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£ li￿1&￿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$11￿10tt number.. 1075.140 ww#Nion mum￿r.. 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 num￿1.. 1075340 Clmnwy rw51talion nu￿beT. 1702208 IEn814nd & Wdcsl The Rirthtchld Ar(hThY lirrut Confidenlial The archivists attended a number of COnferen￿S, 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 R81A￿lOn 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 app￿CiatIon 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**np￿lY trgi511ation nllnLb2r.' J702208 I￿￿￿13nd & 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¥l￿d & 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 n￿rnbEr.. 1075340 Company r¢waMion thumkn.. 3702208 ILnBland & Wlul The Rthhsthu Ar(h11r la￿4¢¢￿ 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¢B￿lIa110n 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¢ lAfi￿t￿ 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 fO￿ard 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 cM￿Y ￿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 o￿nIY 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