. The Archive's volunteers produced accurate transcriptions to help 'train' the computer software. The project was awarded a prize by the German foundation for digital humanities. cashbooks.app.uni-regensburg.de Volunteers continued to work on some early twentieth-century receipts of the business, providing useful detail to the curatorial team at Waddesdon Manor for their exhibition 'Flights of Fancy" The Archive lent some items from its collection to this exhibition. On behalf of the Business Archives Council the Archive hosted a training day about business archives for students on the post-graduate archive training course at Aberystwyth University. The Archive also hosted an undergraduate student of history from Goldsmiths, University of London. The placement was part of the course, which is designed to further an understanding of historical sources. r¢8i$lTation num1.. 1075340 Clmnwy rw51talion nubeT. 1702208 IEn814nd & Wdcsl The Rirthtchld Ar(hThY lirrut Confidenlial
The archivists attended a number of COnferenS, such as those of the European Association for Banking and Financial History. the Archives and Records Association, the Section on Business Archives of the International Council on Archives, to maintain their wofessional knowledge and to share their experiences with other practitioners. Future plans The Rothschild Archive Trust was established in 1999 by the late Sir Evelyn de Rothschild. In 2024 the Trustees and archivists plan to celebrate this 25th anniversary with a small series of events. The anniversary year is a good opportunity to prepare for the next 25 years. A revised Rothschild family tree is in production,. a review of the highlights of the first 25 years of the Trust is in preparation, and continued efforts are being made to improve the Archive's digital holdings. Fundraising The Trustees take seriously their responsibilities under the Charities (Protection and Social Investment) Act 2016 in respect of fundraising activities. The Archive is supported by a number of businesses and foundations controlled by members of the Rothschild family. It does not carry out any fundraising activity in order to raise funds from the general public. The Archive does not work directly with commercial sponsors or engage professional fundraisers. The Trustees are not aware of any complaints made in respect of fundraising during the year. Further information on the Archive's colleclions and activities can be found on the website: htt s'.Ilwww, rothschildarchive.or Review of financial position and reserves policy During the year, the Archive received income of £1,597,878 (2023: £2,377,887) of which £1,520,304 (2023.. £1,504,576) related to donated Serdices and £6,608 (2023: £827,890) related to additions to the Archive. The income was applied to furthering the objects of the charity. The net assets of the charity increased by £586,789 (2023.. £637,325) during the year to £26.956,834 (2023: £26,370.045). related to additions to the Archive. The total charity funds at 31 March 2024 are £26,956,834 (2023: £26,370,045) of which £35,068 (2023.. £19,674) relates to the unrestricted fund, £6,203,070 {2023: £5,638,283) relates to the restricted funds and £20,718,696 (2023. £20.712.088) relates to the endowment fund. The unrestricted funds at 31 March 2024 of £35,068 will be retained to finance the charity's policy of charitable support. The restricted funds at 31 March 2024 will be relained to build a reserve against future need in relation to the long-term welfare of the collections in the Archive. The Directors consider that no target is necessary for free reserves. Running costs are secured from N M Rothschild & Sons and the free reserve funds are adequate to support the small number of transactions each year. Ckny r¢Bi¥rwioTr number". 1075140 R81AlOn numt¢r.' 3702208 Ilnglond & Wales) RnthKh4d lJliiiid Confideiitial
