Charity number: 1102677
THE CHRISTIE ARCHIVE TRUST
UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
THE CHRISTIE ARCHIVE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 12 |
| DRAFT |
THE CHRISTIE ARCHIVE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023
Trustees Matthew Caradoc Thomas Prichard, Chair James Prichard Nigel James Wollen John Mallowan
Charity registered number 1102677 Principal office Wollens At Harbourside 67 The Terrace Torquay Devon TQ1 1DP Accountants Bishop Fleming LLP Chartered Accountants Century House Nicholson Road Torquay TQ2 7TD
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THE CHRISTIE ARCHIVE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their annual report together with the financial statements of the Charity for the year ended 31 August 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in 2019 in preparing the annual report and financial statements of the Charity.
OBJECTIVES AND ACTIVITIES
a. Policies and objectives
The main purpose of the Charity is to protect and preserve the archives of Agatha Christie and the literary heritage associated with the same for the education and benefit of the public and the nation.
b. Main activities undertaken to further the Charity's purposes for the public benefit
ACHIEVEMENTS AND PERFORMANCE
a. Review of activities
During the year the Charity's incoming resources totalled £62,211 (2022: £4,920) relating to royalties received. The Charity incurred expenses for administration of the archive including relevant professional advice to help govern the Charity.
At the end of the year, a deficit of £42,313 (2022: deficit £11,641) was added to accumulated funds.
b. Investment policy and performance
There are no restrictions on the Charity's power to invest.
FINANCIAL REVIEW
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Trustees meet regularly and consider the level of reserves needed to cover anticipated future expenditure. They consider that the current level of reserves is adequate.
In planning our activities for the year we kept in mind the Charity Commission guidance on public benefit.
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THE CHRISTIE ARCHIVE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Constitution
The Christie Archive Trust is governed by a Trust Deed dated 1 December 2003 as amended by supplemental Deed dated 22 February 2004. It is registered with the Charity Commission (number 1102677).
The Charity's principal address is At Harbourside, 67 The Terrace, Torquay, Devon, TQ1 1DP.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Risk Management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Nigel James Wollen (Trustee) Date:
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THE CHRISTIE ARCHIVE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHRISTIE ARCHIVE TRUST (THE 'CHARITY')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2023.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Mark Munro FCA Dated:
Bishop Fleming LLP
Chartered Accountants Century House Nicholson Road Torquay TQ2 7TD
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THE CHRISTIE ARCHIVE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| DRAFT Unrestricted funds 2023 Note £ INCOME FROM: Charitable activities 3 49,076 TOTAL INCOME 49,076 EXPENDITURE ON: Charitable activities 4 19,868 TOTAL EXPENDITURE 19,868 NET MOVEMENT IN FUNDS 29,208 RECONCILIATION OF FUNDS: Total funds brought forward 72,719 Net movement in funds 29,208 TOTAL FUNDS CARRIED FORWARD 10 101,927 The Statement of Financial Activities includes all gains and losses recognised in The notes on pages 7 to 12 form part of these financial statements. |
Total funds 2023 £ 49,076 49,076 19,868 19,868 29,208 72,719 29,208 101,927 the year. |
Total funds 2022 £ 4,920 4,920 16,561 16,561 (11,641) 84,360 (11,641) 72,719 |
|---|---|---|
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THE CHRISTIE ARCHIVE TRUST
BALANCE SHEET AS AT 31 AUGUST 2023
| 2023 | 2023 | 2022 | 2022 | |||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| CURRENT ASSETS | ||||||
| Debtors | 8 | 70 | 13,205 | |||
| Cash at bank and in hand | 106,267 | 64,464 | ||||
| 106,337 | 77,669 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 9 | (4,410) | (4,950) | |||
| NET CURRENT ASSETS | 101,927 | 72,719 | ||||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 101,927 | 72,719 | ||||
| DRAFT TOTAL NET ASSETS 101,927 72,719 CHARITY FUNDS Restricted funds 10 - - Unrestricted funds 10 101,927 72,719 TOTAL FUNDS 101,927 72,719 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Nigel James Wollen Tt |
Nigel James Wollen (Trustee) Date:
The notes on pages 7 to 12 form part of these financial statements.