Investment policy The Directors intend that the real value of the charity's funds be maintained and enhanced over the long term by investment in a suitable portfolio. The Directors have appointed Rothschild Wealth Management (UK) Limited as discretionary investment managers. The principal objective of the investment strategy is capital preservation with a focus on safety, consistent with a tolerance for low risk of capital loss and low volatility of return, The portfolio's performance was evaluated against these objectives. The portfolio effectively met these objectives with notable capital appCiatIon and consistent income generation. Grant policy A limited number of Rothschild Archive Bursaries are available for researchers in full- time education who are pursuing research projects that will involve substantial use of The Rothschild Archive. The bursaries are designed to provide practical assistance with travel, accommodation or incidental costs associated with such work, rather than covering the full cost of research. The maximum sum usually granted to a successful applicant is £3,000. The Bursary and Education Committee reviews each application. Guarantor8 At 31 March 2024, there were eleven members of the charity, being the eleven trustees listed on page 4. The liability of each of the members of the charity in the event of a winding-up is limited by guarantee to £1. Internal controls and the mitigation of major rlsk8 The Directors have identified and reviewed the major risks of the charity which are the safeguarding of assets held and market risks relating to the holding of investments. Internal controls to mitigate these risks. including an annual review, have been established. The risk register is under constant review by the Directors of the Archive. The Directors confirm that the controls implemented are appropriate to the size of the charity and the nature of its operation. C1bAn"ly wsiraiion number.. 1075340 C**nplY trgi511ation nllnLb2r.' J702208 I13nd & WHlesl Tht Arthiiy I4[tLy1 Confidential
Statement of Directors, responsibilities The Directors (who are also the trustees for the purposes of charity law) are responsible for preparing the report of the Directors and the financial statements in accordance with applicable law and United Kingdom accounting standards. Company law requires the Directors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP (FRS102)' make judgments and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to disclosure of information to auditor The Directors who were in office at the date of approval of these financial statements have confimed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Directors has confimed that they have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor. Auditor Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and Saffery LLP will therefore continue in olTice. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relaling to small companies. By Order of the Board 30 January 2025 CIwiiy numkn.. 1075340 rc8isITglion number." 1702208 (En¥ld & Wales) Conlideiilial
Independent auditors, report to the members of The Rothschild Archive Limited Oplnlon We have audited the financial statements of The Rothschild Archive Limited for the year ended 31 March 2024 which comprise the Statement of financial activities, Summary income and expenditure, Balance sheet, Statement of cash flows 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: give a true and fair view of the charitable company's state of affairs as at 31 March 2024 and of its incoming resources and application of resources, including 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 Companies Act 2006. Ba818 for oplnlon 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 perfomed, 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. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. C1wity rewslralion nrnbEr.. 1075340 Company r¢waMion thumkn.. 3702208 ILnBland & Wlul The Rthhsthu Ar(h11r la4¢¢ Confidential
Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does nol cover the other information and, except to the extent othepNise explicitly stated in our report, we do not express any forn 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 infonnation we are required to report that fact. We have nothing to report in this regard. Opinions on other matter8 prescribed by the Companie8 Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Directors which includes the Directors, Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the Directors which includes the Directors, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon 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 Report of the Directors. We have nothing to report in respect of Ihe following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or retums 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 infonnation and explanations we require for our audit- or the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Report of the Directors and from the requirement to prepare a Strategic Report. ilwiiy r¢Bislr•lir numb¢r'. 1075.140 CLMnPW number.'.1702208 (England & Wales) Thr Il(*1bth AtthiiT Jimitcd io Confideiilial
Responsibilities of trustee8 As explained more fully in the Statement of Directors, Responsibilities set out on page 8, the trustees (who are also 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 detennine 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 charitable company or to cease operations, or have no realistic alternative to do so. Auditor's responsibilities for the audit of the financial ststements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the charitable company's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. Clwjiy r¢BlIa110n nui2ib¢T. 1075340 Cmpw tr81[&lon number.. 3702208 IEtt¥land & Waiesl Th¢ IAmicd Confidential
Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales. Audit response to risks idenlified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company's CordS of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material rnisstatements arising. We discussed the charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual. suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit. the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and Iransactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. VW4VW.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. wtgistraiion numbcr.. 1075340 Cmpany reBlStrn¢io]t number..1702208 IfnBland & W8les> Th¢ lAfit Confideiilial
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 wo, for this report, or for the opinions we have fonned. ILL. IV Helen Wilkie (Senior Statutory Auditor) for and on behalf of Saffery LLP Statutory Auditors 71 Queen Victoria Street, London, EC4V 48E Date: 31 January 2025 Saffery LLP is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006 CIwi"ty niimber-. 1075340 Cmpany r¢w51ralion numb¢T'. 3702205 IEI)gland& Walu) Thc RothsthaJ *lr(hiiY IAIMttd Confidential
Statement of financial activities For the year ended 31 March 2024 Unrestrlctsd Restricted Endowment funds funds funds Total 2024 Total 2023 Nots (Note 14; Income and endowments from: Donations 2{a) 30,000 1,520,304 6,608 1,556,912 2,336,012 Investments 2(b) 44,736 44,736 36,841 30,000 1,565,040 6,608 1,601,648 2,372,852 Expenditure: Raising funds 39,357 39,357 38,09E Charitable activities 14,606 1,520,304 1,534,910 1,539,087 14,606 1,559.661 1,574,267 1,577,182 15,394 5,379 6,608 27,381 795,670 Net gainsl(losses) on investments 563,178 563,178 (163,379; (3,770) FX (losses)Igains (3,770) 5,034 Net incomel(expenditure) and Net movement in funds 15,394 564,787 6,608 586,789 637,32£ Total funds brought fOard 19,674 5,638,283 20,712,088 26,370,045 25,732,72C Total funds carried forward 10 35,068 6,203,070 20,718,696 26,956,834 26,370,048 All income arises from continuing activities of the Charity. The Charity had no recognised gains or losses other than those dealt with in the slatement of financial activities. Chty reysirniion numb¢r.' 1075.140 cMY Bi5¢r&i0n nwnbrr." 3702208 IEn¥land & Wales) ConfidL>iilial
Summary income and expenditure For the year ended 31 March 2024 2024 2023 Total income 1,595,040 1,544,963 Total expenditure (1,574,267) (1,577,183) Realised and unrealised gainsl(losses) on revaluation of investments 563,178 (163,379) FX (losses}Igains (3,770) 5,034 Surplus l (loss) for the year 580,181 (190,565) Total income comprises £1,565,040 for restricted funds and £30,000 for unrestricted funds. Expenditure comprises £1,559,661 for restricted funds and £14,606 for unrestricted funds. The revaluation of investments excludes the permanent endowment fund8. A detailed analysis of income and expenditure by source is provided in the Statement of financial aclivities. The summary Income and Expenditure Account is derived from the Statement of financial activities which together with the notes to the financial statements on pages 18 to 29 provide full information on the movement during the year on all funds of the charity. The notes on pages 18 to 29 form an integral part of these financial statements onIY rcgislralion nllmb¢r.' 1075140 Cthnpthy rt8iaralitr* number"..1702208 Iknglsnd & Wales) Th¢ R(xlMhad Ar(hThT Confidential