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THE CHRISTIE ARCHIVE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Christie Archive Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 GOING CONCERN
Given the level of funds and cash at bank at the year end, the Trustees believe that the Charity have sufficient cash and funds to continue as a going concern. No material uncertainties have been idenitifed regarding the financial statements being prepared on the going concern basis.
1.3 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.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
1.4 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.5 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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THE CHRISTIE ARCHIVE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. ACCOUNTING POLICIES (continued)
1.6 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.7 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.8 FINANCIAL INSTRUMENTS
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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.9 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
2. GENERAL INFORMATION
The Christie Archive Trust is governed by a Trust Deed dated 1 December 2003 as amended by supplemental Deed dated 22 February 2004. It is registered with the Charity Commission (charity number 1102677) in England and Wales.
The Charity's principal address is At Harbourside, 67 The Terrace, Torquay, Devon, TQ1 1DP.
3. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds 2023 £ Royalties 49,076 TOTAL 2022 4,920 |
Total funds 2023 £ 49,076 4,920 |
Total funds 2022 £ 4,920 |
|---|---|---|
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THE CHRISTIE ARCHIVE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Summary by fund type
| DRAFT Unrestricted funds 2023 £ Charitable expenditure 19,868 TOTAL 2022 16,561 5. ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2023 £ Resources expended 11,498 ANALYSIS OF DIRECT COSTS Activities 2023 £ Archivist fees 8,310 Insurance expenses 3,188 Exhibition design and marketing - TOTAL 2023 11,498 TOTAL 2022 10,686 |
Total 2023 £ 19,868 16,561 Support costs 2023 £ 8,370 Total funds 2023 £ 8,310 3,188 - 11,498 10,686 |
Total 2022 £ 16,561 Total funds 2023 £ 19,868 Total funds 2022 £ 12,380 - (1,694) 10,686 |
|---|---|---|
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THE CHRISTIE ARCHIVE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
5. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF SUPPORT COSTS
| DRAFT Legal fees Accountancy fees Bank fees TOTAL 2023 TOTAL 2022 6. INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the independent examiner in respect of: Independent examination of the financial statements 7. TRUSTEES' REMUNERATION AND EXPENSES |
Activities 2023 £ 3,235 4,460 675 8,370 5,875 |
Total funds 2023 £ 3,235 4,460 675 8,370 5,875 2023 £ 3,840 |
Total funds 2022 £ 1,975 3,000 900 |
|---|---|---|---|
| 5,875 | |||
| 2022 £ 3,600 |
|||
During the year, no Trustees received any remuneration or other benefits from employment with the charity or a related entity (2022: £NIL).
The average number of employees during the year was Nil (2022: Nil).
8. DEBTORS
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| DUE WITHIN ONE YEAR | ||
| Other debtors | 70 | 13,205 |
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THE CHRISTIE ARCHIVE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DR Accruals and deferred income 10. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR UNRESTRICTED FUNDS General funds STATEMENT OF FUNDS - PRIOR YEAR UNRESTRICTED FUNDS General funds |
AFT Balance at 1 September 2022 £ 72,719 Balance at 1 September 2021 £ 84,360 |
Income £ 49,076 Income £ 4,920 |
2023 £ 4,410 Expenditure £ (19,868) Expenditure £ (16,561) |
2022 £ 4,950 |
|---|---|---|---|---|
| Balance at 31 August 2023 £ 101,927 |
||||
| Balance at 31 August 2022 £ 72,719 |
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11. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2023 £ Current assets 106,337 Creditors due within one year (4,410) TOTAL 101,927 |
Total funds 2023 £ 106,337 (4,410) |
|---|---|
| 101,927 |
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THE CHRISTIE ARCHIVE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Current assets Creditors due within one year TOTAL |
Unrestricted funds 2022 £ 77,669 (4,950) 72,719 |
Total funds 2022 £ 77,669 (4,950) 72,719 |
|---|---|---|
12. RELATED PARTY TRANSACTIONS
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 August 2023.
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