Balance sheet At 31 March 2024 Note 2024 2023 Flxed a88et8 Heritage assets Investments 21,384,115 21.377,507 5,212,663 4,643.680 26,596,778 26,021,187 Current assets Cash and cash equivalents 392,414 436.066 392,414 436,066 Llabllltle8 Creditors.. Amounts falling due within one year 32,358 72,208 Net current a88et8 360,056 363,858 Total a886t8 le86 current Ilabllltlo8 26,956,834 26,385,045 Creditors.. Amounts falling due after more than one year 15,000 Total net assets 28,956,834 26,370,045 Fund8 Endowments 9,981,077 9,974,469 Revaluation reseple 10.737.619 10.737,619 11 20,718,696 20,712,088 Restricted 11 6.203.070 5,638,283 Unrestricted 11 35.068 19.674 Total charlty fund8 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The accounts on pages 14 to 29 were approved by the Board of Directors and were signed on its behalf by.. 26,956,834 26,370,045 Lionel de Rothschild, Trustee 30 January 2025 The notes on pages 18 to 29 fonn an integral part of these financial statements Chtsily tt8isNion number.. 1075140 rewANion nwnbcr.. 3702208 IETr8land It Walul lThc Ar<hi4r limit 16 Confidl11a1
Statement of cash flows For the year ended 31 March 2024 Note 2024 2023 Cash flow8 from operating activities Net income for the year Adjustments for: Donated assets Investment income Investment management fees Net (gains)Ilosses on investments (Decrease)lincrease in creditors Net cash flows from operating activities 586,789 637,325 (6,608) {827,890} (44,736) (36,841) 39,357 38,096 (563,178) 163,379 (54,850) {79,192) 2b (43,226) (105,123) Cash flows from investing activities Dividends and interest from investments Investment management fees Purchase of investments Proceeds from sale of investments Net movement in managed cash balance Net cash flows from Investlng activitie8 2b 44,736 36,841 (39,357) (38,096) (320,261) (1,129,412) 342,703 1,196,425 (28,247) (29,617) (426) 36,141 Change in cash and cash equivalents in reporting period Cash and cash equivalents brought forward (43,652) (68,982) 436,066 505,048 Cash and cash equivalents carried forward 392,414 436,066 The notes on pages 18 to 29 form an integral part of these financial statements awj.ty T¢Bi51Talion number.. 1075340 CoMpY lEBiratioN 3702208 IEn8land & Wd¢sl Tht limttd Confidential
Notes to the financial statements (fonning part of the financial statements) 1. Summary of significant accounting policies Bas18 of preparatlon The accounts have been prepared under the historical cost convention, as modified by the revaluation of certain fixed asset inveslments, and applicable accounting standards in the United Kingdom. The financial statements have been prepared and rounded to the nearest £ sterling and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard (Charities SORP (FRS 102) second edition), the Companies Act 2006 and the Charilies Act 2011. The principal accounting policies set out below have been consistently applied in the presentation of the financial statements except where noted. The Charity constitutes a public benefit entity as defined by Financial Reporting Standard 102 (FRS102). The charity is a company limited by guarantee. Details of the registered office are provided on page 3. At the time of preparing these accounls the Directors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. The figures in the financial slatemenls are prepared in Sterling and rounded to the nearest pound. Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Voluntary 5ncome Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Investment Income Interest on funds held on deposit is included when receivable and the amounl can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This 18 normally upon notification by our investment advisor of the dividend yield of the investment portfolio. awAy rryisimion numt*r'. 1075340 Cunpmy number"..1702208 IEng18nd & Wdtj) Tht Roth$d limit Confidoiilidl
Notes to the financial statements (fonning part of the financial statements) Donatod 8orvlco8 and glfts In klnd Donated professional services and gifts in kind are recognised as income when the charity has entitlement, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and gifts in kind are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market: a corresponding amount is then recognised in expenditure in the period of receipt. Expendlture Expenditure (including VAT) is recognised on an accruals basis as a liability is incurred. The charity is not able to reclaim VAT incurred on its expenditure. Charitable expenditure comprises direct expenses incurred on the defined charitable purposes of the charity. Grants are recognised in full in the statement of financial activities in the year in which the award is made. Horftago as8et8 Heritage assets are recognised in the balance sheet at a valuation determined by the Directors. Professional valuations of the archive occur on a periodic basis and the Directors review the carrying value in the intervening periods. No depreciation has been provided as the assets are carried at valuation. The Archive's Heritage assets includes Gold bars. These Gold bars are considered as a distinct class of asset which are held at historic cost. All other heritage assets are based on the latest valuation determined by the Directors. Any gifts of archive assets are treated as heritage assets and included at valuation. Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the market value. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire put options, derivatives or other complex financial instruments. Fund accountlng The unrestricted funds comprise those monies which may be used towards meeting the charitable objects of the charity at the discretion of the Directors. The restricted funds comprise those monies subject to donor-imposed conditions. y rt8istraiion number.. 1075.140 Company re8i*rniion nuinber.. 3702208 IEnBland & Wo1¢s) 'Thc Rrthlch Arthiiy IArrui 19 Confidential
Notes to the financial statements (fonning part of the financial statements) The endowment fund comprises those inalienable heritage assets and funds that have been donated to the charity subject to the restriction that they must be held as capital and used towards meeting the charitable objects of the charity. Llab511tles Liabilities are recognised when the entity has an obligation to transfer economic benefits as a result of past transactions or events. Flnanclal Instrument8 The charity 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. Slgnlficant Judgements The Directors consider that Ihe most significant judgement area in Ihe application of the accounting policies is the valuation of heritage assets which is set out in note 6. CIAn"iy regi1$¢) niimber.. 1075340 C¢mp•y r¢8islrlltion number..1702208 IEn8lAnd & Wd¢sl Th¢ R¢*hsthaJ Athiiy IWA1 Conlidciili411
Notes to the financial statements (fom7ing part of the financial statements) 2. Income and endowments a. Donatlon8 Unrostrlctad Rè8lTlcted Endowment fund¥ fund$ fund• Totsl 2024 In¢om• •nd ondownonts from: Monetary donations 30.000 30.000 Donated grfts and servlces 1,520,304 6,608 1,526.912 30,000 1,620,304 6,608 1,556,912 Unre¥trlcled Restrlcled Endowmént lunds funds funds rotal 2023 Incom• and endowments from.. Monetary don8tlons 3,546 3,546 Don8led gifts and sefwce 1,504,5T6 827,890 2,332.466 1,508,122 827,890 2,336,012 The donated gifts and services were applied to the activities of the charity as follows.. 2024 2023 Runnlng ¢0815 ol the chorrty al voluglion 1,520.304 1,504.576 Tangible fL¥od 48801 gddltions at v4lu8llon 6.608 827.890 1,626,912 2,332,460 b. Investment Income 2024 2023 Ll8tod Investments: UK fixed interest Income 12,531 3,747 UK dfvldend Income 10,429 16,896 Overs8as equS1ies 18,666 15,461 Unll•tsd Invo•tm9nts: UK Gilt inl8re$l 3.110 731 44,736 36.835 Bank interest 44,736 36.811 iiy W51raiion nuinb¢i'. 1075340 CoMpY ttg1stT1n number.. 3702208 IEn8land & Wdtsl ThE AtdbTh* IAirAILyJ 21 Conlidential
Notes to the financial statements (fomiing part of the financial statements) 3. Raising fund8 Unrn8trl¢tsd tunds Re8trlct8d Endovmient funds lund• Total 2024 InvestTrI m4nagem8nl f88$ 39,357 39.357 Unresmcted lund$ Restrlcted Endowment funds funds Tofal 2023 InstMen1man8Q&rn8nt fees 38.096 38.096 4. Charitable activities Unr••trlctsd fund• Ro•trlct•d fund• Endowm•nt fund• Total 2024 Bank ch•rge$ I Intero$1 {1.324) (1,3241 8ur8arl•$ awarded to IndlvlduAI• BIo9raphy co8t8 Audrt 8nd •¢counlancy 15,930 15.930 Donated solCo 1,520,304 1,520.304 14.606 1,620,304 1,534,910 Unr•$¢rteted funds Restrlcted funds Endowment funds Tot•1 2023 88nk charges (631) (631) Bursaries 8wort18d lo Indlvldu81s 4,011 4.011 Leg818nd prolessionol 10,984 10,984 Audrf and a¢countan¢y 20, 148 20.148 Donated seNkes 1.5Q4,575 7.504,575 23.528 1.515,559 1,539,087 Donated services include an estimate of the value of services, offices, archive storage and staff time received. Cknty Teysi[alio thumb¢r." 1075140 TewaNion nurnkr.. 3702208 IlnglBrtd & Wales) 22 Confideiilial
Notes to the financial statements (fonning part of the financial statements) Amounts payable to the auditor were as follows: Unro•trlctsd Ro•trlcted Endowmont fun lund• lund• Tot•1 2024 To¢al 2023 Audit feeloxdudlng VATI 14.465 14.465 14.340 Audtt fee- und8iprovlslon 2.450 14,466 14,465 16. 790 5. Staff costs and directors, remuneration No staff are employed by the charity and day-to-day operations are carried out by employees of N M Rothschild & Sons Limited. The costs of those employees, who are not considered to be key management personnel, are included as donated income and in the donated services expense in the statement of financial activities. No ernoluments or expenses were paid to the Directors during the year in respect of their services to the charity (2023: Nil). Other than the related party transactions disclosed in this note and note 13, Ihere were no related party transactions in the year. 6. Heritsge assets 2024 2023 CtlIU4110n At 1 Aprll 21,377,507 20,$49.617 Additions durtng the y84r 6,608 827,890 At 31 March 21.384.116 21.377.507 The charity holds an archive collection comprising books, letters, volumes, manuscripts, other papers, chattels and artefacts which are or were previously in the ownership of the Rothschild family or Rothschild family businesses (the "Archive"). The Archive collections occupy approximately 2,650 linear metres of shelving. A professional valuation of the Archive was performed by L & J Gull Fine Arts in December 2017 which was based on replacement value and ascribed an uplift in value of £2,559,268. All subsequent additions are included at cost or, in the case of items donated, at valuation. The Directors are of the opinion that the carying value of the Archive as at 31 March 2024 is a valid approximation of fair value Gold bars with a book value of £275,472 are also included in heritage assets. These gold bars are representative of those produced at the Royal Mint Refinery, a business operated by N M Rothschild & Sons Limited from 1852 to 1968. At 31 March 2024, the market value of the gold in these bars was £2,248,635 (2023.. £2,024,204). r¢yslr•lion numb¢r'. 1075340 Cthnwy regi¥ion number." 3702208 & Wales) 23 Conlidentsal
Notes to the financial statements (fonning part of the financial statements) Heritage assets are acquired through purchase or donation or other legal means with due diligence conducted to ensure the provenance and authenticity of the assets. Regular maintenance and conservation efforts are undertaken to ensure the longevity of the assets. The assets are managed by qualified personnel and a comprehensive inventory of all heritage assets is Maintained. Access to heritage assets is controlled to prevent damage and ensure security. The charity seeks to encourage and develop increased access to the Archives by the academic community and to make them more widely available by publication, exhibition and electronic distribution. The charity rarely disposes of any of these assets. A detailed register of the assets held by the Archive is kept by the Charity. The Archive is open to bona fide researchers by appointment only Monday to Friday (excluding public holidays). Archive material dated post 1945 is generally not available to researchers. Five-year financial summary of transactions lating to heritage assets.. 2024 2023 2012 2011 2020 DonalioD$ at valuation 6,608 827,890 1,058,038 45,097 30,335 Total ddltlons 6,608 827.890 1,868,038 45,097 30,336 There have been no disposals of heritage assets in any of the last five accounting periods and no impairment has been considered necessary, Ch•M' y fegistriion number.. 1075140 Cionrwry regi*rn¢ion DwDber'. 3702208 (EnBIBnd & Walc$l 24 Confidential
Notes to the financial statements (forming part of the financial statements) 7. Investments 2024 2023 4,643,680 4,844.455 Addttlon8 at C08t 320.261 1, 129.412 Sale proceed8 ffom disposa18 (342.703) (1. 196,425J Realisod ond unrealised galn¥lllo$$o$l 563.178 (163.379) Net cash movements 28,247 29,617 At 31 March 5,212,663 4,643,680 Investments comprise: 2024 2023 Ll•t•d Invmtmgnts: UK fixod Interest 8ecurille8 d81.371 522,322 UK equltl88 and lty fund8 722,112 635,666 Overneas aoultlei and equrty funds 2,723,601 2,392,980 Hed98 fvnd 871,493 509.250 Monoy market 198,443 147. 182 Other 415.643 436.280 6,212.863 4.643.680 Hl•torl¢al ¢o•t 3,S63.601 3.519.256 8. Creditor8 2024 2023 Accruals and other Cfedilors 32.358 32,358 87,208 87,208 9. Analysis of changes in net funds For•lgn gxchango movements At 1 Aprfl 2023 At 31 M•rGh 2024 Ca8h flows Cash and cash equivalen18 436.068 139,8821 (3,7701 392.414 Total 436,066 139.8821 13.7701 392,414 awity reBi5tr8lion numbEr'. 1075340 Ctthpany rtBi51r*iOTh numbEr.' 3702208 IEn814nd & Wdesl Thc R¢1<hO IAmitttl 25 Conlidenlial
Notes to the financial statements (fonning part of the financial statements) 10. Funds At 1 Aprll 2023 RevaluatloTr ol At 31 Mah Investmonts 2024 Incom Expen80• Unwstrkted fund 19.674 114.6C61 35.068 Restricted fund¥.' Scfv?nti$ls project 23.088 23.088 ArchN8 5,615.195 1.561.270 {1.559.6611 563.178 6.179,982 Endowment fund (rManent endowment) 20,712.088 20,718.696 26,370,045 1,597,878 {1,574,2671 563,178 26,956,834 At l Aprti 2022 Rovaluatlon of At 31 Mah Investmen18 2023 Incom• Expenses Unreslricled lund 43.202 (23,528) 19,674 Restrkled lund$.' Sclontlsls ptycl 23.088 23.088 5. 782.232 1,549.997 (1,553.655) (103.379) 5,615,195 Endowment fund fp8mi8nenl endowmenl) 19.884, 198 827.890 20, 712,088 25,732,720 2,377,887 (1.577,183) (163,379) 20.370,045 There is an agreement in place whereby all income from various parts of the Rothschild business and family is treated as restricted and is to be utilised in maintaining the Archive in the event of the Rothschild business withdrawing support. The endowment fund comprises those inalienable heritage assets and funds that have been donated to the charity subject to the restriction that they must be held as capital and used towards meeting the charitable objects of the charity. The final tranche of funding for the Rothschild Scientists project will be applied when recruitment and supervision of an archivist to catalogue material at the Natural History Museum is possible. Ch¥iiy regtsiraiion Thuinber.. 1075140 C(ffjpaDy K¥i*NioTr liu7ber. .1702208 (Enuland & Wzttsl Atthiit Iimit 26 Confidential
Notes to the financial statements (fomiing part of the financial statements) 11. Analysis of net assets between fund8 Unrnstrlctod fund• Rostrlctsd fund• Endowment funds T¢)tsl funds Herilage a85818 665.419 20,718,696 21.384.115 Investmgnts 5,212,663 5,212,663 Current a8set8 52,426 339,988 392.414 Liabilitte¥ {17.3581 (15.000} (32.358) At 31 March 2024 35,068 6,203,070 20,718,696 26,956.834 Heiitage aetS 665,419 20, 712.088 21.377.507 Investments 4.643,680 4.643.680 Cuffent assets 36,882 399, 184 436.066 L1¥bMitS (17.208) (70,000) (87.208) At 31 March 2023 19,674 5,638,283 20,T12,088 28,370,045 12. Llability of members The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability of the members is limited to £1 each. Chrity rc8isli#tion nuihbet.. 1075.140 reyTaiion number.".1702208 IEn¥laNd & Watesl 'Thr ftt*lth Arthrti limit¢d 27 Conlidenlial
Notes to the financial statements (fonning part of the financial statements) 13. Transactions with relatsd parties Related parties are defined in the Statement of Recommended Practice applicable to charities and include trustees, families of trustees and entities with which trustees have a significant interest in or significant influence over. Amounts recognised in the Balance Sheet are as follows,. 2024 1023 Rothschild & Co Bank International Limited Cash and ca$h equivalent$ 392,414 436,066 NM Rothschild & Sons Limrted Other credrtors I30,0) 392.414 406.066 Rothschild & Co Wealth Management (UK) Lirnited manages the Archive's investments of which further information can be found in notes 2b and 7. Amounls recognised in the statemenl of financial activities were as follows: 2024 2023 Rolhschlld & Co Wealth Managem8nl {UK} Limited Inveslm•nt managemnt fee8 pald 139,3571 (38,090) NM Rolh8chlld & Sons Llmlled Monel•ry don•llon 30,000 NM Rolhjchlld & Sons Llmlled Donated a•r4lc 1,520,YJ4 1,501.576 1,610.947 1,408.480 Chtrity teBisirAiithb thumb¢r'. 1075340 Canp•ny 1¢8iYTo1ioD number.. 3702208 IEA8land& Wdes) Confideiilial
Notes to the financial statements (fofftiing part of the financial statements) 14. Statement of financial activiti88 for the year ended 31 March 2023 Unr••trlcted Restrlcted Endowment fund• funds lund• Total 2023 In¢¢)mo •nd •ndovmi•nt8 from: Donatknns 1,508.122 827,890 2,336.012 Investments 36.841 36.841 1.644.963 827,890 2.372,863 Expondltur•: Raising funds 38,096 Charitabl8 aCtlvttie8 23,528 1,515,559 1,539.087 23,528 1,553,855 1.677,183 Net11058e8llgains on Investments 1163,3791 {163.379} FX I10$8••llg•ln8 5,034 5.034 N•t Incomellexp•ndltur•l 123,62Jl 1167,0371 827.890 637.326 Tot41 fund$ brought forward 43.202 5.805,320 19,884.198 25.732.720 Tot•1 fund• ¢•rrlod for4¥8rd 19,874 5,638.283 20,712,088 26,370.046 ity leBbStrl0tt *umlxr". 1075.340 re8isiration numbEr.' 3702208 ILn8land & Walcs) The Rh$(h lirrM¢ 29 Confidenlial